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USSD Charges to be Deducted from Customer’s Airtime Balance, Not from Bank Account, As Telcos Complete Migration of end-user billing services

Begin implementation

Emma Okonji

Telecoms operators (Telcos) have completed the migration of end-user billing for the Unstructured Supplementary Service Data (USSD) and have commenced implementation of direct biling of telecoms subscribers that subscribe to the USSD service.
The Association of Licensed Telecoms Operators of Nigeria (ALTON), the umbrella body for all licensed telecoms operators (Telcos), said this in a statement it issued last night.
The statement, which also clarified issues around migration to end-user billing for the USSD service, said the migration took effect today Wednesday.
The statement was co-signed by ALTON’s
Chairman, Gbenga Adebayo and its Publicity Secretary, Damian Udeh.
Following the successful migration, telecoms operators have commenced direct billing of telecoms subscribers that will make use of the USSD service going forward.
According to the statement. “The transition marks a significant milestone in the evolution of Nigeria’s digital financial ecosystem and is being implemented per the Determination of USSD Pricing and Services issued by the Nigerian Communications Commission (NCC).
“To achieve the implementation of the End-User Billing (EUB) model, the CBN and NCC have stipulated that only banks that meet certain regulatory and operational conditions are permitted to migrate. One of which is the notification to customers of the billing change in advance, and to ensure that customers are fully aware of the new airtime-based charges and how they will be applied. Accordingly, under the new billing model, USSD charges will be deducted directly from the customer’s airtime balance, not from their bank account, and each USSD session will attract a charge of ₦6.98 per 120 seconds. To enjoy the service, customers will receive a prompt to opt in and approve the charge before any deduction is made, and there will be no double billing as billing will only occur for successful sessions via airtime deductions.”
ALTON wishes to reiterate that this change does not affect the availability or functionality of USSD banking services, as customers can continue to use their bank’s USSD codes as usual, provided they have sufficient airtime,” the statement further said.
ALTON further explained that alternative digital banking channels such as mobile apps, internet banking, and ATMs, would remain fully operational and available for customer convenience. ALTON also reiterated its commitment to working closely with the NCC, CBN, financial institutions, and other stakeholders to ensure that the transition is seamless, equitable, and beneficial to all parties, especially the end users.

Emma Okonji Telecoms operators (Telcos) have completed the migration of end-user billing for the Unstructured Supplementary Service Data (USSD) and have commenced implementation of direct biling of telecoms subscribers that

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Gov Otu Appoints Linus Obogo, Nsa Gill as Key Media Aides

The Governor of Cross River State, Senator Bassey Edet Otu, has announced the appointment of Mr. Linus Obogo as Chief Press Secretary and Special Adviser on Media and Publicity in a strategic move to bolster the state’s communication architecture.

Similarly, the governor has also appointed Mr. Nsa Gill as Special Adviser on Public Affairs.

The appointment, which takes immediate effect, is part of the administration’s deliberate efforts to enhance the effectiveness, reach, and responsiveness of its information machinery.

Mr. Obogo, a renowned journalist and media strategist, is expected to bring his wealth of experience in public communication to bear on the governor’s media engagements. With a career marked by in-depth political reporting, editorial leadership, and a strong grasp of governance dynamics, his appointment reflects Governor Otu’s vision of a professional and proactive media team capable of articulating and projecting government policies with clarity and impact.

On the other hand, Mr. Gill, an accomplished media practitioner is to serve as a bridge between the government and the public, fostering greater transparency, citizen engagement, and policy clarity. The appointments were confirmed in a statement signed by the Secretary to the State Government., Professor A. Owan Enoh.

The Governor of Cross River State, Senator Bassey Edet Otu, has announced the appointment of Mr. Linus Obogo as Chief Press Secretary and Special Adviser on Media and Publicity in a

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Senate Leadership Joins Presidential Trip to Benue, Says It is Tired of Killings

•SGF assures people of Yelewata of FG’s support, Obi thanks president for visiting state

ChuksOkocha, Michael Olugbode, Sunday Aborisade, OnyebuchiEzigbo, Juliet Akoje in Abuja, Emmanuel Ugwu-Nwogoin Umuahia,AdibeEmenyonuin Benin City and George Okoh in Makurdi

The Senate leadership has offered to accompany President Bola Tinubu to Benue State today, to also commiserate with the people of Yelewata over the recent massacre of their kinsmen by suspected Fulani herdsmen, saying they are tired of the killings.

Senate Committee Chairman on Media and Public Affairs, Senator AdeyemiAdaramodu, disclosed the offer yesterday while briefing journalists on the activities of the upper chamber in the last two years.

Likewise, Secretary to the Government of the Federation (SGF), Senator George Akume, who visited Yelewata in Guma Local Government Area and the Benue State University Teaching Hospital (BSUTH), Makurdi, where victims of the recent attacks were receiving medical attention, assured the people of the federal government’s support.

That was as the 2023 presidential candidate of Labour Party (LP), Mr. Peter Obi, commended Tinubu’s decision to visit Benue State in response to the gruesome killing of over 200 people last weekend.

Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, condemned the Benue killings, describing it as barbaric, disturbing, and totally unacceptable.

In a similar vein, National Association of Seadogs, otherwise known as Pyrates Confraternity, said it was outraged and deeply pained by the continued orgy of violence and bloodletting that had once again erupted in Benue State.

National Human Rights Commission (NHRC) also said it was deeply disturbed by the recent escalation of violent attacks and killings in Benue and Plateau states.

On their part, American Veterans of Igbo Descent (AVID) called on the federal government to halt the genocide being perpetrated “in slow motion”, saying the federal government is treating the criminals with kid gloves.

An environment journalist and Chairman, Northern Christian Youth Professionals, Isaac Abrak, said Tinubu must be audacious in the battle to end insecurity and incessant attacks and killings in the country.

In Edo State, as part of efforts to stop the rising incidents of herdsmen attacks, the governor, Senator Monday Okpebholo, inaugurated two committees to tackle issues of security and land disputes in the state.

Addressing the activities of the senate, Adaramodu said beyond paying condolence visits whenever there were major attacks, the senate had perfected strategies to end barbaric killings across the country.

He stated, “About the tragic incident in Benue: it was very unfortunate. We sympathise with the victims and families affected. The senate, in collaboration with the executive, will visit Benue tomorrow (today) with a delegation of senators to commiserate with the Yelewata people.

“More importantly, we are organising a national security summit, not just for the military, but for CSOs, media, women, youth, and other critical stakeholders, because enough is enough. We cannot keep going from Plateau to Benue, paying condolence visits.

“We are tired of mourning. The time has come to act. Security is local, and locals must be part of the solution. With Mr. President’s support, the Senate and the House have appropriated adequate funds to support the military and security agencies.

“Together with traditional rulers and communities, we must put a stop to this bloodshed. Tomorrow’s visit to Benue will signal that the government is serious — both the legislature and executive.”

