2027: Kebbi ADC appoints former Deputy Speaker, Sani Tadurga as campaign DG

The African Democratic Congress, ADC, in Kebbi State has appointed a former Deputy Speaker of the House of Assembly, Rt. Hon. Sani Tadurga, as Director-General of its Campaign Council ahead of the 2027 elections.

The appointment was approved by the party’s governorship candidate, Abubakar Malami, SAN, following consultations with stakeholders across the state.

Also appointed are three Deputy Directors-General representing the state’s three senatorial districts: Arch. Bala Sani Kangiwa for Kebbi North, Hon. Shehu Aliyu Sambawa for Kebbi Central and Alh. Aliyu Jibrin Bagaruwa for Kebbi South.

Barr Aminu Bunza was named Secretary of the Kebbi State Campaign Council.

According to the party, the appointments are aimed at strengthening its campaign structure and enhancing coordination ahead of the 2027 elections.

With the new structure, the party said its appointees are expected to deploy their leadership experience and grassroots networks to mobilise support and advance the ADC’s political objectives across the state.

It urged the new appointees to approach their responsibilities with commitment, unity and dedication as preparations for the 2027 polls intensify.

Osun election: APC, Accord at war over alleged attacks on members

Osun State chapter of the All Progressives Congress, APC, and the ruling Accord Party have exchanged accusations over alleged attacks on their members following Saturday’s governorship election.

The APC alleged that supporters of the Accord Party launched attacks on its members and supporters after Governor Ademola Adeleke was declared the winner of the election by the Independent National Electoral Commission, INEC.

Accord, however, rejected the allegation and accused the opposition party of being responsible for attacks on its own members.

In a statement issued on Tuesday, Osun APC Director of Media and Information, Kola Olabisi, condemned what he described as a growing wave of post-election violence allegedly perpetrated by Accord supporters across the state.

Olabisi claimed that incidents of attacks on APC members began shortly after Adeleke was declared the winner of the governorship poll on Sunday.

He also alleged that local government chairmen aligned with the ruling party had moved into various council secretariats despite what he described as their “illegal sit-at-home” status.

The APC spokesperson further alleged that some members of the state executive of the National Union of Road Transport Workers (NURTW) had used suspected thugs to gain access to motor parks across the state.

The party warned that the alleged attacks could undermine public peace and potentially trigger retaliatory violence if not brought under control.

The APC called on the Osun State Police Command to strengthen security measures and protect its members and supporters from further attacks.

However, Osun State Accord chairman, Victor Akande, dismissed the allegations, insisting that the party was committed to peaceful political engagement.

“Accord is not known for hooliganism,” Akande told journalists when contacted by telephone.

He instead alleged that APC supporters had been behind attacks on Accord members, claiming that the police had also been used to target members of the ruling party before, during and after the election.

According to him, several Accord supporters were allegedly attacked and unlawfully detained.

Akande described the APC’s allegations as propaganda and urged the public to disregard them.

“They are known for their propaganda. They are the ones attacking our members. I didn’t know any of our members attacking their members,” he alleged.

He maintained that Accord was a peace-loving party and attributed Governor Adeleke’s electoral victory to what he described as the overwhelming support of Osun residents.

EFCC recovers N4.48bn diesel allegedly converted by oil firm in Lagos

The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 million litres of Automotive Gas Oil, AGO, commonly known as diesel, valued at approximately N4.485 billion, allegedly diverted from Prudent Energy and Services Limited by Mamemo Ibru of Ibafon Oil and Gas in Lagos.

The recovery followed an investigation launched by the anti-graft agency after Prudent Energy and Services Limited petitioned the EFCC over an alleged shortage of petroleum products it had entrusted to Ibafon Oil and Gas for storage.

EFCC spokesperson, Dele Oyewale disclosed the development in a statement, saying the petitioner alleged that its products stored at the depot had been unlawfully withdrawn, resulting in a substantial deficit in its stock.

According to the agency, the company claimed that repeated withdrawals from the stored products continued until its outstanding stock stood at 2,574,031 litres.

However, a subsequent physical inspection and reconciliation of the products reportedly showed that only 206,761 litres remained in the storage tanks, leaving a shortfall of 2,367,270 litres.

