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Anti-corruption: EFCC must not be cowed – Coalition

A coalition of Concerned Civil Society Organisations has urged the Economic and Financial Crimes Commission, EFCC, to remain resolute in its war against corruption.

This comes amid allegations against the commission, with opposition politicians accusing it of doing the bidding of the presidency.

A former Attorney General of the Federation, Abubakar Malami, SAN, has gone as far as asking the EFCC Chairman, Ola Olukoyede to recuse himself from ongoing investigation involving him, accusing the EFCC helmsman of bias.https://dailypost.ng/2025/12/15/recuse-yourself-its-personal-vendetta-malami-tells-efcc-chairman-to-step-aside-from-probe/

However, a press statement obtained on Wednesday, signed Hon. Comrade Gloria Okolugbo, Coordinator, Coalition of Concerned Civil Society Organisations, accused politicians of throwing up allegations against the commission in order to evade lawful investigation.

It declared that Nigerians would not allow “unsubstantiated allegations, media grandstanding, or claims of personal vendetta to undermine an ongoing anti-corruption process.”

The coalition clearly affirmed that “Section 6 of the Act expressly mandates the EFCC to investigate economic and financial crimes, enforce all laws relating to corruption and illicit financial conduct, and trace, freeze, seize, and confiscate proceeds of crime.

“These powers apply to all persons, without exception, and without immunity for former public office holders, including former Attorneys-General.”

It rejected calls for Olukayode’s resignation, insisting that the present EFCC Chairman must continue to preside over the matter.

“There is no legal or moral basis for calls for his recusal. Under Section 7(1)(a)–(c) of the Act, the Commission is empowered to cause investigations to be conducted into the properties and financial activities of any person where reasonable suspicion exists, to obtain information from any individual or institution, and to initiate and supervise prosecutions arising from such investigations.

“Nowhere in the Act is a suspect granted the right to dictate who leads or supervises an investigation into their conduct.

“Allowing a person under investigation to demand the removal of the head of an anti-corruption agency would set a dangerous precedent and amount to institutional capitulation. Such a demand is alien to the law and represents a clear attempt to obstruct justice.

“The extraordinary level of noise, threats, and preemptive accusations being deployed by Mr. Malami only reinforces the public interest in a thorough and transparent investigation.

“If there is nothing to hide, there should be no fear of lawful inquiry. Those who once exercised prosecutorial authority over others should be the first to submit themselves calmly to the same legal processes they once enforced.

“For years, Nigerians have witnessed a disturbing contrast between the immense personal wealth openly displayed by some former public officials and the daily hardship endured by ordinary citizens.

“Assets, lifestyles, and financial flows that raise legitimate questions must be accounted for. This investigation is not persecution; it is accountability.

“We therefore reaffirm our full and unambiguous support for the EFCC in the discharge of its statutory duties.

“Under Section 38 of the EFCC Act, the Commission is empowered to investigate and prosecute offences relating to economic and financial crimes.

“Its mandate is simple and lawful: to follow the money and allow the courts to determine the outcome.

“No amount of intimidation, political posturing, or media theatrics should be allowed to derail this process.

“Nigeria must seize this moment to reaffirm a fundamental democratic principle: no one is above the law, and no individual may bully anti-corruption institutions into retreat,” the coalition declared.

by admin — December 17, 2025 in News 0

Okpebholo presents N939.8bn, Idris, Oborevwori sign budgets

Edo State Governor, Monday Okpebholo, on Tuesday, presented a N939.85bn 2026 Appropriation Bill, tagged the Budget of Hope and Growth, to the state House of Assembly.

This comes as Kebbi State Governor, Dr Nasir Idris, signed the N642.9bn 2026 Appropriation Bill into law, at the Government House in Birnin Kebbi, after receiving the approved appropriation bill from the Speaker of the state House of Assembly, Alhaji Usman Muhammad-Zuru.

The 2026 budget, recently passed by the legislature, reflects the administration’s emphasis on capital development, with N479.36bn, representing 75 per cent of total expenditure, earmarked for capital projects, while N163.57bn, or 25 per cent, is allocated to recurrent spending.

Also on Tuesday, Delta State Governor, Sheriff Oborevwori, signed into law the state’s 2026 Appropriation Bill of N1.729tn, tagged the “Budget of Accelerating the MORE Agenda.”

