2027: Enhance welfare of corps members used as ad hoc staff – NYSC to INEC

The Director General of the National Youth Service Corps, Brigadier General Olakunle Nafiu, has requested the Independent National Electoral Commission, INEC, to enhance the remuneration for corps members serving as ad hoc staff during elections.

Additionally, he called for the prompt disbursement of insurance benefits or medical assistance to corps members who either make the ultimate sacrifice or sustain injuries while performing election duties in the country.

This appeal was made today during a visit by the Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, to his office at the NYSC National Directorate Headquarters in Maitama, Abuja.

General Nafiu stated that fulfilling these requests would motivate more corps members to participate in the electoral process and perform their responsibilities with greater enthusiasm as patriotic Nigerians.

He also urged INEC to hasten the release of the names of corps members designated to serve as electoral officers, emphasizing that this would allow the scheme to prepare adequately ahead of election days.

The Director General praised INEC for the support the NYSC has received through the collaboration between the two agencies.

He noted that the scheme has been an integral part of Nigeria’s democratic process since 1999, although the formal agreement was established in 2011, and the Memorandum of Understanding has undergone several renewals since then.

He described Corps Members as “highly competent, credible, neutral, and easily trainable individuals with strong digital proficiency,” who possess the capacity to ensure credible elections whenever called upon.

The NYSC Chief Executive Officer commended INEC’s security arrangements for Corps Members during the recent Anambra State governorship election, expressing hope that similar measures would be implemented in future elections.

Nafiu further stated that the NYSC will continue its efforts to strengthen the nation’s democracy.

“We possess adequate manpower in the form of corps members who will offer essential support to INEC, not only for the general elections in 2027 but also for the upcoming off-cycle elections this year; we are fully prepared.”

General Nafiu added, “The insurance we have for them does not cover this type of assignment; we consistently rely on the insurance that INEC provides during elections.”

He called on all MDAs, non-governmental organizations, and other well-meaning individuals to support INEC in ensuring successful elections.

He said, “I want to assure you that NYSC is prepared and committed to sustaining the collaboration for credible elections, as well as the advancement and development of Nigeria.

“We will fully mobilize our corps members and key staff for all forthcoming elections, and the scheme takes pride in INEC’s achievements because your success is our success.”

NNPC, NUPRC remit N322bn, $116.9m after Tinubu order

NNPC LimitedThe Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission remitted over N322bn and $116.9m into the Federation Account within two months following the implementation of Executive Order 9 signed in February 2026, documents presented at the Federation Account Allocation Committee meetings have shown.

The documents, obtained from presentations made by both agencies at the March and April FAAC meetings, indicated that the remittances followed the Federal Government’s directive mandating the full transfer of crude oil and gas revenues into the Federation Account.

The document for January 2026 remittance was not uploaded by the committee.

Executive Order 9, signed by President Bola Tinubu in February 2026, was introduced to strengthen transparency, improve revenue accountability, and boost inflows into the Federation Account at a time the government is grappling with fiscal pressures and rising expenditure demands

According to the directive, the President invoked Section 5 of the Constitution of the Federal Republic of Nigeria (as amended), anchored on Section 44(3), which vests ownership and control of all minerals, mineral oils, and natural gas in the Government of the Federation.

Tinubu said excessive deductions, overlapping funds, and structural distortions in the oil and gas sector had weakened remittances to the Federation Account and warned that the practice must end to protect national revenue.

“For too long, excessive deductions, overlapping funds, and structural distortions in the oil and gas sector have weakened remittances to the Federation Account. When revenues meant for federal, state, and local governments are trapped in layers of charges and retention mechanisms, development suffers. That must end,” he said on his verified X handle.

Findings from the FAAC documents showed that the NNPC remitted a total of $29.28m and N42.64bn for March 2026 crude oil and gas receipts, which were shared in April 2026.

