Category: The Nation – Nigeria

The House of Representatives has urged the Minister of Finance and Governor of the Central Bank of Nigeria (CBN) to provide to the House, within two weeks, a detailed report of all Federal Government financial interventions, outside Federation Account Allocation Committee (FAAC) extended to States and Local Governments from 2023 to date.

The House said the report must include the nature of each intervention, amount disbursed, disbursement dates, recipient entities, and conditions (if any) attached.

It mandated the Committees on Finance, Inter-Governmental Affairs, and Public Accounts to scrutinise the report upon submission and engage relevant stakeholders to ensure transparency, accountability, and value for money, and report within four weeks for further legislative action.

These resolutions followed the adoption of a motion titled, ‘Call to provide details of Federal Government Interventions to States and Local Governments Outside Monthly FAAC Allocations (2023 to Date) sponsored by Hon. Abdussamad Dasuki.

The House noted that the Federal Government, in addition to the statutory monthly allocations disbursed through the Federation Account Allocation Committee (FAAC), has continued to provide various forms of financial interventions to States and Local Governments to address fiscal challenges and support development initiatives.

The House said it was aware that such interventions include, but are not limited to, budget support facilities, infrastructure funds, ecological and emergency relief grants, and other discretionary or conditional support mechanisms.

It expressed concerns that while these interventions are vital to addressing specific financial and developmental needs at subnational levels, the absence of a consolidated public record of these disbursements may undermine transparency, hinder effective oversight, and limit public accountability.

The House worried that without detailed information on the nature, amounts, beneficiaries, and intended purposes of these interventions, it becomes difficult for the legislature to evaluate their effectiveness, monitor utilization, and ensure alignment with national development objectives.

The House said it was cognizant of the constitutional responsibility of the National Assembly to conduct oversight over public finance and to promote fiscal transparency and accountability across all levels of government.

Cross River Governor Bassey Otu has been conferred with the Champion of Made-in-Nigeria Products award by the Manufacturers Association of Nigeria (MAN) in recognition of his administration’s commitment to the growth and patronage of indigenous products and services.

ýThe award was presented at the 5th Adeola Odutola Lecture in Lagos, where captains of industry, policymakers, and development partners gathered to celebrate contributions to Nigeria’s industrial advancement.

Otu was represented by Deputy, Peter Odey, who received the plaque on his behalf.

ýPresenting the award, MAN President, Francis Meshioye commended Governor Otu’s administration for ‘walking the talk’ on local content development through practical policies and procurement choices that have stimulated domestic manufacturing and created jobs.

‘The Cross River example proves that leadership by example is the most powerful endorsement of the Made-in-Nigeria vision,’ he stated.

ýOdey described the recognition as ‘a validation of Governor Otu’s deliberate and consistent policies to reawaken Nigeria’s productive capacity.’

He noted that the administration’s focus was not merely on consumption but on creating a strong ecosystem where local manufacturers thrive.

‘We have shown preference for locally made goods not out of sentiment, but conviction that Nigeria’s future lies in what we produce,’ Odey said.

ýHighlighting tangible examples of this commitment, Odey informed the Cross River State Government had within two years, procured about 80 vehicles from Innoson Vehicle Manufacturing (IVM), the Anambra-based automobile giant, with 130 pieces already pre ordered

‘This singular action reflects our belief that Nigerian ingenuity deserves the highest level of state patronage,’ he affirmed.

ýGovernor further revealed that the State had also purchased over one hundred tractors from an indigenous manufacturing company based in Kwara State with an additional 220 yet to be delivered to the state government.

‘Our agricultural mechanization drive is proudly supported by Nigerian-made equipment, showing that local manufacturers can compete on quality and reliability,’ he added.

ýOdey said that the administration’s local content drive extends beyond procurement.

‘Several of the roads we have completed-and those ongoing-are being executed by indigenous contractors,’ he said, stressing that such empowerment strengthens local capacity, creates employment, and retains capital within Nigeria’s economy.

