Category: Business Day

Political allies of President Bola Tinubu have announced a target of 18.7 million votes for his 2027 re-election, as the ruling All Progressives Congress (APC) seeks to translate its dominance of state governments into electoral gains.

The target is more than double the 8.79 million votes he secured in the 2023 election.

The announced pledges, by governors and political leaders across eight states and regions, show the intended scale of mobilisation effort ahead of the next presidential election.

However, the targets have drawn reactions from analysts who have questioned how realistic those promises are.

The APC currently controls 31 of Nigeria’s 36 governors, giving Tinubu’s party an extensive network of state-level political structures to support its re-election campaign.

Two opposition governors have also publicly declared support for the president’s second-term bid, potentially widening his support beyond the ruling party.

Who promised what?

A breakdown of the announced targets, published by StatiSense, shows that political leaders in the North Central states have pledged six million votes, the largest contribution in the projection. Akwa Ibom follows with 3.5 million votes even though the state has a total of 2.6 million registered voters.

His Edo State counterpart, Monday Okpebholo, promised a target of 2.5 million votes from a total of 2.865 million registered voters in the state.

Dapo Abiodun, Ogun State governor, has pledged two million votes, matching the target attributed to Benue State. Ademola Adeleke, Osun State governor, is associated with a target of 1.5 million votes, while Oyo and Ekiti states have targets of 800,000 and 400,000 votes, respectively.

Combined, the announced targets amount to 18.7 million votes, exceeding Tinubu’s 2023 nationwide tally by 9.91 million.

The promised votes also represent 75.1 percent of all total votes recorded for the 2023 presidential election.

Yet the scale of the pledges interrogates how effectively political leaders can translate their influence over state governments into presidential votes, particularly in states where historical voting patterns have frequently diverged from governors’ party affiliations.

Since the return to civilian rule in 1999, no presidential candidate has won 75.1percent of total votes in a presidential election. The lowest percentage recorded for a sitting president since 1999 was during the 2023 presidential elections, where Tinubu recorded 36.61 percent of the total valid votes in the election.

A recent electoral analysis by VIISAUS, a research and data analytics organisation, examining five presidential election cycles between 2003 and 2023, identified 19 states as swing states, 11 as consistent aligners and six as consistent non-aligners.

The analysis found that governors’ parties won the presidential vote in their respective states in 57.8 percent of the election cycles examined. This suggests that control of a state government can provide a political advantage but does not guarantee that voters will support the governor’s party in a presidential election.

The 19 swing states are particularly significant for the 2027 contest because their voting patterns have changed across election cycles. They include all six North Central states, Benue, Kogi, Kwara, Nasarawa, Niger and Plateau, as well as Lagos, Oyo, Ekiti, Rivers, Imo, Adamawa, Borno, Yobe, Jigawa, Kaduna, Kano, Kebbi and Sokoto.

The North Central region’s six-million-vote target is therefore especially consequential. Although the region represents a major mobilisation opportunity for Tinubu’s campaign, VIISAUS classifies every state in the zone as competitive based on historical voting alignment.

The report also identifies Akwa Ibom, Bayelsa, Cross River, Delta, Abia, Ebonyi, Enugu, Ogun, Osun, Taraba and Zamfara as consistent aligners, having voted for their governors’ parties in at least four of the five election cycles examined.

However, the classification is based on historical patterns rather than a prediction of the 2027 outcome. The 2023 election, when all five South East states voted for the Labour Party presidential candidate regardless of the party controlling their governorships, illustrates how candidate appeal and wider political conditions can override established alignments.

For Tinubu’s campaign, the challenge will be to convert governors’ pledges and the APC’s extensive state-level presence into actual ballots while competing in states where voting behaviour has proved less predictable.

With the 2027 election approaching, the announced 18.7 million-vote target provides a measure of the campaign’s ambition. Whether it translates into electoral gains will depend on voter preferences, campaign mobilisation and the ability of political leaders to deliver support beyond public declarations.

David Omogbemi, a political analyst, said the ambitions of the governors may not translate into votes considering the rising cost of transportation and the cost of living crisis.

‘It sounds very unrealistic, because even during his initial time, you saw the margin, so I doubt that would change just by having most of the governors in his party. Also, don’t forget that some of these governors are also fighting their own battles. Apart from that, there is the big challenge of the cost of living crisis; you saw on Saturday when the president himself admitted that there is poverty and hunger in the country,’ Omogbemi said.

He added that there would have to be a major turnaround in the cost of living for many Nigerians before Tinubu can move any closer to the promised votes.

Michael Carrick says dropping Bruno Fernandes to the bench for Manchester United’s Premier League clash against Bournemouth was a ‘pure football’ decision, dismissing suggestions that the move was punishment for the captain’s criticism of his tactics.

Fernandes was named among the substitutes for Sunday’s match at Old Trafford, days after questioning United’s passive approach out of possession during their 4-1 defeat to Como in the Champions League.

Carrick, under pressure after United went seven games without a win in all competitions, said his selection was based on what he believed would give the team the best chance of producing a strong performance.

‘Picking the team is always a difficult decision,’ Carrick told Sky Sports. ‘We’ve got to make what we feel is the right one for the team to try to get the performance we want.’

He added: ‘When you have options, it’s always a difficult decision. We have to make the right one for today and the team to get that performance we want.’

