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FGN Unveils N50bn Green Bond to Deepen Climate Financing, Spur Sustainability Projects

NumeEkeghe

In a fresh move to consolidate Nigeria’s climate financing architecture and deepen sustainable development, the federal government has announced the issuance of its third Sovereign Green Bond, targeting up to N50 billion in proceeds to fund key environmental and infrastructure projects across the country.

The Director-General of the Debt Management Office (DMO), Patience Oniha, disclosed this to investors and fund managers in Lagos, yesterday, saying the offer, which opened yesterday, would close on Wednesday, June 18, 2025.

The bond is expected to attract domestic and international investors aligned with the green economy agenda following the successful outings of the Series I and II Green Bonds in 2017 and 2019 respectively, both of which were oversubscribed and channelled into renewable energy, afforestation, agriculture, and clean transportation.

Co-arranged by Chapel Hill Denham Advisory Limited and Stanbic IBTC Capital Limited, the Series III issuance is structured as a fixed-rate note with a five-year tenor. It is backed by the full faith and credit of the Federal Government of Nigeria and qualifies as a liquid asset for financial institutions a classification that makes it especially attractive to banks and institutional investors.

According to the investor presentation, proceeds from the Green Bond would be deployed to a range of climate-focused projects, including N15.96 billion for climate change adaptation and mitigation initiatives under the Federal Ministry of Environment. N15 billion for clean energy transition programmes under the Presidential CNG Initiative (Pi-CNG), including electric vehicle infrastructure and local gas conversion projects and N16.4 billion for water infrastructure projects, comprising the construction of new earth dams and the rehabilitation of key water supply systems.

Speaking on the offer, Oniha, described it as a pivotal component of Nigeria’s strategy to mobilise climate finance and demonstrate leadership on environmental stewardship within Africa

She said: “We are supporting the government to support the environment in the interest of all of us. Nigeria is doing something about the environment, about climate change, and this is part of that journey, because you need funding to support that initiative. “It is tied to a global policy of looking after the environment, and also because Nigeria is committed to those initiatives, we would like to do more and do it consistently.”

Upon completion of the offer, allotment results would be announced on June 20, with listing on both the Nigerian Exchange Limited (NGX) Sustainable Instruments Market and the FMDQ Green Exchange slated for July 7.

The dual listing aims to provide transparency, liquidity, and visibility for investors looking to gain exposure to certified green assets.

Also, data presented by the Federal Ministry of Environment at the launch highlights the urgency of Nigeria’s green transition: the country ranks 140th out of 180 on the Environmental Performance Index.

Speaking Director of the Department of Climate Change, Ministry of Environment, Dr. Iniobong Awe, said: “Nigeria has committed to reducing emissions by 47 per cent under the Paris Agreement, with targets of 20 per cent unconditional and 45 per cent conditional reductions.

“Key initiatives include a climate policy from 2021 to 2030, a National Determined Contribution, and the development of green bonds for innovative financing. Sector-specific plans address agriculture, oil and gas, and energy, with notable projects like the energising education project and the BRT mass transit project. The goal is to achieve significant climate change mitigation and adaptation efforts.”

NumeEkeghe In a fresh move to consolidate Nigeria’s climate financing architecture and deepen sustainable development, the federal government has announced the issuance of its third Sovereign Green Bond, targeting up

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FCCPC Summons Air Peace Over Non-refund of Ticket Fares Flight Cancelation, Others

James Emejoin Abuja

The Federal Competition and Consumer Protection Commission (FCCPC) yesterday said it has summoned the management of Air Peace Limited over a deluge of consumer complaints from across the country relating to the non-refund of ticket fares, even in instances where the airline had cancelled its flight operations.

The commission said these actions potentially contravened Sections 130(1)(a) and (b), and 130(2)(b) of the Federal Competition and Consumer Protection Act (FCCPA) 2018, which expressly guarantee consumers the right to timely refunds where advance bookings, reservations, or orders are unfulfilled due to service-provider’s failure.

In a statement, FCCPC Director, Corporate Affairs, OndajeIjagwu, noted that the provision enshrines the principle of fair dealing and safeguards consumers against unfair, unjust, or unreasonable practices by service-providers.

In a formal summons dated June 13, 2025, the commission, invoking Sections 32 and 33 of the Federal Competition and Consumer Protection Act (FCCPA) 2018, required the airline to appear before its Abuja Headquarters on Monday, June 23, 2025.

Specifically, Section 33(3) of the FCCPA mandates compliance and failure attracts severe sanctions including fines or imprisonment.

The airline was further directed to produce documentary evidence including complaint log for refunds over the past 12 months, total records of processed refunds to date, list of cancelled flights on all routes and remedial actions taken to mitigate consumer hardship resulting from cancelled flights.

Earlier in December 2024, the FCCPC had commenced inquiries into separate allegations of exploitative ticket pricing, including substantial price hikes for advance bookings on certain domestic routes by Air Peace.

In response, the airline instituted legal proceedings seeking to restrain the commission from continuing its inquiry.

Ijagwu, however, said, “This is an entirely different matter.”

