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Governors Launch Platform to Attract FDIs, Say $2bn Yearly Inflow Less Than 0.5% of GDP

•US govt lists areas of key investment attention in Nigeria

•Abdulrazaq puts annual infrastructure financing gap at $100bn

ChuksOkocha in Abuja

State governors in the country yesterday floated an investment platform to enable the 36 states attract Foreign Direct Investments (FDIs). They said “NGF Investopedia” was launched because the $2 billion yearly foreign investment inflow was less than 0.5 per cent of the country’s Gross Domestic Product (GDP).

The investment initiative came as Councillor for Economic Affairs, United States Embassy in Nigeria, Christine Harbaugh, pledged the American government’s support for projects that showcased investment opportunities in various Nigerian states.

Director-General of Nigeria Governors’ Forum (NGF), AbdulateefShittu, said the infrastructure financing gap in the country was estimated at $100 billion annually, and nearly $1 trillion over the next decade.

The 36 states collectively budgeted more than N17.5 trillion for capital projects in 2025, reflecting their commitment to transform infrastructure and social services. Yet, financing constraints and fragmented entry points often prevented investors from engaging in large scale investments in the states.

Chairman of NGF, AbdurahmanAbdulrazaq, who was represented by the governor of Nasarawa State, Engr. SuleAbdullahi, said Nigeria, Africa’s largest economy, was endowed with abundant human and natural resources.

“Yet, over the last decade, our FDI inflows have averaged only $2 billion annually, which is less than 0.5 percent of GDP,” Abdulrazaq stated.

He said, “These investments are mostly concentrated in oil and gas, telecommunications, real estate, and agriculture. While important, they have not reached the depth or breadth required to catalyse true subnational transformation.

“At the same time, African Direct Investment (ADI) into Nigeria has been steadily growing, with regional investors from South Africa, Morocco, Egypt, and Ghana expanding into sectors, such as banking, fintech, agribusiness, and infrastructure.

“This intra-African capital is particularly important under the African Continental Free Trade Area (AfCFTA), as it signals a growing confidence among African partners in Nigeria’s markets and opportunities.”

The NGF chairman stated, “Yet despite these inflows, the annual infrastructure financing gap for Nigeria is estimated at $100 billion — a gap that states bear the heaviest responsibility to bridge. Public budgets alone cannot solve this.

“To unlock prosperity, we must mobilise both global and African capital to finance projects that create jobs, modernise infrastructure, and drive inclusive growth.

“This is the purpose of the NGF Investopedia: to serve as a one-stop shop for investors, providing credible, transparent, and curated pipelines of projects across all 36 states.

“It is not just a catalogue — it is an entry point, showing investors not only where to invest, but also how to invest in Nigeria with confidence.

‘’This vision would not be possible without the partnership of our sponsors and allies.”

Abdulrazaq added, “Afreximbank, which will deploy innovative financial instruments to move state projects from pipeline to bankability and financial closure.

“UNDP, which will support our states in building the institutional capacity needed to sustain credible investment pipelines. MOFI will pool post-launch resources to reinforce investor confidence and unlock blended finance opportunities.

“Together, these partnerships ensure that the Investopedia is not just a publication, but a living platform that will drive investment into our states in the years ahead.”

Abdulrazaq said the vision of the investment initiative was, “To position Nigeria’s states as credible, competitive destinations for capital and to unlock prosperity for millions of our people.”

He added, “When an investor builds a road, funds an agro-processing facility, finances renewable energy, or supports ICT infrastructure, the benefits extend beyond financial returns — they create jobs, improve livelihoods, and drive sustainable development.”

He commended Cavista Holdings, which partnered the governors in developing the NGF Fund roadmap.

Abdulrazaq stated, “The NGF Fund will complement Investopedia as a pooled investment vehicle — a financing arm to channel catalytic capital into vetted subnational projects.

“Anchored on NGF’s governance and fiduciary credibility, and supported by MOFI, NSIA, CBN, Afreximbank and other DFIs, the NGF Fund will ensure that opportunities highlighted in the Investopedia translate into real investments on the ground.

“To our distinguished investors, both here in Nigeria, across Africa, and globally, I extend this invitation: Partner with Nigeria’s states. The opportunities are vast, the commitment is firm, and the time is now.

“With the NGF Investopedia, backed by strong partnerships and the NGF Fund, we are sending a clear signal: Nigeria’s sub-nationals are open, credible, and investment-ready. Together, we can bridge the infrastructure gap and unlock a new era of prosperity for our people.”

The NGF director-general, Shittu, described Nigeria as a land of opportunity.

He expressed gratitude to Afreximbank, UNDP, and MOFI, saying, their “partnership ensures that the Investopedia is not only launched but sustained”.

Shittu said, “Your contributions give this platform both strategic weight and technical depth.

“This initiative is a collective achievement. Our state investment agencies, NGF secretariat technical teams and partners have worked tirelessly to provide data, shape the pipeline, and ensure readiness.

“Their contributions underpin this publication and demonstrate that Nigeria’s States are now open for business.”

