March 2026 - Page 5 of 26

All Posts in "Month: March 2026"

Osun 2026: INEC charges stakeholders to safeguard credible poll

As the Independent National Electoral Commission, INEC, intensifies its grassroots engagement strategy across Osun State, election stakeholders have been charged to take greater responsibility for ensuring credible elections.

The INEC Resident Electoral Commissioner in the state, Dr Mutiu Agboke, gave this charge during a series of stakeholders’ meetings held in Osogbo, Ede North and Ede South local government council areas on Wednesday.

Addressing participants drawn from political parties, transport unions, security agencies and civil society organisations, Dr Agboke emphasised that the credibility of the electoral process depended largely on collective adherence to electoral guidelines.

He stressed that no candidate would be declared winner without securing the mandate of voters.

“Nobody will win any election in Osun State without the votes of the people,” he said.

The REC explained that the decision to hold meetings across all local government areas was aimed at engaging stakeholders within their respective communities.

He described the election as special and called for a united approach among stakeholders to ensure a peaceful outcome.

According to him, “such decentralised consultations were necessary for effective planning and coordination.

“Election activities must be jointly handled by all stakeholders to guarantee success.”

As part of measures to strengthen accountability, he disclosed that all ad-hoc staff engaged for the election would be required to sign an affidavit of commitment to service before deployment and warned that any breach of the oath would attract prosecution.

Agboke also cautioned electoral officers, including presiding officers and collation officers, against tampering with results.

“Election matters are serious and should only involve individuals committed to democratic development.

“We will trace any altered result to the responsible official, and such a person will be arrested and prosecuted,” he stated.

He extended similar warnings to members of the National Union of Road Transport Workers NURTW, urging them to refrain from partisan activities during the election period.

According to him, “INEC would collaborate with the union strictly in its organisational capacity. A situation room would be established to monitor compliance on election day.”

The REC disclosed that the Commission had been dealing with misinformation since his assumption of office, but insisted that such challenges would not derail preparations for the Osun governorship polls.

Security agencies also used the forum to reassure stakeholders of adequate arrangements to maintain peace before, during and after the elections.

In their welcome address, electoral officers highlighted areas of concern within their jurisdictions, including locations prone to overcrowding, drug-related activities and thuggery, particularly in parts of Ede North, calling for targeted security interventions ahead of the polls.

by admin — March 26, 2026 in News 0

Why Sahel states left ECOWAS – ADC

The African Democratic Congress, ADC, has said that the Sahel states, including Mali, Niger and Burkina Faso left the Economic Community of West African States, ECOWAS, because President Bola Tinubu mismanaged the relationship.

The National Publicity Secretary of the party, Bolaji Abdullahi, stated this on Wednesday while fielding questions in an interview on ‘Politics Today’, a programme on Channels Television.

He was speaking about the insecurity in the West African region.

“Mali, Niger and Burkina Faso left ECOWAS because President Tinubu came and mismanaged the relationship.

“What used to be joint collaboration to fight terrorism in the Sahel region became ‘all man for himself,’ and terrorism prospered.

“The global terrorism index 2025, Nigeria ranked fourth in the list of the most terrorized countries in the world. Pakistan tops the table, followed by Burkina Faso and Niger Republic, while Nigeria is number four.

“Take Pakistan out and look at the other countries on the table. These are ECOWAS countries. These are countries that used to work together to fight terrorism.

“So what the ADC is saying is that the foundation for fighting terrorism in Nigeria must be drawn from our ability to build relationships with our neighborhood.

“The ability of Nigeria to play any leadership role within the West Africa region depends on Nigeria’s ability to protect and defend its own people.

“As long as Nigeria is not able to protect and defend its own people, it cannot lead any claim to leadership in West African region or Africa as a whole,” Abdullahi stated.

by admin — March 26, 2026 in News 0

Taraba launches statewide youth database to boost planning, service delivery

The governor of Taraba State, Agbu Kefas, on Wednesday in Jalingo, the state capital, launched a statewide youth database and profiling initiative aimed at strengthening development planning and improving service delivery.

Urging young people in the state to shun negative influences and channel their energy into productive ventures that promote personal growth and societal progress, he reiterated his administration’s commitment to youth development.

The governor, who emphasised that accurate and reliable data remains critical for designing effective policies and programmes, said the initiative is aimed at strengthening development planning and improving service delivery.

