The presidency has refuted claims of a shake-up in the leadership of the Independent National Electoral Commission (INEC).

A tweet on Monday by Daniel Bwala, special adviser to the president on policy communication, said there is no truth to the rumours that Mahmood Yakubu, INEC chairman, has been removed from office.

“The story trending across media platforms to the effect that Mr President @officialABAT has either sacked the INEC chairman or has replaced the INEC chairman is not true and should be discountenanced,” Bwala wrote.

“Decisions and or official acts of Mr President are communicated through official channels and not the rumour mill.”

Similarly, O’tega Ogra, senior special adviser to President Bola Tinubu on digital and new media, noted that any official announcement regarding a change in the electoral body’s leadership would be made through proper government channels.

“The Nigerian public should disregard any fake news making the rounds about the replacement of the INEC chairman,” he wrote.

“Any such announcement will come from the SGF’s office or any other appropriate official source.”

The clarification comes amid heightened social media speculation on changes at the electoral commission.

[TheCable]

Speaking ex tempore can be quite challenging especially when the issue you are raising is quite germane, and you might not be able to speak to its nuances on the spur of the moment. Thus, when Professor Antonia Simbine, the Director General of the National Institute for Social and Economic Research (NISER), visited my office as the Chairman of the Federal Civil Service Commission (FCSC) most recently, the cumulation of our discussion veered, not surprisingly, towards policy architecture, local research outputs and Nigeria’s productivity profile.

When I, therefore, made the argument that there is a crucial disconnect between local research outputs and Nigeria’s policy space—that “our experts’ output (are) gradually (becoming) irrelevant and consigned to publications and for individual promotion and professional development and not as input into the public policy making process”—I was not attempting to generate a soundbite that would generate notoriety.

On the contrary, I was simply alluding to a national reality that requires more analysis to unravel its critical nuances. My statement to the press only provides a partial picture of what is really wrong with the policy-research nexus in Nigeria. This contribution is simply a modest attempt to build on my statement as a measure of recognition of the significance of the subject matter.

A significant dimension of my institutional reform concerns has always been the policy-research nexus that could be energised by the town-gown. The policy-research linkage refers to the relationship between policy makers and the academia that strengthen strategic policy intelligence and the need for critical problem-solving in governance.

My policy-engaged research advocacy derived from the belief that Nigeria’s development planning and management has a lot to benefit from a reinvented town and gown symbiotic relationship. This belief has a historical basis in the immediate post-independence period when Nigeria was struggling to put together a development structure that will serve as the basis for good and democratic governance.

This instigated a community of practice that brought academics and scholars into key conversations around the academic and administrative implications of policy designs. The consequence was the development of significant action research hub that stimulate policy intelligence for the government and its policy-making capacities.

This community of practice is what brought the likes of the late Profs. Ojetunji Aboyade and Akinlawon Mabogunje, and Dr Pius Okigbo, into critical policy conversation with Simeon Adebo, Allison Ayida, Ahmed Joda, and the public administration/public service structure into policy-research-industry complementary relationship that government regularly drew upon for its development thinking.

From what we now regard as the golden age of public administration in Nigeria to the present struggle to make sense of democratic governance, a lot has gone wrong both with the policy-making architecture, Nigeria’s higher education dynamics and the significance of research and development (R&D) as the fulcrum for enabling action research and ultimately the policy-research nexus.

There is one obvious culprit that undermine the framework that enables policymakers and researchers/academics collaborate to facilitate policy-research linkage that deploys the trans-disciplinary and interdisciplinary nature of public policy research to ground development planning and good governance.

This culprit is the government’s anti-intellectual posture along the line which takes researchers, think tanks and research institutes as interlopers and non-significant actors in the policy process rather than as critical partners and stakeholders. This is a charge that should not be taken lightly. It is one that has been borne out by my entire professional trajectory as a public servant with a significant interest in studying the intellectual basis of public administration in Nigeria, and its interface with academia and other intellectual resources available to the government in terms of its policymaking function and service delivery requirements.

My intellectual and professional tutelage under Aboyade and Mabogunje, for example, also further accentuated how the public service could be rabidly reactionary against every attempt at facilitating collaboration with the academia and research dynamics.

