…Warns on repercussions of such act
• Oyo commits to provision of clean water

Former President Olusegun Obasanjo has decried the neglect of Oyan Dam by successive Ogun State governments to mitigate the challenge of water scarcity in Abeokuta, the state capital.

Obasanjo said that due to the negligence of the dam, residents of Abeokuta had embraced digging boreholes to source water, stressing that repercussions of such could be devastating.

The former President gave the lamentation when the management and staff of the Ogun-Osun River Basin Development Authority (O-ORDA), led by its Managing Director, Dr. Adedeji Ashiru, visited him on the occasion of the World Water Day, yesterday.

He, however, called for elimination of wastages of water resources, stressing that it would be impossible to achieve food sufficiency and security without effective water management.

“We cannot de-emphasise the importance or usefulness of water to human life and this is why we do say water has no enemy.

“If we have to only depend on rain for agriculture, we shall not get it right. Rain may come too early or too late, there may be droughts or floods all of which have a telling effect on food production and security,” he said.

He said that the dam was meant to generate nine megawatts of electricity, saying that if the dam could be made to generate such, it would have a profound impact in boosting power supply.

Speaking earlier, Ashiru said that they decided to pay the former President a visit and salute him for his foresight which made him create the 11 river basins 48 years ago.

RELATEDLY, Oyo State Government, through the Oyo State Rural Water Supply and Sanitation Agency (RUWASSA), has promised to ensure clean and safe drinking water for residents.

In a statement, yesterday, Chairman of RUWASSA, Babalola Afobaje, gave the assurance that the Oyo State government will continue to collaborate with relevant stakeholders to expand access to potable water, enhance climate-resilient infrastructure, and strengthen policies that guarantee a water-secure future for Oyo State.

[Guardian]

It was a near death experience for 13-year-old Hajara and Hauwa, 11, when they were beaten for illegally plucking 10 mangoes belonging to Muhammed Shettima in Pompomari area, Maiduguri, Borno State.

The video of the incident went viral at the weekend prompting the arrest of Shettima and his wife, who recorded the incident and posted it.

Recounting their ordeals to our correspondent, the two biological sisters, Hauwa and Hajara Goni, said they were on their way to school when they went to Shettima’s house to pluck mangoes.

They said they asked for permission from a boy in the house to pluck the mangoes but the owner who came in soon after plucking the mangoes saw them.

“The boy told us to quickly enter and remove two each but we plucked five each. Unfortunately, the owner of the compound returned home and saw us with the mangoes,” said Hajara.

She said the owner of the mango tree attempted to chop their heads with a cutlass but his wife intervened and gave him canes.

“He locked the gate, brought out a cutlass, threatened to hack us to death but his wife stopped him and brought some sticks for him.

“We were terrified when he cut the head of his chicken with the cutlass, saying he will do the same to us. He later picked the stick, chased us around the house and beat us repeatedly.

“He later opened the gate, but when the wife noticed that I urinated in my trousers, she asked him to beat me more, that’s when I fainted.

“It was one keke napep rider who happened to know our brother that pitied our condition and brought us close to our home,” she said.

The brutal beating of the two school children had triggered outrage on social media.

In a trending video of the assault, Shettima was seen beating the two girls while his wife was heard encouraging him to ‘beat them more’.

In an interview with Daily Trust, the mother of the girls, Falmata Abubakar, said her heart skipped when she was called to pick up her two daughters dumped outside her house.

“It was like a dream to me. In fact, I couldn’t believe my eyes. It wasn’t more than 10 minutes they left home for school – hale and hearty – but were brought to me in a tricycle, one of them almost lifeless.

“I asked Hauwa, what happened? She lied that they fell from upstairs on their way to school. I rushed Hajara home. Her father quickly boiled water and started pressing on her body.

“He resuscitated her before we rushed her to a nearby clinic. We didn’t even have the money to settle the bills until some of our relatives supported us,” she said.

Falmata said she was attending to the children at the clinic when her husband came to tell her that social media has been awash with brutal beating of their children.

“I shed tears when I saw the kind of sticks he used on my daughters. I’m sure my daughters were afraid to tell me what happened to avoid my punishment, but what he did was inhumane,” she sobbed.

The father of the girls, Muhammad Goni, said the children had to receive three days’ treatment before they recovered from pains of the merciless beating.

