Author: The Nation

  • DisCos collected N210 billion in October last year

    DisCos collected N210 billion in October last year

    The Nigerian Electricity Regulatory Commission (NERC) yesterday stated that the 12 Distribution Companies (DisCos) collected N210 billion revenue in October 2025.

    This was contained in its document titled: “Commercial Performance of Distribution Companies (DisCos).”

    In the period under review, NERC’s Fact sheet for October listed 12 DisCos, which include: Aba, Abuja, Benin, Enugu, Eko, Ibadan, Ikeja, Kaduna, Kano, Port Harcourt, and Yola.

    The DisCos, said NERC, could not collect N45.19billion revenue out of the N255.19bills they issued.

    The total energy that was sent to the DisCos cost N303.85 billion, according to the factsheet, which also noted that allowed average tariff per kwh was N116.25 while only N95.89 kwh was actually collected.

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    This is an indication of N20.36kwh subsidy.

    Of the 303.85billion energy sent to the DisCos, N48.66billion was not billed, being the subsidy.

    In the month under review, the Federal Government absorbed electricity of N48.66bilion.

    NERC also disclosed that in October 2025, the Discos recorded 83.99 per cent billing efficiency, 82.66 per cent collection efficiency and 82.49 per cent recovery efficiency.

  • NDIC to pay N24.3 billion more to Heritage Bank’s depositors

    NDIC to pay N24.3 billion more to Heritage Bank’s depositors

    The Nigeria Deposit Insurance Corporation (NDIC) has declared a N24.3 billion second liquidation dividend for depositors of Heritage Bank Limited whose account balances exceeded the statutory insured limit of N5 million at the time of the bank’s closure.

    The Corporation stated that the N24.3 billion payment represents only the second liquidation dividend emphasizing that additional payments will follow as more assets are realized and outstanding debts are recovered.

    The Nation reports that in April 2025, NDIC disbursed N46.6 billion as the first tranche of liquidation dividends to depositors of the defunct Heritage Bank with funds exceeding the insured limit of N5 million.

    The declaration follows the revocation of Heritage Bank’s operating licence by the Central Bank of Nigeria (CBN) on June 3, 2024, after which the NDIC was appointed liquidator in line with Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020 and Sections 55(1 and 2) of the NDIC Act 2023.

    In a statement by the Head of the NDIC’s Communication and Public Affairs Department, Hawwau Gambo, the Corporation said it had since commenced the disposal of physical assets, recovery of debts and realisation of investments belonging to the defunct bank.

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     “As a result of these efforts, the NDIC declared a first liquidation dividend of N46.6 billion in April 2025, at a rate of 9.2 kobo per N1.00,” the corporation stressed, adding that the amount was paid on a pro-rata basis to depositors whose balances were above the ₦5 million insured limit at the date of closure.

    Gambo explained that the newly declared second liquidation dividend of ₦24.3 billion was generated from debt recovery, sale of physical assets and realisation of investments.

    The payment will be applied to outstanding uninsured balances at a rate of 5.2 kobo per ₦1.00, in accordance with Section 72 of the NDIC Act 2023.

    “This brings the cumulative liquidation dividend declared to date to 14.4 kobo per ₦1.00,” the statement noted.

    According to the NDIC, payments will be made using depositors’ existing details already captured in its records. Eligible depositors who have previously received their insured deposits and the first tranche of liquidation dividends will have their alternative bank accounts automatically credited using their Bank Verification Numbers (BVN).

    Depositors were advised to check their accounts for confirmation, while those without alternative bank accounts, BVNs, or who are yet to claim their insured sum of up to ₦5 million or the first liquidation dividend, were urged to visit the nearest NDIC office or complete the e-claim form on the Corporation’s website for prompt processing.

    The NDIC clarified that a liquidation dividend refers to payments made to depositors of a closed bank whose balances exceed the insured limit, using proceeds from asset sales, debt recovery and investment realisation.

    It added that only after all depositors have been fully reimbursed would payments be made to other creditors and, subsequently, shareholders, subject to the availability of funds.

  • CardinalStone tops NGX trades with N2trillion deals

    CardinalStone tops NGX trades with N2trillion deals

    CardinalStone Securities recorded over N2 trillion in transaction value on the Nigerian Exchange (NGX) in 2025, becoming the first stockbroking firm in Nigeria to reach the milestone, according to the NGX’s latest broker performance report.

    The firm had earlier crossed the N1 trillion mark within the same trading year, making it the first broker to exceed both thresholds in a single period and cementing its position as the NGX’s largest broker by transaction value.

