Category: Daily Trust

The Lagos state government has been urged to build a 50 to 100 years master plan for the development of its coastal line.

The president of Shoreline Developers Association of Lagos, Lai Omotola stated this during the inauguration of the association, saying the state’s coastal line occupies 40 percent land mass.

According to him, the association was established to foster development towards improving lifestyle and living conditions.

‘There is a need for us to move from crisis response to long term strategic planning,’ he said.

He described the association as self-regulating, science and technology drive and climate complaint, saying the essence of shoreline development transcends sand filling.

He highlighted the economic potentials of shoreline development, saying it helps to unlock fisheries, wind farms, coastal railway, Marina, renewable energy and eco-tourism potentials.

He raised concerns over the global threats associated with shoreline, calling for a deliberate approach between the state government and association to curtail it.

‘There is an urgent need for a comprehensive drainage network design and implementation, shoreline master plan, social and environmental impact assessment and deployment of high end technology.

‘Shoreline is a luxury that comes with global threats of sea level rise, intense storm surges and ground water extraction sinking at 4mm per year. There cannot be a better time to pay attention to threats to the environment,’ he said.

He added that the state must prepare for the impact of the Lagos-Calabar coastal road project, saying houses affected by flood along the coastal road were not designed according to the master plan.

‘The Lagos- Calabar coastal road is not responsible for flooding, it is the people that built below the coastal road. They were building without a master plan, building below their foundation.

‘The coastal road was built according to the master plan. A lot of them will have to demolish and build according to the master plan,’ he warned

He urged the state government to seek beyond revenue and focus on development of super infrastructure, stressing that it will yield more revenue.

Benue residents have lamented rising rslents in the state despite government’s urban renewal and housing projects which is currently reshaping the real estate landscape.

Our correspondent reports that across the state’s capital of Makurdi, new road projects have opened previously inaccessible communities, attracting developers, businesses and private investors.

But despite the growing development, soaring rents and rising property costs continue to keep decent housing beyond the reach of many residents.

Rresidents have expressed excitement over the massive road construction projects currently being executed by Governor Hyacinth Alia’s administration across the state, but complained that rents are going overboard.

The Chief Press Secretary to the Governor, Tersoo Kula, disclosed that no fewer than 390 kilometres of rural and urban roads are under construction across the state, adding that at least 25 road projects within Makurdi metropolis alone have been completed and are already in use.

Residents speak

The residents in Makurdi metropolis around High Level, Logo 1, Wurukum, North Bank and Wadata have heaved a sigh of relief as their areas are being transformed and making accessibility easier.

Veronica Ucha, who lives behind Zone 4 Police headquarters in Makurdi, said their vicinity received a facelift with petty businesses now thriving following the construction of new roads in the area.

‘This area was inaccessible even by foot in the past but as you can see, cars are driving anywhere now. Besides, small businesses are opening here and there with traders thriving in commercial activities,’ she said.

For Jack Edwin, the roads construction within Wurukum has helped opened up hitherto inaccessible areas and making living more conducive for residents.

‘People are now coming to live in this area unlike before. The construction of the roads and opening up of gutters have also controlled flooding in the area so we are very happy,’ Edwin added.

The residents are also optimistic that the state capital, Makurdi will soon become the cynosure of all eyes even as they commended the government for stepping up housing development.

According to them, the public housing initiatives are beginning to reshape Benue State’s property market, boosting real estate investment in some locations even as high rents, housing deficits and affordability continue to shut out many low-income residents.

Alfred Asongo, a resident, however worried that the development has skyrocketed cost of renting houses which now goes for between N800,000 and N1.5million for a two-bedroom; N400,000 to N750,000 for a one-bedroom and N300,000 to N600,000 for a single room self-contain, against the previous lower prices at half of the current rents of the various apartments.

Apart from Asongo, some estate surveyors and residents said that the improved road networks have increased the value of land in several emerging neighbourhoods, while landlords continue to review rents upward amid growing demand for decent accommodation.

This development however propelled the Benue State Government to recently take over the 116 housing units built by the Federal Government in a Makurdi suburb through the Benue Investment and Property Company (BIPC), with plans to make them more accessible through a rent-to-own arrangement.

Sequel to the acquisition of the federal estate, BIPC had commenced construction of a 1,080-unit Eco City Estate in Makurdi, one of the state’s biggest housing projects of the state in recent years.

The project, which is being developed in phases, is expected to provide residential accommodation for civil servants and other residents while easing pressure on the rental market.

The company has also unveiled plans to develop additional low-income housing estates as well as a proposed Diaspora City, signalling a broader strategy to address the state’s growing housing deficit.