He explained that the initiative would provide government with the necessary tools to better understand and respond to the needs of young people across the state.

According to him, the newly introduced system will help identify the skills, needs, and opportunities within the youth population, enabling more strategic and efficient interventions.

Also speaking, the Chairman of the Taraba State Youth Development Agency, Nongha Gara, said the initiative would enhance targeted interventions and ensure that government resources are directed to those who need them most.

He noted that the availability of a comprehensive and up-to-date youth database would improve programme delivery and maximise impact.

The youth profiling system, DAILY POST learnt, is expected to support evidence-based decision-making and strengthen ongoing efforts to empower young people across the state, positioning them as key drivers of sustainable development.

by admin — March 26, 2026 in News 0

Kano governor sacks investment commissioner, orders immediate handover

Governor Abba Kabir Yusuf of Kano State has removed Shehu Wada Sagagi from his position as Commissioner for Investment, Commerce and Industry, with immediate effect.

The decision was announced in a statement issued on Thursday by the governor’s spokesperson, Sunusi Bature Dawakin Tofa.

According to the statement, Sagagi has been directed to hand over all responsibilities of the ministry to the Director of Commerce without delay.

According to the statement, the Governor “acknowledged Sagagi’s contributions to the development of the state, particularly in the areas of politics, religion, small and medium enterprises.”

Governor Yusuf thanked the former commissioner for his service during his time in office.

The governor wished him well in his future pursuits and assured residents that his administration remains focused on delivering effective governance and improving public services.

The statement added that the move is part of an ongoing effort by the government to restructure its system for better performance and long-term development.

by admin — March 26, 2026 in News 0

It’s academic – Army seeks dismissal of suit over disputed Naval officer’s land in Abuja

The Nigerian Army has asked the Federal High Court in Abuja to dismiss a suit filed by Professor John Ntui Ntuiabane over a disputed property located in Apo District, describing the action as an abuse of court process and lacking legal merit.

The suit, marked FHC/ABJ/C’S/2635/2025, seeks the court’s interpretation of the constitutional right of citizens to own property in Nigeria, as well as a declaration to preserve the ownership rights of a deceased retired Major who was reportedly allocated the property, which is currently occupied by a retired Naval chief.

The property dispute has attracted public attention following a recent controversy involving a young Naval officer, Lt. Ahmed Yerima, and the Minister of the Federal Capital Territory, Nyesom Wike, over the ownership of the Apo residence.

In a preliminary objection dated March 24, 2026, the Nigerian Army, through human rights lawyer, Victor Giwa, urged the court to strike out the suit, arguing that it was incompetent and improperly filed.

According to the objection, “the suit is grossly incompetent, having been filed via originating process, highly speculative and hypothetical and academic in nature.”

Giwa further contended that the claimant was attempting to obtain a judicial pronouncement on what he described as an academic question, urging the court to dismiss the case and treat it as a matter suitable for academic discussion rather than judicial determination.

He also challenged the jurisdiction of the court to entertain the matter, insisting that the action does not disclose any real dispute that requires judicial intervention.

by admin — March 26, 2026 in News 0

Workers threaten strike over delayed 40% peculiar allowance

Federal civil servants, under the Joint National Public Service Negotiating Council, have issued a March 31 ultimatum to the Federal Government over delays in implementing the 40 per cent peculiar allowance linked to the N70,000 minimum wage.

The workers warned that failure to meet the deadline could trigger industrial action, raising concerns about a potential nationwide disruption of government activities as frustration mounts among thousands of affected employees.

In a strongly worded letter addressed to the Executive Chairman of the National Salaries, Incomes and Wages Commission, the National Chairman and National Secretary of JNPSNC, Benjamin Uyantomni and Olowoyo Gbenga, respectively, decried what they described as an “undue delay” in issuing the necessary circular and salary templates required for the implementation of the allowance.

According to the union, despite submitting a detailed proposal to facilitate the seamless rollout of the allowance, the process appeared to have stalled within the commission.

“The National Leadership of the JNPSNC is constrained to draw the attention of the management of the NSIWC to the undue delay in issuing the appropriate circular and salary templates required to facilitate the payment of the 40 per cent peculiar allowance,” the letter read.

The union further recalled that it had formally written to the commission as far back as September 1, 2025, but lamented that no action had been taken since then.

