Category: Nigerian Tribune

Every recession arrives with a familiar, thunderous soundtrack: widespread panic in financial markets, fear echoing through public conversations, and a chorus of voices declaring economic collapse. Yet, throughout history, downturns have never signaled the death of wealth; they have only marked the end of specific types of wealth. Money does not simply vanish into thin air-it shifts, reorganises, and migrates toward the places where value is most concentrated at any given moment.

As we have seen in an earlier edition, a recession is not a disappearance of money or resources, but a redistribution of them.

Those who grasp this fundamental economic truth about how value moves do not retreat during a downturn. They step forward. They reframe, adapt, reposition, and, above all, take ownership and responsibility for outcomes. The path through an economic storm requires a decisive shift in mindset: a call to own land, own a business, own a skill, own a clear value proposition, and own your future. Ownership remains the single most powerful tool for thriving instead of merely surviving when the financial climate turns harsh.

The belief that wealth completely diminishes or becomes scarce during a recession is one of the most enduring economic myths. Capital does not evaporate into thin air; it simply changes hands. It moves steadily toward those who make themselves indispensable, resourceful, and focused on solving real-world problems. A recession is not defined by an absence of money, but by its reallocation. This explains why one individual can lose everything in a market slump while another acquires lasting assets. The difference between those outcomes is rarely a matter of luck. Rather, it is a matter of value alignment. And meaningful value alignment always begins with ownership.

Ownership is the foundation of economic stability. In his book, ‘The Mystery of Capital’, Hernando De Soto opines that poverty in the developing world is not because there are no resources but because of a lack of capacity to convert assets to capital. This is largely so because many homes and lands have no title deeds that assign ownership.

In many faith-based and philosophical communities, the concept of ownership is often misunderstood. People are frequently taught that we came into this world with nothing and we own nothing but are merely stewards. While well-intentioned, this view remains incomplete. True stewardship cannot exist without a prior foundation of ownership. Stewardship is the act of management, but ownership is the acceptance of ultimate responsibility.

A recession punishes passivity while rewarding active responsibility. This makes ownership essential during tough times. What you truly own, you have the power to grow, leverage, and multiply. Ownership grants you a seat at the table when resources and opportunities are being redistributed.

Ancient wisdom and historical patterns repeatedly reinforce the fact that ownership comes before stewardship. Like Adam in Eden, when a person is entrusted with a garden or a domain, the mandate is clear: cultivate, guard, shape, and develop it. Effective stewardship flows naturally after one embraces full responsibility for and owns an assigned task.

Consider the classic parable of talents. The unfaithful manager failed not because he lacked raw ability, but because he lacked a sense of ownership. He buried his resource in the dirt and blamed his master for his own fear-driven inaction. His response to his boss betrayed his heart: ‘I knew you were a hard man…’ Blame is always the language of those who refuse personal responsibility.

Conversely, faithful managers embrace ownership entirely. They take full accountability for what has been entrusted to their care. Multiplication is the natural harvest of accepted responsibility, and an economic downturn quickly exposes the difference between those who bury their potential and those who expand it.

To give meaningfully to others, one must first possess something of value. Just like you cannot give what you do not have, you cannot steward what you have not first owned, nor can you multiply what you refuse to embrace. An economic downturn presents a crucial moment to build, acquire, and take charge of a tangible asset or take responsibility for solving a problem. When the economic tide eventually turns-as it always does-those who hold true ownership are best positioned to lead, influence, and uplift those around them.

History demonstrates that economic downturns open rare doors of opportunity that rarely exist during periods of stability. Real estate becomes more accessible, existing enterprises seek new leadership or partners, specialised skills command higher premiums, and market barriers fall as established competitors thin out. A recession is not a closed door; it is an open gate. The real question is never whether opportunities exist, but whether you are positioned to seize them. As a traditional Yoruba proverb reminds us, a shared feast offers little joy if no one brings a dish to the table. A downturn is the ultimate moment to bring something valuable of your own.

The origin of the word ‘salary’ traces back to the Latin salarium-referring to the salt paid to Roman soldiers based on their rank, which they would later exchange for currency. Sweat, fittingly, tastes like salt. In modern terms, a salary represents what an asset owner has decided your sweat and time are worth.

During a recession, business owners often adjust compensation downward or cut overhead to protect their core assets, even while increasing prices, leaving traditional employees to absorb the financial shock. Because of this, relying solely on standard employment is rarely a complete, recession-proof strategy. Employment works best as a training ground for future ownership, rather than a permanent substitute for it.

To increase your return, you must elevate your baseline value. Upskill, expand your knowledge, and deepen your capabilities. Ultimately, economic resilience favours those who own an asset, a brand, or a solution.

In a recession, there are five areas in which you should seek to exercise ownership. The first is land. Real estate remains one of the most reliable forms of long-term stability and future appreciation, because God is not creating more.

Own a business and be willing to start small. Nimble, adaptable small enterprises can thrive during downturns by staying close to customer needs and pivoting quickly.

Third, own a skill. High-value skills travel across industries, scale easily, and compound in worth over time.

Own a Value Proposition. Conversations sometimes reveal needs. Listen to the environment to identify pressing problems and create reliable solutions. Genuine value attracts capital, even in lean economic times.

Finally, own your niche. Focus on your specific expertise, voice, and unique contribution.

Ownership is not strictly physical; it can be intellectual, creative, or relational. Resourcefulness is key and will always outperform resources.

