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Business Mogul and Elder Statesman, Aminu Dantata, Dies at 94

Business Mogul and Elder Statesman, Aminu Dantata, Dies at 94

Ahmad Sorondinki in Kano

Elder statesman and business mogul, Aminu Alhassan Dantata, is dead. He died in the early hours of Saturday in United Arab Emirates (UAE), according to the family.
He was aged 94.
Dantata, an uncle of Africa’s richest man, Aliko Dangote, was widely known for his business and philanthropic activities
Mustapha Abdullahi Junaid, late Dantata’s Personal Private Secretary (PPS), confirmed the death to reporters in Kano at the on Saturday morning.

In a heartfelt message, Junaid wrote, “Innalillahi wa inna ilaihi raji’un. Innalillahi wa inna ilaihi raji’un. It is with heavy heart that I announce the passing of our beloved father, Alhaji Aminu Alhassan Dantata. May Allah grant him Jannatul Firdaus and forgive his shortcomings. The Janazah details will be shared later, insha Allah.”

The revered elder statesman’s death marks the end of a significant era in Nigeria’s business and philanthropic community.

Alhaji Dantata, a member of the influential Dantata family of Kano, was known for his decades-long contributions to commerce, Islamic scholarship, education, and humanitarian causes.

He played a vital role in expanding the business empire inherited from his father, Alhassan Dantata, one of West Africa’s wealthiest men in the early 20th century.

Over the years, Alhaji Dantata diversified the family business into sectors including construction, manufacturing, banking, agriculture, and oil and gas. He also served in various public and private sector leadership positions, offering mentorship to generations of entrepreneurs and civic leaders.

Beyond business, he was widely revered for his modesty, religious devotion, and unwavering support for community development projects across the northern region. His charitable foundation and personal donations supported countless schools, mosques, health centres, orphanages, and widows.

The Janazah (funeral) details, according to the family, will be announced in due course.

Details shortly

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W’Bank: Extreme Poverty Rising Fast in Nigeria, 38 Others Hit by Conflict, Instability

W’Bank: Extreme Poverty Rising Fast in Nigeria, 38 Others Hit by Conflict, Instability

*Says 421 million people struggling on less than $3 per day in such economies

Ndubuisi Francis in Abuja

The World Bank has stated that extreme poverty is growing faster and taking a devastating toll on Nigeria and 38 other economies affected by conflict and instability, intensifying acute hunger, and pushing several key development goals farther out of reach.

The bank revealed this in its first comprehensive assessment of their plight in the aftermath of COVID-19.

The multilateral institution had earlier listed Nigeria as one of the 39 economies classified as being in Fragile and Conflict-affected Situations (FCS).
These situations included both active conflict and instability, and Nigeria’s challenges include insecurity such as banditry and kidnappings, particularly in the Northwest, and ongoing insurgency in the Northeast.

In the World Bank’s post-COVID survey, as conflicts have become more frequent and deadly since 2020s, the 39 economies were falling behind all others  in key development indicators.

According to the report, since 2020, their per capita GDP has shrunk by an average of 1.8 per cent per year, while  expanding by 2.9 per cent in other developing economies.

“This year, 421 million people are struggling on less than $3 a day in economies afflicted by conflict or instability—more than in the rest of the world combined. That number is projected to rise to 435 million, or nearly 60 percent of the world’s extreme poor, by 2030.  

“For the last three years, the world’s attention has been on the conflicts in Ukraine and the Middle East, and this focus has now intensified. 

“Yet, more than 70 percent of people suffering from conflict and instability are Africans. Untreated, these conditions become chronic. Half of the countries facing conflict or instability today have been in such conditions for 15 years or more.”

“Misery on this scale is inevitably contagious, ” said the World Bank Group’s Chief Economist, Indermit Gill
The new study underscores why the global goal of ending extreme poverty has been unattainable so far, adding that it is now concentrated in areas of the world where progress is hardest to achieve.

Of the 39 economies currently classified as facing conflict or instability, 21 are in active conflict.

In developing economies in general, the extreme-poverty rate has been whittled down to single digits—just 6 per cent.

In economies facing conflict or instability, however, the rate is nearly 40 per cent.

Their GDP-per-capita levels, currently about $1,500 a year, have barely budged since 2010—even as GDP per capita has more than doubled to an average of $6,900 in other developing economies. Moreover, unlike other developing economies, economies struggling with conflict or instability have been unable to create enough jobs on average to keep pace with population growth. In 2022, the latest year for which such data are available, more than 270 million people were of working age in these economies—but barely half of them were employed.  

“Economic stagnation—rather than growth—has been the norm in economies hit by conflict and instability over the past decade and a half.
“The global community must pay greater attention to the plight of these economies. Jumpstarting growth and development here will not be easy, but it can be done—and it has been done before.

