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All 24 Kebbi Schoolgirls Freed, Tinubu Elated, Says He’s Relieved 

All 24 Kebbi Schoolgirls Freed, Tinubu Elated, Says He’s Relieved 

*Orders 24-hour aerial surveillance of Kebbi, Kwara, Niger, charges security agencies to rescue others in captivity

*Military, DSS put pressure on bandits to free 38 Eruku worshippers, says Onanuga

*IGP seeks collaboration to surmount insecurity across Nigeria, Assembly says Niger under siege 

*Sani tells northern elites to stop weaponising insecurity

*Recent surge in insecurity driving hunger to level never seen before, declares WFP

Deji Elumoye, Michael Olugbode, Onyebuchi Ezigbo, Adedayo Akinwale, Linus Aleke in Abuja, John Shiklam in Kaduna, Hammed Shittu in Ilorin, Laleye Dipo in Minna, Emmanuel Ugwu-Nwogo in Enugu and Ahmad Sorondinki in Kano

The 24 schoolgirls abducted from Government Girls Comprehensive Senior Secondary School (GGCSS), Maga, in Danko/Wasagu Local Government Area of Kebbi State, have regained their freedom.

President Bola Tinubu expressed happiness over the development, saying he has ordered a total air security surveillance around forests in Kebbi, Kwara and Niger states.

The directive followed an upsurge in kidnapping and terrorist activities in the states.

The president, in a statement yesterday by his Adviser on Information and Strategy, Bayo Onanuga, declared, “I am relieved that all the 24 girls have been accounted for.”

Tinubu applauded the security agents for the efforts made to secure freedom for all the victims taken away by the terrorists. He tasked the security agents to make more efforts to rescue the remaining students still being held captive.

“Now, we must put as a matter of urgency more boots on the ground in the vulnerable areas to avert further incidents of kidnapping,” he stated. “My government will offer all the assistance needed to achieve this,” he added.

A source familiar with the government’s coordinated rescue effort disclosed that the schoolgirls’ release was occasioned by a non-kinetic intervention by the federal government.

According to the source, the operation succeeded through close collaboration between the Office of the National Security Adviser (ONSA) and the Department of State Services (DSS), which worked behind the scenes to secure the girls’ freedom without resorting to force.

The source explained that the reliance on a non-kinetic approach—centred on dialogue, negotiation, and other peaceful measures—reflected a continuing shift in the government’s strategy for addressing mass abductions, which have repeatedly affected the northern region in recent years. 

But Kebbi State Governor, Nasir Idris, demanded a full military investigation to identify and hold accountable the commander, who allegedly ordered the withdrawal of soldiers from the school shortly before the abduction. 

The governor described the incident as an act of “clear sabotage”. 

The military, in a statement, confirmed that the matter was currently under investigation.

Special Adviser to the President on Media and Public Communication, Sunday Dare, disclosure in a post on his verified X handle that Tinubu had ordered a total air surveillance around forests in Kwara, Niger and Kebbi states.

Dare said the president had directed the Nigerian Air Force (NAF) to intensify aerial surveillance over the deepest stretches of the forests, where criminals were believed to be hiding. 

He said the operation would be carried out round the clock, with air assets maintaining constant communication and coordination with ground troops.

The presidential spokesperson explained that the same directive applied to Kebbi and Niger states, where joint operations were expected to facilitate the rescue of other kidnap victims. 

According to Dare, communities in the affected regions have also been urged to provide timely intelligence on suspicious movements to aid security forces in restoring safety.

A wave of brazen kidnappings and violent raids across Kwara, Kebbi, and Niger states had exposed the alarming reach of criminal networks exploiting remote forests and ungoverned terrain.

Tinubu’s directive for 24-hour aerial surveillance and ground coordination was both urgent and essential to dismantle the networks, rescue hostages, and restore confidence to vulnerable communities.

Dare wrote, “President Tinubu has ordered total security cordon over the forests in Kwara state following recent kidnappings and terrorist activities. 

“President Tinubu directed the Airforce to expand its air surveillance across the innermost parts of the forests in Kwara State, where it is believed the terrorists are hiding. 

“They are to maintain a 24-hour surveillance and link up with the booths on the ground. This order equally applies to the Kebbi and Niger States axis where many are expected to be rescued. 

“Communities are also urged to provide timely information about strange movements and activities to aid the work of the security forces.”

The presidency also disclosed that much pressure was mounted on the bandits by both the military and DSS last weekend, forcing the release of the 38 church worshippers kidnapped in Eruku, Kwara State.

Onanuga explained that non-kinetic approach was deployed in securing the release of the 38 worshippers.

In a release, Onanuga, while appreciating both the military and the DSS for the release of the kidnapped worshippers, added that the gunmen knew that if they did not cooperate, they were going to be “pummelled”.

He stated, “After the incident, the DSS and the military were involved in the rescue effort. They got in contact with the bandits to release the captives unharmed. On Sunday, they were able to get them out unharmed. They do have a way of tracking these people.

“The security agencies have a way of contacting these people. They (bandits) know the consequences of not acquiescing to government demands. They know they could be pummelled.”

Onanuga emphasised that a kinetic approach would have been counter-productive because terrorists often used abductees as “human shields”, which could result in “collateral damage”.

“Attacking their base could be risky because you can kill the civilians,” he added.

The presidential media aide also said the military would decide “the next line of action” on the kidnappers.

The rescued victims were abducted from Christ Apostolic Church (CAC) in Eruku community of Kwara State on November 18, while Director-General of DSS, Adeola Ajayi, briefed Tinubu on November 21 on the security crisis enveloping the country.

Tinubu had on Sunday announced that all the Eruku abductees had been released after receiving security briefings from top military and security brass at State House, Abuja. 

Again, Bandits Strike in Kwara, Gov Sets Up Cabinet-level Security Committee 

Suspected bandits once again invaded Isapa town in Ekiti Local Government Area of Kwara State, abducting a pregnant woman, two nursing mothers, and nine other residents of the town. 

Isapa is a neighbouring community to Eruku town, where three people were killed and 38 worshippers of the Christ Apostolic Church (CAC) were abducted last Tuesday, before they were later released last Sunday.

THISDAY checks revealed that the latest incident happened around 6pm, when between 20 and 30 armed bandits stormed the town with a large herd of cattle.

The incident, it was learnt, happened despite the presence of multiple deployment of army personnel and other security agencies to the local government area to ensure law and order.

It was gathered that the gunmen fired sporadically as they advanced, forcing residents to flee for safety. 

Sources close to the town told journalists in Ilorin that an elderly woman, reportedly, died when struck by stray bullet during the assault.

A community leader, who spoke on condition of anonymity, confirmed the incident, and said 11 persons were taken away, with seven abducted from the same family.

Among those kidnapped, which had been identified, were Talatu Kabiru, Magaji, Kande, Hadiza, Mariam, Saima, Habibat (a housewife), Fatima Yusufu (also a housewife), and a pregnant woman, Sarah Sunday. 

Others included a nursing mother, Lami Fidelis, and Hajia Na Allah.

Commissioner of Police, Mr. Adekimi Ojo, who confirmed the incident, when first contacted, said, “Yes, there was an incident, but I cannot say much now. I am about to enter Isapa from Ilorin. I will update you when I get there.”