Even in employment, have the mindset of an owner. Employees often focus on assigned tasks; owners focus on overall outcomes. Employees measure hours spent; owners measure value delivered. Employees look for instructions; owners search for possibilities.

Adopting the mindset of an owner-even before you acquire physical assets-provides an immediate advantage. Ownership is ultimately a framework of thought. It is the foundation upon which effective management, sustainable growth, and genuine generosity are built.

A recession is not an insurmountable threat. It is an economic transfer, an open window, and a clear invitation to take charge, build strategically, and multiply your efforts. You cannot manage or deploy what you do not own, nor can you thrive in challenging times without accepting responsibility for your path.

Obi, a 2023 Labour Party (LP) presidential candidate and former governor of Anambra State, made a solidarity appearance at the event, assuring that while the campaigns were already in motion, opposition candidates were also prepared to support any of them who eventually became the president next year.

APM’s national leader and 2027 Bauchi-South senatorial candidate, Senator Bala Mohammed; Oyo state Deputy Governor, Adebayo Adeleke Lawal; the party’s vice presidential candidate, Mr Lawal Daura; the National Secretary, Chief Ayodele Adebayo; a former Minister of Women Affairs, Mrs Zainab Maina; and former governor of Niger state, Dr Babangida Aliyu, were among the dignitaries as the Oyo governor made his speech.

Makinde told the gathering that he was on a mission to reset Nigeria and engage Nigerians in a ‘conversation about the future’ of the country.

According to him, the campaign, tagged, ‘Reset Nigeria’, was designed to give Nigerians a voice in shaping the country’s future.

‘Today, we are not just opening a campaign office. We are opening another door for Nigerians to join the conversation about the future of our country,’ he told his supporters.

On petroleum pricing and the raging debate on fuel subsidy, Makinde clarified that his position on the pricing of crude oil for domestic refining should not be interpreted as a call for the return of fuel subsidy.

‘That is not my position (return of fuel subsidy),’ the Oyo governor stressed, arguing that crude produced in Nigeria should not be priced for Nigerian refineries as though it had been imported from outside its shores.

The presidential candidate noted that Nigeria’s crude oil must provide ‘a real and measurable benefit to Nigerians’, adding that such benefit should be built into the system through the price at which crude is supplied for domestic refining, rather than through ‘opaque interventions’ after costs and inefficiencies had accumulated.

The governor also demanded greater transparency across the petroleum value chain, covering crude production and allocation, refining, transportation, distribution, taxes and retail margins.

‘Nigerians should know what they are paying for, who receives what and where inefficiencies are increasing the final price,’ he told the session, highlighting the policy focus of his administration should he win the election next year.

The governor said resetting Nigeria also meant ending corruption and making government accountable for its decisions and use of public resources.

‘It means that government must show its workings,’ he said, stressing that improvements in the country’s wealth must translate into better living conditions for Nigerians.

Makinde dismissed suggestions that his campaign was insignificant, recalling that he faced similar doubts when he first sought to become governor of Oyo years back.

‘When they say today that this campaign does not count, I do not take it personally,’ he stated, arguing that dismissing the campaign amounted to dismissing the hopes of millions of Nigerians struggling with rising prices, unemployment, high business costs and other economic difficulties.

‘But we count. Our voices count. Our experiences count. Our ideas count. And, together, our votes will count,’ he said.

The governor commended and acknowledged the presence of Peter Obi and other opposition personalities from the Tanimu Turaki-led faction of the Peoples Democratic Party (PDP), explaining that it reinforced the unity among the opposition to bring change to Nigeria in 2027.

Opposition not desperate, we want Nigerians to make their choices, says Obi

In his goodwill message, Obi told the session that the opposition was not desperate for power ahead of the 2027 presidential election, stressing that Nigerians should be allowed to freely choose their preferred candidate.

Obi, who declared that Makinde was qualified to contest the presidency, said the opposition was more interested in giving Nigerians the opportunity to make their choice than in pursuing power at all costs.

‘What we are doing today is to show you that, for us, we don’t have desperation. We want the people of Nigeria to make their choice,’ the former Anambra governor stated.

He added that whoever emerged winner in a free, fair and credible election would receive the support of other political actors to rebuild the country, saying, ‘Whoever they choose, all of us will come together to build a new Nigeria.’

‘We can’t all continue the way we are going today. Our people are hungry. Our people are poor. Our people are insecure. Whoever wins, genuinely, from a free, fair and credible election, we all want to work together to save this country from collapse.’

The NDC presidential candidate further stated that the opposition was seeking to introduce a new political culture centred on addressing the challenges confronting Nigerians rather than engaging in political quarrels and disagreements.

‘Let our quarrel be to feed our people. Let our quarrel be to pull our people out of poverty. We want a Nigeria where a child of nobody can be somebody without knowing anybody…

‘I assure you that we remain united in our rescue for our dear country, Nigeria.’

Makinde/Daura will tackle insecurity, poverty – Dantalle

Meanwhile, the National Chairman of APM, Mr Yusuf Dantalle, said the Makinde/Daura ticket would address insecurity, poverty and other challenges confronting the country if elected into office next year.

He pointed out that the turnout at the inauguration reflected growing demand for leadership anchored on competence, accountability and concern for the welfare of citizens, the type only the APM could guarantee in the present circumstances of the country.

Dantalle said Makinde’s record as governor of Oyo state demonstrated his capacity to lead at the federal level, noting, ‘Be rest assured that Makinde will be President to all Nigerians as he has ably demonstrated as Governor of Oyo state.’

