Tenure Extension Undermines Institutions

In a further affront to public service rules governing paramilitary services, President Bola Ahmed Tinubu recently approved an 18-month tenure extension each for Sylvester Ndidi Nwakuche, Controller-General (CG) of the Nigerian Correctional Service, and Kemi Nanna Nandap, Comptroller-General of the Nigeria Immigration Service. In practical terms, Nwakuche’s tenure will now end on May 26, 2028, while Nandap’s will end on June 30, 2028.

According to the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the extensions followed a recommendation by the Minister of Interior, Olubunmi Tunji-Ojo. Onanuga said the extensions were intended to address succession gaps in both services and give their respective boards sufficient time to appoint successors.

While President Tinubu nominated Nwakuche in December 2024 and the Senate confirmed his appointment in March 2025, Nandap was nominated as Comptroller-General of the Nigeria Immigration Service (NIS) on February 21, 2024, and confirmed by the Senate on March 1, 2024. Nandap was reportedly due to retire on October 9, 2024, after completing 35 years in service. In March 2025, President Tinubu extended her tenure by 16 months, from August 31, 2025, to December 31, 2026. The latest approval is, therefore, the second extension granted to her.

The latest extensions are not the first of their kind involving heads of paramilitary services and other security agencies in the country. Former President Muhammadu Buhari extended the tenures of two inspectors-general of police (IGPs), Mohammed Adamu and Usman Baba, beyond their expected retirement dates. Similarly, in July 2024, President Tinubu sent an executive bill to the National Assembly seeking an amendment to the Nigeria Police Act, 2020, in accordance with Section 58 of the 1999 Constitution, as amended. The bill sought to amend Section 18 of the Act to allow an IGP to remain in office until the end of the term specified in the appointment letter.

The bill was speedily passed by the Senate on July 23, 2024, allowing the then-serving IGP, Kayode Egbetokun, to remain in office until October 31, 2027. The amendment was intended to enable him to complete his four-year term, although he was due to retire upon attaining the age of 60 on September 4, 2024. This arrangement departed from the general public service rule requiring retirement after 35 years of service or upon attaining the age of 60. Egbetokun, however, resigned as IGP on February 24, 2026, after 36 years of service in the Nigeria Police Force.

The Presidency’s argument that the latest extensions would address succession gaps and give the boards sufficient time to appoint successors is unconvincing. An 18-month extension is excessive and lacks adequate justification, particularly when filling these positions should not require an inordinately long process. Unlike appointments that may involve extensive public advertisements, security checks, shortlisting and interviews, the succession process for these offices should be planned and managed well ahead of the incumbent officers’ retirement dates.

There is much to fault in the gratuitous extension of the tenures of public officers approaching retirement. Experience has shown that such extensions rarely produce meaningful improvements in the institutions concerned. It is morally indefensible to retain officers beyond their prescribed service periods when there is no compelling institutional reason to do so. Keeping them in office for personal rather than national interest denies serving officers with fresh ideas and dynamic approaches the opportunity to lead and improve their institutions. It also encourages lobbying and sycophancy among heads of ministries, departments and agencies (MDAs), who may prioritise pleasing appointing authorities over fulfilling their institutional mandates.

Tenure extensions not only weaken the morale of aspiring service chiefs, comptrollers-general and IGPs; they can also breed resentment, discontent and indiscipline within the ranks, with direct consequences for service delivery. They stall the career progression of subordinate officers, potentially wasting their productive years and forcing them into retirement without the opportunity to reach the peak of their careers or assume leadership positions. Moreover, when agency heads expect to secure extensions, they may become complacent and less inclined to pursue innovative strategies, focusing instead on remaining in office until their extended retirement dates.

Given the way it has been exploited, tenure extension amounts to undue favouritism and should be discontinued. If allowed to become an established practice, it risks undermining government institutions by elevating personal discretion above established rules and institutional needs.

