Lagos, Kano And Kaduna Rail Valued $2.99Bn To Proceed With Government Approval

The Lagos Green Line Rail, Kano State Metro Rail, and the Kaduna State Rail project each designed to ease urban congestion, enhance mobility, and stimulate regional economic activity have been approved to proceed by the Federal Government.

The Federal Executive Council (FEC) gave the approval of three major rail infrastructure projects valued at $2.99 billion.

Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, who confirmed this noted that the projects have already been captured in the extended 2025 budget and are expected to strengthen the capital component of the overall investment framework.

According to him, The Federal Executive Council approved three transformative rail project and these are Lagos Green Line, Kano state metro city rail project and Kaduna State Rail project. The projects are to be sponsored by the Ministry of Finance incorporated.”

The Lagos Green Line is expected to complement existing urban rail initiatives in Lagos, Africa’s largest city, while the Kano and Kaduna rail projects are projected to boost commercial activity in northern Nigeria by improving passenger and freight movement.

The FEC also approved the resolution of the concession dispute surrounding the Murtala Muhammed Airport Terminal Two (MM2) in Lagos, alongside the establishment of a Nigerian aircraft leasing company to support local airlines.

Minister of Aviarion and Aerospace Development, Festus Keyamo, said that approval were given to two major memos presented by the Aviation Ministry, describing both decisions as “significant milestones” for the sector.

The Minister disclosed that the federal government has finally settled the over 20-year dispute with Bi-Courtney Aviation Services Limited, owned by renowned businessman, Wale Babalakin, over the MM2 concession.

According to him, the dispute, which spanned multiple administrations, involved several contentious issues, including the control of the domestic terminal (MM1), financial claims against the government, and exclusivity rights.

“As you all know, there has been a long-standing dispute between the concessionaire and the federal government over MM2. Today, I can happily tell you that this government has resolved that issue once and for all”.

He explained that one of the major sticking points was a Supreme Court judgment which awarded Bi-Courtney N132 billion in damages, with interest accruing from 2009.

Keyamo, however, revealed that the concessionaire agreed to waive the claim as part of the negotiated settlement.

“The first thing we told him was to write off the N132 billion plus interest. Nobody is going to pay that, and he agreed and wrote it off,” the minister stated.

He added that Bi-Courtney also relinquished its claim to the Murtala Muhammed Airport Terminal One (MM1), which it had argued was included in the original concession agreement.

“We told him to hand back the local airport (MM1) to the federal government. We cannot leave the entire domestic aviation operations in Lagos in private hands. He agreed,” Keyamo said.

On exclusivity, the minister said the clause granting Bi-Courtney sole rights to operate a private airport within Lagos was also removed.

“That clause was not right, even for security reasons. He agreed, and we removed it,” he added.

The federal government, on its part, agreed to restore ownership of the long-abandoned Hotel and Conference Centre opposite MM2 to the concessionaire.

Keyamo said the facility, whose construction had stalled for years, must now be completed within two years.

He said: “We gave it back to him to complete and run on a shared basis with the federal government. He has 24 months to deliver it. We will not tolerate further delays”.

He further disclosed that the government will permit regional flight operations from MM2 and expand the terminal’s apron to accommodate more aircraft.

The Minister noted that the new agreement would also ensure that the federal government begins to earn revenue from MM2 operations, which had not been the case during the dispute period.

“At the end of the day, it was give and take. He made concessions, and we also made concessions. Both sides benefitted,” Keyamo said.

He added that a formal signing ceremony involving all stakeholders would be held in Lagos, where full details of the agreement would be made public.

Keyamo also announced that FEC approved the establishment of a Nigerian aircraft leasing company, structured as a Special Purpose Vehicle (SPV), to be driven by private sector investment.

He described the initiative as a “game changer” aimed at addressing the persistent challenge of access to aircraft by Nigerian airlines.

“The major problem of private operators in Nigeria has been access to aircraft and equipment. Nigeria is unique because our aviation industry is almost entirely run by the private sector,” he said.

The Minister explained that the new leasing company would aggregate aircraft for local airlines, reducing their dependence on foreign lessors and improving operational stability.

“Instead of airlines going all over the world looking for aircraft, there will now be a local platform to lease aircraft on both short-term and long-term basis,” he said.

