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Category: Special Report

  • How quarrying in FCT endangers lives

    How quarrying in FCT endangers lives

    With Abuja’s rapid urban expansion, the booming demand for granite, sand and gravel, vital materials, has turned the Federal Capital Territory into a magnet for quarry investors. NICHOLAS KALU and JULIANA AGBO write that while this industry flourishes, local communities are left to bear its brunt, with little oversight and fewer protections.

    As Nigeria’s capital city rapidly expands, so too does the demand for construction materials such as granite, sand and gravel.

    However, in the shadows of Abuja’s gleaming skyscrapers and sprawling estates, another story unfolds, one of communities choking on dust, homes shaken by daily explosions and lives imperiled by unchecked quarry operations.

    For residents of Mpape, Kubwa, Bwari and other satellite towns, the boom of dynamite and the haze of quarry dust are an unwelcome part of daily life.

    These suburbs of the Federal Capital Territory (FCT) have become a great concern in terms of environmental degradation and public health hazards. This is because of the unchecked activities of quarry operators in the area.

    Quarrying in Abuja has become a lucrative business, driven by the capital’s high-paced infrastructural development. The FCT is rich in granite and other solid minerals, making it a hotspot for investors in the quarry business. Dozens of quarry sites, legal and illegal, dot the outskirts of the city.

    But, as these operations expand, so do their risks. Frequent blasting of rock formations creates tremors that damage nearby homes, while clouds of silica-rich dust pose long-term health hazards.

    The Nation learnt that before the last tremor that occurred from September 13 to 17 2024, Abuja has experienced earth tremors in the years 2018, 2020 and 2021. Notably, significant tremors occurred in the Mpape area from September 5 to 7, 2018 and in 2021.

    However, environmental activists and health experts warn that prolonged exposure can cause silicosis, chronic bronchitis and even lung cancer. Residents are raising the alarm over the devastating impact of incessant blasting, dust pollution, bad roads and structural damage to homes, which they say are making life unbearable.

    Health and environmental concerns

     One of the major issues plaguing Mpape, Kubwa and Bwari residents is air pollution. The constant explosions at nearby quarries release immense dust clouds that settle over homes, schools and businesses.

    Medical experts warn that prolonged exposure to this dust, which contains silica particles, can lead to respiratory diseases such as asthma, bronchitis and even lung cancer.

    A pulmonologist at a private hospital in Abuja, Dr. Obot Anthony stated that they see many cases of respiratory issues in communities close to these sites, especially among children and the elderly.

    According to him, many of the quarries do not adhere to safety or environmental regulations.

    Residents of the Arab Road axis of Kubwa, particularly areas such as Mango Tree, Catholic Church, NNPC and the entire stretch of the road, complained about the constant dust in the air as a result of the bad and dusty road caused by the quarry activities.

    A local business owner, Musa Ibrahim, said many of their children are developing breathing problems and no one seems to do anything about it.

    He said: “Every day, we wake up to layers of dust covering our furniture, floors and even food.”

    The explosions, which happen so close to residential houses, release smoke and toxic fumes into the air, further exacerbating respiratory issues. At Arab Road, Kubwa, by Catholic Annunciation Church, which serves as a major junction for the trucks conveying the material, activities are intensified; making it a nightmare for shop owners and residents.

    Most of them wish that the firms, at least, pay attention to the quality of the road since they are doing business on it.

    “This is to avoid our continuous breathe in of fumes and dust all day,” Ebuka, a shop owner at the junction, said.

    Another resident who is based at Mpape, Rose Agada, complained that the air quality has significantly worsened, making it difficult for residents to breathe, especially for those with pre-existing conditions.

    Beyond air pollution, structural damage to homes and businesses is another pressing concern. Quarry explosions, especially those caused by the use of dynamites, cause tremors that have resulted in cracked walls, weakened foundations and, in some cases, the partial collapse of buildings. Many residents fear that continued blasting could lead to more severe disasters.

    The impact of quarrying is not only airborne. Studies have shown that water bodies near quarry sites are often contaminated with heavy metals, affecting both human health and agricultural productivity.

    A resident of Bwari, Adam Bello said quarry activities have been affecting their borehole.

    “Water from our borehole used to be clear and clean, but now, it’s often muddy and has a strange taste. We suspect it’s from the quarry up the hill.

    “Soil erosion and deforestation further compound the problem. Vegetation stripped for access roads and blasting zones leaves the earth bare and prone to washouts, destroying farmland and increasing the risk of landslides,” he said.

    A landlord at Mpape, Aisha Sule, whose house has suffered extensive damage, said they have reported the issues to the authorities multiple times, but they are slow to respond.

    “We live in fear, unsure of when the next explosion will occur and probably cause greater harm.”

    Another major consequence of quarry activities is the destruction of roads in these suburbs. The heavy-duty trucks transporting quarry materials have degraded road conditions significantly; creating large potholes and making commuting more and more difficult. Residents complain that these bad roads have led to frequent vehicle breakdowns and accidents.

    “The roads in our community have been completely destroyed by these quarry trucks,” says Samuel Ade, a taxi driver in Kubwa.

    “We spend more money repairing our vehicles than earning a living. The government needs to fix these roads before more lives are lost,” he said.

    A resident of Olaofe Crescent of Arab Road decried the deteriorating state of the road due to the activities of the quarry and the heavy-duty trucks they operate.

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    A resident of Olaofe Crescent, Arab Road, Chukwudi Obasi said: “The state of the road is becoming unbearable. These quarry trucks pass through daily, and the road has completely broken down in many spots. Potholes have turned into craters, and during the rainy season, it becomes a nightmare. Our vehicles are constantly damaged, and pedestrians, especially children and the elderly, are at risk. The government must take responsibility and either fix the road or stop these trucks from destroying our community. We also urge that something be done to fix the road in the short-term”

    Another problem associated with the quarry business is the incessant noise from quarry activities that has left residents frustrated. The loud explosions from dynamites disrupt sleep patterns and cause undue stress, particularly for children and elderly residents. Many complain of headaches, anxiety and general discomfort due to the relentless noise pollution.

    Despite the Federal Government’s guidelines on environmental impact assessments (EIAs), enforcement remains weak.

    On the weak regulatory enforcement, a senior level officer at the Ministry of Environment who didn’t want his name in print noted that many quarries operate with expired licenses or flout conditions designed to protect surrounding communities.

    According to the official, the Nigerian Mining and Geosciences Society has called for stricter monitoring and sanctions, but progress is slow.

    “The agencies that oversee these activities are underfunded and understaffed,” the official noted.

    Despite these mounting concerns, residents believe that regulatory agencies have failed in their responsibility to ensure that quarry operators adhere to environmental and safety standards.

    An environmental lawyer, Ikechukwu Michael, noted that there are existing laws meant to regulate mining activities and protect the well-being of communities, but enforcement has been weak as this has allowed quarry operators to carry on their businesses with little regard for public health and safety.

    Call for government intervention

    In the circumstances, residents have called on the government to take urgent action. They demand stricter enforcement of environmental laws, relocation of quarries far from residential areas and compensation for those whose properties have been damaged.

    Environmental activists have also urged the government to conduct thorough assessments of the health impacts of quarry operations in the affected areas of the FCT.

    “We need policies that will prioritise human lives over profits,” says environmental advocate, James Oke.

    “Quarry operations should not be allowed to destroy the environment and endanger communities,” he said.

    Recently, the House of Representatives launched an investigation into the excessive use of explosives by ZEBERCED Quarry, located along Arab Road in Kubwa, Abuja, following mounting complaints of environmental degradation, health hazards and infrastructure damage caused by its operations.

    The motion covered other areas where similar activities were going on in the FCT. The resolution followed a motion sponsored by Ismail Kayode Tijjani (Ifelodun/Offa/Oyun, Kwara State), who raised concerns over the quarry’s negative impact on local communities.

    He noted that the persistent detonation of explosives has led to serious noise pollution, causing auditory impairments, respiratory issues and psychological distress, particularly among children and the elderly.

    He also warned that the continuous ground vibrations from these explosions have significantly weakened buildings and infrastructure in the area, creating the risk of structural collapse and severe property damage.

    Beyond health and safety concerns, the lawmaker highlighted how heavy-duty trucks transporting materials from the quarry have worsened road conditions, leading to frequent vehicular accidents, economic losses, and mobility challenges for residents.

    He further argued that these activities violate key environmental and mining regulations, particularly the Nigerian Minerals and Mining Act (2007), which prohibits mining activities that endanger human life, property and the environment, as well as the Environmental Impact Assessment Act (1992), which mandates proper assessment and mitigation planning for industrial activities likely to affect public health.

