The Nation Newspaper

Author: The Nation

  • Major investors scramble for bank shares in final consolidation push

    Major investors scramble for bank shares in final consolidation push

    Major investors and directors are scrambling to increase their stakes in banks as the recapitalisation exercise enters its final and most decisive phase.

    Trading reports reviewed by The Nation yesterday showed a high trend of insider dealings across several banks.

    Many others are surreptitiously offering shares to major investors as part of buffers for expected consolidation in the banking industry.

    As the banking recapitalisation heads to the March 31 deadline stipulated by the Central Bank of Nigeria (CBN), The Nation’s Market Intelligence indicated that currently, banks have more than N400 billion under special placements to major investors.

    With a shortened timeline and more than two-quarters of banks yet to meet the new minimum capital requirements, market sources said banks were seeking to undertake “reverse rights issue” in special placement to significant shareholders and related parties.

    A major investor in one of the first-generation banks was said to have acquired an additional equity stake to increase the largest and controlling equity stake in the bank to some 17 per cent, in what market pundits saw as a strategic positioning for future special placement.

    Read Also: Ex-Lagos director jailed 29 months for N48.9m bank theft

    In another instance, senior executives of a new generation bank were acquiring shares at the secondary market, providing them with the opportunity to increase their holdings in the event of a rights issue.

    “It’s natural for the major shareholders to seek to protect themselves from dilution and to increase shareholdings, knowing that post-recapitalisation industry may become more competitive and profitable,” an investment banking source said.

    CBN governor, Mr. Olayemi Cardoso, who presented a status report on the recapitalisation exercise, said 16 banks have met their new capital requirements.

    He also indicated that 27 other banks were raising funds as the March 31 deadline looms.

    Nigeria currently has 44 deposit-taking banks across various licence categories.

    In March 2024, the CBN released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks.

    The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

    Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital.

    The 24-month timeline for compliance ends on March 31.     

    Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

    The guidelines for the recapitalisation exercise required banks to subject their new equity funds for capital verification before the clearance of the allotment proposal and release of the funds to the bank for onward completion of the offer process and addition of the new capital to its capital base.

    The CBN is the final signatory in a tripartite capital verification committee that included the Securities and Exchange Commission (SEC) and the Nigeria Deposit Insurance Corporation (NDIC).

    The committee is saddled with scrutinising new funds being raised by banks under the ongoing banking sector recapitalisation exercise.

  • Kwankwaso, Governor Yusuf part ways over defection plan

    Kwankwaso, Governor Yusuf part ways over defection plan

    • As governor marks birthday, NNPP leader opens loyalty register
    • Federal lawmakers split

    The rift between Kano State Governor Abba Kabir Yusuf and New Nigeria Peoples Party (NNPP) leader Senator Rabiu Kwakwanso has deepened.

    In reaction to the governor’s readiness to defect from the NNPP to the All Progressives Congress (APC), Kwankwaso opened a loyalty register for political office holders to ascertain their allegiance and fidelity to his leadership.

    The former governor began taking stock of his loyalists in Kano at the time Yusuf was celebrating his 63rd birthday in Abuja, the Federal Capital Territory (FCT).

    With the governor were top government officials and party chieftains.

    Kwakwanso,  who shunned the ceremony, was busy in his Kano residence with “engagement meetings” with NNPP stakeholders, particularly members of the Kwakwansiyya Movement.

    A source said moves and counter-moves by Yusuf and Kwankwaso have polarised the party and divided members of the NNPP in the National Assembly.

    The governor has already secured the support of the 40-member House of Assembly, led by Speaker Jibril Isma’il Falgore, and all the 44 local government chairmen.

    However, NNPP federal legislators have not openly indicated their willingness to defect to the APC along with the governor.

    There are 21 House of Representatives from Kano state, out of which 13 are in NNPP.

    Read Also: Kwankwaso, Yusuf nationalists working for unity, says Idahosa

    Sources said Yusuf and Kwankwaso have polarized the NNPP federal lawmakers over the defection disagreement.

    Out of the 13 NNPP representatives, Umar Mukhtari Zakari, who represents Tarauni Constituency, has publicly opposed the planned defection.

    However, Aliyu Sani Madaki (Dala), Abdulmumin Jibrin (Bebeji/Kiru), Yusuf Rabiu (Sumaila/Takai), and Sani Abdullahi (Karaye/Rogo) have already moved to the APC.

    Also, Kabiru Usman, who won a rerun in Rano/Bunkure/Kibiya Constituency under the NNPP, and Sagir Ibrahim Koki (Kano Municipal) have defected to APC.

    Although the defection was scheduled for yesterday, it was postponed by the APC national leadership till January 12.

    In the earlier arrangement, Vice President Kashim Shettima and the national chairman of the APC Nentawe Yilwatda were billed to receive Yusuf into the party.

    Party sources said the event was rescheduled to allow further consultation with the National Assembly lawmakers from the state and key stakeholders who are yet to fully commit to the move.

    A close aide of the governor said the governor is yet to officially register at his ward and he has not obtained the APC membership card for formal defection.

