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Osun shooting: ‘Davido was targeted’ – Police confirm one dead

Osun State Police Command has revealed that Nigerian music star, David Adeleke, popularly known as Davido, was the target of the attack on the convoy of Governor Ademola Adeleke in Osogbo.

DAILY POST recalls that security personnel attached to Governor Adeleke engaged some unidentified armed men in a gun duel on Wednesday during the governor’s visit to the palace of the Ataoja of Osogbo.

Davido, who is the governor’s nephew, had accompanied Adeleke and his children to the Independent National Electoral Commission, INEC, office, where the governor received his Certificate of Return, before they proceeded to the palace.

Confirming the attack, the Osun State Police Public Relations Officer, Abiodun Ojelabi, said preliminary investigations showed that members of the Eye Confraternity allegedly targeted Davido during the visit.

Ojelabi explained that one Adebayo Taoreed, popularly known as “Small Rugged”, an ex-convict and alleged member of the cult group, attempted to approach Davido but was stopped by members of his security team.

He said, “the ensuing confrontation reportedly attracted other suspected gang members in the vicinity, who temporarily blocked the entrance to the palace and obstructed the movement of the convoy of the governor.”

The police also confirmed that a 60-year-old man, identified as Tajudeen Yusuf, was shot during the incident and later died at a hospital.

The attack adds to growing concerns over political violence in Osun State.

The Accord Party had alleged that over 28 citizens were killed by suspected political thugs during the election period.

However, the All Progressives Congress, APC, accused the Accord Party of sponsoring violence that led to the death of some of its members.

admin by — August 20, 2026 in News 0
Kebbi Assembly resumes plenary after one month recess

Kebbi State House of Assembly resumed plenary on Wednesday after a one-month recess.

The Assembly had suspended legislative activities in July and scheduled its resumption for August 11.

However, plenary resumed on Wednesday, August 19, under the leadership of Speaker Salihu Maikasuwa Dangoje.

The recess followed a motion moved by the Majority Leader, Faruku Aliyu Nassarawa Jega, and seconded by Faruku Abubakar Maisudan, which was unanimously adopted by the lawmakers.

At the resumed sitting, Dangoje congratulated members on the completion of their Lesser Hajj and urged them to remain committed to their legislative responsibilities.

The Speaker also called on lawmakers to prioritise the welfare of their constituents and maintain unity and cooperation in the discharge of their duties.

He expressed appreciation to Governor Nasir Idris for his support for the Assembly, saying cooperation between the executive and the legislative arms had contributed to the development of the state.

The resumption of plenary is expected to pave the way for the consideration of pending legislative matters and other issues affecting residents across the state.

During the recess, lawmakers were expected to engage with their constituents and identify issues requiring legislative attention upon their return.

admin by — August 20, 2026 in News 0
Ebonyi: Police deploy personnel ahead of August 22 LG elections

The Ebonyi State Police Command has deployed personnel to polling stations and strategic locations across the 13 Local Government Areas ahead of the August 22, 2026, LG polls.

The Police Public Relations Officer, SP Joshua Ukandu, said the command, under Commissioner of Police CP Hope Urunwa-Okafor, is collaborating with sister security agencies to ensure adequate security and a peaceful electoral process.

The command also announced a restriction on movement across the state from 7 a.m. to 4 p.m. on election day, exempting accredited election officials, journalists and observers, emergency service providers, health workers and other authorised personnel.

The Commissioner of Police warned political actors and their supporters against inflammatory statements, violence and other actions capable of disrupting the elections, stressing that violators will face the full weight of the law.

She urged voters to remain peaceful, obey lawful instructions from security personnel and report suspicious activities or emergencies promptly.

The command assured residents that it is fully prepared to provide security before, during and after the elections for a peaceful and hitch-free exercise.

admin by — August 20, 2026 in News 0
Universal Insurance’s N7.1bn rescue deal collides with licence revocation

Universal Insurance’s N7.1bn rescue deal collides with licence revocationUniversal Insurance Plc’s N7.128bn recapitalisation has been thrown into uncertainty after the National Insurance Commission revoked the insurer’s operating licence and appointed a receiver/provisional liquidator over its failure to meet the regulatory minimum capital requirement.

