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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
Domestic investors cut stock trades by N932bn in August

Nigerian Exchange LimitedDomestic investors on the Nigerian Exchange Limited reduced their trades by a massive N932bn in August, dragging down the overall value of transactions on the local bourse.

According to the Nigerian Exchange’s Domestic and Foreign Portfolio Investment Report for August 2025, total domestic participation fell by 55.87 per cent, from N1.669tn in July to N736.57bn in August.

The sharp decline was largely attributed to the absence of block trades, which had significantly boosted volumes in the previous month.

The fall in domestic activity also weighed on the broader market. Overall transactions dropped 49.95 per cent month-on-month, from N1.815tn in July to N908.38bn in August.

Despite the steep drop, activity in August was still much stronger than the same period last year. Compared with N379.52bn in August 2024, the August 2025 figure represented a 139.35 per cent increase.

A breakdown of the August report showed that institutional investors were the main drivers of the slump. Their trades plunged 65.91 per cent, sliding from N1.152tn in July to N392.9bn in August.

Retail investors also pulled back but less drastically, with transactions declining 33.46 per cent, from N516.5bn in July to N343.67bn in August.

Institutional players still accounted for the majority of the market at 53 per cent, compared with 47 per cent for retail.

In contrast, foreign investors stepped up activity as their transactions rose 17.72 per cent, from N145.95bn in July to N171.81bn in August. Inflows reached N95.14bn, while outflows stood at N76.68bn, indicating relatively balanced sentiment.

As a result, foreign activity made up 18.91 per cent of total trades in August, up from 8.04 per cent in July. Domestic investors still dominated with 81.09 per cent of transactions.

Between January and August 2025, domestic investors traded N5.463tn, compared with N1.453tn by foreign investors, showing locals accounted for 79 per cent of activity in the first eight months of the year.

Both domestic and foreign participation also rose strongly year-on-year. Domestic transactions nearly doubled from N2.82tn in the same period of 2024, while foreign trades more than doubled from N655.5bn.

The longer-term trend shows that domestic investors continue to provide the bulk of market liquidity. Over the past 18 years, domestic transactions have risen 33.15 per cent, from N3.556tn in 2007 to N4.735tn in 2024. Foreign transactions grew 38.31 per cent, from N616bn in 2007 to N852bn in 2024.

Analysts said the sharp August decline was not a sign of weakening fundamentals but rather the effect of an unusually large block trade in July that inflated volumes. Block trades typically involve the purchase or sale of a substantial number of shares in one transaction, often by institutions.

The report also highlighted the impact of exchange rate movements. The naira traded at N1,533.55/$ at the end of July 2025 and slightly strengthened to N1,531.57/$ by the end of August. This relative stability supported foreign flows, though domestic sentiment remained the key driver of overall volumes.

Market observers noted that while foreign participation has increased, the bourse still depends heavily on the decisions of a few large local investors whose trades can swing volumes by hundreds of billions of naira each month.

Dan Poster by — October 3, 2025 in Business 0
CBN rate cut to 27% will squeeze banks’ profits – Moody

CBN-VUILDING-700×375Global ratings agency Moody’s Investors Service has warned that Nigeria’s banking sector faces fresh profitability risks after the Central Bank of Nigeria cut its benchmark Monetary Policy Rate to 27% from 27.5%.

The CBN said the 50-basis-point cut was driven by sustained disinflation, projections of further inflation decline, and the need to stimulate economic recovery.

However, Moody’s cautioned that the move could erode banks’ net interest margins unless higher loan volumes offset lower yields.

“We expect the lower policy rate to drive a decline in yields on loans and government securities that will outpace the related decrease in the cost of deposits,” the agency stated, noting that deposit costs adjust more slowly than lending rates.

Net interest income accounted for 62% of Nigerian banks’ operating income in 2024, Moody’s said, stressing that the reduction in the Cash Reserve Requirement would provide only partial relief.

Dan Poster by — October 3, 2025 in Business 0
At 65, many Nigerians still live in fear, says ex-presidential candidate

Nigeria @65 official logo. Photo: Federal GovernmentAs Nigeria marked its 65th Independence Anniversary on Wednesday, the Social Democratic Party’s 2023 presidential candidate, Prince Adewole Adebayo, warned that the nation cannot prosper while millions of its citizens remain trapped in poverty and fear.

The Federal Government had declared Wednesday, October 1, a public holiday to commemorate the country’s independence from Britain in 1960.