Later, confirming the incident, in a statement, the police command Public Relations Officer (PPRO), SP Adetoun Ejire-Adeyemi, stated that it “received a distress call around 6:30pm reporting sporadic gunfire within the community.

“Preliminary findings revealed that at about 1805hrs, a group of armed men suspected to be herders invaded the village shooting sporadically. As a result, a woman sustained gunshot wound to her leg; she has since been treated and discharged.

“Police operatives, backed by tactical units, were immediately mobilised to the scene, where officers later discovered that 10 residents had been abducted during the attack.

“In response to the incident, the Commissioner of Police, CP Adekimi Ojo, visited Isapa for an on-the-spot assessment. During the visit, the police chief assured residents that the command had intensified efforts to rescue the abducted victims.”

According to the statement, “The CP met with Traditional Rulers, the Onisapa of Isapa Land, Oba Gbenga Adeyeye and Olokesa of Okesa Land, Oba Olu Fagbamila Raphael Olusegun, local and youth leaders; to assure residents of intensified operational efforts to rescue the victims safely and restore confidence in the area.”

The police said a massive search-and-rescue operation involving police tactical teams and local vigilantes was currently underway. 

The command said the teams were “combing the surrounding bushes with the objective of rescuing the victims and apprehending the culprits”.

Kwara State Governor AbdulRahman AbdulRazaq announced a cabinet-level security committee to drive alternative short-to-long term solutions to curtail further security breaches.

The committee was headed by Deputy Governor, Kayode Alabi, with Mrs. Olufunke Mercy Shittu of the Office of the Head of Service, as the secretary.

Other members of the committee were Special Adviser on Security Matters, Brigadier-General Saliu Tunde Bello; Hon. Commissioner for Local Government, Chieftaincy Affairs and Community Development, Abdullahi Bata; Senior Special Assistant on Security, Alhaji Muhyideen Aliu; Special Assistant on Security, Alhaji Moshood Gobir; and one local government chairman from each of the three senatorial districts. 

A statement issued in Ilorin by the governor’s Chief Press Secretary, Mr. Rafiu Ajakaye, said the committee would midwife exclusive engagements with different stakeholders, including traditional rulers, to design a Kwara-specific security strategy to strengthen public safety. 

“The committee will submit its report to the governor within four weeks for further considerations and actions. Its recommendations are to further enrich existing understanding of the nationwide security situations from local perspectives,” the statement added

IGP Egbetokun Calls for Collaboration to Surmount Insecurity Across the Country

Inspector General of Police (IGP), Mr Kayode Egbetokun, called for collaboration by all Nigerians to surmount the plague of insecurity in the country.

The call came as members of Niger State House of Assembly also reviewed the security situation in the state and concluded that the state was under siege by terrorists and bandits.

Egbetokun, speaking during a sympathy visit to Niger State Governor, Umaru Bago, said the country faced deep and troubling security challenges, with Niger being at the centre of the evolving threats.

The IGP expressed concern over the boldness of the criminals and their networks, insisting that the situation demands immediate and coordinated response by all and sundry.

Egbetokun described the St. Marys School incident as “troubling and heart-breaking”, assuring that security agencies, especially the Nigeria Police, are carrying the burden of rescuing the missing students.

He added that the force had deployed additional tactical assets to the state and expanded their intelligence platforms towards the safe recovery of the remaining school children and their teachers.

Bago appreciated the IGP and Tinubu for their prompt response in sending a rescue team to find the missing school children, adding that the IGP critical and tactical commands have been doing remarkable work.  

The governor also acknowledged the roles of other security agencies in their concerted efforts aimed at rescuing the missing children. He re-emphasised the need for closer collaborations with all relevant stakeholders in the mission of rescuing the school children.

Lawmakers in the state assembly debated the abduction of staff, students and pupils from St Mary’s Catholic Primary/ Secondary and threatened to abandon their legislative business if the security situation in the state was not positively addressed.

The lawmakers demanded the immediate rescue of the 265 teachers, pupils and students.

Abbas: We Won’t Accept Conclusions That Do Not Reflect Our Security Challenges 

Speaker of the House of Representatives, Hon. Tajudeen Abbas, said Nigeria will not accept conclusions that did not reflect the complexities of the country’s security challenges. Abbas stated this at a special plenary session on national security, yesterday, 

He said terrorism, banditry, communal clashes, and extremist violence had brought suffering to Nigerians of all faiths. 

Abbas stated, “Terrorism, banditry, communal clashes, and extremist violence have brought suffering to Nigerians of all faiths. Our Constitution guarantees freedom of religion, and every institution of government remains committed to protecting that right.

“With this context in mind, Nigeria continues to welcome partnership and constructive engagement. At the same time, we cannot accept conclusions that do not reflect the complexities of our security challenges.”

The speaker stressed that the country’s constitution guaranteed freedom of religion, and every institution of government remained committed to protecting that right.

He said with that context in mind, Nigeria had continued to welcome partnership and constructive engagement. 

The speaker also revealed that the federal legislature had conveyed to the United States government its recent resolution faulting Nigeria’s designation as “Country of Particular Concern” by President Donald Trump.

Abbas recalled that the Nigerian Religious Freedom Accountability Act of 2025 was introduced in the United States Congress, which placed Nigeria on the list of Countries of Particular Concern, saying the bill suggested that Nigeria permitted or encouraged religious persecution.

Stating that the government of Nigeria did not and would never support or sponsor violence against its citizens, he said, “We conveyed our resolutions to the United States Congress, the Department of State, and the United States Commission on International Religious Freedom.”

Abbas said it was important to restate “Nigeria’s actual security reality,” stating that over the past 15 years, the Nigerian government has invested significant resources in confronting insurgency and widespread violence.

He stated, “It is true that in some communities, Christians have been targeted, just as Muslim communities have suffered similar attacks in others. Nigeria welcomes this prospect and is prepared to work transparently and responsibly with American institutions.

“Our sovereignty remains non-negotiable, yet partnership, especially when extended in good faith, can allow both countries to face shared threats with greater clarity and purpose.”

Abbas stressed that the terrorist acts had been carried out by violent groups pursuing their agenda, saying it does not reflect the policy or practice of the Nigerian state.

Sani Tells Northern Political Elite to Stop Weaponising Insecurity

Senator Shehu Sani, who represented Kaduna Central District, urged the northern political elite to address the root causes of insecurity in the region and stop politicising the crisis. Sani stated this yesterday at his residence in Kaduna, when Open Heart Foundation and the Women Empowerment Centre, paid him a courtesy visit.  

He accused northern leaders of exploiting the security situation for political gain ahead of the 2027 elections.

Sani decried what he described as “political hypocrisy, failed leadership and worsening insecurity that has affected northern Nigeria for more than a decade”.

He identified Almajiri, mass illiteracy, poverty and underdevelopment as central factors driving the region’s insecurity, and called on northern leaders to confront the issues without further excuses.

He said, “The terrorists in the North-east are northerners; the bandits in the North-west speak Hausa, Fulfulde and Kanuri, not Mandarin or French. This is our problem. Only we can solve it.”

Sani urged civil society organisations to hold government accountable, but warned them against being used in political conflicts.

