Category: Daily Trust

The Economic and Financial Crimes Commission (EFCC) has arrested a self-acclaimed spiritualist, Odigie Moses, for allegedly extorting an Indian woman of $1,100.

The suspect reportedly threatened to release the victim’s private images and videos unless she paid the money.

According to a statement by the EFCC’s Head of Media and Publicity, Dele Oyewale, posted on the commission’s X handle, the suspect was arrested in Ekpoma, Esan West Local Government Area of Edo State.

The statement said Moses allegedly misrepresented himself on Zelle, a social media platform, as possessing spiritual healing powers before he was contacted by the victim, an Indian woman seeking spiritual intervention over some life-threatening challenges.

The suspect allegedly deceived the woman into taking a nude spiritual bath, which he recorded live without her consent, and subsequently threatened to make the video public unless she paid him money.

The EFCC said investigation revealed that the victim eventually paid $1,100 to persuade the suspect not to release the video.

Oyewale said the suspect would be charged to court after the conclusion of investigations.

Two aggrieved governorship aspirants of the African Democratic Congress (ADC) in Katsina state have resigned their membership of the party.

The two chieftains, a former Secretary to the Katsina State Government (SSG). Dr Mustapha Muhammad Inuwa and a former Director-General of the Department of State Services (DSS), Lawal Musa Daura announced their defection after loosing the governorship primaries in the state.

The politicians have also announced their membership of different political parties, with Inuwa joining the ruling All progressives congress, APC and Daura pitching his tent with the Allied Movement of Nigeria, APM.

First to announce his resignation was Inuwa, a veteran Katsina politician and former SSG. Inuwa served as Commissioner for Education from 2003 to 2006 and later as SSG during the administration of the late President Umaru Musa Yar’Adua.

He was also SSG during the administration of former Governor Aminu Bello Masari, serving from 2015 to 2022.

In 2022, Inuwa resigned as SSG to contest the APC governorship primary and lost to Governor Dikko Umar Radda. He later left the APC for the Peoples Democratic Party, PDP.

By 2025, Inuwa had joined and emerged as one of the leading figures in the ADC. In 2026, he made a second attempt at the Katsina governorship, this time on the platform of the ADC.

After the primaries, Inuwa rejected the process that produced Senator Ahmad Babba Kaita as the ADC governorship candidate.

He maintained his position until Sunday, August 9, 2026, when he officially announced his resignation from the ADC and his defection to the APC.

On his part, Daura, also contested the party’s 2026 Katsina governorship ticket but lost to Senator Ahmad Babba Kaita.

Following failed efforts to reconcile with the stakeholders, Daura officially announced his resignation from the ADC and his move to the Allied Peoples Movement (APM).

Sources within the party told Daily Trust that Daura might be named as the running mate to Governor Seyi Makinde, who is the APM’s presidential candidate.

Speaking during an event in Katsina, Daura said his silence following the ADC crisis was part of his preparation for what he described as a better political choice.

He urged his supporters to remain patient, saying there was more to come from their new political platform.

Demand for loans from Nigerian households and businesses strengthened in the second quarter of 2026 as banks increased credit availability and recorded a decline in loan defaults across major lending categories, according to the Central Bank of Nigeria (CBN).

The development was contained in the apex bank’s latest Credit Conditions Survey, which provides an assessment of lending trends across the banking sector, including credit supply, loan demand, approval rates, interest rate spreads and default levels.

According to the report, banks eased lending conditions for corporate, secured and unsecured loans during the quarter, while the performance of existing loans improved as fewer borrowers defaulted.

The survey also indicated that lenders approved a larger proportion of loan applications compared with the previous quarter, suggesting stronger confidence in borrowers and improving expectations about economic conditions.

Credit availability improves across major loan categories

The CBN reported that credit availability increased across all major lending segments in the second quarter.

Secured lending recorded the strongest improvement, with credit availability rising by 25.2 index points. Corporate lending followed with an increase of 20.4 index points, while unsecured lending recorded a more modest rise of 10.5 index points.