Keyamo noted that many Nigerian airlines currently struggle with leasing arrangements, leading to frequent flight delays and cancellations.

“Some aircraft come into the country and within three months they are gone because operators cannot meet lease obligations.

That is why you see disruptions”.

He clarified that the federal government would not directly fund the leasing company but would provide guarantees to support lease financing and aircraft repossession.

“The role of government is to guarantee the leases. We are not putting in funds, but we will have equity in the company and earn returns,” the Minister explained.

He disclosed that several major African and international investors have already expressed interest in the project, citing Nigeria’s large aviation market and strategic location.

“Investors are already chasing us. We have the market, the traffic, the population and the routes. This is the Nigerian aviation franchise we are selling to the world,” he said.

He said the President has directed the Minister of Aviation to work with the Ministers of Finance, Justice, and Trade and Investment to finalise the structure of the SPV.

Keyamo expressed optimism that the initiative would significantly boost the capacity of Nigerian airlines to compete with foreign carriers, which currently dominate about 95 per cent of international traffic to and from Nigeria.

“This is a major step towards empowering our local airlines to take back their market share. In the next few months, Nigerians will begin to see the impact.”

Also, Information and National Orientation Minister, Mohammed Idris, and his Works counterpart, David Umahi, outlined a set of decisions by the Federal Executive Council (FEC), including the creation of a Presidential Task Force on Power Sector Reform, key federal appointments, and approvals for major road projects nearing completion.

Idris said the Council’s decisions were anchored on a renewed push to reposition the power sector and accelerate infrastructure delivery nationwide.

He disclosed that the Council approved the appointment of a Special Adviser on Power to the President and endorsed the establishment of a high-level task force to drive comprehensive reforms in the electricity sector.

According to him, the decisions followed the submission of a report by a presidential committee set up on March 4 to review the commercial and institutional framework for the proposed Grid Asset Management Company (GAMCO).

Idris said President Tinubu approved the appointment of former Minister of Power, Lanre Babalola, as Special Adviser on Power to strengthen coordination and policy oversight in the sector.

He added that the newly created Presidential Task Force on Power Sector Reform would be chaired by the President, with Babalola serving as a key member.

“The task force is part of renewed efforts by the administration to reposition the power sector as a critical driver of industrialisation and economic growth,” he said.

Membership of the task force includes the Minister of Finance and Coordinating Also speaking, the Minister of the Economy, Minister of Power, Minister of State for Petroleum Resources (Gas), Minister of Industry, Trade and Investment, Minister of Information and National Orientation, and the Attorney-General of the Federation and Minister of Justice.

Others are the Chairman of the Nigerian Electricity Regulatory Commission (NERC), as well as representatives of electricity generation and distribution companies.

The Minister noted that the committee would focus on implementing far-reaching reforms to address longstanding structural challenges, stressing that stable electricity supply remains central to Nigeria’s economic prosperity.

He added that the government was committed to a total overhaul of the sector to unlock industrial growth and improve the quality of life for Nigerians.

Idris also disclosed that the FEC meeting was preceded by the swearing-in of a National Commissioner of the Independent National Electoral Commission (INEC) and four Permanent Secretaries.

“The President today performed the swearing-in after her clearance by the National Assembly as a National Commissioner of INEC in person of Rear Admiral K. M. Marafa (rtd).

He added that the Council deliberated on a 32-point agenda and formally welcomed the newly appointed Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, to his first FEC meeting.

“Let me unveil to you for the first time at the FEC meeting, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, who is joining us for the first time. Welcome to the Federal Executive Council,” he said.

Commenting on nation’s infrastructure, Umahi defended the cost of ongoing and newly approved road projects, insisting that they reflect value for money despite rising construction costs.

“When people talk about cost, we must look at unit pricing and quality. What we are doing now is cheaper and far more durable than what was done years ago”.

He explained that the administration has standardised the use of continuously reinforced concrete pavement (CRCP) for federal highways, describing it as more durable and cost-effective over time.

According to him, several newly approved projects average about N3.2 billion per kilometre, even amid increases in cement prices.

Umahi disclosed that 10 major projects approved by FEC are spread across the country and structured to maximise economic returns while addressing long-standing infrastructure gaps.

