Category: Nigerian Tribune

Professor Mahmood Yakubu has handed over leadership of the Independent National Electoral Commission (INEC) to May Agbamuche, who now serves as the Acting National Chairman of the commission.

Agbamuche, recognised as the oldest serving National Commissioner in the electoral body, assumed the role following Yakubu’s handover on Tuesday during a meeting with Resident Electoral Commissioners at the INEC headquarters in Abuja.

Professor Mahmood urged commissioners and directors of the commission to extend their full support to Agbamuche until a substantive chairman is appointed.

Professor Yakubu was appointed INEC Chairman by late former President Muhammadu Buhari on 21 October 2015.

He replaced Amina Bala Zakari, who had served in an acting capacity after the expiration of Professor Attahiru Jega’s term. He officially took the oath of office in early November 2015, following confirmation by the Senate and swearing in together with several national commissioners.

He was re-nominated for a second term in October 2020.

During Yakubu’s tenure, he oversaw several major elections in Nigeria, including the 2019 and 2023 general elections, which comprised the presidential, National Assembly, and state-level polls.

Raheem Okoya, son of Nigerian billionaire industrialist and founder of Eleganza Group, Chief Rasaq Okoya, has said that all the money he owns is earned through his personal hard work and not inherited from his father’s fortune.

In a viral video shared on X, Raheem made the statement during an interview on Wazobia Max Television, where he emphasised his independence and commitment to building his own success.

He stated confidently that the wealth in his bank account was a product of his own labour and perseverance, making it clear that he does not rely on his father’s riches.

In his words, he said ‘Every penny in my account today, is base on what I do, my sweat.’

Raheem further explained that, despite his achievements, he has not yet reached his desired level in life, but remains content with his current progress.

‘No be sey I dey where I wan be but if I wan chop, I dey chop,’ he added.

The Federal Government has announced plans to refinance Nigeria’s high-interest debt portfolio as part of efforts to reduce debt servicing costs, strengthen fiscal stability, and create more fiscal space for productive investments.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this on Tuesday at the 55th Annual Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja.

Edun explained that the decision became necessary following a sharp rise in the country’s debt servicing obligations in recent years.

He noted that Treasury bill rates had surged from 8 percent in 2023 to nearly 24 percent, while external debt service costs almost tripled from a budgeted ?2.7 trillion to ?6.7 trillion in 2024.

‘We are taking deliberate steps to refinance our expensive debt and bring down the cost of borrowing. This will ease fiscal pressure, free resources for development spending, and strengthen our long-term fiscal position,’ Edun stated.

The minister said the refinancing plan aligns with the administration’s medium-term economic growth agenda focused on building a productive, private sector-led economy driven by openness, efficiency, and innovation.

‘Our growth strategy is centered on productive capital formation through increased private investment. We are targeting a 7 percent GDP growth rate by 2027/2028, which will help lift millions of Nigerians out of poverty,’ he added.

Edun further explained that the government is repositioning the economy to be driven by competition and innovation, with the public sector serving as a facilitator rather than a dominant actor.

He revealed that the administration is investing heavily in digital infrastructure to harness the potential of Nigeria’s youthful population, 65 percent of whom are under the age of 35.

Edun reiterated the government’s goal of raising Nigeria’s infrastructure stock from below 40 percent of GDP toward the global benchmark of 75 percent, while mobilising domestic resources through innovative financing and the formalisation of the informal sector.

He also highlighted the Tax Reform Act, which seeks to harmonise tax administration, expand the tax base, and eliminate multiple taxation, alongside efforts to strengthen digital revenue collection platforms and optimise the federal government’s balance sheet through asset financialisation.

‘We expect subnational governments to follow suit by adopting asset optimisation strategies that enhance fiscal efficiency and revenue performance,’ he said.

On social welfare, Edun noted that the government is scaling up social investment programmes through enhanced digital identification systems to ensure targeted and transparent delivery of support to vulnerable Nigerians.

