Category: Nigerian Tribune

The House of Representatives Committee on Finance has challenged the Securities and Exchange Commission (SEC) to exceed its 2026 revenue target by at least 20 per cent, while commending the capital market regulator for improving its financial sustainability through stronger revenue generation and cost-cutting measures despite operating without government funding.

The commendation came on Tuesday during the National Assembly’s 2026 Revenue Monitoring Exercise in Abuja, where lawmakers reviewed the Commission’s revenue performance and fiscal outlook.

Deputy Chairman of the House Committee on Finance, Hon. Saeed Musa Abdullahi, said the SEC had recorded significant progress in strengthening its finances and urged the Commission to sustain the momentum amid Nigeria’s fiscal challenges.

‘DG, you have done significantly well. We have followed the progress of the SEC over the years and urge you to keep the flag flying. We will continue to celebrate you when you do well,’ Abdullahi said.

Describing the oversight exercise as a performance assessment rather than a fault-finding mission, the lawmaker encouraged the Commission to outperform its revenue projections.

‘You have told us your revenue projection for 2026, but we believe you can do more. We urge you to surpass your projection by at least 20 per cent, or even more,’ he said.

Responding, SEC Director-General, Dr. Emomotimi Agama, defended the Commission’s funding model, noting that the regulator remains financially independent in line with the principles of the International Organization of Securities Commissions (IOSCO), even though it receives no budgetary allocation from the Federal Government.

According to him, the Commission finances its operations solely from income generated through the capital market while continuing to remit funds to the Federal Government.

‘Going by IOSCO principles, the SEC is expected to be financially independent. The government is supposed to provide support for the running of the Commission. However, due to the paucity of funds, all the money used to fund the Commission comes from the market. The SEC does not receive any funding from the government; rather, it pays money to the government,’ Agama said.

He explained that once the Commission’s revenues are lodged in its account with the Central Bank of Nigeria, statutory deductions are automatically made before the SEC can access the balance.

‘When these funds hit our account with the CBN, deductions are made directly by the government. We do not have access to the funds before the deductions are effected,’ he added.

Agama also stressed that the Commission had deliberately avoided increasing regulatory charges on capital market operators to finance its activities, noting that such a move could place unnecessary pressure on the market.

Instead, he said the SEC secured approval from the Minister of Finance to retain 20 per cent of its internally generated revenue through a waiver on statutory deductions, enabling it to meet operational needs without imposing additional costs on stakeholders.

‘We are regulators and are not expected to ask the market for money. With the kind permission of the Honourable Minister of Finance, we obtained a 20 per cent waiver on deductions to ensure our operations are not hindered,’ he said.

In a further boost to market regulation, Agama disclosed that the Commission had secured a grant from the African Development Bank to procure a state-of-the-art market surveillance system. The platform, expected to be deployed later this year, is designed to enhance market monitoring, improve investor protection and align Nigeria’s capital market supervisory framework with international best practices.

The development comes as the SEC intensifies reforms aimed at strengthening market integrity, deepening investor confidence and improving regulatory efficiency under the recently enacted Investments and Securities Act.

The Nigerian Exchange (NGX) reversed Monday’s losses on Tuesday as renewed buying interest across insurance, industrial and consumer goods stocks lifted investors’ wealth by ?481.18 billion, amid growing expectations that the ongoing release of half-year corporate earnings will sustain market momentum.

The benchmark NGX All-Share Index rose by 0.30 per cent to close at 247,984.55 basis points, while market capitalisation increased by the same margin to ?159.99 trillion, pushing the market’s year-to-date return to 59.36 per cent.

The recovery was driven by strong gains in key stocks including HBM Holdings, Dangote Sugar Refinery, Transnational Corporation, Consolidated Hallmark Holdings, Trans-Nationwide Express, and Guinea Insurance, which offset declines recorded by Mansard Insurance, ABC Transport, Jaiz Bank, Meyer Plc, and Mecure Industries.