The N1,729,881,208,779 budget represents an increase of over 70 per cent compared to the 2025 budget.

Presenting the Edo State budget proposal, Okpebholo said the 2026 fiscal plan was carefully designed to build on the foundation laid in 2025 while expanding the reach of government programmes to directly impact the lives of Edo residents across all sectors of the economy.

A breakdown of the proposal shows a total expenditure of N939.85bn, with capital expenditure of N637bn, representing 68 per cent of the budget, while recurrent expenditure stands at N302bn, accounting for 32 per cent.

Okpebholo explained that the strong emphasis on capital spending reflected his administration’s determination to fast-track development through strategic investments in roads, schools, hospitals, water supply, housing and other high-impact economic projects across the state.

He disclosed that the 2026 budget would be funded through Internally Generated Revenue estimated at N160bn, Federation Account Allocation Committee disbursements projected at N480bn, capital receipts and grants of N153bn, N146bn from Public-Private Partnerships, as well as other viable revenue sources available to the state.

Under sectoral allocation, the economic sector received the largest share, with N614.2bn earmarked for agriculture, roads, transport, urban development and energy.

Priority areas included rural and urban road construction, completion of two flyovers, drainage works, urban renewal, and the expansion of farm estates and irrigation facilities.

The social sector was allocated N148.9bn to cater to education, healthcare, youth development, women’s affairs and social welfare.

Reflecting on the previous fiscal year, the governor noted that the 2025 budget recorded strong performance in both capital and recurrent expenditure, driven by improved IGR, following deliberate efforts to block leakages and strengthen collections, as well as notable achievements in security, roads, healthcare, agriculture, education and job creation.

On security, he said his administration inherited a grave situation marked by cult killings, kidnapping, robbery and cybercrime, with over 300 cult-related killings recorded in 2024 alone.

He highlighted measures taken, including the enactment of a stronger anti-cultism law, the procurement of 80 Hilux vans and 400 motorcycles for security agencies, and the recruitment and absorption of 2,500 officers into the Edo State Security Corps, which he said had significantly reduced insecurity across the state.

Okpebholo thanked traditional rulers, faith leaders, political appointees and civil servants for their support.

Speaking after signing the bill in Kebbi on Tuesday, Idris commended the speaker and members of the assembly for the speedy consideration and passage.

He described the development as a demonstration of shared commitment to people-oriented governance.

“I am the happiest person because this government truly belongs to the people of the state. Whatever we do is done in the best interest of our people,” he said.

He noted that the cordial relationship between the executive and legislative arms of government had continued to yield positive outcomes, stressing that such cooperation was essential for driving sustainable development across the state.

“We are working harmoniously with the state House of Assembly to move Kebbi State forward and take it to greater heights in line with our people-oriented governance,” the governor added.

Speaking during the signing ceremony in Delta, Oborevwori described the budget as “not just a budget of figures, but a budget of vision, action and expected deliverables for the next twelve months.”

He assured that “the state would hit the ground running in 2026 to accelerate development across key sectors.”

Oborevwori stated that the budgetary estimate, though ambitious, was achievable, with 70 per cent dedicated to capital expenditure and 30 per cent to recurrent spending.

The governor also signed three bills into law, adding that they were designed to reinforce social welfare, education, and security in the state.

Earlier, the Speaker of the state House of Assembly, Emomotimi Guwor, said the passage of the four bills followed rigorous legislative engagement, wide consultations, and thorough scrutiny in line with the assembly’s constitutional mandate.

by admin — December 17, 2025 in News 0

Dangote allegations: NMDPRA boss disowns viral statement, welcomes ICPC probe

The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has denied issuing any statement in response to allegations raised against him by the President of the Dangote Group, Alhaji Aliko Dangote.

Ahmed, in a short statement made available to our correspondent on Wednesday, said he did not authorise the statement circulating on social media on the matter.

At a press briefing at the Dangote Petroleum Refinery in Lekki, Lagos, on Sunday, Dangote called for a full investigation into the source of funds used by Ahmed, urging him to appear before the Code of Conduct Tribunal to offer a public explanation.

“I’ve actually had people making complaints about a regulator who has actually put his children in secondary school. And that secondary school education, which is six years, four of them cost Nigeria $5m. I mean, you cannot imagine somebody paying $5m for educating four children,” Dangote said.