This is despite the cogent evidence of the role of the town and gown in molding the successes of the Adebo-Udoji up to the era of the Gowon’s super-permanent secretaries in public administration—a situation that got to a height during the IBB era and still subsisted under the Abacha administration with the National Economic Intelligence Committee (NEIC), headed by the late Prof. Sam Aluko. Unfortunately, the commencement of Nigeria’s democratic experiment in 1999 has failed to undermine this anti-intellectual posture and ignite this policy-research collaboration.

There are several consequences deducible from this posture. The first is that the many research institutes, think tanks and tertiary institutions have no visible influence on Nigeria’s policy articulation in ways that qualitatively transform the policy intelligence of government.

A recent study carried out on Nigeria’s sixty-six research institutes paints a very dismal picture of systemic, operational and structural challenges that undermine the contributions that these institutes could make to policymaking. The same can be said for the over two hundred and fifty public and private universities in Nigeria.

This state of affair leads to the second implication of the government’s anti-intellectualism: the failure to ground the framework and protocols of their policymaking practices on economic and statistical rationalities. This implies that successive Nigeria governments plan economic and developmental processes without the benefits of statistical analyses and scenario intelligence that the action and empirical researches of the research institutes, think tanks and tertiary institutions could have provided. This was the crux of Prof. Wolfgang Stolper’s stricture regarding his development experience in Nigeria between 1962 and 1968.

In his book, Planning without Facts: Lessons in Resource Allocation from Nigeria’s Development (1966), Stolper decries the situation where the government articulated development plans within framework of a weak data and statistical culture that could make the development process an evidence-based practice.

Development therefore becomes an arbitrary process of depending on a series of short-run decisions and planning that limits the extent of scientific prediction. This paucity of statistical and data parameters is one of the most singular reasons why the trajectory of Nigeria’s development planning, from the first NDP (1962 to 1968) to the 1992-1994 rolling plan, has impacted good governance for Nigerians. 
To be continued tomorrow.

Prof. Olaopa is chairman, Federal Civil Service Commission.

The House of Representatives has issued a reminder to Rivers State Sole Administrator, Vice Admiral Ibokette Ibas (retd.), emphasizing that he lacks the constitutional authority to make laws or draft a budget for the oil-rich state.

Naija News reports that the House’s stance follows Ibas’s announcement of plans to prepare a new budget after the declaration of a state of emergency in the state in March.

In an interview with Punch on Sunday, the Deputy Spokesman for the House, Philip Agbese, clarified that the Sole Administrator does not have the mandate to perform legislative functions under the current circumstances.

“The Sole Administrator does not have the authority to carry out the National Assembly’s function of making laws under the current circumstances.

“The Speaker of the House, Tajudeen Abbas, is consulting with the leadership of the House to establish a committee to oversee the administrator’s activities and ensure that the interests of Rivers State are represented,” Agbese said.

Agbese further explained that the House of Representatives had already communicated their position on the administrator’s appointment and mandate to President Bola Tinubu.

He warned that if the Sole Administrator oversteps his constitutional boundaries, the House would take necessary actions, including the possibility of a vote of no confidence, to ensure adherence to the rule of law.

The political situation in Rivers State, stemming from a crisis between Governor Siminalayi Fubara and the Rivers State House of Assembly, prompted President Tinubu to declare a state of emergency in March. This move resulted in the suspension of the governor and the state legislature for an initial period of six months.

In place of Governor Fubara, Tinubu appointed Vice Admiral Ibas as Sole Administrator. Last week, Ibas revealed his intention to formulate a new budget to manage the state’s affairs for the next six months.

While hosting a delegation of the Rivers State National Assembly caucus, Ibas reiterated his commitment to the people of the state and outlined his plan for the new budget.

He said, “Since the Supreme Court verdict on the state’s budget, we have acted swiftly and decided to put together a new budget that reflects our commitment to healthcare, education, social services, and continued infrastructural development.”

Ibas emphasized that the new budget would focus on creating job opportunities and investing in key sectors such as agriculture, infrastructure, and technology.

“We understand the urgency of this initiative, and we are committed to ensuring that they are implemented without delay,” he added.

