All Posts in "Month: February 2026"

APC reveals why opposition leaders are angry about Electoral Act

​The National Publicity Secretary of the ruling All Progressives Congress, APC, Felix Morka, has revealed why opposition leaders are angry over the recently passed and signed Electoral Act.

Fielding questions in an interview on ‘Politics Today’, a programme on Channels Television, Morkas said they are angry because the Electoral Act amendment frustrates what he described as a plan to use real-time transmission of results as grounds to challenge the 2027 general elections.

He added that key opposition figures were upset because the amendment removed a ‘game plan’ to invalidate elections where real-time electronic transmission of results is not possible.

“So, let me tell you very quickly why Peter Obi, Galadima and his friends in the opposition are livid about this amendment.

“They were hoping to sell this dummy to the National Assembly and to Nigerians: that unless results are transmitted in real time, that becomes grounds to invalidate the election in 2027. That was it – it was a game plan,” he said.

The APC national mouthpiece further stated that opposition figures were fully aware that internet connectivity remains uneven across the country.

“Buba Galadima knows, Atiku Abubakar knows, Peter Obi knows, and David Mark knows that connectivity is not universal in all the territories and voting districts of Nigeria,” Morka said.

His comments followed the signing of the Electoral Act (Amendment) Bill 2026 into law on Thursday by President Bola Ahmed Tinubu.

However, leaders of the African Democratic Congress and the New Nigeria Peoples Party rejected the new law, insisting it is anti-democratic and tilted in favour of the ruling party ahead of the 2027 elections.

admin by — February 27, 2026 in News 0
2027: APC govt should be cut into pieces over insecurity — Galadima

A chieftain of the New Nigeria Peoples Party, NNPP, Buba Galadima, says if the Nigerian people could remove former President Goodluck Jonathan from office in 2015 over insecurity, the All Progressives Congress can be cut into pieces.

Speaking during an interview on Channels Television’s Politics Today on Thursday monitored by DAILY POST, Galadima warned that Nigerians could react strongly at the ballot box if current economic and security challenges continue.

He lambasted the policies of the ruling APC and dismissed claims that living conditions have improved.

Speaking on political dissent and governance, the elder statesman stated that authorities should not underestimate public sentiment, citing incidents of arrests over public commentary.

He lamented the arrest and imprisonment of young people who go on the radio to air their own opinion about the happenings in Nigeria.

The NNPP stalwart told the APC-led Federal Government that they should not presume that Nigerians were gullible and that they cannot react.

“Now things start small, small. You don’t know how they can blossom and become something else. They shouldn’t play.

“If you can remove Jonathan’s government for a simple insecurity in the Northeast, what would you be doing to the APC government? I think we have to cut them into pieces,” he said.

admin by — February 27, 2026 in News 0
See journalists as allies, not enemies – Mojeed Musikilu tells Nigeria Police

President of the International Press Institute Nigeria, Mojeed Musikilu, has called on the Nigeria Police to see journalists as allies during elections and not enemies.

Musikilu made the call on Thursday when he appeared as a guest in an interview on Arise Television, lamenting the rate of attacks on journalists during elections.

He questioned why the police should continue to use the cybercrime law against journalists for doing their legitimate constitutional duties.

“The rate of attacks on journalists is high during elections. The police must see journalists as allies

“The media is a critical institution in a democratic setting. Recent years have seen journalists harassed, detained, assaulted, and even shot while performing their duties.

“This led to the former Inspector General of Police, Kayode Egbetokun, being placed on an infamy list for failing to address these issues.

“An early warning is now being issued to his successor, especially with upcoming elections, as attacks on journalists tend to increase during these periods.

“It is crucial for authorities to view journalists as allies in national development, as journalism is not a crime, nor are journalists enemies or criminals,” he said.

admin by — February 27, 2026 in News 0
Lagos airport fire: National Assembly awaits FAAN probe, withholds verdict

Members of the National Assembly have said they will withhold comment on the cause of Monday’s fire outbreak at the Murtala Muhammed International Airport until investigations being conducted by the Federal Airports Authority of Nigeria, FAAN, are concluded.