“With targeted policies and stronger international support, policy makers can prevent conflict, strengthen governance, accelerate growth, and create jobs,” said the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group, M. Ayhan Kose

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Ganduje’s Push, Rivers Reconciliation Signal Tinubu’s Emerging Strategy for 2027 Presidential Race

Ganduje’s Push, Rivers Reconciliation Signal Tinubu’s Emerging Strategy for 2027 Presidential Race

*Chairman’s exit paves way for Kwankwaso’s imminent return to APC, as analysts see a Kano, Rivers, Lagos move 

*Vice presidency now in play

Deji Elumoye, Chuks Okocha, Adedayo Akinwale in Abuja and Blessing Ibunge in Port Harcourt

President Bola Tinubu may be quietly setting the stage for the 2027 presidential race, as recent political moves, including yesterday’s resignation of the All Progressives Congress (APC) National Chairman, Abdullahi Ganduje, and Thursday’s dramatic reconciliation between Rivers State Governor, Siminalayi Fubara and the FCT Minister Nyesom Wike, all pointing to a calculated realignment of forces across Nigeria’s key voting blocs.

Political analysts believe the unfolding events are part of the President’s broader strategy to consolidate his influence in Kano, Rivers, and Lagos—three politically strategic States that hold the power to tilt national elections.

Ganduje’s exit was widely seen as a deliberate gesture to smoothen the path for the return of former Kano Governor, Rabiu Kwankwaso, to the APC, potentially neutralising northern opposition and strengthening Tinubu’s 2027 base.

With Wike and Fubara seemingly sheathing their swords under Tinubu’s watch, the reconciliation also signals Tinubu’s intent to control the political narrative in the South-south. Combined with Lagos, his traditional stronghold, and a potentially united Kano front, insiders say Tinubu is stitching together a formidable tri-regional alliance that could give him a decisive edge in 2027.

Tinubu yesterday directed the APC’s Deputy National Chairman (North), Hon. Ali Dalori, to assume the position of Acting National Chairman, following Ganduje’s sudden resignation.

The National Publicity Secretary of the party, Felix Morka in a statement, explained that Dalori would be acting pending the meeting of the National Executive Committee (NEC) of the party to be summoned immediately to fill the vacancy created by the resignation.

He said: “The APC wishes to announce the resignation of Dr. Abdullahi Umar Ganduje, as the National Chairman of our great Party. His resignation, which is effective immediately, was offered to enable him attend to urgent and important personal matters.

“In his letter of resignation addressed to the National Working Committee (NWC) through the National Secretary, Senator Ajibola Basiru, Dr. Ganduje expressed gratitude to the President and Commander-in-Chief of the Armed Forces, His Excellency, Bola Ahmed Tinubu, GCFR, for the opportunity to serve the Party at the highest level.

“The President has directed the Deputy National Chairman (North), Hon. Ali Bukar Dalori, to assume the position of Acting National Chairman,  pending the meeting of the National Executive Committee (NEC) of the party to be summoned immediately to fill the vacancy created by the resignation.”

Morka recalled that Ganduje assumed leadership of the party in August 2023, following the resignation of his predecessor, Senator Abdullahi Adamu.
He said throughout his tenure, he dedicated himself to strengthening party unity and cohesion, expounding its democratic ideals, and enhancing the party’s electoral competitiveness.

Morka noted that the confidence placed in him by the party’s NEC and National Caucus meetings in February 2025, was a profound recognition and honour for his service.  

He added that he left his position as National Chairman with great pride in  collective achievements, including successful defections from opposition parties and legal affirmations of our Party leadership’s legitimacy.

Morka assured all party faithful that the party remains steadfast and unwavering in its mission to deliver transformative governance for all Nigerians, in line with President Tinubu’s renewed Hope Agenda.

However, there was disquiet in the party earlier yesterday, following Ganduje’s surprise resignation.

His sudden resignation threw the party into confusion as staff and party members were seen discussing the development in hushed tones.

Some party officials who pleaded to remain anonymous had told THISDAY earlier yesterday that resignation had more to do with mounting internal pressure and political calculations ahead of the 2027 elections.

However, analysts argued that the development paves the way for Kwankwaso’s imminent return to the ruling party and the re-zoning of the vice presidential ticket.

According to analysts, with the unfolding developments, the position of the vice president could either go North-west or North-east, depending on how they choose the next Chairman of the APC.

If the Chairman goes to North-central, then it puts the North-west in a position to get the vice presidency, competing directly with the North-east. However, if they decide to take the Chairmanship in the North-east, it puts North-central in a pole-position for the vice presidency, where the APC can pick a Christian, competing directly with the North-east, analyst explained yesterday.

Ganduje’s unceremonious exit made him the sixth chairman of the party since its formation in 2013.

The former Governor of Osun state, Chief Bisi Akande was the first chairman, while the former Governor of Edo State, John Odige Oyegun was elected after Akande stepped down after the party defeated former President Goodluck Jonathan.

After spending four years, Oyegun was not allowed to return and was replaced by former Adams Oshiomhole. He soon ran into trouble with Governors of the party and he was also shown the way out.