The Sole Administrator stressed that the budget would be transparent, inclusive, and expedited to improve the lives of the citizens. He also assured that the process would not lose any more time in making the necessary investments in the state’s future.

[NaijaNews]

The appointment of a new leadership team at the Nigerian National Petroleum Company Limited (NNPC Ltd.) has sparked fresh hope. However, history teaches us that leadership changes in Nigeria’s public institutions is often not a guarantee for remarkable positive changes . Each transition is seen as a potential turning point, yet the cycle of inefficiency, corruption  and mismanagement persists. This time, however, there is a distinguishing factor—NNPC Ltd. is now led by a technocratic board predominantly composed of industry professionals. This shift signals the possibility of meaningful change, but only if these experts can resist personal and corporate interests and genuinely serve national priorities. Will this be a turning point or another wasted opportunity? The answer will profoundly affect Nigeria’s economic stability and long-term economic health .

As Nigeria’s national oil company, NNPC Ltd. wields significant influence, managing the country’s vast oil and gas resources. Its efficiency, or lack thereof, has far-reaching implications for government funding, economic stability, foreign exchange reserves, currency valuation, job creation, and investor confidence. A well-managed NNPC Ltd. could serve as the backbone of economic revival, while inefficiency could lead to a domino effect of economic crises. The Nigeria Extractive Industries Transparency Initiative (NEITI) reports that the country lost over $46 billion to oil theft and operational inefficiencies between 2009 and 2020, underscoring the potential impact of a well-managed NNPC Ltd.

An ineffective NNPC Ltd. is not just a national disservice —it is an economic crisis in itself. The company’s mismanagement directly impacts the economy and national development projects. 

Globally, state-owned oil companies have been instrumental in their nations’ economic development. Saudi Aramco is the most profitable company in the world, surpassing tech giants like Apple and Microsoft, with a net income of $161.1 billion in 2022. Petrobras in Brazil has driven economic expansion through strategic investments and governance reforms, generating $35.7 billion in net profits in the same year. Equinor in Norway used oil revenues to establish a sovereign wealth fund valued at over $1.4 trillion, ensuring long-term economic stability. While these national oil companies fuel economic prosperity in their respective countries, NNPC Ltd. has struggled with inefficiency, corruption, and chronic underperformance. NNPC Ltd. has the potential to match these achievements, but only if it undergoes serious structural and operational reforms.

A technocratic board raises expectations of professionalism and efficiency but also presents risks.  Many board members have vested interests in private oil and gas companies, creating a high risk of conflict of interest and policy decisions that serve personal gains over national development. Transparency International has consistently ranked Nigeria’s oil sector among the opaquest in the world, with corruption and vested interests undermining effective governance. To dispel these concerns, the new leadership must demonstrate an unwavering commitment to transparency, accountability, and ethical governance. Key questions must be addressed: Will their private interests precede national interests? Can they implement policies that might negatively impact their business associates? How will transparency and accountability be maintained in the decision-making process? The ability of this leadership team to separate personal gain from national duty will be a defining factor in its success or failure.

Nigeria’s oil production costs, from 2023 data, are among the highest in the world. Saudi Arabia and Iraq produce oil at $10 per barrel, Russia and Norway at $20-$21 per barrel, while Nigeria produces at  between $40 and $48 per barrel. Security costs ,burdensome  logistics and infrastructure, inflated contracts and fraudulent procurement, and other corrupt practices contribute to these high production costs. The Cable, a Nigerian online publication quoting the National Security Adviser, Nuhu Ribadu, says that the country loses around 400,000 barrels of crude oil daily to theft and sabotage. By improving operational efficiency, adopting cutting edge technology and eliminating corruption, the new leadership could reduce the cost of production to $25-$30 per barrel—leading to a potential 75% increase in oil revenue.

Nigeria has consistently failed to meet its OPEC production quotas due to large-scale oil theft, pipeline vandalism, community conflicts, and inefficiencies in NNPC Ltd.’s operations and management. Strengthening security measures in oil-producing regions, establishing clear community engagement frameworks, and improving operational efficiency through technology and management reforms are critical to addressing these issues. In 2024,the country struggled to produce a daily average of 1.4 million barrels per day , according to data from NUPRC, which is the industry regulator, due to these challenges. A key priority for the new leadership must be to secure and ramp up oil production. Addressing the complicity of some NNPC Ltd. and Nigeria Navy personnel in oil theft will be crucial.