    The defection is part of a larger political realignment that will enable Yusuf to potentially take on a significant leadership role in the state chapter of the party, and as well seal his bid for the  governorship ticket ahead of the 2027 elections.

    The move, a strategic decision to strengthen the APC’s position in Kano State, has been rejected by Kwankwaso, who is speculated to be on his way to the African Democratic Congress (ADC) in protest.

    The sources said Yusuf defection will be a significant blow to the Kwankwaso-led Kwankwasiyya Movement.

    The former governor had publicly threatened that no one betrays the Kwankwasiyya movement and goes free.

    The disagreement between Yusuf and Kwankwaso led to the sack of Hashimu Dungurawa (a pro-Kwankwaso chieftain) as state chairman of the party.

    Yusuf has picked Alhaji Abdullahi Zubairu Abiya as Acting State Chairman.

    A Kano State High Court ruling upheld the suspension of the embattled chairman and barred him from acting in that capacity, pending the determination of the suit.

    But the national secretariat of the party has described the change in the leadership as a nullity and went ahead to dissolve the entire executive committees at the ward, local government and state levels indefinitely.

    The APC is treating Yusuf’s defection move as a major political gain. It has significant implications for Kano State politics and beyond, including stripping the NNPP of its only governorship seat and potentially reducing its influence and viability as a national party.

    The defection will bolster APC’s dominance in Kano and enhance its chances in the 2027 general election.

     The existing power bloc of the Kano APC, led by former Governor Abdullahi Umar Ganduje and Deputy Senate President Barau Jibrin, had openly expressed their readiness to work with Yusuf.

    Ganduje and the APC Chairman, Abdullahi Abbas, have urged him to feel free to join the ruling party.

    Yusuf’s much awaited arrival in APC may spark rivalry within the APC. It will ultimately neutralise the chance of Deputy President of the Senate Barau Jibrin who has been aspiring for the ticket, a development that will likely influence negotiations, future alliances and voter alignments in Kano State.

     Barau, who represents Kano North, has remained indifferent to the governor’s move, apparently because of his ambition.

    Senator Rufai Sani Hanga (Kano Central) remains in the NNPP with Kwankwaso, while Senator Abdurrahman Kawu Sumaila (Kano South) defected from NNPP to APC last year and he is certainly not with Kwankwaso.

  • Mbah urges MDAs to meet N870b IGR target

    Mbah urges MDAs to meet N870b IGR target

    Enugu State Governor  Peter Mbah, has urged Ministries, Departments and Agencies (MDAs) to meet projected N870 billion revenue target for the year.

    He drew attention to the unpredictability of external revenue sources like the Federal Account Allocation Committee (FAAC) allocation, given the prevailing geo-political tension in the world.

    Mbah gave the charge yesterday during a Holy Mass at the Government House Chapel to signal the start of work in the new year.

    He said given global developments, the state should not allow itself to be taken unawares.

    Recall that Mbah recently signed a record N1.62 trillion 2026 budget, which he explained would be funded through an anticipated N870 billion IGR, N387 billion FAAC allocation, and N329 billion capital receipts.

    Speaking at the Holy Mass attended by the heads and members of the three arms of government, political office holders, captains of industry, traditional rulers and critical stakeholders, he called on all political appointees and civil servants to redouble their efforts, noting that the projected IGR could come from the quality of service they render to businesses and the people.

    “Given all the geo-political tensions across the globe, it is not going to be easy, particularly with our revenue projections. We just do not have clarity as to the direction things would go. It is extremely important we ensure that we realise the domestic revenue projection we set for ourselves this year so that we are then able to absorb the shock coming from all these geo-political tensions across the globe.

    Read Also: Mbah promises accelerated consolidation in 2026

    “To realise that projection comes from doing your own bit. We have ambitious revenue targets across the different MDAs. Our revenue comes based on the speed and quality of services you render. Let us have a renewed vigour to do our own bit and play our own roles,” he stated.

    He stressed the need for dedication and team spirit among the state’s civil servants in 2026, describing them as the anvil of whatever the administration achieves or fails to achieve in the new year.

    “Importantly, to our workers, we are still going to be counting on your support as civil servants and Permanent Secretaries. We have always said that you are the engine room of whatever success we achieve. We have to double down this year. Those little things we do, getting to work on time, treating documents expeditiously, and making sure that we play our own part in the scheme of things, matter a lot.

    “We also have to continue to be champions of teamwork. We have to essentially understand that we are only as good as our weakest link. We need to support one another, knowing that we are working for one common objective; to serve the people,” he said.

    While thanking the people of the state and the church for their continued prayers, good counsel, and support, he stressed the need for undiluted and unfettered feedback.

    “We do not lay claim to being perfect. What we lay claim to is our resolve to serve the people optimally. That is why undiluted feedback and holding us to account become very important,” he concluded.

    In his homily, the Chaplain of the Government House Chapel, Rev. Fr. Anthony Udeh, described Governor Mbah as a servant leader earnestly dedicated to the wellbeing of his people.

    He cited the thousands of both completed and ongoing projects as well as reforms initiated by the Mbah Administration, saying that such could only come from a leader with a burning passion to serve his people and build a better future for the children of the state and posterity.

