PSC rejects N5m promotion bribery claim, considers lawsuit

Police-Service-Commission

The Police Service Commission has denied allegations that senior police officers paid N5m each to secure promotion to the rank of Assistant Commissioner of Police.

A report by Sahara Reporter alleged that officers bribed officials of the commission to secure promotion from the rank of Chief Superintendent of Police to Assistant Commissioner of Police.

In a statement issued on Sunday in Abuja by its Head of Protocol and Public Affairs, Torty Kalu, the commission described the claim as unfounded and a reckless attempt to tarnish the image of the commission and the Nigeria Police Force.

It also said it was considering legal action against Sahara Reporters over alleged defamation and damage to the reputation of the commission

The commission said the promotion of senior officers from CSP to ACP followed due process and established guidelines.

“PSC has noted with grave concern a publication by Sahara Reporters alleging that senior officers paid N5m each to secure promotion to the rank of ACP.

“The commission categorically denies these unfounded allegations in their entirety and describes the report as a reckless attempt to tarnish the image of both the commission and the Nigeria Police Force.

“Contrary to the narrative peddled by the online publication, the promotion of the senior officers from CSP to ACP followed due process and established guidelines of the commission,” the statement read.

It said the reference in the report to the immediate past Inspector General of Police was mischievous and intended to give credibility to what it described as a baseless allegation.

It explained that the role of the Inspector General of Police in the promotion process is limited to forwarding recommendations based on vacancy and performance, while the final approval rests with the commission.

The commission urged the public to disregard the report, reiterating its commitment to merit-based promotions and effective oversight of the Nigeria Police Force.

SUNU Assurances announces N9.3bn rights issue plan

SUNU-Assurances-NigeriaSUNU Assurances Nigeria Plc has officially initiated a plan to raise N9.3 bn in fresh equity capital through a Rights Issue.

This is a strategic move to comply with the new regulatory landscape set by the Nigerian Insurance Industry Reform Act 2025.

The capital raise, which targets a July 2026 compliance deadline, will see the issuance of 2,075,285,714 new ordinary shares of 50 kobo each.

Existing shareholders are being offered the opportunity to subscribe to these shares in a ratio of five new ordinary shares for every 14 held, at an offer price of N4.50 per share.

The initiative is designed to bolster the company’s solvency and expand its underwriting capacity as the industry transitions to a more rigorous, risk-based capital framework.

Addressing the company’s strategic direction, Chairman Kyari Abba Bukar stated, “This is a growth initiative.

We are positioning early to meet the new benchmark and enhance our capacity to underwrite larger and more complex risks.”

Despite the complexities of the current regulatory environment, the company emphasised its stable performance and history of rewarding shareholders.

The Managing Director and Chief Executive Officer, Mr Samuel Ogbodu, noted, “We have maintained steady growth in premium income, profitability and governance standards over the last decade. Our shareholders have been rewarded, and we project continuity in value delivery.”

Furthermore, Ogbodu highlighted the company’s intention to foster broader local ownership, adding, “The Board has determined that existing shareholders and new Nigerian investors shall be allowed to participate in the next phase of the Company’s growth. This decision underscores SUNU’s commitment to broadening Nigerian participation in the ownership structure of the Company.”

As the insurance sector faces a critical recapitalisation window, market analysts view SUNU’s move as a proactive signal of institutional strength rather than distress.

The company recently received the “Highest Share Price Appreciation Award” at the PEARL Awards, which proponents argue provides a solid foundation of investor confidence for this capital-raising exercise.

The SUNU Group, which remains the majority shareholder with an approximately 83 per cent stake, has also signalled its intention to reduce its holding to comply with the free float requirements of the Nigerian Exchange Limited.

Full details regarding the offer timeline and documentation are expected to be disclosed once final regulatory approvals are secured.

Fidson, NREIT listings boost NGX turnover to N177.7bn

FidsonNew listings by Fidson Healthcare and Chapel Hill Denham’s NREIT headlined a N177.7 bn trading week on the Nigerian Exchange, signalling a shift in market appetite on Friday.