    Despite these clear violations, Tijjani expressed alarm that no substantial regulatory action has been taken to protect affected residents.

    The House directed its Committee on Solid Minerals to assess the situation and, if necessary, recommend the immediate revocation of ZEBERCED Quarry’s operating license.

    The lawmakers also summoned the management of the quarry, along with officials from the Federal Ministry of Mines and Steel Development, for an investigative hearing to determine the extent of the damage caused by the company’s operations.

    To ensure regulatory compliance, the House mandated its Committee on Legislative Compliance to oversee the enforcement of necessary measures.

    Additionally, lawmakers ordered ZEBERCED Quarry to begin immediate rehabilitation of roads that have been degraded by its activities to restore safe mobility for residents.

    Emphasising the urgency of the matter, the House stressed that immediate intervention is crucial to prevent further environmental degradation, public health risks and potential loss of lives in the affected communities.

    Way forward

     If left unchecked, the continued operations of quarries in these suburbs could have long-term consequences for both the health and safety of residents.

    Without immediate government intervention, the quality of life in the area will continue to deteriorate, leaving many at risk of serious health complications and potential structural disasters.

    Grace Nwosu, a resident of Arab Road, Kubwa, said: “We’ve been crying out for years concerning the hazards that we experience as a result of the activities of the quarry businesses, but nothing has been done about it. Every time there’s blasting at the quarry, my windows rattle like there’s an earthquake.

    “My children can’t even sleep peacefully at night because of the noise and fear. The government needs to stop these quarry operations close to residential areas before we start counting casualties. Our health and peace of mind are at stake.”

    Mohammed Garba, a business owner in Mpape said: “As someone running a business here, I see the dust levels daily, it settles on my shelves, on the medicine packs. It’s dangerous for people’s health.

    “Customers complain about the air quality, especially those with asthma. The government must relocate these quarries farther and enforce environmental regulations. People shouldn’t have to choose between earning a living and breathing clean air.”

    A teacher and Bwari Resident, Mrs Benedicta Adamu, also said: “We are not against development or business, but not at the expense of human lives. Our schools are affected, and the children can’t concentrate when there’s a blast. The walls of some buildings around here crack. The authorities must listen and act now. If they don’t, we fear things could collapse, literally and figuratively.”

    The voices of Mpape, Kubwa and Bwari residents and other such areas in the FCT, must not go unheard and urgent measures must be taken to safeguard their well-being.

    While reacting to the development, the Department of Mineral Resources of the Federal Capital Territory (FCT) claimed that the Federal Government is in charge and should be approached for reaction.

  • A mixed bag of progress amid persistent threats

    A mixed bag of progress amid persistent threats

    Over the past two years, the Bola Tinubu administration has made notable strides in the nation’s battle against insurgency, reclaiming territory, neutralising terrorist leaders and rescuing thousands of hostages. Yet, the security terrain remains fraught with evolving threats—from ISWAP attacks in the Northeast to emerging terror cells in the Northwest. As the government touts key victories, the path to enduring peace demands deeper reforms, strategic coordination and trust-building across volatile regions, reports MUSA UMAR BOLOGI.

    President Bola Tinubu’s administration has grappled with persistent security challenges across Nigeria, recording varying degrees of success in different regions. While hurdles remain, notable progress has been made—particularly in the fight against Boko Haram. The Nigerian Armed Forces have reclaimed most territories once held by the insurgent group, marking a significant turnaround in the counterterrorism campaign.

    According to the Minister of Defence, Mohammed Badaru, more than 124,408 insurgents have surrendered to troops over the past two years. During the same period, 13,543 terrorists and bandits, including several high-ranking commanders, were neutralised by joint security forces. Many of the surrendered fighters have since been reintegrated into society through the government’s Operation Safe Corridor initiative. Among the prominent terrorist leaders eliminated are Abu Bilal Minuki, Haruna Isiya Boderi, Kachallah Alhaji Dayi, Kachallah Idi, Kachallah Kabiru, Kachallah Azailaru, and Alhaji Baldu. In total, over 17,469 suspected criminals were arrested within the two-year span, while 9,821 kidnap victims, including women and children, were rescued nationwide.

    In 2024 alone, data from the Defence Headquarters (DHQ) reveal that troops under Operation HADIN KAI—a coordinated military effort targeting Boko Haram and other extremist groups in the North East—killed 3,151 terrorists, arrested 2,503 suspects, and rescued 1,605 kidnapped hostages. Furthermore, 16,171 Boko Haram/ISWAP fighters and their family members surrendered to authorities.

    The Director of Defence Media Operations, Maj.-Gen. Markus Kangye, revealed that Nigerian troops seized a substantial cache of arms and ammunition during recent operations targeting non-state actors. Specifically, 3,002 firearms and 71,532 rounds of ammunition were recovered during coordinated offensives in Sambisa Forest, the Timbuktu Triangle, and the Tunbums along the Lake Chad Basin. The military also neutralised several high-ranking terrorist leaders and field commanders, including Amir Garin Manzo, Hussaini Ardo, Abu Mohammed, Buba Kachalla Bukar, Abu Rijab, Ali Modu, Munzur Ya Audu, Abdullahi Maishayi, Abba Tukur, Abu Sule, Ari Gana, Mallam Mohamadu, Jibrila Ahmadu, and Saidu Hassan Yellow. These eliminations mark a significant blow to insurgent command structures in the region.

    However, despite these gains, the Islamic State West Africa Province (ISWAP)—a splinter faction of Boko Haram—remains a formidable threat. ISWAP has continued to launch deadly attacks on military installations across the Northeast, resulting in the loss of personnel, destruction of infrastructure, and the displacement of civilians. Two recent attacks underscore this threat. On January 4, six Nigerian soldiers were killed in an ISWAP ambush. The military, however, mounted a swift counterassault, killing 34 terrorists and recovering 23 AK-47 rifles along with other weapons. In another major attack on November 20, 2024, Boko Haram fighters launched a coordinated assault on a military base in Kareto, Mobbar Local Government Area of Borno State. Armed with improvised explosive devices (IEDs), the insurgents attacked from multiple directions, leading to heavy casualties, with reports indicating that at least a dozen soldiers lost their lives. The incident came on the heels of another deadly raid by Boko Haram that claimed the lives of several troops.

    Progress amid emerging threats in Northwest

    Towards the end of 2023, a new terrorist group known as Lakurawa emerged in the North West, capitalising on the region’s longstanding banditry crisis. The group engaged in kidnapping for ransom, cattle rustling, and attacks on rural communities, further deepening insecurity. However, security forces have recorded significant breakthroughs in combating banditry and curbing the group’s influence. In 2024 alone, the military killed over 2,900 terrorists and rescued more than 2,600 kidnapped victims, significantly reducing the scale and intensity of bandit attacks. The Lakurawa group is now reported to be gradually nearing extinction, thanks to sustained military pressure.

    This progress is evident in the reopening of previously impassable roads, which were once hotspots for ambushes and abductions. According to Defence Minister Mohammed Badaru, commuters can now travel freely along routes such as Abuja to Kaduna, Birnin Gwari to Kaduna, and Abuja to Lokoja, which were considered high-risk just two years ago. In the Southeast, while there has been a notable decline in violent activities linked to “unknown gunmen,” sporadic attacks continue to threaten peace and stability in the region. These armed elements, often associated with the outlawed Indigenous People of Biafra (IPOB), have targeted security personnel, government institutions, and civilians.

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    Despite the deployment of joint military task forces, the persistence of these attacks has prompted the military to complement force with non-kinetic interventions—a strategy known as military diplomacy. This approach, now being implemented across various operational theaters—including Hadin Kai, Fansan Yamma, Delta Safe, Whirl Stroke, Safe Haven, and UDO Ka—emphasizes community engagement. Through dialogue with traditional rulers, youth leaders, women’s groups, and cultural stakeholders, the military aims to understand local grievances, win public trust, and enhance intelligence gathering. Troops are also receiving training to adopt a more people-centered approach, delivering humanitarian aid, supporting local development efforts, and providing security assistance tailored to community needs.

    Kidnapping and banditry persist in Northcentral, but gains recorded

    The Northcentral region continues to battle kidnapping and banditry, especially in states like Niger, Plateau, Benue, and Kogi. Highways and rural communities have become hotspots for criminal activity, with commuters, farmers, and residents often targeted for ransom. The proliferation of small arms, combined with weak policing in remote areas, has worsened the region’s vulnerability. Despite these challenges, the Nigerian military and intelligence community have made significant progress in degrading criminal networks. A key driver of this success is the Office of the National Security Adviser (ONSA), which has played a coordinating role in enhancing synergy among the country’s security and intelligence agencies. This collaborative approach has yielded tangible improvements in national security, particularly under the leadership of National Security Adviser Nuhu Ribadu.

