Category: Nigerian Tribune

Tax authorities in Nigeria can assess businesses for tax based on assumed income where taxpayers fail to file returns and disclose their actual financial position, tax experts at tax stream.com have warned.

The warning was contained in the 15th instalment of a tax compliance series titled: ‘Estimated Billing, But This Time For Tax,’ which explained how the Best of Judgement Assessment mechanism can be applied to businesses that fail to comply with their filing obligations.

The commentary stressed that tax compliance is a legal obligation, noting that dissatisfaction over the utilisation of tax revenues does not constitute a justification for tax evasion or failure to file tax returns.

The tax experts said, every income-earning individual and business in Nigeria, including foreign companies selling to Nigerian customers, is required to disclose its income and file applicable tax returns with the Nigeria Revenue Service (NRS) and relevant State Internal Revenue Service.

The obligation, it noted, applies even where a taxpayer is exempt from paying tax or has recorded a loss during the period.

The experts explained that Nigeria operates a self-assessment system under which taxpayers are expected to disclose their commercial activities, income, expenses and other relevant financial information when filing their returns.

However, where a taxpayer fails to file returns, the tax authorities can invoke a Best of Judgement Assessment to determine the taxpayer’s likely income and tax liability based on available information.

The expert cited a case in which a business reportedly recorded more than N200 million in inflows through its business bank account but failed to file returns explaining the nature of the transactions.

While such inflows could represent loans, capital injections or funds held on behalf of clients rather than actual business revenue, the failure to provide proper records and disclose the nature of the transactions could leave the taxpayer exposed to an assessment based on the assumption that the inflows constituted taxable revenue.

The commentary also warned that businesses could face significant exposure where they fail to substantiate their actual profit margins.

It said tax authorities may apply an assumed profit margin where taxpayers fail to provide adequate records showing their actual costs and profits. This could result in businesses being assessed on profits higher than those they actually earned, even where their true margins were significantly lower or the business made a loss.

The expert also highlighted Value Added Tax (VAT) compliance as another major area of risk.

According to the commentary, businesses that are required to collect VAT but fail to do so may eventually be required to bear the tax from their own resources when the authorities assess their transactions.

Businesses that collect VAT but fail to remit it could similarly face demands for the outstanding tax, alongside applicable penalties and interest.

The expert noted that the situation could become more complicated where businesses fail to disclose the nature of their sales, as some goods and services may be exempt or zero-rated while others are subject to VAT.

Beyond the underlying tax liability, non-compliant taxpayers could face additional penalties for late filing and unpaid taxes.

The Taxstream commentary warned that penalties and interest can significantly increase the cost of outstanding tax liabilities, while separate penalties may apply where taxpayers fail to submit returns within prescribed deadlines.

For example, it stated that late VAT filing could attract a N100,000 penalty for the first month of default and N50,000 for each subsequent month, with similar filing obligations applying to withholding tax and Companies Income Tax.

The expert said the growing availability of financial and commercial information to tax authorities means that businesses can no longer rely on limited visibility to avoid their tax obligations.

According to the commentary, the widening tax net and increased use of technology are giving tax authorities greater capacity to identify business activities and assess taxpayers.

It therefore urged individuals and businesses to strengthen their tax compliance systems by maintaining proper books of account, filing returns on time and seeking professional tax advice where necessary.

The commentary also pointed to technology as a means of reducing the cost and complexity of compliance, recommending automated tax management tools to help businesses track their obligations, calculate liabilities and meet filing deadlines.

It concluded that as enforcement intensifies, businesses that fail to maintain proper records and comply with tax filing requirements risk paying substantially more than they would have paid through timely and accurate self-assessment.

The United Nations Office on Drugs and Crime (UNODC) has intensified its engagement with the Nigeria Security and Civil Defence Corps (NSCDC) Mining Marshals as concerns grow over the links between illegal mining, organised crime and terrorism across West Africa and the Sahel.

During a strategic visit to the Mining Marshals Corps (MMC), a UNODC delegation led by Mr Tullio Santini, Chief of the Africa Section of the Terrorism Prevention Branch (TPB), praised the specialised enforcement unit for its expanding role in combating illegal mining, citing the rising number of arrests and prosecutions as evidence of Nigeria’s commitment to tackling the illicit trade.

