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Distinguished guests, esteemed elders, brothers and sisters of the Southwest, I stand before you today with gratitude, humility, and great excitement of what our destiny portends.

Let me begin by thanking the conveners of this important and timely gathering – Pa Reuben Fasoranti, our father and moral compass; His Excellency Governor Lucky Orimisan Aiyedatiwa, our host; Your Excellency other Southwest Governors – men of purpose and principle; and the DAWN Commission, our technical partners and enduring symbol of regional cooperation.

This dialogue is not just another conference – it is a renewal of the Yoruba tradition of communal existence, of reasoning together, before acting. It is also a reminder that democracy deepens when leaders and citizens sit to talk honestly about progress, so they can all chart the way forward.

During this dialogue today, we will begin to see that Nigeria stands at a historic turning point. Under the present leadership, Nigeria seems beginning to undergo a new transformation – one rooted in courage, bold decisions, discipline, and belief in the Nigerian dream.

The reforms we see unfolding – fiscal, economic, and institutional – are appearing to be deliberate steps to rebuild Nigerian national foundation. Though tough in the beginning, but necessary for long-term prosperity.

The economy is being re-engineered through tax reform systems, harmonizations of revenue collections, expenditure rationalizations and by creating a structure that rewards productivity rather than dependency.

We are being led to witness the dawn of a new era – an era of responsibility, where every naira must count, every policy must produce results, and every reform must serve the people- the indices of which are a harbinger of the restructuring we always craved.

The Quiet restructuring

Nigeria began as a Federation of the two protectorates of the northern and southern provinces each with its own government. It became rearranged into a federation of the northern, western and eastern regions also with separate governments. Then began the minority ethnic question and the minority rights within each region which led to the establishment of the Sir Henry Willink Commission in 1957. That was designed to enable the creation of more states by evolutionary processes from a federation of three to four and perhaps to six states before or immediately after independence.

Since Independence in 1960, however, the government of this country, which had been known and called the Federal Republic of Nigeria, became hijacked by the military . And because the military, by nature, is anti federalism, the running of the country has since become unified and hierarchical. To worsen the situation, the successive military regimes, in their one-dimensional approach to complex issues, have reduced panaceas for national unity to mere bulkanization of Nigeria into states. They moved from the sublime to the ridiculous by splitting Nigeria into thirty six states and into almost eight hundred local governments. The resources for maintaining four or six government administrations became stretched, replicated and multiplicated into the present humongous unmanageable proportions.

First and foremost therefore, a purposeful restructuring is needed to start with the restitution of genuine federalism. And the further restructuring must ensure equality of opportunity for all citizens together with maximum opportunity for personal, community, regional and national development.

In a quieter, more profound restructuring is already happening – through regional empowerment and institutional decentralization.In a stroke of visionary leadership, in addition to the South South Development Commission, the present administration has established and inaugurated five regional development commissions – the North West, North Central,North East, South East, and now our own South West Development Commission (SWDC) .

Each of these commissions represents not just geographical entities, but economic development engines or grassroots focused commissions – recognition that true development must begin from the grassroots, with each region in charge of its own destiny.

For us in the Southwest, this is both an opportunity and a responsibility – to once again lead by example, demonstrating how local collaboration, innovative thinking, and strategic implementation can drive sustainable development – especially now in these times of diversification under the Renewed Hope Agenda

Diversification- The new frontier

One of the cornerstones of this administration’s reform agenda is economic diversification – the shift away from oil dependency toward a broad-based, resilient economy that leverages agriculture, technology, manufacturing, and human capital to create sustainable growth and shared prosperity for all citizens.

The Southwest must stand at the vanguard of this transformation. Our agriculture, the primary river of the economy, is being revitalized through massive federal and sub-national investments in value chains – from cassava and cocoa to rice, palm oil, poultry, and aquaculture.

Programmes supporting agro-processing, irrigation, and rural infrastructure are breathing new life into our farms and farmers, boosting productivity, creating jobs, and ensuring food security for our communities while driving economic growth in rural areas.

Beyond agriculture, attention is turning to mining and solid minerals, where Nigeria’s wealth runs deep beneath our soil. The new Solid Minerals Roadmap and the creation of special mining zones are positioning states – including those in the Southwest – to tap into gold, lithium, bitumen, and other high-value minerals responsibly and profitably.