    The Holy Mass was attended by high-profile government functionaries, including the Deputy Governor, Barr. Ifeanyi Ossai; Speaker, Enugu State House of Assembly, Rt. Hon. Uchenna Ugwu; Chief Judge of Enugu State, Justice Afojulu Ozoemena; and the Chairman, Enugu State Traditional Rulers Council, HRM Igwe Samuel Ikechukwu Asadu, among a host of others.

  • Stock market capitalisation hits N101 trillion

    Stock market capitalisation hits N101 trillion

    Nigerian equities hit another milestone yesterday as sustained demand by domestic and foreign investors pushed the total market capitalisation of all quoted equities above N100 trillion.

    Aggregate market value of all quoted equities at the Nigerian Exchange (NGX) rose from its opening value of N99.938 trillion to close yesterday at N101.81 trillion, the first time Nigerian market reached the mark.

    Nigerian equities have so far, in the first two trading sessions of this year, rallied net gain of N2.306 trillion, building on strong momentum that had seen the market closing with a full-year net gain of N32.13 trillion.

    Average year-to-date return for the first two trading sessions stood at 2.32 per cent, sustaining a bullish outlook that placed Nigeria as one of the world’s five best-performing stock markets last year, with a full-year return of 51.19 per cent.

    The All-Share Index (ASI)- the value based index that tracks all share prices at the NGX, rose by 1.74 per cent to close yesterday at 159,218.22 points as against its opening index of 156,492.36 points.

    With more than nine advancers to every decliner, the rally at the market was driven by widespread bullish sentiment across the sectors as investors appeared to be taking early positions ahead of the release of the full-year audited results of quoted companies and resultant dividends.

    Group Managing Director, Nigerian Exchange Group (NGX Group), Temi Popoola, said the N101.81 trillion attainment reflects growing confidence in the Nigerian capital market.

    Read Also: Stock market’s return hits N27tr on earnings expectations

    “The equities market capitalisation crossing the N100 trillion mark is a defining milestone for Nigeria’s capital market and a clear signal of renewed investor confidence as the year begins. It reflects the market’s growing depth, resilience, and ability to respond positively to improving macro-economic conditions and structural reforms,” Popoola said.

    According to him, sustained collaboration between market stakeholders and regulators has played a key role in strengthening market credibility.

    “Over the past two years, closer alignment between market operators, policymakers, and the Securities and Exchange Commission (SEC) has enhanced transparency, liquidity, and investor protection, reinforcing the Exchange’s role in mobilising long-term capital for economic growth,” Popoola said.

    Chief Executive Officer, Nigerian Exchange (NGX) Limited, Jude Chiemeka, explained that the trading trend showed that the rally was supported by improving participation and selective demand across key sectors.

    He said: “The breadth of the market tells a positive story. We are seeing strong participation across banking, industrial, and consumer stocks, alongside rising trading volumes, which suggests growing investor confidence and a more active market at the start of the year”.

    The early positive start reinforced the outlook for the Nigerian equities market, after investors netted capital gain of N32.13 trillion in 2025.

    The ASI closed 2025 at 155,613.03 points as against the year’s opening index of 102,926.40 points. Aggregate market value of all quoted equities rose from 2025’s opening value of N62.763 trillion to close the year at N99.376 trillion, representing an increase of 58.34 per cent or N36.61 trillion.

    The difference between the ASI and aggregate market value was due to additional listings recorded during the year.

    Chairman, Association of Securities Dealing Houses of Nigeria (ASHON) Sehinde Adenagbe said the market performance has strong correlation with the economic reforms of the current government.

    He said: “There is no gainsaying that since President Bola  Tinubu took office in May 2023, Nigeria’s stock market has experienced strong growth and renewed investor interest.

    ‘’The NGX All-Share Index more than doubled, rising by around 136 per cent between 2023 and 2025, with market capitalisation expanding sharply and local and foreign participation strengthening.

    He added that further digitisation of the economy and the capital market has smoothed the onboarding of the youthful demography of the country, especially through the fintech gateway created by the NGX Group.

    According to him, the market performance reflected improved macroeconomic conditions, liquidity, and investor appetite.

    He said: “We believe that these strong performances signal enhanced market confidence, partly driven by broader economic measures under the administration.

    He highlighted the enactment of the Investment and Securities Act (ISA) 2025, signed into law by President Tinubu, the removal of Nigeria from the Financial Action Task Force (FATF)’s “grey list”, and the reforms in the foreign exchange (forex) market as major impetus for the market.

    According to him, the transparency and stability in the forex market have helped to reduce distortions, improving the predictability of pricing for foreign investors and businesses.

    “Stable forex conditions have been widely cited as a contributor to increased foreign capital flows into equities and other financial instruments,” Adenagbe said.

    He, however, called for more supportive policies that encourage new listings, including moribund state-owned enterprises that can be turned around, as well as incentives for long-term institutional investment.