While total turnover value dipped slightly, the week closed with a notable reduction in losers, hinting at a recovery in market sentiment heading into mid-March.

Investors on the floor of the Exchange traded a total of 3.695 billion shares valued at N177.687 bn in 370,980 deals, a performance that stood in contrast to the 5.494 billion shares worth N196.709 bn that exchanged hands in 370,233 deals during the previous week.

The week’s trading activities were bolstered by two major additions to the daily official list of the NGX

In specific terms, Fidson Healthcare Plc successfully listed an additional 105,003,725 ordinary shares arising from the company’s employee share scheme, effectively increasing its total issued and fully paid-up capital from 2,294,996,275 to 2,400,000,000 ordinary shares.

Similarly, the real estate sector saw a capital injection as Chapel Hill Denham Management Limited listed 68,158,000 units of its Series 5 Nigeria Real Estate Investment Trust at N103.00 per unit.

This listing, part of a broader N400 bn issuance programme, pushed the total outstanding units of the NREIT from 1.588 billion to 1.656 billion units.

Sectoral analysis revealed that the Financial Services Industry remained the primary engine of market activity. Measured by volume, the sector led the chart with 2.444 billion shares valued at N72.029 billion traded in 145,628 deals, accounting for 66.14% of the total equity turnover volume and 40.54% of its value.

The Oil and Gas Industry secured the second position with 326.073 million shares worth N39.510 bn in 36,458 deals, followed by the Services Industry, which recorded a turnover of 218.374 million shares valued at N2.012 bn in 18,575 deals.

Among individual equities, the trio of Jaiz Bank Plc, Fortis Global Insurance Plc, and Access Holdings Plc emerged as the most heavily traded by volume.

The three stocks alone accounted for 661.242 million shares worth N8.062 bn in 38,534 deals, contributing 17.90% to the total equity turnover volume.

The Exchange-Traded Products segment also witnessed growth, with 3.800 million units valued at N548.240 m traded in 4,487 deals, surpassing the 3.603 million units worth N409.595 m recorded in the preceding week.

Price movement data suggested a gradual easing of bearish pressure as market breadth improved. Forty-four equities appreciated in price during the week, an increase from the thirty-two gainers recorded previously.

Meanwhile, the number of depreciating equities fell to fifty-eight from sixty-nine in the prior week, and forty-six equities remained unchanged.

This cooling of sell-offs, combined with the new listings, provided a stable floor for the market as it transitioned into the second week of March.

However, Cowry Asset Management Limited, in a note to investors on the weekend, said, “Temporary profit-taking and relatively subdued trading activity may limit the pace of gains. Consequently, market performance in the coming week is expected to be driven largely by stock-specific developments and investor sentiment across key sectors.

“In the near term, we expect the domestic equities market to maintain a cautiously positive tone as investors continue to position in fundamentally sound and undervalued stocks following the recent rebound.

“Bargain hunting and selective accumulation, particularly in large-capitalisation and fundamentally strong counters, could provide support to the benchmark NGX All-Share Index.”

UBA drives female economic empowerment via ‘Gen W’ series

uba-logoUnited Bank for Africa Plc has announced a special edition of its acclaimed quarterly Business Series in a significant initiative to commemorate Women’s Month and catalyse the potential of the modern woman.

The upcoming event, themed ‘Gen W – The Evolved Woman’, is scheduled to take place on Wednesday, 12 March 2026, in Lagos.

In a statement released Sunday, the bank highlighted that the forum is set to serve as a powerful catalyst for female leadership and economic empowerment.

The event features a distinguished panel of speakers who are set to share their personal journeys and strategic insights, including Joycee Awosika, the visionary founder of ORÍKÌ Group; media personality and entrepreneur Tomike Adeoye; Olufunke Davies, the founder of Fine Funky; and the award-winning broadcaster Ayo Mario-Ese

Media personality and actor Tobi Bakre will serve as the host for the session, guiding the discussion as the panellists explore the nuances of building resilient businesses, embracing authenticity, and redefining leadership in a rapidly shifting global landscape.

