Category: The Nation – Nigeria

The Nigerian non-interest capital market has grown remarkably, now valued at ?1.6 trillion, with Sukuk dominating the sector’s expansion. This milestone reflects increasing investor confidence in ethical and non-interest financial products.

Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, disclosed this in Abuja during a joint press briefing ahead of the 7th African International Conference on Islamic Finance (AICIF), organised in collaboration with The Metropolitan Law Firm and Metropolitan Skills Limited.

Dr. Agama said the overwhelming interest in recent Sukuk issuances reflects deep investor trust in the regulatory direction of the market. ‘The 700% oversubscription of the last issuance underscores the massive investor confidence we have built, thus demonstrating a robust and growing appetite for ethical and non-interest financial products,’ he said.

He added that the enactment of the new Investments and Securities Act (ISA) 2025 has given the SEC a stronger and clearer legal foundation to expand the non-interest financial landscape. According to him, ‘With the new Investments and Securities Act (ISA) 2025, we have a modernised regulatory framework that provides clarity and confidence, making the outcomes of this conference more actionable than ever before.’

Dr. Agama described the new law as a ‘game-changer,’ saying it provides ‘a robust, statutory framework for Sukuk and other Non-Interest financial instruments.’ He explained that the Act empowers the SEC to register Non-Interest Collective Investment Schemes, directly fulfilling the objectives of Nigeria’s Capital Market Masterplan to deepen market development and foster innovation.

Speaking on the forthcoming 7th African International Conference on Islamic Finance, the SEC chief said the event will bring together regulators, senior financial executives, eminent scholars, and representatives from development finance institutions. ‘This convergence of expertise is by design,’ he noted, adding that the goal is to ‘foster high-level collaboration leading to the harmonisation of policies and the creation of innovative financial solutions that address the unique needs of our emerging economies.’

He said promoting financial inclusion will be central to all discussions at the conference, which will feature technical sessions exploring practical financing models and strategies.

According to him, ‘We will have a major conversation on ‘Unlocking Capital for Africa’s Infrastructure,’ addressing how to fund the roads, power, and technology our economies need for growth and development. We will also explore the future of sustainable development in the session, ‘Green and Ethical Investments: The Future of Energy Finance,’ and connect finance to the real economy with a paper on ‘Agricultural Financing: From Farm to Table through Ethical Options.”

Dr. Agama also revealed that the conference will spotlight technology-driven finance. ‘In recognition of the digital transformation of our world today, we will address ‘The Role of Fintech in Transforming Islamic Finance and Capital Markets,’ ensuring Africa remains at the forefront of financial innovation,’ he said.

In her remarks, Ummahani Amin, Managing Partner of The Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, said the collaboration with the SEC reflects a unified vision to strengthen the Islamic finance ecosystem in Nigeria and across Africa.

‘This collaboration between SEC and The Metropolitan Law Firm and Metropolitan Skills Ltd. underscores our shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity,’ she said.

Amin added that this year’s conference comes at a defining moment for the continent. ‘Africa continues to explore innovative, ethical, and sustainable pathways to finance development. Islamic finance has proven to be one of the fastest-growing segments of the global financial system, and AICIF provides a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future here on the continent,’ she said.

The AICIF, now in its seventh edition, has become a key platform for advancing ethical finance in Africa, supporting regulatory development, and promoting sustainable investment practices across markets.

Senator Natasha Akpoti-Uduaghan, representing Kogi Central, on Tuesday made her return to the National Assembly after serving a six-month suspension imposed by the Senate earlier this year.

The embattled lawmaker was seen on the floor of the upper chamber as plenary resumed following a 10-week recess, with Deputy Senate President Barau Jibrin presiding over the session.

Akpoti-Uduaghan’s return marks the end of a controversial suspension that had sparked nationwide debate. She was suspended in March 2025 for alleged misconduct during her protest over the reassignment of her seat by Senate President Godswill Akpabio on February 20.

Following the suspension, her office was sealed off on March 6, 2025. It was recently reopened by the Deputy Director of the National Assembly Sergeant-at-Arms, Alabi Adedeji, signaling preparations for her reinstatement.