“After spending two days treating the children, the state government and human rights groups had to take them to University of Maiduguri Teaching Hospital for more treatment. They spent 24 hours in the trauma centre,” he said.

He called on the state government to help him ensure that justice is served to his two children.

How video triggered outrage

However, the video of the brutal beating has reignited calls by parents, government officials and advocacy groups for swift justice and measures to prevent such abuses.

Executive Director, Women in the New Nigeria and Youth Empowerment Initiative (WINN), Comrade Lucy Dlama Yunana, said the incident was so traumatic.

She thanked the Nigerian police for arresting and detaining the suspect, adding that criminal charges would be pressed against him.

“The Nigerian constitution does grant children the right to protection on inhumane treatment and degrading punishment and it also protects them from mental or emotional injury, “she said.

In a statement, the Police Public Relations Officer, Borno State Command, said the couple were apprehended with the assistance of concerned citizens and operatives of the Nigeria Security and Civil Defence Corps (NSCDC), Borno State Command.

“On 19th March 2025, an 11-year-old girl, Hauwa Mohammed Goni, a Primary 5 pupil of Bolori Primary School, Federal Low Cost, entered the residence of one Mr. Muhammad Shetima 33yrs, in Pompomari to pluck mangoes. In response, Mr. Shetima and his wife, Mrs. Aishatu Abubakar 23yrs, accosted the child and subjected her to severe flogging.

“During the assault, Mrs Aishatu Abubakar recorded the incident and shared the video on social media.

“Concerned citizens and civil society organisations, including a petition filed by Potential Attorneys, swiftly raised the alarm, leading to the couple’s arrest.

“They were apprehended with the assistance of concerned citizens and operatives of the Nigeria Security and Civil Defence Corps (NSCDC), Borno State Command.

“The victim has since been taken to the University of Maiduguri Teaching Hospital (UMTH) for medical attention and she is responding to treatment.

“The suspects are currently at the Gender Unit, State Criminal Investigation Department (SCID) Maiduguri as investigations are ongoing before prosecution.

“The command assures the public that the case will be thoroughly investigated, and the suspects will be prosecuted under relevant sections of the Child Protection Law and the Borno State Penal Code Law.

“For accountability and transparency, the command will continue to provide updates on the progress of the case,” the statement read.

The Borno State government has also taken legal action against Mamman Sheriff and his wife.

The Attorney-General of the state, Hauwa Abubakar, assured that justice would be served to the victims.

Also, relevant ministries that include, the ministry of women Affairs and Social Development, the Ministry of Education, have provided support to the families in different ways.

Meanwhile, the forum of Senior Special Assistants (SSAs) and Special Assistants (SAs) to Governor Babagana Zulum condemned the brutal act on the victim, calling for a thorough investigation and punishment to the perpetrator(s) if found guilty.

The secretary of the forum, Hon. Yusuf Sawa in an interview described the incident as “barbaric, inhumane, child abuse and contrary to societal norms and values.

“We the entire SSAs and SAs Forum to His Excellency, Governor Babagana Zulum, watched the viral video with utmost shock.

Germany qualified for the semi-final of the UEFA Nations League on Sunday night, despite drawing 3-3 with Italy.

A Joshua Kimmich masterclass in the first half saw him score a penalty and provide two assists for Jamal Musiala and Tim Kleindienst, as they took a 3-0 lead at the break.

Moise Kean grabbed a double to rattle the hosts, before Giacomo Raspadori converted a stoppage time penalty to give Italy a glimmer of hope.

But Germany survived a spirited second-half fightback to reach the last four with a 5-4 aggregate.

Portugal are also through, thanks to a 5-2 win over Denmark on the night, after losing 1-0 earlier in the week.

France won 2-0 against Croatia in the second leg to draw the tie 2-2 on aggregate, before winning 5-4 on penalties.

Spain were also held to a 3-3 draw by the Netherlands and won the shoot-out 5-4.

Semi-final ties:

Germany vs Portugal
Spain vs France

[DailyPost]

The Central Bank of Nigeria (CBN) has rejected Governor Ademola Adeleke’s nomination of ex-Finance Commissioner, Wale Bolorunduro, as a Director of Osun-owned Living Trust Mortgage Bank.

The Nation reports Adeleke appointed Boluwaduro, who served under the administration of Ex-Governor Rauf Aregbesola as the Director and Chairman of Living Trust Mortgage Bank in 2024.