The FCCPC reaffirmed it commitment to enforcing the provisions of the FCCPA (2018) and holding service providers accountable and ensuring that consumers, including airline passengers, are protected from exploitative or unfair market practices.

James Emejoin Abuja The Federal Competition and Consumer Protection Commission (FCCPC) yesterday said it has summoned the management of Air Peace Limited over a deluge of consumer complaints from across

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NEITI: TETFund Got N1.024tn from Extractive Sector Education Tax in 5 Years

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the total revenue accrual to the Tertiary Education Trust Fund (TETFund) from Education Tax reached approximately N1.024 trillion in five years.

The Executive Secretary of NEITI, Dr. Ogbonnaya Orji, stated this in Abuja at the Memorandum of Understanding (MoU) signing ceremony between NEITI and TETFund, quoting NEITI industry reports on the Nigeria extractive sector.

A statement signed by the Deputy Director, Communication and Stakeholders Management, Chris Ochonu, stressed that the MoU signed was on information and data sharing which ensures that NEITI’s verified data will feed into TETFund’s strategic planning, revenue forecasting, and accountability framework.

“Under the MoU, NEITI will work with TETFund to ensure timely and prompt remittances through early deployment of evidence-based data. NEITI will also provide real-time information on revenue accruals due to TETFund to guarantee transparency and support the Fund in tracking remittances and utilisation.

“Our joint effort will uplift educational institutions, enhance access to scholarships, and strengthen the research ecosystem across our public tertiary institutions,” Orji stated.

He emphasised that NEITI’s role will be to continuously support TETFund with timely, credible, and independently validated data on revenue accruals from the extractive sector.

This support, he said, will enhance TETFund’s capacity to track what is due, what has been paid, and what is yet to be remitted, thereby promoting accountability and enabling proactive financial planning in the education sector.

On the accruals to TETFund from education taxes from the extractive sector, a breakdown of the revenues from the NEITI’s industry audit reports showed that: In 2022, the total revenue accruals to TETFund stood at N322.99 billion while in 2023, that figure rose significantly to N571.01 billion, the highest annual inflow to date.

Besides, between 2019 and 2021, NEITI audit data showed that total accruals to TETFund amounted to N644.19 billion, of which N624.32 billion was disbursed. These disbursements, Orji stressed, highlight the centrality of the extractive sector in financing Nigeria’s tertiary education.

“Today’s MoU connects the source and the application of public revenues. NEITI tracks and verifies what is paid. TETFund ensures that what is received is invested for impact. Together, we are creating a value chain of accountability—from extraction to education,” the executive secretary maintained.

Orji stressed that the over N1.024 trillion that has accrued to TETFund in just five years must be fully accounted for, efficiently deployed, and transparently tracked and that it must translate to modern libraries, functional laboratories, revitalised lecture halls, and cutting-edge research that meets the challenges of the 21st century.

“With this MoU, NEITI and TETFund commit to a future of joint accountability, open data exchange, and measurable impact. This is not just a partnership between two institutions—it is a covenant with the Nigerian people and a promise to ensure that Nigeria’s natural resource wealth truly works for every citizen—especially through education,” he restated.

In his remarks, the Executive Secretary of TETFund, Sonny Echono, stated that the MoU signing ceremony was a landmark event from the series of engagements between TETFund and NEITI.

Echono explained that the MoU will enable TETFund and NEITI explore various avenues of ensuring accountability in the areas of tax accruals on education tax are duly remitted. He noted that this is to enable TETFund recover such funds to boost revenue for education development that promotes the agenda of President Bola Tinubu.

“The MoU will also define a framework that will enable us to get accurate, credible, and up-to-date data that will culminate into a very firm agreement between the two agencies. Other key components of the MoU include improvement of revenue and efficiency in its collection,” Echono reiterated.

Permanent Secretary, Federal Ministry of Education, Mr. Abel Enitan, described the MoU signing as a welcome development and a foundation for sustainable growth in the education sector.

Enitanemphasised the ministry’s support, highlighting the importance of transparency and NEITI’s vital role not just in signing, but also in implementing the agreement.

He called for an urgent need to recover extractive companies’ unremitted taxes for education development that will impact not only the present generation but also generations unborn.

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday disclosed that the total revenue accrual to the Tertiary Education Trust Fund (TETFund)

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FDI Inflows to Developing Economies Drop to Lowest Level Since 2005

•About 2.8 billion people unable to afford healthy diet worldwide

Ndubuisi Francis in Abuja

Foreign Direct Investment (FDI) inflows to developing economies, a key trigger of economic growth and higher living standards, have dwindled to the lowest level since 2005 amid rising trade and investment barriers, a new report from the World Bank showed.

These barriers pose a significant threat to global efforts to mobilise financing for development.

According to the World Bank report, in 2023, the latest year for which data are available, developing economies received just $435 billion in FDI—the lowest level since 2005.

That coincides with a global trend in which FDI flows into advanced economies have also slowed to a trickle

High-income economies received just $336 billion in 2023, the lowest level since 1996.

