All Posts in "cover"

Seplat Energy Ties Africa’s Prosperity To Domestic Gas Development

Seplat Energy Plc, leading Nigerian independent energy company, says that domestic gas remains the engine of prosperity for Nigeria and Africa in general – from powering homes, to fuelling industry and providing a cleaner alternative for cooking and transportation. This informed the company’s heavy investment in gas processing capacity devoted to the domestic market, including the ANOH gas plant which is expected to come on stream before the end of the year.

 

The Director, New Energy at Seplat, Mr. Okechukwu Mba, said this at the 2025 Africa Energy Week (AEW) held in Cape Town, South Africa. Mba, who spoke during a panel discussion titled “Beyond Exports: Developing Commercially Viable Domestic Gas Markets”, said stakeholders need to ensure that the challenges in the gas to power value chain from molecules at the wellhead to electrons in homes are addressed for Nigeria to realize the goal of increased power supply to Nigerians. He also emphasized the importance of a commercially viable power sector which is critical to achieving growth in the domestic gas market. 

 

He said: “Bankable anchor customers are needed to underpin the development of new gas projects whilst identifying infrastructural challenges in power transmission and distribution as well as the liquidity crises in the power sector as two areas that require urgent attention in order to unlock new gas projects.   Mba highlighted that Seplat Energy currently supplies gas to five (5) power stations in Nigeria which underscores its commitment to the power sector, noting that gas is well positioned to provide reliable and affordable base load energy to drive to economic growth.

 

According to Mba, Seplat Energy adopts a comprehensive approach to growing the domestic gas market.  “Beside investments in pipeline gas projects, Seplat is also investing in Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) facilities,” he added.

 

In addition to the significant volumes of butane now supplied to the domestic market from its NGL plant in Bonny River Terminal, Seplat Energy also intends to commence delivery of LPG from its Sapele and ANOH gas plants before the end of the year. This, Mba said, will make Seplat Energy one of the leading suppliers of LPG, displacing biomass and providing a cleaner cooking fuel that will improve the health and living conditions of Nigerians.   He added that Seplat Energy’s investment into CNG was to make gas available to customers not currently connected to the domestic gas pipeline network.

 

The New Energy boss at Seplat stated that the company plans to take its operated gas production to over 1 Bcf/d by 2030, while noting that the recent incentives granted by government to the gas sector will aid the achievement of this goal. 

 

In a related development, the Director External Affairs & Social Performance, Seplat Energy, Chioma Afe, who featured in a panel discussed dubbed “Bureaucracy or Bridge? Tailoring Global ESG Approaches for African Realities”, said in all the company’s moves in driving to drive access to reliable and affordable energy for Nigerians, ESG fundamentals are strongly upheld and practicalised.  

 

According to her, the peculiarities of the Nigerian people and Africa at large remain very germane in implementing Seplat Energy’s ESG framework and affirming its commitments.

 

She said: “For a truly successful and impactful ESG implementation, it is highly imperative to move from a “one size fits all” mindset, to a co-created framework and implementation that is focused on value creation and empowers African nations to define their own sustainable growth plan. One that ensures ESG principles become a bridge across industries and countries driving growth and not a bureaucratic exercise.” 

 

“Adapting ESG to local needs is key. Therefore, we should explore customizing global ESG frameworks to address the unique socio-economic conditions, developmental challenges, including infrastructure, education and healthcare, as well as vulnerabilities to climate change and economic empowerment, across the continent.”

 

Speaking to the company’s model, she noted that: “At Seplat Energy, our approach has been a regular and systematic process of identifying and analyzing the development ‘gaps’ in our areas of operation and partnering with our communities to define project goals, prioritize resources and develop effective strategies to achieve them.”

