admin, Author at seemberg.com

All Posts in "admin"

Jigawa Assembly suspends council chairman

The Jigawa State House of Assembly has suspended the chairman of Buji Local Government Council, Najibullahi Falalu Tukur, over alleged gross misconduct and misappropriation of public funds.

The decision followed the adoption of the recommendations of the House Committee on Local Government, presented by its Vice-Chairman, Hon. Sani Sale Zaburan, during plenary.

In its report, the committee recommended the suspension of the council chairman in accordance with Section 36, Subsections (2) and (3) of the Jigawa State Local Government Establishment Law, 2024.

Announcing the suspension, the Speaker of the House, Rt. Hon. Haruna Aliyu Dangyatin, directed the suspended chairman to hand over all government property in his possession to the Vice-Chairman of the council.

The Speaker further announced the composition of an ad hoc committee mandated to investigate the allegations of gross misconduct and misappropriation levelled against the chairman.

The committee will be chaired by Hon. Usman Abdullahi Tura Musari, representing Guri Constituency.

Other members of the committee are lawmakers representing Maigatari, Malam Madori, Birnin Kudu, Yankwashi, Kafin Hausa and Sule Tankarkar constituencies.

The Assembly is expected to consider the committee’s findings and recommendations upon completion of the investigation.

by admin — September 2, 2026 in News 0

EFCC assesses terrorism financing risks in Niger NPOs

The Economic and Financial Crimes Commission, EFCC, has begun assessing the vulnerability of non-profit organisations (NPOs) in Niger State to terrorism financing.

The exercise is being conducted by the commission’s Special Control Unit against Money Laundering (SCUML) to identify gaps that could allow legitimate organisations to be exploited for illicit financial activities.

The leader of the EFCC delegation, Assistant Commander Tope Erinnomo, disclosed this when the team visited the Secretary to the Niger State Government, Alhaji Abubakar Usman, in Minna on Tuesday.

Erinnomo said the team would engage relevant state agencies to assess the threats and vulnerabilities confronting NPOs and strengthen measures to prevent their exploitation for terrorism financing.

The agencies include the State Planning Commission, the Niger State Emergency Management Agency (NSEMA), Ministry of Homeland Security, Ministry of Humanitarian Affairs and Disaster Management, Ministry of Women Affairs and Social Development, and Ministry of Youth and Sports Development.

He also made a presentation on NPO risk assessment and the categories of terrorism financing risks faced by non-profit organisations.

The SSG assured the delegation of the state government’s cooperation, saying his office would facilitate its engagement with relevant ministries, departments and agencies.

Usman stressed the need for stronger coordination and information-sharing among government institutions and stakeholders to prevent legitimate organisations from being used for illicit financial activities.

by admin — September 2, 2026 in News 0

Abuja court bars counsel from discussing Tinubu eligibility case on social media

A Federal High Court in Abuja has warned lawyers involved in a case challenging President Bola Tinubu’s eligibility for the 2027 presidential election not to discuss the matter in the media or on social media.

Justice Inyang Ekwo gave the warning on Tuesday while adjourning proceedings in a suit filed by former Vice-President Atiku Abubakar and the African Democratic Congress (ADC).

The case seeks to disqualify Tinubu from contesting the 2027 election over allegations that he submitted a forged National Youth Service Scheme (NYSC) certificate to the Independent National Electoral Commission (INEC).

Justice Ekwo said the matter should be addressed in court rather than through public discussions.

“This case is to be conducted in court and not in the media, whether it is regular or social,” Ekwo warned.

“If this case is discussed on social media, I will hold counsel for the party responsible, and I will take very drastic action.”

The suit, marked FHC/ABJ/CS/1888/2026, was filed against Tinubu, the All Progressives Congress (APC) and INEC.

At Tuesday’s hearing, Omosanya Popoola appeared in court as Tinubu’s lawyer.

However, Joseph Onu, counsel to Atiku, told the court that the plaintiffs had not yet been able to serve the President with the court documents.