    “We also need more structural reforms, coordinated implementation, market infrastructure improvements and inclusive growth measures to sustain momentum and position Nigeria as a competitive driver of national economic growth and development. The issue surrounding the Capital Gains Tax (CGT) should be revisited to give the market clarity. More intentional approaches are needed to stamp out insecurity and acts of terrorism from the country as investors want to put their resources in secured environment,” Adenagbe said.

    Managing Director, GTI Capital, Mr Kehinde Hassan, said investors appeared confident about the outlook for the Nigerian economy.

    He described the stock market as the closest reflection of a country’s global economic rating, as investors are sensitive to risks.

    The double-digit 51.19 per cent return in 2025 marked the sixth consecutive bullish run for the Nigerian market. The ASI had made the top global chart in 2024 with average return of 37.65 per cent, equivalent to net capital gain of N15.4 trillion.

    The ASI had closed 2023 as one of the three best-performing markets globally. Average return for Nigerian equities in 2023 stood at 45.90 per cent, equivalent to net capital gains of N12.81 trillion.

    The market had broken its well-known previous cycle of decline in the pre-election year to record its third consecutive positive performance in 2022, with a full-year average return of 19.98 per cent, equivalent to a net capital gain of N4.455 trillion. It had closed 2021 with an average return of 6.07 per cent, equivalent to net capital gains of N1.278 trillion. In the throes of the outbreak of the COVID-19 pandemic in 2020, it had recorded an average return of 50.03 per cent, representing net capital gains of N6.483 trillion.

    ASI closed 2023 at 74,773.77 points, as against its opening index of 51,251.06 points for the year. It had opened in  2022 at 42,716.44 points. Aggregate market value of all quoted equities had also risen from 2023’s opening value of N27.915 trillion to close the year at N40.918 trillion. It had recorded N22.297 trillion as the opening value for 2022.

  • Alleged $9.7m terrorism financing: Court rejects Bauchi commissioner’s, others’ bail

    Alleged $9.7m terrorism financing: Court rejects Bauchi commissioner’s, others’ bail

    The Federal High Court in Abuja yesterday declined to grant a bail application filed by Bauchi State Finance Commissioner Yakubu Adamu and his co-defendants who are facing alleged $9.7 million terrorism financing.

    In a ruling, Justice Emeka Nwite held that the offences for which the defendants were charged threatened national security and public safety.

    Justice Nwite also held that terrorism-related offences threaten social order.

    The judge averred that pre-trial release could endanger the public; hence, such bail could not be granted.

    But he made an order for an accelerated hearing of the matter.

    “I’m not unmindful of the constitutional provision of Section 36(5), which provides that every person who is charged with a criminal offence shall be presumed innocent until he is proven guilty.

    “But I must not hesitate to state that the said constitutional provision is not absolutely right.

    “In the consideration of a bail application, all factors have to be considered,” he said.

    Citing a 2001 case involving Bamaiyi and the state, the judge said the Supreme Court held that “it is proper to consider the nature of the offence, the nature of the evidence in support of it and the severity of the punishment which conviction will entail”.

    The judge also stated that the court took into consideration these critical factors regarding the defendant’s availability to stand trial.

    He added: “These are not matters that should be glossed over.

    “I cannot say more than this erudite jurist.

    Read Also: Court grants EFCC’s request for interim forfeiture of N30.7m linked to alleged fraud in NNPC 

    “Our criminal justice system has its stipulations and safeguards for the prosecutor, the accused and the victim.

    “In the proper operation of that system, it can be said that it is in the interest of the society and with those safeguards that if an application for bail pending trial, there is a good reason to believe or strongly agreed that the accused will not jump bail, thereby making himself available to stand his trial and /or will not interfere with witnesses thereby constituting an obstacle in the way of justice, the court will be acting within the undoubted discretion to grant bail.

    “I have carefully considered the affidavit evidence available before me in this point in time.

    “And I have also considered the proof of evidence, especially the statement of Dan Lawan Abdulmumuni and other prosecution witnesses together with grave threat to national security and public safety this case pose.

    “And I have also taken cognisance that terrorism-related offences threaten social order and pre-trial release could endanger the public.”

  • Time running out for Otti, says Kalu

    Time running out for Otti, says Kalu

    • Senator: APC will liberate Abia in 2027

    Former Abia State Governor Orji Uzor Kalu yesterday said that time is running out for the administration of Governor Alex Otti.

    Kalu assured that the All Progressives Congress (APC) will liberate the state in 2027.

    He wondered by Governor Alex Otti is fíxated on the Labour Party (LP), which he described as a sinking ship, at a time the wave of progressive politics is sweeping across the Southeast.

    Kalu said Otti is waging war against the opposition instead of focusing on the development of the state.

    He said: “I would like to advise Governor Otti to quit the confrontation and govern because time is running out. He should stop descending into petty name-calling. Abia deserves leaders who build, not those who burn bridges. The APC is coming, not as conquerors, but as liberators from mediocrity.”

    Kalu, who represents Abia North District in the Senate, said in a statement by his media aide, Sunday Maduka, that the governor’s vitriolic outburst, diatribe, and invectives smacked of political desperation.