Daily Trust calls on the government to build and strengthen institutions, not individuals. Rather than selectively bending the rules to accommodate favoured officeholders, the government should enforce consistent retirement policies. If there is a compelling case for longer service in paramilitary agencies, it should consider a transparent, general review of the applicable retirement age, as has been done for certain categories of public servants, including judges, professors and teachers. Institutional reform must not become an excuse for arbitrary extensions that undermine established rules, weaken morale and compromise the public interest.

Philippine lauded for Asean oil stockpiling push

The Marcos administration earns an International Energy Agency (IEA) nod for steering Southeast Asia’s push to build regional oil reserves.

‘I commend the Philippine government for paying attention to this,’ IEA executive director Fatih Birol said yesterday on the sidelines of the Singapore International Energy Week.

Birol stressed the importance of oil stockpiles in helping countries weather supply disruptions, particularly as geopolitical tensions escalate in the Middle East.

‘We are in the middle of the rainy days today in the world, and I hope it doesn’t rain even more than this. It’s getting a bit more difficult to manage,’ he said.

The push for regional oil reserves has been a key highlight of the Philippines’ ASEAN chairmanship this year, gaining urgency as the global oil crisis erupted in late February.

Heightened geopolitical tensions led to the effective closure of the Strait of Hormuz, a narrow waterway that typically handles roughly a fifth of the world’s oil and gas supplies.

Before the crisis, the IEA said about 60 percent of Southeast Asia’s crude oil imports and a third of its gas imports came from the Middle East.

‘When I look at the situation now, I don’t see that the energy markets will go back to where they were before the war started,’ Birol said.

‘Countries need to redesign their energy strategies, give a close look at their energy partnerships, and maybe make some new decisions in terms of their fuel and technology choices.’

Beyond soaring energy prices, particularly for diesel, Birol also expressed concern about the oil crisis’s potential impact on food prices in the coming months

Stockbrokers cash in on NSE boom with Sh14bn in commissions

Stockbrokers have pocketed up to Sh14 billion in commissions from the sale and purchase of shares in the wake of a boom at the Nairobi Securities Exchange (NSE).

Data from the Capital Markets Authority (CMA) placed the value of shares traded at the Nairobi bourse in nine months to September 2026 at Sh395 billion, more than doubling last year’s entire year turnover of Sh145 billion.

Equity turnover is expected to reach a historic record this year after more than 11.4 billion shares traded in the nine months on back of increased activity and listing of new counters like Kenya Pipeline Company and Family Bank.

The NSE earns a commission of 0.12 percent on the value of all share trades and brokers collect commissions of up to 1.78 percent of deal values.

This implies that brokers pocketed up to Sh14 billion in commissions from trading through September 2026, including charges for processing both sale and purchase of stocks, up from estimated Sh3.64 billion in the same period a year ago.

High value trades often attract a lower commission rate, which can fall to as low as 1.12 percent.

The NSE market capitalisation surpassed Sh4 trillion for the first time during the third quarter, settling at Sh4.12 trillion at the end of September to underline the buoyant market activity this year.

The higher equities trading activity comes in a period of increased bonds trading, further boosting brokers’ commissions.

Bond turnover or trading at the NSE stood at Sh2.54 trillion at the end of September.

The NSE previously attributed the improved activity in the equities market to increased investor participation along a significant trade of Safaricom shares.

‘The equity market recorded its strongest performance in several years, with turnover rising by 476 percent in the first six months to Sh322 billion,’ the NSE said in a trading update.

‘Trading activity was supported by increased participation from both institutional and retail investors, alongside a significant block trade involving 6.01 billion Safaricom Plc shares valued at Sh204.3 billion, which materially boosted market liquidity and turnover.’

Safaricom block trade follows the sale of a 15 percent stake in Safaricom to South Africa’s Vodacom by the government.

Equity turnover was still up more than two-fold even after excluding the Safaricom block trade.

The firm that runs the stock market, NSE, doubled its income through six months to June 2026 to Sh1.2 billion from Sh511.5 million previously, surpassing 2025’s entire haul of Sh1.08 billion.