But the CBN in a letter obtained by The Nation with reference number: OFI/SG2/CON/PLI/018/171 dated March 21st 2025 titled: “Re: Resolutions Reached At The Settlements Helf on August 28, 2024 In Relation to LivingTrust Mortgage Bank PLC” declined the nomination of Boluwaduro.

The letter signed by the Director, Other Financial Institutions Supervision Department, Oluwasola Ajewole of the apex monetary authority approved the nomination of 10 others nominated as Managing, Executive, Non-Executive, Independent Non-Executive Directors.

The letter reads partially; “Dr. Adewale Bolorunduro’s approval is declined due to his involvement in the board crisis as ascertained in the investigation carried out by the CBN Examiners as at May 31, 2024.

“The OSSG will be required to replace him with a neutral person to ensure stability on the board.
“However, you are required to forward the following additional documents in respect of the below appointees within three months from the date of this letter. Failure to do so would nullify the approval of the appointments of Mr. Afolabi Olanrewaju Olatunji and Mr. Ogungbile Adeola Olusola.”

The letter directed that Olatunji should provide letter of undertaking that he would make good the non-performing loan with Prudential Mortgage Bank while Ogungbile should make available a Executed Code of Conduct form for Directors of Other Financial Institutions.

“Also, note that Mrs. Olaitan who had served on the board between 2018 to date, has only four years remaining as an Executive Director, In line with Section 2.5 of the Revised Guidelines for Mortgage Banks.

” Likewise, Mr. Michael Omolaja who had served between 2016 to 2023, has only one year remaining as an Independent Non-Executive Director in line with Section 2.5 of the Revised Guidelines for Primary Mortgage Banks in Nigeria,” the CBN added.

[TheNation]

•IPMAN slams depot owners for stockpiling product, FG, Dangote resume talks today

Following the Dangote Petroleum Refinery’s suspension of the sale of petroleum products in naira, some filling stations have started stockpiling Premium Motor Spirit, otherwise known as petrol, The PUNCH reports.

The retailers are storing the product to ensure they have enough to sell at a higher rate, having projected that the price of petrol would go up soon as a result of the failure of the Federal Government to continue the sale of crude oil to the Dangote refinery in the local currency.

However, the Independent Petroleum Marketers Association of Nigeria warned these retailers to stop panic buying as they may run into heavy losses.

Last week, the Dangote refinery announced that it had temporarily halted the sale of petroleum products in naira as the naira-for-crude talks between it and NNPCL appeared to have failed.

The 650,000 barrels per day capacity refinery lamented that there was a mismatch between its sales proceeds and its crude oil purchase obligations, which it said are currently denominated in US dollars.

“Dear valued customers, we wish to inform you that the Dangote Petroleum Refinery has temporarily halted the sale of petroleum products in naira. This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars.

“To date, our sales of petroleum products in naira have exceeded the value of naira-denominated crude we have received. As a result, we must temporarily adjust our sales currency to align with our crude procurement currency,” the firm announced.

Immediately after the announcement, the cost of loading petrol at private depots in Lagos jumped to about N900/litre. It was less than N850/litre before the announcement.

In an interview with our correspondent on Sunday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said depot owners were profiteering even as some owners of filling stations were in a rush to stockpile fuel.

According to him, the demand for PMS has risen since Wednesday, when Dangote made the announcement. As a result, depot owners were said to have raised their prices to make more profit.

It was observed that players in the downstream petroleum sector have been left to continue speculating on the prices of petroleum products as the Federal Government had kept mute since the announcement made by the Dangote refinery.

Five days after the announcement, the refinery has yet to tell marketers how the dealers will buy PMS going forward.

Private depot owners wasted no time in jerking up their prices in anticipation of a possible hike in petrol prices. Although owners of filling stations have yet to increase their prices, they are already buying to sell for more gains when the price goes up later.

But Ukadike condemned depot owners for profiteering from the impasse between the Federal Government and the Dangote refinery, saying that is not good for the economy.

He warned marketers not to panic-buy because the Dangote refinery may crash the price.

“Some depot owners are already increasing the price. But we are also asking our marketers not to panic-buy. Because definitely when the Dangote refinery comes back and reverses the price, it will be a huge loss for these marketers. Depot owners are using this opportunity to profiteer. This is not good for the economy.