Property experts such as Estate surveyor, ESV Joe Nelson, thinks these initiatives, combined with ongoing road construction across Makurdi, Gboko, Otukpo and other urban centres, are gradually changing the real estate landscape.

Prior to the infrastructure push, access to affordable housing was a major challenge because Benue has relatively few government-owned housing estates, but the problem was not vacant buildings.

Rather, it was the shortage of completed housing units, slow allocation processes and the inability of many workers to afford available homes.

One of the most prominent examples was the 116-unit National Housing Programme Estate at Tse Ukpahar, behind Welfare Quarters in Makurdi which was built under the administration of former President Muhammadu Buhari.

The estate had remained largely unoccupied for years due to financing constraints, insecurity, administrative bottlenecks and delays in allocation.

Stakeholders, including the Nigerian Society of Engineers (Benue Chapter), had described the estate as the state’s only major completed government housing project awaiting full occupation.

The houses were initially priced at N8.5 million for a one-bedroom bungalow, N11.5 million for a two-bedroom unit and N12.5 million for a three-bedroom bungalow, prices many workers considered beyond their financial reach at the time.

‘Government houses are meant for ordinary workers, but they are often priced beyond what we can afford,’ a civil servant, who requested anonymity had said.

Mrs. Rose Egbo who expressed similar concerns, recalled that expectations were high when construction began.

‘We were told the estate was meant for civil servants and low-income earners, but when they announced the prices, many people simply gave up. Most workers could not raise that kind of money,’ she said.

She also cited insecurity around the estate as another factor discouraging prospective occupants.

‘People stopped going there because that area became notorious for kidnappings,’ she added.

However, in what analysts describe as a major shift in housing policy, the Benue State government recently taken over the 116 housing units through the BIPC has set the tone for occupancy.

BIPC Group Managing Director, Dr. Raymond Asemakaha, while speaking at the recent handover ceremony of the estate, noted that the decision followed Governor Alia’s directive to provide affordable homes after complaints over rising rents and the cost of housing in the ongoing Eco City Estate.

‘When we started the Eco City Estate, civil servants complained that the houses were expensive, so His Excellency, Rev. Fr. Dr. Hyacinth Iormem Alia directed that we should have homes for low-income earners, and that is why we have done this investment,’ Asemakaha said.

He explained that, under the new arrangement, 40 percent of the houses will be allocated to civil servants, another 40 percent to members of the public, while the remaining 20 percent will be distributed through other approved categories.

Asemakaha said that beneficiaries will acquire the houses through mortgage-backed instalment payments rather than outright purchase, just as he directed the conversion of a unit for an outpost station of the Nigerian Police Force while stressing that the initiative was designed to reduce high rental in Benue and close gaps of housing deficits.

On his part, Governor Hyacinth Alia, represented by the Acting Head of Civil Service, Dr. Eunice Ogbenyi Ihu, said the housing estate would significantly ease the accommodation challenges confronting civil servants in the state.

However, many residents have applauded these development, saying that with rents continuing to climb across Makurdi despite the ongoing construction of new estates, the state’s infrastructure drive will ultimately be measured not only by the number of roads constructed but by whether ordinary workers can finally afford a decent place to call home.

For ESV Nelson, improved infrastructure has made several previously neglected areas attractive for residential and commercial development, increasing land values and stimulating private investment.

However, he warned that infrastructure development alone will not solve Benue’s housing challenges.

Nelson and other estate developers as well as prospective homeowners argue that access to affordable mortgage financing, lower construction costs and transparent allocation systems remain critical to ensuring that housing projects benefit the intended low-income population.

For now, in the estimation of residents, the combination of road expansion, urban renewal and housing development suggested that Benue’s property market is entering a new phase.

Yet, until affordability catches up with infrastructure, to them, the dream of home ownership will remain out of reach despite the cranes, bulldozers and new estates dotting the state’s landscape.

CropLife Nigeria (CLN) has called for stronger enforcement of regulations against the importation, distribution and sale of pesticides prohibited by the National Agency for Food and Drug Administration and Control (NAFDAC).

The organisation, which represents manufacturers, formulators, importers, consultants, distributors, farmers and users of pest control products, said it was concerned about what it described as the continued circulation of paraquat, diquat, atrazine and chlorpyrifos despite their prohibition by NAFDAC in 2023.

According to CLN, NAFDAC prohibited the manufacture, importation, distribution and use of the affected products, including formulations containing them.

The organisation said the alleged continued circulation of the pesticides could undermine regulatory efforts, expose farmers and consumers to potential health risks, affect food safety and create challenges for the acceptance of Nigerian agricultural produce in international markets.