The higher revenue was anchored on a 475 percent growth in the equity transaction levy, which netted Sh770.5 million for the bourse in the half year period from Sh133.8 million previously.

This looks set to boost its full year profit, signalling enhanced dividend payout to shareholders.

The NSE did not declare an interim dividend for the first six months of the year.

Stockbrokers and investment banks are also set to cash in from the boom in equities trading, profiting from higher brokerage commissions.

The entities nearly tripled their revenues through the first half of the year, lifted in part by transaction fees from listings and fund management fees.

A previous Business Daily analysis of the industrial financials shows that market intermediaries collectively booked income of Sh9.88 billion in the six months to June, up from Sh3.7 billion a year earlier.

The higher earnings present a sharp turnaround for an industry that was struggling for survival just three years ago on the back of a prolonged bear run that decimated trading commissions and deal-making activities such as corporate bonds and IPOs.

‘The period under review marked a significant turning point for the NSE, with a notable resurgence in listing and capital-raising activity that underscored renewed confidence in Kenya’s capital markets,’ the NSE added.

The NSE bull run, which began in 2024, has prompted increased sales and purchases of shares, offering brokers higher commissions.

Stockbrokers reported a 73 percent increase in commissions to Sh2.76 billion in the first half of 2026.

The 2025 half year commissions were based on a lower turnover of Sh56.03 billion through six months to June.

Business Daily calculations assume the maximum of the 1.78 percent brokerage commission is applied twice over, factoring both sides of a buy and sell transaction.

This would mean stockbrokers pocketed Sh2 billion from equities trading with the balance making up additional commissions from bonds trading.

The improved investor sentiments on the NSE have been accompanied by the return of initial public offers (IPO), for the first time in nearly a decade, including the addition of the Kenya Pipeline Company (KPC) and retailer Quick Mart Plc.

Other listings so far have included the addition of Family Bank through introduction, and the floating of dollar-denominated real estate investment trusts (Reits) by Centum’s Trific and Africa Logistics Properties (ALP).

Other market intermediaries set to profit from increased shares trading include the Capital Markets Authority (CMA), which collects a 0.12 percent transaction levy from each deal and the Central Depository and Settlement Corporation (CDSC), which nets a 0.08 percent transaction levy per trade.

Obi renews attack on Tinubu, questions his energy to govern Nigeria

The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has launched another attack on President Bola Tinubu, questioning his competence and energy to lead Nigeria.

Obi made the remarks on Monday in Abuja during activities marking the inauguration of his party’s presidential campaign council ahead of the 2027 elections.

The former Anambra State governor accused the Tinubu administration of failing to address Nigeria’s economic and security challenges, claiming that the country needed a change in leadership.

‘Today, President Tinubu has led a government that lacks competence, capacity, compassion and commitment to deal with Nigeria’s problems,’ Obi declared.

He also questioned the President’s energy and resolve, arguing that Nigeria required a leader who would be consistently available to respond to national emergencies.

Obi accused the administration of allowing insecurity and other challenges to persist, promising that an NDC government would adopt a different approach.

He maintained that Nigerians were seeking new leadership and expressed confidence that his party would provide an alternative in 2027.

The criticism comes days after Tinubu formally launched his re-election campaign in Kaduna, where he defended his administration’s economic reforms and sought renewed support from voters.

Obi is expected to challenge the President in the January 2027 presidential election.

Megawide unit completes P1.2 billion horizontal housing

Infrastructure developer Megawide Construction Corp. has finished two housing projects worth P1.2 billion, expanding residential options in two provinces near Metro Manila.

Megawide, through its property arm PH1 World Developers Inc., is increasing housing options in Bulacan and Cavite with the recent completion of its horizontal projects.

In Bulacan, PH1 completed the P575-million Northscapes San Jose del Monte, a project that was started just three years ago but was sped up thanks to Megawide’s engineering capabilities.

