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THISDAY, ARISE Media Groups Respond to Harassment and Attack on Free Speech, Press Freedom By First HoldCoPlc

THISDAY, ARISE Media Groups Respond to Harassment and Attack on Free Speech, Press Freedom By First HoldCoPlc

PRESS STATEMENT

The attention of the editors of THISDAY and ARISE Media Groups has been drawn to false claims of misrepresentation of facts by the Board and Management of First HoldCoPlc in a sponsored post  in some publications in an attempt to trample on our constitutionally guaranteed free speech and the freedom of the press as the Fourth Estate of the Realm as enshrined in the Constitution of the Federal Republic of Nigeria.

Section 39 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) under the Right to Freedom of Expression and the Press states that: 

“The press, radio, television and other agencies of the mass media shall at all times be free to uphold the fundamental objectives contained in this Chapter and uphold the responsibility and accountability of the Government to the people.”

First HoldCoPlc, in its latest market action, an off-market sale of 10.4 billion shares valued at N324.47 billion on Wednesday July 16th, 2025, has brazenly affronted Laws and Regulations of the Federal Republic of Nigeria put in place for good governance and transparency as follows:

The Nigerian Exchange Limited (NGX)

Disclosure of Beneficial Ownership

•   Any person acquiring 5% or more of a listed company’s shares (directly or indirectly) must be disclosed. Disclosure must include: identity of the beneficial owner; shareholding category (e.g., director, substantial shareholder, insider); and whether the holding is direct or via a trustee/nominee.

Material Transaction Disclosures

•   The NGX requires timely and comprehensive disclosure of any transaction that involves a significant volume of shares or may materially impact investor perception or market price. Partial or delayed disclosure violates the principles of fair, orderly, and efficient markets.

Securities and Exchange Commission (SEC)

Rule on Issuers’ Disclosure Obligations

•   Listed companies must disclose material facts fully, frankly, and without omission. The SEC holds issuers accountable for any attempt to suppress, misrepresent, or under-report major transactions. The use of indirect vehicles (e.g., trustees, bridge holders) does not exempt issuers from disclosure obligations.

Bank and Other Financial Institutions Act (BOFIA) 2020

Section 7 – Acquisition of Significant Shareholding

•   Any person or entity acquiring 5% or more of the shares in a bank or bank holding company must obtain prior written approval from the Central Bank of Nigeria (CBN). Approval is required again at higher thresholds: 10%, 20%, 25%, 50%, and 75%. Acquisitions made through nominees, proxies, trustees, or other indirect structures (such as a ‘Bridge Holder’) fall under this provision.

Section 9 – Notification of Shareholding

•   Once a 5% stake is acquired, both the acquiring party and the institution (First HoldCo) must formally notify the CBN of the change in shareholding structure.

Section 27 – Disclosure and Transparency

•   Financial institutions must disclose: their beneficial ownership structure; all related-party transactions; and any information that may materially affect stakeholders. Failure to provide full and frank disclosure is considered a violation of the Act.

Section 45 – Insider Lending and Conflicts of Interest

•   Requires disclosure and regulatory approval for any transaction involving directors, officers, or related parties, especially if it affects control or ownership.

Section 65 – Prohibition on Lending Against Own Shares

•   Explicitly prohibits any bank from granting loans or advances secured by its own shares. Any funding or financing arrangement involving the purchase of First HoldCo shares using credit from FirstBank would violate this section.

In line with the constitutional rights of the Nigerian media to ask questions , report facts and seek clarity where matters involving shareholders are opaque, other Nigerian media outlets have reported the following by First HoldCoPlc in its lack of transparency and full disclosure of it recent share sale to a trustee it described as a “Bridge Holder“ of First HoldCo Plc.

1. The Guardian: “Otedola Tightens Grip on First Bank with 40% Stake Acquisition”

2. BusinessDay: “Otedola Buys Out Otudeko, Increases  Stake in First Bank to 36.7%.”

3. MoneyCentral: “Otedola Increases FirstHoldCo Stake to 40% with Buyout of Otudeko. 

4. Punch: “ First Holdco’s N323.4bn Share Transaction Sparks Speculation over Otedola’s Stake”

5. Daily Independent: “First Holdco N1 Trillion NPLs Cast Shadow Over Otedola’s Takeover

In a July 18th letter written to the Chief Executive Officer of the NGX Regulation Ltd, First Holdco Plc referenced BusinessDay Newspaper’s reporting of the opaque off-market transaction.

So, why is First Holdco Plc singling out ARISE and THISDAY media groups for such intimidation in an attempt to gag the press and evade accountability?

The Nigeria media has only asked these questions because First Bank has not complied with Nigerian laws and regulations regarding full disclosure.

For instance, it has reported a N324.47 billion share acquisition of 10.4bn shares off market, but when it came to disclosure, it disclosed only N195 billion on the stock exchange contrary to Nigerian stock exchange rules that requires frank and full disclosures and no omission of facts that could disadvantage investors.

In asking these questions, First Bank has disclosed that there is a “Bridge Holder” confirming ARISE and THISDAY reports that the share acquisition was held by a trustee. A bridge holder, as described by First Bank, in simple language, is a trustee which was confirmed by the Attorney General to be Stanbic IBTC Bank. 

So who is this bridge holder? How much are they holding? Who provided the funds which markets are claiming to be First Bank’s. Can they deny or confirm this?

Especially under the BOFIA Act, which says no bank shall grant any loans or advances on the security of its own shares. There are also Prudential Regulations on credit facilities granted by any bank to single borrowers or groups of related borrowers.

First Bank is also required by law to follow both CBN regulations and FCCPC rules. So far, these transactions have not been in compliance with these rules.

And it is the constitutional duty of the media to ask questions. And that is what we are asking. So instead of hiding and trying to intimidate the press and bully its practitioners, what we require is full disclosure from First Bank in line with Nigerian laws for market confidence. This especially at this time when the CBN has gone above and beyond to return the financial markets to orthodoxy.