 In his place, a Caretaker committee, chaired by the Governor of Yobe State, Mai Mala Buni, was set up.

After party stakeholders got tired of Buni’s sit-tight attitude, he was forced to organize a national convention which led to the emergency of Senator Abdullahi Adamu.

After Tinubu won the election, it was clear that Adamu’s days were numbered considering the role he played to thwart Tinubu’s emergence as the party’s candidate. Adamu was replaced by Ganduje.

For Rivers, the President hosted the reconciliation meeting on Thursday night, at the presidential villa in Abuja, bringing together all the figures in the Rivers State political crisis in the closed-door meeting.

On March 18, this year, Tinubu had declared a State of Emergency in Rivers, following the unending political crisis in the State and suspended Fubara, his deputy, Prof. Ngozi Odu and all the State House of Assembly members.

After the meeting, Fubara expressed belief that there was a positive move for lasting peace in the state.

 Fubara, who is in his third month of suspension, promised to do everything within his power to ensure that the peace is sustained.

 “For me it is very important that this day has come. What we need is for the progress and peace of Rivers State. By the special grace of God, this night (Thursday), with the help of Mr President and in agreement with the leaders of the state, peace has returned to Rivers State. We will do everything within our power to maintain peace and make sure we sustain it this time around”, Fubara assured.

 On his part, the FCT Minister said their differences have been settled and that all parties are ready to work together.

 “We were there with the governor and he agreed to work with all of us, we are members of the same political party. Yes, we are human, we have time for disagreement and then also have time to settle the disagreement.

“We have come to report to the President that this is what we have agreed. For me, everything is over and I enjoined everybody who believed, to work with us to also work together, that there is no more acrimony. For me, it is a day to thank the Almighty God”, Wike added.

The former Governor of Rivers State also confirmed that all parties involved in the political crisis have reached a consensus to work collaboratively with Fubara.
Wike while highlighting the importance of unity within the state’s political family also acknowledged that disagreements comparing them to those between normal relationships, but emphasised that now is the moment to settle these disputes.

According to him: “We have all agreed to work together with the governor, and the governor also agreed to work together with all of us. We are members of the same political family.

“Yes, just like humans, you have a disagreement, and then you also have a time to also settle your disagreement. And that has been finally concluded today, and we have come to report to Mr. President, that is what we have agreed so for me, everything is over. And enjoy all everybody who believe to work with us, to also work together with everybody that there’s no more acrimony. There’s nothing to say.”

Thursday night peace talks at the Villa, apart from bringing together Wike and Fubara also had in attendance suspended Speaker of the Rivers State House of Assembly, Hon Martins Amaewhule, and Majority Leader, Hon Major Jack.

Also present were state party chairmen of both the APC  and the PDP, former governorship candidate, Senator Magnus Abe, Rivers federal lawmakers and too government officials.

Meanwhile, reactions have continued to trail the reconciliation as stakeholders in Rivers State said it would bring lasting peace in the State.
 In an interview with THISDAY, the State Chairman of the APC, Chief Tony Okocha, said no induced condition was made, adding that peace has finally returned in the state.

 “Peace has returned to Rivers State, nobody was under duress. The President didn’t invite us; we invited the president. Peace has been made before, then we felt that we should concretize issues in the presence of Mr. President and he was kind enough to receive us,” he added.

 Also reacting, a Chieftain of APC in the state, Chief Eze Chukwuemeka, believed that the reconciliation meeting did not include the governor’s supporters, expressing regret that the President acted out of the Constitution.

 He questioned the reason for declaration of state of emergency in the state and subsequent suspension of democratic government, even when the state is peaceful. He added that the decision from the meeting could not be in the interest of Rivers State.

 “Whatever they may have decided cannot be for the interest of the people of Rivers State. There was no reason for anybody to declare a state of emergency in a peaceful State. So, Tinubu declared the emergency rule for his own selfish interest and not when wants any peace in Rivers State.

 “From the photos we saw online after the meeting, is an indication that it was a one-sided agreement. Tinubu has been in support of whatever Wike is doing in Rivers State and he gave him every power to do what he is doing. And that is why you could see that it was only Fubara that was from his own side, Wike brought his own people to the meeting.

 “It is left for Rivers State people to decide whether the type of embarrassment that Tinubu and Wike gave to them is okay by them and they have to pass that judgment by 2027.”

 A right activist, Mr. Enefaa Georgewill, said the reconciliation will not stand in the interest of the people in the State, stressing that it would only de-escalate the noise from the state in the media space.

 Georgewill who is the Chairman of Rivers State Civil Society Organisations, continued that emergency rule “was not based on insecurity, but just about politics and economic interest, where the President chose to rule Rivers State through the back door and that is why the President was in a hurry, in a state where there is no war, no fighting, no death, declared a state of emergency and sacked a democratic government”.

However, former Vice President Atiku Abubakar described the deal as shambolic, insisting that it was a proof that the reason Tinubu declared State of Emergency in Rivers State was not real, but a farce and politically motivated.

