All Posts in "Month: July 2026"

‘EFCC is finished, now symbol of joblessness, misplaced priorities’ – Sowore

The presidential candidate of the African Action Congress, AAC, has lashed out at the Economic and Financial Crimes Commission, EFCC.

In a post on his verified X handle on Thursday, Sowore said the anti-graft agency had become a symbol of joblessness and misplaced priorities.

He was reacting to the grilling of the two activists, Peter Akah and Precious Oruche, popularly known as ‘Mama Pee’.

Recall that the Commission invited the duo to offer clarifications over allegation of abuse of the Naira.

Reacting, Sowore said, “The EFCC  has become a symbol of joblessness and misplaced priorities.

“The real economic and financial criminals appear to be beyond its reach, while the agency increasingly devotes its energy to pursuing easier targets.

“An institution created to combat corruption should focus relentlessly on grand corruption, public asset theft, money laundering, procurement fraud, and the looting of public resources, not distractions that undermine public confidence in its mission. EFCC  is finished.”

admin by — July 17, 2026 in News 0
Akpabio, Oshiomhole clash over Fasina’s confirmation as ambassador

There was slight drama in the Senate on Thursday as Senate President Godswill Akpabio and Senator Adams Oshiomhole disagreed over the confirmation of Professor Abayomi Fasina as a non-career ambassadorial designate amid sexual harassment allegations against him.

The disagreement arose when Oshiomhole argued that endorsing a nominee facing sexual harassment allegations would send the wrong message, particularly to Nigerian women.

“Nigerian women have brought to the attention of this Senate that the professor in question has been accused by two women, not just orally, and these issues are pending before different courts. I think the general view is that nobody says he is guilty; he is presumed to be innocent until proven guilty. But, as a matter of sensitivity, for the Senate to endorse a man who faces cases like that would amount to being insensitive to the feelings of women because it’s not just one woman; there are two women making different allegations.

“So, I thought that in matters like this, it would be more prudent to wait and ask the man to clear himself before the court,” Oshiomhole said.

Recall that the disagreement occurred shortly before the confirmation of the outgoing Vice-Chancellor of the Federal University Oye-Ekiti (FUOYE), Professor Abayomi Fasina, as a non-career ambassadorial designate.

The confirmation followed the consideration of the report of the Senate Committee on Foreign Affairs, chaired by Senator Sani Bello (APC, Niger North), which was presented by Senator Simon Lalong (APC, Plateau South).

admin by — July 17, 2026 in News 0
Lagos approves 2026/2027 academic calendar for public, private schools

Lagos State Government has approved and released the harmonised academic calendar for the 2026/2027 school session for all public and private primary and secondary schools across the state.

The announcement was made on Thursday by the Commissioner for Basic and Secondary Education, Mr Jamiu Tolani Alli-Balogun, following extensive consultations with key stakeholders in the education sector coordinated by the Office of Education Quality Assurance, OEQA.

According to the commissioner, the calendar was adopted after two separate stakeholders’ meetings during which participants deliberated on and agreed to the major activities and timelines for the upcoming academic year.

The approved schedule provides details of school resumption dates, mid-term breaks, examination periods and holidays, offering a structured framework to enable schools, teachers, parents and students to plan effectively throughout the session.

Alli-Balogun noted that the harmonised calendar underscores the Lagos State Government’s commitment to promoting quality education through a coordinated and well-organised academic system.

He called on all public and private schools in the state to strictly adhere to the approved timetable to ensure uniformity and the smooth implementation of academic activities.

The commissioner also encouraged members of the public to access the complete 2026/2027 academic calendar on the official website of the Office of Education Quality Assurance, OEQA, as well as across the Lagos State Government’s official digital platforms.

admin by — July 17, 2026 in News 0
Energy Expert Says Dangote Refinery $4.43Bn Crude Import Signals Failure Of Naira-Crude Initiative

Importation of about 39.9 million barrels of crude at a combined cost of approximately $4.43 billion in May and June by Dangote refinery indicates that Nigeria’s crude-for-naira policy has failed.

Oil and gas expert and public affairs analyst, Victor Udoh, while speaking to the policy uncertainties argued that the Dangote Petroleum Refinery would not have spent nearly $5 billion importing crude oil within two months if the initiative was working as intended.

He stated these while speaking in an interview with ARISE NEWS on Thursday.

Udoh said the refinery imported about 39.9 million barrels of crude at a combined cost of approximately $4.43 billion in May and June, insisting the figures demonstrated that the policy had failed to guarantee adequate domestic crude supply for local refining.

“The crude for Naira has not worked. I’m going to speak with facts this morning. Empirical facts, Dangote Refinery saying that they imported about 21 million barrels at the cost of $2.6 billion in May alone.

