2027: Let’s wait for the election and see – Kwankwaso tells Atiku

Former Kano State Governor, Rabiu Kwankwaso, has asked former Vice President Atiku Abubakar to wait and see the outcome of next year’s general elections.

Kwankwaso made the remark on Monday while fielding questions during an interview on Arise Television’s Prime Time programme.

He was responding to Atiku’s comment in which he said Kwankwaso’s popularity is restricted to Kano State.

“Let’s wait and see the election. I have no issue with that, and I think we have gone past that level now.

“We are in the Nigerian Democratic Congress (NDC) for now, and I know they are in the African Democratic Congress (ADC). I wish them well.

“You see, anybody who is talking about or asking questions about whether our votes will split in Kano is not patient. Let’s wait for the election and see whether our votes are split in Kano or not,” he said.

‘We won’t tolerate violence during primaries’ — APC national chairman

The National Chairman of the All Progressives Congress, APC, Professor Nentawe Yilwatda, has warned aspirants contesting on the party’s platform against acts capable of disrupting the forthcoming primaries, saying violators risk suspension.

In a statement issued on Monday by his Special Adviser on Media and Information Strategy, Abimbola Tooki, Yilwatda said the party would not tolerate violence, unrest, anti-party activities, or attempts to undermine the credibility of the primary elections.

He warned that any aspirant or supporter found instigating violence or sponsoring disorder during the exercise would face disciplinary measures, including immediate suspension from the party.

According to him, the APC had built a reputation as a nationally accepted political platform and would not allow personal ambitions to override the party’s collective interest.

“In every democratic contest, only one person will emerge victorious. What is important is the spirit with which the process is approached,” Yilwatda said.

He urged aspirants to demonstrate maturity and sportsmanship by accepting the outcome of the primaries peacefully.

The APC chairman also called on party members and stakeholders to support President Bola Tinubu’s administration and avoid actions capable of creating tension within the polity.

Yilwatda said ongoing infrastructure projects and reforms under the current administration remained part of the party’s agenda ahead of the 2027 general elections.

He reaffirmed the party leadership’s commitment to fairness, inclusiveness, and internal cohesion during the primary process.

Ex-Jigawa lawmaker dies after payment of N50m ransom to kidnappers

Former lawmaker and prominent member of the African Democratic Congress (ADC), Abba Anas Adamu, has died while in the custody of kidnappers despite the payment of a N50m ransom.
Adamu, who once represented Guri/Kirikasamma/Birniwa federal constituency in Jigawa State, was abducted alongside his friend and political associate, Ali Tukur Gantsa, at Rijana along the Kaduna-Abuja highway while returning to Kano State.

The kidnappers reportedly demanded N200m at first but later agreed to accept N50m after negotiations.

Reports said Adamu’s death was confirmed after the ransom was paid and the kidnappers directed his son to the location where his body was kept.

The incident has thrown the family, friends and political associates of the late politician into mourning in Jigawa State.

EFCC tenders newspapers publications against Emefiele on Naira redesign charges

The Economic and Financial Crimes Commission, EFCC, on Monday tendered newspaper publications on the Naira redesign allegations against the former Governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele, in his trial over alleged disobedience to the direction of law and causing injury to the nation.

The newspaper publications are meant to serve as exhibits at the High Court of the Federal Capital Territory, where the anti-graft agency put him on trial over the Naira redesign allegations.

The EFCC tendered the documents through a subpoenaed witness, Jegede Oluwasegun, an official of the National Library of Nigeria.

Emefiele is being prosecuted by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on disobedience to the direction of law and illegal acts causing injury to the public.

In the charge, marked CR/264/2024, Emefiele was, among others, alleged to have, between October 19, 2022 and March 5, 2023, disobeyed the provisions of Section 19 of the CBN Act by approving the printing of 375,520,000 pieces of colour-swapped N1,000 notes at a total cost of N11,052,068,062 without the recommendation of the CBN Board and the strict approval of the President of the Federal Republic of Nigeria, thereby causing injury to the public.

The offences allegedly committed by him, according to the EFCC, were contrary to Section 123 of the Penal Code, Cap 89, Laws of the Federation, 1990, and punishable under the same law.

He, however, pleaded not guilty to the charge.

At the resumed hearing in the case, the witness was led in evidence by Rotimi Oyedepo, SAN, counsel for the prosecution.

The witness, who is the prosecution witness 8 (PW8), explained his official duties to the court.

Oyedepo later tendered copies of Punch, ThisDay, Vanguard, Daily Sun, and The Nation newspapers, alongside certification receipts from the National Library, as evidence.