He said flagship projects such as the Sokoto-Badagry Super Highway and Lagos-Calabar Coastal Highway are being executed using concrete technology, while key legacy corridors are being expanded to improve connectivity.

The minister cited the Akwanga-Jos-Bauchi road, now extended to link Gombe, Yobe and Borno states, bringing its total stretch to about 700 kilometres.

On the Carter Bridge in Lagos, Umahi said structural assessments confirmed that the facility could not be salvaged, prompting approval for a complete reconstruction.

“This is not just rehabilitation. It is a complete rebuilding to modern standards,” he said.

He added that the government is leveraging alternative financing models, including tax credit schemes and tolling, to ensure sustainability.

“This is infrastructure as investment, not just expenditure”.

Umahi further disclosed that several completed projects are ready for commissioning, including sections of the Abuja-Kaduna highway, as well as key routes in the South-South and coastal corridors.

According to him, segments of the Kano-Jigawa and Suleja-Minna roads have been completed, with the Azeri section of the Kano–Jigawa corridor, spanning about 37 kilometres, fully delivered and awaiting inauguration.

He attributed the scale and pace of infrastructure delivery to President Tinubu’s hands-on approach to governance.

“Mr President is extremely detailed. Every item is interrogated. That is why we can confidently say Nigerians are getting value,” Umahi said.

OPEC To Engage Africa Oil Producers At 2026 AEW, As Global Oil Market Shifts Focus On Supply Chain

As global oil markets undergoes fundamental transformation characterized by a reduced reliance on Middle East supply due to intense regional conflict and a shift in market power away from traditional OPEC structures, African oil producers are set to engage Leadership of the Organization at the African Energy Week (AEW), holding in South Africa.

The OPEC’s medium-term outlook into 2026–2027 continues to emphasize the need for sustained upstream investment to offset natural field decline and ensure long-term supply adequacy. While oil demand growth is increasingly concentrated in Asia and emerging markets, Africa’s role as both a producing region and a demand growth frontier is becoming more pronounced in global energy forecasts.

The organization is also placing greater emphasis on the role of gas and integrated energy systems in supporting long-term energy security.

This aligns with Africa’s own LNG expansion trajectory, with major developments underway in Mozambique, Mauritania-Senegal and across West and North Africa, where new projects are gradually reshaping the continent’s export capacity.

The OPEC Secretary General Haitham Al Ghais will address AEW 2026 in Cape Town, bringing one of the most influential voices in global oil governance into direct engagement with Africa’s leading producers, investors and policymakers.

At AEW 2026, Al Ghais is expected to engage in high-level discussions around market stability, investment requirements and Africa’s long-term production outlook, as global producers seek to balance security of supply with capital discipline in a more complex geopolitical environment.

His participation comes as global oil markets continue to adjust to evolving geopolitical dynamics, OPEC+ supply management decisions and shifting demand patterns across emerging economies. With spare capacity closely managed and production discipline remaining a central feature of market coordination, OPEC continues to play a stabilizing role in global energy markets.

OPEC+ – which accounts for roughly 45 per cent of global crude oil supply – has maintained a cautious production approach into 2026, prioritizing market stability alongside broader considerations of global demand trends and economic growth trajectories. At the same time, energy security has returned to the forefront of policy discussions across both producing and consuming countries, reinforcing the importance of predictable and well-coordinated supply frameworks.

Within this environment, Africa remains structurally important to OPEC’s evolving outlook. The continent is home to key member states including Nigeria, the Republic of Congo, Equatorial Guinea, Algeria, Gabon and Libya, each playing a distinct role in the organization’s broader production and investment framework.

Nigeria, OPEC’s largest African producer, continues to pursue upstream reforms under the Petroleum Industry Act, alongside efforts to revitalize key assets such as the Niger Delta Joint Venture portfolio and deepwater developments like Bonga North, aimed at stabilizing output and improving investment conditions after years of volatility.

The Republic of Congo is steadily expanding offshore production through developments in the Moho Nord extension and Marine XII projects in partnership with international operators, while Equatorial Guinea is advancing LNG and gas monetization anchored by the Punta Europa LNG complex and the Gas Mega Hub strategy.