He urged members of ICAN to play an active role in promoting transparency and accountability in the ongoing reforms.

‘As custodians of financial integrity, your role is pivotal. ICAN should consider developing a transparent rating model for accounting firms, perhaps a four-star to zero-star system, to promote excellence in tax audit and financial reporting,’ he suggested.

Edun reaffirmed the Tinubu administration’s commitment to restoring fiscal stability, fostering private sector-led growth, and driving sustainable economic transformation through prudent debt management, digital innovation, and inclusive reforms.

The initiative aims to achieve 70 percent nationwide internet penetration, connecting all local governments and wards to promote inclusion for women and youth.

‘We are laying the foundation for a tech-driven future that will unlock opportunities for innovation, entrepreneurship, and inclusive growth,’ Edun said.

He reported that Nigeria’s fiscal position has improved significantly over the past two years, with federal revenue growing by over 70 percent in nominal terms.

He attributed this improvement to key reforms under President Bola Tinubu’s Renewed Hope Agenda, including foreign exchange and fuel market liberalisation, as well as the automation of revenue collection systems.

The Supreme Court has reserved judgement in a suit seeking to restrain the Attorney General of the Federation (AGF) from releasing the withheld Osun state Local Government funds to the disputed Local Government Chairmen and Councilors elected on the platform of the All Progressives Congress (APC).

Justice Uwani Aba’aji, who led a seven member panel of Justices of the apex court in the Tuesday’s proceedings, reserved judgement in the matter after taking arguments from counsel to the Osun state Attorney General, Musbau Adetunbi, SAN, and Chief Akin Olujimi, SAN who represented the AGF, announced that the date for the judgement in the suit Numbered, SC/CV/773/2025 would be communicated to the two parties in the matter.

In the suit, the Osun state Attorney General, who is the plaintiff in the matter, sought an order of the apex court restraining the AGF from paying the statutory allocations standing to the credit of the 30 Local Governments in Osun state to the sacked APC Chairmen and Councillors.

The Osun Attorney General also sought an order of the apex court directing the AGF to immediately release the ‘monthly allocations and revenues due to and standing to the credit of the Constituent Local Government Councils of Osun state for all the months they have been unlawfully and unjustifiably withheld by the AGF and pay same directly into the Local Government allocation accounts to be opened in favour of the validly elected Local Government Council officials elected on February 22, 2025’.

Besides, the plaintiff who invoked Supreme Court’s original jurisdiction based on a letter according recognition to the disputed APC Chairmen and Councilors, also sought an order stopping the AGF from further withholding, suspending or seizing monthly allocations and revenues standing to the credit of the Constituents Local Governments, having democratically elected Chairmen and Councilors in place.

The grouse of the Osun state Attorney General was that the AGF was wrong in his letter recognising APC Local Government Chairmen and Councilors when the matter was pending before court of records. He described the action as an attempt by the AGF to destroy the subject matter of the plaintiff.

He also hinged his case on the ground that the election that brought in the APC officials as Local Government Chairmen and Councilors had been nullified by a Federal High Court and upheld by the Court of Appeal in Abuja.

Adetunbi, while presenting the case of the plaintiff, pleaded with the seven-member panel of Justices to uphold his arguments and grant all the reliefs sought by his client.

However, in opposition, the AGF represented by Chief Akin Olujimi, SAN, argued a preliminary objection where he urged the apex court to dismiss the case of the plaintiff on various grounds.

Among others, Olujimi argued that the plaintiff lacked locus standing (Legal right) to bring the case before the Supreme Court to invoke its original jurisdiction.

He also contended that the apex court lacked jurisdiction to entertain the suit because the suit was not competent to be presented directly to the apex court as done by the plaintiff.

The senior lawyer argued that the suit did not disclose any cause of action, adding that the tenure of the disputed council chairmen is still running till October 22, 2025 and that the proper thing was for the statutory allocation to be released to the officials to run the Council.