The United manager rejected the suggestion that Fernandes had been dropped in response to his public comments, describing the decision as a footballing judgement.

Manchester United entered the clash with seven points from their opening seven matches. Carrick is under pressure to secure a result against Bournemouth and ease speculation surrounding his future.

Fernandes had criticised United’s defensive approach after Como’s emphatic victory in Italy, raising questions about the team’s tactics at a difficult moment in the season.

The Portugal international, 32, enjoyed an outstanding campaign last season, winning multiple individual awards and setting a Premier League record with 21 assists as United finished third. His influence has been more limited this season, apart from a hat-trick against Ipswich in August.

Carrick made four changes to his starting lineup, with Matheus Cunha, Matthijs de Ligt and Noussair Mazraoui also dropping out. Ayden Heaven, Leny Yoro, Carlos Baleba and Amad Diallo came into the side.

Fernandes’ remarks followed criticism from teammate Lisandro Martínez, who had questioned whether United’s board did enough to strengthen the squad during the transfer window.

Martínez, however, was not dropped for those comments and was replaced at half-time in last weekend’s 1-1 draw against Leeds after suffering an injury. He was named among the substitutes against Bournemouth.

The Chairperson of the Oyo State Rule of Law Enforcement Authority (OYRLEA), Aderonke Adekemi Aderemi, a retired Judge, has declared that there would be no sacred cow in the enforcement of the Oyo State Anti-Open Rearing and Grazing Regulation Law, warning that violators risk a fine of N500,000 or 5 years’ imprisonment for first offenders.

Aderemi, who gave the warning during a live Radio interview in Ibadan, said OYRLEA was established in April 2024 by Governor Seyi Makinde to put an end to lawlessness and ensure total compliance with extant laws on environment, traffic, agriculture and public order.

She revealed that the Authority has commenced intensive enforcement operations, including dawn operations that led to the impounding of cattle at Atowoda in Ido LGA, Batake Village along Ibadan-Eruwa Road, Idi-Iroko, Moniya, and government farm settlements in Ido, Ijaye and Akinyele.

‘Open grazing is illegal in Oyo State. The law is very clear. Our farm settlements are for farmers, not for herders. If you want to rear cattle, go to the Ministry of Agriculture, get a licence and get a ranch allocated to you. You cannot destroy people’s crops and livelihoods and go scot-free,’ she said.

The retired jurist cited Section 16(1) of the Oyo State Open Rearing and Grazing Regulation Law, 2019, which prescribes 5 years imprisonment or N500,000 fine for first offenders, and 10 years or N2 million for subsequent offenders, in addition to compensation to victims based on the Ministry of Agriculture’s assessment.

On the allegation of bias and extortion during enforcement, the Chairperson dismissed it as false and misleading.

‘Our operations are based on petitions from farmers and verifiable evidence of crop destruction. Due process is always followed. Anyone who feels aggrieved should report to us, not blackmail the Authority on air,’ she stated.

Aderemi disclosed that OYRLEA has also sustained massive sensitisation through radio and television jingles, stakeholder roundtables with farmers, herders, traditional rulers and livestock dealers, and the establishment of joint conflict resolution committees to prevent escalation.

She therefore urged residents to report violations promptly, stressing that public cooperation is key to achieving a cleaner, safer and food-secure Oyo State.

‘We are not targeting any tribe or occupation. We are protecting the rule of law. Whether you are rearing cows in a residential area, dumping refuse or trading on the road, the law will catch up with you,’ she warned.

As Nigerians seek opportunities to overcome the economic challenges in the country, Real Estate Cashback Housing Cooperative Society has reaffirmed its commitment to expanding access to real estate investment and long-term wealth creation for its members.

According to the organisation, it will continue to pursue its vision of making real estate investment more accessible, enabling members to participate in property-backed opportunities while working towards their individual financial goals.

Speaking at the 2026 Annual General Meeting (AGM), Oluwatosin Olatujoye, President of the Cooperative, said the organisation was established on the belief that real estate wealth creation should be accessible to more people through collective participation.

Olatujoye said that the Real Estate Cashback Housing Cooperative was established on a fundamental belief: that the opportunity to build wealth through real estate should not be limited to a select few.

He said that by bringing people together through collective ownership and participation, RECB is creating opportunities for more individuals to take meaningful steps towards financial security and lasting wealth.

Olatujoye added that the cooperative’s growth came with a responsibility to remain accountable to its members and focused on sustainable value creation. ‘Every investment, every development, and every milestone reinforces our responsibility to remain focused on our mission and be accountable to the people who make this cooperative what it is.

‘As we look to the future, our focus remains on strengthening our investment portfolio, expanding opportunities for our members, upholding responsible investment practices, and building a cooperative that continues to create value for generations to come,’ he stated.

Presenting the cooperative’s milestones over the past year, the Treasurer, Prosper Emapkor, outlined its investment activities and the breadth of its property portfolio, operating under the philosophy of ‘Building Wealth, Empowering Members, Creating Legacies

He said that RECB has developed a portfolio spanning residential estates, commercial developments and other real estate assets through its partnership with Zylus Homes. Projects highlighted at the meeting included Arizon Estate, Tiwa Commercial Hub, Tiwa Gardens, Tiwa Gardens II, Lekki Pride II, Lekki Pride III, Zylus Court and its extensions, and Lekki Avana.

