Home Blog Page 282

Rivers Governor, Fubara, Sacks Cabinet

0
Siminalayi Fubara
Governor Siminalayi Fubara

By Adesina Soyooye

A couple of days after Rivers State Governor, Siminalayi  Fubara, reached a peace agreement with his estranged political godfather, Minister of the Federal Capital Territory, Nyesom Wike, the Governor, on Wednesday, dissolved his Cabinet.

President Bola Tinubu had, on Sunday, at a meeting with Fubara, Wike and a few other stakeholders, including the Speaker of the House of Assembly, Martin Amaewhule, made peace between the feuding Fubara and Wike.

Even though details of the meeting are not still public, Wike, in his characteristic manner, said that he believes that the Governor would stick to the position of the President. He also said he had told Members of the House of Assembly to work with Fubara. That is the second time the President intervened in the crisis which brought the State to its knees.

One of the very obvious fallouts is that the impeachment of Governor Fubara and his Deputy, Professor Ngozi Odu, has come to nought. The House of Assembly had, about a month ago, embarked on a process to impeach the two which got entangled in legal disputes.

There was, also, the speculation that Fubara should be able to present the names of his Commissioner- nominees to the State Assembly, something he has not been able to do since the crisis began in 2023, and since his first set of Commissioners were cleared for him before the crisis.

Fubara confirmed the speculation when he dissolved his Cabinet in anticipation of the quick clearance of the new names he would present to the State Assembly.

The Governor, also, in fresh appointments, elevated five senior civil servants to the rank of Permanent Secretaries.

A Government statement named the new Permanent Secretaries as:

  • Dr Wachukwu Vincent Worgu.
  • Eke Cordelia Uwuma.
  • Ogboma Ifeanyi Anthony.
  • Dr. Jim-Jaja Mina Gogo.
  • Uzor Henry.

Ecobank Nigeria Boosts Confidence with 50 Percent Early Eurobond Repayment

0
Ecobank Busienss APP

Ecobank Nigeria Limited confirms the success of its ongoing tender and exit consent solicitation in respect to its U.S.$300 million 7.125% Senior Notes due 2026 (the “Notes”).

On July 8, 2025, the bank demonstrated strong liquidity and financial resilience by repaying 50% of its Eurobond ahead of the scheduled maturity in February 2026. As of July 11, 2025, the bond traded near par at $99.00, reflecting strong investor confidence in the bank’s ability to repay at maturity.

The early repayment was necessitated by improved liquidity position, backed by collections from loan repayments and early redemption of its promissory notes from its parent. The bank has firm liquidity plans in place to ensure the remaining 50% of the Eurobond is repaid in full at maturity. Additionally, the bank used the opportunity to require bondholders’ consent to remove the capital adequacy ratio from its Eurobond covenant.

In 2024, the bank’s capital adequacy ratio (CAR) declined to 7.65%, slightly below the 10% regulatory requirement for a national bank. This drop was driven by the depreciation of the Naira, which impacted its loan portfolio with significant foreign currency exposure. However, the bank has come up with measures aimed at restoring the CAR to its regulatory limit.

Notably, Ecobank Nigeria is undergoing a transformation aimed at boosting revenue, fast-tracking impairment provisions to support loan write-offs, strengthening asset quality, and aggressively cutting operating expenses through improved efficiency. Discussions with key bank stakeholders revealed that the transformation program is starting to deliver positive results.

Preliminary H1 2025 results show a 30% revenue growth, rising to ₦113.7bn from ₦87.6bn in H1 2024. Gross impairment charges surged by over 200% in H1 2025, reaching ₦32.8bn compared to ₦10.7bn in H1 2024, due to improved revenue. Unaudited profit before tax for H1 2025 rose by 90% to ₦13.5bn, up from ₦7.1bn in H1 2024 and the liquidity ratio has remained sufficiently above the required 30%.

A key pillar of the transformation program, the asset quality war room, has driven a more aggressive push in loan collections and recoveries. Also, the improvement in oil production, driven largely by the current administration’s initiatives, has significantly strengthened the bank’s recovery prospects, particularly given its large exposure to oil and gas loans, and has improved obligors’ ability to meet restructuring terms.

