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?Tinubu highlights N372bn student loans, education reforms

President Bola Ahmed Tinubu has recounted working as a taxi driver in the United States to fund his university education, using the personal story to frame his administration’s expanding investment in Nigerian education. In a statement posted on X on Wednesday, he said the experience taught him the financial pressures students face and reinforced his belief that a child’s background should not determine their opportunities.

?Personal story and policy pitch

?Tinubu said he delayed starting school for several months after arriving in the United States because he needed to save money, and later worked different jobs in Chicago to pay his way through university. He argued that education transformed his own life and said every Nigerian child deserves a similar chance, irrespective of where they were born or what their parents can afford.

?The President presented the remarks as the rationale for education being a central pillar of his Renewed Hope agenda, saying the government’s task is to give every Nigerian child ‘a fair chance to fulfil their potential’.

?Student loans and vocational training

?A major highlight was the Nigerian Education Loan Fund (NELFUND), which Tinubu said has provided more than ?372 billion in loans for institutional fees and student upkeep. Independent reporting puts the disbursement at ?372.62 billion to more than 1.65 million beneficiaries across 319 tertiary institutions.

?He also said the administration’s technical and vocational education programme has received over 2.8 million applications, while 38 technical colleges have been rehabilitated. Students in federal and selected state technical colleges, he added, now receive free tuition, boarding, textbooks, and uniforms.

?Universities and medical education

Tinubu announced a new agreement with the Academic Staff Union of Universities (ASUU), featuring a 40 per cent increase in academic staff remuneration and measures intended to stabilise universities. He said the goal is to ensure that ‘a four-year course must take four years,’ referring to recurrent disruptions that have prolonged many students’ programmes.

?In medical education, the President said the government is investing ?110 billion to rehabilitate 24 medical schools. He claimed annual nursing enrolment has risen from 28,000 to 115,000, while medical and dental enrolment has increased from 5,000 to 12,000, positions framed as part of efforts to train more health workers domestically.

?Basic education and NESRI

?Tinubu further said more than one million children previously out of school have returned to learning. He cited investments in teacher development, expanded opportunities for girls, and a new national curriculum that restores Nigerian history to classrooms.

?The President commended Education Minister Dr Tunji Alausa, Minister of State Professor Suwaiba Sa’id Ahmad, and the Federal Ministry of Education for developing an interactive A-Z guide to the Nigeria Education Sector Renewal Initiative (NESRI). NESRI is the ministry’s flagship six-year policy framework covering technical and vocational education, STEMM, out-of-school children and Almajiri education, digitalisation, girl-child education, and quality assurance.

?Call for feedback

?Tinubu invited parents, students, and teachers to visit edu4pbat.ng to explore the NESRI guide and identify available opportunities. He also asked Nigerians to report problems in their communities, saying feedback would help the government identify and address failures in the education system.

?The statement comes as the administration seeks to consolidate its education record amid continued public scrutiny of school access, university stability, funding sustainability, and the implementation of reforms across Nigeria’s federal and state systems.

Sanlam Allianz top owner to sell 4.8pc stake on IRA rules

Sanlam Allianz Holdings Kenya’s top shareholder faces a compulsory stake sale to East African investors after the allotment of previously deferred rights issue shares pushed its ownership beyond the allowed limit.

The insurer’s parent, Sanlam Allianz Africa Proprietary Limited (SAZ), will be required to sell at least 30.95 million shares, equivalent to 4.81 percent of the new share capital, by September 28, 2027, to comply with local ownership requirements under the Insurance Act.

The shares are currently valued Sh308.84 million, going by the Wednesday opening price of Sh9.98 at the Nairobi Securities Exchange (NSE).

The need for compulsory disposal follows the Insurance Regulatory Authority’s (IRA) approval on September 28 of the allotment of the 100.58 million shares that had been held back after the company’s 2025 rights issue when it was trading as Sanlam Kenya.