The development creates a sharp contradiction in the insurer’s recapitalisation process. On 14 August, Universal Insurance disclosed to the Nigerian Exchange Limited that it had secured a N7.128bn equity investment from FPNG Co-Nvest Limited through a private placement, a transaction that would give FPNG a 50.1 per cent controlling stake in the company.

However, NAICOM’s action, which took effect on 19 August, followed the insurer’s failure to meet the prescribed Minimum Capital Requirement within the stipulated compliance period.

In its market disclosure, Universal Insurance said the investment was designed to strengthen its capital base, enable it to exceed the applicable regulatory threshold and maintain a strong solvency margin.

The company said its board and management were engaging NAICOM and other regulators to obtain the necessary approvals for the transaction. It also disclosed that the required board and shareholder approvals had already been secured.

The planned investment was to be completed through a private placement under a binding investment agreement between Universal Insurance and FPNG Co-Nvest.

However, NAICOM’s subsequent regulatory action has now placed the future of the transaction and the insurer itself under a receiver-led process.

In a notice addressed to the Chairman of Universal Insurance’s board, NAICOM said it revoked the company’s licence pursuant to powers granted under the Nigerian Insurance Industry Reform Act 2025.

The commission appointed Ogbonna Chukwumerije, a Partner at Pinheiro LP, as receiver/provisional liquidator to commence the process of winding up the company’s affairs.

Under the terms of his appointment, Chukwumerije is required to trace, recover, secure and take possession of Universal Insurance’s assets, while also collating and settling its liabilities in accordance with NIIRA 2025.

He is further expected to liaise with NAICOM, obtain and review relevant information and submit periodic reports on the progress of the liquidation process.

In a separate public notice dated 18 August, Chukwumerije formally notified banks, financial institutions, policyholders, creditors, debtors, customers and other stakeholders of the insurer’s receivership.

He said the appointment followed NAICOM’s cancellation of Universal Insurance’s licence over its failure to meet the applicable minimum capital requirement.

The receiver also stated that he had powers under NIIRA 2025 and the terms of his appointment to assume management and control of the company and take steps necessary to preserve, protect and realise its assets.

He directed individuals and institutions dealing with Universal Insurance’s funds, assets, records, policies, claims, liabilities or other affairs to verify the authority of anyone claiming to act on behalf of the company.

The regulatory action comes amid a wider industry-wide recapitalisation exercise in which Nigerian insurers are under pressure to strengthen their capital positions.

The insurer’s stock suffered on Wednesday owing to the news of the revocation. Its stock was down by 9.4 per cent to 0.77k in early trading. It had reached a 52-week high of N1.74.

admin by — August 20, 2026 in Business 0
NGX extends decline on energy, insurance sell-off

NGXThe Nigerian equities market extended its downward trajectory on Wednesday as profit-taking in high-priced energy and insurance equities dragged key market indicators lower.

Negative sentiment dominated trading sessions across major sectors on the Nigerian Exchange Limited, driving the benchmark All-Share Index below the 241,000 thresholds.

At the close of trading, the ASI declined 0.36 per cent, or 860.76 points, to settle at 240,750.47 points, compared with Tuesday’s close of 241,611.23 points. In tandem with the benchmark index, the overall equity market capitalisation contracted by N555.68bn, slipping from N155.97tn recorded in the previous session to close at N155.42tn.

Investor interest was dampened by significant sell-offs in market heavyweights, particularly within the energy space. Aradel Holdings Plc suffered a maximum daily price correction, tumbling 9.99 per cent to close at N1,374.20 per share, from its previous valuation of N1,526.70.

Other energy equities recorded mixed performances, as Japaul Gold & Ventures Plc and Oando Plc recorded modest gains of 0.35 per cent and 0.57 per cent, to close at N2.90 and N35.30 per share respectively, while Seplat Energy Plc and TotalEnergies Marketing Nigeria Plc held firm without price adjustments.

