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About 139 million Nigerians are currently living in poverty, according to The World Bank.

This is just as the bank said the country’s economy has started to show signs of stability from ongoing reforms.

Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mathew Verghis, commended the government for implementing bold economic reforms but warned that the benefits have yet to reach most citizens.

‘Over the last two years, Nigeria has tremendously implemented bold reforms – notably around the exchange rate and petrol subsidy,’ Verghis said.

‘These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come.’

Verghis acknowledged that the reforms are beginning to yield macroeconomic results, including rising revenues, improving debt indicators, stabilising the foreign exchange market, growing reserves, and a gradual decline in inflation.

‘Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are big achievements, and many countries would envy them,’ he said.

Despite these gains, the World Bank warned that millions of Nigerians are yet to feel any real improvement in their daily lives.

‘In 2025, we estimate that 139 million Nigerians live in poverty,’ Verghis disclosed. ‘The challenge is clear: how to translate the gains from the reforms into better living standards for all.’

The new NDU report, titled ‘From Policy to People: Bringing the Reform Gains Home,’ outlines a three-point strategy to help Nigeria bridge the gap between economic stability and social welfare – taming inflation, improving public spending efficiency, and expanding social safety nets.

Verghis emphasised that food inflation remains one of the biggest threats to reform success and public confidence.

‘Food inflation affects everybody, but particularly the poor, and it has the potential to undermine political support for reforms,’ he cautioned.

‘Tight monetary policy is important, but it must be complemented by structural reforms to address deep-seated supply and market constraints.’

He further stressed the importance of efficient resource use and inclusive programs that cushion the impact of economic adjustment.

‘These are not abstract ideas – they are practical steps that can turn macro-stability into better livelihoods,’ Verghis said.

The World Bank, he added, remains committed to supporting Nigeria through policy advice, technical assistance, and financing aimed at ensuring that the gains of reform ‘reach every household, not just the headlines.’

A third witness for Economic and Financial Crimes Commission (EFCC) (PW3), in the trial of former Gov. Mr Yahaya Bello of Kogi that no banking regulation was breached by the defendants.

He told made the statement while testifying before an FCT, High Court, Maitama, Abuja, on Wednesday.

Bello and his co-defendants Umar Oricha and Abdulsalami Hudu were arraigned on Nov 27, 2024 on a 16-count- charge bordering on alleged property fraud to the tune of N110 billion..

The PW3, Williams Abimbola, confirmed, said during cross-examination, that no banking regulation was breached in the transactions allowed by her bank, the United Bank for Africa, Plc.

When the matter was called for continuation of hearing, Abimbola, a Compliance Officer with UBA, admitted that she had given similar evidence before the Federal High Court in a suit marked FHC/ABJ/CR/98/2024 between the Federal Republic of Nigeria and Yahaya Bello.

She, however, admitted not being the relationship or account manager of the Kogi Government House account and that the account was domiciled in Lokoja but noted that transactions were in line with stipulated guidelines.

The witness, who had testified that she worked at the Area 3, Abuja branch of UBA at a previous FHC hearing on March 6, 2025, told the court that she could work at any branch.

‘I reported to 18, Adetokunbo Ademola Wuse 2, Abuja, this morning,’ she said.

On cross-examination, by the Defence Counsel, Joseph Daudu, SAN, when asked as a compliance officer, does her duty involve protecting the integrity of the bank from legal penalty, reputational damage and financial losses, she responded yes.

She had confirmed multiple transactions by Abdulsalam Hudu (third defendant) in the sum of N10 million each between July 31 and August 6, 2019.

Abimbola told the court that she was not in a position to know why the withdrawals were made when asked.

She explained that when making transfer, the bank asks for purpose of transaction and relationship on high volume transactions.

But she added that the bank does not make such enquiries in the case of cash withdrawal, noting that the banker was not an internal auditor of the customer.

Abimbola also mentioned transfers, in tranches, by one Bello Abdullateef, on July 5, 2019, saying that the bank did not breach any regulations in allowing the withdrawals or transfers.

She said that there was no withdrawal that went beyond N10 million in all the transactions presented before the court.

She claimed to have been with the bank for 19 years, adding that she understood the duties of a cashier, which included paying cash and receiving cash.

Abimbola had earlier listed the authorised signatories on the Kogi Government House account, as at 2004, to include Christopher Enefola, Permanent Secretary; Onekutu Daniel, Chief Accountant and Hudu Abdulsalami, Accountant as contained in Exhibits F2, Page 37.

