Hot SOURCE News

Hot Source
All News
June 23, 2025
25 views

In Battle over June 12, Alake Accuses Lamido of Memory Loss

* Ex-Jigawa gov, cohorts traded Abiola’s mandate with Abacha, says presidency

Deji Elumoye, Chinedu Ezeh and Emmanuel Addeh in Abuja

Minister of Solid Minerals Development, Dele Alake, yesterday, said the submission by a former governor of Jigawa State, Alhaji Sule Lamido, that President Bola Tinubu sold out on the June 12 struggle was proof he was suffering from memory loss.

Describing the statement as appalling, Alake, who was on the Arise News Television to debunk Lamido’s narrative of the developments that shaped what has now been largely accepted as the country’s freest and fairest election, explained that Lamido’s version of what transpired was false.

This was as the presidency, too, yesterday, reacted to the Lamido’s allegations, saying contrary to his claims, it was he (Lamido) and his comrades, who sold out the June 12 struggle of the late Chief MKO Abiola with the late Sani Abacha junta.

However, Alake has rejected the assertion by Lamido that Tinubu sold out during the June 12 poll and that Tinubu’s mother, Hajia Abibatu Mogaji mobilised market women to throw their support for Babangida, the then military Head of State.

“I feel very appalled at his own submissions, which I would ascribe largely to selective amnesia at best, or at the very worst, an impairment of the medulla oblongata, due to some atrophy of age, or memory loss in layman’s terms.

“Now, Sule Lamido himself was the guilty party to the sustenance of the annulment of that June 12th election. And before I go on, let me establish the basis for my authoritative submission on this issue.

“Everybody knows I was the editor of Sunday Concord, which was owned by MKO Abiola, who won the election. And what most people didn’t know, including Sule Lamido, was that the very first public statement of MKO Abiola to the entire world, of his intention to even run for office in January of 1993, I wrote it. I wrote that statement, and I advertised it in all Nigerian newspapers and all Nigerian television stations,” Alake.

According to him, it smacked of gross revisionism for Lamido to say that Tinubu supported the annulment of the June 12 mandate, stressing that the current President was with Abiola before, during and after the June 12 election.

For the sake of the younger generation, Alake maintained that it was mandatory to establish what happened at the time, stating that Tinubu’s mother, Hajia Abibatu Mogaji, never mobilised market women to support the annulment of June 12.

On the other hand, he stated that Lamido was only embarking on revisionist history by insinuating that Tinubu sold out, expressing the view that the former Jigawa governor was only trying to cover the unenviable role he played in the June 12 saga.

Aside from actively supporting MKO Abiola and being one of those that convinced Atiku Abubakar to step down for him, he stated that even when he was behind bars, Tinubu was still funding the movement against the military.

“Tinubu was one of the funders and one of the organisers, one of the planners of all the protests, July 23, 24, 25 of 1993 against the annulment. This was way before Abacha. Abacha did not come until November 17, 1993,’’ Alake maintained.

He highlighted various instances to show that there was no truth in Lamido’s narrative, stating that it was Tinubu, for instance, that escorted MKO to go and see Abacha to negotiate how Abacha would relinquish office and hand over back to MKO.

“If Tinubu was working for Abacha, how would he be doing that? How would he be confronting Abacha frontally that he was in detention. And in fact, there was a time they issued a directive that he must be found, he must be brought in dead or alive.

“It was at that point he had to leave through the famous NADECO route. The Abacha goons were all over looking for him. And I remember that. So that was the reason that he left. So he didn’t run away,” Alake stated in his defence of the President.

Presidency: Lamido Traded Abiola’s June 12 Mandate

Presidential spokesperson, Bayo Onanuga, in a release titled: “Setting the Record Straight: President Tinubu’s Role in the June 12 Struggle”, described claims by Lamido that Tinubu and his mother, the late Alhaja Abibatu Mogaji supported the annulment as false, a distortion of history and a regrettable attempt at revisionism.

The presidency pointed out that rather than selling out, Tinubu stood by June 12 and resisted attempts by then Head of State, General Sani Abacha to dissolve the Third Republic.

It further stated that the president, apart from being co-founder of the National Democratic Coalition (NADECO) also funded activists to protest against the annulment of June 12 election.

The presidency also accused the leadership of the Social Democratic Party (SDP) of which Lamido was the National Secretary of trading off the victory of their presidential candidate, Chief MKO Abiola, in the June 12 poll.

“The attention of the Presidency has been drawn to recent comments made by Alhaji Sule Lamido, former governor of Jigawa State, on live television, in which he falsely accused President Bola Tinubu of supporting the annulment of the June 12, 1993, presidential election.

“Alhaji Lamido’s claims represent a distortion of history and a regrettable attempt at revisionism. He alleged that President Tinubu only rose to prominence after the formation of NADECO and claimed that Tinubu’s mother, Alhaja Abibatu Mogaji, mobilised market women to back the annulment. These allegations are patently false.

“Let us set the record straight: Alhaja Mogaji never mobilised market women to support the unjust annulment. Had she done so, she would have lost her position as market leader in Lagos. While she once had a personal relationship with then-President Babangida, this was before the annulment crisis.

“It is important to remind Nigerians that Alhaji Lamido, as secretary of the Social Democratic Party (SDP)—the party whose candidate, MKO Abiola, won the June 12 election—was among those who failed to oppose the military’s injustice.

“The SDP leadership, including Lamido and chairman Tony Anenih, wrote their names in the book of infamy by surrendering the people’s mandate without resistance. To their eternal shame, Lamido and Anenih teamed up with the defeated National Republican Convention to deny Abiola his mandate.
“In sharp contrast, Senator Bola Tinubu stood firm even before General Abacha dissolved the political parties and all democratic institutions, including the National Assembly, on November 17, 1993, following his coup.

“Days after General Babangida addressed the Senate and announced his decision to step aside on August 27, 1993, the setting up of an interim government to replace him, Senators debated the speech.

“On the Senate floor on August 19, 1993, Tinubu unequivocally condemned the annulment, describing it as another coup d’état and urging Nigerians to reject injustice and lawlessness.

