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It is that time of the year where we mark yet another Independence Day. It is both a blessing and a burden to be alive and to live through another chapter in our national story. We gather in ceremony and celebration, with flags, parades and speeches across states and, of course, in Abuja. But beyond the festivity, it is truly a day we need to ask ourselves, what kind of independence have we truly gained?

Please, do not misconstrue this to be an attempt to diminish our sovereignty, but a necessary question for a people who must look honestly at their journey. At independence, our aspirations were simple and noble: that Nigerians would govern themselves, manage their own resources, and build institutions that served the people. Self-rule was supposed to mean more than flag-waving; it was meant to deliver education, health, security, food, justice and opportunity. But if we judge our progress by these standards, can we honestly say that independence has translated into meaningful freedom for the average Nigerian?

Indeed, we declared ourselves free from British colonial rule in 1960, and ever since, we have governed ourselves. Yet freedom in name is hollow if it is not matched by freedom in substance, freedom from poverty, from disease, from insecurity, from ignorance. Self-governance without progress is a cruel joke.

Take the Nigerian economy, for instance; one of the clearest measures of progress is per capita income, which divides national output by population. Over the last decade, Nigeria has witnessed a shocking reversal. According to a recent media report, between 2014 and now, average per capita income has fallen from about US$3,223 to roughly US$877, a decline of nearly 73 percent. This collapse means that even as nominal GDP may grow, the average Nigerian is getting poorer. The World Bank places Nigeria at 146th out of 191 countries in GDP per capita, while the IMF has ranked us among the 12 poorest nations in the world by the same measure.

Behind these numbers is human suffering. More than 40 percent of Nigerians live below the national poverty line, representing over 82 million people, while multidimensional poverty, which combines deprivation in education, health, and living standards, affects over 63 percent of the population. Oxfam estimates that more than 112 million Nigerians live in poverty. This is staggering for a country that is Africa’s largest oil producer and one of the continent’s biggest economies. Independence, in this sense, has not translated into liberation from want.

Inequality further distorts the picture. The richest Nigerians have grown obscenely wealthy while millions remain trapped in destitution. The Gini coefficient stands at about 0.35, but beneath that statistic lies a brutal reality: the top 10 percent of Nigerians earn 42 percent of national income, while the top one percent alone earn thirty-seven times more than the bottom half combined. Studies suggest that inequality, more than unemployment or inflation, has driven the rise of poverty in Nigeria. Independence was meant to end exploitation, yet our own structures have entrenched it.

Education and health are equally grim indicators. Nigeria today has the highest number of out-of-school children in the world, with more than 10 million children of school-going age excluded. Those who are in school often face poor learning outcomes, with many unable to read or do basic arithmetic at the end of primary education. The World Bank estimates that a child born in Nigeria today will be only 36 percent as productive as they could be with access to quality education and health, the seventh lowest figure globally.

In healthcare, the statistics are just as damning. Public health spending remains only about four percent of GDP. Life expectancy is among the lowest in the world, and preventable diseases continue to claim thousands of lives. Outbreaks like diphtheria, which recently caused more than 1,200 deaths, expose systemic vulnerabilities. Millions of Nigerians are pushed into deeper poverty each year because they must pay catastrophic medical bills out-of-pocket. These are not markers of a nation that has truly freed itself.

Food security is another test of sovereignty, and here again we fail. Despite vast arable land and a favourable climate, nearly 31 million Nigerians are experiencing acute food insecurity this year, according to the United Nations. Agriculture contributes about 23 percent of our GDP, but productivity per hectare is low, post-harvest losses are enormous, and insecurity continues to drive farmers off their land. Inflation, currency instability, and poor infrastructure compound the crisis. In a land where the soil could feed the continent, hunger has become widespread.

And then there is insecurity. No measure of freedom is meaningful if citizens live in fear of violence. From insurgency in the northeast to banditry in the northwest, herder-farmer clashes in the middle belt, kidnappings in the south, and robberies everywhere in between, insecurity is a national plague. Millions have been displaced, livelihoods destroyed, and communities left at the mercy of armed groups. This is not the freedom our founding fathers envisioned.