Adaramodu added, “When we hold the national security summit, we hope to uncover hidden problems and find lasting solutions to the killings of innocent Nigerians, not just in Benue or Plateau, but across the country.”

Akume, Others Assure Yelewata of Federal Government Support

Secretary to the Government of the Federation (SGF), Senator George Akume, yesterday, visited Yelewata, in Guma Local Government Area, and Benue State University Teaching Hospital (BSUTH), Makurdi, where victims of the recent attacks were receiving medical attention, to assure the people of the federal government’s support.

The visit preceded President Bola Tinubu’s scheduled arrival in the state today.

At both locations, Akume conveyed the president’s deep concern over the tragic loss of lives and displacement of residents caused by the renewed wave of violence.

He assured the wounded and bereaved of Tinubu’s commitment to not only providing immediate relief but also addressing the root causes of the conflict through a comprehensive and sustained security intervention.

Speaking at BSUTH, the SGF expressed the federal government’s resolve to ensure that security agencies acted decisively in accordance with the president’s directive.

He also reaffirmed that those behind the bloodshed, regardless of affiliation, would be apprehended and prosecuted.

While addressing residents in Yelewata, the SGF decried the killings as senseless and avoidable, adding that the federal government will not fold its arms in the face of such atrocities.

Akume urged affected communities to remain calm and cooperate with security operatives currently deployed to restore order.

He echoed Tinubu’s charge to Governor Hyacinth Alia to initiate reconciliation processes among the people, particularly farmers and herders, stressing the importance of peace and justice in rebuilding communal trust.

Obi Thanks Tinubu for Visiting Benue State

The presidential candidate of Labour Party (LP) in 2023, Mr. Peter Obi, commended Tinubu’s decision to visit Benue State today following the gruesome killing of over 200 people last weekend.

Reacting to the development, in a statement, Obi, who had earlier criticisedTinubu’s leadership style, said it was refreshing for Nigerians to learn that the president had “finally decided to visit the scene of the brutal killings in Benue State”.

While thanking the president for his decision, Obi asked him to also visit Niger State, where floods claimed many lives.

Obi stated, “It was refreshing news on Monday to a bewildered nation learning that President Bola Ahmed Tinubu has finally decided to visit the scene of the brutal killings in Benue State.

‘’For this, I thank him even as I make further request that similar gesture should be extended to Niger State that lost more number of human lives in a natural disaster, flood recently.”

The opposition leader maintained that the presence of the president in these “devastated and grieving communities” will be very reassuring and uplifting.

Both Benue and Niger states have lost over 200 lives each due to recent tragedies. In Mokwa alone, more than 200 people were confirmed dead, and over 1,000 are still missing following the floods.

“These are not just statistics; they are the lives of Nigerian families torn apart and their communities destroyed,” Obi stated.

He advised the president to let his visit to Mokwa in Niger State send a strong message that all Nigerian lives matter and that no community, no matter how rural, was forgotten.

Obi also urged Tinubu to step up security across the country, especially in disaster-prone areas.

Kalu Condemns Benue Killings, Tasks National Security Agencies on Collaboration

Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, condemned the killings in Yelewata and Daudu communities in Guma Local Government Area of Benue State, describing the massacres as barbaric, disturbing, and totally unacceptable.

Kalu, in a statement, urged security agencies to collaborate and act decisively to apprehend and prosecute the perpetrators of these heinous crimes.

Condoling the bereaved families and the Benue State government, the deputy speaker pledged the full support and commitment of the National Assembly to assist the federal and state governments, as well as relevant authorities through legislative measures in restoring peace and security.

He stated that as part of that commitment, the House Committee on Constitution Review on Monday convened a dialogue on National Security Architecture, and deliberated with key actors, getting their candid perspectives on the “malaise” in the constitution that impeded effective delivery of their mandates.

Kalu expressed optimism that the ongoing constitution review process, focusing on security and policing reforms, would facilitate inter-agency collaboration and intelligence coordination, as well as enhance border security strategies and promote regional stability for a unified approach to national security.

Kalu said, “The recent incident in Yelewata, Benue State, is not only disturbing but also deeply disheartening. The barbaric killing of members of the community is utterly unacceptable. I strongly condemn this wicked act carried out by unidentified individuals.”

Seadogs Call on FG to End Cycle of Bloodshed

National Association of Seadogs, also known as the Pyrates Confraternity, said it was outraged and deeply pained by the continued orgy of violence and bloodletting in Benue State.

In a statement by NAS Capn, Dr. Joseph Oteri, the association said it was in solidarity with the traumatised and bereaved families of Yelewata and other communities, who were victims of the senseless carnage.

Seadogs said, in a statement, “It is unconscionable that in the year 2025, entire communities in Nigeria still live under the shadow of fear, unable to sleep, farm, or assemble freely, because their lives are constantly under threat from well-armed killers who operate with brazen impunity.

“Reports of the recent massacre in Yelewata, with over 100 lives reportedly lost, should shake the conscience of every Nigerian and spur the government into decisive, responsible action. Tragically, that has not been the case.

“We strongly condemn not only the heinous acts of violence committed against innocent villagers but also the lukewarm response of the authorities whose duty it is to protect lives and property.”

The organisation said while it acknowledged Tinubu’s recent directive to security chiefs and the deployment of special forces to Benue State, these actions must not become yet another reactive gesture that fizzled out once the media spotlight waned.

NHRC: Killings in Plateau, Benue Can Lead to Crisis in Violation of Human Right to Life

National Human Rights Commission (NHRC) said it was disturbed by the recent escalation of violent attacks and killings in Benue and Plateau states.

Executive Secretary of NHRC, Dr. Tony Ojukwu, lamented that the incidents had resulted in the tragic loss of lives, displacement of innocent people, and wanton destruction of property, leaving many families and communities in trauma and despair.

Ojukwuemphasised that the right to life was a fundamental human right, enshrined in various international and national instruments.

He expressed concern that the attacks were degenerating into ethnic, religious, and communal tensions, warning that these, if not checked, can exacerbate the situation and lead to further human rights violations.

Ojukwu stated that NHRC was worried about the consequences of the ongoing carnage in Plateau and Benue during this rainy season, being the farming season.

He said, “As we are all aware, Benue is the food basket of the nation. The present insecurity, if unchecked, means that people can no longer go to the farms this farming season.

“The ongoing insecurity, particularly in the food producing regions of the country, all point to the looming famine and food insecurity in the near future.

“The trillions and billions borrowed from the banks to support local agriculture risk being wasted due to persistent insecurity and apparent lack of political will to deal with this menace for the past 10 years and more.”

American Military Veterans Blame FG for Treating Armed Herders with Kid Gloves

A group, American Veterans of Igbo Descent (AVID), called on the federal government to halt the genocide being perpetrated “in slow motion”.

The US-based group also stated that the continued detention of the leader of Indigenous People of Biafra (IPOB), NnamdiKanu, had paved the way for armed Fulani herders to have a field day, spreading terror unchallenged.