We are also seeing accelerated efforts in manufacturing, renewable energy, the digital economy, and creative industries – all pillars of non-oil growth.

The Federal Government’s Accelerating Resource Mobilization Reforms (ARMOR) initiative and the Fiscal Policy and Tax Reforms Committee are expanding our non-oil revenue base, simplifying taxes, and modernizing customs processes to support local productivity.

sectors; it is about more opportunities – jobs for our youth, markets for our farmers, and industries for our entrepreneurs.

The Role of the Southwest Development Commission

Our newly established Southwest Development Commission (SWDC) must rise beyond paperwork and policy. It must become a movement of transformation. Let it be the battering ram against unemployment, insecurity, and disunity. It must coordinate our comparative advantages – in agriculture, trade, education, innovation, and technology.

Let it build on our proud history – the same heritage that gave Nigeria its first TV station, its first skyscraper, and its first university. The SWDC should be the model that others emulate – the symbol of how a united region can drive national renewal.

A personal reflection and a call

When I look around this hall, I see hope – the kind of hope that built Ibadan’s Liberty Stadium, Lagos’s Eko Atlantic, and the cocoa pyramids of Ondo and Ekiti. I see a people with the discipline of the past and the determination for the future.

Yes, these reforms are demanding. They test our patience and stretch our resilience. But I have seen firsthand the conviction of President Bola Ahmed Tinubu – a leader who believes that Nigeria must finally break free from cycles of dependency and dysfunction.

He is not asking for blind loyalty – only for shared sacrifice and belief in our collective destiny. So I call on the sons and daughters of Odùduwà: Let us stand behind this administration – not just because the President is one of us, but because he is one of the few with the courage to confront what must be changed.

Let us make the Southwest a model for others – a region where government works, youth thrive, and communities flourish.

Closing

As we dialogue here in Akure, may our discussions yield wisdom and direction. May our collaboration produce action and impact. Let the Southwest rise – strong in unity, rich in ideas, and bold in innovation.

Let us lead again, as we have always done, and light the path for others to follow.

God bless the Southwest. God bless Nigeria. And God bless you us.

Nnamdi Kanu is at it again. For the umpteenth time, he pulled another stunt in court on Monday when his treason trial resumed. He was expected to open his defence so that the case can get on the home stretch. He was given between October 23 and today to do so. He wasted the one week grace without doing the needful. He kept on giving excuses whenever the case came up.

First, it was the sacking of his lawyers. The second was that he did not have the case files as his lawyers went away with them after their sack. The third was that he believed that the court could not try him as there was no valid charge against him. He then requested that he be freed or be given one week to file a written address. Kanu may adopt whatever delay tactic catches his fancy. He will bear the brunt as he is the one in custody. But should he be allowed to dictate1to the court? The answer is NO!

How can he come back now and say there is no ‘valid charge’ against him after the court dismissed his ‘no-case submission’ last month; asked him to open his defence and gave him between October 23 and 30 to do so? The court has bent backward enough to accommodate Kanu, but he keeps abusing the privilege. I pity him! Whether he and his ilk like it or not, his trial must go on and justice will take its course. It is just a matter of time. Let them take to the streets from now till thy kingdom comes, it will change nothing, and heavens will not fall.

Since he has decided to become an emergency lawyer, Kanu should know the next step to take after the Federal High Court concludes the case. The law is no respecter of persons, but of those who respect the law. As the court ciunselled him: ‘this is not economics; this is a criminal prosecution’. A word, they say, is enough for the wise.

President Bola Tinubu, yesterday, said the newly inaugurated Coleman Technical Industries Limited’s fibre optic cables factory in Sagamu, Ogun State would boost Nigeria’s digital economy, create jobs, and strengthen the country’s competitiveness under his administration’s Renewed Hope Agenda.

The President who inaugurated the plant on the occasion which also doubled as the company’s 50th anniversary, he described the new plant as a strategic national asset.

The state-of-the-art manufacturing facility with a production capacity of over nine million kilometres of fibre optic cables is Africa’s single largest fibre optic cables plant and the first Fibre-Reinforced Plastic (FRP) production factory.

‘Every kilometre of fibre produced here strengthens the backbone of our digital economy – enabling broadband access, secure e-commerce, and modern public services.

‘In a world where data is the new essential infrastructure, local capacity in fibre optics reduces import dependence, conserves foreign exchange, and positions Nigeria as a regional supplier under the African Continental Free Trade Area (AfCFTA),’ Tinubu, represented by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said.

