Asianet Pakistan Private Limited

The chairman of the Board of Directors of Geregu Power Plc, Senator Abdul’aziz Abubakar Yari, has moved to personally fund the immediate settlement of the company’s outstanding bond obligation to protect bondholders and restore investor confidence.

Yari, in a statement from his media office on Friday, said the bond was issued and the underlying arrangements entered into under Geregu Power’s former ownership and management, before the current ownership and board assumed control.

He decided to intervene personally because the unresolved obligation could unsettle bondholders, undermine confidence in the company, and affect the interests of shareholders and other stakeholders.

‘Notwithstanding that the day-to-day management of this obligation is not mine to carry, I have decided, in my capacity as Chairman, to personally step in and provide the funds required to address the immediate outstanding bond obligation,’ Yari said.

He stressed, however, that his intervention should not be construed as an admission of personal liability for the obligation or an indication that the current board and management were responsible for its emergence.

‘This is not an admission that the obligation is personally mine, nor is it a judgement that the current Board or management created this problem. It is a decision made in the interest of the institution I am privileged to chair,’ he said.

Yari said the company was already in discussions with its former owners and management about the circumstances surrounding the bond obligation and how it should ultimately be resolved.

According to him, the former owners and management have indicated their willingness to continue discussions towards a lasting and amicable settlement.

His intervention will address the immediate obligation to bondholders while discussions continue on the underlying dispute.

‘Our objective, ultimately, is a final, mutually acceptable resolution: fair treatment or reimbursement of the funds I am advancing now to protect the company, and clear, dependable arrangements for the company’s future obligations to bondholders,’ he said.

The Geregu chairman said he had remained closely involved with the board, management, financial and legal advisers, and other relevant parties since the matter emerged, to establish how the situation arose and determine the appropriate steps for its resolution.

He maintained that protecting investor confidence remained his overriding priority, warning that a dispute of this nature should not disrupt the company’s operations or undermine the confidence of bondholders, shareholders, and business partners.

‘Confidence, once shaken, is expensive to rebuild. I would rather act early than watch that happen,’ he said.

Yari assured bondholders, shareholders, employees, partners and other stakeholders that Geregu Power’s obligations would be honoured and that the company would maintain sound corporate governance as efforts to resolve the underlying matter continue.

‘To our bondholders, our shareholders, and everyone who has built something lasting with Geregu Power: this company’s obligations will be honoured, its governance will remain sound, and its future is not in question,’ he said.

He also pledged to keep stakeholders informed as discussions progress towards a final resolution.

A chieftain of the All Progressives Congress (APC), Alhaji Faizu Alfindiki, has dismissed former Vice President Atiku Abubakar’s pledge to restore the petrol subsidy, calling it inconsistent with Nigeria’s economic realities.

Atiku, the presidential candidate of the African Democratic Congress (ADC), said last week that he would reinstate the subsidy if elected in 2027, arguing that Nigerians have not benefited sufficiently from the savings since President Bola Ahmed Tinubu removed it.

In a statement issued to newsmen in Kano on Friday, Alfindiki said the debate should focus on accountability for subsidy savings, not a return to a regime he called financially unsustainable.

Alfindiki, a former Chairman of Kano Municipal Local Government, said the subsidy had placed enormous pressure on public finances and distorted the petroleum market.

‘It is legitimate to question how government revenues are being managed, but it is equally important to acknowledge the economic consequences of returning to a subsidy regime.

‘Nigerians deserve solutions that are sustainable, not policies designed primarily to win political arguments,’ he said.

He added that removing the subsidy was a ‘difficult but necessary decision’ that must be matched with measures to protect vulnerable citizens and boost domestic production.

The APC chieftain questioned Atiku’s reversal, noting that during the 2023 campaign the former VP had promised to remove the subsidy within his first 100 days in office.

‘Today, Atiku is presenting subsidy restoration as a solution, whereas his position before the 2023 election was that the subsidy should be removed. Nigerians are entitled to ask what has changed and why,’ Alfindiki said.

Alfindiki urged political leaders to shift the conversation from the subsidy to building a productive economy through increased local refining, better infrastructure and stronger investment.

‘The real question is how we create jobs, strengthen local production, reduce dependence on imported petroleum products and ensure that the benefits of reform reach ordinary Nigerians,’ he said.