He cautioned, “Continue to speak out, but never allow yourselves to be used to undermine our security agencies. The future of the North depends on courage, honesty and unity. The question remains; when will the North sit down and confront its problems sincerely?”

He stated, “For 15 years, northern Nigeria has been a theatre of bloodshed,” noting that “schools, churches, mosques, villages, nothing has been spared since 2013.” 

Sani also said insurgent networks now operated across West Africa “with increasing boldness”.

Recent Surge in Insecurity Driving Hunger to Level Never Seen Before, Declares WFP

Growing instability across northern Nigeria, including a surge in attacks, is driving hunger to levels never seen before, United Nations World Food Programme (WFP) warned.

The warning followed the release of the latest Cadre Harmonisé, a regional food security analysis that classified the severity of hunger, which found that nearly 35 million people were projected to face severe food insecurity during the 2025 lean season, the highest number recorded in Nigeria. 

WFP, in a statement yesterday, said attacks by insurgent groups in Nigeria had intensified throughout 2025. Jama’at Nusrat al-Islam wal-Muslimin (JNIM), an al-Qaeda affiliate, reportedly carried out its first attack in Nigeria last month. 

The insurgent group, Islamic State in West Africa Province (ISWAP), is said to be pursuing its expansion across the Sahel. 

Other recent incidents included the killing of a brigadier in the North-east and attacks on public schools in the north, where several teachers and hundreds of schoolgirls remain missing.

“Communities are under severe pressure from repeated attacks and economic stress,” said David Stevenson, WFP Country Director and Representative in Nigeria. 

Stevenson said, “If we can’t keep families fed and food insecurity at bay, growing desperation could fuel increased instability with insurgent groups exploiting hunger to expand their influence, creating a security threat that extends across West Africa and beyond.”

The statement lamented that northern Nigeria was experiencing the most severe hunger crisis in a decade with rural farming communities being the hardest hit. 

Nearly six million people in the north are projected to face crisis levels of hunger or worse during the 2025 lean season – June to August – in the conflict zones of Borno, Adamawa and Yobe states. This included some 15,000 people in Borno State, who were expected to confront catastrophic hunger (Phase 5, famine-like conditions). children are at greatest risk across Borno, Sokoto, Yobe and Zamfara, where malnutrition rates are highest.

CP Airwing: Strategic Collaboration Key to Addressing Nigeria’s Insecurity

Commissioner of Police, Police Airwing, Nnamdi Azikiwe International Airport, Abuja, Martin Nwogoh, said Nigeria’s persistent security threats could only be effectively addressed through robust strategic collaboration among security agencies and key stakeholders. 

Speaking during visits by two major partners—the Nigerian Air Force and Nigerian Immigration Service – Nwogoh stated that no single agency could safeguard the country’s aviation environment in isolation.

He stressed that enhanced synergy was essential for maintaining security standards, projecting a positive national image, and ensuring that every visitor’s first impression of Nigeria reflected safety and professionalism. 

Nwogoh sated, “Today, we received two strategic partners: the Executive Airlift, which oversees the Nigerian Air Force Hangar here, and the Controller of Immigration in charge of the international airport. These two visits are quite strategic. 

“We consider them essential for building synergy and collaboration among sister agencies. The airport security ecosystem requires such cooperation, as no single agency can manage it alone. When I assumed duty, I also visited the strategic partners in the aviation industry.”

He added, “We will continue to deepen our relationship; the security challenges we face demand collaboration. To ensure that Nigeria is safe, especially within the aviation ecosystem, we must work closely with other sister security agencies. 

“The airport is the first point of contact for every visitor to Nigeria; the attitude and impression they take away begins at the airport. We will continue to do our best to maintain the highest standards.”

Comptroller of Immigration Service (CIS), Nnamdi Azikiwe International Airport Command, Anidima Solomon Pepple, also underscored the need for vigilance in identifying those entering the country through the airport.

Reiterating that all hands must be on deck to confront the growing wave of threats nationwide, Pepple called for stronger collaboration among sister agencies, particularly the Nigeria Police, to consistently outwit criminal elements.

She urged security agencies within the aviation ecosystem to work as a cohesive team to achieve the country’s broader security objectives. 

Earlier, in his remarks, Commander, 307 Executive Airlift Group of the Nigerian Air Force (EAG NAF), Air Commodore Oluwaseun Oluwatayo, pledged continued partnership with the police to keep the airport safe. 

Oluwatayo added that the Nigerian Air Force would further strengthen its collaboration with the police and other security agencies in the aviation security ecosystem, with particular emphasis on joint training.

Bandits Kidnap 10 Women in Kano, Invade Villages

Bandits raided Yan Chibi and Biresawa villages in Kano State’s Tsanyawa Local Government Area, abducting at least 10 people, including women and girls. 

Residents of the area said the attackers raided the villages between 11pm and 12 midnight, on Monday and operated for hours without resistance. 

According to a reliable source, the attackers, who came through Tsundu village, have left families in anguish, with no news on the victims’ whereabouts. 

The incident heightened fears not only in the area but also in neighbouring Kano towns that share borders with Katsina State.

A resident, who craved anonymity, said some armed bandits on motorbikes raided villages and abducted eight residents. 

He added that the attackers were fully armed with guns, and abducted his neighbour, Umma, 17-year-old daughter, Fati, his brother’s wife, and two other women. 

The other incident occurred in Biresawa Tsundu village, with five people taken from each community. The bandits’ whereabouts are still unknown. 

Kano State Commissioner of Police, Ibrahim Bakori, recently held series of meetings with community leaders and discussed security arrangements at Kano borders, especially border villages along Shanono, Tsanyawa and Rogo local government areas. 

Bakori promised to reinforce the ongoing operations in manpower, equipment, and stressed the need for sustained vigilance in the area. 

Foundation Decries Schoolsirls’ Abduction

Protect the Precious Foundation(PPF) decried the abductions of schoolgirls in Kebbi and Niger states, calling for their safe return. 

In a statement, founder of PPF, Ambassador Nora Okafor, condemned the abduction of 25 schoolgirls from Government Girls Comprehensive Secondary School, Maga, Kebbi State. 

Okafor described the incident as “horrifying, morally repugnant, and a clear sign of worsening insecurity targeting the nation’s most vulnerable: our children”.

She said, “This is not just a security breakdown; it is a brutal violation of the girls’ fundamental right to education. Schools must be safe spaces for learning, not hunting grounds for criminals.” 

Okafor said the foundation, which advocates the rights of the girl child, “stands in unwavering solidarity” with the families of the abducted girls, the school community, and all Nigerians who believe that no child should ever live in fear for simply going to school. 

Stop the Kidnapping, Killing of Nigerians, Catholic Bishops tell FG 

Catholic bishops in Nigeria urged the federal and state governments to take urgent measures to end the kidnapping and killing of innocent citizens.

They said government should act on the disturbing reports of delayed or withheld security responses, which gave the impression of possible collusion or a lack of will to act against the perpetrators of the crime.

The bishops, who spoke under the auspices of the Catholic Bishops Conference of Nigeria (CBCN), said the manner in which violent attacks and killings of innocent Nigerians had been allowed to fester with impunity was fuelling the disturbing Christian genocide narrative.

