All Posts in "Dan Poster"

Plateau APC welcomes Gov Mutfwang’s defection, pledges unalloyed support

Despite the initial opposition by the Plateau State chapter of the All Progressives Congress, APC, to Governor Caleb Mutfwang’s defection from the Peoples Democratic Party, PDP, the state APC has now welcomed him and has pledged to support him to succeed in his new political journey.

The APC had earlier vehemently kicked against the idea of Mutfwang joining the party.

At a stakeholders’ meeting held in Jos, the party elders categorically stated that they would do everything to prevent the governor from joining the party.

The women’s wing led by Mrs. Elizabeth Yerse also held a rally where they said they did not want Mutfwang to join them, while different youth groups held press conferences and also kicked against the idea.

However, following the announcement of his defection on Thursday, the state party chapter has now welcomed the governor, stating that his joining the party will be a great asset to the state in the long run.

The APC Publicity Secretary in the state, Shittu Bamaiyi, who had been one of the staunchest voices against the move, in an interview with journalists on Friday, said the governor’s defection was one of the best things to happen to the party at the state level.

Bamaiyi said after all that had happened, the party was not surprised that Mutfwang took the bold step in joining the APC, which he described as a non-discriminatory party open to all eligible Nigerians.”

“We’re not surprised by the governor’s decision to join the APC, and we’re ready to give him all the support he needs to succeed,” Bamaiyi said in the interview.

“People must understand that joining a political party is the right of every citizen of Nigeria,” he said.

He stressed that joining a political party is a fundamental right of every Nigerian and no one has the right to stop others from jumping ship.

“While some people have the right to be annoyed, others also have the right to be happy. And we are happy that Gov. Mutfwang has decided to join the APC and he will be a great asset not only to the state chapter but at the national level. Whether you like it or not, our number in the APC has increased.

“The governor is not new to party politics. He has been in a political party, and as such, he knows what to do. We expect that he is going to carry everyone along.

“So, he is welcome to the APC. We are going to give him the needed support,” Shittu added.

Dan Poster by — December 20, 2025 in Politics 0
‘Your road will continue to be rough’ – NNPP Chairman to defectors

Ajuji Ahmed, the National Chairman of the New Nigeria Peoples Party (NNPP), has criticized former party members who left to join other political parties.

Ahmed said those who left the NNPP would experience rough road and challenges in their new parties.

He made these comments during the party’s 10th National Executive Committee (NEC) meeting held on Thursday in Abuja.

He described the ex-members as “renegades” while noting that although the NNPP may not be large, it is stronger and more united than many other parties.

Ahmed urged party members to ignore those who defected, saying their decision would only bring them hardship.

He added that leaving a peaceful party for troubled ones was a poor choice.

He also took a swipe at the Peoples Democratic Party (PDP) and the All Progressives Congress (APC), saying the NNPP has remained stable despite efforts by outsiders to create problems.

According to Ahmed, the NNPP has no internal divisions and is not controlled by any individual.

He stressed that the party is not split into factions or weakened by external influence, but remains united and committed to its goals and guiding principles.

Ahmed said: “I call upon you to please forget entirely the antics of renegades who call themselves defectors.

“May their road continue to be rough.

“If a man or some men decided to jump from calm waters only to land in not just a frying pan but directly into a burning fire, we wish them a safe journey.

“We are not fragmented into three parts with two party chairmen. We have not been captured and broken and made ineffective by a single omnipotent external force, we are NNPP. We are united.”

Dan Poster by — December 20, 2025 in Politics 0
Why I visited Nnamdi Kanu in Sokoto prison – Gov Otti

Abia State Governor, Alex Otti, has stated why he visited the detained leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, who is serving a hail term in Sokoto.

Speaking when the leadership of the Abia Diaspora Commission and the medical team of the state Global Medical Mission 2025 visited him at the Government House, Umuahia, on Friday, Otti said his visit was not driven by political ambition.