He commended Coleman’s Managing Director, George Onafowokan, and his team for their resilience and commitment to staying the course and expanding in Nigeria despite challenges.

The event drew top government officials, including Ogun State Governor Prince Dapo Abiodun, Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, Lagos State Governor Babajide Sanwo-Olu, represented by Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folasade Bada Ambrose-Medebem; and captains of industries.

Governor Abiodun hailed Coleman’s 50-year journey as a ‘story of faith, resilience, and innovation,’ describing the company as a symbol of Ogun State’s industrial transformation.

He said: ‘The commissioning of this factory marks a defining moment in our state and in Nigeria’s digital revolution.

‘By producing fibre cables locally, we are not only bridging the digital divide but also creating thousands of direct and indirect jobs across manufacturing, logistics, and ICT.’

The governor applauded President Tinubu’s support for industrial growth and reaffirmed the state’s role as Nigeria’s leading manufacturing hub.

Dr. Tijani emphasised the critical role of connectivity in driving national growth, revealing that the Federal Government’s plan to deploy 90,000 kilometres of fibre network nationwide will rely heavily on local manufacturers like Coleman.

‘This is the only company in West Africa that manufactures fibre cables. There’s no alternative. We’re working with Coleman and its American partners to train 5, 000 young Nigerians on fibre handling, splicing, and deployment – a key part of our national broadband plan,’ Tijani said.

Also speaking, Gov Sanwo-Olu lauded Coleman for its contribution to Nigeria’s industrial and digital growth, describing the expansion as ‘a resounding declaration that Africa’s digital revolution will be powered by solutions made on African soil.’

Earlier in his opening remarks, Mr. Onafowokan, said the milestone reflects the company’s decades-long commitment to innovation, quality, and national development.

‘Today, we gather not just to commission a factory, but to celebrate a milestone in Nigeria’s industrial journey and a remarkable occasion for Africa. Coleman stands as a testament to vision, perseverance, and the enduring Nigerian spirit of possibility,’ Onafowokan stated.

He recounted the company’s evolution from a small 200-square-metre factory in Idimu to over 400,000 square metres of industrial space across its Arepo and Sagamu plants. ‘What began with trading has become a hub of industrial excellence,’ he said.

The new Sagamu 5 facility, according to him, has a production capacity of nine million kilometres of fibre optic cables-the largest in Africa-and will serve both domestic and export markets.

The plant also houses Africa’s first FRP manufacturing line and a copper and aluminium smelting facility capable of processing up to 13,000 tons per month.

Onafowokan revealed that Coleman is targeting a N15 trillion (about $10 billion) revenue in the coming years, with over half projected from exports.

He also said the company expects to create more than 20,000 direct and 200,000 indirect jobs, with at least 30 per cent female participation, while generating over N1 trillion in export revenue from its fibre optic operations.

The Coleman boss, however, called for government support on fiscal policies and the approval of Coleman’s application for Free Trade Zone status for its Sagamu industrial expanse, which he said would enhance Nigeria’s competitiveness and boost foreign exchange earnings.

‘As we look ahead, we see not just a factory but a future – one where Nigerian manufacturing thrives, our young engineers find purpose, and ‘Made in Nigeria’ becomes a global badge of pride,’ he said.

Zamfara State First Lady Hajiya Hurriya Lawal has donated learning materials to students in the state in a move to deepen digital literacy and women’s empowerment.

She also praised First Lady Oluremi Tinubu for establishing digital learning centres in 10 states of the federation.

Mrs Lawal, who unveiled the Gusau centre, said the facility would afford students, teachers and researchers the opportunity to gain access to the world through the internet.

She stated this when she hosted Mrs Tinubu recently, who came to inaugurate the centre in Gusau, adding that the centres would boost digital literacy and empower women through the Renewed Hope Initiative.

Mrs Tinubu inaugurated the ten digital learning centres under the Renewed Hope Initiative in collaboration with the National Information Technology Development Agency (NITDA).

Other states which benefited from the digital learning centres include Abia, Delta, Edo, Kano, Lagos, Katsina, Nasarawa, Ondo and Yobe.

She commended Mrs Tinubu for choosing Zamfara as one of the benefiting states, saying, ‘This project is not just about technology and computers, it is about empowering our youths, bridging the digital divides and opening new doors of knowledge and innovations to the good people of Zamfara and beyond.’