Finally, FirstHoldCo refers to an unrelated transaction by a related entity: General Hydrocarbons Ltd claiming falsely that it’s being owed. First Bank used GHL assets to secure its loan of $400m from AMCON and has not paid nor has it met FBN’s commitments to GHL. FBN went to court 3 times before Justices Alagoa, Justice Dipeolu and Justice Obile all of the Federal High Court and lost all three cases to GHL. The case now in arbitration.

Signed:

The Boards of Editors THISDAY & ARISE Media Group

Lagos

Nigeria

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Breaking: Nigeria’s GDP Grew by 3.13% in Q1

Breaking: Nigeria’s GDP Grew by 3.13% in Q1

James Emejo in Abuja

The National Bureau of Statistics (NBS) Monday released the much-awaited rebased Gross Domestic Product (GDP) estimates, which revealed that the economy grew by 3.13 per cent in the first quarter of the year (Q1 2025).
Addressing journalists at the public release of the results of the rebasing exercise in Abuja, Statistician General of the Federation (SGF)/Chief Executive, NBS, Prince Adeyemi Adeniran, said the outcomes of the exercise reflected changes in economic reality, and cautioned against politicising the new figures.
Essentially, the exercise changed the base year used for calculating economic activities to 2019 from 2010.
Following the rebasing, using 2019 as the base year, the economy grew by 3.13 per cent year-on-year in real terms in Q1 compared to 2.27 per cent in Q1 2024.
According to GDP estimates for Q1, 2025, aggregate GDP at basic price stood at N94.05 trillion in nominal terms compared to N79.51 trillion in Q1 2024, representing a nominal growth of 18.30 per cent. Real GDP stood at N49.34 trillion.
In the quarter under review, the economy was driven mainly by the services sector, which recorded a growth of 4.33 per cent and contributed 57.50 per cent to the aggregate GDP.
The non-oil sector grew by 3.19 per cent in real terms, and contributed 96.03 per cent to GDP in Q1 compared to 97.20 per cent in the preceding quarter and 95.98 per cent in Q1 2024.
On the other hand, oil sector contribution to real GDP rose to 3.97 per cent in Q1 from 2.80 per cent in Q4 2024, but lower than 4.02 per cent in Q1 2024.
The nation’s average daily oil production increased to 1.62 million barrels per day (mbpd), compared to 1.54 mbpd in the preceding quarter, and 1.57 mbpd recorded in same quarter of 2024.
According to the NBS, the real growth of the oil sector stood at 1.87 per cent year-on-year in Q1, compared to 4.71 per cent in the corresponding quarter of 2024 .
The agriculture sector grew by 0.07 per cent, from the growth of -1.79 per cent in Q1 2024, and contributed 23.33 per cent to aggregate GDP in real terms in Q1, lower than 28.68 per cent in preceding quarter and 24.04 per cent in Q1 2024.
Manufacturing contribution to real GDP stood at 9.62 per cent in Q1 compared to 7.62 per cent in 2024 and 9.76 per cent in Q1 2024.

Details later…

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Oshoala Retires from Super Falcons at 30

Oshoala Retires from Super Falcons at 30

Duro Ikhazuagbe

Six-time African Player of the Year, Asisat Oshoala, 30, has called time on her illustrious career with the Super Falcons. 

The former Barcelona Femeni forward announced her retirement from international duties for Nigeria on Facebook on Monday, stressing that it was a necessary step to pave the way for emerging talents to shine on the global stage.

“At 30, with six African Women’s Best Player awards, I will bow out to start a new chapter after WAFCON 2024/25,” she wrote on Facebook. 

She continued: “Thank you for your unwavering support. I’m forever grateful for the love and sacrifices shared with me through this journey.”

Oshoala’s illustrious career is adorned with a record six CAF Women’s Player of the Year titles (2014, 2016, 2017, 2019, 2022 and 2023), making her the most decorated player in the history of African women’s football. 

Her relentless drive, goal-scoring prowess, and global impact have made her a role model for countless young athletes across the continent. 

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FG Eyes $10bn Revenue, $5bn Investment in Green Hydrogen Development 

FG Eyes $10bn Revenue, $5bn Investment in Green Hydrogen Development 

Shettima seeks less reliance on volatile oil market 

Emmanuel Addeh in Abuja

Vice President Kashim Shettima at the weekend said that there was the need for Nigeria to reduce its over-reliance on the volatile global fossil fuel markets by attracting significant investment into the development of Nigeria’s domestic green hydrogen industry.

Shettima spoke as it was revealed that Nigeria’s green energy roadmap indicates that the country is seeking to attract $5 billion in private investments and create 500,000 new jobs by 2035, including in manufacturing, tech and  logistics as well as $10 billion annual revenue from hydrogen exports.

Speaking in Abuja at the ‘Nigeria 4H₂ Project Results Workshop and End of Project Stakeholders Interaction’, the vice president noted that the project will stimulate job creation across various sectors, from engineering and manufacturing to logistics and research.

The Nigeria 4H₂ project  is a German-supported initiative focused on exploring and developing green hydrogen-to-fertiliser production in Nigeria. It’s a technical and stakeholder-led study evaluating the country’s potential in producing hydrogen using renewable energy such as solar and wind.

In his address themed: “Unlocking Nigeria’s Green Hydrogen Potential: A Renewed Hope for a Sustainable Future’’, read by his Special Adviser on Economic Affairs, Dr Tope Fasua, Shettima stated that although Nigeria’s vast reserves of hydrocarbons has fueled growth, the  clarion call for a sustainable, decarbonised future remains real.

Shettima stated that the Nigeria 4H₂ project represents Nigeria’s strategic response to this global imperative, to unlock Nigeria’s vast and untapped potential in green hydrogen, a clean, versatile, and abundant energy carrier that can revolutionise the economy.

“Green hydrogen, produced from renewable sources such as solar and wind power, offers a compelling pathway to diversify our energy mix, reduce our carbon footprint, and create new economic opportunities. 

“Nigeria is uniquely positioned to become a leader in this burgeoning industry. We are blessed with an abundance of sunlight and wind resources that can be harnessed to generate the clean electricity required for green hydrogen production,” the vice president added.