The national oil company stated in its presentation that “100 per cent of the total crude oil and gas receipts of $29,278,415.96 and N2,066,841,328.73 were remitted to the Federation in compliance with Executive Order 9 of February 2026.”

The document showed that the receipts came from multiple revenue streams, including Production Sharing Contract profits, crude oil exports, domestic crude sales to the Dangote Petroleum Refinery, gas receipts, and miscellaneous crude and gas earnings.

A breakdown of the March remittance indicated that crude oil export earnings accounted for $25.7m, while PSC profits contributed $3.52m. On the naira side, crude oil export proceeds stood at N37.67bn, while miscellaneous crude revenue amounted to N42.64bn. Gas revenue contributed N34.47m.

The document further showed that PSC profit inflows were split between the Federation Sub-Account and the Federation Account in line with the statutory sharing formula.

According to the presentation, the Federation Sub-Account received 60 per cent of PSC profits, amounting to $11.71m and N826.74m, while the Federation Account received 40 per cent valued at $17.57m and N1.24bn.

The total transfer for the month stood at $29.28m and N42.64bn.

Similarly, the NNPC disclosed that for February 2026 receipts shared in March 2026, it remitted 100 per cent of crude oil and gas earnings totalling $87.63m and N121.34bn to the Federation Account.

The document stated, “Federation Accounts: 100 per cent of the total crude oil and gas receipts of $87,629,089.84 and N1,957,563,915.65 were remitted to the Federation.” The February figures represent significantly higher inflows compared to March, reflecting stronger crude oil and gas revenue performance during the period.

The figures equal $87.63m, and N121.34bn remitted for February 2026 receipts shared in March, as well as $29.28m and N42.64bn remitted for March 2026 receipts shared in April.

The FAAC documents also showed that the NUPRC separately remitted N34.2bn in March 2026 as revenue collections from royalties, gas flare penalties, concession rentals, and miscellaneous oil revenue.

According to the commission’s presentation, the remittance was made in compliance with its statutory obligation to transfer all collectable upstream petroleum revenues into the Federation Account.

The document read, “This report is a summary of royalties (oil and gas), gas flared penalty, rents, and miscellaneous oil revenue collected by the Nigerian Upstream Petroleum Regulatory Commission and remitted to the Federation Account as statutorily mandated.”

A breakdown of the NUPRC collections showed that oil and gas royalties generated N18.69bn in March 2026, while gas flare penalties contributed N10.2bn. Miscellaneous oil revenue, which includes licences and permits, stood at N4.95bn, while concession rentals contributed N364.06m.

However, the March remittance represented a sharp decline when compared to the N124.4bn collected in February 2026. The documents attributed the decline mainly to lower royalty collections, which dropped from N104.31bn in February to N18.69bn in March, representing a decrease of N85.62bn.

Gas flare penalties also declined by N3.96bn during the period under review. The breakdown indicated that the commission generated N124.4bn in February 2026 and N34.2bn in March 2026.

The latest remittance figures underscore the Federal Government’s renewed push to improve oil revenue accountability amid concerns over leakages, under-remittances, and dwindling federation earnings.

The implementation of Executive Order 9 comes as the Federal Government intensifies efforts to stabilise public finances, improve crude oil production, and strengthen oversight across the petroleum value chain.

The development is also expected to boost monthly FAAC allocations to the three tiers of government at a time when many states are battling rising debt obligations, wage pressures, and infrastructure funding gaps.

Recall that the World Bank called for tighter and more explicit enforcement of Executive Order 9, urging the Federal Government to fully implement the directive by ending revenue deductions at source and migrating Ministries, Departments, and Agencies to budgetary funding.

In its latest Nigeria Development Update report, analysed by our correspondent on Thursday and titled “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the bank said that while the order has already triggered notable improvements in revenue transparency, “further consolidation of recent gains” would depend on how rigorously its provisions are enforced across all government institutions.