Governance and corruption remain the greatest betrayals of independence. At independence, the promise was leadership with integrity. But for decades, our leaders have squandered resources and mortgaged the future. Oil revenues that should have transformed our infrastructure, schools, and hospitals have too often been stolen or mismanaged. Institutions meant to safeguard accountability are weak, and political office has too often become a vehicle for private enrichment rather than public service. We claim the privilege of making our own decisions, but too often those decisions benefit the few at the expense of the many.

Taken together, these failures reveal a sobering truth: we are independent in name, but in substance we remain shackled. No colonial governor rules us today, but poverty, ill health, hunger, violence, and corruption bind millions in chains as real as those of the past. The tragedy of our independence is that while the Union Jack no longer flies over our soil, too many Nigerians live lives as limited and precarious as they did under foreign rule.

Yet this need not be the final word. If independence is to mean anything, we must act to redeem it. That means reorienting the economy to deliver inclusive growth, investing in value-added industries rather than exporting raw materials, supporting small and medium enterprises, and stabilising our macroeconomic environment. It means deep reforms in education and health: making learning outcomes, not just enrollment, the priority; expanding universal health coverage; and investing in early childhood nutrition and care. It means strengthening social safety nets and redistributive mechanisms so that inequality does not hollow out society. Above all, it means confronting corruption and insecurity with seriousness, rebuilding trust in public institutions, and enforcing the rule of law.

Independence is not merely for leaders. Citizens, too, must demand accountability, resist the lure of ethnic and religious politics, and engage actively in civic life. Independence without responsibility is a betrayal of our own destiny. Our media, civil society, and institutions must act not as cheerleaders for power but as watchdogs for the people.

As we raise our flags and sing our anthems, let us not deceive ourselves. We cannot keep celebrating rituals while the substance of independence remains elusive. This day should be a call to conscience, not a comfort for complacency. If we want the next 65 years to be different from the last, we must build a Nigeria where independence is felt in the classroom, the hospital, the farm, the market, and the home. We must build a country where freedom is not just the absence of colonial rulers, but the presence of justice, dignity, opportunity, and prosperity for all.

So, fellow Nigerians, I ask again: what kind of independence did we truly gain? If the answer is only symbolic, then our task is to make it substantive. The flag will mean little until every Nigerian child can dream and every Nigerian adult can live with dignity. May God bless the Federal Republic of Nigeria, and may our independence one day be as real as we proclaim. Happy 65th Independence Anniversary.

Chukwuemeka Ezike is a public affairs commentator and analyst. A passionate Nigerian, he is committed to using his voice to challenge national complacency and inspire conversations that lead to accountability and progress

Achu Ochu retired from the public service at the age of 65. However, he could not invest nor manage his income well, which resulted in his children being left without hope and future.

The once promising youngsters were forced out of school into streets because at 65, their father had no plans them.

Ochu’s predicament depicts Nigeria’s situation, and the fate of youngsters across the federation.

As Nigeria marks 65 years of independence, a silent crisis deepens across its cities and rural communities as about 20 million children roam the streets, denied access to education, opportunity, and a future, according to UNICEF report.

Jessica Osuere, chief executive officer at RubiesHub Educational Services, described Nigeria’s education narratives at 65 as one of lost chances. ‘After independence, there was hope for growth, but poor planning, poor funding, corruption, and insecurity slowed things down. Sadly, today, we have one of the highest numbers of out-of-school children in the world.

‘It’s a pointer that education has not been given the attention it deserves. Our children learn under the most inhumane circumstances,’ she emphasised.

Osuere said Nigeria’s progress has been uneven, and the system has failed to keep up with the needs of the people.

However, she warned that no nation rises above the level of its education system.

‘The premium put on education determines the rate of growth or level of development of any country,’ she said.

Isaiah Ogundele, an administrator, emphasised that Nigeria has a long way to go because the governments are not helping issues.

Ogundele said that Nigerian governments must give priority to education via budget allocation, and ensure the funds are judiciously utilised.

‘Nigeria’s education is still below standard. I will score it 55 percent, because of the private sector, and this is appalling.

‘The value of education has been eroded because of the youth’s get-rich- quick attitude,’ he said.