    One notable impact of ONSA’s efforts has been in rescuing kidnap victims. According to Ribadu, over 1,000 victims were freed from captivity without ransom payments over the last two years, thanks to improved operational coordination. Additionally, the National Counter-Terrorism Centre (NCTC), operating under ONSA, has become a vital hub for directing counter-terrorism responses. These efforts have helped restore peace to many affected areas and contain the spread of extremist threats.

    Legal efforts have also been bolstered. The speedy trial of terrorism suspects held at the Wawa military cantonment in Kainji, Niger State, marks a critical step forward in justice delivery. According to the Director of Public Prosecution of the Federation, Mohammed Babadoko, the current administration disposed of 490 cases in 2024 alone, making it the most productive year since the trials began in 2017. During the fifth phase of the trial in July 2024, 253 cases were concluded: 125 convictions secured; 85 cases related to terrorism financing; 22 involved international crimes under ICC statutes. These developments represent a multifaceted approach—combining security operations, legal accountability and institutional coordination—that is beginning to push back against the wave of violence and lawlessness in the Northcentral region.

    Over the past two years, the Armed Forces of Nigeria have significantly improved inter-service synergy, a development that has strengthened the country’s military operations against insurgents and other criminal elements. Speaking during a lecture to participants of Course 9/2025 at the Army War College Nigeria in Abuja, the Chief of the Air Staff, Air Marshal Hasan Abubakar, revealed that joint operations between the Nigerian Air Force and the Nigerian Army have led to the neutralization of over 1,150 terrorists and the destruction of 669 enemy structures in the Northwest alone over a 17-month period.

    He said: “In the past year alone, the Air Component of the Northeast Operation conducted 1,026 sorties, encompassing intensive Intelligence, Surveillance and Reconnaissance (ISR), Air Interdiction, and Armed Reconnaissance missions. These operations amassed over 2,236 flight hours and have played a vital role in restoring peace across several troubled Local Government Areas within the theatre.

    “Additionally, under the Northwest, since June 2023, air-ground synergy has led to the neutralisation of multiple insurgent and bandit leaders and the destruction of over 265 terrorist hideouts in Sector 1 alone. In Sector 2, joint efforts have neutralised more than 1,150 terrorists and destroyed 404 criminal structures.”

    Air Marshal Hasan Abubakar attributed these operational successes to the Nigerian Air Force’s enhanced Concept of Operations (CONOPS), which is strategically designed to deliver decisive, synchronized effects during joint military campaigns. Additionally, the Defence Headquarters reported that sustained synergy between security and intelligence agencies has led to the neutralisation of several high-profile terrorist kingpins, including Sabubu, Isiya Boderi, Alhaji Mubale, Baban Yara, Alhaji Kabiru, Lawali Gudau (aka Damina), Buhari Alhaji Halidu (aka Buharin Yadi), Nagala Jabbi, Audu Kalwa, Muhammad Sani (aka Peter), Dan Hajiya, Ga’aye, Akwanga, Bala Gurgu, Yellow, Kucheri, and Babban Mutum.

    Massive equipment procurement and army aviation take-off

     To strengthen air power in the fight against terrorism and banditry, the Federal Government, within the last year, handed over 15 aircraft to the Nigerian Air Force (NAF). In a significant build-up of Nigeria’s aerial defence capability, no fewer than 61 additional aircraft are expected to be delivered in 2025. These acquisitions bring the total number of brand-new aircraft procured by the NAF in the last three years to 64. In December 2024, Air Marshal Abubakar announced that the NAF had taken delivery of two KA-360i aircraft, four DA-62 surveillance planes, six T-129 ATAK helicopters, two AW-109 Trekker helicopters, and an additional KA-360i aircraft, all aimed at boosting counterterrorism and counterinsurgency operations.

    He said in 2025 the NAF will receive 10 AW-109 Trekker helicopters, 24 M-346FA aircraft, three CASA-295 aircraft and 12 AH-1Z attack helicopters. “That is not all. In addition to these new acquisitions, we have also procured 12 pre-owned A-Jet aircraft from the French Air Force through SOFEMA. While all 12 aircraft are ready for shipping, it is anticipated that six will be restored to operable status with the remaining six used as spares to support the Alpha Jet fleet. It is, therefore, no exaggeration to state that the Nigerian Air Force is experiencing a golden era under the current administration.

    In a significant milestone, the Nigerian Army (NA) officially operationalized its long-anticipated aviation wing with the delivery of two new helicopters. This marks the first time the NA is independently expanding into aerial operations, a move designed to bolster the ongoing fight against terrorism, banditry, and other internal security threats. The Army Aviation Wing is expected to provide rapid deployment capabilities, enhance battlefield intelligence, and support ground operations, particularly in hard-to-reach conflict zones.

    Despite notable progress, the Nigerian military continues to grapple with serious operational challenges. Among the most tragic was the Okuama massacre in Delta State, where 17 soldiers, including their commanding officer, Lt. Col. A.H. Ali, were brutally killed by irate civilians during a long-standing land dispute between Okuama and Okoloba communities. The attack shocked the nation and military high command, prompting calls for justice and deeper scrutiny of civil-military relations in restive regions.

    Operational constraints also persist in the form of logistical difficulties and equipment breakdowns. In Zamfara State, military units were forced to demobilize Mine Resistant Ambush Protected (MRAP) vehicles that had become stuck in difficult terrain — a necessary move to prevent the heavily armoured assets from falling into terrorist hands. These logistical challenges highlight the need for improved mobility, terrain intelligence, and maintenance frameworks, especially in the Northwest where rough topography impedes military effectiveness.

    The continued activities of new and splinter terror groups, such as Lakurawa in the Northwest, and the persistent instability in the South East and North Central, have added layers of complexity to Nigeria’s security landscape. These threats demand not only military muscle but also sustained strategic foresight, coordination, and investment in intelligence gathering and civil engagement. While the administration has recorded measurable gains in the war against insurgency and criminality — including improved inter-agency synergy, high-profile neutralisations, and the acquisition of advanced equipment — the road ahead remains challenging. The persistence of both old and emerging threats underscores the urgent need for holistic security reforms, long-term planning, and community-level trust-building to achieve lasting peace.

  • Tinubu’s security scorecard: Key gains, emerging challenges

    Tinubu’s security scorecard: Key gains, emerging challenges

    Inheriting a nation besieged by terrorism, banditry and violent crime, President Bola Tinubu assumed office two years ago with a firm commitment to overhaul Nigeria’s security framework, prioritising the fight against terrorism and escalating criminal activity. Two years in, notable strides have been made, including disruptions of major terror cells and improved coordination in conflict zones. However, the road ahead remains fraught with challenges. Violence persists in pockets, and deeper issues like poverty and porous borders continue to undermine progress. While the shift from reactive to proactive security measures signals a positive change, the future will depend on sustained funding, political will and policy clarity, reports Assistant News Editor PRECIOUS IGBONWELUNDU.

    When President Bola Ahmed Tinubu took the oath of office on May 29, 2023, Nigeria was staggering under the weight of a full-blown security crisis. Across the country, violence had become tragically routine. From rural communities in Zamfara to urban centres in Imo, bloodshed was no longer breaking news—it was daily life. Terrorists, kidnappers, bandits and armed militias moved with terrifying audacity, often outgunning security forces and crippling local economies in the process.

    Insecurity had metastasised. Nigeria, by mid-2023, was not just dealing with isolated violence—it was navigating a national emergency. Data from independent monitoring groups showed that between June 2020 and April 2023, at least 12,576 Nigerians were killed and another 7,226 abducted in over 3,300 violent incidents. No geopolitical zone was spared. While the North reeled from terrorism, banditry, and cattle rustling, the South grappled with separatist violence, oil theft and cult-related killings. Women and children became frequent victims, communities were displaced, and trust in the state was badly eroded.

    President Tinubu, inheriting this fractured security landscape, wasted little time. In his inaugural address, he was unequivocal: “Security shall be the top priority of our administration because neither prosperity nor justice can reign in the face of chaos.” In less than a month, he replaced the nation’s entire security leadership, appointing men seen as competent, modern-minded and mission-ready. The new security helmsmen—led by National Security Adviser Nuhu Ribadu and Chief of Defence Staff General Christopher Musa—were handed a clear brief: restore public confidence, rebuild coordination among agencies, and take the fight to the enemies of the state. This shift was not merely cosmetic. Operational strategies were recalibrated. Joint task forces were reinforced. Technology began playing a larger role in intelligence gathering. A renewed emphasis was placed on inter-agency cooperation—an area where previous administrations had failed spectacularly. New efforts emerged to tackle kidnapping along expressways, flush terrorists from forest enclaves, and engage local vigilantes more constructively.

