PENGASSAN strike: Reps seek protection for Dangote Refinery, strategic investments

The House of Representatives has passed a resolution to safeguard strategic private investments in Nigeria from future industrial actions.

This follows the recent strike action by the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, over its dispute with the Dangote Refinery.

The resolution was adopted after a motion jointly sponsored by Ado Doguwa and Abdussamad Dasuki was presented on the floor of the House.

The lawmakers, in the motion, stressed that the Dangote Refinery is located within a Free Trade Zone, FTZ, and as such, the strike action allegedly violated provisions of the Nigeria Export Processing Zones Authority, NEPZA, Act.

DAILY POST reports that the Act stipulates a 10-year no-strike rule for investments operating within FTZs.

The House expressed concern that the recent industrial action may have breached the NEPZA Act and warned of the potential consequences such disruptions could have on investor confidence and the country’s economic outlook.

The lawmakers further noted the financial losses incurred during the three-day strike and called on the Federal Government to urgently intervene and ensure that such disputes are resolved without jeopardizing vital economic assets.

The House also resolved to work on policy frameworks that will prevent similar occurrences in the future and charged its leadership to engage with stakeholders to address the growing concerns around labour actions affecting major private sector investments.

N4tn debt: GenCos say no deal yet with FG

The Managing Director/Chief Executive Officer of the Association of Power Generation Companies, Joy OgajiPower generation companies have said that discussions with the Federal Government on the N4tn power sector legacy debt are still ongoing.

This is despite the Federal Government’s claims that the implementation framework for the N4tn debt reduction had been finalised with the GenCos.

Speaking with The PUNCH, the Chief Executive Officer of the Association of Power Generation Companies, Dr Joy Ogaji, confirmed that the operators met with top government officials to discuss modalities for settling the outstanding debts but stressed that no concrete agreement had been reached.

In a statement last week, the Special Adviser to President Bola Tinubu on Energy, Olu Verheijen, disclosed that the Federal Government had taken a major step toward restoring financial stability and investor confidence in the electricity market with the finalisation of the implementation framework for the Presidential Power Sector Debt Reduction Plan.

She described it as a landmark initiative approved by Tinubu to address structural bottlenecks and lay the groundwork for large-scale private sector-led investment and sustained economic growth.

But Ogaji said there was nothing finalised yet with the Federal Government as far as the N4tn debt was concerned.

“Yes, the chairmen were invited to discuss modalities. I know that discussions are still ongoing. Nothing finalised or concretised. I can’t confirm it,” Ogaji told The PUNCH when asked to confirm if the payment plan had been finalised.

The Minister of Power, Adebayo Adelabu, had earlier announced that the Federal Government has approved a N4tn bond for the defrayment of the legacy debt.

But the GenCos said they were not carried along by the Federal Government or the Nigerian Bulk Electricity Trading Company.

Ogaji had in September written a letter to NBET seeking clarity and wondering why GenCos were not carried along during the verification process.

In the statement, Tinubu’s energy adviser said that on October 7, she, alongside the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the Minister of Power, Adelabu, met with senior executives of Nigeria’s electricity generation companies to review settlement modalities for the outstanding debt.

The meeting, it was learnt, concluded with a consensus on the way forward, which includes conducting bilateral negotiations to finalise full and final settlement agreements that balance fiscal realities with the financial constraints of the GenCos.

Reportedly approved by Tinubu and endorsed by the Federal Executive Council in August 2025, Verheijen said the plan authorised the issuance of up to N4tn in government-backed bonds to settle verified arrears owed to generation companies and gas suppliers.

The intervention was said to be the largest in over a decade, addressing a legacy debt overhang that has constrained investment, weakened utility balance sheets, and hindered reliable power delivery across the country.

At the meeting, the Chairman of Heirs Holdings and Transcorp Power was quoted as saying, “For the first time in years, we are seeing a credible and systematic effort by the government to tackle the root liquidity challenges in the power sector. We commend President Tinubu and his economic team for this bold and transformative step.”

The Group Chief Executive Officer of Transcorp Plc, Owen Omogiafo, disclosed in April that the Federal Government owed the company up to N650bn for the power generated.

The Group Managing Director of Sahara Group reportedly echoed a similar sentiment, saying, “This initiative is significant in every respect. It gives us renewed confidence in the reform process and a clear signal that the government is serious about building a sustainable power sector.”