Consequently, in 2025, the bank recovered $6 million (over ₦9bn) from a long-standing delinquent obligor. Additionally, stage 2 loans totaling over ₦170bn have been successfully reclassified to stage 1, reflecting consistent performance over the past 12 months.

The parent company (Ecobank Transnational Incorporated -ETI) remains committed to supporting the bank. The parent had injected over $10million in 2024 to enable the bank to meet the CBN’s requirement of ₦200billion for a national bank. However, additional capital injections, alongside measures like loan portfolio reduction, accelerated impairment provisioning, and improved profitability, are underway to restore the bank’s capital adequacy ratio (CAR) to regulatory levels.

The Bank remains committed to complying with the CBN’s forbearance directive and will not issue dividends or management bonuses, ensuring that retained earnings are preserved to strengthen its capital base.

An analyst noted that while the Bank faces challenges in meeting its Capital Adequacy Ratio (CAR), “he remains confident that the ongoing transformation will steer the Bank out of the woods. He added that if investors lacked confidence in the bank’s ability, the bond would be trading at a discount — not near par”

Reps Sports Committee, DG NIS, Decry Poor Funding Of Institute

0
Philip Shaibu - Edo Deputy Governor

By Ayodele Oni 

The Director-General of the National Institute for Sports (NIS) Philip Shaibu, and Chairman of the House of Representatives Committee on Sports, Kabiru Amadu, have decried the poor funding of the sports institute.

Shaibu renewed calls for increased funding to reposition the institute and advance sports development in Nigeria.

He made the appeal on Wednesday during a budget defence session at the National Assembly in Abuja.

The NIS Boss reaffirmed the institute’s commitment to fulfilling its mandate of training manpower for the sports ecosystem and promoting grassroots sports development, stressing that inadequate funding remains a major constraint.

“Our mandate is to train manpower for the sports ecosystem and promote sports from the grassroots. But we cannot achieve this without adequate government funding. We need a budget that reflects our vision and mission to improve sports in Nigeria.”

The immediate past Deputy Governor of Edo State commended President Bola Tinubu and the House Committee on Sports for their continued support, but urged the speedy constitution of the board of the National Sports Commission, noting that it would play a critical role in revitalising the sector.

According to him, a properly constituted board would provide strategic direction and institutional stability necessary for long-term sports development.

Describing the NIS as the lifeline of sports development in the country, Shaibu therefore called for premium attention to the institute to enable Nigeria attain greater heights in local and international competitions.

He attributed the institute’s limited visibility across states of the federation to persistent underfunding, which he said has hampered its expansion and outreach programmes.

Earlier, the Chairman of the House Committee on Sports, Rep. Kabiru Amadu, described the institute as a critical pillar in national sports development.

Amadu emphasised the need for increased budgetary allocation to enable the NIS discharge its responsibilities effectively and pledged the committee’s commitment to working with relevant stakeholders to improve its funding for optimal performance.

The National Institute of Sports, established in 1974, serves as Nigeria’s premier training and research centre for sports development, with a mandate to produce qualified coaches, sports administrators, and technical personnel to drive excellence in the sector.

INEC Assured  Of Its Capacity To Electronically Transmit Election Results Nationwide – Senator Dickson

1
Senator Seriake Dickson

By Suleiman Anyalewechi 

The Senator representing Bayelsa West Senatorial District  and former Governor of the State, Senator Seriake Dickson, has disputed claims suggesting that the Independent National Electoral Commission INEC lacks the capacity to electronically  transmit election results real-time .

 

The Source reports that  Senate President, Godswill Akpabio, alongside some Senators had amidst the  disenchantment and popular outrage that trailed the red chamber’s decision to jettisoned the mandatory electronic transmission of election results clause, cited lack of  adequate internet facilities in many parts  of the country as major reason for their action.

 

But in a post on his Facebook account, the former Bayelsa Governor informed that the INEC, during its consultative meetings with  the Lawmakers assured that it has the capabilities to transmit election results live from the polling units across the country.