A statement jointly signed by the president of Catholic Bishops’ Conference of Nigeria, Archbishop of Owerri, Lucius Iwejuru Ugorji, and Secretary, Bishop of Uromi, Donatus Aihmiosion Ogun, said, “Government has both the responsibility and the means to end this violence and must no longer allow impunity to prevail

“The deplorable security situation in our nation Nigeria and the ongoing discourse heating up the nation’s fragile social and religious climate are truly worrisome. 

“More deeply painful is the persistent violence that has claimed countless lives, destroyed homes, and displaced families. As murderous groups continue to unleash terror on defenseless citizens, we strongly condemn these atrocities that have brought untold anguish to many communities.” 

The statement added, “It is a matter of grave concern that several predominantly Christian communities, particularly in the Northern and middle belt regions of the country, have come under repeated and brutal attacks, resulting in heavy casualties and the tragic loss of many Christian lives. 

“In some instances, there have been disturbing reports of delayed or withheld security responses, giving the impression of possible collusion or a lack of will to act.”

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*Orders 24-hour aerial surveillance of Kebbi, Kwara, Niger, charges security agencies to rescue others in captivity *Military, DSS put pressure on bandits to free 38 Eruku worshippers, says Onanuga *IGP seeks collaboration to surmount insecurity across Nigeria, Assembly says Niger under siege  *Sani tells northern elites to

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NNPC: N16tn Remitted to Federation in Taxes, Royalties, Dividends in 2024

NNPC: N16tn Remitted to Federation in Taxes, Royalties, Dividends in 2024

·    Spends N4.46tn on ‘sustainable’ procurement 

·    Targets 226 CNG stations by 2026

·    Employees exceed 5,400, 20% women in senior management 

Emmanuel Addeh in Abuja 

Nigerian National Petroleum Company Limited (NNPC Ltd) has disclosed that it paid the federal government nearly N16 trillion in taxes, royalties, and dividends in 2024, describing the achievement as unprecedented.

In a statement to the shareholders, members of the NNPC board, as well as partners and customers in the just-released Annual Financial Report, Group Chief Executive Officer of the national oil company, Bayo Ojulari, stressed that the company’s “sustainable” procurement spending also hit N4.463 trillion.

Essentially, sustainable procurement involves buying goods, services, and works in a way that delivers value for money while also reducing environmental harm, supporting social wellbeing, and strengthening economic resilience.

Besides, NNPC disclosed that its share of crude oil production was 202.3 million barrels during the year under consideration, while natural gas production was 1,045.6 billion SCF, and its number of retail outlets hit 1,096, even as the number of women in the senior management team climbed to 20 per cent.

Still on its sustainability activities, NNPC stated that it made commercial entry into the Compressed Natural Gas (CNG) market through the operationalisation of mobility CNG at the NGML/NIPCO mother station project and launched 12 CNG stations in Abuja and Lagos, as well as trained over 1,000 mechanics, and deployed 55 eco-friendly trucks.

On the shipping side of its business, Ojulari highlighted the commercialisation of NNPC’s “Bill of Lading” process, stressing that it generated N210 million in revenue, while its newly established “Vetting Desk” vetted 278 vessels, underscoring its commitment to transparency and value creation.

“In 2024, we remitted N15.982 trillion to the federal government in taxes, royalties, and dividends; an unprecedented contribution to national development,” Ojulari added.

He added that over 430,000 National Youth Service Corps (NYSC) members were trained in financial literacy, while 15,000 STEM textbooks were distributed as part of its Corporate Social Responsibility (CSR).

In the same vein, it reported that 3,400 citizens were supported through cancer screening, disclosing that its “inclusive” recruitment attracted 45,000 applicants, with 20 per cent of senior roles held by women.

He added, “We commissioned 12 CNG stations, launched methane reduction initiatives, and prioritised upstream emissions abatement.

“Our sustainable procurement spend reached N4.463 trillion. We submitted our inaugural UN Global Compact COP and reinforced governance frameworks to foster trust and transparency.”

While investing in world-class training of its staff at institutions like Harvard, Stanford, Wharton, Kellogg and Lagos Business School, the company stated that promotions were merit-based, appointments strategic, and recruitment transparent, ensuring it attracts and retains top-tier talent.

In addition, Ojulari stated that in 2024, NNPC’s upstream operations delivered exceptional results, especially with the establishment of the “Production War Room”, enabling the national oil company to overcome production bottlenecks and elevate national crude and condensate output from a lowest monthly average of 1.44 million bpd in March to a peak of 1.70 million bpd by November, an 18 per cent lift in nine months. 

“This momentum continues into 2025, with a year-to-date average of 1.725 million bpd, the highest in five years,” NNPC emphasised.

It listed key upstream achievements as: First oil from OML 13 Utapate and OML 85 Madu fields; Final Investment Decisions (FID) for OML 58 Ubeta ($550 million) and OML 118 Bonga North ($5 billion); unlocking significant gas and oil volumes; as well as successful streaming of Enwhe and Gbaran gas assets, adding 300 MMscfd to national supply.

The company stated, “In power, we expanded installed capacity by 2.8 per cent, and our LNG ambitions advanced with steady progress on NLNG Train 7. The Brass Fertiliser GSPA signing and renewed investor interest in Gas-Based Industries affirm Nigeria’s growing appeal as an energy investment destination.”

Still on its strategic achievements, NNPC stated that “First-ever strategy” was finalised, approved by the board, and operationalised, followed by record profit after tax, enabling reinvestment in clean energy, workforce development, and community initiatives.

On cleaner energy expansion, the company said apart from the 12 CNG stations commissioned in Abuja and Lagos, it was targeting an additional 226 by 2030.

“Looking ahead, we plan to continue advancing sustainability by: Expanding CNG and renewable energy infrastructure, deepening emissions reduction through targeted abatement in high-impact areas and strengthening governance, transparency, and stakeholder engagement,” the company stated.

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·    Spends N4.46tn on ‘sustainable’ procurement  ·    Targets 226 CNG stations by 2026 ·    Employees exceed 5,400, 20% women in senior management  Emmanuel Addeh in Abuja  Nigerian National Petroleum Company Limited (NNPC Ltd) has

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Sanwo-Olu Presents N4.23trn 2026 ‘Budget of Shared Prosperity’

Sanwo-Olu Presents N4.23trn 2026 ‘Budget of Shared Prosperity’

* Budget anchors on four pillars with deficit financing of N243.332bn 

* Economic Affairs has largest share of N1.372trn

Segun James 

Governor Babajide Sanwo-Olu of Lagos State yesterday presented a N4.237 trillion budget proposal for 2026 before the House of Assembly.

The budget had a total revenue of N3.993 trillion and deficit financing of N243.332bn.

Tagged, “The Budget of Shared Prosperity,” Sanwo-Olu said the budget was meant to build a Lagos that worked for everyone, that was safe and secure.

According to him, the total expected Internally Generated Revenue (IGR) is N3.119 trillion, with Total Federal Transfer of N874,000 billion.

It had Capital Expenditure of N2.185trn and Recurrent Expenditure of N2.052trn, comprising total overhead, total personnel cost, and recurrent debt service. 

The Recurrent Expenditure was broken down as follows: Total Overhead Cost, N1.084trn, made up of Overhead, N698.890bn.