Verheijen had said that the focus of the government was on creating the right conditions for investment, from modernising the grid and improving distribution to scaling embedded generation.

According to her, by closing metering gaps, aligning tariffs with efficient costs, improving subsidy targeting to support the poor and vulnerable, and restoring regulatory trust, the nation was shifting from crisis response to sustained delivery and building the confidence needed to attract large-scale private capital.

Edun noted that the reforms were beyond liquidity: “They are about rebuilding the fundamentals so that Nigeria’s power sector works for investors, for citizens, and for the next generation.”

It was learnt that the Presidential Power Sector Debt Reduction Plan is being jointly implemented by the Federal Ministry of Finance, the Federal Ministry of Power, and the Office of the Special Adviser to the President on Energy, in collaboration with the Nigerian Bulk Electricity Trading Plc and other key stakeholders.

Despite these assurances, GenCos remain cautious, insisting that the implementation details are still under discussion. Operators said they were waiting for concrete timelines and clarity on verification procedures before confirming any agreement.

Ogaji had earlier stressed that despite the patriotic commitment of operators to keep the lights on, factors outside their control make it nearly impossible to sustain generation. She listed gas supply, maintenance of machines, procurement of spare parts, and obligations to other creditors as key challenges.

“Gas suppliers have already started reducing supply. There are critical maintenance works on our machines, spares to purchase, and other creditors who are no longer willing to wait for payments. They now prioritise those who pay them promptly,” she stated.

The APGC boss revealed that GenCos’ monthly invoices average N270bn, but only about N70bn is paid, leaving N200bn outstanding every month. She faulted the 2025 federal budget, which earmarked N900bn for the power sector without cash backing, calling it grossly inadequate.

Abia Govt insists on Otti’s loyalty to LP, dismisses fresh APC defection rumour

Abia State government has dismissed fresh news reports claiming that Governor Alex Otti has defected from the Labour Party and joined the All Progressive Congress, APC.

Some persons from Abia State had last week, uploaded a picture of Governor Otti where he visited Governor Peter Mbah, a few days before Mbah’s defection to the APC.

According to them, the visit was part of Governor Otti’s alleged approach to smoothen his entrance into the ruling national party.

However, the Abia State government, on Monday, through the Commissioner for Information, Okey Kanu, described the news about Otti’s defection as a fabrication by political propagandists.

“Governor Alex Otti remains a committed and proud member of the Labour Party, the platform under which the good people of Abia overwhelmingly elected him to serve.

“His focus remains unshaken, to rebuild Abia, restore accountability, and deliver the dividends of democracy to every citizen of the State”, the Commissioner said.

He advised the public to disregard the report and treat it as another cheap propaganda.

No faction in lmo ADC – Party South-East Vice Chairman Unachukwu

The Imo State chapter of the African Democratic Congress, ADC, has dismissed claims suggesting the existence of factions within the party.

The party clarified that it remains one united and indivisible family under the legitimate leadership of Professor James Okoroma, the duly recognised State Chairman.

The national leadership of ADC, which affirmed that there is no faction in the Imo ADC, had directed that all activities, communications, and official engagements are to be conducted solely under the supervision and direction of the Professor James Okoroma-led State Working Committee.

This was contained in a statement issued on Monday by ADC National Vice Chairman, South-East, Sir Bon Unachukwu, and made available to DAILY POST.

“We advise the public, party faithful, and media to disregard unauthorised statements or actions from individuals or groups not recognised by the national leadership. The ADC remains committed to unity, transparency, and democratic advancement in Imo State and Nigeria,” Unachukwu stated.