 

Senator Dickson, therefore, expressed shock and disappointment that the Senate could decline to validate the mandatory electronic transmission of election results clause, hiding under the guise of lack of internet facilities.

 

According to him, the situation is more troubling going by the fact that Senators had spent over two years consulting and working on the draft bill.

 

He, however, lauded the House of Representatives for their sincerity of purpose and commitment towards ensuring the seamless passage of the Mandatory electronic transmission clause.

 

“Today, I gave an interview at Arise Television. In the interview, I explained how, as a member of the Electoral Committee, I felt deeply disappointed when, while I was in Bayelsa mourning the demise of my brother, the late Deputy Governor, I heard that the Senate refused to pass the clause on mandatory electronic transmission of election results from polling stations.

 

“This was what we had been working on for the past two years, and the House of Representatives passed exactly what we agreed on.

 

“I thank the Speaker of the House,Tajudeen Abbas, the Chairman of the House Committee, and other members of the House for doing the right thing.

 

“Let me be clear: INEC had told us that they have the capacity to transmit election results nationwide ,and we believe them. However, in Parliament, you don’t get all you want at the time you want.

 

“The parliamentary system involves lobbying, negotiations, consensus-building and making incremental progress. What happened today was not a loss to democracy, it was incremental progress”, Senator Dickson wrote.

 

He noted that what was finally passed by the Senate  fell short of what was actually agreed upon by the Committee ,, 

 

According  to him  the rejection of real-time electronic transmission, as well as the inclusion of a proviso validating results manually in areas negatively affected by network failure represent a blight on what was originally agreed by the law makers.

 

He, however, expressed the confidence that what is on the ground at the moment can guarantee a semblance of credible election, urging vigilance on the part of the people.

 

“The introduction of IREV and the National Assembly’s passage of mandatory electronic transmission of polling unit results to IREV ,has addressed the problem of manipulation at collation centres.

 

“Candidates and parties who do well at polling stations, which are the primary evidence of elections, can collate results and know who has won, thereby cutting off the brigandage, executive interference and thuggery that mar our elections at collation centres.

 

“I encourage Nigerians, therefore, to take interest in mobilising to their polling units and voting for credible people who can protect the democratic rights of our people.

 

“INEC has said it can transmit election results nationwide and we believe them. Anywhere someone can make calls, send or receive money electronically, INEC can also upload and transmit election results electronically”, Senator Dickson stated .

Fayose Says Oyo Gov. Makinde Is Lobbying To Be Running mate Of Atiku in 2027

0
Fayose and Makinde
LR, Ayodele Fayose and Governor Seyi Makinde

By Ayodele Oni 

 

Former Governor of Ekiti state, Ayodele Fayose has hinted that Oyo state Governor, Seyi Makinde’, is lobbying to be the running mate of the former vice president, Atiku Abubakar on the ticket of the African Democratic Congress (ADC) in 2027 election.

 

Fayose stated “Here is what happened behind the curtains,” during the visit of the former vice president, Atiku Abubakar to the Minna, Niger state resident of a former military president, Ibrahim Babangida.

 

During the visit, Oyo state Governor, Seyi Makinde joined the 2023 presidential candidate of the People’s Democratic Party, (PDP) for a closed door meeting.

 

According to the former Ekiti state governor, Ayo Fayose, Makinde, is canvasing to be the running mate of a frontline presidential aspirant of the African Democratic Congress (ADC), Atiku Abubakar, as a condition to join the coalition.

 

In a statement he personally signed and made available to the media, tagged, ‘Between Atiku and Makinde, Untold Story of What Happened in Minna Yesterday’, Fayose alleged that the Oyo State governor travelled to Minna, Niger State, yesterday to hold a meeting with the former vice president.

 

The statement read; “It is no longer news that the Governor of Oyo State, Seyi Makinde, went to Minna, Niger State, yesterday, to hold a meeting with former Vice President Atiku Abubakar.

 

“Here is what happened behind the curtains: Venue and personalities involved in the meeting were carefully chosen so as to ensure confidence and acceptability.