CLN said its members, in collaboration with NAFDAC, had developed and introduced alternative products to replace the prohibited pesticides.

In a statement, the organisation called on NAFDAC, the National Environmental Standards and Regulations Enforcement Agency (NESREA), the Farm Inputs Support Services (FISS) Department of the Federal Ministry of Agriculture and Food Security, the Nigeria Customs Service, the Nigeria Immigration Service, the Standards Organisation of Nigeria (SON), law-enforcement agencies, state governments and other relevant stakeholders to strengthen enforcement of regulations governing pesticides.

It urged the authorities to improve surveillance and intelligence-led inspections at land borders, ports and other entry points to prevent the illegal importation of prohibited pesticides.

The organisation also called for increased market surveillance and routine inspections of agrochemical markets to identify and remove prohibited products from circulation.

CLN further urged the relevant authorities to investigate suspected cases of illegal importation, distribution and sale of the pesticides and prosecute offenders where appropriate.

It called for greater collaboration among NAFDAC, NESREA, FISS, the Nigeria Customs Service, security agencies and neighbouring countries to strengthen efforts to prevent the illegal movement of prohibited pesticides across borders.

The organisation also advocated sustained public awareness campaigns to educate farmers on the risks associated with the use of prohibited pesticides and encourage them to obtain agricultural chemicals only from authorised distributors.

It recommended effective product traceability systems and stronger enforcement mechanisms to help prevent prohibited pesticides from re-entering the Nigerian market.

CLN reiterated its commitment to working with NAFDAC, NESREA, FISS and other stakeholders to strengthen pesticide regulation and promote food safety and national food security.

The organisation said effective enforcement of pesticide regulations would help protect farmers and consumers while supporting the reputation and international acceptance of Nigerian agricultural produce.

The Nigeria Mortgage Refinance Company Plc (NMRC) has reaffirmed its financial resilience despite Nigeria’s challenging macroeconomic environment, as well as expansion of its madante on housing financing.

The reassurance was given at the company’s 12th Annual General Meeting (AGM) held virtually as shareholders approved an 80 kobo dividend per share.

The meeting, chaired by Dr. Olabanjo Obaleye, attracted representatives of the company’s corporate shareholders, the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the Corporate Affairs Commission (CAC), and other key stakeholders.

Presenting the Company’s 2025 Annual Report and Accounts, Dr. Obaleye stated that although the operating environment remained difficult, NMRC recorded a modest performance driven by prudent management, disciplined execution and a steadfast commitment to long-term sustainability.

Speaking at the AGM, the Managing Director/Chief Executive Officer, Mr. Kehinde Ogundimu, explained that the unusually high interest rate environment prompted the company to adopt a proactive strategy aimed at strengthening its balance sheet.

According to him, NMRC took a deliberate, non-distress-driven decision to prudently manage its liabilities and repayments by contracting its balance sheet, demonstrating sound financial discipline in a period of elevated borrowing costs.

He disclosed that ‘the company recorded a Net Interest Income of N6.462 billion in 2025, representing a 2.45 per cent increase over the previous year. Profit Before Tax stood at N3.489 billion, reflecting a 7.5 per cent decline compared to 2024, largely due to prevailing economic conditions,’

The AGM also ratified the appointments of Mr. Adeyemi Odubiyi and Mr. Arinze Adigwe as Non-Executive Directors, while Ms. Funke Aboyade, SAN, and Dr. Markie Idowu were re-elected to the Board.

In addition, shareholders approved the re-appointment of PricewaterhouseCoopers (PwC) as the company’s External Auditors to serve until the next Annual General Meeting.

In his closing remarks, Dr. Obaleye said ‘NMRC is commitment to strengthening Nigeria’s housing finance system and expanding access to affordable mortgage financing,’

‘It is impossible to know when a bubble will burst, but it is possible to know when a bubble exists.’ – Robert Shiller

Cracks in Global Foundation

There is something increasingly unsettling about the global economy. The problem is no longer simply that markets are overvalued, currencies are under pressure, or governments are intervening to prevent financial instability. The deeper problem is that the architecture holding the global financial system together increasingly depends on confidence in assets whose underlying economic foundations are becoming harder to defend.

AI companies have become the newest and most powerful expression of this phenomenon. Companies with enormous valuations are raising extraordinary amounts of capital on the expectation that future AI revenues will justify today’s prices. The valuation creates the capacity to raise more money; the new money validates the valuation; and the higher valuation reinforces the belief in future earnings. It is a financial circle. And history has shown us how dangerous such circles can become.