Collectively valued at over ?115 billion, the portfolio reflects the scale of the cooperative’s real estate interests and its focus on property-backed investment opportunities. The presentation allowed members to review the cooperative’s investment footprint and consider how its portfolio supports its broader mission of creating opportunities for collective participation in real estate.

Beyond the figures and portfolio updates, member testimonials provided a personal dimension to the 2026 AGM, allowing participants to share their experiences and perspectives on their journeys with RECB. The testimonials highlighted members’ motivations for joining the cooperative, their aspirations for property ownership and wealth creation, and their experiences participating in a community built around collective real estate investment.

Bukola Olatujoye, Chief Executive Officer of Zylus Homes, in her closing remarks emphasised the relationship between effective real estate development, member confidence and the delivery of long-term value.

She highlighted that the role of a development partner extends beyond providing investment opportunities to delivering projects, supporting sustainable communities and maintaining the standards required to serve the interests of property investors.

The 2026 AGM marked another milestone in RECB’s ongoing effort to strengthen its investment community, review its progress and reaffirm its commitment to accessible real estate participation. With a growing international membership and a substantial property portfolio, the cooperative’s next phase will continue to centre on member engagement, responsible investment practices and opportunities for long-term wealth creation.

The meeting brought together members and stakeholders to review the cooperative’s progress, examine its real estate portfolio, and reflect on the opportunities and responsibilities of building wealth through collective participation.

Nigeria’s banking industry has spent years rebuilding capital, restructuring institutions and celebrating stronger financial performance. Amidst all these developments, one fundamental question remains unanswered. The concern is how much of this financial strength is translating into productive investment, affordable credit, business expansion and employment.

The worry has grown more urgent after the Central Bank of Nigeria’s recapitalisation exercise, which brought in N4.65 trillion in equity. By the end of March 2026, 33 of the country’s 37 banks had met the updated capital requirements. The exercise aimed to strengthen the system, improve resilience, and boost banks’ ability to finance economic growth.

But raising capital is not the same as expanding productive credit. A stronger balance sheet is not automatically a stronger economy.

One thing that is certain is that Nigeria’s banking industry is not short of institutions, financial expertise or regulatory reforms. As reality stares at Nigerians, the more difficult question is whether its growing financial capacity is being converted into financing for businesses that produce goods, create jobs, process local raw materials and expand the country’s export base.

Experiences from Morocco’s Attijariwafa Bank, Kenya’s Equity Group Holdings and Togo-headquartered Ecobank Transnational Incorporated offer useful benchmarks. Their institutional development, customer reach and regional operations provide different perspectives on the possibilities of modern African banking. They are not perfect models, and their operating environments differ from Nigeria’s. Nevertheless, their experiences offer a basis for asking whether Nigerian banking reform is delivering enough economic value beyond financial-sector growth.

The real test of recapitalisation is not simply how much capital banks have raised. It is what that capital ultimately enables them to do.

The first question is straightforward: what does a stronger capital base mean or the benefit of strengthening banks’ capital if productive businesses still struggle to obtain credit?

Capital is essential to and the backbone of banking. Amidst its many functions, it helps banks absorb losses, meet regulatory requirements, handle larger transactions and maintain customers’ confidence in their ability to keep their money safe. Nigeria’s recapitalisation exercise was therefore important. But its economic benefits depend partly on how banks deploy their expanded capacity.

The IMF’s May 2026 assessment, with clarity reviewed developments through the first quarter of 2026, found that private-sector credit remained relatively low, at approximately 12 per cent of GDP in 2025. It also observed that, despite growth in lending, which was obviously a huge contradiction, Nigeria’s financial markets were not adequately intermediating domestic savings into productive investment.

This is a more revealing measure of the challenge than the amount of capital raised alone. From the playout of activities, it is obvious that the banking industry can expand its balance sheets without financing a sufficiently broad range of businesses. Established and bigger corporations may obtain credit while smaller manufacturers, agricultural processors and emerging enterprises struggle with high interest rates, collateral requirements and short repayment periods.

The question is not whether Nigerian banks lend. They do. The question is whether the scale, cost and distribution of that lending adequately serve an economy seeking to diversify beyond oil, expand manufacturing and create sustainable employment.

Kenya’s Equity Group Holdings provides a useful point of comparison as this is discussed further. In a real sense, its success in attracting customers, using digital channels and supporting small businesses shows how banks can serve more people while keeping lending risks under control.

The lesson is not that Nigerian banks should simply copy Kenya. No doubt, Nigeria has different economic conditions, regulatory requirements and credit risks that may not apply to Kenya. Rather, the point is that recapitalisation should create opportunities to deepen lending, develop better products and improve the effectiveness of financial intermediation. It should not become a regulatory milestone celebrated independently of its economic consequences.

The second question is perhaps the most consequential: are Nigerian banks financing enough small businesses to make a measurable difference to the real economy? Here, the evidence deserves particular attention.

Findings showed that Equity Bank Kenya’s third-quarter 2025 investor booklet reported that the bank disbursed KSh90.7 billion ($701,255,970) in MSME loans between January and July 2025. Meanwhile, the amount represented 45 per cent of the KSh201 billion ($1,554,044,999) in MSME loan disbursements reported across the Kenyan banks included in its comparison. The booklet attributed the industry comparison to the Kenya Bankers Association.