He listed three things that the investment platform would bring to the sub-nationals to include, “simplify investor access by consolidating credible projects into one gateway; provide confidence through due diligence and transparent presentation of opportunities, and mobilise partnerships that go beyond financing to include technical support, capacity-building, and risk mitigation.

“This is why today matters: we are no longer just discussing potential, but presenting bankable pathways for global, African, and domestic capital to flow into our states.

“The prosperity that will follow — in jobs, infrastructure, and inclusive growth — will stand as a legacy for this generation of governors and leaders. To the CEOs, MDs, and industry leaders present here today: your presence signals confidence—and it emboldens our states. Together, we can transform Nigeria’s investment landscape.

“Nigeria’s states are now open for business. The opportunity is real; the readiness is present. Let us now engage, partner, and deliver.”

Harbaugh said the United States would support Nigeria in the areas of agriculture and digital economy, trade and business environment, transparency and accountability, as well as the health sector.

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•US govt lists areas of key investment attention in Nigeria •Abdulrazaq puts annual infrastructure financing gap at $100bn ChuksOkocha in Abuja State governors in the country yesterday floated an investment
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Akinwumi Adesina: Africa Must Plug $580bn Leak to Reduce $2tn Debt

Emmanuel Addeh in Abuja

President of the African Development Bank (AfDB), DrAkinwumiAdesina, has called on African governments to end corruption and illicit capital flows that cost the continent more than $580 billion annually.

Adesina, in an interview with Bloomberg in Maputo, Mozambique’s capital, maintained that if African leaders are to deal with a debt pile that’s approaching $2 trillion, it must begin to take visible action to end sleaze.

While nations also need access to more concessional financing — and debt-restructuring where necessary — curbing outflows is crucial, Adesina, the lender’s president said.

Illicit financial flows and rising debt have become two of the most pressing challenges facing African economies today. Every year, the continent loses money through illegal channels such as tax evasion, trade misinvoicing, corruption, smuggling, and money laundering.

These outflows drain resources that could otherwise fund infrastructure, education, health, and job creation. According to international estimates, Africa loses more through illicit financial flows than it receives in aid and foreign direct investment combined.

At the same time, Africa’s debt burden has risen to worrisome levels as many countries continue to spend a growing portion of their revenues servicing external loans, leaving little fiscal space for social investment.

“It doesn’t matter how much water you pour into a bucket if the bucket is leaking,” he said during the interview. “If you’re able to reduce the leakages to illicit capital, also corruption and all of these things, Africa will be able to keep a lot of these resources and meet the amount of infrastructure it needs,” Adesina added.

The AfDB estimated in May that Africa loses about $1.6 billion daily to what it termed “financial leakages.” That figure includes the loss of $90 billion a year to illicit financial flows, with $275 billion “siphoned away” by multinational corporations shifting profits, and $148 billion going astray because of corruption.

The continent faces an annual infrastructure backlog of as much as $170 billion — which will be critical to address for economic development and job creation, the Bloomberg report said.

Yet many governments are grappling with the rising cost of servicing loans, which is at the highest level since the last debt crisis in the early 2000s, according to a working paper by the Boston University Global Development Policy Center and the Institute for Economic Justice.

More than half of African governments spend more on interest payments than public health, the working paper found.

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Emmanuel Addeh in Abuja President of the African Development Bank (AfDB), DrAkinwumiAdesina, has called on African governments to end corruption and illicit capital flows that cost the continent more than
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Again, Edun, Cardoso Meet on Deepening Coordination between Fiscal, Monetary Policies

Ndubuisi Francis in Abuja

About two months after their last meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun yesterday met with the Governor of the Central Bank of Nigeria (CBN), Mr. Wale Edun on how to deepen coordination between monetary and fiscal authorities with a view to sustaining macroeconomic stability, strengthen investor confidence, and unlock private sector growth.

Both of them had met on the subject-matter on June 17, 2025 when the minister visited the CBN Governor at the apex bank’s headquarters in Abuja.

Like the previous meeting, the Chairman of the Federal Inland Revenue Service (FIRS), Dr. ZacchAdedeji was also in attendance at yesterday’s meeting, according to a statement by the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga.

Edun reportedly reaffirmed at the meeting that close alignment between fiscal and monetary policy was critical to consolidating President Bola Tinubu’s reform agenda, ensuring inflation is contained, revenues are mobilised efficiently, and credit flows effectively to productive sectors.

The statement read: “In a significant step towards strengthening Nigeria’s economic fundamentals, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, held a strategic meeting with the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, at the CBN Headquarters in Abuja.

“The Chairman of the Federal Inland Revenue Service (FIRS), Dr. ZacchAdedeji was also in attendance.

“The high-level engagement focused on deepening coordination between monetary and fiscal authorities to sustain macroeconomic stability, strengthen investor confidence, and unlock private sector growth.

“The Honourable Minister reaffirmed that close alignment between fiscal and monetary policy is critical to consolidating President Bola Tinubu’s reform agenda, ensuring inflation is contained, revenues are mobilised efficiently, and credit flows effectively to productive sectors.