Equities market gains N3.17tn as ASI crosses 250,000 mark

NGX equity marketThe equities market extended its bullish run on Monday as the All-Share Index crossed the 250,000-point mark, with investors gaining over N3tn amid sustained buying interest in key stocks.

Data from Nigerian Exchange Limited showed that the ASI advanced 2.33 per cent to close at 250,485.54 points, pushing the market’s year-to-date return to 60.97 per cent from 57.30 per cent recorded in the previous session.

Equities market capitalisation rose from N157.09tn to N160.26tn, while total market capitalisation stood at N215.89tn at the close of trading.

The rally was driven by strong demand for stocks, including RT Briscoe, FTN Cocoa Processors and Livestock Feeds, alongside continued activity in banking and telecommunications counters.

Trading activity strengthened during the session as total volume traded rose 30.82 per cent to 1.51 billion shares, while the value of transactions increased 17.23 per cent to N70.10bn exchanged in 95,093 deals.

Investor sentiment also improved sharply, with market breadth rising to 2.76x in the previous session as 56 stocks gained against 21 decliners, indicating stronger participation across the market.

The most active stocks by value traded were MTN Nigeria, First HoldCo, Dangote Cement, Zenith Bank and GTCO, which accounted for a significant share of total market turnover.

Year-to-date equities turnover also increased to N3.37tn, while average daily value traded climbed to N38.74bn, highlighting sustained liquidity and continued investor participation in the market.

Analysts said the continued rally reflects stronger domestic participation, improving liquidity conditions and sustained interest in equities despite mixed sentiment across other asset classes.

Commenting on the market activities, Vice Chairman of Highcap Securities, David Adonri, said the sustained rally reflects improving investor confidence, strong liquidity and increased positioning in fundamentally sound stocks.

Dangote targets $50bn refinery valuation before stock listing

President of the Dangote Group, Alhaji Aliko Dangote, is targeting a valuation of $50bn for his Dangote Petroleum Refinery & Petrochemicals ahead of a planned stock market listing later this year, according to a report by Bloomberg.

Dangote wants investors to know that the refinery, which commenced operations in 2024, is now valued at $50bn. Bloomberg reports that the refinery company could sell up to a 10 per cent stake through the Nigerian stock exchange, implying a potential offering size of about $5bn.

A senior executive at the Dangote Group confirmed that the projected valuation aligns with the company’s current internal expectations but declined to provide additional details on the planned transaction.

The planned listing comes as stronger global crude oil prices and growing domestic fuel demand improve the commercial outlook for the 650,000 barrels-per-day refinery, which has increasingly become a dominant player in Nigeria’s downstream petroleum market.

Dangote is planning a landmark cross-border public offering of his $20bn oil refinery in a move that could reshape capital markets across Africa and deepen regional investor participation, Bloomberg revealed on Monday.

The proposed listing, which will see shares of the Dangote Petroleum Refinery and Petrochemicals floated on multiple African stock exchanges, is being positioned as the first pan-African initial public offering of its scale.

Details of the plan emerged recently following a meeting in Lagos involving Dangote and the chief executives of several African bourses under the umbrella of the African Securities Exchanges Association.

Chief Executive Officer of the Nairobi Securities Exchange, Frank Mwiti, who attended the meeting, disclosed that discussions centred on structuring a cross-border listing framework that would allow investors across the continent to participate in the refinery’s ownership.

“The plan is to structure a pan-African IPO,” Mwiti said after the meeting, noting that the initiative would require coordination among exchanges to ease regulatory barriers and facilitate seamless trading across jurisdictions.

A spokesman for the Dangote Group confirmed that the meeting took place but declined to provide further details on the structure and timeline of the proposed offering.

The development comes months after Dangote unveiled plans to list about 10 per cent of the refinery on the Nigerian Exchange Group in 2026, a move widely seen as part of efforts to unlock value and broaden the company’s investor base.

