Category: Nigerian Tribune

A major tragedy struck the Okari Jetty area of Okrika Mainland, Okrika Local Government Area of Rivers State, as an illegal bunkering attempt on an export pipeline belonging to Indorama Eleme Petrochemicals Limited resulted in the death of at least 43 youths, with several others reported missing.

The incident, which occurred on Thursday, has sparked widespread tension and panic across neighbouring riverine communities.

According to emerging reports, the disaster occurred when a vessel anchored at the riverside jetty to load petroleum products for export.

More than 200 youths from surrounding communities reportedly arrived at the jetty in locally made boats to siphon a volatile petroleum byproduct, commonly known as ‘C5’, from an illegally tapped point on the pipeline. C5 is a high-concentration chemical used in plastic manufacturing.

The victims were reportedly overcome by the toxic, high-pressure chemical fumes while attempting to siphon the substance into their boats.

Confirming the tragedy, the Rivers State Police Command, through its Public Relations Officer, ASP Blessing Agabe, stated that the victims were allegedly attempting to steal petroleum products when the disaster occurred.

ASP Agabe noted in a brief statement that while the exact number of casualties had not been fully verified by security agencies, investigations into the incident were ongoing.

Speaking on behalf of civil society, Dr Fineface Dumnamene, Executive Director of the Youth and Environmental Advocacy Centre (YEAC-Nigeria), provided further context on the nature of the chemical involved and the casualties recorded along the waterways.

Clarifying the chemical composition, Fineface explained, ‘The fuel is called Indorama fuel, but we have found out that it is called C5. So, this C5 is a byproduct that comes from the production of plastic product at the petrochemical company of Indorama. And as a result of the fact that they don’t have license to sell that product in Nigeria, they normally export it outside the country.’

He added, ‘We now got report that some youths from within the area tapped into the pipeline that brings this product from petrochemical to the waiting vessel that comes every two weeks. And in the process of that, due to the high concentration of the product and the flammable nature and how strong the fume is, they now inhaled the fume because of the pressure it was also coming with, and we got report that about 37 persons allegedly died and many others are still missing with some corpses still found floating on the river.’

Expressing deep sadness over the tragedy, the advocate strongly warned Niger Delta youths against pipeline vandalism, oil theft and artisanal refining, urging them not to risk their lives despite the severe economic conditions.

‘We have to warn our youth, like we’ve been warning them at the centre, that breaking into pipelines, stealing product will not help them,’ Fineface cautioned. ‘No matter how there is hunger in the land, stealing product of this nature is not very good because look at now, in the process of trying to get something to eat, they have lost their lives. If they have still had their lives with them, who knows, tomorrow it may have been better. So, we warn the youth of the Niger Delta to stay away from pipeline vandalism, crude oil theft, and artisanal refineries.’

The YEAC director called on the Federal Government to urgently provide sustainable economic alternatives for youths in oil-producing communities through legal channels.

‘It is important for the federal government to look for alternative livelihood opportunities for these youths who are interested in going into the petroleum sector to make a living. I think that if the government is able to provide the license they promised the youth in the Niger Delta for modular refinery, it will go a long way to keep them busy,’ he urged.

‘We have also been proposing the legalization of artisanal refineries through the Presidential Artisanal Crude Oil Refining Development Initiative (PACORDI) that the YEAC in Nigeria proposed on 27th July 2020, that if this is established, it will help these youth to be engaged through cottage petroleum refining processes. They pay tax to government, get their licenses, and everybody will get busy away from pipeline that they are using to export product outside the country.’

He further urged both Indorama and the Nigerian National Petroleum Company Limited (NNPC Ltd) to beef up physical security along the Okari Jetty export corridor to prevent future breaches.

‘The companies, Indorama and the NNPC Ltd, they should try as much as possible to provide security for their pipeline so that the youth will not have access to it, break into it, and then begin to tap their product that they are trying to export outside the country,’ Fineface emphasised.

Former Vice President Atiku Abubakar has welcomed the call by the Independent Petroleum Marketers Association of Nigeria (IPMAN) for government intervention with domestic refiners to reduce petrol prices.

Reacting on Thursday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said IPMAN’s position aligns with the central principle of his proposal to make energy affordable through support for domestic refining.

The statement noted that IPMAN’s intervention is significant because it comes from operators who buy, distribute and sell petroleum products daily and, therefore, have direct experience of the impact of fuel prices on businesses and households.

‘IPMAN has come to the right conclusion. The association is now saying that government cannot simply stand aside while petrol prices affect Nigerians and that deliberate support for domestic refining can help bring prices down,’ the statement said.

Atiku explained the difference between past import-based subsidy regimes and a production-linked intervention aimed at strengthening local refining capacity.

‘My principle is simple: support should follow the barrel. Strengthen Nigerian refining and ensure that the benefit follows that barrel all the way to the Nigerian consumer,’ he said.

‘Nigeria produces crude oil. It is important to maximise processing at home so that Nigerians can benefit from affordable fuel as part of broader economic reforms.’

Atiku said the proposal would also align with the objectives of the Petroleum Industry Act, including promoting petroleum processing within Nigeria and ensuring access to affordable petroleum products.

‘The law itself recognises that local refining and affordability matter. A policy that expands domestic refining capacity while lowering the burden on consumers, therefore, advances the direction of the PIA,’ he stated.

He added that the real test of petrol policy is its impact on household income.