Subventions, N201.216bn; Dedicated Expenditure, N184.139bn; Personnel & Debt, comprising Total Personnel Cost, N440.494bn; Recurrent Debt Charges, N143.876bn; and Debt Repayments, N383.404bn.

Sectoral Allocation, General Public Services- N847.472bn, Public Order & Safety– N147.040bn, Economic Affairs – N1.372trn, Environment – N235.957bn, Housing – N123.760bn, Health – N338.449bn, Recreation – N54.682bn, Education – N249.132bn and Social Protection – N70.024bn.

Sanwo-Olu had in 2025 presented a budget size of N3.367trn with a total revenue estimate of N2.968 trillion, comprising N2. 230 trillion from IGR.

The governor revealed the performance of the Y2025 Budget, saying as at the third quarter of Y2025, the period ending September 30, 2025, the state government had implemented N2.056trn representing, 81 per cent of the projected estimate of N2.525trn

Actual capital expenditure stood at N1.238trn, representing 90 per cent of the projected estimate of N1.553 trn, while actual recurrent expenditure stood at N818.577trn representing 84 per cent of the prorated estimate of N971.722trn.

Presenting the 2026 budget proposal, Sanwo-Olu said, “Mr. Speaker, I am, indeed, honoured to present to you today the Year 2026 Budget proposal of Lagos State, tagged ‘Budget of Shared Prosperity’. The Year 2026 Budget as proposed has a total budget size of N4,237,107,009,308.”

Sanwo-Olu stated that the 2026 was a reaffirmation of collective belief that Lagos would continue to rise, lead and create opportunities for every resident of Africa’s preferred megacity.

He added the budget would be the last full year of his administration, “making it a pivotal period for consolidating our legacy and ensuring a strong, successful finish. We remain determined to complete all ongoing and initiated projects, and we will continue to engage Lagosians so that their priorities consistently guide our actions.

“Having consistently laid solid foundations in the past years, we are now moving into a phase of accelerated impact. The investments we are making – in our people, in infrastructure, in social systems, in governance – are deliberate, inclusive, future-focused, and prosperity-driven.

“To recap, our objectives are clear and our resolve unshakable: To keep Lagos secure; to keep Lagos working; to keep Lagos growing and to ensure that this growth and prosperity are shared by all who call this hub of excellence home.”

The governor disclosed that the 2026 budget was anchored on four pillars: A Human-Centred Approach, Modern Infrastructure, A Thriving Economy, and Effective Governance.

He stated, “Mr. Speaker, our foremost priority remains the wellbeing of every Lagosian. To this end, in 2026 we will expand access to quality education, strengthen healthcare delivery, widen social protection, and accelerate affordable housing.

“We will improve urban renewal, waste management, and flood resilience, while ensuring that women, youth, older persons, and persons with disabilities are fully supported. Our goal is a Lagos that cares, includes, and uplifts.

“In 2026, our focus will shift from building infrastructure to integrating it — linking our roads, rail lines, waterways, energy systems, and digital networks into one functional ecosystem.

“We will push major projects to completion, expand drainage systems, and advance smart city solutions for better connectivity, traffic management, sustainable housing, and public service delivery.

“In 2026, we will accelerate economic growth by strengthening MSMEs, encouraging circular economy initiatives, empowering startups, and advancing innovation across sectors.

“We will expand support to agribusiness, manufacturing, technology, creative industries, and tourism – driving job creation and boosting competitiveness.”

The governor said, “Our aim is to fast-track the transformation of Lagos into an engine of opportunity and a global hub for innovation, trade, and enterprise.

“Good governance is the backbone of development. We will deepen our fiscal reforms, expand e-governance, advance automation of fiscal systems, and enhance transparency across MDAs.

“Security and emergency readiness will remain top priorities, supported by stronger coordination and investments. We will continue to strengthen citizen engagement to build trust and ensure that Lagosians remain at the centre of governance.”

While admitting that the House of Assembly had remained a dependable partner on every step of this journey, he extended appreciation to the legislature for the cooperation, oversight, and steadfast commitment to the greater good of the state. 

Sanwo-Olu said, “Together, we have shown that progress is possible when leadership and partnership move in the same direction.

“I must not fail to acknowledge the diligent work of the Lagos State Civil Service across all our Ministries, Departments, and Agencies. Day in and day out, they are on the frontlines, executing and implementing the vision, translating lofty goals into transformational results for the people of Lagos State.

“To the leadership and members of the Lagos State Chapter of the All Progressives’ Congress, I say a big thank you. We would not be here, delivering these results, without you – without the progressive platform you have given us the privilege to serve.

“And to all the good people of Lagos State, your high expectations are the fuel for this work that we do and this collective sacrifice of governance. Let me again assure you that we will live up to, and go beyond, your expectations. You deserve nothing but the highest levels of excellence in service.

“As we present this budget, we recognise the challenges ahead, but we also recognise the extraordinary resilience and creativity of our people – the true engine of Lagos.

“Their strength inspires us, their aspirations guide us, and their success remains our ultimate measure of performance.

“Let us therefore move forward with renewed momentum and shared purpose – determined to build a Lagos that is stronger, cleaner, safer, more prosperous, and more inclusive than ever before. A Lagos that stands as a model for Africa and a global symbol of what visionary governance can achieve.”

Speaker of the House of Assembly, Rt. Hon. Mudashiru Obasa, said collaboration with the executive had been of tremendous help to the success of the Sanwo-Olu administration. 

Obasa said, “Our commitment to citizen engagement remains steadfast. Through our annual Stakeholder Meetings, held simultaneously across all constituencies, we ensure that Lagosians have a voice. We believe governance works best when people are listened to, not just talked at.

“And perhaps most personally gratifying for me is that we recently passed a landmark bill, University of Medicine and Health Sciences Law, 2025, establishing the Lagos State School of Health Science and Medicine.

“This is so dear to us because we want to stop the brain drain, the ‘japa’ syndrome of our health workers, to create opportunities for our brilliant young people to stay and serve in Lagos and, by extension, Nigeria. This will encourage them to study, to heal, to build, right here at home.

“Reflecting on the 2025 fiscal year, I can say with confidence that the current budget’s execution has been promising, especially in health, education, transport, and security. 

“For 2026, the proposed N4.237 trillion budget must match Lagosians’ aspirations. It must further economic resilience, improve welfare, strengthen security, and build enduring infrastructure.”

The speaker stated, “Our economic strength rests on unity, thoughtful planning, and inclusive policies. We are a state defined by human liberty and responsible governance.

“Our strength is not in arrogance but in unity, in our sophistication, and in our commitment to building for the future. These are the true strengths of our socio-economic status, and we cannot depart from them.”

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* Budget anchors on four pillars with deficit financing of N243.332bn  * Economic Affairs has largest share of N1.372trn Segun James  Governor Babajide Sanwo-Olu of Lagos State yesterday presented a

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FG Approves Abia’s Renovation, Upgrade of Ojukwu Bunker, National War Museum

FG Approves Abia’s Renovation, Upgrade of Ojukwu Bunker, National War Museum

Boniface Okoro in Umuahia

The federal government has given Abia State the nod to renovate and upgrade Ojukwu Bunker and War Museum to international tourist sites.