“As the Nigerian economy continues to navigate complex global and domestic challenges, this meeting sends a strong signal of the government’s determination to work towards a more stable and prosperous economic future for all Nigerians.

“With coordinated policy efforts and a shared vision for economic growth, Nigeria is poised to unlock new opportunities for development and prosperity,” the statement concluded.

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Ndubuisi Francis in Abuja About two months after their last meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun yesterday met with the Governor of
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Abia Benefits from $750m World Bank Renewable Energy Programme, Collaborates with ISA to Develop Mini-grids

Emmanuel Ugwu-Nwogoin Umuahia

The Abia State Government has intensified its search for alternative sources of energy to enhance power supply in the state and minimise reliance of residents on the national grid for their electricity needs.

To this end, the State Commissioner for Information, Prince OkeyKanu, said the Abia government has elected to participate in the Distributed Access to Renewable Energy Scale-Up (DARES) programme.

He said that the $750 million World Bank intervention and renewable energy development programme “will in no small way boost the electricity sector of the state”.

Kanu, who spoke with journalists after the meeting of the State Executive Council, said that Abia was collaborating with the International Solar Alliance(ISA) to develop regulations for the operation of the mini-grid system for electricity power distribution in the state.

He stated that Abia was desirous of playing big in the power sector by making huge investments as well as getting the private sector investors to capital into power sector.

According to him, the collaboration with ISA would enable Abia government to achieve its agenda of building a robust power sector adding that it would .

He said: “This collaboration will enable ISA to support the state government through the use of power and public utilities to establish a thriving environment that will attract investments and sustain solar power projects in the state, thereby driving growth and mitigating climate change”.

ISA is a treaty-based international organization formed in 2015 by India and France and presently has 123 member countries. It aims to promote solar energy and reduce the cost of solar power generation through a dedicated platform for cooperation among solar resource rich countries and the wider global community.

Kanu said that Abia has already prepared a fertile ground for a thriving power sector following the enactment of the State Electricity Law 2025, which effectively domesticated power generation and distribution under state government control.

He stressed that the state government was ready “to exploit to the fullest, the whole gamut of the state’s electricity value chain in order to drive industrial growth in the state”.

The Information Commissioner also stated that the decision of government to use direct labour in execution of road projects was yielding the desired results as more and more roads were being rehabilitated.

He said that the State Ministry of Works has undertaken no fewer than 54 road projects that have either been completed or ongoing across the state.

Kanu noted that through direct labour, government has been able to save huge amounts of money that would be channeled to other sectors for the holistic development of Abia.

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Emmanuel Ugwu-Nwogoin Umuahia The Abia State Government has intensified its search for alternative sources of energy to enhance power supply in the state and minimise reliance of residents on the
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Wike Backs August 30 Rivers Local Government Elections

•Defends Tinubu, says president approachable

•Attacks Amaechi again, states his presidential bid dead on arrival

•Reveals Babachir livid with Tinubu because he wasn’t picked as VP

•Feigns ignorance of planned PDP convention

Emmanuel AddehandOlawaleAjimotokan in Abuja

In spite of mounting opposition from stakeholders against the proposed local government elections in Rivers state scheduled for August 30, Minister of the Federal Capital Territory (FCT) and former Governor of the state, NyesomWike, yesterday said the election will go on as planned.

Speaking on a national television yesterday, Wike argued that the so-called eminent persons from the state who do not want the election to hold do not mean well for Rivers state and should be ignored.

The planned Rivers state local government election has drawn opposition from a wide range of political leaders, party factions, and civil society groups, who have all questioned its legality and fairness.

A long list of prominent Rivers stakeholders, including AtedoPeterside; former governor Celestine Omehia; former Peoples Democratic Party (PDP) Chairman UcheSecondus; former Minister, AbiyeSekibo; Senator Lee Maeba; DakukuPeterside; Senator Andrew Uchendu; Tele Ikuru; FafaaPrincewill and Tonye Cole, among others, recently petitioned President Bola Tinubu, describing the exercise as unconstitutional.

Among others, they pointed to breaches in procedure, particularly the failure of the state electoral body to give the mandatory 90-day notice.

But Wike stated that there was nothing eminent about the aforementioned persons, arguing that if they were important, they will support the election which has been fixed by the Military Administrator of the state, Vice Admiral Ibok-EteIbas (rtd), who many argue lack the constitutional authority to conduct democratic polls.

“Because I have money that’s what makes me eminent? If anybody is eminent there, they should support that election. Because if you don’t, you are bringing the state backward. When you say unconstitutional, who interprets what is unconstitutional. Does it lie in their mouth to say something is unconstitutional?

“For Christ’s sake, you have the court that has been given the responsibility. Take up the challenge and go to court and say this is unconstitutional. And let the court be able to decide. How will our laws grow, it’s not by writing to the president saying it’s unconstitutional.

“What has ever happened that you have said it’s unconstitutional. Have they read the emergency powers of the president?. Did you know the supreme court said there is no government in the state?

“The supreme court sacked all the local governments and said no caretaker. That you can’t have money for all the local governments. The state government has no budget. How would you run the state government at that time if the president did not take the powers that he took.