Nigeria’s FDI for the second quarter of 2024 dropped to $29.83 million, marking the lowest level recorded based on available data up to 2013.

In its recent report on Nigeria, the Bretton Woods institution said reforms by the Central Bank of Nigeria (CBN) increased foreign exchange inflows into the country, which was mainly driven by foreign portfolio investment (FPI)—attracted by relatively high yields and potential revaluation gains.

The new report by the World Bank noted that as a share of their GDP, FDI inflows to developing economies in 2023 were just 2.3 per cent, about half the number during the peak year of 2008.

FDI tends to be concentrated in the largest economies.

Between 2012 and 2023, about two-thirds of FDI flows to developing economies went to just 10 countries, with China receiving nearly a third of the total and Brazil and India receiving roughly 10 per cent and 6 per cent respectively.

The 26 poorest countries which are mostly in Africa, received barely 2 per cent of the total.

Advanced economies accounted for nearly 90 per cent of the total FDI in developing economies over the past decade.

About half of that came from just two sources: The European Union and the United States.

In 2023, FDI accounted for roughly half of the external financing flows received by developing economies.

Under the right conditions, it is a strong spur to economic growth, as analysis of data from 74 developing economies between 1995 and 2019 suggested that a 10 per cent increase in FDI inflows generates a 0.3 per cent increase in real GDP after three years.

The impact is nearly three times larger—up to 0.8 per cent—in countries with stronger institutions, better human capital, greater openness to trade, and lower informality.

By the same token, the effect of FDI increases is much smaller in countries that lack such features.

Commenting on the declining FDI flows to developing economies, the World Bank Group’s Chief Economist and Senior Vice President, Indermit Gill said: “What we’re seeing is a result of public policy. It’s not a coincidence that FDI is plumbing new lows at the same time that public debt is reaching record highs.

“Private investment will now have to power economic growth, and FDI happens to be one of the most productive forms of private investment. “Yet, in recent years governments have been busy erecting barriers to investment and trade when they should be deliberately taking them down. They will have to ditch that bad habit.”

Representatives of governments, international institutions, civil society organisations, and the private sector are scheduled to meet in Seville, Spain between June 30 andJuly 3,

to discuss how to mobilise the financing that will be needed to achieve key global and national development goals.

The new analysis from the World Bank highlighted the policies that will be needed to achieve those goals at a time when economic growth has slowed to a crawl, public debt has surged to record highs, and foreign-aid budgets have shrunk.

It prescribed the easing of investment restrictions as a key first step, adding that, so far in 2025, half of all FDI-related measures announced by governments in developing economies have been restrictive measures—the highest share since 2010.

“With the global community gearing up for the Conference on Financing for Development, the sharp drop in FDI to developing economies should sound alarm bells.

“Reversing this slowdown is not just an economic imperative—it’s essential for job creation, sustained growth, and achieving broader development goals. It will require bold domestic reforms to improve the business climate and decisive global cooperation to revive cross-border investment,” said the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group, M. AyhanKose

The World Bank’s report revealed that investment treaties which tend to boost FDI flows between signatory states by more than 40 per cent have dwindled Between 2010 and 2024, just 380 new investment treaties came into force, barely a third of the 1990s number. Similarly, the report established that countries that are more open to trade tend to receive more FDI—an extra 0.6 per cent in FDI for each percentage-point increase in the trade-to-GDP ratio. However, the number of new trade agreements signed over the past decade dropped in half—from an average of 11 per year in the 2010s to just six in the 2020s.

The report identified three policy priorities for developing economies to attract FDI.

First iis for them to redouble efforts to by speeding up improvements in the investment climate, which have stalled in many countries over the past decade.

Second is to amplify the economic benefits of FDI through the promotion of trade integration, improving the quality of institutions, fostering human capital development, and encouraging more people to participate in the formal economy.

Finally, the report called for the advancement of global collaboration to accelerate policy initiatives that can help direct FDI flows to developing economies with the largest investment gaps.

Meanwhile, the latest estimates have indicated that nearly 2.8 billion of the world’s population of 8.2 billion people are unable to afford a healthy diet, which costs roughly $3.96 per person per day in 2022, expressed in current purchasing power parity (PPP) dollars.

This is according to the suite of indicators measuring the Cost and Affordability of a Healthy Diet, known as “CoAHD”, an established set of metrics for tracking food and nutrition security worldwide.

The indicators are jointly produced and published semiannually by the Food and Agriculture Organisation (FAO), a United Nations (UN) agency, and the World Bank and featured in The State of Food Security and Nutrition in the World (SOFI).

At the core of the CoAHD is the Healthy Diet Basket, a global standard derived from representative national food-based dietary guidelines that constitute countries’ own official definitions of a nutritionally-adequate and culturally-relevant diet.

The Healthy Diet Basket reflects the commonalities of national guidelines across countries in terms of the proportions needed of six food groups. While the structure is consistent across countries, the specific foods vary by country based on locally available items. At a given time and place of measurement, the least expensive items in each food group are identified from the retail price data.

