Category: Business Day

As dusk settles over Lagos, the air thickens with the aroma of roasted beef and ground pepper. On a busy corner in Yaba, Ibrahim Musa fans glowing coals beneath rows of glistening skewers. ‘Business is good when the smoke rises straight,’ he says, half-smiling as customers queue for their share of Suya, Nigeria’s most democratic meal.

But behind this roadside theatre lies a billion-naira economy, one that feeds millions, employs thousands, yet remains largely invisible to formal markets. From cattle herders in Sokoto to Suya vendors in Port Harcourt, this informal protein trade connects Nigeria’s dinner plates to its development challenges: food safety, cold-chain logistics, and rural employment.

National snack, missed market

With over five million Suya vendors operating across Nigeria’s streets and markets, the trade supports an estimated N200 billion informal meat economy, according to the Nigerian Economic Summit Group (NESG).

Each skewer travels through a web of cattle traders, butchers, spice merchants, and grill masters – a decentralised value chain that keeps millions fed and employed. Yet, inefficiencies persist.

Nigeria loses over 45 percent of its perishable foods every year due to poor cold-chain infrastructure, and meat is among the worst affected. Fewer than 1,000 refrigerated trucks serve an economy that moves 11 million tonnes of perishables annually, according to BusinessDay research.

This infrastructure gap inflates costs, encourages unhygienic handling, and limits small vendors’ ability to scale.

The story of Suya is the story of Nigeria’s informal economy – vibrant, creative, and deeply inefficient. Entrepreneurs building the chain

A quiet revolution is underway, powered by entrepreneurs who see logistics, not grilling, as the next big play.

ColdHubs, founded by Nnaemeka Ikegwuonu, operates 58 solar-powered cold rooms across 28 states, helping vendors and processors extend meat and produce shelf life from two days to 21 days.

Ecotutu, a Lagos-based startup, provides ‘pay-as-you-chill’ solar cold storage units that have cut post-harvest losses by up to 85 percent for small producers.

New entrants such as Figorr and Koolboks are digitising cold-chain monitoring with IoT-enabled freezers and mobile apps that ensure temperature consistency throughout the supply chain.

These firms tap into a N160 billion market opportunity in Nigeria’s cold-chain logistics, as estimated by BusinessDay Intelligence.

‘Cold is the new gold,’ says Ikegwuonu. ‘If you can control temperature, you can control value.’ From street smoke to scalable enterprise

Formalising the Suya ecosystem could transform it from subsistence to a scalable enterprise. Analysts believe that integrating cold storage, branding, and micro-franchise systems could make Suya Nigeria’s next global food export – much like Thailand did with shrimp or South Korea with Kimchi.

‘Imagine a franchised Naija Suya brand – standardised, hygienic, export-ready,’ says Olumide Adetula, founder of ChopLocal Foods, a Lagos-based food processing venture. ‘It’s entirely possible. We already have the brand equity – the world knows suya.’

Beyond street corners, integrating solar-powered abattoirs, hygienic packaging, and traceable sourcing can push the trade from informal to formal – unlocking financing, taxation, and quality standards.

The Suya economy isn’t small; it’s simply undocumented. If formalised, it could rival Nigeria’s poultry sector. Protein economy of the future

Nigeria’s protein gap remains a public health concern. According to the Food and Agricultural Organization (FAO), the country’s per-capita daily protein intake stands at 53 grams, below the global average of 68 grams. Urban consumers are shifting toward convenient, high-protein foods – and Suya fits that demand perfectly.

Globally, demand for processed meat snacks is projected to hit $22 billion by 2030, creating opportunities for African brands that can combine authenticity with safety.

If Nigeria can plug cold-chain inefficiencies, invest in meat safety, and support MSMEs through credit and formalisation, the country could transition from an importer of processed protein products to an exporter of African-branded meat snacks, experts say.

What it will take

Analysts say making Suya a much bigger industry requires access to affordable finance for MSMEs in logistics and processing; public-private investment in modular abattoirs, refrigerated transport, and solar cold hubs, as well as training Suya vendors in hygiene, branding, and food safety standards.

It also requires integrating informal protein trade into national MSME and agribusiness strategies.

The go-local perspective

Suya embodies Nigeria’s ingenuity – a reminder that value hides in plain sight. What began as a street-side meal can, with structure and innovation, evolve into a formalised industry powering nutrition, jobs, and export potential.

The smoke rising from Musa’s grill in Yaba is more than just the aroma of dinner; it’s a metaphor for an economy finding its heat – from Suya to startup.