However, in a late announcement on Monday, the Office of the Secretary to the Government of the Federation disclosed that the traditional Independence Day parade would no longer be held.

In a statement issued in Abuja to commemorate the day, Adebayo said the country’s promise of greatness would remain unfulfilled unless urgent action were taken to confront insecurity, hunger, and corruption.

“No nation can prosper while its people live in fear. Peace is not optional; it is the precondition for progress, the anchor of prosperity, and the oxygen of national renewal,” he declared.

His comments came against the backdrop of the shocking death of 29-year-old Arise News anchor, Somtochukwu Maduagwu, who reportedly died on Monday following injuries sustained during a violent robbery at her Katampe residence in Abuja.

The incident, which colleagues say was compounded by her alleged denial of medical care, has reignited concerns over the state of security and healthcare in the country.

Reflecting on Nigeria’s journey since independence in 1960, Adebayo recalled the vision and lofty dreams of the nation’s founding fathers, including the country’s first Prime Minister, Sir Abubakar Tafawa Balewa:

But 65 years on, Adebayo noted, the reality for many Nigerians stands in sharp contrast to the projected vision.

He lamented that 63 per cent of citizens—some 133 million people—are classified by the National Bureau of Statistics as multidimensionally poor with one in three lives below the World Bank’s poverty line of $2.15 per day; and over 31 million are facing acute food insecurity.

“These are not abstract figures; they are broken lives, and they demand a national response as urgent as war,” he said.

On insecurity, Adebayo warned that banditry, insurgency, and communal violence had displaced more than 2.3 million Nigerians by the end of 2024, according to United Nations data.

The SDP candidate argued that without a coherent security strategy that unifies the military, police, and intelligence agencies while deploying modern surveillance tools such as drones and satellites, the country’s development would remain stunted.

Yet, despite the bleak outlook, Adebayo insisted that hope was not lost. According to him, the urgent task before any government was to place peace and accountability at the centre of its agenda.

“The urgent task before us now is to build a Nigeria where no Nigerian is left behind, and where no community is consigned to despair. If we meet this test, we will awaken the Nigeria of our dreams. This is the true promise of independence,” he said.

Dan Poster by — October 1, 2025 in General News 0
Tinubu Unhappy With Death Of Arise TV Journalist

President Bola Ahmed Tinubu has said he received with deep sorrow the news of the tragic passing of Ms Somtochukwu ‘Sommie’ Maduagwu, a brilliant news anchor with Arise News Television, who was killed during an attack by robbers at her residence in Katampe, Abuja.

 

Tinubu, extended his heartfelt condolences to the family of Ms Maduagwu, the management and staff of Arise News Television, and the entire Nigerian media fraternity over this painful loss.

 

Tinubu says: ” Ms Maduagwu was a promising professional journalist whose life was cut short in a cruel and condemnable manner.

 

” Security and law enforcement agencies should conduct a quick and thorough investigation into the incident and ensure that the perpetrators are apprehended and brought to justice without delay”.

 

While commiserating with the bereaved family, President Tinubu assures Nigerians that his administration remains committed to ensuring the safety and security of all citizens, and will continue to strengthen measures aimed at combating crime in all its forms.

Dan Poster by — October 1, 2025 in General News 0
Nigeria At 65: Chevron Sees Brighter Future In Oil And Gas Sector

Chevron Nigeria has said it is expanding deepwater production in Nigeria in a sustained effort to expand new growth opportunities.

The Company said it is committed to further exploration and development of oil and gas resources by converting its joint venture and deepwater leases under the Petroleum Industry Act (PIA).

The Chairman and Managing Director, Chevron Companies in Nigeria, Mr. Jim Swartz, while speaking on Nigeria’s 65th independence anniversary, said the Company is proud of its partnership and contribution to the social and economic development of the country.

In over six decades of operation in Nigeria, Chevron Nigeria has continued to make significant investments in the country that have helped generate socio-economic development in several communities across Nigeria, Swartz said.

To further boost its business development, the Chairman said Chevron is executing infill drilling programs as part of its efforts to improve the current production base upon which the future can be sustained, and has also signed a 20-year renewal of four deepwater leases, in addition to planned infill drilling to mitigate production decline in its Agbami hub, non-operated Usan hub, and support for continued maturation of the Owowo development

He said entry into Oil Prospecting License 215 aims to boost deepwater development opportunities, while completion of seismic data acquisition across several of its deepwater leases aims to position itself for future exploration and demonstrate Chevron’s commitment to future growth in Nigeria.