The increase in credit supply was accompanied by stronger demand for loans, particularly from households seeking secured financing and businesses requiring corporate credit.

Demand for secured loans increased to 15.1 index points during the quarter, while demand for corporate loans rose to 15.2 index points.

However, demand for unsecured lending remained relatively weak, recording -1.2 index points.

The CBN said loan demand strengthened across virtually all categories, with the exception of borrowing by other financial corporations, where demand remained broadly unchanged.

Banks approve more loan applications

The improvement in lending conditions was also reflected in loan approval rates.

Banks reported higher approval rates for secured, unsecured and corporate loan applications compared with the first quarter of 2026.

The trend suggests that lenders were more willing to extend credit as economic conditions improved and liquidity conditions became more favourable.

For secured lending, the CBN attributed the expansion in credit supply largely to improving economic conditions, banks’ efforts to increase market share and better liquidity conditions.

The combination of stronger demand and increased credit availability could provide additional support for businesses and households that require financing for investment, working capital and consumption.

Loan defaults decline

One of the more positive developments highlighted by the survey was the decline in default rates across the major lending categories.

Banks reported lower default rates on secured and unsecured loans, while defaults also declined among different categories of corporate borrowers.

The improvement covered small businesses, medium-sized private non-financial corporations, large private non-financial corporations and other financial corporations.

The report said, ‘In Q2 2026, the spread on unsecured lending rates relative to the Monetary Policy Rate (MPR) narrowed to 7.8 index points. However, the spreads on secured lending rates to households widened with -4.5 index points.

‘For corporate lending, spreads narrowed for Other Financial Corporations (OFCs), medium PNFCs and large PNFCs, and at 14.0, 5.0 and 4.7 index points, respectively. Conversely, the spread for small businesses widened at -3.8 index points.’

The decline in defaults could indicate an improvement in borrowers’ ability to service their obligations, although the broader lending environment remains challenging due to elevated interest rates and persistent inflationary pressures.

Interest rate spreads narrow

The survey also showed changes in the pricing of bank credit during the quarter, with interest rate spreads narrowing across most lending categories.

The spread on unsecured household lending relative to the Monetary Policy Rate (MPR) narrowed to 7.8 index points.

For corporate borrowers, lending spreads narrowed to 14.0 index points for other financial corporations, 5.0 index points for medium-sized private non-financial corporations and 4.7 index points for large private non-financial corporations.

However, not all borrowers benefited from lower spreads.

The interest rate spread for small businesses widened to -3.8 index points, while the spread on secured household lending widened by 4.5 index points relative to the MPR.

These variations suggest that lending conditions continued to differ significantly depending on the type of borrower and the nature of the credit being accessed.

Private sector credit continues to grow

The latest survey comes against the backdrop of rising private-sector credit.

According to the CBN’s money and credit statistics, the Credit to Private Sector recorded a 2.73 per cent growth between May and June 2026, rising from N81.04 trillion to N83.2 trillion.

The increase represents growth of approximately 2.74% month-on-month, indicating continued expansion in bank lending to private-sector operators despite the relatively high interest-rate environment.

Positive outlook

The second-quarter Credit Conditions Survey, according to analysts, points to a gradual improvement in Nigeria’s lending environment, with banks extending more credit, approving a greater proportion of applications and recording fewer defaults.

The rise in corporate and secured loan demand could provide additional support for economic activity if businesses are able to access financing at sustainable costs.

However, elevated interest rates and inflation remain significant constraints. With election-related spending expected to increase in the coming quarters, policymakers are likely to remain focused on balancing economic growth with inflation and financial stability.

It would be recalled that the Monetary Policy Committee of the Central Bank of Nigeria (CBN) at its 306th meeting in July retained interest rates at 26.5 per cent as well as other monetary parameters.

The governor of the Central Bank, Mr. Olayemi Cardoso stated that decision to hold the rates was taken as a result of thorough assessment of Nigeria’s economy and renewed tensions in the middle east.

