Category: The Nation – Nigeria

A shareholder-rights battle has erupted over the 2023 acquisition of Pan African Towers (PAT), with former Chief Executive Officer, Azeez Amida, suing private equity giants, Development Partners International (DPI), Verod Capital, and their limited partners at the Federal High Court in Lagos.

At the heart of the suit, FHC/L/MISC/608/2025, is Amida’s claim that the investors reneged on a binding agreement to allocate him a five per cent equity stake under a management buy-out arrangement that facilitated the takeover of PAT.

Justice Akintayo Aluko ordered parties to maintain the status quo pending applications-including an interlocutory injunction motion aimed at blocking potential sale or transfer of DPI and Verod’s stake in PAT until the matter is resolved.

Amida’s legal team, led by Prof. ‘Kemi Pinheiro (SAN), alerted the court to a ‘deliberate plan’ by the defendants to offload equity in PAT Holding Limited, the vehicle through which the acquisition was structured.

The defendants, including DPI, Verod Capital Management Limited, Verod Capital Growth Fund III LP, African Development Partners III LP, and PAT Holding Limited, were absent and unrepresented in court.

While the plaintiff is seeking orders to safeguard his alleged stake, the defendants filed an objection challenging competence of the suit.

The judge declined to preemptively freeze the shareholding structure, stressing such relief will be determined when the motion is argued.

The matter has been adjourned to January 15, 2026, for the court to consolidate and hear the pending applications.

Amida, who became chief executive of PAT in 2022 amid financial distress, spearheaded a turnaround that saw revenue climb from N10 billion to N15 billion and EBITDA rise from N4 billion to N6.5 billion.

The company’s liabilities were also reduced, and key telco contracts renewed.

With the company’s original shareholders seeking an exit, Amida proposed a local management buy-out to keep the company Nigerian-owned.

He introduced DPI and Verod as funding partners, and the trio successfully closed a full acquisition of PAT.

According to Amida, a term sheet-now before the court clearly documented his entitlement to a 5% equity stake as part of the MBO.

He claimed that despite multiple post-closing meetings, the allocation was never finalised, and in November 2024 he was ousted as CEO.

By then, PAT’s financial performance had reportedly quadrupled under his leadership. Amida insists the investors are unjustly withholding the equity promised to him, effectively breaching both shareholder and contractual rights.

Further hearing has been adjourned till January 5, 2026

Chief Dele Omosehin, Lisa of Osooro Kingdom in Ondo State, and Convener of Asejere Progressive Movement, has called on Nigerians to rally behind President Bola Tinubu’s reform with prayers, patience, and patriotic commitment.

Omosehin spoke at the 65th Independence Anniversary in his kingdom. He described the occasion as a period for sober reflection and renewed dedication to unity, peace, and development.

He said while the reforms may bring initial discomfort, they will reposition Nigeria for sustainable growth.

‘Every reform has its sacrifices, but there will be light at the end of the tunnel,’ Omosehin said. ‘What our nation needs is not despair but prayer, support, and willingness of every Nigerian to contribute to its progress.’

The Lisa emphasised patriotism and collective responsibility, stressing nation-building requires contributions of all.

‘We do not need to wait till we empower everyone. The little we do for our neighbour, community, and state will transform Nigeria,’ he added.

Citing President Tinubu’s increased allocation to states, Omosehin urged citizens to support their governors in complementing federal efforts.

‘Federal Government is doing its part, but lasting development depends on how states and communities channel these resources into the lives of ordinary people,’ he noted.

Beyond advocacy, Chief Omosehin highlighted his initiatives in grassroots empowerment, saying he supported youths in start-ups, gave scholarships, and created platforms for community development.

He referenced his forthcoming partnership with Bimbeads Concepts to train women and girls in Okitipupa and Irele in jewellery-making, mentorship, and market access.

He also cited BOF Unity Cup holding January 4, designed to promote peace, unity, and talent discovery among youths.