The Chairman also mentioned the near-field discovery with the successful drilling of the Meji NW-1 appraisal well.

Swartz, while offering explanation on the business perspective of Chevron Nigeria said, “At Chevron Nigeria, we strive to build lasting relationships to help enable human progress now and into the future. Chevron has a long commitment to Nigeria. We have been making significant investments in Nigeria for over 60 years, contributing to the growth and development of the country.”

According to him, “Chevron Nigeria produces oil and natural gas from various fields, supplying domestic and international markets, while utilizing natural gas to produce diesel and naphtha. The joint venture between Chevron Nigeria Limited (CNL) and the Nigerian National Petroleum Company Limited (NNPCL/CNL JV) is one of the major natural gas suppliers to Nigeria’s domestic market and remains ahead in maximizing the supply of on-spec gas in the domestic and regional markets.”

He added that Chevron Nigeria has been successful in leading and investing in major initiatives which include the development of the Deep Water Agbami project which has produced over 1 billion barrels of oil; the development of the Escravos Gas Plant facility to enable the reduction of gas flares, processing of gas and the development of the Escravos Gas-to-Liquids (EGTL) facility.

The EGTL facility has helped to significantly reduce gas flaring and produce high quality products, including refined diesel.

Also, in partnership with other private and state entities from the Economic Community of West African States, Chevron led the development of the ~700km West African Gas Pipeline project through which Nigeria supplies gas to Benin, Togo, and Ghana, helping to boost economic development in the region.

“We prioritize local content and human capacity building as over 90% of our workforce in the country are Nigerians. We also provide contract opportunities to Nigerian companies in all our projects. Chevron supports the PIA, and we commend the efforts of the Federal Government of Nigeria to reposition the oil and gas industry for growth through several industry regulations,” Jim further stated.

 

Olusoga Oduselu, Chevron Nigeria’s General Manager, Corporate Affairs, highlighted the company’s focus on helping to engender the development of communities in the Niger Delta through the legacy Global Memorandum of Understanding, the current Host Community Development Trusts and the Foundation for Partnership Initiatives in the Niger Delta.

According to Olusoga, “Chevron Nigeria’s social investment footprint extends beyond its areas of operation. Among other health initiatives, Chevron Nigeria built and donated a DNA Molecular laboratory to the University of Lagos Teaching Hospital, and the facility is very significant to medical research in Nigeria.

At the height of the coronavirus (“COVID-19”) pandemic, Chevron Nigeria donated a Polymerase Chain Reaction laboratory to Warri Central Hospital to support the Delta State government in the fight against the COVID-19 pandemic, in addition to other industry-collaborations. Chevron Nigeria has also implemented health initiatives such as the Roll Back Malaria, Prevention of Mother to-Child transmission of HIV/AIDS and awareness programmes on River blindness.”

 

In its deep offshore operations, Chevron Nigeria has continued to implement projects and programmes in the areas of health, education, and socio-economic development across Nigeria. For instance, Star Deep Water Petroleum Company Limited (a Chevron company) and its parties in the Agbami field have been investing in fighting Tuberculosis (TB) with the construction and equipment of chest clinics in Nigeria to support the treatment and care of tuberculosis patients in Nigeria. Currently, twenty-eight such chest clinics, fully equipped with standard X-Ray machines, male and female wards, treatment rooms, laboratories and Gene Xpert Machines have been completed across the country to support Nigerian health system. The Agbami parties have also donated nine (9) mother-and-child health care centers and one medical diagnostics laboratory in some States in Nigeria. Some of the donated chest clinics and mother and childcare centers became useful for COVID-19 response in some states during the heat of the pandemic.

Chevron Nigeria continues to support development of education in the Niger Delta region and across the country through development of education infrastructure, capacity building and scholarships.

The scholarships include: the NNPC/CNL JV’s national university scholarship and the community scholarship program which caters for students in both secondary and tertiary institutions from communities in Chevron Nigeria’s areas of operations. Additionally, Chevron Nigeria awards scholarships to visually impaired students to enhance their access to quality education. Over 23,000 people have benefitted from the company’s scholarship programs which include scholarship for community postgraduates’ scholars in Nigeria and foreign universities.

Since inception of the Agbami Medical and Engineering Professional Scholarship programme in 2009, over 16,500 students from all the states of Nigeria have benefitted from the scholarship, out of which 715 students have graduated with first class degrees. Chevron Nigeria and its Deepwater parties have continued to invest in education infrastructure.