ýHe reiterated the government’s readiness to sustain an enabling environment for industry to flourish, noting that tax policies have been reviewed to incentivize local producers.

‘We are building a Cross River where industry, innovation, and investment can thrive. Our bias for homegrown solutions is unwavering,’ the Deputy Governor said.

ý Odey invited MAN to host its 2026 Annual General Meeting in Calabar. ‘Cross River offers not just hospitality but a growing industrial base that reflects the spirit of the Nigerian manufacturer,’ he said, assuring MAN of the state’s full support in advancing the nation’s industrial renaissance.

Senate has passed for second reading, a bill to repeal the Nigeria Social Insurance Trust Fund (NSITF) and the Employees’ Compensation Acts, to enact the Nigeria Social Security Trust Fund Act 2025.

This followed presentation of the general principles of the bill at plenary on Tuesday by sponsor of the bill, Sen. Fasuyi Cyril (APC-Ekiti).

The News Agency of Nigeria (NAN), reports that the bill seeks to consolidate both acts to make provisions for compensations for any death, injury, disease or disability, arising out of or in the course of work in the public and private workplaces.

Fasuyi, while presenting the general principles of said that the bill would consolidate the provisions of both acts into a single comprehensive legislation and establish the Nigeria Social Security Trust Fund.

According to him, the purpose of the consolidation is to harmonise the existing laws on social insurance, employees’ compensation and ultimately eliminate duplication of functions.

He said that the bill would create a unified legal framework for the management of social security in Nigeria.

‘The bill will ensure effective protection of employees in both formal and informal sectors against workplace injuries, disabilities, unemployment, retirement and other contingencies that may threaten their livelihood.

‘The objectives of the bill are to harmonise existing laws by consolidating the provisions of Nigeria Social Insurance Trust Fund Act and the Employees Compensation Act into one unified legal framework.

‘To establish the Nigeria Social Security Trust Fund as a central institution

for management, administration and disbursement of social security funds in Nigeria.’

He said that the bill would expand social protection coverage ensuring that workers in both formal and informal sectors benefit from schemes, while addressing employment injuries, disabilities, unemployment, retirement and health costs contingencies.

Fasuyi said that the bill guaranteed sustainable financing through the pulling of contribution from employers, employees, government and other approved sources for the effective management of

social security.

He also said that the bill has the objective to ensure accountability and transparency by streamlining governance, structure and eliminating duplication of functions in the administration of social security.

Fasuyi said that the bill aligned with international best practices in labour protection, social insurance and consistent with international labour organisation standards and global social security norms.

Supporting the bill, Sen. Adams Oshomole (APC-Edo), said that the bill sought to solve the confusion on management and administration of social security matters.

He said that the bill was consistent with government’s commitment to reduce overhead and avoid internal conflict of jurisdiction by management of social insurance trust fund.

Other lawmakers who supported the second reading of the bill were Sen. Simon Lalong (APC-Plateau, Diket Plang (APC- Plateau) and Victor Umeh (LP -Anambra).

President of Senate, Godswill Akpabio after second reading of the bill, referred it to Committee on Labour, Employment and Productivity for further legislative inputs and to revert back in four weeks.

The Chief of Staff to the President, Femi Gbajabiamila, has emphasized that collective responsibility remains vital to building a healthier and safer Nigeria. He urged citizens to place greater focus on prevention and preparedness as central pillars for strengthening the nation’s public health systems.

This is as the Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, emphasized that investing in infection control, hygiene, and antimicrobial resistance not only saves countless lives but also strengthens the nation’s health system.

Speaking in Abuja on Monday at the 10th anniversary of the DRASA Health Trust, Gbajabiamila commended the organization for a decade of consistent efforts in infection prevention, outbreak response, and health education, describing its work as crucial to Nigeria’s health security and sustainable development.

DRASA Health Trust was established in memory of Dr. Ameyo Stella Adadevoh, who lost her life after bravely containing Nigeria’s first Ebola case in July 2014.