The deferred shares arose when some shareholders did not take up their entitlements and the parent company stepped in as the underwriter to buy the untaken shares.

SAZ participated in the rights issue through its Kenyan subsidiary, Hubris Holdings Limited, which took up its rights entitlement, and a separate direct subscription by underwriting the shares left untaken by other investors.

The deferred shares comprise 8.27 million rights shares taken up by Hubris Holdings, a wholly owned subsidiary of Sanlam Allianz Africa, and 92.31 million shares subscribed for by the parent under an underwriting agreement signed in April last year.

However, the IRA held back the allotment of the two blocks of shares because of insurance ownership regulations which do not allow foreign entities to hold more than two-thirds of a stake in Kenya’s insurance firms.

Now the IRA has approved the allotment of the shares in a move that will increase SAZ’s stake to 71.47 percent from the current 66.19 percent. However, the approval is on the condition that it sells the excess stake (4.81 percent) to EAC individuals or companies within a year.

‘To comply with the IRA approval, SAZ Group intends that it will dispose of at least 30,946,202 ordinary shares, constituting about 4.81 percent of the enlarged issued share capital (the excess shares), on or before the compliance deadline [September 28, 2027],’ said the insurer in a notice.

The allotment has diluted billionaire investor Baloobhai Patel’s stake, held through Aksaya Investment Holdings, to 21.04 percent from 24.93 percent. The combined shareholding of other investors has also declined to 7.49 percent from 8.87 percent.

SAZ’s planned sale of excess stake presents a chance for Mr Patel and other EAC investors to buy more shares should they want to boost their current stakes.

Section 22(b) of the Insurance Act provides that the minimum local ownership can be held directly by EAC citizens, partnerships whose partners are all EAC citizens, or companies wholly owned by such citizens or their governments.

The 2025 rights issue involved 500 million new ordinary shares offered at Sh5 each. Shareholders were offered 125 new shares for every 36 held as the firm sought to raise Sh2.5 billion, mainly to pay off debts.

Sanlam Kenya was previously the NSE-listed entity before transferring its general insurance business to Jubilee-Allianz General Insurance (Kenya) Limited, an unlisted company that now operates as Sanlam Allianz General Insurance Kenya.

The listed entity then became Sanlam Allianz Holdings (Kenya) Plc, with the life insurance business (called Sanlam Allianz Life Insurance Kenya) housed in a separate subsidiary.

Now the entity is in the process of transferring all the assets and liabilities of its life insurance subsidiary to the listed firm, renaming it Sanlam Allianz Life Insurance Kenya Plc and making it the listed entity.

Azerbaijan, Belarus sign agreement on emergency response cooperation [PHOTOS]

Azerbaijan’s Minister of Emergency Situations, Colonel-General Kamaladdin Heydarov, met with a Belarusian delegation led by the Minister of Emergency Situations, Major-General of the Internal Service Vadim Sinyavski, who is visiting Azerbaijan to attend the 21st Men’s and 12th Women’s World Fire and Rescue Sports Championships in Baku.

According to Azerbaijan’s Ministry of Emergency Situations, Heydarov thanked the guests for taking part in the world championships and highlighted the importance of hosting such a prestigious international sporting event in Azerbaijan. He epressed confidence that the competition would strengthen professional ties among rescuers from member countries of the International Sport Federation of Firefighters and Rescuers and promote the development of fire and rescue sports.

Noting the consistently epanding high-level relations between Azerbaijan and Belarus, Heydarov said that the emergency management agencies of the two countries had established a long-standing and effective cooperation framework. He emphasized the importance of regular contacts and echanges of eperience in preventing emergencies and dealing with their consequences.

The Azerbaijani minister epressed confidence that Sinyavski’s visit and the signing of a regulation on cooperation and information echange between the two countries’ emergency ministries would contribute significantly to epanding the echange of operational information and epertise in emergency response.