Dan Poster by — October 6, 2025 in Business 0
SEC Committed To promoting Transparency, Investor Trust, Fair Value Reporting – Agama

> The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has stressed the Commission’s commitment to promoting transparency, investor confidence, and adherence to international best practices in financial reporting.
>

 
> Agama emphasized that the transition to market valuation is crucial for ensuring that asset values accurately reflect real-time market conditions, thereby strengthening fair value reporting and investor trust.
>
 
> Speaking in an interview weekend, Dr. Agama outlined key modalities guiding Nigeria’s transition to the market-to-market (MTM) valuation of assets in the fixed income space of the capital market adding that the policy was a result of engagements with market participants.
>
 
>  “Timelines have been carefully considered, you know, especially with the concerns being raised by market participants. For us at the SEC, it is important that while we try to introduce new rules and regulations, we also listen to the market and say, okay, how do we meet, how do we meet at the junction where we can all agree to move forward?
>
 
> He noted that the October 2, 2025, deadline for the submission of implementation plans would enable the Commission to assess each institution’s preparedness and capacity, while the September 2027 deadline remains the target for full transition to IFRS 9.
>
 
> “Requesting for implementation plans is not a bureaucratic exercise—it’s to gauge capacity, identify challenges, and meet operators at the point where we can all achieve compliance with one purpose and one goal,” Agama said.
>
 
> “Equity funds are already reported at fair value. The aspect of the Fund Management that was not aligned with international best practice was in the Fixed Income Funds space and that is what this policy alignment covers.
>
 
> “Nigeria has come of age, and we must be seen to be doing things according to global standards. IFRS 9 requires market-to-market valuation of assets, and we cannot be left behind among the committee of nations. ”
>
 
> He added that the reform would ensure that Nigerian assets are comparable globally, allowing investors to assess market performance more accurately.
>
 
> “Our goal is to create a market that is internationally competitive,” he stated, adding, “Adopting IFRS 9 enables ease and compatibility among assets from different nations, clearly positioning Nigeria within the global market space.”
>
 
> Responding to criticisms that the shift to market valuation could expose investors to short-term volatility, Dr. Agama said the move is intended to strengthen, not destabilize, the market.
>
 
> “Some have expressed concerns about volatility, but our intention is not to disadvantage Nigerian investors,” he clarified. “It is to expose them to global standards and transparency. Over time, as the market adjusts, these concerns will ease off and everyone will benefit from a more transparent and credible system.”
>
 
> Beyond IFRS 9, the SEC is also leading Africa in adopting the International Sustainability Standards Board (ISSB) framework. Dr. Agama revealed that Nigeria was among the first countries to accept and begin implementing the ISSB standards, emphasizing their importance for climate and sustainability disclosures.
>
 
> “We pride ourselves as performers—first among nations to accept and adopt the ISSB standards. But we are not oblivious of our contextual issues. We are taking a gradual approach so that our companies are not unduly burdened.”
>
 
> He added that the Commission’s objective is to implement standards that attract rather than restrict capital.
>
 
> “We will not implement standards that will shut companies out of capital. Instead, we are implementing those that will help bring in capital and promote sustainable growth,” he affirmed.
>
 
> Looking ahead, Dr. Agama expressed optimism about the Nigerian capital market’s performance in the final quarter of the year, citing the government’s macroeconomic reforms and the enactment of key laws such as the NIIRA 2025 and ISA 2025 as catalysts for stability and investor confidence.
>
 
> He noted that “markets do not operate in a vacuum, they thrive on stability. With the micro- and macro-economic stability being championed by President Bola Ahmed Tinubu, the market is positioned for significant growth. The NIIRA 2025 is a game changer that provides the framework for sustainable expansion.”
>
 
> The SEC Boss concluded that the SEC’s ongoing reforms, particularly the IFRS 9 transition and the adoption of sustainability standards, are part of a broader agenda to globalize Nigeria’s capital market, enhance transparency, and ensure wealth redistribution through a more resilient financial system.
>
 
> “We are on a path of progress and growth. The President’s reform agenda is already taking shape, ensuring that Nigeria’s capital market becomes a global reference point for transparency, regulation, and investor confidence.”
Dan Poster by — October 6, 2025 in Business 0
Sterling Holdco’s Public Offer Gains Momentum… …as New Investors Rally

