October 2026 - seemberg.com

All Posts in "Month: October 2026"

Tinubu unfit to rule, has brought Nigerians into wilderness of hunger, disease, death – Kenneth Okonkwo

A chieftain of the African Democratic Congress, ADC, Kenneth Okonkwo, has said President Bola Tinubu is unfit to rule Nigeria.

Addressing newsmen on Thursday in Abuja, Okonkwo said the President has plunged Nigerians into hardship since taking office on May 29, 2023.

“Tinubu is unfit to rule. He has brought us to the wilderness of hunger, disease, and death,” Okonkwo said.

The Nollywood actor-turned-politician added that the current administration had failed to address the basic needs of Nigerians, with rising cost of living, insecurity and economic hardship across the country.

According to him, President Tinubu lacked the physical and leadership capacity to lead the country and should step aside.

Okonkwo urged Nigerians to vote out the All Progressives Congress, APC, in next year’s general election.

He said Nigeria needed a fit and proper president who could rescue the country from its current challenges.

by admin — October 23, 2026 in News 0

Ministers pay billions to be appointed – APC campaign spokesman, Alwan Hassan alleges

A spokesperson of the All Progressives Congress, APC, Presidential Campaign Council, Alwan Hassan has alleged that many ministers in Nigeria pay billions of naira to secure appointments.

Hassan made the allegation on Thursday while responding to questions in an interview on Arise Television’s ‘Prime Time’.

According to him, the practice is not new and is not limited to the APC administration.

“A lot of ministers pay billions to be appointed, and the first thing they think of is how to recoup that money after being appointed.

“It is the truth about our country and not just APC ministers; it started before the APC,” Hassan said.

Hassan said the culture of paying for appointments was one of the major reasons for corruption in public office, as appointees saw public service as an investment that must yield returns.

by admin — October 23, 2026 in News 0

2027: Atiku, Melaye, Fayose warn Nigerians against Tinubu’s re-election

The presidential candidate of the African Democratic Congress, ADC, Atiku Abubakar, former Kogi West Senator, Dino Melaye and Emmanuel Fayose, a House of Representatives aspirant in Ekiti State, have urged Nigerians to reject President Bola Tinubu and the All Progressives Congress, APC, in the 2027 general election.

They made the call during a meeting with ADC leaders and members in Abuja on Thursday, warning that the country’s economic challenges could worsen if Tinubu secured a second term.

Atiku, who was represented by his spokesman, Kenneth Okonkwo, accused the President of undermining democratic institutions by allegedly exercising excessive control over the legislature and the judiciary.

He said the National Assembly had failed to hold the executive accountable, arguing that lawmakers were prioritising the President’s interests over those of ordinary Nigerians.

“In Nigeria today, the parliament is for the president, not for the people,” Okonkwo said, adding that the legislature was supposed to check the executive in the interest of citizens.

He criticised what he described as excessive government spending amid widespread economic hardship, insisting that lawmakers should scrutinise public expenditure and demand accountability.

Okonkwo also called on opposition parties to unite and present credible candidates capable of providing effective representation and delivering democratic dividends.

He questioned the President’s frequent foreign trips, arguing that constitutional provisions on presidential succession must be respected.

The ADC spokesman further criticised the administration’s borrowing, arguing that rising debt obligations were placing additional pressure on public finances and worsening the country’s economic difficulties.

He likened the country’s economic situation to the biblical wilderness, arguing that the removal of fuel subsidy had increased the burden on Nigerians already struggling with hunger and poverty.

Okonkwo also raised concerns about Tinubu’s health and capacity to govern, saying Nigerians needed a leader capable of managing the country’s challenges. He, however, acknowledged that illness was a human condition and should not be used to stigmatise anyone.

Former Kogi West lawmaker, Senator Dino Melaye, in his remarks, criticised Tinubu’s comparison of Nigeria’s situation with Egypt while defending the President’s position against calls for the restoration of fuel subsidy.

Melaye argued that Egypt had overtaken Nigeria in several economic indicators, including gross domestic product, per capita income, unemployment and poverty, insisting that the President’s comparison was misplaced.

He said Nigeria needed leadership capable of addressing its economic problems, warning that the hardship currently experienced by citizens could become more severe if Tinubu returned to office in 2027.

“This hunger you are seeing now is prelim. This hunger you are seeing now is introduction to hunger. You have not even gotten to hunger,” Melaye said, warning Nigerians about the possible consequences of another APC administration.

The former lawmaker also criticised the National Assembly, describing it as an extension of the executive rather than an independent institution capable of holding the government accountable.