Dangote also petitioned the Independent Corrupt Practices and Other Related Offences Commission to probe Ahmed’s financial activities, while alleging that the regulator’s actions amounted to economic sabotage that could undermine public trust and investor confidence, especially as he granted licences for fuel importation.

On Tuesday, a statement purportedly signed by Ahmed went viral, but the NMDPRA team told our correspondent that it was false.

Speaking, Ahmed said the viral statement did not emanate from him.

He said he had chosen not to engage in public brickbats despite being aware of the allegations against him and his family.

“My attention has been drawn to a purported response I was said to have made on the recent allegations against my person. I hereby state categorically that the so-called statement did not emanate from me.

“While I am aware of the wild and spurious allegations made against me and my family and the frenzy it has generated, as a regulator of a sensitive industry, I have opted not to engage in public brickbats,” he said.

The regulator expressed satisfaction that Dangote had taken the matter before the ICPC, believing this would allow him to clear his name.

“Thankfully, the person behind the allegations has taken it to a formal investigative institution. I believe that would provide an opportunity to dispassionately distil the issues and to clear my name,” he concluded.

by admin — December 17, 2025 in News 0

Senate lowers oil benchmark, approves N54.46tn budget

The Senate on Tuesday approved a revised Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2026–2028, slashing Nigeria’s crude oil benchmark to $60 per barrel for 2026 and endorsing a N54.46tn federal spending framework designed to shield the economy from global uncertainties.

The upper chamber adopted the recommendations of its Committee on Finance following the presentation of the report by the committee’s chairman, Senator Sani Musa, at plenary presided over by Senate President Godswill Akpabio.

The approval comes amid heightened geopolitical tensions in Europe and the Middle East, persistent volatility in the global energy market, and concerns over the vulnerability of oil-dependent economies such as Nigeria to external shocks.

In a key adjustment, the Senate reduced the crude oil benchmark earlier proposed at $64.85 for 2026, $64.30 for 2027, and $65.50 for 2028 to $60, $65, and $70 per barrel for the respective years. The committee explained that the downward review was informed by global uncertainties and the sensitivity of oil prices to geopolitical developments.

Despite the conservative oil price outlook, lawmakers sustained domestic crude oil production projections at 1.84 million barrels per day for 2026, 1.88 million barrels per day for 2027, and 1.92 million barrels per day for 2028, expressing confidence in ongoing sectoral reforms and efforts to stabilise output.

On macroeconomic assumptions, the Senate endorsed projected exchange rates of N1,512 to the dollar in 2026, N1,432.15 in 2027, and N1,383.18 in 2028, aligning with the Central Bank of Nigeria’s outlook and its drive to stabilise the naira through coordinated fiscal and monetary policies.

Inflation is projected to ease gradually over the medium term, moderating to 16.5 per cent in 2026, 13 per cent in 2027, and nine per cent in 2028. The committee anchored the projections on sustained monetary tightening and reforms aimed at addressing structural drivers of inflation.

Similarly, the Senate sustained real GDP growth projections of 4.68 per cent for 2026, 5.96 per cent for 2027, and 7.9 per cent for 2028, citing the expected impact of economic reforms, improved revenue mobilisation, and gains from recently enacted tax reforms expected to take firmer effect from 2026.

A major plank of the report was the emphasis on the effective implementation of newly enacted Tax Acts as critical tools for economic growth and fiscal sustainability.

In this regard, the committee recommended the adoption of a National Scanning Policy within the National Single Window of the Nigeria Revenue Service, in collaboration with relevant agencies, to enhance revenue assurance, reduce leakages, improve trade facilitation, strengthen transparency, and bolster national security.

On fiscal operations, the Senate approved a total proposed expenditure of N54.46tn for the 2026 financial year.

Of this amount, Federal Government retained revenue is estimated at N34.33tn, while new borrowings—both domestic and foreign—are projected at N17.88tn. Debt service obligations were put at N15.52tn.

The framework also provides N1.376tn for pensions, gratuities, and retirees’ benefits, while the fiscal deficit is pegged at N20.13tn.

Capital expenditure, exclusive of transfers, was sustained at N20.131tn, alongside statutory transfers of N3.152tn and a Sinking Fund provision of N388.54bn.

Total recurrent (non-debt) expenditure was approved at N15.265tn, while special intervention funds for recurrent and capital spending were fixed at N200bn and N14bn, respectively.

