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Shareholders of Guaranty Trust Holding Company (GTCO) Plc have approved the payment of a total dividend of N8.03 per share for the financial year ending December 31, 2024.
This decision was taken at the company’s fourth annual general meeting, which was held virtually on Thursday.
The company had previously paid an interim dividend of N1 per share, and would now make an additional N7.03 per share bringing the total dividend for the 2024 financial year to N8.03 per share.
Chairman of GTCO, Mr Hezekiah Sola Oyinlola, emphasized the group’s ability to remain agile and forward-thinking, which has allowed the company to achieve record-breaking performances.
Oyinlola, “In 2024, we became the first Nigerian bank to surpass the N1 trillion profit mark, an achievement that underscores the resilience of our business model, the dedication of our people, and the trust our customers place in us.”
According to him, the company’s success in a changing macroeconomic landscape is built on three pillars: operational excellence, disciplined risk management, and a relentless focus on customer-centric innovation. He noted that the banking business continues to demonstrate strong fundamentals, supported by a robust capital base and effective cost management.
“Our strategic diversification into payments, asset management, and pension fund administration has provided complementary revenue streams, reinforcing our leadership in the financial services sector,” he added.
Also speaking on the group’s 2024 performance, the Group Chief Executive Officer of GTCO, Mr. Segun Agbaje noted that, “In 2024, we reached a historic milestone, delivering over N1 trillion in profit before tax, becoming the first Nigerian financial institution to achieve this feat.”
He emphasized that its banking subsidiary, Guaranty Trust Bank remains central to its operations, driving growth in Nigeria, West Africa, East Africa, and the United Kingdom.
“In 2024, we navigated a rapidly evolving regulatory and macroeconomic environment with a focus on strengthening our financial position and delivering best-in-class banking services,” he explained.
Agbaje also noted that the Central Bank of Nigeria’s recapitalization policy presented an opportunity to reinforce market leadership, allowing the group to complete the first phase of its equity capital raising plan through a Public Offer.
“This Public Offer attracted strong participation from both domestic retail and institutional investors, raising N209.41 billion and expanding our shareholder base from 332,000 to over 460,000,” he added.
Looking ahead, Agbaje stated, “Our focus will be on deepening digitalization, enhancing customer experiences, and expanding our ecosystem of financial and non-financial solutions. We will continue to invest in cutting-edge technology, strengthening our cybersecurity framework, and building strategic partnerships that unlock new growth opportunities. Most importantly, we will remain true to our purpose: driving economic progress, fostering financial inclusion, and creating sustainable value for all stakeholders.”
Shareholders commended the board for the financial performance achieved during the reviewed period, despite the challenging operating environment.
[DailyTrust]
The National Chairman of the All Progressives Congress (APC), Dr Abdullahi Umar Ganduje, on Thursday, said the ruling party was expecting the defection of more governors from the opposition into its fold in the build-up to the 2027 general election.
Ganduje spoke when he formally received some defectors from the Kano State chapter of the New Nigeria Peoples Party (NNPP), led by the Senator representing Kano South, Abdulrahman Kawu Sumaila.
He expressed confidence that the ruling party would win all the forthcoming elections even before the next general election in 2027, declaring that the project was a “done deal”.
Other NNPP defectors included Hon. Kabiru Alhasan Rurmum, member representing Rano/Kibiya federal constituency in the House of Representatives; Hon. Abdullahi Sani Rogo; Hon. Zubairu Hamza Massu, a member of Kano State House of Assembly; Dr Baffa Bichi, former Secretary to the Kano State Government; Hon. Mohd Digol, a former Commissioner; Hon. Abbas S. Abbas, a former Commissioner; Hon. Sha’aban Ibrahim Lawal, a former governorship candidate; Hon. Badamasi Ayuba Danbatta, a former member of House of Reps, and Hon. Idris Dankuwa, a former member of House of Representatives.
Speaking with journalists after a closed-door meeting with the new defectors, Ganduje said APC believed in President Bola Tunbu, his economic reforms and Renewed Hope Agenda, adding that part of the political renewed hope agenda was canvassing for more followership for the party.
“We started by democratically electing governors, especially in Edo State, which was in PDP, we elected, we succeeded in winning the election, it is now in APC.