Shettima stated that this requires the collective genius, capital, and commitment of every stakeholder, including government agencies, private sector entities, academic institutions, and  international partners.

“The economic ramifications of this project are colossal. By positioning ourselves as a major producer and exporter of green hydrogen, we can create a new stream of revenue, reduce our reliance on volatile fossil fuel markets, and attract significant foreign direct investment,” he added.

In his intervention, the Director General, Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi, said that  developed and emerging economies are racing to diversify their energy portfolios with low-carbon sources, particularly hydrogen.

In line with this, Abdullahi who was represented by the Director, Renewable Energy, ECN, Ibrahim Sulu, stated that in fulfillment of the commission’s primary mandate, it has drafted a national hydrogen policy and strategy, a document which provides a comprehensive framework.

Part of the document, he said, is the implementation of a roadmap that seeks to attract $5 billion in private investments, create 500,000 new jobs by 2035, including manufacturing, tech and  logistics as well as $10 billion annual revenue from hydrogen exports.

He said: “The policy recommended the following phased activities to be developed and implemented by the National Hydrogen Council…Phase 2 (2028–2035) Scale hydrogen exports via Lekki Port. Attract $5 billion in private investments. Economic & Environmental Impact Projections:  500,000 new jobs by 2035 (manufacturing, tech, logistics). GDP: $10 billion annual revenue from hydrogen exports. Emissions: 20 per cent reduction in industrial CO₂ by 2030.”

Also speaking, the Executive Director of the West African Science Centre on Climate Change and Adapted Land Use (WASCAL), Prof Emmanuel Ramde, noted that Nigeria continues to face critical challenges that affect the wellbeing of its people, including limited access to electricity, overreliance on fossil fuels, a shortage of fertiliser, and persistent food insecurity.

He stated that the Nigeria4H2 project was initiated by WASCAL in collaboration with Nigerian academic institutions, including the Federal University of Technology, Akure, Afe Babalola University and the Federal University of Technology, Minna.

“We are proud to report that under three forward-looking production scenarios developed within the framework of this study, Nigeria has the potential not only to meet a significant share of its domestic fertiliser demand through green ammonia but also to establish itself as a global player in the emerging green economy. 

“The scenarios indicate that with the right investments, clear regulatory frameworks, and adequate infrastructure, Nigeria could generate over 4 million tonnes of green ammonia annually by 2060 to produce fertiliser,” he said.

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THE HAZARDS OF NOISE POLLUTION    

THE HAZARDS OF NOISE POLLUTION    

The authorities should do well by enforcing the law

Last month, the Lagos State Environmental Protection Agency (LASEPA) intensified its clampdown on environmental violations, sealing off several facilities across the mainland over persistent noise pollution, and other infractions. According to the agency that has from time to time, sealed some hospitality facilities and worship centres, noise pollution has become a perennial problem that is posing a serious threat to the sanity, stability and peace of mind of the state’s residents. We believe the Lagos authority is on the right path in acting against those causing noise pollution. We encourage other states to pay similar attention, particularly to enforce existing laws or to promulgate regulations for the good of all. 

Scientists have determined that noise, ordinarily, is not a bad thing. But it becomes a pollutant in the environment when it rises to unbearable levels. In Nigeria, noise specifically emanates from electricity generating sets at home and offices, and from indistinct high volume music blaring at street-sides as vendors of all sorts compete for attention. Noise also emanates from vehicle engine and horns in traffic, construction sites, etc. But the real purveyors of noise are the religious organisations that have, in a bid to outdo one another, become a nuisance in most urban and rural areas across the country. We believe that people can worship their God without disturbing the peace of others in the solitude of their homes and offices.

It is unfortunate that Nigerians are forced to adapt to unbearable noise levels in their environment, even at the risk of their mental and physical health. The World Health Organisation (WHO) sees noise pollution as one of the most dangerous environmental threats to health. In several communities across the country, churches, mosques, hotels, event centres, lounges, clubs and party organisers tune their sounds to high heavens without any regard for the convenience or well-being of others.

Meanwhile, experts are concerned that pollution worsens spirals underlying health issues, particularly cardiovascular challenges like blood pressure levels and stress related diseases, sleeping disorders, fatigue, as well as hearing problems. It should also be a source of concern that regardless of robust regulations the federal government instituted to curb noise pollution, there has been lack of will to enforce them. For instance, there is the National Environmental (Noise Standards and Control) Regulations of 2009 that has all manner of provisions which the government believes will enthrone a healthy environment for all, the tranquility of their surroundings and their psychological well-being. The regulation prescribes the maximum permissible noise levels, a facility or activity to which a person may be exposed, for the control of noise and for mitigating measures for the reduction of noise. 

In all these rules, the government stipulates maximum permissible noise levels from a facility in the general environment.  There are exemptions for those who can prove that high noise level from their facility is inevitable. But they are required to apply for a permit to emit noise in excess of the permissible levels. Besides, whoever considers that the noise levels being emitted, or likely to be emitted, may be higher than the permissible levels are expected to complain in writing. 

 To engender a tranquil environment, government at all levels must begin to enforce their laws on noise pollution. 

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Tinubu Names Son Of Ex-military President, Muhammad Babangida, Chairman Of Revamped Bank Of Agriculture 

Tinubu Names Son Of Ex-military President, Muhammad Babangida, Chairman Of Revamped Bank Of Agriculture 

* Appoints eight others as chairmen and heads of government agencies

Deji Elumoye in Abuja 

President Bola Tinubu has appointed the son of former military President, Muhammad Babangida, as Chairman of the revamped Bank of Agriculture.

According to a release issued by presidential spokesperson, Bayo Onanuga, the president 

 approved the appointment on Friday, along with eight others, some of whom will serve as chairmen or directors-general of federal agencies.

Muhammad Babangida, 53, an alumnus of the European University in Montreux, Switzerland, where he earned a Bachelor’s degree in Business Administration and a Master’s degree in Public Relations and Business Communication, later attended Harvard Business School’s Executive Programme on Corporate Governance in 2002.