This is a significant indicator of Equity Bank’s participation in Kenya’s MSME financing market. It suggests that a bank can make small-business lending a prominent part of its commercial activities while operating in a competitive banking system. Whilst Nigeria’s figures raise a different concern.

A research note published in October 2026 by the Development Bank of Nigeria, citing the CBN statistical data, noted that credit classified to small-scale enterprises amounted to a meager and paltry N177.44 billion in 2025, when compared with enormous total private-sector credit of N47.10 trillion. The small-scale-enterprise category consequently represented approximately 0.38 per cent of private-sector credit. The same research note showed that the category’s share had declined substantially from its historical levels.

The figures deserve serious scrutiny. They suggest that Nigeria’s banking system has expanded enormously without a corresponding increase in the relative weight of credit recorded for small-scale enterprises.

However, the comparison requires an important qualification. Equity’s KSh90.7 billion ($701,255,970) represents loan disbursements over seven months, whereas Nigeria’s N177.44 billion ($132,417,910.45) represents an outstanding-credit measure for a narrower statistical category. The figures are not directly comparable, and they cannot establish that Equity’s lending performance is superior to that of every Nigerian bank. Nor should Nigeria’s small-scale-enterprise category automatically be treated as equivalent to the entire MSME sector.

That limitation does not invalidate the question. It makes the case for better Nigerian data even more compelling.

Why should a country with a large banking market lack sufficiently clear, consistently reported evidence of how much commercial-bank credit reaches smaller productive enterprises? Why should the industry’s recapitalisation achievements get more attention than giving credit to businesses that keep people working and create jobs?

Small businesses really struggle to get financing. They often don’t have things like collateral, checked financial records, long credit histories or steady income. Banks need to think about these risks. Lending without checking can lead to loans not being paid back, hurting the bank’s money and putting depositors in danger.

But risk management should not become a permanent justification for leaving viable businesses outside formal credit.

The fact is that Nigerian banks could use cash-flow-based lending, supply-chain finance, invoice discounting, purchase-order finance, movable-asset collateral and credit guarantees. Nigerian banks would benefit from using verified transaction data to spot businesses that’re truly strong instead of borrowers whose repayment ability is very weak.

The objective is not to compel banks to lend recklessly. It is to make responsible lending to smaller businesses more commercially viable.

The CBN must also ask for reports on SME lending, such as how many borrowers are active, how many new loans are given, how much money is still owed, what the typical loan size is, what interest rates are used, when loans are due and how well payments are made. Without this data, the country cannot properly determine whether recapitalisation is truly helping people get credit. The CBN needs data to see if the plan is working.

The third question follows naturally: if Nigerian banks are profitable, why is their success not more visible in the productive economy?

Bank profitability is essential. Shareholders put in money to get returns. Depositors want their money to stay safe. Regulators want institutions that can handle economic times. There is nothing bad about banks investing in government securities or other easy-to-sell assets.

The real worry is how the financial system’s rewards and rules shape where capital goes. It’s about whether money flows toward government borrowing or toward private businesses. That balance matters. How the system rewards choices can tilt capital one way or the other. That can affect economic growth and opportunity.

The CBN’s official Money and Credit Statistics provide a useful snapshot. In July 2026, private-sector credit stood at approximately N83.43 trillion, compared with N83.26 trillion in June. Net credit to government declined from approximately N40.03 trillion in June to N33.92 trillion in July. These are the latest monthly observations displayed in the official CBN series retrieved for this article, rather than figures extrapolated from media reports.

The figures do not establish that banks deliberately abandoned businesses or that every reduction in government credit necessarily results in additional private lending. They show that the composition of domestic credit changes over time and should be examined using consistent data.

The IMF’s 2026 assessment identified banks’ holdings of government securities, high cash reserve requirements and structural constraints as factors limiting private credit. When looking at the data, it is clear that government securities made up 22 percent of banks’ total assets. Government securities can give banks liquidity, steady income and a risk-return profile that is fairly attractive. Lending to businesses can bring credit risk, expensive monitoring and uncertainty about repayment. Where government borrowing offers attractive returns, banks have commercial reasons to allocate resources towards sovereign instruments.

The policy concern is not that banks should abandon government securities. It is whether the overall balance of incentives enables enough financing to reach viable private businesses.

Monetary policy also matters. High reserve requirements can constrain the funds available for other uses, although reducing them would not guarantee that the released funds would become productive loans. Credit risk, inflation, the cost of funds and the condition of individual businesses would continue to influence lending decisions.

This is why the CBN and the fiscal authorities must examine the combined effect of monetary policy, government borrowing and prudential requirements on credit allocation.

Morocco’s Attijariwafa Bank is another reference point. Its published 2025 consolidated figures show assets of approximately MAD795.5 billion ($80,580,000,000) and customer loans of MAD447.9 billion ($45,370,000,000). The group operates across markets and has built a large customer base over time.

Those figures do not prove that Morocco has eliminated its financing challenges. They provide a basis for studying how a bank grows a lending franchise, builds customer relationships and expands its operations across markets.

For Nigeria, the concern is whether banking-sector growth is matched by a corresponding expansion in lending rather than being judged mainly by profits, assets and capital raised.

The fourth question concerns regional influence: why should Nigeria’s banking scale not translate into greater financial leadership across Africa?

Nigeria has a large domestic market, internationally connected businesses and banks with experience in corporate finance, digital banking and cross-border transactions. Some Nigerian institutions have established substantial international operations. Suggesting that the industry has no regional achievements would be inaccurate. Building a domestic banking franchise and creating a durable pan-African institution are separate challenges.