Speaking on the upcoming event, UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, emphasised the bank’s deep commitment to supporting women as pivotal drivers of economic growth.

“The modern African woman is evolving in remarkable ways. She is bold, visionary, and intentional about the spaces she occupies,” Ladipo remarked.

“Through this edition of the UBA Business Series, we want to celebrate women while also creating a platform where meaningful conversations around leadership, ambition and opportunity can take place,” she added.

This session is designed to move the conversation around women’s professional advancement forward by spotlighting a new generation that is not merely seeking opportunities but actively creating them.

Oil Prices Sells Above $100 A Barrel As Middle East Conflict Grows 

 

Oil prices surges above $100 per barrel for the first time in more than three and a half years as the Iran war hinders production and shipping in the Middle East.

The price for a barrel of Brent crude, the international standard, was at $107.97 after trading resumed on the Chicago Mercantile Exchange, up 16.5 per cent from its Friday closing price of $92.69, AP reports.

The West Texas Intermediate (WTI) the light, sweet crude oil produced in the United States, was selling for about $106.22 a barrel on Sunday which is  16.9 per cent higher than it closed Friday at $90.90.

Both could rise or fall as market trading continued.

The increases followed the U.S. crude price jumping by 36 per cent and Brent crude rising by 28 per cent last week.

Oil prices have surged as the war, now in its second week, ensnared countries and places that are critical to the production and movement of oil and gas from the Persian Gulf.

Roughly 15 million barrels of crude oil about 20 per cent of the world’s oil typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy.

The threat of Iranian missile and drone attacks has all but stopped tankers from traveling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.

Iraq, Kuwait and the UAE have cut their oil production as storage tanks fill due to the reduced ability to export crude. Iran, Israel and the United States also have attacked oil and gas facilities since the war started, exacerbating supply concerns.

The last time U.S. crude futures traded above $100 per barrel was June 30, 2022, when the price reached $105.76. For Brent, it was July 29, 2022, when the price hit $104 per barrel.

The global surge in oil prices since Israel and the U.S. attacked Iran on March 1 has rattled financial markets, sparking worries that higher energy costs will fuel inflation and lead to less spending by U.S. consumers, the main engine of the economy.

In the U.S a gallon of regular gasoline rose to $3.45 on Sunday, about 47 cents more than a week earlier, according to AAA motor club. Diesel was selling for about $4.60 a gallon, a weekly increase of about 83 cents.

Energy Secretary Chris Wright, speaking on CNN’s “State of the Union,” said U.S. gas prices would be back under $3 a gallon “before too long.”

“Look, you never know exactly the time frame of this, but, in the worst case, this is a weeks, this is not a months thing,” Wright added.

If oil prices stay above $100 per barrel, some analysts and investors say it could be too much for the global economy to withstand.

Iranian authorities said strikes by Israel on oil depots in Tehran and a petroleum transfer terminal early Sunday killed four people. Israel’s military said the depots were being used by Iran’s military for fuel to launch missiles. Mohammad Bagher Qalibaf, the speaker of Iran’s parliament, warned that the war’s impact on the oil industry would spiral.

Iran exports roughly 1.6 million barrels of oil a day, mostly to China, which may need to look elsewhere for supply if Iran’s exports are disrupted, another factor that could increase energy prices.

The price of natural gas also has climbed during the war, though not by as much as oil. It was selling for about $3.33 per 1,000 cubic feet late Sunday. That’s 4.6 per cent higher than its Friday closing price of $3.19, after rising about 11 per cent last week.

 

Osun 2026: APC remains confident of victory – Oyetola

Minister of Marine and Blue Economy, Adegboyega Oyetola has declared that members of the All Progressives Congress, APC, in Osun State remain confident of victory as preparations continue for the 2026 governorship election in the state.

The former Osun State governor made the remarks on Friday in Iragbiji, Osun State.

Addressing party supporters, Oyetola said the APC remained determined to regain control of the state government, stressing that preparations were already underway ahead of the election.

“We are prepared for the contest ahead. By the grace of God, we will vote and we will win,” Oyetola said.