To drive the offering, Dangote has appointed a consortium of financial advisers, including Stanbic IBTC Capital Limited, Vetiva Advisory Services Limited, and FirstCap Limited

The Chief Executive Officer of FirstCap, Ukandu Ukandu, confirmed the appointments, stating that the advisers were already working on the transaction structure.

It was noted that a multi-exchange listing could significantly deepen liquidity in African capital markets while positioning Nigeria as a major hub for cross-border investments, especially as the country eyes a return to the FTSE Russell Frontier Markets Index.

They added that the offering could also provide much-needed capital to support Dangote’s aggressive expansion strategy.

Currently, the refinery, the largest single-train facility in the world, has a processing capacity of 650,000 barrels per day. However, Dangote plans to more than double this to 1.4 million barrels per day within the next three years, a scale that would rival global refining giants, including facilities owned by Indian billionaire Mukesh Ambani.

To fund this expansion, the company recently secured backing from the African Export-Import Bank, which underwrote $2.5bn out of a $4bn syndicated financing facility.

Lasaco Assurance profits soar 81.5% to N2.36bn

LASACO Assurance PlcLasaco Assurance Plc has kicked off the 2026 financial year with a formidable performance, reinforcing investor confidence and strengthening its ongoing recapitalisation drive. The insurer’s Q1 2026 results for the period ended 31 March 2026, revealed an impressive 81.5 per cent growth in profit after tax, climbing to N2.36bn.

This surge was supported by a 119.6 per cent jump in insurance service results and a 74.7 per cent increase in net insurance and investment income, signalling a period of aggressive growth and operational refinement.

The company’s balance sheet further reflected this upward trajectory, with total assets rising 16.6 per cent to reach N46.20bn, while shareholders’ funds grew to N22.86bn. Notably, Lasaco returned to a positive retained earnings position from a deficit in the previous year, a move industry analysts say underscores significantly improved earnings quality and stronger internal capital generation.

Commenting on the results, the Managing Director of Lasaco Assurance Plc, Ademoye Shobo, said, “These results reflect the company’s continued focus on operational efficiency, customer-centric innovation, and sustainable growth. The recapitalisation initiative aligns with regulatory requirements set by the National Insurance Commission while also serving as a strategic platform for expansion, innovation, and increased market competitiveness.”

On the progress of the rights issue, Shobo said, “By strengthening our capital base, Lasaco Assurance Plc is better positioned to underwrite larger risks, deepen market penetration, and compete more effectively in an evolving insurance landscape. Early indications point to encouraging participation from existing shareholders, reflecting sustained confidence in our strategy, leadership, and growth prospects.

“The combination of strong earnings performance and recapitalisation progress places Lasaco in a favourable position to unlock new growth opportunities, particularly within underserved segments. With shareholders demonstrating continued confidence through active participation in the rights issue, the drive appears firmly on track to enhance financial resilience and long-term stability.”

Riding on the momentum of this Q1 performance, Lasaco is progressing towards the completion of its Rights Issue, a key pillar of its capital-raising journey. The company’s recent product innovations and customer-focused offerings are expected to benefit heavily from the enhanced capital base, driving further growth in the coming quarters.

As the Nigerian insurance industry continues to evolve under new regulatory thresholds, Lasaco Assurance is positioning itself as a better-capitalised player, ready to capture emerging opportunities and deliver sustainable value to its stakeholders through a well-optimised investment strategy and disciplined underwriting.

INEC resumes voter registration exercise in Ondo

The Independent National Electoral Commission, INEC, has announced the resumption of the third phase of the Nationwide Continuous Voter Registration, CVR, exercise in Ondo State.

According to a statement issued by the INEC Resident Electoral Commissioner in Ondo State, Dr Mutiu Agboke, the exercise commenced on Monday, May 11, 2026, and is being conducted nationwide through both online pre-registration and physical, in-person registration.