Two weeks ago, Akpoti-Uduaghan was allowed back into her office, during which she publicly criticized Akpabio, describing him as a ‘dictator.’

Nigeria is not yet a developing country at least in terms of science and technology. It is an under-developing geo-polity. Most of the numerous modern technologies all over the country are not an index of development. They are rooted firmly in foreignness. Indeed, Nigeria is an uncritical consumer of what other nations are producing, often with its natural resources. Nigeria’s local resources are being regularly, cheaply harnessed by the smarter members of the global community while the political leaders look the other way. This is not unconnected with maximum corruption and a gross lack of unalloyed patriotism. As a matter of fact, the Nigerian local environment is not conducive to productivity.

From the eve of independence to-date, this country could hardly craft appropriate legal frameworks to elect first class political leaders. That is to say, elections based on meritocracy and justice. Selfless service to humanity only minimally exists in the leaders’ vocabularies of popular essence. However, there are a few Nigerian leaders with golden hearts. Such spiritually buoyant citizens have what it takes to engineer a vibrant society, where a raw material economy has no place to stand in the 21st century.

But it is a pity, that the few disciplined Nigerians who manage to occupy major political positions are eventually polluted or choked to death by the demonic majority. Terrible lies and deception have become an acceptable tradition. Nigeria is in dire need of change. Even the issue of security is being politicised by some leaders as if human lives do not matter.

Although bigotry is a global social disease, the Nigerian case is too extra-ordinary to be glossed over. It seems that Nigeria has become the headquarters of bigotry. However, bigotry goes beyond the spheres of religion and ethnicity. It embraces racism including a wide range of other discriminatory tendencies. In many cases, people are appointed to sensitive positions on the basis of religious sentiments, ethnic considerations and/or political affiliations. This is at variance with good governance and by extension, national development.

Once upon a time, the Minister for Information and Culture openly confessed that he had no knowledge of culture and cultural heritage management until his appointment.

It is a weak thesis in my opinion, to say that directors-general and directors are the ones to do the job in the ministries. The overall head (minister) has to know his onions, otherwise there would be huge gaps. For optimum results, round pegs should be put in round holes. Some powerful Nigerians or elder statesmen, bombarding the offices of governors and president with long lists of their godchildren often for unmerited appointments, are also a part of the country’s problems. They cannot have their cake and eat it. Ideal history is unforgiving!

Nigerians need to begin to devise new hypotheses. These hypotheses must be rigorously tested in order to craft a new Nigeria. In this connection, some of the old assumptions have to be creatively challenged to pave the way for new possibilities. Let our leaders stop being too self-satisfied with near-complete imaginary past glories, in order to successfully capture the challenges of tomorrow. The current philosophy needs to be replaced with greater meritocracy.

Anybody who thinks that bigotry is not boundary-less, is a day dreamer. Both the learned and the ordinary people (with a few exceptions) are in bondage of bigotry. The political class members are fooling the ordinary people. These leaders do not bother about religion and ethnicity whenever they want to allocate to themselves abnormally huge allowances while the masses continue to groan. This is hedonism at its peak! Nigerians, same as other members of the Homo sapiens group are endowed with sophisticated minds. This is to enable us to be thinking healthily as a precondition for setting ourselves free from the shackles of spiritual and material poverty.

Part of this, is the capacity to hold the leaders accountable at all times through the lens of strong institutions. But painfully, the Nigerian masses fold their arms and allow the governors and even local government chairmen to continue to take them for a ride. Instead of challenging our political authorities in a critical fashion, we have shifted that responsibility to God. We naively assume that Nigerians are the only children of Providence, by asking Him to do everything for us, despite our superb brains. Praying to God is good and indeed, necessary for spiritual upliftment. However, leaving our own assignment to Olodumare (the supreme God) is irresponsible in a variety of senses. God abhors laziness. Therefore, the Nigerian masses must allow Him to rest.