“Some marketers are also stockpiling PMS in a bid to increase the price based on the suspension of naira sales by the Dangote refinery. They speculate that the price will go higher and they will make more money from the fuel they are buying now. It may not be so. This issue will be resolved,” Ukadike stated.

He warned all marketers against buying large volumes of petrol to avoid running into debt.

“We, the independent marketers, are asking our members not to buy so much goods because when they buy so much volume of fuel at a higher rate from the depot owners, at the end of the day, it might result in losing a lot of capital.

“Dangote may crash the price and most of them with high volumes of PMS will run into problems. So, all marketers should be careful to avoid losses,” he advised.

The IPMAN spokesman disclosed that the Federal Government and Dangote refinery are resolving their misunderstanding to allow the resumption of the naira crude sales. He stated that stakeholders are waiting to hear the conclusion from either party.

“I have gathered that the Federal Government and Dangote refinery are almost resolving this matter.

“The two of them are reviewing the naira-for-crude deal to continue the sale of crude oil in naira to the refinery again.  But the official statement has not come out. We are waiting for the official statement,” Ukadike revealed.

Sources from the Federal Ministry of Finance and the Federal Ministry of Petroleum Resources had earlier confirmed that the Technical Sub-Committee on the Naira-for-Crude Policy would reconvene today (Monday) to deliberate on the matter.

It was gathered that the committee had mandated the Nigerian Upstream Petroleum Regulatory Commission to come up with options that would be reviewed by the panel as it struggles to return the naira-for-crude deal.

The insider familiar with the workings of the naira-for-crude said the transaction would not be halted permanently. The source, who spoke in confidence due to lack of authorisation to speak on the matter, pointed out that NNPCL had issues with crude availability.

Industry experts and oil marketers warned that the halt in naira sales by the Dangote refinery could increase the pressure on the foreign exchange market, as dealers would now have to access the United States dollars in large amounts to buy petroleum products.

This came as multiple industry sources familiar with what prompted the failure in the naira-for-crude talk decried the Nigerian National Petroleum Company Limited’s humongous forward sale of crude.

They stressed that the national oil company had used large volumes of its yet-to-be-produced crude oil to acquire loans from various international financial institutions, making it tough for the oil firm to have enough crude to supply the domestic market.

Earlier, the NNPC spokesman, Olufemi Soneye, announced that it had initiated fresh negotiations with the Dangote refinery over the renewal of the naira-for-crude agreement, as talks were underway in anticipation of the expiration of the first phase which started in October 2024 and ends this month.

Soneye said 48 million barrels of crude had been supplied to the Dangote refinery since October.

The Dangote refinery’s suspension of the sale of petroleum products in naira means marketers would have to source dollars before buying petrol from the facility.

The National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, said there could be pressure on the naira, and it would lose the stability it had gained lately.

Experts have said that the naira-for-crude deal emboldened the Dangote refinery to lower the prices of PMS repeatedly, forcing the NNPC to do so even when it was affecting its margins.

The PUNCH reports that fuel importers lost billions of naira with the repeated reduction of fuel prices by the $20bn facility.

At a point, the Petroleum Products Retail Outlet Owners Association of Nigeria, which once commended Dangote for the price slashes, kicked against it, asking the regulator to make it mandatory that prices should only be slashed after six months.

Meanwhile, industry sources said stopping the naira-for-crude deal might be a calculated attempt to reduce the influence of the Dangote refinery, which some players in the downstream accused of planning monopolistic tendencies.

Reacting, domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.

The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders in the sector to achieve energy security.

The PUNCH reports that seven vessels carrying imported Premium Motor Spirit, popularly called petrol, were expected to berth at seaports along the nation’s borders between  March 17 and 23.

According to a document obtained from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.

An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos, and the Calabar port in Cross River State.

The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.

Fuel crisis

Recall that the Dangote refinery in Lekki, Lagos State, was greeted by crude challenges when it began operations last year.

The President of the Dangote Group, Alhaji Aliko Dangote, had cried out, saying some international oil companies were planning to sabotage the investment by refusing to supply crude.

The Dangote Group had alleged that the IOCs insisted on selling crude oil to its refinery through their foreign agents.

It said the local price of crude would continue to increase because the trading arms offered cargoes at $2 to $4 per barrel, above the official price.

The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.

Despite the intervention of the Nigerian Upstream Petroleum Regulatory Commission in July, the group insisted that the IOCs were still frustrating the refinery.