The approval followed agreements signed between the National Commissions for Museums and Monuments and Abia State Government to modernize the two federal government facilities located in Umuahia, where important relics of the Nigeria-Biafra war are housed.

Commissioner for Information, Prince Okey Kanu, announced this Monday evening while briefing journalists at Government House, Umuahia, on the outcome of the weekly State Executive Council (EXCO) meeting presided by Governor Alex Otti.

“We are also pleased to announce key milestones that continue to transform the state’s cultural, historical and creative landscape in line with the government’s vision for the arts, culture, and creative economy of the state.

“In this way, Council has approved the comprehensive retrofitting of Ojukwu Bunker and National War Museum, two major historical monuments in the state and country.

“This follows the finalization of agreements between the National Commission for Museums and Monuments and the State Ministry of Arts, Culture, and Creative Economy.

“The renovation and upgrade of the facilities at the two centres will modernize both iconic heritage sites, enrich visitor’s historical experience and reposition the bunker and the museum as leading tourist sites in the state and country,” Kanu said.

He said this intervention reinforces the state government’s unwavering commitment to “preserve our history while elevating the state’s tourist potential, which ultimately will further provide employment and business opportunities for Abians.”

At the joint press briefing, the Commissioner for Arts, Culture and Creative Economy, Mr. Matthew Ekwuribe, disclosed that work at the sites would within one month when the Memorandum of Understanding (MoU) between the federal government and Abia State, be finalized.

“We are working closely with the National Commission for Museums and Monuments and the Federal Ministry of Art, Culture, Tourism and Economy, to ensure that we finalize the MOU and then work with the government.

“So as soon as possible, it will be probably in another three weeks or one month, we should be able to start the retrofitting of those facilities,” Ekwuribe said.

The two Commissioners hinted that the state government, through the Ministry of Arts, Culture, and Creative Economy, was packaging a number of events to mark this year’s Christmas season and welcome Abians and visitors to the state during Yuletide. 

“A number of activities have been lined up to mark this year’s Christmas season, and the first in the series of events will be a Comedy Fest scheduled to hold on the 12th of December, 2021 in Umuahia.

A number of homegrown talents, alongside other notable artistes, will feature at the fest. Abia State Christmas Carol is also scheduled for the 20th of December, 2025,” Prince Kanu said.

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Boniface Okoro in Umuahia The federal government has given Abia State the nod to renovate and upgrade Ojukwu Bunker and War Museum to international tourist sites. The approval followed agreements

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Amupitan: Polls Integrity Non Negotiable

Amupitan: Polls Integrity Non Negotiable

Adedayo Akinwale in Abuja 

Chairman of the Independent National Electoral Commission (INEC), Prof.  Joash Amupitan, SAN, has insisted that the integrity of elections under his leadership was non negotiable.

Amupitan disclosed this yesterday in Abuja during the swearing-in of  Prof. Adeniran Tella as a Resident Electoral Commissioner of Oyo state.

He stated: “My tenure as Chairman of the Independent National Electoral Commission began with a clear and unwavering mandate: to deliver free, fair, credible, transparent and inclusive elections that genuinely reflect the will of the Nigerian people. 

“This mission is not merely a regulatory obligation; it is a moral and legal duty we owe to every citizen. The credibility of our electoral system is the very foundation upon which our democracy stands. 

“Your role as a Resident Electoral Commissioner (REC) is absolutely critical to the success of this democratic project. I must be unequivocal and I admonish you that the integrity of our elections is non-negotiable.”

Amupitan stressed that his swearing-in was a profound responsibility, placing him at the forefront of Nigeria’s democratic journey in one of our states.

He charged him to uphold the highest standards of professionalism and integrity in every action you take. 

“As I have emphasised to my colleagues, and I now emphasise to you: Any compromise on our values or our procedures shall not be tolerated.

“You must focus on transparency, strictly adhering to every guideline and every procedure laid out by the Commission and the Electoral Act. 

“We also have a moral and legal obligation to ensure the electoral system is above reproach. Any misconduct, whether by omission or commission, shall not be accepted. 

“Your primary goal must be to instill in the voters of your state the confidence that their choice truly counts. 

“We are resolved to combat all forms of election rigging, including the menace of vote-buying. The eyes of the nation are upon us. The public trust placed in INEC is sacred,”Amupitan stated.

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Adedayo Akinwale in Abuja  Chairman of the Independent National Electoral Commission (INEC), Prof.  Joash Amupitan, SAN, has insisted that the integrity of elections under his leadership was non negotiable. Amupitan disclosed this yesterday in

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Shettima Back in Abuja After Attending G20, AU–EU Summits in South Africa, Angola

Shettima Back in Abuja After Attending G20, AU–EU Summits in South Africa, Angola

Deji Elumoye in Abuja 

Vice President Kashim Shettima on Tuesday evening returned to the nation’s capital, Abuja from Luanda, Angola, after representing President Bola Tinubu at the 7th African Union–European Union (AU-EU) Summit held in that country.

The Vice President had on Sunday departed South Africa for Luanda after a successful outing at the 2025 Group of 20 (G20) Leaders’ Summit in Johannesburg, where he also represented the President.

In Angola, Shettima, according to a release issued by his Media Assistant, Stanley Nkwocha, delivered Tinubu’s statement in which he intensified the nation’s call for Africa to secure permanent seats with veto-wielding authority on the United Nations (UN) Security Council, insisting that comprehensive reform of the global governance system is long overdue.

The President, in his statement, also tasked the European Union (EU) with co-creating peace and security initiatives alongside its African partners, anchored on African-led frameworks as a pathway to achieving sustainable stability across the continent.

Tinubu reaffirmed the country’s firm commitment to advancing peace, security and democratic governance across Africa, and collaborating with the European Union to build a more stable, just, and prosperous world.

Earlier at the first session of the G20 Leaders’ Summit in Johannesburg, South Africa, the President urged world leaders to come up with a more equitable and responsive system to manage global financial flows and sincerely address the recurring debt crises in a manner that meets the needs of all nations.

In his speech delivered by Shettima on Saturday, President Tinubu noted that the multilateral frameworks, currently being relied on, no longer reflect the complexities of the present world, as they were “built in an era far removed from” the present challenges. 

At the third session of the G20 Leaders’ Summit on Sunday, the President called for a global framework that benefits communities hosting critical minerals in Nigeria and Africa, ensuring value addition at the source.

He also backed the creation of global ethical standards for Artificial Intelligence (AI), aimed at accelerating development across the world.

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Deji Elumoye in Abuja  Vice President Kashim Shettima on Tuesday evening returned to the nation’s capital, Abuja from Luanda, Angola, after representing President Bola Tinubu at the 7th African Union–European

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Dangote Picks US Firm, Honeywell to Upgrade 650,000 Bpd Refinery to 1.4m Bpd

Dangote Picks US Firm, Honeywell to Upgrade 650,000 Bpd Refinery to 1.4m Bpd

JP Morgan: Oil prices could plunge into $30s by 2027

Says supply glut  may drive prices down to 20-year low

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos 

The Dangote Group has announced that it has entered a strategic partnership with Honeywell International Incorporated to support the next phase of expansion of the Dangote 650,000 barrels per day Petroleum Refinery by over 100 per cent.