Sterling Bank leads Africa’s Green Revolution…

…with Agriculture Summit Africa 2025
 Africa’s agricultural rebirth gathers momentum as Agriculture Summit Africa (ASA) 2025, the continent’s foremost platform for advancing sustainable and inclusive agricultural transformation, returns under the bold theme ‘Survival of the Greenest: Reclaiming Africa’s Food Destiny’.
Scheduled for November 6–7, 2025, at the Transcorp Hilton, Abuja, ASA 2025 is set to spotlight financing pathways to drive sustainable growth in the agricultural sector.
Now in its eighth year and convened by Sterling Bank, the summit will bring together policymakers, agribusiness leaders, investors, and innovators from across Africa and beyond to explore innovative solutions to the continent’s agricultural challenges.
Furthermore, the event will foster collaboration and innovation, examining how green finance, digital tools, and climate-smart practices can transform Africa into the world’s next agricultural powerhouse.
Addressing attendees at the press conference to announce plans for the summit, Abubakar Suleiman, Managing Director and Chief Executive Officer of Sterling Bank, emphasised the Bank’s purpose for convening the summit, noting that, “At Sterling, we believe Africa’s food future will be secured not by chance but by deliberate, collective effort.”
“Our commitment is rooted in the conviction that agriculture is central to Africa’s transformation, socially, economically, and environmentally. ASA 2025 is a platform that has galvanised this transformation by uniting policymakers, innovators, and investors around one shared goal: reclaiming Africa’s food destiny through sustainability and innovation.”
With over 60% of the world’s uncultivated arable land and a rapidly growing population, Africa holds immense potential to become a global agricultural powerhouse.
However, productivity challenges, limited access to finance, and the escalating impacts of climate change continue to hinder food security. ASA 2025 will leverage multi-sector partnerships and policy alignment to accelerate the continent’s transition from dependence to self-sufficiency.
“This year’s theme, ‘Survival of the Greenest,’ underscores both the urgency and the unique opportunity before us,” commented Olushola Obikanye, Group Head, Agric Finance and Solid Minerals at Sterling Bank. “Africa’s food future lies in sustainability, innovation, and collaboration.
ASA provides a platform where governments, financiers, innovators, and farmers can engage meaningfully to design solutions that strengthen agricultural value chains, unlock financing, and foster inclusion. Agriculture is not just an economic imperative; it is the heartbeat of Africa’s transformation,” he added.
The two-day event will host delegates from over 30 African countries, providing valuable opportunities for networking, policy engagement, and investment facilitation among agribusinesses, innovators, and financiers enabling access to capital.
The event will also feature high-level panels, keynote addresses, policy dialogues, exhibitions, and an Investment Deal Room (a marketplace designed to connect investors with viable agribusiness ventures and initiatives).
Sunbeth Global Concepts, a global agro-commodities sourcing and trading company, will co-convene the summit, contributing its expertise in agribusiness strategy, capacity building, and development partnerships.
Eyitemi Adebowale, Head of Corporate Affairs and Communications at Sunbeth, spoke to the company’s commitment to sustainable agriculture, saying, “We are proud to co-convene ASA 2025 because we believe the future of Africa’s development is rooted in sustainable agriculture. Through this summit, we aim to spotlight solutions that empower farmers, attract investment, and promote climate-smart practices that build resilience across the continent.”
With strategic partners including Mastercard, which will lead discussions on digital tools for agricultural transformation, ASA 2025 is poised to ignite a movement toward innovation and financial inclusion within the agricultural sector.
Other key sponsors and partners include the International Finance Corporation (IFC), The Alternative Bank, Arzikin Noma, ONE Foundation, Noor Takaful, Bühler, and many others.
Agriculture Summit Africa (ASA)
Agriculture Summit Africa (ASA) is the continent’s foremost platform for advancing agricultural innovation, investment, and sustainability. It brings together leaders from government, business, and development sectors to foster collaboration, share insights, and drive action toward a resilient, inclusive agricultural future for Africa.
Interested participants and organisations can register at www.agricsummit.org.
About Sterling Bank Limited
Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of over 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.
Sterling is a forward-thinking financial institution committed to transforming lives through innovative solutions, exceptional service, unwavering integrity, and a steadfast focus on its HEART strategy, which centers on Health, Education, Agriculture, Renewable Energy, and Transportation. As pioneers in digital banking and financial inclusion, Sterling continues to lead by example, showing how purpose-driven leadership can deliver transformative outcomes for individuals, businesses, and society at large.
Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.
LASG disburses N1bn pension to 463 retirees

LASG logoThe Lagos State Government has disbursed over N1bn pension to 463 retirees from the state’s civil service.

The sum of N1,006,057,173.45 was credited into the Retirement Savings Accounts of retirees drawn from the mainstream civil service, local governments, local council development areas, the State Universal Basic Education Board, Teaching Service Commission, and other state parastatals.