Yinka Bolarinwa, a public affairs analyst, said Nigeria’s education tells a tale of promise undermined by inconsistency.

‘While the nation has recorded significant expansion in access to education since Independence, the sheer weight of unmet needs continues to overshadow these gains,’ he noted.

Bolarinwa said in reality, the sector is constrained by chronic underfunding, insecurity in large parts of the North, decaying infrastructure, poor teacher welfare, and widespread poverty that pushes children out of classrooms and into the labour force.

‘The contrast with Nigeria’s peers is striking. Countries such as Malaysia and Singapore, which gained independence around the same time, invested deliberately in human capital and have since built innovation-driven economies anchored on strong education systems. Nigeria, by contrast, is still battling foundational literacy challenges.

‘A swelling population of uneducated youth fuels unemployment, crime, and instability issues already weighing heavily on the country’s social and economic fabric.

‘In essence, Nigeria’s education gap is not merely a developmental issue but a national security concern,’ he said.

However, Friday Erhabor, director of media and strategies at Marklenez Limited, believes Nigeria has done fairlywell education-wise. ‘I will rate Nigeria 65 percent. The country has done creditably. People may argue, but the best way to know the impact of Nigeria’s education is to look at how well Nigerians that schooled in the country do when they travel out.

‘Nigerians are globally competitive, I am not talking of those schooled abroad, but those that received their full education here,’ he said. Infrastructure, teacher shortage challenges

Experts say that despite various initiatives by the governments, lack of infrastructure and quality teachers is a clog to the goals.

Gift Osikoya, a teacher, said though Nigeria has made progress, it still falls short of its potential education-wise.

‘Infrastructure in many schools is poor; classrooms, libraries, and laboratories are lacking. Quality of teaching is uneven due to inadequate teacher training and welfare.

‘Private schools are filling gaps, but they are not affordable for many families. Digital learning and technology are slowly being embraced, but internet and power challenges hinder wider adoption,’ she said.

The UBE report estimates that Nigeria has a shortfall of over 277,537 teachers across public primary and junior secondary schools.

Besides, unqualified teachers are being recruited to bridge the gap. Poor teacher quality contributes to Nigeria’s poor learning standards by undermining the curriculum, limiting students’ engagement and critical thinking skills.

However, it is not all doom and gloom as Nigeria has also achieved some education reforms.

Key achievements and developments

Nigeria has recorded some expansion in the number of its institutions of higher learning. At independence, degree-awarding institutions were very few, such as the University of Ibadan, and the University of Nigeria, Nsukka.

As of early 2025, there are about 278 universities in Nigeria besides polytechnics, and others.

Daniel Emenahor, head of higher education at the British Council, said that about two million students graduate from Nigerian secondary schools annually.

This depicts improvement in education enrolment, and literacy compared to 1960.

However, growth in numbers has not always matched improvements in quality, equity, or completion rates. The way forward

Bolarinwa said Nigeria needs a sustained political will, consistent investment, and strict accountability.

Osikoya urged the government to prioritise education funding, monitoring, and teacher-training, and motivation.

Erhabor advocated introduction of incentives at primary schools such as school feeding.

Nigerians who are abroad, working remotely in the country, or who serve as influencers, are going to be taxed as part of a broader measure to ensure all and sundry are brought into the tax net, according to Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

‘If you are a remote worker, you are a worker. You work for a company, which may be American or European, and you earn a salary; you will self-declare it because if that company were to be in Nigeria, it would deduct and pay on your behalf. The obligation falls on you to self-declare,’ Oyedele said at an event.

‘If you now refuse to declare, the government will see the movement of the money, and they will deem it as your income, charge you tax on it, add a penalty, and interest for the late payment. The same thing applies to influencers.’ Nigeria has embarked on an overhaul of its many tax laws and harmonised them into four in a move to widen its revenue base, increase its share as a percentage of gross domestic product to 18 percent within three years, and provide succor for low-income households whose spending power has been eroded.