The parties have executed 39 Science laboratory complexes and 25 conventional and hybrid libraries across the country. Also, Chevron and its partners take a wide-ranging activity to encourage students to develop interest in key subjects of Science, Technology, Engineering, and Mathematics and, ultimately, pursue STEM courses and career.

Chevron Corporation has also sponsored certain global health and environmental-related initiatives that have an impact in Nigeria.

These efforts include the contribution to Global Fund against HIV/AIDS, malaria, and TB which has benefitted Nigeria in the areas of providing access to lifesaving antiretroviral therapy for people living with HIV, provision of long-lasting insecticide-treated mosquito nets and detection of tuberculosis cases. Also, as part of its efforts in environmental conservation, Chevron Nigeria with the support of Chevron Corporation, built and donated the Lekki Conservation Centre to the Nigerian Conservation Foundation in 1992.

The 78-hectare facility has become a center of excellence in environmental research and education, reserved as a sanctuary for the rich flora and fauna of the Lekki Peninsula, Lagos.

The CNL also sponsors the Junior Tennis tournament, the National Arts competition, and other activities by various organizations.

 

Chevron Nigeria is optimistic about the future of the oil and gas business in Nigeria. As the Chairman/Managing Director emphasized: “Chevron remains committed to our partnership in ensuring safe, reliable, and efficient operations in Nigeria and delivering a reliable, ever cleaner, and efficient energy supply for Nigeria, the West African region, and the world.”

Dan Poster by — October 1, 2025 in Business 0
World Bank Extends $500 Million Loan To Facilitate Nigeria’s BRIDGE Digital Project

The World Bank has approved a $500 million financing package for Nigeria under the BRIDGE project (Building Resilient Digital Infrastructure for Growth). Led by the Ministry of Communications, Innovation and Digital Economy, the program aims to address structural gaps that limit broadband access in underserved areas.

With a total cost of $1.6 billion, the project will be largely supported by $1.1 billion in private investment, with additional backing from the African Development Bank, the European Investment Bank, and the Islamic Development Bank.

It includes the rollout of about 90,000 km of climate-resilient fiber optic cable, powered where necessary by renewable energy solutions. The implementation plan features seven national rings, 37 metropolitan loops, 77 regional networks, and several edge data centers.

The government’s target is to expand the national backbone from its current 35,000 km to more than 125,000 km, covering 70 per cent of the population in the near term. “Over the past two years, we have worked tirelessly on what is arguably the most ambitious and fundamental digital infrastructure project in Nigeria’s history,” said Minister of Communications, Innovation and Digital Economy Bosun Tijani in August, during the technical design presentation of BRIDGE.

The move comes as Nigeria faces a slowdown in broadband growth. According to the Nigerian Communications Commission (NCC), combined fixed and mobile internet penetration fell to 48.01 per cent in July 2025, down from 48.81 per cent in May. Total connections also declined, from 105.7 million in June to about 104 million in July, highlighting the urgency of expanding the country’s digital infrastructure.

By strengthening Nigeria’s digital backbone, the BRIDGE project is expected to support more inclusive economic growth, enhance delivery of digital public services in health, education, and governance, and boost the fintech and startup ecosystem.

Dan Poster by — October 1, 2025 in Business 0
Dangote Refinery Accuses Unions Of Chasing Check-Off Dues, Not Workers’ Welfare

Dangote Petroleum Refinery has accused the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Trade Union Congress (TUC) of prioritising union dues and personal interests over workers’ welfare, following fresh calls by the unions for industrial action.

 

In a strongly worded statement issued on Monday, the refinery described the TUC as “zombie-like” for declaring “full solidarity” with PENGASSAN and threatening nationwide strike action against its management, without making any effort to verify the claims on which the action was based.

 

The refinery noted, “We are told that he who hears only from one side and passes judgment without hearing the other side is a fool. Unfortunately, the Trade Union Congress has placed itself in that position. Without hearing from Dangote Refinery, the Congress has passed a guilty verdict on the Refinery’s management and now parrots the PENGASSAN line, zombie-like, calling ‘for a national industrial action if Dangote management fails to comply with’ its demands.”

 

Dangote Refinery accused the unions of being driven solely by the desire to secure check-off dues. The company cited comments by PENGASSAN President Festus Osifo, who, in a recent interview with Channels Television, stated that the union had written to Dangote Refinery to begin remitting dues the day after workers allegedly unionised.