On the choice of Daura as running mate, the chairman explained that he was chosen partly because of his security background as a former Director-General of the Department of State Services (DSS).

‘With a competent vice presidential candidate, Daura, who once headed a critical security service in the country, insecurity will be tackled head-on’, Dantalle added.

The governorship candidate of the Peoples Redemption Party (PRP) in Bauchi State, Senator Shehu Buba, has accused his political opponents of circulating manipulated videos in an attempt to link him with alleged bandit kingpins.

Buba, who is representing Bauchi South Senatorial District, said the videos being circulated on social media were fake and had been deliberately presented out of context to damage his reputation ahead of the 2027 elections.

The former Chairman of the Senate Committee on National Security and Intelligence, in a statement issued in Abuja, said he had neither sponsored bandits nor hosted bandit kingpins in his residence.

He described the campaign as ‘a coordinated’ attempt to tarnish his image, urging those making the allegations to present any credible evidence to relevant authorities rather than resorting to social media claims.

Buba said he had already commenced legal action against individuals behind the alleged manipulated materials, including proceedings before courts in Nigeria and the Court of First Instance in Niger Republic.

He said: ‘My decision to leave the All Progressives Congress (APC) for the Peoples Redemption Party (PRP), under whose platform I am pursuing my gubernatorial aspiration, should be debated on policies, competence and vision-not on fabricated allegations.’

According to him, his public record remained open to scrutiny, but such scrutiny must be based on verifiable facts.

‘I welcome scrutiny, but scrutiny must be fair. I do not claim immunity from scrutiny. As a Senator, a former Chairman of the Senate Committee on National Security and Intelligence, currently chairing the Senate Committee on Livestock and Animal Husbandry, and now a gubernatorial candidate, I recognise that my actions and associations will be examined. That is democracy,’ he said.

Buba argued that legitimate criticism should not be confused with what he described as blackmail or deliberate character assassination.

‘There is a difference between investigation and fabrication, between criticism and blackmail, and between political opposition and deliberate character assassination,’ he added.

The senator also explained why he had initially refrained from responding to the videos, saying his previous responsibility in the Senate required discretion on matters relating to national security.

He said his two-year tenure as chairman of the national security committee exposed him to sensitive intelligence and engagements whose details could not always be made public.

‘National security demands discretion. Operational successes cannot always be publicised without jeopardising ongoing efforts, exposing sources or endangering individuals and communities involved in sensitive interventions,’ he said.

Buba said his approach to insecurity had involved both military action and non-kinetic measures, including community engagement, dialogue, intelligence gathering, deradicalisation and confidence-building.

‘Nigeria cannot defeat insecurity by military force alone. Sustainable security requires winning the trust of vulnerable communities, strengthening local intelligence networks and creating pathways for cooperation with legitimate authorities,’ he said.

He added that some of the security interventions he participated in could not be publicly discussed because doing so could expose intermediaries and other individuals involved.

On the viral videos, the senator appealed to journalists, editors, fact-checkers and civil society organisations to independently investigate their origins and authenticity.

The shift represents one of the most significant changes to Nigeria’s gaming sector in decades, with implications for operators, bettors, and government revenue alike. For the millions of Nigerians who place bets each week, and for the operators who serve them, the ground has fundamentally moved.

The ruling that changed everything

On 22 November 2024, the Supreme Court delivered a judgment that effectively dismantled the National Lottery Regulatory Commission’s authority to regulate betting nationwide. The court held that lotteries, betting, and gaming do not fall within the federal government’s legislative competence, but rather sit within the residual powers of the states. The National Lottery Act, once the industry’s national backbone, was confined to the Federal Capital Territory alone.

The practical effect was immediate. The federal licensing regime that operators had relied on for years no longer held the authority it once did. In its place emerged a patchwork of state-level regulators, each empowered to license and oversee betting within its own borders.

Lagos, unsurprisingly, moved fastest. As the commercial heart of Nigeria and home to the largest concentration of bettors, the state positioned itself as the reference point for the new era. Other states followed, and today more than 20 have established or activated their own gaming authorities.

A patchwork of regulators

The new reality is that there is no longer a single door an operator can walk through to become licensed across Nigeria. An operator wanting to run a fully compliant nationwide service now faces a fragmented landscape where each state sets its own rules, fees, and requirements.

This has created both opportunity and confusion. States now compete to attract operators, seeing gaming licences as a fresh source of internally generated revenue at a time when many are under fiscal pressure. For states, a thriving licensed betting sector means tax income, job creation, and a share of an industry Nigerians participate in enthusiastically regardless of the regulatory backdrop.

But for operators, the fragmentation raised hard questions. Must a bookmaker obtain a separate licence in every state where it wants to accept customers? For an online operator whose customers could be anywhere in the country, that prospect was daunting and expensive.

The reciprocity solution

Recognising this challenge, a group of state regulators moved to create a workaround. A coalition of states formed the Federation of State Gaming Regulators of Nigeria, designed to bring coordination to the fragmented system. It introduced a reciprocity framework allowing an operator licensed in one member state to operate across all member states under a single certificate.

The idea is elegant in principle: rather than forcing operators to collect dozens of individual licences, the framework lets a licence granted by one participating state be honoured by the others. For online operators in particular, this offers a path to serving a broad national audience without navigating separate bureaucracies in every state.

The catch is that the framework only covers states that have joined the federation. Operators still face uncertainty in states that remain outside it, and the system continues to evolve as more states decide whether to participate.