    Accounting for 18.3 per cent of total value traded, CardinalStone ranked first on the NGX in 2025, ahead of Chapel Hill Denham Securities, Stanbic IBTC Stockbrokers, First Securities Brokers, Cordros Securities, Meristem Stockbrokers, EFG Hermes Nigeria, ABSA Securities Nigeria, APT Securities and Funds, and United Capital Securities.

    Collectively, the top ten brokers executed approximately N7.3 trillion in trades, representing about 61.8 per cent of total value traded on the Exchange.

    Group Managing Director, CardinalStone Partners,  Micheal Nzewi, said crossing the N2 trillion mark on the NGX was a defining moment for CardinalStone and a strong validation of its long-term strategy.

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    He said: “It underscores the depth of trust our clients place in us, the strength of domestic capital in driving market activity, and our commitment to delivering consistent execution, insight-driven research, and innovative solutions that support the continued development of Nigeria’s capital markets.”

    Managing Director, CardinalStone Securities Limited, Peter Omoregie, noted that the achievement highlights the firm’s execution strength and growing market influence.

    He said: “Leading the NGX by transaction value in a highly competitive environment demonstrates the robustness of our execution capabilities. As market dynamics continue to evolve, we remain focused on deepening liquidity, supporting institutional participation, and setting new benchmarks for performance and professionalism in Nigeria’s equities market.”

    Over the years, CardinalStone has expanded its footprint among domestic institutional investors and high-value clients, while also maintaining strong relationships with international investors and counterparties through a diverse client base that includes leading fund managers across South Africa, North America, the United Kingdom, and Europe. This growth has been supported by active research coverage, a proven ability to execute complex transactions, and operating standards that align with global best practice.

    The firm’s approach and market leadership have also received international recognition, including being named Euromoney’s Africa’s Best Broker and Best Equities House, Nigeria, affirming CardinalStone’s growing influence beyond its home market.

  • Five dead in Gombe multiple auto crashes

    Five dead in Gombe multiple auto crashes

    The Federal Road Safety Corps (FRSC) says five persons died in a multiple auto crash on the Gombe-Bauchi Road, in Akko Local Government Area of Gombe State.

    Sector Commander of the FRSC Gombe command, Mr Samson Kaura, confirmed the accident in an interview with the News Agency of Nigeria (NAN) yesterday.

    According to him, three vehicles, including a trailer tanker, Toyota car, and a Bajaj motorcycle, were involved in the crash, which occurred at noon yesterday.

    Kaura said 10 persons were affected by the crash, which claimed three persons, while two others died on their way to the hospital.

    He said five others sustained injuries ranging from head injury, fracture and laceration.

    According to him, the injured persons have been taken to a Specialist Hospital in Gombe for medical care, while the bodies of the deceased were deposited at the mortuary of the hospital.

    Kaura said that preliminary investigation showed that the crash was caused by dangerous driving, adding that the car was trying to overtake when it collided with the tanker.

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    The commander urged drivers against overtaking wrongfully, adding that it puts the lives of passengers at risk.

    “Whenever you want to overtake, always ask yourself if the overtaking is lawful, necessary, and safe.

    “Drivers must always ask themselves these questions before any overtaking, because this crash is really unfortunate and should have been avoided if the driver had taken the right decision,” he added.

    Kaura urged motorists to put safety as their major goal and concern, whenever on the road.

  • AAU students, others arraigned over protest

    AAU students, others arraigned over protest

    • PDP demands release of AAU students

    Some students of the Ambrose Alli University, Ekpoma, were among 52 persons that were arrested and arraigned over protest in Ekpoma, Esan West Local Government Area, Edo State.

    Residents of Ekpoma had embarked on the protest over incessant kidnappings and killings.

    The protest turned violent as several shops were looted and the Palace of the Onojie of Ekpoma was vandalised.

    Many of the students said they were sleeping in their hostels when they were arrested about 3am.

    They were driven in a Black Maria van to the court where they  were awaiting arraignment.

    At the court premises, relatives of the victims were seen loitering around and looking worried.

    A man, whose two sons were arrested and gave his name Abdulsalam, said his children neve participated in the protest.

    Relatives burst into tears as the suspects were being led into the van.

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    The suspects were arraigned through an ex parte motion filed by Police Counsel, P. O Odion.

    Presiding Judge, Justice Wlliam Aziegbemi, said he lacked jurisdiction and asked counsel representing the defendants to file a bail application at the Ubiaja High Court.