NNPC Ltd. is notorious for delays in making Final Investment Decisions (FID) due to bureaucratic red tape, layers of embedded interests and political interference, and over-reliance on joint venture models where NNPC Ltd. expects international oil companies to finance projects. A prime example is the stalled Brass LNG and Olokola LNG projects. One stakeholder attributed it to the nature of the joint venture model operated by NNPC. He likened it to a woman going to the market with her friend and banking on her friend to pay for both purchases. Here, the NNPC, which is the landlord, plans to be funded by the tenant, the field operator. The challenge is their refusal to comply with section 65  of Petroleum Industry Act (PIA) that has suggested that they migrate from unincorporated joint venture (uJV) to incorporated joint venture ( IJVCL) that will require joint upfront financing of projects at the beginning without the need of structure for ‘carry’ or cash calls”. The new leadership of NNPC must address this inefficiency and recklessness so that Nigeria and Nigerians can benefit from oil and gas resources. The former Minister of State for Petroleum Resources, Timipre Sylva, once described Nigeria’s investment delays as “crippling to sectoral growth.” 

Despite spending trillions of Naira on refinery maintenance, Nigeria’s four state-owned refineries remain non-functional.

Between 2000 and 2020, according to House of Representatives  investigation committee reports, NNPC spent over $25 billion on refinery repairs without tangible results.  By today’s estimate, that money can be used to build 2 new refineries with a capacity of 225,000 bpd. NNNPC has the most inefficient refinery operations and expensive turnaround maintenance costs. The new leadership of NNPC has both a moral obligation and a national duty to make appropriate decisions on what to do with the refineries. Some national oil companies have sold off their refineries to focus on crude oil production and renewables , while others operate their refineries efficiently and generate profits. The key questions are: Should NNPC Ltd sell the refineries to private investors? Or should it reform its operational structures for greater efficiency and adopt a new refinery management model?

For decades, corruption and mismanagement have plagued NNPC Ltd. Political actors have used the company as a cash cow, opaque procurement processes, and delayed and unreliable financial disclosures. It is estimated that one-third of NNPC’s revenue is used to service political commitments that have nothing to do with the national economy. NNPC has attempted publishing its financial report in the past three years since PIB. Stakeholders say it is more of a ceremonial ritual than any serious attempt to be transparent. Unlike its peers, NNPCL does not accompany its audited financial statements with comprehensive operational reports. Being more transparent and professional in NNPC’s management should be a topmost priority of the new leadership. To restore credibility, NNPC Ltd. must publish independently audited financial reports with full operational details, implement transparent procurement policies, establish zero-tolerance measures against corruption, and resist political interference in financial decisions.

Nigeria has 203 trillion cubic feet of natural gas reserves, yet these remain largely untapped due to a lack of critical infrastructure and poor pricing policies that deter investment. How did other nations do it to earn optimally from gas resources? Qatar became the world’s largest LNG exporter, generating over $100 billion annually from gas sales. Trinidad & Tobago built a robust petrochemical industry using gas resources . Norway used gas revenues to develop a $1.4b sovereign wealth fund. These success stories demonstrate the transformative potential of natural gas when it is strategically managed and leveraged for comprehensive national development. Nigeria can draw valuable insights from these experiences to unlock the full potential of gas resources.  Investing in gas infrastructure development, reforming pricing policies to attract investors, and developing a clear gas commercialization strategy are essential steps toward unlocking Nigeria’s gas potential. As the International Energy Agency (IEA) points out, “Natural gas can be a bridge to sustainable energy security if managed efficiently.”

