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The Nigerian National Petroleum Company Limited (NNPCL) has posted N7.2trillion Profit After Tax (PAT), rising 33 per cent in 2025 from the N5.4 trillion recorded in 2024.

The state-run oil company also said payment of Naira for crude oil supply to Dangote Refinery is still in force.

During the period under review, revenue was N34.5 trillion as earnings per share was N35.9 while royalties and other remittances to the government soared 39 per cent to N22.3 trillion.

Its Group Chief Executive Officer (GCEO) Bashir Bayo Ojulari disclosed this at the 2025 Audited Financial Statement Media Parley in Abuja.

He said: ‘The central result is clear, profit after tax rose 33 per cent, from N5.4 trillion in 2024 to 7.2 trillion Naira in 2025.

‘Revenue was N34.5 trillion. We also recorded earnings per share of 35.9 Naira, while taxes, royalties and other remittances to the government rose 39 per cent to N22.3 trillion.’

The GCEO blamed revenue decline on the crude oil price crash in the period under review.

Ojulari said: ‘The revenue declined as crude oil price fell, as you recall, in 2025, but we also had some decline that resulted from wide product volume reduction, following the market regulation, as you know, with the removal of subsidy.’

Continuing, the NNPCL boss said the profit grew because the firm improved the way it operated and maintained discipline across its businesses.

Ojulari also attributed the profit to the blockage of revenue leakages and the stoppage of wastages. Operationally, according to him, crude oil and condensate production reached a five-year high of 1.77 million barrels per day (bpd) at its peak.

Nigerian gas supply, said Ojulari, reached a three-year high of 7.2 billion standard cubic feet per day.

He explained that the gains reflect sustained attention to company assets, infrastructure and focus on delivering visible results.

He promised to compel all NNPC debtors to settle their liabilities.

The GCEO said the national refineries will become operational when they are profitable.

He said through NNPCL technical equity partnership model significant progress has been made.

Ojulari said NNPC has undertaken a three-month intrusive onsite due diligence with over 34 of the partners’ top engineers as it now looks forward to completing the report with the same objective of having profitable and sustainable plants.

He said: ‘And we are now looking at concluding that report. And the objective remains the same.

‘What we want going forward is to have a refinery that is self-sustaining, that is profitable and is sustainable. And that’s what we’re looking for. We believe that in the not too distant future, we will be able to define that pathway forward.

‘We learned a lot through those onsite visits. And I think we are more confident that we will have a pathway very soon in terms of how to bring those refineries back to sustainable and profitable operation. Our ambitions are specific and measurable.’

He said the partners, who are Chinese, are reviewing the refineries at no cost to Nigeria.

The model is to involve them in the equity of the refineries for them to be committed with the spirit of ownership.

He recalled that he visited China where he toured their petrochemicals plants that operate at 100 per of their design capacity.

The NNPCL boss announced that the Ajaokuta Kaduna Kano (AKK) gas pipeline has been completed with all the weldings.

He revealed that the project is at the stage of fixing the connections at Abuja, Ajaokuta and Kaduna.

He stressed that the main line has been done as NNPCL is now focusing on the impact of the project on the society.

Ojulari added: ‘The impact starts when gas starts going to power or going into the industry. ‘And that is why you probably notice we have been a little bit quiet recently because the next milestone is to say gas is flowing and we are seeing gas transmitting into more jobs, more opportunities.’

The GCEO also revealed that the OB3 line, that is the Obiapu, Obiropo and Oben gas pipeline has been grappling with a lot of challenges over several years.

According to him, NNPCL is yet to fix a timeline for its Initial Public Offer (IPO) as the decision is at the instance of the shareholders.

On how to achieve 3million barrels per day in 2030, he recalled that this year, NNPCL signed a new $15 billion to $21 billion Production Sharing Contract (PSC) for Bonga Southwest that is meant to enable final investment in decisions maybe by 2028.

He also cited an example of the Bonga North FID in late 2024 among other projects that would result in the attainment of 3 million barrels per day production.

Speaking on the Naira for crude supply to Dangote, Ojulari said: ‘Crude supply obligation to Dangote team, yes, still going on. We still deliver the crude in naira and then crude in dollar.’

He added that the arrangement for the supply of crude oil in Naira is for limited cargoes.