She mentioned a letter dated, September 2008, with three signatures – Elder P.S Ocheni, Abbas Ibrahim Abubakar, Chief Accountant and Abdulsalami Hudu, Senior Accountant.

During cross-examination by the Counsel to the second defendant, Mr A.M. Aliyu SAN, presented the witness with a bank statement marked page 3 of F1, May 27, 2019, where the withdrawals were made.

She admitted that the narration on the credit entry was the governor’s security fund and noted a credit entry of N100 million, in two tranches of N50 million each.

‘My Lord, I am not privy to the details of the transaction and cannot categorically answer that question,’ the witness responded.

Earlier, during cross-examination by Daudu, SAN, the witness had admitted that she had not met or had any business to do with the second defendant, Umar Oricha.

She also said she had not met the first defendant, former Gov. Yahaya Bello before.

Prosecution Counsel, Kemi Pinheiro, SAN, however, argued that the application was not ripe for hearing and that the motion should wait until Nov. 12, another date for hearing.

The EFCC also called its 4th subpoenaed witness, Jesutoni Akoni, a compliance officer with Ecobank, who confirmed that he had a13-page documents.

Counsel to the second defendant, AM Aliyu, however, objected to the admissibility of the document tendered, saying it did not comply with the provisions of the Evidence Act.

The Court observed that the document tendered by the prosecution was actually addressed to Justice Emeka Nwite of the Federal High Court.

Justice Maryanne Anenih later adjourned the matter until Oct. 9 for continuation.

Renaissance Africa Energy Company Limited, operator of Nigeria’s largest upstream oil and gas joint venture, formally introduced its pan-African operational strategy at the just concluded Africa Energy Week (AEW), signalling a new phase of regional expansion and leadership in the energy sector.

Daily Trust reports that Renaissance had acquired Shell Petroleum Development Company’s (SPDC) onshore assets in Nigeria, in a significant boost for Nigeria’s energy sector and local content drive.

The acquisition of Shell’s onshore assets by RAEC marks a significant transition in Nigeria’s upstream sector, signalling a shift toward increased local ownership and control of critical energy infrastructure.

Speaking during a dedicated session at the conference, the company’s Managing Director and Chief Executive Officer, Tony Attah, described Renaissance as a transformational force in Africa’s energy landscape.

‘We are Renaissance, not just in name, but in purpose,’ Attah said. ‘Our ambition is to catalyse a new beginning for Africa, one that delivers energy security and industrialisation through sustainable practices.’

Renaissance, formerly The Shell Petroleum Development Company of Nigeria Limited (SPDC), is a wholly owned subsidiary of Renaissance Africa Energy Holding Company, and operator of the NNPC/Renaissance/TotalEnergies/AENR Joint Venture with assets spread across 18 oil mining leases in Nigeria’s Niger Delta.

Attah described the acquisition of the shares of Shell in the former SPDC by Renaissance’s parent company, as a bold move.

‘Acquiring SPDC was seen as ambitious, but we executed it with clarity and conviction. Today, Renaissance stands as the new face of Africa’s energy.’

Speaking earlier on the sidelines of the AEW conference, Chairman of Renaissance, Dr. Layi Fatona, described the vision of the company as Afrocentric with a commitment to continental leadership.

‘Our vision is clear on becoming Africa’s leading energy company enabling energy security and industrialisation in a sustainable manner,’ Fatona said, adding: ‘We are not just out to participate in Africa’s energy future, we are out to shape it. Our strategy begins in Nigeria but is designed for scale across the continent.’

The Niger Delta Development Commission (NDDC) has announced new measures aimed at strengthening corporate governance, ethics, and compliance in its operations as part of efforts to improve service delivery in the region.

At its 2025 Corporate Services Retreat and Masterclass Sessions in Lagos, the Commission’s Executive Director, Corporate Services, Hon. Ifedayo Abegunde, said the initiative was designed to move NDDC beyond routine compliance into an era of innovation and accountability.

Abegunde noted that the retreat, themed ‘Innovating Corporate Services for Impact’, would enable the Commission to embed a performance-driven culture, streamline internal processes for transparency, and adopt smarter innovations to meet the rising expectations of the public.

‘This is not just about responding to change but about leading it. We must commit to translating insights from this retreat into tangible results for the Niger Delta,’ he said.

The Masterclass Sessions, held under the theme ‘Regulatory and Compliance Trends, Ethics and Risk in Public Service’, focused on tackling governance gaps that have long undermined development institutions in Nigeria.