To ensure long-term sustainability, NNPC Ltd. must optimize asset utilization, especially in crude oil exploration and  refinery operations, prioritize profit-driven decision-making over political interference, and streamline bureaucratic processes to boost efficiency. The company has attempted an Initial Public Offering (IPO) three times between 2018 and 2023, failing each time due to a lack of political will and transparency issues . Listing NNPC Ltd. on a foreign stock exchange such as New York or London could attract investors and strengthen corporate governance, following the examples of Saudi Aramco, Petronas, and Petrobras. Fast-tracking the promised Initial Public Offering (IPO) on major stock exchanges is essential.

NNPC stands at a critical crossroads. With exemplary leadership and reforms, Nigeria’s economy can be transformed, global investment can be attracted, and the potential of its vast oil and gas resources can be maximized. However, if these necessary reforms are not implemented, history will repeat itself, and Nigeria will continue to suffer from inefficiencies and corruption. “Nigeria’s oil sector has the potential to be the backbone of our economy,” admitted  Mele Kyari, immediate past   Group CEO of NNPC Ltd., “but only if we make the hard decisions now.” The responsibility now lies with the new leadership: Will they seize this opportunity or squander it like their predecessors? Will this new leadership deliver, or will history repeat itself? That NNPC needs a serious course correction is no brainer. The coming on board of a new leadership is the right time to do a reset. The choices made today will define Nigeria’s economic trajectory for decades.

To ensure that substandard and fake medicines are denied entry into Nigeria using National Agency for Food and Drug Administration and Control (NAFDAC)-appointed Pre-Shipment agents, the agency has appointed a new global testing and inspection agency, Cotecna Inspection Services (CIS), as part of efforts to bolster its Clean Report of Inspection and Analysis (CRIA) Scheme.
The Director General of NAFDAC, Prof. Mojisola Adeyeye, disclosed this during a hybrid technical meeting on mitigating substandard and counterfeit products held in Lagos. She explained that the appointment of Cotecna was in addition to existing CRIA agents operating in India and China and was aimed at ensuring that only safe, high-quality products are shipped to Nigeria.
   
Adeyeye said the move follows the agency’s widely praised seizure, evacuation, and destruction of over ₦1 trillion worth of substandard, expired, and banned medicines from open drug markets in Idumota, Onitsha, and Aba. 

She noted that NAFDAC is strengthening the CRIA scheme to curb the influx of falsified medicines, which she described as a growing international criminal activity with serious consequences for public health and the economy.
     
According to the DG, the CRIA Scheme plays a key role in screening regulated products before they are exported to Nigeria. She stated that CRIA agents are responsible for physical inspection, product-specific testing, and verifying regulatory documents to ensure compliance with NAFDAC’s standards. She added that designated laboratories in both China and India are used to test randomly sampled products.

[Guardian]

Manchester United and Manchester City played out an anticlimactic 0-0 Premier League draw on Sunday in a low-key derby that dealt a blow to City’s bid for Champions League qualification.
Pep Guardiola’s team are fifth in the table on 52 points, one behind Chelsea, and United are languishing in 13th place on 38.

With both sides struggling through difficult campaigns, neither created many clearcut chances, particularly in a drab first half at a sun-drenched Old Trafford.

The game picked up after the interval and City striker Omar Marmoush unleashed a blistering shot from 25 yards that forced United goalkeeper Andre Onana into a terrific save.

Joshua Zirkzee had United’s best opportunity midway through the second half when he turned and struck a half-volley that forced City keeper Ederson into an outstanding two-handed save.

[Leadership]

The Political Advantage Platform (PAP) is delighted to announce the appointment of Hadiza Malumfashi as its flagship host.

At just 21 years old, Hadiza is already a dynamic force in the spheres of advocacy, youth leadership, and public discourse in Nigeria.
A third-year law student at the American University of Nigeria, Hadiza brings a wealth of experience and a fresh, youthful perspective to the PAP show.

Known for her eloquence, bold ideas, and commitment to justice, she has long been a voice for young Nigerians through various platforms — including her groundbreaking online series “If I Were President,” which she launched during the pandemic to explore youth-driven leadership solutions.

Hadiza’s journey into advocacy began early, winning school debates and founding “Peace in Nigeria” at age 16 to promote coexistence and hold leaders accountable. She is also the founder of the NGO “Change Begins With Me,” which advances the UN Sustainable Development Goals (SDGs) 5, 6, and 13, with projects ranging from tree planting and well construction to promoting gender equality through sports like polo.