Drawing on his experience in the House of Representatives and Senate, Melaye argued that the legislature must reclaim its constitutional responsibility of checking the executive and protecting the interests of Nigerians.

He called on opposition figures across political parties to work together, stressing that the country’s survival should take precedence over personal ambitions, ethnic considerations and political affiliations.

Melaye urged opposition leaders, including Peter Obi, Rabiu Kwankwaso and other political figures, to recognise the need for cooperation in the 2027 election, arguing that Nigeria required a leader capable of uniting its diverse population.

Also speaking, Emmanuel Fayose, the younger brother of former Ekiti State Governor Ayodele Fayose, alleged that the Tinubu administration was concerned about Atiku’s popularity and political influence.

Fayose said the South-West would play a significant role in determining the outcome of the 2027 presidential election, urging Nigerians to assess political candidates based on their records and capacity to lead.

He also expressed confidence that Atiku could attract substantial support in the region, while emphasising the need for voter education and sensitisation, particularly among young people.

by admin — October 23, 2026 in News 0

EPL: Chris Sutton predicts result of Chelsea vs Tottenham, Arsenal vs Everton, other fixtures

Former Chelsea star, Chris Sutton has predicted the Premier League matchday eight fixtures taking place on Friday, Saturday and Sunday.

Nottingham Forest will face Ipswich Town in an away Premier League clash on Friday night.

Aston Villa will host Manchester City on Saturday afternoon at Villa Park, while Everton will clash with Arsenal on Saturday evening at Emirates Stadium.

Chelsea will tackle Tottenham Hotspur at Stamford Bridge on Saturday evening.

On Sunday, Brighton will face Liverpool, and Manchester United will clash with Bournemouth at Old Trafford.

Stating his predictions, Sutton told BBC Sport that Nottingham Forest will play 1-1 with Ipswich Town.

Sutton’s other predictions are:

Aston Villa 1-2 Man City

Arsenal 2-0 Everton

Coventry City 1-2 Fulham

Chelsea 3-1 Tottenham

Crystal Palace 2-2 Newcastle United

Hull City 0-2 Brentford

Liverpool 1-3 Brighton

Manchester United 1-2 Bournemouth

Sunderland 1-1 Leeds United

by admin — October 23, 2026 in News 0

Protect critical national information infrastructure – NCC tells Tarabans

The Nigerian Communications Commission, NCC, has urged residents of Taraba State to take ownership of and protect Critical National Information Infrastructure, CNII, to strengthen cybersecurity and support national development.

The commission made the call at a stakeholders’ engagement and sensitisation forum held in Jalingo, the Taraba State capital on Thursday, where government officials, telecommunications operators, security agencies, industry leaders and other stakeholders discussed measures to safeguard the country’s critical digital infrastructure.

The NCC described the federal government’s designation of telecommunications infrastructure as Critical National Information Infrastructure under the Cybercrimes Act as a landmark decision that underscores the importance of protecting the nation’s digital assets.

It noted that telecommunications infrastructure faces threats, including vandalism, theft, sabotage, cyber attacks and deliberate destruction, stressing the need for collective action to address the challenges.

In a presentation at the forum, the commission said the sensitisation exercise was designed to deepen stakeholders’ understanding of the CNII framework, identify emerging threats and vulnerabilities, clarify responsibilities and strengthen partnerships for the protection of critical digital assets.

The NCC also emphasised the importance of open dialogue and knowledge-sharing among stakeholders in developing effective strategies to secure telecommunications infrastructure and build a resilient cyberspace.

Participants, led by the Taraba State Directorate of the National Orientation Agency, NOA, described the engagement as essential to promoting public awareness and encouraging attitudinal change at the grassroots.

They stressed that protecting telecommunications infrastructure required the active participation of communities, noting that the destruction of telecommunications masts and fibre-optic cables could disrupt communication services, affect economic activities and undermine community development.

The participants further called for greater community ownership of telecommunications projects, urging residents to see the protection of such infrastructure as a shared responsibility.

by admin — October 23, 2026 in News 0

Police arrest 11 over suspected cult initiation near UNICAL

Cross River State Police Command has arrested 11 men over alleged cult initiation activities in a bush near the Engineering Department of the University of Calabar, UNICAL.

The suspects were arrested on Thursday, October 22, following a distress call from the university, according to a statement issued by the Police Public Relations Officer, ASP Eitokpah Sunday Akata, on Friday.

The statement said operatives of the Violent Crime Response Unit, VCRU, Satellite Town, Calabar, responded to the report at about 10:30 am and joined the university’s internal security personnel to cordon off the area.