The EFCC said its investigation established that Ibafon Oil and Gas is engaged in the purchase and sale of diesel and also operates a storage facility where its products are kept alongside petroleum products belonging to customers.

The commission further alleged that Ibru, who owns the company, exploited his position to authorise the movement of petroleum products.

The EFCC said the excess products allegedly belonged to Prudent Energy and were converted for Ibru’s personal use.

Following the intervention of the anti-graft agency, the commission said the suspect surrendered the recovered petroleum products to Prudent Energy and Services Limited.

The development, according to the EFCC, forms part of its ongoing efforts to investigate allegations of economic crimes and recover assets obtained or diverted through unlawful means.

Kebbi: ASUU declares two-week warning strike over unresolved issues

The Academic Staff Union of Universities, ASUU, Federal University of Agriculture Zuru, FUAZ, has declared a two-week warning strike over the alleged failure of the university’s Governing Council to address outstanding issues relating to the 2025 Federal Government–ASUU agreement.

The decision was contained in a statement signed on Tuesday by Comrade Danbauchi Ishaq Sanchi, branch chairperson of ASUU, following the expiration of a 21-day ultimatum earlier issued by the union to the Governing Council.

According to the union, no positive response or concrete action had been received from the Council towards resolving the issues raised.

Consequently, the union said its emergency meeting on Tuesday resolved to commence the warning strike from midnight on August 18.

During the strike, all academic activities at the university will be suspended, including lectures, examinations, continuous assessments, supervision of students’ projects and theses, as well as Senate and Faculty Board meetings.

The union said the decision was not taken lightly but had become necessary to draw the attention of the Governing Council to the unresolved issues affecting academic staff welfare and the smooth running of academic programmes.

ASUU expressed regret over the inconvenience the action may cause students and other members of the university community.

It, however, said it remained open to dialogue during the strike, stressing that meaningful engagement and concrete action by the relevant authorities could resolve the dispute.

Sanwo-Olu seeks Lagos Assembly approval to reorder 2026 budget

Lagos State governor, Babajide Sanwo-Olu, has approached the House of Assembly with a request to review and reorder the 2026 Appropriation Law, tagged the “Budget of Shared Prosperity.”

The governor’s request was presented to lawmakers during plenary on Tuesday after the Clerk of the House, Adenike Oshinowo, read the communication before the chamber.

The letter highlighted the administration’s priorities and the reasons behind the proposed adjustment to the budget.

Speaking on the proposal, Chairman of the House Committee on Economic Planning and Budget, Olumoh Sa’ad, disclosed that the 2026 budget had recorded about 69 per cent implementation.

He said the proposed reordering would help redirect available funds towards areas considered more critical.

Sa’ad also suggested that the review could give the governor an opportunity to reconsider the proposed N200 billion bond recently forwarded to the Assembly for approval.

Contributing to the debate, Aro Moshood described the proposed adjustment as one of the benefits of democratic governance, expressing optimism that it would enable the government to respond more effectively to the needs of residents across the state.

Another lawmaker, Gbolahan Yishawu commended the level of budget implementation but called for funds to be redirected towards projects that were progressing steadily and were close to completion.

He stressed that funding should reflect the scope and stage of each project to ensure that resources were deployed efficiently.

Yishawu noted that while some capital projects had achieved considerable progress, others remained under construction and required continued financial support to reach completion.

Kehinde Joseph, meanwhile, urged the government to prioritise environmental concerns, particularly drainage and flood-management projects.

He called for adequate funding for measures aimed at reducing flooding and improving living conditions for Lagos residents.

Following the deliberations, Speaker of the House, Mudashiru Obasa, referred the governor’s request to the Committee on Economic Planning and Budget for consideration.

Obasa directed the committee to submit its report to the House within two weeks.

NLC warns Nigerian govt of fresh health sector strike

The Nigeria Labour Congress (NLC) has asked the Federal Government to urgently resolve the ongoing salary dispute with the Joint Health Sector Unions (JOHESU) warning that another strike could happen if talks do not resume.

The NLC made the call in a letter dated August 6, 2026, and signed by its President, Joe Ajaero. The letter was addressed to the Minister of Labour and Employment.

The development followed a July 31 letter from JOHESU, which complained about the slow progress in resolving its demands, especially the adjustment of the Consolidated Health Salary Structure (CONHESS).

The NLC said several agreements reached between the government and health workers over the years had not fully addressed their concerns.