Citing the DailyFuels Fuel Affordability Index, he said the index estimates that the average Nigerian requires about 44 minutes of work to afford one litre of petrol, while a 40-litre tank represents about 29.5 hours of work under its methodology.

‘A teacher does not experience fuel policy through a government spreadsheet. A trader experiences it when transportation costs rise and customers have less to spend. By the time goods reach the market, higher energy costs have added to the price at each stage,’ he said.

According to Atiku, making fuel affordable is a cost-of-living issue because energy costs affect transportation, food, production and distribution.

The former Vice President said IPMAN’s position should be followed by practical collaboration on policy implementation.

‘I therefore invite IPMAN to bring its experience, market knowledge and advisory capacity into the monitoring and implementation of this policy from 2027,’ he said.

‘The people who buy, distribute and sell petroleum products every day know where distortions occur and where good policy can be affected between the refinery gate and the filling station. That knowledge should be put at the service of Nigerians.’

Atiku said his commitment was for any intervention to strengthen domestic refining, expand local capacity, prevent arbitrage, operate transparently and deliver relief at the pump.

He said IPMAN’s position highlights the growing consensus around domestic refining and consumer relief as key elements of petroleum sector policy.

‘So, I welcome IPMAN. Let us prepare together for 2027 – marketers, refiners, regulators, consumers and independent monitors – and build a system where support follows the Nigerian barrel and relief follows that support all the way to the filling station,’ he said.

‘That is the contract we offer Nigerians: local capacity first, transparency first, purchasing power first and affordable energy first.’

Agriculture has traditionally been associated with direct farm ownership and labour. However, many people who want exposure to the agricultural sector would rather avoid the daily demands of checking poultry houses, monitoring irrigation systems or managing delicate seedlings.

Managed or turnkey agricultural investments offer an alternative. The basic model involves an investor providing capital while a third party handles the day-to-day operations, from production and farm management to harvesting and marketing.

This arrangement can make agricultural investment relatively hands-off, but it does not eliminate risk or guarantee returns.

For an urban professional considering such an opportunity, the key questions go beyond projected profits. Investors need to understand what they are buying, who is managing the farm and what happens if the project performs below expectations.

What does ‘turnkey’ agriculture mean?

A turnkey agricultural arrangement allows investors to participate in an operating agricultural project without personally setting up or managing every part of the farm.

Depending on the model, the operator may provide the land, infrastructure, inputs, labour, technical expertise, production management and marketing of the farm’s output.

The investor’s role is primarily financial. This model can appeal to people who have capital but lack the time, technical knowledge or interest required to run a farm.

However, there is an important difference between a professionally managed agricultural business and an investment product promising effortless returns. The former can be a legitimate commercial arrangement, while the latter requires careful scrutiny.

Where does ‘passive income’ come from?

Agricultural income does not become passive simply because an investment is marketed that way.

Income can be relatively hands-off when the investor’s responsibilities are clearly separated from the farm’s daily operations.

For example, an investor could finance a greenhouse project while a professional operator handles cultivation, labour, inputs, harvesting and sales.

If the project generates a surplus and the investment agreement provides for a distribution of proceeds, the investor may receive income without directly managing the farm.

However, the economic risks remain.

Weather, disease, livestock mortality, input costs, market prices, theft, poor management and unexpected expenses can all affect returns. Therefore, claims such as ‘guaranteed harvests’, ‘risk-free farming’ or ‘fixed returns regardless of production’ should be treated with caution.

Verify ownership first

Before transferring funds, investors should establish exactly what they are buying.

Does the investment give them ownership of part of the farm, livestock, crops or agricultural equipment? Is it a leasehold interest, shares in a company, a contractual right to a percentage of farm proceeds or simply a promise of future repayment?

These structures are significantly different.

A glossy brochure showing hectares of farmland does not establish ownership. Investors should request the relevant contracts, corporate records, land documents and other evidence needed to establish their legal and financial interest.

If the arrangement falls within Nigeria’s capital-market regulatory framework, investors should also verify the operator’s regulatory status. The Securities and Exchange Commission provides an online facility for checking registered operators before committing funds.

Evaluate ‘projected yield’

One of the most attractive parts of an agricultural investment proposal is often the projected return. However, a projected yield is only an estimate, not proof of performance.

Rather than focusing solely on potential earnings, investors should examine the operator’s historical records.

Ask for previous production figures, harvest volumes, sales records and verified investor payout history. If an operator has completed five production cycles, its performance across those cycles may provide more useful information than the projected return for the sixth.

Past failures should also be examined.

A credible operator should be able to explain how it handled crop losses, disease outbreaks, falling commodity prices and other setbacks.

Insurance: A non-negotiable requirement

Agricultural businesses face risks that are different from those associated with many other investments.

Crops can be affected by floods, drought, windstorms, pests and disease. Livestock can suffer losses through disease, accidents, fire and other hazards.

The National Agricultural Insurance Commission (NAIC) lists agricultural insurance products covering crops, livestock, farm property and other assets.

However, simply being told that a project is insured is not enough.

Investors should establish who is insured, what risks are covered, the exclusions, the sum insured, who receives claim payments and who bears losses that exceed the insurance coverage.

For livestock insurance, the process can include farm inspection, premium payment and policy issuance. Investors should request a copy of the actual policy rather than relying solely on verbal assurances from an operator.

Assess who bears the risk

One of the most important questions is: Who takes the loss if things go wrong?