    What the numbers say about Nigeria’s security situation

    Nigeria’s security landscape remains fraught with danger—but not without signs of course correction. Fresh data from multiple credible sources paints a nuanced picture: a country still grappling with widespread violence, yet gradually stepping away from the abyss it teetered on before May 2023. According to Beacon Consulting, 13,346 people lost their lives and 9,207 were abducted in violent incidents across Nigeria between May 2023 and September 2024. However, figures obtained from NEXTIER Nigeria’s Violent Conflict Database offer a more conservative, albeit troubling, count: 6,751 people killed and 4,068 kidnapped in 1,938 incidents spanning from May 29, 2023, to May 7, 2025.

    Broken down further, the NEXTIER data suggests that violence peaked in 2024, with 3,134 fatalities and 2,562 kidnappings across 916 incidents. In contrast, 2023 witnessed 2,362 deaths and 674 incidents, while the first four months of 2025 recorded a notable decline—1,255 fatalities and 495 kidnappings from 348 incidents. This drop suggests early returns from new strategies deployed under Tinubu’s administration, including leadership overhauls, tactical reorganisation, and renewed inter-agency collaboration. Regionally, the North Central emerged as the epicentre of violence with 2,628 deaths and 1,026 kidnappings from 608 reported incidents. The Northwest trailed closely, reporting 2,071 casualties and 2,326 abductions from 478 incidents. In contrast, the relatively calmer Southwest recorded 255 deaths and 209 kidnappings from 188 incidents. The Northeast, long a theatre of insurgency, logged 868 deaths and 177 kidnappings.

    A breakdown by the nature of violence shows that banditry remains Nigeria’s deadliest scourge—2,662 casualties and 2,773 kidnappings across 534 incidents. Gunmen attacks came next, with 1,255 deaths and 1,042 kidnappings from 657 attacks. Farmer-herder clashes, cult-related violence, secessionist agitations, and terrorism continued to inflict damage across multiple fronts, albeit with reduced intensity compared to the pre-2023 period.

    Strategic interventions and gains recorded

    With the clarity of purpose and political will exhibited by the Tinubu administration, Nigeria’s security landscape began to shift under more strategic, better-coordinated interventions. From day one, the President made it clear that insecurity would be confronted with fresh resolve. In response, new security chiefs hit the ground running—committed to reversing years of degradation in military capacity and restoring public confidence.

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    One of the administration’s earliest moves was addressing long-standing systemic challenges within the nation’s security architecture. These included chronic underfunding, outdated equipment, low troop morale, intelligence gaps and poor inter-agency coordination. The Tinubu government significantly raised the national defence allocation from N1.25 trillion in 2023 to N3.25 trillion—a 160% increase—making up roughly 12% of the N27.5 trillion national budget. In 2025, the defence budget soared again to N4.91 trillion, reflecting Tinubu’s commitment to a robust and responsive security system.

    Beyond funding, the administration also approved harmonised salary increases for security personnel and authorised annual recruitment drives to expand the nation’s under-resourced forces. The Nigeria Police, for instance, saw its annual recruitment quota jump from 10,000 to 30,000—an essential step in combating urban crime and improving community policing. Recognising that force alone cannot solve deep-rooted insecurity, the administration also pursued broader, systemic reforms. These included initiating discussions around constitutional amendments to enable the creation of state police, establishing a regulatory body to tackle the proliferation of small arms and light weapons, and launching economic buffers such as conditional cash transfers aimed at reducing the socio-economic vulnerabilities that feed into crime.

    The results have been tangible. Security forces executed more frequent and successful clearance operations across all major conflict theatres. In the northeast, over 3,496 insurgents were neutralised and more than 121,000 terrorists and their family members surrendered to the military—a record figure in Nigeria’s counterinsurgency efforts. Nationwide, over 30,000 suspects were arrested across operations targeting bandit camps, kidnappers’ dens, and terror cells. Perhaps the most telling indicator of progress is the return of displaced persons to over 100 previously terrorised communities. In these areas, farming activities have resumed, and normal life is gradually being restored—an encouraging sign that under Tinubu, Nigeria is not only fighting back but starting to reclaim its lost spaces.

    Modernising security infrastructure for a smarter, stronger defence system

    A cornerstone of President Tinubu’s security policy has been the modernisation of Nigeria’s defence and internal security apparatus. Over the past two years, the administration has made unprecedented investments in advanced weaponry, cutting-edge surveillance systems, and force multipliers to elevate operational efficiency across the armed forces and law enforcement agencies.

    The renewed emphasis on hardware acquisition has significantly altered the tactical landscape. Security agencies—particularly the military, police, and Department of State Services—have been equipped with high-grade arms and assault platforms. These include Mine-Resistant Ambush Protected Vehicles (MRAPs), drones, attack helicopters, surveillance towers, and next-generation rifles. The Nigerian Air Force alone has received nine new aircraft and anticipates the delivery of an additional 49, reinforcing its air power in counterinsurgency and reconnaissance missions. This expanded arsenal has proven vital in neutralising threats and extending state presence into previously ungoverned territories.

    Complementing the hardware boost is a bold embrace of technology. The Tinubu administration has pushed for intelligence-led operations powered by digital tools. Real-time surveillance systems now allow security agencies to monitor activities across strategic zones. The Office of the National Security Adviser (ONSA) is equipped with a national security grid that provides an integrated view of threats across the federation, enhancing both inter-agency coordination and preventive responses. Further strides have been made in adopting Artificial Intelligence (AI) for predictive threat analysis, battlefield logistics, and incident mapping. This digital upgrade, while still in its early stages, positions Nigeria to transition from reactive to proactive security enforcement. The administration has also demonstrated innovation by creating the Mines Marshal Corps—tasked with securing mining sites and disrupting illicit mineral trade often linked to armed groups.

    In tandem with kinetic and technological solutions, the government has deployed targeted community engagement initiatives. One example is the Pulako Initiative, launched with a N50 billion commitment. The programme targets seven northern states with the aim of resolving long-standing conflicts between herders and farmers. It combines security with social investment—focusing on conflict mediation, rebuilding affected communities and restoring economic livelihoods. These multi-layered interventions signal a shift from a fragmented security approach to a more integrated and intelligence-driven framework. While challenges remain, the Tinubu administration has laid a robust foundation for a smarter, better-equipped and more agile security system capable of evolving with Nigeria’s complex threats.

    Renewed wave of violence threatens security gains

    Just as Nigerians began to breathe a collective sigh of relief following improved security measures, a resurgence of deadly violence has shaken several regions, reigniting fears and casting shadows over earlier progress. Terrorist groups, emboldened and re-strategised, have launched a new wave of attacks—targeting military installations, killing civilians and security personnel, and looting weapons from vulnerable outposts.

    Security analysts point to an influx of militants from neighbouring Cameroon and the Lake Chad Basin who are exploiting Nigeria’s porous borders and ungoverned spaces. These infiltrators, familiar with the rugged terrains, have wreaked havoc on sleeping communities across Borno, Yobe, Benue, and Plateau states. Observers have offered varied explanations for the renewed violence. Some suggest it may be politically motivated—an orchestrated campaign by desperate actors aiming to destabilise the country ahead of the next general elections. Others cite systemic security challenges, including lapses in leadership, poor interagency coordination, and overstretched personnel suffering from battle fatigue. Climate change, illegal mining, resource competition, and an ineffective recruitment system are also believed to be fuelling the crisis.

    Particularly concerning is the redeployment of military assets from the Northeast to the Northwest in the fight against banditry. This shift, analysts argue, created a security vacuum in parts of Borno and Yobe, allowing insurgents to regroup and reclaim lost territories. Reports suggest that Guzamala, Kukawa, and Abadam LGAs in Borno are now under near-total control of terrorists, while Marte, Monguno, and Kala Balge LGAs face growing militant presence. Recent bombings in Damboa and Gwoza point to the resurgence of Boko Haram. The scale of brutality has intensified. In one incident, 26 civilians were killed in a Boko Haram bomb attack on a bridge between Rann and Gamboru Ngala. That same day, the group attacked mourners at a funeral in Chibok’s Koful village, killing seven and razing homes and churches. In Benue, criminal herders have taken over border communities in Kwande LGA, displacing farmers despite military presence. Similar scenes have unfolded in Logo LGA, where entire villages have been sacked.