The governor’s clarification is coming against the backdrop of a video circulating on social media, where a certain man was criticising his visit to Kanu.

However, Otti defended his visit to the IPOB leader, saying that the trip was driven by the need for dialogue and peace.

According to him, the video represented differing opinions, which formed part of the democratic system, arguing that disagreement did not automatically make one position right.

Otti also said that he had no intention of contesting any election after completing his tenure as governor.

“One of the issues he raised in the video was my ambition after serving as governor.

“I have said this before, sometime in October, when we received representatives of the President, and I will say it again today. By the time I complete my tenure as governor, I will retire from public office,” he said.

Dan Poster by — December 20, 2025 in General News 0
Bauchi govt urges peace ahead of Tinubu’s condolence visit

Bauchi State Government has appealed to residents to remain calm and law-abiding during President Bola Tinubu’s condolence visit following the death of renowned Islamic scholar, Sheikh Dahiru Usman Bauchi.

The appeal was contained in a statement on Friday by Governor Bala Mohammed’s media aide, Mukhtar Gidado, who said the President is scheduled to arrive in Bauchi on Saturday.

The statement urged residents to cooperate with security agencies deployed across the state to ensure a smooth and safe visit.

It also announced that some major roads leading to the Sheikh’s mosque and other key locations would be temporarily closed or diverted between 1:00 p.m. and 6:00 p.m. for security and traffic management purposes.

Residents were advised to plan their movements accordingly and avoid restricted areas.

While acknowledging possible inconveniences, the government thanked residents for their cooperation and reaffirmed its commitment to maintaining peace and order while honoring the legacy of the late Islamic scholar, whose teachings had a lasting impact on Bauchi State, Nigeria, and the wider Muslim community.

Dan Poster by — December 20, 2025 in General News 0
16 Sokoto corpers get extension over misconduct

Corps membersThe National Youth Service Corps has extended the service years of 16 corps members in Sokoto State over misconduct.

According to the State Coordinator of the scheme, Alhaji Usman Yaro, the corps members committed various infractions, including absenteeism and abscondment.

Speaking during the passing-out ceremony of the 2024 Batch C, Stream 2 corps members in Sokoto on Friday, Yaro said the scheme was operating a zero-tolerance policy for truancy and indiscipline.

“Discipline remains a core value of the NYSC, while sanctions are necessary to maintain the integrity of the scheme and ensure corps members comply with laid-down regulations.

“In this regard, no fewer than 16 corps members will be punished with an extension of their service year due to various offences committed while undergoing their service year,” he stated.

The NYSC boss also announced that two corps members received the prestigious Sultan Sa’ad Abubakar Award in recognition of their “exceptional contributions” to improving the living standards of their host communities.

He commended the State Governor, Ahmed Aliyu, for his sustained support for the scheme, particularly his commitment to the continuous payment of state allowances to corps members.

Yaro explained that corps members were deliberately posted to rural communities in line with the scheme’s mandate to promote grassroots development and in alignment with the development agenda of the present administration.

He noted that most corps medical personnel were deployed to rural areas to help bridge manpower gaps in the health sector, adding that their various medical outreaches have benefited thousands of residents across the state.

He further disclosed that a large number of corps members were posted to schools as part of NYSC’s commitment to strengthening the education sector in Sokoto State.

Dan Poster by — December 20, 2025 in General News 0
Ondo magistrates threaten strike over poor welfare

courtMagistrates, Presidents of Grade ‘A’ Customary Courts, and Legal Research Officers of the Ondo State Judiciary have threatened to embark on strike action over what they described as prolonged neglect and inadequate support from the state government.

The strike, according to a letter by the Coalition of Magistrates, Presidents of Grade ‘A’ Customary Courts, and Legal Research Officers, is set to commence from January 5, 2026.

In the letter dated December 10 and addressed to the state Chief Judge, the coalition said the government’s failure to ensure judicial autonomy had adversely affected the welfare, operational efficiency, and dignity of office necessary for effective justice delivery across the state.

