August 2026 - Page 10 of 19

All Posts in "Month: August 2026"

Kebbi govt confirms killing of 10 police officers during gun battle with terrorists

Kebbi State Government has confirmed the killing of 10 police officers and other victims in a terrorist attack along the Rafin Makuku axis of Sakaba Local Government Area of the state, describing the incident as most unfortunate.

The Governor of the state, Nasir Idris, confirmed the incident and described the tragic loss of the officers as a painful and heartbreaking sacrifice made in the service of the nation while confronting the terrorists, 17 of whom were also killed.

According to the governor, the 10 police officers died while defending the lives and property of citizens of the state and protecting the territorial integrity of Nigeria.

He spoke at the Government House, Birnin Kebbi, when a high-powered delegation from the Inspector-General of Police, Mr. Olatunji Disu, led by the Deputy Inspector-General of Police, Umar Dada, paid a condolence visit to him.

A statement by Malam Ahmed Idris, the Chief Press Secretary to the governor, said his principal assured the bereaved families of sustained government support.

He commiserated with the Inspector-General of Police, the Nigeria Police Force, the families of the fallen officers, and the people of Kebbi State over the devastating incident.

The governor said the officers were deployed to the area as part of the coordinated efforts of security agencies to confront terrorism, banditry, and other criminal activities threatening the peace and security of Kebbi State.

He stressed that the sacrifice of security personnel who paid the supreme price in the line of duty would never be forgotten, assuring the affected families that the Kebbi State Government would provide the necessary intervention and support.

“I want to condole the IGP and the entire Nigeria Police Force over the sudden death of these officers.

“It is our tradition in Kebbi to support the families of fallen security personnel who lose their lives in the line of duty.

“The Kebbi State Government will come to the aid of the families of the officers who lost their lives,” he stated.

Governor Idris further reaffirmed his administration’s commitment to strengthening collaboration with the Nigeria Police Force and other security agencies in the collective effort to protect communities and restore lasting peace across the state.

Earlier, DIG Umar Dada conveyed the condolences of the Inspector-General of Police to Governor Idris, the people of Kebbi State, and the families of the fallen officers.

The DIG assured the governor that the Nigeria Police Force would intensify efforts to identify, track down, arrest, and prosecute those responsible for the deadly attack.

He assured that the police would not relent in their efforts until all those responsible for the attack were arrested and faced the wrath of the law.

DIG Dada commended the Kebbi State Government for its sustained support and cooperation with the police and other security agencies operating in the state, describing such partnership as critical to the success of ongoing security operations.

He also disclosed that a police squadron would soon be established in Kebbi State as part of measures to strengthen police presence, boost operational capacity, and enhance the protection of lives and property across the state.

The delegation’s visit followed the killing of the 10 police officers and other persons during a gun battle with terrorists along the Rafin Makuku axis of Sakaba Local Government Area.

Governor Idris reiterated that the Kebbi State Government would continue to work closely with the Nigeria Police Force and other security agencies to strengthen security, protect vulnerable communities, support security personnel, and ensure that perpetrators of terrorism and other criminal acts were brought to justice.

by admin — August 12, 2026 in News 0

NEITI Audit: You have 48hrs to appear for probe – Senate to four oil companies

The Senate, through its Public Accounts Committee, on Tuesday gave Seplat Energy, Network E&P Nigeria Limited, All Grace Energy Limited and Aradel Energy Limited 48 hours to appear before it over queries raised against them in the 2021, 2022 and 2023 audit reports by the Nigeria Extractive Industries Transparency Initiative, NEITI.

The companies were directed to respond to issues contained in the audit reports or risk the invocation of legislative powers against them.

The ultimatum was issued by the Senator Ibrahim Hassan Dankwambo-led committee following displeasure expressed by some members over the absence of the companies.

First to call for sanction was Senator Abdul Ningi, Bauchi Central, who described a letter written by Network E&P Nigeria Limited to the committee as disturbing and provocative.

In the letter, the company said it reports to the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.

“The Senate and by extension, the National Assembly, is the custodian of Nigeria law that has power to invite anybody or agency for explanations on issues raised against them,” Ningi said, citing Sections 88 and 89 of the 1999 Constitution.

In support, Senator Shehu Kaka Lawan, (Borno Central), called for the invocation of constitutional powers against the management of the affected companies.