The federal challenge that failed

For a time, it seemed the states’ newfound authority might be short-lived. At the federal level, lawmakers pushed the Central Gaming Bill 2025, legislation designed to create a central gaming commission and reclaim national oversight of online and remote gaming. The bill argued that because online gaming travels over telecommunications networks, a matter on the federal Exclusive List, the medium itself justified federal jurisdiction.

The bill cleared both chambers of the National Assembly in early December 2025, and for a moment the prospect of a recentralised national regulator looked real. State regulators reacted furiously. The Federation of State Gaming Regulators condemned it as an affront to the Constitution and the authority of the Supreme Court. Lagos State’s Attorney-General, Lawal Pedro, SAN, memorably described it as a ‘voyage of unconstitutionality,’ warning that it violated the 2024 judgment and threatened state revenue.

Then came the decisive moment. President Bola Tinubu declined to assent to the bill, publicly citing his commitment as a constitutional democrat. With that refusal, the federal attempt to reverse the Supreme Court’s ruling collapsed. The state-by-state framework was no longer a transitional phase awaiting federal correction, it had become the settled order.

What it means for bettors

For the ordinary Nigerian bettor, the regulatory upheaval has mostly played out in the background. Betting continued largely uninterrupted throughout the transition. But the changes carry real implications for consumer protection.

A properly licensed operator, whether under a state authority or the reciprocity framework, is subject to oversight, dispute-resolution requirements, and responsible-gambling obligations. Bettors placing money with licensed operators enjoy protections that unlicensed platforms simply do not provide.

This matters because the Nigerian market has always included a significant number of foreign-based operators serving local customers. Some of these international betting sites hold Nigerian licences and comply fully with the state framework; others operate from abroad without local authorisation. For bettors, the distinction is important, a licensed operator offers recourse if something goes wrong, while an unlicensed one may offer none. Resources that track which international betting sites are properly licensed to serve Nigerians have become genuinely useful tools for consumers trying to navigate the new landscape safely.

An industry that found its feet

What emerges from all this is a picture of an industry that has weathered a period of profound change and come out the other side with a clear, if complex, new order. The old national system is gone. The state-based framework reinforced by a reciprocity arrangement among participating states and, crucially, by the failure of the federal bill is now the established reality.

For Nigeria’s states, the prize is a share of a large and growing industry. For operators, the challenge is navigating a fragmented but now-stable system while remaining compliant. And for bettors, the enduring lesson is a simple one: the protections that come with a licensed, regulated operator are worth seeking out, whatever the regulatory weather.

Nigeria’s betting industry has always adapted quickly to change. This transformation driven not by market forces but by a constitutional reinterpretation, and cemented by a president’s refusal to undo it may prove to be the most consequential yet.

Pensioners of the Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti (BOUESTI), have appealed to Ekiti State Governor, Biodun Oyebanji, to urgently intervene in the payment of their outstanding pensions and other entitlements.

The pensioners, under the aegis of the BOUESTI Pensioners Association, made the appeal in a letter dated 7 September 2026, addressed to Governor Oyebanji in his capacity as Visitor to the institution.

The letter was signed by the association’s Chairman, Dr Kola Ajaja, and its Public Relations Officer, Mr Alao Odeyemi.

The association said its members were facing severe hardship following the non-payment of their August 2026 pension, while only 50 per cent of the July pension had been paid.

According to the pensioners, the delay had subjected members to financial hardship, ill-health and, in some cases, untimely deaths, particularly as many depend on their monthly pensions for medication and basic welfare.

The association also alleged that the university management was heavily indebted to pensioners over outstanding gratuities, arrears arising from the new minimum wage and the 20-28 per cent pension increase.

It further accused the institution of failing to implement the 2019 consequential adjustment in pension for its retired workers.

The pensioners therefore urged the governor to use his office to ensure the immediate payment of their outstanding entitlements.

Their demands include: full payment of the August 2026 pension; payment of the remaining 50 per cent arrears of the July pension; settlement of arrears arising from the new minimum wage and the 20-28 per cent pension increase; implementation of the 2019 consequential adjustment in pension; and payment of outstanding gratuities.

‘We have chosen to send this appeal to you rather than embark on public protests because we believe that you will answer our prayers with utmost urgency,’ the pensioners said.

The association said prompt intervention by the governor would enable its members to meet their healthcare and other basic needs and prevent further avoidable deaths.

I cooked this piece’s title from Alice Urquhart Fewell’s ‘Soups for the Sick’ published in 1920. I went for it after I found William Bascom’s ‘Yoruba Cooking’ (1951) very inadequate for my lessons on what has been happening in the kitchen of Nigeria since the current chef took over.

President Bola Tinubu met the 36 states broke, sick and malnourished. He thought of what to do. His diviners whispered the solution in his ear. They took him into the kitchen and showed him how it is done. And he did just as he was told. One dollar that gave Muhammadu Buhari N470 started giving him N1,500. Like Orunmila who rejoiced and danced after achieving a major spiritual breakthrough, Tinubu went back to his diviners; he ‘praised his priests and his priests praised Olodumare.’ What was not enough now abounds in excess.

One day in February 2025, Tinubu told his APC state governors to their faces that monthly allocations to their states had tripled under the watch of his wizard: ‘If you were getting N40 billion before, you’re now getting N120 billion.’ February 2025 was not the first time the President would count increased FAAC money as a product of his genius. He and his government have repeatedly driven that nail into the vulnerable heads of the governors. In July this year, he told some obas from Oyo State that ‘states are taking four to five times more money than in the past.’ He took the credit for that, describing the billions as ‘the money I am pushing to the states’. That is very true. But truth sometimes has adjectives.