Before examining the AI sector, it is useful to consider the tectonic shifts occurring elsewhere in the global economy. Recent weeks have seen several notable fractures. Japan’s currency crisis and the ongoing devaluation of the Yen have prompted aggressive intervention by the United States government by selling the Euro. Simultaneously, South Korea’s stock market experienced a sharp correction, and over $1 trillion was temporarily wiped from U.S. chip stocks. While these events are concerning, they may also reflect normal volatility in a post-pandemic environment characterised by shifting interest rates and supply chain realignments.

The response to these crises, however, has raised eyebrows. The United States’ intervention to support the Yen represents exactly the kind of currency management that Washington has historically criticised Beijing for. The Treasury’s ‘signalling’ tactics, including the widely discussed notes associated with Treasury Secretary Scott Bessent, underscore a heavy-handed approach to managing exchange rates. Bessent, a veteran who made his fortune alongside George Soros, is recognised as one of the world’s most skilled practitioners in currency markets. While his actions may be viewed by some as pragmatic crisis management, others argue they highlight a broader trend of bending the established rules of global economic engagement.

For decades, the United States has accused China of manipulating its currency to gain an unfair economic advantage. Yet when a major economy finds its currency under severe pressure, direct intervention, interest-rate policy and carefully calibrated official signals can become tools for influencing exchange rates. The principle is suddenly less abstract when the stability of the global financial system is at stake.

The same contradiction can be seen in global energy markets. Oil, arguably the world’s most important strategic commodity, is not determined by supply and demand alone. It is shaped by geopolitics, sanctions, production agreements, strategic reserves, shipping routes and financial markets. Governments intervene. Producers intervene. Traders speculate. Great powers influence the rules. And increasingly, the line between markets and political power is becoming impossible to ignore.

The Last Un-Rotten Apple?

The hyper-valuation of companies like OpenAI and their peers is playing an outsized role in propping up the US market, which in turn holds a significant portion of the world’s foreign savings. These savings are critical for financing U.S. Treasury auctions. In essence, the AI sector has become a key structural pillar of the American financial system. The concern is that this pillar may be built on a foundation that requires careful scrutiny.

Many of these companies are not yet generating substantial operational profits; instead, they are raising capital through successive fundraising rounds, each built upon optimistic valuation narratives. OpenAI, for instance, relies heavily on new investment to sustain its operations and massive infrastructure costs. The market is currently pricing in over $2.1 trillion in projected future earnings from these firms-an extraordinary figure for companies that are, for the most part, still operating at a loss.

For decades, the dominant economic philosophy was that the private sector could do almost everything better than the state. Public enterprises were privatised. Public utilities were commercialised. Infrastructure became an investment class. Education became a market. Healthcare became an industry. Housing became a financial asset.

The argument was that private capital would create efficiency. But what happens when almost everything becomes an asset? Eventually, there are fewer new places for capital to go. And that may explain part of the extraordinary enthusiasm surrounding artificial intelligence. AI has become more than a technology. It has become a financial destination for global capital searching for the next great source of growth. This is where the danger begins.

The Catalyst for a Broader Slowdown?

The systemic risk, if it materialises, lies in the interconnectedness of these markets. If the AI sector experiences a significant correction, it could trigger a sell-off in equities. If foreign investors, seeing their savings impacted, were to pull back from U.S. bonds, yields could spike, increasing the cost of servicing the national debt. Unlike 2008, there is no guarantee that the bond market would serve as a safe harbour this time around, given the current levels of global debt and geopolitical fragmentation.

Scott Bessent and his peers are experts at navigating financial crises, and they are likely to continue using aggressive signalling and market intervention to manage volatility. Their goal is to avert a severe economic contraction-a recession that could be more significant than recent downturns. The manipulation of the AI narrative, combined with currency and oil market interventions, can be seen as calculated attempts to buy time and maintain stability.

This is the uncomfortable paradox of our age. We have built a global economy in which governments are increasingly dependent on markets, markets are increasingly dependent on expectations, expectations are increasingly dependent on technology, and technology companies are increasingly dependent on capital continuing to believe in their future.

The greatest mistake would be to assume that because AI is genuinely revolutionary, every valuation attached to AI must therefore be justified. History does not work that way. Railways changed the world. The internet changed the world. Electricity changed the world. Housing remains indispensable. Yet the existence of a transformative technology or essential asset does not prevent financial bubbles from forming around it.

Financial crises rarely begin when people discover that the future is impossible. They begin when people suddenly realise that the future they have already priced into everything was never guaranteed.