For his part, Sinyavski praised the high standard of organization of the World Fire and Rescue Sports Championships in Baku.

He also highlighted the mutual benefits of cooperation between the relevant emergency management agencies of Azerbaijan and Belarus amid the rapid development of bilateral ties. The minister pointed out that visits at various levels, meetings and signed agreements had made a significant contribution to strengthening relations. Sinyavski epressed confidence that the talks held during the current visit and the newly signed document would pave the way for further epanding cooperation between the two ministries.

The meeting also featured an etensive echange of views on issues of mutual interest.

Following the talks, the two ministers signed a regulation on cooperation and information echange between the Crisis Management Center of Azerbaijan’s Ministry of Emergency Situations and the Republican Center for Emergency Management and Response of the Ministry of Emergency Situations of Belarus.

Later, Sinyavski presented Heydarov with the “For Promoting Life Safety” badge in recognition of his significant contribution to improving the protection of the population and territories against natural and man-made emergencies, as well as strengthening cooperation with Belarus’s Ministry of Emergency Situations.

SOCAR and AnewZ premiere documentary on Baku’s Historic Oil Boom [PHOTOS]

The premiere of ‘Oil and Ink: Stories Written in Oil,’ a documentary jointly produced by the State Oil Company of Azerbaijan (SOCAR) and AnewZ television channel, was held at the Nizami Cinema Center on November 3.

The event was attended by Leyla Aliyeva, Vice-President of the Heydar Aliyev Foundation, government and state officials, members of the diplomatic corps accredited in Azerbaijan, and representatives of the public.

Prior to the screening, Leyla Aliyeva met with the film’s creative team, and commemorative photographs were taken.

Speaking at the premiere, AnewZ Eecutive Director Rufat Hamzayev said the idea for the documentary was inspired by a collection of 103 historical postcards dating back to the early 20th century, preserved in SOCAR’s museum archives.

He eplained that the film eplores Baku’s oil boom nearly a century ago, when the city attracted people from different parts of the world, as well as the profound transformations brought about by the rapid development of the oil industry.

Hamzayev also highlighted the significance of 2026, which President Ilham Aliyev declared the Year of Urban Planning and Architecture in Azerbaijan. He noted that, through 103 historical postcards and nine personal stories, the documentary eamines how the oil industry shaped Baku’s architecture and cultural landscape, while bringing to light the lives of people who left their mark on the city’s history.

The documentary was subsequently screened for the audience.

The film’s central narrative focuses on Baku’s rapid transformation a century ago, capturing its oil derricks, streets, port and the personal stories of people who lived in the city during that remarkable period.

Production took approimately si months. Artificial intelligence was used in several aspects of the filmmaking process, including animating historical postcards, bringing archival photographs to life, recreating the visual atmosphere of the era and developing some of the musical elements.

The documentary also features an eclusive interview with Irina Trofimova-Khomitskaya, a descendant of Iosif Goslavsky, the architect who played a significant role in shaping Baku’s architectural heritage.

PSG breaks Champions League record with four goals against Villarreal

French giants Paris Saint-Germain (PSG) have set a new UEFA Champions League record after scoring four goals in just 17 minutes during their away match against Spanish side Villarreal in the competition’s fourth round.

PSG found the net through João Neves in the ninth minute, Désiré Doué in the 12th, Senny Mayulu in the 13th and Fabián Ruiz in the 17th.

The previous record dated back to November 2011, when a team scored four goals against Croatian side Dinamo Zagreb within a 20-minute period.

PSG’s remarkable attacking display means the French club has now set a new benchmark for the fastest four-goal haul in the competition’s history.

Recep Tayyip Erdogan: I take great pleasure in conveying my most sincere wishes to President Ilham Aliyev

While the aircraft of President of the Republic of Trkiye Recep Tayyip Erdogan entered the airspace of Azerbaijan on his return from the Republic of Korea, the pilot contacted an air traffic controller dispatcher and conveyed the most sincere wishes of the Turkish President to President Ilham Aliyev and the Azerbaijani people.