“The state would have been something else. Now, as part of restoring democracy at the local government level, we say look, you have to conduct the local government election,” Wike stated.

The FCT minister vowed to campaign for his candidates from next week, noting that the local government election will go on as scheduled.

“I’m going for campaign next week. I will. I’m going to campaign for my local government. I believe we have done quite a lot and the PDP will win in my local government,” he pointed out.

Besides, the minister dismissed insinuations that President Bola Tinubu was unapproachable, stressing that the president cannot personally attend to everyone. He maintained that governance involves teamwork and that Nigerians should engage ministers and presidential advisers rather than expect direct access to the President.

“When you say Mr President is unapproachable, and the government is unapproachable, what do you call a government? Must everybody reach Mr President? Is that the way the government runs?

“If everybody in this country refuses to reach out to ministers or special advisers and just wants to see Mr President, how many people can he attend to at a time? I am a minister, if you have a problem regarding the activities in the FCT, have you tried to reach out to the FCT minister?” he queried.

He was responding to recent comments by a former Secretary to the Government of the Federation (SGF), BabachirLawal, who had described Tinubu and his administration as inaccessible.

Wike also claimed that Lawal turned against Tinubu after he was allegedly overlooked for the position of vice president in 2023.

He said: “When Mr President chose his vice-presidential candidate, I was one of those BabachirLawal visited. He came to my house in Port Harcourt. What was his anger? His anger was that he thought Mr President would have chosen him as the vice presidential candidate. Having not done that, he let loose.”

Wike described Lawal’s criticisms of the president as disrespectful, advising that if Lawal had issues with Tinubu, there was “nothing wrong” in addressing them directly with the president.

Besides, Wike attacked his predecessor in office, ex-Governor RotimiAmaechi, maintaining the presidential ambition of the former Transportation Minister was dead on arrival and dismissing Amaechi’s claims that he will end corruption in one month.

Amaechi, who is now a member of the African Democratic Congress (ADC) opposition coalition, had said the party was determined to wrest power from Tinubu of the All Progressives Congress (APC) in the 2027 poll.

Wike added: “He (Amaechi) knows he won’t get the ticket. I read that he said he knows the weaknesses of the president, so he knows how to defeat him, but he also knew the weaknesses of the president in 2022 when the president defeated him mercilessly in the primary.

“Nigerians know the last person they will give a ticket to because they know it (Amaechi’s bid) is dead on arrival.”

In the same vein, Wike faulted Amaechi’s ability to fight corruption and enthrone good governance, saying he had no respect for the judiciary and the rule of law when he was Rivers state governor.

“He was a governor for Rivers State and what can be more corruption when you don’t want an arm of government to exist. Can there be good governance without obeying the rule of law?

“A man who was a governor refused the judiciary to operate. A man who was a governor sealed off the state high court for almost two years. The man who wants to say he will stop corruption was a man who refused the judiciary to exist, and stopped the high court for nearly two years. People had cases in court.

“People have their businesses in court to settle. The court was shut down. Almost two years. You should obey the recommendations of the National Judicial Council. The Judicial Service Commission made a recommendation to the National Judicial Council for appointment of who would be the substantive chief judge. And it is the incumbent of the National Judicial Council to recommend based on the recommendation of the Judicial Service Commission.

“The governor refused saying that he would not obey the National Judicial Council which is the apex body that recommends appointment of judges and chief judges in the case. Can such a man really be the one that can fight corruption in one month,?” Wike asked.

Wike also feigned ignorance of the forthcoming PDP convention scheduled for Ibadan in November, saying that as a member of the National Executive Council (NEC) of the party, nobody had told about the convention.

“No, there is no decision on the PDP Convention. I am not aware that there is any convention in Ibadan. We are meeting tomorrow (Wednesday) and we are going to challenge it. As a NEC member I have not been told and nobody has invited me for a NEC meeting to say that NEC has held a meeting,” Wike said.

The post Wike Backs August 30 Rivers Local Government Elections appeared first on THISDAYLIVE.

•Defends Tinubu, says president approachable •Attacks Amaechi again, states his presidential bid dead on arrival •Reveals Babachir livid with Tinubu because he wasn’t picked as VP •Feigns ignorance of planned
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FG to Review National Telecom Policy, NCC to Disclose MNOs’ Quarterly Performance Reports

OghenevwedeOhwovoriole

The Ministry of Communications, Innovation and Digital Economy and the Nigerian Communications Commission (NCC) are collaborating to review the 2000 Telecoms Policy.

This comes as the Commission plans quarterly disclosure of information on the quality performance of the Mobile Network Operators (MNOs).

The NCC Executive Vice Chairman (EVC), Dr. Aminu Maida, made the disclosure at a media engagement yesterday, in Abuja, where he stated that the process of reviewing the policy had commenced.

“Since the National Telecom Policy 2000, you will be pleased to know that we have started engagements with the ministry to revise the telecom policy, because as per the act, the NCA 2003, we are to guide and provide input to the National Telecoms policy. But it’s driven by the ministry.