In less than four months to the kick-off of the tax laws, clarity on how the new rules will impact the citizens and corporates has led to widespread controversies, which the Oyedele-led committee is making efforts to broaden public enlightenment ahead of January 1. According to the tax boss, dual citizens who are living abroad are taxable if they spend six months in Nigeria, adding that the new laws make provisions for unilateral tax credits to avoid diasporans being double-taxed. ‘If you spend 183 days here in Nigeria, that’s about six months in a year in Nigeria, physically, our laws say you’re tax resident here. You must pay tax on the income you earn from anywhere in the world in Nigeria. When you get back to the other country and they want to collect tax, ask them to give you a credit for the tax you paid in Nigeria,’ Oyede said.

‘If you spend four months in Nigeria and the remaining eight months you’re in America, you’re not tax resident here. But if you have a house here and you rent it out, we’ll collect tax on that house,’ he added. The tax chief also stated that anyone rendering a service, including sex workers, will be taxed from January 2026 as long as an income is received, emphasising that the new tax laws don’t differentiate between what’s legitimate or not.

On capital gains, Oyedele said if what an individual sells at the capital market in a year is not more than N150 million and the gain is not more than N10 million, no tax will be paid, stressing that the new rules were intentionally designed to be progressive in all manners.

‘The current system of capital gains will charge you at 10 percent. Those gains are isolated regardless of your losses. Under the new regime, we net off first, so gains less losses. When you end up with a net gain, we then have a conversation about whether you should pay tax. If those gains still make you a low-income earner, you will not pay anything – zero percent,’ he said.

‘We have a very robust new law on crypto. The old law says when you make gains on crypto, you pay tax on it, but people also make losses on crypto, and the law totally ignores it, and that’s not fair. Under the new regime, we take your net, gain minus losses, so you pay tax like anybody will pay tax on their income. But you have to self-declare to the authorities.’

Headline fighters Brandon Glanton and Marcus Browne have promised fireworks when they clash in the cruiserweight main event of the ‘Chaos in the Ring’ card on October 1, Nigeria’s Independence Day, at the Mobolaji Johnson Arena, Lagos.

The blockbuster event, organised Dr. Ezekiel Adamu, CEO of Balmoral Group, in conjunction with Amir Khan, British boxing legend, is being billed as Nigeria’s biggest boxing spectacle since the historic ‘Rumble in the Jungle’ in 1974. Marcus Browne (25-2, 16 KOs), a 2012 Olympian and former WBA interim light heavyweight champion, said the fight is another step in his mission to become a two-division titleholder.

‘I’m fully loaded and I’m ready to press the trigger,’ Browne declared at the Lagos press conference.

‘Fans should expect power boxing, fireworks, and a statement for the cruiserweight division. This fight is sentimental for me, being Liberian, I feel at home in West Africa. I’m grateful for the opportunity, and I want to put on a show for Nigeria.’ His opponent, Brandon Glanton, a heavy-handed American with a reputation for knockout power, dismissed Browne’s comments, insisting he is ready to impose himself in Lagos.

‘I’m fully prepared. I’ve got great opposition in front of me, but I’m here to show myself,’ Glanton said. ‘People know I don’t come to dance around the ring. Expect an explosive fight-I’m coming to show exactly who I am.’

Event organiser Dr. Adamu, described ‘Chaos in the Ring’ as the biggest boxing showcase in Africa since Ali vs. Foreman.

‘Our ambition is to stage a boxing spectacle that rivals Saudi Arabia’s recent mega-events while highlighting Nigeria’s unique energy and passion,’ Adamu said.

The undercard features a strong mix of local and international bouts, including Basit Adebayo vs. Tony Rashid for the WBO Africa Title, Emanuel Odiase vs. Idris Afini for the WBA Africa heavyweight crown, Dan Azeez vs. Sulaimon Adeosun in light heavyweight action, Yusuf Adeniji vs. Akimos Annang Ampiah in a featherweight clash, and Samuel Takyi vs. Fatiu Ijomoni for the WBO World Youth lightweight belt.

The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) held its 302nd meeting on Monday and Tuesday, September 22 and 23, 2025, to deliberate on recent global and domestic developments and the risks they pose to the country’s economic outlook. The MPC, which is the apex decision-making body of the CBN on monetary policy matters, consists of 12 members, including the governor of the Bank. Its meetings are held every two months, leaving just one more for the year.