When Liberian-American Patrick Sawyer arrived in Lagos showing symptoms of the virus, Dr. Adadevoh recognized the threat, enforced quarantine measures, and prevented a potential nationwide outbreak sacrificing her own life in the process.

The Chief of Staff noted that no government can tackle public health challenges in isolation, calling on citizens, communities, and civil society groups to work together to strengthen health systems across the country.

‘Government can only do so much. In Nigeria or anywhere else, true progress requires collective effort. Governance is about all of us pulling together,’ he said.

On this, Gbajabiamila described DRASA Health Trust as a model of proactive health engagement, stressing that public health must be viewed as a shared responsibility among government institutions and the wider community.

‘This is what we need, institutions that sensitise people and promote the principle that prevention is better than cure. We must act before problems arise, not after damage is done.

‘Health is wealth, and a healthy nation is a wealthy nation. DRASA embodies preparedness, prevention, and collective responsibility. That’s exactly the mindset Nigeria needs,’ he added.

Gbajabiamila also paid tribute to the late Dr. Ameyo Stella Adadevoh, whose courage during the 2014 Ebola outbreak saved millions of lives. ‘Imagine what might have happened if she hadn’t put others before herself. Her selflessness should inspire us all to act with courage and think beyond our personal interests,’ he said.

On his part, the Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, urged Nigerians to learn from the sacrifice of the late Dr. Ameyo Stella Adadevoh by investing more deliberately in disease prevention and health security.

Pate described Dr. Adadevoh’s courage, which helped avert a catastrophic Ebola outbreak in 2014, as a timeless reminder of how individual responsibility can safeguard an entire nation.

Represented by Dr. Nse Akpan, the Director of Port Health Services at the Ministry commended DRASA for transforming personal tragedy into a national movement for prevention and resilience, noting its achievements in training over 15,700 health workers, mobilizing nearly 100,000 Health Champions, and supporting key health policies.

‘Every naira invested in infection control, hygiene, and antimicrobial resistance saves countless lives and strengthens our health system,’ he said.

Pate urged the government, private sector, and communities to ‘Walk with DRASA’ into its next decade by supporting its plan to train 50,000 more health workers and expand its grassroots network.

‘As we honour Dr. Adadevoh’s heroism, we must all accept that health security is everyone’s business,’ he added.

Earlier, the Chief Executive Officer of DRASA Health Trust, Dr. Niniola Williams, reflected on the organization’s journey since its founding in 2015, describing it as ‘born out of tragedy but built on purpose.’

She recalled the moment that inspired DRASA’s creation: ‘My aunt said, ‘I think I have a patient with Ebola. Don’t tell anyone.’ That decision cost her life but saved millions.’

Dr. Williams said what began as a memorial initiative has evolved into a national institution dedicated to disease prevention and infection control.

‘Over the past decade, DRASA has trained thousands of frontline health workers, equipped hospitals and border posts with infection control skills, and contributed to 28 national and sub-national health policies,’ noted.

She highlighted stories that reflect the organization’s impact, a young Health Champion teaching disease prevention in her church, a nurse transforming her hospital practice after DRASA’s training, and rapid nationwide training during COVID-19.

‘Ten years on, we have grown from a memorial tribute into a national institution shaping how Nigeria prevents disease and protects health,’ she said.

However, Dr. Williams said DRASA’s next decade will focus on building resilient clinics, reliable protocols, and empowered communities through the establishment of the DRASA Academy, a hub for training 50,000 additional health workers and advancing infection prevention and control practices nationwide.

She also announced plans to integrate antimicrobial resistance education into schools, expand youth leadership in health governance, and set up Centres of Excellence in all six geopolitical zones.

‘We are formalizing youth participation so that those who will inherit this system help design it now,’ she said.

As part of the anniversary celebration, DRASA launched its Endowment Fund and premiered a documentary chronicling its decade-long journey.

Dr. Williams urged stakeholders to increase investment in prevention, warning that underfunding could leave Nigeria vulnerable to preventable diseases and misinformation.