Others appointed by President Tinubu are:

Lydia Kalat Musa (Kaduna State), Chairman, Oil and Gas Free Zone Authority (OGFZA);

Jamilu Wada Aliyu (Kano State), Chairman, National Educational Research and Development Council (NERDC); Hon. Yahuza Ado Inuwa (Kano State), Chairman, Standard Organisation of Nigeria (SON) and

Sanusi Musa (SAN, Kano State), Chairman of the Institute of Peace and Conflict Resolution (IPCR).

Other presidential appointees are Prof. Al-Mustapha Alhaji Aliyu (Sokoto State), Director-General of the Directorate of Technical Cooperation in Africa (DTCA);

Sanusi Garba Rikiji (Zamfara State), Director-General of the Nigerian Office for Trade Negotiations (NOTN); Mrs Tomi Somefun (Oyo State), Managing Director of the National Hydro-Electric Power Areas Development Commission (HYPPADEC) and

Dr Abdulmumini Mohammed Aminu-Zaria (Kaduna State), Executive Director of the Nigerian Integrated Water Resources Management Commission (NIWRMC).

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Shettima: Buhari’s Death is Loss to Africa

Shettima: Buhari’s Death is Loss to Africa

•Xi Jinping: the Chinese lost a dear friend 

•FEC holds special session for Buhari today

Deji Elumoye, Chuks Okocha, Michael Olugbode, Onyebuchi Ezigbo, Linus Aleke in Abuja, Segun Awofadeji in Gombe

Vice President Kashim Shettima has described the passing of former President Muhammadu Buhari as a major loss, not only to the family of Buhari, the people of Daura, and Katsina State, but also to the country and the entire African continent.

Similarly, Chinese President, Xi Jinping, while mourning Buhari, said the Chinese people had lost a dear friend.

The Federal Executive Council (FEC) would hold a special session for the late Buhari today.

The session initially scheduled for Tuesday was postponed by President Bola Tinubu to allow members of FEC, including himself, Shettima, and ministers attend the burial of the ex-president on the same day in Daura, Katsina State.

Presidential spokesperson, Bayo Onanuga, in a post on his verified X handle @Onanuga1956, Wednesday evening, said the special session would hold at Council Chambers, State House, Abuja, from 1pm, with Tinubu leading the session of tributes for the deceased leader.

Onanuga wrote on his X handle, “A special session of the Federal Executive Council in honour of former President Muhammadu Buhari will be held on Thursday 17 July from 1pm. President Bola Ahmed Tinubu will lead the session of tributes for the departed leader.”

Shettima, who said Tinubu was personally pained by the demise of Buhari, spoke yesterday after a brief prayer for the repose of the soul of Buhari at the deceased’s residence in Daura.

He said people from far and wide had called to commiserate with Tinubu over the demise of Buhari.

Stating that every soul shall taste the torment of death, Shettima added that death was an inevitable destiny hanging on everyone’s neck, and all should consider themselves as travellers with their luggage waiting for the train.

The vice president stated, “The president was personally pained by the loss. He sent me to London earlier on to go and visit the late president. I was there for two days, and when he answered the call of Allah, the president equally directed me and the Chief of Staff to go and accompany the family and the body of the late president back home.

“And in consultation with President Tinubu, the family of the late President Buhari and the government of Katsina State, it was unanimously resolved that tomorrow (Thursday), by God’s grace, by noon, we shall all gather here to offer our prayers for the repose of the soul of the late president.”

Shettima stated that the late former president was not an ordinary person. He said Nigerians from all walks of life were still free to come and offer their condolences to the government and people of Katsina State.

The vice president said the Katsina State governor would be in the state, and members of the family of the late president would be in Daura to accept condolences.

“But the formal ceremony will come to an end tomorrow based on consultation between President Bola Tinubu, the family of the late president, and the governor of Katsina State,” Shettima said.

Earlier, Katsina State Governor Dikko Radda, said the demise of Buhari was a great loss to the people of Katsina, the nation, and Africa, in general.

Radda urged leaders at all levels to sustain the legacy of the late president by ensuring transparency, honesty, and accountability in governance, adding, “Buhari lived and died for the people.”

The governor appealed to all Nigerians to continue to pray for the repose of the soul of Buhari.

Radda thanked Tinubu and Shettima for honouring the late former president and the people of Katsina with their presence during the burial.

Minister of Information and National Orientation, Alhaji Mohammed Idris, extolled the virtues of the late former Nigerian leader.

Idris said, “We are here to pray for the repose of the soul of our former leader, President Muhammadu Buhari. May Allah accept his soul.

“Yesterday, as we all know, the former president was buried here in his compound, and it was witnessed by people from all walks of life, including President Tinubu.

“Today we have come to offer condolences and to also offer prayers for the repose of the soul of the former president.”

Minister of Labour and Employment, Mohammed Dingyadi, said he worked closely with Buhari as a member of his cabinet. Dingyadi said Buhari demonstrated a high sense of leadership, integrity, and other leadership qualities.

Dingyadi stated, “Late former President Buhari tried his best to fight corruption at all levels of government. We also tried our best to improve the quality of the Nigerian economy.

“We thank Allah for providing us with a leader of that quality, and we are here today praying for the repose of his soul. We pray to Allah to grant him Aljannah.”

Dignitaries present included Ministers of Women Affairs, Imaan Suleiman-Ibrahim; Agriculture and Food Security, Senator Abubakar Kyari; Environment, Alhaji Balarabe Abbas; Budget and Economic Planning, Senator Abubakar Bagudu; Justice and Attorney General of the Federation, Lateef Fagbemi (SAN); and Minister of State for the Federal Capital Territory (FCT), Dr. Mariya Mahmoud.

Others were Minister of Mines and Steel Development, Prince Shaibu Abubakar; Minister of State for Works, Bello Goronyo; Labour Party (LP) presidential candidate in 2023, Mr Peter Obi; former Secretary to the Government of the Federation (SGF), Ambassador Babagana Kingibe; former Vice President Atiku Abubakar; former Director-General of National Intelligence Agency (NIA), Ambassador Rufai Ahmed; former Minister of Aviation, Senator Hadi Sirika; and former Governor of Kaduna State, Malam Nasiru El-Rufai.