According to the statement, “the third phase would adopt the IVED rotation framework for the first 40 days of the exercise. The final five days would take place across all the 18 Local Government Area offices of the commission in the state.”

The Commission disclosed that the exercise, which is the final phase of the registration process, is scheduled to conclude on July 10, 2026, in line with its approved timetable.

The statement urged “eligible citizens who are yet to register to take advantage of the opportunity within the stipulated period.”

It also encouraged electorates seeking to update their voter information or transfer their registration details to participate in the exercise.

The commission noted that individuals with missing or defaced Permanent Voter Cards, PVCs, could also use the exercise to request replacements.

Agboke also assured residents of adequate arrangements to ensure a smooth and inclusive process.

“INEC in Ondo State is poised to ensure robust public engagement with all the activities of the commission to enhance better participation and awareness,” the statement said.

2027: Why I’m optimistic of winning Gombe APC guber primary – Pantami

Former Minister of Communication and Digital Economy, Isa Pantami, has stated why he is confident of winning the governorship primary under the ruling All Progressives Congress, APC, in Gombe State.

Speaking during an interview on TVC on Sunday, Pantami said he relied on strong evidence, not opinion.

According to him, the evidence includes polls conducted both physically and online, among which he emerged as number one in all 13 polls.

“I’m not just a member of APC, but I’m also a party leader. Tinubu appointed me as a special adviser in his campaign council for the 2023 election, addressed to me as a party leader.

“So why he addressed me as a party leader is that he knew very well the role I played during the merger of Congress for Progressives Change, CPC, on one hand and Action Congress of Nigeria, ACN, on the other, since from 2010.

“Furthermore, the reason why I’m optimistic is because of the fact that I rely on strong evidence. It’s not opinion. And you cannot counter an evidence with an opinion.

“This evidence is the pools that have been conducted physically and also online. In each and everyone in which we have a result of around 13 of them, I emerged as number one, with all sense of humility. And you may wish to go there and verify what I have said.

“Thirdly, the reason I feel people love me so much and they appreciate my modest contribution is because of the fact that when I got the opportunity to serve as the Minister of Communications and Digital Economy, I did my best for Nigeria in general and for Gombe in particular,” he said.

Amnesty International demands probe into civilian deaths in Niger airstrike

Human rights group, Amnesty International has called on Nigerian authorities to launch an independent investigation into the death of six civilians reportedly killed during a military airstrike in Niger State.

In a statement issued on Monday, the organization condemned the incident, which reportedly occurred in the early hours of Sunday at Guradnayi settlement near Kusasu in Shiroro Local Government Area.

According to the organization, the airstrike allegedly hit a residential area around 5:00 a.m. during military operations targeting armed groups operating in the area.

The group said at least six civilians were killed, while several others sustained injuries and are currently receiving treatment.

“Nigerian authorities must promptly carry out an independent, impartial and transparent investigation into the incident, make the findings public, and ensure accountability for any violations of international law,” the statement said.

Amnesty International expressed concern over what it described as the recurring loss of civilian lives during military air operations, warning that such incidents raise questions about Nigeria’s compliance with international human rights and humanitarian law.

The organization stressed the need for authorities to adhere to the principles of distinction, proportionality and precaution during security operations.

It also urged the government to provide medical care, humanitarian assistance, psychosocial support and reparations to victims and affected families.

“The Nigerian government must urgently review operational procedures governing aerial bombardments and put in place effective safeguards to prevent further civilian casualties during military operations,” the group added.

Amnesty International further maintained that civilians should never be exposed to danger during security operations.

Adeleke appoints Victoria Samson as UNIOSUN Chancellor

Osun State Governor, Ademola Adeleke, has approved the appointment of Mrs. Victoria Adunola Samson, popularly known as BOVAS, as the new Chancellor of Osun State University, UNIOSUN.