Market sentiment remained firmly positive as gainers outnumbered losers by about 1.5 to one. Thirty-six stocks appreciated during the session, led by Lasaco Assurance, Linkage Assurance, Trans-Nationwide Express, SUNU Assurances Nigeria, and Consolidated Hallmark Holdings. On the losers’ chart were Meyer Plc, Mecure Industries, ABC Transport, CandI Leasing, Jaiz Bank, and Mansard Insurance.

Sector performance was broadly upbeat, with the Insurance Index posting the strongest gain of 2.33 per cent. The Industrial Goods Index advanced 1.16 per cent, while the Consumer Goods, Banking, and Oil and Gas indices also closed in positive territory. The Commodity Index ended the session unchanged.

Trading activity, however, painted a mixed picture. Total traded volume increased to 676.92 million shares, although the value of transactions fell sharply by 36.32 per cent to ?36.43 billion, while the number of deals declined to 55,412.

Access Holdings Plc emerged as the most actively traded stock by volume, accounting for 87.54 million shares, while HBM Holdings dominated the value chart with transactions worth ?6.83 billion.

The rebound follows a weak start to the week, when profit-taking in several large-cap stocks dragged the market lower. Tuesday’s recovery suggests investors are returning to fundamentally strong counters ahead of a wave of half-year financial results expected from listed companies in the coming weeks.

Analysts said the improving earnings season is likely to remain the key catalyst for market direction, with investors expected to continue positioning in companies anticipated to deliver robust interim results and attractive dividend prospects.

They noted that while trading activity remains selective, positive corporate earnings and resilient investor appetite could help sustain the market’s bullish trajectory in the near term, provided macroeconomic conditions remain supportive.

The First Lady of Nigeria, Senator Oluremi Tinubu, on Tuesday extended the Renewed Hope Initiative (RHI) Food Outreach Scheme to Ondo State, with hundreds of vulnerable residents benefiting from food support aimed at tackling hunger and malnutrition.

The distribution, held at the International Culture and Event Centre (The Dome), Akure, forms part of the Renewed Hope Initiative’s Social Investment Programme designed to improve access to nutritious food and strengthen support for vulnerable households.

Represented by the wife of the Vice President, Hajia Nana Shettima, the First Lady said the intervention underscores the commitment of the Renewed Hope Initiative to reducing hunger, combating child malnutrition and ensuring that vulnerable Nigerians, particularly children, have the opportunity to live healthy and productive lives.

She explained that the Food Outreach Scheme, launched in March 2024, targets persons with disabilities and other vulnerable groups across the country.

According to her, the programme is sustained through monthly donations of two truckloads of food items by the Abdulsamad Rabiu Africa Initiative (ASR Africa) and another anonymous donor, enabling two states to benefit every month.

The First Lady noted that the food items distributed in Ondo State were donated by ASR Africa and described the initiative as a complement to President Bola Ahmed Tinubu’s Renewed Hope Agenda aimed at addressing food insecurity and improving the welfare of Nigerians.

She commended Governor Lucky Aiyedatiwa for his commitment to the welfare of the people of Ondo State and also praised the governor’s wife, Mrs Esther Aiyedatiwa, for supporting the implementation of the initiative in the state.

Speaking at the event, Governor Aiyedatiwa described the programme as another demonstration of the Federal Government’s commitment to poverty reduction and social inclusion.

According to him, the intervention goes beyond food distribution, representing compassion, solidarity and a collective determination to improve the living conditions of vulnerable citizens.

The governor lauded the Renewed Hope Initiative and President Tinubu for prioritising programmes that support the less privileged, adding that Ondo State would continue to align with Federal Government initiatives that improve the well-being of residents.

Aiyedatiwa said the food outreach aligns with his administration’s ‘OUR EASE’ Development Agenda, particularly its focus on promoting the welfare of women, children and families, stressing that food security remains critical to human dignity, education and economic productivity.

He assured residents that his administration would continue implementing policies that improve food availability, affordability and accessibility across the state.

The governor also reiterated Ondo State’s political support for President Tinubu ahead of the 2027 presidential election.

‘We have already declared Ondo State for Tinubu 2027 and we remain unwavering in our resolve to deliver en masse in the Sunshine State for President Bola Ahmed Tinubu’s second term,’ he said.