    He condemned Otti’s intolerance of opposition, saying that it is gutter politics and an attempt to deflect from his inadequacies.

    Read Also: Benjamin Kalu, Alex Otti and Abia 2027

    Kalu pointed out that the governor has been waging war at him because of his loyalty to the All Progressives Congress (APC), support for President Bola Ahmed Tinubu’s re-election bid and commitment to bolstering APC’s presence in Abia State ahead of 2027.

    He said: “This is not “war,” as Otti’s propagandists twist it, but a legitimate political expression in a democracy. Governor Otti, in his hubris-fuelled response, resorted to personal insults, diagnosing imaginary ‘challenges’ like ‘information deficiency syndrome’ and accusing me of disgraceful conduct.

    “Such language is unbecoming of a governor, and sadly reveals a man who is insecure in his seat, and haunted by the ghosts of his own political fragility.”

    Kalu said the governor’s attack is hypocritical, pointing out that a leader who rode into office on the LP’s coattails suddenly forgot that politics is about competition and not coronation.

  • APC best party to govern Nigeria, says AbdulRazaq

    APC best party to govern Nigeria, says AbdulRazaq

    • Urges aspirants to canvass for new members

    Kwara State Governor AbdulRahman AbdulRazaq has said the All Progressives Congress (APC) is the best party to govern Nigeria.

    He described APC as an exclusive political club that ranks as the biggest in Africa.

    The governor spoke during the inauguration of the state APC’s stakeholders’ engagement and commencement of e-registration and membership validation.

    AbdulRazaq, who was documented as the first registrant of the party in the state, said the exercise was designed to strengthen the party and ensure accurate membership tally for planning.

    He said those who wish to register as members of the party should be accommodated, cautioning against excluding anyone from the exercise.

    AbdulRazaq announced that all aspirants to political offices in 2027 would be given a level-playing field.

    The governor, who doubles as the Chairman of the Nigeria Governors Forum (NGF), advised all aspirants to elective offices in the state to canvass for members and new members.

    “It is important that we know how many of us are members of this exclusive club (APC), which is arguably the biggest party in Africa. This is the only party to develop Nigeria and all the states in Nigeria, including all the local governments,” he said.

    Read Also: AbdulRazaq inaugurates 83 upgraded health care centres

    Party chieftains from across the state attended the stakeholders’ engagement and commencement of the e-registration and revalidation exercise.

    The programme was organised by the Kwar State chapter of the  APC.

    “We want to know how many we are so that we can use that to enumerate, canvass, and protect ourselves properly, empower ourselves properly, not leaving anyone behind,” he said.

    “Now, for those who have been tasked with this exercise: don’t exclude anyone. We need all the members we can get. So, make sure you register, not just our members; you should go out and canvass for new members.

    “This is an opportunity to canvass for new members. You have seen all the work that has been done from the federal level to the state and local government levels. Use that to market the party, to make sure that we expand from where we used to be.”

    The governor said his administration had executed projects across all sectors, which have made Kwara State more developed and viable than it ever was.

    “The facts speak for themselves across every sector. We have posted sterling performances that everyone can see in every part of the state,” he added.

    AbdulRazaq said everyone needed the National Identity Number (NIN) to be on board as members of the party.

    The state APC Chairman, Prince Sunday Fagbemi, said the sterling performance of President Bola Ahmed Tinubu had endeared him to many a Nigerian, adding that this informed the current gale of defections to the party by major opposition Peoples Democratic Party (PDP) governors and chieftains.

    “We are having 30 governors now and more are still coming. If we look at this, it is a smooth sail for the President in 2027.

    “Our state should be our concern. The form of progressive development in the state should be our campaign weapon. We must leverage the transformational progress that has taken place in the state to ensure that the baton is handed over to another APC government in 2027. There is the need to admonish ourselves that one of us is better than all of us. Leaders are enjoined to mobilise your followers for the exercise.

    “Let the registration agents know that you are all Nigerians. Make available your NIN. We don’t want a situation whereby non-Nigerians will take over what we are doing here.

    “I enjoin you in the name of the national chairman of APC, in the name of the President of the country and in the name of our amiable, simple and project-minded governor of the state that we should register. This is because through the census, we will be able to know the membership of the party. It will now snowball into the congress that we want to do.

    “The e-registration will enable us give real figures. In the last elections, members of the APC were said to be 40 million. When the elections came, we got 19 million. Somebody must be deceiving himself.

    “This is why Mr. President is so serious about the e-registration. As at now, if you have ambition, you want the progress of the party and you want good things for the state go and register. Be part of the change. Have a voice in the selection of the people that will represent us at all levels.”

  • Kidnappers kill victim in Edo

    Kidnappers kill victim in Edo

    Abu Momoh, one of the two brothers abducted last weekend in Auchi, headquarters of Etsako West Local Government Area, has been killed by their abductors.

    The late Abu was kidnapped alongside his brother, Ibrahim, a medical doctor, on January 2 at their residence on City Pride Road, Igbira Camp, Auchi, Edo North.

    Their father, Tahir Momoh, who confirmed the killing of his son, said the corpse was discovered in the early hours of yesterday.