Sterling Financial Holdings Company Plc. (‘Sterling Holdco’),
the parent company of The Alternative Bank, Sterling Bank, SterlingFI, and a
number of other novel business solutions, has witnessed a very positive response
to its public offer, as investors rally for a stake in the company’s future.
The public offer, launched on September 17, 2025, has quickly become one of the
most talked-about opportunities in the Nigerian financial market, with analysts
predicting that the offer will prove to be amongst the most lucrative in the
sector’s investment landscape.
The Sterling Public Offer has sparked widespread interest, with market experts
noting that the price, which is about 6% below its current trading price, presents
an attractive entry point for both institutional and retail investors. The offer is set
to close soon, but the rapid pace of interest has led many to speculate that
the full subscription has already been reached or even exceeded much earlier
than expected.
According to leading financial analysts, Sterling Holdco’s strategic expansion
plans, solid market position, and innovative financial products have positioned
it as a major contender in Nigeria’s banking sector.
The public offer is widely
regarded as an exciting proposition for investors looking to capitalise on a company with strong fundamentals and an ambitious growth trajectory.
With a price point set at a discount to current trading prices, the offer is seen as a compelling opportunity for both long-term and short-term investors.
Sterling Holdco has consistently demonstrated a commitment to innovation
and sustainable growth.
One of the most compelling indicators of the company’s underlying strength is the impressive growth of its share price. In the
past year, the Holding company’s share price has grown steadily from ₦4.00 to
nearly ₦8.00 per share.
This increase in the company’s stock price speaks volumes about the underlying value and confidence in its business model,
leadership, and growth trajectory.
Sterling Holdco, known for its strategic ownership of two banks, a wealth
management company, and a number of innovative consumer businesses, is
seeking to raise additional capital through the issuance of 12.58 billion ordinary
shares at ₦7.00 per share.
The proceeds from the public offer will be
strategically deployed to further strengthen the Holdco’s capital base and fund its growth initiatives over the next 36 months.
About Sterling Financial Holdings Company Plc.
Sterling Financial Holdings Company PLC (Sterling HoldCo) is a leading Nigerian financial services group committed to enriching lives through innovation and impact with a
diversified portfolio that includes Sterling Bank Limited, The Alternative Bank Limited,
SterlingFI Wealth Management among others.
As a HoldCo, Sterling provides strategic direction, governance, and resources across its subsidiaries, enabling each to focus on its core mandate while benefiting from group-wide expertise, technology, and oversight.
With a heritage of trust built over six decades, Sterling HoldCo is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy.
The group champions customer-focused solutions and socially responsible initiatives while creating value for shareholders, employees, and the communities it serves, and continues to pioneer offerings across its core businesses in banking, payments, and technologydriven financial services.
Dan Poster by — October 6, 2025 in Business 0
Residents panic as NDLEA officers chase driver

NDLEAThere were sporadic gunshots at the gate of the Edo State command of the Nigerian Drug Law Enforcement Agency on Friday, as men of the service pursued the driver of an articulated truck who hit the vehicle of one of their colleagues.

An eyewitness, who gave his name as Frank, said the driver refused to stop after hitting the NDLEA vehicle but instead continued his journey along the ever-busy Upper Sakponba Road, Benin City, towards Oka Market, which is about 500 meters from the state command.

He said the officer whose vehicle was hit alerted his colleagues at the gate of the NDLEA, who started firing gunshots in the air to force the driver of the truck to stop.

He said, “The shooting caused commotion, as traders and residents took to their heels, probably to avoid being hit by stray bullets. Others were confused, not sure of what caused the sporadic gunshots.”

One of the officers, who pleaded anonymity, said, “It was a simple thing; the truck hit our men’s vehicle, but the officers tried to stop him so that they could settle, but the driver refused to stop.

“That is why the men shot into the air to stop him. Even after deflecting about seven tyres, he was still speeding, but we eventually caught him and he was brought back to our office.”

Corroborating his officers, Commander, Edo State NDLEA, Mitchell Ofoyeju, said it was a simple case and that shooting into the air was not meant to cause panic but to stop an errant driver.

“The issue is a simple one. The officers were just trying to ensure that the truck drivers stopped after hitting the vehicle. The gunshots were not meant to cause panic,” he added.