 

“Consideration was given to the fact that Peter Obi will not accept to be Atiku’s running mate and he won’t also be acceptable to the North, as Atiku’s successor.

 

“Also, Atiku is 70% sure of getting the ADC ticket, having ensured the non-zoning of the party’s presidential ticket.

 

“Makinde agreed to join ADC on the condition that he will be handed the party’s vice presidential ticket, as Atiku’s running mate. This is expected to be presented to Atiku’s inner caucus for further discussions and ratification.

 

“Makinde offered to make available a sum of N10 billion (to be released in two tranches), as his initial contribution towards what he called “proper take-off of the ADC,” and make additional funds available when the campaign begins.

 

“The governor also assured that for the ADC primary, he will deliver the Southwest delegates and use the influence of his wife, who is from Rivers State, to secure delegate votes in the South-South.

 

“He posited that for the general election, using him to divide the Southwest votes will give the ADC the needed advantage.

 

“Follow up meeting has been fixed for Dubai, UAE within the next two weeks,” the former Ekiti State governor said.

NAFDAC Says Ban On Sale Of Sachet Alcohol Products Remains In Force, Dispels Counter Order

0
Sachet Alcoholic Drinks



By Ayodele Oni 

 

The National Agency for Food and Drug Administration and Control (NAFDAC) has not received any formal directive ordering the suspension of its regulatory or enforcement activities in respect of sachet alcohol products.

 

NAFDAC Director-General, Prof Monisola Adeleye, denied reports suggesting that the Federal Government directed it to halt enforcement actions against sachet alcohol and 200ml PET bottle alcoholic products, describing such claims as false and misleading.

 

The clarification was contained in a press statement issued on Wednesday and signed by Prof. Adeyeye, who said the agency had received no formal communication instructing it to suspend its regulatory activities in the sector.

 

“The said publication is false, misleading, and does not reflect any official communication received by the Agency from the Federal Government,” Adeyeye stated.

 

According to the agency, all its enforcement actions are carried out strictly within its statutory mandate and in line with duly communicated government policies and directives. 

 

“It stressed that existing laws and regulatory frameworks continue to guide its operations.

 

“At no time has the Agency received any formal directive ordering the suspension of its regulatory or enforcement activities in respect of sachet alcohol products,” the Director-General added.

 

NAFDAC reaffirmed its commitment to safeguarding public health and ensuring compliance across the food and beverage industry, noting that any decision affecting national regulatory actions would be formally communicated through authorised government channels.

 

The agency also warned against the circulation of unverified information, cautioning that such reports could trigger unnecessary public anxiety, economic uncertainty and misinterpretation of government policy.

 

“NAFDAC, therefore, urges members of the public, industry stakeholders and the media to disregard the false report and to rely only on verified information issued through the Agency’s official platforms and authorised government communication channels,” Adeyeye said.

 

The clarification comes amid ongoing regulatory scrutiny of sachet alcohol products, which have remained a subject of public health debate due to concerns over accessibility and abuse, particularly among young people.

 

Reiterating its stance, NAFDAC said it remained resolute in its commitment to public health, economic stability and the national interest.

Gunmen Kidnap Police Officer, Wife, Daughter, Two Others In Edo

0
Gunmen - Kidnappers

By Ayodele Oni

Two separate abductions in Edo have left a policeman, wife and daughter, as well as two others as victims.

Report revealed that gunmen suspected to be kidnappers reportedly abducted five persons, including a police officer, in Edo north senatorial district of the State. The victims were were abducted in two separate operations on February 8, 2026.

In the first incident, the Police Inspector, Segun Obanowa, an indigene of Uma/Imoga community, in Akoko Edo local government area of the state, was abducted with his wife and daughter at his home in Auchi, headquarter of Etsako West.

They, however, released his wife to go and arrange for ransom to free her husband and daughter.

In the second incident, the gunmen invaded the community health center at Makeke, where they abducted two victims, Miss Tope Oriloye, a female secondary school student and one Samuel Ilesanmi, who reportedly rushed his son to the health centre.