The Vice President, Oil & Gas, Dangote Industries Limited, Mr Devakumar Edwin, said, “If the Domestic Crude Supply Obligation guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the Petroleum Industry Act.”

Edwin insisted that IOCs operating in Nigeria had consistently frustrated the company’s requests for locally-produced crude as feedstock for its refining process.

He highlighted that when cargoes were offered to the oil company by the trading arms, it was sometimes at a $2 to $4 (per barrel) premium above the official price set by the NUPRC.

The issue escalated and drew angry reactions from many Nigerians when the Chief Executive of the NMDPRA, Farouq Ahmed said local refineries were producing fuels less in quality than imported ones.

Concerned by the controversies, President Bola Tinubu, during a Federal Executive Council meeting on July 29 proposed the sale of crude to local refineries in naira.

The Federal Executive Council adopted the proposal by Tinubu to sell crude to the Dangote refinery and other upcoming refineries in the local currency.

FEC approved that the 450,000 barrels meant for domestic consumption be offered in naira to Nigerian refineries, using the Dangote refinery as a pilot.

A media aide to the President, Bayo Onanuga, said in July that “the exchange rate will be fixed for the duration of this transaction.”

[Punch]

Nigerian journalists, wearing medals of bravery in fights against colonialists and politicians    and, bearing the scars of battles  against  military dictatorship, are marking the 70th anniversary of their union.

No, journalism in the country did not start seven decades ago. It was the Nigeria Union of Journalists, NUJ, that was established at that time. Proper journalism began in 1859, that is 166 years ago with the publication of the first newspaper ‘Iwe Irohin’.    Since then, the bulk of journalists    have strived to be the voice of the people.  ‘The Lagos Weekly    Record’ published by John Payne Jackson, from 1891-1930, was a torn in the flesh of the colonialists. It combined journalism  with    political    activism, including organising protests against the colonialists.

Five years before the 1914 Amalgamation of Nigeria into a single country, the colonialists had enacted the Seditious Offences Act of 1909 to repress and suppress the press. One of the most outstanding journalists of the anti-colonial    era was Ernest Ikoli.  He was the Editor of the ‘Daily    Express’, Member of the Legislative Council and President of the Nigeria Youth Movement, NYM.  He mentored towering nationalists like Obafemi Awolowo. As the Second World War raged, the colonialists  imposed the  General Defence Regulations of 1941 which curbed workers activities and virtually made strikes in any establishment an illegal act.

The fragmented trade unions knew that they were no march for    the formidable British colonial power.  Although he was not a trade unionist, Ikoli used his position as the  President of the  NYM to call a unity meeting  of    the trade unions in the country. That was    in October 1942. All the trade unions turned up, and Ikoli presided at what was to become the first    labour centre in the country. There was Anthony Enahoro who, at 21 in 1944, became the youngest Editor of a mainstream newspaper,  the    ‘Southern Nigeria Defender’. He was jailed three times by the colonialists for offences which included inciting workers to attack  the police and, chairing a national conference in which ‘A Call For Revolution’ was made to overthrow the colonial government.

The NUJ was created on March 15, 1955 to cater for all journalists. It remains a unique  union because  while generally, the three arms in industrial relations: the employee, senior staff and employers, have separate unions, the NUJ accommodates all three under a single umbrella. The only proviso in its constitution is that anyone who sits on the side of management at meetings with the union, cannot hold an elective office in the NUJ. The NUJ has led journalists through bruising periods such as when media houses were shut down by the Shagari administration. The Buhari military regime built on this by issuing    Decree 4 of 1984 under which  the publication of the truth or  falsehood could be criminal offences. Under Decree 4, two journalists, Tunde Thompson and Nduka Irabor, were sent to prison.

The Babangida regime tried to intimidate  the press mostly  by mindlessly  shutting down media houses and detaining journalists without trial.  In one of the most bizzare instances, that regime, in the wake of the 1990 Orkar  attempted coup, seized 19 journalists and accused some of them of complicity,  a    treasonable crime that carried the death penalty.

Four years before then, a leading Editor, Dele Giwa, was murdered when a letter bomb sent to him exploded. Given the dangers journalists faced, some of them in the late 1980s decided to  reform the NUJ and  prepare it for the battles ahead.  They established a movement, the New Trend,  to practise a journalism of social relevance which placed the people at the centre of professional practice.  The movement won the NUJ presidency in 1990 and uniquely, established a Journalists in Distress Fund. This effort, which raised huge    sums, collapsed    due to mismanagement and transparency challenges.