One of the resource persons, Seyi Olulade, Managing Partner of The Impeccable Skills Company, urged the Commission to adopt a forward-looking strategy for the next 25 years, warning against ‘box-ticking’ approaches to compliance.

‘We must simplify processes, introduce technology, and focus on people at the centre of operations. The key is to lead different, work different, and care different,’ Olulade said.

In his presentation, Dr. Ashade Oladimeji of the Department of Public Administration, Lagos State University, identified unethical practices and corruption as major obstacles to effective service delivery in public institutions.

‘The laws and regulations are there, but we often circumvent them due to selfish desires and the ‘get rich syndrome.’ If NDDC must deliver on its mandate, it must place ethics at the heart of its operations,’ Oladimeji said.

He recommended strengthening regulatory compliance, enforcing rules without compromise, and promoting a culture of integrity across the Commission.

For Nigerian international defender Ashleigh Plumptre, life in Saudi Arabia has brought a surprising sense of peace and safety she never fully felt in the United Kingdom.

The former Leicester City star, now playing for Al-Ittihad in the Saudi Women’s Premier League, says she feels calmer and more secure as a woman living in Jeddah than she did back home.

‘I know international players, members of my family and friends who have come out here who genuinely feel safer here and calmer than in the UK.

‘A friend of mine who was out here, we described it as being like a peace bubble.

‘I’ll give an example. I had been to the supermarket and I had all these bags. I live in a compound. I had to take all these bags into the elevator, so I left my car out with the door open, engine on and keys in the car so I could take up my shopping.

‘In the UK I would never leave my car out with the keys in. Here I have no problem.

‘Naturally everyone is a bit fearful walking around at night, but I don’t have to check my shoulder all the time. I know this is just the perspective of myself, not of everybody who lives here, but with the safety I feel I can’t agree with some of the views the Western world have of this place,’ she said.

When the offer first came from Saudi Arabia in 2023, Plumptre’s instinct was to reject it. She wanted a project that valued her both as an athlete and a person. After visiting Jeddah and meeting Al-Ittihad’s management, her perspective changed. She saw a culture eager to grow women’s football and a lifestyle that gave her emotional stability.

Now 27, Plumptre has extended her stay in Saudi Arabia, embracing a quieter, more reflective existence away from the pressures of English football. While she acknowledges the women’s game in Saudi still has a long way to go, she believes progress is being made.

‘I’ve found happiness and safety here,’ she concluded. ‘And that’s something I’ll always value.’

The Sports Writers Association of Nigeria (SWAN) has inaugurated a Media and Publicity Committee ahead of its 60th Anniversary celebration scheduled to hold from October 29 to 31, 2025, in Abuja.

The seven-member Diamond Jubilee media team is chaired by Chimezie Anaso, Chairman of the Anambra State chapter of SWAN, while Emmanuel Akpan, Chairman of the Akwa Ibom chapter, will serve as the Vice Chairman.

Other members include Hembadoon Rosario, Chairman of the Benue chapter, who serves as Secretary; Ahmed Amshi, Vice President (North East); Jacob Onjewu, Secretary of the Kaduna State chapter; and two graphics and infographics experts.

A statement jointly signed by SWAN President, Isaiah Benjamin, and Secretary-General, Ikenna Okonkwo, said the committee’s appointment took effect from October 6 and would continue after the anniversary as a standing media committee.

According to the statement, the committee was established in recognition of the members’ ‘track record of dedication, creativity, and positive results’ in promoting the association’s image and activities.

The terms of reference mandate the committee to liaise with media platforms across print, online, and electronic channels for effective publicity of the SWAN@60 anniversary. It will also develop strategies for content generation and dissemination leading up to the celebration.

The committee is tasked with ensuring the SWAN official website remains vibrant and updated with relevant information while maintaining the highest standards of professionalism, confidentiality, and integrity in all engagements.

Borno State Governor, Professor Babagana Umara Zulum, has presented a fully-furnished two-bedroom house to a health worker, Mrs Marbel Ijeoma Duaka, who hails from Anambra State.

Also, her son, Anthony, a graduate of Banking and finance, was offered a job at the state-owned Kashim Ibrahim University, Maiduguri.

While handing over the house key to Duaka, the governor said she had been working at the Primary Healthcare Centre in Mafa for more than two decades and never left the town, even during the peak of the Boko Haram insurgency.