The lawmakers stated this after a joint delegation from the Senate and the House of Representatives Committees on Aviation carried out an on-the-spot inspection of the damaged Terminal 1 wing of the airport.

The visit followed public concern triggered by the inferno, which caused extensive damage to part of the facility.

The delegation arrived at the airport at about 3:07 p.m., toured the affected areas, and later held a closed-door meeting with FAAN’s management team led by the Managing Director, Olubunmi Kuku.

Speaking after the inspection, Chairman of the Senate Committee on Aviation, Abdulfatai Buhari, said the lawmakers were encouraged by the swift response of airport authorities and the fact that no lives were lost.

He explained that the visit was aimed at firsthand assessment rather than speculation, noting that the lawmakers had earlier been engaged in budget defence sessions.

“We thank God that there was no loss of life, which is the most important thing. Despite the scale of the incident, FAAN and other agencies rose to the occasion,” Buhari said.

He added that emergency measures were promptly activated, allowing flight operations to continue with limited disruption.

“Flights were diverted appropriately. Some landed in Malabo and Accra, while others, including Emirates and Lufthansa, still arrived in Lagos later that night. This shows the level of preparedness and response,” he noted.

Buhari stressed that the National Assembly would not draw conclusions while investigations were ongoing.

“The investigation is still in progress, and we do not want to pre-empt the outcome. Issues such as sabotage or otherwise will only be addressed after the relevant authorities complete their work,” he said.

Also speaking, Chairman of the House of Representatives Committee on Aviation, Abdullahi Garba, said the legislature would rely strictly on official findings before taking any further steps.

“Just like my senior colleague said, the investigation is ongoing, and we will wait for the same before anything can be done on this development.

“For the MD, she has done very well because within just three hours she was able to achieve stability; that is a very good one,” he stated.

Meanwhile, the Chairman of FAAN’s Board, Abdullahi Ganduje, praised the airport management for what he described as a timely and effective emergency response, saying it helped prevent casualties and ensured continuity of operations at the nation’s busiest airport.

admin by — February 27, 2026 in News 0
NDLEA unveils new drug control plan to tackle abuse, close gaps

The Chairman of the National Drug Law Enforcement Agency, NDLEA, Brig. Gen. Mohamed Buba Marwa, rtd, says Nigeria’s new National Drug Control Master Plan, NDCMP, 2026-2030 will strengthen efforts to combat drug abuse and trafficking across the country.

He made the remark at the agency’s national headquarters in Abuja while receiving the final evaluation report on the 2021-2025 drug control strategy.

Marwa said the new plan was designed to improve existing measures and address identified gaps in drug control operations.

According to him, “the National Drug Control Master Plan 2026-2030 will strengthen Nigeria’s ongoing drug control efforts,” particularly in areas affecting public health and national security.

He spoke after reviewing the performance of the NDCMP 2021-2025, which assessed the country’s response to drug-related challenges over the past five years.

The NDLEA chairman commended the evaluation team, praising “the team of consultants who worked on the evaluation of the implementation of the NDCMP 2021-2025 for doing an excellent work.”

The agency noted that findings from the assessment would guide strategies in the new policy framework. Marwa assured that “when fully implemented, the NDCMP 2026-2030 will bridge gaps in the area of drug demand reduction in Nigeria,” highlighting efforts to reduce substance abuse and strengthen prevention programmes.

The development reflects ongoing government efforts to review national drug policies and improve enforcement and rehabilitation systems.

Authorities say the new plan aims to enhance coordination among stakeholders and improve Nigeria’s overall response to drug-related challenges.

admin by — February 27, 2026 in News 0
Lagos announces total closure of Lekki–Ajah Expressway for rehabilitation

Lagos State Government has announced a full closure of the Epe-bound carriageway of the Lekki–Ajah Expressway, stretching from Admiralty Way Junction to Jubilee Bridge in Ajah, to allow for extensive rehabilitation works along the corridor.

The development was confirmed in a statement released on Thursday by the state Ministry of Transportation and signed by the Commissioner for Transportation, Oluwaseun Osiyemi.

According to the statement, the total closure is intended to enable uninterrupted construction activities across key intersections along the route. During the period, traffic flow will be temporarily redirected to the Lagos-bound carriageway under a structured lane-sharing arrangement.