Similarly, he argued that Osun state Attorney General had engaged in abuse of court processes by filing cases in about seven high courts on the same subject with the same parties.

He therefore urged the court to refuse granting the reliefs sought by the plaintiff and dismiss the suit in its entirety for lacking in merit.

The Lagos State chapter of the All Progressives Congress (APC) has criticised former Anambra State Governor, Peter Obi, for what it described as a hypocritical comment on the demolition of structures at the Lagos International Trade Fair Complex.

Obi had asked the Lagos State Government to ‘temper law with compassion’ in the demolition.

But in a statement on Tuesday, Lagos APC spokesman, Mogaji Seye Oladejo, said Obi was not being sincere.

‘The same Peter Obi, when he was governor of Anambra, pulled down shops, markets and houses without showing mercy. Now he wants to act like a saint in Lagos,’ he said.

Oladejo explained that Governor Babajide Sanwo-Olu’s government had already warned people and talked to stakeholders before starting the demolition.

‘No serious government will keep quiet while illegal buildings put lives in danger and block development,’ he added.

He also accused Obi of using the issue for politics. ‘His attempt to politicise this matter is shameful and unbecoming of a former governor,’ Oladejo said.

According to him, Lagos will not be taught governance by ‘political drifters who mistake noise for substance.’

The APC advised Obi to focus on ‘fixing his political image’ and leave Lagos to continue enforcing its laws ‘without fear or favour.’

At a high-level roundtable during the 80th Session of UN General Assembly in New York, senior government officials, Solewant Group, and global stakeholders discussed the Gulf of Guinea’s (GoG) energy, maritime, and investment prospects.

The OECD forecasts the African coastal economy will reach $3 trillion by 2030, with the GoG alone contributing $300 billion and generating over 49 million jobs.

Despite producing nearly half of Africa’s crude oil and holding about 10% of global reserves, the GoG remains plagued by challenges like oil theft, piracy, and illegal fishing.

Although 25 coastal states adopted the Yaoundé Code of Conduct in 2013, implementation has proven difficult, with regional initiatives from ECOWAS, ECCAS, and the Gulf of Guinea Commission also facing hurdles.

Speaking at the roundtable, Professor Ibrahim Gambari, former Chief of Staff and Minister of External Affairs, urged regional and international leaders to tackle insecurity to unlock economic potential.

He proposed a five-point agenda focused on enhancing security frameworks, integrating security with development, engaging the private sector, leveraging technology, and establishing a business council for the GoG.

Gambari emphasized the need for transparent management of natural resources to benefit local communities, claiming that inclusive governance can deter insecurity.

He reiterated the importance of collective action to fulfill the region’s economic promise.

Mr. Solomon Ewanehi, CEO of Solewant Group, highlighted the GoG’s potential, noting that responsible investment in coastal economies hinges on security and coordinated public-private partnerships.

He stressed the need for strengthened legal frameworks and operational capacity to protect regional trade and investor confidence.

The Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure, has joined the global community in marking this year’s Customer Service Week, themed ‘Mission: Possible.’

The annual celebration, which recognizes service excellence and customer appreciation, provided CSCS an opportunity to reaffirm its commitment to innovation, resilience, and customer satisfaction – values that have defined its leadership in Nigeria’s capital market ecosystem.

Speaking on the occasion, HarunaJalo-Waziri, Managing Director and Chief Executive Officer of CSCS, expressed gratitude to customers and employees alike for their unwavering trust and dedication.

‘Our impressive achievements are only made possible by your unflinching faith in our audacious mission to revolutionize the Nigerian capital market,’ Jalo-Waziri said. ‘As we celebrate our esteemed customers, I also appreciate my colleagues, whose empathy and dedication continue to make real positive changes in serving our customers and the market at large,’ he said.

This year’s Customer Service Week celebration comes on the heels of several transformative digital initiatives by CSCS, which have strengthened efficiency, transparency, and access across Nigeria’s capital market.