“Now, there is another channel that has been opened through advocacy, through dialogue, through convincing some highly and even elected governors to come into the party and you can see what has happened now.
“The governor of Delta State is now in APC, including his cabinet, including all the members of the State Assembly and House of Representatives, and the timber and caliber of PDP, now in APC, even including the former vice presidential candidate coming into our party. So you can see that we are expanding.
“I don’t want to reveal our secret, but what I’m telling you is that APC 2027 is a done deal. More governors are coming into APC, I assure you, and places where we have election, APC Insha Allah will win those elections,” he said.
Also speaking on behalf of other new entrants into APC, Senator Sumaila said the development was the coming together of like-minds in NNPP in Kano state.
On whether his defection will make impact for APC, the Kano South Senator said: “I will refer you to 2023 general election. Go and check the results. I mean the presidential, senatorial, and House of Representatives elections, where we contested the same day, the same polling unit with Kwankwaso.
“That will give you the answer to your question. You will see my result, his (Kwankwaso) result, and various members of the House of Representatives on that very day. Then, the subsequent elections, the senatorial and state assembly members, you will see the difference and you will understand what we are telling you.”
Former member, House of Representatives, and ex-presidential adviser, Usman Bugaje, has said that Nigeria’s ruling party, the All Progressives Congress, APC, is essentially using money to buy off the Peoples Democratic Party, PDP.
According to him, it could also be that those in opposition with records in the Economic and Financial Crimes Commission, EFCC, might be threatened to defect, but the essential reason politicians are defecting is money.
As DAILY POST earlier reported, the latest major defection happened on Wednesday when the governor of Delta State, Sheriff Oborevwori, and the 2023 running mate to Atiku Abubakar of the PDP, Ifeanyi Okowa, joined the APC along with National Assembly and state assembly members from the state, as well as local government chairmen from the state.
“Well, for what I know, and I don’t claim to know everything, the APC is basically using money to buy off PDP,” Bugaje told Arise News.
“Some say a carrot and a steak. So the money is the carrot. What’s the steak? I’m not quite sure. Of course, if there are people with records in the EFCC, they may invert in them.
“They might do these kinds of things. And this has been the practice right from the time of President Obasanjo. So, this might be, but I think the essential thing is basically money.
“And for me, this is a very serious issue, and this should be the center of our conversation in politics because for as long as money is going to be the determining factor, you know, then that’s the end of democracy, and that’s the end of politics.”
Recall that in response to the defection, the PDP, through the acting national chairman, Umar Damagum, said first of all, they were not expecting the mass defections in Delta State.
He then said that the next election will not be determined by the number of governors in a party, but will be between the people and the APC, adding that it would be an opportunity to punish the ruling party for the pain that is inflicted on the country.
Speaking further on the reaction of the PDP, Bugaje said, “There has not been opposition right from the time the minister Wike did what he did. I mean, basically PDP has lost that opportunity to become an opposition party.
“Look at how members behaved in the last big issue of emergency rule, in the parliament, look at what they did when it came to the budgeting to so many other things.
“So really, there is no opposition party.”
[DailyPost]
- ‘The have case to answer’
The Federal High Court in Abuja yesterday ordered the Economic and Financial Crimes Commission (EFCC) to arrest, detain and prosecute six individuals alleged to be behind the Crypto Bridge Exchange (CBEX) fraud.
The suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
Justice Emeka Nwite issued the order after EFCC counsel, Fadila Yusuf, moved an ex-parte motion to that effect.
Justice Nwite, in a ruling, said: “I have listened to the submission of the learned counsel for the applicant.
“I have also reviewed the affidavit evidence along with the exhibits and the written address.
“I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”
The judge ordered the EFCC to arrest and remand the six in custody until the conclusion of its investigation and the prosecution is initiated.
In a supporting affidavit, the EFCC accused the six of committing investment fraud exceeding $1 billion.
It alleged that they promised extraordinarily high returns, with some guarantees reaching up to 100 per cent.
The commission claimed that it received intelligence about the suspects’ involvement in multiple criminal activities.
It added: “The defendants are at large, and a warrant of arrest is required to apprehend them for proper investigation and prosecution of this case.”
The EFCC stated that in April, it received intelligence regarding an alleged investment fraud scheme connected to the suspects.