The visit formed part of a broader UNODC mission aimed at strengthening partnerships across Nigeria, engaging development partners and reviewing ongoing field operations.

Central to the discussions was the introduction of the UNODC CONNECT Initiative by Mr Robert Haslinger, a Law Enforcement Expert from the Swedish Police.

The Coordination through Operational Networks against the Crime-Terrorism Nexus (CONNECT) is a strategic framework designed to enhance cooperation among governments and law enforcement agencies in dismantling the financial and operational links between organised criminal networks and terrorist groups.

The initiative is scheduled for launch in November 2026, with Nigeria among the countries invited to participate.

Responding on behalf of the Commandant General of the Nigeria Security and Civil Defence Corps (NSCDC), Prof. Ahmed Abubakar Audi, mni, OFR, the Commander of the Mining Marshals, Assistant Commandant of Corps (ACC) John Onoja Attah, welcomed the UNODC delegation and described the organisation as a critical partner in strengthening the unit’s operational capabilities.

He noted that previous UNODC-supported training programmes had significantly improved collaboration between the Mining Marshals and the Nigerian Financial Intelligence Unit (NFIU), enhancing the ability of both institutions to coordinate investigations and intelligence-led operations against illegal mining syndicates.

The commander explained that the Mining Marshals occupy a unique position within Nigeria’s security architecture, working with the Ministry of Interior, the Ministry of Solid Minerals Development and the NSCDC.

While their primary mandate remains the suppression of illegal mining activities, the officers, who are drawn from the NSCDC, also support broader national security operations when required.

Onoja used the meeting to advocate for the formal inclusion of the Mining Marshals in the CONNECT Initiative, arguing that disrupting the financial foundations of terrorist organisations requires greater attention to the illegal exploitation of mineral resources.

According to him, the nexus between illegal mining and terrorism has become increasingly relevant to Nigeria’s national security calculations and partly explains the Federal Government’s ongoing reforms in the mining sector, where the Mining Marshals have emerged as a key enforcement instrument.

He further requested expanded capacity-building programmes focused on terrorism-related concepts, regional intelligence cooperation and peer-learning opportunities that would strengthen the unit’s ability to address evolving threats linked to illicit mining operations.

UNODC officials commended the institutional structure of the Mining Marshals, describing it as a notable model within Nigeria’s law enforcement ecosystem.

They observed that the unit possesses an unusually broad operational mandate, enabling it to manage illegal mining cases from intelligence gathering and prevention through arrest, investigation and prosecution, while also employing non-kinetic approaches such as stakeholder engagement and community outreach.

The meeting concluded with the exchange of publications, a commemorative photograph session and renewed commitments to collaboration in confronting the growing convergence of resource crime and terrorism across the region.

The new Speaker of the Edo State House of Assembly, Yekini Idiaye, has explained why lawmakers removed his predecessor, Blessing Agbebaku, from office.

Idiaye said Agbebaku was removed because of what he described as poor leadership, alleged corruption and frequent adjournment of the Assembly.

Idiaye, who represents Akoko-Edo Constituency I and is a third-term lawmaker, became Speaker on Monday after Agbebaku resigned amid moves by lawmakers to impeach him.

Speaking to journalists after Monday’s plenary, Idiaye said the Assembly had faced several challenges under Agbebaku’s leadership.

He said, ‘The House was inaugurated on the 16th of June, 2023 under the leadership of Agbebaku, and since then we have been passing through a lot of challenges, corruption here and there, adjournment here and there, sometimes for 30 days without a cause. We are not happy with his leadership style. His leadership is poor, and it has been drawing the work of the government backwards.’

Idiaye said the lawmakers decided to change the leadership because they wanted the Assembly to support the administration of Governor Monday Okpebholo.

He added, ‘That is why we removed him. We must encourage our performing governor. He is doing well, anything that will derail or stop our performing governor, we must stop it. That is why we changed him. I can assure all of you that we will do everything possible to support Governor Monday Okpebholo to move this state forward.’