The Department of State Services (DSS) has activated special surveillance and counter-terror operations aimed at nipping in the bud a new wave of plots by the Islamic State West Africa Province (ISWAP), said to be active along border communities connecting Kogi and Ondo states.

The activation of the counter-insurgency measures follows a threat issued by ISWAP on Tuesday to attack the two states over ongoing intensive military operations designed to flush out elements disguising as bandits in the area.

Security sources confirmed to BusinessDay the presence of ISWAP sleeper cells in Okene, Kogi State, North-Central Nigeria.

Kogi shares boundaries with 10 states; Benue in the east, Anambra in the south, Enugu in the southeast, Edo in the southwest, Ondo in the west, Ekiti in the west, Kwara in the west, Niger in the north, Nasarawa in the northeast, and the Federal Capital Territory, Abuja.

Following ISWAP’s threat, the governors of the two states called on residents of border communities to remain calm but vigilant, assuring that security in the affected areas has been strengthened to deter any attacks.

The governors’ assurance came on the heels of a recent meeting between the leadership of the DSS and the Nigerian Army from both states, held in Lokoja to discuss the security threat.

In a confidential letter addressed to the Commander of the 32 Artillery Brigade, Akure, the secret police warned of ‘imminent attacks’ by ISWAP terrorists and urged heightened surveillance and security deployment across vulnerable areas.

The letter, signed by H. I. Kana on behalf of the State Director of Security, was titled, ‘Imminent Attacks in Ondo State by Members of ISWAP.’

According to the document, the targeted communities in Ondo State include Eriti-Akoko and Oyin-Akoko in Akoko North-West Local Government Area, as well as Owo town, the headquarters of Owo Local Government Area.

‘Intelligence confirmed plans by members of Islamic State of West Africa Province (ISWAP) to carry out coordinated attacks on communities in Ondo and Kogi States anytime soon,’ the letter read in part.

‘It was further gathered that the group has commenced surveillance on potential soft targets in the above-mentioned locations. Consequently, there is a need to scale up the level of security alertness in the various communities to forestall any untoward situation,’ it added.

The security agency called for immediate action by the Army and other relevant forces to prevent the attacks, stressing the importance of community vigilance.

Olayinka Ayanlade, Ondo State Police Public Relations Officer, confirmed the development, saying the police were already acting on the intelligence.

‘That’s partly why we were in Akoko on Sunday. Everyone is taking steps to ensure no event takes us unawares,’ Ayanlade said.

The alert comes more than three years after terrorists suspected to be ISWAP members attacked St. Francis Catholic Church, Owo, on June 5, 2022, killing 41 worshippers and injuring dozens.

The suspects were later arrested by the DSS and are currently facing trial at the Federal High Court in Abuja.

Speaking on the terror plot on Wednesday, Governor Lucky Aiyedatiwa of Ondo State, urged the residents of the state to be vigilant and report any suspicious movement or strangers in their communities to the security agencies.

In a statement issued by Idowu Ajanaku, the state commissioner for Information, the government said it was aware of the security threat and had been taking necessary precautions to avert it.

The statement read, ‘The Government of Ondo State is aware of the recent security alert memo of the State Security Services addressed to the 32 Artillery Brigade of the Nigerian Army in Akure regarding a possible terrorist attack in some parts of the state, which got leaked to the media.

‘The leaked memo is part of regular intelligence reports that are routinely shared among security agencies and the government. Such reports are a normal part of security operations, aimed at identifying and preventing potential threats.

‘These intelligence reports often contain varying levels of threat assessment and are used in joint operations by security agencies to enhance vigilance and take proactive measures.

‘The public can be assured that these reports are being acted upon by the government and relevant security agencies, and necessary precautions are being taken to ensure safety and security. The emphasis remains on maintaining vigilance and cooperation between security agencies and the government to prevent and respond to any potential threats.

‘We urge all residents to remain calm and vigilant, and to report any suspicious activity to the nearest security agency. We want to reassure you that every measure is being taken to prevent any attack in Ondo State.’

The government explained it was in contact with the security agencies and taking several steps to protect residents, especially those in border communities, so Ondo could remain as one of the safest states in the country.

‘Once again, we appeal to residents to remain calm, go about their normal daily activities, refrain from taking law into their hands, cooperate with security agencies and provide any information that may help prevent any threat in any part of the state,’ the statement concluded.

Despite the official assurances, scared residents in the communities under threat have appealed to the state government and the security agencies not to take the threat lightly.