‘When youths are engaged positively – through skills, sports, or opportunities – they become productive drivers of national growth,’ he said.

In his message, he prayed for unity, peace, and prosperity, reaffirming his resolve to work with likeminds to ensure Okitipupa, Irele, and Ondo state contribute to Nigeria’s renewal.

‘The challenges before us are many, but the opportunities are even greater. With faith in God, support for President Tinubu’s vision, and a shared commitment to progress, Nigeria will rise to its full potential,’ he concluded.

The Nigeria Centre for Disease Control and Prevention (NCDC) says 166 people died from Lassa fever between January and last month, with the case fatality rate now higher than last year’s.

This is contained in Epidemiological Week 37, covering Sept. 8 to 14, cited on the NCDC website yesterday.

The Public Health agency said 895 confirmed cases were recorded across 21 states and 106 local government areas.

It said this represents a case fatality rate (CFR) of 18.5 per cent, compared to 16.9 per cent reported within the same period in 2024.

The agency noted that while suspected and confirmed cases were fewer than those reported last year, more patients are dying because of late presentation and poor health-seeking behaviour, often linked to the high cost of treatment.

According to NCDC, Ondo, Bauchi, Edo, Taraba and Ebonyi states continue to account for 90 per cent of confirmed cases, with Ondo alone responsible for a third of infections.

The NCDC also confirmed that no new healthcare worker was infected during the reporting week.

However, it warned that poor environmental sanitation, weak awareness in high-burden communities and delayed treatment continue to fuel the spread and severity of the disease.

The News Agency of Nigeria (NAN), reports that Lassa fever is an acute viral haemorrhagic illness caused by the Lassa virus.

It is transmitted to humans through contact with food or household items contaminated by infected rodents, particularly the multi-mammate rat.

Human-to-human transmission can also occur, especially in healthcare settings without adequate infection control.

Symptoms include fever, headache, sore throat, chest pain, vomiting, diarrhoea and in severe cases, unexplained bleeding.

The disease is endemic in parts of West Africa, with Nigeria bearing the highest burden.

To strengthen control, the NCDC said it had deployed 10 rapid response teams to affected states, launched new infection prevention and control (IPC) training modules and supported clinical management fellowship programmes in collaboration with local and international partners.

The agency urged states to intensify community engagement and preventive campaigns and reminded healthcare workers to maintain high suspicion and initiate early treatment when symptoms appear.

Family, friends and well-wishers have gathered in Ibadan, Oyo State capital, to celebrate the 80th birthday of former Minister of Education, Prof. Tunde Adeniran.

The event was attended by former governor of Ekiti State, Segun Oni, ex-Nigerian ambassador to Philippines, Dr. Yemi Farombi, and others.

A friend of the celebrant, Dr. Olu Agunloye, who said he had been with the celebrant for over 50 years, described Adeniran as an astute scholar, whose impact could not be quantified.

He said: ‘I’m happy to associate with him, I derive a lot of inspiration from him. He is one of the productive persons I’ve ever met in my life. We have both worked with Bola Ige, Wole Soyinka, Femi Johnson, Bola Akinyemi and others. He is worthy to emulate.’

One of the daughters of the celebrant, Banke Akinsola, said: ‘I thank God for the life of my dad, for sparing him till his 80th birthday. He is a philanthropist, who always opens his door to everyone who needs his help.

‘I’m glad to celebrate and honour him today. His character and loving heart are worthy to be emulated. He is a disciplinarian, who has no tolerance for laziness. He has been inspiring me over the years and he will continue to inspire me.’

The celebrant expressed gratitude to God for His grace and mercy, saying despite all odds, he was able to attain 80.

He said: ‘I am grateful to God, because it is by his grace, despite all odds that I made it. Not only that He has granted me the grace to witness my 80th birthday, but He also ensures I have lived a meaningful life. I wouldn’t have been here today if not for God. He has been very faithful to me.”