Onu said his clients wanted the documents personally served on Tinubu or, alternatively, that the court should allow substituted service because of the importance of the case.

Alex Iziyon, who represented INEC, urged the court to reject the demand for personal service.

He argued that the presence of Tinubu’s lawyer in court was enough to show that the President was aware of the case.

Iziyon also asked the judge to speed up the hearing, noting that more than 17 days had passed since the case was filed.

He said INEC was prepared to submit its defence within 10 days.

Justice Ekwo, however, said he could not tell the plaintiffs how to handle their case.

The judge then adjourned the matter until September 28 for mention.

by admin — September 2, 2026 in News 0

N Seven acquires 550,092 Guinness Nigeria shares

Major shareholder N Seven Nigeria Limited has expanded its equity stake in Guinness Nigeria Plc after acquiring 550,092 ordinary shares in an open-market transaction executed on the Nigerian Exchange Limited.

According to an official regulatory filing released on the bourse, the transactions were carried out across multiple price tranches ranging between N356.40 and N384.80 per share. The total deal resulted in an aggregated volume-weighted average price of N367.40 per share.

The acquisition underscores ongoing activity by key insiders to consolidate equity positions in the prominent brewing entity.

Details from the notification indicate that the transactions involved varying lot sizes, with the smallest single transaction block comprising five units executed at N359 per share, while the largest single tranche accounted for 498,973 units purchased at N384.80 per share.

Other notable tranches included 30,000 units traded at N375 per unit, alongside multiple smaller purchases spanning price points such as N356.60, N357, N362.80, N365.90, and N374 per share.

The transaction follows the landmark corporate restructuring completed earlier in 2024, when global beverage giant Diageo Plc agreed to sell its 58.02 per cent controlling stake in Guinness Nigeria to Singapore-headquartered conglomerate Tolaram Group.

Under the transaction structure, Tolaram acquired the controlling equity while entering into long-term licence and royalty agreements to continue the local production, distribution, and expansion of the Guinness brand alongside Diageo’s global spirit portfolio in Nigeria.

N Seven Nigeria Limited, an investment affiliate operating under the broader Tolaram corporate ecosystem, has since led strategic equity consolidations as the manufacturer navigates intense macroeconomic pressures, foreign exchange revaluations, and rising raw material costs affecting the fast-moving consumer goods sector. The open-market top-up signals sustained core investor confidence in the long-term operational recovery and market share retention of the beverage producer.

The formal insider trading disclosure was issued in compliance with Chapter 17 of the NGX Issuers’ Rules governing financial transactions by corporate insiders, directors, and major equity holders.

The notification was signed by Company Secretary Abimbola Ajibola-Jimoh, who noted that the disclosure of insider share transactions reflects standard procedures for maintaining market transparency and adhering to regulatory corporate governance standards across capital markets.

by admin — September 2, 2026 in Business 0

NGX ASI rises 1.20% on final August trading day

The Nigerian Exchange Limited ended August on a resilient note as a late buying surge pushed the All-Share Index up 1.20 per cent on the final trading day, cementing a year-to-date return of 56.93 per cent despite profit-taking and portfolio rebalancing that characterised overall trading during the month.

The late-month rally helped moderate August’s cumulative decline to just 0.44 per cent, leaving the domestic bourse’s impressive annual gains largely intact following a stellar performance through the first seven months of the year.

Strong investor demand on the month’s final session was particularly evident in mid- and small-cap counters, with equities such as Ikeja Hotel Plc, SUNU Assurances Nigeria Plc, and Sovereign Trust Insurance Plc drawing significant buying interest that pointed towards renewed market appetite entering September.

Overall trading activity recorded a sharp uptick as total transaction value soared 29.65 per cent to N38.66bn on 31 August, compared with N29.82bn recorded in the previous trading session, driven by 606.13 million shares exchanged across 53,364 deal

Total equity market capitalisation closed the month at N157.74trn, reflecting a slight 0.37 per cent dip from N158.33trn at the end of July, though in dollar terms, market valuation expanded from $115.72bn to $118.34bn over the same period.