Our democracy is caricatured in the face of weak institutions. The ordinary people have no confidence in the National Assembly (legislature) and the Judiciary. This started from 1999. It is not a new development. There is a trust deficit. This paves the way for a near-complete dictatorship, and by the same token, poor governance. Part of this ugliness is traceable to unfettered, primitive greed of the political class members with their inflated sense of self-importance. Nigerians are not brainless at all. But unfortunately, they have been consistently failing to engage in critical thinking. This is most disturbing. Nigerians have forgotten that creative thinking is the cornerstone of robust spiritual and material abundance. That is the reason why critical thinking and healthy physical world must dance together. Bigotry has to be kept on the refuse dump of human affairs. Indeed, bigotry is a dreadful monster.

Therefore, any leader who is not performing optimally should be told to wake up or get the wrath of the people. There should be no room for uncontrolled sentiments in this regard. No good reason to begin to worry about the religion or ethnic background of a leader. Such an attitude can easily engender inter-personal as well as group misunderstanding, suspicions and even conflicts. This behavioural trait (bigotry) is at variance with sustainable peace and progress in Nigeria. After 65 years of political independence from Britain, Nigeria still has the challenge of stunted growth to grapple with.

Again, those who are singing praises of our abusers through the lens of vanity biographies need spiritual deliverance. They (the spiritless biographers with their insatiable longing after miserable wealth) are almost worse than the leadership class.

President Bola Ahmed Tinubu is certainly working hard on some areas of our national life. But according to a popular Yoruba proverb, ‘not all clothes can be dried off in the sun’. This is for strategic reasons! But due to the hugeness of the mess before this administration started, not much is appreciated by the ordinary people (with the exception of a few citizens, having an extra-ordinarily deep sense of judgement).

As a matter of fact, the president is keeping his nose to the grindstone. However, like Oliver Twist, we (especially the federal university staff and retirees) want some more. This is not out of greed but obvious necessity. It is time for the Nigerian citizens to begin to rise above primordial political partisanship including other related reactionary ideologies so that Nigeria can get to the promised land.

Allocation to states have increased by over 111 per cent, Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun said yesterday.

He said: ‘States are now awash with cash’, adding that the additional funds empower states to drive growth and service delivery at the sub-national level.

Speaking during a session titled: ‘The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030’ at the ongoing 31st Nigerian Economic Summit (#NES31) in Abuja, Edun identified exchange rate unification and fuel subsidy removal as the most significant reforms, freeing up about five per cent of Nigeria’s GDP into the Federation Account.

The minister said the government had reached an agreement with the National Assembly to ensure timely budget execution and restore adherence to the normal fiscal calendar.

He said: ‘No more extensions of budget into the next year, which has created so much confusion in the system.

‘We have talked to the National Assembly and agreed to restore normalcy in that space.’

The minister explained that consistent and disciplined budget implementation is key to transparency, better project delivery, and credible public expenditure tracking.

Budgets 2024 and 2025 are simultaneously running and there is the likelihood of the extension of Budget 2025 till 2026 given the late commencement of its implementation.

On debt management, Edun said the government is adopting a new borrowing mix to reduce exposure to Eurobonds and other external loans.

‘The government will make greater use of Sukuk, green bonds, and diaspora bonds instead of Eurobonds,’ he said.

He noted that this strategy would expand domestic investment participation while aligning debt issuance with Nigeria’s sustainable development goals.

Edun also said that fiscal transparency has significantly improved, revealing that ‘it was not until August 1 this year that the Federal Government had full visibility of its accounts with the Central Bank of Nigeria (CBN).’

He added: ‘We are determined to bring all Federal Government funds into visibility. There is a lot of government money lying outside the CBN.’

To strengthen financial accountability, Edun said a new federal billing system had been launched to track payments for goods and services.

The system, he said, ensures that every transaction is traceable and accurately captured.

On inflation, the minister said government interventions began with deliberate fiscal policy adjustments and smarter spending priorities.

DMO: Focus on revenue, not just debt size

Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, said that Nigeria’s public debt level remains sustainable, stressing that the real challenge lies in revenue generation, not debt accumulation.

‘When people talk about Nigeria’s debt-to-GDP ratio, they often forget that the international benchmark for countries like ours is about 70 per cent,’ she explained.

‘At 40 per cent, Nigeria remains below that threshold.’

Ms Oniha noted that the critical issue is the debt service-to-revenue ratio, which determines how much of the nation’s income goes into paying debts.