He urged party members and residents not to be troubled by political developments in the state, assuring them that the party would remain focused on its mobilisation efforts.

According to him, “There is no cause for alarm. We are confident that with the support of the people, victory will come our way.”

The minister also used the occasion to call for support for the administration of Bola Ahmed Tinubu.

He noted that ongoing economic and social reforms by the Federal Government required collective backing from citizens.

He said Nigerians should rally around the leadership at the centre to help achieve national development goals and ensure the success of programmes designed to strengthen the country’s economy.

Oyetola also encouraged eligible residents in Osun State to participate in the ongoing Continuous Voter Registration exercise conducted by the Independent National Electoral Commission, INEC, and described voter registration as a civic responsibility.

‘We’re not surprised’ – NNPP reacts to move by Kano Assembly to impeach Deputy Governor

The New Nigeria Peoples Party, NNPP, has said it is not surprised by what it described as the desperate actions of the Kano State House of Assembly to impeach the Deputy Governor of Kano State, Comrade Aminu Abdussalam Gwarzo.

In a statement signed by Ladipo Johnson, its National Publicity Secretary, the NNPP said that Nigerians should not expect anything less, adding that the move was the final kick from a political group that has lost its conscience.

“When men trade their conscience for political favour, they see being loyal to the people as a criminal act,” the statement said.

“The Deputy Governor is being targeted for one specific ‘crime’: he won’t get on the same page as others who have broken the trust given to the NNPP by the people of Kano.

“He has chosen the path of honor, staying loyal to the Kano voters and his party, while others have switched to the ruling party in a shameful act of political opportunism.

“This fake show starting in the House is a clear sign of the old, bad kind of democracy these people follow—a system where the law is used like a weapon to hurt the very people it’s supposed to help.

“They are not looking for a person; they are targeting the authority given by the people of Kano!

“We see this so-called impeachment process for what it is. It’s a clear attempt to create a path for the APC to take over a mandate they couldn’t win either in the polls or through the courts.

“It’s a political killing that’s pretending to be a legal procedure,” it stated.

The NNPP showed their strong support for the deputy governor and the people of Kano State, saying that “These people gave their trust to the NNPP in 2023 for a four-year term. However, this mandate has now been passed to a political party that the people clearly did not support.

“We ask the people of Kano State to stay calm despite this big challenge. You can’t challenge the truth, and you can’t send a notice about ‘gross misconduct’ to the will of the people as a whole. This bad legislation is just a rough way to finish weakening the vote in a sneaky way.

“Let it be known: 2027 is nearer than it seems.
The voters have long memories. Every lawmaker who is trading their honesty for small political favors and their employers will face anger from the people when they vote. The gavel is in your hands today, but the people have the final say. The NNPP stands firm. We remain undeterred.”

DAILY POST reported that the Kano State House of Assembly has begun impeachment proceedings against the Deputy Governor of Kano State, Aminu Abdussalam Gwarzo, over allegations of gross misconduct, abuse of office, and breach of public trust.

The impeachment notice was presented during plenary by the Majority Leader, Lawan Hussaini Dala, who said the action was initiated in line with Section 188 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

While addressing lawmakers, Dala outlined a series of allegations linked to Abdussalam’s tenure as Commissioner for Local Government between 2023 and 2024, as well as actions allegedly taken in his current role as deputy governor.

‘Nepotism, tribalism order of the day’ – Aisha Yesufu sad over Frank Mba’s retirement

A chieftain of the African Democratic Congress, ADC, Aisha Yesufu has expressed sadness over the retirement of DIG Frank Mba from the Nigeria Police Force.

DAILY POST had reported that the Deputy Inspector-General of Police, along with several other senior officers will be retiring following recent leadership changes within the institution.

The departure of the former Inspector-General of Police, Kayode Egbetokun, and the subsequent confirmation of Tunji Disu as the new police boss has brought some senior officers on the list for retirement.

Reacting, Aisha Yesufu in a post on X, said she was saddened about the development, alleging nepotism and tribalism by top government officials.