He challenged Atiku and other critics to explain how a restored subsidy would be financed without increasing the fiscal burden or diverting funds from infrastructure, education and healthcare.

Citing recent comments by Finance Minister Taiwo Oyedele that reforms averted an economic collapse, and reports of renewed investor interest despite cost-of-living pressures, Alfindiki said: ‘President Tinubu should be held accountable for how the savings and additional revenues are used. That accountability is important. But accountability should not be confused with returning Nigeria to a system that was financially unsustainable.’

The Presidency has made a similar demand, asking Atiku to provide details on funding for his proposed subsidy restoration.

Alfindiki concluded that Nigeria’s economic debate must be grounded in facts, transparency and long-term national interest ‘rather than electoral rhetoric.’

Child rights experts and social workers have called for stronger action to curb the exploitation and abuse of children engaged in domestic work.

They warned that emerging forms of abuse require better-equipped protection systems and frontline responders.

The call was made on Tuesday at a capacity-building workshop organised by the CeCe Yara Child Advocacy Centre for frontline child protection professionals in Lagos.

The workshop, held at the LCCI Conference Centre, Alausa, Ikeja, focused on practical child welfare strategies, professional development and measures to improve the response to cases of child abuse and exploitation.

A gender justice and child protection expert, Mrs Alexis Sanya-Kawa, said continuous learning, mentorship and regular evaluation were essential for professionals working to protect children. Mrs Sanya-Kawa urged child rights practitioners to invest in their personal and professional development, noting that improved capacity would translate into better outcomes for vulnerable children.

She described Lagos State as proactive in its response to child abuse and other forms of violence, urging other states to replicate systems that have strengthened child protection efforts in the state.

‘Lagos State is very proactive in responding to issues of child abuse and other forms of violence against persons. I would like other state governments to replicate the systems that are in place within Lagos State,’ she said.

According to her, the establishment of special courts, forensic laboratories and other mechanisms had strengthened the state’s response to abuse, but more attention was needed to ensure effective implementation.

‘We have the special courts, we have the forensic lab, we have things that ensure that abuse is curbed. But what we need to do is ensure that we strengthen implementation,’ she added.

The founder of CeCe Yara, Mrs Bisi Ajayi-Kayode, said child abuse through exploitative domestic work was assuming new dimensions, requiring stronger interventions from government, communities and child protection professionals.

Ajayi-Kayode also warned that frontline workers handling abuse cases were vulnerable to burnout and vicarious trauma if they were not adequately equipped and supported.

‘We have child helpline counsellors, lawyers and case workers. If they are not well equipped and not well taken care of, they will burn out,’ she said.

She called on community members and victims to speak out against the abuse and exploitation of children, stressing the importance of early reporting and intervention.

Also a counsellor and mental health psychologist, Ms Gloria Joaquim, emphasised the importance of mental wellbeing among child protection professionals.

Joaquim led participants through sessions on wellness therapy and body movement healing, urging activists and social workers to prioritise self-care as part of effective professional practice.

‘Your mental wellbeing is very important. Respond with intentionality,’ she said.

She noted that effective stress management could improve decision-making among professionals who routinely deal with traumatic cases involving children.

Participants, including the Chief State Counsel at the Ministry of Justice, Bureau of Public Defender, Mrs Azeezat Ajaga, pledged renewed commitment to strengthening the protection of vulnerable children.

The workshop was sponsored by The Freedom Fund with support from the United States Government and was designed to strengthen the capacity of child protection professionals to prevent abuse, respond to exploitation and support survivors.

José Mourinho has revealed that Real Madrid midfielders Federico Valverde and Aurélien Tchouaméni have put their differences behind them following an incident involving the pair last season.

Mourinho said he chose to treat the situation as a fresh start and avoid dwelling on the disagreement between the two players.

‘I decided for them to restart from zero. I see how their relationship is on a daily basis. It’s impossible to think about what happened last season,’ Mourinho said.

The Portuguese manager described the incident as normal and insisted that the two midfielders remain close despite what happened.

‘It was something normal. They are very good friends; it feels as if nothing happened,’ he added.

Mourinho’s comments suggest that the incident has not affected the relationship between Valverde and Tchouaméni, with both players now focused on their responsibilities at Real Madrid.

Two persons lost their lives, while two others sustained varying degrees of injuries, in a tanker fire explosion along the Agu-Awka axis of the Enugu-Onitsha Expressway, Awka.