Dan Poster by — October 4, 2025 in General News 0
Stanbic IBTC FUZE Talent Show 2025 Kicks Off Fourth Season

The Stanbic IBTC FUZE Talent Show 2025, themed “The Ultimate Show”, now in its fourth edition, promising more entertainment and inspiration for audiences across Nigeria. The show, which celebrates creativity in music, dance, fashion, and technology, will air weekly on Africa Magic Showcase (DStv 151) at 5 pm and AIT (DStv 253) at 7pm, with highlights available on Stanbic IBTC’s YouTube channel @stanbicIBTC.

Speaking about the kickoff, Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, said: “FUZE is that platform where young Nigerians can showcase their creativity and innovation, and where the public can witness first-hand the incredible potential within our nation. We are proud to continue providing this stage for talent to shine.”

Stanbic IBTC, through FUZE, continues to underline its commitment to youth empowerment, creativity, and entrepreneurship. By providing a platform where contestants can display their skills to millions of viewers, the organisation reinforces its role in shaping opportunities beyond the financial sector.

Viewers are encouraged to tune in every week to watch the contestants compete, connect with the judges, and take a step closer to the finale of Nigeria’s most inspiring talent showcase. Tune in and experience“The Ultimate Show” and be part of the journey as Nigeria’s brightest talents compete for greatness.

 

Dan Poster by — October 4, 2025 in Business 0
Dangote, Ethiopia PM Break Ground on $2.5bn Fertiliser Plant

Dangote, Ethiopia PM break ground on $2.5bn fertiliser plant | Western PostAliko Dangote, President and Chief Executive of Dangote Group, led the groundbreaking ceremony on Thursday for a $2.5 billion fertiliser plant in Gode, Ethiopia, marking a new chapter in Africa’s industrial development.

The project, a partnership between Dangote Group and Ethiopian Investment Holdings (EIH), will have an annual production capacity of three million metric tonnes of urea, making it one of the world’s largest fertiliser complexes. Strategically located in Ethiopia’s South-East region, the plant will utilise abundant natural gas from the Hilal and Calub reserves to boost agricultural productivity, create jobs, and improve food security across the Horn of Africa.

At the ceremony, Prime Minister Abiy Ahmed described the fertiliser project as symbolic of shared responsibility, cooperation, and peace, emphasizing Ethiopia’s commitment to seizing opportunities and elevating the country’s global standing.

“They embody our shared responsibility to harness opportunities, strengthen cooperation, and promote peace. I urge all Ethiopians to continue mobilizing in unity for progress,” Abiy said. “This will enhance Ethiopia’s presence on the global stage and honor our national identity.”

Dangote praised Prime Minister Abiy Ahmed and his cabinet for economic reforms and liberalization policies attracting private investment and positioning Ethiopia as a preferred destination for global investors. He lauded the government’s infrastructure investments, including transport, energy, and the Grand Ethiopian Renaissance Dam, as foundational to the country’s industrialisation.

“This partnership with Ethiopian Investment Holdings marks a pivotal step in our shared vision to industrialise Africa and achieve food security continent-wide,” Dangote stated. “We bring decades of experience in large-scale industrial projects to ensure this venture becomes a cornerstone of Ethiopia’s industrial transformation.”

He revealed plans to broaden production to include ammonium nitrate, ammonium sulphate, NPK, and calcium ammonium nitrate fertilisers, aiming to establish Ethiopia as a regional fertiliser hub. Dangote predicted that within five years, Ethiopia could become Africa’s leading agricultural nation.

This is Dangote Group’s second major Ethiopian investment; its cement subsidiary has operated a 2.5 million tonnes per annum plant in Mugher for over a decade, with $400 million planned to double capacity.

Dangote emphasized the Group’s Africa-wide strategy, driven by the belief that “only Africans can develop Africa,” with a focus on promoting manufacturing to reduce import dependence. Highlighting Nigeria’s transformation into a net exporter of petroleum products, cement, and fertiliser through Dangote’s investments, he expressed readiness to help other African countries achieve similar industrial progress.