Eventually, the movement itself collapsed leading to marked degeneracy in the union. This was to the extent that in 2020, the NUJ leadership was linking the COVID-19 outbreak, to the roll out of the G5 network! The NUJ had in a salutary move    far back in September 1989, empowered women journalists by    establishing    the Nigeria Association of Women Journalists, NAWOJ.

The Nigerian newspaper,  like its counterparts across the globe, was faced with the issue of a 24-hour newspaper which would report the news round the clock. The defunct ‘Daily Times’ had begun publishing its ‘Evening Times’.    The    ‘Vanguard Newspapers’ and the ‘Guardian Newspapers’ also introduced evening editions, while veteran Editor, Muyiwa Adetiba, published a wholly evening newspaper ‘Today’s News Today’, TNT. However, all these did not prepare the Nigerian  newspaper for the on-coming revolution of a round-the-clock newspaper publication which the age of the internet imposed.  

The newspapers, in order to survive and remain relevant, had to introduce electronic copies to the hardcopy newspapers they published.  Now, the  major newspapers, apart from their electronic version, also have their News TV.    In fact, some have established full television stations.  Today, the demarcation between the newspaper and electronic media has become blurred. All these have implications for journalists as all media can be accessed online virtually for free. These have had serious implications for advert and income which    have led some media to collapse, while some journalists are unpaid for months.  

These were  not challenges  the NUJ envisaged, but now at 70, has to face. There is also the advent of Citizen Journalism carried out by non- professional  journalists  or, anybody who can buy data.  Also compounding the problem is the advent of  media influencers many of who ride on the back of sensationalism, unverified news, blackmail and, sometimes, outright falsehood    in order to make a living or become rich.  

The NUJ has played significant roles in the life of the country, but has more tasks to carry out such as  the constitutional responsibility of the journalist to hold government accountable to the people. It also needs to ensure that the Freedom of Information, FOI, Act is observed by all.

There are certainly lots of battles ahead as many politicians muddle the Constitution and turn our political landscape into crime scenes.

There is also the danger of weaponising  the Cyber Crime Act to criminalise journalism practice and fundamental human rights. This will be intensified as governments realise that in the age of the internet, it will be far more difficult to control information.

Many elites, including  those in government have risen to congratulate the NUJ at 70. It is truly an age to roll out the drums, but  journalists know that amongst those congratulating them are enemies of  press freedom. All lizards crawl on their stomach, we don’t know which have bellyache.  May the next 70 years be more beautiful for generations of journalists. Ameen.

The volatility in the Nigerian stock market continued last week with market recording a fourth consecutive week downturn following losses recorded by highly capitalised stocks across the sectors.

Analysts have emphasised that the volatility experienced last week were compounded by the    global economic uncertainties, coupled with the political upheaval in Rivers State which had continued to put pressure on the stock market.

Meeanwhile, analysis of trading last week showed that  BUA Cement’s stock price declined by -10.0% followed by Transcorp   -7.8% and GTCO losing -4.6% to drive the Nigerian Exchange Limited , NGX , All-Share Index (ASI) lower by 0.9%   Week on Week, W/W to close on Friday at 104,962.96 points from 105,955.13 points the previous week.  

As a result, the Month-to-Date and Year-to-Date returns moderated to -2.7% and +2.0%, respectively.  

Trading activity mirrored the broader market sentiment, as both volume and value fell by 12.1% W/W and 25.3% W/W respectively.  

Similarly, sectoral performance was predominantly negative, with the Industrial Goods Index declining  by -3.4%, Insurance Index   -2.9% , Banking Index -2.6%, and Oil & Gas -1.1% , while the Consumer Goods Index up by 0.1%

Commenting on market outlook, analysts at Cordros Research stated: “In the coming week, we anticipate continued market volatility as investors analyse a slew of audited earnings reports and associated dividend announcements set to be released during the week”.

Commenting on market performance, analysts at InvestData Consulting Limited, said: “The global economic uncertainty and other local concerns in the events that are unfolding in Rivers State are affecting investor confidence, which had continued to put pressure on the stock market, even with rates in the fixed income market inched higher. In all this, NGX pullbacks or corrections are creating new entry opportunities for discerning investors and smart traders to position in value stocks ahead of influx of corporate earnings and end of the quarter window dressing by fund managers and other market operators”.