‘She has been working here for over 24 years and has never left Mafa for a single month. During the Boko Haram crisis, most people fled the town, but she stayed throughout the conflict despite being a non-indigene.

‘She has treated most of my family members, including my mother,’ the Governor said.

‘The allocation letter should be issued in your name. Do not leave Mafa, even after you retire.’

‘Your son, Anthony, will be given automatic employment at the Kashim Ibrahim University, Maiduguri. His employment starts with immediate effect,’ he added.

Mrs Duaka is among the 72 teachers and health workers that received housing units at a ceremony inaugurated by the governor in Mafa Local Government Area, on Tuesday.

Recall that Zulum had in October 2022 rewarded another Igbo teacher, Mrs Obiageli Mazi from Abia State, with a house for her hard work and punctuality after 31 years of service in Borno State.

Responding on behalf of her family, Mrs Marbel Ijeoma Duaka, described the day as the ‘happiest’ in her life.

Mrs Duaka said, ‘Today is the happiest day for me because His Excellency has honoured me and appreciated what I have been doing in Mafa. He has been so good to me.’

‘He provided me with a scholarship to study BSc in Health Education, today he has given my son a job and given me a house. I am truly grateful.’

A waste management firm has filed an action against the First City Monument Bank (FCMB) Ltd before an FCT High Court seeking an order to compel the bank to release its land documents used for N14.4 million loan collateral.

Squaremax Ltd brought the action through its lawyer, Abu Arome Esq demanding the bank to indemnify the company for all financial losses suffered as a result of the misplacement of the Deed of Assignment, including the cost of obtaining a replacement title where possible.

Squaremax demanded the sum of N50 million as general damages and the sum of N20 million for the hardship, financial loss, and reputational damage suffered due to the bank’s negligence.

He sought among other declarations, that the ‘defendant (FCMB)’s failure to return the claimant’s original Deed of Assignment after liquidation of the loan constitutes gross negligence, breach of duty, and fundamental breach of contract.’

In a statement of claim, Daniel Olisa Okwuchi, a director in the company, who is the beneficial owner of the land known as Oluwo Oduikan Family Land, Ikorodu Town, Ikorodu Local Government Area of Lagos State, which is present-day No 25 Isaac Salome Street, Owutu, Ikorodu, Lagos, averred that it was used as collateral for the loan facility.

The claimant further avers that before the loan approval, on February 19, 2022, it deposited the sum of N1.6 million to a truck vendor, Jayneyo Mult Concept Ltd and used the loan to purchase the truck with registration number: ABC 356 XF, an insurance policy with Cornerstone Insurance, which it deposited, including the original registration papers and Firm sues FCMB over loss of land documents

A waste management firm has filed an action against the First City Monument Bank (FCMB) Ltd before an FCT High Court seeking an order to compel the bank to release its land documents used for N14.4 million loan collateral.

Squaremax Ltd brought the action through its lawyer, Abu Arome Esq demanding the bank to indemnify the company for all financial losses suffered as a result of the misplacement of the Deed of Assignment, including the cost of obtaining a replacement title where possible.

Squaremax demanded the sum of N50 million as general damages and the sum of N20 million for the hardship, financial loss, and reputational damage suffered due to the bank’s negligence.

He sought among other declarations, that the ‘defendant (FCMB)’s failure to return the claimant’s original Deed of Assignment after liquidation of the loan constitutes gross negligence, breach of duty, and fundamental breach of contract.’

In a statement of claim, Daniel Olisa Okwuchi, a director in the company, who is the beneficial owner of the land known as Oluwo Oduikan Family Land, Ikorodu Town, Ikorodu Local Government Area of Lagos State, which is present-day No 25 Isaac Salome Street, Owutu, Ikorodu, Lagos, averred that it was used as collateral for the loan facility.

The claimant further avers that before the loan approval, on February 19, 2022, it deposited the sum of N1.6 million to a truck vendor, Jayneyo Mult Concept Ltd and used the loan to purchase the truck with registration number: ABC 356 XF, an insurance policy with Cornerstone Insurance, which it deposited, including the original registration papers and custom duty.

‘That on the 20th of September 2024, upon full liquidation of the principal sum and interest loan, the defendant issued a Letter of Non-Indebtedness dated 4th October 2024, confirming that the claimant had fulfilled all its obligation under the loan agreement,’ Abu Arome stated.custom duty.

‘That on the 20th of September 2024, upon full liquidation of the principal sum and interest loan, the defendant issued a Letter of Non-Indebtedness dated 4th October 2024, confirming that the claimant had fulfilled all its obligation under the loan agreement,’ Abu Arome stated.