‘If a large portion of revenue goes to debt service, less will be left for development projects,’ she said.

Ms Oniha emphasised that raising revenue is the most effective way to manage debt sustainably.

‘The focus should be on growing revenue so that the debt service-to-revenue ratio can be lower,’ she said.

‘When revenues rise significantly, the rate of borrowing will slow down, and the government can service debts conveniently while still funding critical projects.’

She added that all debt servicing provisions are integrated into the Medium-Term Expenditure Framework (MTEF) and the national budget, ensuring predictability and transparency in Nigeria’s debt strategy.

Both Edun and Ms Oniha agreed that ongoing fiscal reforms – including stronger revenue mobilisation, transparent spending, and disciplined borrowing – are crucial to achieving a stable and inclusive economy by 2030.

Bagudu: we will implement development plans

Bagudu said Nigeria’s next National Development Plan (NDP 2026-2030), guided by the Nigeria Agenda 2050, targets a $1 trillion GDP by 2030.

He said achieving this goal would require an average annual GDP growth rate of 8.78 percent, a 17.18 percent manufacturing contribution to GDP, and a 24.78 percent manufactured export share by 2030.

He said: ‘The process of developing the NDP 2026-2030 will be consultative, participatory, and inclusive. We will involve the private sector, state and local governments, political parties, civil society organizations, labour unions, and other key stakeholders.’

The minister explained that the Renewed Hope Ward-Based Development Programme would be one of the key focus areas of the summit.

He described it as ‘an ambitious, people-centred initiative designed to uplift economically active citizens and ensure that ordinary Nigerians, particularly those at the grassroots, directly feel the positive impact of government reforms.’

Fed Govt mobilising 49% of $2b fibre optic investment

Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijjani, said that the Federal Government is mobilising 49 per cent of Nigeria’s $2 billion fibre optic network project to deepen broadband access nationwide.

Speaking at a session hosted by IHS Towers, Tijjani said the project will connect every state, local government, and ward with fibre infrastructure.

‘For Nigerians to have connectivity, we must invest in fibre optic networks, which will cost about $2 billion,’ he said. ‘Government is bringing 49 per cent, and the private sector will provide the rest.’

Tijjani said improving broadband access could raise national GDP by 2.5 per cent for every 10 per cent increase in connectivity.

He noted that 11 states have already eliminated Right of Way (RoW) charges, facilitating faster deployment.

Beyond broadband, Tijjani said the government is integrating Artificial Intelligence (AI) and innovation policies to position Nigeria as a digital hub.

IHS Nigeria CEO Mohamad Darwish added that bridging the digital divide will require ‘massive investments in broadband coverage, innovation, and talent.’

He stressed that public-private partnerships and digital literacy programs are essential to ‘unlock productivity, drive growth, and position Nigeria as a future-ready economy.’

NESG urges focus on job creation

NESG Chairman Niyi Yusuf advised that Nigeria’s next phase of reform must focus on job creation, productivity, and inclusive growth.

‘The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion, while simultaneously laying the foundations for long-term transformation that secures prosperity for every Nigerian,’ Yusuf said.

He stated that while past policies had concentrated on macroeconomic stabilisation, the time has come to translate those efforts into sustained job creation and real improvements in living standards.

NESG advised that Nigeria needed to create at least 4.5 million jobs annually for five years to curtail rising unemployment.

The group, in a report titled: ‘From Hustle to Decent Work: Unlocking Jobs and Productivity for Economic Transformation in Nigeria,’ stated that the nation’s working-age population could expand to 168 million within the decade.

It warned that without decisive action, unemployment and underemployment could double by the end of the decade, trapping millions of Nigerians in low-skilled, low-paying, and vulnerable work.

According to the NESG, the future of Nigeria’s workforce depends on how quickly the country can move from a ‘hustle economy’ dominated by informal activities to one that delivers decent and productive employment.

NESG Senior Economist Wilson Erumebor, who presented the report, said the job crisis in the country has gone beyond employment numbers to a fundamental development challenge.

‘This is not just a labour market issue; it is a huge development challenge. Without decisive reforms to create decent and productive jobs, an entire generation risks being trapped in vulnerable work that neither lifts families out of poverty nor moves the nation forward,’ he warned.