If a farm produces 30 per cent less than projected, the investment agreement should make clear who bears the financial impact.

The same applies if market prices collapse, disease destroys a production cycle, the harvest cannot be sold or the management company becomes insolvent.

A professionally structured investment agreement should define these responsibilities before an investor commits funds.

The turnkey agricultural investment checklist

Before committing capital, an urban investor must ensure a precise understanding of the assets owned or the specific contractual rights being

purchased, alongside verified evidence of the operator’s legal identity and regulatory status. This due diligence process includes a thorough review of previous farm performance records and a comprehensive understanding of how returns are calculated, specifically whether they depend on actual harvest volumes or final sales.

Furthermore, examination of relevant insurance policies and specific exclusions, identification of the party bearing production losses, and awareness of withdrawal or exit terms remain essential.

Finally, an understanding of the protocols in place regarding management company failure is required, alongside independent verification of the underlying assets.

If several of these questions cannot be answered clearly, the investment warrants considerably more investigation.

Passive should never mean blind

The attraction of turnkey agriculture is the ability to participate in farming without becoming a full-time farmer.

However, hands-off should never mean uninformed.

Investors may not need to supervise planting, vaccination or harvesting personally, but they still need to monitor the business. Financial statements, production reports, payout history, insurance documents, contracts and operator performance should be reviewed regularly.

The strongest agricultural investment is not necessarily the one promising the highest projected return. It is the one where three fundamental questions have clear answers:

What do I own? Who is responsible for operations? What happens if the business fails?

Agriculture offers significant commercial opportunities, and professionally managed structures can make the sector more accessible to people outside traditional farming.

But ‘passive’ describes the investor’s level of operational involvement. It does not eliminate financial risk or the need for due diligence.

In agriculture, as with every other investment, risk remains. The critical task is understanding who carries that risk.

FAQs

What specific risks does agricultural insurance cover?

Coverage depends on the policy. NAIC lists crop risks including fire, lightning, windstorm, flood, drought, pests and diseases. Livestock policies can cover specified risks such as disease, accidents, fire, lightning, storms and floods. Investors should examine the actual policy rather than assume every agricultural risk is covered.

Do agricultural franchise companies guarantee fixed returns regardless of harvest outcomes?

Investors should not assume that a genuine agricultural business can guarantee returns simply because a fixed percentage appears in its marketing materials. Determine whether payments are contractual, profit-dependent, harvest-dependent or subject to other conditions. Promises of unusually high or guaranteed returns should trigger additional due diligence.

How can an urban investor legally secure ownership in a rural agricultural project?

The answer depends on the investment structure. Investors should receive appropriate contracts and documentation establishing the ownership, lease, shareholding or economic interest being purchased.

Where an arrangement constitutes a regulated investment activity, the operator’s regulatory status should also be independently verified through the appropriate authority. The SEC provides a searchable register of registered operators in Nigeria.

Is agricultural investment really passive income?

It can be relatively hands-off, but it is not inherently passive or guaranteed. The investor delegates day-to-day farming activities to an operator but remains exposed to the commercial performance of the underlying agricultural business.

A useful distinction is passive management, not passive risk.

The House of Representatives Ad hoc Committee investigating the purported Presidential Foreign Intervention Promotion Council (PFIPC) has established preliminary evidence of financial and criminal activities allegedly linked to its detained Director-General, Prince Adeniyi Adeyemi, while uncovering a network of additional organisations and bank accounts.

Chairman of the committee, Honourable Yusuf Gagdi, disclosed this while presenting the panel’s preliminary findings on the investigation into the circumstances surrounding the inclusion of the purported organisation in the Federal Budget Framework to Parliamentary Correspondents in Abuja.

Gagdi said the committee’s findings indicated that the PFIPC was never lawfully established, as it found no Act of the National Assembly, gazetted enactment, Presidential Executive Order or other lawful instrument creating the council.

While noting that the documentary materials used to project its existence and authority contain substantial evidence of fabrication, forgery, mutilation, impersonation and unauthorised representation of institutions and public officers of the Federal Government, the committee urged relevant government agencies to ensure that ‘no appropriation, administrative code, warrant, cash backing, financial release or governmental facility should be processed in favour of the purported organisation.’

It also asked all relevant financial institutions and investigative agencies to preserve all account records, transaction histories, mandates and beneficial ownership information relating to the persons and entities under investigation.

The committee, therefore, considered the allegations sufficiently serious to require the prompt conclusion of criminal and financial investigations. Where sufficient admissible evidence is established, the appropriate agencies should institute criminal proceedings before courts of competent jurisdiction and pursue lawful measures for the tracing, preservation, freezing and recovery of proceeds or assets derived from established unlawful conduct,’ it added.

The committee also stated that it uncovered 12 additional fake agencies.

According to the panel, preliminary financial and investigative evidence linked Prince Adeyemi to a network of approximately 58 bank accounts and more than 30 accounts apparently operated in the names of about nine agencies, companies, foundations or related entities.

The committee chairman alleged that information received from financial and investigative institutions indicated that the Bank Verification Number (BVN) and other identifying details associated with Prince Adeyemi were linked to a substantial network of personal, corporate, organisational and foundation accounts.