The incident, which occurred on Thursday night in front of a fuel station, involved a fully loaded diesel tanker belonging to Shafa Filling Station and a 911 truck loaded with bags of feed.

The diesel truck reportedly suffered brake failure and collided with the 911 truck, resulting in a fire.

Confirming the incident, the Chief Fire Officer of the State Fire Service, Engr. Chiketa Chukwudi, said two people lost their lives, while two others who sustained varying degrees of injuries were rescued and rushed to the hospital for medical attention.

Chiketa, who was personally present at the scene, commended the firefighters for their prompt response and urged motorists and other road users to exercise extreme caution, particularly when approaching sloping areas and when trucks are loaded with petroleum products.

While assuring the public that the situation had been brought under control, the Fire Chief encouraged them to remain calm and go about their normal activities.

He also reiterated a call to motorists to ensure their vehicles were properly maintained and that critical components, especially braking systems, are routinely checked to prevent avoidable accidents.

He said, ‘The Anambra State Fire Service has responded to a serious road traffic accident involving a fully loaded diesel tanker belonging to Shafa Filling Station and a 911 truck loaded with bags of feed along the Agu-Awka axis of the Enugu-Onitsha Expressway, Awka.

‘The incident occurred in front of Jezco Fuel Station, Agu-Awka, at 2326 hours on Thursday, 20th August, 2026, and was reported to the Anambra State Fire Service, which promptly mobilised its firefighters and firefighting equipment to the scene.

‘Preliminary information indicates that the accident occurred when the diesel truck reportedly suffered brake failure and collided with the 911 truck, resulting in a fire outbreak.

‘Sadly, two people lost their lives in the incident, while two others who sustained varying degrees of injuries were rescued and rushed to the hospital for medical attention.

‘As at the time of this report, firefighters remained at the scene, working to control the situation and prevent further escalation.’

The 2026 NPFL Super 6 Invitational Pre-Season Tournament continues today with two matches scheduled for Matchday Three.

Mighty Jets FC will take on Katsina United at 2pm before Plateau United FC face Rangers International at 4pm.

Both matches are expected to provide another opportunity for the participating clubs to assess their squads and fine-tune their preparations ahead of the new NPFL season.

The tournament has brought together six clubs divided into two groups, with the competition also serving as an important pre-season exercise before the commencement of the league campaign.

Multinational professional services network, PricewaterhouseCoopers, also known as (PwC) has projected Nigeria’s real gross domestic product (GDP) growth by 4.3per cent in in the second half (H2) 2026 supported by higher crude oil production and stronger performance in dominant sectors.

‘Nigeria’s economic outlook remains positive, although the second half of the year will continue to be shaped by domestic and external risks. Real GDP growth is projected at 4.3% for 2026, supported by higher crude oil production and stronger performance in dominant sectors. Inflation is expected to moderate, although food-price pressures, other supply-side shocks and pre-election spending could create upside risks,’ PwC’s latest Economic Outlook released yesterday noted.

It said the naira is expected to remain broadly stable, supported by improved external buffers and foreign-exchange market reforms, but it remains exposed to shifts in oil prices, capital flows and domestic FX demand. Monetary policy is expected to remain relatively tight, with room for gradual rate reductions if the decline in inflation is sustained. Fiscal pressures may also persist as continued spending needs, the budget deficit, and government financing requirements place demands on available resources.

‘The central task for Nigeria in H2 2026 is therefore not simply to preserve macroeconomic stability. It is to make that stability work more effectively for households and businesses. Progress will depend on lowering essential costs, expanding access to finance, improving infrastructure and productivity, and converting stronger investor interest into productive investment and jobs.

‘Successfully navigating this next phase would allow Nigeria to move beyond stabilisation and begin unlocking the broader reform dividend through stronger incomes, improved welfare and more inclusive economic growth,’ it said.

According to its latest Economic Outlook released yesterday, PwC said fiscal pressures may persist in H2 2026, driven by continued spending needs, a persistent budget deficit and elevated government financing requirements.

In its bullet highlight of the report on exchange rate outlook, it said: ‘The naira is expected to remain broadly stable but susceptible to volatility from global oil prices, capital flows and domestic foreign exchange demand conditions.’

On interest rate outlook, it said the Central Bank of Nigeria (CBN) is expected to maintain a tight monetary policy stance, with scope for gradual rate cuts if the decline in inflation is sustained.