Counsel to the defendant, Olalekan Ojo, SAN, did not object, and the court admitted them and marked them as exhibits.

While being cross-examined by Emefiele’s counsel, Ojo, the witness admitted that he did not author the contents of the newspapers.

“What I do is to certify the newspapers. I cannot 100 per cent say the content of the papers is right. I am not the author,” the witness told the court.

Ojo then referred to the ThisDay publication of January 31, 2023, and its certification, which the witness confirmed. Ojo subsequently tendered it in evidence.

The prosecution did not object to the document, prompting the court to admit it in evidence and mark it as an exhibit.

Justice Maryanne Anenih thereafter adjourned further trial till May 12.

Full list: UNILAG, UI, UNN, ABU, others cut-off marks for 2026 admission

The Joint Admissions and Matriculation Board, JAMB, on Monday, released the minimum Unified Tertiary Matriculation Examination, UTME, cut-off marks approved by universities across Nigeria for the 2026 admission exercise.

The cut-off marks were announced following the 2026 Policy Meeting on Admissions to Tertiary Institutions held in Abuja.

According to the approved list, Pan-Atlantic University fixed the highest minimum cut-off mark at 220.

Several institutions, including the University of Benin, University of Lagos, University of Ibadan, University of Nigeria, Covenant University, Air Force Institute of Technology, and Obafemi Awolowo University, adopted 200 as their minimum benchmark.

JAMB stated that the approved figures represent the minimum thresholds for admission consideration.

The Board noted that institutions may still set higher requirements for competitive courses such as medicine, engineering, pharmacy, and law.

Below is the full list of universities and their approved minimum UTME scores for the 2026 admission exercise:

Pan-Atlantic University – 220

Air Force Institute of Technology – 200

Covenant University – 220

Federal University of Medicine and Medical Sciences, Abeokuta – 200

Obafemi Awolowo University – 200

University of Benin – 200

University of Ibadan – 200

University of Lagos – 200

University of Nigeria, Nsukka – 200

Lagos State University of Science and Technology – 195

Lagos State University – 195

Lagos State University of Education – 185

Afe Babalola University – 180

Ahmadu Bello University – 180

Federal University of Health Sciences, Ila Orangun – 180

Nigeria Police Academy – 180

Nigerian University of Technology and Management – 180

Shanahan University – 180

University of Abuja (Yakubu Gowon University) – 180

University of Ilorin – 180

University of Jos – 170

Augustine University – 170

Babcock University – 170

Federal University of Applied Sciences, Kachia – 170

Federal University, Lafia – 170

Ladoke Akintola University of Technology – 170

Nasarawa State University – 170

BITS University, Bwari – 170

Ibrahim Badamasi Babangida University – 160

Abubakar Tafawa Balewa University – 160

Admiralty University of Nigeria – 160

African Aviation and Aerospace University – 160

Ajayi Crowther University – 160

Al-Hikmah University – 160

Bamidele Olumilua University – 160

Bayero University, Kano – 160

Bells University of Technology – 160

Caleb University – 160

Chrisland University – 160

Dominion University – 160

Emmanuel Alayande University of Education – 160

Federal University of Agriculture, Abeokuta – 160

Federal University of Education, Pankshin – 160

Federal University of Health Sciences, Otukpo – 160

Federal University of Technology and Environmental Sciences, Iyin Ekiti – 160

Federal University of Technology, Ikot-Abasi – 160

First Technical University – 160

Imo State University – 160

Isaac Balami University of Aeronautics and Management – 160

Karl Kumm University – 160

Kwara State University – 160

Landmark University – 160

Lead City University – 160

Modibbo Adama University – 160

Nnamdi Azikiwe University – 160

Olabisi Onabanjo University – 160

Osun State University – 160

Plateau State University – 160

Redeemer’s University – 160

Summit University – 160

Tai Solarin University of Education – 160

Taraba State College of Nursing and Midwifery – 160

University of Ilesa – 160

AbdulRasaq Abubakar Toyin University – 150

Adamawa State University – 150

Adeleke University – 150

African School of Economics, Abuja – 150

2027: Enhance welfare of corps members used as ad hoc staff – NYSC to INEC

The Director General of the National Youth Service Corps, Brigadier General Olakunle Nafiu, has requested the Independent National Electoral Commission, INEC, to enhance the remuneration for corps members serving as ad hoc staff during elections.

Additionally, he called for the prompt disbursement of insurance benefits or medical assistance to corps members who either make the ultimate sacrifice or sustain injuries while performing election duties in the country.

This appeal was made today during a visit by the Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, to his office at the NYSC National Directorate Headquarters in Maitama, Abuja.