“The records captured his contribution, showing that he supported upholding the June 12 election, not against it, as Lamido claimed. We have a situation that suggests that the abortion of the June 12 election is another coup d’etat,” Senator Tinubu said.

Continuing, Onanuga recalled Tinubu adding: “My question is, when are we going to stop tolerating injustices, coup d’etat and abuse by the people on whom we invested so much resources—the public funds of this country?

“Yes, it is true that we have a crisis, but for every action, there must be a reaction. This is a self-inflicted crisis because, without the abortion or annulment of the June 12 election, there would be no crisis like this. We have a government that made the law and abused its law.

“Therefore, the present military administration, by virtue of abrogation and violation of its own decree, has committed a crime,” the Senator from Lagos West told his colleagues.

“The election winner, Abiola, was out of the country when the legislators debated Babangida’s offer to step aside for an interim government. He returned in September 1993.

“And who followed him to the Abacha military group, then openly planning a coup against the Ernest Shonekan-led ING? It was Tinubu. Photographs exist today, showing Tinubu behind Abiola and Abacha.

“Abacha took over on November 17, 1993, and dissolved all democratic institutions, including governors, the National Assembly, and the state legislature. Tinubu and a group of senators reconvened in Lagos, defying the junta. Tinubu, Ameh Ebute, Abu Ibrahim, and others were arrested and kept at Alagbon.

“The police took them to court and fabricated a case against them. While in police detention, Tinubu continued to fund pro-June 12 protests in Lagos, including the blockade of the Third Mainland Bridge.

“Weeks after Abacha supplanted the ING, it quickly became clear to Abiola and Tinubu that Abacha would not be a soldier of democracy as he reneged on allowing Abiola to reclaim his mandate.

“Enter the National Democratic Coalition (NADECO). It was born on May 15, 1994. Comprising a broad coalition of Nigerian democrats, it called on the military government of Sani Abacha to step down in favour of the winner of the June 12, 1993, election, MKO Abiola.

“On the first anniversary of his election, Abiola made a declaration at Epetedo in Lagos, announcing himself as the duly elected president. Ten days after, on June 22, he was arrested, following which many pro-democracy activists also escaped from Nigeria, including Bola Tinubu.

“Tinubu lived in exile for nearly five years while Lamido and his ilk made deals with Abacha. While Tinubu was away, agents of the junta bombed his home in Balarabe Musa Crescent, Victoria Island.

“Thankfully, Lamido admitted that Tinubu played a significant role in NADECO. Indeed, Tinubu did more. He also backed Professor Wole Soyinka’s NALICON, offering material resources to fuel the struggle.

“It is well-known that Tinubu played a leading role in the agitation against the June 12 annulment. Many NADECO leaders and journalists in exile and at home openly admitted that Tinubu sustained them and provided them with funds for the struggle.

“With his narrative, Lamido appeared confused about the role of NADECO. It was an offshoot of the June 12 crisis. NADECO provided a platform to channel the struggle. Hitherto, all the resistance was left to civil rights groups, journalists, and a section of labour, such as NUPENG.

“It is thus disappointing that Alhaji Lamido, despite acknowledging Tinubu’s NADECO role, would attempt to rewrite history for political reasons and being a member of the Coalition of the Disgruntled.

“We advise Lamido to check his facts before going on television to spread falsehoods. It does not help his image, and the coalition he belongs to engages in revisionism. Revisionism does not serve the cause of truth or our nation’s interests.

“We do not want to believe that Alhaji Lamido suffers from what psychologists call tall poppy syndrome. However, the conclusion is inevitable as it appears that Lamido is envious of Tinubu’s democratic credentials.

“The facts remain clear: President Tinubu was—and remains—a steadfast advocate for democracy, in contrast to the record of Lamido and others who capitulated in the face of military oppression and intimidation.”

Tinubu Backed June 12 Annulment, Now Trying to Rewrite History, Says Lamido

Lamido, had weekend, said Tinubu attempted to rewrite history by his recent rhetoric on June 12, even when though he was a staunch supporter of Gen. Ibrahim Babangida (rtd), whose regime annulled the 1993 election, the presidency said it was actually Lamido and his allies, who traded the June 12 mandate.
Lamido, a founding member of the Peoples Democratic Party (PDP), who affirmed his readiness to back any political arrangement that seeks to remove the current government from power in 2027, spoke on the Arise News television.

He characterised the Tinubu administration as incompetent, accusing it of divisiveness, and betraying the spirit of democracy, for which the President now seeks to take the glory.

The former governor, however, deflected questions on whether he was willing to join the All Democratic Alliance (ADA), which some politicians were planning to register, promising to walk with his eyes wide open.

He stated that if there was going to be any alliance, it must be based on issues, including the security, and the prosperity of the nation, explaining that Nigeria must always come first. To him, it must be different from the 2014 coalition against the PDP, which he alleged was based on anger and hate.
“You see, I feel highly entertained by Tinubu’s rhetoric, the way he’s dramatising his own role in Nigeria’s democracy. Luckily, we’re all alive. We were all there. I was in the middle of it. Tinubu became relevant and noticeable after Sani Abacha took over the government. Before then, he was in the senate, while I was the secretary of the party.

“And with due respect to him, he was part of those people who were supporting Babangida’s annulment of June 12. He was part of it. His own mother, Hajia Mogaji from Lagos, was organising market women to come to Abuja to pledge support for Babangida. I’m saying this because it’s simply history. I mean no harm. I don’t mean to embarrass him. But you see, he was actively hand in gloves with Babangida.

“So when Tinubu today, after being Nigeria’s president, decided to rewrite history or try to maybe deconstruct history, and then rewrite it, then it is very amusing because he was part of the Babangida support of June 12 (annulment). He was part of it. Now, it was only when Babangida took over the government that Tinubu then became our so-called activist of June 12,” Lamido opined.

According to him, those who later emerged as arrowheads of the National Democratic Coalition (NADECO) were never part of the June 12 mandate restoration movement. “All of them who were in NADECO, where were they on June 11?” he asked.