It added that the suspects, along with ST Technologies International Limited and CBEX engaged in fraudulent activities.
The EFCC said the case was currently being investigated by its cybercrimes section.
The anti-graft agency claimed that its preliminary findings revealed significant details, including that the six suspects, allegedly acting through ST Technologies, promoted CBEX by advertising and persuading unsuspecting members of the public to invest in cryptocurrencies on the platform.
It further claimed: “Victims were instructed to convert their digital assets into USDT (a stablecoin) for deposit into the suspects’ crypto wallet.
“Initially, the victims were given full access to the platform to monitor their investments.
“However, after deposits exceeding $1billion, the platform became inaccessible, and victims were unable to withdraw their funds.
“The victims later discovered that the entire scheme was a scam.”
The EFCC claimed that further investigation revealed that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.
It claimed to have further found that the suspects had relocated from their last known addresses in Lagos and Ogun states.
Stating that its investigation has established a prima facie case of investment fraud against the six, the anti-graft agency argued that a warrant was necessary to enable it to place them on the watchlist, allowing relevant agencies to track and apprehend them.
[TheNation]
Armed men suspected to be bandits have abducted 19 passengers in two commercial vehicles along the Makurdi/Naka/Adoka Road in Benue State on Thursday.
The incidents, according to locals, happened at about three kilometres from Naka, the headquarters of Gwer West local government area of the State, which is a hotshot for attacks and kidnapping.
A commercial driver, who did not want his name in print, told our correspondent in a telephone interview that the vehicles involved were Picnic and Sharon model buses – each of the vehicles carrying nine and 10 passengers including their drivers, respectively.
Confirming the incident to our correspondent through telephone chat, the secretary of the National Union of Road Transport Workers (NURTW), High-Level Unit, Yakubu Onu, said the two commercial vehicles belong to their members.
He said one of the vehicles had left Makurdi, the State capital, to Lokoja in Kogi State earlier on Thursday morning when it was ambushed by gunmen near Naka town.
Onu added that the second vehicle, which was ambushed at the same spot, was coming from Ankpa in Kogi State to Makurdi.
“The first vehicle was going to Lokoja with nine passengers on board and six of them were abducted and taken to the bush,” he stated.
Also confirming the incident, the Ter Tyoshin and chairman of the Gwer West Traditional Council, HRH Daniel Abomtse, informed that an elderly woman, a lactating mother and her two children, including a driver, were not abducted.
According to him, “the spared passengers reported the incident to the Police Station, and they were later released to continue their journey.”
When contacted, the Police Public Relations Officer (PPRO), SP Catherine Anene, said she was yet to receive any information regarding the incidents.
The Osun State chapter of the Peoples Democratic Party, on Thursday, slammed the member representing Obokun/Oriade Federal Constituency in the House of Representatives, Wole Oke, accusing him of abusing the privileges the party had extended to him over the years.
The PDP was reacting to Oke’s defection to the All Progressives on Wednesday.
In a letter dated April 16, 2025, addressed to the PDP Chairman of his Ward 07 in Esa-Oke, Obokun Local Government Area, Oke formally resigned his membership of the party.
He also sent similar resignation letters to the PDP National Chairman, as well as the Osun and Obokun PDP Chairmen.
Reacting to the development in a statement on Thursday, the Osun PDP Chairman, Mr. Sunday Bisi, described Oke’s decision as unfortunate, noting that Oke enjoyed the goodwill of the PDP for more than two decades, having been elected multiple times to the National Assembly under the party’s platform.
He said, “Hon. Oke has long conducted himself like a pampered political stakeholder, more interested in being spoon-fed than earning his place through rules of healthy competition.
“His trademark has always been orchestrated discontents and divisive tactics, never genuine in party commitment. The PDP leadership has remained well ahead of his shenanigans, fully aware of his pattern of self-serving pontifications.”
According to Bisi, Oke’s defection only confirmed that he sees politics “as a personal enterprise rather than a wheel of service to the people.”
“As the days unfold, it will become even clearer to the world that politics is and must remain a game of the people, not a playground for selfish adventurism,” he said.
Bisi urged party members, especially those in Obokun/Oriade, to remain focused and united in pursuit of the progress being delivered by the Ademola Adeleke-led administration.