They argued that repeated appeals and engagements over the years had yielded no meaningful intervention, leaving the working conditions of frontline judicial officers grossly inadequate and misaligned with economic realities.

“While we operate under different jurisdictions and structures within the Judiciary, we are equally frontline officers whose working conditions have, over the years, remained grossly inadequate and misaligned with prevailing economic realities and acceptable judicial standards. Repeated appeals and engagements have not yielded the required interventions, and the situation has now become untenable,” they said.

The judicial officers listed some of their demands, including an increment in the retirement age from 60 to 65 years, an upward review of salaries by at least 500 per cent, placement of Magistrates and Presidents of Grade ‘A’ Customary Courts on Salary Grade Level 17, and provision of official vehicles and mobility support.

They lamented that the continued failure of the state government to provide official vehicles, despite the approval of funds for this purpose over a year ago, had compelled them to operate under conditions that undermine efficiency, dignity, and the effective administration of justice.

The coalition warned that if their demands were not met by January 5, 2026, they would withdraw their services.

Dan Poster by — December 20, 2025 in General News 0
Economists flag revenue, debt risks in 2026

File format is EPS10.0.Nigeria is heading toward a difficult 2026 as widening revenue shortfalls, rising public debt, new taxes and delayed capital spending threaten to deepen economic strain, economists have said, following confirmation by Finance Minister Wale Edun that government revenues are far below target.

Edun told lawmakers this week that federal revenues for 2025 are now projected at N10.7tn, compared with an initial estimate of N40.8tn, implying a gap of about N30tn. Economists who spoke to Saturday PUNCH warn the shortfall is likely to force tighter fiscal policies next year, with implications for households, investment and social infrastructure.

“The current trajectory indicates that federal revenues for the full year will likely end at around N10.7tn, compared with the N40.8tn that was projected,” Edun said during an interactive session with the House Committees on Finance and National Planning. He attributed the shortfall largely to weak oil and gas receipts, including underperformance in petroleum profit tax and company income tax, alongside gaps in non-oil revenue collection.

The revenue miss reflects overly optimistic budget assumptions. Nigeria’s 2025 budget was based on crude oil production of 2.06 million barrels a day at 75 dollars a barrel, but output has consistently ranged between 1.5 million and 1.7 million barrels a day, while prices have mostly traded between 60 dollars and 65 dollars, occasionally nearing 70 dollars.

Former Zenith Bank Chief Economist Marcel Okeke said the divergence between assumptions and outcomes undermines earlier claims by the government that revenue targets had already been met.

“President Tinubu, in September, said that they had met their targets while projecting a decision in August. Now, in December, the Minister of Finance and Chairman of the Economic Council is providing an update on the current status,” Okeke said. “This raises a question: which source should Nigerians believe? The latter seems more credible, especially when considering budget assumptions.”

Okeke also pointed to insecurity as a drag on economic activity and revenue generation. “Public and commercial activities in affected areas have been largely disrupted, which limits government revenue and economic growth,” he said.

“The government, therefore, faces pressure to generate funds through taxation. To this end, an agreement or memorandum of understanding with France is being pursued to optimise revenue collection.”

Economist Paul Alaje warned that the shortfall could reverse recent gains in debt-service-to-revenue ratios. “Chances are really very high that there may be a resurgence of debt service to revenue, as a N30tn revenue gap means a lot,” Alaje said in comments to News Central on Thursday. “Now, what should we do when we have this?”

Alaje said the options are limited: borrowing abroad, which could take time and put pressure on the naira, or expanding domestic borrowing through bonds and treasury bills, which risks crowding out private investment and employment. He also flagged the link between higher interest rates and weakening investor confidence.

Despite earlier assurances from President Bola Tinubu that domestic borrowing had ended, the Senate in November approved a request by the administration to borrow N1.15tn from the local debt market to finance the 2025 budget deficit.