General Nafiu stated that fulfilling these requests would motivate more corps members to participate in the electoral process and perform their responsibilities with greater enthusiasm as patriotic Nigerians.

He also urged INEC to hasten the release of the names of corps members designated to serve as electoral officers, emphasizing that this would allow the scheme to prepare adequately ahead of election days.

The Director General praised INEC for the support the NYSC has received through the collaboration between the two agencies.

He noted that the scheme has been an integral part of Nigeria’s democratic process since 1999, although the formal agreement was established in 2011, and the Memorandum of Understanding has undergone several renewals since then.

He described Corps Members as “highly competent, credible, neutral, and easily trainable individuals with strong digital proficiency,” who possess the capacity to ensure credible elections whenever called upon.

The NYSC Chief Executive Officer commended INEC’s security arrangements for Corps Members during the recent Anambra State governorship election, expressing hope that similar measures would be implemented in future elections.

Nafiu further stated that the NYSC will continue its efforts to strengthen the nation’s democracy.

“We possess adequate manpower in the form of corps members who will offer essential support to INEC, not only for the general elections in 2027 but also for the upcoming off-cycle elections this year; we are fully prepared.”

General Nafiu added, “The insurance we have for them does not cover this type of assignment; we consistently rely on the insurance that INEC provides during elections.”

He called on all MDAs, non-governmental organizations, and other well-meaning individuals to support INEC in ensuring successful elections.

He said, “I want to assure you that NYSC is prepared and committed to sustaining the collaboration for credible elections, as well as the advancement and development of Nigeria.

“We will fully mobilize our corps members and key staff for all forthcoming elections, and the scheme takes pride in INEC’s achievements because your success is our success.”

NNPC, NUPRC remit N322bn, $116.9m after Tinubu order

NNPC LimitedThe Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted over N322bn and $116.9m into the Federation Account within two months following the implementation of Executive Order 9 signed in February 2026, documents presented at the Federation Account Allocation Committee meetings have shown.

The documents, obtained from presentations made by both agencies at the March and April FAAC meetings, indicated that the remittances followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account.

The document for January 2026 remittance was not uploaded by the committee.

Executive Order 9, signed by President Bola Tinubu in February 2026, was introduced to strengthen transparency, improve revenue accountability, and boost inflows into the Federation Account at a time the government is grappling with fiscal pressures and rising expenditure demands

According to the directive, the President invoked Section 5 of the Constitution of the Federal Republic of Nigeria (as amended), anchored on Section 44(3), which vests ownership and control of all minerals, mineral oils, and natural gas in the Government of the Federation.

Tinubu said excessive deductions, overlapping funds, and structural distortions in the oil and gas sector had weakened remittances to the Federation Account and warned that the practice must end to protect national revenue.

“For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end,” he said on his verified X handle.

Findings from the FAAC documents showed that the NNPC remitted a total of $29.28m and N42.64bn for March 2026 crude oil and gas receipts, which were shared in April 2026.

The national oil company stated in its presentation that “100 per cent of the total crude oil and gas receipts of $29,278,415.96 and N2,066,841,328.73 were remitted to the Federation in compliance with Executive Order 9 of February 2026.”

The document showed that the receipts came from multiple revenue streams, including Production Sharing Contract profits, crude oil exports, domestic crude sales to the Dangote Petroleum Refinery, gas receipts, and miscellaneous crude and gas earnings.

A breakdown of the March remittance indicated that crude oil export earnings accounted for $25.7m, while PSC profits contributed $3.52m. On the naira side, crude oil export proceeds stood at N37.67bn, while miscellaneous crude revenue amounted to N42.64bn. Gas revenue contributed N34.47m.

The document further showed that PSC profit inflows were split between the Federation Sub-Account and the Federation Account in line with the statutory sharing formula.

According to the presentation, the Federation Sub-Account received 60 per cent of PSC profits, amounting to $11.71m and N826.74m, while the Federation Account received 40 per cent valued at $17.57m and N1.24bn.

The total transfer for the month stood at $29.28m and N42.64bn.

Similarly, the NNPC disclosed that for February 2026 receipts shared in March 2026, it remitted 100 per cent of crude oil and gas earnings totalling $87.63m and N121.34bn to the Federation Account.

The document stated, “Federation Accounts: 100 per cent of the total crude oil and gas receipts of $87,629,089.84 and N1,957,563,915.65 were remitted to the Federation.” The February figures represent significantly higher inflows compared to March, reflecting stronger crude oil and gas revenue performance during the period.

The figures equal $87.63m, and N121.34bn remitted for February 2026 receipts shared in March, as well as $29.28m and N42.64bn remitted for March 2026 receipts shared in April.