The government explained that between 5:00 a.m. and 10:00 a.m., two lanes will be allocated to Lagos-bound traffic while one lane will accommodate vehicles heading toward Epe. Conversely, from 3:00 p.m. to 3:00 a.m., two lanes will be dedicated to Epe-bound traffic, with one lane reserved for Lagos-bound movement.

Motorists were advised to consider the Lagos–Calabar Coastal Road as an alternative route where practicable.

To ensure smooth traffic operations, the government said officers of the Lagos State Traffic Management Authority, LASTMA, and other traffic personnel will be strategically positioned along the corridor, while tow trucks will remain on standby to promptly handle vehicle breakdowns and emergencies.

The statement also noted that night-time operations will involve partial closures and restricted movement at several intersections, including Admiralty Way, Maruwa, Freedom Way, Chisco, Jakande, Igbo-Efon, Chevron, Lekki Conservation Toll Plaza to VGC, and the VGC to Jubilee Bridge axis.

It added that all intersections along the route will be completely shut for up to eight hours at night during asphalt-laying activities to ensure safety and construction quality.

Rehabilitation works on the Epe-bound carriageway will be executed in phases, covering sections from Admiralty Way Junction through Maruwa, Freedom Way, Chisco, Jakande, Igbo-Efon, Chevron, Lekki Conservation Toll Plaza, VGC U-Turn, and terminating at Jubilee Bridge in Ajah. Similar phased repairs are also planned for sections of the Lagos-bound carriageway.

The government explained that the new traffic arrangement follows the successful completion of the Chevron-to-Admiralty segment on the Lagos-bound side and is aimed at sustaining progress on the Epe-bound axis.

Residents and road users were urged to cooperate with traffic officials, comply with diversion signs, and plan their movements accordingly, with assurances that regular updates would be provided as work progresses.

admin by — February 27, 2026 in News 0
Lafarge Africa’s dividend surges fivefold to N96.6bn

Lafarge AfricaLafarge Africa Plc has proposed a sharp increase in dividend payout to shareholders for the 2025 financial year, as the board of directors recommended a gross dividend of 600 kobo per ordinary share, five times higher than the 120 kobo paid in 2024.

According to the annual reports filed with the Nigerian Exchange Limited, this proposed total dividend payout for 2025 stood at about N96.65bn compared with N19.33bn a year earlier.

The final dividend of 600 kobo per unit of 50 kobo ordinary share will be paid to shareholders whose names are in the Register of Members as at the close of business on Friday, 3 April 2026.

The PUNCH reports that the proposed dividend remains subject to approval by shareholders at the company’s forthcoming Annual General Meeting scheduled for 30 April 2026.

The sharp rise in the dividend payout had been powered by net sales for FY 2025, which went up 53 per cent to N1.07tn from N696.76bn, supported by volume growth, enhanced plant stability, and improved distribution efficiency. Operating Profit rose 103 per cent to N392bn, reflecting strong top-line momentum and continued execution on cost and efficiency initiatives.

Profit After Tax appreciated 173 per cent to N27bn; underpinned by volume-led revenue growth and cost optimisation across operations.

Commenting on the results, Lafarge Africa Chief Executive Officer Lolu Alade-Akinyemi said the full-year 2025 results were a testament to the effectiveness of the group’s four-point strategy, disciplined execution, and relentless focus on value creation.

“Reaching the N1tn net sales threshold, a 53 per cent year-on-year increase, marks a historic turning point for our company. With a 103 per cent surge in operating profit to N392 bn and margins widening to 37 per cent, we have demonstrated exceptional operating excellence. This 173 per cent growth in Profit After Tax is the direct result of our focus on plant reliability, operational efficiency, and commitment to shareholder value,” he said.

Looking ahead, Alade-Akinyemi added that with Huaxin’s (Huaxin Building Materials Group Co., Ltd. is an international investor holding Lafarge Africa’s shares) collaboration and industrial expertise, “we are excited about the year 2026 and the opportunities ahead. We maintain a prudent and agile approach to capital allocation and cost management while positioning the business to capitalise on emerging market opportunities. Our resilience, operational scale, and strategic clarity provide a strong foundation for sustainable growth and enhanced shareholder value.