In Libya, production recovery efforts continue around key fields in the Sirte Basin as operators work to restore output stability, while Algeria is maintaining investment momentum through gas developments led by Sonatrach, particularly around its Hassi R’Mel expansion and LNG export infrastructure. Gabon, meanwhile, is focusing on sustaining offshore production through redevelopment of mature fields and broader partnerships aimed at improving recovery rates and extending asset life.

“Africa is not operating at the margins of global energy markets – it is central to their stability, resilience and future balance,” said NJ Ayuk, Executive Chairman of the African Energy Chamber. “Having Secretary General Haitham Al Ghais at African Energy Week reflects the reality that today’s energy challenges cannot be solved without Africa at the table, shaping the conversation on supply, investment and long-term security.”

Guinea Insurance Announces Q1, 2026 Result, Revealing Details Of Major Growth Trajectory

Foremost underwriting firm, Guinea Insurance Plc has announced its unaudited financial results for the period ended 31 March 2026, reflecting a resilient top line performance, a strengthened asset base, and a deliberate strategic response to industry wide claims pressure.

 

Net Expenses on Reinsurance Contracts stood at ₦109.3 million, representing a decline of approximately 162.6% from ₦174.7 million recorded in March 2025. This movement reflects a more conservative risk transfer approach, as the Company strengthened its reinsurance cover to mitigate exposure to emerging risks and high value claims within the market.

 

Insurance Service Expenses rose significantly by about 803% to ₦850.1 million, compared to ₦94.1 million in March 2025. This sharp increase was largely driven by the settlement of a cluster of high value industry claims, which the Company honoured promptly and responsibly. These claims, arising from unforeseen risk events, placed considerable pressure on earnings, affecting both top line efficiency and bottom line performance, and resulting in a loss for the period. Total Assets grew by 6.9 per cent to ₦7.75 billion, supported by strong investment performance. Investment Properties increased by 29.5 per cent to ₦1.11 billion, driven by favourable revaluations and portfolio optimisation.

 

Ademola Abidogun, Managing Director/Chief Executive Officer, Guinea Insurance PLC commented: “While the period under review reflects a temporary setback in profitability, it is important to emphasise that the fundamentals of our business remain sound. The claims experience recorded is reflective of broader industry trends rather than isolated to Guinea Insurance. We made a conscious decision to settle all valid claims promptly, reinforcing our commitment to trust, reliability, and customer confidence. We are confident that our strengthened risk management framework, disciplined underwriting approach, and enhanced reinsurance programme will position the Company for a strong rebound in subsequent quarters. Our focus remains on delivering sustainable value to shareholders while upholding our promise to policyholders.”

 

Looking ahead, the Company remains cautiously optimistic. Management has initiated targeted recovery measures, including tighter cost management, portfolio rebalancing, and a renewed focus on profitable business segments. These actions are expected to restore earnings momentum and reinforce the Company’s competitive position within the Nigerian insurance market.

Amid Middle East Conflict ExxonMobil Posts $4.2 Billion Earnings In Q1, 2026

Oil major Exxon Mobil Corp. has reported first-quarter 2026 earnings of $4.2 billion.

According to the results earnings totaled $4.9 billion excluding identified items, and $8.8 billion when also excluding unfavorable estimated timing effects.

First-quarter earnings declined from $7.7 billion in the same period of 2025. However, earnings excluding identified items and timing effects were up from $7.6 billion a year earlier.

Unfavorable estimated timing effects totaled $3.9 billion, reflecting the mismatch between the valuation of financial derivatives and the associated physical transactions, resulting in a timing difference in earnings that unwinds in subsequent periods. Identified items of $0.7 billion were attributed to losses on settled financial hedges that were not offset by the associated physical shipments due to Middle East supply disruptions.

Cash flow from operations was $8.7 billion, or $13.8 billion excluding margin postings, which primarily fluctuate with the fair value of underlying derivatives. Free cash flow totaled $2.7 billion.

Shareholder distributions reached $9.2 billion, including $4.3 billion in dividends and $4.9 billion in share repurchases, in line with plans to repurchase $20 billion of shares in 2026, assuming reasonable market conditions.