Also present were former Minister of Communication and Digital Economy, Professor Ali Pantami; former FCT minister, Malam Musa Bello; Emir of Daura, HRH, Alhaji Umar Farouk; and former Minister of Water Resources, Malam Suleiman Adamu, among others.

Xi Jinping: The Chinese Lost a Dear Friend

Chinese President, Xi Jinping, said his people lost a dear friend in Buhari.

Jinping, in a message on behalf of the Chinese government and people, expressed deep condolences and extended sincere sympathy to the family of Buhari, the Nigerian government and people.

He stated that Buhari was an important leader of Nigeria, and said the former president dedicated himself to exploring a development path suited to his country’s national conditions.

Jinping said Buhari made outstanding contributions to national unity and progress, and was highly respected in the international community.

He also stated that the deceased leader steadfastly upheld friendship with China, actively promoted Nigeria-China friendship, and China-Africa cooperation, adding that his passing represents a tremendous loss to the Nigerian people and the loss of a dear friend to the Chinese people.

He said China highly valued the development of its relations with Nigeria and was willing to work with the Nigerian side to consistently move forward the bilateral comprehensive strategic partnership.

Nigerians continued to hail the life led by the deceased former president, many of them citing person experiences with him.

Waziri: Why I Can’t Forget Buhari

Former Chairman of Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri, paid tribute to Buhari, expressing why she can never forget the role he played in her life.

Waziri stated, “The passing of former President Muhammadu Buhari has touched the hearts of millions across our nation. It is a solemn reminder that no matter the trials and complexities of life, a man will be remembered, indeed, by the values he steadfastly upheld.

“In President Buhari, Nigeria witnessed a man whose life was shaped by discipline, defined by incorruptibility, and anchored in an unwavering commitment to truth.

“I pay tribute to him not only as a public servant but as one whose principled actions touched my own life. In a system where justice is often elusive, President Buhari stood firm for what was right.

“It was under his leadership that the injustice done to me, by the denial of my rightful retirement rank as Assistant Inspector General of Police, was rectified. That act alone spoke volumes of his character: he recognised truth, and he acted on it.”

Obi Explains Absence at Buhari’s Burial

Presidential candidate of Labour Party (LP) in 2023, Peter Obi, said he was absent at the burial of ex-President Muhammadu Buhari on Tuesday due to the absence of a connecting flight to Katsina State.

Obi was, however, in Daura yesterday to pay a condolence visit to the family of the late former president.

The ex-Anambra State governor had been criticised for not being at the event. But he explained his absence.

Obi commiserated with the family of Buhari.

“It was difficult to come yesterday (Tuesday) because there was no flight,” Obi told Arise TV, adding, “Even if there was a flight, you couldn’t land in Katsina Airport. It was all closed, because there was a lot of dignitaries.

“Mourning continues until tomorrow. So, whoever comes today and tomorrow is still part of the mourning.”

Obi took photographs in Daura with former governor of Kaduna State, Mallam Nasiru el-Rufai, and also the son of Buhari.

Yahaya Leads Northern Govs to Bid Farewell to Buhari

Chairman of Northern States Governors’ Forum (NSGF) and Governor of Gombe State, Alhaji Muhammadu Yahaya, yesterday, led his colleagues to attend the funeral of Buhari.

Yahaya was received on arrival in Katsina by Radda, along with other senior government officials and dignitaries.

Yahaya paid glowing tribute and offered prayers for the eternal repose of the former president, praying that Almighty Allah forgives his shortcomings and grants him Aljannatul Firdaus.

He described Buhari as a symbol of integrity, patriotism, and selfless leadership, stating that he lived and led with principle, dedicating his life to the service of Nigeria and the upliftment of its people, especially the poor.

Yahaya stated, “Today, the nation bids farewell to a true statesman. His legacy of simplicity, discipline and patriotic devotion to duty will forever remain part of our national story.”

Tuggar Foundation: He’s a Patriot to Nigeria

Maitama Yusuf Tuggar Foundation extended its condolences to the family of Buhari, saying the nation has lost a patriot and colossus.

In a press statement by its Director-General, Alhaji Uba Nana, Tuggar Foundation said, “It is with deep sorrow that we at Tuggar Foundation extend our heartfelt condolences to the family of the late former President Muhammadu Buhari, GCFR, and to the entire nation of Nigeria on this great loss.”

The foundation described Buhari as a man of courage, discipline, and unwavering dedication to the progress and unity of Nigeria.

It stated, “His years of service – both as a military leader and a democratically elected president – leave behind a legacy of patriotism and commitment to national development.

“As we mourn his passing, we also celebrate a life well lived in service to the nation. Our thoughts and prayers are with his family, loved ones, and all Nigerians during this difficult time.”

Catholic Bishops: We Entrust His Soul to God’s Infinite Mercy

Catholic Bishops’ Conference of Nigeria (CBCN) prayed for Buhari, saying it entrusts his soul to God’s infinite mercy.

The bishops also extended condolences to President Bola Tinubu and the nation.

In a letter dated July 14, 2025, and signed by CBCN President, Archbishop Lucius Iwejuru Ugorji, the bishops conveyed their sympathies to the presidency, Buhari’s family, and the entire Nigerian populace.

“We entrust his soul to the infinite mercy of God and pray for comfort for his family, loved ones, the government, and the good people of Nigeria,” the message read.

CBCN emphasised that Buhari’s passing was a solemn reminder of life’s transience. It urged all Nigerians, especially those in power, to reflect deeply on personal integrity and service to the common good.

“May this moment of national loss inspire us to deeper reflection on the value of life,” Ugorji stated.

Lukman Explains Significance of Buhari’s Death

A member of African Democratic Congress (ADC), Mallam Salihu Lukman, said the death of Buhari signified end to the era of raising someone’s hand and it automatically translated to victory at election.