‘The weak private sector capacity and reliance on the government for wage employment in some states have left millions of Nigerians with the option of finding work in the informal economy,’ he said.

‘The informal sector has become the default employer, absorbing a significant share of the country’s workforce.’

The Nigerian Bar Association (NBA) has called for an urgent review of outdated laws.

It advocated reforms to reflect current realities.

The association, led by its President, Mazi Afam Osigwe (SAN), emphasised that Nigeria’s justice system cannot be shackled by laws that no longer meet the needs of its people.

The association urged restraint and accountability in the exercise of prosecutorial powers under Sections 174 and 211 of the 1999 Constitution, while condemning systemic barriers that deny access to justice for the poor and vulnerable.

NBA resolved to strengthen legal aid services, promote alternative dispute resolution, and expand pro bono representation, particularly for women and children.

It also expressed concern over the fragile economy, rising inflation, and poor sequencing of government reforms.

It urged the Federal Government to enforce a living minimum wage, curtail reckless political expenditure, and subject economic policies to rigorous impact assessments.

These were among the recommendations made by the NBA at the end of its 65th Annual General Conference held in Enugu State, with the theme: ‘Stand out, stand tall.’

A copy of the communique issued after the conference, which was held from August 22 to 28, was obtained yesterday.

Calls were also made for greater regional integration and the removal of trade barriers across Africa.

Technology and innovation featured prominently in the discussions.

While acknowledging the transformative potential of artificial intelligence for the legal profession, the NBA warned against the risks of inaccuracies and ethical misuse.

It pledged to draft ethical guidelines on AI, promote Nigeria-specific legal models, and enhance training and mentorship to build AI literacy among lawyers.

In tackling challenges within the profession, the NBA resolved to enforce its Remuneration Order to guarantee fair pay for young lawyers, reform legal education to emphasise practical skills and entrepreneurship, and institutionalise structured mentorship and succession planning in law firms.

It further advocated for affirmative action to boost women’s participation in leadership and governance, alongside stronger enforcement of the Child Rights Act through the creation of Child Rights Desks nationwide and the establishment of child-friendly courts.

Arbitration reforms also took centre stage, with delegates recommending that arbitral proceedings be time-bound and appeals restricted to the Court of Appeal, while bonds be required for challenges to awards to deter frivolous litigation.

As the curtains closed on the conference, the NBA reaffirmed its position as the conscience of the nation and a beacon of integrity and innovation, insisting that the legal profession must not only regulate itself but also shape national discourse, protect the vulnerable, and inspire public confidence in the pursuit of justice.

The conference, held at the International Conference Centre in Enugu, drew leaders of the Bar and Bench, political figures, captains of industry, civil society, and international partners.

Governor of Enugu State, Peter Ndubuisi Mbah, commended the NBA’s choice of Enugu as host city and pledged his administration’s commitment to justice and democratic reforms.

The sultan of Sokoto, His Eminence, Alhaji Muhammadu Sa’ad Abubakar III, who chaired the gathering, reminded delegates that law remained the foundation of peace and justice.

He urged the legal profession to drive reforms that expand access to justice for the poor and marginalised.

Setting the tone, South African legislator and leader of the Economic Freedom Fighters (EFF), Julius Malema, delivered a keynote address.

He challenged African lawyers to ‘decolonise the law’ and dismantle oppressive structures that still reflect colonial legacies.

‘The African Bar must reject being mere enforcers of outdated colonial laws, and instead become innovators who drive transformation in justice, governance, and economic emancipation,’ he said.

The Federal Polytechnic Ekowe, Bayelsa has resumed academic activities after months of lingering labour dispute that resulted in shutting down the institution.

The News Agency of Nigeria (NAN) recalls that the resumption followed intervention of the Minister of Education, Dr Tunji Alausa as students and staff members were seen moving at the main campus while the liaison office was open.

The minister had summoned parties to the industrial dispute that left the Polytechnic located on the banks of River Nun in Bayelsa shut since July 11 to a mediatory meeting on Sept. 29.