    Disturbingly, insurgents are now deploying more advanced tactics, including the use of drones and landmines, and have resumed hoisting flags in captured communities—an ominous symbol of renewed control. Meanwhile, communal clashes in the Middle Belt have surged. In April alone, hundreds were killed in Plateau and Benue states, evoking painful memories of the December 2023 attacks that claimed nearly 200 lives in Plateau. These developments underscore a mounting humanitarian crisis and signal the urgent need to reinforce Nigeria’s fragile security architecture.

    Security analysts prescribe urgent reforms to sustain gains and avert reversal

    Security experts have offered insights into how the Tinubu administration can consolidate recent gains and overcome persistent threats. Among them is retired Major-General Chris Olukolade, former Defence Spokesman, who believes that President Bola Tinubu has demonstrated a more compelling political will than his predecessor—a factor critical to inspiring improved performance from the nation’s security architecture. Olukolade noted that under the Buhari administration, a lack of clear direction and an over-reliance on ambiguous “body language” stifled decisive security actions. This inaction, he argued, allowed terrorism to metastasize across the country, eroding public trust and fueling sentiments like those expressed by General T.Y. Danjuma, who once accused security forces of collusion and urged citizens to defend themselves.

    “The Tinubu government still has a lot to do to convince Nigerians that its approach will be markedly different from Buhari’s apparent deliberate inaction. The widely acknowledged stronger political will must translate into tangible action—one that adequately motivates and equips security forces to produce lasting, measurable results,” Oluk]olade warned.

    Echoing this view, Dennis Amachree, a former Director at the Department of State Services (DSS), acknowledged the increase in defence budgets and noted visible military engagements across theatres, including counter-banditry operations and the Navy’s fight against oil theft. However, he also highlighted lingering issues related to operational effectiveness and civilian protection. Amachree called for a multi-pronged approach, beginning with enhanced training, better equipment, and improved intelligence capabilities for all security services. He stressed the importance of better coordination, particularly under the Office of the National Security Adviser (ONSA), which should function as the central node for inter-agency collaboration. “The restructuring and reorientation of security agencies towards a people-centric approach is essential,” he said, advocating for greater accountability, transparency, and zero tolerance for corruption or human rights abuses.

    Amachree also underscored the urgency of addressing border vulnerabilities—especially in the North—through modern surveillance technologies and comprehensive monitoring systems. He reiterated the need for police decentralisation, including the establishment of State Police, and the strengthening of community policing structures to build public trust and improve intelligence gathering at the grassroots. “In conclusion,” Amachree noted, “the Tinubu administration must urgently prioritise technological border surveillance and commit to the creation of state police forces. Only then can Nigeria begin to tackle its complex and evolving security challenges with the depth and resolve they require.”

    Counter-insurgency expert Bulama Bukarti has strongly condemned the increasing attacks on military bases, describing them as a troubling escalation in the terrorists’ operational boldness and a direct challenge to the authority of the state. In a post on his verified X account, Bukarti warned that these assaults not only undermine the readiness and morale of security forces but also send a dangerous message of vulnerability to both the public and potential insurgents. “Such attacks are a serious blow to national security, destabilize efforts to restore peace, and diminish public confidence in the government’s ability to protect its citizens and preserve territorial integrity,” Bukarti explained.

    He called for an urgent overhaul of the country’s counterinsurgency strategy to address this mounting threat. According to Bukarti, this should involve a focus on intelligence-driven operations, fortifying military outposts, boosting troop welfare and logistics, and enhancing coordination among security agencies. Above all, he emphasised the importance of sustained political will and adequate resourcing to combat and ultimately defeat the growing insurgent threat. “The frequency of these attacks, which have become almost daily, is alarming,” Bukarti noted. “When violence escalated in Borno in 2011 and 2012, it rapidly spread across northern Nigeria, causing massive destruction and immense harm. The recent uptick in violence spilling over into Adamawa State is deeply concerning.”

    Reports indicate that Boko Haram militants are regrouping in the Tumbus area of Lake Chad and the Mandara Hills within the Sambisa Forest, signaling an alarming resurgence. Bukarti warned that allowing terrorists to operate freely in these areas only strengthens their capacity to plan and execute attacks. “The security forces must stop waiting to defend and instead take the battle directly to Boko Haram’s strongholds. This requires the swift deployment of additional troops to the Lake Chad Basin and Sambisa Forest, supported by air surveillance and enhanced waterborne capabilities. Intelligence networks at the local level need to be revived and strengthened to detect early signs of insurgent recruitment and planned attacks,” Bukarti said. He concluded with a stark reminder: “If decisive action is not taken now, Boko Haram’s threat will continue to grow. As the saying goes, a stitch in time saves nine.”

    In an exclusive interview with Security Watch Africa, security expert Dr. Kabir Adamu identified a critical flaw in Nigeria’s national security approach: the lack of engagement with the public. He pointed out that the masses have not been sufficiently informed or involved in the country’s national security strategy, leaving them unsure of how to report suspicious activities, such as the presence of wanted terror suspects. “We have not adequately involved the people in our national security strategy. The primary responsibility of the coordinator of our national security strategy should be to engage the public, starting with governors,” Dr. Adamu explained. “They should ensure that governors understand the strategy, appreciate its goals, and then work together to spread this knowledge to other stakeholders until it reaches the grassroots level.”

    Dr. Adamu emphasised that understanding the content of the key national security instruments is crucial. He highlighted three core documents that guide Nigeria’s counterterrorism efforts: the National Counterterrorism Strategy, housed within the Office of the National Security Adviser (ONSA); the Policy Framework on Countering Violent Extremism, also under ONSA; and the Terrorism Prohibition and Prevention Law, for which the Attorney General of the Federation holds primary responsibility. Other government officials, including those in defence, police affairs, and interior ministries, also have roles in implementing these policies. “The goal of these three documents is clear: to block terrorist funding, curb recruitment efforts, and prevent the generation of weapons by non-state actors,” Dr. Adamu explained. “To make this work, the security strategy needs to be clearly communicated to governors, who can then ensure its broader dissemination to the public and other stakeholders.”

    On the potential use of Private Military Contractors (PMCs), Dr. Adamu suggested that Nigeria should focus on harnessing the expertise of its own private security sector, rather than relying on international contractors. “The idea of engaging international Private Military Contractors is often what comes to mind, but we must not overlook the vast potential within Nigeria’s private security sector. The last time we conducted a survey, we found that Nigeria’s private security sector employs around three million people directly, and including indirect employment, that number could be as high as ten million. This sector is massive and holds capabilities that could support public security efforts, particularly in intelligence gathering.”

    He continued, “While it’s true that private security companies in Nigeria cannot bear weapons, there are still opportunities for them to support operations, particularly through intelligence work. There are retired military personnel within the sector who have already contributed to security operations, especially in the Northeast.” Dr. Adamu proposed that the government assess the gaps in current security strategies and consider integrating resources from the private security sector. He also suggested that discussions around weapon licensing for private security companies should be revisited to allow them to play a more significant role in supporting the national security apparatus. “Perhaps it is time we considered licensing weapons and other necessary capabilities for the private security sector, so they can adequately support public security efforts,” he concluded.

  • CBN rolls out measures to sustain FX inflows amid falling oil prices

    CBN rolls out measures to sustain FX inflows amid falling oil prices

    The Central Bank of Nigeria (CBN) has continued to establish strong measures to attract more dollars into the economy and reduce the negative impact of ongoing crude oil prices drop on domestic economy. Despite the impact of oil prices on macroeconomic stability, the current CBN leadership is supporting export of local products to earn more FX revenue, championing backward integration principles to reduce import of items that can be produced locally and simplifying dollar remittances for Nigerians in diaspora. These measures have continued to act as buffers for Nigeria’s FX position, support naira rally and keep inflation under check, writes Assistant Editor COLLINS NWEZE

    Global oil prices have dropped significantly, now hovering just above $60 per barrel. For an oil-dependent economy like Nigeria, this continued decline in crude prices presents a serious concern rather than a relief. The Wall Street Journal’s grim forecast that Brent crude could fall below $50 per barrel by the end of 2025 only deepens the urgency for strategic policy responses.

    At a benchmark of $50 per barrel and a production capacity of 1.5 million barrels per day (mbpd), Nigeria’s oil revenues would fall approximately 10 percent short of its fiscal breakeven point. Such a shortfall could push the fiscal deficit to between six and seven percent of GDP, potentially fuelling inflationary pressures and weakening macroeconomic stability.