Nigerians have been cautioned against being swayed by the ‘deceptive rebranding’ of the African Democratic Congress (ADC).

A political commentator, Abdulhameed Shakir Alaaya, stated this in Il?rin, the Kwara State capital, during a press conference.

According to him, the party is only a regrouping of old political figures who once plunged Kwara state and country into hardship.

Alaaya said those behind the ADC were the same elements who held sway in the People’s Democratic Party, PDP, for many years without meaningful impact on governance or development.

He said the promoters of the ADC were attempting to sell the illusion of a new beginning, but in reality, they represented the same failures that left Kwara struggling with unpaid salaries, abandoned pensioners and neglected infrastructure before the emergence of the All Progressives Congress (APC).

‘For almost two decades, they had every opportunity to deliver real development. Instead, they left behind crumbling infrastructure, unpaid salaries, abandoned pensioners and neglected education,’ he said.

‘What we are witnessing today is a rebranding of the same people who failed us,’ he added.

Alaaya said that since the assumption of office by Governor AbdulRahman AbdulRazaq, the APC administration in Kwara had brought about visible transformation across key sectors including education, health, road infrastructure and youth empowerment.

‘In just six years, the APC government has achieved more progress than what PDP achieved in nearly two decades. The truth is that what they could not do in sixteen years, APC has already surpassed in less than one decade,’ he said.

He urged Governor AbdulRazaq to consolidate the gains recorded by focusing more on human development, better welfare for workers, prompt payment of pensions and clearing outstanding gratuities owed to retirees.

Such measures, he noted, would strengthen the confidence of the people in the ruling party and bring more dignity to workers and pensioners.

Alaaya also called on members of his ward in Ubadawaki, Il?rin West Local Government Area and other political stakeholders in the state not to be misled by what he called the personal ambitions of a few individuals behind the ADC project.

He said the group had no credible legacy to justify their return to political relevance.

‘ADC is not a new beginning. It is an old wine in a new bottle. It is another platform for a few people to pursue selfish ambitions at the expense of public welfare,’ he said.

‘If we embrace ADC, we will simply be handing our future back to those who failed us before. We must not make that mistake again,’ he warned.

Alaaya urged Kwarans to remain steadfast in their support for the APC which, according to him, remains the only platform that has brought real change to the state.

The World Bank has projected that Nigeria’s economy will grow by 4.4 percent in 2027, compared to the 4.2 percent earlier projected for the year 2025.

World Bank said the growth will be driven by services and supported by agriculture and non-oil industry.

Samer Matta, the World Bank’s senior economist for Nigeria, spoke in Abuja on Tuesday at the October 2025 Nigeria Development Update (NDU) themed ‘From Policy to People: Bringing the Reform Gains Home’.

Matta said inflation is expected to gradually ease but remain elevated, requiring sustained monetary discipline and structural reforms to tackle food prices, the ‘biggest tax on the poor’.

The senior economist noted that the outlook for Nigeria’s economy remains cautiously optimistic.

According to the NDU, Nigeria’s economy expanded by 3.9 percent year-on-year in the first half of 2025, up from 3.5 percent in the same period of 2024.

‘Growth was driven by strong performance in services and non-oil industries, alongside improvements in oil production and agriculture,’ the report said.

‘The country’s external position has strengthened, with foreign reserves exceeding $42 billion and the current account surplus rising to 6.1% of GDP, supported by higher non-oil exports and lower oil imports.

‘On the fiscal side, despite lower oil prices, the federal deficit is projected at 2.6% of GDP in 2025, broadly unchanged from 2024, while public debt is expected to decline for the first time in over a decade – from 42.9% to 39.8% of GDP.’

However, the report cautioned that the macroeconomic gains have yet to translate into tangible improvements in people’s lives, adding that many households continue to face hardship, with poverty and food insecurity remaining high.

The NDU noted that Nigeria’s poor households, who spend up to 70 percent of their income on food, have seen the cost of a basic food basket rise fivefold between 2019 and 2024, highlighting the need for continued efforts to reduce inflation and support the vulnerable.

On his part, Mathew Verghis, the World Bank country director for Nigeria, said the Nigerian government has taken bold steps to stabilise the economy, and the efforts are beginning to yield results.

‘But macroeconomic stability alone is not enough. The true measure of success will be how these reforms improve the daily lives of Nigerians – especially the poor and vulnerable,’ Verghis said.