 Weighing in on the reconciliation in a statement by his media aide, Paul Ibeh, Atiku asked, ”What manner of shambolic deal is this over the President Bola Tinubu’s planned reinstatement of Siminalayi Fubara as Rivers State Governor?”

 He further said, ”First off, it is a confirmation that Fubara’s suspension by Tinubu on the grounds of insecurity was a farce and that, indeed, the suspension was politically motivated. Recall that since the suspension of Fubara, about 400 persons, including the 200 in Yelewata, have been massacred in Benue without a declaration of a state of emergency in the North Central state.

 ”Secondly, it is a confirmation that the suspension was linked to Wike’s failed bid to control the resources of Rivers.

 ”Thirdly, it is a confirmation of Tinubu’s gambit to have his ruling APC control the oil-rich state.

 ”Fourthly, it is an abridgement of the rights of Governor Fubara and the usurpation of the mandate of the Peoples Democratic Party (PDP) and the people of Rivers to determine whether Fubara is worthy of a second term or not. Instead, what we are witnessing is Tinubu constituting a caucus to determine the process and outcome of what is supposed to be the exclusive preserve of the good people of Rivers State.”, Atiku stated,

Commending on efforts of the President in effecting the reconciliation, Segun Sowunmi, a former spokesperson to Atiku, praised Tinubu.

Reacting through his post on his X account, Sowunmi also thanked Fubara, Wike and Rivers elders for encouraging the intervention of President Tinubu in ending the crisis in their state.He wrote, “This is how to lead! A leader must resolve issues, not make them worse. There is nothing wrong with studying Asiwaju @officialABAT. After all, we study leaders in other climes. It is a weakness and colonial mentality to think that one of our own cannot be learned. Mr. President, you do this one.

“Thank you Gov @SimFubaraKSC, thank you, Min @GovWike, thank you Speaker and his colleagues. Thank you reasonable elders who encouraged this. This has always been my position. The journey from home is the same distance as the journey away from home. Team Rivers is Back. Now let’s celebrate. Never again!!!!”
However Former National Legal Adviser of the PDP, Mark Jacob, said he would not be surprised if Fubara joins the APC after the truce by Tinubu, adding that if they dangle any carrot that would enable him reclaim his mandate, he would go for it

Jacob stated this when he appeared on a television programme monitored in Abuja.

 Reacting to the meeting and citing the recent gale of defections to the APC, the ex-PDP legal adviser said it would not be surprising to see Fubara who is a member of the PDP join the ruling party.

 According to the former PDP National Legal Adviser, “So if they dangle a carrot to Siminalayi and tell him to come over to APC so that he can reclaim his seat, I will not be shocked if he agrees, because it’s all about me. ‘What will I gain,”

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Standing Ovation for Oramah, Nation Confers Him Grand Commander

Standing Ovation for Oramah, Nation Confers Him Grand Commander

*Dangote: Africa can rise through value addition to raw materials, says lack of electricity, policy summersault hampering industrialisation 

*Elumelu attests to improvement in investment climate across continent, urges businesses to honour loan obligations

Deji Elumoye and James Emejo in Abuja

President Bola Tinubu, yesterday conferred Nigeria’s second highest national honour – Grand Commander of the Order of the Niger (GCON), on the President/Chairman, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah.

The president honoured the Afreximbank’s boss at the 2025 Annual Meetings of Afreximbank, with the theme, “Building the Future on Decades of Resilience”, in Abuja.

Tinubu said the award was in recognition of a “decade of transformative leadership by Prof. Oramah, who has steered Afreximbank into becoming Africa’s foremost trade and development institution”.

He said Afreximbank, under Oramah’s steadfast leadership, grew its assets from $5 billion to over $37 billion, adding his decade of leadership saw the bank champion Africa’s pandemic response, drove industrialisation, and supported the Africa Continental Free Trade Area (AfCFTA) agreement as well as the continent’s creative economy.

The president further rallied African nations to united in their commitment to the continent’s development and prosperity amid rising protectionism and shifting trade dynamics, stressing that,”it’s more important than ever that we stand together”.

However, Tinubu said Oramah’s legacy remained one of generational impact.

He noted that 32 years ago, Afreximbank was born from Africa’s resolve to own its development, pointing out that over $250 billion had been mobilised for trade and development—$140 billion in the last decade alone.

Tinubu said the development finance bank had become a pillar of African progress.

The president further acknowledged that Nigeria had proudly benefited from over $52 billion in support, directed into energy, agriculture, infrastructure, manufacturing, healthcare, and creative industries.

He noted that flagship projects such as the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre embodied confidence in Nigeria’s future and Africa’s potential, stressing that partnership with the bank extended beyond capital.

The president said Nigeria’s collaboration with Afreximbank is expanding in both scope and ambition.