Idiaye’s emergence as Speaker also followed the Assembly’s zoning arrangement, which provides that when the governor comes from Edo Central Senatorial District, the Speaker should come from Edo North.

As the oldest member from Edo North, Idiaye was later elected Speaker.

It was gathered that members of the Assembly visited the Government House to inform Governor Okpebholo about the change in leadership.

Agbebaku was said to have resigned earlier on Monday after lawmakers began moves to impeach him.

It was also gathered that 17 of the 24 lawmakers had signed an impeachment notice against him on Sunday night.

His resignation was confirmed by his media aide, Ivy Ebojele.

She said, ‘I can confirm the Speaker’s resignation but details will be made public later.’

When contacted, Agbebaku’s telephone line was busy, while Ebojele had yet to issue another statement on the circumstances surrounding his resignation.

Governor Adeleke, who ran on the ticket of the Accord, won 19 of the 30 local governments that make up the state, polling 511,067 votes, to beat his closest challenger, Asiwaju Bola Oyebamiji of the All Progressives Congress (APC), who won 444, 815 votes. Candidate of the African Democratic Congress (ADC), Najeem Salaam came a distant third with 17,180 votes.

Adeleke was declared the winner of the election on Sunday morning after an overnight results collation exercise in Osogbo, the state capital. Professor Joshua Olalekan Ogunwole, the state returning officer for INEC, said that Adeleke secured 511,067 votes to defeat his closest challenger in the tightly contested election. Adeleke won in 19 of the 30 local governments, while Oyebamiji won in 11 council areas.

The build-up to the election had been marred by threats of violence and killings in different parts of the country, which ignited fears of possible voter apathy at the election.

But, the turnout of a little over 43 percent of the 2.3 million registered voters became historic and a national landmark in recent times, following rising voter apathy that had, on a national scale, dragged down voter participation to as low as 26 percent.

According to the returning officer, Professor Ogunwole, a total of 1,010,684 voters were accredited for the polls, while total votes cast stood at 1, 005,800. Votes rejected amounted to 20,721, while 985,079 votes were declared valid.

Governor Adeleke, while making his initial response to the victory declaration, said that he had received a call from President Bola Tinubu and that he expected a similar call from his closest challenger, Oyebamiji.

While Adeleke was able to secure his second term in office, beating the same party, the APC, on the two occasions in 2022 and 2026, his victory this time has also shown a significant improvement in vote haul. In 2022, he won 403,371 votes to secure victory over the APC, which scored 375, 027 votes. In the 2026 exercise, Adeleke scored 511,067 votes to beat Oyebamili , who won 444, 815 votes. While he won in 2022 with barely 28,000 votes, in 2026, his voting strength had more than doubled, with more than 66,000 votes difference between him and his challenger.

Close watchers of the Osun scenario would agree that not a few factors combined to aid Adeleke to neutralise the threat of federal might: the invasion of no fewer than 10 APC governors, the militarisation of the state with nearly 50,000 security operatives, and a persistent threat of violence.

Investigations revealed that one of the factors included the massive infrastructure development effected in the state by the Adeleke administration, the decision to continue to pay local government workers despite the seizure of the funds accruing into the local government accounts in the state, and the consistency in payment of staff salaries and pensions, among others. Some of the key factors are highlighted below.

A people resolute on delivering Adeleke

Osun governor, Senator Adeleke, secured his second term in office at the election conducted on Saturday because of the doggednesss and the determination of the people of the state.

The people showed resilience in the face of intimidation and violence that were unleashed on various communities across the state and came out en masse to cast their votes and eventually reelected Adeleke.

Findings by the Nigerian Tribune showed that many issues were considered by the people before pitching their tents with the governor.

A major factor that aided the reelection of Adeleke was his record of service before the people. Many people had not given Adeleke the chance to perform in office when he was first elected in 2022; however, events of the last three and a half years in the state showed that the people were happy with his achievements.

The civil servants, teachers, local government workers and retirees in the state believed that the governor had done tremendously well with the attention he gave their welfare. Adeleke also won the hearts of the people with his infrastructural development programmes that cut across the three senatorial districts of the state.