“Having failed to honour invitation of this committee two consecutive times, the Managing Director of Network E&P Nigeria Limited should appear before us unfailingly on Thursday this week or risk full invocation of legislative powers against him,” Lawan said.

Similar ultimatums were issued against the Managing Directors of All Grace Energy Limited, Aradel Energy Limited and Seplat Energy.

But Dubri Oil Company Limited, which appeared before the committee, defended the $3.025 million royalty and gas flare debts recorded against it in the NEITI report.

NEITI had alleged, based on submissions by NUPRC in 2025, that Dubri Oil owed $2.378 million for gas flare and $646,605.55 for oil production, totalling $3.025 million.

The company’s representative, Soyode Olusoji Clement, faulted the query, saying the report was compiled during a reconciliation issue with NUPRC.

He told the committee that the reconciliation had since been resolved and no debt was outstanding. He presented documents to that effect, which the committee said it would study critically before issuing a clean bill of health.

by admin — August 12, 2026 in News 0

President Tinubu demands national coexistence amid rising tensions

President Bola Tinubu has urged Nigerians to protect the unity of the country, saying no differences or disagreement should be allowed to destroy the nation.

Tinubu, represented by Deputy President of the Senate, Barau Jibrin, spoke on Tuesday at an event in Abuja.

The President said dialogue was important in keeping Nigeria united, while assuring that his administration remained committed to tackling insecurity and promoting peace.

He said, “Not only that, the government is determined to make sure that we remain united as a country, despite our differences. Whatever the differences may be, we should talk and remain in this country, and allow this country to remain a united nation, a united country.”

The National Chairman of the All Progressives Congress, Prof. Nentawe Yilwatda, also warned politicians against using religion and ethnicity to gain political advantage.

Yilwatda said Nigeria’s diversity should unite its people rather than create further divisions.

Speaking from his experience as a displaced person during the Bauchi crisis, he said violence affects everyone, regardless of their religion.

“When violence comes, it does not ask whether you are a Christian or a Muslim before it destroys either your home or your humanity, or your dignity,” he said.

He said Nigerians might worship differently but still have common hopes, fears and aspirations.

“We may worship differently. Or we may suffer together. We dream together. We can build together. And ultimately, we can rise and fall together,” Yilwatda said.

The APC chairman urged political leaders to avoid turning religion and ethnicity into political weapons, warning that short-term political benefits could cause lasting harm to the country.

“No political victory is worth the permanent damage inflicted on our nation, and we’ve been seeing it every day,” he said.

by admin — August 12, 2026 in News 0

Edo: NDLEA raises alarm over food shortage as farmers turn to cannabis cultivation

The Edo State Command of the National Drug Law Enforcement Agency, NDLEA, has raised an alarm over the potential threat of food shortage, warning that farmers have abandoned food production in favour of cannabis cultivation in the state.

Edo State Commander of the NDLEA, Dr Mitchell Ofoyeju, raised the concerns on Tuesday, at the Edo Central Senatorial District Town Hall meeting organised by Senator Joseph Ikpea at Uromi, Esan North-East Local Government Area.

Ofoyeju noted that if drastic actions are not taken to address the huge trend the people may experience acute food shortages as few arable land would be available for farming activities.

The Edo State NDLEA Commander who spoke on the topic, “Cannabis Cultivation and Rural Insecurity in Edo Central”, lamented that forestlands once meant for agriculture have been converted into cannabis plantations.

While decrying the escalating threat posed by cannabis cultivation in Edo State, he described the development as a catalyst for kidnapping, arms proliferation, cultism and youth exploitation.

He added that cannabis cultivation would also negatively contribute to environmental pollution.

According to him, what started as hidden plots has grown into large-scale cannabis farms and a chain of insecurity. Where cannabis takes root, crime follows, and where cannabis grows, development dies.

“Cannabis cultivation has created a violent ecosystem that threatens the very fabric of rural communities”, he said.

He, however, advocated for an effective drug control strategy to reduce the problem of crime by fifty percent, noting that most criminal acts are perpetrated under the influence of drugs.

Ofoyeju, in the presentation highlighted a troubling nexus between cannabis farms and criminal enterprises, including arms proliferation, displacing legitimate food farming, and exploiting vulnerable youths.

He posited that legitimate farmers in the state live in constant fear of attack, preventing them from accessing licit farmlands.