“I appreciate the continued trust of our employees, customers, stakeholders, and investors, whose partnership reinforces our commitment to delivering resilient performance and superior value creation.”

The PUNCH reports that Holcim, the previous majority shareholder, announced on 1 December 2024 that it had signed an agreement to sell its entire 83.81 per cent stake in Lafarge Africa Plc to Huaxin Building Materials Group Co., Ltd. The transaction was approved by the Federal Competition and Consumer Protection Commission on 25 July 2025.

admin by — February 27, 2026 in Business 0
Seplat posts 144% revenue growth to $2.73bn

The revenue of Seplat Energy Plc for the 2025 financial year surged 144.2 per cent to $2.73bn (N4.14tn) compared to $1.12bn (N1.65tn) in 2024, reflecting what the company called a full year of contribution from its offshore assets.

This was disclosed in its audited results for the year ended 31 December 2025, filed with the Nigerian Exchange Limited on Thursday.

The PUNCH reports that Seplat Energy Plc is an independent energy company listed on the Nigerian Exchange and the London Stock Exchange.

In the year under review, cash generated from operations stood at $1.17bn, up 276 per cent. Cash capex was $266.8bn. At the end of the year, the balance sheet remained robust, with net debt of $673.3m, down 25 per cent year-on-year from $897.8m. In returns to shareholders, the declared dividend for the fourth quarter was 8.3 cents per share, up 11 per cent quarter-on-quarter and 20 per cent YoY, consisting of 5.0c and 3.3c as special dividends. The total dividend declared for 2025 stood at 25.0c per share, equivalent to $150m and a 52 per cent increase on 2024.

On the operational front, the group production averaged 131,506 boepd (barrels of Oil Equivalent Per Day), up 148 per cent from 2024 (52,947 boepd), reflecting the first full year of offshore consolidation and within revised guidance. Onshore delivered 14 per cent production growth YoY, supported by the completion of the Sapele Gas Plant and new well inventory. The ANOH gas plant achieved its first gas in January 2026; production is stable at 50-70 MMscfd, with ~60 kbbl of condensate currently in storage. The group recorded only one Lost Time Injury on its operated assets in 2025 and has been at 11.4 million hours without LTI since September (2024: 11.0 million hours).

On the results, Seplat Energy Chief Executive Officer Roger Brown said, “In 2025, we clearly illustrated our ability to operate at scale. We benefited from the successful execution of several key offshore activities that kick-started life for Seplat as an offshore operator, while at the same time delivering onshore production performance that was the strongest in recent memory.

“At our CMD in September, we laid out our long-term ambition to ‘Build an African Energy Champion’, with a clear roadmap to grow working interest production to 200 kboepd by 2030. In 2025, we delivered the IGE replacement project offshore and the Sapele gas plant onshore. In recent weeks we were delighted to achieve first gas at the ANOH Gas Plant and are on track to double joint venture gas volumes at Oso-BRT to 240 MMscfd in 2H2026. Drilling will be a decisive factor in meeting our long-term growth ambitions, and I am pleased to announce that the first jack-up drilling rig is contracted, in-country and set to arrive at Oso in 3Q to commence a multi-year, multi-well drilling campaign.

“Finally, the cash generative nature of our asset base is clearly evident in our results, and by raising dividends by over 50 per cent to 25 cents per share alongside continued strengthening of our balance sheet and delivery of our work programmes, we are already well positioned to deliver on our planned $1bn cumulative return of capital to shareholders by 2030. Furthermore, the strength of the enlarged group has resulted in a notable lowering of our cost of debt, providing additional scope for long-term value creation.”

admin by — February 27, 2026 in Business 0
MTN Nigeria posts N5.2tn revenue, boosts economy

MTN-new-logo-e1663465256894MTN Nigeria has reaffirmed its position as a critical driver of the non-oil economy, posting a service revenue of N5.2tn in its 2025 audited financial results.

Beyond the impressive top-line growth, the company emphasised that its financial success is deeply intertwined with national development, standing firmly as one of the country’s largest corporate taxpayers and ensuring its profitability supports the Federal Government’s infrastructure and social welfare programmes.