Adeniran, who urged Nigerians to move closer to God and follow His instructions, said: ‘Let’s appreciate what God has done for Nigeria. The nation is blessed with human and materials resources. It’s now left to us to show God that we appreciate what He has done for us through our commitment to him and the society.

‘We need to transform the lives of Nigerians, for a better society. The younger generations should wake up. It is their future that is being wasted if the nation is not doing well.”

Utica Capital Limited yesterday launched a N20 billion fund to support film makers in all stages of film production, a groundbreaking move for Nigeria’s creative economy.

The N20 billion Utica Film Fund is Nigeria’s first licensed venture capital fund for the Nigerian film industry, popularly known as Nollywood.

Utica Film Fund is a specialised film-investment vehicle that supports filmmakers at various stages-preproduction, production, and distribution-by providing financing, strategic counsel, and mentorship.

Speaking at the launch of the fund in Lagos, Chairman, Utica Capital Limited, Dr. Adesegun Akin-Olugbade, said the Utica Film Fund came to fill the gap of underfunding, which has undermined the development of the film industry.

According to him, the twofold vision of the fund is to deliver superior value to investors and to elevate Nollywood from a local standard by providing the financing needed for world-class production, wider distribution, and sustainable growth.

He said the launch was the beginning of a new chapter where Nollywood would no longer be underfunded, but globally empowered.

He called on pension fund managers, insurance fund managers, and private investors to seize the opportunity to invest in the Utica Film Fund, which has opened for subscription.

He pointed out that by investing in the Utica Film Fund, investors are not only seeking attractive financial returns, but also investing in Nigeria’s cultural legacy, job creation, and global reputation.

He said: ‘Today, we are not just launching an investment product – we are making history. For the first time in Nigeria, and in Africa, the Securities and Exchange Commission, under its regulatory authority, has approved a specialised capital fund dedicated to the film industry. The Utica Film Fund is therefore a pioneer, where creativity is finally brought into the center stage.

‘Why does this matter? Because Nollywood is more than entertainment. It is a cultural powerhouse, a billion-dollar industry, and one of Nigeria’s greatest exports to the world. Every day, over 35 million people consume Nollywood content. Our films travel across borders and reach diverse sections of Africa and beyond.

‘Yet, for too long, this industry has been underfunded – relying on personal savings, informal loans, and small-scale investments. The Utica Film Fund changes that. Through a restructured, SEC-approved, professionally managed vehicle, we are creating channels for institutional investors to participate in the growth of Nollywood, while also earning returns.

‘This is not charity. This is smart investing, strong governance, and portfolio diversification’.

Managing Director, Utica Capital Limited, Mr. Ola Belgore said the fund aims at supporting films and film-adjacent projects that have strong commercial potential and can generate predictable cash flows.

According to him, by introducing venture capital discipline into the sector, the fund aims to position Nollywood as a globally competitive industry capable of generating sustainable returns while amplifying Nigerian culture and creativity on the world stage

He said the fund would support both emerging and established filmmakers with projects that demonstrate strong storytelling, financial viability, and international market potential.

He said the fund has already announced plans to issue its first call for film proposals before the end of 2025, inviting Nigerian filmmakers to pitch their projects for potential financing.

He noted that the fund would spark a new golden era for Nollywood, one where creativity is matched with capital, and storytelling meets sustainability.

He explained that N20 billion Utica Film Fund would be offered in tranches with the first tranche of N5 billion now open for subscription.

He noted that the fund was rated A-, making it suitable for institutional investors.

‘This fund is designed for the Nigerian market and economy. Talking about its impact, it has the potential to significantly contribute to economic growth. However, it is designed only for qualified investors – people who understand the need for long-term investing and the value it brings. It is not for investors who bring in N10 million today and expect to withdraw it next week. We will need time for the fund to fully come to life. That is why it is reserved for qualified investors, with a minimum investment threshold of N10 million.

‘The benefits are clear. It provides diversification, especially for institutional investors, asset managers, insurance funds, and pension funds. This is an opportunity for them to diversify beyond their traditional portfolios. There is also equity within the fund, even though it is structured to mature from second year, over the next 10 years, ultimately closing on the N20 billion target,’ Belgore said.