The PDP, in a separate statement, said it had long anticipated Oke’s defection.
The party alleged that Oke had refused to engage in internal party competition and preferred to be handed candidacy “on a platter.”
Oke, in response to his situation, had earlier voiced his frustration.
In a video obtained by The PUNCH, he told his constituents: “I stayed behind, nurtured and financed the party to greatness. I supported my incumbent governor to become senator of our party. I offended so many people just because I wanted the party to capture power in the state.”
“But today, what is the story? I’m the enemy of the government; I’m the enemy of the party,” he said.
He continued, “The purpose of nurturing this party is to enable my followers, my constituents to also benefit from it to become councillors, chairman of councils, to become secretaries to the local government and all that. That’s the purpose of my endurance with the government.”
“But what do I get in return? I have seen invaders who never knew how we started this process and are spewing all sorts of stories and unfortunately, the government of the state is believing them and that is the painful aspect of it.”
“I want all of you to advise me, in a situation where you are not trusted, where your opinion does not count, where your advice is not taken into consideration, and where you are undermined, please advise me: what do you think I should do?”
It was also learned that Oke met with his loyalists in Ibadan, Oyo State, where he disclosed plans to leave the PDP.
Reacting, Osun PDP’s Director of Media and Publicity, Oladele Bamiji, stated, “What happened on Wednesday, as far as we are concerned in Osun PDP and in the mind of our Chairman, Hon. Sunday Bisi, doesn’t come to us as a surprise. It has been a time bomb waiting to happen to Hon. Wole Oke, who has been a lazy politician that will not want to engage in many political contests.”
“All he wanted all along was a freebies of party candidacy. At that, he would do whatever he thinks he can do to win the general election with the support and popularity of the PDP, especially in Osun State.”
“For us, we are not caught aback. PDP in Osun especially, we have been so methodical that we know our recalcitrant members, and we have always been ahead of them.”
He added, “What Hon. Wole Oke feels is that no other person, or the PDP as a party, must not allow any other stalwart of the party to express any aspiration concerning the seat as a member representing Obokun/Oriade Federal Constituency. That will no longer be a democracy.”
“We cannot continue to gag our members because of the interest of one person. That is not in the characteristics of PDP. Hon. Wole Oke has enjoyed party’s support for close to 20 years in the democratic experience of Nigeria which is just barely 24 years old now or even less. He has been in the House of Representatives for close to 20 years and so, the question any sane man would ask is that, what really went wrong?”
Former PDP National Publicity Secretary, Mr. Diran Odeyemi, also reacted to the news, saying, “This I can understand from the perspective of someone who has enjoyed almost 18 years as House of Rep member becoming a former or ex. He should not be too greedy, unappreciative and selfish.”
“Obokun, especially Oriade Constituency, has been magnanimous enough. It is logical and right to allow them to choose a candidate this time around. What Oke fails to realise is that nobody can be an everlasting champion, there is always an expiry date.
Efforts to reach Oke for comments or clarification failed, as calls to his phone were not answered and he did not respond to a text message sent by The PUNCH as of the time of filing this report.
[Punch]
The Federal Capital Territory Administration (FCTA), through the Abuja Metropolitan Management Council (AMMC), has ordered the immediate closure of Myra Event Centre in Abuja, over noise pollution.
The Coordinator of AMMC, Mr Felix Obuah, announced the directive in a statement in Abuja on Thursday.
Obuah explained that the centre, located at plot 135, Mustapha Bello Street, Guzape District, was polluting the environment with noise, particularly at night, along with other contraventions.
He said that the centre would remain closed until further notice.
The coordinator further said that the action was part of ongoing efforts to address noise pollution and other environmental violations across the nation’s capital city.
He reiterated the administration’s zero-tolerance policy for violations that threaten public health and community harmony.
Obuah advised event centers against noise pollution, stressing the need to operate within the provisions of environmental laws guiding their operations.
He said that any event center that indulges in noise pollution will be closed down with immediate effect.
Obuah urged FCT residents to report environmental violations through AMMC official channels, emphasising the need for collective action to protect the environment for the interest of the public.
The Lagos State Government has revealed that an alarming 31,596 public school students failed to pass the 2024 West African Senior School Certificate Examination (WASSCE), raising concerns throughout the state’s educational landscape.