Mr Ebifiye Etebu, Chairman of Non-Academic Staff Union at the Polytechnic told NAN on Tuesday that work resumed on Monday in compliance with the minister’s directive.

‘Following mediation by the Minister of Education, we resumed work on Monday and normalcy has returned on campus and the liaison office at Yenagoa,’ Etebu said.

James Ebilade, a student of National Diploma, Electrical Engineering Department, applauded the Minister for brokering a truce that resulted to the reopening of the school.

‘The prompt mediation of the Minister and subsequent resumption is highly commendable. We the students heaved a sigh of relief hearing with the news of resumption.

‘The resumption is a reality as both academic and non-academic staff members are on ground,’ he said.

NAN learnt that the governing council of the polytechnic held an emergency council meeting at the weekend ahead of Monday’s resumption and set up a panel to investigate allegations against the Rector, Dr Lukman Agbabiaka.

The unions, Non-Academic Staff Union, Senior Staff Association of Nigerian Polytechnics (SSANIP) and Academic Staff Union of Polytechnics (ASUP) in the polytechnic had withdrawn their services alleging high handedness and breach of the Polytechnic Act.

NAN gathered that the probe panel was mandated to report its findings in three weeks in line with the directives of the minister.

The workers had kept the institution under locks for alleged violation of the Polytechnic Act by the Rector who took the three unions to court over labour disputes whereas the governing council was statutorily mandated under the Act to handle labour related matters.

When contacted for reaction on current developments, Mr Nimizuo Pereseigha, Public Relations Officer of the institution declined comments.

The Housing Development Advocacy Network (HDAN), organisers of the Africa International Housing Show (AIHS), has called for renewed vigour in addressing Nigeria’s housing challenges, urging government and stakeholders to build on the foundations laid by pioneers of the sector.

HDAN’s Executive Director, Festus Adebayo, in a conversation with The Nation, paid tribute to eminent figures such as the late Prof. Akin Mabogunje, Chief Samuel Olatunde Fadahunsi, Fortune Ebie and others whose work established the backbone of the country’s housing industry. He noted that institutions such as the Federal Mortgage Bank of Nigeria (FMBN) and the Federal Housing Authority (FHA) were products of their foresight.

While commending current initiatives, Adebayo urged President Bola Tinubu to remain committed to his housing and urban development reform agenda.

He warned that challenges such as inflation, the soaring cost of building materials, limited land access and outdated legislation remain major obstacles to the delivery of affordable homes.

His comments come at a time when the Tinubu administration has rolled out bold measures under the Renewed Hope Housing Programme, spearheaded by the Minister of Housing and Urban Development, Ahmed Dangiwa. The programme targets 50,000 new homes nationwide, with projects ranging from Renewed Hope Cities and Estates to Social Housing schemes designed to serve all income levels.

So far, over 10,000 units are under construction across 14 states and the FCT. Notable projects include 3,112 units in Karsana, Abuja, 2,000 units in Ibeju-Lekki, Lagos, and 1,500 units in Kano, alongside 250-unit estates in states such as Katsina, Gombe, Yobe and Osun. In northern states, these efforts have created over 152,000 jobs, while more than 150 informal communities have been upgraded with basic infrastructure such as roads, drainage, water supply and solar lighting.

The ministry has also digitised key operations, including the introduction of an electronic Certificate of Occupancy to fast-track land titling and reduce bureaucracy. Similarly, a National Artisan Skills Acquisition Programme (NASAP) has been launched through a partnership with Polaris Capital to train and certify 100,000 artisans in construction trades, improve workforce capacity and strengthen local supply chains.

Nigeria’s housing finance institutions have recorded notable progress. The Federal Mortgage Bank of Nigeria has doubled its impact in mortgage lending, approving ?71.5 billion in 2024 compared to ?39.7 billion the previous year. For the first time in three decades, the bank also posted an operational surplus of ?11.58 billion, while recovering ?10.9 billion in non-performing loans. It further introduced a ?100 billion Off-taker Guarantee Scheme to support the Renewed Hope projects and mobilise over ?40 billion in private capital.

The FHA has embarked on a wide-ranging digitalisation drive to secure property records, eliminate fraud and accelerate services. It has also intensified land acquisition using drone technology, completed abandoned projects in Ibadan and Abuja, and grown its land bank to boost internally generated revenue.