Many road projects were implemented in Iwo, Ede, Ile-Ife, Ilesa, Ila-Orangun, among other,s and these contributed to the decisions of the people.

Speaking during the election, a 70-year-old retired teacher, Mr Moshood Adereni, said the people of the state, particularly those drawing their salaries from government, would not pray for a return of the APC in the state.

He said, ‘Many of my colleagues that are pensioners have tasted the government of the APC and that of Adeleke; I can tell you that the majority of us do not pray for the return of that government.

‘If Adeleke loses this election, we will be going back to the years of the locust. We have prayed against half salary and non-payment of entitlements in this state; therefore, we have resolved to vote for Adeleke so that there won’t be any stop to our welfare.’

Prolonged controversy over local government funds

Investigations among voters in Osun State indicated that the controversy ignited around the control of the 30 LGs in the state and the eventual seizure of the council’s Federal Allocations was a major undoing of the APC in the state. The fact that Governor Adeleke has continued to pay the workers even while the funds could not be accessed by the state and the councils meant that he easily won the hearts of the people as a governor with a lot of gold. ‘When the APC was in power and the issue of half salary cropped up, they blamed it on the Federal Government. They said that the government at the centre was not giving them enough allocations. Now that we have a government that is ready to clear the arrears and pay us regularly, it is the APC central government that seized the funds to keep us in perpetual penury,’ a voter said on Saturday, as he insisted that Adeleke won the workers over by going outside his brief to pay the workers who are caught in the Federal Government/State crossfire.

Strategic project inaugurations

Aside from the decision of the Adeleke government to launch projects in key states including Ila-Orangun, Ilesa, Iwo, Ile-Ife, Osogbo and institute the University of Ilesa, the governor has also been inaugurating most of the projects around the campaign period, where he received the blessings of highly-elated traditional rulers. Roads that were abandoned for years in the major towns constituted part of the over 350 kilometres of internal roads fixed by Adeleke within the last three and a half years, something that not only swayed the communities, but also their traditional rulers. The Ataoja of Osogbo and the Timi of Ede are known traditional rulers, who openly canvassed support for Adeleke during the heat of the campaigns.

The Adeleke family name

Since the days of the patriarch of the Adeleke family, Senator Raji Ayoola Adeleke, the family has been associated with community service, philanthropy, scholarship, and good business. The first civilian governor of Osun, who was also a senator, Isiaka Adeleke, was said to have facilitated a lot of employment for Osun indigenes while he served in the state and after, a situation that further entrenched the family’s name in the hearts of the people. It is on record that the late senator remained a household name in the politics of the state and was in the running for another stint at the Government House when he suddenly died. Besides, members of the Adeleke dynasty are regarded as people who represent their hometown, Ede, and would always take steps to place the town on the global map. The establishment of Adeleke University in the town is one of the major landmarks that the people of Ede are said to always appreciate, thus drawing them closer to the Adelekes. Governor Adeleke was also regarded as one governor, who has given a major facelift to Ede with the dualisation of Ede/Akoda road, among others. The Adeleke family is also credited with helping to facilitate top-range hospitality businesses into the town, thus lifting it off the rusty nature it once wore in the years past.

Influence of Deji Adeleke and Davido

While the governor’s elder brother, Deji Adeleke, is regarded as the major backbone of the family, whose business networks span different sectors of the economy, his son, David, the Afrobeats singer popularly known as Davido, held the youth population spellbound throughout the campaign season. He was constantly on X (formerly Twitter) to propagate the programmes and policies of his uncle’s administration. In the last week of the campaign, up to Saturday, he took up an activist’s role, tackling opponents of his uncle and insisting that Governor Adeleke would win re-election. He was very vocal on the evening of August 15, as he released one tweet after the other to alert of alleged plans to truncate collation or possible attempts to declare the votes inconclusive. It is on record that many content creators followed Davido’s steps by also releasing content to back the Osun governor.