Naija News reports that the statistics, presented by the Lagos Commissioner for Basic and Secondary Education, Jamiu Tolani Alli-Balogun, during a press conference on Thursday in Alausa, Ikeja, indicated that 54.3% of the 58,188 public school students who participated in the exams failed.
The commissioner noted that the pass rate stood at 45.7%. This high failure rate persists despite the substantial financial support from the state government, which allocated ₦1.577 billion to cover the WAEC fees for the students.
“Suffice to say that the sum of ₦1,577,794,000 (One Billion, Five Hundred and Seventy-Seven Million, Seven Hundred and Ninety-Four Thousand Naira) only was paid by the State Government as examination fees for 58,188 students who were captured for year 2024 WASSCE,” Alli-Balogun announced.
In a bid to tighten accountability and avoid wastage, the Commissioner disclosed that biometric and image registration was carried out to accurately determine eligible students for government sponsorship for the 2025 WASSCE.
“The exercise successfully captured and registered 56,134 students as bona fide beneficiaries of the Lagos State Government’s sponsorship for the examination,” he added.
The Lagos State Government has initiated a significant educational intervention known as the Eko Learners’ Support Programme for WASSCE and NECO Candidates, which seeks to address the issue of academic underachievement in the public schools of the state.
This program was launched on January 14, 2025, as part of a larger effort by the Ministry of Basic and Secondary Education to provide Lagos students with the necessary resources for academic success.
This innovative initiative is intended to support and empower young learners, reflecting the Ministry’s dedication to enhancing the educational system in Lagos State, as stated by Alli-Balogun.
He mentioned that the program aims to deliver 320 lessons across 10 essential subjects, including English, Mathematics, Physics, Chemistry, Biology, Economics, Government, History, Literature-in-English, and Yoruba, thereby providing high-quality tutoring directly to students’ homes.
Each 30-minute lesson will be broadcast on Lagos Television (LTV) and will also be available on major platforms such as YouTube, Facebook, Instagram, and X (formerly Twitter), thus establishing a digital learning library that is accessible to all students.
“It is a supportive eco-system that fosters academic achievement, creativity, critical thinking… every student deserves the opportunity to attain their full potential, regardless of their background or socio-economic status,” the Commissioner declared passionately.
Alli-Balogun urged students, especially those in boarding schools, to seize this opportunity.
“It is on this note that I urge and encourage students, more importantly, students in our boarding schools, to take full advantage of this initiative, as education is a lifelong journey,” he said.
Former governor of Rivers State, Rotimi Amaechi, yesterday, expressed sadness over the removal of Siminalayi Fubara as governor of Rivers State, saying the declaration of a state of emergency by President Bola Tinubu was in breach of the constitution.
The former minister of transportation, who expressed dismay over the ineffectiveness of the National Assembly in the matter, described the Red Chamber as a weak institution that aided the president in instituting an illegal government.
Amaechi spoke at the 9th Edition of Akinjide Adeosun Foundation, AAF, Annual Leadership Discourse themed: “Fearless Leadership: A Panacea for Sustainable Development,” organised by AAF in Lagos.
The former governor also urged Nigerians to be proactive in reacting to poor governance, saying docility was an enabler of bad leadership.
His words: “Do you agree that there is nothing like a fearless leader and there is nothing like courageous leadership? Do you (Nigerians) need a courageous leader where the system works? Just push the button, everything will give you the answer. It is only when there is a failed leadership that you begin to look at who is the courageous leader.
“There are different types of leadership traits, and fearless leadership is not one of them. There is the authoritarian leadership trait, which is one who knows it all. Such leaders tell you what to do without consulting and expect you to obey.
“You can either have a fearless followership or a docile followership. Does Nigeria resonate here as par the docility of followership? Does it resonate here? Yes. Good governance is about constitutionality and the rule of law. It is also about the concept of separation of power. The absence of good governance and rule of law breeds arbitrariness in governance. Arbitrariness here has to do with non-observance of the basic principles of law.
“For a governor or a president, who subscribes to such a concept, it is what he or she does that is law. It is not what is in the book that is law. There is also the non-observance of the basic principles of law. This is where government is not by law, but by the whims and caprices of an individual leader. Like the current pronouncement of an illegal and unconstitutional state of emergency in Rivers State aided by weak institutions like the National Assembly, which is very weak.