Ecobank Transnational Incorporated is another example because its history is strongly connected to regional banking integration. Founded in 1985, Ecobank Transnational Incorporated started as an effort and became a bank that supports many African markets.

With this, in 2025, Ecobank Transnational Incorporated also reported a profit before tax of $801 million up 21 percent year-on-year and net revenue of $2.45 billion, which went up by 17 percent. Ecobank Transnational Incorporated also reported a capital adequacy ratio of 16.7 percent and a cost-to-income ratio of 48.3 percent.

Meanwhile, it should be known that these results show the scale of Ecobank Transnational Incorporated’s operating model, but they do not prove that the bank’s operations are free from challenges. Nor should its dollar-denominated figures be compared directly with the naira results of an individual Nigerian bank without accounting for exchange rates, business mix and reporting differences.

Ecobank’s relevance lies in the development of capabilities that support banking across national boundaries. As African countries pursue deeper economic integration, efficient cross-border payments, trade finance and regional supply-chain financing will become increasingly important.

Nigeria’s banks should be evaluated on how effectively they support these activities. The reality is that a stronger Nigerian banking industry should not only finance large domestic transactions, but it should also help Nigerian businesses compete across Africa.

The fifth question brings the argument back to the regulator: what should the CBN demand from banks after recapitalisation?

The first requirement is to recognise that stronger capital does not automatically eliminate financial vulnerabilities.

The IMF said Nigeria’s capital adequacy ratio fell to 11.7 percent in the quarter of 2025. It also indicated that Nigeria’s non-performing loans rose to 8 percent, which’s above the prudential ceiling. These figures are from Q3 2025, not from the position in October 2026. The IMF blamed this decline on factors, including the effect of naira depreciation on risk-weighted assets, higher provisioning and the migration of restructured exposures, after the end of COVID-era regulatory forbearance.

The figures illustrate why capital raising must be accompanied by sustained attention to asset quality. They should not be used to suggest that the industry’s current capital adequacy ratio or non-performing-loan ratio stays at those levels without evidence.

The CBN must continue to focus on sound underwriting, proper provisioning, effective governance and clear reporting. Financial stability cannot be ignored to push for fast credit growth.

At the same time, prudential supervision should go hand in hand with better information about the real economic impact of growth in the banking sector. The CBN could share consistent data across the industry on lending to small and medium enterprises, manufacturing, agriculture and other productive areas. It should also show how loans are spread across borrower sizes along with details on loan maturities and interest rates. It would also help to include data on the link between banks’ holdings of government securities and their lending to the sector.

Such information would allow policymakers and the public to judge whether recapitalisation is strengthening financial intermediation as well as balance sheets.

The government must also take responsibility for the conditions under which banks operate. Unreliable electricity, poor transport infrastructure, uncertain policies, weak contract enforcement and high operating costs make it harder for businesses to get financing. When companies that could otherwise succeed cannot produce cash flows, banks will naturally become more cautious.

The government needs to improve the investment environment. It must manage its borrowing needs carefully. It should not create incentives that consistently favour government borrowing over private investment. The CBN must strike a balance. It must control inflation. Ensure financial stability while still making sure the credit channel works effectively. Neither institution can solve the problem independently.

The experiences of Attijariwafa Bank, Equity Group and Ecobank do not provide a ready-made blueprint for Nigeria. They offer different examples of institutional development, customer reach, small-business financing and regional expansion.

Their value lies in helping Nigeria ask better questions about what a strong banking industry should deliver.

Nigeria’s banks have contributed to financial sophistication, payments infrastructure, capital formation and corporate financing. Their achievements deserve recognition. But financial success must also be distinguished from the wider economic benefits that a strong banking system is expected to support.

The next phase of banking reform should be measured against three tests. First, do banks have sufficient capital and sound assets to withstand shocks? Second, is credit reaching viable businesses at sustainable terms? Third, is financial intermediation contributing to productive investment, employment and regional trade?

These tests would not require banks to abandon commercial discipline. They would require the industry, its regulator and the government to demonstrate that financial strength is translating into broader economic capacity.

The SME evidence makes this challenge particularly urgent. Nigeria needs better, comparable data on small-business lending, but the available figures already justify a serious investigation into why credit classified to small-scale enterprises represents such a small proportion of total private-sector credit.

Recapitalisation was necessary to strengthen Nigeria’s banks. It should not become the final measure of banking reform. Nigeria has strengthened its banks. The next challenge is to make that strength count more visibly for businesses, jobs and the productive economy.

Akin Osuntokun’s latest intervention, titled ‘Atiku Abubakar Cannot Heckle His Way to the Presidency,’ published in THISDAY on October 16, 2026, is a curious mixture of selective history, political prejudice and recycled allegations masquerading as informed commentary. It is remarkable that at a time when Nigerians are grappling with unprecedented economic hardship, insecurity and growing uncertainty about their future, Osuntokun considers it more important to excavate alleged private conversations from over two decades ago in an attempt to disqualify former Vice President Atiku Abubakar from seeking the presidency.

Of particular interest is his resurrection of a story attributed to former Cross River State Governor Donald Duke, who claimed that former military President Ibrahim Babangida once told President Olusegun Obasanjo that Atiku could not rule Nigeria. This is precisely the sort of tale by moonlight that should have no place in serious political analysis.