Those arrested were identified as Ogar Favour, 25; David Akpa, 27; Gift Emmanuel, 24; Aaron Favour, 24; David Abubu, 25; Victor Emmanuel Eyibo, 26; Oghenemaro Hendrix, 24; James Ede Joseph, 22; Charles Ekeng, 21; Edu Nkanu, 26; and Ogabor John Odey, 24.

The police said a Lexus 350 saloon car, reportedly abandoned by a fleeing individual, and three motorcycles were recovered during the operation.

The command said the recovered items had been secured for investigation, adding that their connection, if any, to the suspected cult-related activity had yet to be established.

The police said investigations were ongoing to determine the individual roles of the suspects and the circumstances surrounding the alleged initiation.

by admin — October 23, 2026 in News 0

FG expects 2026 budget deficit to fall below 4.2%

The Federal Government expects Nigeria’s 2026 fiscal deficit to fall below its budget target of 4.2 per cent of Gross Domestic Product, as improved revenue and declining borrowing costs ease pressure on public finances.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this in an interview in London according to a Bloomberg report on Thursday.

Oyedele said the government planned to review its fiscal projections and announce a revised deficit target, expressing confidence that the shortfall would be lower than initially anticipated.

“We think it will be narrower than the 4.2 per cent,” he said. “The priority is the cost of debt relative to revenue and that already is moving in the right direction

The projection suggests a possible improvement in the Federal Government’s fiscal position, following efforts to increase revenue and reduce the cost of servicing public debt.

Nigeria had set a deficit target of 4.2 per cent of GDP for 2026 in December. A fiscal deficit occurs when government expenditure exceeds its revenue, requiring it to borrow to finance the shortfall.

Oyedele said the government did not expect the deficit to exceed the budget target, adding that the review would reflect recent developments in revenue collection and borrowing costs.

“We don’t think it will be worse than the target; we think it will be better,” he said.

However, the Federal Government’s more optimistic outlook differs from the World Bank’s assessment of Nigeria’s broader public finances.

The bank expects the country’s consolidated budget deficit, which includes the federal, state and local governments, to widen this year. It attributed the projected deterioration to increased capital spending by state governments and rising federal expenditure on personnel, interest payments and pre-election activities, despite improved revenue.

The divergence highlights the difference between the Federal Government’s fiscal outlook and the finances of the wider public sector.

Oyedele also pushed back on concerns about Nigeria’s debt-servicing burden after World Bank data showed that interest payments in the first half of 2026 exceeded Federal Government revenue by 24 per cent.

The finance minister argued that the comparison did not capture the full picture because the interest payments included obligations serviced on behalf of other tiers of government, while the revenue figure excluded some receipts.

Speaking separately at a Chatham House event, he said some government revenue had not been included in the figures used to assess the debt burden.

“We have some of our revenues that haven’t been captured,” Oyedele said, adding that higher revenue and moderating interest costs would help reduce the fiscal deficit relative to the size of the economy.

Nigeria’s public debt has continued to rise. Data on the Debt Management Office’s website showed that total public debt, comprising domestic and external obligations, increased by 21 per cent to $121bn in June 2026 from a year earlier.

Meanwhile, monetary policy developments have begun to ease borrowing costs. The Central Bank of Nigeria cut its benchmark interest rate by 350 basis points to 23 per cent in September, after which yields on short-term government securities fell to their lowest levels of the year before rising again in October.

by admin — October 23, 2026 in Business 0

Petrol imports plunge 59% as local supply surges

Nigeria’s daily petrol imports fell by 58.9 per cent between January and September 2026, as domestic refineries continued to account for a larger share of supply, although the volume of petrol received into the country remained below consumption in September.

This was as the country received an average of 105.9 million litres of imported petrol per day in total across the nine months from January to September 2026.

Using the number of calendar days in each month, Nigeria received an estimated 3.24 billion litres of imported petrol between January and September 2026. This was calculated by multiplying each month’s reported daily import average by the number of days in that month. The estimate is based on rounded NMDPRA figures and may differ slightly from the regulator’s underlying totals.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority’s September fact sheet released on Thursday showed that petrol imports declined from 24.8 million litres per day in January to 10.2 million litres per day in September.

This represented a reduction of 14.6 million litres per day, or 58.9 per cent, in the daily average volume of imported petrol received over the period.

The decline occurred alongside a significant increase in domestic supply between September 2025 and September 2026, reflecting the growing contribution of local refining to Nigeria’s petrol market.

According to the NMDPRA data, domestic petrol receipts rose from 17.6 million litres per day in September 2025 to 28.5 million litres per day in September 2026, representing an increase of 61.9 per cent.