The world may therefore be entering a period in which the greatest economic battle is no longer between capitalism and socialism, or between markets and governments. It is between financial expectations and economic reality. And if reality eventually wins, the adjustment could be global. What is unsustainable cannot be sustained.

The political atmosphere in Adamawa has remained charged since Saturday following speculations that the name of the governorship candidate of the African Democratic Congress (ADC) Suleman Umar aka Omarana has been replaced with that of Modibbo Hamman Tukur Ribadu on the Independent National Electoral Commission (INEC) portal.

All parties were expected to upload the names of their governorship and state assembly candidates by Saturday, 8th in what would have been the final decision of the parties on the matter but the deadline was later extended to Tuesday, 11th.

Umar’s position became shaky following the exit of former Secretary to the Government of the Federation, Babachir Lawal from the party as he was said to be the one that insisted on Umar as the party’s candidate though former vice president, Atiku Abubakar, had preferred another for the position.

When Babachir left the party, there were indications that the Atiku Abubakar camp may take its pound of flesh by replacing Umar with another aspirant, following the criticism from Babachir after leaving the party.

The former SGF in a statement on his verified social media page yesterday, raised the alarm that, Umar had been replaced with a candidate who will do the bidding of the former vice president.

He claimed the ADC national secretariat has succumbed to the pressure of the former vice president and uploaded the name of the Tukur Modibbo instead to the INEC portal.

When INEC announced that it had pasted cleared candidates and their credentials from various political parties on notice boards across the states, our correspondent checked at the INEC Adamawa State office but couldn’t find list of governorship candidates and was informed it wasn’t ready from INEC headquarters in Abuja.

When our correspondents contacted the Atiku Media Office to respond, they were referred to the national vice chairman (North East) Daniel Bwala to respond.

But Bwala declined comment saying he would issue a statement later.

Our correspondent reports that this has deepened the crisis in the ADC in Adamawa State which is supposed to be one of the strongholds of the party given its position as the home state of the presidential candidate of the party.

The internal wranglings began in the state chapter during the composition of the party’s state executive council members where the party was factionalized with three persons, Comrade Shehu Yohannah, Alh.Saidu Komsori and Ibrahim Sadiq Dasin claiming chairmanship of the party.

Political heavy weights said to be behind those interests included former Vice president Atiku Abubakar, Former SGF David Lawan Babachir and Senator Aisha Ahmed Dahiru popularly known as Binani.

Binani and David Babachir however left the party out of protest at different times.

There have been speculations in the political arena long before now, that some stakeholders in the party are not comfortable with Omarana as the flag bearer of the party and have allegedly working secretly for his replacement until now that the matter has become a major issue within the party.

However, the campaign organisation of the African Democratic Congress (ADC) governorship candidate in Adamawa State, Amb. Engr. Umar Suleiman, issued a press statement insisting that Umar remains the candidate of the party amidst rumoured adoption of Modibbo Hamman Tukur Ribadu as the new candidate of the party.

The statement came on the heels of social media posts which portrayed Ribadu as the new candidate of the party ostensibly after the NWC resolved issues pertaining to the party’s governorship primaries in his favour.

In a strongly worded position, the campaign office described the narrative as baseless and unfounded, urging party members and supporters to disregard it as it has no basis in law and democracy.

The statement signed by elder Mark Wosi, the DG, Omarana campaign, insisted that the ADC governorship candidate emerged through the party’s recognised primary process and continues to enjoy the confidence of its supporters across Adamawa State.

It warned that attempts to undermine the outcome of the primary could create unnecessary tension within the party and distract the ADC from its preparations for the election.

Wosi also called on the party’s leadership and stakeholders to uphold internal democracy and respect the outcome of the primary, stressing that the credibility of the ADC’s electoral process must remain paramount.

According to the campaign office, Omarana’s political project remains anchored on its catchphrase ‘Adamawa That Works’ agenda, with emphasis on inclusive governance, human capital development, economic empowerment and grassroots development.

It urged supporters not to be distracted by unverified claims, assuring them that the campaign would continue its engagements with voters across the state’s 21 local government areas.

But another piece said to be written by one Aminu Iyawa titled ‘Has ADC Produced A Game-Changer to Adamawa Guber Race?’ claimed that INEC has successfully uploaded the name of Modibbo Hamman Tukur Ribadu and his deputy governorship candidate on its official portal.

Efforts to speak to the leadership of the party were not successful. An official of the party who pleaded anonymity told Daily Trust that the state chapter can’t say anything on the matter but the National headquarters of the party in Abuja maintaining that they too are waiting for further instructions from the national body.