The message reads: ‘On my return from the visit, I take great pleasure in conveying my most sincere wishes, such as peace and prosperity to the brotherly Azerbaijani people, and robust health and happiness to Your Ecellency.

Cyprus among countries with highest electricity prices for non-household consumers

The average electricity price for non-household consumers in Cyprus stood at pound 0.23 per kilowatt-hour in the first half of 2026, according to data published by Eurostat on Wednesday.

Cyprus and Italy both recorded a price of pound 0.23 per kilowatt-hour, while the highest price in the EU was recorded in Ireland, at pound 0.27 per kilowatt-hour.

It is noted that Eurostat’s data concern non-household consumers with annual electricity consumption of between 500 and 2,000 megawatt-hours.

EU average at pound 0.18 per kilowatt-hour

At EU level, the average electricity price for non-household consumers stood at pound 0.18 per kilowatt-hour in the first half of 2026.

According to Eurostat, the price decreased by 2% compared with the second half of 2025 and by 5.4% compared with the first half of 2025.

The lowest prices were recorded in Finland, at pound 0.09 per kilowatt-hour, Sweden, at pound 0.12, and Denmark, Spain and Portugal, at pound 0.13 per kilowatt-hour.

Central Bank of Azerbaijan to keep inflation control as main monetary policy goal in 2027

The Central Bank of Azerbaijan (CBA) will continue to prioritise keeping inflation within its target range as the main objective of its monetary policy in 2027.

CBA Governor Taleh Kazimov made the remarks during a meeting of the Milli Majlis Committee on Economic Policy, Industry and Entrepreneurship, where lawmakers discussed the draft law on the state budget of the Republic of Azerbaijan for 2027.

Kazimov said price stability would continue to provide the foundation for balanced and sustainable economic growth.

‘Monetary policy will continue to be implemented within the framework of the eisting regime net year. Echange rate stability will remain the main anchor of price stability in 2027. A surplus in the current account of the balance of payments will continue to support equilibrium in the foreign echange market net year,’ he said.

The CBA Governor noted that short-term interest rates in the money market would remain an auiliary operational target of monetary policy in 2027.

He added that the Central Bank would make adequate and fleible use of its eisting instruments to ensure that short-term money market rates remain within the interest rate corridor. Measures to strengthen the interest rate channel in monetary policy transmission would also continue.

Kazimov further emphasised that monetary policy would remain coordinated with macroprudential policy and other areas of the Central Bank’s activities.

According to him, deeper financial sector development and stronger financial stability would have a positive impact on the effectiveness of monetary policy transmission.

Court freezes accounts, crypto assets over Sh1.5bn Equity Bank heist

The High Court has allowed Equity Bank to freeze accounts belonging to four individuals and five companies accused of receiving part of Sh1.5 billion allegedly siphoned from the lender through fraudulent salary-disguised transactions two years ago.

The court capped the frozen assets at a combined Sh303.2 million, against the Sh1.5 billion allegedly stolen with the help of a former bank manager.

The judge found that Equity had established a strong case against the defendants, who include a former salary-processing manager, businesspeople and company directors, as well as five companies allegedly linked to the diversion.

The court froze accounts held at UBA, Absa, NCBA, Stanbic and Co-operative Bank, as well as cryptocurrency holdings linked to three defendants: David Machiri Kimani, Owen Karanja Kuguru and Ruth Muthoni Kamau.

The dispute concerns Sh1.49 billion allegedly diverted from Equity’s salary-processing general ledger between November 2023 and June 2024.

The bank says its then Manager-Salary Processing, Mr Kimani, used his authorised access to transfer the money to third-party accounts, with some of the funds later allegedly converted into cryptocurrency.