Alice Urquhart Fewell’s ‘Soups for the Sick’ is a century-old five-page recipe for feeding the infirm: plenty of water, a little meat and bone, then hours of simmering to extract whatever nourishment is left. That appears to be the manual our chef read backwards. The man poured a bucket of water into the family pot of soup. Now the pot is full and everyone has something to lick and drink. But has anyone been better fed?

Who would tell the chef that what he cooked was a pot of conflict between nominal abundance and real nourishment? Could that be why he repeatedly supplements his own 52.68 percent share with borrowing and more borrowing? Drum makers grapple with exactly that problem when the hide is not enough to cover the face of the talking drum. You may stretch the hide, but stretching does not create more leather; it only makes what you have thinner and more vulnerable to rupture.

If you are a Tinubu person and you insist that volume is nourishment, maybe you should read Franz Kafka’s ‘A Hunger Artist’ (1922); you may also go a little further back and read Knut Hamsun’s 1890 novel ‘Hunger’. Check their protagonists and their encounters with water.

What is the way out? Nigeria’s problem is not the quantity of the medicine but the appropriateness of the prescription. Someone should tell the self-adulatory to stop beating his chest of bare bones. The right diagnosis should prescribe the right medicine. If we do it the way it should be done, it will turn out the way it should. The way we pound boiled yam is not the way we pound dried yam: pounded yam binds into a cohesive mass; dried yam crumbles into powder (Ìgún iyán kò j? ti èlùb?´; mímú ni iyán n mú, kíkù ni èlùb?´ n kù). Wrong diagnosis and wrong medication are tickets to the theatre of death. Someone should tell the president that his medicines are complications for the sick. The casualties are all over the country.

When you have an almost empty pot of soup and you think the only way to make it go round a hungry household is to pour a bucket of water into it, what you produce is not more soup but more water and a household condemned to perpetual hunger and malnutrition. That is a fitting metaphor for Nigeria’s watery billions.

Governor Lucky Aiyedatiwa of Ondo State has approved the release of N18 million to support vulnerable widows in three local government areas of the state under the second phase of the O’Datiwa Widows Care Initiative.

The intervention, which is aimed at cushioning the effects of economic hardship on widows and their families, was launched on Monday at the palace of the Olubaka of Oka-Akoko Kingdom, Oba Dr Yusuf Adebori Adeleye, in Akoko South-West Local Government Area.

The governor said more than 500 widows drawn from the 15 wards in the local government benefited from free medical checks, drugs and financial assistance under the initiative.

Aiyedatiwa said the programme was part of his administration’s social intervention efforts aimed at providing succour to vulnerable and less privileged members of society.

Represented by the Commissioner for Women Affairs and Social Development, Dr Bosede Osamaye, she said the initiative was conceived by Aiyedatiwa to support widows who had been left to shoulder the responsibilities of caring for their families following the death of their spouses.

Osamaye said the governor had identified widows as a vulnerable group requiring government intervention, particularly in view of the prevailing economic challenges.

‘The Governor has identified this vulnerable group who, as a result of the death of their spouses, are facing several hardships.

‘We have come to engage with them, providing succour as a government to alleviate their poverty in a way we think we can,’ she said.

She explained that the intervention was also designed to help widows build resilience and cope with the responsibility of raising their children and sustaining their households alone.

The commissioner commended Governor Aiyedatiwa and his wife, Mrs Esther Oluwaseun Aiyedatiwa, for their commitment to improving the welfare of vulnerable groups across the state.

According to her, the transparent selection process involved community chiefs, heads and opinion leaders, who assisted in identifying vulnerable widows in their respective communities.

She disclosed that the initiative would be extended to Idanre and Okitipupa local government areas, stressing that the state government was determined to ensure that vulnerable women across the state benefited from the intervention.

The Olubaka of Oka-Akoko, Oba Dr Yusuf Adebori Adeleye, commended Governor Aiyedatiwa for introducing programmes targeted at vulnerable members of society.

The traditional ruler described the intervention as evidence of the governor’s concern for the people, particularly those facing difficult circumstances.

‘Governor Aiyedatiwa’s government is a government that cares for everybody. Nobody is left behind in his laudable programmes,’ the monarch said.

The traditional ruler also appreciated Governor Aiyedatiwa and his wife for choosing Oka-Akoko to flag off the second phase of the initiative.

One of the beneficiaries, Mrs Radiat Temitope, thanked the governor, his wife and the Ministry of Women Affairs and Social Development for the intervention.

She said the free medical services had provided an opportunity for widows who could not ordinarily afford medical check-ups to access healthcare and receive drugs at no cost.

Temitope also said the financial assistance would help beneficiaries meet some of their immediate needs and support their families.

The event was attended by officials of the Ministry of Women Affairs and Social Development, representatives of the Ondo State Contributory Health Insurance Scheme, Hospital Management Board, local government officials, women leaders and other stakeholders.

YOU have repeatedly spoken about Nigeria’s importance to PAPSS. What role has Nigeria played in the development of the system?