According to the Zamfara State First Lady, ‘education is the bedrock of development. In today’s digital world, access to modern learning tools is no longer a luxury but a necessity. Through this library, students, teachers, researchers and the wider public would have access to the world’s information, resources and opportunities right at their fingertips.

‘The Renewed Hope Initiative championed by our beloved mother, the mother of the nation, Senator Oluremi Tinubu, is driven by a vision to support education, innovation and social development.’

Earlier, the Zamfara State Commissioner for Education, Malam Wadatau Madawaki, was represented by the Permanent Secretary, who stated that the project aligns with the state government’s desire, under Governor Dauda Lawal, to develop the educational sector. The representative assured the use of the facility to boost digital learning.

‘This project resonates profoundly with the vision of Governor Lawal, who, upon assumption of office, declared a state of emergency on education.’

Imagine a journey that should take 30 minutes, but instead steals five hours or more of your life. This is the daily reality on the Umuahia-Ikwuano-Ikot Ekpene Road, where commuters are worn down by the grind, and farmers see their crops and profits bruised beyond sale. For decades, this vital 49-kilometres link has been a frustrating tale for people of Abia and other neighbouring states. But that story is finally being rewritten.

The prolonged political and bureaucratic deadlock over the Umuahia-Ikwuano-Ikot Ekpene road has been decisively interrupted by a recent presidential directive. The commitment demonstrated by President Bola Tinubu’s administration to resolve this longstanding issue is widely recognised as the catalyst for progress.

This calculated decision to leverage local oversight and execution has generated a palpable shift in public sentiment within the region, especially for a populace wearied by years of delay and infrastructural neglect. This latest move by the Tinubu administration has introduced a fragile yet significant sense of anticipation. There is now a prevailing mood of cautious optimism-a collective hope that this substantive political intervention may finally signal the end of a deeply frustrating chapter for commuters, farmers, and local economies alike.

At the heart of the long campaign to fix this road is Hon. Sam Onuigbo, a politician who has made its restoration a central cause of his career. His sustained advocacy, navigating multiple administrations with a consistent focus, has been widely noted as a prime example in persistent governance. In a climate where long-term projects often falter amid changing political priorities, his ability to keep this critical infrastructure issue on the national agenda demonstrates the tangible impact that determined, constituency-focused leadership can achieve.

The catalyst for action can be traced to May 26, 2016. It was then that Onuigbo took the floor of the House of Representatives, armed with stark evidence of the devastating nature of the road. That parliamentary motion ignited what would become a nine-year odyssey of bureaucratic wrestling. His subsequent meeting with then Minister of Power, Works and Housing, Babatunde Fashola, in June 2016 yielded what seemed like quick results. A response letter dated June 15, 2016, committed to immediate palliative works and promised a full contract award by 2017.

The momentum built through 2016 culminated in a December flag-off ceremony at Okweukwu, Oboro, where Onuigbo stood alongside Senator T.A. Orji as Federal Roads Maintenance Agency equipment rolled in.

The announcement was met with a widespread celebration from residents. After enduring years of hardship, a palpable sense of relief swept through the community, one that gave the people a sense of belief that a resolution was finally within reach. In retrospect, however, that initial optimism would prove to be tragically premature, as progress was not yet forthcoming.

Though the federal government kept the promised contained in the June 2016 letter and awarded the main reconstruction contract to Hartland Nigeria Limited and Rayccon and Company Nigeria Limited in 2019, the project immediately collided with harsh economic realities. The combination of national recession and the COVID-19 pandemic starved the project of funding, leaving construction sites silent and communities disillusioned.

Another opportunity came in September 2021, when Onuigbo began championing a radical solution: transferring the project to the NNPCL Tax Credit Scheme. He became what some might call a nagging voice without apology. He wrote over a dozen letters, walked the corridors of the Ministry of Works and Housing; made calls, essentially refusing to let the matter die. He insisted they find the money, even if it meant looking in completely new places.

The persistence paid off in October 2021, and was communicated to him in a November 2021 letter from Fashola confirming the project’s adoption under the NNPC scheme. This was expected to address the funding challenges on the project and ensure timely completion. This was a hard-won victory. Yet even this breakthrough demanded vigilance, culminating in a February 3, 2025 Federal Executive Council approval of an augmentation of N14.37 billion.