The National Coordinator or Movement for the Advancement of Akoko Edo People, Bode Ekundayo, in a statement on Wednesday, confirmed that the kidnappers of Oriloye and Ilesanmi had already contacted their families, demanding for ₦100 million ransom for both of them.

He added that as soon as the news of the kidnap hit the community, Makeke hunters and vigilantes mobilised and entered the wilderness, combing far and near till the early hours of the following day, all their efforts to no avail.

When contacted, the Spokesperson of Edo State Police Command, Eno Ikoedem, confirmed the kidnap at Makeke.

“We recorded a kidnapping at Akoko-Edo, where a staff of a health center was kidnapped.

“We have arrested some suspects, we are still investigating and everything is being done within our possible best to secure the secure the safe return of the victims and arrest perpetrators of the crime,” she said.

As at time of filling this report, Ikoedem was yet to respond to inquiry on the alleged abduction of the police inspector and his wife and daughter.

It would be recalled that seven indigenes of Imoga, who lodged at an Hotel on Imoga-Ibillo, were kidnapped on January 9, 2026. The owner of the hotel, also an indigene of Imoga, was also abducted along with the guests.

Fed. Govt Halts NAFDAC’s Enforcement Of Ban On Sachet Alcoholic Drinks

0
Sachet Alcoholic Drinks

By Suleiman Anyalewechi 

The Federal Government of Nigeria on Wednesday, February 11, 2026, asked the authorities of the National Agency for Food, Drugs Administration and Control, NAFDAC, to put a hold  on the ongoing enforcement of the ban placed on sachet alcohol drinks in the country.

 

The Source reports that NAFDAC, after a long period of warning, recently commenced moves to halt the production, distribution and retailing of all satchet alcoholic drinks in the country, citing public health concerns,  fake and counterfeit production and  unwholesome effects, particularly on the youth as  major reasons.

 

But in a statement issued on Wednesday by the Special Adviser to the Secretary to the Government of the Federation SGF, on Public Affairs, Terrence Kuanum, the Federal Government affirmed the suspension of all enforcement activities by NAFDAC on sachet, and 200ml PET bottle alcoholic products pending further directives.

 

According to the statement, the directives for the halting of the enforcement exercise followed the receipt of a letter from the House of Representatives Committee on Food and Drugs Administration and Control expressing concern over the planned NAFDAC’s enforcement despite existing resolutions  by law makers calling for a cessation of action.

 

The House Committee’s letter referenced NASS/10/HR/CT.53/77 and signed by Deputy Chairman Hon Uchenna Harris Okonkwo had  drawn attention to the need to respect the resolutions of the National Assembly on the issue.

 

The office of the SGF, therefore, noted that it is presently reviewing all relevant legislative resolution, public health considerations, economic implications and national interest factors associated with the issue of the manufacturing and distribution of sachet alcoholic drinks in the country..

 

“Accordingly, all actions, decisions or enforcement measures relating to the sachet alcohol ban remain suspended pending final consultations ,full implementation of the National Alcohol Policy ,and the issuance of definitive directive”, the SGF stated.

 

The  statement warned that any enforcement exercise carried out on the said issue of alcoholic drinks ban, without the expressed permission of the Office of the Secretary to the Government of the Federation will be considered a nullity . 

 

This is as the SGF assured Nigerians , particularly industry stakeholders that a final, balanced and lawful decision on the issue ,will be communicated in due course after comprehensive consultations and inter-agency coordination in the overall interest of public health, economic stability and national security.

 

The office of the Secretary to the Government of the Federation and that of National Security Adviser, NSA, were said to have Intervened in the present circumstances , raising serious concerns over the security , economic and social implications of the enforcement exercise in the face of the absence of a fully operational National Alcohol Policy.

 

Although the National Alcohol Policy is said to have been signed by the Federal Ministry of Health ,it is however yet to fully come on stream to provide NAFDAC with the needed  legal backbone to enforce the ban on the manufacturing and distribution of sachet alcoholic drinks in the country.