Compared to more complex diet models, the Healthy Diet Basket offers a transparent and simple set of criteria for diets that are nutritionally adequate and balanced. And because it is derived from national guidelines, the Healthy Diet Basket allows for both nutritional relevance and alignment with government policies, while remaining comparable across countries for global monitoring.

The global estimates of cost are based on price data from the International Comparison Program, a statistical program overseen by the United Nations Statistical Commission and managed by the World Bank’s Development Data Group, covering nearly 200 countries across the globe.

•About 2.8 billion people unable to afford healthy diet worldwide Ndubuisi Francis in Abuja Foreign Direct Investment (FDI) inflows to developing economies, a key trigger of economic growth and higher

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Edun, Cardoso Meet to Deepen Fiscal, Monetary Policies Alignment

Ndubuisi Francis in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Monday met with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso and some to officials of the apex bank in continuation of efforts to deepen the alignment of fiscal and monetary policies.

The meeting was held at the CBN headquarters in Abuja, according to a terse statement issued by the Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga.

Discussions, the statement said, focused on sustaining and accelerating the momentum against the backdrop of inflation easing to 22.97 per cent in May 2025.

“Discussions focused on sustaining and accelerating this momentum, essential to stabilising prices, boosting investor confidence, and empowering private sector-led growth.

“This meeting underscores the Ministry’s commitment to collaborative economic management, signalling a renewed focus on driving sustainable growth and development in Nigeria

Ndubuisi Francis in Abuja The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Monday met with the Governor of the Central Bank of Nigeria (CBN), Mr.

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Emefiele Pleads Not Guilty to Alleged Unlawful Possession of 753 Housing Units, Fraud, Forgery

•Gets 72 hours to perfect bail

Alex Enumah in Abuja and Wale Igbintade in Lagos

Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, pleaded not guilty to alleged charge of unlawful obtainment of an Abuja property containing 753 housing units.

Emefiele pleaded not guilty to the eight-count charge, which included fraud and forgery, filed against him by the Economic and Financial Crimes Commission (EFCC).

Following his not guilty plea, prosecution counsel, Mr. RotimiOyedepo, SAN, urged the court for an accelerated hearing of the matter in pursuit of the EFCC’s establishment Act to avoid unnecessary delays.

While he sought for date for the commencement of the trial he prayed that Emefiele be remanded in the custody of the correctional center.

Responding, Emefiele’s lawyer, Mr. Mathew Burkaa, SAN, informed the court that he had filed for the bail of the defendant on June 13, adding that since the prosecution did not file any counter affidavit, it was presumed that he was not opposed to the grant of the bail application.

He drew the court’s attention to the fact that the defendant was already being tried by the prosecution in three other matters, and this was the fourth, adding that Emefiele was granted bail in the three matters.

Delivering the ruling, trial judge, Justice Yusuf Halilu who held that bail was constitutional and that a defendant was presumed innocent until proven otherwise.

Justice Halilu, who observed that the highest offense in the land was treasonable felony, noted that the court had on several occasions admitted defendants to bail.

“I have seen the charge filed against the defendant. Although the defendant did not file a counter, he however, raised some concerns in some parts of the affidavit in support of the application, and those issues are hereby struck out”, the judge held.

In granting Emefiele bail, the judge also recognised that Emefiele did not jump the bail granted by Justice Maryanne Anenih and Justice HamzaMuazu

As part of the conditions attached to the new bail, Justice Halilu that the defendant travel documents already before Justice mauza is attached, provide two sureties who must own landed property within the jurisdiction of the court worth N2 billion naira.

The sureties, in addition, must sign an undertaking to always ensure Emefiele is in court during the trial and will be jailed if the defendant jumps bail or forfeits the property.

Responding, Burkaa prayed the court to release the defendant to the defense team for at least seven days to enable the defendant perfect his bail.

Oyedepo however, objected, stating that it would amount to variation of the bail. He claimed that the conditions of the bail are not something the defendant would find difficult to meet.

The judge, however, ordered that Emefiele has till Wednesday to perfect the bail or be remanded in the Kuje Correctional Center, Abuja.

The court fixed July 11 for the commencement of trial.

Earlier, Emefiele through his lawyer, is challenging the court’s jurisdiction to entertain the suit on the grounds that he was not in anyway linked with the charge.

The property the former CBN boss is being tried is located at Plot 109, Cadastral Zone C09, Lokogoma District, Federal Capital Territory (FCT), Abuja, measures 150,462.86 SQM and comprises 753 housing units.

A High Court of the FCT had last year ordered the forfeiture of the said property to the federal government over claims that the estate forms proceeds of crime.

However, Emefiele had approached the court to challenge the forfeiture order of the court.

While the matter is currently pending at the Court of Appeal, the anti-graft agency, on May 30, filed a fresh charge against Emefiele and one Eric Ocheme, said to be a large.

The charge number: CR/358/2025, borders on alleged having control of property reasonably suspected to be unlawfully obtained. The offense is punishable under Section 319 of the Penal Code Law.

Besides the housing estate, the two defendants are also charged with unlawfully keeping in their possession billions of naira in proxy accounts in Zenith Bank.