President Tinubu’s move was a total game-changer. When he directed them to hand over the project to the Abia State government, he essentially threw a lifeline to the people. The fact that he wasn’t bothered about who gets the credit, just that the job gets done, says a lot about his priorities. And trust this, the Southeast is taking note – the people are not invisible, and they are not an afterthought.

The economic significance of the road can’t be overstated. Serving as a crucial corridor linking multiple geopolitical zones and extending to Cameroon, its decay has meant annual economic haemorrhage running into billions of naira.

With the finish line now visible, Onuigbo’s focus has shifted to mobilization. He had acknowledged Governor Alex Otti’s cooperation and Minister of Works David Umahi’s technical oversight, but reserves his most urgent appeals for his own constituents. He has also asked his people directly to clear the right of way and support the contractors.

The recent presidential directive is being hailed as a watershed moment for the region’s infrastructure, arriving as a critical intervention in areas most crippled by decay on the road. For years, communities have watched in dismay as expansive gully erosion systematically consumed entire sections of the highway, transforming a vital economic artery into a scar of neglect. Each rainy season exacerbated the crisis, further isolating populations and strangling the flow of commerce between Abia and its neighbouring states.

Now, this long-awaited political action has ignited a palpable, cautious hope among residents, business owners, and commuters who had resigned themselves to a perpetual state of disconnect. There is a growing belief that the relentless cycle of deterioration can finally be broken. The ultimate promise of this initiative is the restoration of a foundational link-a chance to rebuild the prosperity and unity that the land itself had begun to erase.

The Ministry of Works has already completed technical assessments and the handover process, with engineers set to begin work immediately. For Hon. Onuigbo, who has spent nearly a decade of his political life on this single issue, the completion will be sweeter than any political victory.

The Umuahia-Ikwuano-Ikot Ekpene Federal Road, for so long, a source of immense difficulty for the region, has become a powerful symbol of what is possible. It shows how persistent advocacy from the community, when met with decisive action from a government that cares, can finally bring about positive change. The president’s new directive marks the end of a deeply frustrating era for local residents and the wider network of connecting states. It paves the way for renewed economic opportunity, promises safer daily travel, and helps to mend the social connections that were frayed by years of a broken and treacherous journey.

The National Assembly yesterday approved President Bola Tinubu’s request to implement the new external borrowing plan contained in the 2025 Appropriation Act.

The borrowing plan included external borrowings of up to $2.347 billion. The net proceeds of the issuances would be used partly to refinance maturing Eurobonds.

Also, both the Senate and House of Representatives approved a debut sovereign Sukuk of some $500 million for the international capital market. The maiden external Sukuk would be used to fund infrastructural projects.

The resolutions of the Upper and Lower Chambers followed the adoption of various reports by their committees. The Senate approval was sequel to adoption of the report of its Committee on Local and Foreign Debts, presented by its Chairman, Senator Aliyu Wamakko.

The House of Representatives approved the report of its Committee on Loans and Debt as presented in plenary by the committee’s chairman, Hassan Nalaraba.

The request was first read on the floor of the Senate on October 8, 2025 seeking for new external borrowing and debt.

Commenting on the report, Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa urged his colleagues to support the approval as it has been captured in the fiscal document of the federal government.

‘It is very needful that we give approval to this request so that the 2025 appropriation will be given the necessary funding,’ Musa said.

Chairman of the Senate Committee on Banking, Adetokunbo Abiru, said there’s nothing new in the request other than to ensure compliance with the revenue framework.

‘This is more of a compliance issue because the 2025 Appropriation Act as it is has already captured it as part of the deficit financing.

‘The second request is a refinancing to ensure that the country doesn’t default in the Eurobond servicing,’ Abiru said.

Senator Adams Oshiomhole recalled that the chamber had previously agreed that there’s nothing wrong with borrowing if it is for addressing problems like unemployment and decaying infrastructure.

In a breakdown, the House of Representatives approved the implementation of the new external borrowing of N1.84 trillion, equivalent to $1.229 billion at the budget exchange rate of $1 for N1, 500 as provided as new external borrowing in the 2025 Appropriation Act, to part-finance the budget deficit of N9.276 trillion.

Lawmakers also approved the request to refinance the 7.625 per cent $1.118 billion Eurobonds maturing on November 21, 2025.