According to him, Tinubu and his group were passive and indifferent to the annulment until Sani Abacha came on board and removed Ernest Shonekan who was then heading the interim government, adding that even when people like Adamu Chiroma, Bola Ige, Iyorchia Ayu, and many others were fighting Abacha, Tinubu ran away from Nigeria and only came back after the coast was clear.

On the upcoming 2027 election, Lamido stated that he would be joining any group whose sole interest is to ensure that the current All Progressives Congress (APC) administration does not return in the next two years.

“I am part of any arrangement, no matter by whatever nomenclature or name, to remove the current government of incompetency, of insecurity, of dividing the Nigerian family between North and South, out of power. I’ll go into any arrangement for that purpose.

“Today in Nigeria, we’ve got a government which is dividing Nigerians along north and south, dividing Nigerians along ethnicity lines, and also using institutions of the state in manipulating and controlling and coercing the opposition.

“So to me, I’ll be part of any arrangement, any configuration, whatever you may call it, if it’s going to move this government out of power, because the government for the first time in Nigeria is now a government not for Nigerians, but for the political party. The entire government today in Nigeria is not for Nigeria, it’s for the political party,” he argued.

He alleged that Tinubu’s style of governance was autocratic and self-serving, claiming that the president was only loyal to his own ambition and would co-opt anybody who’s willing to do his bidding.

“Today, Tinubu is using his own office to divide… using coercion, blackmail, threats, and so on. We are having a country being run by an emperor who has no level to how far he can go. He can swing to any level so long as he attains what he wants.

“So Tinubu is not about Yoruba. Tinubu is about himself and himself alone, his own interest. And whoever is going to play his own role, who is going to do his own bidding, he’ll bring him in,” Lamido opined. Wh

Hot Source
All News
June 22, 2025
19 views

Tinubu Presides Over ECOWAS’ 67th Ordinary Session

* Regional body elects new leader today

Deji Elumoye in Abuja

President Bola Tinubu is presiding over the 67th Ordinary Session of the Authority of Heads of State and Government of the Economic Community of West African States (ECOWAS) in Abuja.

President Tinubu, who was re-elected on July 4, 2024 for a second term of Chairmanship of the Authority in Abuja, having served his first term from July 9, 2023, will be handing over to another president of a member-state today.

The Foreign Affairs Minister, Ambassador Yusuf Tuggar, had on Friday evening hinted of the leadership change during the closing session of the 94th Ordinary Meeting of the ECOWAS Council of Ministers.

He said: “As the agenda of the Summit, we endorsed the election of a new Chair of Authority. This may be my last Council Session as the Chair of this Council.”

Sources at the ongoing 67th Session of the Authority reliably hinted that President Tinubu may be succeeded as Chairman by the President of Senegal, Bassirou Diomaye Faye.

The election of a new Chairperson of the Authority of Heads of State and Government of ECOWAS, is a prominent agenda item at the on-going 67th ordinary session of the regional body.

Details later…

Hot Source
All News
June 22, 2025
20 views

$400m Rare Earth Minerals Project to be Established in Nigeria

*Largest in Africa, potentially creating over 10,000 jobs nationwide

*Alake: Project represents significant milestone in efforts to spur investor confidence in the mining sector

The Federal Government has pledged full support to a $400 million Foreign Direct Investment (FDI) plan to build Africa’s largest rare earth and critical minerals plant in Nasarawa State, potentially creating over 10,000 jobs nationwide.

A statement on Sunday said the Minister of Solid Minerals Development, Dr. Dele Alake, commended the project funders, Hasetins Commodities Limited, for keying into the value addition campaign of President Bola Tinubu’s administration and confirming that mineral processing is the strategy to take the jobless from the streets.

Hasetins Commodities Ltd specialises in producing critical metals essential for high-tech applications and defence systems, including rare earth metals and Platinum Group Metals (PGMs). Its hopes to add 12,000 metric tonnes to its current 6,000 metric tonnes installed capacity as preparations for the forthcoming groundbreaking of the additional facility gathers momentum.

The statement signed by the Special Assistant on Media to the Minister, Segun Tomori, said Alake applauded the company for its strategic foresight and patriotic investment in a $400 million rare earth metals plant, commending Hasetins for aligning its operations with the federal government’s drive for in-country processing and beneficiation of minerals.

Noting that it represents a significant milestone in efforts to spur investor confidence in the mining sector, Alake said the establishment of the plant would promote skills transfer and boost the contributions of the solid minerals sector to the economy.

Speaking during a courtesy visit by the Managing Director/CEO of Hasetins Commodities Ltd, Prince Jidayi Ijudigal, and his team, Alake said, “I’m glad our ongoing engagements have culminated in this groundbreaking initiative. With your collaboration, we are now witnessing the establishment of the largest rare earth and critical metals plant in Africa, right here in Nigeria. On behalf of the President, the Ministry, and the Nigerian people, I commend your commitment to this vital sector. Your patriotic zeal confirms that our policies are on the right track and producing tangible results.”

In his remarks, Jidayi expressed deep appreciation for the Minister’s leadership and reforms, which he said had significantly improved investor confidence and streamlined access to the mining sector.

“We have observed the introduction of mining marshals to combat illegal mining and reforms that have simplified the licensing process. These efforts have directly influenced our decision to invest heavily in this project. Beyond this flagship plant, we are also establishing regional separation plants and empowering local communities and miners,” he said.

Jidayi noted that the company’s model ensures early-stage beneficiation by pre-separating metals locally, generating immediate income for artisanal miners. The initiative also includes training, provision of protective equipment, and broader community engagement.

Also speaking, Hasetins’ Director of Corporate Affairs, Peter Butt, commended Alake for bringing renewed purpose and structure to the mining sector.

He emphasised that the Minister’s strong emphasis on local value addition reinforced the company’s decision to invest in sustainable, community-driven development.

The minister reaffirmed the federal government’s full institutional support for the project, underscoring its alignment with the Ministry’s vision of transforming Nigeria’s solid minerals into a cornerstone of industrial growth and economic diversification.