The 12 agencies are Confederation of United Nations Youths, FCT Investment Promotion Agency and Public-Private Partnership; FCT Investment Promotion Council and Public-Private Partnership; Foreign Investment Promotion Agency; United Nations Youth Global Agency; United Nations Youth Global Foundation; World United Nations Youth Global Foundation; World Entrepreneurship University Limited; World Enterprise University Limited; FCT Investment Promotion Act; FCT Promotion Agency and Olubadan of Ibadan Foundation.

Stating that the committee has not concluded that every identified account, entity or transaction was unlawful, the lawmaker explained that the committee is reconciling registration records, account mandates, beneficial ownership information, signatories and transaction histories to determine the true nature and control of the identified entities and accounts.

Gagdi said the similarities in the nomenclature, objectives, management structures, signatories and banking relationships of the entities raised concerns over a possible pattern of establishing or deploying organisations to create artificial credibility, solicit funds, obtain official recognition or induce members of the public to part with money.

Of particular concern to the committee is an alleged N400 million transaction involving a company, which alleged that Prince Adeyemi induced it to make payments in four instalments after representing that it would secure a contract for the renovation and furnishing of a purported official residence allocated to him in his claimed capacity as PFIPC’s director-general.

The committee said it was tracing the destinations of the funds, identifying account holders and beneficial owners and determining whether any public officer or other individual participated in, facilitated or benefited from the alleged transaction.

Gagdi said that if established through competent investigative and judicial processes, the allegations could disclose offences, including fraudulent misrepresentation, obtaining money by false pretence, impersonation, conspiracy, forgery and offences relating to the concealment of proceeds of crime.

The committee also found evidence of alleged fabrication of official documents, including a purported presidential appointment letter for Prince Adeyemi, a purported Executive Order and a document presented as an Act of the National Assembly establishing the organisation.

Evidence from the State House, according to Gagdi, established that the purported appointment letter was neither issued nor signed by the Chief of Staff to the President, Honourable Femi Gbajabiamila, while the letterhead and reference number were also inconsistent with official State House correspondence.

The Committee consequently exonerated Gbajabiamila from allegations of authorising, establishing or participating in the activities of the purported Council(s), commending him for what it described as timely interventions after alerts concerning the organisation were brought to his attention.

‘The documentary evidence presently before the committee does not establish that the Chief of Staff authorised, approved, established or participated in the activities of the purported organisation,’ Gagdi said.

Rather, he explained that evidence showed that Gbajabiamila had communicated with relevant security and investigative agencies, including: Nigeria Police Force (NPF), Office of the National Security Adviser (oNSA), Department of State Services (DSS) as well as Economic and Financial Crimes Commission (EFCC), following alerts concerning the activities of the purported organisation.

The committee also exonerated the National Assembly Committees responsible for budget scrutiny from culpability, with its findings indicating that the focus of the investigation should instead be on how an unestablished entity was able to secure apparent recognition and budgetary treatment within the Federal Government’s administrative machinery.

Weak institutions

Gagdi said the investigation exposed critical institutional weaknesses in the verification of the legal existence of government agencies, creation of administrative and budget codes, authentication of official correspondence, allocation of government accommodation and processing of official-looking vehicle number plates.

He argued that the purported council was able to reinforce its claim to governmental legitimacy by occupying office accommodation within the Federal Secretariat Complex, operating a website that portrayed it as a federal institution and allegedly using the names, offices and photographs of President Bola Tinubu and other senior government officials without their authorisation.

The committee further found that 39 persons were represented as employees of the purported organisation and is investigating their recruitment, appointment letters, identity cards, remuneration and allegations that some persons were required to make payments as a condition for employment.

It commended the NPF, DSS, EFCC, ICPC and ONSA for their contributions to tracing the fabricated documents, associated entities, financial accounts and transactions, urging the agencies to conclude their investigations and prosecute anyone against whom sufficient admissible evidence is established.

Recommendations

Among the Ad hoc Committee’s preliminary recommendations is that all Ministries, Departments and Agencies (MDAs) should refrain from recognising, transacting with or extending government privileges to the PFIPC or any related manifestation whose legal status has not been independently verified.

It also recommended that no appropriation, administrative code, warrant, cash backing, financial release or government facility should be processed in favour of the purported organisation, while all relevant financial, documentary and electronic evidence should be preserved.

The lawmakers further recommended enhanced authentication procedures for new institutions, administrative and budget codes, as well as correspondence purportedly emanating from the Presidency and other high offices of government.

The committee proposed the establishment or strengthening of a secure and centralised digital verification platform through which the lawful existence, establishing instrument and status of every Federal Government institution could be independently authenticated.

It recommended that the alleged N400 million transaction be subjected to a separate and comprehensive investigation and that lawful measures be taken to trace, preserve, freeze and recover proceeds of any established unlawful activity, subject to judicial authorisation where required.

Gagdi said the committee would continue to investigate the ownership and control of the identified accounts, the alleged N400 million transaction, the purported official residence, special number plates, unauthorised occupation of government accommodation and the roles of public officers and private individuals connected with the matter.

A sudden job loss, medical bill, urgent home repair or unexpected family responsibility can wreck a carefully planned budget. In Nigeria, rising living costs can make the situation worse because the money saved months earlier may no longer cover the same expenses.

That is why building emergency fund Nigeria inflation strategies require more thought than simply putting money into a savings account.

An emergency fund is cash deliberately set aside for unexpected expenses or a loss of income. The Consumer Financial Protection Bureau (CFPB) recommended having money available for emergencies such as medical bills, repairs and income disruptions because even a relatively small financial shock can become expensive debt when there is no cash reserve.