    However, the Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, has proactively initiated measures aimed at cushioning the domestic economy against the looming oil price shock. Among these are policies to boost Nigeria’s non-oil export potential, strengthen backward integration to reduce dependence on imported goods, and streamline diaspora dollar remittances to enhance foreign exchange inflows.

    Drawing from China’s economic strategy, the apex bank said Nigeria’s competitive exchange rate can drive export-led growth. To harness this potential, businesses are expected to adopt export-oriented strategies by targeting sectors with strong export potential such as agriculture, manufacturing and creative industries; implement import-substitution models by strengthening domestic production capabilities and reducing reliance on costly imports; and focus on value addition by shifting from exporting raw materials to processed goods, thereby boosting foreign exchange earnings.

    Cardoso said Nigeria’s creative sector has potential to attract $25 billion annually to the economy, highlighting the untapped opportunities in Nigeria’s expanding creative sector, including music, film, crafts and digital exports. He urged businesses to explore international markets, digital platforms, and global tours to increase dollar revenue inflows. The CBN boss also recently advised telecom companies to reduce their dependence on foreign imports by producing key components of their inputs locally. The backward integration proposal for the telecom industry comes at a time the real sector is in dire need of sustainable growth. The CBN boss gave insights on what the economy stands to gain from backward integration in the telecoms sector.

    Speaking in Abuja during a visit by the Airtel Africa management team led by Group CEO Sunil Taldar, the CBN Governor underscored the importance of boosting local production to ease pressure on the dollar, generate employment and strengthen the national economy. He emphasised the urgent need to domestically manufacture key telecom inputs—such as SIM cards, cables, and towers—that are currently being imported in large volumes.

    Cardoso highlighted that over the past 16 months, the CBN has taken deliberate steps to stabilize the foreign exchange market, strengthen the naira, and attract investor confidence. With these foundations now in place, he urged telecommunications companies to embrace backward integration as a strategic imperative. In response, Airtel Africa CEO Sunil Taldar commended the CBN’s reform efforts and voiced strong support for local production, noting that such a shift would ultimately yield long-term benefits for the telecommunications industry. He also reaffirmed Airtel’s commitment to expanding financial inclusion across Nigeria through innovative technology solutions.

    Meanwhile, market analysts observed that the renewed interest of Foreign Portfolio Investors (FPIs) in Nigeria’s FX market—fuelled by improved investor confidence, a more transparent foreign exchange framework, and strengthening macroeconomic indicators—alongside the CBN’s continued market interventions, is expected to sustain the stability of the naira in the months ahead.

    Understanding telecoms sector

    According to the Nigerian Communications Commission (NCC), the total active telephony subscribers increased by 3.2 per cent month/month to 164.93 million in December 2024. The increase reflects the gradual recovery in the subscriber base following the conclusion of the NIN-SIM linkage program by mobile service providers in September. 

    Analysing the market share by operators, MTN Nigeria led by 51.4 per cent (with 84.61 million subscribers), Airtel Nigeria followed with 34.4 per cent (56.62 million subscribers), Globacom with 12.2 per cent (20.14 million subscribers) and 9mobile with 2.0 per cent (3.28 million subscribers). At the same time, the total number of internet subscribers rose by two per cent month/month to 139.28 million in December.

    Looking ahead, analysts at Cordros Securities said they expect subscriber base recovery through SIM reactivation initiatives, especially from market leaders – MTN Nigeria and Airtel Nigeria. According to the National Bureau of Statistics (NBS) third quarter 2024 Gross Domestic Product (GDP) report, the Information and Communication sector, is made up of Telecommunications (telecoms) and Information Services; Publishing; Motion Picture, Sound Recording and Music Production; and Broadcasting.

    Views from stakeholders

    The Executive Secretary of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), Gbolahan Awonuga, noted that beyond telecom operators, other entrepreneurs and business leaders also have a vital role to play by investing in the local manufacturing of essential components used in telecommunications operations. He said: “We have to look inwards and get Nigerian companies to produce these key components in telecom operations locally. Government also has a role to play, by ensuring that key infrastructure especially power is available. We do not want a situation where locally produced inputs, will become more expensive than imported versions.” Awonuga added that telecom sector plays key roles in banking services, including enabling digital payments and ensuring security of transactions. He said banking and telecom sectors have more to gain if backward integration thrives in the country, adding that government has significant role to play to make the move a success. 

    Research Head, Cowry Asset Management Limited, Charles Abuede, said the CBN governor’s call was to discourage the importation of foreign services into Nigeria, especially when efforts can be made to develop such services locally. “The high demand for foreign exchange by telecom operators has further pressured the naira due to increased demand for the dollar. However, with adequate infrastructure development and a conducive operating environment facilitated by regulators, these challenges can be mitigated,” he said. 

    According to Abuede, “given Nigeria’s FX policies, illiquidity in the foreign exchange market and infrastructure deficits, I think increased investment in the telecom sector would enable operators to embrace backward integration. This would allow them to manufacture key components, such as SIM cards, locally. As a result, production costs could decline—provided the operating environment remains stable. This will improve profit margins and enhance both top-line and bottom-line growth in the long run.”

    The CBN under Cardoso has carried out several efforts to improve the functioning of the FX market. This has led to good results with average daily turnover in the Nigerian Autonomous Foreign Exchange Market increased by 226 per cent in the first half of last year when compared to the same period in 2023. Foreign portfolio inflows have increased by over 72% during this period, while foreign exchange reserves have risen from $32bn in May 2023 to over $40bn. This represents the equivalent of eight months’ import cover and marks the highest reserve level in nearly three years.

    The market has also supported over $9bn in capital outflows over the past year as investors were able to freely repatriate capital and dividends without the need to wait for several months as experienced in the past. These results, Cardoso said, reflect improved confidence in the reforms he embarked on. “In addition, we witnessed a $6 billion current account surplus in the first half of 2024 as a result of the impact of these reforms. Reduction in petroleum product imports supported by improved domestic refining capacity, a growing focus on non-oil exports and higher remittance inflows helped to support the positive current account balance,” he said.

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    Also, an enabling policy environment has led to a doubling of monthly remittances from an average of $300mn in 2023 to nearly $600 million in August 2024. “We are committed to further integrating the Nigerian diaspora into our financial system, exemplified by the introduction of the non-resident Bank Verification Number registration. We expect our financial institutions to develop products that not only enable the diaspora to support their families but also provide opportunities for savings and investment in Nigeria,” he said.

    Diaspora remittances inflows to rise

    As part of its efforts to boost diaspora remittances and support naira stability, the CBN recently announced the introduction of two new financial products designed to serve Nigerians living abroad. The Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account was created to streamline remittances, encourage investments, and foster financial inclusion among Nigerians in the diaspora. It said, “The Central Bank of Nigeria is pleased to inform the general public of the introduction of the Non-Resident Nigerian Ordinary Account and Non-Resident Nigerian Investment Account targeted at Nigerians in diaspora.”

    The initiative is also expected to provide a secure and efficient platform for managing funds and investing in Nigeria’s financial markets. President, Association of Bureaux De Change Operators of Nigeria, Dr. Aminu Gwadabe, explained that diaspora remittances are a crucial source of foreign exchange for Nigeria, supplementing both foreign direct investment and portfolio investments. He CBN’s initiatives have supported continued growth in these inflows, aligning with the institution’s objective of doubling formal remittance receipts within a year. Gwadabe said remittances in the economy are expected to increase based on CBN’s ongoing efforts to bolster public confidence in the foreign exchange market, strengthen a robust and inclusive banking system, and promote price stability, which is essential for sustained economic growth.

    In a report: “Diaspora remittances: The power behind Africa’s sustainable growth”, Regional Vice President of Africa at Western Union, Mohamed Touhami el Ouazzani, said remittances may be measured through the movement of money, but their real impact is measured in lives changed. He disclosed that in 2023 alone, $90 billion flowed into Africa from its global diaspora, an amount that rivals the Gross Domestic Product of entire nations.

    He said that remittances symbolise deep ties that keep communities connected across borders. “Families with a breadwinner working abroad depend on these funds to provide vital support for day-to-day needs. They also build the foundation for broader financial stability.

    “Beyond their immediate impact, remittances are powerful drivers of economic change. They fuel infrastructure development, spur entrepreneurship, and promote financial inclusion – all essential for long-term economic development. Ghana’s National Financial Inclusion and Development Strategy (NFIDS) is simplifying access to remittances, while countries like Kenya, Ethiopia and Nigeria are tapping into diaspora bonds to fund infrastructure and other national projects,” he added.