‘A Nigeria without DRASA’s support is a Nigeria more vulnerable to disease, panic, and avoidable economic loss,’ she cautioned.

On October 13, 2025, FCMB Group Plc presented the facts behind its ?160 billion public offer to capital market operators, investors, and other stakeholders at the Nigerian Exchange Group (NGX).

The offer marks a critical phase in the Group’s recapitalisation programme designed to strengthen its capital base, retain its international banking licence, and enhance shareholder value in line with the Central Bank of Nigeria’s new ?500 billion capital requirement for international banks.

The Group CEO of FCMB, Ladi Balogun, presented the offer details during the ‘Facts Behind the Offer’ session, showcasing the importance of the capital raise towards building a stronger and more resilient financial institution.

Balogun traced the Group’s history with NGX, highlighting how the exchange has facilitated approximately $863 million in capital raising since the bank’s inception, with recent rounds heavily supported by domestic investors. This confidence from local market participants is especially vital for economic stability and long-term sector growth.

Setting the capital raise against Nigeria’s improving macroeconomic backdrop, Balogun pointed to key indicators such as foreign reserves reaching a 10-year high, inflation dropping to near 20%, and the naira’s appreciation as signs of stability that buoy investor optimism. He projected that lower interest rates and Nigeria’s potential return to emerging market indices would drive increased foreign portfolio inflows and higher valuations, particularly in the banking sector.

Nigerian Exchange Group CEO, Jude Chiemeka, applauded FCMB’s proactive engagement with investors through this transparent communication platform.

He said: ‘We applaud FCMB’s proactive engagement with investors. The financial sector is critical to our economy, accounting for over 75% of daily trading on the NGX and contributing significantly, including ?2.2 trillion in taxes over the last four years.’

Chiemeka highlighted the broader achievements of the exchange, including ?4.6 trillion raised across various asset classes in H1 2025 and sustainability efforts such as green and social bonds issuance in partnership with the International Finance Corporation. He urged FCMB to deepen collaboration with NGX’s X-Academy on corporate governance and investor education, reinforcing the commitment to market development.

Speaking on FCMB’s strong H1 2025 Financial results, Balogun spoke to the restructuring which showed a 23% profit before tax increase and a 20.6% return on equity. He explained that ‘the cost of funds remains high due to the 50% cash reserve requirement, meaning half of deposits earn zero interest. Raising equity helps repay expensive deposits, effectively creating higher yields on that capital.’

He added: ‘Following FCMB’s 2024 capital raise, the bank’s net interest margin rose to 9.1% and return on equity reached the 20% range by mid-year. We expect a similar outcome after the new capital raise closes in November 2025, with funds deployed by Q1 2026 to further reduce fixed deposits.’

The FCMB Group CEO also reiterated Nigeria’s economic milestone, whereby GDP growth has finally outpaced population growth, a crucial shift for poverty reduction. ‘Sustained poverty reduction requires annual GDP growth of about 7%. The Central Bank of Nigeria is driving reforms that have supported this improvement,’ he stated.

Balogun highlighted monetary reforms like the floating of the exchange rate and clearing a $7 billion FX backlog, which have improved foreign reserves and investor confidence. Encouraging shareholder participation, He urged investors, ‘to maintain or increase their investments to avoid dilution,’ signalling a bullish outlook for Nigerian banks under these favorable conditions.

The strong performance of FCMB’s stock, which has surged by 395% since 2020, translating into a 70% compound annual growth rate, combined with the bank’s undervalued price-to-book ratio, signals significant upside potential for investors looking to capitalize on Nigeria’s evolving economic landscape.

The Nigeria Rugby Football Federation (NRFF) is stepping up its grassroots development drive with another round of Trainer Instructor (TI) Coaching Training holding between October 23 and 25 in Abuja.

The three-day programme is designed to equip emerging and aspiring coaches with the technical know-how and practical skills required to strengthen rugby’s foundation across Nigeria. Participants from all 36 states and the Federal Capital Territory are expected to attend.