    He has been buried, the father said.

    Momoh said: “It is true that he was killed. He is the younger of the two brothers and he has been buried. The elder brother is still with the kidnappers.

    “This is a very sad day for us and we hope that his elder will be released to us.”

    Checks showed that Abu was killed by Orley River, Down City Pride Road, Igbira Camp.

    A community source said he was shot dead while trying to escape.

    Read Also: Ondo police arrest ‘fleeing motorcycle thieves’ in Edo, recover stolen bike

    “I was told that he attempted an escape and he was shot by the kidnappers,” the source claimed.

    One of the leaders of Auchi community, who gave his name as Abdul, urged the police to be diligent in their investigation, adding that many persons have been abducted within the vicinity.

    The source said: “I think it’s time the police beam a searchlight on the community in Auchi as the number of kidnapping around that area is alarming.

    “The problem is these boys don’t want to work but are looking for easy money. The earlier their criminal activities are halted, the better for Auchi and other communities around that area.

    “The government should also take action so that the people can see that they are important.”

  • Ex-Abia Governor Orji dumps PDP for APC

    Ex-Abia Governor Orji dumps PDP for APC

    The third democratically elected governor of Abia State, Senator Theodore Orji, has dumped the Peoples Democratic Party (PDP) and defected to the All Progressives Congress (APC).

    Orji is the immediate past senator who represented Abia Central between 2015 and 2023.

    The Nation reports that the former governor had announced his retirement from active politics a few months ago, but did not denounce his membership of the Abia State chapter of the PDP.

    The Nation had reported that his son, who was Speaker of the Abia State House of Assembly between 2015 and 2023, Chinedum Enyinnaya Orji, had dumped the PDP amid the crisis rocking the party.

    Many political observers had averred that the defection of the young Orji to the APC might have been a ploy to prepare the ground for his father’s defection.

    Read Also: Fed Govt ratifies February 16 exit for NEITI’s ES Orji, hails reform legacy

    His decision to dump the PDP, many political watchers have said, has dealt a further blow to the survival of the PDP in the state.

    Orji had been one of the rallying points and financiers of the PDP in the state.

    Confirming Senator Orji’s defection to the APC, his media aide, Mr. Ifeanyi Umere, told our correspondent that it was a personal choice of the former governor.

    According to Umere, there was no official reason for his principal’s defection.

  • Legal fireworks, battle lines, big reforms: What awaits the judiciary in 2026

    Legal fireworks, battle lines, big reforms: What awaits the judiciary in 2026

    Landmark trials, appeals, constitutional battles, NBA election, and digital transformation are set to define the judiciary in 2026. Deputy News Editor JOSEPH JIBUEZE, Assistant Editor ERIC IKHILAE, ADEBISI ONANUGA, ANNE AGBI and UDEH ONYEBUCHI preview a potentially action-packed year for the Bar and Bench.

    As the judiciary steps into 2026, it does so on the back of one of its busiest and most consequential years in recent memory.

    Last year witnessed seismic rulings on presidential emergency powers, death sentences overturned and reinstated, landmark corruption trials, and institutional reforms that signalled a justice system under intense public scrutiny.

    In 2026, the focus will shift from verdicts already delivered to appeals, no-case rulings, constitutional interpretations, and high-stakes criminal trials that will test judicial independence, prosecutorial diligence, and the endurance of due process.

    From terrorism convictions and political defamation claims to multi-billion-naira corruption cases, the courts will again sit at the heart of national debate.

    Below is a preview of the major cases and events expected to shape Nigeria’s judiciary in 2026

    The tint permit case

    The Nigerian Bar Association (NBA), via its Section on Public Interest and Development Law (SPIDEL), filed a public interest lawsuit challenging the Police tinted glass permit policy as unconstitutional.

    The policy requires annual permits to be obtained via a portal (possap.gov.ng) for a fee paid into a private account.

    The NBA contends that the policy violates rights to dignity, privacy, movement, and property under the 1999 Constitution, lacks a statutory basis beyond a 1991 military decree, and raises transparency issues due to funds not entering the Federation Account.

    The High Court of Delta State, Orerokpe Judicial Division, on December 17 granted an interim injunction restraining the IGP and the Police from implementing and enforcing the policy from January 2.

    The order followed a motion ex parte filed by Mr. Israel Joe and argued by a legal team led by Kunle Edun (SAN).

    Owners of vehicles with tints, especially factory-fitted, will be keen to see how the pending cases are determined.

    Malami

    Immediate-past Attorney-General of the Federal and Minister of Justice, Abubakar Malami (SAN), will face a 16-count charge of money laundering this year.

    He is charged along with his son, Abdulaziz, and an employee of Rahamaniyya Properties Limited, Hajia Bashir Asabe.

    In the charge, the first in three series, Malami was alleged to have laundered about N9billion to buy choice houses in Abuja, Kebbi, Kano and others.

    The ex-AGF is to account for how he came about 30 houses, valued at N212.8billion.

    EFCC said they were mostly acquired during his eight years in office.