“We are similarly concerned that years after signing MoUs, terms of agreement and CBAs (Collective Bargaining Agreements) in addition to promises and assurances from appropriate authorities, members of JOHESU have been ignored or abandoned,” Ajaero said.

NLC urged the Labour Minister to intervene immediately and ensure that negotiations with the unions resume. It also called on him to engage the Presidential Committee on Salaries over the issue.

“Honourable Minister, in light of the above, we strongly urge that you do all that is within your power to ensure immediate resumption of the collective agreement negotiation as well as nudge the Presidential Committee on Salaries to do the needful,” the letter stated.

The NLC said failure to resolve the dispute could have serious effects on healthcare services and industrial relations.

Although the NLC said it was not issuing a threat, it promised to support JOHESU if the union decided to resume industrial action.

Naira gains as reserves surpass $52.5bn – CBN

CBNAs the naira continues to strengthen, with the spread between official and Bureau de Change rates now narrowing to below two per cent, Nigeria’s foreign reserves remained above $52.5bn as of July 17, 2026, marking a 17-year high and surpassing the Central Bank of Nigeria’s yearly target.

This feat was supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria.

The acting Director, Corporate Communications and Investor Relations Department at the CBN, Hakama Sidi-Ali, stated this on Tuesday in Lafia, the Nasarawa State capital, during a fair organised by the Apex Bank, which had participants from across various sectors of the state in attendance.

She explained that over the past 34 months, the Governor of the CBN, Olayemi Cardoso, had led bold reforms to establish the much-needed foundation for Nigeria’s next economic phase, promoting inclusive growth and job creation to alleviate poverty.

Sidi-Ali mentioned some of the reforms to include the unification and greater transparency of the foreign exchange market; successful banking sector recapitalisation, which, according to her, has fundamentally strengthened the resilience, capacity and competitiveness of the Nigerian banking industry.

Others are the launch of the non-resident BVN to connect Nigerians abroad with local banking services; the B-Match System for forex trading; unveiling of the Nigeria Payments System Vision 2028; and introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits to enhance liquidity management and curb inflationary risks, among other reforms.

“The latest data from the National Bureau of Statistics indicate that headline inflation fell slightly from 15.91% in June to 15.43% in July 2026. Core and food inflation also eased over the same period, reflecting the effects of disciplined monetary tightening, exchange-rate unification, and improved market transparency,” she explained.

Speaking about the theme of the fair: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, the CBN acting director said it was carefully chosen to highlight the connections that drive critical activities for the desired monetary, price and financial system stability, which is at the heart of the Central Bank of Nigeria.

According to her, the fair is one of the Bank’s platforms strategically designed to engage the public on the bank’s policies and initiatives, noting that its objective is to promote sustainable economic growth and development across the country.

She used the opportunity to urge the participants to uphold the cleanliness and respect of the naira, while emphasising that it is prohibited to spray, hawk, mutilate or counterfeit the naira, as it is not only the indispensable national emblem of Nigeria, but also the source of our collective pride as a nation.

“Under the leadership of Mr Olayemi Cardoso, the bank’s management remains strongly committed to maintaining monetary and price stability and to performing other essential functions of the Central Bank of Nigeria, as outlined in the CBN Act, 2007, as amended.

“These efforts are already yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in our foreign reserves, and the current stability in the foreign exchange market,” she added.

On her part, the Branch Controller, CBN Lafia, Njideka Nwabukwu, said one of the key objectives of the fair is to enlighten the public about various initiatives of the Central Bank of Nigeria, while also providing a platform for valuable feedback to help the bank improve its service delivery and policy implementation.

She said the theme, “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” could not be more apt, as it underscores the Central Bank of Nigeria’s unwavering commitment to leveraging innovation and technology to bring more Nigerians into the formal financial system and stimulate sustainable economic growth.

Nwabukwu narrated that over the years, the Bank has recorded notable milestones in deepening financial inclusion through alternative payment channels, from expanding agent banking and Point-of-Sale (POS) networks nationwide to promoting mobile money, QR payments, internet banking and instant payment platforms.

She said these initiatives have significantly improved access to financial services for millions of Nigerians. “Today, I therefore urge every participant here to become an ambassador of financial inclusion. I encourage our entrepreneurs and traders to embrace digital payment solutions in their daily transactions.