Foreign Mining Firm Boosts Osun Economy With $150 Million Investment

0
Ademola Adeleke - Osun State Governor
Governor Ademola Adeleke of Osun State.

By Ayodele Oni 

 

Osun State Governor, Ademola Adeleke, has revealed that a foreign mining firm operating in the State, has concluded arrangement to increase its investment to about $150 million over the next three years.

 

At present, the company’s investment in the state stands at $50 million.

 

Speaking in Cape Town, South Africa, at a high-level dinner, hosted by Romulus Mining on the sidelines of the Mining Indaba, Governor Ademola Adeleke, called on local and foreign investors to harness the State’s vast solid minerals potential, assuring them of policy stability, enhanced security and a significantly improved ease of doing business environment.

 

At the forum, Governor Adeleke outlined Osun State’s strategic roadmap to position mining as a key driver of economic diversification, job creation and sustainable internally generated revenue.

 

Governor Adeleke disclosed that his administration has implemented far-reaching regulatory reforms to attract credible and long-term investors, noting that state-level permitting and approval processes have been streamlined, cutting timelines by over 50 per cent.

 

He added that comprehensive geological resource mapping has been completed, providing investors with reliable, bankable data to support informed investment decisions.

 

Commending Romulus Mining for its growing footprint in the State, Adeleke acknowledged the company’s commitment to expand its investment in Osun State from $50 million to $150 million over the next three years.

 

He described Romulus Mining as a responsible and value-driven operator, citing its use of advanced exploration techniques, innovative financing models and strong host community engagement.

 

The Governor highlighted that Osun State is richly endowed with commercially viable deposits of gold, lead, zinc, quartz and feldspar, supported by 19 active mining licences operated under the State’s investment framework.

 

He further noted that the government has strengthened security architecture around mining corridors while expanding public-private partnerships to promote local processing and value addition.

 

Adeleke also revealed that the state is formalising artisanal and small-scale mining through targeted training programmes, access to finance and the deployment of modern mining technology, aimed at improving productivity, safety and regulatory compliance.

 

“Osun State is open for mining business. The government is not just a regulator; we are a committed partner focused on delivering predictable policies, secure operations and sustainable returns for investors,” the Governor said.

 

The event was attended by the Honourable Minister of Solid Minerals Development, Dele Alake, the Honourable Minister of Information, and His Royal Majesty, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, underscoring the strong collaboration between federal, state and traditional institutions in advancing Nigeria’s mining sector.

Benin Monarch Denounces Mass Killings, Says Its Direct Attack On Peace

0
Oba of Benin - EwuareII

By Ayodele Oni

Benin Monarch, Oba Ewuare II, has expressed the fear over mass killings in the country describing them as  direct attack on national peace and unity.

The Monarch, who denounced the escalating wave of killings across Nigeria, described the situation, particularly in northern states, as disturbing and deeply saddening.

In a statement signed by Chief Osaigbovo Osamwonyi, the royal court condemned the persistent bloodshed.

Oba Ewuare II pointed out that the sanctity of human life, central to cultural and traditional values, was under serious threat, while  violence has brought immense grief to families and communities nationwide.

The Monarch stressed that the Benin Kingdom stands firmly against all acts of terror and lawlessness and extended condolences to victims of recent attacks in Kwara State.

He said the palace shares in the pain of bereaved families and mourns the lives lost as prayers were offered for the repose of the departed souls and strength for grieving relatives.

Oba Ewuare II also acknowledged the challenges faced by traditional institutions in affected communities.

He commended their efforts to maintain moral and cultural stability amid growing insecurity.

The Benin Kingdom, he said, stands in solidarity with traditional rulers navigating difficult circumstances.

The Monarch pledged support for security initiatives by federal and state governments and commended President Bola Tinubu for efforts to combat terrorism and crime nationwide.

Here also praised Edo State Governor, Monday Okpebholo, for strengthening security within the state and urged citizens to remain law-abiding and support lawful authorities.

He called for collaboration between communities and government agencies to tackle insecurity, emphasising the need for urgent, decisive, and sustained action.

Describing the crisis as a national malaise, he reiterated his hope for renewed unity adding that restoring peace and stability is essential for Nigerians to live without fear.