At the end of the two-day session, the Committee voted unanimously reduced its benchmark interest rate, the Monetary Policy Rate (MPR), by 50 basis points to 27 percent from 27.50 percent. The move was aimed at boosting growth while sustaining the interest of foreign portfolio investors in the country.

The policy move marked the first interest rate cut in five years and signals a shift in the Bank’s approach toward stimulating economic activity. Announcing the decision at the end of the two-day meeting in Abuja, Olayemi Cardoso, the CBN governor explained that the committee’s choice to lower the MPR was influenced by five consecutive months of disinflation, projections of further moderation in inflation through the rest of 2025, and the need to sustain recovery momentum in the economy.

The committee, attended by 12 members, also delivered a set of complementary measures that balanced monetary easing with targeted liquidity controls. To support credit to the private sector, it reduced the Cash Reserve Requirement (CRR) for commercial banks to 45 percent from 50 percent, while retaining the CRR for merchant banks at 16 percent. At the same time, however, it introduced a 75 percent CRR on non-Treasury Single Account (TSA) public sector deposits to absorb excess liquidity from fiscal injections.

To help the public understand the implications of the MPC’s decisions, Ayodeji Ebo, managing director and chief business officer at Optimus by Afrinvest, explained some key monetary policy terms during his business and investment tips programme. According to him, the Monetary Policy Rate (MPR) is the benchmark interest rate at which the CBN lends to commercial banks and serves as the anchor for all other rates in the economy, making it a vital tool for managing inflation. The Cash Reserve Ratio (CRR) refers to the share of deposits that banks are required to keep with the CBN. With the CRR now set at 45 percent, for every N1,000 deposited in the bank, N450 must be retained with the CBN, leaving only N550 available for lending. The Liquidity Ratio (LR), maintained at 30 percent, is the proportion of liquid assets such as cash and government securities that banks must hold relative to their deposits, ensuring that they can meet withdrawal demands.

He further explained that the symmetric corridor defines the range around the MPR that determines the rates for the Standing Lending Facility (SLF) and the Standing Deposit Facility (SDF). With the corridor now fixed at +250/-250 basis points, banks can borrow from the CBN at 29.5 percent through the SLF or place their excess funds with the CBN at 24.5 percent via the SDF. This corridor affects overnight market rates, liquidity in the system, and short-term borrowing costs. Another measure introduced by the MPC was a 75 percent CRR on non-TSA public-sector deposits, which are funds held by government agencies outside the Treasury Single Account framework. By imposing such a high ratio, the CBN has ensured that banks cannot fully rely on these idle public funds for liquidity, thereby tightening money supply and discouraging speculative use of government deposits. The big question, however, is: what do these measures mean for different players in the economy such as savers, borrowers, and investors?

For savers, the most immediate effect is on the interest rate paid on savings deposits. By regulation, banks are required to pay at least 30 percent of the MPR on naira savings accounts. With the MPR now reduced to 27 percent, the minimum savings rate also falls slightly to 8.1 percent, down from 8.25 percent. Although this looks marginal, it means lower income for households relying on savings deposits as a source of interest earnings. The actual benefit, however, depends on the conditions set by individual banks, such as limits on the number of withdrawals allowed in a month to qualify for interest. Savers who want to earn more from their funds may now have to consider alternatives such as fixed deposits, money-market funds, or fixed-income securities, while still keeping a portion in liquid savings for emergencies.

For fixed-income investors, the MPR cut reinforces the downward trend in yields already witnessed in recent auctions. Benchmark rates tend to guide returns on government securities, and with this cut, yields on instruments such as treasury bills and bonds are expected to decline further. This development makes fixed-income assets less attractive to risk-averse investors. Pension funds and institutional investors, in particular, may face compressed returns and will likely be prompted to diversify their portfolios into equities, infrastructure funds, or real assets. For retail investors, lower yields could mean that investment products offering higher risks but also potentially higher rewards may start to look more appealing.