“That process has started and that was also contained in the Honorable Minister AbudzunTidjani’s strategic blueprint, which he released early when he assumed office.

“So, we need to let Nigerians know all our operators who is first, second, and third.

“And you know what that would do. The person who came last, will be in trouble with his board. He will have to go and explain to his board. Or it will be an opportunity for him to tell his board, I need that investment that you have been denying me.

“We want to complement it with an information disclosure approach as well to drive that competitiveness. So, that is why you’ve seen us increasingly releasing information, taking the bold step to make corrections to some of our data points, whether it’s the population rebasing we did, or posting in same linkage policy conclusion on the audit we did to adjust the numbers, which unfortunately led to one of the operators dropping significantly,” he said.

According to him, NCC’s approach moving forward would witness a lot of information disclosure, adding that by the end of this month or sometime early in September, there will be a release of a public map for network performance.

This, he noted, was based on “information that is aggregated from all of us as consumers.”

“So, all the performance data as you’re using your devices is uploaded to the network. So, this is independent data for you. It’s going to be aggregated and we’re going to put it on the map, which is going to be available publicly

“We’re going to be doing quarterly performance reports based on that data where we’re going to give an extensive analysis of how the networks perform on various indices–all based on real data.

“So state-by-state, there will be an analysis on various performance metrics.

He stated that corporate governance was key to enhanced performance.

“We looked at the indicators of good corporate governance, and then we looked at financial performance, service performance, service delivery performance, and regulatory compliance. The link was clear.

“So, corporate governance for us we see as a very strong tool to also use as part of our information disclosure and transparency approach to this industry,” he added.

On improved quality of service, he noted that “everybody is yearning for improved quality of service and I’ would just like to reassure you that we are working very very hard in very close collaboration with all stakeholders, the operators, the major ones, the MNOs.”

The NCC, he noted, had revised its quality of service guidelines, adding that it no longer just holds the mobile network operators accountable, adding that there are also the Tower Companies (TowerCos) that are not known by a many people, but who provide power and security.

The NCC EVC also stated that there is now a framework that is undergoing review to standardise the operations around top-ups and recharges.

The Head, Public Affairs Department, Mrs. NnenaUkoha, in her welcome address, said the media engagement between the commission and Journalists covering the NCC was to deepen their relationship.

The Director, Consumer Affairs Bureau, NCC, Freda Bruce-Bennett, in her presentation, educated Nigerians on how to manage data usage, such as, turning off autoplay on social media apps and limiting background data consumption, among others.

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OghenevwedeOhwovoriole The Ministry of Communications, Innovation and Digital Economy and the Nigerian Communications Commission (NCC) are collaborating to review the 2000 Telecoms Policy. This comes as the Commission plans quarterly
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MOBILE TELEPHONY AND FIXED LINES

SONNY ARAGBA-AKPORE writes that fixed telephone lines are no longer attractive

Prospects of fixed telephone lines making headlines are over as many people are no longer excited about installing fixed line in their homes or offices.

The emphasis on mobile telephony has further fueled the disenchantment owing to the flexibility and ease of use.

And despite the myriads of complaints about the service especially poor quality of service and data depletion among others ,Nigerians are still excited about the mobile telephony.

Industry regulators,the Nigerian Communications Commission (NCC) tells us why.

“Fixed line telephones are no longer fashionable elsewhere in the world as millions of people now emphasize the use of mobile phones in their homes and offices” NCC’s Chief Executive,Dr.Aminu Maida explained at a recent interactive session with critical media stakeholders in Abuja.

The few Network Operators offering fixed lines do so only in the city centres through optic fibre connectivity and some via fixed wireless.

These include IPNX,MTN Group,21st Century Technology,Broadband Connectivity,Spectranet,Tizeti, among others.

Maida who went memory lane brought up the sad reality of Nigerian Telecommunications Limited(NITEL) which provided less than 500,000 lines to over 100m population.

This was before the Digital Mobile LICENCE of 2001 which revolutionized the telecommunications landscape and created a sense of belonging to majority of Nigerians who were starved of connectivity.

The dearth of fixed telephone services and the need to have even spread of mobile services and boost competition may have influenced the licensing of Globacom Limited in 2003 as Second National Operator (SNO).

Globacom Limited with a lorry load of licences including Mobile Telecommunications,Gateway services,fixed line among others has done well as a mobile operator but very minimal presence of its fixed telephony.

But the concept of SNO has run out of fashion as the NCC opened up the sector by awarding the Unified Access Services Licence (UASL) which empowers any of such licencee to offer a montage of telecommunications services including but not limited to mobile,fixed and internet services among others.

Maida admitted that though fixed telephony appears unattractive,it will indeed reduce pressure on mobile services especially with regard to poor quality services,fibre cuts and vandalism which have in themselves become nightmare to everyone including consumers,operators and even the regulator.

But there is solution coming in the horizon with the 90,000 fibre optic ring initiative of the Ministry of Communications,Innovation and Digital Economy through a Special Purpose Vehicle (SPV) and the World Bank.In general term ,the fixed line is not imposed on any operators in a liberalized market.