Ojulari stressed that NNPCL also supplies extra cargo to the refinery in dollars

‘And let me also explain that, very important, because I know a lot of questions have come. We have a commitment to supply crude in naira, for a specific number of cargoes, typically. But also the extra crude that is available, we only supply in dollar,’ he said.

Ojulari also explained that crude oil is sold in dollars because all the contracts in the industry are in dollars.

The NNPCL boss said: ‘The reason for that is that our commitments are in dollar. The rigs that are drilling for us, we pay them in dollars. The projects that we install, we pay in dollars.’

According to him, it does not make sense selling crude oil in Naira to purchase forex to pay in dollars instead of selling it directly in the same currency it is vended internationally.

NNPCL accepts Naira for crude from Dangote because the Federal Government approved it, he said.

Aside from that approval, Ojulari stressed that all other crude oil transactions are in dollars.

He said: ‘Our cash home to our operators are paid in dollars. So there’s no point receiving naira and then going to send that bank or somewhere to then buy dollar to pay, right?

‘So that is the reason that you see that apart from the crude to naira, which was approved by federal government, we maintain that, right?

‘For all the other transactions we do are in dollar because our commitments are in dollar as well. So that’s why, otherwise, we would have probably done more, right?

‘But what it would mean is that we would do that and then go and buy dollar to pay for our own commitments.’

The GCEO said the cost of crude oil production responds in direct proportion with the rise its price.

Ojulari also confirmed that Nigeria is still servicing the project Gazelle, which is the crude oil backed forward -sale finance facility.

‘I think the other quick one is around, you talked about Project Gazelle, and specifically Project Gazelle is still on.’

The Federal Capital Territory Administration (FCTA) has approved the renovation, rehabilitation and upgrade of all 14 general hospitals in the territory, and the resumption of work on the abandoned Utako General Hospital.

The decisions were among resolutions of the 19th meeting of the FCT Executive Council, presided over by Minister Nyesom Wike, and attended by the Minister of State, Dr Mariya Mahmoud.

Briefing journalists yesterday, the Chief of Staff to the Minister, Chidi Amadi, said the council considered 20 memoranda from various secretariats, departments and agencies.

The Mandate Secretary for Health and Environmental Services, Dr Adedolapo Fasawe, said the hospital intervention would cover new equipment, including X-ray machines and diagnostic materials, and the upgrading of theatres.

She said Wike had directed that work should begin on Utako General Hospital, which has been abandoned for years. The project will cover construction, equipping and staffing.

Dr Fasawe said the measures were expected to improve access to quality, affordable healthcare for residents, adding that the administration had continued to pay premiums and capitation to health insurers and Health Maintenance Organisations (HMOs).

The Director, FCTA Security Services Department, Adamu Gwary, said the council approved a new divisional police station at the Wasa Informal Sector, ahead of the planned relocation of Apo mechanics and artisans to the area. The contract has a six-month delivery timeline. He said the project followed the Minister’s directive to provide security for the sector and surrounding communities as economic activity grows.

Gwary said it was part of a plan to build two divisional police stations in each of the six area councils. He said the stations at Ushafa and Saburi had been completed, furnished and handed over, each with a furnished six-man staff quarters.

The council approved the digitalisation of the FCT High Court, covering about 67 courtrooms.

The General Counsel, Salman Dako, said the project would introduce electronic court recording and case-management systems to replace manual recording and physical filing. He said implementation would begin immediately, with noticeable improvements expected within two weeks.

Also, the Education Secretariat secured approval for two contracts to supply examination materials to primary, junior secondary and senior secondary schools across the FCT.

The Mandate Secretary for Education, Dr Danlami Hayyo, said the approval was part of efforts to transform public schools through renovation, improved classrooms and instructional materials. He said better facilities had encouraged some parents to move their children from private to public schools.

The Satellite Towns Development Department (STDD) secured approval for a N5.703 billion contract to build a 33KVA power supply line from Dawaki to Tukulo and surrounding villages in Bwari Area Council.

The STDD Coordinator, Abdulkadir Zulkiflu, said the contract was awarded to CGC Nigeria Limited and would be completed in eight months.

The council also ratified two completed and unveiled road projects, both awarded to Setraco Nigeria Limited:

The Gaba-Tukulo Road and two-span river bridge in Bwari Area Council, at N8.219 billion, inclusive of 7.5 per cent VAT.