Describing the Gode project as a “new dawn,” Dangote noted it is the first time a private African investor partners with an African government on an industrial complex of this scale. He underlined the Group’s deep understanding of Africa’s challenges and opportunities and reiterated their mission to lead the continent’s industrial transformation.

He also hinted at plans to establish a polypropylene bagging plant in Ethiopia to support the fertiliser industry.

Dangote thanked financial partners, including Afreximbank, Africa Finance Corporation, Access Bank, First Bank, Zenith Bank, and other local banks, for their support.

Mustafa Omar, President of the Somali Region, hailed Dangote as “the anchor investor Ethiopia has been seeking,” recognizing his reputation as a trusted and respected investor throughout Ethiopia and Africa.

Senior Ethiopian government officials, industry leaders, and financiers attended the event.

Beyond Ethiopia, Dangote Group’s footprint is expanding across Africa. Dangote Cement operates with an installed capacity of 55 million tonnes per annum across 11 countries. The Group also built the world’s largest single-train refinery in Nigeria (650,000 barrels per day) and operates a one million metric tonne polypropylene plant. Its fertiliser division, initially producing three million tonnes, is expanding by six million tonnes to become the world’s largest fertiliser operation.

Dan Poster by — October 4, 2025 in Business 0
MAN President Announces Aliko Dangote As Guest Speak On Nigeria First Policy At  MAN’s 53rd AGM

Alhaji Aliko Dangote GCON, Africa’s leading industrialist,  the President/CEO of Dangote Group, will be the Guest Speaker at the Manufacturers Association of Nigeria (MAN) 53rd Annual General Meeting (AGM).
MAN will use the AGM to deepen the conversation on how to unlock the full potential of the Nigeria First policy.
The theme for this year’s Annual General Meeting “Nigeria First: Prioritizing Patronage of Made in Nigeria” underscores MAN’s unwavering belief that prioritizing local production is the surest path to sustainable growth, employment generation and national development.
President of MAN, Otunba Francis Meshioye disclosed this while delivering his speech at a press conference on Wednesday in Lagos to herald the upcoming 53rd AGM of the MAN, scheduled to hold from Tuesday, 14th to Thursday, 16th October 2025 at the Lagos Oriental Hotel, Victoria Island, Lagos.
He said, “We are also thrilled to announce that our Distinguished Guest Speaker at this year’s Annual General Meeting is Alhaji Aliko Dangote GCON, Africa’s leading industrialist, President/ CEO of the Dangote Group. Aliko Dangote’s story is an epitome of the Nigeria First spirit.
“He has built one of Africa’s largest Conglomerates, spanning cement, sugar, salt, fertilizers, and oil refinery.  His investment has redefined the Nigeria industrial landscape, created thousands of jobs, and reducing dependence on imports.  His business decisions, over the past decades, capture the very essence of our theme: “Nigeria First: Prioritizing Patronage of Made in Nigeria.
“His presence will inspire our discussions as we navigate the next phase of Nigeria Industrial growth.
Meshioye said the three-day lineup of activities would be rich and impactful.
“Day one kicks off with the Opening Ceremony of the Made in Nigeria Exhibition which is slated for 12noon. Our distinguished Guest of Honour, who will be officially cutting the ribbon is the Secretary to the Government of the Federation, Senator George Akume CON; we believe his presence will serve the purpose of further attracting the attention of Government to what is Made in Nigeria, in order to achieve that top of the mind awareness and credible support from the highest level of government. Our distinguished guest of honour will be joined by other dignitaries to draw attention to made in Nigeria products and preach the patriotic gospel of patronage of made in Nigeria at the Exhibition. More than 100 exhibitors will be showcasing their products and thousands of visitors are expected during the 3-day period.
“Day two is planned to be strictly MAN members affairs for the annual general meeting. After the AGM, members will be engaged at a value addition panel discussion on 3D Manufacturing & Risk and Enterprise Management. It is a session planned to give credible accounts to members, create awareness, and sensitize them adequately on thriving in the business of manufacturing.
“On Day three, the engagement will be climaxing with the 5th edition of the Adeola Odutola Lecture/Presidential Luncheon scheduled for Thursday, October 16th, 2025 at 11am with Alhaji Aliko Dangote as our Distinguished Guest Speaker. The exhibition ground will continue to receive guests from far and near, even as we engage at the high-profile lecture. Our Special Guest of Honour on this occasion is the President of the Federal Republic of Nigeria, President Bola Ahmed Tinubu, GCFR. Other Economic Ministers, heads of government departments and agencies, members of the diplomatic corps, our colleagues in the Organized Private Sector, and other stakeholders  will join our members to make the grand finale a huge success.
Meshioye said that these sessions are carefully designed to provoke critical discussions, foster partnership, and highlight the urgency of implementing the “Nigeria First” Policy.
“Over the past year, Nigeria’s economic environment has remained challenging, yet it is marked by renewed hope, as bold policy steps are being taken to reposition the economy for growth. Of particular importance is the introduction of the “Nigeria First”  Policy, a decisive strategy to prioritize locally manufactured goods and services.
“This policy represents a turning point for our nation, one that seeks to foster economic self-reliance, industrialization, and national pride. By mandating all Ministries, Departments, and agencies (MDAs) to patronize made in Nigeria goods and services that can be sourced locally, the Federal Government has signalled its resolve to place local industries at the heart of economic transformation.
“The “Nigeria First” Policy is more than a policy directive, it is a call to action to strengthen our industries, deepen local value chains and reposition Nigeria from being a consumer driven economy to a productive economy,” he encouraged.
Dan Poster by — October 4, 2025 in Business 0
NAFDAC destroys N15bn fake, expired drugs in Oyo