Ambassador Suleiman Umar, when contacted, replied to an SMS message from our correspondent saying ‘As you said speculation for now. By tomorrow (Monday) we will get the facts. l have saved your number. Will contact you. I will make press release’.

Modibbo Hamman Tukur Ribadu was the pioneer chief executive officer of the Nigerian Financial Intelligence Unit (NFIU), appointed by the late President Muhammadu Buhari in 2019.

Before then, he had worked with the Economic and Financial Crimes Commission (EFCC), and rose through the ranks up to Assistant Director before he was nominated by president Buhari, and subsequently approved by the Senate, to head the then newly established agency.

National publicity secretary of the ADC, Malam Bolaji Abdullahi also did not respond to our message on the matter.

I have been much surprised that the Northern Nigeria Security Trust Fund (NNSTF) established last month by the Northern States Governors’ Forum (NSGF) has not generated as much public interest and debate as one would have expected for such a consequential policy. I think it should.

First of all, the very idea of establishing a security fund represents a good example of responsive governance. Of course, it is belated: such a policy should have come sooner. For more than two decades now, Northern Nigeria has been the hotbed of perhaps 70 per cent of all insecurity in the country, several dimensions of which directly threaten the very existence of the Nigerian state. From religious insurgency and terrorism in the North East, banditry in the North West, to frequent farmer-herder and indigene-settler communal clashes in the North Central, the North-and Nigeria-has scarcely known any quiet since the early 2000s.

All of these have decimated lives, limbs, and livelihoods across nearly every state in the region. No doubt, then, that Northern Governors should have established such a security fund much earlier than now. Still, it is better late than never. The establishment of the NNSTF is therefore an important first step as it suggests that the Northern governors are now responding to public concerns with a policy initiative rather than more talk. After all, public policy is the surest mechanism by which governments work to resolve collective problems. This is commendable, and should elicit interest, debate and the involvement of all stakeholders, including citizens.

Secondly, the initiative is responsive to the need for collective action for addressing peculiar but collective northern problems, a point I have argued repeatedly in this column, and it is refreshing to see policymakers finally walking in this direction.

The various forms of security challenges northern Nigeria face are conducted by the same set of actors, but their activities are not limited to any one state. This is as true of Boko Haram attacks as it is of banditry or farmer-herder and indigene-settler conflicts, all of which cut across multiple states. Communal conflicts in one state often trigger reprisals in another or others states. Such a problem therefore calls for regional leadership and governance, since no individual state can adequately deal with any of these alone.

Yet, insecurity is not the only peculiar but collective challenge northern Nigeria faces today. The statistics are now befuddled, but there is no question that the vast majority of Nigeria’s out-of-school children are in the northern states. The almajiri phenomenon, which is the biggest driver of the numbers for out-of-school children in the country, is entirely a northern factor that cuts across all 19 states to some degree. We certainly have the least private sector investment and development in the country, along with several other unpleasant development indices.

The Northern Nigeria Security Trust Fund (NNSTF) is therefore a model of collective leadership that can be transferred to other areas of regional governance and development areas, since several policy challenges not only cut across 19 northern states, but also defy the capacity of any individual states to tackle alone. The model can be used, for example, to address out-of-school children or develop a regional public transport network. Establishing an airline by any state is scarcely a development priority in my view, but states like Kano and Sokoto that are reportedly considering doing so could instead pool resources together to establish a single multi-state-owned airline strong enough for both domestic and international operations.

The collective regional leadership that the NNSTF demonstrates is also in keeping with the political and constitutional transformations underway by the President Bola Ahmed Tinubu administration. As I argued recently in these pages, President Tinubu’s political reforms are based on a return to the old federal model of strong regions rather than our current weak states. I don’t know if this is a good or a bad thing, but rather than political resistance or noisy complaints, the North can respond positively by putting its house in order, and by demonstrating some measure of self-reliance within the framework of the Nigerian federation. Northern Nigeria simply cannot continue to be defined as the only problem with the country.

For example, the Northern Nigeria Security Trust Fund speaks directly to the idea of State Police currently being pushed by the Tinubu administration. I do not believe there is any state in Northern Nigeria that can adequately fund a genuinely functional police organisation. Moreover, real security challenges in the North are Boko Haram insurgency, banditry, cattle rustling, farmer-herder clashes, and religious cum communal clashes. I sincerely doubt if the establishment of a state police by any state in the region can help much with all these.