Among these innovations is RegConnect Version 2, an upgraded registrar platform featuring real-time data validation, omnichannel transaction capabilities, and seamless API integration to enhance operational reliability. CSCS also launched the Custodian Portal, a secure and user-centric interface that simplifies portfolio and trade management, document tracking, and share transfers for custodians.

Further expanding financial inclusion, CSCS, in partnership with MTN Nigeria, introduced the *7270# USSD Code Service, enabling investors to check account balances, stock positions, and Direct Cash Settlement (DCS) status directly from their mobile phones, even without internet access.

Jalo-Waziri emphasized that these innovations reflect CSCS’s continued drive to ‘make the impossible possible,’ underscoring its strategic role in deepening investor confidence and digital transformation within the capital market.

The organization also highlighted the importance of its employees, whose professionalism ensures seamless clearing, settlement, and market access for millions of investors locally and internationally.

As Nigeria’s capital market prepares for its transition to a T+2 settlement cycle in November 2025, CSCS reaffirmed its readiness to deliver world-class services aligned with global standards, further cementing its position as a key enabler of market growth and efficiency.

With over two decades of service, CSCS remains pivotal to the Nigerian capital market’s evolution, from the dematerialization of share certificates to the modernization of post-trade infrastructure.

Licensed and regulated by the Securities and Exchange Commission (SEC), CSCS serves as the central depository for a wide range of securities including equities, corporate and sub-national bonds, mutual funds, and commodities.

Through a mix of cutting-edge digital platforms, web and mobile applications, and a responsive customer service framework, CSCS continues to deliver on its mission to enhance market trust, investor accessibility, and service excellence.

At a high-level roundtable during the 80th Session of UN General Assembly in New York, senior government officials, Solewant Group, and global stakeholders discussed the Gulf of Guinea’s (GoG) energy, maritime, and investment prospects.

The OECD forecasts the African coastal economy will reach $3 trillion by 2030, with the GoG alone contributing $300 billion and generating over 49 million jobs.

Despite producing nearly half of Africa’s crude oil and holding about 10% of global reserves, the GoG remains plagued by challenges like oil theft, piracy, and illegal fishing.

Although 25 coastal states adopted the Yaoundé Code of Conduct in 2013, implementation has proven difficult, with regional initiatives from ECOWAS, ECCAS, and the Gulf of Guinea Commission also facing hurdles.

Speaking at the roundtable, Professor Ibrahim Gambari, former Chief of Staff and Minister of External Affairs, urged regional and international leaders to tackle insecurity to unlock economic potential.

He proposed a five-point agenda focused on enhancing security frameworks, integrating security with development, engaging the private sector, leveraging technology, and establishing a business council for the GoG.

Gambari emphasized the need for transparent management of natural resources to benefit local communities, claiming that inclusive governance can deter insecurity.

He reiterated the importance of collective action to fulfill the region’s economic promise.

Mr. Solomon Ewanehi, CEO of Solewant Group, highlighted the GoG’s potential, noting that responsible investment in coastal economies hinges on security and coordinated public-private partnerships.

He stressed the need for strengthened legal frameworks and operational capacity to protect regional trade and investor confidence.

Nigeria is gradually slipping into a food crisis that threatens not just its economic stability but the very survival of millions of its citizens. The warning signs have been evident for years-declining agricultural productivity, rising insecurity in farming communities, inadequate storage facilities, and heavy dependence on food imports. Yet, little has been done to address the situation comprehensively. Today, the country finds itself at a crossroads where hunger is no longer a distant fear but a daily reality for many households.

One of the primary drivers of this looming crisis is insecurity. Vast farmlands in the country’s food-producing regions, particularly in the North, have been abandoned due to banditry, kidnapping, and clashes between farmers and herders. Farmers in states such as Borno, Zamfara, Benue, and Kaduna live in constant fear of attacks, making it nearly impossible to cultivate crops. This disruption has led to a sharp reduction in the supply of essential food items, driving up prices in markets nationwide. For the average Nigerian family, feeding three times a day has become a luxury rather than a right.