Lukman, a former National Vice Chairman (North-West), called on all leaders in the ADC coalition to be united, and build a strong team spirit and strong political party that would not only defeat APC but also be capable of rescuing Nigerians from their current woes.

Speaking on Arise Television, the ADC chieftain said even before Buhari died, the vacuum had been created. He said it was quite doubtful if before his death, he could influence electoral victory in the old way.

Lukman stated, “What we must learn, most especially in the coalition, is that we don’t have somebody with the kind of intimidating profile like that of late Buhari and what that means is that all the leaders of the coalition need to be humble and acknowledge that they need one another, and in the context of that, develop a strong team work. I think that is the challenge we are all facing. Our leaders must have a kind of team spirit.

“It is not about succeeding to defeat APC and Tinubu but succeeding to produce a new, fresh political template that will begin to meet the expectations of Nigerians. That is what I have been emphasising. We must try to build a strong political party.”

Lukman said, henceforth, politicians must be humble, fulfil campaign promises, and negotiate good relationship with citizens.

Bauchi Assembly: Nigeria Needs His Wisdom, Experience, Integrity at This Time

Bauchi State House of Assembly expressed sadness over the death of Buhari, saying it came at a time when his wisdom, experience, and integrity were greatly needed by the country.

The Assembly, through its Speaker, Hon. Abubakar Suleiman, described Buhari’s passing as a monumental loss to the nation and to emerging leaders across the country.

In a condolence message by his spokesperson Mukhtar Kobi, Suleiman, on behalf of the Assembly, praised the late president for dedicating his life to the upliftment of Nigeria and Nigerians.

He stressed that the late president worked tirelessly to free citizens from the shackles that hindered national development. He urged that Buhari’s enduring legacies be preserved and upheld.

The speaker also credited Buhari with impactful economic policies, stating that many Nigerians benefited from empowerment programmes that helped expand small businesses, drive technological innovation, and improve government revenue.

Ambode Hails Buhari’s Contributions to National Unity

Former Governor of Lagos State, Mr. Akinwunmi Ambode, joined millions of Nigerians in mourning the death of Buhari, describing him as a statesman whose leadership embodied integrity, patriotism, and an unwavering commitment to the ideals of national unity and progress.

In a solemn tribute, Ambode recounted the personal and institutional support Buhari extended to Lagos State during his administration. He emphasised that the former president’s actions reflected his deep appreciation of the state’s strategic importance.

Ambode stated, “President Buhari was a strong and ardent supporter of Lagos State. During my tenure as governor, he granted us significant concessions, including the permission to upgrade the Murtala Mohammed International Airport Road to a multi-carriage highway and the handover of several federal properties, like the Presidential Lodge in Marina.”

He stated that Buhari’s decisions were not merely political gestures but signs of visionary leadership anchored on fairness, equity, and a desire to see every part of Nigeria thrive.

“President Buhari led with dignity, calm resolve, and fear of God. His belief in the promise of our nation and his deep sense of responsibility to the people defined his time in office,” Ambode said.

Ogah: An Incorruptible Leader, Father Figure Dies

Former Minister of State for Mines and Steel Development, Dr. Uchechukwu Ogah, described the death of Buhari as the passing of an incorruptible leader and father figure.

In a tribute released from his country home in Uturu, Abia State, Ogah described Buhari as “a disciplined, visionary and selfless leader who served Nigeria with unwavering commitment.

Ogah stated, “I am deeply pained by the loss of a man I had the honour of serving under – a leader who redefined integrity in public service. President Buhari was not just a statesman, but a father figure to many of us. His love for Nigeria was pure, his vision clear, and his dedication unquestionable.”

Ogah, who served in Buhari’s cabinet between 2019 and 2023, praised the late president’s efforts in reforming the mining and solid minerals sector, recalling his personal encouragement and support during difficult reform decisions.

He said of Buhari, “He believed strongly in diversifying Nigeria’s economy through the mining sector. I witnessed first-hand how deeply he cared about transforming Nigeria beyond oil. His guidance gave me the courage to pursue policy reforms that today are yielding fruits.

“This is a painful moment for our nation, but also a time to reflect on the principles he lived for. May his soul find eternal rest, and may Nigeria never forget the sacrifices he made for her progress.”

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Otedola Takes Over 40 Percent of FirstHoldco in Forced Exit of Otudeko

Otedola Takes Over 40 Percent of FirstHoldco in Forced Exit of Otudeko

•GTCO Emerges as first listed financial Institution on NGX to cross N100 per share

Nume Ekeghe and Kayode Tokede

A total of N324.47 billion value for 10.47 billion units of shares in off-market block trading on First Holdco Plc shares, took place on the floor of the Nigerian Exchange Limited (NGX) yesterday in a mega deal linked to Mr Femi Otedola, who increased his current 15 percent holdings to about 40 percent, giving him total control of Nigeria’s oldest bank which has so far punched below its potential.

Oba Otudeko, the erstwhile Chairman of FirstHoldco, was forced to sell off over 20 percent of shares linked to him as the bank’s management, controlled by Otedola, moved to criminalise and prosecute Otudeko’s past misdeeds in the Federal High, Lagos, even when the issues had been settled commercially with regulatory action.  With these share transactions, First Bank is expected to withdraw its criminal complaint against Otudeko who at 82 can retire gracefully with over N300 billion in cash.

Another long term shareholder; The Hassan-Odukales voluntarily exited the bank and sold 5 percent of their holdings in a mega transaction as they  seek better shareholder value elsewhere.

These acquisitions by Otedola, markets believe,  is the first step to bringing stability to the troubled bank after years of shareholder in fighting.

But the challenge ahead is raising the N500 billion new share capital before CBN deadline less than a year away. They will need to raise another N154 billion and contend with none performing loans of up to a trillion naira and  CBN directives to end forbearance

It was gathered that the off-market deal was executed at a fixed price of  N31.00 per share on NGX as the lender’s stock price yesterday gained 9.9 per cent to close at N32.2 per share.

A source disclosed to THISDAY that the transactions were negotiated deals, which meant the trades were arranged privately between parties and then reported to the Exchange—not through the regular buy/sell orders seen during daily trading sessions.