The rehabilitation of the Paikon Kore-Ibuwa Road in Gwagwalada Area Council, at N8.890 billion, inclusive of 7.5 per cent VAT.

Mr Zulkiflu said both projects had a 12-month completion period.

The Department of Land Administration secured approval for three memoranda to improve operations and strengthen revenue collection.

The Director, Chijioke Nwankwoeze, said they covered utility vehicles and integrated ICT infrastructure, including computers, workstations, scanners, network switches, fibre-optic connections, data-centre servers, monitoring and cooling systems.

The council also ratified a contract for customised revenue receipt booklets, to be printed by the Nigerian Security Printing and Minting Company. Nwankwoeze said the redesigned receipts have enhanced security features to prevent alterations and fraud in land revenue collection.

The Abuja Metropolitan Management Council (AMMC) secured approval for six memoranda, five for ratification and one for fresh approval. The Overseeing Coordinator, Mrs Mary Amina Ahmadu, said they would facilitate maintenance works, particularly on waterways affected by environmental challenges.

She said indiscriminate refuse dumping had contributed to blocked waterways and flooding in parts of the FCT.

The FCT Water Board secured approval for two memoranda. One is for the supply of powdered chlorine, known as high-test hypochlorite (HTH), for water treatment. The Acting General Manager, Mrs Chinyere Elechi, said it was essential for killing pathogens before water is distributed, and for preventing diseases such as cholera, typhoid and dysentery.

The other is for renewal of insurance for facilities at the Lower Usman Dam Treatment Plant.

The National Women Leader of the All Progressives Congress (APC), Dr Mary Alile Idele, has declared that President Bola Ahmed Tinubu must complete ‘two terms in office’ before handing power over to another region of the country.

Idele, who is also the National Coordinator of the Tinubu Torch Bearers (TTB), spoke in Akure, Ondo State, during the inauguration of the TTB structure in the state as part of efforts to mobilise support for President Tinubu ahead of the 2027 presidential election.

She said the APC would mobilise its supporters across the country to ensure that Tinubu secures a second term, stressing that the President’s eight-year tenure should be completed before any discussion about power rotation.

According to her, ‘4+4 is equal to eight,’ insisting that there was ‘no vacancy’ at the Presidential Villa ahead of the 2027 election.

Idele urged APC women in Ondo State to take the message of the Tinubu administration’s achievements to their homes and communities and mobilise voters at the grassroots.

The APC National Women Leader further said the TTB had already expanded its activities to more than 30 states, with the objective of building a strong grassroots network ahead of the election.

She challenged the women to secure more than 50 per cent support for Tinubu among female voters, urging them to translate their political structures into votes on Election Day.

‘This group (TTB) has gone into over 30 states and will be inaugurated. We need more than 50 per cent to deliver for the President. Go to your homes; tell your husband and your children that we are voting for President Tinubu in the 2027 election.

‘Tell them 4+4 is equal to eight and that there is ‘No vacancy’ in Aso Rock. I have said that the South-South must complete their eight years. President Tinubu must complete his tenure; after that, he can hand over to the North. We will win the coming election, and we shall re-elect President Tinubu.

‘So, there is no opposition. APC will win against the opposition in the country. How many are there that we can’t win? I’m asking, how many opposition do we have that we can’t win them in the election. We will win, and that is why I’m urging you to take this torch to your house and preach the message of Tinubu’s re-election,’ Idele said.

The Southwest Coordinator of the TTB, Princess Sandra Williams Oladele, said the group’s initiative focuses on grassroots mobilisation, women’s participation in politics, and communicating Tinubu’s administration’s Renewed Hope Agenda.

Oladele called on women in Ondo State to mobilise their husbands, children, and other household members to support Tinubu’s re-election bid.

She said the group was targeting 90 per cent support for Tinubu among voters in Ondo State and across the Southwest, urging the women to move beyond political gatherings and ensure their mobilisation efforts translated into votes.

‘We want to give Tinubu 90 per cent of the votes. Across the South-West, we, the women, are giving Baba 90 per cent. Make sure you come out en masse. Let us have 90 per cent of the votes for Tinubu in Ondo State,’ Oladele said.

The State Coordinator of the TTB, Erelu Modupe Martins, also urged members of the group to intensify grassroots mobilisation and ensure that the structures being created across the state translate into votes for the APC in 2027.