Hot Source
All News
June 22, 2025
19 views

Breaking: US War Planes Bomb 3 Iran Nuclear Sites

United States war planes have bombed nuclear sites in Iran, President Donald Trump has announced.

In a post on his Truth Social on Saturday, President Trump said the US had completed a “successful” attack on the Fordo, Natanz and Isfahan nuclear sites in Iran.

“A full payload of BOMBS was dropped on the primary site, Fordo,” he wrote, referring to the difficult-to-destroy underground site built on the side of a mountain.

“All planes are now outside of Iran air space… safely on their way home.,” Trump writes on Truth Social.

“Congratulations to our great American Warriors. There is not another military in the World that could have done this.

“Now is the time for peace!” Trump wrote.

US direct involvement in the Israel-Iran war is coming after more than a week of strikes by Israel on Iranian nuclear sites and military targets.

Trump said B-2 stealth bombers were used but did not specify which types of bombs that were dropped.

….This is a developing story

Hot Source
All News
June 21, 2025
21 views

Stock Market Transactions Hit N3.4trn in Five Months

*Banks’ shares sustain rally

*Morgan Stanley: More time needed to assess Nigeria’s FX reforms

Nume Ekeghe and Kayode Tokede with Agency report

The total transactions by foreign and domestic investors on the Nigerian stock market increased to N3.4 trillion in the first five months of 2025.

Also yesterday, investors’ demand for banking stocks on the Nigerian Exchange Limited (NGX) lifted the market capitalisation by N175 billion due to the clarity on forbearance, as market participants reacted positively to signals that leading banks were on track to exit regulatory constraints, paving the way for potential dividend payments and renewed earnings growth.

These emerged as a global index compiler, the Morgan Stanley Capital International (MSCI), said it requires more time to properly evaluate the impact of Nigeria’s foreign exchange reforms before bringing back the country on the MSCI Frontier Markets Index.

The latest “domestic & foreign portfolio participation in equity trading” report released by Nigerian Exchange Limited (NGX) yesterday showed that total transactions on the bourse increased by 51.8 per cent, from N2.25 trillion in the first five months of 2024.

THISDAY had reported that the NGX’s market capitalisation gained N7.7 trillion in the first five months of 2025, attributable to strong earnings by listed companies, and foreign investors steadily participating in some listed fundamental stocks.

However, in the first five months of 2025, foreign and domestic transactions performance represented a new record for the stock market, driven by Pension Fund Administrators (PFAs) and domestic high network investors increasing participation.

The report revealed that in the first five months of 2025, Foreign Portfolio Investments (FPIs) accounted for 29.17 per cent of transactions on the Nigerian market, as against the situation in the previous year when foreign transactions amounted to 20.37 per cent.

On the flipside, the proportion of participation by domestic investors dropped from 79.63 per cent in the first five months of 2024, to 70.83 per cent in the first five months of 2025.

The latest report showed that total foreign portfolio transactions moved to N996.03 billion in the first five months of 2025, representing an increase of 117.34 per cent from N458.29 billion in the first five months of 2025.

For domestic investors, the total transactions in the first five months of 2025, stood at N2.42 trillion, which was about a 35.02 per cent increase from the N1.79 trillion recorded in the first five months of 2024.

The surge in foreign investors’ participation was against the backdrop of CBN recent reforms in the foreign exchange market aimed at enhancing transparency, compliance, and market stability.

These reforms were part of the CBN’s broader strategy to create a fairer, more stable foreign exchange market and support economic growth through better monetary policies.

In tandem with these reforms, the CBN, so far in 2025, has maintained the status quo on Monetary Policy Rate (MPR), with the goal of curbing inflation and stabilising the naira, a move supported by the International Monetary Fund (IMF).

Analysts stated that the Nigerian stock market shows less volatility amid a new era of unpredictability, marked by tariff threats and rising global tensions, that may prompt emerging market investors to look for shelter in frontier markets that are relatively safe from US President Donald Trump’s trade policy shifts.
The report indicated upbeat activity across the buy and sell sides of foreign transactions. Foreign inflows jumped to N486 billion in the first five months of 2025, from N190.82 billion in five months of 2024.

Outflows, on the other hand, moved from N267.47 billion in the first five months of 2024 to N509.60 billion in the first five months of 2025.

Analysts attributed the upbeat at the stock market to the increasing attractiveness of the Nigerian market to foreign investors, ongoing economic reforms, resilient earnings by Nigerian companies, exchange rate differential, ongoing banking recapitalisation and the reform in the oil sector.

According to the report, the historical analysis of domestic and foreign transactions, revealed that over 18-year period, domestic transactions increased by 33.15 per cent from N3.556 trillion in 2007 to N4.735 trillion in 2024; whilst foreign transactions also increased by 38.31 per cent from N616 billion to N852 billion over the same period.

“Total domestic transactions accounted for about 85 per cent of the total transactions carried out in 2024, whilst foreign transactions accounted for about 15 per cent of the total transactions in the same period,” the report added.

The Vice President, Highcap Securities Limited, Mr. David Adnori, in a chat with THISDAY, attributed the increase in foreign investors’ participation to the federal government’s moves to resolve foreign exchange backlogs, which he argued increased investor confidence.

“In summary, Nigeria’s high-yield environment, recent regulatory reforms, a large and growing market, and supportive international signals make it an attractive destination for foreign investors seeking growth and diversification,” he added.

On his part, the Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said the ongoing banking recapitalisation and the reforms in the oil sector have driven more investors to the market.

Meanwhile, investors’ demand for Guaranty Trust Holding Company and other listed banking stocks on the NGX lifted the market capitalisation by N175 billion.
GTCO gained 6.52 per cent to close at N84.95 per share as the market capitalisation closed trading yesterday at N74.534 trillion, which was about N175 billion or 0.24 per cent increase from N74.359 trillion it opened for trading.

Also, Stanbic IBTC Holding Company appreciated by 2.35 per cent to close at N87.00 per share, while Fidelity Bank gained 1.04 per cent to close trading at N19.40 per share.