In a statement by President of AVID, Dr. Sylvester Onyia, the group said with Kanu out of the way, the herders had been emboldened to continue perpetrating “widespread atrocities”, killing, maiming and displacing people from their ancestral homes.

AVID called on the international community, human rights organisations, and global democratic institutions to take notice of the ongoing atrocities occurring in Benue State and other indigenous regions of Nigeria.

It stated that the extra-judicial rendition of Kanu, “a British citizen and prominent voice for indigenous self-determination from Kenya in 2021 in clear violation of international law”, had weakened resistance of indigenous peoples against armed herders.

The military veterans pointed out that there was more than met the eyes in the continued detention of the IPOB leader, despite multiple court orders for his release, adding that “it is not a matter of legal oversight”.

‘Tinubu Must Be Audacious in Seeking Solution’

An environment journalist and Chairman, Northern Christian Youth Professionals, Isaac Abrak, said Tinubu must be bold in the battle to end insecurity and incessant attacks and killings in the country.

Reacting to the recent Benue killings, in a letter to Tinubu, Abrak said, “But we cannot afford to fold our arms in despair. We must act differently. We must try something new, even if it has never been attempted anywhere in the world.

“For the sake of our people—our children, our farmers, our security personnel—we must do something bold to stop this carnage.”

Abrak also stated that “many of those who will oppose this letter are not the ones burying loved ones or watching their communities burn. They analyse from afar, removed from the pain. But real solutions come from those who feel the loss, from the hearts of those closest to the suffering”.

He said, “The Forest Guard must be led not by theories, data sheets, or Harvard-trained analysts alone, but by those who bleed when our villages bleed. I write this letter with a heavy heart.

“As someone who has spent most of my life reporting from hostile zones across our region, it has become painfully clear that the cycle of killings in our beloved country, particularly in the Middle Belt, as seen again in Benue, is unrelenting.

“Despite the gallant efforts of our military, police, and other security agencies, the attacks persist. Each time our forces strike a blow against the perpetrators, they appear to retreat briefly, only to re-emerge with even greater violence, targeting our most vulnerable: poor, innocent rural dwellers.”

Herdsmen Attack: Okpebholo Inaugurates Security, Boundary Committees in Edo

In order to tame the rising incident of herdsmen attacks, Edo State Governor Monday Okpebholo inaugurated two committees aimed at tackling issues of security and land disputes in the state.

The committees were Livestock Control Committee and Boundary Committee, with the mandate to ensure peace, stability and development across the state.

Inaugurating the livestock committee, Okpebholo said their mandate was to bring an end to the pervasive clashes between crop farmers and herders.

The 27-man committee was chaired by General Cecil Esekhaigbe (rtd). It had as members Dr. Ernest AfolabiUmakhikhe, AVM Charles Oghomwen, Mr. Alex Oijiagba, Comrade Saturday Okhuakhua, Samuel Arabomem, SylvanusBawa, Mrs. AikefeAgbavboa, Dr. OsagieAibuedefe, SP Eneremen Sunday, UcheNnatube, Sir Ignatius Enabulele, Ebaloghemen Godwin, and Ibgnigie O. Osaheni.

Others were Hon Moses Edo, Hon HarunaMuhammed, Dr Tony Ikpasaja, Oba palace representative, Onojie of Uzea, HRH Moses Akpamuka ETSU, AbdullahiBinne Danna, AdumHarun, Erhauyi Alfred Iyekekpolor, Mr. AkhimienObomehelu, and Omoh Yusuf, with Mrs. Diana EmagaIdahosa as the secretary.

During the inauguration, Okpebholoemphasised the gravity of the assignment, saying, “There is a task that we need to handle carefully while this assignment is being carried out. We have to carry it out with the fear of God so that we can have, especially, the best time and result.

“We can see what is happening today. Herders clashes here and there.

“You have to confine them to a particular location. That is the essence of this committee. I have people with a wealth of experience in the committee. So, I believe that with God on our side, we are going to achieve our purpose.”

In his acceptance speech, Esekhaigbe acknowledged the significant responsibility placed upon the committee.

He expressed appreciation to the governor for considering them fit for the task.

Esekhaigbe stated, “The terms of reference are very clear, and it is a reflection of one of your high points when you were coming into power as governor. I know security is one of the pillars of your five points agenda, and we all know one of the causative factors of insecurity in Nigeria as a whole is farming.”

Inaugurating the boundary committee, Okpebholo said it signalled a decisive move to address persistent boundary disputes affecting communities within Edo State and bordering neighbouring states.

Underscoring the urgency of the committee’s mandate, he said, “I am happy to see this moment because communities, especially the ones that share boundaries with us, have issues that border on clear landmarks.

“We have Ondo, we have Delta, we have Kogi State. So, we have boundary crises here and there. For this reason, I think the people before me today are the best to handle this task for the betterment of Edo people.”

The 14-man Boundary Committee was chaired by Edo State Deputy Governor, Rt. Hon. Dennis Idahosa.

Other members of the committee included the state Attorney General and Commissioner for Justice, Dr. Samson Osagie; Commissioner of Police, Monday Agbonika; Mr. Isaac Chikere; M. C. Monyei; Henry Aghedo; and Sir Lucky Eseigbe.

Also on the committee were Emmanuel Okoebor; the Commissioner for Information and Communication, Paul Ohonbamu; a representative of the Oba of Benin, Hon. Patrick Obahiagbon; Hon. AbasBraimah; and Hon. Patrick Ikhariale; with OzigboOsayande Duke as the secretary.

Speaking on behalf of the committee, the chairman, Idahosa, expressed gratitude for the opportunity and pledged the committee’s commitment to the crucial task.

Idahosa thanked the governor for the opportunity to serve, saying, “On behalf of all members of this committee, I wish to express our sincere gratitude and acceptance of this responsibility, which we pledge to discharge in fairness, transparency, and integrity.”

•SGF assures people of Yelewata of FG’s support, Obi thanks president for visiting state ChuksOkocha, Michael Olugbode, Sunday Aborisade, OnyebuchiEzigbo, Juliet Akoje in Abuja, Emmanuel Ugwu-Nwogoin Umuahia,AdibeEmenyonuin Benin City and

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Tinubu: INEC Backbone of Our Democratic Journey, Role Key to Public Trust in Govt

•Says his commitment to strengthen electoral system unshaken

•Commission rejects Damagum’s notification for June 30 PDP NEC meeting, says not compliant

DejiElumoye, ChuksOkocha, OlawaleAjimotokanandAdedayoAkinwale in Abuja

President Bola Tinubu has described the Independent National Electoral Commission (INEC) as the backbone of Nigeria’s democratic journey, stating that its role in the conduct of free, fair, and credible elections is central to the trust the public places in the government and in its democratic processes. Tinubu stated this yesterday at the ground-breaking ceremony for the new national headquarters annex building of the commission in Abuja.

Tinubu’s comments came as INEC rejected the notification sent to it by Peoples Democratic Party (PDP) for its proposed June 30 National Executive Committee (NEC) meeting, saying it is not in sync with due process.