In a statement issued yesterday, Dangote said the collaboration would provide advanced technology and services that would enable the refinery to increase its processing capacity to 1.4 million barrels per day by 2028, marking a major milestone in their long-term vision to build the world’s largest petroleum refining complex.

According to the statement, through this agreement, Honeywell will supply specialised catalysts, equipment, and process technologies that will allow the refinery to process a broader slate of crude grades efficiently and to further enhance product quality and operational reliability.

Honeywell, a US firm, is a global Fortune 100 industrial and technology company, which offers a wide portfolio of solutions across aviation, automotive, industrial automation, and advanced materials. 

Honeywell’s division UOP has been a technology partner to Dangote since 2017, providing proprietary refining systems, catalyst regeneration equipment, high performance column trays, and heat exchanger technologies that support our best-in-class operations.

Although the financial terms of the deal were not disclosed, the partnership aligns with a plan unveiled last month by the oil firm to add a new single-train unit, with the goal to meet Nigeria’s domestic demand while producing surplus volumes for export.

The Dangote Group added that it is also advancing its petrochemical footprint. As part of the wider collaboration, the group said it was scaling its polypropylene capacity to 2.4 million metric tons annually using Honeywell’s Oleflex technology.

Polypropylene is a key industrial material widely used across packaging, manufacturing, and automotive applications. In addition to refining expansion, Dangote Group stated that it was progressing with the next phase of its fertiliser growth plan in Nigeria. 

“We will increase our urea production capacity from three million metric tons to nine million metric tons annually. The existing plant consists of two trains of 1.5 million metric tons each. The expansion will add four additional trains to meet growing demand for high-quality fertiliser across Africa and global markets.

“Dangote Group remains fully committed to delivering world-class industrial capacity, strengthening Nigeria’s energy security, and driving sustainable economic growth through long-term investment, innovation, and strategic global partnerships”, the statement added.

Meanwhile, analysts at JP Morgan have predicted that oil prices are on course to fall to their lowest level in two decades outside the pandemic, with Nigeria’s benchmark, Brent crude oil, forecast to average $42 during 2027 as a surge in production by the Organisation of Petroleum Exporting Countries (OPEC) cartel triggers a supply glut.

Without any intervention, prices would end up “sliding into the $30s by year-end”, the bank said. Barring the pandemic, when lockdown rules meant travel was heavily restricted, prices were last at $30 in 2004.

The price of Brent has fallen from more than $82 in January to $62 on Tuesday as the Saudi-led OPEC cartel of oil producing nations has boosted output to protect its market share.

Meanwhile, demand has been hit as Chinese consumers ditch petrol and diesel cars for electric vehicles.

Lower oil prices typically help motorists as forecourts should pass on falling wholesale costs to consumers, UK Telegraph reported. JP Morgan forecast that the surplus in oil production would climb to 2.8 million barrels per day next year, up from 1.5 million bpd so far this year.

“Under these conditions, Brent prices are likely to slip below $60 in 2026, drop into the low $50s by the final quarter, and close the year with a $4 handle,” the analysts said.

“The outlook worsens in 2027, as mounting surpluses drive Brent to an average $42, with prices sliding into the $30s by year-end”, JP Morgan added.

Analysts at Deutsche Bank and Macquarie have also forecast drops in oil prices to the mid $50s by the end of this year. Luke Bosdet of the AA said a fall “would be a huge boost to the finances of families with cars and, more importantly, the cost of haulage”.

“That would have a big impact on prices to customers, which should be passed on to consumers,” he said. “The net result should be a significant fall in inflation. But, with global events and economic volatility, I’ll believe it when I see it,” Bosdet said.

In its latest report, the International Energy Agency (IEA) said that global oil supply was up by a “massive” 6.2 million bpd since January. Global oil stockpiles surged by 77.7 million barrels, or 2.6 million bpd, in September, reaching the highest level since July 2021.

However, the Agency warned it was not yet clear how supplies would be impacted by the recent tariff turmoil, the US federal government shutdown and British and American sanctions on Russia’s two largest producers Rosneft and Lukoil.

The Agency said: “Saudi Arabia boosted supply by close to 1.5 million bpd from January through October, in line with its higher quota. By contrast, Russian production is up by only 120,000 bpd over the same period, with growth stymied by sanctions and a challenging operating environment.”

It added that in the final three months of this year, global oil consumption growth “is expected to ease” compared to the previous quarter while crude supply “is on course to rebound further, adding to market balances that look increasingly askew”.

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JP Morgan: Oil prices could plunge into $30s by 2027 Says supply glut  may drive prices down to 20-year low Emmanuel Addeh in Abuja and Peter Uzoho in Lagos  The Dangote Group has

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Despite Gains in Inflation-targeting, CBN Retains MPR at 27%

Despite Gains in Inflation-targeting, CBN Retains MPR at 27%

·       Cardoso: at double digit, headline inflation still a concern, declares 16 banks have met new capital thresholds, says macroeconomic gains will soon impact on masses, insists Naira stability driven by market forces

·      Explains apex bank’s apathy in intervening in economic sectors: over N2 trillion outstanding from previous interventions

·       Uwaleke says with MPC decisions, banks face lower marginal funding costs that should reduce interbank volatility, encourage lending to SMEs

James Emejo in Abuja and Nume Ekeghe in Lagos

The Central Bank of Nigeria (CBN), yesterday resolved to keep the Monetary Policy Rate (MPR), the benchmark interest rate unchanged at 27 per cent.

The central bank, however, adjusted the standing facility corridor around the MPR at +50/-450 basis points, and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks (DMBs) at 45 per cent, merchant banks at 16 per cent, and 75 per cent for non-TSA public sector deposits as well as kept the Liquidity Ratio unchanged at 30 per cent.

Addressing journalists after the two-day meeting of the Monetary Policy Committee (MPC) – the last for 2025 – CBN Governor, Mr. Olayemi Cardoso, said the committee’s decision was underpinned by the need to sustain the progress made so far towards achieving low and stable inflation.

The MPC also reaffirmed its commitment to a data-driven assessment of developments and outlook to guide future policy decisions.

However, Nigeria’s Professor of Capital Market, Prof. Uche Uwaleke, hailed MPC’s decision to maintain the MPR as well as keep CRR and Liquidity Ratio unchanged, noting that with the CBN’s lending window now cheaper, banks face lower marginal funding costs which should ordinarily reduce interbank volatility and encourage lending to SMEs.

The CBN governor said the committee welcomed the continued deceleration in headline inflation (year-on-year) in October 2025, for the 7th consecutive month following sustained monetary policy tightening by the CBN, stable exchange rate, increased capital inflows, and surplus current account balance.

He said the relative stability in the price of Premium Motor Spirit (PMS) and improved food supply, also supported the pace of disinflation.

The CBN governor also disclosed that Gross external reserves increased by 9.19 per cent, reaching a high of $46.70 billion on November 14, 2025, from $42.77 billion at end-September 2025, sufficient to cover 10.3 months of import for goods and services.

Analysts had predicted that the MPC will be encouraged by the recent deceleration in inflation to cut the base rate.

However, Cardoso pointed out that headline inflation remained high at double digit, requiring sustained efforts toward moderating it further.