Exxon’s cash capital expenditures totaled $6.2 billion for the quarter, consistent with the company’s full-year guidance of $27-29 billion.

The Company’s Chairman and chief executive officer Darren Woods emphasized the company’s underlying performance, stating that results excluding timing effects reflect the strength of the company’s advantaged portfolio.

During the earnings call, Woods said markets have not yet fully reflected the impact of Middle East supply disruptions, as inventories and strategic reserves have temporarily offset losses. He said even if the Strait reopens, it could take 1-2 months for flows to normalize, with additional demand from inventory rebuilding likely to support prices.

He added that ExxonMobil expects most curtailed production capacity to return relatively quickly once conditions stabilize, although some damage will take longer to repair. In Qatar, two affected LNG production lines could take 3-5 years to fully restore, potentially impacting about 3% of the company’s global output.

Operationally, Exxon reported net production of 4.6 MMboe/d during the quarter, compared with 4.55 MMboe/d a year earlier and nearly 5 MMboe/d in the fourth quarter, with the sequential decline largely reflecting disruptions tied to the Strait of Hormuz. Guyana set a new quarterly oil production record of more than 900,000 b/d.

Middle East assets represent about 20 per cent of ExxonMobil’s global oil-equivalent production, but a smaller share of upstream earnings. According to a recent filing with the US Securities and Exchange Commission (SEC), certain assets in Qatar and the UAE in which the company holds ownership interests experienced production disruptions beginning in March.

Meantime, the Golden Pass LNG project reached a milestone at the end of March with first production from Train 1 at its Sabine Pass terminal, followed by its first LNG export cargo loading and departure in April.

Access Holdings Plc Profit Before Tax Crosses N1 Trillion Mark

Access Holdings has demonstrated significant growth as its earnings at the end of 2025 shows strong results surpassing market expectations and forecasts.

Its Profit Before Tax (PAT) crossed the ₦1 trillion mark for the first time, rising to ₦1.01 trillion, a 16.2 per cent increase compared to the previous year as contained in its audited results for the financial year ended December 31, 2025.

This which marks a significant turning point in its corporate journey as it shifts from a growth model defined by scale to one increasingly anchored on value creation, efficiency, and earnings quality.

The Group delivered a resilient performance during the year, navigating a transitional operating environment while demonstrating the strength of its franchise and the robustness of the governance structures it has built over time.

This milestone underscores the Group’s steady progression toward becoming a high-performing and resilient financial institution.

Net interest income rose to ₦1.36 trillion, while net fees and commission income recorded a particularly strong growth of 40.9 per cent to ₦585.1 billion, reflecting increasing diversification in revenue streams. Overall operating income after impairment grew by 23.9 per cent to ₦3.17 trillion. At the same time, the Group improved its cost discipline, with its cost-to-income ratio declining to 51.7 per cent from 56.7 per cent in 2024. Returns also remained solid, with return on average equity at 18.4 per cent and return on average assets at 1.6 per cent, reinforcing the quality of earnings delivered during the year.

Commenting on the results, Group Managing Director/Chief Executive Officer, Innocent C. Ike, said: “Our 2025 performance reflects both the resilience of the Access franchise and the strength of the institution we have built over time. Despite a dynamic operating environment, we delivered strong earnings supported by diversified income streams, disciplined execution, and a continued focus on balance sheet optimisation.”

“We have now entered a more deliberate optimisation phase, with a stronger emphasis on returns on capital, earnings quality, and long-term value creation,” he added.

The balance sheet also recorded significant expansion, driven by strong deposit mobilisation and sustained customer confidence. Total assets increased by 24.3 per cent to ₦51.57 trillion, while customer deposits grew by 53.4 per cent to ₦34.56 trillion. Shareholders’ funds rose by 15 per cent to ₦4.33 trillion, reflecting both retained earnings and continued investor confidence in the institution. This growth highlights not only the scale of the Group’s operations but also the deepening trust of customers, counterparties, and investors.

The operating environment during the year showed signs of gradual improvement, which supported performance. Nigeria’s economic growth strengthened to about 3.9 per cent, inflation moderated from elevated 2024 levels, and foreign exchange reserves rose above $45 billion. The NGX All Share Index gained over 51 per cent during the year, reflecting renewed investor confidence and stronger capital market activity. These developments contributed to improved capital flows and a more supportive backdrop for financial institutions.