“I encourage our youths to leverage technology responsibly to create value and opportunities. I encourage financial institutions and payment service providers to continue innovating while maintaining the highest standards of customer protection and service delivery.

“Together, we can reduce reliance on cash, improve efficiency, expand economic opportunities, and unlock the immense potential of our local and national economy,” she said.

Our correspondent further reports that participants at the CBN fair, including members of the National Youth Service Corps, students and other residents of the state, pledged to embrace digital banking and other alternative payment channels in order to reduce the stress of regular visits to banks and to make transactions easier and faster.

Standard Bank eyes OPay stake ahead of $4bn US IPO

Standard Bank eyes OPay stake ahead of $4bn US IPOStandard Bank Group, Africa’s largest lender by assets, is considering taking a stake in Nigerian fintech company OPay ahead of the company’s proposed initial public offering in the United States.

The South African banking group has held preliminary discussions over a possible investment in the SoftBank-backed payments company, according to Bloomberg, citing people familiar with the matter.

The talks are still at an early stage and may not result in a transaction.

The size of the potential investment and the percentage stake being considered have not been disclosed. Standard Bank and OPay have also not confirmed that an agreement is imminent.

A deal would give Standard Bank exposure to one of Nigeria’s major digital payments platforms as traditional financial institutions increasingly seek opportunities in Africa’s expanding fintech and digital payments market.

For OPay, an investment by Standard Bank could strengthen its institutional investor base ahead of the proposed US listing and provide additional backing as it seeks to demonstrate the scale and growth potential of its Nigerian business.

Meanwhile, OPay is preparing for a possible US initial public offering later in 2026, with the company reportedly targeting a valuation of about $4bn.

Citigroup, Deutsche Bank and JPMorgan Chase have been appointed to work on the proposed share sale, according to earlier reports. The timing, size and eventual valuation of the offering will depend on market conditions and investor demand.

A $4bn valuation would represent a significant increase from OPay’s last major funding round in 2021, when fintech raised $400m at a valuation of $2bn, experts say.

The 2021 funding round was led by SoftBank Vision Fund 2, with participation from Sequoia Capital China, Source Code Capital, Redpoint China, Long-Z Capital and 3W Capital.

An investment by Standard Bank before the proposed IPO could provide OPay with another major institutional shareholder while giving the South African lender an opportunity to participate in any future increase in the fintech’s valuation.

Founded in 2018, OPay has developed into one of Nigeria’s largest digital financial platforms, offering services including mobile payments, bank transfers, merchant payments, debit cards, savings and agency banking.

The company has also expanded into markets such as Egypt, Pakistan and Indonesia, but Nigeria remains at the centre of its operations.

Figures contained in an investment document prepared ahead of the proposed IPO showed that Nigeria accounted for 88.1 per cent of OPay’s revenue in 2025.

The document also indicated that OPay processed $358bn in gross transaction value during the year, compared with $166.2bn in 2024.

Its monthly active users increased from 25.1m to 39.3m over the same period, while revenue rose from $205.7m to $536.3m.

The company also returned to operating profitability in 2025, according to the document, although the figures have not been independently published in audited financial statements by OPay.

Standard Bank already has a significant presence in Nigeria through Stanbic IBTC Holdings, in which it holds a controlling stake.

The Nigerian group provides banking, investment, pension and asset management services, while Standard Bank has previously indicated plans to deepen its investment in the country.

Airtel Africa boosts share buyback cap to $65m

Airtel Africa boosts share buyback cap to $65mAirtel Africa Plc has formally announced the purchase and planned cancellation of 927,133 of its ordinary shares, acquired between 10 and 14 August 2026, as part of its ongoing share buyback initiative.

Executed through Barclays Capital Securities Limited, the transactions took place across several major trading venues, including the London Stock Exchange, BATS Europe, CHI-X Europe, Aquis Exchange, and Turquoise. Across the five-day trading period, share prices ranged from a low of 323.00 GBp to a high of 329.60 GBp.

The transaction volume varied throughout the week, opening with 499,275 shares purchased on Monday at a volume-weighted average price of 325.0613 GBp. Buying continued with 83,351 shares on Tuesday at an average of 323.7478 GBp, 290,000 shares on Wednesday at 325.2560 GBp, 26,499 shares on Thursday at 325.0749 GBp, and concluded with 28,408 shares on Friday at an average price of 326.5127 GBp.