Co-authored by Partner, Chief Economist and Lead, Strategyand West Africa, Olusegun Zaccheaus; Partner, and Clients and Market Leader, West Market, Pedro Omontuemhen; Director, Akolawole Odunlami; and Manager / Lead Economist, Adesola Borokini, PhD, the report also examined the performance of the first six months of the economy,

According to PwC, economic activity remained resilient in the first half of the year, but the pattern of growth was uneven.

‘GDP growth in Q1 was driven by stronger activity in ICT, Finance and Insurance, Construction and Agriculture. At the same time, the PMI weakened during the second quarter, recovering only marginally to 50.1 in June. Agriculture remained in expansion, while industry, services and new orders were below the 50-point threshold. Seventeen of the 36 subsectors tracked were in contraction, highlighting the continued pressure on parts of the real economy,’ noted the report.

Foreign exchange conditions, it said, strengthened, there was improved official-market liquidity, and larger external buffers supported naira stability, while capital importation rose to $10.37 billion in Q1 2026. ‘Yet the composition of these flows remain important. Foreign portfolio investment accounted for $9.86 billion, or 95.1per cent of total capital inflows, while FDI (foreign direct investment) accounted for only 1.3per cent. This underscores the need to convert improved investor confidence into longer-term investment in productive assets, businesses, and infrastructure.

‘Fiscal revenue also strengthened, although execution pressures remain. Total distributable FAAC revenue rose to ?2.55 trillion in June, supported by stronger statutory revenue and VAT collections. At the same time, revenue performance against budget targets has been uneven, while continued spending requirements, government borrowing, and overlapping budget cycles may constrain fiscal flexibility and the pace of capital-project delivery.

‘For households, improvements in headline inflation have provided limited relief. Food inflation rose to 17.52per cent in June, while the cost of a healthy diet reached ?1,589 per adult per day in April. Buying conditions for consumer durables, vehicles, and property also remained weak; reflecting the continued pressure of essential spending on household budgets,’ PwC said in the H1 2026 outlook.

As part of efforts to increase Nigeria’s tax-to-Gross Domestic Product ( GDP) ratio, the Office of the Tax Ombud and the Oil and Gas Free Zones Authority (OGFZA) have agreed to explore inter-agency collaboration aimed at attracting more Foreign Direct Investment (FDI) into the country’s oil and gas free zones, by addressing tax and fee-related grievances through effective and efficient mediation services provided by the country’s foremost tax dispute-resolution institution.

The resolution was reached when the Tax Ombud Chief Executive, Dr. John C. Nwabueze visited OGFZA on Wednesday.

Nwabueze told the OGFZA Managing Director, Alhaji Usman Bamanga Jada, that the proposed collaboration was a panacea for promoting fair, transparent, predictable and investor-friendly tax administration within Nigeria’s oil and gas free zones.

‘I am very much aware that OGFZA regulates and coordinates activities in the zones, grants permits and licences, administers incentives and resolves disputes among stakeholders.

The Office of the Tax Ombud complements these functions by providing an independent channel for reviewing and resolving complaints relating to taxes, levies, regulatory fees, customs duties and excise matters.’

He said the two government agencies could collaborate in areas, including taxpayer complaint resolution, clarification of tax incentives, review of systemic complaints, and the promotion of transparency and accountability. These efforts, he said, would contribute to increased voluntary tax compliance and engender a higher tax-to-GDP ratio, which is critical to national development and consistent with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu, GCFR.

Responding, Jada said that investors in Nigeria’s oil and gas free zones have benefited from incentives, tax exemptions and customs duty concessions, deliberately introduced by the Federal Government to encourage sustainable FDI inflows into the country, as well as private-sector-driven infrastructure development and employment generation.

He said that collaboration with the Office of the Tax Ombud will advance OGFZA’s mandate, adding that the visit was timely, as it would help build investor confidence and promote business activities, particularly within the special economic zones that the Authority is championing across the country.

As part of efforts to translate the proposed collaboration into concrete action, both government agencies have appointed liaison officers to coordinate the relationship and facilitate the achievement of the desired objectives within the shortest possible time.

The Federal Government and the private sector have been urged to increase their support for humanitarian operations as insecurity and other crises worsen across the country.

The Registrar and Chief Executive Officer of the Institute for Humanitarian Studies and Social Development, Francis Origa, made the call during a press briefing marking the 2026 World Humanitarian Day.