Earlier, the wife of the governor, Mrs Esther Aiyedatiwa, represented by the wife of the Deputy Governor, Mrs Abosede Adelami, said the food outreach symbolises compassionate leadership and reaffirmed the state’s commitment to collaborating with the Federal Government in expanding social intervention programmes for vulnerable residents.

Also speaking, Managing Director of ASR Africa, Dr Ubin Udoh, said the organisation remains committed to supporting interventions that provide relief, restore dignity and improve the quality of life of vulnerable Nigerians through investments in health, education and social development.

The event attracted top government officials, traditional rulers, religious leaders, security chiefs, members of the Ondo State Executive Council and House of Assembly, as well as representatives from neighbouring states.

The Presidency has again reacted to the trending media interview granted to Channels Television last Sunday by the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi.

Speaking on the live programme, Politics Today, the former Anambra State governor explained his willingness to serve only one four-year term, instead of the two-term, eight-year tenure permitted by the Constitution for a sitting president.

Checks revealed that the former presidential candidate of the New Nigeria Peoples Party (NNPP), Rabiu Kwankwaso, who is from the North-West and is reportedly being considered as Peter Obi’s running mate for the next general election, is already being touted as Obi’s successor in 2031 if the NDC wins the 2027 presidential election.

Reacting to the remarks by the NDC presidential candidate, Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), said Obi’s willingness to serve only one term was a personal arrangement that would shortchange the South-East’s long-standing quest for the presidency.

‘Since the return of democratic politics in 1979, every serious attempt by an Igbo politician to reach the highest office in the land has fallen short. Dr Nnamdi Azikiwe tried under the Nigerian People’s Party. Dr Alex Ekwueme came close within the PDP structure before the 1999 election, only for the political tide to shift decisively in favour of Chief Olusegun Obasanjo. Ditto for Owelle Rochas Okorocha, who came second to late President Umaru Yar’Adua during the 2007 PDP presidential primaries. Other Igbo aspirants have made attempts since then, but none has crossed the final line.

‘That history is not a small matter. It represents decades of aspiration, negotiation, disappointment, and political recalibration. The desire for an Igbo presidency is therefore bigger than Peter Obi. It is bigger than any one politician, party, campaign slogan, or social media movement. It is a national question that requires patience, alliance-building, strategic discipline, and broad acceptance across Nigeria’s major political blocs.

‘This is why Obi’s reported willingness to accept a one-term arrangement should worry serious-minded observers. If Ndigbo have waited this long for the presidency, should their most visible aspirant be negotiating a four-year tenancy in Aso Rock as though the matter is a personal career bargain? Did he consult widely with Igbo political, traditional, business, and intellectual stakeholders before entering such conversations? Did he ask whether a single term satisfies the historic demand for full political inclusion, or did he simply calculate what works best for his own ambition?

‘The question becomes even more relevant when placed against the current political cycle. After eight years of President Muhammadu Buhari from the North, the presidency returned to the South in 2023 through President Bola Ahmed Tinubu.

The broad political understanding in many quarters is that the South should ordinarily complete eight years before power returns to the North. President Tinubu is currently serving his first term and is seeking a second term in 2027. In that context, Obi’s reported pact raises a strategic dilemma for southern politics and, more specifically, for the South-East.’

Nkwocha argued that an Obi/Kwankwaso ticket would not gain enough support in the South-West and the North, claiming it lacks national appeal. He further described it as a poor bargain for the South-East.

‘Should the South-East stake its historic presidential aspiration on a hurried four-year term, or should Ndigbo pursue a broader, more patient, and more sustainable national negotiation that can produce a presidency with stronger legitimacy and a fuller mandate when the political conditions become more favourable?

‘No serious student of Nigerian politics should pretend that the presidency is won by enthusiasm alone. It is won through structure, numbers, alliances, timing, regional understanding, and trust. Obi’s 2023 performance showed that he could energise a movement, especially among young voters and urban citizens. But it also showed the limits of a campaign that could not sufficiently penetrate the North, did not command the South-West, and relied heavily on emotional momentum rather than durable political machinery.