That does not mean the idea of state police should be discarded outrightly, however. Instead, it is a question of which internal security outfit is functionally and constitutionally best suited to address the specific security challenges in the region? Rather than State Police for its own sake, I suggest a regional outfit that combines both policing and military functions enough to deal with counter-insurgency, anti-banditry, rapid response against kidnapping, riots, farmer-herder clashes, rural policing, forest guarding, etc. The current federal Nigeria Police can then do much of the everyday crime fighting across all the states in keeping with the changing realities.

The scale of the NNSTF is also notable. As reported in the news, each of the 19 northern states will be committing N1bn monthly deducted at source. This equals N19bn monthly or about N228bn per year for regional security. These are the exact figures I have once suggested in this column, and it not only demonstrates a strong commitment from the governors, but also gives them significant leverage to attract more funding from the federal government or other sources.

Still, contribution by state governments would not be enough. Since security is everybody’s business, we must find a way to get everyone to contribute. The three zonal development commissions should also be contributing a monthly sum. Rural farmers, herders, and all businesses located across all 19 states, from telecoms companies and banks to the average akara seller and every adult resident across the region must also contribute to the security pool, however small. Security is a collective responsibility, and its costs must be shared by all.

Finally, I have a few concerns on the NNSTF. First, the 21-member Board of Trustees leans too heavily on retired military or police officers (about 70%). This suggests a narrow understanding of insecurity as armed conflict. But several of the security challenges in the North are deeply rooted in social, political and economic phenomena and impact all sectors of society. So, you need a much more diversified membership than currently obtains.

It is also not clear how the Fund would be utilised. Will the NNSTF be used to finance military or intelligence operations or to buy security equipment? Would it be used to establish a new security organisation or to support existing federal agencies? What about conflict prevention, peacebuilding, victim support, and reconstruction? All of these are not yet clear, and exemplify why there is a need for more sustained stakeholder and public engagement on this issue.

I also frankly do not see the need for co-chairmanship of the Board by former Minister of Defence and Head of the Civil Service, Alhaji Yayale Ahmed and former Chief of Defence Staff, General Martin Luther Agwai. Either man is more than qualified for the job, and the sharing of responsibility is both functionally and symbolically unnecessary. After all, we do not have a co-chairmanship of the Northern Governors Forum and it has never been a problem. In this sense, a rotational or Chairman/Deputy Chairman with real strategic functions is better. We must resist the attempt to treat a serious policy initiative as just another idle community or inter-faith dialogue session. Overall, however, this is a good step in the right direction.

Yellow Card, a stablecoin infrastructure provider with a foothold in Nigeria, has announced the closing of a $40 million strategic funding round to further its global expansion.

The funding, it said, will scale Global USD Accounts, Yellow Card’s end-to-end dollar account for businesses, and expand the stablecoin rails connecting it to markets worldwide. This brings Yellow Card’s total financing to over $120 million, the statement made available to our reporter added.

‘Stablecoins are here to stay, but their adoption will depend on robust infrastructure and clear real-world utility. Yellow Card is building those rails for businesses across Africa, enabling them to access and move value efficiently across markets. We believe YC is well positioned to scale across Africa and beyond and look forward to supporting its next phase of growth,’ said Alex Manson, CEO of SC Ventures.

The investment from Sony Innovation Fund reflects growing institutional interest in stablecoins for payments globally and will allow Yellow Card to deepen its reach in Asia-Pacific.

‘Sony Innovation Fund is actively investing across the web3 technology stack, and we are excited to back Yellow Card as it builds the stablecoin infrastructure layer that emerging markets need to move money faster, more reliably, and at global scale,’ said Austin Noronha, Managing Director, Sony Ventures-US. ‘By combining robust APIs, deep local fiat rails, institutional-grade security, and a strong regulatory-first approach, Yellow Card is making stablecoin-powered payments practical for banks, fintechs, and enterprises. As the company rapidly expands beyond Africa into broader emerging markets across LATAM, EMEA, and APAC, we look forward to supporting its vision of becoming a trusted bridge between traditional finance and the next generation of digital money.’

The financing will help deliver Global USD Accounts to more businesses, giving them a single account to hold U.S. dollars, hold and swap stablecoins, manage treasury, and collect and disburse local currencies on domestic rails in over 50 countries.

The accounts run on infrastructure Yellow Card has operated for years, and the new funding deepens the company’s presence in Latin America and Asia Pacific, and expands the local payment rails and currency coverage needed to scale globally. Global USD Accounts are already used and trusted by many of Yellow Card’s customers, including Visa and Western Union.

Yellow Card has facilitated over $10 billion in transactions across its network. The company supports more than 50 currencies, and holds relevant licenses, authorizations and registrations in 22 jurisdictions across North America, Europe, and Africa. Strategic partnerships with Visa, Mastercard, PayPal, and Coinbase have positioned the company as an infrastructure layer for global payments players.