The insurance sector witnessed intense selling pressure, emerging as the biggest underperformer among sub-sectors. International Energy Insurance Plc anchored the losers’ chart, shedding 10.00 per cent to close at N4.77 per share.

Universal Insurance Plc plummeted 9.41 per cent to settle at N0.77 per share, while Royal Exchange Plc dipped 8.62 per cent to N1.06 per share. Sovereign Trust Insurance Plc and Regency Assurance Plc also sustained losses of 7.41 per cent and 5.88 per cent, to close at N1.75 and N0.80 per share, respectively.

Conversely, Haldane McCall Plc spearheaded the gainers’ chart for the session, rising 10.00 per cent to close at N3.52 per share. Coronation Insurance Plc delivered strong capital appreciation with an 8.44 per cent rise to finish at N2.44 per share, while UACN Plc recorded an advance of 6.56 per cent to hit N177.85 per share.

AVA Capital Plc and Caverton Offshore Support Group Plc also recorded strong performances, expanding 6.29 per cent and 5.32 per cent to close at N7.60 and N4.95 per share, respectively.

Banking and financial services equities presented a mixed trading pattern across the board. United Bank for Africa Plc rising 2.22 per cent to close at N46.00 per share, while Zenith Bank Plc appreciated 1.64 per cent to N124.00 per share.

FCMB Group Plc added 1.69 per cent to hit N12.00 per share, and Access Holdings Plc rose marginally by 0.93 per cent to N27.15 per share. However, losses in Sterling Financial Holdings Company Plc, Ecobank Transnational Incorporated, and Guaranty Trust Holding Company Plc, which shed 0.65 per cent, 0.36 per cent, and 0.08 per cent respectively, capped the banking sector’s broader upward movement.

Overall trading activity stayed active across the market floor, with a total of 1.19 billion shares valued across 34,491 deals exchanged on the floor of the bourse. Market participation was heavily driven by transactions in insurance and tier-one banking stocks, as investors rebalanced portfolios ahead of mid-quarter corporate developments.

admin by — August 20, 2026 in Business 0
Zenith Bank secures extension for H1 results filing

Zenith Bank Plc has obtained approval from the Nigerian Exchange Limited to delay the submission of its audited half-year financial statements for the period ended 30 June 2026.

The lender disclosed the development in a notice to the investing public dated 18 August 2026, signed by its Company Secretary, Michael Osilama Otu.

Zenith Bank was initially expected to file the audited results by 29 August. However, following its application, the NGX granted the bank an additional six weeks to complete the process.

The new deadline means the bank could publish its H1 2026 audited financial statements on or before 9 October 2026.

Zenith Bank explained that its Board of Directors had approved the financial statements on 29 July. The results, however, are still awaiting final clearance from the bank’s primary regulator before they can be released to the market.

The lender said the regulatory approval process was responsible for the delay and expressed confidence that the audited accounts would be published before the extended deadline.

The extension comes amid a series of delayed half-year filings by major financial institutions as banks work through regulatory and audit requirements following the completion of their June 2026 accounts.

Access Holdings Plc similarly secured an extension from the NGX for its H1 2026 audited results, with its new filing deadline set for 30 September 2026, subject to the required regulatory approval.

admin by — August 20, 2026 in Business 0
Deep offshore incentive may add 1m barrels crude daily – NUPRC

Deep offshore incentive may add 1m barrels crude daily – NUPRCPresident Bola Tinubu’s new tax incentive for deep offshore oil and gas projects could unlock about $50bn in investments and add nearly one million barrels per day of crude oil and condensate to Nigeria’s production within the next four to five years, the Nigerian Upstream Petroleum Regulatory Commission has said.

The Executive Commissioner for Development and Production at the NUPRC, Enorense Amadasu, disclosed this during an interview on NTA where he represented the Commission Chief Executive, Oritsemeyiwa Eyesan.

According to a statement issued on Wednesday by the NUPRC’s Head of Media and Corporate Communications, Eniola Akinkuotu, Amadasu said the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Executive Order, 2026, recently signed by Tinubu, could accelerate investment decisions on major projects that have already received regulatory approvals.