NAFDAC DG Prof Mojisola AdeyeyeThe National Agency for Food and Drug Administration and Control on Thursday destroyed fake, expired, substandard, and falsified drugs and products valued at N15bn in Ibadan, Oyo State.

This was announced by the Director-General of the agency, Prof Mojisola Adeyeye, during the destruction in Ibadan, the state capital.

Represented by NAFDAC’s Director of Investigation and Enforcement, Martins Iluyomade, Adeyeye said the agency remained resolutely committed to ensuring that foods, drugs, cosmetics, medical devices, chemicals, packaged water, and drinks were safe, wholesome, and effective for human consumption.

“There is no doubt that drugs are a critical aspect of NAFDAC’s mandate, and the agency has established strict guidelines governing the licensing, sale, and distribution of drug products.

“The products we destroyed today (Thursday) include expired, counterfeit, uncontrolled, unregistered, and banned drugs such as Analgin, Cocodamol, codeine cough syrup, tramadol, oxytocin, and various types of vaccines.

“The estimated street value of these products being destroyed today (Thursday) stands at N15bn only.”

She stated that the destruction of those products would eliminate the risk of their re-entry into the Nigerian market.

The DG appreciated the support of the police, Nigerian Army, Department of State Services, NDLEA, Nigeria Security and Civil Defence Corps, and the Pharmaceutical Council of Nigeria, among others.

She, therefore, urged stakeholders to educate their families and wards about the dangers of patronising quacks and unauthorised medicine dealers.

S.K. Tijani, who spoke on behalf of the Controller General of the Nigerian Customs Service, Bashir Adeniyi, stated that there was synergy between Customs and NAFDAC in the fight against fake, expired, substandard, and unwholesome drugs and products nationwide.

He said all stakeholders must play their part in ensuring that the nation is free from criminal activities.

Dan Poster by — October 3, 2025 in General News 0
NBA kicks as police begin tinted glass permit enforcement

Nigerian Bar AssociationThe Nigerian Bar Association has vowed to provide free legal services to Nigerians harassed by the police over the controversial tinted glass permit, which it described as “illegal.”

The NBA, through its Section on Public Interest and Development Law, said the police had no constitutional basis to impose fees or annual renewals on motorists, warning that enforcement of the policy was both unlawful and a revenue-driven scheme.

In a statement on Thursday, the Chairman of the NBA’s Public Interest Litigation Committee, Olukunle Edun (SAN), said: “We shall invoke the powers of the court to ensure that the Nigeria Police Force does not trample on the rights of Nigerians. Any citizen who is harassed by the police in the purported enforcement of the illegal tinted glass permit should feel free to contact any of the NBA branches.