He said the committee was therefore, of the view that the steady deceleration in inflation across the three measures (headline, core and food) in October 2025, suggests that the lagged impact of previous tight policy measures is expected to continue in the near term.

He said, “Thus, maintaining the current stance of policy, amidst lingering global uncertainties, would allow the effect of previous policy rate hikes to sufficiently transmit to the real economy and further reduce prices.”

However, Cardoso, who read the committee’s communique, expressed satisfaction over the sustained resilience of the banking system, with most financial soundness indicators remaining within regulatory thresholds.

He further acknowledged the substantial progress in the ongoing recapitalisation programme, adding that 16 banks have achieved full compliance with the revised capital requirements by the apex bank.

The committee, thus, urged the CBN to ensure a successful implementation and conclusion of the recapitalisation programme.

Nevertheless, the MPC noted the robust performance of the external sector, evidenced by the surplus current account balance and steady accretion to reserves, which have contributed to stability in the exchange rate and moderation in inflation.

Cardoso said global inflation is expected to maintain a steady decline through 2026, on the back of the combined impact of past monetary tightening, gradual stabilization of the global supply chain and softening commodity prices.

He added that inflation is, however, projected to remain above pre-Pandemic levels in the near term.

The MPC forecast indicated a sustained disinflation in the near term, to be largely driven by the lagged impact of previous monetary policy tightening measures, supported by the continued stability in the foreign exchange market.

In addition, the ongoing seasonal harvest cycle is expected to boost local food supply, and further moderate food prices, the CBN governor added.

The MPC reaffirmed its commitment to evidence-based policy approach towards achieving the bank’s mandate of price and financial system stability.

However, addressing concerns that the progress so far recorded in the macroeconomy had not trickled down to the masses, Cardoso said having achieved stability which is key to attracting investors, Nigerians will soon feel the impact of ongoing reforms.

He said, “And if you look at the sectors, you will see that over the course of the last couple of quarters, there has been growth. But the fact that we are now accomplishing stability gives greater confidence to investors, who ultimately will invest.

“And so, the growth and some of the issues you are talking about now become issues that are easily taken care of, and I’m almost certain that in the fullness of time, you will begin to see exactly what I’m talking about, that stability has a way of promoting growth and ensuring that it is stable and enduring growth, which is what we really need. What we don’t need is anything that is short-term and cannot be sustained.”

Also, responding to the seeming drought in CBN’s targeted interventions in the economy, and if that has worked under the current monetary policy strategy, Cardoso pointed out that out of the N10.93 trillion CBN interventions to the economy from 2010, about N4.69 trillion or 43 per cent remained outstanding.

He said, “Since we have come, we have been able to rein back about N2 trillion. Now, this is a humongous amount of money. So, what is still outstanding really and truly ties our hands in terms of additional interventions.

“I think I have to make that very clear, because you go in a direction that will easily destabilise your economy, as indeed happened in the past. We are having to take time to bring and rein in all these excessive interventions that had a way of heavily distorting our economy.

“So, from that, my answer to your question is a very simple one: it is working. And why is it working? Two reasons. One, because I can’t do any interventions. My hands are tied anyway. And two is the fact that as a catalyst, to what extent are we using our convening power? Because that’s what it is, really using our convening power to encourage those who should be in the development space to be there.”

Continuing, Cardoso said, “And we are doing that. And the reason we are doing that is because, if you look back at the model of interventions being done, they had certain elements in them which were very discouraging for those who should, by the very nature of their business, be doing it. And why is that?

“Because if others are doing it, like the central bank, at the rates that they are doing it, why would anybody else think they can compete with the central bank? They can’t. What we want is the incentive for them to be creative, innovative, come up with new products, and think outside of the box.

“Those are add-ons that we as central bank believe we are doing and will continue to do. Also, there is a moral hazard. If you take money, it is money to be returned. It’s not money that you take and put in your pocket and walk away.”

Nevertheless, Uwaleke said, “I consider the MPC decision to maintain the MPR at 27 per cent, keeping the CRR and Liquidity Ratio unchanged, a welcome development.

“This is especially so against the backdrop of the narrowing and asymmetry of the standing facility corridor from +250/-250 bps to +50/-450 bps, effectively lowering the ceiling for CBN lending and widening the gap on the deposit end.

“This adjustment signals cautious operational easing, even as headline MPR remains elevated apparently to continue to manage inflation and FX pressure.”

He said, “With the CBN’s lending window now cheaper, banks face lower marginal funding costs which should ordinarily reduce interbank volatility and encourage lending to SMEs.

“The real challenge is whether banks will translate this corridor adjustment into actual lower lending rates. Given fiscal pressures from deficit financing which compound inflation risk and the need to support growth, the MPC decision is quite appropriate.”

The CBN governor further clarified that contrary to speculations that the current stability in the local currency may have been policy-driven to offer temporary relief, Naira’s stability is derived from the interplay between market forces of demand and supply.

The central bank governor said, “Our FX system is one that is open and very transparent. So, you can see who is buying, you can see who is selling. It is this that gives confidence to markets. And it is for that reason that, on average, and on a daily basis, we have half a billion dollars in turnover market activity, with many times the CBN not being a participant. 

“For those of you who remember how markets used to operate in those days? The CBN does not intervene; nothing happens. That is now a thing of the past. We have a market that is open, that is transparent, and that plays in accordance with certain rules that everybody has signed up to.”

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·       Cardoso: at double digit, headline inflation still a concern, declares 16 banks have met new capital thresholds, says macroeconomic gains will soon impact on masses, insists Naira stability driven by

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Law Corridor to Host Pre-retirement Clinic for Senior Legal Professionals

Law Corridor to Host Pre-retirement Clinic for Senior Legal Professionals

Raheem Akingbolu

Law Corridor will, on Thursday, December 4, 2025, host a pre-retirement legal clinic for senior professionals and executives.

The pre-retirement legal clinic organized under the auspices of Family, Succession and Wealth Management (FSW) Practice Group, the session is designed to offer objective legal insight into key issues relating to succession planning and wealth management for senior professionals and executives who are approaching retirement or already retired.

This initiative forms part of Law Corridor’s ongoing commitment to legal education and thought leadership within the Nigerian legal community.

Founded by human rights advocate Pelumi Olajengbesi, Law Corridor is a law firm with activities in diverse areas of law, including legal consultancy, litigation, and corporate services.

As part of its corporate social responsibility activities, the law firm also engages in community outreach, such as participating in a “Walk of Hope” event to raise awareness for pediatric cancer, and policy dialogue, like collaborating with the Real Estate Developers Association of Nigeria (REDAN). The firm also provides training programs, as seen in the use of case studies and role-playing.

In the area of policy dialogue, Law Corridor engages in discussions on legal, regulatory, and economic landscapes through thought leadership and industry engagements.

To achieve its objectives, the firm often explores collaborations with other organizations to achieve common goals, such as the partnership with REDAN.

Meanwhile, the statement announcing the upcoming event indicated that participation would be strictly on invitation.

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Raheem Akingbolu Law Corridor will, on Thursday, December 4, 2025, host a pre-retirement legal clinic for senior professionals and executives. The pre-retirement legal clinic organized under the auspices of Family,