There’s another one here that says they imported about 18.9 million barrels at the cost of $1.830 billion in June alone. That’s close to $5 billion they spent on bringing crude in, in the month of May and June. So it shows you, if the crude for Naira is working, they will not spend about $5 billion in two months to bring in crude.”

He said the continued importation of crude by the Dangote refinery raised serious questions about the implementation of the government’s crude-for-naira arrangement. “The big question now is, what quantity does Dangote get in Naira for crude exchange? Then the second question is, what quantity does it not get? If we get that question right, then we’ll be able to determine, are we supposed to still be available for the push and pull of the global economic reality of oil and gas?”

Udoh urged the federal government to increase crude supplies to the refinery under the policy if existing allocations were inadequate. “If the quantity you’re selling for Naira and crude is not sufficient, please kindly increase it so that we will have this product at our stations at available price.”

On concerns over Nigeria’s recent improvement in crude oil production, he dismissed suggestions that official production figures were being exaggerated. “First and foremost, I want to come to the last statement to say that there is no propaganda regarding the quantity of oil Nigeria is producing.”

Udoh explained that Nigeria’s long-standing production challenges had been caused mainly by crude theft. “The inability of Nigeria as a country to produce oil to its optimal is not the availability of the product within the region or non-availability within the wells. It has always been a product of vandalism or other criminalities that have hampered production to the point of calculation.”

According to him, improved protection of oil transportation facilities had contributed to the country’s gradual production increase. “What has happened is that a significant improvement has occurred in the process of transportation of oil from production to calculation since that has been addressed significantly, then we can look at the production possibilities.”

While acknowledging that Nigeria was approaching its OPEC production quota, Udoh emphasised that the country was still below its own budget benchmark for 2026. “We have had an arithmetical progression, not geometric, it must be noted that the budget of 2026 is pegged at 1.84. It means that we may exceed OPEC quota. We have not met our own target.”

He also expressed concern over the speed at which changes in international crude prices were reflected at filling stations. “The challenge is, how quickly will our market or our pump at the filling station respond to either drop in price or increase in price?”

Udoh stressed that regulators had a responsibility to ensure that investors did not exploit market conditions at the expense of consumers. “The regulators must be up and doing for there to be transparency in pricing, because every investor seeks to maximise profits, but the regulator helps keep the investor in check.”

He acknowledged that the Dangote refinery had significantly improved Nigeria’s energy security. “It’s a great investment. It’s responded to our problems that we could not respond to. But the regulator must be efficient and effective in making sure that the rules that govern the process of purchase.”

Udoh argued that long-standing crude swap agreements were undermining the effectiveness of the crude-for-naira policy. “Most of our crude are incumbent already in swaps. There are swaps that were signed many years ago that take the crude out.”

He noted that fuel prices had not remained completely static, pointing to variations in pump prices across retail outlets. “It is not very correct that there were not fluctuations in prices. I noticed that there was 125 Naira differentiation in some instances, and I personally bought 129 the day before yesterday, while before now I’ve bought 152. So there was differentiation. But how quickly will this differentiation reflect?”

admin by — July 17, 2026 in Business 0
TotalEnergies Forecasts Significant Q2 Profit Earnings

Oil major, TotalEnergies has predicted significant revenue earning in the second quarter as it expects ‌higher energy prices due to the Iran war.

However it expects liquefied natural gas income to drop down due to weak trading, an earnings snapshot published on Thursday showed.

TotalEnergies said hydrocarbon production was expected to reach nearly 2.4 million barrels of oil equivalent per day in the ‌second quarter.

Upstream ⁠earnings were seen rising by about $1 billion from the first quarter as production resumed in several Middle Eastern countries and increased in the United Arab Emirates.

The company now estimates the impact of the Iran war on upstream output at 210,000 barrels of oil equivalent per day, down from 360,000 boed flagged in the first quarter.

The U.S.-Israeli war on Iran which led to Iran effectively shutting the Strait of Hormuz disrupted global supplies and pushed crude oil and gas prices to multi-year highs, delivering a windfall for major energy companies.

Shell and BP flagged strong trading profits in the past week.

All TotalEnergies ⁠divisions are expected to improve except LNG, where earnings will be sharply lower because of what the company called “an underperformance in gas trading amid a broadly flat to declining European market”.

Analysts at JPMorgan called the trading statement “fundamentally fine” in an investor note, adding that UK peers fared better on LNG trading — but still said there were chances Total might hike its share buybacks to $2 billion from the previously stated $1.5 billion.

Global benchmark Brent crude prices hit multi-year highs and averaged around $97 per ⁠barrel during the April-to-June quarter, up 45% from $67 per barrel a year earlier.

Higher oil prices are expected to boost upstream earnings, although TotalEnergies said the benefit would be partly offset by accounting effects, reflecting that a significant share of increased Middle East production could ⁠not be exported because of disruption in the Strait of Hormuz.