 

In its statement, the company dismissed both unions as self-serving and controlled by “oligarchs”, insisting that their real agenda is not the protection of workers but the preservation of their financial interests.

 

“PENGASSAN and TUC are two peas in a pod. They are twins from the same womb. Their interests do not extend beyond themselves and the oligarchs that run their affairs. The monthly check-off dues and other subscriptions and scams that feed their lifestyles are the primary concern and interests of these oligarchs. At least, one of them, Festus Osifo, President of PENGASSAN admitted that much on national television very recently.”

 

The statement added, “During his interview with Seun Okunbaloye on Channels TV, Mr. Osifo purported that “the workers” in Dangote Refinery “unionized . . . on Monday and we sent a letter to them at Dangote Refineries informing them of the decision and asking the organization to remit their dues from source, on Tuesday”. If we must believe Mr. Osifo’s account – and Dangote Refinery is not thereby admitting the accuracy of his account – the PENGASSAN oligarchs could not even wait for 24 hours after the purported unionization before demanding for their monthly check-off dues. And on account of these monthly check-off dues, PENGASSAN and its collaborators and co-conspirators – one of whom revealed itself as Trade Union Congress – are ready to plunge Nigeria and Nigerians into utter darkness and anarchy.”

 

It further alleged that neither PENGASSAN, TUC, nor allied unions such as NUPENG have offered accountability for the funds collected from workers. Instead, it accused them of funding “lavish and opulent lifestyles”.

 

“Meanwhile, none of these Unions – PENGASSAN, TUC, NUPENG and its other unnamed co-travellers – bothers to give an account to their members and the Nigerian public of these monthly check-off dues. We only see the proof of these check-off dues’ payments in their lavish and opulent lifestyles. It is time Nigerians stood up against these enemies of progress,” the company said.

 

The refinery called on the Federal Government to resist what it described as attempts by union leaders to return Nigeria to “the dark ages” of energy insecurity and industrial sabotage.

 

It declared, “Dangote Refinery is a national asset that requires our collective protection and prayers. To paraphrase the TUC Press Release, TUC and its cohorts, ‘regardless of size or wealth’ must not ‘be allowed to trample on the dignity and rights of’ 230 million Nigerians.”

 

The refinery challenged the unions to publish their financial records, “Finally, we demand that TUC join its co-travellers, PENGASSAN and NUPENG in publishing its 10-year audited accounts. Surely, the workers in whose name they all purport to be working, deserve to know what the Unions have been doing with their monthly check-off dues.”

Dan Poster by — October 1, 2025 in Business 0
NELFUND closes loan application for 2024/25 academic session

Chief Executive Officer of NELFUND, Akintunde Sawyerr

The Nigerian Education Loan Fund  has announced the closure of its application portal for the 2024/2025 academic session, effective from today (Tuesday).

According to the Fund, the move signals the completion of its second full cycle and will allow it to finalise the processing of pending applications and upkeep payments.

In a statement signed on Monday by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND also released timelines for the next round of applications.

The portal will reopen in the second week of October 2025 for the 2025/2026 academic session and remain accessible until January 2026.

The Fund urged institutions to promptly update their students’ records on the Student Verification System to enable eligible applicants to participate in the new cycle. Institutions yet to commence a new academic session within the stated window were asked to notify NELFUND for possible concessions.

“All applications for the 2024/2025 academic session that remain unverified by institutions after October 8, 2025, will be automatically cancelled.

Students in this category are strongly encouraged to prompt their school management to complete the verification process before the deadline. Affected students will have to submit fresh applications for the 2025/2026 academic year,” the statement read.

NELFUND further disclosed that some students’ applications remained unapproved or unpaid due to institutions’ failure to complete the mandatory verification process.

“NELFUND is actively engaging with such institutions to resolve the delays. However, institutions that fail to comply by the stipulated deadline should note that the Fund will publish the names of all non-compliant institutions for transparency,” it added.

On upkeep allowances, NELFUND clarified that disbursements for the 2024/2025 session would continue until November 2025, but students must reapply for the 2025/2026 session to maintain eligibility.

So far, more than 510,000 students have benefited from the Federal Government’s Student Loan Initiative, with a total of N99.5bn disbursed since the scheme’s launch on May 24, 2024.

According to the Student Loan Disbursement Daily Status Report released on September 27, 2025, NELFUND has received 835,360 applications since inception, out of which 510,378 students have successfully accessed the interest-free facility.

Dan Poster by — September 30, 2025 in General News 0