‘For Obi to become president, he would need far deeper support in the North and a meaningful opening in the South-West. At the moment, that path remains narrow. President Tinubu has spent decades building relationships across northern political, religious, business, and traditional networks. He did not begin his northern outreach on the eve of an election. He invested in alliances long before many of his opponents understood the weight of such groundwork. Obi, by contrast, appears to have turned to the North only after discovering that online enthusiasm does not automatically translate into national victory.

‘Even the reported alliance with Kwankwaso is not the magic wand some of Obi’s supporters imagine it to be. Kwankwaso is a significant political figure with a defined base, especially in Kano, but it is doubtful that he possesses the northern reach required to deliver Obi to the presidency. If the price of that limited support is a four-year concession, then Obi may have accepted a poor bargain and dressed it up as strategy.

‘For the avoidance of doubt, the Igbo presidency is not impossible. It is possible, legitimate, and desirable within the framework of national inclusion. But it cannot be achieved through emotional blackmail, hurried bargains, or political shortcuts that isolate the South-East from the major blocs whose support will be necessary. It must be negotiated with seriousness. It must be accepted by a meaningful section of the South-West and the North. It must be built on trust, timing, competence, and national persuasion.

‘That is why Obi may still have a more honourable path before him. He can choose to place the collective interest of Ndigbo above his personal ambition. More importantly, he can support President Tinubu’s completion of the South’s turn in 2027, work with other Igbo leaders to deepen negotiations across the country, and help prepare the ground for a stronger Igbo presidential bid in the future. Such a move would require sacrifice, but politics at its noblest level is not always about who contests now. Sometimes it is about who helps create the conditions for a more sustainable victory later.’

The Ondo State Executive Council (EXCO) has approved a $1.6 million United Nations Industrial Development Organisation (UNIDO) Small Hydropower Project at the Owena Dam and a 7.5-megawatt gas-fired turbine to power government facilities across the state.

The approvals were among decisions taken at the Executive Council meeting on Tuesday, presided over by Governor Lucky Orimisan Aiyedatiwa.

The council also approved the conversion of Rufus Giwa Polytechnic, Owo, to Rufus Giwa University of Agriculture, Science and Technology, ratified 21 infrastructure projects, approved counterpart funding for the ongoing Urban Water Project, and confirmed two traditional rulers.

Speaking on the energy sector, the Commissioner for Energy and Mineral Resources, Engr. Johnson Alabi, said the 350-kilowatt hydropower project would be funded through a UNIDO grant, while the state government would provide a 30 per cent counterpart contribution.

‘The 350-kilowatt small hydropower will be built with a grant from UNIDO, and the state is expected to put a 30 per cent counterpart fund into it,’ he said.

He also announced the approval of a 7.5-megawatt gas-fired turbine to be sited at the Alagbaka Commissioners’ Quarters to provide electricity for government facilities across the state.

‘The essence of that plant is to power all government facilities in Ondo State. We will no longer rely on BEDC or rely on generators anymore. The project has about five months to be completed and after five months it will be commissioned for the use of Ondo State,’ he said.

On his part, the Commissioner for Infrastructure, Lands and Housing, Engr. Abiola Olawoye, said the council ratified about 21 projects previously awarded across the state’s local government areas.

The projects ratified by the council include the construction of Okela-NYSC Camp-Federal Technical College Road, Ikare-Akoko and construction of 27 units of four-bedroom terrace buildings for members of the legislature.

On traditional institutions, the Commissioner for Local Government and Chieftaincy Affairs, Alhaji Amidu Takuro, announced the ratification of the appointment of Prince Adewale Fatusin Richard as the new Onisupare of Supare-Akoko in Akoko South-West Local Government Area among others.

He also disclosed that the Executive Council approved the appointment of Prince Tayo Ajisegiri as the new Olujigba of Ijigba in Akure South Local Government Area, describing Governor Aiyedatiwa as ‘a man who believes in grassroots development.’

Also briefing journalists, the Commissioner for Water Resources, Elder Ayodele Akande, said the Executive Council approved the state’s counterpart funding for the ongoing Urban Water Project sourced from the multipurpose Owena Dam in Igbara-Oke.