“This deliberate inaction has denied thousands of public servants their rightful entitlement,” the union stated, noting that the allowance forms a critical component of the new wage structure approved by the Federal Government.

The JNPSNC added that the approval had already been transmitted to the NSIWC by the Head of the Civil Service of the Federation, yet implementation remained stalled, fuelling suspicion and dissatisfaction among workers.

At a meeting held on March 9, 2026, attended by leaders of affiliate unions, the council resolved to demand immediate action, warning that the patience of workers had been “severely overstretched.”

“Accordingly, we demand a positive response on or before Tuesday, March 31, 2026. Failure to comply will leave the council with no option but to take necessary action. No retreat, no surrender,” the letter added.

The dispute comes amid the Federal Government’s approval of a new national minimum wage of N70,000, following prolonged negotiations with organised labour unions.

The wage increase was intended to cushion the effects of rising inflation, fuel subsidy removal, and the broader cost-of-living crisis that has significantly eroded workers’ purchasing power.

However, beyond the headline wage increase, implementation has been fraught with delays, inconsistencies, and disputes over additional components such as allowances and consequential adjustments across different cadres of the public service.

The 40 per cent peculiar allowance is particularly significant because it is designed to address disparities in pay and compensate for job-specific conditions within the federal civil service.

Its delay has therefore amplified concerns that the broader wage reform may not fully translate into real income gains for workers.

The ultimatum by the JNPSNC signals a potentially wider labour unrest brewing within Nigeria’s public sector, especially at a time when economic pressures are intensifying.

Inflation remains elevated, and the real value of wages continues to decline, meaning delays in implementing agreed benefits have immediate and tangible consequences for workers.

by admin — March 26, 2026 in News 0

Financial literacy essential life skill – FMDQ COO

The Group Chief Operating Officer of FMDQ Group, Ms Tumi Sekoni, emphasised that financial literacy is no longer an optional advantage but a necessity for survival in a modern economy.

Sekoni made this observation as the company successfully concluded its 2026 Global Money Week outreach, targeting students with foundational financial education in a strategic move to bolster economic resilience among the younger generation.

The initiative, held recently, saw the Group’s flagship corporate responsibility arm, FMDQ-Next Generation Financial Markets Empowerment Programme, host an intensive “Teach-a-Class” session at Bethesda Secondary School in Ikota, Ajah. The programme focused on demystifying complex market concepts and instilling the discipline of informed financial decision-making.

Speaking on the urgency of early intervention, Sekoni said, “At FMDQ, we recognise that financial knowledge is a critical life skill that empowers individuals to build sustainable futures. Global Money Week provides an important platform to engage young people early and inspire responsible financial habits.”

The outreach aligns with the broader goals of the Organisation for Economic Co-operation and Development, which coordinates Global Money Week annually to equip youth with the skills required for long-term financial well-being.

By taking the classroom directly to the students in Ikota, FMDQ Group sought to break down barriers to specialised financial information.

“Through initiatives such as our Teach-a-Class outreach, we remain committed to equipping young people with the knowledge and skills required for a financially literate future,” Sekoni added, highlighting the Group’s alignment with UN Sustainable Development Goals for Quality Education and Poverty Eradication.

Since its inception in 2018, the FMDQ-Next programme has served as a bridge between academic learning and the practical realities of Nigeria’s financial architecture. To date, the programme has impacted more than 1,470 participants, ranging from primary school pupils to university graduates, through diverse channels including summer camps, trading challenges, internships, and virtual sessions.

As Africa’s first vertically integrated financial market infrastructure group, FMDQ continues to position itself as a sustainability-focused leader. Through its various subsidiaries and the FMDQ Green Exchange, the Group remains a pivotal player in transitioning Nigeria towards a more transparent and financially aware society.

by admin — March 26, 2026 in Business 0

FG speeds approvals to revive dormant oil wells

The Federal Government has significantly reduced the time required to approve applications for the reactivation of idle oil wells, cutting the process from weeks to a matter of hours in a bid to boost crude oil production and take advantage of rising global energy prices.

The move, being driven by the Nigerian Upstream Petroleum Regulatory Commission, is part of a broader push to ramp up output as crude prices hover close to $100 per barrel, creating what officials describe as a short-term window of opportunity for producers.