Explaining the committee’s decision, Cardoso said members considered the balance of risks and concluded that maintaining the current policy stance remained the most appropriate option.

‘The committee’s decision to maintain the current policy stance followed a thorough assessment of the balance of risks. Although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East. In view of the evolving developments, maintaining a cautious monetary policy stance remains appropriate,’ he said.

He added that the committee carefully assessed the renewed conflict in the Middle East because of its implications for global energy prices and the possible transmission to domestic inflation.

The CBN governor said, ‘In arriving at its decision, the committee noted the recent resurgence of hostilities in the Middle East, with particular attention to its spillover effects on global energy prices and the potential pass-through to domestic inflation.’

According to him, the Nigerian banking system remains resilient. Cardoso disclosed that 33 of Nigeria’s 37 banks had met the new recapitalisation requirements without an extension of the deadline, describing the exercise as a major achievement.

How Nigerian Banks moved swiftly to contain recent cyber attacks

Nigerian banks recently moved swiftly to contain the effects of a sophisticated global cyber campaign sweeping across sectors and continents, with industry sources assuring the public that the nation’s financial system remains strong, resilient and secure.

The campaign, described by analysts as one of the most coordinated waves of attacks in years, is neither peculiar to Nigeria nor limited to finance.

Organisations in telecommunications, healthcare, government, energy, technology and corporate registries across Europe, Asia, the Americas and Africa have been targeted by the same wave of intrusions, underscoring the borderless nature of modern cybercrime.

The data is stark: CheckPoint, a leading international cybersecurity firm, reports a 115 per cent surge in attacks on the global financial sector last year, with organisations worldwide facing thousands of attempted intrusions weekly.

The current campaign has been linked to threat actors that have struck more than 35 organisations across several countries and sectors.

Despite the onslaught, banking services and digital channels across were kept fully operational and customer deposits safe.

Banks activated their incident response protocols as soon as reports emerged, working closely with regulators, law enforcement and international cybersecurity partners to investigate and strengthen their defences.

Nigerian banks operate some of the most advanced cybersecurity infrastructure on the continent, backed by years of sustained investment in protecting customer information and assets. Experts note that resilience in an era of global cyber warfare lies not in immunity from attack, which no organisation can claim, but in the speed and rigour of response, and on that measure the industry has acted decisively and in full compliance with regulatory requirements.

Stakeholders urged the banking public to remain vigilant. Fraudsters often exploit moments of heightened attention with fake calls, text messages and emails.

Advice to customers

Customers should never divulge personal or banking information, including passwords, PINs, One-Time Passwords (OTPs), card details or Bank Verification Numbers (BVNs), to anyone over the telephone, however convincing the caller sounds; no bank will ever ask for these details.

They should also avoid opening suspicious emails, clicking unfamiliar links or downloading attachments from unknown senders. Anyone who suspects foul play or unusual account activity should contact their bank immediately, and only through its dedicated official channels: verified customer care lines, official websites, mobile applications or branches.

As governments and corporations worldwide race to shore up their digital defences, the message from the Nigerian banking industry is one of calm and confidence: the system is safe, deposits are secure, and the institutions entrusted with the nation’s savings remain watchful and prepared.

FirstBank sponsors SPIN 2026 inaugural sustainability conference

FirstBank has announced its sponsorship of the 2026 SPIN Sustainability Conference, reaffirming its longstanding commitment to sustainable finance, responsible business practices, and stakeholder-driven value creation.

Organised by the Sustainability Professionals Institute of Nigeria (SPIN), the maiden edition of the conference is scheduled to hold on Thursday, 20 August 2026, at Eko Hotel and Suites, Lagos, under the theme ‘The Adaptive Enterprise: Sustainability Strategies for Challenging Times.’

The conference will bring together sustainability professionals, business leaders, policymakers, regulators, financial institutions, academics, development partners, and other key stakeholders to discuss practical approaches for building resilient, adaptive, and future-ready organisations amid increasingly complex economic, environmental, and social challenges.