Northscapes covers the delivery of 329 units, with PH1 taking care of the land development and road network. The project sits on a 4.6-hectare land in Barangay Kaypian in San Jose del Monte, Bulacan.

In Cavite, PH1 turned over three blocks comprising 40 units at Southscapes Trece Martires under a P593-million contract. As a whole, the development stands on a five-hectare land and will offer 394 units.

Southscapes is made up of townhouse and single-attached options, catering to the various needs of Filipino families.

Megawide chief operating officer Frederick Tan said the company is able to complete horizontal projects quickly because of its integrated approach to construction.

Megawide produces precast components off-site while advancing construction on-site, allowing the builder to shorten timelines without compromising engineering quality.

Tan said Megawide’s integrated approach helps improve consistency, minimize waste and reduce reliance on labor-intensive activities. He added the strategy also enables Megawide to overcome challenges in building horizontal projects.

PH1 president Gigi Alcantara said Megawide’s all-in-one approach also contributes to its vision of making housing accessible. She underscored how important it is to build efficiently to be able to offer affordable homes.

‘Achieving that vision [of making housing accessible to Filipinos] requires us to rethink not only where homes are built, but also how they are delivered,’ Alcantara said.

On top of this, PH1 is working with the government for the mass housing program Pambansang Pabahay Para sa Pilipino, where it is signed to build an initial portfolio of 25,000 units in Luzon.

J.P. Morgan’s Nigeria presence signals investor confidence in Tinubu’s reforms – NRS

The growing presence of global financial institution J.P. Morgan in Nigeria signals renewed international investor confidence in the country’s economic reforms, the Nigeria Revenue Service (NRS) has said, as the Federal Government seeks to strengthen fiscal stability and attract long-term foreign capital.

Zacch Adedeji, executive chairman of the NRS, stated this on Monday when he received Adedapo Olagunju, the newly appointed managing director of J.P. Morgan Nigeria, during a courtesy visit to the service’s headquarters in Abuja.

Adedeji said the confidence of international financial institutions reflected the credibility, stability and predictability that President Bola Tinubu’s economic reforms and fiscal policies were seeking to establish.

He noted that a transparent, efficient and predictable fiscal environment remained critical to attracting global capital, strengthening institutional partnerships and positioning Nigeria as a competitive investment destination.

According to him, the growing interest of major international financial institutions reinforces the importance of sustaining reforms that improve the business environment and provide investors with greater certainty in making long-term investment decisions.

Adedeji added that as the reforms continue to take shape, the confidence shown by institutions such as J.P. Morgan sends a signal that Nigeria is working to establish stronger foundations for sustainable economic growth and investment.

The meeting comes against the backdrop of far-reaching economic changes introduced by the Tinubu administration since May 2023, including the removal of the petrol subsidy and the unification of the foreign exchange market.

The reforms were designed to reduce pressure on public finances, improve the functioning of the foreign exchange market and address longstanding distortions in the economy. However, they have also contributed to higher living costs and increased operating expenses for businesses, placing pressure on households and the private sector.

For investors, the effectiveness of these policy changes will depend not only on the reforms themselves but also on their consistent implementation, macroeconomic stability, access to foreign exchange and the ability of businesses to plan with greater certainty.

Fiscal policy and revenue administration are central to this process. The Federal Government needs stronger and more predictable revenue mobilisation to finance public services, infrastructure and other development priorities while reducing excessive dependence on borrowing.

The NRS, which is responsible for administering federal taxes and driving improvements in revenue collection, occupies a strategic position in the government’s efforts to strengthen public finances. Greater efficiency, transparency and predictability in tax administration can help improve compliance, broaden the revenue base and build confidence among businesses operating in Nigeria.

For international financial institutions, a more predictable fiscal environment can also support assessments of investment risks, financing opportunities and the broader outlook for the Nigerian economy.

J.P. Morgan is a major international financial services institution with operations spanning investment banking, markets, payments and asset management. Its engagement with Nigerian authorities is therefore significant in the context of the country’s efforts to maintain links with global financial markets and attract international capital.