The 90,000 optic fibre spread will boost rural connectivity despite the slow pace of the Infrastructure Companies (Infracos)which were Licensed years ago to take services to rural and unserved communities across the country through metropolitan fibre optics.

Apart from Lagos State which got one operator to cover the implementation of Infracos services,the other six geopolitical zones got a licencee each for the same purpose of taking services to the unserved population.

Although the Infrastructure Companies licensed by the Nigerian Communications Commission (NCC) to deploy fiber optic infrastructure and broadband services, particularly in underserved areas has been on a slow lane to its promised land thereby boosting the spread of broadband connectivity in line with the National Broadband Plan (2020-2025),the NCC Executive Commissioner(Technical Standards).Mr.Abraham Oshadami an engineer,said it is “work in progress”.Oshadami admitted that Infracos are a major component of the National Broadband Plan, which aims to expand internet access and bridge the digital divide across the zones,”the Commission does not inhibit any operators from deploying its services according to the LICENCE instrument as the commission continues to give its support to the Infracos when ever the need arises.”

Apart from Main One Cable which was licensed to deploy services in Lagos,others including Bitflux Communications Limited (Bitflux) for 2.3 Ghz and MTN Nigeria for the 2.6 Ghz licences were expected to deepen broadband services which stood at 22% by December 2017.

The Infracos are MainOne Cable, IHS, Zinox Technology and Brinks Solutions to cover Lagos,North Central including Abuja,South East and North East respectively.

The others are O’dua Infraco Resources Limited for the South-West, Fleek Networks Limited for the North-West, and Raeana Consortium Limited for the South-South.

Earlier the NCC boss said the days of obscurity and technical jargon are officially over promising that subscribers will now know exactly which networks are delivering quality service and which are lagging behind.

The customers will take preeminence and have a say in what the operators are doing.

“We are putting the numbers in the public domain. Nigerians will clearly see which networks are delivering and which are failing,” adding that this marks a new era of accountability in Nigeria’s telecom sector. When consumers are happy, operators thrive, and the economy gets a much-needed boost.

“We are putting the numbers in the public domain. Nigerians will clearly see which networks are delivering and which are failing,” Maida asserted. He added that this marks a new era of accountability in Nigeria’s telecom sector. When consumers are happy, operators thrive, and the economy gets a much-needed boost.”

There will be Quality of Experience (QoE) portal launch in September, to allow users to check mobile network performance based on their location for both voice and data services. Imagine being able to see which operator is best in your area, all at your fingertips. This tool promises to put the pressure on operators to increase their game.

In addition to the QoE portal, the NCC is shaking things up with a three-part reform strategy. The cybersecurity framework is aimed at safeguarding users against threats ranging from ransomware to phishing scams. “By September 2025, operators will be required to meet certain security standards that include fortifying their networks against all sorts of digital mischief.”

All of these reforms will be boosted by a robust Corporate Governance Code that will mandate licensed operators to adopt best practices in accountability and transparency. “No more shady business decisions and lack of oversight. Noncompliance could lead to penalties, license suspensions, or even management shake-ups. Talk about putting the fear of the NCC into those operators.

But it was not all cheery news as Maida explained that no fewer than one million Nigerian internet subscribers exited the usage of the internet due to increasing cost of data bundles.

The NCC said subscription dropped from 142.16 million to 141.25 million users in just one month. “But with these reforms underway, we hope to win back consumer trust, attract investment, and ultimately restore the quality that customers deserve.”Maida added.

Aragba-Akpore is a member of THISDAY Editorial Board

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SONNY ARAGBA-AKPORE writes that fixed telephone lines are no longer attractive Prospects of fixed telephone lines making headlines are over as many people are no longer excited about installing fixed line
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RIBADU AND THE FALL OF ANSARU

The arrest of leadership of the al-Qaeda-linked Ansaru group is commendable, writes SENATOR IROEGBU

Nigeria’s security landscape has begun to shift. Terrorists are surrendering, warlords are falling, oil production is recovering, and communities once silenced by fear are slowly reclaiming public space. The latest and perhaps most consequential breakthrough is the capture of two of the most notorious terrorist kingpins in northern Nigeria. The resilience and determination of the Nigerian people in the face of such challenges are genuinely inspiring.

After months of painstaking intelligence work, Nigerian security forces apprehended Mahmud Muhammad Usman, the self-styled “Emir of Ansaru,” and his deputy Mahmud al-Nigeri (Malam Mahmuda)—the mastermind of the Mahmuda terrorist group that had long tormented Borgu, a geo-cultural region stretching across Niger, Kebbi, northern Kwara, and spilling into the Benin Republic. Their arrest has effectively dismantled the command structure of the al-Qaeda-linked Ansaru group, notorious for kidnappings, assassinations, and extremist propaganda. For years, Ansaru posed a unique threat—blending local grievances with global jihadist networks, staging ambushes on highways, and attacking security convoys with deadly precision.