Borrowers stand to benefit from the cut, though the effect will not be immediate. Loan rates are expected to reprice lower over time, although tight liquidity conditions arising from the high CRR could slow this process. As of July 2025, the maximum lending rate in Nigeria averaged 29.84 percent, while the prime lending rate was around 18.01 percent. The cut should gradually ease the debt-service burden of existing borrowers and lower the cost of new loans. By reducing default risks, the policy could also improve the overall quality of banks’ loan books. For the banks themselves, narrower lending margins may initially weigh on profitability, but this can be balanced out through stronger loan growth, reduced non-performing loans, and higher income from fees and other non-interest sources. The stock market is another potential beneficiary of the rate cut. Lower borrowing costs enhance the profitability of non-financial companies by reducing interest expenses, while the relatively weaker returns on fixed-income investments may shift investor appetite toward equities. For listed companies, particularly those outside the financial sector, this provides an opportunity to attract new capital and enjoy better valuations. For banks, the effect is more nuanced. While lower interest rates may pressure net interest income, higher loan volumes, improved asset quality, and increased opportunities in fee-based businesses could support their earnings. Dividend yields from equities may also become more attractive relative to fixed-income instruments in a low-rate environment, offering an additional incentive for investors.

The adjustment to the SLF and SDF rates ensures that interbank market rates remain aligned with the new MPR, enhancing the smooth transmission of monetary policy. By lowering the SLF rate to 29.5 percent from 30 percent and reducing the SDF rate to 24.5 percent from 25 percent, banks will now pay slightly less when borrowing liquidity from the CBN and earn marginally less when depositing their excess funds. This balance is intended to stabilise short-term market rates and improve monetary transmission.

One of the more significant measures is the imposition of the 75 percent CRR on non-TSA deposits. By effectively locking up three-quarters of such public-sector funds with the CBN, the Bank has curtailed banks’ ability to use these deposits for lending. For every N1,000 received in such deposits, only N250 is deployable. While this step is meant to strengthen monetary control, discourage speculative activities, and reduce banks’ over-reliance on government deposits, it also has the effect of tightening system liquidity further. This could blunt the speed with which the benefits of the rate cut are transmitted across the economy.

The Nigeria Immigration Service (NIS) has announced the commencement of nationwide enforcement against foreigners who have overstayed their visas or violated immigration laws, following the expiration of the Federal Government’s visa amnesty initiative.

The amnesty programme, introduced on July 5, 2025, granted a window of opportunity for foreign nationals with expired visas or residence permits to regularize their stay in Nigeria without facing penalties.

That grace period officially closed at midnight on September 30, 2025.

Effective from October 1, the NIS said its officers will begin enforcement operations targeting categories of foreigners including holders of expired Visa on Arrival (VoA), expired single and multiple-entry short visit or business visas, as well as individuals with expired Comprehensive Expatriate Residence Permits and Automated Cards (CERPAC).

Foreign nationals found in breach of Nigeria’s immigration laws will face stiff sanctions, the NIS warned.

‘These include mandatory payment of overstay penalties, removal from the country, and in some cases, restrictions on future entry into Nigeria’, it added. The Service outlined penalties as follows: foreigners overstaying less than three months will pay $15 per day for each day overstayed and may face either removal or a two-year entry ban.

‘Those who overstay between three months and one year face the same daily fine but risk a five-year entry ban.

‘For overstays beyond one year, violators face removal and a minimum 10-year or permanent entry ban’, the Service stated.

A statement signed by Akinsola Akinlabi, Public Relations Officer of the NIS, stressed that the Service remains committed to lawful migration management.

‘The Nigeria Immigration Service is determined to safeguard national security, while ensuring transparency and efficiency in all immigration processes,’ it noted.

The Service called on all foreign nationals resident in Nigeria to comply with immigration rules and warned that enforcement will be comprehensive and uncompromising across the country.

The New board of the National Oil Spill Detection and Response Agency (NOSDRA) has pledged to reposition the agency for the task of rebuilding damaged ecosystems, restoring public confidence and preserving the environment in the affected communities.

The board made this pledge at its inaugural meeting in Abuja recently. The meeting, which was attended by the management of NOSDRA, marked a significant milestone in the agency’s efforts to reposition itself for improved performance, regulatory efficiency, and environmental protection.