Aradel Holdings Plc has said its wholly owned subsidiary, Aradel Energy Limited has entered into a definitive agreement to acquire 40 percent equity interest in ND Western Limited (NDW) from Petrolin Trading Limited (Petrolin).

Aradel Energy Limited currently owns 41.67 percent of NDW. Upon completion of this transaction, Aradel’s total shareholding in NDW will significantly increase, reinforcing its strategic position within Nigeria’s upstream oil and gas sector.

Aradel stock price at N790 per share has reached its 52-week high as against a 52-week low of N401.1. Completion of the transaction remains subject to necessary regulatory approvals from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Federal Competition and Consumer Protection Commission (FCCPC) and Ministerial Consent.

NDW holds a 45 percent participating interest in OML 34 (OML 34), a producing Oil Mining Lease located in the Western Niger Delta. OML 34 contains material crude oil and associated gas reserves contributing to Nigeria’s domestic energy supply and exports.

In addition, NDW owns 50 percent of the share capital of Renaissance Africa Energy Holding Company Ltd, the parent company of Renaissance Africa Energy Company Limited which operates the Renaissance Joint Venture.

The Nigeria Governors’ Forum (NGF) has commended the Central Bank of Nigeria’s (CBN) ongoing policy measures aimed at restoring price stability, strengthening the naira, and rebuilding public confidence in the economy.

In a communiqué issued at the end of its fifth meeting held on Thursday and signed by AbdulRahman AbdulRazaq, the Forum’s chairman, and Governor of Kwara State, the governors acknowledged the CBN’s efforts to stabilise the economy through tighter monetary policies, exchange rate unification, and recapitalisation of banks.

According to the statement, the CBN Governor, represented at the meeting by Muhammad Sani Abdullahi, Deputy Governor (Economic Policy), briefed the Forum on the Bank’s ongoing stabilisation drive designed to curb inflation, enhance liquidity management, and consolidate macroeconomic gains.

The Forum commended the apex bank for its coordinated approach with fiscal authorities, noting that such synergy is crucial to sustaining economic recovery and ensuring state-level fiscal sustainability.

‘The Governors underscored the importance of continued collaboration between monetary and fiscal authorities to safeguard growth, protect livelihoods, and maintain confidence in Nigeria’s financial system,’ the communiqué stated. Beyond economic issues, the Forum also received a security briefing from Adeola Oluwatosin Ajayi, Director-General of the Department of State Services (DSS), on emerging threats and intelligence-led strategies to strengthen subnational coordination.

In addition, the NGF discussed the forthcoming vote on the Reserved Seats for Women Bill (HB 1349), urging state leaders to engage their legislators in support of the constitutional amendment to enhance gender representation in governance.

The meeting reaffirmed the governors’ collective commitment to promoting economic stability, security, and inclusive governance across Nigeria.

When the Nigerian Electricity Regulatory Commission (NERC) unveiled a N28 billion bailout for electricity distribution companies last month, the announcement landed with both optimism and fatigue.

The funds are earmarked to procure and install meters for customers in tariff Bands A and B, at no cost to consumers.

The move is part of the broader Presidential Metering Initiative (PMI), which aims to close a metering gap affecting an estimated seven million customers.

For government officials, it was a fresh attempt to close the country’s yawning metering gap, one that leaves millions of households billed on estimated consumption. For the public, it sounded like déjà vu.

BusinessDay’s finding showed the fresh injection is being watched warily by critics and power-sector observers who recall that nearly N1.5 trillion has already been pumped into metering programmes over the past years with little meaningful progress.

Though the government and multilateral partners have claimed to have spent that sum across various metering interventions, more than half of electricity customers, still remain unmetered, relying on estimated bills.

Data sourced from NERC showed as of 30 June 2025, only 6,422,933 out of the 11,821,194 active registered electricity customers (54.3 percent) across the twelve (12) DisCos were metered.

This implies about 5.3 million electricity customers are still unmetered.

The N28 billion Meter Acquisition Fund (MAF) tranche, announced in October 15, aims to finance the procurement and free distribution of meters to customers in the most critical supply categories, those on Bands A and B, who are supposed to enjoy the most reliable power supply.

Under the arrangement, the funds, pooled from market revenues, are being distributed among the 12 Distribution Companies (DisCos) according to their customer base and technical needs.

Ikeja Electric, Eko Electricity Distribution Company, Ibadan Electricity Distribution Company and Abuja Electricity Distribution Company are among the biggest beneficiaries, expected to receive billions of naira each to procure and install new meters before the end of the year.