Findings showed that 17 separate deals took place involving First Securities Ltd as the buyer with CardinalStone Securities Ltd, Meristem Stockbrokers Ltd, Renaissance Capital (Rencap) Securities Ltd, Regency Asset Management Ltd, United Capital Securities Ltd, Stanbic IBTC Stockbrokers Ltd as the seller of First Holdco’s stock.

It was learnt that First Securities Ltd also acted as seller in some deals, indicating a portfolio reshuffling or inter-account transfer.

A significant negotiated off-market trade rippled through the NGX, pushing the market value past N1.44 trillion.

GTCO Emerges as First Listed Financial Institution on NGX to Cross N100 Per Share

Meanwhile, Guaranty Trust Holding Company (GTCO), yesterday emerged as the first listed financial institution in Nigeria to cross the N100 per share mark on the Nigerian Exchange Limited (NGX).

As markets continue to bet on GTB as the most profitable bank in Nigeria.

The stock price closed for trading on the NGX at N101.00 per share, about 7.62 per cent or N7.15 per share increase from the N93.85 per share it opened for trading.

THISDAY’s check showed that GTCO’s stock price this week alone has appreciated by 7.3per cent from N94.10 per share the stock closed for trading last week amid its dual listing of 2,288,250,000 ordinary shares on NGX and on the London Stock Exchange (LSE).

So far in 2025, investors that invested in GTCO have reap a 57per cent or N44.00 per share stock yield, considering the N57 per share price the stock closed for trading in 2024.

GTCO’s rally was likely fuelled by positive market reaction around its cross-border listing and strong first quarter (Q1) ended March 2025 earnings.

The stock has gained over 27per cent month-to-date (MtD)  from N81.25 per share it opened for trading.

GTCO began trading on the Exchange in 2025, opening in January at N57.00 per share and trading a total of 393 million shares that month, closing at N61.05 per share.

Although February 2025 started on a bullish note, price action soon lost steam, and the stock closed the month with a muted gain of just 0.25 per cent.

Momentum returned in March with a sharp 12.4per cent rise, lifting first-quarter performance to a solid 20.7per cent.

The second quarter opened on a bearish note, as the stock shed 4.9per cent in April, its only red month so far.

GTCO’s additional 2.29 billion ordinary shares of 50 kobo each listing on NGX has positively impacted on the lender’s outstanding shares.

GTCO trading above N100 per share is driven by a wave of positive developments, part of which includes Q1 2025 earnings, possible interim dividend payout in the half year (H1)  ended June 2025, listing on the LSE, and meeting Central Bank of Nigeria (CBN) regulation on forbearance.

The lender posted profit before tax of N300.4 billion in Q1 2025, supported by strong growth in core earnings.

In mid-June 2025, the CBN directed all banks under regulatory forbearance—due to credit exposure or breaches of single obligor limits—to suspend dividend payments, defer executive bonuses, and halt new investments in FX subsidiaries.

In addition, GTCO’s recent move to seek global capital likely lifted investor interest.

On July 9, 2025, it listed 2.29 billion ordinary shares on the London Stock Exchange’s Main Market, followed by an additional 2.28 billion shares on the Nigerian Exchange the next day.

Commenting on the dual listing recently, Group CEO,  Mr.  Segun Agbaje said GTCO was targeting a minimum dividend yield of 15 and return on equity (ROE) of at least 25per cent — reflecting confidence in the group’s growth outlook.

In his words, he said, “A lot of our Nigerian retail shareholders judge us more on dividends. So, we’re now going to work on two parameters.

“I think that every Nigerian company should try and pay at least 15per cent dividend yield when you look at the rate of inflation.

“So we’re going to keep that as a parameter. I think when you look at some of the volatility in the macros, you’ve got to do at least a 25per cent ROE at the minimum.

“So it means, by doing this deal now, we’re going to be managing, hopefully, a dividend yield about 15per cent ROE expectations for retail Nigerians and a 25per cent minimum for foreign institutions.”

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Ahead of 2027, Atiku Quits PDP, Fully Aligns with Coalition ADC

Ahead of 2027, Atiku Quits PDP, Fully Aligns with Coalition ADC

•Cites irreconcilable differences, deviation from party’s founding principles

•Describes his decision as heartbreaking 

•We won’t miss him, Makinde reacts

•Keyamo slams ex-president for leaving his party at a time Nigerians are mourning Buhari 

•Group: Anyanwu’s recall finished PDP

•ADC: suffering Nigerians don’t need APC any longer

Chuks Okocha, Adedayo Akinwale in Abuja and Fidelis David in Akure

In readiness for the 2027 elections, former Vice President Atiku Abubakar has officially resigned from Peoples Democratic Party (PDP), ending his decades-long association with the former ruling party he helped to build.

Citing irreconcilable differences and deviation from the party’s founding principles on the party of the PDP leadership, Atiku, a founding member of a new opposition coalition, has now fully aligned with their new found party, African Democratic Congress (ADC).

In a letter dated July 14, 2025, addressed to Chairman of PDP in his Jada 1 Ward, Jada Local Government Area, Adamawa State, Atiku said he was quitting the party with immediate effect.

He expressed “profound gratitude” for the opportunities PDP gave him over the years, especially his two-term tenure as Vice President and two presidential runs on the party’s platform.

Atiku said, “Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is, indeed, heart-breaking for me to make this decision.”

He, however, said he could no longer continue as a member of PDP due to the current direction of the party.

“I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for,” he stated.

He concluded by wishing the party and its leadership well, saying, “Thank you once again for the opportunities and support.”

Atiku had left PDP and re-joined it twice. He initially joined PDP in 1998, left in 2006, re-joined in 2007, left again in 2014, and finally re-joined in 2017.

In 2006, he left to contest and became the presidential candidate of the now defunct Action Congress of Nigeria (ACN) in the 2007 general election. He was defeated by President Umaru Yar’Adua.

Atiku returned to PDP to contest the 2011 presidential election. He was defeated, again, by President Goodluck Jonathan.