As a demonstration of its leadership in sustainability and corporate responsibility, Olusegun Alebiosu, the Managing Director/Chief Executive Officer of FirstBank, will serve as the Guest Speaker at the conference. The keynote address will be delivered by Aminu Umar Sadiq, Managing Director and Chief Executive Officer of the Nigeria Sovereign Investment Authority.

Other distinguished speakers include Biyi Olagbami, Executive Director, Risk Directorate, FirstBank; and Ibrahim Shelleng, Senior Special Assistant to the President on Climate Finance and Stakeholder Engagement.

Commenting on FirstBank’s support for the conference, Mr. Olusegun Alebiosu said: ‘Sustainability is central to our vision of building a resilient institution that creates enduring value for all stakeholders, it underpins long-term economic growth, institutional resilience, and shared prosperity. In an increasingly complex and interconnected world, organisations must create value not only for shareholders but also for society and the environment. We are therefore proud to support SPIN’s inaugural Sustainability Conference as part of our commitment to advancing responsible business practices and fostering meaningful dialogue on sustainable development. Through collaborations such as this, we aim to contribute to shaping a future where innovation, inclusion, and environmental stewardship drive sustainable progress for businesses, communities, and the nation at large.’

As an institutional member of SPIN, FirstBank’s sponsorship of the conference aligns with its broader sustainability agenda, which champions financial inclusion, economic empowerment, and strong corporate governance. The Bank has consistently demonstrated its commitment to sustainability through initiatives that support businesses, communities, and institutions in creating lasting positive impact.

Also speaking on the conference, President of the Sustainability Professionals Institute of Nigeria, Professor Kenneth Amaeshi, said the inaugural conference reflects the institute’s commitment to advancing sustainability beyond compliance and positioning it as a core element of organisational leadership.

Prominent leaders and members of the People’s Democratic Party, PDP led by the former Governor of Osun State, Prince Olagunsoye Oyinlola have declared support for the governorship candidate of the All Progressives Congress in Osun State, Asiwaju Munirudeen Bola Oyebamiji.

The former PDP National Vice Chairman, Southwest, Alhaji Tajudeen Oladipo and former Secretary to the State Government, Alhaji Fatai Akinbade and other PDP members pledged allegiance to vote for Oyebamiji.

This is even as Oyebamiji described the endorsement as another pointer to victory come August 15th 2026 gubernatorial election.

Speaking on behalf of the leaders and members of the party in the state, the former Governor Oyinlola described the endorsement of Oyebamiji as a child of necessity, conviction and sincere desire to advance the cause of the state in the interest of all and sundry.

The erstwhile Osun Governor maintained that the leadership and members of the party remained resolute to vote for the emergence of Oyebamiji as part of efforts to rescue the state from the scourge of political nepotism.

Oyinlola clarified that the decision to endorse and support APC does not in any way affect their membership of the PDP, as they remained loyal to the PDP.

‘Today, we gathered here as leaders and stakeholders of the PDP who have played significant roles in the political development of our dear state. We were among the major stakeholders who worked tirelessly for the emergence of the present administration under the platform of the PDP.

‘We believed in that project. We mobilized our people for it. We invested time, energy and political capital in it because we believed that it represented the aspirations of our people. But unfortunately, along the line, things began to fall apart, and one of the major issues that have created this unfortunate situation in our considered view is the lack of inclusiveness in the governance of our dear state.

‘Our decision to support AMBO is the one borne out of necessity, conviction and sincere desire for the growth, progress and development of our dear state.’

The former Governor tasked Oyebamiji to see the decision of the party as a challenge to run all inclusive and participatory government when elected Governor.

‘If given the mandate by the people of Osun, you must understand that this support comes with expectations. You must put the people first and run an inclusive government. You must listen to the people.’

In their separate remarks, former Secretary to the state government, Alhaji Fatai Akinbade and former PDP National Vice Chairman, Southwest, Alhaji Tajudeen Oladipo called on all members of the PDP in the state to cast their votes overwhelmingly for Oyebamiji.