In addition to her academic and social impact work, Hadiza is a published writer of short stories and children’s activity books focused on peacebuilding and civic values.

As the new host of PAP, she brings her passion, insight, and fearless approach to political analysis, using evidence-based dialogue to challenge narratives and elevate the voices of everyday Nigerians.

“We are excited to welcome Hadiza to the PAP family,” said Alh. Mustapha Ramalan, the founder Chief Executive Officer of the Political Advantage Platform. “Her authenticity, drive, and deep connection with the youth make her the perfect voice for this moment. We believe Hadiza has all the makings of a star.”

With her appointment, PAP is significantly positioned in its mission to foster informed civic engagement and promote accountability across all levels of leadership as one of Nigeria’s leading online political platforms.

[DailyTrust]

The Crude Oil Refinery Owners Association of Nigeria, CORAN, has explained why Nigerians cannot get cheaper Premium Motor Spirit, PMS, prices amid the crude oil price drop.

CORAN argued that the suspension of Naira-for-crude deals, profiteering by middlemen, and rising foreign exchange rates are the reasons local prices of petrol have remained high despite the drops in crude prices.

The spokesperson of CORAN, Eche Idoko, made this known while reacting to the global crude oil price crash.

DAILY POST reports that crude fell to as low as $64 per barrel for Brent and $59.7 for WTI at the weekend.

The drop in crude prices has been consistent since Trump’s tariff took effect and following an unexpected Organisation of Oil Producing Countries (OPEC+) supply cut announcement.

Meanwhile, despite the drop in global prices, the local prices of refined products such as fuel have been on the increase in Nigeria.

Reacting, Idoko said, “The price will continue to rise because these middlemen are the elements that want to see that local refining is not sustained.

“You have the FX effects, you have the effects of the logistics of shipping in refined petroleum products, and then you also have the effect of the middlemen. All these will push the cost of petroleum products high in Nigeria.”

Recall that MRS filling stations, a partner of Dangote Refinery, Nigerian National Petroleum Company Limited, NNPCL, and others, last week increased their petrol pump prices.

Currently, Nigerians buy petrol for between N900 and N975 per litre, depending on the location.

The development comes as Dangote Refinery, on 19th March 2025, suspended petrol product sales in Naira following the stalemate of the Naira-for-crude sale deal between the company and the Nigerian government through NNPCL.

Defunct Heritage Bank’s depositors with N5 million minimum balance have described as unacceptable the announcement by the Nigeria Deposit Insurance Corporation’s (NDIC) that they will receive only partial payment of the uninsured sums.

They stated this at the weekend while reacting to the statement by the NDIC on their initial outcry to the National Assembly to prevail on the Central Bank of Nigeria (CBN) to ensure their trapped funds were released without further delays.

The depositors, who had lamented the sufferings they and their loved ones were going through as a result of their inability to access their funds deposited in the defunct Heritage Bank, noted that the NDIC’s statement of March 30 that it would pay those in the category on pro-rata basis further confirmed their fears of lack of resources and underscored the urgency of the situation.

Speaking through their leader, Ibrahim Elisha, the aggrieved depositors emphasised that the NDIC’s pro-rata payment scheme was inadequate and exposed severe funding deficiencies that could threaten public confidence in Nigeria’s banking system.

“The dire financial predicament facing us demands swift, decisive intervention from the Presidency, National Assembly, and the CBN.

“The NDIC has demonstrated its inability to fully reimburse affected depositors, even after liquidating the bank’s assets. A recent press statement—clearly issued in response to mounting media scrutiny—has confirmed that depositors will receive only partial payments, an unacceptable outcome that underscores the urgency of the situation.

“The NDIC’s pro-rata payment scheme is inadequate, exposing severe funding deficiencies that threaten public confidence in Nigeria’s banking system. For nine months, depositors have endured broken promises, uncertainty, and financial hardship.

“In times of distress, the CBN has historically provided bailout funds to stabilise financial institutions and prevent systemic collapse. It has done so in notable cases, including a N460 billion allocation to First Bank for Heritage Bank prior to its liquidation; support for the merger between Providus Bank and Unity Bank to preserve financial stability; a N700 billion lifeline extended to Unity Bank with favorable repayment terms; and the acquisition of Keystone Bank’s shares to avert institutional failure.”