The statement read, “The Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 recently signed by President Bola Tinubu has the potential not only to unlock $50bn in investments but can also create an additional one million barrels per day of crude oil and condensate from deep offshore fields.”

The executive order, also known as Executive Order 9, is designed to improve the economics of deep offshore oil and gas projects by providing tax incentives and a more predictable framework for investors.

Amadasu said the reform could open a new phase of investment in Nigeria’s offshore petroleum industry, where projects typically require billions of dollars and take several years to move from discovery to production.

“We are on the right path all thanks to Mr President. It will be a huge leap. As of today, we have mined over 4.6 billion barrels from deep offshore assets. In cargo terms, that is about 5,000 tankers,” he said.

Nigeria currently produces about 1.7 million barrels per day of crude oil and condensate, according to Amadasu, with deep offshore fields accounting for about 24 per cent of the country’s oil production and 19 per cent of gas output.

He said the new framework would create greater opportunities for investment and support the next generation of deep offshore projects. The NUPRC executive commissioner explained that nine projects had already received approved Field Development Plans, leaving the companies to take Final Investment Decisions before development could commence.

“So, where will these volumes be coming from? Nine of these projects have approved FDPs, so the next step expected is the FID in the near to midterm. The $10bn Bonga South will come in 2027, and within the next four to five years, we are expecting almost an additional one million barrels per day,” Amadasu stated.

The potential one million barrels per day addition would represent a major increase to Nigeria’s current production and could significantly alter the country’s oil revenue outlook if the projects proceed as planned.

Amadasu said the executive order would encourage international oil companies and other investors to move faster in taking Final Investment Decisions on the approved projects.

He explained that the reform established a transparent and rules-based investment framework capable of supporting the next generation of deep offshore developments.

The order is particularly significant because deep offshore projects are among the most capital-intensive ventures in the petroleum industry. They require huge investments in drilling, floating production facilities, subsea infrastructure and specialised logistics, making fiscal terms and regulatory certainty critical to investment decisions.

Amadasu added that the anticipated projects could create opportunities across other sectors of the economy, particularly Nigeria’s marine and logistics industries. According to him, the country would need to expand its marine and logistics capacity to support the volume of offshore projects expected under the new investment framework.

“It aims to make Nigeria the regional hub for deep offshore projects,” Amadasu said.

He added that other expected benefits included an increase in Nigeria’s oil and gas reserves, technology and skills transfer, and the creation of new jobs.

The PUNCH reports that Nigeria has been seeking to revive investment in its deep offshore petroleum sector as it targets higher crude oil production and seeks to reverse years of underinvestment in major upstream projects.

The signing of Deep Offshore Oil and Gas Project Incentives forms part of the Tinubu administration’s broader effort to improve the competitiveness of Nigeria’s oil and gas fiscal regime following the Petroleum Industry Act.

With nine projects already holding approved Field Development Plans, the success of the new incentive will largely depend on whether it can translate regulatory approvals into Final Investment Decisions and eventually into new barrels.

For Nigeria, the stakes are substantial: if the projected projects move ahead, the country could secure billions of dollars in fresh investment and add almost one million barrels of crude oil and condensate daily to its production over the next five years.

admin by — August 20, 2026 in Business 0
2027: Kebbi ADC appoints former Deputy Speaker, Sani Tadurga as campaign DG

The African Democratic Congress, ADC, in Kebbi State has appointed a former Deputy Speaker of the House of Assembly, Rt. Hon. Sani Tadurga, as Director-General of its Campaign Council ahead of the 2027 elections.

The appointment was approved by the party’s governorship candidate, Abubakar Malami, SAN, following consultations with stakeholders across the state.

Also appointed are three Deputy Directors-General representing the state’s three senatorial districts: Arch. Bala Sani Kangiwa for Kebbi North, Hon. Shehu Aliyu Sambawa for Kebbi Central and Alh. Aliyu Jibrin Bagaruwa for Kebbi South.

Barr Aminu Bunza was named Secretary of the Kebbi State Campaign Council.

According to the party, the appointments are aimed at strengthening its campaign structure and enhancing coordination ahead of the 2027 elections.