“What is even more alarming is that the breach in the situation is not even about law. The president didn’t break any law. He broke the constitution. Now, this breach of the constitution is the breach of the sacredness and sanctity of the constitution. The constitution of a country is the Bible of that country. And its sanctity must be protected. Can we say the same in Nigeria? Obviously, the response would be a resounding no. The president looked at the whole Nigeria and removed an elected governor in Rivers State and appointed a military man, yet the country continued. Nothing happened.
Meanwhile, in his remarks, the 2015 governorship candidate for the Peoples Democratic Party, PDP, Jimi Agbaje, however, said only an enabling environment would help in bringing about fearless leaders in Nigeria.
According to Agbaje, “Something happened yesterday where a whole state apparatus decided to leave their party for another. Is that fearless or fearful leadership? When you speak truth to power and your wife says: ‘small small, what is going to happen to us?’ What kind of environment are we creating to have fearless leaders?
“If I speak truth to power, my wife should know that in the worst case scenario, the children will go to school and that there will be health for them if they fall ill, not a situation where if you speak truth to power, health and education benefits would be withdrawn from your family.
“Sometimes, it is an enabling environment that would help us in bringing about fearless leaders. If you look at developed countries where they speak out, it is because they know that they will survive no matter what they say.”
On his part, the event’s convener, Akinjide Adeosun, said: “Our strategy at AAF is drawn from our mission of building great leaders. There needs to be a paradigm shift from bad to good; good to great; and great to excellent. The good behaviour of fearless leaders would stir the provision of good water, sustained availability of electricity, freedom from insecurity, world class industrialisation in an ecosystem. The bottom line is that the basic things of life will be assured.”
Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), has asked African leaders to deepen intra-regional trade and cooperation to withstand global economic shocks in a tariff era.
Georgieva spoke on Thursday while briefing journalists on the global policy agenda at the spring meetings of the IMF and World Bank in Washington DC, the United States (US).
On April 22, the IMF said the global economic growth will drop to 2.8 percent this year, and 3 percent in 2026 — citing the US tariffs announcement, which has heightened uncertainty around the world and threatened global financial stability.
Speaking at the event, Goergieva said the African continent has had some of the fastest-growing economies over the last years, but low-income countries (and among them, fragile conflict-affected countries) are falling further behind.
She said the direct impact of the US tariffs on most of Africa is relatively small, noting that the indirect effect is quite significant.
The managing director stressed that slowing global growth will result in a downgrade for the continent.
“And actually, we have downgraded growth prospects for the continent,” Georgieva said.
“For the oil producers like Nigeria, falling oil prices create additional pressure on their budgets. On the other hand, for the oil importers, this is a breath of fresh air. In other words, different countries face different challenges.”
To navigate the turbulence, Georgieva asked African leaders to deepen intra-regional trade and cooperation and remove the obstacles to it.
She said while there are infrastructure obstacles, Africa has much to offer the world with its mineral resources and young population.
“The World Bank is working on reducing that infrastructure obstacle to growth and trade,” the IMF boss said.
“I think a more unified, more collaborative continent can go a long, long way to [becoming] an economic powerhouse.”
Georgieva also advised African governments to continue on a path of strengthening their fundamentals, stressing that a lot still needs to be done to bolster the fiscal side to have buffers for a moment of shock.
The economist also said more needs to be done to broaden the tax base and reduce tax evasion and avoidance, advising African countries to “chase the tax dollar” using technology.
“On the monetary policy side, we are no more in a place when you can look at the book of the Central Bank Governor of the neighbouring country and say, oh, they are doing this, I will do the same, because you have to really assess domestic resource mobilisation, what is your inflationary pressures and do the right thing for your country,” she said.
“But above all, make it so that the image of the whole continent changes because now everybody suffers from wrongdoing, from corruption or from conflict in one country. It throws a shadow on the rest of the continent.”
On April 22, the IMF said in emerging market and developing economies, growth is expected to slow down to 3.7 percent in 2025 and 3.9 percent in 2026.
[TheCable]
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Aftermath of the 2025 IMF Article IV report on Nigeria and the IMF review of the global economic outlook growth; trade and tariff uncertainties along the sidelines of World Bank and IMF Spring meetings, Adetilewa Adebajo Investment Banker and Economist addressed a global audience on CNBC discussing the impact of global economic uncertainties on the Nigerian Economy.