They argued that it was incomprehensible that the CBN would neglect urgent intervention in their matter.

“Its inaction jeopardizes the entire financial ecosystem, creating unnecessary hardship for depositors who entrusted their savings to a bank that was assured to be stable.

“Delays are unacceptable. The credibility of Nigeria’s financial sector is on the line. If immediate bailout funds are not provided, public trust in financial institutions will erode, investor confidence will falter, and global banking observers will question Nigeria’s commitment to economic stability,” they stressed.

The depositors urged President Bola Tinubu and the National Assembly to mandate the CBN to release the necessary funds to NDIC for full depositor reimbursement.

They insisted: “Time is of the essence. Prolonged hesitation will intensify the crisis and inflict irreversible reputational damage. The government must step in without delay to restore trust, and protect vulnerable depositors. The consequences of inaction are far too grave. Immediate action is non-negotiable.”

In a statement by its acting Head of Communications and Public Affairs, Hawwau Gambo, NDIC explained that the excess of the insured N5 million already reimbursed would be paid as liquidation dividends in accordance with statutory mandate.

The statement reads: “With the considerable progress recorded in the asset realisation, the corporation will declare the first tranche of liquidation dividends in April 2025 which will be paid to uninsured depositors on a pro-rata basis, in line with Section 72 of the NDIC Act 2023 on the priority of claims.

“For clarity, the referenced section states that: ‘Where an insured institution is unable to meet its obligations or suspends payment, or where its management and control have been taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be available to meet its deposit liabilities. Such deposit liabilities shall have priority over all other liabilities of the insured institution’.

“Consequently, other claimants of the failed bank, including creditors, and shareholders, will be considered for payment of liquidation dividends only after all depositors have been fully reimbursed.

“The NDIC wishes to reiterate its commitment to the safety of depositors’ funds in all licensed banks. Members of the public are enjoined to continue their banking activities without fear, as all other banks remain safe and sound.”

[TheNation]

As coalition talks to challenge President Bola Tinubu in the 2027 elections gain traction, northern stakeholders are pushing for southern aspirants to commit to a single-term agreement.

A source involved in the coalition negotiations, who requested anonymity due to lack of authorisation to speak on the issue, told The PUNCH that northern stakeholders are urging former Vice President Atiku Abubakar not to run.

The source added that most stakeholders believe that if all coalition leaders unite behind a southern candidate, President Tinubu can be defeated.

On March 20, the 2023 presidential candidate of  the Peoples Democratic Party, Atiku, Labour Party’s Peter Obi, and former Kaduna State Governor, Nasir El-Rufai, announced the formation of a coalition aimed at removing President Tinubu in 2027.

The debate about whether opposition parties should unite to challenge President Tinubu’s administration has been intensifying, with various political figures sharing different opinions.

Former Vice President Atiku has been a strong advocate for opposition unity, emphasising the importance of collaboration.

On March 8, he revealed his efforts to unite opposition groups and form a coalition to oust the APC.

Following El-Rufai’s switch from the APC to the Social Democratic Party on March 10, discussions among opposition leaders gained significant momentum.

Atiku and other opposition figures declared that the March 20 meeting marked the official launch of the coalition.

It was previously reported by Sunday PUNCH on March 23 that the negotiations among political leaders are being delayed due to former Vice President Atiku Abubakar’s ambitions and the zoning dispute.

The source mentioned that the stakeholders have multiple options to resolve all the concerns.

He stated, “There are numerous concerns among all stakeholders involved in the coalition negotiations, with the North-South issue being the primary concern.

“Most of us understand that if we field a competent and credible southern candidate, defeating President Tinubu would be much easier. Therefore, many stakeholders, especially those from the North, are urging Atiku to step down and allow the coalition to support a southern candidate who will serve a single term if elected.

“In fact, some of these stakeholders are insisting that any southern aspirant the coalition will support must agree to a single-term commitment.