The objective isn’t to predict every crisis. It is to make sure an unexpected problem does not immediately become a financial disaster.

Why inflation matters when building an emergency fund

A commonly used rule is to keep three to six months of essential expenses. That is a useful benchmark, but it should not be treated as a universal formula.

Your emergency fund should reflect your household’s actual financial position and the cost of maintaining your basic needs.

Nigeria’s current economic data also shows why this needs regular review.

Tribune Online reports that the Nigerian Bureau of Statistics reports an inflation rate of 15.43% and a Monetary Policy Rate of 26.5%.

When prices change, a reserve that once covered six months of expenses may eventually cover fewer months.

That does not mean putting emergency savings into risky investments simply to chase inflation-beating returns. An emergency fund has a different purpose from long-term wealth-building. Liquidity and preservation of capital should come first.

Calculate your target from essential expenses

Start with what your household needs to survive, not what you normally spend on everything.

Add up rent, food, utilities, transportation, essential insurance, debt obligations and other unavoidable expenses. Leave holidays, entertainment and other discretionary purchases outside the initial calculation.

For example, if essential expenses amount to N350,000 monthly, three months would equal N1.05 million, while six months would equal N2.1 million.

Those figures are not a recommendation for every household. A salaried employee with a stable income may need a different reserve from a freelancer, commission-based worker or business owner whose earnings fluctuate.

A single-income household may also want a larger cushion because the loss of that income can affect the entire family.

Similarly, the CFPB advises people to consider their personal circumstances and previous unexpected expenses when determining how much emergency savings they need.

Keep emergency money separate

An emergency fund becomes easier to spend when it sits in the same account used for everyday purchases.

Create a separate savings arrangement for emergencies. The purpose is not to make the money inaccessible; it is to make the distinction between ordinary spending and genuine emergencies clear.

The CFPB recommends keeping emergency savings somewhere safe and accessible, while also choosing a place where you are less tempted to spend the money unnecessarily.

For Nigerian savers, examine the account’s withdrawal conditions, fees, accessibility and applicable protections before choosing where to keep the reserve.

Don’t sacrifice liquidity for higher returns

An emergency fund should not be treated like an investment portfolio.

A financial product may advertise a better return, but that does not automatically make it suitable for emergency savings. If accessing the money takes too long, involves significant penalties or exposes your principal to substantial market risk, it may fail the most important test: being available when you need it.

The right question is simple: Can I access this money quickly if my income stops tomorrow?

This is why emergency savings are generally better suited to liquid arrangements than assets designed for long-term growth.

Understand deposit protection in Nigeria

Where you keep your emergency fund matters. The Nigeria Deposit Insurance Corporation (NDIC) provides deposit insurance for eligible deposits in covered institutions, subject to applicable limits and conditions.

NDIC says maximum coverage was increased to N5 million for deposit money banks and N2 million for microfinance banks, while primary mortgage banks, payment service banks and certain mobile-money arrangements have their own applicable limits.

Do not assume that every financial product is covered simply because you purchased it through a financial institution. Deposit insurance applies according to the relevant rules and eligible deposit categories.

Before placing a large emergency reserve anywhere, confirm the institution’s regulatory status and understand what protection applies to the particular product.

Build the fund in stages

A six-month emergency fund can sound impossible if you are currently struggling to save N20,000.

Don’t let the final target prevent you from starting.

Build the reserve gradually. Your first goal might be a small buffer capable of handling an urgent expense without borrowing. From there, work toward one month of essential expenses, then three months and eventually a larger reserve if your income or family circumstances require it.

The CFPB notes that even small amounts can provide some financial security and recommends developing consistent savings habits.

The important thing is to create a system rather than waiting for a large amount of spare cash to appear.

Automate your contributions

If you earn a regular salary, transfer a fixed amount into your emergency savings shortly after payday.

People with irregular income can use a percentage instead. For instance, a freelancer might direct a predetermined share of every payment into the reserve.

The amount should be realistic enough to maintain. A savings target that forces you to borrow money before payday is not a sustainable strategy.

Windfalls can also accelerate the process. A bonus, unusually profitable month or other unexpected income can provide an opportunity to strengthen the fund without increasing your regular monthly burden.

Review the target as your expenses change

An emergency fund should evolve with your life. If your rent increases, your household grows or transportation costs rise, recalculate your essential monthly expenses. A reserve based on N250,000 monthly spending will not provide the same six-month cushion if essential expenses later reach N350,000.

Review the fund periodically rather than assuming the original target will remain adequate forever.

At the same time, don’t make the target so ambitious that you stop saving altogether. Financial resilience is built through consistency.

Set clear rules for using the money

An emergency fund needs boundaries. An unexpected medical expense, sudden loss of income, urgent essential repair or serious unplanned household cost can qualify. A new phone, vacation or impulse purchase does not become an emergency simply because you want it immediately.

The CFPB recommends establishing personal guidelines for what qualifies as an emergency and rebuilding the fund after it has been used.

And don’t be afraid to use it when a genuine crisis occurs. That is precisely why you saved it.

Once the emergency has passed, rebuilding the reserve should become a priority.

Balance emergency savings with expensive debt

Saving and debt repayment can compete for the same money. If you have high-interest debt, consider establishing a basic emergency buffer while directing significant attention toward reducing the expensive debt. Otherwise, an unexpected expense could force you to borrow again.