The Commissioner for Women Affairs and Social Development, Seun Osamaye, said women in the state had benefited from the programmes of the APC-led administration and urged them to remain committed to the party.

Osamaye said women should reciprocate the support they received by mobilising for the party and its candidates ahead of the 2027 elections.

She also said women were prepared to support Tinubu and other APC candidates, adding that their political structure must be converted into electoral strength.

‘It will be a sin against God if you don’t support this party in truth and indeed. This party has given women life. Under this party, women no longer beg. They have been positioned.

‘Our responsibility towards 2027 is simple: our structure must translate into votes. We, the women, have gathered to support President Tinubu,’ Osamaye added.

She lauded the wife of the governor, Oluwaseun Aiyedatiwa, for her support for women in the state, stressing that her support was tied to their perception of the empowerment and opportunities provided under the administration of Governor Lucky Aiyedatiwa.

Earlier, Mrs Aiyedatiwa described the Tinubu Torch Bearers initiative as a platform for grassroots engagement, civic responsibility and political mobilisation.

She said the group represented the values of service, patriotism and empowerment, while expressing support for Tinubu’s re-election bid.

‘The objectives of this initiative are clear: to strengthen grassroots engagement, promote civic responsibility, and uphold the enduring values of integrity and excellence that define true leadership.

‘Our gathering today is a testament to the unwavering belief in the vision and leadership of President Bola Ahmed Tinubu GCFR,’ she said.

According to her, the President’s return to office would provide continuity for the reforms and programmes of his administration.

‘A man whose courage, foresight, and dedication have shaped the course of our democracy. His re-election bid represents continuity – continuity of reform, of progress, and of the promise of a Nigeria that works for all.’

Speaking at the event, Governor Lucky Aiyedatiwa said women remained highly visible in his administration and acknowledged their contributions to governance and grassroots mobilisation.

Aiyedatiwa, represented by his Deputy, Dr Olayide Adelami, called on women, men and youths across the state to take the message of his administration’s programmes to every household.

He said the state was set to deliver an unprecedented electoral performance for President Tinubu in 2027.

‘This time around, we are going to do what is unprecedented. We expect to deliver over one million votes in Ondo State for President Tinubu,’ the governor said.

He called on all segments of the population to cooperate to ensure the administration’s message reached every community.

Aiyedatiwa added that his administration would continue to create opportunities for women, noting that their participation remained important to the state’s political and socio-economic development.

President Bola Ahmed Tinubu has praised the Minister of Marine and Blue Economy, Adegboyega Oyetola, for his efforts at unlocking Nigeria’s maritime potential and positioning the sector as a major driver of economic growth, investment and employment.

The President, who felicitated with the former Osun State governor on his 72nd birthday, said initiatives being pursued under Oyetola’s leadership had improved efficiency in the maritime sector, attracted investment and strengthened Nigeria’s competitiveness in the global maritime industry.

President Tinubu also felicitated his Senior Special Assistant on Sustainable Development Goals (SDGs), Princess Adejoke Orelope-Adefulire, on her 67th birthday.

He also congratulated former Jigawa State governor and erstwhile Minister of Defence, Alhaji Mohammed Badaru Abubakar, on his 64th birthday.

The trio celebrated their birthdays yesterday.

In a statement yesterday in Abuja by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said Oyetola’s stewardship of the Ministry of Marine and Blue Economy was contributing to the implementation of his administration’s Renewed Hope Agenda.

He described the minister as a renowned technocrat, shrewd administrator and committed patriot whose experience spanning the private and public sectors had continued to benefit the country.

‘Your years of service to our country as an insurance icon, public servant and political leader demonstrate your commitment to the development and prosperity of Nigeria.

‘As Minister of Marine and Blue Economy, you brought experience and dedication to the task of transforming our maritime sector into a major driver of economic growth, investment and employment.

‘I commend your contributions to the Renewed Hope Agenda, and I encourage you to remain steadfast in the service of our nation,’ the President said.

Before joining public service, Oyetola had a career in the insurance industry. He later served as Chief of Staff to the governor of Osun State before being elected governor of the state.

President Tinubu said the minister’s record in public administration and governance reflected his commitment to national development and prosperity.

The President prayed for Oyetola’s continued good health and wisdom, wishing him many more years of service to Nigeria and humanity.

President Tinubu applauded Princess Orelope-Adefulire for her contributions to Nigeria’s drive for inclusive and sustainable development.