Family Homes Funds Limited (FHFL) is complementing these efforts with new affordable housing projects in states including Delta, Kano, Kaduna and Ogun. At the same time, the Nigeria Mortgage Refinance Company (NMRC) has expanded liquidity in the housing finance market, while pushing for the adoption of the Model Mortgage and Foreclosure Law across states to make home loans more accessible.

The Ministry of Finance Incorporated (MOFI) has also entered the fray with the launch of a ?250 billion Real Estate Investment Fund designed to streamline mortgage processes and expand affordable housing access through partnerships with FMBN, NMRC and FHFL.

Despite this progress, Adebayo cautioned that Nigeria’s housing sector still faces formidable challenges. He stressed that corruption, weak implementation of policies and the absence of strong political will remain the greatest threats. He urged the legislature to enact the right reforms and for government to introduce incentives and subsidies that would ease access to homes, especially for low-income earners.

‘With inflation soaring and rents rising daily, it is time to demonstrate political will. ‘If urgent measures are not taken, as has been successfully done in countries like Morocco, Nigeria may be sitting on a keg of gunpowder,’ Adebayo said.

He appealed to stakeholders to place national interest above personal or political considerations, insisting that only accountability and sustained reform will make the dream of affordable, dignified housing for all Nigerians a reality.

Edo State Petroleum Task Force in Ikpoba-Okha Local Government has sealed off NIPCO Filling Station on Upper Sakponba Road, for having expired fire extinguishers.

The filling station was shut about 9am yesterday.

Leader of the task force, Ehichoya Joshua, said all fire extinguishers at the station were found to have expired since 2024.

He said management of the fuel station had been warned several times to replace them, but they were adamant.

He said: ‘We came here this morning and found out that the fire extinguishers at this station have expired since 2024.

‘They have been begging and we have cautioned them on the need to replace them.

‘It is disastrous not to have fire extinguishers in this facility that shares proximity with residential buildings. We are sealing off the station until the right thing is done.’

Management of the station declined comments.

Council of State meeting will hold in Abuja on Thursday, according to Secretary to the Government of the Federation (SGF), Senator George Akume.

It will be a hybrid meeting – physical and virtual – statement from the SGF office added.

Also to hold on Thursday is the meeting of the Police Council.

Both meetings are slated for the Council Chamber of Aso Villa in Abuja.

Council of State is the highest advisory body to the President.

Its responsibility include endorsement of some major appointments as recommended by the President, such as: nomination of the chairman of the Independent National Electoral Commission (INEC), among others.

All living former heads of state and Presidents are members.

Former Chief Justices and governors are also members of the august body.

The statement on the meeting made available by Director of Information and Public Relations in the office of the SGF, Segun Imohiosen reads: ‘The Secretary to the Government of the Federation, Sen. George Akume, CON, has extended an invitation to members of the Council of State and Police Council to a hybrid strategic meeting scheduled for Thursday, October 9, 2025.

‘According to the Permanent Secretary, Cabinet Affairs Office, Dr. Emanso Okop Umobong, the meeting aims to discuss matters of national importance and key issues affecting national security and policing.

‘This high-level meeting underscores President Bola Ahmed Tinubu’s commitment to addressing pressing national issues and ensuring the safety and security of citizens’.

This will be President Bola Ahmed Tinubu’s second Council of State meeting.

The first was held on August 13, 2024, attended by former Presidents Goodluck Jonathan and the late Muhammadu Buhari.

The meeting gave a vote of confidence to the Tinubu’s administration and discussed key national issues.

Nigeria’s Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, has called on the Economic Community of West African States (ECOWAS) Ad Hoc Committee on the rotation of statutory positions to uphold fairness, equity, and inclusivity in the distribution of positions among member states.

Odumegwu-Ojukwu made the appeal on Tuesday during the opening session of the committee’s meeting in Abuja.

The committee, comprising representatives from Benin, Cote d’Ivoire, Gambia, Ghana, Guinea-Bissau, Nigeria, Senegal, and Togo, has been tasked with reviewing and considering proposals for the allocation of statutory positions within ECOWAS institutions for the 2026-2030 term.