Financial market experts project that the equity market will maintain a positive trajectory in the coming weeks, anchored primarily by anticipated portfolio adjustments ahead of Nigeria’s official index reclassification.

The upcoming upgrade follows global index provider FTSE Russell confirming in late August that Nigeria will be reclassified from “Unclassified” back to “Frontier Market” status, effective at the market open on 21 September 2026. FTSE Russell had downgraded Nigeria in 2023 due to severe foreign exchange illiquidity and chronic capital repatriation bottlenecks that trapped foreign funds.

However, sustained central bank foreign exchange reforms, improved liquidity in the official currency market, the clearing of dividend backlogs, and the migration to a shorter T+1 settlement cycle on 1 June paved the way for the index provider to restore Nigeria’s classification. S&P Dow Jones Indices also recently placed Nigeria on its watch list for potential reclassification in 2027, further bolstering global market confidence.

Commenting on the market outlook, an analyst at Coronation Securities Limited noted that institutional investors were already taking up strategic positions in flagship stocks ahead of the upgrade.

“We expect the tone to remain constructive, with anticipatory positioning around the Frontier Market reclassification likely to lend further support to large-cap banking and energy names into September,” the analyst said. “A meaningful step-up in foreign portfolio inflows, however, is unlikely until the upgrade formally takes effect on 21 September 2026, when passive index-tracking flows would typically begin.”

The analyst nevertheless advised market participants to maintain a measured perspective despite the positive session, pointing out that trading volumes remained relatively light compared with earlier in the year and stressing that confirmation over upcoming trading sessions would be critical to validating a sustained market trend.

by admin — September 2, 2026 in Business 0

Manufacturers pay 32% interest on loans amid easing

Nigerian manufacturers continued to face borrowing costs above 30 per cent across all major industrial sectors in 2025, showing the high financing burden confronting the real sector despite a modest easing in interest rates.

According to data from the Manufacturers Association of Nigeria, the average interest rate administered to manufacturers stood at 32.1 per cent in 2025, compared with 35.6 per cent in 2024.

The average rate was 32.5 per cent in the first half of 2025 before moderating to 31.8 per cent in the second half.

Despite the marginal improvement, the cost of credit remained elevated, with every sector surveyed recording an annual average borrowing rate of at least 30.4 per cent

The chemical and pharmaceuticals sector had the lowest average rate at 30.4 per cent in 2025, although this remained substantially higher than rates typically associated with cheaper long-term industrial financing.

Wood and wood products, including furniture, recorded an average rate of 30.8 per cent, while textile, wearing apparel, carpet, leather and leather footwear manufacturers paid an average of 31.6 per cent.

Metal, iron, steel and fabricated metal manufacturers faced an average rate of 32.3 per cent, while electrical and electronics recorded 32.4 per cent.

Food, beverage and tobacco manufacturers borrowed at an average rate of 32.5 per cent, while domestic and industrial plastic, rubber and foam recorded 32.6 per cent rate.

Motor Vehicle and Miscellaneous Assembly recorded 32.8 percent, the same rate as Pulp, Paper and Paper Products, Printing, Publishing and Packaging.

Non-metallic mineral products had the highest annual average borrowing cost at 33 per cent.

The data showed that borrowing costs generally moderated during the year.

MAN said the moderate easing reflected improving economic conditions, including softer headline inflation, more stable energy prices and sustained appreciation of the local currency.

Nevertheless, the association noted that financing costs remained high and continued to pose a substantial hurdle to manufacturing competitiveness and output growth.

The data suggests that while credit conditions showed some improvement in 2025, manufacturers were still paying prohibitively high rates to finance production, working capital and expansion, limiting the ability of businesses to scale operations and invest in new capacity.

by admin — September 2, 2026 in Business 0

Osun ADC presents candidates for 2027 general elections

The African Democratic Congress, ADC, in Osun State has presented its candidates for the Senate, House of Representatives and state House of Assembly ahead of the 2027 general elections.