In concluding remarks, the committee expressed appreciation to the Senate for what it described as its commitment to a critical national assignment, expressing optimism that faithful implementation of the approved framework would help stabilise the economy and promote sustainable growth.

by admin — December 17, 2025 in News 0

Nigerian stock exchange gains N13bn on industrial rally

The Nigerian Stock Exchange gained N13bn at the close of trading on Tuesday, driven by performances in consumer and industrial stocks. The market capitalisation of the exchange now stands at N95.3tn.

The All-Share Index inched up by 21.23 points to close at 149,459.11, representing a one-week gain of 1.71 per cent, a four-week gain of 3.08 per cent, and a year-to-date gain of 45.21 per cent. Other indices that recorded gains included the Insurance Index, which rose 0.36 per cent; the Consumer Goods Index, up 0.21 per cent; and the Pension Index, up 0.07 per cent.

A total of 912,582,020 shares were traded in 23,678 deals, representing a market value of N20.2bn. Compared with Monday’s trading session, volume rose by 65 per cent, turnover increased by 52 per cent, while the number of deals declined by 18 per cent.

In all, 129 listed equities participated in trading, with 31 stocks recording gains and 26 stocks posting losses. Aluminium Extrusion Industries led the gainers with a ten per cent share price appreciation, closing at N9.35 per share. This was followed by Guinness Nigeria, which rose by 9.98 per cent to N263.40; MeCure Industries, which gained 9.95 per cent to N45.85; and Multiverse Mining and Exploration, also up 9.95 per cent to N12.15. Other notable gainers included Sovren Insurance, which increased by 9.89 per cent to N4.11, and Sunu Assur, up 7.96 per cent to N4.34.

On the losing side, Haldane McCall recorded the largest decline, falling by 9.93 per cent to N3.72 per share. This was followed by LivingTrust Mortgage Bank, down 9.09 per cent to N3.50; Veritas Kapital Assurance, also down 9.09 per cent to N1.60; Linkage Assurance, which shed 5.71 per cent to N1.65; and Champion Breweries, down 5.63 per cent to N13.40.

Access Holdings recorded the highest volume of 385,834,219 shares traded, followed by Sterling Bank with 85,488,191 shares, FCMB Group with 75,689,568 shares, First HoldCo with 51,923,443 shares, and AIICO with 36,690,774 shares. Access Holdings also led in value with N7.72bn, followed by First HoldCo with N1.83bn, GTCO with N1.50bn, Zenith Bank with N0.92bn, and MTN with N0.80bn.

On Monday, the Nigerian Exchange Limited closed the first weekday of trading on a modest positive note, gaining about N3bn as investors adopted a cautious stance amid mixed sentiment across sectors.

by admin — December 17, 2025 in Business 0

MRS begins N739/litre petrol sales, PETROAN kicks

Some MRS filling stations in Lagos on Tuesday dropped the price of petrol to N739 per litre, triggering long queues of vehicles seeking to buy the commodity at the outlets.

Our correspondent, who visited parts of Lagos and Ogun states, observed that the MRS filling station in Alapere recorded a large turnout of buyers, many of whom boycotted other outlets selling petrol above N800 per litre.

However, it was observed that MRS filling stations along the Mowe/Ibafo axis of the Lagos-Ibadan Motorway in Ogun State retained their prices at about N875 per litre as of Tuesday evening.

Following the reduction of petrol gantry price from N828 to N699 per litre on Friday, the President of the Dangote Group, Alhaji Aliko Dangote, had vowed to enforce a new pump price regime of N739 per litre.

Dangote said on Sunday that he was aware that, despite lower gantry prices, some filling stations often chose to retain high pump prices, thereby undermining his efforts. According to him, MRS would commence the sale of petrol at N739 per litre from Tuesday, while other partners would follow.

“I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high. But this price we are going to introduce, we are going to start with MRS stations, most likely on Tuesday in Lagos; that N970 per litre, you won’t see it again. We have also asked members of IPMAN to come now. We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699.

“We are going to use whatever resources we have to make sure that we crash the price down. For this December and January, we don’t want people to sell petrol for more than N740 nationwide. Those who want to keep the price high to sabotage the government, we will fight as much as we can to make sure that these prices are down. If you have money to come and buy, you can pick up petrol at N699,” he said.