He said in conjunction with the bank, the federal government will be launching the Africa Energy Bank, headquartered in Abuja, with $5 billion in initial capital to finance Africa’s energy transition—leveraging gas, renewables, and clean technologies.

Tinubu said, “We are scaling our fertiliser sector to 7.5 million tonnes annually, supported by Afreximbank, positioning Nigeria as Africa’s fertiliser hub and ensuring food security for the continent.

“Meanwhile, transformative projects such as the $3.5 billion Bakassi Deep Seaport enhance trade infrastructure and market access.”

Tinubu also urged all African nations to embrace the Pan-African Payment and Settlement System (PAPSS), which was formally launched by Afreximbank, noting that the payment platform would deepen financial integration and strengthens our collective resilience.

He added that Nigeria’s formal approval of PAPSS was a significant step towards financial independence.

He said PAPSS enables cross-border trade in local currencies, reducing reliance on foreign exchange and promoting economic stability.

Tinubu said, “Let us fully adopt PAPSS to reduce costs, conserve foreign reserves, and empower SMEs. Let us strengthen financial support to Afreximbank to scale its transformational impact.

“Let us treat intra-African trade not as a goal but as a strategic pathway for growth, jobs, and industrial value chains.

“Let us empower youth, women, and entrepreneurs as beneficiaries and architects of a new African century. The world will not wait for Africa; a united and purposeful Africa can define its destiny.

“In the face of rising protectionism and shifting trade dynamics, it’s more important than ever that we stand together, united in our commitment to Africa’s development and prosperity.”

Furthermore, Tinubu noted that since May 2023, under the Renewed Hope agenda, his administration had advanced tough but necessary reforms rooted in macroeconomic stability, inclusive growth, and restored productivity.

He said, “We removed the long-standing fuel subsidy and unified our exchange rate system. These reforms, though difficult, were essential to correcting systemic distortions.

“The results of our efforts are clear and promising, providing a strong foundation for our future endeavours. We have made significant strides in various sectors, and these achievements should fill us all with optimism for what lies ahead.

“In 2024, Nigeria recorded 3.4 per cent GDP growth with broad sectoral contributions. Oil production rebounded to 1.5 million barrels per day with a 2.5 million target in view, supported by strategic investment deals like the $1.2 billion CNCEC agreement.

Continuing, he said, “Inflation is easing, the naira is stabilising, investor confidence is recovering, and debt servicing has declined from 96 per cent to below 65 per cent of revenue. Tax reform is also underway, with the passage of four tax bills by the National Assembly, which I signed into law a few days ago.

“Numbers alone do not capture our progress. Fundamental transformation lies in empowered citizens and thriving enterprises. Over 100,000 Nigerians have accessed our new national consumer credit scheme, with 400,000 more queued for the next phase. Our landmark student loan programme ensures no child is denied higher education due to financial hardship.

“We have spent N45.9 billion in healthcare to upgrade 8,800 primary health centres, improving maternal care and diagnostics in neglected communities. We are deploying thousands of fibre-optic cables for digital inclusion to bridge connectivity gaps and power innovation.

“Over 279 roads have been completed on infrastructure, with 65 under construction and 260 rural road interventions executed. Major arteries like the Lagos–Calabar Coastal Highway, Sokoto-Badagry Superhighway and the Abuja–Kaduna–Kano Road are reshaping national logistics and regional integration.”

The president added that through platforms like FEDA, AQAC, CANEX, and PAPSS, our “partnership with Afreximbank is not just about financing. It’s about fostering African entrepreneurship, elevating quality standards, and scaling SMEs in creative and export-driven industries.

“Afreximbank is a strategic partner in co-creating the institutions, infrastructure, and innovations that will define Africa’s economic future.

“As the world becomes increasingly fragmented—with rising protectionism and shifting trade dynamics—Africa must double down on its institutions and capabilities.

“Afreximbank, backed by committed member states, must remain agile, bold, and grounded in African realities.”

Speaking earlier during one of the panel sessions, President/Chief Executive, Dangote Group, Mr. Aliko Dangote, said the path to the continent’s growth was to process its mineral resources before exporting to other countries.

He said Africa must do everything to discourage dumping as well as launch an Africa First initiative to boost job creation.

Dangote also said African governments should stop looking for foreign investor but rather support local businesses by providing the enabling environment for them to thrive and succeed.

He said only the successes of local entrepreneurs will incentivise foreign investors to invest in the continent.

He said lack of electricity and inconsistent government policies were bane of industrialisation and growth in the continent.

He said Nigeria has become the largest cement exporter in Africa, adding the country will earn over $500 million annually from the commodity export when investments are completed in the sector.

Dangote also acknowledge that if not for Afreximbank’s financing support, the Dangote Refinery wouldn’t have been completed.

He argued that domestic investors have the obligation to develop Africa and not foreign investors, who don’t come by easily.

He said development finance instructions like Afreximbank needed to be supported to make impact in Africa.

He lamented that while proceeds of corruption were invested back into the country in other climes including Indonesia, corruption proceeds are often stashed away in foreign countries by African leaders and not used to develop the continent.