Speaking at the 111th Retirement Bond Certificate Presentation Ceremony held at the NECA Auditorium, Alausa, Ikeja, on Monday, the Head of Service, Bode Agoro, described the event as a testament to the Governor Babajide Sanwo-Olu administration’s commitment to the welfare of workers, both serving and retired.

“Under Governor Babajide Sanwo-Olu’s leadership, Lagos has remained consistent in ensuring the prompt presentation of bond certificates to retirees, leading to the speedy payment of their retirement benefits,” Agoro said, adding that the gesture reflected the huge premium the governor placed on the welfare and well-being of senior citizens.

Agoro, who was represented by the Director, Post Service, Public Service Office, Bukola Durodola, urged the beneficiaries to use their entitlements judiciously, saying that the state government remained committed to the welfare of retirees after service.

In his welcome address, the Director-General of LASPEC, Babalola Obilana, said Governor Sanwo-Olu’s commitment to regular pension payments had positioned Lagos as a model of effective pension administration in Nigeria.

“Despite the economic challenges faced globally and locally, Lagos State remains one of the few in the federation that consistently fulfils its pension obligations,” Obilana said.

“This feat has been achieved through prudent financial management, fiscal discipline, and the governor’s strong political will to prioritise retirees’ welfare,” he added.

Obilana noted that LASPEC had automated its processes to enhance transparency, accountability, and efficiency.

In September, LASPEC also disbursed N1.52bn retirement bonds to 798 retirees.

Last week, it assured retiring public servants of prompt processing and remittance of their benefits, provided their documentation was in order.

National Assembly mourns Army commander, soldiers killed by terrorists

Screenshot 2025-10-20 173450The National Assembly, on Monday,  mourned the death of Lieutenant Colonel Aliyu Saidu Paiko, the Commanding Officer of the 202 Tank Battalion, and several other soldiers killed in a terrorist ambush in Borno State.

The Senate Committee on Army, in a condolence message signed by its Chairman, Senator Abdulaziz Yar’Adua, described the fallen soldiers as gallant patriots who gave their lives in defence of the nation.

“On behalf of the Senate Committee on Army, I extend our heartfelt condolences to the Chief of Army Staff, Lieutenant General Olufemi Oluyede, the Nigerian Army, and the families of the gallant officers and soldiers who made the ultimate sacrifice in the line of duty,” Yar’Adua said.

He assured the Nigerian Army of the legislature’s continued support, pledging that the Senate would “work tirelessly to provide adequate resources and welfare” for troops battling insecurity across the country.

The committee also prayed that Almighty Allah grants the fallen heroes Jannatul Firdaus and comforts their families.

“May their sacrifice never be in vain, and may their memory continue to inspire us to work towards a safer and more prosperous Nigeria,” the statement added.

Earlier on Monday, the Nigerian Army confirmed that Paiko and a few other soldiers were killed during a fierce gun duel with Boko Haram and Islamic State West Africa Province terrorists around the Kashimri area of Bama Local Government Area.

In a statement, the acting Director of Army Public Relations, Lt. Col. Appolonia Anele, said the troops of Operation HADIN KAI under the 21 Special Armoured Brigade had successfully foiled a planned attack by the insurgents on October 17, 2025.

“However, the encounter took its toll on our side, as the Commanding Officer, 202 Tank Battalion, Lieutenant Colonel Aliyu Saidu Paiko, and a few other valiant soldiers paid the supreme price as they fell in battle,” Anele said.

She added that the troops neutralised several terrorists and destroyed identified Boko Haram camps during the operation.

“The Nigerian Army will continue to honour the weight of their sacrifices. Their loss reminds us of our unyielding resolve to stamp out terrorism from our great nation,” the statement read.

The Chief of Army Staff, Lieutenant General Olufemi Oluyede, also extended condolences to the families of the deceased, describing them as “not just soldiers but fathers, brothers, and sons who displayed immeasurable courage in the face of adversity.”

Anele appealed to the public and the media to avoid sharing images of the fallen personnel to preserve their dignity and protect their families’ privacy.

The killing of Lt. Col. Paiko and his men marks yet another tragic blow to the military in its ongoing counterinsurgency campaign in the North-East.