Beyond insecurity, climate change has worsened the situation. Erratic rainfall, prolonged dry spells, and devastating floods have all contributed to the reduction of crop yields. For instance, the 2022 floods destroyed farmlands in over 30 states, leading to severe shortages of staples such as rice, maize, and yams. Despite repeated warnings from environmental experts, government responses have remained reactive rather than proactive. Investments in irrigation, drought-resistant crops, and flood control infrastructure remain far below what is required to safeguard food production.

Another major concern is the collapse of Nigeria’s once-thriving agricultural value chain. Poor road networks mean that farmers who manage to produce crops struggle to transport them to urban markets. Post-harvest losses account for up to 40% of total production, as perishable goods rot away due to lack of storage facilities and processing industries. This inefficiency not only affects food availability but also discourages farmers who receive little to no reward for their hard work.

The rising cost of living Is further compounding the crisis. Inflation, particularly food inflation, has been on a steep upward trend, making even the most basic food items unaffordable. Families that once could afford a balanced diet are now forced to settle for less, leading to widespread malnutrition. For children, this poses a long-term danger as poor nutrition affects growth, learning capacity, and overall health. The situation is even more alarming in rural communities and among internally displaced persons who rely heavily on humanitarian aid.

Addressing this quiet crisis requires urgent and deliberate action. First, the government must restore security in farming communities to allow farmers to return to their fields without fear. Second, there must be renewed investment in modern agricultural practices, including mechanization, irrigation, and access to improved seedlings. Third, building storage and processing facilities will reduce post-harvest losses and create jobs for young people. Finally, Nigeria must reduce its dependence on food imports by strengthening local production and supporting smallholder farmers, who make up the backbone of the agricultural sector.

If these steps are not taken, the consequences will be devastating. Food insecurity will continue to deepen poverty, fuel social unrest, and weaken national stability. Nigeria has the land, manpower, and potential to feed itself and even export food, but only if leaders treat this crisis with the urgency it deserves. The time to act is now-before hunger becomes the defining tragedy of a nation blessed with so much agricultural wealth.

Muhammad is a 300-level student of the Department of Mass Communication, University of Maiduguri.

A Retired Nigerian Air Vice Marshal, Professor Osita Obierika, on Monday died onboard a British Airways flight to Abuja as the crew of the airline battled fruitlessly to save the Anambra State-born military officer’s life.

The plane carrying him made an emergency landing at the El Prat Airport, Barcelona, as they struggled to resuscitate the ailing military officer.

Our correspondent learnt that the flight, which departed London’s Heathrow Airport at 11 pm on Sunday, October 5, was scheduled to land in Abuja at 5 am on Monday but made an unexpected detour to Barcelona after the incident.

It was gathered that the terminally ill retired AVM was being transported back to Abuja for further medication before his sudden demise.

British Airways has already apologised to its traumatised passengers, even as efforts were made to ensure that a new aircraft departed the Barcelona airport at 2p.m. on Monday. They were expected to land in Abuja at 7p.m. local time.

According to messages shared with the passengers, the airline apologised for the disruption and assured passengers that the Customer Care team would be available to assist with any questions or concerns.

‘Passengers are advised to expect an email with more information and can reach out to the airline’s Live Chat feature for support. British Airways acknowledges the inconvenience and thanks passengers for their patience and understanding,’ the airline told the affected passengers in a general message.

Further update from the airline at about noon on Monday, however, the flight is delayed by some 45 minutes, saying: ‘We’d like to advise that the replacement aircraft for your flight to Abuja is now on its way.

‘The estimated time of departure from Barcelona is 14:50 local time, with arrival into Abuja expected at approximately 17:45 local time. We understand the inconvenience caused and thank you for your patience. We look forward to welcoming you on board soon. British Airways.’