The government may adopt any suitable means to raise the funds including issuance of eurobonds, loan syndications, bridge finance facility from bookrunners and direct borrowing from international financial institutions.

Also approved is the request to issue a stand-alone debut Sovereign Sukuk of up to USD500M in the ICM with or without credit enhancement (Guarantee).

The President had, in a letter read at plenary on the 7th of October sought the approval of the House to implement the new external borrowing planning in the 2025 appropriation act, to refinance maturing eurobond and issue a debut sovereign sukuk in the international market.

The President’s letter dated 22nd September, 2025 was titled ‘request for the resolution of the National Assembly to implement new extern borrowing in the 2025 appropriation act, refinance maturing Euro bonds and issue debt sovereign sukuk in the international capital market.’

President Tinubu said the purpose of the letter is to seek a resolution of the House pursuant to the provisions of sections 21(1) and 27(1) of the Debt Management Office (Establishment, Etc.) Act, 2003 to implement the New External Borrowing of ?1,843,669,786,987.16 (equivalent of USD1,229,113,000.00 at the budget exchange rate of USD1.00/N1,500.00) in the 2025 Appropriation Act for the part-financing of the Budget Deficit.

He is also seeking a resolution to refinance the USD1,118,352,000.00 Eurobonds (7.625% USD1.118BN NOV 2025) maturing on November 21, 2025; access aggregate external capital of USD2,347,465,000.00 (USD1.229bn and USD1.118bn).

The facility is to be accessed through any of the following channels in the International Capital Market (ICM): Issuance of Eurobonds, Loan Syndications, Bridge Finance Facility from Bookrunners and Direct Borrowing from International Financial Institutions.

Also, the request is also for a resolution to issue a stand-alone debut Sovereign Sukuk of up to USD500m in the ICM with or without credit enhancement (Guarantee).

He said ‘the House of Representatives may wish to note that 2025 Appropriation Act provides for N9,276,348,934,935.79 as New Borrowings to part-finance the 2025 Budget Deficit, of which ?1,843,669,786,987.16 (equivalent of about USD1,229,113,000.00 at the Budget Exchange Rate of USD1.00/N1,500.00) is specified as New External Borrowing.

‘The House of Representatives is kindly invited to issue its Resolution allowing the Government to raise the amount through any of the following options: Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.

On refinancing of maturing Eurobonds of USD1.118 billion, he said ‘the House of Representatives may wish to note that Eurobonds of USD1,118,352,000.00 (7.625% US$1.118BN NOV 2025) issued in the ICM on November 21, 2018, with an original tenor of 7 years, will mature on November 21, 2025.

‘The plan is to refinance the maturing Eurobonds through issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication, or Direct Borrowing from International Financial Institutions, if necessary to avoid default.

‘This is a standard practice in debt capital markets, including the ICM. The proposal is for the House of Representatives to issue its Resolution authorising the FGN to refinance the Eurobonds, accordingly.’

He stressed that ‘based on the presentations in Paragraphs 2 and 3, the aggregate amount proposed to be raised in the ICM either through Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions or combination of the options for which Resolution of the House of Representatives is being sought is USD2,347,465,000.00.

‘Whilst exploring all the options, the plan is to focus on the Issuance of Eurobonds, and we believe that Nigeria, being a regular issuer of Eurobonds in the ICM could raise the proposed amount, subject to market conditions.

‘The House of Representatives may wish to note that because Eurobonds Issuance is a market-based transaction, the terms and conditions can only be determined at the time of the transactions, and they will be subject to prevailing market conditions.

‘The Federal Ministry of Finance (FMF) and the Debt Management Office (DMO) will work with the Transaction Advisers to secure the most favourable terms and conditions.

‘Meanwhile, it is expected that the pricing of the new Eurobonds will reflect the Yields on Nigeria’s Eurobonds trading in the ICM at the time of Issuance, while Tenors will be guided by investors’ preferences, price and the DMO’s liability management strategy.

On the issuance of a stand alone 500 million dollars debut sovereign sukuk, the President said ‘the House of Representatives is invited to issue its Resolution authorising the Issuance of a stand-alone debut Sovereign Sukuk of up to USD500m in the ICM

He said ‘the FGN has recorded considerable success in the Issuance of Sukuk in the domestic capital market for the development of critical infrastructure projects across the country. Between September 2017 and May 2025, the DMO has raised N1,392.557 trillion through Sukuk in the domestic capital market to fund critical road infrastructure projects.