In count one of the charge Emefiele and Ocheme are being accused of knowingly having within their control the housing estate suspected to be unlawfully obtained contrary to the law.

While in count two, they were alleged to knowingly have in their possession the sum of N167 million domiciled in Kelvito Integrated Services’ account No: 1016232915, in count three they were alleged to have held the sum of N1.23 billion in the same account. According to the anti-graft agency, the said sums were said to be reasonably suspected to have been unlawfully obtained.

In another count, they were also alleged to have in their control another sum of N2.9 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc.

In count five, the commission stated that the defendants between January and December 2022, knowingly had under their control the total sum of N1.98 billion domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.

In other counts, they were also linked with the sum of N900 million and N600 million in Ifedigo Integrated Services’ account No: 1210750237 domiciled with Zenith Bank.

In count eight, Emefiele was said to have in January 2021, forged a document titled, “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” with the intention of causing it to be believed that the said titled document was executed by or by the authority of H and Y Business Global Limited.

The offences, according to the EFCC, contravened the provisions of sections 319, 362 and 364 of the Penal Code.

In the meantime, the Court of Appeal, Lagos Division, has overturned the final forfeiture order granted in favour of the federal government over several assets and cash allegedly linked to Emefiele.

In a split decision of two-to-one delivered on April 9, 2025, a three-member panel led by Justice Mohammed Mustapha had set aside the ruling of the Federal High Court and ordered a fresh trial of the case.

The other justices on the panel were Justice AbdulazeezAnka, who delivered the lead judgment, and Justice Danlami Zama Senchi, who dissented.

The Federal High Court in Lagos had, on November 1, 2024, granted the Economic and Financial Crimes Commission’s (EFCC) application for the final forfeiture of various properties and funds allegedly traced to Emefiele.

These included multiple high-value real estate assets in Lagos and Delta State, as well as $2,045,000 in cash and shares in Queensdorf Global Fund Ltd.

Emefiele, through his counsel OlalekanOjo (SAN), had challenged the ruling on several grounds, including the trial judge’s alleged failure to properly evaluate the affidavit evidence and consider his legitimate interest in the properties.

He also argued that the judge wrongly dismissed his application for a stay of proceedings, despite pending criminal cases against him.

The EFCC, represented by RotimiOyedepo (SAN), countered that Emefiele failed to present any concrete evidence showing how he acquired the properties with legitimate income, noting that they were held in company names in which he neither appeared as a shareholder nor director.

In his lead judgment, Justice Anka ruled that there were serious conflicts in the affidavit evidence presented by both parties, warranting a full trial.

He held that the origin and legitimacy of the properties were heavily disputed, and only oral and documentary evidence, tested under cross-examination, could properly resolve the issues.

According to Anka, Emefiele had presented evidence showing significant earnings from his time at Zenith Bank and as CBN Governor, including a severance package of over N1.75 billion and annual emoluments of N350 million, among others.

He stated that these earnings could reasonably account for the acquisition of the properties.

He further ordered the case be remitted to the Federal High Court for retrial before another judge, specifically excluding Justice D. I. Dipeolu who issued the original forfeiture order.

Justice Mustapha concurred with Anka, stating that “there is no legal impediment to someone purchasing property through a third party in trust,” and that Emefiele’s income appeared sufficient to justify the acquisitions.

He also noted that the Code of Conduct forms submitted by Emefiele and his wife only covered up to 2019, while the properties were acquired between 2020 and 2023.

He described it as “absurd” to expect 2019 declarations to reflect acquisitions made years later.

On the pending criminal cases, Justice Mustapha emphasised that such matters ought to be concluded before initiating civil forfeiture proceedings, affirming that the appeal succeeded in part.

However, Justice Senchi dissented, maintaining that there was no conflict in the affidavit evidence to justify a full trial.

He said the companies in whose names the properties were acquired did not challenge the forfeiture, and that Emefiele, having denied ownership of the companies, could not claim the assets.

He described the majority’s decision to order a retrial as unnecessary and a waste of judicial time.

Senchi ruled that the appeal lacked merit and upheld the original forfeiture order.

•Gets 72 hours to perfect bail Alex Enumah in Abuja and Wale Igbintade in Lagos Former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, pleaded not

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Monarch Reaffirms Commitment to Development of Iruland

The Oniru of Iruland, Oba Abdulwasiu Omogbolahan Lawal, has reaffirmed his unwavering commitment to the continued development of Iruland, while preserving the kingdom’s rich cultural heritage and time-honoured traditions.

He spoke at a ceremony where dignitaries, traditional leaders, and members of the public gathered to celebrate his fifth coronation anniversary.

The monarch affirmed his commitment to culture and community development as well as the advancement of Iruland, emphasising a leadership style anchored on inclusive growth, cultural preservation and the promotion of traditional values.

“By the will of Olodumare and the enduring grace of our ancestors, I ascended the sacred throne of my forebears as the 15th Oniru of Iru Land. This ceremony marks a sacred milestone: five years of royal engagements and collaborations, legacy-building, and purposeful transformation.