The board, reconstituted by President Bola Tinubu, is expected to provide oversight and leadership as NOSDRA works to strengthen its capacity to manage oil spill incidents and enforce environmental regulations across the country. Edward Omo-Erewa, chairman of the NOSDRA board, who presided over the meeting, said the new board would focus on restoring public trust in the agency, improving internal governance, and enhancing collaboration with key stakeholders.

‘We recognize the critical role NOSDRA plays in safeguarding Nigeria’s environment and the health of its people. This board will work to restore public confidence, rebuild damaged ecosystems, and ensure a culture of compliance and transparency,’ the chairman said.

He outlined the board’s three strategic priorities, including strengthening communication and governance within the agency, implementing the National Oil Spill Contingency Plan, and rebuilding public trust through stakeholder engagement. Omo-Erewa urged board members to uphold the highest standards of professionalism and integrity, adding that the board was committed to repositioning NOSDRA in line with its Establishment Act of 2006.

Chukwuemeka Woke, Director General of NOSDRA, reaffirmed the agency’s commitment to working in close partnership with the newly appointed board members.

He emphasized that their collaboration would be key to enhancing operational efficiency, strengthening regulatory enforcement, and building upon the agency’s previous achievements

‘We are prepared to engage with the board in a robust and transparent manner to ensure the agency delivers on its mandate,’ Woke said, urging urged all staff members to remain diligent and focused in carrying out their responsibilities, emphasizing that their collective efforts are essential to building a stronger and more effective agency. Woke also thanked President Tinubu for what he described as a timely and strategic move in reconstituting the board, stating that the agency was eager to work with the new Board to achieve greater results.

The Federal Government has moved to contain the fallout of a mine pit collapse in Jabaka Village, Maru Local Government Area of Zamfara State, which claimed the lives of at least 13 itinerant miners.

The Ministry of Solid Minerals Development confirmed that federal mine officers were deployed immediately to lead rescue operations following the collapse, which was triggered by heavy rainfall and worsened by the activities of illegal miners. Two more miners remain trapped, with efforts underway to recover them.

Dele Alake, minister of Solid Minerals Development, described the incident as ‘avoidable and unfortunate,’ stressing that the site would be sealed after the ongoing rescue operations.

Preliminary investigations revealed that the mine sits on loose, gold-bearing sand, exploited by illegal miners using rudimentary tools and unsafe methods.

Alake linked the tragedy to the broader challenge of illegal mining, which has plagued Zamfara and other parts of the country.

He noted that since the deployment of the Mining Marshals over a year ago, over 300 illegal miners have been arrested across 10 states and the FCT, while 98 illegal sites have been shut down. ‘Despite our vast land mass, we remain undaunted. With satellite surveillance and other enforcement measures underway, we aim to drastically reduce mine collapses across the country and tighten the noose around sponsors of illegal mining,’ Alake said.

The Minister disclosed that the government is investing in satellite surveillance systems to enable real-time monitoring of mining activities nationwide.

The move is expected to strengthen oversight, deter illegal operations, and enhance proactive responses to emergencies.

Zamfara remains a focal point in Nigeria’s mining sector due to its rich deposits of gold and history of insecurity.

Following military clearance operations coordinated by the National Security Adviser, the Federal Government lifted the ban on exploration in December 2024, paving the way for regulated mining activities.

The latest tragedy underscores the urgency of ongoing reforms as the Tinubu administration seeks to sanitize the solid minerals sector, reduce mining-related fatalities, and restore investor confidence in the industry.

Dangote Petroleum Refinery has continued operating despite a nationwide strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), which has disrupted logistics and heightened tensions in the oil sector, company and trade sources confirmed on Tuesday.

Initial reports suggested that the entrance to the 650,000-barrel-per-day facility in Lagos was blocked by striking workers, but refinery operations have not been fully halted. The industrial action, which began on Sunday, is already attracting the attention of the Nigeria Labour Congress (NLC), PENGASSAN’s parent body, raising fears of broader solidarity protests that could worsen pressure on the refinery’s operations.