The likes of Access Holdings advanced by 0.46 per cent to N21.90 per share as First Holdco increased by 0.37 per cent to close at N26.95 per share.
The NGX Banking Index was up by 20.42 basis points or 1.6 per cent to close at 1,241.32 basis points from 1,261.74 basis points the stock market opened for trading.

In the meantime, the MSCI has said it requires more time to properly evaluate the impact of Nigeria’s foreign exchange reforms signalling that the country was unlikely to regain its place on the MSCI Frontier Markets Index in the immediate term.

Bloomberg noted that the MSCI in its latest annual market accessibility review, acknowledged that Nigeria has made operational improvements in its foreign exchange market, especially with enhanced liquidity conditions.

However, the MSCI maintained that, “more time is needed to assess the impact of these changes.”

Nigeria was dropped from the MSCI Frontier Markets Index in February 2024 following months of severe liquidity constraints, which left many foreign investors stranded, unable to repatriate capital, dividends, or profits.

The MSCI is expected to announce the results of its annual classification review on June 24. Countries included in the index typically see greater foreign investor participation, resulting in higher valuations.

Despite recent reforms, most notably President Bola Tinubu’s decision in mid-2023 to allow the naira to float more freely, MSCI argued that deeper structural issues still linger.

“Upgrades prompt a short-term wave of enthusiasm accompanied by capital flows, including ahead of the upgrade taking effect,” London-based Dragon Capital stated in a report.

Since last year, Nigeria has undertaken a string of policy measures aimed at restoring investor confidence. These include unifying exchange rates, curbing official interventions in the FX market, and promoting a more market-reflective pricing of the naira. The changes, however, triggered a sharp depreciation of the currency by as much as 70 per cent before relative stability began to return.

Nonetheless, MSCI flagged continued concerns around transparency and accessibility.

“Nigeria maintains constraints on its onshore currency market,” the firm said. It also pointed out that regulatory details and information on market operations are not always readily accessible to international investors.

Hot Source
All News
June 21, 2025
16 views

Opposition Coalition Moves to Register All Democratic Alliance

* Atiku, David Mark, Ardo, Amaechi, Obi, Aregbesola listed among conveners*Keyamo mocks group, says it’s unnecessary hype, weak attempt at mass appeal

Chuks Okocha in Abuja

In a bold move to challenge President Bola Tinubu and the ruling All Progressives Congress (APC) ahead of the 2027 general elections, key opposition figures have united to form a new political front—the All Democratic Alliance (ADA).

The coalition, comprising politicians from multiple parties and ideological backgrounds, has begun the formal process of registering the alliance with the Independent National Electoral Commission (INEC).

Seen as a strategic attempt to consolidate opposition strength and present a unified alternative to the APC, the ADA signals the beginning of what could become one of the most fiercely contested electoral battles in Nigeria’s democratic history.

But the Minister of Aviation and Aerospace Development, Festus Keyamo, has described the furore surrounding the announcement as an unnecessary hype and a weak attempt at mass appeal.

Keyamo while commenting on the development on his X-handle (formerly Twitter), wrote: “This is just a simple application for party registration. There is nothing like a ‘coalition’ here. It is unnecessary hype. The promoters have been struggling to create all along; it is just a psychological warfare on Nigerians – a weak attempt at mass appeal.”

According to the minister, “no recognised existing political party or parties are part of this. If they are thinking of recreating what the APC did in 2013, then this is nothing but a pedestrian joke; a complete mockery of that seismic political coalition that birthed APC in 2013.

“A few individuals exercising their constitutional right to form a new political party cannot be described as a ‘coalition’ or even a ‘merger’.

“This is not different from several political associations springing up everyday for the same purpose. After all the razzmatazz, it boils down to the fact that a new political party is just attempting registration by a few Nigerians; it is a disappointing anti-climax to all the preceding pomp and pageantry.”

The ADA has its address on 23 Fatai Williams Street in Asokoro, Abuja.

THISDAY learnt that those at the meeting when the decision to register ADA was taken were former Vice President, Alhaji Atiku Abubakar, Peter Obi, John Odigie Oyegun, Rauf Aregbesola, Nasir El-Rufai, Aminu Tambuwal, Abubakar Malami, Babachir Lawan, Uche Secondus, Osita Chidoka and Hon. Nnenna Ukeje.
In a letter dated June 20, 2025, submitted to the office of the National Chairman of INEC seeking for registration, the coalition wrote: ”We respectfully write to INEC requesting the registration of our association, the All Democratic Alliance (ADA), as a political party.

”This is sequel to the decision taken by the Nigerian National Coalition Group to sponsor our association for full registration.

”The name of the party shall be All Democratic Alliance, with ADA as our acronym and Justice for All as our slogan. The National Secretariat of the party is as stated at the bottom of the association’s letterhead used in this application.

”We have also herewith attached our Logo, describing in details the symbolism of our party, colours and their configuration and the corn (maize). “We have further attached our Manifesto, encapsulating details of our party ideology, and our constitution providing the legal framework that defines our identity, structures our organisation, regulates our affairs and guides our actions in alignment with Sections 40 and 222 of the Constitution, Section 75 of the Electoral Act (2022) and global democratic principles and objectives.”

Officials of the ADA further submitted other documents to INEC for the registration of the new party.

They added, “Please find attached the following documents:, ”Our Party Logo (flag) depicting our Name, Acronym and Slogan, Manifesto;
Constitution, and Minutes of Meeting,

”While we eagerly await further action from the Commission on the next step forward towards attaining our desired goal, please accept the consideration of our highest respect.”

The letter was signed by Chief Akin Rickett as pro tem National Chairman and Hon. Musa Elayo as the pro tem National Secretary.

In addition, officials of the ADA submitted minutes of their meeting where the decision to form the new party was reached.

According to the letter submitted to INEC, ”The National Opposition Coalition Group (NOCG), made up of critical and reputable national political figures chaired by former Senate President, Senator David Mark, met in Abuja Tuesday, 6th May, 2025 and set up a New Platform Committee consisting of 15 members and mandated it to form an association for the purpose of applying to INEC with a view to registering a new political party.”