Consequently, locally supplied petrol accounted for 73.6 per cent of the 38.7 million litres received daily in September, while imports contributed 26.4 per cent.

The September figures, however, showed that the decline in imports was not matched by a corresponding increase in overall petrol supply, as total receipts fell by 23.4 per cent from 50.5 million litres per day in August.

The NMDPRA attributed the September decline to reductions in both domestic supply and imports, noting that approved import permit volumes were being exhausted.

Domestic petrol receipts fell by 20.6 per cent from 35.9 million litres per day in August to 28.5 million litres in September. Imported supplies declined by 30.1 per cent from 14.6 million litres to 10.2 million litres daily.

The combined reduction of 11.8 million litres per day in receipts came as petrol consumption increased

The regulator reported that daily petrol consumption rose by seven per cent from 41.5 million litres in August to 44.4 million litres in September.

This left a gap of 5.7 million litres per day between reported petrol receipts and consumption in September, with daily receipts covering about 87.2 per cent of reported consumption.

The development also affected stock sufficiency. Petrol stock cover increased slightly from 22.9 days in August to 23.9 days in September, but remained below the 30-day threshold used by the regulator.

The stock cover represented an improvement of 4.4 per cent over August, although the country still had about six days less than the benchmark.

The figures suggest that the reduction in imports has not, by itself, eliminated supply pressures. Sustaining lower import dependence will require domestic refineries to provide sufficient and consistent volumes to meet consumption.

A review of the monthly data from January to September showed that petrol imports fluctuated considerably during the period.

Imported petrol receipts fell from 24.8 million litres per day in January to 3.0 million litres in February, before rising to 5.9 million litres in March. They dropped to 3.7 million litres in April, increased to 5.9 million litres in May and then climbed sharply to 18.1 million litres in June.

Imports rose further to 19.7 million litres per day in July before falling to 14.6 million litres in August and 10.2 million litres in September.

The July figure was the highest monthly import receipt since January, while September’s volume was 48.2 per cent below July’s level.

Domestic supplies also varied during the nine-month period. They rose from 40.1 million litres per day in January to 40.7 million litres in April and peaked at 41.5 million litres in May, before falling to 32.5 million litres in June and 25.8 million litres in July.

Domestic receipts recovered to 35.9 million litres daily in August before declining to 28.5 million litres in September.

by admin — October 23, 2026 in Business 0

DBN disburses N1.4tn to MSMEs, supports 1.6 million jobs

The Development Bank of Nigeria has disbursed N1.4tn to Micro, Small and Medium Enterprises nationwide, supporting the creation of about 1.6 million jobs as of December 2025.

The bank also announced plans to reach more than two million MSMEs under a new five-year strategy, with particular attention to women-led businesses, young entrepreneurs and underserved states.

The bank disclosed this in a statement issued on Thursday after its seventh Annual Lecture, held in Abuja, on Wednesday.

“As at December 2025, DBN had disbursed a cumulative N1.4tn to MSMEs through 84 Participating Financial Institutions, creating about 1.6 million jobs nationwide. Under its new five-year strategy, the Bank aims to reach more than two million MSMEs, with deliberate targets for women-led businesses, youth-led businesses and underserved states,” the statement read.

Speaking at the event, the Managing Director and Chief Executive Officer of DBN, Dr Tony Okpanachi, said the bank had channelled the funds through 84 Participating Financial Institutions to improve access to credit for small businesses.

“The major reforms are now in place. How do we make sure their benefits reach the trader in Onitsha, the fabricator in Aba, the farmer in Kebbi and the young founder in Yaba?” he asked.

Okpanachi noted that MSMEs accounted for nearly half of Nigeria’s Gross Domestic Product and more than 80 per cent of employment, making their performance critical to the success of economic reforms.

“When reform works for MSMEs, it works for most Nigerians,” he added.

The DBN boss explained that economic reforms would translate into prosperity only when entrepreneurs could access long-term financing, acquire equipment, improve their operations and expand their businesses.

At the lecture, DBN launched its Action for Women in Nigeria initiative, known as DAWN, alongside its Impact Report and MSME Data Assets.

The initiative is designed to address financing constraints facing women-owned businesses by combining loans, credit guarantees, technical assistance, outcome-linked grants and market access.

Its priority sectors include agriculture, exports, healthcare, creative industries, technology and green businesses.

“DAWN is about moving gender-focused lending beyond intention and turning access into opportunity”, Okpanachi said.

The bank also signed a $61m Gender Line of Credit agreement with the African Development Bank to strengthen financing for women-led enterprises.