Senator Omisore and the Ile-Ife connection

Former national secretary of the APC, Senator Iyiola Omisore, was also a factor in the election. He earlier served as Chairman, Senate Committee on Appropriation, after his stint as the deputy governor of the state under Chief Bisi Akande. The manner of Omisore’s removal from the leadership of the APC in Abuja was a source of worry to his loyalists in the town and the party. But that concern worsened when he was disqualified from contesting the primaries for the just-concluded 2026 election. He has remained silent ever since, and the decision of many of his loyalists to defect to the Accord was a major blow to the APC. Though the party realised later in the day that it needed Omisore, sources said that the deed was already done, as his loyalists who had pitched tent with Accord, could no longer return.

Besides the Omisore factor, one issue that is said to be uppermost in the minds of most Ile-Ife Indigenes is the quest to produce the next governor after Adeleke. It was gathered that the people of Ile-Ife believed that supporting Adeleke would be the surest way for the city to produce a successor to the incumbent, who would only have a term to complete. Sources said that the people of Ile-Ife, in giving their votes to Adeleke, calculated that giving the governorship to another candidate from Osun West would prolong the possible period the seat would rotate to Osun East and then Ile-Ife. The people of Ile-Ife believe that when Adeleke completes his second term in office, the post of governor would then move from Osun West, and that the town would be able to make a case because the Ilesa axis of Osun East had utilised the two terms under Governor Rauf Aregbesola.

Osogbo and the governorship seat

Aside from Ile-Ife in Osun East, Osogbo in Osun Central is also agitating for the governorship seat after Adeleke, and it was reflected in the majority of the votes cast for the governor in the state capital. Indigenes of Osogbo believe that, as the state capital, the town was ripe enough to produce a governor, which a source said is behind the push by the traditional ruler of the town, the Ataoja of Osogbo, to openly support the Adeleke candidacy. Though Osogbo is in the Central Senatorial District, which has produced Olagunsoye Oyinlola, Gboyega Oyetola and Chief Bisi Akande, the two are angling for the seat, and its indigenes believe that with the massive population at their disposal, the two can push for the top post after the incumbent.

Role of President Tinubu

Though several APC stakeholders were said to be hell-bent on removing Adeleke from power, sources have said that President Tinubu was not originally convinced that Adeleke should be uprooted from Osun State. A viral video which surfaced on the internet in the build-up to the election had shown a chieftain of APC, telling a caucus of party leaders that when the president met Osun APC leaders in Abuja, he expected them to present Adeleke to him as their consensus candidate. The stalwart had said in the video that the president told the gathering that he was not expecting a governorship candidate from Osun APC, that he was only expecting Adeleke, but that he was aware that Oyetola was stoutly opposed to the governor joining the APC. Flowing from the viral video, Adeleke’s planned defection to the APC also collapsed in the wake of the endless crisis that has been rocking the Peoples Democratic Party (PDP). The governor was thereafter forced to pick Accord as his platform when it became obvious that he might gets stranded politically if he remained in the PDP.

It was gathered that, having assured the presdent that he would stand toe-to-toe with Adeleke in 2026, because, according to APC stalwarts, only 28,000 votes separate the two parties in the 2022 election, Tinubu was said to have given the party the go-ahead to pick a candidate. He was, however, said to have opposed the choice of Oyetola this time.

Sources, however, stated that the president’s partymen who wanted to tackle Adeleke were banking on the possibility of using the federal might to swing things, something a source said Tinubu did not fully subscribe to. For instance the president immediately ordered the Economic and Financial Crimes Commission (EFCC) to unfreeze the accounts of the state when it placed a Post No Debit on the state’s main account in the days preceding the election. Governor Adeleke also said that Tinubu had called him in the early hours of Sunday to congratulate him. Those were clear signals to his partymen that he was not part of the strong-arm tactics to wrestle power from Adeleke, a source said.

The Gubernatorial candidate of the Accord Party in Zamfara State, Rtd AIG Musa Yusuf Garba, has described the victory of Governor Ademola Nurudeen Adeleke of Osun State and the party as a renewed vote of confidence by the people of Osun.