However, the presence or engagement of a global financial institution does not, on its own, establish the scale of new investment commitments or guarantee improved economic outcomes. The broader significance will depend on whether confidence translates into increased capital flows, expanded business activity and improved access to financing for the Nigerian economy.

Adedeji said the confidence of leading global financial institutions reinforced the importance of continuing reforms aimed at creating a stable and transparent economic environment.

He maintained that Nigeria was building the foundations for sustainable growth and long-term investment as the reforms progressed.

The NRS did not disclose specific investment commitments arising from the meeting or indicate whether the engagement would lead to new financing arrangements between J.P. Morgan and the Nigerian government.

Nevertheless, the engagement highlights the importance of credible fiscal institutions and consistent economic policies in Nigeria’s efforts to strengthen investor confidence, improve revenue performance and secure a more sustainable path to economic growth.

CCT Chairman Proposes Transformation Into National Anti-Corruption Court

The Chairman of the Code of Conduct Tribunal (CCT), Dr Mainasara Umar Kogo, has expressed concern that many Nigerians occupying positions of authority appear unaware of their constitutional responsibilities, warning that the pursuit of personal interests continues to undermine national development.

Kogo made the remarks while discussing corruption, leadership and the challenges facing Nigeria’s public institutions.

He called for stronger institutional mechanisms, improved legal frameworks and a renewed commitment to patriotism, discipline and responsible public service.

According to him, public office should be regarded as a responsibility to serve citizens rather than an opportunity for personal enrichment.

He maintained that no public official was inherently more important than an ordinary Nigerian and stressed that public resources belonged to the people.

Kogo said that diverting even a single naira from public funds constituted a serious moral offence, emphasising the need for integrity among individuals entrusted with public responsibilities.

The CCT chairman expressed optimism that corruption could be addressed in Nigeria but argued that existing institutional structures and legal frameworks needed to be strengthened.

He also stressed the importance of ensuring that those responsible for adjudication and public administration demonstrated patriotism and discipline.

On the tribunal’s ability to prosecute politically exposed persons, Kogo explained that its current powers were limited by the existing legal framework.

He said the Code of Conduct Bureau (CCB) was responsible for investigating and prosecuting cases brought before the tribunal, while the Attorney-General also possessed constitutional prosecutorial powers.

He noted that the tribunal could not independently determine who should be prosecuted, as it was restricted to handling cases presented through established legal procedures.

Kogo disclosed that a proposed legislative reform was intended to address these limitations by allowing anti-corruption agencies to bring relevant cases before the tribunal, regardless of the status of the individuals involved.

He also proposed transforming the Code of Conduct Tribunal into a National Anti-Corruption Court with a broader mandate to handle corruption-related cases. Under the proposal, anti-graft agencies and civil society organisations would be able to prosecute relevant cases before the proposed court.

The proposal also includes establishing about seven judicial divisions and recruiting 37 additional judges to expedite the handling of corruption cases. Kogo said he had appealed to the Attorney-General of the Federation and the President to consider adopting the bill as an executive bill to facilitate its passage by the National Assembly.

He further identified issues such as certificate forgery, falsification of records, academic plagiarism, dual citizenship and foreign bank accounts as matters that could require legal scrutiny beyond asset declaration, subject to the applicable legal framework.

Reflecting on Nigeria’s governance challenges, Kogo expressed concern about the declining purchasing power of citizens and the difficulties many households face in meeting their basic needs. He said the country’s economic circumstances had weakened the ability of many Nigerians to afford essential goods and services.

He also lamented what he described as an erosion of nationalism, national cohesion and patriotism, arguing that individual interests were increasingly taking precedence over the collective welfare of the country.

According to him, Nigeria needs more statesmen who prioritise national development and the welfare of future generations rather than focusing primarily on acquiring political power and wealth.

Kogo called on the National Orientation Agency (NOA) to strengthen its role in promoting national unity, patriotism, responsible citizenship and public service.