The president said the construction of a new INEC headquarters was not merely about bricks and mortar, but about the strength of Nigeria’s democracy, the independence of its institutions, and the future of its electoral integrity.

He stated, “INEC has been and remains the backbone of Nigeria’s democratic journey. Its role in conducting free, fair, and credible elections is central to the trust our people place in their government and in our democratic processes.

“For this reason, it is only right that such a pivotal institution is housed in a structure that reflects its dignity, responsibility, and national significance.

“This new headquarters is a clear signal of our unwavering support for INEC’s autonomy, capacity, and growth. It will provide not just a home, but a hub for innovation, planning, training, and transparency in electoral administration.”

Tinubu described the country’s democracy as nascent, saying as it evolves, so, too, must the institutions that support and protect it.

He said, “We are committed to ensuring that INEC is fully equipped — not only in infrastructure, but in law, policy, and resources — to carry out its constitutional mandate with courage, fairness, and excellence.

“The FCT minister, Barrister EzenwoNyesomWike, has taken another bold step in ensuring the protection of our democracy by initiating this lauding project. I salute his courage as I am, indeed, proud of him.”

The president applauded the leadership and staff of INEC, past and present, for their dedication in the face of challenges, saying with the ground-breaking, the administration has also laid a stronger foundation for democratic resilience in Nigeria.

He reminded Nigerians that democracy was not a destination but a journey, urging them to collaborate with government to strengthen national institutions, safeguard freedoms, and protect the future.

In his remarks, Minister of the Federal Capital Territory (FCT), NyesomWike, expressed gladness that Tinubu found time to personally perform the ground-breaking ceremony of the INEC Annex Building to complement the current headquarters of the commission.

Wike said for a long time, the commission had been grappling with the problem of inadequate office accommodation. He said the current national headquarters, commissioned in 1997, was severely congested, as it was originally planned to cater for eight commission members.

He stated that since then, the activities of the commission had become more extensive, while the staff strength at the headquarters had more than doubled to 1,048 staff, including 13 full-time commission members, a chairman, 12 national commissioners, and 22 departments and directorates.

Wike said, “In response, the commission was compelled to rent two buildings in Wuse Zone 2 to ease the situation. Over the last 10 years, we made every effort to alleviate the situation until sometime last year, when the Minister of the Federal Capital Territory came to the rescue.

“In fact, today’s ground-breaking event is the third time in the last 34 years that the FCDA, in the discharge of its responsibilities, is stepping in to either provide office accommodation or alleviate the commission’s space constraint.”

He added that provision was made in the proposed headquarters for offices, meeting rooms, conference rooms, a 1,000-seat auditorium, and offices for some of IT-based facilities, such as the Election Monitoring and Support Centre.

According to him, the building also has provision for a museum to serve as a repository of the fiscal and digital history of elections and electoral activities in Nigeria.

The minster stated, “This will afford citizens, particularly students, that regularly visit the commission on excursion, the opportunity to appreciate the evolution of our electoral history, as is the case in major jurisdictions around the world.

“The main building opposite the present site shall remain the national headquarters of the commission. When completed, the new building will complement the main building.”

Chairman of INEC, Professor MahmoodYakubu, said the commission had been grappling with inadequate office accommodation.

Yabuku stated, “Our present national headquarters is severely congested. Commissioned in December 1997, it was originally planned to cater for eight commission members (a Chairman and seven full-time National Commissioners), 10 Departments/Directorates and 500 staff.

“Since then, the activities of the commission have become more extensive and the staff strength at the headquarters has more than doubled. Today, there are 13 full-time ccommission members (a Chairman and 12 National Commissioners), 22 Departments/Directorates and 1,048 staff.

“Consequently, every facility is overstretched, from offices to meeting rooms for the commission’s 15 standing committees and other activities, including regular engagements with stakeholders.”

Yakubu stressed that general staff meetings always took place outside the commission. He added that the commission was forced to rent two buildings in Wuse Zone II to ease the situation.

The chairman added that over the last 10 years, INEC had made effort to alleviate the situation, until last year when the FCT administration came to the rescue.

He said, “I wish to make it clear that this is not the first time that the Federal Capital Development Authority (FCDA) is constructing an office for the electoral commission.

“When the commission relocated its headquarters from Lagos to Abuja in 1991, it was the FCDA that provided it with offices in Garki to accommodate the national headquarters as well as the FCT office.

“When the facility became overstretched, the FCDA again built our present headquarters. The building in Garki now operates exclusively as our FCT Office.

INEC Rejects Damagum’s Notification for June 30 NEC Meeting, Says Not Compliant

INEC rejected PDP’s notification for its proposed June 30 NEC meeting, saying it is not in sync with due compliance.

The June 30 NEC meeting was to formally discuss the issue of the substantive national secretary of the party and approve the report of the zoning committee for the national convention in Kano scheduled for August 29 and 30.

The zoning committee is headed by Governor DouyeDiri of Bayelsa State.

PDP had formally informed INEC of its plan to convene a NEC meeting on June 30.

In the letter dated May 30 and addressed to the INEC chairman, acting National Chairman of PDP, Umar Damagum, informed the commission that the 100th NEC meeting would hold on June 30 at the national secretariat of the party in Abuja.

Damagum said the notification was in line with INEC regulations requiring a 21-day notice before any NEC meeting to decide on issues, like National Secretary and others.

But INEC, in its response dated June 13, 2025, said, “Your letter on the above subject refers. The commission draws your attention that the notice is not in compliance with the requirement of part 2(12)3 of the Regulations and Guidelines for Political Parties, 2022, that provides ‘the National Chairman and National Secretary of the party shall jointly sign the notice of convention, congress, conference or meeting and submit same to the commission’. Be guided. Please, accept the assurance of the commission’s high regards.”

The acting secretary to the commission, HaliruAminu, signed the letter.

A fortnight ago, friends of the FCT minister had cautioned that any move made without involving or recognising Senator Samuel Anyanwu as National Secretary would be considered invalid and could worsen the ongoing crisis within the party.

But an insider disclosed that Damagum took the initiative to write to INEC regarding the 100th NEC meeting in line with decisions taken at the 99th NEC meeting.

The source said, “The letter is in order. The 99th NEC had already scheduled and announced June 30 as the date for the 100th NEC meeting. Due to many unresolved issues from the last meeting, the party had to write INEC ahead of the next NEC meeting to ensure the commission was involved in efforts to address those pending matters.

“Don’t forget that the 99th NEC set up the National Convention Committee and the Zoning Committee and assigned other responsibilities. So, the upcoming meeting will approve and populate the committees, as well as receive reports where necessary.

“Apart from that, the 100th NEC may also take decisive action to resolve the dispute over the national secretary position and is expected to ratify the zonal congresses, among other key matters.”

When contacted, Anyanwu simply said, “INEC has spoken.”

The implication is that the planned NEC meeting slated for June 30 may not hold, as it would not meet the 21 days’ notification requirement for any meeting as specified in Section 2(12)3 of the Regulations and Guidelines for Political Parties, 2022.