He pointed out that the Utica Film Fund would contribute meaningfully to the Nigerian economy, creating significant job opportunities.

He said: ‘On average, 200 movies are produced annually, and this presents a powerful opportunity for growth. Nollywood is the second-largest film industry in the world in terms of production, after Bollywood – and there are case studies and proof to support this. Utica Capital has been in existence for 4 years, and the people involved in this journey have the experience and expertise to make it succeed’.

A major highlight of the launch was the unveiling of the Advisory Committee, which included respected figures from film, law, and culture. Members included Mr Ola Belgore, Dr Adesegun Akin-Olugbade, Chairman of the committee; Mr Abimbola Kazeem, Sani Mu’azu, a filmmaker; kachi Offiah, Femi Adebayo, a film producer; Richard Mofe Damijo, a respected cultural ambassador and Mrs Omoni Oboli.

Transaction parties to the Utica Film Fund included FSDH Capital and Emerging Africa, issuing houses; STL Trustee and CardinalStone, trustees and First Bank of Nigeria as Custodian to the fund and ALR and Co as Solicitor to the fund among others.

Kelechi Iheanacho was available for the duration of Celtic’s Europa League tie with SC Braga of Portugal but he couldn’t do much as his Scottish side were beaten 2-0 at home.

Celtic had begun the group stage with a 1-1 draw with Red Star Belgrade a fortnight ago but Braga proved to be too hot for them.

Iheanacho scored in the first game with Red Star Belgrade but he failed to hit target.

In another game, Fenerbahce beat OGC Nice 2-1 with the Super Eagles attacker, Terem Moffi entering the fray in the 59th minute

Also, Super Eagles striker, Cyriel Dessers was not listed for Panathinaikos in their 2-1 home loss to Go Ahead Eagles.

Dessers played the final 20 minutes of their last 4-1 away win at Young Boys but he was not listed for the game because of an ankle complaint.

Golden Eaglets head coach, Garba Manu, has called on the Confederation of African Football (CAF) to increase the qualification slots allocated to the WAFU B region, following Nigeria’s failure to qualify for the 2026 U-17 Africa Cup of Nations.

The Eaglets were beaten 2-0 by Ghana in Tuesday’s semi-final of the WAFU B tournament in Ivory Coast, a result that ended their hopes of reaching the U-17 AFCON and, by extension, the 2026 FIFA U-17 World Cup-now an annual event. This is Nigeria’s second straight miss at this level after also failing to qualify for the 2025 edition.

Garba, who led Nigeria to the FIFA U-17 World Cup title in 2013, argued that limiting WAFU B to only two qualifying spots undermines the region’s pedigree in youth football.

‘When the WAFU B competition started in Niger Republic, we had seven countries, and only one qualified. I raised the observation then that WAFU B is the strongest zone in Africa, and that’s why it was increased to two slots. But it is still not enough,’ he said.

He faulted CAF’s decision to award an extra slot to WAFU A in a previous edition while overlooking WAFU B, which he insists consistently produces the continent’s strongest youth teams.

‘It’s unfair. Nigeria is still rated number one at U-17 level globally, yet CAF restricts us to two slots. WAFU B deserves at least three. It will not only benefit Nigeria but also improve African football as a whole.’

Nigeria, five-time U-17 world champions (1985, 1993, 2007, 2013, 2015), have not featured at the tournament since 2019, when they exited in the round of 16 after losing to the Netherlands.

Members of the Lagos State chapter of the Sports Writers Association of Nigeria (SWAN) have reaffirmed their support for the Isaiah Benjamin-led National Executive, urging strict adherence to the association’s statutes in the conduct of the 2025 Lagos SWAN elections.

The members accused the current Lagos SWAN Executive Committee, led by Oladunni Olatutu, of convening a ‘kangaroo congress’ and setting up a three-man state electoral committee in clear contravention of the association’s constitution-specifically Article 12, Section G (sub-sections ii, iii, iv) and Article 12, Section I (sub-section ii).