In September, Tinubu had struck a more optimistic tone. “The economy is stabilised; nobody is trading pieces of paper for exchange rates anymore. We are going up,” he said.

“Today I’m standing before you, and I can brag that Nigeria is not borrowing a dime from local banks. The revenue – we have met our target of revenue for the whole year; we met it in August. Non-oil.”

Former Crescent University Vice Chancellor Sheriffdeen Tella, who questioned why the government is planning such large deficits. “You need to borrow N30tn, so provisions for borrowing have been made. That is the implication of what you are saying,” Tella said. “I don’t understand why we should be facing such a huge deficit. If you are thinking of N30tn, this outgoing year generated more than that, so why go back?”

Tella said inefficiencies in tax collection and borrowing before the budget implementation point to weak fiscal planning. “The N10tn figure seems intended simply to justify further borrowing,” he said.  “They have even started requesting loans before implementing the budget. A budget is only an estimate; it does not reflect actual receipts.”

“Looking at past borrowing for 2025, we cannot see any positive impact because the budget was not executed,” he added. “So where did the loans go? Where is the borrowing directed? Unfortunately, the effects are unclear.”

Economist Illias Aliyu said the consequences of persistent borrowing will ultimately fall on Nigerians, particularly through reduced spending on development projects.

“We do not have a quality fiscal deficit,” Aliyu said. “When President Tinubu claimed he had met all revenue expectations, many of us were sceptical. Yet borrowing continued, which is troubling. The implication is that Nigerians will ultimately bear the burden.”

Aliyu said rising debt-service costs are squeezing capital expenditure. “Debt servicing is an obligation that must be met, including salaries and recurrent expenditures,” he said. “Indeed, about 70 per cent of capital projects have been rolled over to 2026.”

“Starting capital expenditure as late as October is detrimental,” he added. “The negative impact is clear: social infrastructure suffers, and overall, this government lacks the fiscal discipline expected, especially when compared to other governments handling multi-billion-dollar budgets.”

Nigeria’s debt burden has risen sharply under Tinubu. Government expenditure increased from N6tn to N34tn, while debt servicing climbed from N7tn to N12tn over the past two years. Total public debt stood at N152tn as of June 2025, according to official data.

The pressure is set to intensify. The government plans to borrow N17.89tn in 2026, a 72 per cent increase from 2025, to finance a widening budget deficit, raising concerns about debt sustainability and rising financing costs.

In an effort to boost revenue, the administration has passed the Nigeria Tax Act, 2025, consolidating multiple tax laws into four acts to broaden the tax base. The Federal Inland Revenue Service has also signed a memorandum of understanding with France’s Direction Générale des Finances Publiques to improve tax administration, stressing that the agreement does not grant France access to Nigerian taxpayers’ data.

Dan Poster by — December 20, 2025 in Business 0
Untitled

Oando PlcOando Plc has convened law students from six Nigerian universities for its 2025 Legal Seminar, a 14-year initiative it described as one of its most consistent capacity-building platforms for emerging legal talent.

In a statement on Friday, Oando said the mentorship-driven forum brought together students from the University of Lagos, Obafemi Awolowo University, Lagos State University, Olabisi Onabanjo University, Rivers State University and Afe Babalola University, with a focus on equipping them with practical, market-relevant insights often absent from traditional legal curricula.

The seminar, themed ‘The 21st Century Lawyer: Keys to Building a Successful Legal Career’, featured contributions from senior practitioners in corporate law, private practice and technology law, with discussions centred on the intersection of law, business and industry.

Opening the session, Oando’s Chief Legal Officer, Efuntomi Akpeneye, said the company deliberately shifted the programme towards mentorship to bridge the gap between academia and commercial practice.

“We started this seminar to share practical knowledge across legal, energy, tax and finance. Today’s shift to mentorship for students is deliberate. Think like a business partner. Let the client’s pain be your pain. That is how you become indispensable,” she said.