    For remittances to be truly transformational, it begins with understanding and meeting people’s aspirations. Ensuring individuals who strive for more can send and receive funds, regardless of their financial status, is crucial. We must cater to diverse needs.

  • Road infrastructure takes pragmatic paradigm shift in two years of intensity

    Road infrastructure takes pragmatic paradigm shift in two years of intensity

    Upon assuming office, President Bola Tinubu inherited a staggering 2,000+ federal road projects valued at over N13 trillion. Today, that figure has surged beyond N20 trillion, driven by inflation, naira devaluation and the removal of petrol subsidies. In response, the Federal Ministry of Works, under Engr. David Umahi, has drawn a firm line—placing a moratorium on new projects for 2024 and 2025 to focus squarely on completing ongoing ones. With a renewed emphasis on discipline, performance and alternative financing, the administration is rewriting the narrative of Nigeria’s road infrastructure—turning long-standing challenges into a story of strategic progress, reports DELE ANOFI.

    When President Bola Tinubu assumed office, he inherited a staggering 2,064 road projects valued at N13 trillion. That figure has now surged past N20 trillion, inflated by macroeconomic shocks including currency depreciation and the removal of fuel subsidies. In response, the Federal Ministry of Works has drawn a clear line: no new road contracts will be awarded in 2024 or 2025. Instead, the focus is firmly on completing the roads already in progress—particularly the four flagship highways and the thousands of inherited projects.

    Unlike past administrations that tackled road construction sequentially, the Tinubu administration is taking a multi-pronged approach. Simultaneous works are now active on key corridors such as the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Superhighway, reflecting a shift from piecemeal progress to a more aggressive and strategic national rollout. At the helm of this effort is Works Minister David Umahi, whose on-site inspections, insistence on engineering integrity, and contract reforms have injected new urgency into Nigeria’s infrastructure delivery. His message is clear: only contractors who perform will continue. Those who don’t are being swiftly shown the door.

    In a sharp break from business-as-usual, the Ministry has already revoked several high-profile contracts due to underperformance. The much-criticised Abuja-Kaduna-Zaria-Kano Expressway, originally handled by Julius Berger Nigeria Plc, was terminated on November 4, 2024. The termination followed the contractor’s refusal to accept revised terms, return to site, or update outdated pricing models. Even more damaging, Julius Berger failed to attend a reconciliation meeting and proposed an unacceptable three-year extension. The Ministry said the project’s slow progress risked public interest and could no longer be tolerated.

    Similarly, Section I of the Kano-Maiduguri Road, awarded in 2007 to Dantata & Sawoe Ltd, was terminated due to persistent delays and a missed delivery window. In Edo and Kogi States, three longstanding contracts on the Obajana-Benin Highway, awarded in 2012 to Mothercat Ltd, Dantata & Sawoe Ltd, and Reynolds Construction Company (RCC) Ltd, were also revoked for project abandonment. The Ministry is now conducting technical audits for a possible re-award of these crucial arteries. Beyond major highways, the Ministry is also reviewing 260 emergency road interventions across 13 states. Of these, 37 contractors, who received funding from the 2023 Supplementary Budget but failed to mobilize to site, have been given a three-month ultimatum: deliver or be terminated.

    The Federal Ministry of Works has issued stern warnings to two high-profile contractors over lagging performance on major southern road projects. Julius Berger was cautioned over delays on the Bodo–Bonny Road in Rivers State—a 39-kilometre artery now valued at N280 billion. Similarly, Reynolds Construction Company (RCC) is under scrutiny for the East-West Road between Eleme Junction and Onne Port, where more than N40 billion has been spent with little to show for it. Reaffirming the Ministry’s zero-tolerance stance, Minister David Umahi declared: “No more excuses. We will terminate any contract where performance fails to meet expectations. Nigerians deserve results.” His remarks, made during a series of site inspections, reinforce the administration’s strategic shift from tolerance to accountability.

    According to Umahi, the era of inefficiency, project manipulation, and open-ended delays is over. “Any contractor that is mobilized and fails to perform will have their contract terminated. We are determined to deliver these projects on time and on budget,” he said. The Ministry’s new mantra appears clear: no contractor is bigger than Nigeria.

    Alternative funding models take centre stage

    Alongside enforcement, the Tinubu administration is revamping road financing by leveraging private sector capital through two key initiatives: the Highway Development and Management Initiative (HDMI) and the Infrastructure Development and Refurbishment Investment (Tax Credit) Scheme. Faced with dwindling public funds, the Ministry is now leaning heavily on these alternative models to close funding gaps and maintain momentum on critical infrastructure. The Tax Credit Scheme, enabled by Executive Order 007 of 2019, allows corporations to undertake road projects in lieu of paying taxes—a strategy aimed at boosting both project completion and private sector buy-in.

    Yet, despite billions already invested, no project under these frameworks had been completed by the end of 2023. That poor track record prompted a sweeping reassessment of all contracts under both schemes, with renewed timelines, cost reviews, and delivery benchmarks introduced. A case in point is MTN Nigeria Communications Plc, which is funding the rehabilitation of the Enugu–Onitsha Expressway, a 107-kilometre dual carriageway pegged at over N200 billion. Structured in two phases over 36 months, the project has suffered delays due to inconsistent funding.

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    In a bold corrective move, the Ministry is now demanding that MTN commit N15 billion monthly to keep the project on track. Lawmakers in Enugu and Anambra States, alarmed by potential cost overruns of up to 200% beyond the original budget, have also piled pressure. The Ministry has since issued a 10-month ultimatum to MTN: meet funding obligations or risk contract termination. Through these assertive reforms and funding shifts, the Ministry of Works is rewriting the rules for infrastructure delivery in Nigeria—prioritising results, enforcing discipline, and forging new partnerships to ensure that road projects finally meet the expectations of Nigerians.

    To fast-track delivery on major  highway projects, the Ministry of Works is adopting a bold new approach—dividing projects among multiple contractors and opening the remaining sections for competitive bidding. This strategy, aimed at accelerating execution, enhancing safety, and enforcing fiscal discipline, marks a significant shift from the traditional all-in-one contractor model that often led to delays. Under the Infrastructure Tax Credit Scheme, Dangote Industries Limited, BUA Group, and Nigeria LNG (NLNG) are currently executing a total of 21 road projects across the country, collectively valued at N1.338 trillion. These projects are separate from those funded by the Nigerian National Petroleum Company Limited (NNPC), highlighting growing private sector involvement in public infrastructure.

    The NNPC, through Tax Credit Scheme Phase I, is financing 21 roads covering 1,804.6 km at an approved cost of N621.24 billion, of which N247.7 billion has already been drawn. Under Phase II, it is undertaking 44 roads totalling 4,554.19 km, with an estimated cost of N3.969 trillion. However, the Federal Executive Council (FEC) has approved only N1.97 trillion, creating a funding gap of over N2 trillion. Combined, inflation-related adjustments have pushed the overall funding shortfall across both phases to an estimated N3.56 trillion.

    Beyond NNPC and the major conglomerates, other corporate participants include Mainstream Energy Solutions, Transcorp Group, GZI Industries, and Access Bank, all contributing to road development under unspecified contract scopes within the N1.338 trillion umbrella.

    In parallel, the government is reinvigorating the Highway Development and Management Initiative (HDMI)—a long-term framework designed to hand over road development and tolling to the private sector through build-operate-transfer concessions. Reactivated under President Tinubu, the HDMI is aimed at making roads bankable, attracting bond market funding, and ensuring sustainability by allowing concessionaires to collect tolls for up to 25 years. The idea is simple: fix it, toll it, and maintain it.

    Despite being approved in 2021, the first major HDMI concession was stalled by bureaucratic red tape—each year of delay inflating costs by roughly 20%. It has only recently been relaunched under a new, result-driven framework. Key projects under HDMI now set for upgrade include Benin–Asaba, Lagos–Abeokuta, Enugu–Port Harcourt, and Sagamu–Benin. Once completed, travel time on these routes is expected to drop by over 50%, boosting trade, slashing logistics costs, and improving overall connectivity.

    Renowned economist Bismarck Rewane has hailed HDMI as a “game-changer”, noting that the initiative will reduce government spending, enhance road quality, cut travel time, and improve security through technology-enabled patrol systems. With only 31% of Nigeria’s 195,000 km road network paved, the urgent need for innovative financing and efficient execution has never been more apparent. And with the current reforms, Nigeria may finally be laying the asphalt for lasting infrastructure transformation.