These issues are emerging, but we are committed to addressing them as they arise and accommodating the many Nigerians who are fed up with the APC’s maladministration. Our goal is to ensure a fair process that represents the interests of the people and strengthens the unity of the coalition.”

When reached for comment, the National Secretary of the Coalition of United Political Parties, Peter Ahmeh, confirmed that the proposal for southern aspirants to sign a single-term agreement, along with other options, is under consideration by the stakeholders.

In an interview with our correspondent, Ahmeh stated that the opposition forces against President Tinubu are greater than those faced by former President Goodluck Jonathan in 2014.

He stated, “The signing of a single-term agreement by a southerner is part of what is on the table, but this has not been concluded yet. It has not reached a conclusion.

“Peter Obi and some other southern aspirants are involved. I believe that the decision will be reached in the next few weeks.

“There are many options on the table. People are bringing different permutations, but the fact still remains that you can’t put the cart before the horse. As soon as the agreement is reached, we will communicate it to the public.

“It is very obvious that more Nigerians have realised that this government is doing us more harm than good. So, quite a lot of Nigerians are joining the coalition. There are more opposition forces against this government than there were against former President Jonathan in 2014.

“So, I urge all coalition stakeholders and other opposition leaders to sustain this commitment so that we can come together to rescue this country from the failed APC.”

When reached for comment, former Vice President Atiku cautioned against speculation that could undermine the coalition negotiations.

In an exclusive interview with The PUNCH, Atiku, through his media aide, Paul Ibe, emphasised that any agreement made will be binding for all parties involved.

He stated, “The agreement must be between the stakeholders, and we cannot speculate about it because discussions are still ongoing. We don’t need to reach conclusions while discussions are still ongoing. Once an agreement is reached, it will be binding, but until then, we must refrain from drawing conclusions about the ongoing process.

“Yes, His Excellency, Atiku Abubakar is committed. What’s important for him is not to put the cart before the horse. His Excellency, like other leaders, believes that the only way to remove those who don’t mean well for our people and our country is by having a strong, united coalition.

“That coalition must be robust and strong enough to push forward. That is what they are working towards, and it is the most important goal, above all else.”

The National Chairman of the SDP, Shehu Gabam, corroborated that nationwide consultation is ongoing.

He stated, “I am not in a position to say anything now. I can’t tell you what we intend to do and how far we have gone, consultation is ongoing.

“We are doing more consultations. When we get to the bridge, we’ll cross it. But our consultations are ongoing nationwide. I am not going to disclose who is involved in the consultation and other details.”

However, the PDP National Youth Leader, Timothy Osadolor, criticised the push for a southerner to sign a single-term agreement, calling it premature.

In an interview with The PUNCH, Osadolor urged coalition stakeholders to keep the opportunity open for capable Nigerians.

He stated, “For me, I think it is premature to narrow this contest to the South. If we say a southerner must run, who are the southerners capable of running and dismantling this monstrosity called the APC government? There are just three people: former President Goodluck Jonathan, Obi, and I don’t think there is anyone as formidable as the Oyo State governor.

“I am not going to speak for all the other southerners who want to run, with all due respect to them. But I think we should allow Nigerians, irrespective of where they come from, to pursue their ambitions. That is the best way we can defeat the APC.

“And if among those who come forward, we unanimously agree to support one, regardless of the geopolitical region they hail from, it will be a collective democratic decision and no one will accuse the coalition of denying them their rights.”

Reacting to the scheming by the opposition, the APC Publicity Director, Bala Ibrahim, dismissed the coalition efforts, stating that the ruling party’s popularity among Nigerians is growing.

According to Ibrahim, the APC remains unfazed, and the party’s accomplishments will ultimately vindicate President Tinubu.

He stated, “Again, the ruling party, the APC is not bothered, because all the people involved (in the coalition) are people who have gone to the polls against the APC and lost.

 “The APC, from the period it beat them to defeat, has not lost its membership but has been increasing its membership, and its tentacles of leadership are increasingly growing.

 “The people will continue to realise the good dividends of democracy from the APC government, such that they will not regret voting for the party, nor will they think of giving up.

“So, the achievements of the ruling APC under President Tinubu will shame all opposition forces and their plans.”