The minutes of the letter further stated, ”Series of meetings were held, subcommittees were constituted and reports were submitted to the Platform Committee leading to the meeting and resolutions below.”

Also, the manifesto of ADA reads: ”The ADA emerges as a transformational political force with a clear moral compass, inspired by the enduring symbolism of a corn – food security and national prosperity. Our emblem – flanked by the Red, Blue and Green – encapsulates our mission – i.e. to sow the spirit of sacrifice, energy and bold leadership to create public order and responsible leadership that would in turn enable self-reliance and prosperity on the basis of justice and national unity.

”The ADA is a collective of tested statesmen, members of the academia, the business community, patriotic youths and women, visionary elites, professional leaders, trade unionists and morally anchored citizens from across Nigeria. Together, we stand to reclaim the republic and reinvigorate national purpose.”
On the Vision Statement, it states, ”To establish a united, just, fair and progressive Nigerian state founded on democratic ideals, social equity, economic self-reliance, scientific

advancement and strategic nationhood, built by an enlightened and politically conscious citizenry, an honest elite class working towards the evolution of a mass participation of the people in a democratic culture relevant to our environment, compatible with our mores and benefiting from the traditional knowledge and practices of our people in a shared sense of destiny.

”To mobilise Nigeria’s diverse peoples into a cohesive democratic force that will restore the moral, political, economic and social compass of the nation by rebuilding trust in governance and institutions, establishing a patriotic

national culture and creating a leadership elite based on merit, vision and public spirit.”

The core objectives of ADA include National Unity and reconciliation; transcend historical and ethnic arguments to settle national
disagreements, eliminate all forms of ethnic and religious extremism, sectarianism and
separatist tendencies; among others.

Hot Source
All News
June 21, 2025
18 views

Ododo: Terrorists Fleeing North-east, North-west Fueling Insecurity in North-central

Adedayo Akinwale and Linus Aleke in Abuja

Kogi State Governor, Usman Ododo, yesterday raised fresh concerns over the growing wave of insecurity in the North-central, attributing it to the influx of terrorists fleeing intensified military operations in the North-east and North-west.

This is as the Chief of Air Staff (CAS), Air Marshal Hasan Abubakar, also raised concerns about the significant challenges hindering the effective employment of air power against enemies of the State in Nigeria.

According to the governor, the spillover effect of displaced insurgents regrouping in the Middle Belt was worsening the security situation, threatening lives, livelihoods, and food production.

The Governor disclosed the influx of terrorists while speaking with journalists after meeting with the National Working Committee (NWC) led by the National Chairman of the party, Dr. Abdullahi Ganduje, in Abuja.

Ododo stressed that many of those who attacked communities in Kogi State were killed, stressing that the government was committed to protecting the lives and property of citizens of the state.

He noted: “The recent influx of criminals, I call them criminals, because a normal human being cannot stay in the forest. The influx of these criminals is the result of the pushback from the North East and North West.

“Security issues or strategy is not something to discuss in the public. But I can tell you, we are dealing with them decisively. They are hearing it. We don’t make noise.

“They always come in their numbers, but they go in their zeros. They will come with their handset ringing, but as soon as they step their leg in Kogi State, that number will never be available. We are dealing with them.

“We are very comfortable. We have signed to protect the lives and livelihoods of our people. And as such, that is what we are doing in Kogi State. So be rest assured that in terms of security, we are there.”

Meanwhile, the CAS, Abubakar, has raised concerns about the significant challenges hindering the effective employment of air power against enemies of the state in Nigeria.

He specifically identified the funding challenges, complex international politics, and myriad security threats across the federation as some of the factors severely limiting the Nigerian Air Force’s operational capabilities.

These constraints underscore the need for strategic resource allocation, diplomatic engagement, and innovative solutions to enhance the NAF’s ability to safeguard national security.

Speaking at the Chief of Defence Staff (CDS), General Christopher Musa and the Service Chiefs’ engagement with media executives at the Defence Headquarters in Abuja, the Air Chief said: “Let me briefly talk about some challenges impeding our efforts in the employment of air power for enhanced national security. Funding is obvious, especially given the current economic realities. Also, at present, all geo-political zones in the country have one or more joint military or multi-agency operations ongoing.

“Hence, the Nigerian Air Force has had to frequently redeploy, re-role, and reassign its limited air assets to conduct a wide range of air operations and missions across vast geographical areas in the country. This has overstretched and limited the ability of the Service to concentrate force in time and space, which is a cardinal principle of war that is key to success in warfare.”

Represented by the Director of Coordination and Cooperation, Civil-Military Relations Branch, NAF Headquarters, Air Vice Marshal Edward Gabkwet, the CAS further explained, “Lastly, international politics has become a crucial challenge. Western sanctions against some countries, where a significant percentage of the Nigerian Air Force’s aerospace equipment comes from, have hindered the Service’s procurement of aircraft, spares, maintenance activities, and training, thereby negatively impacting our projection of air power.

“Additionally, some countries and international organizations link arms sales to human rights conditions. Accordingly, the sale of arms and attendant spares has been delayed based on perceived or actual human rights abuses. This has delayed the availability of these needed munitions and aircraft, with negative consequences on our capacity to deliver air power for national security.”

Abubakar said from asserting control over the nation’s skies to advancing human capital, the Nigerian Air Force has, over the past two years, continued to soar higher, stronger, and more resilient than ever.

He noted that, in the last two years, the NAF has reached new heights in operational capabilities, restating that 15 brand-new aircraft were received by the NAF, including six T-129 ATAK helicopters, two AW-109 Trekkers, three Beechcraft King Air aircraft, and four Diamond 62 aircraft.

He disclosed that an additional 49 platforms are expected before the end of 2026.

These, he said include three CASA 295 aircraft, 10 AW 109 Trekker helicopters, 12 AH 1Z helicopters, and 24 M 346 fighter aircraft.