It was confirmed on Tuesday that the N739-per-litre price had been kick-started by MRS in Lagos. Our correspondent observed that other filling stations sold PMS at prices ranging between N850 and N890 per litre on Tuesday.

Reacting, the President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, stated that PETROAN strongly condemned the announcement or pronouncement of petroleum product prices by any individual, corporate body, or agency, in what appeared to be a veiled reference to Dangote.

According to him, the new price cut allegedly contravenes the provisions of the Petroleum Industry Act, 2021, which he said clearly stipulates that petroleum product prices in the downstream sector should be determined by market forces and competitive commercial engagement.

“PETROAN strongly condemns the announcement or pronouncement of petroleum product prices by any individual, corporate body, or agency. This, PETROAN emphasises, is contrary to the provisions of the Petroleum Industry Act 2021, which clearly directs that petroleum product prices in the downstream sector should be determined by market forces and competitive commercial engagement. Section 205(1) of the PIA specifically states that wholesale and retail prices of petroleum products shall be based on unrestricted free market conditions, subject only to limited regulatory oversight and protection against monopolistic practices,” he stated.

The PETROAN boss said the “current dirty price war is already causing collateral damage to all parties involved.” According to him, most of the “aggressive price crashes appear designed to frustrate importers and are often executed below cost”.

Consequently, he said, “all parties in the price war may be operating at a loss in a bid to gain market dominance, a development PETROAN considers unsustainable and harmful to the long-term stability of the downstream sector.”

He further warned that prolonged conflict among key stakeholders could expose the sector to risks of market monopolisation, reduced competition, and heightened operational uncertainty for retail outlet owners, with increased pressure on consumers through unstable pricing regimes and wider adverse implications for the economy.

The association stressed that only constructive negotiation and fair commercial engagement could encourage importers who favour international markets to patronise local refineries, cautioning against what it described as compelling or brutal price-ambushing strategies that undermine market confidence and distort fair competition.

Independent marketers told The PUNCH that they could lose up to N80bn as a result of Dangote’s new price cut. Findings by The PUNCH showed that petrol importers were on the verge of losing as much as N102.48bn monthly following the Dangote refinery’s reduction of its gantry price from N828 per litre to N699.

At the same time, the refinery is projected to lose about N91bn in a month as a direct consequence of the price cut, underscoring the intensity of the competition reshaping Nigeria’s downstream oil market

by admin — December 17, 2025 in Business 0

Transcorp Hotels appoints Awele Elumelu as board chair

Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc, has announced the appointment of Dr Awele Elumelu as Chair of the company, effective January 1, 2026.

The announcement was disclosed on the Nigerian Exchange Limited on Tuesday. Elumelu’s appointment follows the retirement of the current Chair, Emmanuel Nnorom, also effective from January 1, 2026.

Elumelu brings extensive leadership experience across healthcare, insurance, corporate governance, and philanthropy. She currently chairs Avon Healthcare Limited, Nigeria’s leading health insurance provider, and Avon Medical Practice, a fast-growing network of hospitals and clinics. She also chairs Heirs Insurance Brokers and is a founding Director of Heirs Holdings Limited.

A medical doctor with an MBBS from the University of Benin, Elumelu has clinical experience in Nigeria and the United Kingdom.

Her medical training has been complemented by executive education at prestigious institutions, including Harvard Business School, IMD Switzerland, and the London School of Economics.

Her commitment to social impact is reflected in her role as Trustee and Co-Founder of the Tony Elumelu Foundation, Africa’s leading philanthropy empowering young entrepreneurs.

Through the foundation, she has been instrumental in driving in driving gender inclusion and supporting over 24,000 young African men and women with seed capital, training, and mentorship. “I remain committed to driving gender inclusion and creating opportunities that empower young Africans to achieve their full potential,” Dr Awele Elumelu added

Commenting on the appointment, Group Chair of Transcorp Group, Tony Elumelu, said, “We are delighted to welcome Awele Elumelu as the Board Chair of Transcorp Hotels.

“Her distinguished track record perfectly aligns with our ambition to redefine hospitality through innovation, wellness integration, and responsible business practices. Her strategic insight will be invaluable, as we continue to elevate guest experiences and deliver sustainable value to all stakeholders.”