Fifteen people were burnt to death and 25 others injured in a road crash on the Enagi-Mokwa road in Niger State on Saturday evening.

The Niger State Sector Commander of the Federal Road Safety Corps (FRSC), Aishatu Sa’adu, confirmed the accident on Sunday.

She said the crash involved two buses travelling in the same direction.

According to her, the buses collided while one of them was overtaking at a bend, causing both vehicles to catch fire and killing 15 people.

She said the 25 injured victims were evacuated to the Federal Medical Centre, Bida, and General Hospital, Kutigi, for treatment.

Sa’adu attributed the crash to wrongful overtaking at a bend and speeding.

She stated, ‘The accident was a result of speeding and wrongfully overtaking. I advise motorists to always maintain a good speed limit and avoid wrongful overtaking.’

The Founder of Maryam Abacha American Group of Universities (MAAUN), Prof. Adamu Abubakar Gwarzo, has appointed Prof. Ibrahim A. Lawal as the new President of Maryam Abacha American University of Niger (MAAUN Maradi).

Prof. Gwarzo has served as the President of MAAUN Niger since it was established 13 years ago.

The appointment letter was presented to Prof. Lawal at a ceremony held on Saturday, August 8, 2026, where Prof. Gwarzo described the transition as part of efforts to strengthen the institution and provide opportunities for other members of the university community to contribute to its growth.

Prof. Gwarzo expressed optimism that the universities established under the group could produce future leaders of Nigeria, including a president.

‘It is my pleasure to see one of us who is a Deputy Governor. Maybe tomorrow I will see one of us as a president of Nigeria,’ he said.

He noted that, with the exception of Ahmadu Bello University (ABU), Nigerian universities had yet to produce a president of the country, expressing hope that one of the universities under the MAAUN group would eventually produce a president.

‘I think very soon we’ll produce a president of the Federal Republic of Nigeria, Insha Allah,’ he said.

Prof. Gwarzo recalled that the journey began about 13 years ago in Niger Republic, describing the institution’s early beginnings as modest but driven by determination, sincerity and integrity.

He said the group had since expanded its operations and established three universities in Nigeria, adding that its growth had attracted interest from other university organisations across Africa.

Prof. Gwarzo acknowledged the challenges associated with establishing and managing universities, stressing that running a university was not an easy undertaking.

He, however, said the group had been able to overcome the challenges through determination and the grace of Allah.

He added that the group could now proudly state that it has four private universities in Africa-MAAUN Niger-Maradi, MAAUN Kano, Franco- British International University (FBIU), Kaduna and Canadian University of Nigeria (CUN), Abuja.

He described Lawal as a ‘double professor,’ noting that he is a professor at both Maryam Abacha American University of Niger and Bayero University, Kano.

He congratulated Prof. Lawal on his appointment and wished him a successful and peaceful tenure.

‘On behalf of the management of Maryam Abacha American Group of Universities, we are congratulating you, and we wish you all the best. Insha Allah, we will see you when you are finishing your administration peacefully,’ he said.

In his remarks, Idris Muhammad Gobir, the Deputy Governor of Sokoto State and an alumnus of Maryam Abacha American University of Niger, who attended the ceremony, described the occasion as a significant moment.

He said he was among the pioneer students of MAAUN Niger, particularly the first set of students admitted into its PhD programme.

The Deputy Governor said he remained proud of his association with the institution, noting that he obtained his BSc, MSc and PhD from Maryam Abacha American University.

He also praised Prof. Gwarzo for his vision and investment in education, describing him as someone committed to creating opportunities for people to realise their dreams.

‘Alhaji Adamu Abubakar is the kind of person that we always pray to have in our community because he is one of those people whose aim is to push people to become better and create opportunities for others to realise their dreams,’ he said.

He further commended Gwarzo for investing in education at a level capable of benefiting thousands and potentially millions of people.

In his remarks, the newly appointed President of MAAUN Niger, Prof. Ibrahim Lawal, expressed gratitude to Prof. Gwarzo for entrusting him with the leadership of the institution.

He thanked Gwarzo for recognising his potential and giving him the opportunity to lead the prestigious university.

Prior to his appointment, Prof. Lawal served at Bayero University Kano, where he was Dean of the Faculty of Computing and also served as Head of Department, among other appointments, before assuming his new position at MAAUN Maradi.

The transition marks a new phase in the leadership of Maryam Abacha American University of Niger, with Prof. Lawal taking over from its long-serving President and Founder, Prof. Adamu Abubakar Gwarzo.