National Security Adviser Nuhu Ribadu deserves enormous credit for steering this operation with quiet resolve. Working in concert with the armed forces and intelligence agencies, Ribadu helped deliver what is already being described as one of Nigeria’s most consequential counter-terrorism successes. In a climate where victories against terror too often feel fleeting, the neutralisation of Ansaru’s leadership stands as a rare and decisive breakthrough. Public affairs analyst Farooq Kperogi aptly described it as “a visible, heartening crack in the wall of impunity that these blood-sucking monsters of depravity had built for themselves.”

Of course, terror will not vanish overnight. Ansaru’s lieutenants remain scattered, and other criminal syndicates continue to plague highways, villages, and farmlands. But the symbolism of this victory is profound: Nigeria has shown that with patience, intelligence, and coordination, even the most entrenched terror networks can be cut down.

This progress builds on broader gains since mid-2023. According to official data, between May 2023 and early 2025, security forces neutralised more than 13,500 terrorists and armed criminals, while over 124,000 insurgents and their families surrendered. More than 11,000 hostages were freed and 3,843 illegal refineries dismantled, choking off vital lifelines of both terror and economic sabotage.

In the North West, the phenomenon of mass abductions has declined sharply, aided by the elimination of notorious bandit warlords like Ali Kachalla, Halilu Sububu, and Boderi. The North East theatre, once dominated by Boko Haram and ISWAP, has seen insurgent capacity steadily degrade, with fighters surrendering in their thousands—a scenario unimaginable just a few years ago.

In the Niger Delta, oil production has rebounded to 1.8 million barrels per day, the highest in years, after a concerted clampdown on oil theft and pipeline vandalism. Meanwhile, in the South East, the once-feared “sit-at-home” orders imposed by armed separatists are losing their grip, with commercial and social life gradually returning.

Nigeria has also moved to secure its virtual borders. Cybercrime crackdowns and the rollout of the Critical National Information Infrastructure Protection Plan reflect a recognition that the wars of today are waged as much in cyberspace as in forests and villages.

And yet, challenges remain. Kidnappings, though reduced in some areas, still plague highways. Displaced farmers remain reluctant to return to their fields, worsening food insecurity. Cross-border arms trafficking, climate change pressures, and adaptive criminal networks all complicate the security equation. The capture of Ansaru’s kingpins is a breakthrough—but unless sustained, it risks becoming another high point in a cycle of boom and relapse.

The road ahead requires more than battlefield victories. Nigeria needs a whole-of-society strategy that pairs military gains with governance reforms, political dialogue, and economic inclusion. Intelligence-driven policing, regional cooperation to secure porous borders, and genuine community engagement are essential. Equally important is building public trust through transparency, accountability, and consistent leadership—without which victories risk evaporating into disillusionment. The need for these sustained, holistic strategies is urgent and cannot be overstated.

The dismantling of Ansaru’s leadership shows what is possible when political will aligns with operational discipline. It is a moment worth celebrating, not because the war is over, but because it proves progress is achievable. Nigeria has long been accustomed to headlines dominated by violence and loss; this capture offers a different kind of story—a reminder that the tide, however slowly, can turn.

The actual test is whether this victory will be treated as an isolated success or as a launchpad for more profound, systemic change. If Nigeria sustains this momentum—combining security with justice, economic opportunity, and social cohesion—the shadow of insecurity need not define the nation’s future. The potential for more profound, systemic change is within reach, offering a glimmer of hope in an otherwise challenging situation.

For now, the fall of Ansaru’s terror lords is a decisive crack in the edifice of impunity. It must not be the last.

Again, it is worth noting that the federal government has revitalised programmes such as the National Park Service’s Forest Guard initiative, to reclaim forests used as criminal hideouts, which is promising. However, these measures will yield little if they are not anchored in transparency, consistency, and shared responsibility across federal, state, and local levels. Security, as the old saying goes, is everybody’s business. Communities must actively participate in their protection, and civic leaders must work to bridge the gap between citizens and the security apparatus.

Nigeria’s security journey is far from over, and the path is still treacherous. Yet the evidence of the past 18 months suggests that progress is possible when political will, strategic clarity, and operational discipline align. For a country long accustomed to headlines dominated by pervasive insecurity, these gains, however fragile, are a reminder that the tide can be turned. But it will require vigilance to guard against complacency, foresight to address root causes, and courage to confront those who profit from instability. Only then can Nigeria hope, not just to contain insecurity, but to end the cycle and build the foundation for lasting peace.

Iroegbu, a journalist, security and public affairs analyst, writes from Abuja

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The arrest of leadership of the al-Qaeda-linked Ansaru group is commendable, writes SENATOR IROEGBU Nigeria’s security landscape has begun to shift. Terrorists are surrendering, warlords are falling, oil production is recovering, and
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Investors Lose N1.33trn on Profit-taking in Dangote Cement, 38 Others

Kayode Tokede

The domestic stock market yesterday depreciated by N1.33 trillion on investors’ profit-taking in Dangote Cement Plc and 38 others quoted companies on the Nigerian Exchange Limited (NGX).

As the stock price of Dangote Cement dropped by 9.88 per cent, the market capitalisation dropped by N1.33 trillion or per cent to close at N90.227 trillion as against N91.561 trillion it opened for trading.