Elumelu’s appointment is expected to bring a new wave of strategic leadership to Transcorp Hotels, strengthening the company’s governance, operational efficiency, and commitment to excellence in the hospitality sector.

Analysts have noted that her diverse experience in healthcare, corporate management, and philanthropy positions her uniquely to lead initiatives that integrate wellness, customer satisfaction, and social impact into the company’s core operations.

With her leadership, Transcorp Hotels is poised to enhance its service offerings, expand its footprint in Nigeria and beyond, and maintain its position as one of the country’s premier hospitality brands. The transition also underscores Transcorp Group’s commitment to leveraging skilled and visionary leadership to drive sustainable growth and shareholder value.

by admin — December 17, 2025 in Business 0

Drivers benefit from UBA’s $100m Lagos vehicle scheme

United Bank for Africa has entered into a $100m partnership with the Lagos State Government and LagRide to finance vehicles for 3,500 ride-hailing drivers, a move aimed at transitioning drivers from renting cars to vehicle ownership.

The Memorandum of Understanding was signed between UBA and LagRide on Tuesday in Ikeja, Lagos. Speaking at the ceremony, the Group Managing Director/Chief Executive Officer of UBA, Oliver Alawuba, said, “What we have today is the signing ceremony of a partnership among UBA Plc, LagRide, and the Lagos State Government. The purpose of this partnership is to finance up to 3,500 vehicles for Lag Ride drivers in Lagos State.

“What this means is that at least 3,500 drivers will transition from renting vehicles to owning their own cars within a period of four years. This represents real economic empowerment for drivers, and it also comes with structured training.

By providing proper training for drivers, we expect to see improved orderliness and better road conduct on Lagos roads. For Lagos passengers, this partnership will deliver a more secure and safer ride experience across the state.”

He added that the overall motivation for the initiative is to drive financial inclusion, growth, and progress for all stakeholders.

“Beyond the immediate benefits, the motivation behind this $100m investment is clear. Lagos deserves more. We must drive financial inclusion, empower people, and create employment opportunities for the teeming youth population in Lagos State and beyond.

“Another key component of this initiative is the introduction of CNG vehicles. These vehicles will run on clean energy, contributing to a healthier and more sustainable environment. There have been concerns about safety and insecurity around some ride services in Lagos, but the drivers under this programme are professionally trained, ensuring passengers enjoy a safe and secure experience with Lag Ride.”

Alawuba maintained that interest in this model is already growing, with several states expressing interest.

“Our focus is to get it right in Lagos first, and others will follow. The repayment structure for this facility has been designed to allow a smooth transition from renting to ownership. The tenure is long enough to ensure ease of payment and sustainable ownership, making this a long-term empowerment programme,” he asserted.

Also speaking at the signing ceremony, the Chairman of LagRide, Diane Chen, said, “From today, we are moving from a system where people merely walk up to a platform to one that offers empowerment, structure, and success to the owner of the car. That is a significant change for the consumer, for the driver, and for the rider.

“For riders, the major change is that we will bring in more capital and more vehicles, which will translate into better service delivery. In terms of maintenance, CIG Motors, a well-established company in Nigeria with over ten years of experience, will be responsible. GAC Motor is a well-known brand across the country, and with workshops spread nationwide, we are able to provide and guarantee proper maintenance so that all vehicles remain functional and safe on the road.”

Chen also disclosed that Lag Ride was open to partnerships beyond UBA and the banking sector.

“Beyond UBA and the banks or financial institutions involved, we welcome partnerships with different stakeholders. Our goal is to make this success story inclusive and to carry more people along on this journey,” she said.

One of the drivers at the ceremony, Dorothy Etim, spoke to journalists about her experience.

She said, “Being the only woman standing here today, this moment feels like a dream come true for me. I have been in the e-hailing space for seven years, and I have been with LagRide for six months. I gave my dedication and my all because I knew it was a learning process, and today I am seeing the reward. I am extremely happy about this initiative and grateful that UBA has been able to make this happen for us.

“As a matter of fact, this is my second time benefiting from a bank. Four years ago, I was also empowered by a bank, and through that support, I was able to grow a network of female drivers from twenty-one women to five hundred nationwide. We even created a group specifically for women drivers. I was also able to encourage many of my riders to take up this same occupation.