To be eligible, participants must have completed the World Rugby Ready Course, which emphasizes safe participation and best practices to reduce the risks associated with contact sports. In addition, they must complete two other modules:

Concussion Management for the General Public, ensuring proper care and protocols for players suffering head injuries, and Safeguarding Essentials, introducing vital principles for child and player protection within sports environments.

Speaking ahead of the exercise, World Rugby-certified instructor Wuraola Hussaini highlighted the program’s hands-on approach.

‘This training enables coaches to translate theory into practice. It reflects NRFF’s commitment to improving technical competence and instilling global coaching standards in Nigeria,’ she noted.

NRFF President, Dr. Ademola Are, praised World Rugby and Rugby Africa for their unwavering support and stressed the federation’s focus on structured, quality training.

‘Our mission is to produce coaches grounded in internationally recognized methodologies,’ Dr. Are said. ‘Such programs are essential to achieving our long-term vision of sustainable rugby growth in Nigeria.’

The initiative underscores NRFF’s ongoing commitment to professionalizing rugby coaching and cultivating a new generation of skilled trainers to drive the sport’s development nationwide.

President Bola Ahmed Tinubu has forwarded the name of Dr. Bernard Mohammed Doro from Plateau State to the Senate for confirmation as a Minister of the Federal Republic of Nigeria.

This was announced on Tuesday in a statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga.

In a letter transmitted to the National Assembly, President Tinubu requested the Upper Chamber to screen and confirm Dr. Doro, who is expected to fill the ministerial slot of Plateau State following the election of Professor Nentawe Goshwe Yilwatda as the National Chairman of the All Progressives Congress (APC) in July.

Yilwatda served as Minister of Humanitarian Affairs and Poverty Reduction before assuming the party’s top leadership position.

Born on January 23, 1969, in Kwall, Bassa Local Government Area of Plateau State, Dr. Doro brings to the federal cabinet over two decades of multidisciplinary experience spanning clinical practice, pharmaceutical management, strategic leadership, and community engagement in both the United Kingdom and Nigeria.

A highly accomplished professional, Doro holds degrees in Pharmacy and Law, an MBA with a focus on IT-driven business strategy, and a Master’s degree in Advanced Clinical Practice.

He is also an Independent Prescriber and Advanced Clinical Practitioner with extensive frontline experience in the United Kingdom’s National Health Service (NHS), having served in urgent care, walk-in centres, general practice, and hospital settings.

Beyond his professional career, Doro has been actively involved in youth mentorship and social impact initiatives in the Nigerian diaspora and within local communities.

The Independent National Electoral Commission (INEC) will tomorrow, October 22, 2025, commence the distribution of Permanent Voter Cards (PVCs) and conduct a mock accreditation exercise in Anambra State ahead of the forthcoming governorship election.

According to a statement issued in Abuja by the Director of Voter Education and Publicity, Mrs. Victoria Eta-Messi, the PVC distribution exercise will run from October 22 to 26 for voters who registered during the recently concluded Continuous Voter Registration (CVR).

Eta-Messi urged eligible voters to visit their respective registration areas to collect their PVCs, emphasizing that collection must be done in person. She reiterated that no collection by proxy will be allowed under any circumstance.

‘All registered voters are urged to ensure they collect their PVCs within the specified period to be eligible to vote in the forthcoming governorship election in Anambra,’ Eta-Messi said.

The INEC spokesperson also announced that the mock accreditation exercise will take place on Saturday, October 25, across selected polling units in the state’s three senatorial districts.

She explained that the exercise aims to test the upgraded Bimodal Voter Accreditation System (BVAS), assess its response time, and verify the uploading of results to the INEC Result Viewing Portal (IReV) ahead of the main election.

Eta-Messi listed the polling units selected for the mock exercise as follows: Anambra Central: Amawbia II (03), Igwédimma Primary School I and II (006, 007), Idemili North Nkpor II (06), Ububa Village Square (035), Awka South LGA.