A mediation meeting convened on Monday to resolve the standoff ended in deadlock after more than nine hours of deliberations.

The talks, chaired by labour minister Muhammad Dingyadi, brought together leaders of PENGASSAN, representatives of Dangote Refinery, the finance ministry, and top officials of both the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority. Festus Osifo, PENGASSAN’s president, said negotiations failed because Dangote management refused to reinstate 800 workers whose dismissal sparked the dispute.

He said the union would continue its action until those workers were reinstated.

‘Our position has been very clear; you have to reinstate these people. If you reinstate them tonight, we will call off our action tonight but unfortunately, that reinstatement did not happen. And we were not able to reach conclusions on the subject,’ Osifo told journalists after the meeting. The meeting continues today, according to reports. But for now, Dangote Refinery appears largely unshaken, with operations ongoing despite the union’s threats and the unresolved conflict.

Oliver Alawuba, group managing director/Chief Executive Officer, UBA Plc has disclosed that the bank is out of any form of forbearance loans.

Forbearance is a temporary arrangement, typically with a lender, to lower or suspend loan payments for a set period due to financial hardship, allowing the borrower to resume payments once his financial situation improves.

The CBN in June directed banks to temporarily suspend the payment of dividends to shareholders, defer the payment of bonuses to directors and senior management staff. The apex bank also asked banks to refrain from making investments in foreign subsidiaries or embarking on new offshore ventures.

‘There is no forbearance loan in UBA books. CBN has already approved the payment of dividend which will be paid in next couple of days,’ the CEO said on Tuesday during the bank’s investor conference call. UBA said that some of the write-off for forbearance were taken off before H1’25 and finally erased in H1, which made it have less impact on its profitability. The CBN justifies the measures as necessary to strengthen capital buffers, enhance balance sheet resilience, and ensure prudent internal capital retention during this transitional period. The apex bank noted that suspension will remain in effect until banks fully exit regulatory forbearance and demonstrate compliance with capital adequacy and provisioning standards through independent verification.

Alawuba, who led the bank’s excos in responding to questions from participants at the conference further said, ‘It is important to note that UBA tries to ensure that we remain competitive on the total dividend yield for the year.’

The bank CEO noted that the CBN has also approved its dividend payment for the half year (H1). The Africa’s global bank recently released its financial performance for the half-year (H1) ended June 30, 2025, posting a N335 billion in profit after tax (PAT). The audited financials released to the Nigerian Exchange Limited (NGX) showed a remarkable growth across its major business segments, driven by strong earnings.

The bank recorded significant growth in its gross earnings and profit after tax, signalling robust balance sheet expansion.

Speaking on the capital raising and its deployment, he said, ‘the second round of the right issue was very attractive,’ adding that they bank is waiting for regulatory approval for the capital raise.

The bank had raised N234billion in its first capital raise. It just concluded the second capital raise -rights issue of N154billion, which it hopeful of raising as it awaits regulatory approvals.

He’s optimistic that the price of the shares of UBA will reroute north after the rights issue. The bank used the opportunity to disclose its revised growth guidance which include: deposit (20 percent), and loan (10 percent). Alawuba also noted that UBA committed to building Africa’s global bank.

At the end of the first two quarters of the year, and despite the tough global macroeconomic climate in Nigeria and major countries in Africa where the bank operates, UBA’s gross earnings grew by 17.28 percent, rising from N1.371 trillion in June 2024 to N1.608 trillion in the period under review.

Interest income also increased by 32.89 percent from N1.003 trillion in June last year to N1.334 trillion, while total assets went up by 9.71 percent to N33.3 trillion up from N30.3 trillion recorded in December 2024. Total Customer deposits also leapt by 11.9 percent in the same period to close at N27.6 trillion up from N24.6 trillion recorded at the end of 2024.

The results also showed that profit after tax which stood at N316.36 billion in June 2024, rose by 6.06 percent to close the half year at N335.53 billion, while profit before tax dropped slightly from N401 billion to N388 billion in the period under consideration. However, the banks’ shareholders’ funds remained strong as it increased by 23 percent from N3.41 trillion in December 2024, to N4.22 trillion in June 2025.