He said this was the major difference between corruption in Africa and the rest of the world.

Also, speaking at the Afreximbank meeting, Founder/Chairman of Heirs Holdings, Mr. Tony Elumelu, however, said that though challenges persist, the investment and regulatory climate across Africa had improved compared to five years ago.

He highlighted the need to support development finance instructions like Afreximbank to grow the continent.

Elumelu also attested to the fact that Afreximbank’s support in 2020 helped Heirs Energies to acquire one of its oil wells, noting that if not for the bank’s intervention, it would have been impossible to take control of OML 11.

He also appealed to businesses that benefit from the bank’s funding not to burn their bridges but honour their obligations to Afrexim.

Elumelu stressed that for Africa to rise again, there was need for solid financial institutions to support the aspirations of businesses.

He pointed out that for holistic development, there must be improved access to electricity, while interventions for youths should be prioritised.

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Ganduje Resigns As APC Chairman

Ganduje Resigns As APC Chairman

Adedayo Akinwale in Abuja 

The National Chairman of the All Progressives Congress (APC), Abdullahi Umar Ganduje, has resigned  his position, effective immediately.

The news of his resignation filtered in following allegatioons of financial impropriety.

Ganduje, a former Governor of Kano State, cited health reasons for his reason for resigning his position, adding that he needed to focus on his well-being.

Details later…

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Tinubu Signs Four Tax Reform Bills Into Law

Tinubu Signs Four Tax Reform Bills Into Law

* Says reforms’ll ease burden on working families 

Deji Elumoye in Abuja 

President Bola Tinubu on Thursday afternoon signed four landmark tax reform bills into law, unifying Nigeria’s fragmented tax system, remove redundant overlaps, boost investor confidence, enhance transparency, and promote coordinated efforts across all levels.

The four new laws are the Nigeria Tax Law (Fair Taxation), Nigeria Tax Administration Law, Nigeria Revenue Service (Establishment) Law, and the Joint Revenue Board (Establishment) Law.

At a brief ceremony held in his office at the State House, Abuja, the president described the legislation as a clear departure from previous policies, emphasising that the reforms are designed to ease the burden on working families, small businesses and low-income earners, while eliminating inefficiencies that have long plagued Nigeria’s fiscal structure.

President Tinubu made a nationwide appeal for collective action, saying: “This is our rallying cry: Simplify. Reform. Grow. Let the World know that Nigeria is open for business and this time, everyone has a fair shot. We are betting on a new Nigeria and building it block by block.”

President Tinubu had said in a post on his verified X handle @officialABAT on Thursday that the new tax limit forms the groundwork for the Nigeria of tomorrow, focused on unlocking opportunities for all.

“We are also building a framework for the Nigeria of tomorrow-leaner, fairer and laser focused on unlocking opportunities for all.”

He explained that with the new tax reform laws, his administration is now laying the foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria.

The president also said in the Tweet: “These reforms go beyond streamlining tax codes. They deliver the first major, pro-people tax cuts in a generation, targeted relief for low-income earners, small businesses, and families working hard to make ends meet.

“For too long, our tax system has been a patchwork-complex, inequitable and burdensome. It has weighed down the vulnerable and shielded inefficiency. That era ends today.

“We are laying a foundation for a tax regime that is fair, transparent and fit for a modern, ambitious Nigeria. A tax regime that rewards enterprise, protects the vulnerable, and mobilises revenue without punishing productivity.”

The historic presidential assent ceremony was witnessed by top government functionaries including the Senate President, Senator Godswill Akpabio; Speaker of the House of Representatives, Hon. Tajudeen Abbas; Senate Majority Leader, Senator Jibrin Barau; House Majority Leader, Prof. Julius Ihonvbere; Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa and his House counterpart, Hon. James Faleke.

Details later…

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State-backed Militia Attacks Turji’s Stronghold in Zamfara, Kills More Than 100 Bandits

State-backed Militia Attacks Turji’s Stronghold in Zamfara, Kills More Than 100 Bandits

Government-sponsored vigilantes in the northwest state of Zamfara killed more than 100 bandits in a gun battle earlier this week, a local official disclosed late Wednesday.

According to AFP reports, the Zamfara Civilian Protection Guard (CPG), a state-backed vigilance group, stormed the stronghold of Bello Turji, a notorious bandit kingpin that had been carrying out a deadly campaign of kidnapping, killings and destruction in the rural areas of Northwest Nigeria.

Security Adviser to the governor of Zamfara, Ahmad Manga, who confirmed the attack on Turji’s stronghold, said fight between the government-backed vigilantes and the bandits left scores dead.

Manga said the vigilantes were supported by Nigeria’s security forces and other militia members invited by the Zamfara state government from northeastern Borno, where they are assisting the military in fighting jihadist groups.

“The coalition took the fight to Turji’s stronghold in Shinkafi district where he lost more than 100 fighters in the battle,” the governor’s security adviser said.