According to NERC, this latest bailout represents ‘a decisive measure to eliminate estimated billing and deepen efficiency in electricity distribution.’ But across the industry, skepticism runs deep.

‘The challenge isn’t about money anymore, it’s about delivery and honesty,’ said one senior executive at a Lagos-based meter manufacturing firm, who requested anonymity for fear of regulatory backlash. ‘We’ve seen this movie before: money released, meters promised, and very little to show for it.’

That skepticism is well-earned.

Since 2020, the Federal Government, through the Central Bank of Nigeria (CBN) and other agencies, has launched multiple programmes, each touted as the one that would finally end estimated billing. Yet, each has foundered on a combination of corruption, weak oversight, and bureaucratic inertia.

The National Mass Metering Programme (NMMP) was the first of these grand interventions. Introduced in 2020, it came with a ?200 billion seed fund from the CBN and an ambitious plan to deliver one million meters in its pilot phase, at a cost of N59.28 billion. The meters were to be supplied by local manufacturers registered as Meter Asset Providers (MAPs).

By 2022, the project had run into scandal. The CBN approached a High Court in Lokoja, seeking to freeze 157 bank accounts belonging to 10 companies that allegedly diverted NMMP funds. The apex bank accused the beneficiaries of channeling money into unrelated ventures.

Industry insiders told BusinessDay that the programme’s collapse owed much to collusion between suppliers and officials in the supervising agencies. ‘Most of the meters were not supplied,’ one source said, ‘because of the connivance between the companies and government officials in the last administration. The money was simply diverted.’

Of the one million meters planned, fewer than 940,000 were delivered, and even fewer installed. Billions of naira remain unaccounted for.

The Promise of ‘Free Meters’

Following the NMMP debacle, NERC introduced the Meter Acquisition Fund, which earmarked ?21 billion to distribute free meters to select customers. But progress under the first phase has been anemic.

A NERC document seen by Businessday showed as of June 2025, DisCos have metered about 107,000 Band A customers through the MAF scheme.

Analyst said DisCos, struggling under debt and poor cash flow, have little incentive to prioritise metering, since unmetered customers can be billed arbitrarily.

For many consumers, that system remains a source of frustration and mistrust.

The Presidential Metering Initiative (PMI), launched later, was billed as the game-changer. The Federal and State Governments jointly allocated ?700 billion with the goal to deploy over 10 million meters nationwide, eliminate arbitrary billing, restore public trust in the power sector, and empower consumers through accurate, transparent, and fair electricity pricing.

By mid-2025, Olu Verheijen, special adviser to the President on Energy said, in Abuja as part of events to commemorate the second anniversary of President Bola Tinubu’s administration said the federal government plans to deploy seven million smart electricity meters nationwide through the PMI.

But two major DisCos told BusinessDay that none of those meters had reached their warehouses.

‘The press statements are always ahead of reality,’ one senior DisCo official said. ‘We read that the meters were on the way, but we never received a single one.’

Paying Twice, Waiting Forever

Even customers who have tried to take metering into their own hands have met obstacles. Under the Meter Asset Provider (MAP) scheme introduced in 2018, consumers were allowed to pay for meters directly, with the understanding that they would be refunded through energy-use credits over time.

‘Out of the 225,631 end-use customers metered in first half of 2025 , 147,823 (65.52%) of customers were metered under the MAP framework,’ NERC said in its latest report.

But electricity customers surveyed by BusinessDay said the result is widespread resentment. ‘It feels like we’re being punished for doing the right thing,’ said Chidinma Eze, a small-business owner in Isolo who paid ?88,000 for a meter in 2022 and has yet to receive a refund. ‘Every new initiative just becomes another excuse to collect money.’

The World Bank’s Distribution Sector Recovery Programme, meant to provide structure and international oversight, has fared little better. The Bank approved a $500 million loan to Nigeria, with $155 million (about ?100 billion) allocated for 3.2 million meters. But that effort has stalled amid disputes between local manufacturers and the Transmission Company of Nigeria (TCN), which manages the fund.

Local firms accuse TCN of awarding contracts primarily to foreign suppliers, particularly two Chinese companies that together secured deals worth about ?100 million for 1.25 million meters. The controversy has left hundreds of thousands of planned installations in limbo.

The cumulative spending across these programmes, CBN loans, federal budget allocations, donor funds, and state contributions, now exceeds ?1.5 trillion, according to estimates compiled from NERC, CBN, and Power Ministry records.