Military sources said the troops were on a clearance operation when they came under heavy fire from terrorists. Despite fierce resistance, Paiko and several of his men were overwhelmed by superior enemy firepower.

The latest incident follows a spate of deadly attacks in Borno. In September, suspected Boko Haram fighters stormed Darajamal in Bama Local Government Area, killing 58 civilians and five soldiers.

Borno State Governor, Prof. Babagana Zulum, who visited the scene, confirmed that “63 people lost their lives, both civilians and military, although the civilian casualties are more.” He also called for the deployment of newly trained forest guards to support the military in securing vulnerable communities.

Similarly, terrorists recently attacked the 152 Task Force Battalion in Banki, another Bama community, killing one soldier and five civilians. Several survivors were evacuated across the border to Mora, Cameroon, for treatment, while many residents fled their homes.

Defence Headquarters spokesperson, Major General Markus Kangye, confirmed the Banki attack, saying, “Our troops were not dislodged as alleged. There was a serious firefight, and although we lost a soldier, the troops remain in control of their base.”

Until his death, Lt. Col. Paiko was widely regarded as a brave and disciplined officer with an outstanding record in counterinsurgency operations.

His death, alongside that of his troops, has been described as a huge loss to the Nigerian Army and the nation at large.

FRSC set for contactless, instant driver’s licence issuance

The Federal Road Safety Corps has announced the introduction of a contactless biometric capture system for driver’s licence issuance, marking a significant shift toward digitalisation in Nigeria’s motor vehicle administration.

The development came as the agency launched its 2025 Ember Months Road Safety Campaign aimed at reducing road accidents during the busy festive period.

The campaign, launched on Monday in Abuja, is tagged “Tech Responsibility for Your Safety: Stop Distracted Driving.”

It targets dangerous driving behaviours often linked to increased crashes between December 15 and January 15.

Speaking during the flag-off, Corps Marshal Shehu Mohammed, said the new licence system would not only eliminate delays but also remove the need for temporary documents.

“We have activated plans to overcome the perennial challenges associated with delays in obtaining the drivers licence and number plates. Our printing facility has been upgraded to print an average of 15,000 drivers licence daily.

“This production average will be increased to clear the backlog before the second week of November 2025,” Mohammed said.

He further announced that the FRSC was “about to commence the contactless biometric capture with on-spot printing of the licence, which will eliminate temporary licences thereby signaling the beginning of digitalised one-stop-shop for processing drivers licence.

“With this development, it is expected that delays and other challenges related to the national drivers licence will be history.”

The corps marshal explained that the new system was developed in consultation with relevant stakeholders, including state governments, noting that licensing falls under a concurrent legislative list.

“Globally, we have seen how driver’s licence has been obtained. As soon as you come, you get the driver’s licence. What matters is the comprehensive data, the adequate data that will be stored for usage at any given time,” he said.

He further explained that the system would fully integrate existing driving school, Vehicle Inspection Office, and certification processes, but with a faster and streamlined approach.

“Once you reach the point of capture, you get captured and you get your driver’s licence instantly. There is no longer going to be a temporary driver’s licence. There’s no longer going to be two weeks, one month, six months, one year before you get your driver’s licence,” Mohammed stated.

He said the new process is also synchronised with the National Identification Number database, ensuring data consistency and seamless identity verification.

He described the new contactless fingerprint system as “seamless,” saying it allows biometric data to be captured without physical contact, using advanced technology that reads fingerprints from a short distance.

The FRSC has also enhanced its cooperation with state governments and agencies such as the VIO and state revenue boards to ensure seamless implementation of the new system nationwide.

During a press tour of the FRSC’s Driver’s Licence Print Farm on Monday, Deputy Corps Marshal in charge of Motor Vehicle Administration, Aliyu Datsama, confirmed that the contactless system is already operational and will be rolled out across the country, including Lagos.

Crucially, Datsama disclosed that the corps had been dealing with a massive “backlog of 800,000 unprocessed driver’s licences, which has now been reduced to 400,000.”

“We are now working 24/7 to clear the remaining backlog.

“Our current daily production capacity is 40,000 licences, and by the grace of God, we will clear everything in the next few weeks,” he stated.

He also urged Nigerians who have already completed capture to check and collect their licences, noting that “over 206,000 licences remain unclaimed across various states.