According to the minister, the committee’s work carries great significance due to the sensitivity and importance of the appointments.

The current appointees’ tenure, which began in 2021, expired in June 2025 after completing a non-renewable four-year term. The ad hoc committee is expected to submit its report by December 2025.

She said, ‘We are fully aware that the appointment of statutory positions within ECOWAS institutions remains a matter of considerable importance and sensitivity among Member States. This issue has become even more delicate in recent times, given the reduction in the number of statutory positions available following the implementation of the ECOWAS institutional Reforms.

‘In this context, our Committee must be mindful of the need to uphold fairness and inclusivity in the distribution of the statutory positions within the ECOWAS Institutions.’

She therefore warned that aspirations of all Member States, particularly those with smaller populations or limited resources, should not be trampled upon.

According to her, ‘It is also essential that the aspirations of all Member States, particularly those with smaller populations or limited resources, but who have nonetheless demonstrated unflinching commitment to the organization, are duly recognized and accommodated.

‘It is equally important to underscore that our membership in this Ad-hoc Committee should not be construed as a pathway to positions of leadership within the ECOWAS Institutions. Rather, our engagement should be guided by the principles of regional solidarity, prioritizing the collective interest of the Community above national aspirations. In doing so, we will contribute to fostering deeper unity, mutual trust, and a shared sense of purpose among our citizens.

‘As we prepare to commence deliberations on the Memorandum before us, I encourage us all to approach our discussions with unflinching commitment, open-mindedness, and a spirit of constructive dialogue. Let us remain focused on ensuring that the outcomes of our engagements are both meaningful and impactful for the future of our region.’

The Minister also assured the gathering that Nigeria will, as a traditional leader, engage with all member states to build consensus and ensure collective decisions for the future of the community.

‘We would also recall that Nigeria, as a long-standing and committed Member State, played a significant role in shaping and supporting the institutional reforms which culminated in the current and more streamlined structure. Excellencies, these reforms were aimed at reducing operational costs, optimizing administrative efficiency, and enhancing the effectiveness and impact of ECOWAS programmes across the region.

‘I want to, therefore, assure you that as part of our enduring commitment to the ideals of regional integration and solidarity, Nigeria will continue to assume its traditional leadership role by constructively engaging with all Member States to build consensus and ensure that our collective decisions reflect both equity and a shared vision for the future of our Community.’

The minister also commended the President of the ECOWAS Commission, Dr. Omar Alieu Touray, and his team for the comprehensive and well-prepared Memorandum provided to guide the deliberations of the committee over the course of the two-day engagement.

‘The document thoughtfully reflects the relevant legal framework governing the allocation of statutory positions within the ECOWAS Institutions, and will no doubt serve as a valuable reference in facilitating our discussions,’ she said.

In his earlier remarks, Touray urged the committee to do its work with the broader interest of the Community at heart.

He reminded the gathering that the Council of Ministers was informed at the 94th ordinary session of the impending end of the mandate of the current management of ECOWAS Institutions by July 14, 2026, in compliance with the 2012 Supplementary Act on the Modalities for the Allocation of Statutory Positions in ECOWAS Institutions.

This, the ECOWAS Commission President said, culminated in the setting up of the six-member ad hoc committee.

He stressed that, ‘Article 14, paragraph 3 of the Supplementary Act mandated the Council to recommend the allocation of the positions to the ECOWAS Authority based on a proposal to be submitted by the President of the Commission.

‘To facilitate this process, Council, in June, established this six-member ad hoc committee, comprising the Republics of Benin, Cote d’Ivoire, Gambia, Ghana, Guinea-Bissau, Nigeria, Senegal, and Togo, to review the proposed allocation of the Commission and submit it to Council for consideration, and ultimately to the ECOWAS Authority for decision.’

He also added, ‘During this meeting, the Commission will be presenting a memo setting out the framework for the allocation of the statutory positions for your consideration. The memo was prepared taking into account the provisions of the 2012 Supplementary Act and historical data on the allocations of the statutory positions of the institutions since 1975.

‘It is the expectation that the ad hoc Committee will review this proposal with the broader interest of the Community at heart.’