That section provides that a party’s national chairman and national secretary shall jointly sign the notice of its convention, congress, conference or meeting and submit same to INEC.

•Says his commitment to strengthen electoral system unshaken •Commission rejects Damagum’s notification for June 30 PDP NEC meeting, says not compliant DejiElumoye, ChuksOkocha, OlawaleAjimotokanandAdedayoAkinwale in Abuja President Bola Tinubu has

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CBN Affirms strength of Nigerian Banking Sector, Issues Routine Guidance for Banks Under Forbearance

•Banks’ shares dipped further

James Emejo in Abuja,NumeEkegheandKayodeTokede in Lagos

In a move aimed at calming market jitters and ensure smooth transition from regulatory forbearance, the Central Bank of Nigeria (CBN) yesterday affirmed strength of the Nigerian bank sector revealing that it issued routine transitional guidance to banks navigating post-forbearance adjustments.

Precisely, the central bank stated that the time-bound measures are for some banks still completing their transition from the temporary regulatory support it had provided them.

In a statement signed by its Acting Director, Corporate Communications, Mrs. HakamaSidi Ali, the apex bank stated that the step was part of the CBN’s broader, sequenced strategy to implement the recapitalisationprogramme announced in 2023.

Still reeling from the effect of the policy, the Nigerian equities market extended losses yesterday, as the NGX All-Share Index declined by 0.30 percent to close at 114,910.16 points. Market capitalisation also declined by 0.25 percent and closed at N72.50 trillion.

Sustained investor sentiment on the back of the CBN forbearance circular was the primary driver of the negative sentiment as United Bank for Africa shares dipped by 5.57 percent to close at N32.20 per share; FIRSTHOLDCO dipped by 4.15 percent to close at N25.40 per share, Access Corporation shares also depreciated by 2.2 percent to N20.05 per share, and Fidelity Bank dipped by 0.55 per cent to close at N18.20 per share.

The CBN explained, “The programme, designed to align with Nigeria’s long-term growth ambitions, has already led to significant capital inflows and balance sheet strengthening across the sector. Most banks have either completed or are on track to meet the new capital requirements well before the final implementation deadline of March 31, 2026.

“The measures announced apply only to a limited number of banks. These include temporary restrictions on capital distributions, such as dividends and bonuses, to support retention of internally generated funds and bolster capital adequacy. All affected banks have been formally notified and remain under close supervisory engagement.

“To support a smooth transition, the CBN has allowed limited, time-bound flexibility within the capital framework, consistent with international regulatory norms. Nigeria generally maintains Risk-Based Capital requirements that are significantly more stringent than the global Basel III minimums. “

“For example, Nigerian international banks are required to hold a minimum Tier 1 capital of 11.25 percent of the bank’s risk-weighted assets, nearly double the Basel III benchmark of six percent.

“These adjustments reflect a well-established supervisory process, consistent with global norms. Similar transitional measures have been implemented by regulators in the U.S., Europe, and other major markets as part of post-crisis reform efforts,” it added.

In a circular dated June 13, 2025, and signed by Director of Banking Supervision, Dr. OlubukolaAkinwunmi, the CBN had instructed all banks currently under regulatory forbearance to suspend the payment of dividends to shareholders, bonuses to directors and senior executives, and investments in offshore subsidiaries or new foreign ventures.

The move, according to the apex bank, was part of a broader strategy to ensure that banks operating under forbearance supervision strengthened their financial resilience and fully complied with capital adequacy and loan provisioning standards.

CBN had emphasised that the restrictions were temporary and will be lifted once key conditions were met, a full exit from regulatory forbearance, and independent verification of capital and provisioning levels as being within acceptable regulatory thresholds.

The new CBN directives were designed to ensure full provisioning for high-risk exposures and improve cash-based profitability metrics.

In the latest statement, the CBN stressed that it remains fully committed to continuous engagement with stakeholders throughout this period via the Bankers’ Committee, the Body of Bank CEOs, and other industry forums, adding that the goal was to ensure a transparent, predictable, and collaborative regulatory environment.

“Nigeria’s banking sector remains fundamentally strong. These measures are neither unusual nor cause for concern, they are a continuation of the orderly and deliberate implementation of reforms already underway.

“The CBN will continue to take all necessary actions to safeguard the sector’s stability and ensure a robust, resilient financial ecosystem that supports sustainable economic growth,” it added.

THISDAY had reported that the genesis of the matter was that during the COVID-19 crisis, the CBN granted forbearance to the entire banking industry to enable banks withstand the challenge posed by the pandemic.

However, the industry regulator had given a deadline of December 2024 to phase out the policy. This saw some industry players putting pressure on CBN to extend it by another year, but the CBN Governor, Mr. Olayemi Cardoso, maintained that in line with his return to orthodoxy, he would not extend the deadline, which made him to give all operators six months extra, which expires this month.

THISDAY learnt that Cardoso believed banks should not be paying dividends and bonuses to shareholders and directors while carrying forbearance.

•Banks’ shares dipped further James Emejo in Abuja,NumeEkegheandKayodeTokede in Lagos In a move aimed at calming market jitters and ensure smooth transition from regulatory forbearance, the Central Bank of Nigeria

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Tinubu Orders Immediate Execution of Approved Infrastructure Projects

•Says public-only infrastructure funding no longer sustainable

DejiElumoyeand James Emejoin Abuja

President Bola Tinubu yesterday directed that all approved infrastructure projects must transition from planning to immediate real-time execution.

The president gave the marching order at the 2025 Nigeria Public-Private Partnership (PPP) Summit with the theme, “Unlocking Nigeria’s Potential: The Role of Public-Private Partnerships in Delivering the Renewed Hope Agenda.”

The president said his administration remained determined to deliver infrastructure that are both sustainable and inclusive.

The summit was organised by the Infrastructure Concession Regulatory Commission (ICRC) in Abuja.

Tinubu, particularly cautioned against any delays caused by bureaucratic hurdles.

Represented by Vice President KashimShettima, he said the federal government planned to fast-track approvals for viable projects and intensify coordination among Ministries, Departments, and Agencies (MDAs) to ensure rapid implementation.

Tinubu also declared that the old model of public-only infrastructure funding was no longer sustainable.

He said, “Our national aspirations far exceed what public budgets alone can deliver. That is why we must innovate and work together.

“We’re not looking for investors to carry burdens. We’re offering opportunities to create value. We seek long-term partners ready to help us bridge our infrastructure gap with purpose and precision.”

The president said, “We will fast-track approvals for viable projects. We will ensure coordination across Ministries, Departments, and Agencies to enable swift implementation.”

He explained that Nigerians expect tangible results rather than mere promises, stressing the critical need to transform commitments into infrastructure that directly addresses citizens’ daily requirements.

He said, “We do this because we know that what matters to the average Nigerian is not promises, but power in their homes, roads to their farms, access to clean water, modern hospitals, and quality schools. We must build. We must deliver. And we must do it together.”