Nigeria has been extremely important to the PAPSS journey. Nigeria was among the first countries to come together in support of PAPSS, and it was the first country to chair the Permanent Council of PAPSS. Nigeria continues to provide leadership within the system. So, when we talk about the development of PAPSS, we must acknowledge the role Nigeria has played. I say this not simply because I am Nigerian. I grew up in Egypt, but I believe Nigeria has to rise and take its place in Africa. Nigeria has a very important role to play in shaping Africa’s economic future. The country has one of the continent’s largest economies, a sophisticated financial sector and a very strong technology and fintech ecosystem. In the payments industry particularly, Nigeria has developed innovations that have not received enough recognition. One of the things PAPSS is doing is connecting those innovations with what is happening in other African markets. The objective is to create a payment ecosystem that allows money to move seamlessly from one African country to another.

Why was PAPSS necessary in the first place?

The prosperity of African countries is closely linked to the amount of trade they conduct with one another and with the rest of the world. Trade creates economic value. A farmer produces food, a manufacturer processes goods, a technology company creates a service and businesses sell those products and services to consumers. At every stage, there must be a payment. Therefore, there is no trade without payment. Africa has 54 countries, different economic policies, different regulations and many currencies. Historically, when a Nigerian business wants to trade with another African country, the payment may have to pass through a foreign currency and an international financial institution. That creates additional costs, delays and risks. At the same time, Africa is trying to build a single market through the African Continental Free Trade Area. It does not make much sense to have a continental trade agreement encouraging Africans to trade with one another while the payment infrastructure remains heavily dependent on systems outside the continent. That is why PAPSS was created. PAPSS provides the financial infrastructure that allows African businesses and individuals to make and receive cross-border payments using local currencies. A Nigerian business can initiate a transaction in naira, while the beneficiary in another African country can receive the equivalent amount in his or her local currency. That is a major change in the way African trade can be conducted.

How important is PAPSS to small businesses and informal traders?

It is extremely important. One of the interesting things we have discovered from the data is that PAPSS is gradually capturing what we call informal trade. A large amount of African trade does not necessarily appear in official trade statistics because many small businesses operate outside the formal banking system. For example, a trader from Nigeria may travel to another West African country with cash, exchange the money at the border and then buy goods.

With PAPSS, that trader can go to the seller, make the payment electronically and have the seller receive the money almost immediately. That changes the economics of the transaction. Previously, a supplier could receive a payment and then spend two or three days confirming that the money had arrived before releasing goods. Those two or three days represent lost business time. With instant payments, the supplier receives confirmation immediately and can release the goods. For small businesses, time is money. The faster they can pay, receive goods and sell those goods, the faster they can turn over their inventory. This is why convenience is becoming one of the most important factors driving the use of PAPSS.

What are you seeing from Nigeria’s transactions with other African countries?

Nigeria is already showing the importance of cross-border payment corridors. We have seen significant transactions between Nigeria and Ghana. Interestingly, transactions between Nigeria and Rwanda have also grown strongly and, at certain points, have approached or exceeded the Nigeria-Ghana corridor. We are also seeing significant transactions between Nigeria and Kenya. But what has become particularly important is the demand for transactions between Nigeria and its immediate West African neighbours.

Banks have told us that unless they can transact easily between Nigeria and countries such as Cameroon, Niger and Benin Republic, the system has not fully solved their problem. This demonstrates that payment systems must follow the actual patterns of trade. We are seeing a significant flow of Nigerian goods into West African markets. Traders who previously carried cash across borders are increasingly using electronic payments. That is a very important development because it improves security, reduces the risks associated with carrying cash and creates a digital record of transactions.

What makes PAPSS different from traditional international payment systems?

PAPSS is designed around Africa’s specific circumstances. We are not simply trying to copy an existing global payment system. We are building an ecosystem that connects the payment systems that already exist in African countries. Payment is not only about technology. It is also about trust.

You cannot build a continental payment system by relying only on technology. You need strong governance, central-bank oversight, participating banks, security systems and mechanisms for resolving disputes. PAPSS therefore combines technology with governance. The Payment Systems Oversight Committee includes directors responsible for payments at participating central banks. They have direct oversight of the system. There is also a Management Board with representatives from different parts of Africa. The objective is to make sure that PAPSS reflects African priorities while meeting international standards.

Fraud is a major concern in digital payments. How is PAPSS addressing it?

Fraud management is a critical part of the system. We have built an artificial intelligence-driven fraud-management system that examines transactions and looks for unusual patterns. Transactions go through different checks before they are completed. When a transaction originates in Nigeria, for example, it enters the PAPSS infrastructure, passes through the required checks, reaches the destination country and the beneficiary’s account is credited. The objective is to make the payment instant without compromising security. We have therefore surrounded the technology with governance, compliance and dispute-resolution mechanisms.

How many countries are currently connected, and when do you expect full continental coverage?

PAPSS is expanding rapidly. At the stage covered by this strategy, our target is to close the year with about 38 countries. Our immediate objective is to achieve coverage of about 80 percent of the continent, including all the major economies. Over the five-year strategic period, our ambition is full continental coverage. South Africa remains one of the major economies we are engaging with, and discussions have been positive. We hope it will join the network.

We have also made progress in Central Africa. The recent participation of the Bank of Central African States, or BEAC, is particularly significant because BEAC serves six Central African Economic and Monetary Community (CEMAC) countries. Its participation gives PAPSS an important gateway into Central Africa and Francophone markets. The important point is that we are not just trying to put countries on a list. We want to deepen usage within those countries.

Why is adoption uneven across African countries?

There are several reasons. The first is regulatory support.

In countries where the central bank actively supports PAPSS, adoption tends to be much faster. Central banks have to provide the necessary regulatory approvals for banks and other payment institutions to participate.