    He remanded the suspects to the Ubiaja Correctional Centre and adjourned the case to February 26, this year for hearing.

    Some counsel to the suspects said bogus charges of malicious damage, armed robbery were preferred against the suspects.

    A lawyer, Wisdom Isaac, said nobody made any complaints against the suspects.

    The state Peoples Democratic Party (PDP) has demanded the  release of 50 students of the AAU, remanded at the Ubiaja Correctional Centre.

    It said the continued detention of the students was oppressive, unlawful, and an abuse of power.

    Spokesman for the state PDP, Dan Osa-Ogbegie, in a statement, said Ekpoma has been abandoned to kidnappers and violent criminals, ‘with residents living in fear as attacks escalated unchecked.’

    Osa-Ogbegie criticised Governor Monday Okpebholo for neglecting the command-and-control security framework inherited from the administration of Godwin Obaseki.

    He said Edo had security structures in place, adding that what was missing under the APC was leadership, coordination, seriousness, and political will.

    The spokesman said only a government frightened by accountability would criminalise civic action as protest.

    He said: “The PDP declared that it would not be silent while Edo citizens were kidnapped, brutalised, and silenced under APC rule.

    “We call on the Edo State Government and Edo State Command of the Nigeria Police Force to reverse a shameful and dangerous course by releasing all detainees, securing Ekpoma, arresting the kidnappers, and restoring public confidence through lawful, transparent, and people-centred action.

    “Anything short of these steps would confirm the Okpebholo administration as a government adrift, incapable of protecting citizens, and more interested in suppressing dissent than in defeating crime.’’

  • Alaafin, Olubadan supremacy rift deepens

    Alaafin, Olubadan supremacy rift deepens

    The rift between two foremost monarchs in Oyo State, the Alaafin of Oyo, Oba Abimbola Owoade and the Olubadan of Ibadanland, Oba Rashidi Ladoja, may have deepened.

    Indication of the rift emerged yesterday when the Olubadan ignored the Alaafin, as the latter made an attempt to greet and welcome the former to the 2026 Inter-faith service held for civil servants at the state secretariat.

    The Olubadan had arrived shortly after the governor got to the venue and went ahead to exchange pleasantries with the governor, after which he went to other monarchs at the event, who all stood up to welcome and acknowledge him.

    However, tension rose when the Olubadan ignored the outstretched hand of the Alaafin, but proceeded with others, before going to calmly take his seat, leaving the Alaafin visibly stranded.

    The dramatic snub caused murmurs among the audience and has since ignited widespread outrage across the state and beyond.

    While the event lasted, tension could be felt in the air, particularly around where the monarchs were seated.

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    Opinions were divided about the incident.

    While some observers see it as disrespectful for the Alaafin to be seated and extending his hand to greet an ‘elderly’ Olubadan, others are of the views that the stool of Alaafin is more supreme to that of the Olubadan and that the current Olubadan must respect the stool, irrespective of the age of the current occupant.

    Sources claimed the rift bordered on supremacy tussle between the two monarchs.

    The public display of the acrimony was first noticed on December 15, 2025 during the unveiling of the Oyo@50 logo, an event organised by the state government at the same venue.

    On that day, the Alaafin was represented by one of his chiefs. However, upon arrival of the Olubadan to the event, a little argument ensued, as he was ushered to sit on his reserved seat, beside the Alaafin.

    The Olubadan displayed open annoyance at what he called disregard, noting that he would not sit beside the representative of the Alaafin on a seat which was placed before his, despite not being physically present.

    The matter, which generated a lot of tension, saw many top government functionaries and politicians pushing to pacify the Olubadan.

    By the time the dust would settle, the Olubadan’s chair was not only changed as requested, he was also relocated to a place before the seat of the Alaafin.

    The situation has made observers question the propriety of the initial effort of the governor at facilitating peace and harmony between the monarchs.

    The Nation reports that Governor Seyi Makinde on December 22, 2025 had a brief closed door meeting with the Alaafin and the Olubadan.

    The meeting was held shortly after the governor signed the 2026 Appropriation Bill at an event at the Executive Council Chamber of the Governor’s Office, Agodi Secretariat, Ibadan.

    The meeting, which was observed to be unscheduled, was held at the Coffee Room, opposite photo gallery stage of the Exco Chamber.

    Details of the meeting remained unclear at press time.

    It was observed that shortly after the signing of the 2026 Appropriation Bill, the governor and the dignitaries who attended the event were on the way to take group photographs at the photo gallery stand when the governor invited both the Alaafin and Olubadan into the coffee room.