According to Akande, ‘The donor agencies have played their own part. Likewise, the state government has now graciously approved the set amount so that the project will not stop and within the timeline it will be completed.’

Briefing journalists after the meeting, the Commissioner for Information, Hon. Idowu Ajanaku, said the duration of the meeting reflected the significance of the decisions reached.

‘If you look at the length of time that was spent, you will know that far-reaching decisions have been taken pertaining to the development of Ondo State, ranging from the area of infrastructure to health, to legal reforms, and more importantly, to the local government,’ he said.

Highlighting the administration’s commitment to grassroots development, Ajanaku said, ‘When you build a family, you build a community. When you build a community, you build a town. When you build a town, you build a state. And that is exactly what we are doing.’

On education, Ajanaku announced the approval of the conversion of Rufus Giwa Polytechnic, Owo, to Rufus Giwa University of Agriculture, Science and Technology.

THE presidential candidate of the African Democratic Congress (ADC), Alhaji Atiku Abubakar, has debunked the claims that there were plans to substitute the name of the party’s governorship candidate in Adamawa State, Engr. Suleiman Umar, with an All Progressives Congress (APC) chieftain in Adamawa state.

He described the allegation as entirely false, malicious and the product of mischief-makers determined to create needless division within the ADC, particularly in Adamawa State.

The Atiku Campaign council gave the clarification in a press release signed by Frank Shuaibu.

The statement said, ‘His Excellency, Atiku Abubakar, has neither initiated nor sanctioned any move to replace any duly nominated candidate of the ADC anywhere in Nigeria.

‘ As the party’s presidential candidate, he has consistently upheld the sanctity of the party’s internal democratic processes and remains firmly committed to respecting the decisions of its constitutionally recognised organs’.

The statement further read ‘We therefore urge our members, supporters and the general public to disregard this baseless propaganda, which is clearly intended to foment unnecessary tension and distract the party from its collective mission. Those peddling these falsehoods are merely advancing narrow political interests’.

‘Atiku Abubakar remains focused on uniting the ADC and leading the party to victory in the 2027 general elections in the county. He will continue to abide by and respect every lawful decision taken by the party in accordance with its constitution and established procedures.

The statement came after the Umar support group staged a protest, accusing the state party leadership in Adamawa for nursing such move.

Meanwhile, the party seems calm following Atiku ‘s statement but some political observers believe that the plan swap of the candidate was a result of political divide between the former vice president of Nigeria and the former SGF who is said to be a brothers

Corroborating the former vice president’s stand, the Director General of Omarana Campaign Organisation, Elder Mark Wosi, disclosed to Nigeria Tribune that all is well and the organization is strategizing on its blueprint plans for Adamawa state that works today and tomorrow.

‘We are the best for Adamawa, they know this, that is why they are trying to create a non existing problems in our party, I can tell you for free, we are on the right track in Adamawa state’, he stated

AS part of constitutional amendments that will strengthen physical planning and regional development, Minister of Regional Development, Engr. Abubakar Momoh, has urged the Nigerian Institute of Town Planners (NITP) to intensify its engagement with the National Assembly.

According to him, the legislative reforms are necessary to improve coordinated planning and support balanced national development.

Speaking during a meeting with the leadership of the NITP in Abuja, the minister urged the institute to advocate the transfer of town planning from the residual legislative list to the concurrent legislative list.

It is believed that the proposed constitutional amendment will strengthen urban planning, improve land use management, and support more sustainable infrastructure and housing development across the country.

According to him, such a constitutional amendment will provide a stronger legal framework for effective physical planning and regional development across the country.

Momoh also responded to the institute’s request for increased recruitment of professional town planners into the federal civil service, explaining that such decisions fall under the responsibility of the Federal Civil Service Commission.

He directed the ministry’s Permanent Secretary to formally document the manpower needs and forward them to the appropriate authorities for consideration during future recruitment exercises.

The minister further encouraged town planning consultants to register with relevant federal agencies to improve their eligibility for consultancy opportunities.

The Leader of the INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has urged President Bola Ahmed Tinubu to refrain from influencing the outcome of the August 15 governorship election in Osun State.