In a statement signed by the party’s Publicity Secretary, Abosede Busayo Oluwaseun, on Monday, the ADC urged residents of Osun State to take note of its candidates and support them ahead of the elections.

According to the statement, the party presented candidates for the three senatorial districts, nine federal constituencies and all 26 state House of Assembly constituencies in the state.

“For the Osun Central Senatorial District, the ADC presented Akeem Olaoye, while Senator Adelere Oriolowo will contest the Osun West Senatorial District.

“The party’s candidate for the Osun East Senatorial District is Babatunde Olaniyi Loye.

“In the House of Representatives, the ADC presented Akinlabi Olusegun for Ifedayo/Ila/Boluwaduro Federal Constituency and Barrister Olayinka Oyefusi for Ifelodun/Boripe/Odo-Otin Federal Constituency.

“Taofeek Arogundade will contest Osogbo/Olorunda/Orolu/Irepodun, while Tajudeen Ajagbe will represent the party in Ede North/Ede South/Egbedore/Ejigbo Federal Constituency.

“For Iwo/Olaoluwa/Ayedire Federal Constituency, the ADC candidate is Gbenga Ogunkanmi, while Bolarinwa Ibraheem will contest Irewole/Isokan Federal Constituency.”

The party also presented Sikiru Ayedun for Ife North/Ife East/Ife Central/Ife South, Olowu Sunday for Obokun/Oriade and Ajibola E. Oladimeji for Ijesa South Federal Constituency.

The ADC presented candidates across the 26 state House of Assembly constituencies, including Akanbi Kehinde Joshua for Ifedayo, Oyedotun Olalekan for Ila, Oyetola Kayode for Boluwaduro and Wahab Kazeem O. for Ifelodun.

Other candidates include Oluyemisi Titilayo A. for Odo-Otin, Muhammed Ismail A. for Orolu/Irepodun, Lateef Mumini Abayomi for Olorunda, Tiamiyu Idris for Osogbo and Hammed Sakirat Adefunke for Ede North.

The remaining candidates include Akanni Saburi A. for Ede South, Oyewumi Naheem Alani for Egbedore, Akinyemi Philip for Ejigbo, Adigun Adekunle M. for Iwo, Opadola Abdullahi M. for Olaoluwa, Ogunrinu Oguntunji A. for Ayedire, Olaniyi Sariat for Ayedaade and Najeem Sunday for Isokan/Irewole.

The ADC also presented Oyeniyi Isaac Kolawole for Ife North, Omisakin Mojred for Ife East, Ayodeji Oluwaseyi E. for Ife Central, Gbamilá Jacob for Ife South, Omole Mathew Oluseye for Ilesa West, Olayiwola Olalekan O. for Ilesa East, Olanrewaju Samuel for Atakumosa East/West, Oginni Gideon for Oriade and Bakare Kayode for Obokun.

The party said: “We express confidence that our candidates represent a new opportunity for quality representation, purposeful leadership and a stronger democratic future for the people of Osun State.”

by admin — September 1, 2026 in News 0

2027: ‘He’s formidable politician’ – Donald Duke points out Tinubu’s weakness

The 2027 presidential candidate of the People’s Redemption Party, PRP, Donald Duke, has described President Bola Tinubu as a formidable politician.

Speaking during an interview on Channels Television’s Politics Today on Monday, Duke said the only issue he has with Tinubu is governance.

According to the former Cross River State governor, President Tinubu is weak on governance.

Duke said, “Give it to President Bola Tinubu. He’s a formidable politician. My issue with him is governance, not politics.

“From what we have seen in the last three years, he’s very weak on governance. We’re in a disaster. It’s repairable, but not with the trajectory he’s going.

“If Tinubu comes back like a born-again and says he’s made a mistake, maybe we can consider it, but this trajectory, no.”

“He’s a stubborn politician too. Give it to him. He believes in what he’s doing. That’s his conviction.