He also discussed the challenges he encountered upon returning to the tribunal as chairman, describing an institution that had deteriorated considerably. He said the building lacked reliable electricity and water supplies, its lifts were not functioning, security was inadequate, and essential working materials were unavailable.

Kogo said he had taken steps to restore electricity, provide water through boreholes, improve security and commence renovations. He also highlighted staff development initiatives, the resolution of outstanding promotions and efforts to pay retirement entitlements to former employees.

According to him, approximately 70 to 80 per cent of affected retirees had received their entitlements, with some having waited as long as two decades for payment.

He added that new allowances and welfare measures had been introduced for staff, alongside a 13th-month salary bonus intended to boost morale and improve productivity.

However, Kogo said inadequate funding continued to constrain the tribunal’s operations. He disclosed that the institution received an average of between ?26 million and ?28 million in overhead funding, with releases sometimes delayed by two or three months. He also said he had not received any capital allocation since assuming office.

To address some of the resource challenges, he said he had approached international donor agencies and other institutions, which provided computers, laptops, printers, photocopiers and other equipment.

Kogo also disclosed efforts to recover properties allegedly disposed of by previous tribunal leaderships. He said a property in Wuse II, Abuja, had been recovered following the intervention of the FCT Minister, Nyesom Wike, while another property in Bauchi, which had allegedly been converted into a commercial plaza, had also been recovered.

He said the tribunal was seeking funds to renovate the properties and restore them to official use.

Kogo maintained that his priority was to establish a functional institution capable of operating effectively beyond his tenure, adding that public officials should focus on fulfilling their responsibilities rather than pursuing personal recognition.

UBA seeks jail for WEMPCO directors over ?61.45bn debt

United Bank for Africa (UBA) Plc has asked a Lagos court to send nine people linked to Western Metal Products Co. (WEMPCO) to prison.

The bank alleges that they forced a court-appointed receiver out of the steel group’s Ogun State factory and the application is the latest step in UBA’s effort to recover N61.45 billion it says the industrial conglomerate owes.

The committal notice was filed at the Federal High Court and published in The Nation on Tuesday (Oct. 27) under an order allowing service by newspaper.

It accuses the respondents of ‘wilful, deliberate and orchestrated disobedience’ of an April 2 order and asks that they stay in prison until they comply.

Those named are Lewis Shui Noor Tung, Phillip Shui Che Tung, Alhaji M.A. Ola Yusuf, Tung Lawrence Blake, Alli Aare Hadji Tokunbo, Paul Shui Po Tung, Robert Tung, CL Ip and Taiwo Alli. All are listed at 18 Wempco Road, Ogba, Ikeja.

Alli is managing director of Nigerian Enamelware Co. Plc, which is listed on the Nigerian Exchange and is one of the 17 defendant companies. Robert Tung sits on its board.

On April 2, Justice Akintayo Aluko froze up to N61.45 billion of WEMPCO-linked funds across 27 banks and fintechs.

He also appointed Romeo Ese Michael receiver-manager over assets not already pledged under a 2019 credit agreement.

UBA’s affidavit says that after bailiffs handed over the Magboro/Ibafo plant, the respondents brought in thugs, broke the receiver’s locks and threatened his staff with ‘serious injury.’

It says they kept running the business and diverting its funds. None of the allegations has been tested in court, and WEMPCO’s response was not immediately available.

The court papers also show failed talks.

On June 22, WEMPCO’s lawyers at SimmonsCooper Partners, led by Dapo Akinosun, a Senior Advocate of Nigeria, asked UBA for an urgent meeting. They proposed an interim standstill, a joint reconciliation of the accounts and ‘a structured framework for repayment.’

UBA’s lawyer, Temilolu Adamolekun, also a Senior Advocate of Nigeria, replied the next day. He questioned how the same company ‘deploying physical violence on ground and resorting to self-help’ could ask for dialogue, but agreed to meet.