Equity told the court that the defendants – Mr Kimani, Mr Kuguru, Ms Kamau, KT Owen Group Limited, Axteron Technologies Ltd, Mac and Gray Trading Ltd, Blue Kenfresh Ltd, Goodmans Fresh Ltd and Muda Ventures Limited – colluded to defraud it.

The bank claimed that ‘those companies were incorporated specifically for that purpose’.

Equity processes salaries for corporate clients using employee details, salary amounts and funds supplied by employers. The bank alleges that Mr Kimani exploited his access to the ledger to initiate transfers unrelated to genuine salary payments.

The money was allegedly channelled through various third-party accounts before being moved to other entities or converted into cryptocurrency held by some of the defendants.

The judge cited SWIFT messages identifying Equity’s code, EQBLKENAXXX, as the sending institution and the bank’s general ledger as the source of the funds. The transfers were made using Mr Kimani’s assigned computer and user ID.

Equity argued that the transaction trail and links among recipient companies pointed to a coordinated scheme and created a risk that the assets could be dissipated, particularly because cryptocurrency can be transferred quickly. It sought orders freezing the assets and converting the digital holdings into ordinary currency.

Mr Kimani’s father, Joseph Kimani Machiri, filed an affidavit describing himself as his son’s guardian. He denied that Mr Kimani owned cryptocurrency accounts or authorised the transactions, and challenged the bank’s calculations.

Mr Kuguru said companies linked to him, Axteron Technologies Ltd and Mac and Gray Trading Ltd, provided trade-finance, import and shipping services.

He maintained that the payments received by the companies were legitimate client transactions and that they were unaware the money allegedly originated from Equity. He said the two companies charged commissions of five percent on client engagements.

Ms Kamau, identified as the owner of Blue Kenfresh and Goodmans Fresh, challenged Equity’s use of confidential banking and personal information in seeking the freeze orders. She argued that the information had been obtained unlawfully in breach of an earlier court order.

The High Court dismissed her application, finding that her lawyer had sworn an affidavit on contested matters.

The judge said an advocate should not act as both counsel and witness, describing the affidavit as hearsay. However, the judge left the legality of the disputed personal and banking information for determination at the full trial, when Ms Kamau may raise the issue again.

He also declined to grant further tracing and accounting orders, saying these would risk assuming liability before the case had been heard.

‘The plaintiff has demonstrated a right that strongly appears to have been infringed by the defendants so as to call for an explanation or rebuttal,’ the judge said. ‘I am not saying that the plaintiff will obviously succeed at the full trial,’ he added.

The court ordered the freezing of accounts belonging to Axteron, KT Owen Group, Mac and Gray Trading, Blue Kenfresh, Goodmans Fresh and Muda Ventures, subject to individual limits that add up to Sh303.2 million. It also froze digital assets held for Mr Kimani, Mr Kuguru and Ms Kamau on Binance or other cryptocurrency platforms.

The individual limits include Sh156.2 million for Axteron accounts at UBA and Absa, Sh30.8 million for KT Owen Group’s NCBA account and Sh14 million for Mac and Gray Trading’s accounts at Stanbic and Co-operative Bank.

Blue Kenfresh’s Co-operative Bank account was capped at Sh32.8 million, while Goodmans Fresh’s account at the same bank was limited to Sh24.2 million. Ms Kamau’s NCBA and Co-operative Bank accounts were capped at Sh36 million, while Muda Ventures’ UBA account was limited to Sh8.7 million.

The court also ordered identifiable cryptocurrency holdings to be converted into ordinary currency within 10 days. If the defendants fail to comply, the relevant platform operators may identify and convert the assets.

The proceeds are to be deposited in a Central Bank-licensed tier-one bank, with the Central Bank of Kenya appointed as escrow agent. The orders are intended to preserve the identified assets pending the determination of Equity’s recovery suit.

Following the alleged fraud, Equity initially dismissed about 195 employees after an internal review identified suspicious transactions through staff bank and mobile-money accounts. More than 40 transactions had been executed using the manager’s credentials.