    Nnamdi Kanu

    Although the decade-long trial of Nnamdi Kanu formally ended on November 20, 2025, with his conviction on all seven counts, the legal battle is far from over.

    In 2026, attention will shift decisively to the appeal process, which could redefine how terrorism-related offences are prosecuted and reviewed in Nigeria.

    Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), was sentenced to life imprisonment on five terrorism-related counts, 20 years for belonging to a proscribed organisation, and five years for unlawfully importing a radio transmitter linked to Radio Biafra. He is currently serving his sentence in Sokoto State.

    The appeal, expected to be filed early in 2026, will likely raise constitutional questions around extra-territorial arrest, fair hearing, prolonged detention, and trial delays.

    Given the political sensitivity of the case and its regional implications, the Court of Appeal’s handling will be closely watched.

    Prof. Cyril Ndifon

    The conviction of suspended University of Calabar law professor Cyril Ndifon in November 2025 marked a watershed moment in the prosecution of sexual harassment within Nigerian academia. In 2026, the case will test whether such convictions can withstand appellate scrutiny.

    Ndifon was convicted on two counts and sentenced to two and five years respectively, to run concurrently, while his co-defendant, Sunny Anyanwu, was discharged and acquitted.

    The case has already altered conversations around power, consent, and institutional responsibility in universities.

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    An appeal is expected to challenge the evaluation of evidence, witness credibility, and interpretation of harassment statutes.

    Whatever the outcome, the appellate decision will either reinforce or weaken emerging jurisprudence on sexual misconduct.

    Maryam Sanda

    The Supreme Court’s December 12, 2025, decision overriding President Bola Tinubu’s pardon of Maryam Sanda has already become one of Nigeria’s most controversial judicial pronouncements. In 2026, its ripple effects will continue.

    Although the apex court affirmed the death sentence imposed by the FCT High Court and upheld by the Court of Appeal, legal scholars expect fresh constitutional debates, including possible applications for review or international human rights interventions.

    The case has reignited debate over whether death sentences should remain enforceable in modern Nigeria.

    Godwin Emefiele

    Former CBN Governor Godwin Emefiele enters 2026 facing perhaps the most complex legal battle of any public official. He is standing trial on three separate charges before three judges of the FCT High Court.

    The allegations range from unlawful acquisition of a 753-unit housing estate, abuse of office, to irregularities in the naira redesign policy and multiple counts of fraud and conspiracy.

    With no-case submissions already rejected in some matters, 2026 will likely determine whether Emefiele is convicted or acquitted, and how Nigeria prosecutes financial regulators.

    Emefiele is also on trial before Justice Rahman Oshodi of an Ikeja Special Offences Court over alleged fraud and abuse of office to the tune of $4.5 billion.

    His co-defendant, Henry Omoile, faces a three-count charge relating to unlawful acceptance of gifts.

    Chris Ngige

    Former Labour Minister Chris Ngige begins 2026 as an accused person standing trial on an eight-count EFCC charge involving alleged acceptance of gifts worth N2.2 billion during his supervision of NSITF.

    Justice Mariam Hassan has already ordered the prosecution to open its case.

    The prosecution is expected to open its case on January 28.

    Saleh Mamman

    The trial of former Power Minister Saleh Mamman has reached a decisive stage.

    With his no-case submission rejected in December 2025, Mamman is expected to open his defence in 2026.

    He faces a 12-count charge over the alleged diversion of N33.8 billion meant for the Mambilla and Zungeru power projects.

    Resumption of trial and opening of defence are billed for February 23.

    Yahaya Bello

    Former Kogi State governor Yahaya Bello is simultaneously facing an N80.2 billion charge at the Federal High Court and a N110.4 billion charge at the FCT High Court.

    Both trials will continue in January, making Bello one of the most legally exposed former governors in recent history.

    Stella Oduah

    Former Aviation Minister Stella Oduah and her ex-aide Gloria Odita will formally face trial in January 2026 over alleged misappropriation of N5 billion.

    Prosecution is expected to open its case on January 12.

    Owo church attack

    The trial of five men accused of the June 5, 2022, Owo church massacre resumes on January 13.

    With over 40 worshippers killed, the case represents one of Nigeria’s deadliest terrorism prosecutions.

    GHL vs First Bank

    One commercial dispute that will continue in 2026 is the General Hydrocarbon vs First Bank case.

    The dispute centres on a 2021 Subrogation Agreement for OML 120 oil field development.

    GHL claimed FBN breached its obligations by failing to provide absolute funding of around $718 million, causing losses from delays and sabotaged alternatives, while FBN argued its obligations were conditional per banking regulations.

    The Asset Management Corporation of Nigeria (AMCON) joined the fray by acquiring an Eligible Bank Asset (EBA) from First Bank linked to GHL’s financing obligations under their 2021 Subrogation Agreement.

    GHL denies any direct debt to AMCON or First Bank, asserting that no non-performing loans exist and that AMCON’s partial payment for the asset was incomplete, prompting FBN to offer refunds.

    In November 2025, AMCON sought to freeze GHL’s accounts across 34 institutions via a Mareva injunction and appointed a receiver/manager (Oluseyi Akinwunmi) to enforce alleged debts, despite GHL’s claims of court violations.