Primate Ayodele, in a statement issued on Monday by his media aide, Osho Oluwatosin, warned that any attempt to manipulate the Osun election or impose a candidate on the people through unlawful means would have negative consequences.

According to the cleric, the Osun governorship election should be allowed to reflect the will of God and the wishes of the electorate.

‘Osun State election is in God’s hands. Let the Presidency stay away from influencing the election in any way because there will be consequences. The President must resist every temptation and counsel that may push him to have a hand in the outcome of the election; it will not end well if the will of God and that of the people are influenced or changed,’ he said.

Ayodele further claimed that the outcome of the Osun election could have implications for the 2027 presidential election.

‘President Tinubu must know that this election has a lot to do with the 2027 presidential election, and influencing it will create a national crisis. It’s better to avoid it by staying away and let God’s will be done,’ he added.

The cleric also called on the Inspector-General of Police and the military to ensure adequate security deployment during the election, alleging that some individuals were planning to instigate violence.

‘Our security operatives must be on the ground during the election because I foresee serious crisis and violence. Some groups have decided and concluded plans to cause trouble in the course of the election, and this can lead to bloodshed if not well handled. The people must be protected at all costs; enough security operatives must be deployed,’ he said.

Ayodele advised Governor Ademola Adeleke to remain vigilant, warning that the election would be fiercely contested.

‘Governor Adeleke must prepare well; the election is going to look like war because his opposition is ready to take him out of the race. It will be an election of money, violence and manipulation. If he doesn’t stand well and stay on alert, even though he is the right person for the people of Osun, he may be rigged out,’ he said.

He also urged the candidate of the All Progressives Congress (APC) to avoid violence and discourage his supporters from engaging in acts capable of disrupting the electoral process.

‘For the APC candidate, the governorship seat isn’t a must; he shouldn’t involve himself or his followers in violence because of the election. No life is worth being wasted because of the governorship position. Whatever the outcome is, take it in good faith,’ he said.

The Kogi State Governor, Alhaji Ahmed Ododo, has appointed the immediate past Speaker of the Kogi State House of Assembly, Prince Matthew Kolawole, as Special Technical Adviser on Legislative Matters.

The Secretary to the Government of the State, Dr Mrs Folashade Arike Ayoade, presented the appointment letter to him in her office.

The former Speaker’s appointment is based on his good track record as a former Speaker and his commitment to the state government.

Governor Ododo’s decision reflects his commitment to assembling a team of seasoned professionals capable of supporting his administration’s development agenda.

By bringing on board someone with Prince Kolawole’s wealth of experience, the governor has demonstrated that competence and proven service remain important considerations in public appointments.

The appointment of Prince Matthew Kolawole as the Special Technical Adviser on Legislative Matters to Kogi State Governor, Alhaji Ahmed Usman Ododo, is a recognition of experience, competence and years of dedicated public service.

Prince Kolawole is not a newcomer to legislative governance. As a former Speaker of the Kogi State House of Assembly, he demonstrated remarkable leadership, political maturity and a deep understanding of parliamentary procedures.

During his tenure, he worked to promote cordial relations between the executive and legislative arms of government, contributing to political stability and effective governance in the state.

His vast experience in lawmaking and public administration makes him well-suited for the advisory role. Legislative affairs require individuals who understand the complexities of governance, policy formulation and stakeholder engagement.

Prince Kolawole possesses these qualities and is expected to provide valuable guidance that will strengthen the relationship between the executive and the legislature.

Beyond his legislative credentials, Prince Kolawole is widely respected for his calm disposition, political inclusiveness and ability to build consensus across party and regional lines.

These attributes will undoubtedly enhance coordination between the government and lawmakers while facilitating the smooth passage and implementation of policies that benefit the people of Kogi State.

The appointment has also been welcomed by many political stakeholders who see it as a reward for loyalty, dedication and unwavering commitment to the progress of the state. It is an opportunity for Prince Kolawole to once again deploy his expertise in service to the people.

As Kogi State continues to pursue sustainable development under Governor Ododo’s administration, the contributions of experienced hands such as Prince Matthew Kolawole will be invaluable.

