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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.

by admin — August 19, 2026 in News 0

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.

by admin — August 19, 2026 in News 0

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.

by admin — August 19, 2026 in News 0

Naira gains as reserves surpass $52.5bn – CBN

As 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.

by admin — August 19, 2026 in Business 0

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

Standard 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.

by admin — August 19, 2026 in Business 0

Airtel Africa boosts share buyback cap to $65m

Airtel 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.

by admin — August 19, 2026 in Business 0

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

Trading 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.

by admin — August 19, 2026 in Business 0

Bauchi LG polls: APM wins all 20 chairmanship seats, 319 councillorship positions

The Allied Peoples Movement (APM) has won all 20 chairmanship seats and 319 of the 323 councillorship positions in Monday’s Bauchi State local government elections.

The results were announced by the Bauchi State Independent Electoral Commission (BASIEC) on Monday night.

According to the commission, APM won the chairmanship election in all 20 Local Government Areas of the state, while four other political parties shared the remaining four councillorship seats.

Declaring the results, BASIEC Chairman, Hajiya Jummai Abubakar, said the successful candidates emerged after the completion of voting, counting, collation and verification.

Umar Mohammed Aliyu recorded the highest number of votes among the APM candidates, polling 125,170 votes to win Bauchi Local Government Area.

He was followed by Abubakar Ibrahim Dembo, who secured 109,999 votes in Toro, and Bappah Aliyu Mohammed, who won Alkaleri with 107,482 votes.

Ya’u Samaila Sade won Darazo with 67,276 votes, while Yusuf Babayo Zaki secured Katagum with 65,626 votes.

Other winners included Ali Babayo in Gamawa with 54,423 votes; Sama’ila Wakili Lere in Tafawa Balewa with 46,625 votes; and Habibu Idris Usman in Warji with 43,066 votes.

In Shira, former Majority Leader of the Bauchi State House of Assembly, Saleh Hodi Jibir, won the chairmanship election with 37,135 votes.

The other APM winners were Zakka Luka Magaji in Bogoro with 25,282 votes; Iliya Isah in Dambam with 19,730 votes; Mohammed Abubakar Jibo in Dass with 35,264 votes; Mohammed Idris M. in Ganjuwa with 24,150 votes; Mustapha Alhaji Musa in Giade with 33,864 votes; Dankawuwa Ya’u in Itas/Gadau with 24,989 votes; and Inuwa Abdullahi in Jama’are with 36,766 votes.

Garba Musa won Kirfi with 24,787 votes, Salisu Hussaini secured Misau with 34,378 votes, Yahuza Adamu Haruna won Ningi with 29,387 votes, while Mas’ud Aliyu emerged victorious in Zaki with 19,984 votes.

Although APM dominated the councillorship elections, four political parties secured one ward each.

The Social Democratic Party won Dandango Ward in Bauchi LGA, while the National Rescue Movement emerged victorious in Darazo South Ward.

The Zenith Labour Party won Wandi Ward in Dass LGA, while the Young Progressive Party secured Zirami Ward in Giade LGA.

BASIEC Chairman said the commission had confirmed the successful candidates as duly elected after they satisfied the relevant legal requirements and secured the highest number of valid votes in their respective constituencies.

Abubakar said the election was conducted independently and in accordance with the law.

She also commended Governor Bala Mohammed for his support for the commission and congratulated the people of the state and the successful candidates on the conclusion of the polls.

by admin — August 18, 2026 in News 0

Osun: APC spent N60bn on vote-buying, my prayers helped Gov Adeleke win – Davido’s father

Deji Adeleke, a businessman and the father of afrobeats singer, Davido, has alleged that the All Progressives Congress, APC, spent around N60 billion on vote-buying during the Osun State governorship election.

Adeleke also claimed that the APC used N50,000 to buy votes in some areas during the governorship election.

Speaking in Osogbo, the state capital, the businessman revealed that his prayers helped Governor Ademola Adeleke to win the election.

He disclosed that he prayed that voters would take APC’s money but vote for his brother.

Last Saturday, Governor Adeleke won the governorship election after polling 511,067 votes to defeat APC’s Bola Oyebamiji who had 444, 815 votes.

However, Deji Adeleke said: “On the day of the election, when I heard about the kind of money they were spending, I went back to my little corner in my room and I knelt down and I prayed to God Almighty.

“I said, ‘God Almighty, let people collect their money but still vote for Ademola Adeleke.

“They spent N60 billion as we heard. Some places they bought votes for as high as 50,000, for one single vote.”

by admin — August 18, 2026 in News 0

Xenophobia: Nigerian govt to evacuate 83 more Nigerians from South Africa Wednesday

The Federal Government has announced that another batch of 83 Nigerians evacuated from South Africa will return to the country on Wednesday, August 19, 2026, amid concerns over Afrophobic attacks and growing anti-foreigner sentiments.

The Ministry of Foreign Affairs disclosed this in a statement issued on Monday by its spokesperson, Kimiebi Ebienfa.

According to the ministry, the returnees will leave Oliver Tambo International Airport, Johannesburg, at about 3:35 p.m. local time aboard a South African Airways flight and are expected to arrive at the Murtala Muhammed International Airport, Lagos, around 8:45 p.m. the same day.

The ministry said the latest evacuation was made possible through the intervention of private individuals who sponsored the returnees’ air tickets.

“The Ministry wishes to note that this latest cohort of returnees is facilitated through the kind intervention and sponsorship of tickets by public-spirited private individuals, whose generosity the Federal Government acknowledges with profound gratitude,” the statement said.

The latest repatriation comes after the completion of the Federal Government’s voluntary evacuation programme, which saw nearly 1,490 Nigerians return from South Africa amid concerns over attacks, discrimination and hostility towards foreign nationals.

The ministry said the administration of President Bola Tinubu remained committed to safeguarding the welfare, dignity and interests of Nigerians both within the country and overseas.

It said the government’s Citizen Diplomacy policy recognises Nigerians living abroad as “not as a burden, but as critical assets for national development,” stressing that their safety and well-being remained a priority.

The ministry also praised the individuals and philanthropists who provided financial support for the latest evacuation, describing their intervention as an example of the “whole-of-society approach” being encouraged by the government.

“The Ministry commends their patriotism and selflessness, which have significantly alleviated the plight of our compatriots in South Africa,” it added.

The Federal Government called on the organised private sector, corporate bodies, state governments, philanthropists and other Nigerians at home and abroad to support efforts aimed at assisting citizens facing emergencies outside the country.

The ministry said broader collaboration would strengthen the country’s ability to respond swiftly to consular crises and protect Nigerians in distress.

It also disclosed that Nigeria would continue diplomatic engagements with South Africa in an effort to address the underlying factors responsible for Afrophobia and prevent further attacks against Nigerians and other Africans.

“The government remains committed to deepening strategic partnerships with host nations, including South Africa, to address the root causes of Afrophobia and ensure that such acts of violence and discrimination against Nigerians are prevented and are strongly condemned when they occur, including holding perpetrators of such violence to account,” the ministry stated.

The ministry expressed appreciation to the private sponsors who funded the latest evacuation and urged other stakeholders to support initiatives aimed at protecting Nigerians living and working abroad.

by admin — August 18, 2026 in News 0