Tinubu further acknowledged existing challenges within Nigeria’s project implementation culture, observing that the country’s potential has not always been matched by action.

According to him, “Nigeria does not lack potential. What we have lacked, at times, is alignment of purpose and the courage to act decisively. Let us chart a new path, not just as government and investors, but as partners in nation-building.”

He said the current administration had taken measures to streamline bureaucratic processes and improve transparency in the public-private engagement framework.

“We have aligned our processes with global best practices and investor expectations,” he added.

He stressed that a functional partnership between government and the private sector was central to national transformation.

He noted that ICRC had been strengthened to effectively regulate and de-risk PPP transactions.

Speaking on long-term infrastructure goals, Tinubu reiterated the government’s commitment to the National Integrated Infrastructure Master Plan (2020–2043), which aims to increase Nigeria’s infrastructure stock from 30–35 percent of GDP to 70 percent by 2043.

However, he cautioned that, “blueprints do not build roads. Policies alone do not generate megawatts.”

He called on private sector stakeholders to look beyond perceived risks and seize the opportunity to contribute to a rapidly transforming economy.

He said, “To our private sector partners, Nigeria offers scale, demand, and returns like no other African market. But we need more than investment.

“We need innovation, we need efficiency, and above all, we need integrity. I urge you to look beyond the risks and recognise the immense opportunity to shape a nation that is not just rising, but ready,” he added.

Earlier in his remarks, the Director-General/Chief Executive, ICRC, Dr. Jobson OseodionEwalefoh, assured both local and international investors that the country remained open for business and prepared for genuine partnership.

He cited the country’s large population, expanding middle class, and significant infrastructure deficit—estimated at over $2.3 trillion—as clear indicators of the urgency and opportunity for PPPs.

He said, “With over 200 million people, a growing middle class, rich natural endowments, and an enormous infrastructure gap estimated at over $2.3 trillion — the case for PPPs in Nigeria is not only compelling, it is urgent.”

He added that the commission was focused on balancing its regulatory role with facilitation and collaboration.

He said, “We are committed to ensuring that every PPP transaction is not just legally sound, but economically viable and socially impactful.”

Ewalefoh, pledged that the ICRC would support investors from project conceptualisation through to financial close and implementation.

He also attributed the commission’s progress to Tinubu’s direct support and a clear mandate to mobiliseprivate-sector funding for national infrastructure.

On her part, Regional Director, Central Africa & Anglophone West Africa, IFC, Dahlia Khalifa, applauded the ongoing reform in Nigeria’s PPP framework, acknowledging IFC’s collaboration with authorities across key sectors to achieve the country’s overall objectives and strengthening the existing relationship between the organisation and Nigeria.

She added that Nigeria under Tinubu has demonstrated strong commitments to timely and transparent resolution of disputes arising from PPP projects, which is evident in the ongoing efforts to restructure the country’s PPP framework.

Also, Vice-President for Private Sector, Infrastructure &Industrialisation at the African Development Bank, Solomon Quaynor, said the theme of the summit implies that partnerships are not just optional but are essential.

He said the infrastructure deficits, “demand that the government and the private sector work together in commercially viable PPPs,” adding that the bank is working with other partners on the Lagos-Abidjan highway project to boost regional economic integration in West Africa.

“PPPs are complex long-term projects. They need to be designed properly and designed to survive different political administrations because by their very nature, they are long-term,” he stated.

On his part, Director & Global Head, Project Preparation, African Export-Import Bank (Afreximbank), ZittoAlfayo, explained that the government’s limited fiscal space has necessitated PPPs, saying the federal government’s bold market reforms have positioned Nigeria to absorb the shocks of the outside world.

“With this clear demonstration of commitment from the Nigerian government, the onus is now on the private sector to drive the adoption of PPP. Since its inception, Afreximbank has disbursed over $50 million in Nigeria, capitalising investment in various sectors including energy, transport and logistics, manufacturing, healthcare, and financial services,” he noted.

•Says public-only infrastructure funding no longer sustainable DejiElumoyeand James Emejoin Abuja President Bola Tinubu yesterday directed that all approved infrastructure projects must transition from planning to immediate real-time execution. The

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Alawuba: N1.57tn Non-performing Loans Pose Risks to Credit System

•Says no economy can flourish without enabling guardrails of justice

•Kekere-Ekun: Judicial predictability not just legal virtue but economic asset

James Emejoin Abuja

Group Managing Director/Chief Executive, United Bank for Africa (UBA) Plc, Mr. Oliver Alawuba, yesterday, raised concerns over the Non-performing Loan (NPL) portfolio in the banking sector, valued at N1.57 trillion, describing it as a symptom of deeper institutional weaknesses that need to be tackled.

Speaking at the opening of the 23rd National Seminar on Banking and Allied Matters for Judges, in Abuja, Alawuba, who is Chairman of the Body of Bank CEOs, said the development could further hamper credit disbursement to the real sector without a functional and efficient judicial system.

NPLs have continued to pile amid judicial delays and enforcement bottlenecks.

The UBA CEO urged the judicial to do more to salvage the situation.

The seminar was jointly organised by Chartered Institute of Bankers of Nigeria (CIBN) and National Judicial Institute (NJI) at the NJI headquarters in Abuja.

Alawuba said the country’s financial system was exposed to systemic risk due to the judiciary’s current limitations in handling commercial and financial disputes, highlighting the huge volume of bad loans in the industry.

He said, “Without a strong, efficient judiciary, banks will struggle to extend credit with confidence,” adding, “Our partnership is not one of convenience, but of necessity.”

He called for urgent reforms to enhance judicial performance in financial matters, including digitisation of court processes, investment in judicial capacity building, and the establishment of specialised financial courts to handle complex cases involving fraud, cybercrime, and contract enforcement.

Alawuba said the banking industry’s success was tied to the effectiveness of the courts.

According to him, “No economy can flourish without the enabling guardrails of justice. From credit systems to contract enforcement, the banking industry depends daily on the efficiency, fairness, and predictability of our judicial processes.”

He stressed that the courts must evolve to meet the demands of a rapidly transforming financial landscape, especially as digital platforms, fintech innovation, and cybercrimes became more entrenched in Nigeria’s financial ecosystem.

Alawuba stated, “In Nigeria, however, judicial delays, overlapping jurisdictions, and enforcement challenges continue to increase the risk profile of financial transactions.

“Prolonged litigation and enforcement bottlenecks are not mere technicalities, they impede credit access, raise the cost of capital, and limit the capacity of banks to support SMEs and job creation.”

Chief Justice of Nigeria (CJN), Justice KudiratKekere-Ekun, also stressed the strategic importance of judicial predictability in promoting economic growth.

Kekere-Ekun said, “Judicial predictability is not just a legal virtue, it is an economic asset. It enhances market efficiency, lowers risk premiums, and unlocks capital for infrastructure and business development.”

She urged members of the bench to constantly update their knowledge in emerging fields of financial regulation and digital commerce.