While banking remains the core earnings driver, contributing about 97 per cent of total revenue, the Group continues to make measured progress in diversifying its income base. Its investment management and insurance businesses, including Access ARM Pensions and Access Insurance Brokers, provide stable and recurring income streams, while technology-led platforms such as Oxygen X Finance and Hydrogen Payment Services are strengthening its position in the digital financial services landscape.

The Group’s strategic direction is now increasingly defined by a shift from scale to value. Having built scale across markets and segments, management is focusing more deliberately on improving returns on capital, enhancing earnings quality and deepening cost discipline. This transition reflects a clear objective to build a more valuable institution capable of delivering consistent and resilient returns over the long term.

Looking ahead, Access Holdings expects macroeconomic conditions to continue stabilising, creating opportunities for credit expansion, increased transaction volumes, and higher levels of activity across the financial system. The Group intends to maintain its focus on disciplined execution, improved capital efficiency, and sustainable growth across its diversified platform.

Ike noted: “Africa remains one of the most compelling long-term growth frontiers globally. Our role is not only to participate in that growth, but to help shape and finance it.

“At Access Holdings, we have built an institution designed to endure, anchored on strong governance, disciplined execution, and a clear strategic direction. Our focus remains on delivering consistent, high-quality, risk-adjusted returns while building a financial institution that will stand the test of time.”

ADC: I’m not contesting – Dele Momodu disowns VP presidential campaign poster with Atiku

A chieftain of the African Democratic Congress, ADC, Dele Momodu has disowned a presidential campaign poster of him as running mate to Atiku Abubakar.

Momodu described the presidential campaign poster as a joke designed to distract the ADC.

The poster tagged AtiDele 2027 showed Atiku as president while Momodu as running mate.

Reacting, Momodu assured his followers that he’s not running for the presidency.

Posting on X, the former presidential candidate said he would support ADC leaders because they are competent.

He wrote: “Bob Dee, Is this real? When I first received this poster from a friend, I dismissed it as a joke designed to distract us.

“But I’m now being bombarded with a deluge of this unsolicited message.

“As such, I will be most grateful if my friends and party members can do me the honor of ignoring this joke.

“I’m not running for any race again. I’m interested in humbly supporting the coalition of political parties, to work together and oust the incompetent APC government that has viciously thrown our Democracy into apparent chaos.

“There are more than enough leaders in my party, ADC, more competent than me. I will humbly support any of them, when our candidates emerge.”

INEC fixes date for bye-elections, welcomes new national commissioners

The Independent National Electoral Commission, INEC, has fixed Saturday, June 20, 2026, for the conduct of bye-elections in six states of the Federation.

This is also as it formally welcomed a newly sworn-in National Commissioner, Rear Admiral Jamila Malafa (rtd.).

Chairman of the Commission, Prof. Joash Amupitan, SAN, disclosed this on Thursday at a brief ceremony held at the INEC Headquarters in Abuja to receive the new National Commissioner.

He said the bye-elections will be conducted alongside the Ekiti State Governorship Election scheduled for the same date.

According to him, the elections will cover senatorial vacancies in Enugu, Nasarawa, Rivers and Ondo States, as well as a State House of Assembly seat in Kebbi State and a House of Representatives seat in Kano State.

“We are going into some off-cycle elections very soon. The Ekiti State Governorship Election is scheduled for June 20, 2026. On the same date, the Commission will conduct bye-elections to fill vacant seats,” the INEC Chairman said.

“The senatorial seats declared vacant in Enugu, Nasarawa, Rivers and Ondo States will be filled, alongside the Kebbi State House of Assembly seat and the House of Representatives seat in Kano State,” he added.

Speaking on the appointment of the new National Commissioner, Prof. Amupitan described Rear Admiral Malafa (rtd.) as a seasoned professional with extensive experience spanning military service and electoral operations.

He noted that she had previously worked with the Commission in the area of logistics and served as Director of Legal Services in the Nigerian Navy, bringing a wealth of administrative and legal expertise to her new role.

The Chairman reiterated the Commission’s commitment to its constitutional mandate.