His appointment is not only well-deserved but also a strategic decision that is expected to strengthen governance, deepen democratic institutions and promote effective collaboration between the executive and legislative arms of government.

Indeed, Prince Matthew Kolawole has earned this responsibility through years of service, and many believe he is well-positioned to justify the confidence reposed in him by delivering quality legislative advisory support to the Ododo administration.

The Cross River State Executive Council, presided over by the Deputy Governor, Peter Odey, on Tuesday, July 28, approved the construction of a state-of-the-art Administrative and Laboratory Complex, complete with staff accommodation, for the National Root Crops Research Institute (NRCRI) Outstation at Mile 6, Obubra Local Government Area to boost food security, agricultural innovation and rural economic transformation.

The State Executive Council described the initiative as a bold investment that will reposition Cross River as Nigeria’s foremost hub for root and tuber research, seed technology and agribusiness development.

The approval followed consideration of a memorandum presented by the Commissioner for Agriculture and Irrigation Development, Hon. Johnson Ebokpo, who informed Council that the initiative is fully aligned with the resolutions of the 47th National Council on Agriculture and the Federal Government’s strategic agenda to strengthen sub-national food security systems.

He emphasised that the project seeks to deepen agricultural research, promote localised seed production and accelerate the deployment of climate-smart farming technologies across the state.

‘This intervention is strategically designed to strengthen agricultural research, technology dissemination and localized seed production ecosystems in order to guarantee long-term food security and stimulate private-sector investment in agribusiness,’ the memorandum stated.

Council observed that Cross River’s enormous comparative advantage in cassava, yam and sweet potato production places it in a unique position to become the nation’s leading centre for root crop innovation. It noted that the Obubra-Ikom agricultural corridor possesses the ideal ecological conditions for varietal trials, certified seed multiplication and the rapid dissemination of improved technologies directly to farmers.

‘The Obubra-Ikom axis remains one of Nigeria’s most productive agricultural belts and provides the perfect environment for scientific research, innovation and commercialisation of improved root crop technologies,’ Council affirmed.

The Council further disclosed that the project would pave the way for the establishment of a cutting-edge seed production platform using Semi-Autotrophic Hydroponics (SAH) technology through a strategic collaboration involving the International Institute of Tropical Agriculture (IITA) and the National Root Crops Research Institute.

According to Council, strengthening the physical infrastructure of the NRCRI Outstation is indispensable to unlocking the enormous opportunities embedded in the partnership.

‘The modernised facility will serve as the critical foundation for producing certified disease-free planting materials, high-yield varieties and improved technologies capable of transforming agricultural productivity across Cross River State and beyond,’ the memorandum explained.

Reaffirming Governor Bassey Otu’s vision of building a resilient, innovation-driven agricultural economy, Council described the project as far more than a physical infrastructure initiative. It said the complex would become an innovation ecosystem where scientific research meets enterprise, creating new opportunities for mechanisation, value addition, input development and commercial agriculture.

‘The facility will serve as a catalyst for private-sector investment, public-private partnerships and youth agripreneurship, while de-risking farming operations and positioning Cross River as one of Nigeria’s most attractive destinations for agricultural investment,’ Council declared.

The Council equally noted that because the NRCRI is a Federal Government institution, the state’s investment would strategically leverage substantial federal interventions and international donor support. It maintained that the project represents a prudent long-term investment capable of generating enduring economic dividends through improved food security, seed system independence, agricultural industrialization and enhanced internally generated revenue.

‘This strategic intervention places Cross River in an advantageous position to attract matching federal resources and global development partnerships, thereby multiplying the impact of the state’s investment,’ Ebokpo noted.

The project, which encompasses site preparation, an administrative complex, modern laboratories, staff accommodation, utilities, fittings and all essential support infrastructure, is expected to commence immediately following the release of funds.

The approval, the Council noted, reaffirmed Governor Otu’s conviction that sustainable development begins with strategic investments in agriculture. ‘This administration remains resolute in building enduring institutions that will outlive the present generation, strengthen food sovereignty, empower farmers, attract investment and secure the future of Cross River State as Nigeria’s agricultural powerhouse,’ Council declared.