‘There is the need to pool resources from external sources to complement domestic issuance to help bridge infrastructure funding gaps; and,

‘It is imperative to open new sources of funding for the FGN, and thereby diversify investor base, as well as deepen the FGN Securities market.

‘The proposal is for the House of Representatives to approve the issuance of a stand-alone debut Sovereign Sukuk with or without credit enhancement (Guarantee) from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group.

*The Policy Premium for the Guarantee proposed by ICIEC is 3.5% of Issue Amount per annum. If the credit enhancement from ICIEC is taken for the proposed Sukuk Issuance, 25% of the Issue Proceeds may be used to repay relatively more expensive debt obligations of the FGN, and the balance will be used to finance the development of pre-identified infrastructure projects’.

President Tinubu also said that ‘based on the foregoing, I respectfully request the House of Representatives to pass a resolution to raise external capital in the sum of USD2,347,465,000.00 comprised of New External Borrowing in the 2025 Appropriation Act (USD1,229,113,000.00) and refinancing of maturing Eurobonds (USD1,118,352,000.00), through any of the following option(s): Issuance of Eurobonds, Bridge Finance Facility from Bookrunners, Loan Syndication and Direct Borrowing from International Financial Institutions.

‘To issue a debut stand-alone Sovereign Sukuk of up to USD500 million, with or without credit enhancement from the Islamic Corporation for the Insurance of Investment and Export Credit’.

Key members of the Cross River State chapter of the Peoples Democratic Party (PDP) in the North Senatorial District have said they will soon join the ruling All Progressives Congress (APC).

The PDP chieftains said they wished to pitch their tent with Senator Jarigbe Agom Jarigbe, who is representing the senatorial district in the National Assembly.

On October 22, Jarigbe visited Aso Rock Villa in Abuja to inform President Bola Ahmed Tinubu of his plan to defect to the APC.

He also visited the APC State Chairman Alphonsus Eba in Calabar, where he pledged his readiness to work with the party’s leadership to consolidate its strength in the northern senatorial zone.

On Tuesday, in continuation of his consultations, Jarigbe convened a strategic meeting in Abuja with top PDP figures from the zone to review the evolving political landscape and chart a new course.

In a statement yesterday in Abuja, the senator’s Special Assistant on Media, John Agom Agom, confirmed the development.

Agom stated that the meeting, which held at Rockview Hotel in Abuja, focused on aligning with what participants called ‘the progressive direction of the state under Governor Bassey Otu and the reform-driven agenda of President Bola Ahmed Tinubu’.

The statement said Jarigbe told the gathering that his defection was driven by a desire to contribute meaningfully to the President’s vision of national renewal.

‘My people should be assured that defecting to the ruling party will not stop me from empowering constituents or embarking on people-oriented projects to alleviate the sufferings in our zone,’ he said. ‘Our regular consultations will continue; there are better days ahead.’

Also, the Cross River State PDP Chairman, Venatius Ikem, praised Jarigbe for his bold political move.

He promised to brief the state executive members of the PDP for further consultations on the next line of action.

The PDP stakeholders reportedly agreed to formally join the APC alongside Senator Jarigbe after wider consultations, describing the anticipated mass defection as a ‘strategic realignment to give Cross River North a stronger voice in both state and national politics’.

Prominent figures at the meeting included Godwin Offiono (the member representing Ogoja/Yala Federal Constituency), Chief Austin Edibe (a former Secretary to the State Government, SSG), as well as Prof. Tom Ogar, Mike Aniah, Dr. Dorn-Klamz Enamhe, Dr. Paul Ibiala, and Peter Ignodor.

The pioneering medium-voltage switchgear technology, AirSeT, of Schneider Electric has been recognised by the World Economic Forum’s Alliance of CEO Climate Leaders as Champions of the Scope 3 Downstream Solutions Challenge in the Sustainable Design category.

The recognition highlights AirSeT’s transformative role in reducing greenhouse gas emissions across electrical distribution systems. By replacing sulphur hexafluoride (SF2)-a greenhouse gas with 24,300 times the global warming potential of CO2-with pure air and vacuum technology, AirSeT eliminates one of the most potent contributors to Scope 3 emissions in electrical infrastructure.