“The result has been a dangerous abandonment of food production in favour of cannabis cultivation, coupled with significant environmental pollution.

“Equally worrisome is the devastating health impact of substance abuse, such as severe damage to major organ systems, including the brain, heart, lungs, liver, and kidneys,” he added.

The State NDLEA boss while linking drug use to the rise of cultism and violent criminality in the state, stated that drugs make cult members bold and reckless.

“They stop caring about human life or rules. Substances like tramadol, codeine, cocaine, heroin and methamphetamine are fuelling brutal rival clashes and organised gang groups, including kidnapping, extortion, cultism and gun running.

He, however, unveiled a multi-pronged strategy centred on community ownership and engagement, following the people’s response to the growing threat of illicit drugs usages.

He listed the approach to include the establishment of confidential intelligence networks within communities, quarterly stakeholder forums involving traditional rulers, youth leaders, and women’s groups.

Others are joint operations to destroy cannabis farms, skill acquisition and start-up grants with tool kits for those ready to embrace alternative livelihoods.

Ofoyeju, who called on stakeholders to own the fight against drug trafficking, assured that the Command under his leadership would continue to ensure that the State is safe, and drug-free.

He further assured of the Command’s commitment to protecting forests from cannabis plantations and securing the future of the youths.

In his remarks, Senator Joe Ikpea, who is the Senate Committee chairman on Drugs and Narcotics, thanked the commander for the insightful presentation.

“I am delighted with this presentation on a topical issue affecting all segments of society. While my committee is working hard to address the drug problem in the country, I will ensure that my constituency is free from the ravaging effects of drugs”, he said.

by admin — August 12, 2026 in News 0

T-bill yields ease as investors target N700bn CBN auction

Nigerian treasury bill yields edged lower on Monday as investors increased demand for short-term government securities ahead of the Central Bank of Nigeria’s N700bn primary market auction and the release of fresh inflation data.

The buying interest pushed yields lower across different segments of the treasury bill curve, reflecting stronger demand for fixed-income assets amid expectations that inflation will continue to moderate.

The average treasury bill yield fell by three basis points to 18.09 per cent on Monday, extending the bullish sentiment that has characterised the fixed-income market in recent sessions.

At the mid-section of the curve, demand was particularly strong for 4 February 2027 and 18 February 2027 maturities, whose yields declined by 24 basis points and 19 basis points respectively.

The 8 July 2027 treasury bill was quoted at 17.00 per cent/16.90 per cent, while the 29 July 2027 paper traded at 17.15 per cent/17.00 per cent.

The movement comes against the backdrop of a relatively high interest-rate environment, with the CBN’s benchmark interest rate at 26.50 per cent, while headline inflation has eased to 15.91 per cent.

The decline in inflation has improved the real return available to investors in government securities, strengthening the appeal of treasury bills as investors reassess the returns available across naira-denominated assets.

Market participants expect demand for treasury bills to remain firm as investors position ahead of Wednesday’s auction. The CBN is scheduled to offer N700bn across the standard treasury bill tenors, with analysts expecting the auction to attract bids above the amount on offer.

However, expectations regarding the auction’s stop rates remain divided.

While some market participants anticipate a repricing of the 364-day treasury bill following the CBN’s recent adjustment of rates, others expect the apex bank to maintain relatively stable rates at the auction.

The latest market trend suggests that investors are willing to lock in current yields before any potential changes in auction pricing or further moderation in inflation.

The average benchmark treasury bill yield had already declined to 18.12 per cent last Friday, from 18.23 per cent a week earlier, indicating a gradual easing in market yields.

Analysts expect liquidity conditions and investor demand for relatively high-yielding government securities to remain key drivers of the market in the near term, particularly as investors balance the opportunity to lock in current returns against expectations of further disinflation.

“Investors are showing stronger interest in treasury bills as yields remain attractive relative to inflation. With inflation easing, the current real return is becoming more appealing, so demand could remain strong at the auction,” an emerging markets analyst, Ike Ibeabuchi, noted.

by admin — August 12, 2026 in Business 0

Stanbic IBTC alerts NGX to possible H1 filing delay

Stanbic IBTC Holdings Plc has notified the Nigerian Exchange Limited and its stakeholders of a potential delay in filing its Audited Financial Statements for the half-year ended 30 June 2026.