Okpanachi urged financial institutions to expand lending into underserved sectors and states, while encouraging entrepreneurs to formalise their businesses and maintain proper financial records.

He also called on policymakers to “measure reform by what changes for the business at the end of the chain”.

The event featured the Chief Executive Officer of MTN Nigeria, Dr Karl Toriola, and the Chairman of the Nigeria Sovereign Investment Authority, Dr Segun Ogunsanya, as keynote speakers.

Other participants included Sterling Bank CEO, Abubakar Suleiman; entrepreneur Omoyemi Chukwurah; and Babban Gona’s Kola Masha, who joined virtually.

Nigeria’s Vice President, Kashim Shettima, was represented by Dr Fred Iklaga, Senior Technical Adviser in the Office of the Special Adviser to the President on the Economy.

by admin — October 23, 2026 in Business 0

Keeping erroneous bank credit attracts 5-10 years’ jail — CBN

The Central Bank of Nigeria, on Thursday, warned Nigerians that failing to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment, and cautioned bank customers against sharing their personal details with fraudsters.

The CBN Governor, Olayemi Cardoso, who explained that the act falls under financial crimes that attract severe punishment, gave the warning during the stakeholders’ meeting themed, “Central Bank of Nigeria Listens Programme,” held at Jogor Event Centre, Ibadan, Oyo State.

Cardoso, who spoke through Hakama Sidi Ali, said the CBN was committed to financial stability and the protection of customers’ rights.

He said, “Obtaining information relating to another person(s) account through fraudulent means attracts severe penalties. A customer who fails to refund wrongly deposited money to the rightful owner attracts 5-10 years’ imprisonment.

“The CBN Listens Programme is one of our flagship platforms for direct interaction with stakeholders across the country. It reflects our conviction that effective policy formulation and implementation must be supported by continuous dialogue and mutual understanding, and constructive feedback from the people and institutions we serve.

“The theme, ‘Towards a Robust, Resilient and Inclusive Financial System for Sustainable Economic Growth,’ is both timely and significant as Nigeria continues to navigate a rapidly evolving economy and financial landscape. The CBN remains steadfast in its mandate of ensuring monetary and financial system stability while promoting confidence in the economy.”

“Recent years have witnessed significant reforms aimed at restoring macroeconomic stability, strengthening financial markets, enhancing transparency, deepening financial inclusion and positioning Nigeria for sustainable growth. These priorities align with the bank’s strategic objectives of promoting a robust, sound and inclusive financial system that leverages innovation to enhance Nigeria’s competitiveness.

“To achieve these objectives, the bank has undertaken far-reaching reforms designed to strengthen the resilience and integrity of the Nigerian financial system. Over the past 38 months, the governor has pursued bold and pragmatic reforms to lay the foundation for Nigeria’s next economic phase, promoting inclusive growth and wealth creation to alleviate poverty.”

He added, “The launch of the non-resident BVN to connect Nigerians in the diaspora with local banking services, the system of forex trading, the unveiling of the Nigerian Payments System Vision 2028, and the implementation of the 75 per cent cash reserve ratio on non-treasury single account public sector deposits are intended to improve liquidity management and mitigate risk.

“The Nigerian Overnight Financial Rate was also introduced by the bank in collaboration with the Financial Market Dealers Association, among other initiatives. This benchmark, which aligns Nigeria’s monetary market infrastructure with international practices, provides a transparent market-based reference rate for short-term lending transactions.

“The CBN firmly believes that economic growth cannot be sustainable unless it is inclusive. Therefore, financial inclusion remains a critical pillar of national development. It expands economic opportunities, reduces poverty, supports entrepreneurship and promotes shared prosperity.

“We, therefore, continue to work closely with financial institutions, fintech companies, mobile money operators, development partners and state governments to expand and extend financial services to underserved populations of Nigerians.”

The CBN governor stressed that the bank’s Listens Programme was rooted in the recognition that stakeholders were partners in the development and implementation of effective policies.

He said, “The programme, therefore, provides opportunities for us to further explain policies, clarify misconceptions where they exist, receive feedback and identify issues affecting individuals, businesses and communities.

“As depositors, you have the right to escalate your complaint to the Director, Consumer Protection and Financial Inclusion Department, after lodging your complaint, if your bank fails to acknowledge it within three days.

“In the alternative, you can issue a tracking number if the bank fails to resolve the complaint within the timelines as stipulated by the Consumer Protection Regulation.”

It will be recalled that the CBN was established by the Central Bank Act of 1958 and officially commenced operations on July 1, 1959, in Lagos, taking over control from the British colonial West African Currency Board.

by admin — October 23, 2026 in Business 0