“If we continue this way, where year after year poverty increases, I’m not sure it would be fine,” he added.

by admin — September 1, 2026 in News 0

Bandits strike Kano again, APC chairman allegedly abducted

Bandits have allegedly attacked communities in Kano State for the third consecutive day, killing at least one person and abducting the Chairman of the All Progressives Congress, APC, in Rogo Local Government Area.

A source who spoke on condition of anonymity confirmed to DAILY POST that the latest attack occurred in Beli village, Rogo LGA, where gunmen reportedly invaded the community at about 1 a.m. on Tuesday, fired sporadically, shot a resident and abducted the local APC chairman, Alhaji Audu Fanka Salisu Yahaya.

Yahaya was said to be a close associate of the Speaker of the Kano State House of Assembly, Jibril Ismail Falgore, who is a native of the local government area.

A young man was also reportedly killed during the attack, while some residents were said to have sustained gunshot injuries.

“They came in, firing sporadically, and went straight to the chairman’s house. They broke down the door, brought him out and took him away. On their way, they shot a young man, who was not more than 25 years old, and he died instantly,” the source said.

Several Facebook posts by residents of the area further corroborated the report, with calls for security agencies and other relevant authorities to come to their aid.

The incident is the latest in a series of attacks reported across communities in the area since Sunday.

On Sunday, suspected bandits reportedly invaded Chiromawa in Garin Malam Local Government Area, where they allegedly killed three people and abducted an elderly man.

The abducted man was later said to have escaped from his captors.

A day later, on Monday night, the attackers reportedly struck neighbouring Rantan community in Bebeji Local Government Area, killing two people.

The latest incident in Beli brings the reported attacks to three consecutive days, raising fresh concerns over the security situation in parts of Kano State.

Security agencies have yet to issue an official statement on the alleged attack.

by admin — September 1, 2026 in News 0

Gov Adeleke extends UNIOSUN VC tenure for two years

Osun State governor, Ademola Adeleke, has approved a two-year extension of the tenure of the Vice-Chancellor of Osun State University, Professor Clement Adebooye.

The extension was announced on Monday during the inauguration of the reconstituted Governing Council of the university at the Osun State Government House in Osogbo.

According to a statement signed by the university’s Public Relations Officer, Ademola Adesoji, Adebooye had initially declined the offer to remain in office but later accepted the extension.

Governor Adeleke said the decision was taken in the interest of the university and was aimed at strengthening its governance structure and ensuring continuity in its administration.

The governor added that the extension of the Vice-Chancellor’s tenure would prevent a leadership vacuum that could disrupt the smooth running of the institution.

As part of the reconstitution of the Governing Council, Adeleke retained Professor Adewale Oladipo as Pro-Chancellor and Chairman of the Governing Council.

The governor, the statement disclosed, said Oladipo’s experience and understanding of the university system informed the decision to retain him in the position.

Other members inaugurated into the council are Gbadegesin Lawal, Lateef Olalekan Olayanju, Akinola Franklin Omoniyi, Chief Funminiyi Awotide, Orija Samuel Adebayo, Adewale Adetayo Bola and Olawale Oludayo Abolade.

Addressing the council members, Adeleke urged them to discharge their responsibilities with humility, integrity, courage and commitment to the public interest.

He charged the council to work harmoniously with the Vice-Chancellor and university management.

“The Governing Council and management should not operate as competing centres of authority.

“UNIOSUN is one of the enduring investments of the people of Osun State. Its academic and research activities contribute to the economic, social and intellectual development of Osun State and Nigeria,” he stressed.

Speaking earlier, Oladipo expressed appreciation to Adeleke for retaining him and said the reconstituted council would build on the achievements recorded by the previous council.

In his vote of thanks, Adebooye thanked the governor, members of the State Executive Council and the newly inaugurated Governing Council for their support.

The Vice-Chancellor pledged that the university management would continue working with the council and other stakeholders to sustain the institution’s growth and position UNIOSUN among the leading universities in Africa and beyond.

by admin — September 1, 2026 in News 0