Addressing newsmen on Monday evening in Gusau, Rtd AIG Musa Yusuf Garba lauded the people of Osun State for exercising their democratic right, thereby contributing to the strengthening of democracy.

‘I extend my warmest congratulations to His Excellency, Senator Ademola Nurudeen Jackson Adeleke, Executive Governor of Osun State, on his well-deserved victory and re-election for a second term as Governor of Osun State.

‘His re-election represents a renewed vote of confidence by the good people of Osun State,its places the responsibility of consolidating the achievements recorded in first term.

Also speaking, the Zamfara State Accord Chairman, Alhaji Bashir Abdullahi Ruwan Bore, extended his appreciation to the National Chairman of ACCORD, Chief Maxwell Mgbudem, on the successful re-election of Governor Ademola Adeleke of Osun State.

‘We particularly commend the National Chairman for his resilience, steadfast commitment, political maturity and tireless efforts towards the success recorded in Osun State.

The Zamfara State Chapter of the ACCORD also joined in congratulating Governor Ademola Adeleke on his remarkable electoral victory. ‘this reflects the renewed confidence and trust of the good people of Osun State in your leadership and vision’. He stated.

‘This victory represents an important political milestone and demonstrates what can be achieved through determination.

In line with the resolve of President Bola Ahmed Tinubu to address structural problems that have long constrained the power sector, the Federal Government on Monday commissioned two upgraded transmission substations in Lagos, providing an additional 208 megawatts of bulk transmission capacity to one of the country’s most economically active corridors.

At Ijora, two new 100MVA transformers increased the substation’s capacity from 90MVA to 230MVA, adding 112MW. At Apapa Road, a new Gas Insulated Substation (GIS) added 96MW, replacing an outdoor transformer that had served as a stopgap since the original facility, commissioned in 1985, was decommissioned.

Speaking at the commissioning, Minister of Power, Joseph Tegbe, said the upgrades were part of the administration’s response to years of transmission constraints and infrastructure decay. He described President Tinubu as showing ‘fearless commitment to addressing the structural constraints that have held our economy back,’ linking the upgrade to the administration’s stated goal of building a one trillion-dollar economy.

Tegbe commended Lagos State Governor Babajide Sanwo-Olu for supporting the projects and said the ministry would continue to reinforce transmission infrastructure nationwide to close the gap between available generation and the capacity to deliver it, a gap officials say has repeatedly resulted in power being stranded because the grid could not evacuate it.

The Managing Director/CEO of the Transmission Company of Nigeria (TCN), Engineer Sule Ahmed Abdulaziz, said the installation and energisation of two new 60MVA transformers and modern Gas Insulated Switchgear (GIS) had tripled the substation’s capacity from 60MVA to 180MVA, while the Ijora facility now has a capacity of 230MVA.

He said the upgrade would increase the bulk power available to Eko Electricity Distribution Company (EKEDC) for onward supply to Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other critical commercial areas.

Abdulaziz described the projects, sponsored by the Japan International Cooperation Agency (JICA) and the World Bank respectively, in partnership with TCN, as a demonstration of the Federal Government’s commitment to modernising the transmission network and stabilising the national grid.

He commended the Ministry of Power, JICA, the Government of Japan, the Lagos State Government and other stakeholders for their support, while appealing for similar grant assistance for other critical sections of the transmission network.

The ceremonies drew senior officials, including Japan’s Ambassador to Nigeria, Hideo Suzuki, who was represented by his deputy; JICA Nigeria’s Chief Representative, Ishigame Keiji; the Permanent Secretary of the Ministry of Power; the CEO of the Nigerian Independent System Operator (NISO); directors and ministerial aides from the Federal Ministry of Power; a representative of the Lagos State Government; as well as representatives of the Eko and Ikeja electricity distribution companies.

Nigerian Afrobeats star, Divine Ikubor, popularly known as Rema, has called on artistes to keep evolving and avoid becoming too comfortable with the sound that already appeals to their fans.

Rema made the call while speaking during a performance at his concert, where he discussed the growth of Afrobeats and the need for artistes to prioritise creativity.

The singer argued that artistes can limit themselves when they focus too much on making music based on what their fans expect.