Nigeria's economic growth forecast faces challenges amid domestic inflationary pressures and global trade disruptions, with the country striving to surpass IMF growth projections through sustainable growth strategies. Adebajo addressed Policy interventions to stimulate Investment, economic growth, jobs creation and inflation reduction to enhance household consumption and purchasing power as priorities.
Sale of Oil and Gas JV assets to Optimize Equity within the FGN Capital Structure and Balance Sheet are crucial for Nigeria's path towards sustainable development. The debt profile while manageable is not sustainable in the long term in view of the recent Fitch upgrade.
Adebajo also stressed efforts towards economic diversification, infrastructure development, and asset optimization as key drivers shaping Nigeria's economic recovery landscape and attracting global investments
Deliberate Investment projects such as the Agro Airport development and Olokola deep sea port, in Ogun State, major infrastructure projects led by companies like Arise and Dangote, need to be replicated nationwide. Adebajo expressed optimism about the potential economic growth drivers. He underscored the importance of government policies that support trade, domestic investments, and industrial development policies to foster a conducive environment for business growth and economic expansion.
As Nigeria navigates the issues surrounding its bold economic reforms, stakeholders both foreign and local are closely monitoring policy decisions and investment initiatives to gauge the country's economic potential trajectory in the near term.
The suspended Rivers State Governor, Sim Fubara, has dismissed purported plans to defect to the ruling All Progressives Congress (APC).
Naija News reports that there have been unconfirmed online reports suggesting that Fubara, alongside his Delta State counterpart, Sheriff Oborevwori, and Akwa Ibom State Governor, Umo Eno, are planning to defect to the APC.
The report also suggested that the move was part of a broader strategic political alignment ahead of the 2027 general elections.
Amid the report, Governor Oborevwori defected on Wednesday alongside his deputy, his predecessor, Ifeanyi Okowa, his commissioners, and major Peoples Democratic Party (PDP) leaders in his state to the APC.
However, speaking on behalf of his principal, the Special Assistant on Electronic Media to Fubara, Jerry Omatsogunwa, in an interview with DAILY POST, on Thursday, April 24, 2025, reaffirmed that the Governor remains a member of the PDP.
Omatsogunwa expressed doubt that the governor was aware of the rumoured defection, adding he had not spoken about dumping the PDP.
He said, “I doubt if the governor is even aware of the rumoured defection right now that he wants to defect. I doubt if the governor is aware.
“As it stands now, we are still members of the PDP, and nothing has changed as far as we are concerned right now. That is the stance of things right now.
“For now, as we are talking, the governor has not talked about defection. He is still a bona fide member of the PDP.
“And I can tell you for free that the governor, our Governor, Siminalayi Fubara, is the Deputy Chairman of the PDP Governor’s Forum. And that’s how things stand right now. Today is 24 April, 2025, and this is 9:46 am; as it stands right now, the governor is still a bona fide member of the PDP. I don’t know anything about defection.”
Defections: ‘PDP Is Merely Experiencing Rebirth, Those Who Want To Leave Should Go’ – Saraki
AFOLABI
Former Senate President, Bukola Saraki, has stated that the Peoples Democratic Party (PDP) remains unperturbed by the recent wave of defections in Delta State to the ruling All Progressives Congress (APC).
Naija News reports that in a statement on Thursday, April 24, 2025, via his ? handle, titled ‘There is No Cause for Alarm, We’ll Reposition PDP’, Saraki said those who intend to leave the party should exit to allow loyalists to rebuild the opposition party.
Saraki stated that he had received numerous calls from concerned party members and young supporters of democracy regarding the recent defections in the Delta State chapter of the PDP.
He said the party is merely experiencing a rebirth and called on committed members to stay focused, stressing it is better for the party to have a few sincere and committed members rather than many who are double-faced.
The former governor of Kwara maintained that the defections in Delta State should not demoralise PDP members but instead encourage them to consolidate and strengthen the party.
Saraki also warned against blaming the ruling party for PDP’s internal issues, urging members to focus on their responsibilities.