The attack which was aimed at getting Turji, dead or alive, was led by Bashari Maniya, a former bandit who was now assisting the government.
At least 20 vigilantes and militia were said to have been killed in the fight, including Maniya, both Manga and a security source disclosed.

“It will be hard to give an exact number, but the toll is quite huge” on the bandits’ side, the source said.

Turji had learned about the plans in advance and invited fighters from other bandit camps to fight off the attack, a security source was quoted.

Turji was seen celebrating with his men over bodies of at least nine vigilantes and militia members killed in the fight, according to AFP – citing an online video seen by its reporter.

The report said Turji identified one of the bodies as “Bashir Maniya” in the video, in an apparent reference to the former bandit leader.

Bandit violence in Nigeria has evolved from clashes between Fulani herders and farmers over resources in the impoverished country into a broader conflict fuelled by arms trafficking.

Increasing cooperation between the criminal gangs in the northwest and jihadists in the northeast has seen attacks get worse.

Turji, 31, dumped herding for cattle rustling and kidnapping for ransom in 2011 in his native Shinkafi town, terrorising communities in Zamfara and neighbouring Sokoto state.

The kingpin had made several peace agreements with Zamfara state authorities only to renege later. In February 2021, Turji appeared in a widely circulated video threatening to invite foreign gangs to destabilize Nigeria.

In 2022, the bandit gang led by Turji carried out a series of massacres in Zamfara, resulting in the deaths of nearly 200 innocent people, including women and children.

He has survived several military offensives, including airstrikes on his camps in December 2021 that killed his brother and other family members.

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Senate Approves Fresh Extension of 2024 Capital Budget to December 2025

Senate Approves Fresh Extension of 2024 Capital Budget to December 2025

•Opposition lawmakers: Nigerians losing confidence in budget process, decry poor performance

•Group lampoons National Assembly over budget extension, says it encourages fiscal indiscipline

Michael Olugbode and Sunday Aborisade in Abuja

The Senate yesterday approved a fresh extension of the capital component of the 2024 national budget, moving the implementation deadline from June 30, 2025, to December 31, 2025.

The extension, the second of its kind, would provide the federal government additional time to execute ongoing infrastructure projects under the N13.19 trillion capital expenditure component of the N34 trillion 2024 budget.

The resolution followed the consideration and accelerated passage of a bill to amend the 2024 Appropriation Act during plenary.

The bill scaled through first, second, and third readings in a single legislative sitting.

Leading the debate, Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola (APC, Ogun West), justified the extension.

He said it was necessary to prevent project abandonment and ensure continued funding for critical infrastructure across the country.

“Given the limited fiscal space and challenges in fund disbursement, the extension is essential to guarantee the continuity of key national projects and safeguard resources already committed,” he stated.

The original 2024 Appropriation Act earmarked N9.995 trillion for capital expenditure, N8.768 trillion for recurrent spending, and N1.742 trillion for statutory transfers out of an aggregate N28.77 trillion.

President Bola Tinubu subsequently forwarded a N6.2 trillion supplementary appropriation bill, which sought to boost capital spending by an additional N3.2 trillion and recurrent expenditure by N3 trillion.

The capital budget was initially extended in late 2024 from December 31, 2024, to June 30, 2025.

The first extension followed a presidential request aimed at optimising the implementation of ongoing projects.

However, with the June deadline now imminent and many projects still far from completion, lawmakers deemed another extension was unavoidable. This development implies that Nigeria will now operate two parallel budgets, which are the extended capital budget for 2024 and the already approved 2025 budget.

This is coming barely four months before Tinubu is expected to present the 2026 spending proposal to the National Assembly.

The Senate’s decision also reflected broader concerns among lawmakers over persistent delays in fund releases and slow execution of capital projects.

Senator Yahaya Abdullahi criticised the centralised payment system controlled by the Office of the Accountant-General of the Federation, describing it as a major bottleneck to budget execution.

“Contractors have completed their work but remain unpaid. Ministries are not receiving funds. This undermines the credibility of the government,” Abdullahi warned.

He urged the Senate leadership to engage directly with the President to resolve the crisis.

Senator Abdul Ningi (PDP, Bauchi Central) backed the extension but demanded a thorough review of systemic failures hindering implementation.

“We can’t keep extending without accountability. Let the Appropriations Committee return in two weeks with a full report on the issues,” he said.

Minority Leader, Senator Abba Moro (PDP, Benue South), expressed concern over the waning public confidence in the budget process.

“Even contractors with the capacity to pre-fund projects are reluctant. The opaque and delayed payment system is hurting development,” he observed.

Senator Seriake Dickson (PDP, Bayelsa West) echoed calls for an urgent probe, decrying the poor performance of the capital budget, especially in contrast to the timely disbursement of recurrent allocations.

“The capital budget, which delivers real dividends to citizens, remains unimplemented, while recurrent spending is fully paid.