Between 2014 and 2017, Atiku left PDP again, joining All Progressives Congress (APC), but Muhammadu Buhari defeated him in the APC presidential primaries.

Atiku returned to PDP in 2017 and became the presidential candidate in the 2019 general election.

In the PDP presidential primary election in 2022, Atiku contested and won the party’s ticket, but lost the main election to the incumbent President Bola Tinubu.

Ahead of the 2027 general election, he has defected and aligned with ADC.

Makinde: We Won’t Miss Atiku in PDP

Oyo State Governor, Seyi Makinde, described the exit of Atiku as good riddance to bad rubbish. Makinde stated this at the end of a colloquium to mark the 10th anniversary of the reign of Oba Aladetoyinbo Ogunlade, the Deji of Akure, which was held at the Federal University of Technology, Akure.

He highlighted the strategic role traditional institutions played in governance, conflict resolution, and community development.

Makinde said it was better for anybody holding PDP down to quit.

He stated, “Politics is a game of interest. I don’t think that his exit will make any dent on PDP as a party. PDP is an institution. We have freedom of entrance and exit. Anyone who holds PDP down, it is better for such an individual to quit.”

The governor dismissed the idea of ADC being an alternative to PDP, saying, “I don’t see ADC as a threat to PDP. The goal is about the same. If you are not happy about the tempo and pace of governance, you are free to associate and see what can be done.

“But one thing we must all realise is that players will come and go, governors will come and go, presidents will come and go, but our state and country will remain.”

Keyamo Slams Atiku for Poor Timing

Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, berated Atiku for making public his letter of resignation from PDP at a time the nation was mourning President Muhammadu Buhari, who died on Sunday.

Keyamo also faulted Atiku for using the federal government’s Coat of Arms in his private capacity, 19 years after leaving office as vice president.

He stated, “Excellency, @atiku, whilst I acknowledge that it is within your constitutional right to change political parties at any time you may wish, however, releasing your letter of resignation from the PDP during this week of the mourning of our immediate past president, Muhammadu Buhari, is clearly an attempt to draw the spotlight away from such a solemn occasion and direct it on yourself.

“In fact (as the image below shows) you prepared, typed, signed and delivered that letter the morning after the passing away of the former president was announced.”

Keyamo said, “With the greatest respect to you, this clearly demonstrates that your obsession with your perennial presidential ambition knows no sympathy or empathy.

“And since we are on the issue of your letter, it is both morally and legally wrong to continue to use the Coat of Arms of the federal government in your private or political communications when you stopped being a functionary of the federal government more than 18 years ago.

“Section 6 of the Flag and Coat of Arms Act, Cap. F30, Laws of the Federation of Nigeria, 2004 makes this an offence. Morally, it is also reprehensible to use a symbol suggesting that you are acting on behalf of the authority which that symbol represents.

“It borders on impersonation. Imagine a situation where all former government functionaries continue to use the Coat of Arms of Nigeria in their personal, political or private communications, there would certainly be confusion everywhere.”

Group: Anyanwu’s Recall Finished PDP

National Alliance for Democratic Governance (NADG) said the resignation of Atiku and other PDP bigwigs from the party had vindicated its earlier prediction that Senator Samuel Anyanwu’s reinstatement as the party’s National Secretary, against the position of the South East Caucus of PDP, had finally destroyed the party.

Reacting to Atiku’s resignation, NADG insisted that the 100th PDP National Executive Committee (NEC) meeting sentenced an ailing party to a preventable death by handing the party’s structures to those who were allegedly conniving with external forces to undermine it, even openly.

The group, in a statement in Abuja by its President and National Coordinator, Comrade James Ezema, said, “Nemesis has finally caught up with the PDP for the mistreatment meted to the South East, a region that sacrificed all for the party and remained fiercely loyal for the last 27 years.

“As earlier stated, denying the South East the 2023 presidential ticket, which the likes of Atiku and the Minister of the Federal Capital Territory, Nyesom Wike, were accomplices, was clear perversion of justice.

“But throwing an entire region under the bus by reinstating Anyanwu against party convention and practice, was not just a total humiliation and injustice taken too far against the South East, but an orchestrated and choreographed move to finally annihilate the party.

“The bottom-line is that as predicted, the Acting National Chairman, Ambassador Umar Damagun, has secured his place as the chief undertaker in the funeral of the party, which was once the largest political party in Africa.”

ADC: Suffering Nigerians Don’t Need APC Any Longer

ADC said suffering Nigerians were more than ever before convinced that they did not need the APC-led government beyond 2027 in order to regain their basic needs in life.

ADC said its desire was to reduce the cost of living in Nigeria, if voted into office in 2027. It emphasised that the government that could be callous in its first term in office would do worse things if given another chance.

Interim National Publicity Secretary of ADC, Malam Bolaji Abdullahi, who stated that, assured that the main target of the party was to ensure that the prices of petroleum products in the country were drastically reduced.

ADC urged Nigerians, particularly the electorate, to rally round it to win the 2027 general election and kick out the President Bola Tinubu-led APC government that had no feelings for the people.

Abdullahi stated, “The most important thing is that our job is half done with the current hunger in the land. The major task we have is to convince Nigerians that we are the alternative.

“They can see the difference in the lifestyle of the people in government that have no iota of human feelings, except for themselves and members of their families. The gap between those in government and the people have become so widened.

“What is clear is that Nigerians don’t want APC anymore. Any Nigerian, who is suffering today, knows that they don’t want APC anymore. We shall and must convince Nigerians that we represent the alternative.

“So a hungry person knows he doesn’t want to continue to be hungry. A person who can’t afford to pay hospital bills knows that he doesn’t want to continue. So, we don’t have any problems convincing Nigerians that have suffered enough like never before and are still suffering.

“Certainly, Nigerians cannot continue this way. The people need to be rescued and the ADC is on a mission to rescue Nigerians from the clutches of so-called leaders without human feelings.

“It is really painful to see Nigerians in agony as they cannot pay their hospital bills, feed as expected, can’t pay their children school fees and cannot afford cost of transportation and worst of it, increased and uncontrolled insecurity in the land is quite troubling.”