The duo attributed their decision to pitch their tent with the APC as the best at the moment not for selfish interest but for the goodness of the state and her citizens.

The Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola expressed delight in the decision taken by the leadership and members of the PDP in the state.

He described ex Governor Oyinlola as a grassroots politician and national figure whose political antecedents and track-records can not be underestimated.

Oyetola called on the people of the state to remain resolute and peaceful saying ‘the victory is ours by the grace of God’

In his response, the APC governorship candidate, Asiwaju Munirudeen Bola Oyebamiji, AMBO, expressed profound gratitude to the leadership and members of the PDP for founding him and his party worthy of support.

The Kwara State Police Command has arrested a woman, Sadiat Yunusa, for allegedly strangling her three-year-old stepdaughter, Ummaiyat Y., to death in Kaiama Local Government Area of the state.

According to the police, the suspect claimed that her husband had neglected her and their three children in favour of his second wife.

The police alleged that the suspect lured the child from her home to a nearby farm settlement, where she allegedly killed her following a prolonged family dispute.

Explaining further, the Police Public Relations Officer, SP Adetoun Ejire-Adeyemi, said the incident occurred on July 25 after the victim’s mother left the child in the care of a family member while she went to the Kaiama Central Market.

According to the police, the suspect allegedly took the child from the house to a nearby farm settlement, where she strangled her.

Ejire-Adeyemi said detectives attached to the Kaiama Divisional Police Headquarters immediately launched an investigation, leading to the arrest of the suspect.

She said the suspect allegedly confessed during interrogation and told investigators that her action was driven by resentment and jealousy arising from a prolonged domestic dispute.

‘Prompt investigative efforts led to the arrest of the suspect, who during interrogation voluntarily confessed to the commission of the offence.

‘She disclosed that the act was motivated by resentment and jealousy arising from a prolonged domestic dispute, alleging that her husband had neglected her and her three children in favour of his second wife,’ the police spokesperson said.

Ejire-Adeyemi said investigation into the case had been concluded and the suspect had been charged to court for prosecution.

The police spokesperson also appealed to members of the public to remain vigilant and provide timely and credible information to security agencies to support efforts to tackle crime across the state.

The Federal Capital Territory (FCT) Coordinator of the National Youth Service Corps (NYSC), Samson Ateli, has appealed to the Federal Capital Territory Administration (FCTA) to commence the second phase of the reconstruction and renovation of the NYSC Permanent Orientation Camp in Kubwa, Abuja.

Ateli made the appeal during the official opening and swearing-in ceremony of the 2026 Batch ‘B’ Stream II Orientation Course held at the camp.

The coordinator said several sections of the camp’s infrastructure required urgent repairs and upgrades to improve the quality of facilities available to corps members and camp officials.

According to him, the increasing number of corps members deployed to the FCT had also placed pressure on existing accommodation facilities, making the renovation and expansion of the camp necessary.

Ateli disclosed that 5,629 corps members had been successfully registered for the orientation exercise in the FCT as of August 6, comprising 2,271 males and 3,358 females.

He explained that due to the inadequate accommodation capacity of the FCT orientation camp, some corps members deployed to the territory had to be transferred to orientation camps in Benue, Kaduna, Kano and Nasarawa states.

He said the situation underscored the need for improved infrastructure and additional accommodation facilities at the FCT camp to enable the NYSC to accommodate more corps members within the territory.

Ateli expressed appreciation to the FCTA for its continued support for the NYSC scheme and appealed for the commencement of the second phase of the reconstruction and renovation project.

He said upgrading the camp would not only improve the welfare of corps members but also provide a more conducive environment for the implementation of the three-week orientation programme.

The coordinator also urged corps members to take full advantage of the Skill Acquisition and Entrepreneurship Development (SAED) programme, which he said was designed to equip them with skills for self-reliance and entrepreneurship.

He further urged them to maintain discipline throughout their service year, warning against drug abuse, financial crimes and other anti-social behaviours capable of bringing the NYSC scheme into disrepute.