Its integrated power division is expected to show a strong increase in cash flow following the closing in April of its deal with EPH that doubled Total’s portfolio of ⁠European gas plants.

In downstream operations, higher refining margins and strong oil trading are expected to drive a sharp increase in earnings from the first quarter, when Total already showed outsized war-related trading profits.

TotalEnergies reports second-quarter results on July 23.

admin by — July 17, 2026 in Business 0
Sterling Bank, StarTimes Accelerates Nigeria’s Clean Energy Transition Target ₦2 Billion Solar Financing

Sterling Bank and StarTimes Nigeria have launched Sterling Solar Financing Hubs inside StarTimes retail outlets. This initiative embeds on-the-spot solar financing at the point of purchase, with a joint target of reaching ₦2 billion in renewable energy financing by the end of 2026.

 

The initiative builds on an existing partnership that has already facilitated over ₦600 million in solar financing transactions over the past year. The new 2026 target represents more than a threefold expansion, aimed at enabling thousands of Nigerian households and small businesses to transition to reliable, affordable, and sustainable energy.

 

By embedding Sterling’s financing expertise directly within StarTimes’ retail network, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the Bank’s credit assessment.

 

Speaking on the partnership, Darlington Nwankwo, Divisional Head, Renewable Energy and Mobility at Sterling Bank, said, “Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future.”

The first phase of the rollout commences this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island. The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extend the model to more than 200 StarTimes locations nationwide.

Eric Xiao, Vice President of StarTimes Nigeria, added, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy. Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”

As the partnership scales nationwide, Sterling Bank and StarTimes will continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.

 

As one of the pioneering financial institutions in Nigeria with a dedicated Renewable Energy division, Sterling Bank reflects a long-term commitment to financing solutions that drive sustainable development and improve quality of life. Through innovative partnerships such as this, Sterling continues to bridge financing gaps while accelerating the adoption of clean energy across Nigeria.

admin by — July 17, 2026 in Business 0
SEC Commences Campaign To Recover Unclaimed Dividends For Investors

The Securities and Exchange Commission (SEC) has commenced a nationwide enlightenment campaign to help Nigerians recover unclaimed dividends and other monies arising from capital market transactions.

The campaign, which began with a town hall meeting in Lagos on Thursday, is aimed at sensitising investors on the existence of unclaimed monies, the role of the National Investor Protection Fund (NIPF) and the procedures for verifying and recovering legitimate claims.

The SEC Director-General, Emomotimi Agama, who was represented at the event by the Director, Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was necessary to ensure that funds belonging to investors were returned to their rightful owners.

Agama said unclaimed monies administered by the NIPF included return monies from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that had remained unclaimed.

He noted that the Commission considered it unacceptable for investors’ funds to remain unclaimed, adding that many investors and their families were either unaware that such monies existed or did not know the procedures for recovering them.

“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.

Agama said the SEC Board had approved a nationwide public enlightenment campaign to sensitise Nigerians on unclaimed monies, the role of the NIPF and the process for making legitimate claims.

He said the Lagos programme marked the commencement of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.

The SEC, he added, would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions had resulted in unclaimed monies.

The Director-General said the campaign would also address the transmission of securities following the death of an investor, noting that families were often unaware that their deceased relatives owned shares or other capital market investments.

He said even when beneficiaries were aware of such investments, many lacked knowledge of the legal and administrative procedures required to obtain probate or letters of administration and transmit the investments to the rightful beneficiaries.

“As a result, valuable investments and return on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.

Agama said the Lagos programme included an expert session on probate administration and the transmission of securities to demystify the process and provide practical guidance to investors and their families.

He urged investors to maintain proper records of their investments and encouraged families to take steps to preserve inherited wealth.

The SEC DG also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continued to exploit economic pressures and digital platforms to lure unsuspecting members of the public with promises of guaranteed and unusually high returns.

He urged the public to be cautious of investment opportunities offering risk-free returns, stressing that investor education and vigilance remained critical to combating financial fraud.

Speaking on behalf of the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, SAN, Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for extending the campaign to Lagos and recognising the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.

She said the issue had a practical impact on beneficiaries who were unable to access assets after the death of their loved ones.

Ogunojemite said the ministry was committed to ensuring that legal processes did not become barriers to beneficiaries seeking to recover legitimate assets.

“We will continue to provide partners for citizens to resolve such issues,” she said.

She described the SEC’s outreach as commendable, saying it would help restore assets to their rightful beneficiaries.