    The budget signing event was attended by traditional rulers, political office holders, lawmakers, the judiciary among other relevant stakeholders

    The meeting lasted barely 15 minutes, as other dignitaries waited patiently at the photo gallery awaiting the arrival of the governor and the monarchs.

    However, observers believed the meeting could be based on the need for unity and togetherness between the two first-class monarchs.

    Prior to the meeting, the social media has been awash with reports of acrimony and class tussle between the two foremost monarchs over perceived superiority tag.

    The incident has triggered intense public debate, with critics questioning the Alaafin’s judgment and propriety, given the longstanding hierarchy, custom and sensitivities surrounding Yoruba traditional ‘rulership’.

    Observers said yesterday’s episode has reopened old wounds and revived concerns over an alleged rift among traditional rulers in Oyo State, raising fears about the unity and stability of the revered institution.

  • Edo defers school resumption in central zone over insecurity

    Edo defers school resumption in central zone over insecurity

    • Okpebholo, CP relocate to Ekpoma

    Edo State Government has postponed resumption of public and private schools in Edo Central Senatorial District for second term.

    The postponement followed last week’s violent protest in Ekpoma, Esan West Local Government, over incessant kidnappings in the locality.

    Several persons were injured in the demonstration and the palace of the traditional ruler of Ekpoma was vandalised.

    Shops were looted and commercial activities paralysed in Ekpoma. A statement by the Commissioner for Education, Dr. Paddy Iyamu, said the school resumption postponement was till further notice.

    He said the postponement was to address some exigencies to improve the welfare of the pupils.

    The commissioner said: “The new date of resumption will be duly communicated to the public in due course.

    “Parents, guardians and all education stakeholders within Edo Central Senatorial District are kindly requested to take note of this development and comply accordingly.”

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    Edo State Commissioner of Police, Monday Agbonika, has relocated to Ekpoma, headquarters of Esan West Local Government, to coordinate security operations against kidnappers in the locality.

    The relocation of the CP followed protest that rocked Ekpoma at the weekend.

    Governor Monday Okpebholo was said to have also relocated to Ekpoma from his Irrua country home where he spent the weekend.

    Commissioner for Public Security and Public Safety, Festus Ebea, joined Governor Okpebholo in Ekpoma yesterday morning.

  • Lagos APC to Tambuwal: rise above political theatre

    Lagos APC to Tambuwal: rise above political theatre

    Lagos State chapter of All Progressives Congress (APC) has said it has taken note of the alarmist remarks credited to former governor of Sokoto State, Aminu Tambuwal, wherein he declared that “Nigeria is in peril and needs urgent salvation.”

    The party in a statement yesterday by its spokesman, Seye Oladejo, in Ogba, said: ‘’We consider this intervention a classic case of misplaced moral outrage by a principal actor who, when entrusted with responsibility, failed to deploy the very “salvation” he now theatrically advertises.

    ‘’At moments like this, statesmanship demands introspection and restitution-not grandstanding. Nigerians remember the years when Tambuwal occupied strategic positions in government and the dividends of leadership expected at those times. Sadly, rather than offering a candid reckoning with his record or apologising for missed opportunities, he has chosen to sermonise from a pedestal of selective amnesia.

    ‘’More instructively, his recent 60th birthday colloquial presented a rare lifeline to truly confess, seek forgiveness and embrace restitution from a nation that gave him so much but received next to nothing in return. It was an auspicious occasion that should have lent itself to sober reflection and an honest recap of stewardship. Instead, that opportunity was cleverly sidestepped. Tales of sainthood ring hollow when public service records and recent legal tussles over graft remain unresolved footnotes that were conspicuously omitted.’’

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    The statement added: ‘’Nigeria still bleeds from years of exploitation and poor leadership by individuals who once occupied positions of trust. To now speak of “peril” without acknowledging one’s role in deepening the nation’s wounds is not courage; it is convenience.

    ‘’It bears restating that Nigeria’s challenges did not materialise overnight, nor were they authored by the present administration alone. Many of those now brandishing megaphones of despair were active participants-if not architects-of the policy inertia, political brinkmanship and economic drift that constrained national progress for years. To proclaim peril without accepting culpability is to insult the intelligence of Nigerians.

    ‘’At 60, the transition into the realm of elder statesmanship beckons-a stage where only the truth suffices and where legacy begins to matter more than noise. It is not too early to start thinking about an enduring legacy built on honesty, accountability and service, rather than revisionism.