On market outlook, the analysts stated: “We expect mixed sentiment on bargain hunting, even as market players digest Treasury bill, TB, auction rates in the midst of profit taking, portfolio reshuffling and digesting of corporate action/ Q1 earnings forecast, as more earnings are expected to hit the market with dividend announcement”. 

[Vanguard]

Governors under the Peoples Democratic Party (PDP) have instructed lawyers to file a suit against the president to challenge the declaration of emergency rule in Rivers state, TheCable understands.

The suit, to be filed at the supreme court this week, names the national assembly as the second defendant.

On March 18, President Bola Tinubu declared a state of emergency in the south-south state, citing the prolonged political crisis and vandalisation of oil installations.

The president suspended Siminalayi Fubara, governor of the state; Ngozi Odu, his deputy; and all house of assembly members for six months.

Tinubu also appointed Ibok-Ete Ibas, a retired vice-admiral, as the sole administrator for Rivers.

On Thursday, the senate and the house of representatives controversially approved Tinubu’s request for the emergency rule.

The PDP governors vowed to challenge the emergency rule in court at its virtual meeting on Wednesday.

PDP GOVERNORS GO TO SUPREME COURT 

The suit will be initiated by PDP governors from Bauchi, Adamawa, Bayelsa, Enugu, Osun, Plateau, and Zamfara states, TheCable can report.

As already reported by TheCable, based on a previous ruling of the country’s highest court, Fubara is unable to join the suit because he would need authorisation from the current administration in Rivers — a clear impossibility as the administrator reports directly to the president who is being sued by the PDP governors.

They are praying the court to declare that based on the provisions of sections 1(2), 5(2), and 305 of the constitution “the President of the Federal Republic of Nigeria has no powers whatsoever or vires to suspend a democratically elected governor and deputy governor of a state in the federation of Nigeria under the guise of or pursuant to the proclamation of a state of emergency in the state of the federation by the president, including the states of the federation represented by the plaintiffs”.

They are also praying the court to declare that the president has no power to suspend a democratically elected house of assembly of a state pursuant to Sections 192 (4) (6) and 305 of the Constitution of the Federal Republic of Nigeria 1999 (as amended).

The plaintiffs also want the apex court to declare the suspension of Fubara, his deputy and members of the Rivers state assembly “unconstitutional, unlawful, illegal and utterly in gross violation of the provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended)…”

The governors are challenging the appointment of a sole administrator for the state, asserting that the president lacks the constitutional power to make such an appointment. Consequently, they seek the court’s ruling to nullify Ibok-Ete Ibas’ appointment as Rivers state’s sole administrator.

The plaintiffs argue that the defendant’s declaration of a state of emergency in Rivers State did not comply with the constitutional requirements set by Section 305 of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

They assert that the proclamation failed to meet the stipulated conditions and procedures for such a declaration and was made for reasons beyond those specified in the said constitutional provision.

They further argue that the national assembly’s approval of the state of emergency via a voice vote is invalid, insisting that the constitution mandates a two-thirds majority vote from all members of each legislative chamber.

“An order of this honourable court nullifying the proclamation of a state of emergency in Rivers state made by the 1st defendant and wrongfully approved by the 2nd defendant,” the plaintiffs are further seeking.

“An order of this honourable court restraining the defendant, by himself, servants, agents and privies from implementing the unlawful suspension of the governor and deputy governor of Rivers state.

“An order of this honourable court restraining the defendant, by himself, servants, agents and privies from interfering in any manner whatsoever with the execution by the governor and deputy governor of Rivers state of their constitutional and statutory duties, as well as their electoral mandate.

“An order of this honourable court restraining the Defendant from attempting the suspension of any other governor of any state in Nigeria, particularly the plaintiffs and any governor not belonging to the ruling political party, or in any manner whatsoever attempting to interfere with or undermine their constitutional and statutory duties.”

It is unclear if the governors have the locus standi to institute the suit as none of them is affected by the state of emergency.

But insiders say they are determined to test the law “for the sake of posterity”.

[TheCable]

While responding to a question during the Press Conference on the Declaration of Emergency Rule in Rivers State on Thursday, March 20, 2025, Alh. Atiku Abubakar confirmed that the formation of a Coalition ahead of 2027 general election is going on. This has generated wide interests and national debates with varied interpretations. In order to set the records straight, it is important to state that negotiations are ongoing and nothing has been finalised. Once concluded formal announcement will be made with all the details regarding composition of membership, programme of action towards 2027, framework for contesting the 2027 elections, etc.