According to them, the Olatutu-led executive usurped the powers of the Lagos SWAN congress by imposing a SWANECO team on the chapter, despite provisions that vest absolute authority on the congress, with the National Executive holding the mandate to ratify such appointments while working with SWANECO on electoral guidelines and timetable.

The members further condemned acts of intimidation orchestrated by the Lagos state executive in connivance with the Lagos State Police Command. They recalled that no fewer than 15 police vehicles and over 40 officers from different divisions were deployed to the venue at the last congress to create an atmosphere of fear and raising concerns within the stadium community.

While thanking the National SWAN for intervening to ensure that a proper congress was eventually convened, the members expressed concern over attempts by some initial SWANECO members imposed on Lagos SWAN, Victor Eyinnaya, Jerry Apeleokhai, and Joshua Uloko to frustrate other committee members from contributing positively to the electoral process.

They described their rigidity as a deliberate ploy that has stifled progress and undermined the purpose of expanding SWANECO into a full committee, as approved at the only congress recognised by the National SWAN in a letter dated 29 September.

A major grievance raised was the unrealistic pricing of nomination forms, which they described as a calculated move to turn the electoral process into a contest for moneybags, effectively disenfranchising genuine members. Despite repeated calls for a reduction in fees which pegged prices of nomination form for Chairmanship position at ?200,000; Vice Chairman at ?120,000; Secretary at ?120,000; Assistant Secretary at ?100,000; Treasurer at ?100,000; Financial Secretary at ?100,000; and Welfare Officer at ?100,000, the three-man bloc within SWANECO stood firm on their pricing structure. They justified the decision by claiming committee members were entitled to 50% of all monies realised.

This stance not only places an unfair burden on members but also raises serious ethical concerns, undermining the principles of service, transparency, and fairness expected of an electoral body. These concerns were highlighted in a protest letter earlier written to National SWAN by two other SWANECO members, McAnthony Anaelechukwu and Anulika Menanya.

The members insisted that the Lagos SWANECO, in its current form and mode of operation, is not serving the interest of fairness or inclusivity, but rather pursuing a narrow agenda that undermines the integrity of SWAN in Lagos.

They therefore called on the National Executive to urgently intervene, investigate these practices, and take corrective measures to restore credibility and fairness to the electoral process in Lagos State.

Nigerian Content Development and Monitoring Board (NCDMB) has clarified that the three Executive Orders issued by President Bola Tinubu in March 2024 did not weaken or sideline the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

This assurance was given during a Local Content Masterclass and panel session at the African Energy Week in Cape Town, South Africa, where stakeholders examined Nigeria’s local content milestones, clarified misconceptions, and provided lessons for other African oil and gas-producing countries.

Panelists included NCDMB officials such as Engr. Abayomi Bamidele, Director of Capacity Building; Silas Omomehin Ajimijaye, General Manager, Monitoring and Evaluation; and Ms. Fateemah Mohammed, General Manager, Nigerian Content Development Fund (NCDF). The session was moderated by the General Manager, and Corporate Communications, Obinna Ezeobi.

Engr. Bamidele explained that some industry players had misinterpreted the Presidential Directives to mean that compliance with the NOGICD Act was no longer mandatory. He clarified that the directives simply mandated the use of existing local capacities and eliminated middlemen from the contracting process.

The three orders cover Local Content Compliance, Reduction of Petroleum Sector Contracting Costs and Timelines, and Tax Incentives for Oil and Gas Companies. To align with these directives, NCDMB streamlined its contract approval process from nine to five stages, reducing project costs and accelerating investment decisions.

Bamidele also disclosed that qualified international service companies can now obtain the Nigerian Content Equipment Certificates (NCEC) to participate in deepwater operations-an initiative expected to attract new investments. He added that NCDMB is advancing infrastructure projects such as the Brass Island Shipyard, supported by NLNG, and the Nigerian Oil and Gas Parks at Odukpani, Cross River State, and Emeyal-1, Bayelsa State.