In another statement by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu described the former Lagos State deputy governor as a dedicated public servant and development advocate, commending her commitment to implementing the United Nations Sustainable Development Goals (SDGs), particularly initiatives aimed at improving the welfare and living conditions of vulnerable Nigerians and communities.

‘I commend Princess Orelope-Adefulire’s efforts in the creation of the Presidential Council on SDGs and other advocacy groups to accelerate Nigeria’s progress towards the achievement of the SDGs and the 2030 Agenda with a focus on ‘Leaving No One Behind’,’ President Tinubu said.

He expressed confidence that Orelope-Adefulire would continue to deploy her experience and commitment in support of his administration’s development priorities and Nigeria’s aspirations for sustainable growth.

‘I believe she will continue to bring her experience, passion and commitment to bear in supporting the administration’s development agenda and Nigeria’s broader aspirations for sustainable growth.

‘I wish her good health, wisdom, strength and many more years of purposeful service to our nation and humanity,’ the President said.

Also, in a statement by Onanuga, the President joined Badaru’s family, friends and associates in celebrating what he described as the former governor’s record as an administrator, industrialist and statesman.

President Tinubu recalled Badaru’s eight-year tenure as Governor of Jigawa State between 2015 and 2023, noting his interventions in agriculture, infrastructure and social development.

He also praised Badaru’s service as Minister of Defence from August 2023 to December 2025, saying the former minister discharged his responsibilities with patriotism and commitment to the country.

The President described Badaru, who holds the traditional title of Sardaunan Ringim, as an embodiment of humility, discipline and enterprise.

He noted that the former governor successfully transitioned from the private sector, where he founded the Talamiz Group, into public service and politics.

President Tinubu also praised Badaru for his loyalty and contributions to the All Progressives Congress (APC), including his current assignment as Director-General of the Arewa for Asiwaju (A4A) campaign group.

The President prayed that Almighty Allah would grant the former Jigawa governor many more years in good health, renewed strength and continued service to Nigeria.

The Senator Sharafadeen Alli Campaign Organisation has described the Oyo State governor and Allied Peoples Movement (APM) presidential candidate, Seyi Makinde, as clueless and an embarrassment to the people of the state.

The organisation stated that ‘for failing to address hunger in Oyo State despite increased funds from the Federation Account, Makinde has shown that he is more than clueless’.

In a statement yesterday in Ibadan, the Oyo State capital, by its Director of Media and Publicity, Bisi Oladele, the campaign organisation said Governor Makinde’s admission of more money from the Federation Account to Oyo State was a confirmation of the success of the economic reform policies of the All Progressives Congress (APC) government of President Bola Ahmed Tinubu.

Makinde had admitted on Monday in Lafia, the Nasarawa State capital, that Oyo State received more money from the Federation Account, but added that he has not been able to reduce hunger in the state.

The Senator Sharafadeen Alli Campaign Organisation described Makinde’s statement, though a function of his level of capacity, as a sad and clear reality of what Oyo State has been going through in terms of purposeful governance in the last seven years.

The campaign organisation said: ‘If through the ingenuity and purposeful leadership of President Tinubu, Oyo State allocation has increased tremendously, should it also be the duty of the President to ensure judicious use of the money?

‘If you have acknowledged that, monthly, you have been getting more money from the Federation Account, who are you expecting to come and help you to fight hunger in your state? Is it President Tinubu?

Most importantly, this same Governor Makinde has deliberately refused to allow local governments in Oyo State to function. He has criminally been everywhere, opposing local government autonomy to continue to spend both the state and local council funds.

‘Therefore, for the people of Oyo State, waiting a day longer to stop the extension of Makinde’s cluelessness beyond 2027 is what must not be allowed to happen, and on February 6, 2027, the governor and the man through whom he desires to extend his clueless government will be rejected by the people.’

The Independent National Electoral Commission (INEC), Oyo State, is to commence the distribution of newly printed Permanent Voters’ Cards (PVCs) across all 33 INEC Local Government Area offices in the state from Friday, 9th October 2026, ahead of the forthcoming general elections.

In a press release issued by the Resident Electoral Commissioner (REC) in the state, Prof Adeniran Tella, the Commission said it would distribute new PVCs from 9.00 am to 3.00pm daily, excluding weekends and public holidays.