The right balance depends on your income stability, debt cost and household obligations. There is no need to choose between having zero emergency savings and saving indefinitely while costly debt continues accumulating.

Build financial breathing room

No emergency fund is completely bulletproof. A prolonged period without income or a major crisis can exhaust even a substantial reserve.

But a well-designed fund can prevent a temporary setback from becoming a long-term financial problem.

For Nigerian households facing changing prices, the strategy is straightforward: calculate the reserve from essential expenses, keep the money accessible, use appropriate regulated institutions, review the target as costs change and replenish the fund whenever you draw from it.

Most importantly, don’t wait until you can save millions. The first ?10,000 will not protect you from every crisis, but it begins something important: financial breathing room. With consistent contributions, that small reserve can eventually become the difference between handling an emergency and going into debt to survive it.

Stanbic IBTC Insurance has said its successful verification under the new N10 billion minimum capital requirement marks the beginning of a new phase of growth, as the company seeks to leverage its stronger financial position in an insurance industry undergoing major regulatory and structural changes.

Akinjide Orimolade, Chief Executive, Stanbic IBTC Insurance, said the company’s compliance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 should not be viewed as the end of the recapitalisation process but as a new baseline for sustainable operations.

‘This confirmation is a moment worth marking, but it is not the finish line. NAICOM has set a new baseline for what it means to operate responsibly in this industry and meeting that baseline required real discipline across our organisation,’ Orimolade said.

His comments followed confirmation by the National Insurance Commission (NAICOM) that Stanbic IBTC Insurance had met and been verified as compliant with the new minimum capital requirement for life insurers.

Under NIIRA 2025, life insurance operators are required to maintain a minimum capital base of N10 billion, up from the previous N2 billion threshold. The new requirement forms part of the regulator’s wider recapitalisation exercise aimed at strengthening insurers’ financial capacity and improving their ability to underwrite larger risks and meet policyholder obligations.

Orimolade said the next stage of the industry’s development would be defined by operators’ ability to deploy their stronger capital positions effectively.

‘Nigeria’s insurance industry is entering a phase where scale, governance and financial strength will separate the operators built for the long term from those simply built for today,’ he said.

He added that Stanbic IBTC Insurance would focus on building an institution that customers and stakeholders could rely on as the sector continues to evolve.

The company’s compliance comes as NAICOM completes a major recapitalisation exercise that has already begun reshaping Nigeria’s insurance landscape. In August, the regulator confirmed that 43 insurance and reinsurance companies had met the new capital requirements, while additional operators remained subject to final verification.

The exercise is expected to produce a more capitalised and resilient insurance industry, with operators possessing greater capacity to absorb risks, honour claims and participate in financing large-scale economic activities.

Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said the confirmation also demonstrated the wider group’s approach to capital planning and governance.

‘Across the Stanbic IBTC group, we take a long view of capital, one that puts our subsidiaries in a position to meet regulatory change from strength rather than scramble to catch up to it,’ Nwokocha said.

According to him, the insurance subsidiary’s compliance reflected the financial discipline and governance standards maintained across the group.

The development is particularly significant for life insurers, given the sharp increase in the regulatory capital threshold. Under NIIRA 2025, the minimum capital requirements are N10 billion for life insurers, N15 billion for non-life insurers, and N35 billion for reinsurers.

The higher thresholds are expected to intensify competition and accelerate consolidation as insurers reassess their scale, capital adequacy and long-term business models.

For Stanbic IBTC Insurance, the successful verification provides a stronger platform to pursue growth opportunities while maintaining its capacity to meet policyholder commitments.

The company said the recapitalisation should ultimately be viewed as a foundation for the next phase of the industry, rather than simply a regulatory hurdle, with stronger operators expected to play a greater role in expanding insurance penetration and supporting Nigeria’s economic development. This lead gives Stanbic’s reaction the first and strongest voice, while the second paragraph immediately establishes the regulatory news and the N10bn significance.

President Bola Ahmed Tinubu has described Vice-President Kashim Shettima as ‘a trusted ally, a patriot whose life has been defined by service, commitment and sacrifice for worthy causes’.

Tinubu made the remarks in a congratulatory message he personally signed and issued to State House correspondents on the occasion of the Vice-President’s 60th Birthday.

Tinubu, who recalled his deputy’s life trajectory as a career banker, two-term governor of Borno, and presently as Vice-President of Nigeria, maintained that.

‘Kashim has demonstrated courage, diligence, compassion and an abiding commitment to improving the lives of the people.’

President Tinubu also acknowledged Senator Shettima’s support and partnership in the fulfillment of the party programmes to Nigerians as enshrined in its Renewed Hope blueprint.

The statement read: ‘Today, I warmly congratulate Vice President Kashim Shettima, my brother and partner in steering the ship of our state, on his 60th birthday on September 2. I rejoice with his wife, Nana, children, family, and political associates on this important milestone.

‘Kashim is not just a trusted ally or a valued colleague, but also a patriot whose life has been defined by service, commitment, and sacrifice for worthy causes.

‘In celebrating Kashim, we celebrate his distinguished banking career and exemplary record of service to Borno State and Nigeria.

‘Shettima’s unwavering commitment to our nation’s progress and unity is particularly worthy of mention.

‘I commend him for his years of dedicated public service, first as Governor of Borno State and subsequently as Vice-President of the Federal Republic of Nigeria.