The Lagos State Government, she added, remained ready to collaborate with the SEC and other stakeholders to promote investor education and strengthen financial inclusion.

admin by — July 17, 2026 in Business 0
Peter Obi, Kwankwaso will unite Nigeria – Galadima

Engineer Buba Galadima, a leader of the Nigeria Democratic Congress (NDC), has described the Peter Obi and Rabiu Musa Kwankwaso presidential ticket as a “healing ticket” that could help unite Nigeria and address the country’s long-standing divisions.

Speaking during an interview with Arise News on Wednesday, Galadima said he and other members of the Kwankwasiyya movement supported Obi because they believe his partnership with Kwankwaso offers the best chance to rebuild the country.

“It is our belief that this is the only ticket that can salvage Nigeria. Not only salvage it, but it is a ticket we call the ‘healing ticket,’ designed so that we can forget the past,” Galadima said.

He explained that the alliance was created to strengthen ties between the North and the South-East, adding that Obi should be seen as a Nigerian leader rather than a candidate representing one ethnic group.

Galadima said the group had spent more than two years working to improve understanding between both regions. According to him, the effort has helped reduce tensions and encouraged dialogue.

He also said Obi had promised to focus on security, agriculture and education if elected president, while involving members of the alliance in tackling the challenges.

“Peter Obi has agreed that if he becomes the President of Nigeria, he will not only address these three issues personally, but he will make us part of those who will work on these issues,” he said.

Responding to critics, Galadima argued that there was no reason to attack those supporting Obi, noting that former Vice President Atiku Abubakar had previously chosen running mates from the South-East.

He admitted that ethnic and religious politics had contributed to Nigeria’s divisions but insisted the Obi-Kwankwaso ticket was focused on national unity.

“This ticket is not about Igbos, Hausas, Yorubas, Islam, or Christianity. This ticket is about Nigeria,” he said.

Galadima added that, if elected, the alliance would prioritise job creation, agriculture, skills development and local manufacturing to revive the economy and reduce unemployment.

admin by — July 16, 2026 in News 0
Why North aligned with Peter Obi despite opposition – Buba Galadima

A chieftain of the Nigeria Democratic Congress, NDC, Buba Galadima, has explained that the North aligned with Party’s presidential candidate, Mr Peter Obi.

The NDC chieftain the region believes an Obi-Rabiu Kwankwaso ticket offers the best chance of rescuing Nigeria and promoting national reconciliation.

Galadima stated this while speaking on  Arise Television’s Prime Time programme on Wednesday.

According to him, the decision to back Obi was based on political calculations rather than ethnic or religious considerations.

He described the proposed Obi-Kwankwaso alliance as a “healing ticket,” saying it would help Nigerians move beyond past divisions and foster national unity.

Galadima said: “We aligned with Obi and we have a reason. In politics, you do mathematics, and you calculate; it is our belief that that is the only ticket that can salvage Nigeria.

“Not only salvation; it is a ticket we call the healing ticket, such that we can forget the past. After all, a lot of people call us names because we brought Obi.

“I don’t want to mention tribe or religion in my politics, but we are being called a lot of names. You may never know. We’ve been having this fight in this part of the country.”

admin by — July 16, 2026 in News 0
Kebbi govt vows justice after farmers-herders clash claims eight lives

Kebbi State Government has vowed to ensure those responsible for the deadly farmers-herders clash in Gulma, Argungu Local Government Area, are brought to justice, while condoling with families of the eight victims killed in the violence.

Deputy Governor, Senator Abubakar Umar Tafida, conveyed the government’s condolences during a visit to the community on behalf of Governor Nasir Idris, sympathising with the bereaved families and praying for the repose of the victims.

Tafida described the incident as unfortunate and assured residents that those responsible for the killings would be arrested and prosecuted in accordance with the law.

He also urged residents to remain peaceful and avoid reprisals, stressing that the government would not tolerate any act capable of threatening peace and security in the state.

Speaking during the visit, Chairman of Argungu Local Government Area, Aliyu Sani Gulma, said the violence began after cattle allegedly strayed into a farmland belonging to one Aminu Ala and destroyed crops.

According to him, an argument reportedly ensued between the farmer and the herder, during which the farmer was allegedly stabbed to death.

The incident triggered reprisals by residents, who killed the herder and set his body ablaze.

Gulma said the violence later spread to members of the herders’ community despite the intervention of security agencies.

He added that two more bodies were later recovered on the outskirts of Gulma, bringing the death toll to eight, comprising one farmer and seven herders.

The council chairman commended the state government for the swift deployment of security personnel, saying the intervention helped restore calm in the affected community.

Also speaking, the Emir of Argungu, represented by the Kokanin Kabi, Kabiru Abdullahi, described the incident as tragic and appealed to farmers and herders to embrace peaceful coexistence.

A representative of the Fulani community, Aliyu Usman, also called for dialogue and tolerance to prevent future clashes.

admin by — July 16, 2026 in News 0