Ateli commended the corps members for their conduct since their arrival at the camp, noting that they had adapted well to the regimented environment.

The orientation course featured the administration of the Oath of Allegiance to the corps members by the Chief Judge of the FCT, Justice Husseini Baba Yusuf, who was represented by Justice Ngozika Nwabulu.

The ceremony was attended by senior government officials, members of the NYSC Governing Board, security agencies and other stakeholders.

The Allied People’s Movement (APM) has called on the United Nations, European Union, African Union, Commonwealth, United States, United Kingdom and other international stakeholders to take stronger diplomatic measures against those undermining democracy to protect democratic institutions and human rights in Nigeria.

The party also called on Nigerians, civil society organizations, opposition parties, the media and other democratic groups to unite against growing ‘authoritarian tendencies under the President Bola Ahmed Tinubu-led All Progressives Congress (APC) administration.’

APM in a statement by Abubakar Yusuf, its National Publicity Secretary said their call followed report published on the Human Rights Foundation (HRF) Tyranny Tracker platform stating that Nigeria is now a full authoritarian state under the present administration.

The opposition party said the report confirms APM’s position that under the present administration ‘Nigeria’s constitutional democracy and democratic institutions have been captured by executive authoritarianism. Security, anti-corruption agencies and the courts have also become weapons against opposition parties and dissenting voices with citizens now living in despair and fear of the government in power.’

APM said under the All Progressives Congress, APC administration, ‘authorities continue to restrict opposition parties including using security agencies to intimidate, harass, detain and prosecute opposition leaders on trumped-up charges while denying opposition parties access to venues for political mobilization.

‘In many APC controlled states, opposition parties are denied access to the media and right to erect campaign billboards.’

The party alleged that more disturbing is the compromising conducts and activities of the Independent National Electoral Commission (INEC) under Josiah Amupitan, including ‘undue interferences in the internal affairs of opposition parties and refusal to obey court orders favouring such parties.

‘Currently, majority of Nigerians have lost hope in the integrity of INEC as presently constituted, to conduct credible general elections that will reflect the Will of the people in 2027.’

Equally unsettling, APM said is that the APC-led National Assembly has become overtly compromised and now acts as ‘a rubber stamp for authoritarianism against its constitutional mandate to check the excesses of the executive.’

APM said it is worried that the current situation in Nigeria, if not addressed, ‘might lead to a crisis of monumental proposition capable of derailing our nation’s democracy’.

It is against this backdrop, that the APM called on the international community to take firm steps to protect democracy in Nigeria including ‘possible imposition of diplomatic sanctions including Visa bans, asset freezing and other strong measures against Nigerian officials who are undermining democracy in our country.’

Former Katsina State governorship aspirant under the African Democratic Congress (ADC), Lawal Musa Daura, has revealed that injustice and lack of stable leadership in the party prompted his recent decision to leave the ADC for the Allied People’s Movement (APM).

While giving reasons for his decision, the former Director-General of the Department of State Services (DSS) faulted those spreading rumours that he defected because he was not given the ADC governorship ticket.

He said he had left the ADC several months ago, explaining that his prolonged silence was not due to fear but was part of efforts to carefully plan his political future, as well as his realignment, to avoid making another mistake.

He explained that his decision to join politics was driven by the desire to contribute to rescuing Nigeria from insecurity, poor leadership and economic challenges.

‘I joined politics not to achieve personal ambition, but because of my concern for the country and its people. I want to change people’s belief that lies, dishonesty and deception are part of politics,’ he said.

Daura described the APM as a winning party and called on Nigerians to support and vote for the party in the 2027 general elections, saying it is currently free of crisis.

Although Daura did not reveal the position he is vying for when asked, he said he was willing to contribute to making Nigeria a great nation, irrespective of whether he held a political position or not.

He added that he had ventured into politics to contribute to the development of the country and would not back out.