According to the account, Babangida allegedly pretended to have forgotten his keys, returned to Obasanjo’s private study and whispered a warning about Atiku. We are then invited to treat this extraordinary recollection of a supposed private exchange as a definitive assessment of Atiku’s presidential suitability.

But where is the independent corroboration? Has Babangida publicly authenticated those precise words? Even assuming, without conceding, that the conversation occurred exactly as narrated, since when did an alleged private judgment made over twenty years ago become a permanent disqualification from democratic leadership?

The irony is that Osuntokun chooses to dwell on what Babangida allegedly said in private while conveniently sidestepping what Obasanjo subsequently declared in public. On October 11, 2018, Obasanjo openly endorsed Atiku for the presidency. He acknowledged their past disagreements, reconciled with his former deputy and offered an unambiguous assessment of his leadership credentials. His words deserve to be recalled: ‘You surely understand the economy better.’ Obasanjo went further, praising Atiku’s business experience, national and international reach, accessibility and capacity to provide leadership superior to that of the incumbent administration.

These were not anonymous whispers behind closed doors. They were public declarations made before political leaders, religious figures and the Nigerian media. Indeed, Obasanjo acknowledged that there had once been an understanding for Atiku to succeed him. That documented admission is considerably more relevant than Osuntokun’s speculative reconstruction of conversations from another political era. One would have expected a commentator concerned with historical accuracy to reconcile these facts rather than cherry-pick episodes that reinforce his preferred conclusion.

As for Babangida, any serious examination of his assessment of Atiku must account for the full history of their political relationship, including subsequent engagements, rather than elevate an uncorroborated remark into an eternal verdict. Neither Obasanjo nor Babangida holds a hereditary franchise to determine who may govern Nigeria. Whatever they may have thought about Atiku at different points in their political lives, the final authority belongs to the Nigerian electorate.

Osuntokun also suggests that Atiku’s age and repeated presidential contests should persuade him to surrender his ambition and become a mentor to younger politicians. This argument is as selective as it is unpersuasive. If age, experience and repeated electoral contests are legitimate subjects of political scrutiny, they must apply equally to all candidates, including President Bola Ahmed Tinubu. They cannot suddenly become disqualifying considerations simply because the candidate under examination is Atiku Abubakar.

Age does not confer competence, but neither does it automatically extinguish it. The appropriate questions concern judgment, capacity, policy, integrity and the ability to assemble a credible governing team.

Atiku has offered Nigerians his experience in public administration, economic management, enterprise development and national leadership. These credentials are open to legitimate scrutiny, just as Tinubu’s performance after more than three years in office must be subjected to rigorous examination.

On zoning, Osuntokun advances the argument that another northern presidency would violate an expectation that power should remain in the South for eight years. Regional balance is important to national cohesion. But zoning is a political arrangement, not a constitutional prohibition against qualified Nigerians seeking elective office. More importantly, it cannot become an instrument for shielding an incumbent from accountability.

Nigerians are entitled to consider regional equity alongside competence, performance, national security and economic survival. It is for voters, not columnists, to decide how these considerations should influence their ballots.

Osuntokun’s attempt to portray Atiku as the principal architect of opposition fragmentation is equally simplistic. The crisis within the opposition cannot credibly be attributed to one individual while ignoring the ambitions, choices and conduct of other political actors. Political parties are collective institutions, and responsibility for their successes and failures must be assessed accordingly. Atiku has participated in efforts to build a broader opposition coalition and now leads the ADC presidential ticket alongside Rotimi Amaechi. Whether that coalition persuades Nigerians is a matter to be settled democratically, not through predetermined assertions about his supposed unelectability.

Then there is Osuntokun’s fascination with Atiku addressing the President as ‘Bola.’ When did addressing a public official by his given name become a constitutional offence or a measure of political desperation? Bola is the President’s name, not an insult. Those who regard its use as an affront should explain why the substance of public accountability matters less to them than presidential titles.

The real political pollution is not calling a president by his name. It is the growing tendency to treat legitimate criticism of public officeholders as an act of disrespect. What Nigerians require from political commentators is a searching examination of governance. How have the administration’s economic policies affected household incomes? What has happened to the purchasing power of wages? How secure are communities? What measurable relief has reached ordinary Nigerians?

These questions deserve more attention than an alleged conversation about misplaced keys in Aso Rock more than twenty years ago. Osuntokun is entitled to his preferences, prejudices and political conclusions. He is even entitled to believe that Atiku should not be President. What he is not entitled to is the pretence that his personal judgment constitutes the verdict of the Nigerian people. In a democracy, presidential ambition is neither granted nor extinguished by the approval of political columnists.

On January 16, 2027, Nigerians will have the opportunity to examine the competing candidates, evaluate their records, consider their proposals and exercise their constitutional right to determine who governs them. They will not be required to consult Osuntokun’s preferred political history before casting their ballots. Atiku Abubakar does not require Akin Osuntokun’s permission to seek the presidency, any more than Bola Tinubu requires his endorsement to pursue re-election.

Both must submit themselves to the sovereign judgment of Nigerians. Ultimately, Atiku’s presidential fate will be determined by the votes of Nigerians, not by Akin Osuntokun’s biases, recycled anecdotes or tales by moonlight. That is democracy. And that is the verdict that matters.