“The Human Rights Committees of the 130 branches of the NBA in Nigeria are ready to offer pro bono services to anyone who is harassed. It has been estimated that the police may generate at least N3bn within a month from monies that will be collected, thus turning the police into a revenue-generating agency of the Federal Government instead of focusing on the more serious issue of crime.”

Edun stressed that the matter is already in court and accused the police of being “lawless” by commencing enforcement.

In a letter to the Inspector General of Police dated October 2, 2025, the NBA reminded the force of the pending suit FHC/ABJ/CS/1821/2025 before the Federal High Court, Abuja, which challenges the legality and constitutionality of the policy. The association said the police have a duty to maintain the status quo ante bellum until the court rules.

The suit, filed by the Incorporated Trustees of the NBA, seeks declarations that the Motor Vehicles (Prohibition of Tinted Glass) Decree 1991 is unconstitutional and inconsistent with the 1999 Constitution, and that motorists cannot be compelled to pay fees or renew permits. It also seeks an injunction restraining the police from further arrests, harassment, or extortion under the policy.

An affidavit filed by NBA lawyer, Godspower Eroga, alleged that the police intended to divert funds through a private account—Parkway Projects A/C No. 4001017918—instead of remitting payments into the Treasury Single Account.

He further argued that the law cited by the police provides no measurable standard for tinting and is incompatible with modern vehicles that often come with factory-installed tinted windows.

Eroga also noted that successive Inspectors General of Police had at various times suspended the permit regime, declaring it free, indefinite, or unnecessary.

He added that senior police officers themselves use SUVs with heavily tinted windows, often without permits.

The NBA insisted that the police cannot impose what amounts to taxation without legislation.

“The Nigeria Police Force is not a revenue-generating agency of the Federal Government,” it stated.

Meanwhile, the association expressed outrage that on the very first day of enforcement, police officers in Asaba, Delta State, impounded the vehicle of a National Industrial Court judge, Justice O. A. Ogunbowale.

NBA-SPIDEL described the action as “an embarrassing and avoidable situation” that underscored its warnings about the dangers of the policy.

The body revealed it had made a last-minute attempt to secure an injunction to halt the enforcement, but the Federal High Court’s vacation judge declined to hear the application, citing procedural limitations.

“A simple order to stay the police action could have protected the public and, as it turned out, one of his own colleagues,” the NBA said.

It concluded by urging the judiciary to act decisively in matters of urgent public interest:

Dan Poster by — October 3, 2025 in General News 0
Stanbic IBTC Holdings appoints substantive Group Chief Executive

Stanbic IBTC BankStanbic IBTC Holdings PLC has appointed Mr. Chukwuma Nwokocha as its substantive Group Chief Executive, effective Thursday, October 2, 2025, following regulatory approval.

His appointment comes after Dr. Adekunle Adedeji’s tenure as Acting Chief Executive, during which the Board undertook a formal appointment process. Adedeji will continue as Executive Director/Chief Finance and Value Management Officer.

Commenting on the appointment, the company’s Chairman, Mrs. Sola David-Borha, commended Nwokocha’s strong record in governance, financial oversight, and strategic transformation. She also praised Adedeji’s leadership, noting that under his watch, the Group achieved its best financial performance since inception and completed a rights issue that ensured its banking subsidiary met the CBN’s recapitalisation requirements ahead of the March 31, 2026 deadline.

As of June 30, 2025, Stanbic IBTC reported total assets of N8.12tn, compared with N6.91tn at December 31, 2024. Liabilities rose to N7.17tn from N6.24tn, while equity attributable to ordinary shareholders grew to N941.73bn from N661.89bn, driven by profit and the rights issue.

For H1 2025, gross earnings climbed 35.2% year-on-year to N516.63bn, profit before tax surged 65.8% to N243.74bn, while profit after tax rose 49.1% to N173.43bn. Basic earnings per share stood at 1,078 kobo, up from 884 kobo

Dan Poster by — October 3, 2025 in Business 0