The FAAC documents also showed that the NUPRC separately remitted N34.2bn in March 2026 as revenue collections from royalties, gas flare penalties, concession rentals, and miscellaneous oil revenue.

According to the commission’s presentation, the remittance was made in compliance with its statutory obligation to transfer all collectable upstream petroleum revenues into the Federation Account.

The document read, “This report is a summary of royalties (oil and gas), gas flared penalty, rents, and miscellaneous oil revenue collected by the Nigerian Upstream Petroleum Regulatory Commission and remitted to the Federation Account as statutorily mandated.”

A breakdown of the NUPRC collections showed that oil and gas royalties generated N18.69bn in March 2026, while gas flare penalties contributed N10.2bn. Miscellaneous oil revenue, which includes licences and permits, stood at N4.95bn, while concession rentals contributed N364.06m.

However, the March remittance represented a sharp decline when compared to the N124.4bn collected in February 2026. The documents attributed the decline mainly to lower royalty collections, which dropped from N104.31bn in February to N18.69bn in March, representing a decrease of N85.62bn.

Gas flare penalties also declined by N3.96bn during the period under review. The breakdown indicated that the commission generated N124.4bn in February 2026 and N34.2bn in March 2026.

The latest remittance figures underscore the Federal Government’s renewed push to improve oil revenue accountability amid concerns over leakages, under-remittances, and dwindling federation earnings.

The implementation of Executive Order 9 comes as the Federal Government intensifies efforts to stabilise public finances, improve crude oil production, and strengthen oversight across the petroleum value chain.

The development is also expected to boost monthly FAAC allocations to the three tiers of government at a time when many states are battling rising debt obligations, wage pressures, and infrastructure funding gaps.

Recall that the World Bank called for tighter and more explicit enforcement of Executive Order 9, urging the Federal Government to fully implement the directive by ending revenue deductions at source and migrating Ministries, Departments, and Agencies to budgetary funding.

In its latest Nigeria Development Update report, analysed by our correspondent on Thursday and titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the bank said that while the order has already triggered notable improvements in revenue transparency, “further consolidation of recent gains” would depend on how rigorously its provisions are enforced across all government institutions.

Equities market gains N3.17tn as ASI crosses 250,000 mark

NGX equity marketThe equities market extended its bullish run on Monday as the All-Share Index crossed the 250,000-point mark, with investors gaining over N3tn amid sustained buying interest in key stocks.

Data from Nigerian Exchange Limited showed that the ASI advanced 2.33 per cent to close at 250,485.54 points, pushing the market’s year-to-date return to 60.97 per cent from 57.30 per cent recorded in the previous session.

Equities market capitalisation rose from N157.09tn to N160.26tn, while total market capitalisation stood at N215.89tn at the close of trading.

The rally was driven by strong demand for stocks, including RT Briscoe, FTN Cocoa Processors and Livestock Feeds, alongside continued activity in banking and telecommunications counters.

Trading activity strengthened during the session as total volume traded rose 30.82 per cent to 1.51 billion shares, while the value of transactions increased 17.23 per cent to N70.10bn exchanged in 95,093 deals.

Investor sentiment also improved sharply, with market breadth rising to 2.76x in the previous session as 56 stocks gained against 21 decliners, indicating stronger participation across the market.

The most active stocks by value traded were MTN Nigeria, First HoldCo, Dangote Cement, Zenith Bank and GTCO, which accounted for a significant share of total market turnover.

Year-to-date equities turnover also increased to N3.37tn, while average daily value traded climbed to N38.74bn, highlighting sustained liquidity and continued investor participation in the market.

Analysts said the continued rally reflects stronger domestic participation, improving liquidity conditions and sustained interest in equities despite mixed sentiment across other asset classes.

Commenting on the market activities, Vice Chairman of Highcap Securities, David Adonri, said the sustained rally reflects improving investor confidence, strong liquidity and increased positioning in fundamentally sound stocks.

Dangote targets $50bn refinery valuation before stock listing

President of the Dangote Group, Alhaji Aliko Dangote, is targeting a valuation of $50bn for his Dangote Petroleum Refinery & Petrochemicals ahead of a planned stock market listing later this year, according to a report by Bloomberg.

Dangote wants investors to know that the refinery, which commenced operations in 2024, is now valued at $50bn. Bloomberg reports that the refinery company could sell up to a 10 per cent stake through the Nigerian stock exchange, implying a potential offering size of about $5bn.

A senior executive at the Dangote Group confirmed that the projected valuation aligns with the company’s current internal expectations but declined to provide additional details on the planned transaction.