SOS Children’s Villages Nigeria says it has reached approximately 650 households in Edo State through a three-year development intervention, as it prepares to build on the gains with a new project focused on strengthening the resilience of children, young people, families and communities.

Eghosa Erhumwunse, Country Director of SOS Children’s Villages Nigeria, disclosed this during a stakeholder engagement in Benin City to review the achievements of the outgoing project and consolidate its impact in partnership with the Edo State Government, community leaders, development partners and beneficiaries.

Erhumwunse said the intervention prioritised vulnerable and hard-to-reach populations, particularly families and children often excluded from mainstream development programmes, while strengthening the capacity of communities to support their welfare and long-term development.

He said the project covered 400 households in its first phase and another 250 in the second phase, bringing the total to approximately 650 households. Based on an estimated average of four persons per household, the intervention potentially reached about 2,600 people.

The country director said the organisation considered community ownership essential to the sustainability of development interventions, stressing that families and communities must be empowered to maintain the gains made after a project ends.

He explained that the completion of the three-year programme would not signal the end of the organisation’s activities in Edo, as it was preparing to introduce a new initiative, Seed of Change, to address broader challenges affecting children, young people, families and their communities.

According to him, the new project, also supported by the German government, would build on previous interventions by strengthening resilience and promoting systemic changes that can sustain development outcomes beyond the period of donor funding.

Erhumwunse described the organisation as an implementing partner that facilitates collaboration between the donor and communities in Edo, noting that the progress recorded depended on the collective contributions of government institutions, community leaders, families, young people and other development partners.

Joy Irenonsen Ihensekhien, Permanent Secretary of the Edo State Ministry of Women Affairs and Social Development, who represented the commissioner, Eugenia Abdallah, commended SOS Children’s Villages Nigeria for its partnership with the state government and its support for vulnerable women, children and communities.

Ihensekhien said the ministry contributed to the programme through manpower, training facilities and other forms of support for capacity-building activities designed to empower beneficiaries and improve their ability to become self-reliant.

She expressed the state government’s appreciation for the collaboration, noting that partnerships between public institutions and development organisations remained important in helping vulnerable households cope with prevailing economic pressures.

The Federal Ministry of Labour and Employment has inaugurated the Diving Governing Board, headed by Kamil Shoretire, the Permanent Secretary, following concerns over safety and a regulatory gap in the sector.

BusinessDay gathered that the move will help to strengthen the enforcement of safety regulations and protect workers engaged in commercial diving operations across Nigeria.

Annah Daniel, Head of Press and Public Relations of the Ministry, in a statement on Saturday, said the move will ensure effective implementation of the Factories (Diving at Work) Regulations, 2018, and address safety risks associated with offshore, inshore and inland water diving operations.

Maigari Dingyadi, the Minister of Labour and Employment, described the inauguration as a significant step towards strengthening the regulation of commercial diving and eliminating longstanding safety gaps in the sector.

He said the expansion of Nigeria’s maritime activities, oil and gas exploration, port development and underwater engineering had made the safety and welfare of commercial divers a national priority.

‘As Nigeria’s blue economy expands rapidly through maritime investments, oil and gas exploration, port developments, and underwater engineering, the safety and welfare of our commercial divers have transitioned from being a peripheral concern to a top national priority,’ the Honourable Minister said.

Dingyadi, who described commercial diving as one of the most hazardous industrial occupations, added that ‘the sector had faced regulatory gaps, inadequate standardisation and unacceptable risks to human life over the years.’

He said the inauguration of the Board was intended to bridge the gap between the existence of safety regulations and their effective implementation.

‘However, a legal framework is only as effective as the institution driving its implementation,’ he said.

The Minister charged members of the Board to ensure strict compliance with the Factories (Diving at Work) Regulations, 2018, stressing that diving projects must not commence without the required medical fitness certification, approved operational plans and competent personnel.

He also tasked the Board with working with recognised training institutions, including the Nigerian Navy Diving School and accredited civilian centres, to establish transparent certification pathways for commercial divers and address reliance on unverified foreign credentials.

Dingyadi further urged the Board to establish a transparent register of approved diving contractors, supervisors, instructors and medical examiners to eliminate unqualified operators and improve accountability in the industry.

He reminded the board members that their responsibility extended beyond regulatory compliance to protecting the lives of Nigerian workers engaged in hazardous underwater operations.

‘You carry the heavy responsibility of ensuring that every diver goes to work and returns home safely to their families,’ he said.

The Minister assured the Board of the Ministry’s administrative and logistical support, urging its members to establish clear operational guidelines and ensure strict enforcement of safety standards.

‘We expect you to hit the ground running, institute transparent operating guidelines, and restore absolute discipline and safety to the nation’s commercial diving sector,’ he added.

Earlier, Kamil A. Shoretire, the Permanent Secretary, described the inauguration as a critical step towards the effective implementation and enforcement of the Factories (Diving at Work) Regulations, 2018.

He explained that the regulations were developed as subsidiary legislation under the Factories Act, Cap F1, Laws of the Federation of Nigeria, 2004, to address emerging workplace safety challenges and strengthen protection for workers in high-risk environments.

Shoretire said the Ministry had continued to discharge its statutory responsibility for occupational safety, health and welfare through the enforcement of the Factories Act and its subsidiary regulations, as well as advocacy, stakeholder engagement and other promotional activities.