Yet, despite this massive outlay, Nigeria still has more than seven million customers without meters, according to the most recent regulator’s data.

Analysts say the implications extend beyond consumer billing. ‘Metering is the foundation of a viable power market,’ said Ayodele Olawande, an independent energy economist based in Abuja. ‘Without accurate measurement, you can’t price electricity properly, you can’t attract investors, and you can’t enforce accountability.’

The persistence of estimated billing undermines both revenue collection and trust. It allows DisCos to over-bill customers during supply shortfalls while depriving the electricity market of real consumption data essential for planning and investment.

‘This is not a problem of regulations-it’s a problem of political will,’ said an industry consultant who has worked on two of the previous programmes. ‘Every new scheme uses old templates, old players, and the same opaque accounting.’

Many manufacturers, particularly indigenous firms, argue that the government’s approach favors middlemen rather than producers. Some firms that participated in earlier rounds of metering claim they are still owed payments running into billions of naira.

The United Kingdom Supreme Court has ordered Process and Industrial Developments (PandID), an offshore company, to pay up to £44 million in legal costs to Nigeria.

The decision concludes a decade-long arbitration dispute once valued at over $11 billion, which, if enforced, could have crippled Nigeria’s economy.

Delivering judgment on October 22, 2025, a five-member panel led by Lord Reed, President of the Supreme Court, ruled unanimously that PandID must pay the costs in pounds sterling, not in Nigerian naira, as the company had urged.

The Supreme Court affirmed the earlier decisions of the UK Commercial Court and the Court of Appeal, which held that Nigeria’s legal expenses, incurred and paid in sterling should be recovered in the same currency.

The ruling is a victory for Nigeria, drawing to a close a legal saga that exposed corruption, misconduct, and a complex scheme to defraud Africa’s largest economy.

It also underscores the importance of decisive leadership and international legal cooperation in protecting national assets from fraudulent claims.

The dispute began in 2010 when PandID signed a gas supply and processing agreement with the Nigerian government.

In 2019, an arbitral tribunal in London awarded the firm $9.6 billion in damages against Nigeria, a figure that later grew to more than $11 billion with interest.

The judgment immediately placed Nigeria’s foreign assets and reserves at risk of seizure, prompting a coordinated government response.

Concerned by the threat to the nation’s reserves, then Central Bank governor Godwin Emefiele approached President Muhammadu Buhari for approval to allow the bank to finance and coordinate Nigeria’s legal defence.

Buhari granted the request, directing the Attorney General of the Federation (AGF), Abubakar Malami, to work with the CBN in pursuing an appeal.

When several leading British law firms declined to take on the case due to the elapsed appeal window, Mishcon de Reya LLP accepted the brief, relying on Section 68 of the UK Arbitration Act, which permits challenges to arbitral awards obtained by fraud.

The case began in 2020, and by August 2023, the UK Commercial Court had delivered a stunning victory for Nigeria, ruling that PandID had procured its contract through bribery and deceit.

That decision reversed the earlier award and saved Nigeria from paying billions of dollars in damages.

Robin Knowles (Justice), who presided over the 2023 case, found that PandID’s representatives had paid bribes to Nigerian officials and unlawfully retained privileged government documents to advance their claims.

The judge also criticised two of PandID’s London-based lawyers, Trevor Burke KC and Seamus Andrews, for making an ‘indefensible decision’ to use Nigeria’s internal documents that they were not entitled to see.

He noted that both men stood to gain massive personal rewards, £850 million and £3 billion respectively had PandID succeeded.

Their cases were subsequently referred to the Bar Standards Board and the Solicitors Regulation Authority for disciplinary action.

Following the 2023 victory, Nigeria incurred substantial legal expenses amounting to £44.2 million, paid across 116 invoices between November 2019 and November 2024.

PandID later appealed the order to pay those costs in sterling, arguing that the payment should be made in naira to prevent Nigeria from benefiting from favourable exchange rates, particularly following the sharp depreciation of the naira after its float in 2023.

In a joint judgment delivered by Lord Hodge and Lady Simler, with the concurrence of Lords Reed, Stephens, and Richards, the Court held that legal costs are not compensatory in nature but a statutory indemnity for expenses reasonably incurred during litigation.

According to the justices, ‘As Nigeria had incurred liability and made payments in sterling, the court ought to make a costs order in sterling.’

The Court further emphasised that costs awards differ from damages in contract or tort cases.

It noted that costs are discretionary and meant to provide a fair contribution to legal expenses, not to compensate for financial loss.