Origa said the annual event, observed on August 19, offered an opportunity to honour humanitarian workers and first responders who risk their lives to assist victims of conflicts and other emergencies.

He said the 2026 theme, ‘The Time for Consequence is Now,’ with the hashtag #ActForHumanity, highlighted the need for urgent, concrete action to protect vulnerable populations and humanitarian workers.

The institute’s chief executive noted that Nigeria continued to face complex humanitarian challenges, including displacement, food insecurity and climate-related emergencies, particularly in the North-East.

He expressed concern about the rising attacks on humanitarian workers, warning that those providing assistance to people affected by crises must be protected.

‘Humanitarian workers are increasingly targeted. We have seen a disturbing trend of attacks on those who are there to help, with aid workers facing significant risks to their safety and security while delivering aid in conflict zones,’ Origa said.

He called on the authorities to ensure strict enforcement of international humanitarian law and to end impunity for attacks against aid workers and civilians.

Origa also urged communities and leaders to acquire the skills, training and resources required to respond effectively to emergencies and to rebuild affected communities with dignity.

He explained that World Humanitarian Day was established by the United Nations General Assembly in 2008 to honour the 22 humanitarian workers killed in the August 19, 2003 bombing of the UN headquarters at the Canal Hotel in Baghdad, Iraq.

Among those killed was the UN Secretary-General’s Special Representative in Iraq, Sérgio Vieira de Mello.

Meanwhile, the institute announced its 16th Annual Humanitarian Public Lecture and Induction Ceremony, scheduled for Saturday.

Origa said the programme, organised in partnership with the United Nations Institute for Training and Research International Training Centre for Authorities and Leaders, UNITAR-CIFAL Nigeria, would focus on ‘Resilience in Action: Strengthening Ethical Leadership, Inclusivity and Humanitarian Values in Nigeria.’

He said the event would also feature the presentation of his book, Materialism and Humanitarianism, which examines the relationship between material wealth and humanitarian values.

According to him, the institute will formally launch its Honorary Humanitarian Ambassadors Network as part of efforts to expand its training, advocacy and community development activities across Nigeria.

He disclosed that the initiative would be implemented in partnership with the Legal Aid Council of Nigeria and would incorporate para-legal services into grassroots humanitarian interventions.

Origa said the initiative aimed to promote human dignity, human rights, and access to justice in communities.

He commended humanitarian workers for their sacrifices, noting that many continued to provide food, medical care, shelter and hope to vulnerable people despite the risks to their lives.

He called for stronger collaboration among the government, humanitarian organisations, the private sector, and the media to address the country’s growing humanitarian challenges.

Traditional rulers from the South-West, led by the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, are set to hold a security meeting with Yoruba nation activist and founder of the Iru Ekun Security Network, Chief Sunday Adeyemo, popularly known as Sunday Igboho.

The meeting is scheduled to hold in Ijero Ekiti, Ekiti State, on Friday and will be hosted by the Owa Ajero of Ijero Ekiti, Oba Joseph Adebayo Adewole.

According to a statement issued by Igboho’s media office, the meeting will focus on security in Yorubaland and measures to sustain peace and communal stability across the South-West.

The statement said monarchs from Oyo, Lagos, Ondo, Osun, Ekiti, Ogun and parts of Kwara states are expected to attend the meeting.

It said the meeting would be presided over by Ogunwusi, who is Co-Chairman of the National Council of Traditional Rulers of Nigeria (NCTRN) and Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC).

The stakeholders are expected to discuss ways of strengthening security across the region and improving cooperation between traditional institutions and local security initiatives such as the Iru Ekun Security Network.

The statement said particular attention would be given to protecting rural communities and strengthening the role of traditional rulers in local security, given their proximity to communities and their roles in preventing and resolving conflicts.

The organisers commended the Nigerian Army, Department of State Services (DSS), Nigeria Police Force and other security agencies for their support for the Iru Ekun Security Network.

They also pledged continued cooperation with security stakeholders to sustain peace and safety across the South-West.

The statement specifically commended the National Security Adviser, Nuhu Ribadu; Minister of Defence, Gen Christopher Musa (retd.); Inspector-General of Police, Tunji Disu; Director-General of the DSS, Adeola Oluwatosin Ajayi; and heads of other paramilitary agencies for their efforts in combating insecurity and criminality.