He noted that workplace machinery, equipment, materials and operational methods had changed significantly with advances in science and technology, making it necessary for regulations to respond to emerging occupational hazards.

‘It is in realization of the limitations of the Factories Act that would arise over time that provision was made in Section 49 of the Act empowering the Honourable Minister of Labour and Employment to issue regulations as the need arises, for securing the safety, health, and welfare of workers in our workplaces,’ he said.

The Permanent Secretary stressed that strict compliance with the diving regulations was essential to preventing accidents, injuries and fatalities associated with hazardous diving operations.

‘The importance of this Diving Governing Board inauguration, therefore, cannot be overemphasized, considering that diving operations are commonly in use in various workplaces in Nigeria, and constitute very hazardous and high-risk operation due to the risks that may be associated with diving in confine spaces,’ he said.

He warned that failure to observe prescribed safety measures could result in occupational illnesses, deaths and extensive damage to plant and equipment.

Shoretire therefore called on stakeholders across the economy to comply strictly with the regulations, noting that effective implementation would help prevent workplace accidents and improve safety standards in the diving sector.

The Diving Governing Board is expected to provide strategic oversight for the implementation of the regulations, promote standardisation of training and certification, and strengthen compliance with safety requirements governing commercial diving operations in Nigeria.

Redeemers University’s Institute of Genomics and Global Health (IGH) hackathon has reiterated the need for interdisciplinary collaboration in proffering home-grown solutions for African health challenges.

This was the outcome of its 2026 XR and Al Genomics Hackathon, themed, ‘From Genome to Impact: XR and Al Solutions for African Health,’ culminating in a Demo Day at the IGH/ACEGID Auditorium, Redeemer’s University, Ede, Osun State.

The hackathon brought together participants from science, technology, 3D design and science communication to develop immersive learning experiences aimed at making complex genomic procedures easier to understand.

Adedayo Okunfolami, CITIO at IGH and convener, XR and Al Genomics hackathon 2026, stated that the central challenge is to ensure that emerging technologies are scientifically accurate, accessible to their intended users and connected to clearly defined needs.

According to him, Genomics can contribute to understanding health and disease, while immersive technologies can offer new ways to explain scientific concepts and practise selected procedures in simulated environments.

Five teams develop virtual reality prototypes for polymerase chain reaction (PCR), training as IGH builds its GenomicsXR platform and creates new pathways for the next generation of genomics talent.

Okunfolami stated that the initiative reflects IGH’s wider ambition to preserve the legacy of genomics education, encourage younger scientists to enter the field, and explore how emerging technologies can help people understand scientific processes that are often difficult to visualise.

‘At the centre of this effort is GenomicsXR, an extended reality (XR) product being developed to bring genomics activities and laboratory procedures into interactive virtual experiences.’

According to him, the 2026 hackathon focused on the next module PCR, a laboratory technique used to make many copies of a selected DNA segment for analysis; while its first module, DNA Extraction, was deployed in 2025.

Rather than asking one group to build the entire PCR experience, Okunfolami disclosed that the workflow was divided into five stages, while each stage was a team. ‘The result was five separate prototypes intended to contribute to a larger, connected learning experience.’

Adeleke Osho, Provost, Postgraduate School, Redeemer’s University and lead judge, announced the results of the hackathon on Demo Day,

According to him, team 5 emerged as the overall winner, followed by team 2 in second place and team 3 in third place. Accordingly, team 4 placed fourth, while team 1 finished fifth.

The results recognised the teams’ work in developing their respective stages. He also disclosed that the next step would see participants review and connect the separate contributions so that users can move through the PCR process as a single learning experience.

The death toll from a gunmen attack on Binnari village in Karim Lamido Local Government Area of Taraba State has risen to 48, with 15 residents fleeing the assault reportedly drowning in a boat mishap while escaping from the attackers.

The Taraba State Police Command confirmed that 10 people were killed on the first day of the attack on Friday, while 38 others died or were found dead on Saturday morning, comprising 15 victims of the boat mishap and 23 whose bodies were recovered from the bush.

Victor Mshelizah, Police Public Relations Officer of the Taraba State Command, confirmed the figures to BusinessDay, explaining that the boat mishap occurred as residents attempted to escape the gunmen.

Mshelizah said the boat may have been carrying more passengers than its capacity, while the inadequate number of life jackets contributed to the deaths of the 15 victims.

The police spokesperson said officers were deployed immediately after the incident was reported, while additional personnel were sent to the area on Sunday morning to reinforce security.

He added that calm had returned to the affected community as of the time of filing this report.

The latest police figures exceed the initial casualty count reported by Amnesty International, which said at least 40 people were killed in the attack.

The attack reportedly occurred on Friday afternoon, shortly after Muslim Juma’at prayers, when armed men invaded Binnari village in large numbers.

Reports indicated that the attackers arrived on about 50 motorcycles, with each motorcycle carrying two armed men.

They reportedly opened fire indiscriminately on residents, setting houses, shops and stores containing food supplies ablaze.

The assailants were also reported to have looted cash and provisions before fleeing the community, leaving residents dead, injured or missing.

Amnesty International criticised the Federal Government over what it described as a slow response to the attack, arguing that vulnerable rural communities had been left exposed to armed criminal groups operating with considerable impunity.

Residents were also reported to have sustained injuries, while several others remained missing after the assault.

The full extent of the damage to homes, businesses and food supplies was not immediately established.