A new report by Bloomberg on Wednesday, quoting sources familiar with the development, said the regulator now grants approvals within hours of submission, a sharp departure from the previous timeline of between two and six weeks.

The report read, “Nigeria has slashed the time it takes to approve applications to revive idle oil wells from weeks to hours as Africa’s top crude producer seeks to take advantage of high energy prices.”

Confirming the development, a spokesperson for the commission said the agency had adopted “speedy approvals” across the board to encourage production growth.

“We are giving speedy approvals for all actvities that could increase production,” the official said, underscoring the urgency of the government’s strategy.

The accelerated process is already attracting interest, particularly from indigenous oil companies seeking to return to suspended or underutilised wells. These firms are increasingly targeting re-entry projects as a quicker and more cost-effective alternative to drilling new wells.

The report noted that reviving dormant wells requires less capital and shorter timelines compared to greenfield exploration, which can take years of planning and development before yielding first oil.

Nigeria’s renewed urgency comes amid shifting global oil trade dynamics, with buyers increasingly turning to alternative suppliers such as Nigeria and Angola in response to geopolitical tensions affecting traditional sources in the Middle East.

The development has intensified competition among African producers to capture market share and maximise revenue from elevated crude prices. In addition to fast-tracking well reactivation permits, the NUPRC has also streamlined approvals for evacuation processes and the deployment of barges at production facilities and export terminals, further easing operational bottlenecks.

Despite the government’s push, Nigeria’s oil output has remained underwhelming in recent months, limiting its ability to fully benefit from favourable market conditions.

Data show that production dropped to about 1.31 million barrels per day in February, the lowest level in 17 months. The decline was largely attributed to maintenance activities at a major 225,000 barrels-per-day facility operated by Shell Plc. This figure remains significantly below Nigeria’s historical peak of over 2 million barrels per day and its current production target of 1.84 million barrels per day.

Even during the 2022 oil price surge, when crude prices climbed as high as $130 per barrel following Russia’s invasion of Ukraine, Nigeria averaged only about 1.34 million barrels per day, well below its capacity. To bridge the production gap, regulators are increasingly focusing on reactivating dormant assets.

In 2024 alone, the NUPRC approved about 500 permits for the reopening of idle wells, including projects involving major indigenous players such as Heirs Energy and Seplat Energy Plc. Officials say the current wave of accelerated approvals is expected to build on that momentum, delivering incremental production gains in the near term.

The latest policy direction aligns with recent calls by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who has urged operators to seize the opportunity presented by rising oil prices.

Speaking at the Cross Industry Group meeting in London, the minister challenged industry players to prioritise initiatives capable of delivering immediate output increases. “The current global situation presents a window of opportunity that we must collectively take advantage of in the short term,” Lokpobiri said.

He added, “Nigeria remains one of the most attractive investment destinations in the global oil and gas industry. It is important for operators not only to recognise the opportunity before us but to actively pursue programmes capable of delivering immediate production gains.”

The minister identified key interventions, including re-entry programmes, in-field well development, and other operational measures that can be executed quickly. “These are initiatives that can be implemented within a short timeframe to boost production,” he said.

Lokpobiri also highlighted ongoing reforms aimed at strengthening investor confidence, including the implementation of Executive Orders and targeted fiscal incentives.

“My focus has been on demonstrating the strength of Nigeria’s investment climate, the predictability of our regulatory framework, and the strong collaboration between government agencies and industry players,” he said.

While noting that government reforms are already yielding positive momentum, the minister called on investors to reciprocate by committing to more Final Investment Decisions. “We are doing much more to strengthen the sector, but investors must also step forward by committing to more FIDs,” he added.

The success of the fast-tracked approval regime will depend on how quickly operators can translate permits into actual production gains.

While the policy could unlock stranded capacity and improve output in the short term, broader challenges, including oil theft, infrastructure constraints, and underinvestment, continue to weigh on Nigeria’s production outlook.

Nonetheless, the government’s latest move signals a more proactive regulatory stance, as Africa’s largest oil producer seeks to reclaim lost output and position itself to benefit from evolving global energy dynamics.

by admin — March 26, 2026 in Business 0

CBN okays 100% forex repatriation for oil companies

The Central Bank of Nigeria has approved the full repatriation of export proceeds by International Oil Companies, allowing them to access 100 per cent of their foreign exchange earnings through authorised dealer banks.