The second factor is the strength of the fintech and technology ecosystem.

Nigeria is a good example. Once PAPSS becomes available, fintech companies and banks quickly ask how they can connect to it. The third issue is technology infrastructure. Some African countries have relatively old banking technology. In some cases, we have had to support the infrastructure required to connect those markets to PAPSS. There is also the issue of awareness. A payment system can be excellent, but if businesses and consumers do not know that it exists, they will not use it. We have to do more in this area, and the media has an important role to play. Another concern is that some countries fear PAPSS could undermine regional payment systems they have already invested in. We tell them that PAPSS is not designed to destroy those systems. If a country has a regional payment system that works well for transactions within its region, it should continue using it. PAPSS can then provide the connection for transactions outside that region.

So, PAPSS should be seen as an additional layer that connects existing systems rather than one that replaces them.

What is the importance of Nigeria’s fintech ecosystem to PAPSS?

Nigeria demonstrates what is possible when banking, technology and innovation come together. Once a payment service is integrated into a bank’s digital channels, transaction volumes can rise significantly because customers do not have to visit a branch.

We have seen cases where connecting a bank’s digital channels resulted in transaction numbers increasing three or four times almost immediately. This shows that convenience is a major driver of financial behaviour. The consumer does not necessarily need extensive training. If the service is simple and secure, people will use it. That is one of the lessons Nigeria offers the rest of Africa.

PAPSS has also launched the African Currency Marketplace. Does this replace the proposed Pan-African digital currency?

They are not the same thing. The African Currency Marketplace, or PACM, addresses a specific problem: currency convertibility and liquidity.

PAPSS had already solved part of the payment problem. But we discovered that payments alone were not enough. A company may receive money in another African country but still have difficulty converting or repatriating that money. That creates what we call trapped capital. PACM was developed to enable the direct exchange of African currencies without necessarily passing through hard currencies such as the US dollar. It therefore complements PAPSS rather than replacing the idea of a Pan-African digital currency.

The proposal for a Pan-African digital currency, including stablecoins, remains a broader strategic idea being explored by Afreximbank. Afreximbank President George Elombi raised the issue in October 2025 as part of the bank’s digital transformation agenda. PACM, on the other hand, is already an operational initiative built around African currency exchange. It was launched by PAPSS and Interstellar in 2025 to address the currency-convertibility problem and reduce the costs associated with using hard currencies for intra-African trade.

What about cryptocurrency and stablecoins?

Blockchain and cryptocurrency technologies will play an important role in the future of payments. Stablecoins, in particular, are here to stay. Our objective is not to go around Africa creating stablecoins ourselves. There are already companies working in that space. Our responsibility is to create infrastructure that can bring different forms of money and payment technologies together.

Whether it is traditional fiat money or emerging digital forms of money, we want to be able to support legitimate money flows across African borders. We are therefore actively studying developments in this area.

What impact could an African credit rating agency have on PAPSS and the wider financial system?

I am very excited about the development of an African credit rating agency.

For too long, African institutions have sometimes been assessed primarily through external perspectives that do not always capture the realities of African economies. An African rating institution can help African institutions tell their stories from an African perspective while still applying credible international standards. There is also a capital-flow dimension.

A significant amount of African capital and reserves is held outside the continent. Better understanding of African institutions and markets could help encourage more African capital to remain within Africa and finance development. That would support the broader objective of financial integration.

What have you learned about financial behaviour across Africa?

One of the biggest lessons is that convenience matters enormously. People want to transact quickly, safely and easily. We have also learned that payment corridors matter. When two countries have strong trade, payment volumes tend to follow. Nigeria’s relationships with Ghana, Rwanda, Kenya and other African countries demonstrate this. We are also learning more about informal trade.

Many transactions that were previously invisible to formal financial systems are now becoming visible through digital payment infrastructure. That gives central banks better information about economic activity. We are developing our data capabilities so that we can understand these flows better and provide useful information to regulators and the market.

What is the ultimate goal of PAPSS?

The ultimate goal is to connect Africans.

Africa has about 1.4 billion people. Yet many businesses still think of their market as only the population of their individual country.

If you create a solution for Nigeria alone, you have a large market. But if that solution can work across Africa, the opportunity becomes much bigger.

PAPSS is trying to provide the infrastructure that makes that possible. Our vision is an Africa where a business can sell goods in another African country, receive payment in its local currency and settle the transaction quickly without unnecessary dependence on external currencies or financial intermediaries.

We want a Nigerian business to be able to trade with Ghana, Rwanda, Kenya, Cameroon, Egypt, South Africa and other African markets as easily as it trades within Nigeria. That is why PAPSS is important.

The African Continental Free Trade Area provides the framework for a single African market. PAPSS provides a critical part of the financial infrastructure needed to make that market work. We have already made significant progress in a relatively short period. But our work is not finished. The next stage is about deepening adoption, bringing more banks and fintechs onto the system, connecting more domestic payment schemes, supporting SMEs and making the service more visible to ordinary Africans. The goal is not simply to build another payment platform. The goal is to make it easier for Africans to trade with Africans. That is the real importance of PAPSS.

While the Northwest boasts of the highest number of individual student beneficiaries nationwide, the Southwest, which has the third-highest number of student beneficiaries, recorded the highest total volume of funds disbursed by the agency over its 27 months of operation.

According to the latest statistics released by NELFUND, a total of N355,872,779,439.25 has been disbursed so far. This comprises N192,888,267,439.25 allocated for tuition fees and N162,984,512,000 for students’ monthly upkeep.