More than 2.3 million registered voters in Osun State are expected to go to the polls on Saturday, August 15, to elect a governor for the next four years. With 14 candidates on the ballot, voters have a clear choice: give Governor Ademola Adeleke another term or entrust the state to one of the challengers.

The contest has, however, largely narrowed to three major candidates: Adeleke of the Accord Party, the All Progressives Congress’ (APC) Bola Oyebamiji and the African Democratic Congress’ (ADC) Najeem Salam.

Beyond the candidates and their campaigns, the circumstances surrounding the election have become a source of concern. Reports of political violence, allegations of intimidation and increasingly bitter exchanges between the major political camps are troubling signs that could undermine an otherwise competitive electoral process.

The situation became serious enough for Inspector-General of Police Tunji Disu to visit Osun in July and warn political parties and their supporters against violence. Governor Adeleke has repeatedly accused the state police command of bias, while the police have maintained that their responsibility is to provide security for all.

These allegations should neither be dismissed as routine campaign rhetoric nor accepted as facts without evidence. They should reinforce the need for security agencies to conduct themselves in a manner that leaves no room for suspicion. The police must enforce the law impartially and investigate acts of violence regardless of the political affiliation of those involved. No candidate or party should enjoy an unfair advantage through the coercive power of the state.

This is particularly important given the national dimension of the Osun contest. APC candidate Bola Oyebamiji has publicly described himself as President Bola Ahmed Tinubu’s endorsed candidate, while the party has repeatedly emphasised the President’s support for its candidate. This is not unexpected, given that the President is the leader of the party and is widely reported to trace his ancestral roots to the state.

Such political backing is legitimate in a partisan contest. It also makes the neutrality of federal institutions even more important. President Tinubu must ensure that institutions under his government do not create the impression that the machinery of the Federal Government is being deployed to secure a particular electoral outcome.

The same standard must apply to the opposition. Allegations of rigging, vote-buying or intimidation should not become substitutes for evidence. Neither the incumbent nor his challengers should be allowed to exploit public suspicion in a way that undermines confidence in the electoral process.

There are also legitimate concerns surrounding the prolonged dispute over local government administration and finances in Osun. The controversy has deepened the political confrontation between the state and federal authorities. This makes it even more important for federal institutions to act with scrupulous neutrality in the period before the election.

The activities of anti-corruption agencies also deserve scrutiny. This is not to suggest that the EFCC or any other agency should suspend legitimate investigations simply because an election is approaching. Enforcement actions must, however, be based on evidence, follow due process and be carried out in a manner that does not create the impression of political interference.

It is against this background that we vehemently oppose the EFCC’s decision to freeze the Osun State Government’s account last week, just days before the election. Whatever the merits of the commission’s underlying investigation, the timing could hardly have been worse. An action of such consequence, taken so close to an election, inevitably raises questions about its possible impact on the electoral process and the political neutrality of the anti-graft agency.

The conduct of the Osun election, therefore, matters beyond the state.

Coming only months before the 2027 general elections, it will inevitably be viewed as an indication of how Nigeria’s electoral institutions and security agencies intend to conduct themselves in the next electoral cycle. It should be treated as more than another off-cycle governorship election. It is an important test of the country’s democratic institutions.

It must be stressed, however, that our concern at Daily Trust is not based on the assumption that an election is credible only when an opposition party wins. That would be equally dangerous. During the administration of former President Muhammadu Buhari, the APC both won and lost off-cycle elections. What matters is not which party wins, but whether the winner genuinely reflects the will of the people.

The responsibility rests on all stakeholders. INEC must ensure that the electoral process is transparent, properly administered and resistant to manipulation. Security agencies must protect voters, electoral officials and materials without favour or intimidation. Political parties and candidates must restrain their supporters and accept that political victory cannot justify violence.

Above all, Osun voters must not be driven away from the ballot box by fear. Voter apathy induced by insecurity would be an unacceptable victory for those who seek to subvert democracy through intimidation.

The choice on August 15 belongs to the people of Osun. The institutions of state must ensure that they can exercise that choice freely, safely and without interference. The outcome should be allowed to stand, regardless of which party wins, if it reflects the genuine will of the electorate.