The 2025 financial year, according to a statement from the firm, was described as a remarkable period of recovery and resilience for the company.

The Chief Executive Officer, Dr Karl Toriola, noted that 2025 marked a significant turning point with a return to profitability and a resilient balance sheet, which ultimately supported “accelerated network investment to enhance quality of service and user experience.”

To back up its commitment, MTN revealed that it invested a N1tn in capital expenditure in 2025 for network expansion. This massive CAPEX deployment serves as physical proof of its economic patriotism, ensuring that billions in retained earnings are poured directly back into building base stations, laying fibre optics, and creating thousands of local jobs.

Furthermore, the company’s leadership highlighted that its ability to aggressively fund its CAPEX obligations while navigating economic storms is an indicator that government policies are working.

MTN commended the government for its progressive policies, noting that its primary focus remains on keeping millions of Nigerians connected. This capital-intensive stability serves as an example that companies can indeed return to profitability, survive, and build critical infrastructure in Nigeria.

Consequently, MTN is leveraging its position as the most valuable company on the Nigerian Exchange to encourage local wealth creation.

With millions of direct and indirect Nigerian investors, the company has actively encouraged young Nigerians to bet on the country’s digital future by buying its shares, promising that robust CAPEX strategies will continue to deliver attractive long-term shareholder returns.

admin by — February 27, 2026 in Business 0
Transcorp reports N136bn PAT, up 44%

Indigenous conglomerate Transnational Corporation Plc has reported a 44 per cent rise in its Profit After Tax to N135.9bn compared to N94.1bn in the corresponding period of the previous year.

This was indicated in its audited full-year 2025 results filed with the Nigerian Exchange Limited on Thursday.

The PUNCH reports that Transcorp has investments in the power, hospitality and energy sectors of the economy.

In the period under review, the conglomerate also crossed the N1tn in total assets milestone for the first time in the group’s history. Revenue increased 33 per cent to N544bn compared to N408bn in FY 2024. Profit Before Tax rose 31 per cent to N179.5bn from N136.7bn in 2024. A closer look at the figures indicated that its power subsidiaries’ revenue grew 38 per cent to N483.97bn, driven by enhanced generation capacity and improved gas supply. In the hospitality sector, Transcorp Hotels Plc’s revenue increased 38 per cent to N97.04bn, supported by strong demand across rooms, conferencing, food & beverage, and premium guest experiences.

For the group, shareholders’ funds increased 47 per cent to N353.4bn as total borrowings reduced 15 per cent to N75.5bn, with a gearing ratio of 13 per cent.

In a statement accompanying the audited results released on the NGX, the chairman of Transcorp, Tony Elumelu, said, “Our 2025 results are not just strong; they are decisive. They reflect the power of a deliberately diversified portfolio, disciplined execution, and our unwavering belief in Nigeria’s long-term potential. In power, hospitality and energy, we are building platforms that deliver both commercial returns and social impact. In power, our integrated energy strategy is translating directly into measurable capacity growth and improved reliability.

“Transcorp Power increased available capacity to 625 MW, while TransAfam Power tripled peak generation capacity to 270 MW. These are not incremental gains; they are structural contributions to Nigeria’s energy security and industrial competitiveness. In hospitality, we continue to set the standard for excellence. The Transcorp Centre, Abuja, is redefining Nigeria’s capacity to host global events at scale and positioning our Group to capture significant future growth. We remain focused on one outcome: sustainable, long-term value creation. For our shareholders. For our partners. And for Nigeria’s economic transformation.”

The President/Group Chief Executive Officer, Dr Owen Omogiafo, added, “Transcorp Group’s FY2025 performance reflects disciplined strategy execution and operational excellence across our portfolio. Crossing the N1tn total assets milestone is a defining achievement, a validation of the strength of our platform and the confidence of our investors. With 47 per cent growth in shareholders’ Funds and sustained profitability, we have closed the year with strong momentum.

“Guided by our purpose to ‘improve lives and transform Africa’, we continue to optimise our businesses to deliver superior stakeholder value. We provide investors with structured access to the Nigerian growth story and remain firmly committed to delivering sustainable returns while advancing broader economic development.”

admin by — February 27, 2026 in Business 0