It added that the exercise is for newly registered registrants, those who have recently transferred their Polling Units, and those whose PVCs were lost or damaged in the last Continuous Voter Registration (CVR) exercise.

The REC noted that PVC collection would be strictly personal, not by proxy, and said the Commission has made adequate arrangements, in collaboration with Security Agents across the State, to ensure the exercise remains transparent, orderly, and peaceful.

Prof Tella enjoined members of the public, including all relevant and key stakeholders in the electioneering process, to cooperate with the Commission by ensuring prompt collection of the newly printed PVCs, noting that the Commission still has quite a number of uncollected old PVCs from the last held 2023 general election in the state.

A chieftain of the All Progressives Congress (APC) in Osun, Olatunbosun Oyintiloye, says the economic reforms introduced by President Bola Tinubu since May 2023 have reshaped Nigeria’s economic direction.

Oyintiloye said the policies had recorded gains in some key areas, but continued to exert pressure on household welfare, purchasing power and the cost of living.

The APC chieftain said this while speaking with newsmen ahead of Nigeria’s 66th Independence Anniversary on Wednesday in Osogbo.

Oyintiloye said that as Nigeria marks the anniversary, a fair assessment of the economy requires comparing the situation inherited in 2023 with developments under the Tinubu administration’s reform programmes.

He said the administration inherited an economy facing foreign exchange shortages, weak crude oil production, the financial burden of petrol subsidy, low government revenue, heavy debt-service obligations, infrastructure deficits and widespread poverty.

According to him, the removal of petrol subsidy and reforms in the foreign exchange market represented major policy shifts, complemented by efforts to strengthen revenue mobilisation, investment and production.

Oyintiloye said social intervention programmes had also provided support to vulnerable Nigerians, with the Federal Government reporting substantial disbursements to millions of households.

He, however, said such interventions must remain transparent, targeted and measurable to ensure that assistance translated into meaningful improvements in household welfare.

‘Subsidy removal addressed a major fiscal burden but also triggered significant adjustment costs, with higher petrol prices affecting transportation, food distribution, production and household expenditure.

‘Similarly, foreign exchange reforms sought to reduce distortions associated with multiple exchange-rate windows, but the subsequent naira depreciation increased the cost of imports, machinery, medicines and industrial inputs,’ he said.

Oyintiloye, a former lawmaker, said the reforms had been credited with improving the country’s trade balance, unifying the exchange-rate system and rebuilding foreign exchange reserves, among others.

He added that efforts to boost oil and gas production, improve the investment climate, address inflationary pressures and strengthen public financial management were also important components of the reform agenda.

Oyintiloye said available figures presented a mixed but important economic picture, with improvements reported in inflation, external reserves and real GDP growth, even as the naira exchange rate and cost of living remained major concerns.

He said Nigeria’s economic situation since May 2023 could therefore be described as one characterised by major policy changes and gains in several macroeconomic areas, alongside continuing pressures on household welfare.

‘The ultimate test of reform is what it does to production, jobs, investment, household income and the standard of living.

‘Nigeria needs to move from stabilisation to stronger productivity and broad-based prosperity.

‘We acknowledge the hardship Nigerians are experiencing, but returning to the old system without addressing its fundamental problems would only postpone the crisis.

‘The answer is to ensure that the resources freed from subsidy are converted into tangible benefits for the people, and the Tinubu administration has been doing that,’ he said.

Oyintiloye appealed to Nigerians to be patient with the reforms, saying their full benefits would become clearer as the policies matured.

The Federal Government has declared Thursday October 1, as public holiday to mark the nation’s 66th Independence anniversary celebration.

The Minister of Interior, Dr. Olubunmi Tunji-Ojo, made the declaration on behalf of the Federal Government.

He congratulated all Nigerians at home and abroad on this year’s celebration of the 66th Independence anniversary of the Federal Republic of Nigeria.

Dr. Tunji-Ojo stated that our warmth, welcoming spirit and love as well as the abundant wealth inherent in our human capital and the richness of our land, makes Nigeria unarguably the most prosperous black nation in the world being African’s pride and beacon of hope for the Renewed Hope Agenda of President Bola Ahmed Tinubu.

In a statement signed by the Permanent Secretary of the Ministry, Dr Magdalene Ajani, the Minister said peace and stability are necessary condition for the development of any nation.

He therefore, called on Nigerians to emulate the nation’s founding fathers in their love for fatherland and build a Nigeria of our dreams that our children will be proud of, that a new Nigeria is achievable.