The planned listing comes as stronger global crude oil prices and growing domestic fuel demand improve the commercial outlook for the 650,000 barrels-per-day refinery, which has increasingly become a dominant player in Nigeria’s downstream petroleum market.

Dangote is planning a landmark cross-border public offering of his $20bn oil refinery in a move that could reshape capital markets across Africa and deepen regional investor participation, Bloomberg revealed on Monday.

The proposed listing, which will see shares of the Dangote Petroleum Refinery and Petrochemicals floated on multiple African stock exchanges, is being positioned as the first pan-African initial public offering of its scale.

Details of the plan emerged recently following a meeting in Lagos involving Dangote and the chief executives of several African bourses under the umbrella of the African Securities Exchanges Association.

Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, who attended the meeting, disclosed that discussions centred on structuring a cross-border listing framework that would allow investors across the continent to participate in the refinery’s ownership.

“The plan is to structure a pan-African IPO,” Mwiti said after the meeting, noting that the initiative would require coordination among exchanges to ease regulatory barriers and facilitate seamless trading across jurisdictions.

A spokesman for the Dangote Group confirmed that the meeting took place but declined to provide further details on the structure and timeline of the proposed offering.

The development comes months after Dangote unveiled plans to list about 10 per cent of the refinery on the Nigerian Exchange Group in 2026, a move widely seen as part of efforts to unlock value and broaden the company’s investor base.

To drive the offering, Dangote has appointed a consortium of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited

The Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments, stating that the advisers were already working on the transaction structure.

It was noted that a multi-exchange listing could significantly deepen liquidity in African capital markets while positioning Nigeria as a major hub for cross-border investments, especially as the country eyes a return to the FTSE Russell Frontier Markets Index.

They added that the offering could also provide much-needed capital to support Dangote’s aggressive expansion strategy.

Currently, the refinery, the largest single-train facility in the world, has a processing capacity of 650,000 barrels per day. However, Dangote plans to more than double this to 1.4 million barrels per day within the next three years, a scale that would rival global refining giants, including facilities owned by Indian billionaire Mukesh Ambani.

To fund this expansion, the company recently secured backing from the African Export-Import Bank, which underwrote $2.5bn out of a $4bn syndicated financing facility.

Lasaco Assurance profits soar 81.5% to N2.36bn

LASACO Assurance PlcLasaco Assurance Plc has kicked off the 2026 financial year with a formidable performance, reinforcing investor confidence and strengthening its ongoing recapitalisation drive. The insurer’s Q1 2026 results for the period ended 31 March 2026, revealed an impressive 81.5 per cent growth in profit after tax, climbing to N2.36bn.

This surge was supported by a 119.6 per cent jump in insurance service results and a 74.7 per cent increase in net insurance and investment income, signalling a period of aggressive growth and operational refinement.

The company’s balance sheet further reflected this upward trajectory, with total assets rising 16.6 per cent to reach N46.20bn, while shareholders’ funds grew to N22.86bn. Notably, Lasaco returned to a positive retained earnings position from a deficit in the previous year, a move industry analysts say underscores significantly improved earnings quality and stronger internal capital generation.

Commenting on the results, the Managing Director of Lasaco Assurance Plc, Ademoye Shobo, said, “These results reflect the company’s continued focus on operational efficiency, customer-centric innovation, and sustainable growth. The recapitalisation initiative aligns with regulatory requirements set by the National Insurance Commission while also serving as a strategic platform for expansion, innovation, and increased market competitiveness.”

On the progress of the rights issue, Shobo said, “By strengthening our capital base, Lasaco Assurance Plc is better positioned to underwrite larger risks, deepen market penetration, and compete more effectively in an evolving insurance landscape. Early indications point to encouraging participation from existing shareholders, reflecting sustained confidence in our strategy, leadership, and growth prospects.

“The combination of strong earnings performance and recapitalisation progress places Lasaco in a favourable position to unlock new growth opportunities, particularly within underserved segments. With shareholders demonstrating continued confidence through active participation in the rights issue, the drive appears firmly on track to enhance financial resilience and long-term stability.”

Riding on the momentum of this Q1 performance, Lasaco is progressing towards the completion of its Rights Issue, a key pillar of its capital-raising journey. The company’s recent product innovations and customer-focused offerings are expected to benefit heavily from the enhanced capital base, driving further growth in the coming quarters.

As the Nigerian insurance industry continues to evolve under new regulatory thresholds, Lasaco Assurance is positioning itself as a better-capitalised player, ready to capture emerging opportunities and deliver sustainable value to its stakeholders through a well-optimised investment strategy and disciplined underwriting.