‘In both capacities, Kashim has demonstrated courage, diligence, compassion and an abiding commitment to improving the lives of the people.

‘I acknowledge, in particular, Vice-President Shettima’s loyalty to the All Progressives Congress (APC), support for the administration and his unwavering dedication to the success of the Renewed Hope Agenda.

‘As Chairman of the National Economic Council, Shettima has provided purposeful leadership in coordinating economic policy and fostering collaboration among the Federal Government and the sub-nationals.

‘His respect for constitutional governance, democratic institutions, and dialogue and consultation has helped strengthen good governance.

‘As a trusted partner, his loyalty, wisdom, and sense of duty have remained invaluable to the administration.

‘I must thank Vice President Shettima for his steadfast support and partnership as we continue to join hands in delivering the promises of Renewed Hope to Nigerians.

‘I am confident that working together, we will continue to make meaningful progress in building the Nigeria of our dreams.

‘On behalf of the Federal Government, I again congratulate Vice President Shettima on this milestone, and I pray that Almighty Allah will continue to guide, protect, and strengthen him. May Munificent Allah grant him wisdom and good health, and bless him with many more years of purposeful service to Nigeria.’

The UK has been urged to lead global debt reform ahead of its 2027 G20 Presidency, with the AIDS Healthcare Foundation (AHF) warning that the growing sovereign debt crisis is undermining health, education, social protection and economic stability across Commonwealth countries.

The call came ahead of the Commonwealth Heads of Government Meeting (CHOGM), scheduled to hold in Antigua and Barbuda in November, as the UK prepares to assume the G20 Presidency next year.

AHF said the UK has a unique opportunity to drive concrete reforms in the international financial system, noting that one in three Commonwealth countries is currently in debt distress, while a majority of global debt contracts are governed by UK law.

The organisation further said 3.4 billion people globally live in countries that spend more on debt servicing than on health and education combined.

According to AHF, developing countries also face borrowing costs two to 10 times higher than those of wealthier nations, while 21 Commonwealth countries spend at least 14 per cent of their government revenue on debt repayments.

AHF President, Michael Weinstein, said the global debt crisis was sustained by an inequitable financial architecture that continues to disadvantage countries in the Global South.

‘The global debt crisis is upheld by a financial architecture that is inequitable, extractive, and rooted in colonial legacy,’ Weinstein said.

He urged the UK to demonstrate leadership by championing systemic reforms that would enable Commonwealth countries to achieve sustainable prosperity.

Weinstein also called on the British government to protect borrowing countries from private creditors who, he said, exploit the UK legal system to force repayments and undermine debt relief efforts.

He advocated legislation to curb predatory lending practices and prevent creditors from frustrating debt relief initiatives.

The call also follows the UK Foreign, Commonwealth and Development Office’s announcement of plans to slash UK aid funding by up to 90 per cent for some countries, including Malawi and Mozambique.

AHF said the proposed reductions could further deepen the fiscal pressures facing countries already struggling to finance social protection and essential public services.

AHF Executive Vice President, Dr Penninah Iutung, said the debt crisis had moved beyond being a purely financial concern, describing it as a major security and development challenge.

‘We cannot say we are a Commonwealth of Nations when many member states are trapped in a debt cycle that impoverishes them and destabilizes their economies,’ Iutung said.

She called for greater unity among countries of the Global South in sustaining pressure for comprehensive debt reform, drawing on the ideals of independence and anti-colonial movements.

In June, AHF and its partners launched the Freedom from Debt campaign, which seeks to mobilise global action to address structural problems in sovereign debt financing.

The campaign is calling for the acceleration of the Borrowers’ Forum to strengthen the collective negotiating position of countries in the Global South.

It is also advocating automatic, interest-free debt repayment pauses in lending agreements whenever countries face public health or climate crises.

Another proposal is a one per cent global AI Solidarity Levy on the capital investments and revenues of leading artificial intelligence companies, with the funds to be used for debt relief and essential public goods in developing countries.

AHF said bold action was required to reform the global financial system and ensure that countries were able to invest adequately in health, education and development.

The foundation urged the UK to use its forthcoming G20 Presidency to place debt reform firmly on the international agenda and translate its leadership role into concrete measures capable of delivering greater economic stability and prosperity for countries in the Global South.

Vice President Kashim Shettima has asked Nigerians to mark his 60th birthday with prayers and acts of kindness rather than gifts, advertisements or other material celebrations.

Shettima made the appeal in a statement shared on X on Tuesday, September 1, 2026, ahead of his 60th birthday on Wednesday.

The vice president urged friends, supporters, associates and well-wishers who intended to honour him to instead direct whatever money they planned to spend towards a charity, a cause or an individual in need anywhere in Nigeria.

He said reaching 60 had strengthened his resolve to discourage material celebrations around his birthday, stressing that the milestone should be a period for reflection, gratitude and consideration of what one has contributed to society.

According to him, acts of generosity towards people in need would be a meaningful way of honouring his birthday, particularly in a country where many people depend on the support and kindness of others.

Shettima also called on Nigerians to pray for him and the country, including for peace in communities, prosperity for citizens, wisdom among leaders and the realisation of Nigeria’s potential.

He described Nigeria as a country with an industrious population, strong entrepreneurial spirit and a youthful population whose talent, ambition and creativity remain important national assets.

The vice president said his journey to 60 had been shaped by the support and goodwill of family members, friends, teachers, colleagues, supporters, well-wishers and strangers.