‘As we celebrate 66th years of our independence, we should always remember that there is hope for our country and our diversity is our strength, and our collective determination remains the foundation upon which a stronger and more prosperous nation will be built’, he said.

The Minister reassured that this administration through the Renewed Hope Agenda will ensure a better Nigeria for all citizens, as a befitting tribute to our heroes past.

He urged citizens to use the Independence celebration as an opportunity to demonstrate the values of unity, patriotism, peaceful co-existence and mutual respect.

The Minister assured Nigerians that the Federal Government remains committed to strengthen national security, improving public safety and creating an environment where citizens can live, work and pursue their legitimate aspirations with confidence.

The Central Bank of Nigeria (CBN) is set to intensify its supervision of banks, with greater attention to corporate governance, asset quality, liquidity, large exposures and the ability of lenders to withstand operational and cyber disruptions.

The move is part of the next phase of banking-sector reforms following the completion of the two-year recapitalisation programme, which saw 33 banks meet the revised minimum capital requirements and raise a combined N4.65 trillion.

The CBN said the stronger capital base would only deliver lasting benefits if banks improve the way they are governed and manage risks.

Speaking at the 38th Seminar for Finance Correspondents and Business Editors in Abuja yesterday, the Deputy Governor, Corporate Services, CBN, Dr. Muhammad Sani Abdullahi, said the banking industry must now move beyond the issue of raising capital to ensuring that the new capital is protected and deployed responsibly.

He said: ‘Capital, however, is a starting point. Boards and management must maintain sound controls, recognise risks early and lend on the strength of viable projects.’

According to him, corporate governance must support the stronger capital position of banks, with boards and management expected to operate with integrity, accountability and transparency while strengthening internal controls and avoiding excessive risk-taking.

He said the decisions taken by bank boards and management must protect the interests of depositors, investors and other stakeholders.

The Deputy Governor said the CBN would continue to monitor governance, asset quality, liquidity and large exposures as banks enter the post-recapitalisation era.

He added that banks would also be expected to protect customer data, maintain reliable payment services and recover quickly when their systems are disrupted.

The CBN’s position reflects a shift in focus from the size of banks’ balance sheets to the quality of their management and their ability to withstand shocks.

The banking regulator said risk management must no longer be restricted to traditional credit risks, but must cover market and liquidity risks, operational failures, cybersecurity, dependence on third-party service providers and climate-related financial risks.

Abdullahi said banks needed systems capable of identifying such risks early and allowing management to act before they threaten the stability of individual institutions.

‘As more financial services move to digital channels, banks must invest continuously in cybersecurity, data protection, disaster recovery and business continuity,’ he said.

The CBN official said the importance of these safeguards had increased as banks adopt more technology in delivering financial services.

He said customers must be able to transact securely and access their funds even when banks experience technical or operational difficulties.

The Bank’s supervisory framework will also continue to rely on risk-based supervision, macroprudential monitoring and stress testing.

The CBN said financial-sector coordination, consumer protection, fintech regulation, responsible innovation, crisis preparedness and resolution planning would remain part of its supervisory priorities.

The new approach comes as the banking industry emerges from a recapitalisation programme announced in March 2024.

Under the programme, banks were given two years to raise capital appropriate to their respective licences.

Abdullahi said the exercise was designed to strengthen the capacity of banks to support the economy as wider monetary and financial reforms took effect.

He said the recapitalised banks would be expected to provide more financing for infrastructure, industrial expansion, international trade and other productive activities as Nigeria pursues its ambition of building a $1 trillion economy by 2030.

But the CBN said the success of the exercise should not be measured simply by the amount of money raised by banks.

According to Abdullahi, the real benefit should be reflected in the quality of banking services and the volume of productive lending available to businesses and households.

‘Agriculture, manufacturing, services and infrastructure need finance suited to their cash flows and investment horizons,’ he said.

He added that smaller businesses and households should have access to dependable payment systems, appropriate financial products and fair treatment.

The CBN also wants the benefits of stronger banks to extend to rural communities, women and young entrepreneurs, saying financial inclusion and consumer protection are important parts of a resilient financial system.

Abdullahi said stronger bank balance sheets should eventually translate into wider access to finance and better services for customers.

The post-recapitalisation phase is also expected to place greater responsibility on businesses seeking bank financing.