With the 9.88 per cent drop in Dangote Cement, investors lost an estimated N961.79 billion in one-day.

The NGX All-Share Index declined by 2,109.00 basis points or 1.46 per cent, to close at 142,613.47 basis points to drag dragged the year-to-date (YTD) return down to 38.56 per cent, from the 40.61 per cent in the prior session.

Investor sentiment, as measured by market breadth, closed negative as 26 stocks advanced, while 39 declined. Nigerian Enamelware recorded the highest price gain of 9.95 per cent to close at N35.90, per share. DAAR Communication followed with a gain of 9.82 per cent to close at N1.23 and Deap Capital Management & Trust up by 9.60 per cent to close at N1.94, per share.

Academy Press appreciated by 8.43 per cent to close at N9.00, while International Breweries rose by 6.95 per cent to close at N13.85, per share.

On the other hand, Royal Exchange led the losers’ chart by 10.00 per cent to close at N2.52, per share. Dangote Cement followed with a decline of 9.88 per cent to close at N520.00, while R.T. Briscoe lost 9.87 per cent to close at N3.56, per share.

Jaiz Bank declined by 9.81 per cent to close at N4.32, while Wapic Insurance and Lasaco Assurance shed 9.77 per cent each to close at N3.60 each, per share

Also, the total volume traded fell by 10.4 per cent to 1.027 billion units, valued at N17.664 billion, and exchanged in 34,352 deals. Transactions in the shares of Universal Insurance topped the activity chart with 130.222 million shares valued at N173.672 million. AIICO Insurance followed with 100.112 million shares worth N437.561 million, while Mutual Benefits Insurance traded 68.521 million shares valued at N310.653 million.

Prestige Assurance traded 66.867 million shares valued at N135.371 million, while Regency Alliance Insurance transacted 46.141 million shares worth N69.258 million.

On market outlook, Afrinvest Limited said, “we expect the bearish performance to persist due to profit taking activities.”

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Kayode Tokede The domestic stock market yesterday depreciated by N1.33 trillion on investors’ profit-taking in Dangote Cement Plc and 38 others quoted companies on the Nigerian Exchange Limited (NGX). As
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Ogun bye- election: Police Arrest 10 Suspected Cultists Allegedly Hired to Disrupt Polls

Uzoma Mba

Operatives of the Zone 2 Police Command, Onikan, Lagos, have arrested ten suspected members of the Aiye confraternity in Sagamu, Ogun State, for allegedly plotting to unleash violence during the just-concluded by-election in the state.

The suspects were said to have converged on a popular hotel in Sagamu last Friday to perfect plans to strike on election day when intelligence reached the Assistant Inspector-General of Police (AIG) in charge of Zone 2, Adegoke Fayoade, who was on patrol in the area.

The AIG reportedly mobilised a crack team of detectives from the Dragon Unit and ordered them to raid the hideout. On arrival at the hotel, the police operatives subdued the suspects after they attempted to flee.

According to police sources, the suspects were taken to Zone 2 headquarters in Onikan, Lagos, where they allegedly confessed that they were brought from different parts of Lagos State by a serving member of the Ogun State House of Assembly (names withheld) to disrupt the election.

They further claimed that the lawmaker promised to pay them handsomely and provide sophisticated weapons to ensure they “scattered everything” on election day. During interrogation, some of the suspects reportedly lamented that the police “messed up an operation that would have given them money,” while admitting that the officers carried out a commendable operation by arresting them.

Those arrested include Habeeb Mohammed of 15, Abule-Egba, Lagos; Olaniyi Okesola of 9, Oke-Odo Pipeline, Abule-Egba, Lagos; Azeez Idowu of 26, Olaniyi Street, Abule-Egba, Lagos; Rasaki Taiwo of 21, Babawo Street, Sango Ota, Ogun; Waheed Olugoroye of 15, Oyewole Street, Iyana Ipaja, Lagos; Godwin Abode of 7, Oja Agbado Crossing, Ogun; Ayobami Damilare of 2, Araromi Street, Sango Ota, Ogun; Folarin Kabiru of 3, Araromi Street, Iyana Ipaja, Lagos; Ojelade Tobi of Ifelodun, Sango Ota, Ogun; and Olanrewaju Sanni of 17, Jimoh Ibrahim Close, Agbado Oja, Ogun State.

Police sources revealed that the suspects were holding a strategy session when they were rounded up. They have since been handed over to the Ogun State Police Command for further investigation and prosecution.

Confirming the arrest, AIG Fayoade said: “This breakthrough is a clear message to those who believe they can use thugs, cultists or hired hands to intimidate voters during elections.

“The Nigeria Police under my watch will not tolerate violence or lawlessness. We will deal decisively with anyone, no matter how highly placed, who attempts to disrupt the peace.”

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Uzoma Mba Operatives of the Zone 2 Police Command, Onikan, Lagos, have arrested ten suspected members of the Aiye confraternity in Sagamu, Ogun State, for allegedly plotting to unleash violence
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