He stressed that these new acquisitions will reinforce readiness to reposition the NAF to effectively meet the air power demands of Nigeria.

Abubakar noted that the delivered platforms have greatly enhanced the Nigerian Air Force’s operational effectiveness, enabling the Service to fly over 4,500 hours in 2,304 sorties for 1,974 CTCOIN missions within the past year.

The CAS stressed that the Nigerian Air Force also flew over 4,670 hours in 2,713 sorties for 2,610 anti-banditry missions, as well as 1,450 hours in 453 sorties for 366 counter-crude oil theft missions between 2023 and 2024.

He said that, between January and May this year, the Nigerian Air Force has already flown over 832 hours in 469 sorties for CTCOIN missions, 2,000 hours in 919 sorties for anti-banditry missions, and 751 hours in 340 sorties for counter-crude oil theft missions.

All these missions, he said, have contributed decisively to the attainment of operational objectives and enhancing national security.

Hot Source
All News
June 20, 2025
20 views

FG’s Tech Committee Hails $20bn Dangote Petroleum Refinery’s Industrial Revolution in Nigeria

•Says company driving nation’s economic emancipation

•650,000bpd facility relies on feedstock import from US due to shortage of domestic supply, Dangote complains

Peter Uzoho

The federal government’s Technical Committee on the One-Stop Shop (OSS) for the Naira-for-Crude initiative has lauded the $20 billion Dangote Petroleum Refinery and Petrochemicals, describing it as a symbol of industrial revolution in Nigeria.

The committee stated that the Aliko Dangote-owned world’s largest single train refinery was driving Nigeria’s economic emancipation. It described the facility as a breath of fresh air that was impacting virtually every sector of the economy.

A statement issued yesterday by Dangote Group said Coordinator of OSS Technical Committee, Mrs. Maureen Ogbonna, gave the commendation on Tuesday, when she led the delegation on a tour of the facility.

Ogbonna stated, “This refinery touches all our lives. There’s scarcely any sector unaffected. From pharmaceuticals to construction, food to plastics, this project is transformational.

“God has used the President of the Dangote Group to liberate Nigeria. I see this as the beginning of an industrial revolution.”

Stating that in line with President Bola Tinubu’s vision of achieving full domestic sufficiency in petroleum products and positioning Nigeria as a major global exporter, Ogbonna said the committee was committed to eliminating regulatory, operational and logistical barriers that hindered the smooth supply and sale of domestic crude oil and refined products in naira.

Reflecting on the scale and sophistication of the facility, Ogbonna, who had visited the facility during construction and more recently alongside the leadership of Nigerian Ports Authority (NPA), expressed delight at its execution.

She said, “It is truly mind blowing that one man could envision and execute such a project. As we toured the refinery, we thought we had seen everything until we reached the laboratory. That lab alone is an institution. I don’t know of any institution in Nigeria or even globally that boasts such a laboratory for petrochemical.”

Ogbonna urged Dangote to remain focused and undeterred by detractors, emphasising that the project is a global achievement, not a personal enterprise.

She stated, “We feel truly honoured to have been warmly received by the President of the Dangote Group and his team. My advice to him is: do not be discouraged by critics. He was never self-centred. Despite the obstacles, he was driven by a vision for Nigeria’s future, reaching far beyond Africa.”

In response, founder of the refinery and Africa’s richest man, Aliko Dangote, applauded the technical committee for its role in supporting the implementation of Tinubu’s laudable Naira-for-Crude initiative.

He commended the positive impact of the naira-for-crude swap deal on the Nigerian economy, saying it has led to a reduction in petroleum product prices, eased pressure on the dollar, and ensured the stability of the local currency, among others.

However, Dangote complained that due to shortage of domestic crude oil, the refinery had increasingly relied on imports from the United States to meet its needs in recent months.

Dangote stressed the importance of bold investment in strategic sectors as key to industrialisation, revealing that building the refinery requires extensive infrastructure development, including world-class, self-sufficient marine facility capable of accommodating the largest vessels globally.

He assured the delegation of the refinery’s commitment to national development.

Designed to process a wide range of crude types, including African and Middle Eastern grades, as well as US Light Tight Oil, the refinery has the capacity to meet all of Nigeria’s domestic demand for petrol, diesel, kerosene, and aviation jet fuel, with a surplus available for export.

Hot Source
All News
June 20, 2025
16 views

Bank Stocks Rally as Ovia, Umeoji Acquire Shares Worth N3.3bn in One Day

•FirstHoldCo promises to exit forbearance in December, raising more questions

Nume Ekeghe and Kayode Tokede

Zenith Bank Plc’s founder and Chairman, Mr. Jim Ovia, and the Group Managing Director/CEO, Dr. Adaora Umeoji, have significantly increased their stake in the bank, acquiring shares worth over N3.3 billion between June 10 and June 18, 2025.

This emerged as FirstHoldCo Plc’s announcement of its plan to exit regulatory forbearance in December this year has stirred fresh concerns.

Also, yesterday, the All-Share Index (ASI) rose by 39 basis points in early trading, with banking stocks leading the charge up by 130bps.

The acquisitions by Ovia and Umeoji, demonstrated confidence in the bank’s fundamentals and its ability to deliver shareholder value amid ongoing regulatory reforms.

The transactions were disclosed in separate filings on the Nigerian Exchange, with purchases made through direct and indirect holdings.

Umeoji bought directly in the open market, while it disclosed a related party acquisition bought by Quantum Zenith Securities and Investments, owned by Ovia.

Umeoji, led the acquisitions with a total of 68.75 million shares purchased in two tranches. On June 18, she bought 58,754,007 units at N48 per share, and earlier, on the same day, acquired 10 million units at N47.90 per share. The combined purchase was valued at approximately N3.3 billion.

On the other hand, Ovia, through Quantum Zenith Securities and Investments, acquired 1.45 million shares across three transactions.

On June 10, 250,000 units were purchased at N50.90 per share, this was followed by 700,000 units at N46.10 per share on June 16 and another 500,000 units at N45.50 per share on June 17, amounting to a cumulative purchase valued at over N67 million.