She wrote, “I am so saddened about the retirement of DIG Frank Mba! An officer with so much to offer to the nation, most especially the police force that desperately needs overhauling!

“How do we fight terrorism when we have turned our security architecture into a joke!

“When nepotism, tribalism and lack of merit is the order of the day terrorists will have the upper hand!”

Natural disaster: Abia to establish Safety Commission

Abia State Governor, Alex Otti, has said that the State government will establish the Abia State Safety Commission to ensure effective regulation of safety standards across homes, offices, markets, and industries in the State.

Governor Otti made this known on Friday, when he received members of the House of Representatives Committee on Safety Standards and Regulations, led by its Chairman, David Idris Zakarias.

The Governor disclosed that the policy has received State Executive Council approval and is awaiting legislative action for full implementation.

He emphasized that beyond setting up the Commission, public reorientation on safety consciousness was crucial to prevent disasters and protect lives and property.

“In some markets, you see dark-line electrical wires and combustible materials kept unsafely.

“We must continue to educate our people and ensure fire extinguishers are available,” Governor Otti stated.

The Governor promised to ensure that his administration’s safety policy initiative is properly legislated.

Earlier in his speech, David Idris Zakarias said that only Lagos State currently has the Safety Commission, regretting that non-compliance with safety standards was affecting the lives and businesses of Nigerians.

NAFDAC inaugurates Taskforce on fake drugs, unwholesome processed foods in Ebonyi

The National Agency for Food and Drug Administration and Control (NAFDAC) has inaugurated the Ebonyi State Taskforce on “Counterfeit, Fake Drugs and Unwholesome Processed Foods”.

The inauguration, which took place in Abakaliki, attracted key stakeholders on the taskforce, comprising NAFDAC, Ebonyi State Ministry of Health, Pharmaceutical Council of Nigeria and the Nigeria Police Force.

Speaking on behalf of the Director General of NAFDAC, Prof. Mojisola Christiana Adeyeye, the NAFDAC Director, South East Zone, Dr. Festus Ukadike gave an overview of the enforcement initiative, as well as its objectives and urged Ebonyi State to take the lead in confronting the growing threat of counterfeit medicines and unsafe packaged foods.

According to her, “enforce standards, coordinate intelligence-driven surveillance, remove illegal products from circulation, and support legitimate manufacturers and traders by ensuring that compliant businesses are not undermined by counterfeiters and illegal operators.”

She disclosed that the taskforce would carry out coordinated market inspections and rapid testing, including transparent reporting to the Chairman Federal Taskforce on Counterfeit and Fake Drugs and Unwholesome Processed Foods.

Contributing, the Chairman of the Federal Taskforce, Dr. Martin Iluyomade (FSI) who spoke through Zoom from Lagos State, said that the taskforce derived its legal backing from an Act of the National Assembly and it supersedes any similar taskforce constituted by a State.

On his part, the Hon. Commissioner for Health, Dr Moses Ekuma described the circulation of harmful drugs and unhealthy foods as a serious threat to human existence, stressing that the menace kills silently, weakens the healthcare systems and affects the poor and the vulnerable.

He enumerated the efforts made by the Ministry to curb counterfeit drugs.

Ekuma maintained that the inauguration was not a ceremonial event but a call to action and enjoined members of the taskforce to work assiduously to eliminate all forms of health-threatening substances in the State.

On his part, the Ebonyi State NAFDAC Coordinator, Mr. Emeka Orajiaka emphasized that the fight against counterfeit drugs and unwholesome processed foods cannot be tackled by NAFDAC alone, adding that with the collaborative efforts of the newly inaugurated taskforce, significant progress can be achieved in protecting the health and safety of Ebonyi residents.

Responding on behalf of others, the Chairman of the Taskforce, Dr. Gabriel Ajah, represented by the Permanent Secretary, Dr. Lawrence Ezeogo promised that the taskforce would operate with professionalism, integrity, and transparency.

He pledged their readiness to collaborate with relevant agencies, manufacturers, regulatory bodies and the judiciary to dismantle networks making profit from human suffering.