Since launching the buyback initiative on 22 May 2026, the company has repurchased a cumulative total of 18,338,632 ordinary shares at an overall volume-weighted average price of 337.11 GBp per share.

In tandem with the transaction details, Airtel Africa revealed an amendment to its agreement with Barclays Capital Securities Limited, expanding the financial scope of the buyback. Under the modified agreement, the maximum aggregate limit for discretionary purchase orders has been raised by $15m, shifting the cap from $50m to $65m.

All other baseline conditions from the May announcement remain intact, leaving the programme structured in two parallel streams.

The revised framework pairs a non-discretionary component, under which Barclays independently trades between $50m and $60m worth of shares, alongside the expanded discretionary component allowing Airtel Africa to issue specific purchase instructions for up to $65m.

The telecommunications firm reconfirmed that the sole objective of these repurchases is to reduce the company’s capital, confirming that every share acquired through the programme will be cancelled.

The expanded capital return strategy comes as Airtel Africa continues to navigate severe foreign exchange pressures across key African markets, particularly in Nigeria, its largest market, where local currency devaluations have significantly impacted reported earnings and dollar-denominated revenue figures over the past year.

Share buybacks are increasingly being leveraged by cross-listed telecommunication giants operating in emerging markets as a tool to support earnings per share, offset foreign exchange headwinds, and efficiently deploy surplus capital when management views market valuations as undervalued.

By systematically repurchasing and cancelling shares on the London Stock Exchange, Airtel Africa reduces its total floating share count. This capital reduction mechanism automatically boosts key shareholder metrics, such as net asset value and EPS, without requiring additional dividend payout commitments during volatile market cycles.

FX, OMO push FMDQ seven-month turnover to N426.5tn

The Group Chief Operating Officer of FMDQ Group Plc, Ms Tumi SekoniTrading activity on the FMDQ Exchange reached N426.51tn between January and July 2026, as strong foreign exchange transactions and demand for Open Market Operations bills drove activity across Nigeria’s financial markets.

The figure is contained in the FMDQ Newsletter Edition 141 for July 2026.

It represents a sharp increase from the N249.18tn recorded in the first four months of the year. Between May and July alone, an additional N177.3tn was recorded.

The seven-month turnover is already about 63 per cent of the N676.71 trillion recorded for the entire 2025 financial year.

The latest performance reflects increased activity across the FX, fixed-income and money markets as banks and investors manage liquidity and seek returns in an environment of elevated interest rates.

Foreign exchange transactions accounted for the largest share of FMDQ turnover during the period.

FX trading generated N143.34tn, representing 33.6 per cent of total turnover. FX derivatives contributed another N17.72tn.

Together, the two FX-related segments recorded N161.07tn, accounting for about 37.8 per cent of activity on the Exchange.

OMO Bills followed with N126.35tn in turnover, representing 29.6 per cent of the total.

The strong activity in OMO bills points to sustained demand for short-term CBN instruments as investors seek attractive yields and financial institutions manage liquidity.

Meanwhile, government debt instruments remained a major source of activity during the seven-month period.

OMO bills, treasury bills, FGN bonds and Sukuk collectively generated approximately N202.55tn, equivalent to about 47.5 per cent of total FMDQ turnover.

Treasury bills accounted for N37.02tntn, while FGN Bonds contributed N38.84tn.

Repurchase agreements and open repos recorded N59.3tn, while unsecured placements and takings added N2.66tn.

Combined turnover from these money-market liquidity instruments stood at about N61.98tn.

Eurobonds generated N930.47bn while Sukuk bonds recorded N330.60bn.

FMDQ’s dealing-member activity was heavily concentrated among major financial institutions.

Stanbic IBTC Bank ranked as the largest dealing-member bank between January and July, followed by First Bank of Nigeria and Coronation Merchant Bank.

The top 10 dealing-member banks accounted for 75.27 per cent of total market turnover, equivalent to approximately N321.02tn.

The three largest banks alone accounted for 52.27 per cent of the activity recorded by the top 10, representing about N169.40tn in transactions.

The figures highlight the significant role of major banks in providing liquidity across Nigeria’s foreign exchange, fixed-income and money markets.