The insider purchases came a day after Zenith Bank reaffirmed its commitment to exit all regulatory forbearance arrangements with the Central Bank of Nigeria (CBN) in 10 days, by the June 30, 2025, deadline, clearing the path for a potential dividend payout thereafter .

In a disclosure signed by the Company Secretary, Michael Otu, the bank had explained that it had already surpassed the N500 billion minimum capital requirement and is currently compliant with the CBN’s Single Obligor Limit (SOL).

The remaining forbearance exposure affecting only two credit customers was expected to be fully provisioned before the end of June.

Meanwhile, in a statement yesterday, First HoldCo Plc assured investors that it remains on course to meet compliance requirements and sustain dividend payments after December 31st, 2025.

In the statement, the company explained the SOL breach at its flagship subsidiary, FirstBank, was tied to foreign currency loans to two customers affected by the over 200 per cent naira devaluation in 2023/2024.

It added that the breach would be resolved with the planned capital raise in the second half of 2025.

FirstHoldCo also clarified that its forbearance exposures were linked to syndicated loans across industry sectors, which are currently being restructured.

“With the planned completion of the capital raise in the second half of 2025 among other measures, the bank will cure the breach in this regard by the end of the year. Furthermore, the bank’s forborne loans are in respect of syndicated facilities that are industry exposures.

“The consortium of lenders is working to re-tenor the facilities to align with their cashflows as all the assets are back to active production and generating appreciable revenue,” it added.

It also noted that some also have receivables awaiting payment from relevant agencies of government and that syndicate lenders would ensure the processes are concluded within the current financial year.

It stated further: “Any loan not fully re-tenored will be fully provisioned and exit forbearance. As a well-diversified financial holding Company, FirstHoldCo will sustain its dividend payments in 2025 and beyond as we remain committed to our esteemed stakeholders.”

However, what FirstHoldCo did not say is that the consortium of lenders in this instance to Aiteo limited have already provisioned for the facility. They include, GTCO, which provisioned in December last year, as well as Zenith Bank and AccessCorp which said they will provision for the Aiteo facility in 10 days.

Banking Analysts wonder what manner of restructure FirstHoldco will undertake over the next 6months when the borrower, Aiteo is in dispute with Shell Trading ( a member of the consortium over valuation of the asset) leading to the provisioning by GTCO and others.

Analysts say FirstHoldco’s statement has not provided any clarity or comfort as to how it will exit forbearance by the end of the year and pay dividend to shareholders.

Analysts also question the status of former Chairmen, Oba Otudeko and Tunde Hassan-Odukale’s shares, (Leadway shares) which Femi Otedola is currently acquiring. The market is seeking full transparency.

In buying those shares, it does not necessarily increase the bank’s capital, but just a matter of crossing shares and taking control of the holding company, as the hard work of raising FirstHoldco’s capital to above the N500 billion mark through Right Issue remains unclear.

In the meantime, the Nigerian equities market continued its upward momentum yesterday, buoyed by renewed investor confidence in the banking sector following Zenith Bank’s founder and CEO’s share purchases and strong dividend guidance.

The All-Share Index (ASI) rose by 39 basis points in early trading, with banking stocks leading the charge up by 130bps.

All Tier-1 banking stocks traded in the green, led by FirstHoldCo gaining 5.12 per cent, AccessCorp up by 3.34 per cent, Zenith Bank by 2.16 per cent, UBA gained 1.18 per cent, and GTCO marginally by 0.63 per cent.

Hot Source
All News
June 19, 2025
14 views

Zenith Bank to Exit CBN’s Regulatory Forbearance June 30, Assures Shareholders of Continued Dividend Payout

NumeEkeghe

Zenith Bank Plc, Nigeria’s biggest bank by tier-1 capital has assured shareholders and investors of its readiness to satisfy all relevant conditions to exit the Central Bank of Nigeria’s (CBN) regulatory forbearance by June 30, 2025.

The bank also expressed confidence in meeting shareholders’ dividend expectations in the 2025 financial year.

The clarification comes on the back of heightened scrutiny of Nigerian banks’ capital health following the new CBN directive that suspends dividend payments and tightens oversight for banks with outstanding forbearance-related loans or breaches of the Single Obligor Limit (SOL).

In a statement presented to the Nigeria Exchange (NGX) Group on Tuesday, the bank stated that its exposure under the SOL forbearance relates solely to a single obligor, pointing out that this exposure would be brought within the applicable regulatory limit on or before June 30, 2025.

The bank also confirmed that the forbearance granted on other credit facilities applies to only two of its customers, noting that it has made substantial provisions in respect of these facilities and taken appropriate and comprehensive steps to ensure full provisioning by June 30, 2025.

The bank further emphasised its strong financial footing, stating that it has successfully raised and surpassed the new regulatory capital requirement of N500 billion, and was therefore well positioned to continue delivering value to all its key stakeholders.

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offering, unique customer experience and sound financial indices.

The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

The bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine.

The bank was also awarded Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020, 2022 and 2024; Best Bank in Nigeria from 2020 to 2022, 2024 and 2025, in the Global Finance World’s Best Banks Awards; Best Bank for Digital Solutions in Nigeria in the Euromoney Awards 2023; and was listed in the World Finance Top 100 Global Companies in 2023.

Further recognitions include Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.

Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

The bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, Bank of the Year 2023 and 2024 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards, and Retail Bank of the Year for three consecutive years from 2020 to 2022 and in 2024 at the BAFI Awards.

The bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards.

Zenith Bank was also named Most Responsible Organisation in Africa, Best Company in Transparency and Reporting and Best Company in Gender Equality and Women Empowerment at the SERAS CSR Awards Africa 2024; Bank of the Year 2024 by THISDAY Newspaper; Bank of the Year 2024 by New Telegraph Newspaper; and Best in MSME Trade Finance, 2023 by Nairametrics. The Bank’s Hybrid Offer was also adjudged ‘Rights Issue/ Public Offer of the Year’ at the Nairametrics Capital Market Choice Awards 2025.