“Our responsibility is clear. We are committed to conducting elections into the offices of the President, National Assembly, Governors, State Houses of Assembly and Area Councils in a credible and transparent manner,” he said.

In her remarks, the newly sworn-in National Commissioner expressed appreciation for the reception accorded her and pledged to contribute meaningfully to the Commission’s work.

“I’m glad to be here and I thank you for the warm reception. I look forward to working with everyone for the development and stability of our country, and for the success of forthcoming elections,” she said.

The event was attended by National Commissioners, the Secretary to the Commission, the Director-General of The Electoral Institute (TEI), senior officials of the Commission, and family members of the new National Commissioner.

One transaction can ruin your business – EFCC warns fintech CEOs

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has cautioned financial technology companies across Nigeria to stay alert and protect their platforms from fraudsters.

He gave the warning in Abuja on Thursday, April 30, 2026, while addressing chief executive officers of fintech firms at an industry engagement meeting held at the commission’s corporate headquarters.

Olukoyede, while commending the executives for expanding financial access and driving innovation across the country, warned that the same opportunities have also been exploited by criminals to carry out fraudulent activities.

“The opportunities you have created have also given criminals the opportunity to perpetrate crimes, and over the years, we have discovered that there is a need for us to meet from time to time, even in the interest of your business. We will also tell you the things that we are privy to in respect of your operations and services that we think criminals are actually exploiting and how to block those spaces and strengthen the regulatory regime around the business you do,” he said.

The EFCC boss stressed the need for closer cooperation between the Commission and fintech operators, urging them to build a strong working relationship through information sharing.

He also advised the companies to protect their reputation, noting that trust remains their most valuable asset.

“It has taken some of you years to get to where you are, and I tell you, one mishandled transaction can destroy what you have built over ten years. You must be conscious of your reputation; that is the most valuable thing you need to grow in a business, not even the money. Once a reputation is damaged, you can hardly get it back. We want to collaborate with you, work with you, and that is one of the ways to fulfil our own mandate,” he said.

Olukoyede further urged stakeholders in the sector to work together to strengthen regulations and protect the economy from threats such as insecurity.

He specifically warned fintech firms to tighten their systems against terrorism financing by complying with existing rules on reporting suspicious transactions.

“We have been complaining about insecurity in Nigeria. Of course, we are also vested with the power to investigate terrorism financing, and one of the areas we have seen that these people exploit is your space. We think it is high time we did something about that. People pay ransom, and we discover that most times they collect the ransom through POS, so what can we do to tidy up this loose end, whether by virtue of doing your KYC or coming up with other ideas?” he said.

‘Emulate Kaduna, live in peace’ – First Lady counsels Nigerians

The First Lady of Nigeria, Senator Oluremi Tinubu, has advised Nigerians to study Kaduna State’s example of peaceful coexistence across faith lines and ethnicity.

Senator Tinubu gave the commendation during the flagging off ceremony for the distribution of 100 trucks of rice and N1.2 billion palliative support to vulnerable Muslim communities in the 19 northern states and the Federal Capital Territory on Thursday.

Speaking at the event which took place at the Abba Kyari banquet hall, the First Lady noted that the gesture ‘’of solidarity to appreciate the Muslim Ummah of northern Nigeria. ‘’

‘’As we approach Eid el-Kabir, a season of sacrifice, compassion, and gratitude, through this intervention, we are translating the message of the season into palliatives for vulnerable Muslim communities across all 19 Northern States and the Federal Capital Territory,’’ she added.

Senator Tinubu recalled that ‘’on the 23rd December, 2025, we distributed palliatives to Christian communities across northern Nigeria. Today, we fulfil the same commitment to our Muslim brothers and sisters.’’

The First Lady appealed to all communities across the North to continue to live together in love and with mutual respect.

‘’I urge all our religious and community leaders to continue to shoulder the responsibility of preaching the message of peace. A united Nigeria is one that can overcome any challenge,’’ she added.

Senator Tinubu thanked all the Ulamas, traditional and community leaders for their prayers and support for this administration, adding that ‘’I applaud the Special Adviser to the President on Political Affairs, Alhaji Ibrahim Kabir Masari for his passion and dedication, and his entire team for coordinating this programme. ‘’

In his goodwill message, Governor Uba Sani paid tributes to the First Lady for her unwavering dedication to the welfare of the vulnerable which continues to inspire hope.