“Today, I speak as the custodian of culture, customs, traditions, our heritage, and a product of destiny. As I reflect upon this journey, I am overwhelmed with profound gratitude, not only for the honor bestowed upon me but for the grace, wisdom, and resilience that have sustained us through seasons of triumph and some tribulation,” the Oniru asserted.

He lauded his subjects for their unwavering faith in his shared vision which he added keeps the fire of progress burning stressing that Iru is not just a place but a people.

“From the very beginning, we conceived a bold vision to transform Iru Kingdom into a sustainable, inclusive, secure, and prosperous city of the future.

Thus, was born the #LeGIT Vision – #LeGIT connoting “Let’s Grow Iru Land Together” – A fusion of Leadership, Growth, Innovation and Tradition.

“Over the last five years, the #LeGIT initiative has evolved from a dream to a dynamic movement. It remains a clarion call to all indigenes, residents, corporate bodies, governments and institutions to be active participants in the renaissance of Iru,” he opined.

The fifth anniversary was a day of grandeur, tradition and unity as Iruland came alive with festivities marking five years of impactful leadership of Oba Lawal.

The event attracted a cross-section of royal fathers, government officials, community leaders, and well-wishers, who all gathered to honor a monarch whose reign has been defined by progressive leadership and cultural pride.

Oba Lawal also conferred chieftancy titles on six people in recognition of their outstanding contributions, leadership and commitment to the development and unity of the community as part of the celebration.

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Experts Discuss Nigeria’s Digital Future at DOA’s Business Series

Commercial law firm Duale, Ovia & Alex-Adedipe (DOA) recently convened a high-powered gathering of policymakers, investors, founders, and regulators for its 4th annual TMT Business Series in Lagos.

Under the theme, “Beyond the Startup Frenzy: Building the Infrastructure for a Digital Nigeria,” the forum served as a critical platform to move beyond the initial excitement of the startup boom and strategically chart the course for Nigeria’s robust digital economy.

The series kicked off with a DOA Partner, Omowunmi Sanni, who emphasised the urgent need for strengthening the legal, financial, and regulatory systems to foster scalable innovation. She reiterated DOA’s commitment to enabling business growth through strategic legal support and cross-sector collaboration.

The keynote address was delivered by the Honourable Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani. He spotlighted national initiatives designed to propel Nigeria’s digital transformation, including the Three Million Technical Talent (3MTT) Programme, the National Artificial Intelligence Strategy, and the country’s ambitious broadband expansion goals. He stressed the paramount importance of digital infrastructure and inclusive policy frameworks in bridging economic divides and driving long-term transformation.

During a subsequent fireside chat moderated by Lehle Balde, Dr. Tijani further underscored the foundational role of identity systems, payment infrastructure, and data interoperability in building a truly competitive digital economy.

The forum then delved into two expert-led panels. The first, “Tech Profitability Playbook – Who’s Really Winning?”, moderated by Esohe Ibinoba (Venture Builder), featured industry veterans like Managing Partner, Octerra Capital, Ashim Egunjobi and Managing Partner, Ventures Platform, Dr. Dotun Olowoporoku. Discussions revolved around crucial aspects such as sustainability, value creation, founder evolution, and the imperative to digitise Nigeria’s informal sector.

The second panel, “Innovation & Regulation – Finding Common Ground,” moderated by Director, Government Affairs and Policy, Mastercard, West Africa, Morayo Adebayo Adisa, brought together key figures including Honourable Commissioner, Ministry of Innovation, Science and Technology, Lagos State, Olatunbosun Alake and Head of Legal, Federal Competition and Consumer Protection Commission (FCCPC), Florence Abebe. This session explored vital themes like inclusive policymaking, regulatory agility, consumer protection, compliance by design, and the implementation of regulatory sandboxes for digital innovation.

A key highlight of the event was the highly anticipated pitch competition, where 11 innovative startups showcased solutions spanning health, fintech, sustainability, and education.

Trashcoin Limited emerged as the grand winner, receiving N10 million in legal services. Kryptr IP Enterprise Limited and Pay U Technology Limited also secured significant legal representation awards of N5 million and N3 million, respectively. The judging panel featured prominent investors such as Managing Partner, Kaleo Ventures, Iretimipo Kukoyi and Co-Founder, CardinalStone Capital Advisers, Yomi Jemibewon.

Commercial law firm Duale, Ovia & Alex-Adedipe (DOA) recently convened a high-powered gathering of policymakers, investors, founders, and regulators for its 4th annual TMT Business Series in Lagos. Under the

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Uncle Sam @ 90: The Magic of Singularity Principle

By Louis Odion, FNGE

The offer was irresistible.

“Louis, I know you must be tired of hotel food by now,” he teased with a patriarchal grin, then beckoning, “Follow me make I show you better place to chop.”

After meandering through a labyrinth of rain-sprinkled streets of Asaba this afternoon for some minutes, we finally repaired to a local buka oozing mouth-watering aroma.