The justices warned that adopting PandID’s position would encourage unnecessary and expensive side litigation about how litigants fund their legal fees.

They stressed that there was no legal requirement under the Senior Courts Act 1981 or the Civil Procedure Rules 1998 for costs orders to be made only in sterling, but reaffirmed that awards should generally reflect the currency in which legal services were billed and paid.

Sources close to the case confirmed the behind-the-scenes efforts that ensured Nigeria’s success.

‘The judgment shook the country to its core. But the former CBN governor rose to the occasion, declaring that Nigeria didn’t have the money to pay such colossal sums.

‘He chose to fight instead of folding to fraudsters who wanted to burden generations of Nigerians with a fake debt’, the source said.

The UK Supreme Court’s ruling now cements Nigeria’s victory, affirming its right to recover full legal costs in sterling and bringing final closure to a case that spanned more than a decade.

The Nigeria Immigration Service (NIS) has dismissed two of its junior officers after internal investigations and disciplinary proceedings found them guilty of criminal conspiracy, theft, illegal possession of firearms, and kidnapping.

The affected personnel, Aliyu Usman and Chukwu Nancy Ngozi, were expelled from the Service following the conclusion of separate disciplinary processes on April 14 and September 4, 2025, respectively.

Akinsola Akinlabi, NIS spokesperson, Assistant Comptroller of Immigration (ACI), confirmed the development in a statement issued in Abuja, explaining that the disciplinary actions were taken after the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) completed a review of several misconduct cases within the agency.

According to the statement, the Board had recently concluded a review of 31 disciplinary cases involving NIS personnel, acting on recommendations from its Disciplinary and General-Purpose Committee (BDGPC), which met on July 11, 2025.

‘Eight officers were dismissed from the Service for serious misconduct and violation of Service regulations.

‘In addition, five officers were compulsorily retired for offences bordering on misconduct,’ NIS said. He further disclosed that eight officers were demoted by one rank, while five others received written warnings for various acts of misconduct.

Two appeals against dismissal were rejected for lack of merit, while one officer was reinstated after a successful appeal, and two others were completely exonerated.

The Service reiterated that the dismissal of Usman and Ngozi reflected the Service’s zero-tolerance stance toward criminality and unethical behaviour among its ranks.

‘The disciplinary measures underscore the Board’s commitment to maintaining the highest ethical and professional standards across all cadres of the Service. ‘The Service will continue to take decisive actions without fear or favour in line with extant rules and regulations’, he said.

The dismissal of Officer Chukwu Nancy Ngozi followed her arrest in July by the Enugu State Police Command for alleged involvement in a high-profile kidnapping case that shocked many Nigerians.

NIS investigations revealed that Ngozi and her sister, Juliet Chukwu, an officer of the Nigeria Security and Civil Defence Corps (NSCDC), were accused of masterminding the abduction of their elder brother, Friday Chukwu, along the Enugu-Port Harcourt Expressway near the University of Nigeria Teaching Hospital (UNTH), Ituku-Ozalla.

The sisters, both natives of Amaeze village in Ishiagu, Ivo Local Government Area of Ebonyi State, allegedly conspired with four other accomplices, still at large, to demand a ransom of ?30 million, which was reportedly paid to secure their brother’s release.

The duo were also linked to another kidnapping incident involving Mr Dennis Igwe, General Manager of China Oriental Mining Company, abducted in the same area under similar circumstances.

Confirming the arrests at the time, the Chairman of Ivo Local Government Area, Chief Emmanuel Ajah, said security agencies were investigating the full extent of the sisters’ involvement.

‘Yes, we are aware of the incidents, though they did not occur in my local government. The sisters of Mr. Friday Chukwu, who is my friend, have been arrested. They said six people were involved, and four others are still at large,’ Ajah stated.

The NIS, in recent months, has intensified internal oversight measures to strengthen discipline and public trust.

The Service leadership has emphasised that officers found complicit in criminal or unethical acts will face severe sanctions.

NIS assured that the recent dismissals and demotions demonstrate the Service’s commitment to accountability and professionalism in the discharge of its statutory duties.

‘We will continue to uphold integrity as the bedrock of our operations and ensure that every officer represents the values of the Nigeria Immigration Service,’ the statement noted.

The precious metal, which was seen as a safe haven against ballooning government deficits and global uncertainty, tumbled on Wednesday, plunging by over 6.3 percent to trade around $4,178.23 per ounce.