‘’Through your actions, you have demonstrated that true leadership is not merely about occupying high office, but about translating compassion into tangible impact,’’ he added.

The Governor recalled Senator Tinubu’s similar intervention late last year, when she reached out to Christian families across Northern Nigeria, by distributing Christmas packages.

‘’That noble gesture, much like the initiative we are witnessing Today, was far more than seasonal charity; it was a powerful expression of unity, inclusiveness, and shared humanity,’’ he noted

According to the Governor, the gesture ‘’conveyed a reassuring message that every Nigerian matters, regardless of faith, ethnicity, or social circumstance.’’

He argued that through the First Lady’s sustained philanthropy, she has elevated the standard of humanitarian service, adding that ‘’your interventions are thoughtful, inclusive, and deeply impactful, consistently reaching those at the margins of society.’’

‘’What makes your efforts particularly remarkable is their inclusiveness. Though Today’s programme is facilitated in
collaboration with the Muslim Intellectuals Forum, your compassion transcends all boundaries.

‘’Across Nigeria, both Muslims and Christians, as well as citizens from diverse ethnic and social backgrounds, have benefited from your generosity. In doing so, you embody the finest ideals of our nation: unity, mutual respect, and a shared commitment to the common good,’’ he added.

Governor Uba Sani also reiterated that ‘’in Kaduna State, we remain resolute in our commitment to alleviating hardship and improving the wellbeing of our people.’’

‘’Through targeted social intervention, support for small and medium enterprises, youth empowerment initiatives, agricultural development, and sustained investment in security, we are working diligently to cushion the effects of economic reforms and enhance the quality of life for our citizens,’’ he added.

Poor early childhood education threatening education in North West – UNICEF

The United Nations Children’s Fund (UNICEF) has warned that low access to Early Childhood Education (ECE) across Northwest Nigeria is posing a serious threat to education outcomes in the region.

Dr. Karanveer Singh, Officer-in-Charge of UNICEF’s Kano Field Office, disclosed this while speaking at a media dialogue on strengthening early childhood education in Jigawa, Kano, and Katsina, held in Dutse.

He revealed that only about 24 per cent of children in Jigawa State have access to ECE, while Kano has 29 per cent and Katsina 32 per cent.

Dr. Singh described the situation as alarming, saying that the majority of children in the region are missing the critical early learning phase that shapes cognitive, social, and emotional development.

According to him, children who lack access to quality early education are more likely to start primary school behind their peers and struggle to catch up, a factor contributing to the region’s growing out-of-school children crisis.

He further disclosed that foundational literacy levels in some parts of the region remain below 15 per cent, indicating that many children are unable to read at even the most basic level.

He linked this to limited parental awareness, a shortage of trained teachers, poor infrastructure, and inadequate learning materials, which continue to hinder the expansion of early childhood education.

The UNICEF official, however, stressed that the challenges are surmountable with stronger commitment and investment from state governments.

He called on the authorities in Kano, Katsina, and Jigawa to prioritise early childhood education through increased funding, recruitment of qualified caregivers, and the expansion of child-friendly learning spaces.

UNICEF Education Specialist, Mustapha Shehu, said available data from MICS 2022 shows that, in Nigeria, only 37.8 per cent of children between the ages of three and four have access to early childhood education.

“Large inequalities persist, with 75 per cent of children aged 36 to 59 months in the richest wealth quintile attending early childhood education, while only 11 per cent of those in the lowest wealth quintile do,” he said.

Dr. Sunday Jacob, an education consultant, said Nigeria has 18.3 million out-of-school children, with Jigawa, Kano, and Katsina accounting for 30 per cent of the figure.

He said investing in early childhood education is fundamental to reducing the number of out-of-school children, as it contributes to 90 per cent of brain development.

He advised the states to create dedicated budget lines for early childhood education.

Responding, the Commissioners for Basic Education in Kano, Katsina, and Jigawa pledged to ensure adequate budgetary provisions for early childhood education and the timely release of funds for the development of their respective states and the country at large.