Anambra North: Nteje III (07), Girls Secondary School, Nteje (005); Nteje IV (08), State Primary School, Nteje (002), Oyi LGA; Aguleri II (02), Central School (001), and Umunoke Public Square I (002), Anambra East LGA.

Anambra South: Ekwulobia I (06), Central School, Ekwulobia (003); Ekwulobia II (07), Urban Girls Secondary School, Ekwulobia (009), Aguata LGA; Ajalli I (01), Primary School (007), and RCM KDT School (011), Orumba North LGA.

Eta-Messi encouraged registered voters in the affected polling units to actively participate in the mock accreditation, noting that their involvement would help INEC fine-tune its operational and technological processes before the election.

Transcorp Hotels Plc yesterday released its financial results for the third quarter, showing double-digit growths across group revenue and profitability.

Key extracts of the interim report and accounts for the nine-month period ended September 30, 2025 released at the Nigerian Exchange (NGX) indicated that Transcorp Hotels’ revenue rose by 49 per cent while pre-tax profit grew by 36 per cent.

Total revenue rose to N72.31 billion in third quarter 2025 as against N48.49 billion recorded in third quarter 2024. Gross profit increased from N34.33 billion to N55.06 billion. Profit before tax grew by 36 per cent from N16.44 billion to N22.4 billion. After taxes, net profit stood at N14.82 billion in third quarter 2025 as against N10.24 billion in comparable period of 2024. Earnings per share thus increased from N1 to N1.45.

Chairman, Transcorp Hotels Plc, Emmanuel Nnorom, said the strong performance in the third quarter reflected Transcorp Hotels’ sustained focus on operational excellence, cost efficiency, and customer-centric innovation, reinforcing its leadership in Nigeria’s hospitality sector.

According to him, with a future-ready growth strategy anchored on sustainability and innovation, the company continues to unlock exceptional value for shareholders.

He said: ‘This impressive third quarter performance underscores our time-tested strategy focused on cost discipline, operational efficiency, and putting the customer at the heart of everything we do.’

We remain committed to delivering sustainable profitability and long-term value for our investors’.

Managing Director, Transcorp Hotels Plc, Uzo Oshogwe, noted that with its iconic hospitality assets and dedicated team, Transcorp Hotels has continued to strengthen its leadership in the sector, setting new standards for growth, innovation, and service excellence

‘Our third quarter 2025 results reflect our unwavering drive for excellence and our commitment to redefining hospitality in Africa. With the success of our newly commissioned 5,000-seat event centre, we are proud to be positioning Nigeria as the preferred destination for global conferences and events, while scaling sustainable value for our shareholders,’ Oshogwe said.

She pointed out that the company had recently won three awards at the globally renowned Seven Star Luxury Awards, including ‘Best Luxury Business Hotel (Nigeria and Africa)’, ‘Best Luxury Event and Conference Centre (Nigeria and Africa)’ and ‘Best CEO of the Year’.

The Nigerian Education Loan Fund (NELFUND) has opened the student loan application portal for the 2025/2026 academic session.

The portal will open from Thursday, October 23- Saturday, January 31, 2026.

The agency announced this in a statement by its Director, Strategic Communications, Mrs. Oseyemi Oluwatuyi on Tuesday in Abuja.

‘NELFUND appreciates the continued cooperation of tertiary institutions nationwide and seeks their further collaboration to ensure a smooth and inclusive loan process for all eligible students.

‘Institutions are reminded to update and upload the verified records of both returning and newly admitted students on the NELFUND Student Verification Portal, as this step is essential for students to successfully apply and benefit from the scheme,’ the statement reads.

It noted that fresh students may apply using either their Admission Number or JAMB Registration Number (in place of Matric Number).

The agency encouraged institutions to show understanding in enforcing registration and fee payment deadlines for students awaiting loan disbursement.

NELFUND urged institutions that have not yet commenced their 2025/2026 academic session to formally write it with their approved academic calendar for scheduling flexibility.

‘NELFUND appeals to all institutions to consider temporary registration measures for students whose loan applications are being processed to ensure that no student loses access to education due to financial constraints,’ the statement added.