According to him, Afrobeats will struggle to progress if artistes continue to put audience preferences ahead of their creative ideas.

Rema also described himself as the ‘Prince of Afrobeats’, saying he intends to contribute to the genre’s growth regardless of whether fans immediately accept his sound.

‘I don’t care what you say about me. I don’t care if you like what I like. But I make music that I like before you like it. If I stick to what you like, Afrobeats is not going to move forward. And I will say it one more time, I am the f**king Prince of Afrobeats,’ he said.

His comments come amid recent conversations on social media about the direction of Afrobeats, particularly criticism of artistes who combine the genre with other sounds and genres in an effort to reach international audiences.

The Fusengbuwa Ruling House of Ijebu-Ode has written to Governor Dapo Abiodun over the activities of a ‘breakaway unit’ capable of undermining the unity of the ruling house and disrupting the process of producing its candidate for the vacant Awujale stool.

The family, in a petition signed by the Chairman, Otunba Abdul Lateef Adebayo Owoyemi; Deputy Chairman, Otunba Oladokun Ajidagba; Vice Chairman, Professor Fassy Adetokunboh Yusuf; and General Secretary, Pastor Prince J. Bola Salami, called on the Governor not to recognise or engage with what it described as an ‘illegal and lawless group.’

The leaders of the Ruling House recalled that the three recognised units of the Fusengbuwa Ruling House had, following the intervention and encouragement of the state government, worked together towards achieving a peaceful and lawful nomination process for the vacant stool of the Awujale.

The family explained that the three units successfully conducted the nomination exercise on January 16, 2026, and forwarded the names of their nominees through the appropriate traditional process.

However, they alleged that the breakaway unit, led by Prince Adeleke Adeyemi, one of the contestants to the throne, and his associates had subsequently embarked on activities aimed at challenging the authority of the recognised leadership of the ruling house and frustrating the conclusion of the process.

Adeyemi, in the letter, was alleged to have convened meetings purportedly in the name of the Olori Ebi of the Otunba Oladokun Ajidagba Unit, despite lacking the authority to do so.

The petitioners further alleged that Adeyemi, in collaboration with one Ridwan Oduneye, constituted a purported ‘Fact Finding Committee’ which, according to them, was aimed at damaging the reputation of the recognised leaders of the Fusengbuwa Ruling House.

They appealed to Governor Abiodun to resist any attempt by individuals or groups to divide the ruling house, insisting that the recognised leadership enjoyed the support of the majority of members and people of Ijebu-Ode.

‘We are reliably informed that the Adeleke Adeyemi’s illegal and unlawful breakaway unit has commenced entering into correspondence with Your Excellency and government for the purpose of seeking recognition, legitimizing their obnoxious activities and overturning all the successful attainments we have so far achieved in completing the candidates’ nomination and forwarding same to the Afobaje as acclaimed by all stakeholders.

‘The aim of these renegades is to precipitate crises and deny our Ruling House from producing the next Awujale and Paramount Ruler of Ijebuland, which God and our ancestors would not allow. We are convinced beyond every iota of doubt that they are being used.

‘We are, therefore, earnestly urging Your Excellency not to accommodate nor have anything whatsoever to do with this illegal and lawless group and other rebellious groups that may raise their ugly heads under one guise or the others now or in the near future.

‘We do not doubt that Your Excellency would have seen that the genuine Fusengbuwa Ruling House and the large majority of the people of Ijebu Ode are firmly in our support as the lawful leaders of Fusengbuwa Ruling House and have largely expressed their expectation that Your Excellency will not collaborate nor accommodate or tolerate any dissident or rebellious group to divide, damage and or destroy our Ruling House.

‘We passionately urge Your Excellency to discountenance these distracting and destructive elements and direct the Afobajes to return to and complete their assigned role in this historic process. We earnestly pray that you remain on the side of history as we remain your loyal, law-abiding and respectful citizens,’ the petitioner added.

Despite a sharp increase in financing to Nigeria’s agricultural sector, the capital growth has not yet translated into a commensurate expansion in productive capacity, a new report by Regius Capital Limited has said.