EFCC recovered N500bn, secured 7,000 convictions under my watch – Tinubu

Bola Tinubu.President Bola Tinubu, on Monday, praised the Economic and Financial Crimes Commission’s strides in anti-graft fight, saying the agency secured 700 convictions and recovered N500bn fraud proceeds in two years.

Speaking through Vice President Kashim Shettima at the opening of the 7th EFCC-NJI Capacity Building Workshop for Justices and Judges on Monday in Abuja, Tinubu said his administration remained committed to empowering anti-graft agencies to deliver tangible results, citing the EFCC’s performance as a clear example.

According to a statement by the EFCC spokesman, Dele Oyewale, Tinubu said the Commission had recorded over 7,000 convictions in the first two years of his administration and recovered assets worth more than N500bn.

“The EFCC, for example, has recorded over 7,000 convictions in the first two years of the present administration and recovered assets in excess of N500bn.

“Recovered proceeds of crime by the agency have been ploughed back into the economy to fund critical social investment programmes, including the Students Loan and Consumer Credit schemes,” he was quoted as saying.

The President said the government’s anti-corruption drive would only succeed if all arms of government worked in synergy, stressing that judges play an indispensable role in ensuring accountability and public trust in the justice system.

“A Nigeria free of corruption is possible if we all commit to doing what is right in our respective spheres of influence,” Tinubu said. “A robust judicial system is central to the success of anti-corruption efforts, and I count on our judges.”

Tinubu emphasised that the executive, legislature, and judiciary must lead by example, warning that the fight against corruption would lose credibility if public officials failed to uphold integrity.

“We cannot claim to have excelled in our pursuit of a transparent system if we do not live by such examples,” he said. “Courts and judges are strong pillars of the anti-corruption process. Your vantage position on the bench does not insulate you from the consequences of corruption.”

The President noted that corruption undermines national development and fuels insecurity, urging all Nigerians to unite in confronting it.

“There are no special roads, hospitals, or communities for judges. We all face the same risks that arise from decades of willful theft and wastage of our nation’s resources,” he said. “It is in the interest of all Nigerians to join hands in fighting and winning this war.”

Earlier, the EFCC Chairman, Ola Olukoyede, raised alarm over the persistent delays and procedural setbacks plaguing high-profile corruption cases in Nigerian courts, warning that they have cast a shadow over the agency’s achievements.

Olukoyede said that although the EFCC had made significant progress in tackling corruption, public confidence in the judicial process continued to wane due to the slow pace of politically sensitive trials.

“The milestones we have recorded in the past two years are almost overshadowed by public concern over the progress of high-profile cases in court. The seeming convoluted trajectory of many cases involving politically exposed persons evokes gasps of exasperation, incredulity, and sometimes disdain by the people.

“Without mentioning specific cases and courts, there are cases filed by the commission 15 or 20 years ago that appear in limbo, moving in circles,” he said.

Olukoyede described a recurring pattern in which defendants in corruption cases—especially politically exposed persons—exploit legal loopholes to delay proceedings.

“We appear to have grown accustomed to a predictable pattern in high-profile prosecutions: When investigations are concluded, getting politically exposed persons to appear in court to answer to charges is a Herculean task. When that hurdle is overcome and the charge is read, other antics unfurl.

“It is either the charges are not properly served, or the defendant who hitherto was fit as a fiddle suddenly comes down with some of the most chronic ailments under the sun. A medical report is brandished and technical adjournment procured,” he said.

The EFCC boss warned that the “weaponisation of procedure” and the prioritisation of technicalities over justice have serious consequences for the integrity of the judiciary.

He noted that prolonged trials often result in witness fatigue, faded memories, and, in some cases, the death or unavailability of key witnesses or prosecutors.

“All of these amount to weaponisation of procedures. Prioritisation of procedural technicalities at the expense of justice undermines public confidence in the fight against corruption and financial crimes.

“This calls for greater circumspection by Your Lordships in making pronouncements and decisions with dramatic implications for the fight against corruption.

“When cases drag in court, many things happen — witness fatigue sets in, memories fade, and those who had testified may struggle to recall their earlier testimonies. In extreme circumstances, the witness or the prosecutor may have died or moved on and is no longer available to testify.

“The longer cases last in court, the more the chance that they slip off popular consciousness, and the image of the court as the temple of justice is eroded. The only victor in the circumstance is corruption.