There’s too much focus on politics ahead of 2027, and governance is taking a backseat,” Dickson lamented.

The Senate is expected to monitor budget performance closely in the coming months, even as pressure mounts on the Executive to improve transparency, accelerate project delivery, and rebuild public trust in Nigeria’s fiscal governance framework.

Meanwhile, the Network for the Actualisation of Social Growth and Viable Development (NEFGAD), a public procurement and fiscal responsibility advocacy group in Nigeria, has criticised the National Assembly over what it described as a dangerous trend of encouraging fiscal indiscipline through the repeated extension of national budgets.

In a statement in Abuja, yesterday, the Country Head of NEFGAD, Mr. Akingunola Omoniyi, expressed concern over the National Assembly’s consideration of another bill seeking to extend the implementation of the 2024 Appropriation Act.

NEFGAD argued that a further extension undermines the constitutional structure of public finance management in Nigeria.

The statement read: “The National Assembly’s oversight responsibility on public finance is being badly compromised. National budgets, by design and as enshrined in the Constitution, are time-bound instruments. Their nomenclature — ‘2024 Budget’, for instance — is not merely semantic. It reflects a constitutionally defined fiscal year, which ends on December 31 of the given appropriation year.”

NEFGAD further noted that this constitutional framework was not arbitrary, but a deliberate measure by the drafters of the constitution to promote transparency, accountability, and fiscal discipline.

NEFGAD further said: “A budget is a financial estimate prepared by the executive with the presumption that adequate needs assessments and due diligence have been conducted. If implementation fails, it is the National Assembly’s duty to demand accountability, not to extend timelines endlessly.”

The group emphasised that the existence of the 2025 Appropriation Act renders any prolonged implementation of the 2024 budget irregular, unconstitutional, and misleading.

It called on the National Assembly to either discontinue the extension or revise the nomenclature accordingly, as continuing to refer to it as the “2024 Appropriation Act” beyond its legal expiration date of December 31, 2024, is both deceptive and unlawful.

NEFGAD added that its position was without prejudice to the constitutional power of the National Assembly to amend laws of the federation, but argued that such power in itself was not without limit which must be exercised in line with national interests, constitutional provisions and principles, urging the National Assembly to recommit to its constitutional mandate and uphold the principles of fiscal responsibility and institutional discipline, which are critical to Nigeria’s economic stability and democratic accountability.

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Bank of Industry Unveils Framework to Drive Inclusive, Sustainable Growth 

Bank of Industry Unveils Framework to Drive Inclusive, Sustainable Growth 

*Initiative to unlock blended, concessional capital for businesses

James Emejo in Abuja

The Bank of Industry (BoI) has launched its Sustainable Finance Framework, a strategic blueprint that reaffirms the bank’s commitment to driving responsible, inclusive and environmentally sustainable growth across the country.

The framework aligns with BoI’s 2025–2027 corporate strategy, which prioritises long-term development impact, environmental stewardship, social inclusion, and the creation of shared value—while addressing both national and global challenges.

In a statement, Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi, said the  framework marked a significant milestone in “our journey to become a fully sustainable development finance institution.”

He said, “It reflects our strategic intent to finance enterprises that deliver both economic value and measurable social and environmental benefits.”

The bank’s Divisional Head, Public Relations, Theodora Amechi, said the blueprint was also designed to empower Nigerian enterprises.

She noted that the framework establishes a strong foundation for aligning BoI’s financing activities with global sustainability goals and leading Environmental, Social, and Governance (ESG) practices.

Furthermore, Amechi said the framework is aligned with key global and national sustainability principles, including the UN Sustainable Development Goals (SDGs); Paris Agreement;

Principles for Responsible Banking, and the Nigerian Sustainable Banking Principles (NSBP).

The blueprint also integrates the BoI’s internal ESG frameworks, including its ESG and Corporate Social Responsibility (CSR) policies, which guide the bank’s sustainability management practices.

At the heart of the framework is the bank’s adoption of a triple-bottom-line model focused on People, Planet and Profit, ensuring, its investments generate financial returns alongside inclusive and environmental outcomes, the statement added.

The framework will enable the bank to programmatically raise Green, Social and Sustainability Bonds and Loans, in line with the latest applicable International Capital Market Association (ICMA), Loan Market Association (LMA) and Loan Syndications and Trading Association (LSTA) principles and guidelines.

It added that the framework had also been independently evaluated by S&P Global Ratings, which issued a Second Party Opinion (SPO) affirming its alignment with international sustainable finance principles.

The validation enhances the bank’s credibility among institutional investors seeking impactful ESG-aligned opportunities in emerging markets.

Amechi said, “Through this framework, BoI aims to support businesses committed to sustainable practices, unlock access to blended and concessional capital, and advance national priorities such as climate resilience, job creation, gender inclusion, and export diversification.

“It will further enable the bank to scale its impact across priority sectors including renewable energy, clean transportation, agro-processing, healthcare, education, and digital infrastructure.”