Partner at Banwo & Ighodalo, Stella Duru, urged students to prioritise professionalism and discipline as key differentiators in the legal profession. “Law is a lifelong journey of learning and adaptation. Your network, professionalism and dedication will define how far you go,” she added.

Also speaking, Senior Associate at Aluko & Oyebode, Adeleresimi Adeleye, encouraged students to position themselves for a more globalised legal market, adding, “Specialised knowledge is no longer optional. If you want cross-border relevance, your skills, your language capability and your professional identity must reflect that ambition.”

From a corporate perspective, the Managing Director of Oando Energy Resources, Ainojie ‘Alex’ Irune, said legal training provides a strong advantage in commercial environments. “A law background gives you an undue advantage in commercial settings. The world is changing fast; the choices you make now will determine your relevance in the years ahead,” he noted.

The seminar also examined the growing impact of artificial intelligence and digital tools on legal practice. Leading a session on legal technology, Partner at BOC Legal, Rotimi Ogunyemi, said while AI would transform aspects of legal work, human judgement remained critical.

“AI will reshape research and drafting, but it cannot read a room or exercise ethical judgement. Human plus AI will always outperform human alone,” he submitted.

According to the statement, the event ended with a fireside chat involving Oando’s in-house counsel and internal business partners, including the Deputy Manager, Projects, Procurement and Operations, Aniekan Okon; Asset Manager, Oando Energy Resources, Oluwaseyi Fowora; and Non-Oil Commodities Lead, Oando Trading, Olusegun Oyewole. It was moderated by the Legal Advisor, Oando Trading, Isi Abulime.

The company said the seminar reinforced its commitment to talent development by bridging the gap between legal education and professional practice through mentorship, operational exposure and the transfer of institutional knowledge.

Dan Poster by — December 20, 2025 in Business 0
CBN pockets N192m from 82 BDC licensees

CBN Governor, Olayemi Cardoso. Photo: CBN / XThe Central Bank of Nigeria may have earned at least N192m in non-refundable fees from the 82 Bureau De Change operators who have just secured final licences under the revised regulatory framework,

The amount is based on the fee schedule in the May 2024 Regulatory and Supervisory Guidelines for Bureaux De Change Operations in Nigeria and the list of approved operators released by the Bank on December 8, 2025.

In a recent press statement, the CBN announced that it had granted final licences to 82 BDCs, effective November 27, 2025. “The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.

The list shows that two of the firms are Tier 1 operators, while the remaining 80 are Tier 2. The tier assigned to each operator determines the amount it must pay as application and licence fees in addition to its minimum capital requirement.

Section 7.0 of the 2024 guidelines sets the non-refundable application fee for a Tier 1 BDC at N1m and the non-refundable licence fee at N5m. For Tier 2 BDCs, the application fee is N250,000, represented in the document as N0.25m, while the licence fee is N2m.

Using these official figures, the two Tier 1 operators will together pay N12m to the CBN. Their combined application fees amount to N2m, calculated as N1m each for the two operators. Their combined licence fees amount to N10m, made up of N5m each.

For the 80 Tier 2 operators, the combined application fees come to N20m. This is obtained by multiplying the N250,000 application fee by 80, giving N20m. The total licence fees for Tier 2 BDCs amount to N160m, calculated by multiplying N2m by 80.

When the Tier 2 application fees of N20m are added to the Tier 2 licence fees of N160m, the total for that category is N180m. Adding the N12m due from Tier 1 operators to the N180m due from Tier 2 operators gives an overall fee income of N192m for the CBN from this first batch of 82 approvals.

The calculation aligns with the fee levels stated in the guidelines and the number of operators in each category published by the Bank. The newly licensed Tier 1 BDCs are Dula Global BDC Ltd and Trurate Global BDC Ltd, according to the statement from the CBN.