The appointment of Mrs. Samson as the third Chancellor of UNIOSUN was announced in a statement by Olawale Rasheed, Governor Adeleke’s spokesperson, on Sunday in Osogbo.

Her appointment follows the completion of the tenure of the immediate past chancellor, Folorunso Alakija, whose service ended on March 18, 2026, after a decade in office.

The Osun State Government had earlier paid a courtesy visit to Alakija on May 8, 2026, expressing appreciation to her and her family for their contributions to the university’s development.

During the visit, Governor Adeleke commended the former chancellor’s impact, describing her tenure as a period marked by notable achievements and an enduring legacy.

He particularly highlighted the donation of the Modupe and Folorunso Alakija Medical Research and Training Hospital, describing it as a multi-billion-naira intervention that strengthened the institution’s infrastructure.

According to the statement: “Mrs. Samson, widely known as Mama BOVAS, is the founder of BOVAS Oil and Gas, a leading indigenous oil and gas firm.

“An indigene of Iree in Boripe Local Government Area of Osun State, she was born on December 5, 1949.

“Under her leadership alongside her husband, the company expanded from a single petroleum products service station to over 200 outlets nationwide, employing more than 2,000 Nigerians as of December 31, 2025.

“Mrs. Samson also owns the Texaco Petroleum franchise and became the first Nigerian to win the Texaco Latin America and West Africa Award for Best Overall Dealer in 1990.

“She reportedly recorded the highest sales performance across both West Africa and Latin America during the period.

“Her professional career includes service as Matron of the Independent Petroleum Marketers Association of Nigeria at the NNPC/PPMC Satellite Depot in Ejigbo, Lagos, and Apata Depot in Ibadan, as well as membership of the Board of Trustees of the Depot and Petroleum Products Marketing Association.

“She holds a Professional Diploma in Marketing and attended leadership programmes at Harvard Business School and IESE Business School in Barcelona.”

Remarking through the statement, Governor Adeleke said, “We recognise with appreciation your distinct effort to make life easy for consumers of petroleum products. We celebrate you as a symbol of decency, honesty, integrity, and humanity in our society.”

The governor also congratulated Mrs. Samson on behalf of the government and people of Osun State and urged her to bring her experience and leadership to bear in her new role at the university.

Commissioner urges zero malpractice in WAEC examination

The Taraba State Commissioner for Secondary, Technical and Vocational Education, Dr. Augustina Godwin, has charged principals, invigilators and supervisors across the state to ensure a malpractice-free conduct of the 2026 West African Senior School Certificate Examination (WASSCE).

Dr. Godwin gave the charge on the weekend during the WAEC 2026 sensitization meeting organised for principals, invigilators and supervisors from Lau, Karim Lamido, Jalingo and Ardo-Kola Local Government Councils. The meeting was held on Saturday at the Government Technical and Training School, Jalingo.

Speaking, the commissioner stressed the importance of professionalism, discipline and integrity in the administration of the examination. She noted that the Taraba State Government, under Governor Dr. Agbu Kefas, remains committed to promoting quality education and restoring public confidence in the examination system.

She warned examination officials and school administrators against all forms of examination malpractice and urged them to strictly comply with WAEC rules and guidelines.

“Taraba State must continue to stand out in academic excellence through hard work and credibility. We must collectively ensure zero malpractice during the conduct of WAEC examinations,” she stated.

On his part, the WAEC Branch Controller in the state commended Governor Agbu Kefas for his continued support for the education sector.

According to him, Governor Kefas is the first governor in the state to clear all 2026 WAEC-related fees, a move he said had eased the burden on parents and boosted students’ participation in external examinations.

The branch controller also praised the governor for donating a utility van to the WAEC office and for providing other forms of support aimed at improving the operations of the examination body in the state.

The sensitization meeting was observed to have attracted principals, invigilators and supervisors from secondary schools across Lau, Karim Lamido, Jalingo and Ardo-Kola Local Government Councils.