The sudden reversal, sparked by prospects of trade talks between China and the US, immediately tests the conviction of investors, raising the critical question as to whether the dip signals the end of the gold bull market or is the tactical correction new buyers have been waiting for. The investor’s rationale

Individual and institutional investors had piled into gold for a variety of defensive reasons.

‘Some are buying gold as a hedge against a possible AI-driven bubble in stocks, citing unease over high price-to-earnings (P/E) ratios and the heavy concentration of mega-cap tech stocks in the SandP 500,’ said AbdulRauf Bello, portfolio manager at Cowrywise.

Bello also said that the belief that gold can offset the persistent depreciation of the U.S. dollar, whose global confidence has been shaken by high debt levels, is one reason for the rally.

However, the rally is not marked by widespread panic. The CBOE Volatility Index (VIX), a key gauge of market fear, remains low, supported by solid corporate fundamentals and strong U.S. gross domestic product (GDP) figures.

Navigating gold market

Oghenerukevwe Odjugo, equity analyst at Schroders, a multinational asset management company, mentioned that three key questions determine whether or not an investor should buy gold today.

‘Firstly, do you think we get more or less geopolitical uncertainty in the next two to 10 years or however long you want to invest in gold for?’ she asked.

Oduijo also pointed out that the price an investor pays matters. ‘The mental challenge with investing in an asset that has risen a lot is, you have to believe it can rise some more. Interestingly, in the last month, the gold price has risen virtually every day. Will the same thing happen next month? ‘

Lastly, investors should ask themselves if the decision to buy gold is from fear of missing out, she said.

Tosin Olaseinde, CEO, MoneyAfrica, a personal finance platform, said that with as little as N5,000, $5, or £5, you can start owning a piece of one of the most timeless and trusted assets in history. Central banks lead de-dollarisation drive

The strategic shift towards gold is most pronounced among global central banks, which bought a record 1,136 tonnes of gold in 2022, maintaining a strong accumulation pace in 2023 and 2024. This action is part of a decade-long pattern of global central banks’ reducing reliance on the U.S. dollar, shaken by factors such as deglobalisation, mounting U.S. debt, and rising deficits.

Morgan Stanley suggests the record rally is part of a larger global financial reset. The potential for gold to back stablecoins or digital assets could eventually challenge the USD’s dominance in global trade, further fuelling the gold bull market.

The current share of gold (24 percent) in central bank reserves is the highest since 1986, though it still falls short of the 1980 high of 60 percent. Despite this diversification, demand for U.S. treasuries remains strong, suggesting the dollar’s dominance will not vanish overnight.

In Ghana, gold has hovered around 30 percent of its reserves for a while. At current prices, the value of gold in Ghana’s reserves is $3.6 billion. Just last year, the same amount of gold would have been worth $2.3 billion.

‘Whilst the gold portion of our reserves today can cover 1.7 months of imports, the same amount of gold exactly a year ago would have covered just about a month of imports. In short, gold is a volatile component of our reserve,’ Bright Simmons, a Ghanaian social innovator and political commentator, tweeted on his page.

Five gold investment options that offer strong returns, low entry points..

Agnico Eagle Mines (AEM)

This is a senior Canadian miner operating in low-risk regions with a no-hedging policy, giving investors full exposure to gold prices.

Newmont Corp (NEM)

One of the world’s largest gold producers with a strong portfolio of long-life mines across the globe.

Franco-Nevada (FNV)

This is a royalty powerhouse that funds mines in exchange for a share of its revenue – offering exposure to gold without operational risks. Gold Fields (GFI)

It is a globally diversified producer with roots dating back to 1887, operating across Australia, South America, and Africa.

Kinross Gold (KGC)

This is another Canadian giant with solid operations across the Americas and West Africa, focusing on mining-friendly regions.

Nigeria also has a gold ETF listed on its bourse, titled New Gold ETF. Its price has also risen in recent times.

Governor Babagana Zulum of Borno State, has urged the federal government to carry out an immediate and comprehensive review of Nigeria’s air safety and defence systems, following a disturbing incident in which Boko Haram insurgents deployed a drone to attack a military formation in the state.

Zulum, who made the call on Friday in Mafa town, described the development as a dangerous escalation in the operational capabilities of the terrorist group.

He warned that the successful use of drones by insurgents to target military assets exposes a major vulnerability in the nation’s airspace security.

‘One thing I want to comment on is the issue of drones. This is frightening. In Dikwa, I was told drones were used. The proliferation of drones, particularly in the hands of non-state actors, is of great concern for the entire country. We have to do something to stop the rampant use of armed drones,’ Zulum said.