“My Lords, while the Nigerian judiciary is blessed with competent and courageous judges and justices, the actions and decisions by a few are sources of worry to agencies such as the EFCC,” he said.

Olukoyede also expressed concern over the conduct of some state high court judges, accusing them of issuing orders beyond their jurisdiction to obstruct the Commission’s lawful investigations into money laundering and financial crimes.

“The commission is disturbed by the trend in which some judges of state high courts issue orders to apprehend the powers of the commission to investigate money laundering cases, even though it is clearly established that those matters are outside their purview.

“More worrisome is the fact that most of those decisions are made ex parte. Even where the commission appeals, there are no restraints in making contempt decisions against it,” he lamented.

He decried situations where courts of coordinate jurisdiction deliver contradictory judgments in similar high-profile cases, further complicating the Commission’s work.

“In addition, contradictory decisions by courts of coordinate jurisdiction in high-profile corruption cases encumber the work of the Commission. There is also the case where senior lawyers are allowed to stall the arraignment of corruption suspects through frivolous applications.

“These antics leave society with the suspicion that the courts and the prosecution are not keen about justice,” Olukoyede said.

He also faulted some senior lawyers for filing frivolous applications aimed at delaying the arraignment of suspects, thereby fuelling public suspicion that both the judiciary and prosecutors are complicit in frustrating justice.

The EFCC chairman called on judges and justices to exercise greater circumspection in their rulings, especially in cases with significant implications for the country’s anti-corruption campaign.

NGX records strong opening, adds N611bn to market capitalisation

Nigerian Exchange LimitedThe Nigerian Exchange opened the week on a positive note as investors recorded a gain of N611bn, driven largely by price appreciation in industrial stocks, particularly BUA Cement, and renewed investor interest in select mid-cap equities.

At the close of Monday’s trading, the market capitalisation rose to N95.2tn from N94.6tn recorded in the previous session, representing a 0.65 per cent increase. Similarly, the All-Share Index appreciated by 963.17 points to close at 149,940.81, marking a one-week gain of 1.51 per cent, a four-week gain of 5.71 per cent, and a robust year-to-date growth of 45.68 per cent.

Market data showed that a total of 415.04 million shares worth N26.96bn were traded in 31,486 deals, representing a 14 per cent decline in volume but a 62 per cent improvement in turnover when compared to the previous trading session.

A total of 130 equities participated in the day’s trading, ending with 30 gainers and 33 losers. Union Dicon Salt Plc topped the gainers’ chart with a 10 per cent increase to close at N8.80 per share.

It was followed by Eunisell Interlinked Plc, which rose 9.92 per cent to N53.20 per share; Sovereign Trust Insurance Plc, which appreciated 6.44 per cent to N3.80 per share; and BUA Cement Plc, which advanced 6.25 per cent to N170 per share.

On the flip side, Juli Plc led the losers with a 9.94 per cent decline to close at N8.06 per share. Thomas Wyatt Nigeria Plc followed with a 9.63 per cent loss to close at N2.72 per share, while Daar Communications Plc and Universal Insurance Plc dipped 7.14 per cent and five per cent, respectively.

In terms of activity, Fidelity Bank emerged as the most traded stock by volume, exchanging 49.44 million shares valued at N982.26m. Access Holdings followed with 41.21 million shares worth N1.05bn, while Chams Holdings and Nigerian Breweries recorded trades of 20.20 million and 17.89 million shares, respectively.

On the value chart, Geregu Power Plc led with transactions worth N9.29bn, followed by Aradel Holdings Plc with N3.28bn, Dangote Cement Plc with N1.97bn, MTN Nigeria with N1.47bn, and Nigerian Breweries with N1.39bn.

Sectoral performance reflected broad-based gains across major indices. The Industrial Index led with a 2.34 per cent increase, followed by the Top 30 Index (+0.68 per cent), Premium Index (+0.66 per cent), NGX Main Board Index (+0.66 per cent), NGX Oil & Gas Index (+0.65 per cent), and Pension Index (+0.55 per cent).

Market analysts attributed the bullish sentiment to renewed confidence in industrial and blue-chip stocks, as investors positioned for improved earnings and dividend expectations in the fourth quarter of the year.