The financial holding company disclosed this in a regulatory statement signed by its Group Company Secretary, Chidi Okezie, and published on the NGX portal on Tuesday.

According to the group, the delay may prevent the submission of the H1 2026 results by the statutory regulatory deadline of 28 August 2026.

The group explained that it was currently finalising the audit of its half-year results, after which it would seek necessary approval from its primary regulator, the Central Bank of Nigeria, before releasing the scorecard to the investing public

The statement read, “This is to inform Nigerian Exchange Limited as well as our Esteemed Stakeholders that Stanbic IBTC Holdings Plc may experience a delay in filing its Audited Financial Statements for the Half Year ended 30 June 2026, by the due date of 28 August 2026.

“The company is currently finalising the audit of its 2026 Half Year Results, following which we would also be seeking the required regulatory approvals.

“We are working diligently to ensure that our company’s 2026 Audited Half Year Financial Statements are submitted to NGX as soon as we have received all required regulatory approvals, and this may occur before or shortly after the regulatory due date of 28 August 2026.”

The company assured shareholders and the market that all efforts were being made to expedite the process and publish the financial statements around or shortly after the regulatory timeline.

Under NGX post-listing rules, quoted companies are required to submit their quarterly and half-year interim reports within 30 to 60 days following the end of the period. However, commercial banks and financial holding institutions that undergo full interim audits are subject to regulatory clearance from the CBN before public release, often necessitating formal notifications to the market when review timelines extend beyond standard submission dates.

by admin — August 12, 2026 in Business 0

Stock market sheds N1tn amid renewed bearish trading

The domestic equities market closed Tuesday’s trading session on a bearish note, as price depreciation in MTN Nigeria Communications Plc and 25 others dragged the overall market capitalisation lower by N1.17tn.

Consequently, the All-Share Index dropped by 1,806.18 points, or 0.73 per cent, to close at 246,723.57. Similarly, the market capitalisation shed N1.17tn to settle at N159.26tn.

The downturn was primarily driven by sell-offs in large- and medium-capitalised stocks, including MTNN, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First Holdco.

Despite the broader market decline, market breadth closed positive with 27 gainers against 26 losers.

FTN Cocoa topped the gainers’ chart, appreciating 9.88 per cent to close at N8.90 per share. C&I Leasing followed with an 8.26 per cent gain to close at N5.90, while Sovereign Trust Insurance rose 6.74 per cent to finish at N1.90 per share.

Regency Alliance Insurance gained 6.33 per cent to close at 84 kobo, while Universal Insurance advanced 6.02 per cent to close at 88 kobo per share.

Conversely, Thomas Wyatt Nigeria led the losers’ chart, dropping 9.97 per cent to close at N2.89 per share. AVA Capital followed with a 9.60 per cent decline to settle at N8.95, while International Energy Insurance lost 6.32 per cent to close at N4.00 per share.

International Breweries fell 5.98 per cent to close at N11.00, while Guinea Insurance declined 5.13 per cent to close at 74 kobo per share.

Activity levels spiked sharply as total volume traded jumped 270.4 per cent to 3.91 billion units, valued at N32.38bn and exchanged in 45,608 deals.

Trading in the shares of Fortis Global Insurance dominated the activity chart with 3.29 billion shares valued at N9.58bn. Trans-Nationwide Express followed with 84.58 million shares worth N181.90m, while Access Holdings traded 66.13 million shares valued at N1.87bn.

Consolidated Hallmark Holdings traded 54.34 million shares valued at N379.42m, while Fidelity Bank transacted 46.86 million shares worth N1.02bn.

by admin — August 12, 2026 in Business 0

NPS processes 26.55m transactions worth N1.4tn

The rollout of Nigeria’s new sovereign digital infrastructure, the National Payment Stack, has recorded rapid commercial adoption in its early operational phase, processing 26.55 million transactions valued at N1.4tn across 48 participating institutions.

Developed by the Nigeria Inter-Bank Settlement System Plc to modernise the nation’s financial ecosystem, the multi-currency architecture bridges transaction processing and payment intelligence while consolidating payments, identity, and data onto a single rail designed to succeed the legacy NIBSS Instant Payment system.

Commercial banks and fintechs are already driving significant scale across the network. First Bank of Nigeria currently leads the industry in total transaction volume processed on the new platform, while Fidelity Bank holds the top spot for overall transaction value. Other major early adopters powering network activity include Guaranty Trust Bank, Sterling Bank, Access Bank, and Moniepoint.