    GHL sued AMCON, First Bank, and others for contempt, securing interim orders in September 2025 barring asset actions over the $718 million claim; a contempt hearing was set for late November.

    On December 12, 2025, the Federal High Court upheld GHL’s objection, striking out AMCON’s receivership enforcement and reversing prior permissions amid ongoing OML 120 arbitration fallout.

    Legal representation issues stalled further contempt proceedings, with a SAN barred from GHL’s side against AMCON.

    The case will certainly rumble on in 2026.

    Ex-AMCON MD Ahmed Kuru

    Another case that will continue this year is one involving former AMCON Managing Director Ahmed Kuru over alleged N76billion, $31.5billion.

    Kuru is standing trial alongside Kamilu Alaba Omokide, Captain Roy Ilegbodu, Union Bank of Nigeria Plc, and Super Bravo Limited before Justice Mojisola Dada of an Ikeja Special Offences Court.

    The defendants are facing a six-count charge bordering on conspiracy, stealing, and abuse of office.

    Pretty Mike

    Socialite and nightclub owner, Mike Nwalie, popularly known as Pretty Mike, was arraigned at the Federal High Court in Lagos alongside a club supervisor, Joachim Hillary, over alleged drug-related offences.

    The defendants were brought before Justice Lewis-Allagoa by the National Drug Law Enforcement Agency (NDLEA) on a three-count charge bordering on conspiracy, illegal possession of drugs, and permitting the use of club premises for drug activities.

    The charges stemmed from an NDLEA operation at Proxy Lagos Night Club in Victoria Island in October 2025, during which officers allegedly recovered 200 grams of Cannabis Sativa and 177 cylinders of Nitrous Oxide, weighing over 364 kilograms.

    Other issues that will shape the judiciary

    NBA election

    NBA election will be held this year to choose who takes over from Mazi Afam Osigwe (SAN) and his executives.

    It is now the turn of the Southwest.

    Among the contenders are Aare Olumuyiwa Akinboro (SAN) and Mrs. Oyinkansola Badejo-Okusanya (SAN).

    Akinboro is backed by the Egbe Amofin Oodua (Southwest Lawyers’ Forum).

    Mrs Badejo-Okusanya is a prominent female contender in a competitive field.

    Other aspirants include the highly respected Lateef Omoyemi Akangbe (SAN).

    While Akinboro appears frontrunner amid power bloc support, the possibility of an upset through the voting power of younger group of lawyers always exists, as recent electoral outcomes show.

    AI and legal tech adoption

    Artificial Intelligence (AI) is rapidly entering legal practice, offering automated research, predictive analytics, document review and case management efficiencies.

    However, it also raises challenges around accuracy, ethical use, and professional competence.

    AI outputs can “hallucinate” inaccurate information, and the profession must decide how to regulate and integrate these tools responsibly this year.

    Court digitisation

    Courts are pushing for e-filing, virtual hearings, electronic cause lists, and integrated case management to reduce delays and improve transparency.

    Investments in infrastructure and secure digital facilities remain priorities this year.

    Restoring confidence

    Leaders, including the presidency, have emphasised restoring public trust in the judiciary as essential for legitimacy.

    Concerns about delays, integrity, and perceived partiality continue to undermine confidence. Something needs to change in 2026.

    Judicial reforms

    Calls for structural reform (e.g., transparent appointments, disciplined conduct, reduced political interference) will continue to shape discussions in 2026.

    Pressure will grow for merit-based judicial appointments/promotions and stronger accountability mechanisms from activists like Prof Chidi Odinkalu and groups like the Justice Reform Project Ltd/GTE.

    Tackling delays

    Courts still grapple with significant case backlogs, unpredictable sittings, and frequent adjournments, all factors that prolong litigation and erode faith in the system. Addressing delays will remain in the front burner.

    Professionalism

    Calls from the Bench and Bar stress the need for higher ethical standards, combating frivolous litigation practices, and discouraging behaviours that demean the profession. All eyes will be on the decision-makers to walk the talk.

    Curriculum overhaul

    Senior jurists have advocated revamping legal education to ensure graduates are better equipped for modern practice, potentially positioning law as a postgraduate subject to improve maturity and competence.

    Emphasis on continuous professional development, especially in technology, alternative dispute resolution (ADR), and emerging practice areas like data protection and tech law, will grow.

    Court facilities

    Underfunded and poorly equipped court infrastructure continues to hamper efficiency.

    Judges and lawyers often work without modern tools, which directly contributes to delays.

    Sustained focus by the government on digital courts, case-management systems, and broader judicial funding may be prominent in 2026 reforms.

    ADR growth

    There’s rising recognition of ADR methods (mediation, arbitration, online dispute resolution) as tools to lighten court dockets and offer faster, consensual dispute resolution options.

    ADR proficiency may become a key competency for legal practitioners, reshaping litigation norms.

    Cross-border legal services

    As trade and digital transactions rise, Nigerian lawyers will need competencies in cross-border legal practice and alignment with global best practices.

    This year may present more opportunities.