The two sides met at UBA’s Marina head office on June 26 and agreed a joint inspection of the Magboro site for July 2. WEMPCO and its lawyers did not show up and have since ‘gone incommunicado,’ the affidavit says.

The bank says the plant has stayed under the respondents’ control since then.

MoneyCentral first reported the WEMPCO action on Oct. 16, when UBA won a judgment against Stallion Group using the same receiver.

Justice Akintayo Aluko on April 2 froze up to N61,445,695,993.76 of WEMPCO across 27 banks and fintechs and appointed the receiver-manager.

Under the April 2 order, banks and fintech platforms including Moniepoint, OPay and Kuda must disclose and hold any balances belonging to the defendants. The receiver’s powers also cover two Wärtsilä power generators ‘wherever they may be found.’

The other defendants include Lagos Oriental Hotel Ltd., United Rolling Mills Ltd., Wempco Steel Mill Co. and Prime Nigeria Tiles Co.

WEMPCO was founded by K.F. Tung, who first came to Nigeria in 1967.

The case tests whether Nigerian court receivers can actually take control of a borrower’s assets. A committal order against WEMPCO’s controlling shareholders would send a strong message to other chronic debtors.

FACT CHECK: No Evidence Tinubu Executed ?9trn Projects In Kano As Pakistan Claimed

Former Chairman of the National Hajj Commission of Nigeria (NAHCON), Professor Abdullahi Saleh Pakistan, says President Bola Tinubu deserves a second term because of projects executed by his administration and what he described as improvement in security.

Pakistan made the remarks in a recent interview with DCL Hausa, claiming that the Federal Government had executed projects worth more than ?9 trillion in Kano State.

He made claim to the provision of solar power systems to Northwest University, Kano, which he said cost ?6 billion, and another solar power system for Radio Kano, which he claimed cost ?2 billion.

He also said that the federal government provided the solar power systems despite Northwest University being owned by the Kano State Government.

He said he would continue to support Tinubu’s administration because he believed the president had demonstrated the capacity to govern and deserved another term to complete projects initiated by his government.

Pakistan also cited the Kaduna-Abuja highway, saying travellers had faced serious security challenges along the route in the past but that the situation had improved under Tinubu.

However, a review by Daily Trust Check of publicly available information, including the GovSpend platform, found no evidence to substantiate the claim that the Tinubu administration had executed projects worth ?9 trillion in Kano State.

The review also found no publicly available reports confirming the commissioning or inauguration of the specific solar power projects Pakistan cited at the stated costs.

What we found

The Federal Government, through the Tertiary Education Trust Fund (TETFund), earmarked ?70 billion for a mini-grid solar power project in selected tertiary institutions across the country.

President Tinubu approved the project under TETFund’s 2025 intervention cycle.

Speaking at TETFund’s first town hall meeting, the Chairman of its Board of Trustees, Aminu Bello Masari, said the initiative would provide renewable and sustainable energy to 12 selected institutions.

The institutions include Northwest University, Kano; Nigerian Army University, Biu, Borno State; Ambrose Alli University, Edo State; Alvan Ikoku University of Education, Owerri, Imo State; and Lagos State University.

Masari said the project was part of the president’s efforts to address persistent electricity supply challenges affecting teaching, research and innovation in tertiary institutions.

He said: ‘Mr. President is committed to solving the problem of erratic power supply, which remains one of the most critical constraints to teaching, research, and innovation. Therefore, the President approved the implementation of the Mini-Grid Solar Power Project under the 2025 Intervention Cycle, with an allocation of ?70 billion.’

Although the TETFund initiative confirms plans for a solar power project at Northwest University, Kano, the information reviewed does not establish that the institution received a solar power system costing ?6 billion, as claimed by Pakistan.

Similarly, the review found no evidence to confirm his claim that the Federal Government provided a solar power system for Radio Kano at a cost of ?2 billion.

The ?70 billion allocation covers a solar power initiative involving 12 institutions nationwide. It does not, by itself, substantiate the specific costs Pakistan attributed to the projects in Kano.