As soon as Uncle Sam (Chief Sam AmukaPemu) sauntered in, trailed by GbengaAdefaye (then President of the Nigerian Guild of Editors), EzeAnaba and yours sincerely, the buka — a nondescript bungalow — suddenly grew quiet, in reverence, if not awe, of an illustrious son of Delta State whose easily recognisable face frames his national celebrity.

The big masquerade had indeed arrived. It was too obvious that his trademark flat cap, deliberately pulled down to the brows, had, yet again, failed Uncle Sam woefully as disguise today. With the sudden excitement in the air, no one needed any reminding that the pride of the Itsekiri nation was an esteemed customer here, always picking the bills of everyone fortunate to be supping whenever he visited.

Vanguard newspapers, owned by him, is the political bible of not just his native Delta State but the entire Niger Delta.

Soon, all eyes seemed riveted on the corner we sat while the chefs ran around to ladle our table with assorted delicacies, meat and drinks.

The year was 2012 (April). Asaba, Delta State capital, was hosting a summit by BRACE Commission, a development agency for all South-south states, in collaboration with the editors guild with all the South-South governors in attendance. (I came with Comrade Adams Oshiomhole as Edo State Commissioner of Information then.)

After doing justice to a feast of steaming-hot yam and bush meat, chatter and banter naturally resumed over beer. With his razor-sharp wits and withering humour, Uncle Sam would keep us reeling in laughter constantly. For instance, he often objects humorously that those of us addressing him as Daddy were only acting out a sinister plot to pronounce him invalid or vegetable prematurely.

“Daddy,” I soon teased with another hint of mischief, “You look very well kept, like a forty-something even when you’re now almost 77. What is the secret, sir?”

After a thoughtful silence and staring at his half-empty glass on the table, Uncle Sam waltzed philosophical, “In whatever you do, never forget the principle of one,” raising his right index finger for emphasis.

Sensing our curiosity, he expatiated: “If you must drink beer, never exceed one bottle. If you eat, be content with one plate.” Anticipating our next mischief, he preempted us: “It also applies to your duty as a man in the bedroom.” Our inference was that only the unwise would attempt to exceed the recommended limit in the biological odometer in an amatory excursion.

Of course, Adefaye, Anaba and yours sincerely laughed deliriously after processing that coded addendum.

In such simple, yet profound nugget would seem rooted the locus of Uncle Sam’s character essentially. It is his own philosophical compass to navigate the boundless ocean of temptations daily and a durable anchor in life’s high and low tide generally. A rarity in a society where animal greed is otherwise classified as enterprise and crass opportunism considered smartness.

It probably also explains his longevity despite many difficult challenges over the years including multiple medical surgeries. Such minimalist mindset perhaps also furnishes an epistemological framework to understand Uncle Sam’s resolve to walk away without pulling down the roof, upon a painful realisation he had been handed the short-end of the stick at the Punch all along following a boardroom skirmish. The average journalist is often more obsessed with words and exclusive stories, not figures or numbers, unlike his partner who was a shrewd accountant. At the founding of Punch in 1970, Uncle Sam would appear to be too trusting to mind the true meaning of numbers in the article of association and their legal implications.

It was only a question of time for the big question to arise. That eventually led him to exit and set up Vanguard newspapers in 1984, left to literally start afresh.

Overall, there is no denying media power. Exceedingly privileged, therefore, is the custodian of such power. But Uncle Sam would never be found parlaying that privilege to oppress or obtain undue advantage. And there lies the essence of his journalism.

Despite his “big connections” and unlimited opportunities, Uncle Sam has refused to migrate to uptown Ikoyi, Victoria Island or Lekki, commensurate with his status as one of Nigeria’s most successful and influential publishers. He is content with the anonymity of downtown Anthony Village, home to him for more than five decades.

In fact, most neighbours only became aware they truly had a very “big man” in their midst not too long ago following an attempt by some hustlers to convert an open space which had served the Anthony Village community as recreation centre to a commercial centre. A mere statement of objection by Uncle Sam was enough for the authorities to wade in and chase the buccaneers away.

I am privileged to have partaken in the “morning communion” with Uncle Sam at his Anthony Village home several times over the years. Often a light menu of tea and cracker biscuits in the balcony amid soft music from a little jukebox.

Real “feasting” often occurs at lunch or dinner time at another property of his elsewhere in the same Anthony Village. That is where Uncle Sam prefers to host people lavishly, even though his own consumption pattern is always abstemious.

A man of disarming simplicity, Uncle Sam is not the type that throws his weight around or engages in self-promotion under any guise or disguise. For instance, when words reached him that Azu (Ishiekwene) and others were holding nocturnal meetings for a surprise 80th birthday shindig for him ten years ago, Uncle Sam, the grandmaster of ambush himself, was not to be beaten in his own game. He immediately put a call to Azu, the lead conspirator: “I heard you people are planning to stage a party without my permission. I would rather you give me the money to go and enjoy myself somewhere instead.”