The scheme currently covers 1,819,011 students across 319 public tertiary institutions, ranging from colleges of education to universities.

The data across the six zones as of 3 September 2026 showed the highest numbers in the Northwest (450,000), followed by the Northeast (378,103), Southwest (360,000), North Central (324,908), South South (198,000), and Southeast (108,000).

Speaking exclusively to the Nigerian Tribune, the Managing Director of NELFUND, Mr Akintunde Sawyerr, disclosed that the number of beneficiaries and participating institutions continues to grow daily.

He attributed this steady expansion to vigorous nationwide sensitisation campaigns and the pressing financial needs of indigent students.

He noted that the current government, especially President Bola Tinubu, is totally committed to ensuring no Nigerian is again dropped out of school because of lack of money.

Explaining why the Southeast lags in applications, Sawyerr pointed to regional cultural attitudes toward debt and education.

‘People of the Southeast generally prefer not to borrow money for education; that is simply the culture,’ Sawyerr stated. ‘The Ibos traditionally do not believe they should take loans to pay for their children’s school fees. Closely linked to this is the region’s strong entrepreneurial drive. Many believe they can succeed through business and the apprenticeship route, choosing to borrow capital for trade rather than for formal studies. That is the reality on the ground.’

When asked why the Southwest received the highest monetary volume despite not having the highest number of individual beneficiaries, Sawyerr cited varying institutional costs.

‘Schools in the Southwest charge higher fees. For instance, institutions in Lagos charge significantly more than those in northern states like Katsina,’ he explained. ‘Furthermore, courses in specialised fields like medicine and the sciences attract higher fees than arts and humanities. Institutions also price their tuition based on operational costs, such as expensive city land, electricity, rent, and overheads.’

He maintained that the agency would continue to improve in its operations.

The rapid growth of the loan scheme has elicited mixed reactions from education stakeholders, including parents, students, and educators.

While many applauded its impact on access to higher education, others blamed the massive demand on Nigeria’s challenging economic climate.

Several student beneficiaries told the Nigerian Tribune that the fund has saved them from severe hardship.

‘Without these loans, staying in school would have been an extreme struggle. It has brought immense relief to our families,’ one student shared.

Supporting the initiative, the President of the National Association of Nigerian Students (NANS), Akinteye Babatunde, described the scheme as a vital lifeline preventing indigent students from dropping out. Dismissing critics of the loan’s structure, Babatunde reportedly argued that they fail to understand the deep financial struggles of poor families.

He urged other eligible students to take advantage of the interest-free facility.

Parents, however, remain divided. While some express concern over the future repayment burden on their children, others view it as a timely intervention.

The National President of the National Parent Teacher Association of Nigeria (NPTAN), Alhaji Haruna Danjuma, also described the scheme as a highly positive initiative for low-income families, though he cautioned against systemic lapses.

‘It is not every student who has the privilege of rich parents,’ Danjuma noted. ‘Poor students can now access quality education if this scheme is managed transparently.’

However, addressing the overwhelming rush of applicants, Danjuma linked the demand directly to national economic pressures.

‘The massive rush for these loans indicates the harsh state of the economy. Countless parents nationwide are struggling with tuition due to high inflation, job losses and underemployment, making these loans an absolute necessity rather than an alternative,’ Danjuma concluded.

Benue State Government has warned parents and guardians against assaulting, threatening, intimidating or verbally abusing teachers, principals and any other school staff across the state.

The State Commissioner of Education and Knowledge Management, Mrs Margaret Adamu, announced this at a press conference held in Makurdi on Monday.

The commissioner, who rolled out the policies of the ministry, called for renewed commitment to quality education and strict compliance with all the policies.

The state government also warned against any individuals, non-governmental organisations or any other external body having unauthorised access to both private and public schools across the state.

Also, the state government has prohibited the use of mobile phones during school hours as well as extra lessons after regular school hours.

Other policies included ‘barbaric ways of celebrating birthdays’, whereby learners manhandle the celebrants in schools, classrooms and hostels.

The state government also warned against parents and guardians assaulting, threatening, intimidating or verbally abusing teachers, principals or other school staff.

She stated that genuine grievances should be addressed through the appropriate channels.

She said, ‘No NGO, individual, organisation or external body shall enter a school to conduct programmes, activities, research, advocacy or interventions without the appropriate authorization from the Ministry of Education and Knowledge Management.

‘Learners are prohibited from possessing or using mobile phones during school hours, except where specifically authorized for legitimate educational purposes under the applicable school guidelines.

‘Learners are expected to resume school on time, attend classes regularly and remain within authorized school areas. Late coming, truancy and loitering during school hours must be firmly addressed by school authority.

‘Bullying, intimidation, harassment, hazing and ali forms of violence among learners are strictly prohibited. School authorities must establish and maintain safe, respectful and inclusive learning environments.’

The commissioner explained that the policies were designed to protect learners, reduce unnecessary financial burdens on parents, improve discipline, strengthen school management and raise the standard of education in the state.

‘I therefore warn that non-compliance with approved policies and directives will attract appropriate sanctions in accordance with applicable laws, regulations and guidelines.

‘School proprietors, principals and heads of schools are expected to familiarize themselves with all relevant Ministry directives and ensure full implementation. Ignorance of an existing policy will not be accepted as an excuse for noncompliance,’ the commissioner said.

Adamu promised that the ministry would strengthen monitoring, supervision and quality assurance activities across schools in the state to ensure that the policies are implemented at the school level.