The review also found no evidence establishing that the Federal Government had executed projects worth more than ?9 trillion in the state.

The absence of publicly available records does not conclusively prove that no such projects exist. However, the claim remains unsupported by the evidence reviewed.

Verdict: Unverified.

Daily Trust Check found no verifiable evidence to substantiate the claim that President Tinubu’s administration had executed projects worth ?9 trillion in Kano State. While a Federal Government-backed solar power initiative involving Northwest University, Kano, has been announced, the available information does not confirm the specific project costs cited by Pakistan or establish the broader ?9 trillion claim.

Helios targets 49% stake in Mozambique’s largest flour milling company, Merec

Helios Investment Partners (Helios) and Invictus Investment (INVICTUS) disclosed that Helios Fund V (Helios V) has entered into an agreement to acquire from Invictus Investment up to a 49 percent interest in Stratton Africa Holdings Limited, the Mauritius-incorporated holding company of Merec Industries (Merec).

Helios is a leading Africa-focused private investment firm while Invictus Investment is a leading holding company specialised in agro-food commodities across the Middle East and Africa.

The transaction is expected to close by the end of 2026, subject to customary closing conditions, including regulatory approvals, after which Invictus Investment will remain the majority shareholder.

Akin Gump Strauss Hauer and Feld is acting as legal counsel to Helios, with GDA Advogados as Mozambican counsel. Freshfields is acting as legal counsel to Invictus Investment.

Founded in 1998, Merec is Mozambique’s largest flour milling company, processing wheat and corn into an integrated product portfolio spanning flour, pasta, biscuits and animal feed.

Its mills, production facilities and silos are strategically located in each of Mozambique’s three principal port regions: Beira, Maputo and Nacala – making it the only miller with manufacturing facilities in all three. Merec also owns a grain terminal at the port of Maputo.

This footprint supports a nationwide distribution network serving wholesalers, retailers, bakeries, feed producers and distributors, underlining Merec’s important role in the production and supply of essential food products across Mozambique.

Invictus Investment acquired Merec in January 2025 through the purchase of its holding company, Stratton Africa Holdings Limited, as part of its strategy to expand its agro-food business in high-potential African markets and strengthen its capabilities across the value chain. Read Economics

Since the acquisition, Merec’s operating performance has improved significantly, and this has prompted a more ambitious growth strategy to expand the business beyond its core operations into new food categories in Mozambique and across the wider Southern African Development Community (SADC) region.

The new partnership will support these plans by combining Helios’ track record of investing in and supporting market-leading businesses across Africa and Invictus Investment’s expertise across the agro-food value chain.

Together, the shareholders will also work on furthering Merec’s governance framework, leadership capabilities, ESG practices and broader development impact.

Tope Lawani, co-founder and managing partner of Helios Investment Partners said: ‘Merec has built a distinctive position in Mozambique, with a nationwide footprint, strong brands and an important role in the country’s staple foods market. The consumer non-discretionary sector is a key strategic focus for Helios, and we bring a proven track record of investing in and scaling resilient businesses that serve essential consumer needs across Africa. We see significant opportunity to build on Merec’s strengths and are pleased to partner with Invictus Investment and the management team to support the company’s next phase of growth.’ Read Economics

Amir Daoud Abdellatif, CEO of Invictus Investment, said: ‘We welcome Helios, one of Africa’s leading private equity investors, as our partner in the expansion of Merec. With its strong focus on high-growth sectors across the continent, Helios’ regional expertise will be instrumental in accelerating Merec’s next phase of growth. Since Invictus Investment’s acquisition of Merec, its position as Mozambique’s largest flour milling company has been strengthened and consolidated, and now, our shared ambition with Helios is to build on the business’s contribution to food security and local employment in Mozambique and develop it into a regional food platform for Southern Africa.

‘This partnership aligns perfectly with our strategic approach to acquisitions, which has always been to build strong businesses alongside high-calibre partners that support our long-term vision of building a fully integrated agro-food enterprise,’ Abdellatif said.