    ‘’Nigeria is not without leadership nor direction. Under the Renewed Hope Agenda, difficult but necessary reforms are being undertaken to stabilise the economy, strengthen security and restore institutional credibility. These efforts require patience, sincerity and collective responsibility-not apocalyptic rhetoric designed to harvest fleeting relevance.

    ‘’We therefore urge Tambuwal and his cohorts to rise above political theatre. If salvation is truly the concern, it should begin with humility, restitution and support for reforms that move the nation forward. Anything short of this is noise-loud, convenient and ultimately hollow.’’

  • Ex-governor Segun Oni rejoins APC

    Ex-governor Segun Oni rejoins APC

    Barely five years after he left All Progressives Congress (APC) for Peoples Democratic Party (PDP) and later Social Democratic Congress (SDP), former Ekiti State Governor Segun Oni has rejoined the party.

    Oni, who governed Ekiti State between 2007 and 2010 on the platform of PDP, was the governorship candidate of SDP in 2022 election, emerging second behind Oyebanji.

    The ex-governor registered with APC at his country home in Ifaki-Ekiti, Ido/Osi Local Government, yesterday amid jubilation by supporters and loyalists.

    Speaking after his registration, Oni said his return to APC was a homecoming and a carefully considered decision taken in the interest of Ekiti people.

    “I have returned to APC to join hands with Governor Biodun Oyebanji and other stakeholders to further strengthen peace, unity and development in Ekiti State,” he said.

    The ex-governor said Ekiti’s political stability must be sustained beyond partisan differences, adding that he was impressed by the current administration’s inclusive governance style and commitment to grassroots development.

    Reacting to Oni’s return, the Coordinator of the APC e-registration exercise in Ekiti State, Gold Adedayo, described the development as a major boost to the party’s e-registration drive and a significant political gain.

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    He said Oni’s return would strengthen APC ahead June 20 governorship election, noting that the former governor remained a respected figure with strong grassroots appeal across the state.

    The serving Commissioner for Youth Development said: “Today, we registered former governor Segun Oni as a member of our great party. This significant political move will help the ongoing online registration of our members in Ekiti.

    “When it comes to grassroots politics, former governor Oni is a respected individual in this aspect. He is well loved at the grassroots and the intention of our registration is to attract more people into APC. Having individual like former governor with us at this crucial time is a big plus.

    “We are happy with the spate at which we are going in the online registration exercise and we know that APC is poised for greatness and victory as we look up to future elections”.

    The commissioner urged the party leaders not to rest and be complacent in their mobilisation efforts, saying more concerted actions are required to strengthen the party’s numerical strength at the grassroots.

  • ‘UCH didn’t discharge patients’

    ‘UCH didn’t discharge patients’

    University College Hospital (UCH), Ibadan, did not discharge patients on admission over the Nigerian Association of Resident Doctors’ (NARD’s) proposed strike on January 12, the ARD President, Dr Uthman Adedeji, has said.

    NARD had threatened to resume its suspended strike on January 12, over alleged failure of the Federal Government to meet its demands on welfare of its members.

    Among the demands by the association included welfare, promotion, allowance and issues of working condition, among others.

    News Agency of Nigeria (NAN) reports that the intervention of Vice-President Kashim  Shettima led to the latest suspension of the proposed strike by NARD for two weeks.

    A visit to the hospital yesterday by a NAN correspondent showed doctors were at their duty posts attending to patients.

    In an interview with NAN, Adedeji said patients on admission were not discharged as the strike had not begun at the hospital.

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    He said the interventions of Vice-President Shettima led to resolutions on key issues.

    According to him, NARD suspended its November 2, 2025 strike on November 29, 2025, giving the government 30-day ultimatum to meet MoU commitments on welfare and health care infrastructure.

    Adedeji added that NARD suspended the planned strike again, opting for dialogue to secure better working conditions, salaries and health care funding.

    “Doctors nationwide have returned to work, reposing confidence in the leadership of Dr Mohammed Sulaiman and the NOC.

    “NARD reiterates its appeal to Nigerians and stakeholders to support the implementation of the MoU.

    “The association appreciates the intervention of the Vice-President, which led to the suspension of the planned industrial action,” he said.

    Adedeji urged the doctors to remain committed and trust the process, while encouraging patients to amplify their support for the doctors’ legitimate demands for improved health care services.

    “NARD is hopeful the MoU issues will be resolved by January 25 when progress is reviewed at the National Executive Council.

    “We remain committed to better health care for Nigerians and urge government to keep its commitments,” Adedeji said.