The Tier 2 group comprises 80 firms, including Abbufx BDC Ltd, Arctangent Swift BDC Ltd, Corporate Exchange BDC Ltd, Greengate BDC Ltd, Hazon Capital BDC Ltd, Journey Well BDC Ltd, Masters BDC Ltd, Simtex BDC Ltd, Topgate BDC Ltd, Travellers Choice BDC Ltd, Victory Ahead BDC Ltd, and others spread across the country.

The non-refundable fees are distinct from the new minimum capital thresholds introduced under the reforms. The FAQs issued by the CBN state that Tier 1 BDCs must have a minimum capital of N2bn, while Tier 2 operators are required to hold N500m.

The capital must be deposited and verified before promoters can progress to final licensing, in line with the multi-stage approval process set out in the guidelines. Under the new structure, Tier 1 BDCs are permitted to operate nationwide, open branches, and appoint franchisees, subject to CBN approval.

Tier 2 BDCs can only operate in one state or the Federal Capital Territory and may establish up to five branches in their state of operation with the Bank’s consent. The CBN said only BDCs listed on its website are authorised to operate and warned that running a BDC business without a valid licence is an offence under Section 57 of the Banks and Other Financial Institutions Act 2020.

The bank also explained in its FAQs that the reforms are intended to improve access to foreign exchange for retail users, strengthen the financial sustainability of operators, and curb money laundering and other illicit financial flows in the foreign exchange market.

With the first 82 operators now fully licensed and integrated into the new regime, the central bank is expected to continue updating the list as more applicants meet the capital, governance, and compliance conditions.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the CBN said in its recent statement.

Dan Poster by — December 20, 2025 in Business 0
FCMB Group set for N400bn capital raise

FCMBThe shareholders of FCMB Group Plc have approved the plan to increase the company’s fresh capital raise of up to N400bn.

The approval was given during an Extraordinary General Meeting recently.

Saturday PUNCH reports that FCMB Group, in its third-quarter report filed with the Nigerian Exchange Limited, affirmed that its banking subsidiary will be recapitalised ahead of the 2026 deadline, saying, “We have successfully concluded our public offer and are on track to complete the minority subsidiary sale by the end of December.

“Subject to CBN capital verification (currently ongoing), shareholder approval at the EGM, and the required regulatory consents, we are positioned to deliver the N500bn capital target ahead of the March 2026 deadline for our banking subsidiary, FCMB Limited.”

Speaking at the EGM, according to a statement, the Group Chief Executive Officer, Ladi Balogun, expressed profound gratitude to shareholders for their support and emphasised the strategic importance of the capital raise.

He said, “The additional capital will be deployed to strengthen our capital adequacy ratio and accelerate growth. We will invest in human capital and technology, support our international expansion, and reduce high-cost deposits. We project our earnings per share to grow by over 50 per cent on average over the next two years. This positions FCMB to outperform the market while delivering stronger dividends and shareholder returns.

“With the capital adequacy ratio projected above 20 per cent, our ability to pay dividends will improve significantly. Shareholders can expect a steady rise in dividends per share, reflecting the bank’s growth trajectory and enhanced returns.”

The shareholders of FCMB Group also passed other resolutions, including acceptance of oversubscription from the 2025 Public Offer of the Group’s shares, up to the limit prescribed by the Securities and Exchange Commission and subject to regulatory approvals. This leverages the strong investor demand, reflecting confidence in the Group.

FCMB Group’s issued share capital is increased from N30,002,169,782.50 divided into 60,004,339,565 ordinary shares of 50 kobo each by the creation and addition of the number of ordinary shares that will be required to give effect to the capital raise. The new ordinary shares shall rank pari passu in all respects with the existing ordinary shares of the company.

With a diversified subsidiary portfolio and strong financial performance, FCMB has a forward-looking digital strategy and an impact-focused purpose. It is poised to make a significant contribution to Nigeria’s ambitious goal of achieving a $1tn economy.

Dan Poster by — December 20, 2025 in Business 0