The platform introduces structured ISO 20022 data architecture, enabling metadata-rich transactions that automate corporate reconciliation, streamline merchant collections, and power request-to-pay invoicing. It also unifies single transfers and high-volume corporate disbursements onto one rail, backed by embedded security features such as automated sanction screening, account validation, end-to-end encryption, and in-flight risk scoring to flag potential fraud before execution.

Highlighting the transformative impact of the new infrastructure, the Managing Director and Chief Executive Officer of NIBSS, Premier Oiwoh, emphasised the platform’s role in shifting the national payments landscape towards deeper intelligence and efficiency.

He said, “The National Payment Stack represents an economic catalyst moving our financial infrastructure from basic transaction processing to comprehensive payment intelligence.

“By delivering an ISO 20022-compliant, multi-currency rail, we are laying the groundwork for unprecedented interoperability, heightened security, and seamless regional trade.”

Complete ecosystem readiness now depends on full participant alignment across technical and operational domains, with NIBSS urging all financial services institutions to activate related debit and credit processing rails to prevent platform congestion.

Supporting this transition, the Director of Payments System Supervision at the Central Bank of Nigeria, Dr Rakiya Yusuf, reaffirmed the apex bank’s full regulatory backing for mandatory integration as the sector prepares for the ultimate decommissioning of the 15-year-old legacy NIP rail.

by admin — August 12, 2026 in Business 0

Osun guber: You can’t kill same people you want to govern – Dantalle warns politicians

National Chairman of the Inter-Party Advisory Council, IPAC, Yusuf Dantalle, has expressed concern over the rising cases of electoral violence in Osun State ahead of the August 15 governorship election.

several local government areas in the state have been identified as hotspots for potential election-related violence ahead of Saturday’s poll.

Dantalle cautioned politicians against perpetrating violence against the same citizens they seek to govern, citing the destruction of lives and property in different parts of the state.

Speaking in an interview with Arise News, the IPAC chairman said the council had condemned the incidents and warned key stakeholders, including political actors, the Independent National Electoral Commission, INEC, security agencies and traditional rulers, to prioritise the interests of the people of Osun State.

He said, “We have continued to condemn these actions and also alert various stakeholders, including political actors, INEC as the electoral umpire, security agencies and traditional leaders, on the need to prioritise the interests of the people of Osun.

“It is unacceptable to harm the people you intend to govern. There have been several incidents involving the destruction of lives and property, as well as protests and counter-protests.

“We want to advise all stakeholders involved in the Osun election that this is a deviation from the principles and ethics of democracy, which is fundamentally about allowing the people to freely and fairly choose their leaders, with the outcome respected and accepted by all.

“This situation is indeed troubling, and I would like to use this opportunity to urge all stakeholders to exercise caution.

“Those who use state institutions to intimidate or harass political opponents must desist and allow the people to make their own choices.

“If we allow such actions to continue, we must consider their implications for the general elections just a few months away. It could be a foreshadowing of what we may encounter in the 2027 elections.

“We must exercise extreme caution to avoid undermining the progress we have made.”

by admin — August 11, 2026 in News 0

Osun 2026: Why Adeleke deserves second term – Dele Momodu

A chieftain of the African Democratic Congress, ADC, Dele Momodu, has said that Osun State Governor, Ademola Adeleke, deserves a second term in the August 15 governorship election in the state.

In a post on his verified X handle on Tuesday, Momodu said the All Progressives Congress, APC, had turned Osun State into a theater of war.

According to him, the only sensible strategy was for all opposition parties to align immediately and back the Accord Party candidate and incumbent governor, Adeleke.

The publisher of Ovation Magazine also said that Governor Adeleke had been a global phenomenon who would easily defeat President Tinubu himself in a popularity contest.

“I make this declaration without equivocation, or any fear of contradiction. This is not based on friendship or family ties.

“Adeleke is the best amongst Nigerian Governors, in order of extraordinary performance in infrastructure, health, education, staff welfare, labour unions, agriculture, commerce, culture, women empowerment, youth integration, and so on.

“We should never supply the APC an easy alibi to rig the Osun gubernatorial election on August 15, 2026. God bless the Federal Republic of Nigeria,” he tweeted.

by admin — August 11, 2026 in News 0