With the new structure, the party said its appointees are expected to deploy their leadership experience and grassroots networks to mobilise support and advance the ADC’s political objectives across the state.

It urged the new appointees to approach their responsibilities with commitment, unity and dedication as preparations for the 2027 polls intensify.

admin by — August 19, 2026 in News 0
Osun election: APC, Accord at war over alleged attacks on members

Osun State chapter of the All Progressives Congress, APC, and the ruling Accord Party have exchanged accusations over alleged attacks on their members following Saturday’s governorship election.

The APC alleged that supporters of the Accord Party launched attacks on its members and supporters after Governor Ademola Adeleke was declared the winner of the election by the Independent National Electoral Commission, INEC.

Accord, however, rejected the allegation and accused the opposition party of being responsible for attacks on its own members.

In a statement issued on Tuesday, Osun APC Director of Media and Information, Kola Olabisi, condemned what he described as a growing wave of post-election violence allegedly perpetrated by Accord supporters across the state.

Olabisi claimed that incidents of attacks on APC members began shortly after Adeleke was declared the winner of the governorship poll on Sunday.

He also alleged that local government chairmen aligned with the ruling party had moved into various council secretariats despite what he described as their “illegal sit-at-home” status.

The APC spokesperson further alleged that some members of the state executive of the National Union of Road Transport Workers (NURTW) had used suspected thugs to gain access to motor parks across the state.

The party warned that the alleged attacks could undermine public peace and potentially trigger retaliatory violence if not brought under control.

The APC called on the Osun State Police Command to strengthen security measures and protect its members and supporters from further attacks.

However, Osun State Accord chairman, Victor Akande, dismissed the allegations, insisting that the party was committed to peaceful political engagement.

“Accord is not known for hooliganism,” Akande told journalists when contacted by telephone.

He instead alleged that APC supporters had been behind attacks on Accord members, claiming that the police had also been used to target members of the ruling party before, during and after the election.

According to him, several Accord supporters were allegedly attacked and unlawfully detained.

Akande described the APC’s allegations as propaganda and urged the public to disregard them.

“They are known for their propaganda. They are the ones attacking our members. I didn’t know any of our members attacking their members,” he alleged.

He maintained that Accord was a peace-loving party and attributed Governor Adeleke’s electoral victory to what he described as the overwhelming support of Osun residents.

admin by — August 19, 2026 in News 0
EFCC recovers N4.48bn diesel allegedly converted by oil firm in Lagos

The Economic and Financial Crimes Commission, EFCC, has recovered 2.3 million litres of Automotive Gas Oil, AGO, commonly known as diesel, valued at approximately N4.485 billion, allegedly diverted from Prudent Energy and Services Limited by Mamemo Ibru of Ibafon Oil and Gas in Lagos.

The recovery followed an investigation launched by the anti-graft agency after Prudent Energy and Services Limited petitioned the EFCC over an alleged shortage of petroleum products it had entrusted to Ibafon Oil and Gas for storage.

EFCC spokesperson, Dele Oyewale disclosed the development in a statement, saying the petitioner alleged that its products stored at the depot had been unlawfully withdrawn, resulting in a substantial deficit in its stock.

According to the agency, the company claimed that repeated withdrawals from the stored products continued until its outstanding stock stood at 2,574,031 litres.

However, a subsequent physical inspection and reconciliation of the products reportedly showed that only 206,761 litres remained in the storage tanks, leaving a shortfall of 2,367,270 litres.

The EFCC said its investigation established that Ibafon Oil and Gas is engaged in the purchase and sale of diesel and also operates a storage facility where its products are kept alongside petroleum products belonging to customers.

The commission further alleged that Ibru, who owns the company, exploited his position to authorise the movement of petroleum products.

The EFCC said the excess products allegedly belonged to Prudent Energy and were converted for Ibru’s personal use.

Following the intervention of the anti-graft agency, the commission said the suspect surrendered the recovered petroleum products to Prudent Energy and Services Limited.

The development, according to the EFCC, forms part of its ongoing efforts to investigate allegations of economic crimes and recover assets obtained or diverted through unlawful means.

admin by — August 19, 2026 in News 0