Commenting on the recognition, Head of Climate and Nature Economy, Member of the Executive Committee, World Economic Forum, Pim Valdre, said: ‘Product design is where downstream impact often begins. Sustainable design can deliver exponential benefits, including lowering costs, enhancing safety, ensuring regulatory compliance and reducing emissions across the entire lifecycle.’

The company said AirSeT fully eliminates SF6, helping customers reduce regulatory risk, enhance worker safety, and lower long-term operational costs. ‘Since the launch of AirSeT, we have helped avoid 1.7 million tons of carbon dioxide equivalent (CO2e), as of June 2025 – a contribution validated by third-party auditors as part of Schneider Sustainability Impact,’ the company said.

Since the 1950s, SF6 has enabled the industry to reduce switchgear size and improve safety. However, this has come at a significant environmental cost. AirSeT, which is the only readily available solution powered by purified air, rather than SF6, is easy to manage and integrate, while being resilient to evolving environmental regulation.

Delivered in familiar form factors and with the same operating procedures, AirSeT is also natively digital, enabling smarter grids and AI-driven condition-based maintenance at scale across data centres, industrial sites, and infrastructure. Designed with circularity in mind, AirSeT features: enhanced electrical and mechanical components for x5 more operations, spare parts, retrofit and modernisation capabilities with removable breakers for extended lifespan.

Schneider Electric is proud to lead the way in sustainable innovation. This recognition by the World Economic Forum shows the company’s commitment to designing technologies that deliver environmental, economic, and social value.

Zambia have parted ways with former Chelsea manager Avram Grant after a disappointing 2026 World Cup qualifying campaign, the national football association has confirmed.

The Chipolopolo (Copper Bullets) lost at home to Tanzania, Morocco and Niger and finished fourth in the group under the 70-year-old Israeli.

Grant was more successful in Africa Cup of Nations (AFCON) qualifying, taking the southern Africa country to successive tournaments.

Zambia exited the 2024 AFCON after the first round in Cote d’Ivoire , and will face 2025 hosts Morocco, Mali and the Comoros in Group A this December.

Announcing the termination of the contract with Grant, the Football Association of Zambia (FAZ) said it was necessary in order to ‘chart a new way forward for the Chipolopolo’.

Referring to Zambia, Grant wrote on social media that he hopes ‘one day this great country qualifies for a World Cup for the first time in its long football history’.

Grant was hired by Zambia in December 2022 having previously guided Ghana to second place at the 2015 AFCON and fourth in the following edition.

After coaching four Israeli clubs from 1986, then the national team, Grant was hired by Chelsea in 2007. He later managed West Ham United.

The Secretary to the Government of the Federation (SGF), Senator George Akume, has said the vast economic potential of the northcentral is vital to the country’s non-oil exports.

A statement by his Special Adviser on Media and Publicity, Yomi Odunuga, quoted Akume as sàying the region’s rich mineral deposits and strong agricultural base give it a strategic advantage in driving national economic diversification.

The SGF noted that with sustained improvements in logistics and transport infrastructure, the Northcentral could play a leading role in boosting Nigeria’s non-oil export sector.

Akume spoke in Jos, the Plateau State capital, while inaugurating the Senator George Akume’s 250-seater conference centre at the northcentral zonal office of the Nigerian Shippers’ Council (NSC).

‘With improved logistics infrastructure, this region can become a key driver of Nigeria’s diversification agenda,’ he said.

Speaking as the special guest of honour, Senator Akume hailed the Nigerian Shippers’ Council and the Ministry of Marine and Blue Economy for what he called ‘a testament to commitment and vision’ in strengthening Nigeria’s logistics and maritime system.

‘This edifice is not just a building; it is a statement of vision, a testament to commitment, and a reflection of the renewed energy driving Nigeria’s port and logistics system under the leadership of President Bola Ahmed Tinubu,’ Akume said.

The SGF said across the world, economic progress is built on solid infrastructure, adding that efficient ports, roads, railways, and dry ports are ‘the arteries through which the lifeblood of commerce flows’.

Akume reiterated that the Federal Government, under the Renewed Hope Agenda of President Bola Ahmed Tinubu, was prioritising investment in critical transport and trade infrastructure across all regions of the country – from the coastlines to the hinterlands – to boost connectivity and competitiveness.

‘We are building an economy that thrives on connectivity.

‘An economy where a farmer in Benue can ship produce seamlessly to Lagos Port, and an exporter in Jos can access global markets without unnecessary bottlenecks,’ he added.