The CJN said, “Our courts must possess the capacity to interpret complex transactions and assess novel financial arrangements within the framework of existing laws.”

President/Chairman of Council, CIBN, Professor Pius Olanrewaju, said trust and security remained central pillars of banking, maintaining that the role of the judiciary cannot be separated from the stability of the banking system.

Olanrewaju said, “Trust is the lifeblood of banking, and security its bedrock. Every financial transaction, from deposits to loans, hinges on the assurance that rights will be upheld, obligations fulfilled, and injustices addressed.”

He maintained that courts must inspire confidence in the resolution of financial disputes and protect the sanctity of contracts, as failure to do so could undermine investor confidence and hinder the nation’s economic growth.

Administrator of the National Judicial Institute, Hon. Justice SalisuAbdullahi, also linked judicial efficiency to national development, saying a competent and independent judiciary is fundamental to investor confidence and economic stability.

Abdullahi said, “A judiciary that is both competent and fiercely independent doesn’t just resolve disputes; it actively underwrites economic growth. It creates the fertile ground where capital feels safe to land, innovation can flourish, and businesses can thrive.”

•Says no economy can flourish without enabling guardrails of justice •Kekere-Ekun: Judicial predictability not just legal virtue but economic asset James Emejoin Abuja Group Managing Director/Chief Executive, United Bank for

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House Committee Probes N1.12trn Anchor Borrowers’ Programme

Juliet Akoje in Abuja

House of Representatives Committee on Nutrition and Food Security has launched an investigation into the expenditure of N1.12 trillion under the Anchor Borrowers Programme (ABP).

The committee is also examining the disbursement of N215 billion by NIRSAL Microfinance Bank for agribusiness projects, as well as N3 billion distributed by the Bank of Industry to 22,120 smallholder farmers through the Agricultural Value Chain Financing initiative.

The chairman of the committee, Hon. ChikeOkafor, raised concerns during a hearing on the alleged mismanagement of agricultural and food security funds by federal departments, agencies, and programmes.

Okafor stated that while 24 participating financial institutions (PFIs) were involved in disbursing ABP funds, the committee had only found evidence relating to nine of them.

He emphasised that a central role of the committee was to monitor how intervention programmes tied to food security and nutrition were implemented by relevant government ministries, departments, and agencies.

He stated, “We are scrutinising how the Central Bank of Nigeria (CBN) disbursed approximately N1.12 trillion through the ABP to 4.67 million farmers cultivating maize, rice, or wheat, working through 563 anchor firms.”

Okafor pointed out CBN had engaged 24 PFIs to manage the disbursement of the funds, yet only documentation from nine institutions was available.

He said some PFIs had made attempts to engage the committee.

He added, “The second issue under investigation is how NIRSAL allocated over N215 billion for agricultural and agribusiness purposes. Additionally, we are reviewing the Bank of Industry’s distribution of N3 billion to over 22,000 smallholder farmers under the agricultural value chain scheme.”

Reiterating the committee’s oversight duties, Okafor said their responsibilities included ensuring effective execution of intervention programmes by relevant government entities, scrutinising fund allocation, crafting new legislation, and enhancing existing laws on nutrition and food security.

He said those responsibilities were fully described in the committee’s mandate as outlined in the House’s rules.

Okafor also emphasised that nutrition and food security were inseparable and remained top priorities in the current administration’s Renewed Hope agenda.

He further explained that the committee’s formation reflected a legislative commitment to work alongside the executive and other stakeholders in ensuring a well-nourished and food-secure Nigeria.

During the hearing, Charles Bassey, representing NIRSAL Microfinance Bank, cited security challenges as a major obstacle to the proper execution of their loan scheme.

Bassey explained that in identifying eligible beneficiaries, the bank strictly followed established guidelines.

He stated, “However, issues such as insecurity, specifically, attacks by bandits and herders, prevented many farmers from returning to their fields after investing the funds, delaying harvests and seasonal agricultural activities.”

Bassey added that some farmers were also affected by environmental factors, like flooding and drought. As a result, a few requested that their loans be restructured to allow more time for repayment.

Group Head of Agric Finance and Solid Minerals at Sterling Bank, OlusholaObikanye, reported that the bank had fully returned N113.49 billion to the Central Bank of Nigeria (CBN), comprising both disbursed and undisbursed funds.

Obikanye affirmed that Sterling Bank had no outstanding liabilities under the Anchor Borrowers Programme, stating, “We have a balance of zero-naira, zero-kobo owed under this scheme.”

Juliet Akoje in Abuja House of Representatives Committee on Nutrition and Food Security has launched an investigation into the expenditure of N1.12 trillion under the Anchor Borrowers Programme (ABP). The

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Policy Innovation Centre Set to Host 2025 Gender, Inclusion Summit

Emmanuel Addeh in Abuja

The Policy Innovation Centre (PIC) is set to host the 4th edition of the Gender and Inclusion Summit, christened GS-25, on September 3 and 4, 2025 in Abuja.

The summit is expected to convene over 1,000 in-person and virtual participants to explore urgent solutions for building a more inclusive society, a statement from the organisation stated.

With the theme: “New Voices and New Approaches for Accelerating an Inclusive Society,” this year’s summit, the organisation said, will spotlight bold strategies to address mounting challenges such as the shifting financial landscape.

Besides other issues to be discussed will include: Unequal access to equitable healthcare, economic inequality, housing insecurity, climate challenges, educational inequity, and the exclusion of marginalised groups, particularly women, persons with disabilities, and youth.

GS-25, according to the organisers, will feature interactive plenaries, roundtables, thematic breakout sessions, exhibitions, oral and poster presentations as well as a learning workshop.

Confirmed participants include policymakers, civil society leaders, development agencies, youth advocates, the private sector, academia, diplomats, and grassroots organisers — all working to co-create scalable and inclusive solutions aligned with the Sustainable Development Goals (SDGs).

Since its inception in 2022, the summit, PIC said, has become a premier pan-African platform championing gender-transformative policies, digital inclusion, and behavioural insights in governance.

The 2025 edition is expected to build on this legacy, integrating evidence-based approaches and fresh voices into high-level dialogue.

“This summit is more than a convening. It’s a time to pause, reflect, learn, refuel, and refire. It’s a call to action to reimagine Africa’s development path through equity and inclusion,” said the Executive Director, PIC, Dr. OsasuyiDirisu.

Some key themes for this year’s summit, he said, include advancing gender equity through education, women in leadership and governance, equitable access to healthcare, inclusive technology and digital rights.

Others are: Sustainable agriculture and food systems, creative economy and cultural inclusion as well as legal reforms with men as allies in gender justice. The summit will be held in a hybrid format to enable global participation.

PIC is Africa’s first national institutionalisedbehavioural initiative, supporting governments and stakeholders in making evidence-based, behaviourally informed decisions. An initiative of the Nigerian Economic Summit Group (NESG), the PIC was established with support from the Gates Foundation.