The directive was contained in a circular issued by the apex bank’s Trade and Exchange Department and published on its website on Wednesday.

In the circular signed by the Director, Trade and Exchange Department, Dr Musa Nakorji, the bank said the move forms part of ongoing reforms to improve liquidity and stability in the foreign exchange market.

The CBN stated that the decision marks a shift from its earlier policy introduced in 2024, which allowed authorised dealer banks to pool 50 per cent of repatriated export proceeds on behalf of oil firms, while the balance was held for 90 days before repatriation.

It said, “As part of the reforms aimed at creating more liquidity and stability in the Nigerian Foreign Exchange Market, the Bank issued two circulars in 2024, allowing Authorised Dealer Banks to cash pool 50 per cent of repatriated export proceeds on behalf of International Oil Companies with the remaining 50 per cent retained for 90 days before repatriation.”

However, the apex bank noted that the latest adjustment is intended to further liberalise the market in line with prevailing conditions. “However, to further liberalise and deepen the market in line with current market realities, IOCs are hereby granted unfettered access to their repatriated export proceeds,” the circular read.

It added that, “The IOCs may repatriate 100 per cent of their export proceeds through the ADBs, who shall ensure adequate documentation and submit a monthly report to the Director, Trade & Exchange Department.”

The CBN also made it clear that the new directive overrides all previous guidelines on cash pooling arrangements for oil companies. “Please note that this provision supersedes all other circulars issued by the Bank on Cash Pooling,” it stated.

The bank directed all authorised dealer banks to comply with the new framework immediately. “All Authorised Dealer Banks are to note and be guided accordingly, as this directive takes immediate effect,” the circular added.

In 2024, the CBN introduced measures affecting international oil companies operating in Nigeria, limiting their ability to immediately remit 100 per cent of forex proceeds to their parent companies abroad.

Instead, IOCs were required to repatriate 50 per cent of their proceeds immediately, with the remaining 50 per cent to be repatriated 90 days after the inflow.

Also, the CBN implemented new rules governing cash pooling by IOCs. These rules required prior approval from the CBN for repatriation under the cash pooling framework, alongside detailed statements of expenditure incurred before pooling.

The apex bank further clarified these measures, allowing IOCs to pool 50 per cent of their export proceeds while using the remaining funds to settle financial obligations within Nigeria over 90 days.

IOCs were also permitted to sell the 50 per cent balance of their repatriated proceeds to authorised foreign exchange dealers. However, the new circular is expected to ease constraints faced by oil firms in accessing their foreign exchange earnings.

by admin — March 26, 2026 in Business 0

NGX value dips to N128.98tn amid bearish pressure

The Nigerian equities market reversed its recent upward trajectory on Wednesday as sustained profit-taking in banking heavyweights dragged the benchmark index lower, wiping out billions in investor wealth.

Data from the Nigerian Exchange Limited showed that the All-Share Index declined by 37 basis points to close at 200,925.75 points, resulting in a loss of N476.73bn in market value, while the year-to-date return moderated to 29.12 per cent.

Market sentiment remained cautious throughout the session, reflecting an extended period of volatility as investors locked in profits from recent rallies, with analysts noting that buying interest was simply insufficient to sustain the market’s upward momentum.

Selling pressure was most pronounced in key stocks including Fidson Healthcare Plc, Zenith Bank Plc, Transcorp Plc, First Holdco Plc, May & Baker Nigeria Plc, United Bank for Africa Plc, Nigerian Exchange Group Plc, and Lafarge Africa Plc, alongside other laggards that collectively weighed on the overall performance.

As a result, total market capitalisation by 0.37 per cent to N128.98tn, underscoring the bearish undertone of the trading session despite a mixed picture across different sectors.

The Insurance Index led the gainers by rising 0.76 per cent on the back of price appreciation in Guinea Insurance Plc, Sunu Assurances Nigeria Plc, Mansard Insurance Plc, and AIICO Insurance Plc, while the Consumer Goods Index gained 0.38 per cent supported by interest in PZ Cussons Nigeria Plc and Dangote Sugar Refinery Plc.

On the flip side, the Banking Index fell 0.98 per cent due to profit-taking in Zenith Bank Plc and United Bank for Africa Plc, while the Industrial Goods Index slipped marginally by 0.11 per cent and the Oil and Gas Index closed flat.

by admin — March 26, 2026 in Business 0