Ajimijaye highlighted NCDMB’s robust monitoring systems that ensure compliance with the NOGICD Act. He noted that oil asset divestments have not reduced compliance levels, as indigenous operators have adopted established frameworks. He also stressed the importance of research and development, citing six Centres of Excellence in Nigerian universities and support for 15 innovative projects through the Board’s R and D Fund.

Speaking on financing, Ms. Mohammed explained that the Nigerian Content Intervention Fund provides single-digit loans to indigenous service companies. She outlined key schemes such as the ?50 billion Community Contractors Fund, which grants up to ?100 million to local contractors, and the $20 million Women in Oil and Gas Fund, managed by NEXIM Bank, to support women entrepreneurs.

She urged other African countries to adopt similar financing models to enhance local capacity, while reaffirming NCDMB’s commitment to expanding the Fund and partnering with financial institutions to unlock bigger projects

A new wave of innovation is sweeping through the financial technology sector.

A pioneering study published in the International Journal of Advanced Artificial Intelligence Research, authored by Olabayoji Oluwatofunmi Oladepo and Opeyemi Eebru Alao of Swansea University, has unveiled a user-friendly machine learning tool that promises to transform how traders analyse and forecast stock market trends.

The study addresses a long-standing challenge in stock trading: the complexity of technical analysis.

Traditionally, traders rely on intricate charts and indicators to identify market patterns, but interpreting these visuals can be daunting, especially for beginners.

Most existing trading platforms either lack predictive capabilities or function as opaque ‘black-box’ systems, leaving users in the dark about how decisions are made.

At the heart of the tool among many others is a Random Forest machine learning model, chosen for its robust performance and ability to highlight which features most impact predictions.

The researchers engineered a range of financial indicators into the model, and used advanced techniques like SMOTE to address class imbalances in market data.

The model’s predictions are presented alongside clear visualisations of feature importance, allowing users to see exactly which factors drive the results.

To evaluate the tool’s effectiveness, the researchers conducted a virtual workshop with 14 participants of varying trading experience.

This research marks a significant step toward making financial trading more approachable and trustworthy.

Former Anambra State governor Peter Obi, yesterday x-rayed Nigeria’s journey as a nation and concluded that leadership failure has derailed the vision of those who fought for its independence.

Obi, in a statement on his X handle to mark the country’s 65th Independence Day, recalled that Nigeria, which was once projected to become Africa’s economic giant, has ‘slipped to the fourth-largest economy on the continent.’

He lamented that years of poor governance and waste have not only worsened poverty but also widened inequality.

The tweet reads: ‘Our founding fathers fought for independence with confidence and determination to build a prosperous Nigeria.

‘Unfortunately, tragic failures of leadership derailed this vision.

Obi claimed that as of 2007, Nigeria’s debt was about N2.5 trillion – less than 10 per cent of Gross Domestic Product (GDP) when former President Olusegun Obasanjo secured debt relief for the country.

He added that by 2014, Nigeria had become Africa’s largest economy and was set to attain middle-income status.

The LP candidate lamented that the progress was ‘truncated’ after the All Progressives Congress (APC) came into power in 2015.

He said: ‘Today, our debt has ballooned to about N175 trillion, nearly 50 per cent of GDP, without corresponding improvement in productive sectors.

‘Nigeria has fallen behind South Africa, Egypt, and Algeria. Our democracy is now described as undemocratic.

Obi accused the government of spending lavishly while millions of Nigerians have no access to healthcare, education, or safe water.

He also said that insecurity has further affected the economy, with kidnapping and terrorism keeping Nigerians in fear.’

‘Cronyism, corruption, and disregard for the rule of law have scared away investors, while other African countries are overtaking us as investment destinations,’ Obi said.

Obi, however, expressed optimism that Nigeria could still achieve greatness.

He urged Nigerians not to lose hope because ”Nigeria will rise again.’ added.