The Nigerian Electricity Regulatory Commission (NERC) has announced the dissolution of the board of directors of the Kaduna Electricity Distribution Company (KAEDCO).

This is coming two years after the company was taken over by ASI Engineering Limited in June 2024.

NERC, in an order signed by its Chairman, Musiliu O. Oseni and Commissioner Legal, Licensing and Compliance, Dafe Akepeneye, said the dissolution followed the inability of the new owners to meet up with remittance to the electricity market and also expand its network.

Daily Trust reports that KAEDCO was among six electricity distribution companies taken over by creditors after liquidity challenges left them unable to repay loans obtained to acquire the companies.

Recall that the NERC had, in January 2024, dissolved the board of directors of Kaduna Electric over its inability to pay N110bn debt owed to the Nigeria Electricity Supply Industry.

This led to the appointment of an interim board which oversaw the company for the 6 months before ASI took over.

But NERC, in its order, said as at May 2026, KAEDC’s cumulative market obligation since privatisation stood at approximately ?456.5bn, comprising ?415.5billion due to the Nigerian Bulk Electricity Trading Plc (NBET) and ?41bn due to the Nigerian Independent System Operator (NISO).

It said the company had accrued other non-market statutory and third-party obligations in the sum of ?14.26billion.

‘Since the takeover of operations in KAEDC by ASI Engineering Limited (‘ASI’ or the ‘Core Investor’) in June 2024, the Licensee accrued additional market debt in excess of ?118.6billion as at May 2026. The Core Investors and KEADC have persistently failed to furnish NBET and NISO with acceptable/credible payment bank guarantees in compliance with the terms of their Vesting Contract and the provisions of the Market Rules of the Nigerian Electricity Supply Industry (‘NESI’). The Core Investor has also failed to present a credible payment plan for these liabilities.’

‘KAEDC paid only 41.93% of adjusted market invoices, leaving a market shortfall of approximately ?46.71 billion in the review period ending 31 December 2025. This poor performance is directly linked to KAEDC’s high Aggregate Technical Commercial and Collection Losses (‘ATC and C’) of 71.88%, which means that in 2025 review period, KAEDC was only able to account for only 28.2% of the energy received and delivered to end-use customers.’

The commission explained that further investigations found that substantial regulatory derogations and Federal Government interventions have not reversed the Licensee’s deterioration as approximately ?6.58bn in derogations was granted from January 2024 to May 2026.

‘While aggregate Federal Government intervention disbursements since July 2018 were approximately ?53.79bn. The continued underperformance therefore poses material risk to end-use customers, creditors, market stability and continuity of electricity service. The analysis confirms that KAEDC is experiencing severe liquidity constraints and that its commercial viability and continued participation in the market poses a systemic risk to NESI.’

It added that despite the commission’s regulatory initiatives and substantial government interventions, KAEDC’s board had failed to present a credible, funded and measurable pathway for capital injection, operational efficiency and sustainable recovery.

It said following the failure of KAEDC to provide a credible plan for the financial sustainability of the utility, a notification of imminent regulatory intervention was issued to its major shareholders and the Africa Export Import Bank (‘Afrexim’).

‘The notification required the parties to present a credible plan that addresses the financial situation of the utility, failing which the Commission would intervene in accordance with the provisions of the Electricity Act 2023 (‘EA 2023’ or the ‘Act’).’

It, however, announced an interim board for the company to oversee its activities for the next 6 months to halt its pervasive failure and nonperformance in order to maintain continuity and quality of electricity service, protect end-use customers and market participants.

‘KAEDC’s board of directors is hereby dissolved. All directors of KAEDC are removed from office, and the existing board stands dissolved pursuant to section 75 of the EA. The Commission has notified the Corporate Affairs Commission (CAC) and other relevant stakeholders of the dissolution of the board. The CAC shall not register or give effect to any change in the company’s shareholding, directorship or constitutional records during the special transition period without the Commission’s prior written approval.’