Emmanuel Addeh in Abuja The Policy Innovation Centre (PIC) is set to host the 4th edition of the Gender and Inclusion Summit, christened GS-25, on September 3 and 4, 2025

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LCCI: Latest Inflation Report Marks New Shift in Nigeria’s Trajectory

•Nigeria requires new digital economy resilience tools to address cybersecurity threats, says NESG

•Tasks CIoD, board members on evolving, driving cyber-security risk management

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has welcomed the latest report from the National Bureau of Statistics (NBS), which showed that Nigeria’s headline inflation rate eased to 22.97 per cent in May 2025, down from 23.71 per cent in April 2025.

This comes as the Chief Executive Officer of Nigerian Economic Summit Group (NESG), Dr. TayoAduloju, stressed that in the face of growing digital disruptions and systemic cyber vulnerabilities, “Nigeria urgently requires a new digital economy resilience analytics tool to support institutional preparedness” in responding to cyber-security risks and threats.

Furthermore, the LCCI noted that this marked “a positive, albeit modest, new shift in the country’s inflation trajectory after several months of persistent increases.”

Commenting on the NBS’ report yesterday, the Director General of LCCI, Dr. ChinyereAlmona, said, “The marginal decline may have been driven by the consistent monetary tightening by the Central Bank of Nigeria (CBN), including interest rate adjustments and liquidity control mechanisms.”

Almona, however, noted that “this improvement must be viewed cautiously, considering prevailing structural risks and looming food production and distribution shocks.”

She said the recent spate of herdsmen-farmers clashes in the middle-belt region and flooding disasters are negative signals capable of limiting food harvest this year, adding that logistics and supply chain risks also loom on the back of the current escalations in the Middle East and the deadlocked ceasefire talks between Russia and Ukraine.

“Importing fuel and other products may become more expensive as oil prices have gone up due to unbaiting tensions and trade wars.

“These shocks pose significant risks to food availability and prices, which could drive food inflation — an essential component of the headline inflation index — in the third and fourth quarters of 2025,” she said.

The chamber, therefore, recommend a coordinated mix of fiscal and monetary policy actions, including sustaining the reforms in the oil and gas sector that have slowed down fuel price increases recorded earlier in the year.

It said: “The Naira for crude and the mandated crude supply to local refineries should be sustained.

“The CBN should maintain prudent monetary policy while improving credit access to productive sectors, especially agriculture and manufacturing, to stimulate supply-side responses to inflation. The stoppage of government ways and means provisions should be sustained no matter the pressure.

“There is an urgent need for the government to scale up support for dry season farming, irrigation infrastructure, and mechanisation to reduce Nigeria’s dependence on rain-fed agriculture.”

The LCCI also advised the government to remain focused on dealing with the challenges around food movement from the farms to the cities.

It said addressing inefficiencies in transporting goods—particularly food—from rural to urban markets could help to lower market prices and reduce post-harvest losses.

It added that, “government spending should prioritise critical sectors with high inflation pass-through, such as food, energy, and transport, while eliminating leakages and enhancing social safety nets for vulnerable households.

“While the easing inflation rate is a welcome development, Nigeria must not lose momentum in addressing the structural drivers of inflation.

“The LCCI urges the government to act decisively in tackling insecurity, investing in resilient agricultural infrastructure, and improving policy coordination to ensure the current progress becomes sustainable and inclusive.”

Furthermore, the NESG CEO, Aduloju, also tasked the Chartered Institute of Director Nigeria (CIoD) and board members of Nigerian enterprises to take charge of evolving a framework that would counter the risks of cybersecurity threats on businesses and government organisations.

He said this would enable them to track and determine the extent and context of cybersecurity risk exposures of their respective organisations and be in a position to drive decisions to counter them.

He gave this task yesterday, when he delivered a lecture with the theme: “Building Digital Resilience: Governance, Risks and Compliance” at the 2025 Biennial lecture in honour of the President of the CIoD, Mr. Tijjani M. Borodo.

He asserted that digital transformation was now global reality that every organisation must arm itself to appropriate its benefits and acquire the resilience to deal with its risks and threats.

Aduloju said: “Board must think about is a complete framework and the first thing is to transform your risk assessment to include cyber risk dimension.

“Also ensuring regular assessment to track cyber risk is important. This allows you to determine the extent, context and of course integrating cyber risks into your other risks and allows you to drive decisions based on what you have known as your risk.”

He added that organisations must establish and maintain core security fundamentals since it has been revealed that 95 per cent cyber-attack eminate from one or two unmanaged laptops that are not properly set up in terms of passwords and lack second authentication but could give access to an enterprise’s digital security system.

“Ensure that your software licences have not expired and that your security protocols are on. Have a system that creates semi-complex passwords for your organisation.

“All these little things make a huge difference on how people enter your system. Implement cyber cybersecurity audit as part of the internal audit and use it to ensure that corrective measures that cultivate a culture of resilience are in place,” he said.

Aduloju, pointed out that global cyber threats grew by 150 per cent in 2024 and that 53 per cent of them were targeted at government institutions, while their success rate was estimated at 58 per cent.

According to him, the scale of cyberattacks in the Nigerian banking industry grew by 1,300 per cent in the past two years.

He said: “Technological acceleration, therefore, means that while inequalities grow in our (Nigeria) capacity to use technology, those that know how to use it best will continue to implement greater risks and threats and in a connected world this will be a significant problem.

“The most significant impact of this is that the data we receive is now questionable because of the scale of misinformation and disinformation.

“There is a complete consensus that disinformation, misinformation and cyber threats are problem to both the private and public sectors’ actors.”

He advised organisation to drive digital resiliency efforts by eliminating “siloed thinking to ensure that the team can see across departments and business units to deploy technology solutions and identify any resilience gap.”

He also urged the CIoD Nigeria to lead in shaping governance model where cyber security and digital resilience capabilities should become part of the core competences of a chartered director “as we shape a future that is safe not just for our businesses but for our families, children and that our economy is better positioned to compete in the 4th industrial revolution.”

In his welcome address, Borodo acknowledged that the key fallout of the CIoD Nigeria’s Charter Act is the license to produce “charter directors.”

He said: “I am proud to say that we are the only organisation in the country today that is licensed to produce charter director and I look forward to seeing our first set of Charter Directors in the next few months.”

Borodo also spoke on the rebranding of the CIoD Nigeria, which commenced in the wake of the institute’s transition to a Chartered Institute and the Governing Council’s approval of the establishment of the Rebranding Committee in 2024.

“I am happy to note that today, we reach a crescendo of the rebranding efforts as we proudly unveiled the new logo of the CIoD Nigeria. This unveiling marked the beginning of a bold new era for CIoD Nigeria.

“Today, CIoD Nigeria stands redefined and reinvigorated, equipped to chart the future of professional directorship in Nigeria and beyond,” he said.

•Nigeria requires new digital economy resilience tools to address cybersecurity threats, says NESG •Tasks CIoD, board members on evolving, driving cyber-security risk management Dike Onwuamaeze The Lagos Chamber of Commerce