The CBN urged business leaders to improve corporate transparency, governance and sustainability, noting that these factors increasingly influence how banks assess borrowers.

The Deputy Governor said businesses must be prepared to use the additional financing capacity of banks for productive investment in areas such as technology, energy, transportation, power, agriculture, manufacturing and services.

The CBN’s latest position was reinforced by the Director, Banking Supervision Department, Dr. Olubukola Akinwunmi, who said recapitalisation should be seen as the beginning of a new phase rather than the final objective of banking reform.

Akinwunmi said a bank could have adequate capital and still be exposed to serious weaknesses arising from poor governance, weak risk management, deteriorating loan quality, liquidity pressures, operational failures, cyber threats and excessive risk-taking.

He said this was why capital adequacy alone could not guarantee financial resilience.

The banking supervisor placed particular importance on corporate governance, saying poor governance could trigger a chain of problems beginning with weak lending decisions and ending with losses that erode bank capital.

The presentation linked poor governance with weak underwriting, deteriorating asset quality, declining confidence and liquidity pressure.

Akinwunmi also drew attention to insider lending, which the CBN has been monitoring more closely under its strengthened supervisory framework.

He referred to the insider-credit circular issued in February 2025, saying the regulator’s approach was intended to prevent transactions involving insiders from creating risks capable of weakening banks.

He said the CBN’s position was that corporate governance was central to the resilience of the banking system.

The banking regulator has also been strengthening its corporate-governance framework.

Akinwunmi said the current framework is anchored on the CBN’s 2023 corporate-governance guidelines covering commercial banks, merchant banks, non-interest banks, payment service banks and financial holding companies.

The guidelines, which took effect on August 1, 2023, provide requirements covering board composition and independence, risk governance, internal controls, ethical conduct, accountability and the responsibilities of directors and senior management.

The CBN is also paying greater attention to the suitability of individuals moving into senior management positions in banks.

Akinwunmi said the quality of people occupying senior positions matters because their decisions can affect the ability of a bank to remain a viable institution.

He said weak appointments could result in poor risk management, inappropriate lending and decisions capable of eroding shareholders’ and depositors’ funds.

Beyond governance, the CBN is introducing a more risk-sensitive approach to capital requirements.

Under the risk-based capital framework issued in March 2026, banks are expected to maintain capital that reflects the risks associated with their individual business models and activities.

This means that the capital requirement of one bank may differ from that of another where their risk exposures are different.

Banks with higher levels of concentration risk, foreign exchange exposure, governance weaknesses or complex business activities are expected to maintain higher capital buffers.

The framework is intended to ensure that banks hold not merely more capital, but sufficient capital for the risks they undertake.

The CBN is also using stress testing to assess how banks would perform under difficult economic and financial conditions.

The tests cover possible shocks such as high inflation, exchange-rate depreciation, economic recession, rising interest rates, higher loan defaults, cyberattacks and market disruptions.

The purpose is to identify weaknesses early and determine whether banks have sufficient capital, liquidity and risk-management systems to withstand severe but plausible shocks.

The CBN is also moving away from prolonged regulatory forbearance that was introduced during periods of severe economic stress.

Akinwunmi said the temporary relief had played a role in protecting financial stability and sustaining credit during difficult periods, but was never intended to become a permanent feature of banking regulation.

The regulator’s withdrawal of forbearance is intended to ensure that banks recognise problem loans promptly, maintain adequate capital and present a more accurate picture of their financial condition.

The CBN said the return to normal prudential standards, combined with recapitalisation, stronger governance and risk-based supervision, would help create a banking system better prepared to withstand future shocks.

Eti-Osa Local Government has renovated and commissioned the Primary Healthcare Centre, Lafiaji, to improve access to healthcare services in the community.

The facility was commissioned by the council chairman, Adeola Adetoro, as part of activities marking her administration’s first year in office.

Adetoro said the project fulfilled her administration’s promise to prioritise infrastructure and quality healthcare.

‘Exactly a year ago when we assumed office, we promised that infrastructural development and quality healthcare would be paramount in the agenda of our administration. What we are witnessing today is a fulfilment of that promise,’ she said.

She said the centre would provide accessible and affordable healthcare, particularly maternal and child health services and emergency response.

Adetoro added that the council was working on other projects, including roads, schools, primary healthcare centres and empowerment programmes.