“I am a very proud female driver. I have been around, I have navigated the challenges, and I want to encourage every other woman out there, determination is key. There are so many people sitting idle, and I want to encourage them that today, you can come on board and start driving. There is nothing like financial independence.

by admin — December 17, 2025 in Business 0

First HoldCo divests from FBNQuest Merchant Bank

The Board of First HoldCo Plc (First HoldCo) has completed its divestment from its merchant banking subsidiary, FBNQuest Merchant Bank Limited to the EverQuest Group.

This strategic decision positions the company to optimise resource allocation and further reinforce its commitment to providing comprehensive financial solutions.

The proceeds from this divestment will be utilised to strengthen the capital base of the Group’s flagship subsidiary, FirstBank. In line with the strategic objectives, the Group is also investing in technology-driven innovations to enhance customer engagement, improve service delivery, and redefine the overall client experience.

The divestment from the merchant banking subsidiary is a strategic initiative to optimise capital efficiency and concentrate efforts on key growth sectors within the Group. Through reallocating resources to strengthen commercial banking operations while deepening offerings across subsidiaries, FirstHoldCo is enhancing its ability to innovate, provide exceptional customer value, and achieve sustainable returns for shareholders.

After this divestment, the First HoldCo Group still has the following subsidiaries in its fold; FirstBank, FirstCap, First Asset Management, First Trustees, First Securities Brokers and First Insurance Brokers.

Speaking on the divestment, the Chairman of First HoldCo Plc, Mr Femi Otedola, CON stated that “This divestment is fully consistent with our long-term strategy to enhance the Group’s performance and create additional value for both shareholders and stakeholders. It represents a strategic action that positions us for improved returns and sustainable growth.”

While providing further context on the positive impact of the divestment, the Group Managing Director of First HoldCo Plc, Wale Oyedeji said “By divesting from the merchant banking, we are reallocating resources to strengthen our commercial banking operations and drive growth across the Group. This strategic decision enables us to concentrate on executing our objectives more effectively and reinforces our commitment towards market leadership.”

As we progress beyond this important milestone, First HoldCo Plc looks forward to the opportunities enabled by this divestment. The enhancement of our commercial banking services represents not only an operational advancement but also reaffirms our commitment to adapting with our clients and delivering customised financial solutions in today’s evolving market landscape.

by admin — December 16, 2025 in Business 0

Why Buhari refused to name successor — Ex-DSS DG, Yusuf Bichi

Fresh revelation has emerged on why former President Muhammadu Buhari declined to publicly support a successor ahead of the 2022 presidential election.

The explanation is contained in a newly released book that explores Buhari’s leadership approach, security mindset, and management of power within the All Progressives Congress (APC).

Titled “From Soldier to Statesman: The Legacy of Muhammadu Buhari”, the book was unveiled in Abuja and provides behind-the-scenes accounts of critical decisions taken during Buhari’s presidency.

Authored by Dr Charles Omole, Director General of the Institute for Police and Security Policy Research (IPSPR), the 600-page work compiles reflections from senior officials who closely worked with the former president.

A key revelation came from the former Director General of the Department of State Services (DSS), Yusuf Bichi, who addressed the long-running debate over Buhari’s refusal to anoint a preferred candidate during the APC presidential primary.

According to Bichi, Buhari intentionally avoided endorsing any aspirant to safeguard lives and maintain internal party cohesion.

He disclosed that intelligence reports at the time indicated that openly backing a candidate could expose such an individual to grave security risks amid an intense and highly competitive political atmosphere.

Bichi noted that Buhari’s silence was often misinterpreted as a lack of interest, but it was actually a deliberate, security-driven strategy aimed at preventing internal crisis and possible disintegration within the ruling party.

He noted that the former president believed that publicly naming a successor would heighten rivalries, increase hostility, and potentially place the endorsed individual in physical danger.

“In those months, knives were out; politically and, as security professionals know too well, sometimes literally,” Bichi stated in the book.

He added that Buhari chose to absorb criticism rather than risk destabilising the party or endangering human life.

The former DSS chief said Buhari felt that allowing the primary process to play out freely helped distribute political risk among aspirants and prevented the concentration of hostility on one individual.

The book presentation which attracted a high-profile audience at the Presidential Villa, including President Bola Ahmed Tinubu, Gambian President Adama Barrow, governors, ministers, diplomats, traditional rulers, and members of Buhari’s family.

by admin — December 16, 2025 in News 0