The governor stressed that the incident poses a serious national security threat, not just to Borno State. ‘Our borders and airspace need to be strengthened urgently. This is the right time for the security architecture to thoroughly review and enhance the capability of our airspace to curtail the use of armed drones by terrorists,’ he added.

While commending the Nigerian Armed Forces for their efforts, Zulum urged members of the public to cooperate with security agencies by providing credible intelligence on suspicious movements and activities in their communities. ‘We are here to commiserate with the victims of the attack and to build the confidence of our people,’ he said, calling on members of the Civilian Joint Task Force (CJTF) to remain resilient and continue supporting the military’s counterterrorism operations. The governor further revealed that credible intelligence had earlier indicated plans by insurgents to attack Mafa, noting that such information was circulated to relevant authorities.

He called for stronger collaboration between federal and state governments, as well as the military high command, to address security lapses.

‘I believe there might be elements of sabotage that need to be identified and addressed. We don’t have to blame each other; we have to come together and resolve this situation,’ Zulum stated.

Governor Bassey Edet Otu of Cross River State has inaugurated the Governing Council of the Cross River State College of Agriculture, Science and Technology, Obubra, with a charge to the members to drive innovation, research, and ethical governance in advancing agricultural education and food security in the State.

Speaking during the inauguration ceremony held at the State Executive Chambers in Calabar, Otu emphasised that agriculture remains the backbone of Cross River’s economy and a key driver of employment, industrialisation, and poverty reduction.

‘Agriculture is the mainstay of our State’s economy and a unique sector that can lift our people out of multidimensional poverty because of its boundless value-chain potentials and food security guarantee,’ the Governor stated.

He described the college as a vital institution for producing middle-level manpower that would sustain the state’s agricultural transformation agenda. The governor urged the new Governing Council to ‘hit the ground running’ by formulating strategic policies to enhance academic excellence and foster research-driven solutions in agriculture.

‘Today’s world is driven by innovation and technology,’ Otu said. ‘You must encourage research that increases crop yield, reduces labour intensity, maximizes land use, and drives the agricultural revolution in our state.’

The governor further tasked the council to identify both short and long-term infrastructural needs for government consideration, while stressing that financial transparency and community harmony must guide their administration.

‘My government is anchored on ethical governance; financial probity must be your watchword,’ he charged. ‘You are expected to account for every fund allocated to your institution.’

Governor Otu also called for cordial relations between the college and its host community, urging proactive engagement and patronage of local services such as security, cleaning, and gardening to strengthen community cooperation.

Responding on behalf of the Governing Council and management of the institution, Gertrude Njar, chairman, expressed deep appreciation to the governor for the trust reposed in them, describing their appointment as ‘a favour with quantum of grace.’

‘We are eternally grateful to Your Excellency for finding us worthy to serve,’ she said. ‘We assure you that we will approach this assignment with dedication, diligence, and unwavering commitment.’

Njar, a professor, commended Governor Otu for the swift passage of the College of Agriculture (Amendment) Bill, which upgraded the institution to a College of Agriculture, Science, and Technology, describing the legislative process as ‘record-breaking and unprecedented.’

She highlighted the vast potentials of the College in agro-based ventures such as poultry, fish, honey, and snail farming, as well as grasscutter rearing, all of which, she said, could boost the State’s internally generated revenue and enhance youth training and employment.

‘The College has the potential to contribute immensely to environmental sustainability through tree planting, which will improve forest cover, reduce carbon emissions, and mitigate ozone layer depletion,’ Njar stated.

However, the council chairman appealed to the governor to address key infrastructural and logistical challenges facing the institution, including poor funding, dilapidated buildings, lack of vehicles, electricity, water supply, and accommodation for staff and students.

‘Of about 15 existing buildings, only two are not leaking,’ she lamented. ‘There is no electricity on campus, the generators are grounded, and water supply is grossly inadequate. We appeal for urgent intervention to enable us function effectively.’

Njar assured the governor that the council would not disappoint the confidence reposed in it and pledged to work in alignment with the administration’s ethical governance principles and agricultural development vision.

The Gertrude Njar-led Governing Council also comprises Bebia Ekpang and Lazarus Izabi-Undie as members. The institution’s management team is under the leadership of Irom Okey, rector, alongside Gabriel Osang, registrar; Ignatius Ugbeshe, bursar; Veronica Adinya, librarian; Joseph Eyamba, director of Physical Planning; and Melody Abeng, director of Works.