Speaking on the defection of the former running mate to the party’s presidential candidate,Ifeanyi Okowa, Saraki said it is a stark indication of how low the polity has sunk.
Saraki noted that a strong opposition is crucial for the survival of democracy, noting that Nigeria cannot thrive as a one-party state.
He warned that a one-party system, as allegedly being plotted by some politicians, is risky for a country as diverse as Nigeria.
The statement reads, “Following the development in the Delta State Chapter of our party, the Peoples Democratic Party (PDP), I have been inundated with phone calls from leaders and members of our party as well as various youths who have been active in promoting democracy and good governance in our country. Many of the callers want to know what my reaction is to the defection of top PDP leaders in Delta State and its impact on our party.
“My view is that those who want to leave the PDP should leave now and let the rest of us who want to stay concentrate on rebuilding the party and refocusing it to play the role of a viable opposition that will provide a better alternative for the good people of Nigeria.
“I am convinced that it is important for all Nigerians to work for the sustenance of democracy. And to sustain democracy, there must be viable choices for people at every point. Also, there must be a viable opposition to keep people’s hope alive and create credible alternatives to keep the government on its toes. A one-party state as being disingenuously designed by some people will not augur well for a multi-ethnic, multi-lingual, multi-cultural, multi-religious, and highly diversified society like ours. It is even more dangerous when we eliminate alternatives and make people hopeless.
“Our party members should also refrain from blaming our woes on the ruling party. That would be a lazy approach. They are playing politics to win elections. It is our responsibility as party members to ignore their antics and seize the moment and momentum to make our party stronger and better.
“Yes, it is unbecoming and shocking for the running mate to the standard bearer of a leading party to abandon ship to join the ruling party. This is unprecedented and nobody should try to justify such an act with the talk of being put under pressure. It is simply a sign of how low we have sunk as a polity. The country is experiencing a collapse of leadership values.
“These developments in the polity are the reason why I have always canvassed the idea that we should emphasize building and strengthening our institutions and not individuals. With the defection of the governor of Delta State, even if the party has only ten governors in its fold, the PDP is still in a good position to win the next round of elections.
“Our party members should not lose focus, hope, or the determination to win. We should see the current development as a challenge to rebuild and refocus the party. Tomorrow is very bright.”
The acting National Chairman of the Peoples Democratic Party (PDP), Umar Damagum, has expressed disappointment with the decision of the Delta State Governor, Sheriff Oborevwori and the party’s 2023 vice-presidential candidate, Ifeanyi Okowa, to defect to the All Progressives Congress (APC).
Damagum expressed surprise at the defections, saying Delta state was expected to remain loyal to the PDP because the party had been good to the state.
Naija News reports that the PDP Chairman expressed his views on the defection for the first time on Thursday at the presentation of the certificate of return to the party’s governorship candidate for the November 8 election in Anambra State, Ambassador Jude Ezenwafor.
Damagum, however, expressed optimism that the PDP would be victorious in the 2027 polls despite the defections because the elections are about Nigerians and the APC.
He said, “If there is any state that shouldn’t have remained loyal to the party, it is not Delta, because the party has been very magnanimous.”
APC vs Nigeria
Damagum emphasized that the number of governors would not determine the outcome of the next election, citing how Peter Obi, despite having no governors, was able to gather significant votes in the 2023 election.
He further accused President Bola Tinubu of using coercion, intimidation, and persuasion to lure PDP members to the APC, adding that Nigerians are suffering due to the harsh policies of the current government.
“So I want to use this opportunity to tell Nigerians that this election is theirs. It is APC versus Nigerians. It is not APC versus any governor or senator, but APC versus Nigerians.
“We know there is a limit to what one can do beyond what God has designed. You may have your own tactics, but you cannot outplay God. We leave our fate in the hands of God, and we believe He will help us out of this great situation,” Damagum said.
Anambra 2025
Damagum expressed optimism that the PDP would emerge victorious in the 2025 Anambra governorship election and urged the party’s candidate to remain committed and resilient.
“I know it is not easy, but your commitment, belief, and sincerity will see us through this election. Victory will be yours.
“I want to encourage you. You have started well. From the evolution of the state executive to your emergence as our candidate, I believe you need to go back and consolidate. I’m going to make sure that everyone is back on board. I assure you of our total support and commitment,” he added.
[Naijanews]