He said he therefore considered extending kindness to others as a fitting way of reciprocating the goodwill he had received over the years.

Shettima also expressed appreciation to Nigerians for the loyalty, friendship, affection and prayers that had accompanied him throughout his life.

The statement reads, ‘What I Ask For at Sixty. Tomorrow, by the grace of God, I turn sixty.

‘I am aware that some of you already know this, and that this requires no announcement from me. Consider this, therefore, a reminder and, if you would permit me, a request made before the goodwill of tomorrow begins to arrive.

‘Over the years, I have been deeply humbled by the affection, prayers and goodwill that have accompanied my birthdays. Such occasions leave one grateful for the friendships, fellowships and bonds accumulated across the years. Yet there is one appeal I have consistently made to my friends, supporters, well-wishers, associates and admirers, far and near: please do not spend a kobo on a gift for me, nor undertake any venture of material consequence in my honour.

‘This year, as I turn sixty, I am even more resolute about that request. Sixty is an age at which our people expect a man to have exchanged impulse for reflection, vanity for gratitude, and the desire to accumulate for the wisdom to give. It is an age that asks fewer questions about what one has gathered and far more searching questions about what one has contributed. I therefore appeal once again to everyone who wishes me well not to spend money marking my day, but to channel whatever resources they may have intended for such gestures to a charity, cause or person of their choice anywhere in our country.

‘A nation is ennobled by the care it extends to those who need the strength of others. Our means may differ, but generosity is not measured only by the size of what we give. Sometimes the smallest kindness arrives at precisely the moment another person needs to be reminded that humanity has not forgotten them. For me, such an act is among the most eloquent prayers anyone can offer on my behalf.

‘None of us arrives at sixty, or indeed at any meaningful station in life, entirely by our own strength. We are all beneficiaries of the kindness of family, friends, teachers, colleagues, supporters, well-wishers and, sometimes, strangers who had nothing to gain from extending a hand to us. It is only fitting that we repay such debts in the currency in which they were incurred: by extending kindness to those who may never be in a position to repay us. Every hand that lifts another somewhere in Nigeria tomorrow will be a candle lit for me.

‘What I ask for, in place of advertisements, gifts and celebrations, is prayer. Pray for me, and pray for Nigeria. Pray for the peace of our communities, the prosperity of our people, the wisdom of our leaders and the fulfilment of the immense promise of this nation. Ours is a country blessed with an industrious people, an extraordinary instinct for enterprise, a generosity that travels easily across family and community, and a youthful population whose imagination, talent and ambition remain among our greatest national assets. Our diversity is a vast inheritance, our cultures are reservoirs of strength, and our capacity to find fellowship across difference is one of the enduring beauties of the Nigerian spirit.

‘Thank you for your understanding over the years, and for the loyalty, affection, friendship and prayers that have accompanied me this far. I wish you long life, good health, fulfilment in all that is noble, and the quiet joy of being useful to someone who may never be able to repay you.’

Born on September 2, 1966, Shettima is a former governor of Borno State and currently serves as Vice President of the Federal Republic of Nigeria.

The Nigerian Defence Academy (NDA) has released the admission list for the 78th Regular Combatant Course (78RC), containing successful and reserve candidates selected for admission into the Academy.

The successful candidates are expected to report to the NDA Ribadu Campus (Old Site), Kaduna, on Saturday, September 12, 2026, after completing the Armed Forces Selection Board exercise conducted from July 4 to August 19, 2026.

The Academy announced the admission list in a statement signed by its Registrar, Brigadier General OA Ogunleye, and published on its X handle on Wednesday.

According to the NDA, only candidates who were offered admission are expected to report at the Drill Shed, NDA Old Site, Ribadu Cantonment.

Candidates must complete their reporting by Monday, September 14, 2026, as the Academy warned that anyone who fails to meet the deadline ‘will forfeit his or her place.’

Candidates placed on the reserve list will not report at this stage. The NDA said they ‘may be called as the need arises through their registered e-mails and phone numbers.’

Successful candidates are required to arrive with the original copies of their academic and personal documents.

The documents include the First School Leaving Certificate, Primary School Testimonial, WAEC/NECO results, Senior Secondary School Testimonial, Birth Certificate or Declaration of Age, and Letter of State of Origin.

Candidates must also present the ‘original copy of duly endorsed Parent/Guardian Consent Form.’ The Academy said photocopies of the required documents would not be accepted.

‘Any candidate who fails to present originals of the stated documents will not be accepted into the Academy,’ the notice stated.

The NDA has also directed successful candidates to report with specified clothing, footwear, sportswear, bedding and other personal items required for their training.

The items include black and white trousers, a dark-coloured lounge suit, national dress, black cover shoes, white and brown canvas shoes, football boots, a hockey stick, white shirts, socks, bed sheets and a pressing iron.

Female candidates are required to additionally bring black low-heel cover shoes, dark-coloured lounge skirts, black or blue short tights and trouser suits.

Before reporting to the Academy, all selected candidates must upload their O’Level results on the JAMB portal and accept their admission through the JAMB Central Admissions Processing System (CAPS).

Candidates who were not offered their preferred academic department have also been directed to use the JAMB portal to make the necessary change.

The NDA further warned that successful candidates would not be permitted to receive visitors or leave the Academy during their first three months of training.

‘Selected candidates and their parents are to please note the above for strict compliance,’ the notice stated.