Consultations are in advanced stages, basically reaching out to prospective members of the coalition, mapping out issues for agreements among members of the coalition. At this stage of negotiations, the main focus is around getting leaders to agree to work together and substantially there is strong recognition that prospective members should set aside personal ambitions to contest the 2027 elections. The second issue being negotiated is the political party that will be the platform for the 2027 electoral contest.

These two issues are carefully being negotiated. While acknowledging that with respect to the requirement for members to set aside personal ambitions, there are strong interests being expressed around issues of zoning by individual leaders, these issues are yet to be formally discussed at any consultation meeting. The speculation therefore by some media analysts about disagreements stalemating the coalition negotiation is not true. The concensus among leaders is that the final decision about processes of candidates’ selection can only be handled and determined when there is agreement regarding the political party on whose platform the coalition will field candidates.

The question of negotiating the political party is the most difficult challenge. This is an area that many members of the coalitions have been engaging in different ways for more than a year now. Perhaps, it is important to highlight that there are many groups, including some members of the coalition who have filed applications to register political parties. For reasons best known to INEC, these applications are being frustrated. The only conclusion that can be reached in the circumstance is that INEC has decided that it will not register new parties.

To make matters worse, many of the existing registered parties who did not meet the electoral threshold of winning any seat in the last general elections face the threat of deregistration. Given this unpleasant reality, members of the coalition opened negotiations with some of the existing parties that have met the electoral threshold. Interestingly, somehow, some of the prospective parties being negotiated are being remotely pushed into crises mode in the same way PDP, Labour Party and NNPP have been entangled with existential problems. It is almost a clear case of destroying the legal basis for any party to qualify to field candidates for 2027 other than the ruling APC.

This is quite unfortunate coming during the tenure of a party that is envisioned to be progressive. It is even more troubling when it is during the tenure of a leader – President Bola Ahmed Tinubu – who has unarguably been in the vanguard of Nigeria’s democratic struggle. The way the Nigerian democratic space is rapidly shrunken can only be imagined under a military government. The determination and resilience of Nigerians is being called to question under the current APC government led by President Tinubu.

The leaders of the coalition are committed to providing the needed leadership to rescue Nigerian democracy. We must appeal to all patriotic Nigerians to recognise the urgency of the situation facing the country. We don’t have the luxury of waiting until we get to 2027 only to discover that Nigerians have been smouldered into a legal knock out. Related to this is also the worrisome reality whereby rule of law is being tested in ways that is threatening to democratic development of the country. All patriotic Nigerians must appeal to members of the judicial arm of government to come to the rescue Nigerian democracy by demonstrating that indeed they are independent and to that extent uphold the sanctity of the 1999 Nigerian Constitution as amended.

We are confident that Nigerian democracy can be rescued. Rescuing Nigerian democracy is fundamentally about producing a political party that can guarantee and facilitate competitive political contests in the country. We recognise and respect all the interests, criticisms and reservations expressed by Nigerians, including those expressed by political leaders who in every respect are potential members of the coalition. Our strong appeal to all political leaders and Nigerians generally is that we must not allow personal interests to undermine our capacity to contribute to Nigeria’s democratic development.

Difficult as the situation would appear, the negotiation about the political party that will be the platform for the 2027 electoral contest is about to be concluded. All the attempt to push Nigeria into a one-party state will be defeated. Once the negotiation about political party is concluded, Nigerians will be formally informed of all the details, and mobilisation towards 2027 will commence. Other secondary negotiations will also commence. Details of procedure and processes of candidates’ selection will be similarly negotiated publicly through activities and meetings of organs of the party. Members of the party will be actively involved. All these critical issues will not be matters left to public speculation or reduced to manipulative antics of political leaders.

Rescuing Nigerian democracy is beyond simplistic debates of fielding candidates and the associated debates of the quality and where they come from. Everything must be done to produce elected leaders at all levels who will be accountable and, in every respect, and democratic in their dealings with Nigerians. Everything must be done to close this chapter of democratic national frustrations, which only produces emperors. This is the goal of the coalition, for which we appeal for the support of all patriotic Nigerians. We don’t envisage it will be an easy task, but we are determine to succeed.