But a cautionary note: the leisurely walk of a lion at ordinary moment starkly contrasts its ferocious charge when in war mode. Uncle Sam’s petite frame, easy smile and fragile air certainly belie his doughty spirit in certain matters such as the pursuit of social justice or defence of human liberty. He is never shy in advocating a better deal for his native oil-rich Niger Delta, Nigeria’s cash cow left to wallow in want and near destitution. We can see this reflecting distinctly in the bias and values espoused by Vanguard newspapers in its editorial character.

In the course of my journalism career, it was inevitable that I would encounter Uncle Sam as a mentor and father-figure. It is always pleasing whenever he called to draw my attention to any error of facts in my column and never spares praises on any piece he considers good. Coming from the king of the craft himself, I interpret that as evidence of his attention. To me, that alone is tantamount to winning a gold medal.

Here is wishing Uncle Sam many more years in good health and service to the nation and mankind.

By Louis Odion, FNGE The offer was irresistible. “Louis, I know you must be tired of hotel food by now,” he teased with a patriarchal grin, then beckoning, “Follow me

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June 17, 2025
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Why a Whole House Water Softener Is a Smart Investment for Your Home

Is a Whole House Water Softener a Smart Investment for Your Home?

Hard water is a nuisance that can wreak havoc on your home and budget. From dull laundry to damaged appliances, the cost of the impact adds up fast. If you’ve ever wondered whether a whole house water softener is worth it, you’re not alone.

Let’s break down what hard water is, how water softeners in Jefferson, NJ, work, and why this investment could be a smart move.

What Is Hard Water and How Do I Know If I Have It?

Hard water contains high levels of minerals like calcium and magnesium. These minerals don’t pose health risks, but they do leave behind scale buildup and soap scum. You may not even notice it until your fixtures get stained or your dishwasher stops performing well.

Here’s how to tell if you have hard water:

You see white spots on glasses or silverware after washing.
Your hair feels dry, even after conditioning.
Soap doesn’t lather easily in the shower or sink.
You notice a chalky buildup around faucets or showerheads.

Tip: Test your water at home using a simple hard water test strip kit, available online or at home improvement stores.

How Does a Whole House Water Softener Work?

A water softener removes hard minerals through a process called ion exchange. It swaps out calcium and magnesium ions for sodium or potassium ions. This results in softer water that’s easier on your pipes, skin, and appliances.

A water softener’s two main parts are:

Mineral tank: Where the ion exchange takes place.
Brine tank: Stores the salt solution used to flush and recharge the system.

“Water softeners can be integral for long-term plumbing health,” says a certified plumbing contractor in San Jose, CA.

Will a Water Softener Actually Save Me Money?

Absolutely. Hard water causes scale buildup in your plumbing and water-using appliances. This reduces efficiency and leads to more frequent repairs or replacements. By softening your water, you reduce wear and improve performance.

Your savings will come from:

Water heaters run more efficiently and use less energy.
Appliances like dishwashers and washing machines last longer.
Soap and detergent use drops by up to 50%, since soft water helps products lather better.

A dollar saved is a dollar earned, and these savings can add up to hundreds per year.

What’s the Upfront Cost for a Water Softener?

A typical whole house water softener system can range from $500 to $5,000 depending on the brand, size, and features. A water softener installation by a licensed plumber may cost an additional $300 to $1,000, depending on the installation’s straightforwardness.

Prepare a budget for the following:

Basic units: $500–$1,200
High-efficiency models: $1,500–$3,000+
Installation: $300–$1,000 depending on complexity

What About Ongoing Maintenance and Salt Costs?

Water softeners require occasional maintenance. Also adding to the cost is the need to refill the salt every 4 to 6 weeks depending on your water usage. The system should also be cleaned once a year to maintain peak performance.

Maintenance costs include:

Salt refills: $5–$25 per 40lb bag (you’ll use 1–2 bags/month)
Annual service: Optional checkups may cost around $100
Filter replacement (if included): Every 6–12 months

Choose a unit with a low-salt indicator to make upkeep easier.

How Will It Improve My Skin, Hair, and Laundry?

Personal hygiene is where many homeowners notice the biggest personal difference. Soft water is gentle on the skin and hair. Using softened water also helps soap rinse cleanly so you won’t deal with residue or dryness.

Benefits include:

Softer skin and fewer breakouts
Shinier, more manageable hair
Brighter, cleaner laundry that lasts longer

Many users noticed smoother skin within the first week.

Are There Different Types of Water Softeners?

Yes, and not all are created with the same quality and performance. The right one depends on your home size, water hardness level, and budget.

Common types:

Salt-based systems: Most common and effective for very hard water.
Salt-free systems: Use filters or conditioners, not true softeners, but lower maintenance.
Dual-tank systems: Ideal for large households or constant water use.

Tip: Ask water softener services for a professional water test before choosing a system. It helps match your needs with the right solution.

If you deal with hard water, investing in a whole house water softener is one of the smartest upgrades you can make. It protects your home’s plumbing, saves money over time, and makes daily routines more comfortable. More than just a convenience, it’s a long-term solution that adds value to home living.

Is a Whole House Water Softener a Smart Investment for Your Home? Hard water is a nuisance that can wreak havoc on your home and budget. From dull laundry to