The report, titled Financing Nigeria’s Agriculture: What Five Years of Credit, Capital and Output Data Reveal, examined formal agricultural financing between 2021 and the first half of 2026, covering bank credit, capital-market instruments, development finance institutions, private capital, public interventions and guarantees.

According to the report, bank credit to agriculture rose from about N1.46 trillion at the end of 2021 to N3.81 trillion by January 2026, while identified agrifood capital-market issuance between 2020 and the first half of 2026 stood at about N1.73 trillion.

However, Regius Capital said the increase in financing needed to be assessed against actual productive capacity, food demand and trade, rather than funding volumes alone.

It noted that Nigeria’s agricultural GDP reached about N103.9 trillion in 2025, while the annual household food bill was estimated at N82 trillion.

The report cautioned that the sharp rise in nominal agricultural output should not automatically be interpreted as equivalent growth in real production, noting the effects of inflation, commodity prices and foreign exchange movements on headline figures.

On trade, it said Nigeria recorded about N5.07 trillion in agricultural exports and N4.76 trillion in agricultural imports in 2025.

It added that higher export earnings could sometimes reflect increases in global commodity prices rather than significant increases in physical export volumes, while continued reliance on agricultural imports pointed to opportunities for greater domestic production and processing.

Regius Capital also observed that institutional capital remained concentrated in agricultural businesses with scale, audited financial statements, identifiable cash flows, assets and established off-take arrangements.

It said primary production and other upstream activities remained significantly underrepresented in the tracked public-market financing space.

The report therefore called for innovative financing structures capable of making a wider range of agricultural projects investable.

It identified consortium-led project special purpose vehicles, blended and catalytic capital, guarantees and credit enhancement, milestone-based financing, longer-tenor project debt, commercial paper for working-capital cycles and aggregation of fragmented operators as possible solutions.

The firm concluded that Nigeria’s agricultural financing challenge was not only a question of insufficient capital but also a structuring problem.

It said future growth would depend on the volume of capital available, where it was deployed, the tenor and cost of financing, and the ability to transform agricultural value chains into bankable investment opportunities.

The Oyo State Government has appealed to the two factions embroiled in the protracted dispute over the installation and recognition of the Babaloja-General of Oyo State, Alhaji Asiwaju Yekini Abass Oladapo, to withdraw the matter from court and embrace dialogue in the interest of peace and unity among traders.

The Commissioner for Investment, Trade, Cooperatives and Industry, Prof. Salihu Abdulwaheed Adelabu, made the appeal when he received representatives of the two factions in his office in Ibadan.

The meeting came against the backdrop of the ongoing legal dispute and a referendum being conducted by the Market Leaders’ Council, which is being monitored by the ministry.

Adelabu said the government was interested in ensuring that traders operated as one united body so they could benefit fully from government programmes and interventions, particularly as the present administration approaches the end of its tenure.

He noted that several prominent individuals had intervened in the dispute without achieving a lasting resolution, stressing that the contending parties must now demonstrate a willingness to resolve their differences.

According to him, the government had opted for persuasion rather than coercion in resolving the matter.

The commissioner said the Department of Trade would formally communicate the government’s appeal to both factions and request official evidence of the withdrawal of the case for proper documentation by the ministry.

He, however, warned that the government might be compelled to take appropriate steps if the parties failed to act on the appeal after consulting their respective lawyers.

Responding, the government-recognised Babaloja-General of Oyo State, Alhaji Asiwaju Yekini Abass Oladapo, supported the commissioner’s call, urging the traders to openly discuss their concerns and work towards resolving their differences.

Oladapo said he remained committed to ensuring that his administration was peaceful and united.

Also speaking, the Babaloja of Bodija Market, Ibadan, Alhaji Jimoh, who is backed by the other faction, commended the commissioner for his intervention.

Jimoh urged the traders to look inward, make the necessary amends and restore unity within the trading community.

The meeting was attended by Babalojas and leaders of various traders’ and market associations across the 33 local government areas of the state.

At the meeting, representatives of the two factions agreed to work towards withdrawing the case from court and pledged to make room for peace and unity among traders in Oyo State.