    In a bid to unlock greater value and efficiency, the Central Workshop in Ijora, Lagos, is being considered for rehabilitation and concession under a Public-Private Partnership (PPP). The existing contract with BETA Transport Nigeria Ltd is under review to ensure optimal returns for the Federal Government, though no cost or timeline has been disclosed. To bridge persistent funding gaps in infrastructure, the government has secured support from the African Development Bank (AfDB) for key sections of the Coastal and Trans-Saharan highways, with firm backing from Mike Salawou, AfDB’s Director of Infrastructure and Urban Development. A separate €25 million grant from Dutch investors is also being pursued for the construction of priority bridges. These moves reflect a broader recognition that fixing Nigeria’s road deficit and managing its infrastructure debt overhang requires innovative financing models. It aligns with President Tinubu’s Renewed Hope agenda, which emphasizes public-private collaboration to fund critical development.

    Despite tight economic conditions, the Federal Government remains committed to sustaining momentum on major road projects. However, inflation has driven the need for contract reviews, with a N2.7 trillion funding gap from revised tax credit projects now awaiting National Assembly approval.

    Pragmatic Embrace of Concrete Technology

    In a marked shift from convention, the Federal Ministry of Works has, over the past two years, embraced Continuously Reinforced Concrete Pavement (CRCP)—not as a policy ideology, but as a practical response to the persistent failure of asphalt roads in flood-prone and high-traffic regions. Minister David Umahi cited States like Delta and Kogi, where asphalt roads repeatedly deteriorate, as examples now benefiting from the more durable and cost-predictable concrete solution.

    Concrete is now central to several high-priority projects. Sixty kilometres of the Abuja–Lokoja highway have been approved for concrete paving, while one carriageway of the massive 744-kilometre Kaduna–Sokoto dualisation project will also adopt concrete. Following the termination of Julius Berger’s contract on the Abuja–Kaduna Expressway, the new contractor, Infiouest International Limited, has already commenced work using concrete. This transition has been supported by improved production capacity and stabilised pricing from local cement manufacturers, particularly BUA Group. The Ministry is confident that concrete roads can be scaled sustainably without compromising quality or budget discipline.

    Despite resistance—largely from entrenched interests—Minister Umahi stressed that asphalt has not been banned. Contractors are free to choose between concrete or asphalt, provided any redesign does not impose additional costs on the government and adheres to prescribed engineering standards. To enforce quality, new standards mandate a 70% stone base, replacing dust-laden mixtures. Non-compliant contractors risk contract termination. When unexpected hikes in cement prices threatened to derail implementation, Umahi swiftly engaged manufacturers, securing a price drop that helped sustain the rollout of concrete roads. He emphasised that these prices had initially been guaranteed during stakeholder consultations, which had encouraged the Ministry’s bold adoption of the concrete model.

    Strict enforcement of contract obligations

    In a decisive departure from business-as-usual, the Federal Ministry of Works has launched a sweeping review of major infrastructure contracts—aimed at eliminating underperformance, curbing inflated costs, and enforcing modern project standards. Flagship corridors such as the Abuja–Kano highway, the Lagos–Calabar Coastal Highway, and the Sokoto–Badagry corridor are now being redesigned to include innovations like service lanes, CCTV surveillance, and security lay-bys.

    Under the Ministry’s new regime, mobilization fees are now strictly tied to performance. Contractors must show 30 days of verifiable progress before they qualify for a 30% advance payment. This performance-based disbursement model is being applied across all federally funded road projects, replacing the old system where funds were disbursed without guarantees of delivery. Contractors are also facing tighter controls on price variations. Gone are the days of arbitrary cost escalations under Variation of Price (VOP) clauses. From now on, any request for price adjustment must be justified through a comprehensive engineering assessment. This measure is a direct response to past abuses, where legacy contractors, including Julius Berger on the Abuja–Kano highway, inflated project costs without economic justification—leading to contract termination. Though Julius Berger continues to handle other Federal projects, the message is clear: non-performance will no longer be tolerated.

    The Ministry’s reforms are also rooted in transparency and compliance. For instance, the ambitious Lagos–Calabar Coastal Highway has undergone extensive regulatory scrutiny. It secured a Certificate of No Objection from the Bureau of Public Procurement (BPP), received Federal Executive Council (FEC) approval, and passed an Environmental and Social Impact Assessment (ESIA). Operating under an Engineering, Procurement, Construction plus Financing (EPC+F) model, the project shields the government from direct financial exposure while ensuring accountability.

    Compensation for displaced property owners, long a contentious issue, is now being addressed more proactively. On Section One of the Lagos–Calabar Coastal Highway, the Ministry has disbursed an initial N2.75 billion in compensation and raised the total offer to N18 billion. Although some affected residents have rejected the offer as inadequate, Minister Umahi expressed confidence in the Ministry’s legal footing, citing the thoroughness of due process. Furthermore, all compensations are now limited to verified property owners, with any exceptions requiring Presidential waivers. Oversight by National Assembly Committees has also intensified, bolstering public confidence and supporting timely appropriations.

    Umahi’s hands-on site inspections, emphasis on professional standards, and no-nonsense enforcement approach have heralded a new era of performance-driven infrastructure development. Himself an engineer, Umahi’s deep technical insight makes him difficult to sway with bureaucratic jargon. The policy direction is unmistakable: only those who deliver will remain engaged.

    Addressing allegations of project favouritism

    In response to mounting political commentary and scrutiny over the perceived regional imbalance in federal infrastructure distribution, the Ministry of Works has issued a data-backed rebuttal, firmly rejecting claims of favouritism. The figures speak for themselves: of the 2,735 kilometres covered under the Renewed Hope Legacy Projects, 1,414 km (52%) are in the North, while 1,321 km (48%) are in the South—a near-equal distribution reflective of the Ministry’s stated commitment to national equity.

    This pattern is echoed across other funding platforms. Of the 82 Sukuk-funded projects currently ongoing, 45 are in the North, while 37 are in the South. Similarly, out of 260 emergency repair interventions, 162 are situated in the North, compared to 98 in the South. Even the Road Infrastructure Tax Credit Scheme, largely driven by private sector participation, has 23 out of 44 projects in the North. In a further move to dispel regional bias allegations, the Ministry pointed to the September 2024 Federal Executive Council approvals, which included projects across all six geopolitical zones. These ranged from the 258-kilometre reinforced concrete highway in Kebbi and Sokoto, to the Gamboru Bridge repairs in Borno, the Bodo-Bonny Bridge in Rivers State, and the Afikpo-Uturu-Okigwe Road dualisation cutting across Ebonyi, Abia, and Imo States.

    With flagship road corridors like Abuja–Lokoja, Zaria–Gusau–Sokoto, and Kano–Maiduguri under active construction, the Ministry challenged critics such as Jadda Garko, who claimed northern exclusion. “Project selection is based on engineering necessity, economic impact, and national cohesion, not political geography,” the Ministry reiterated, noting that the current distribution marks a notable shift from the lopsided patterns of the past.

    As more than 80% of the N260 billion emergency works near completion, preparations are underway for President Bola Tinubu to begin commissioning a wave of infrastructure projects nationwide. But this progress is tempered by fiscal realities: of the over 2,000 projects inherited by the administration—collectively valued at N15 trillion—only N2 trillion in funding is currently available. In response, the Ministry has prioritized a set of economic corridor-defining roads under the Renewed Hope Legacy Projects. These include the Lagos–Calabar Coastal Highway, the Sokoto–Badagry Superhighway, the Abakaliki–Abuja Highway, the Akwanga–Jos–Bauchi–Gombe Highway, and the Abuja–Kano Expressway. The Ministry emphasises that unlocking the economic value chains embedded in these corridors is critical to national development and the drive to diversify Nigeria’s oil-reliant economy.

    Looking ahead, the Ministry pledged to deliver 150 kilometres of motorable roads per state in 2024, depending on contractor performance. While some contractors have been overwhelmed—holding as many as 17 concurrent projects—the government is exploring practical ways to streamline delivery without compromising standards. However, there is no conclusive evidence yet that the 150 km per state goal has been achieved. A more pragmatic approach to project execution is also taking shape. All dual carriageway projects will now retain one functional lane while the second is built incrementally, aligned with available funding. The once-automatic mobilisation fees have been replaced by performance-linked disbursements: contractors must now commence work immediately upon signing, and earn funding in phases based on verified progress.

  • Edo communities where herders, money lenders feast on farmers’ ‘blood’

    Edo communities where herders, money lenders feast on farmers’ ‘blood’

    • Shylock money lenders charge 100 per cent interest on loans, harass farmers over inability to repay

    • Pastoralists take over farms, feed animals with produce 

    • Hard times hit farmers as children drop out of school

    Farmers in many suburbs of Edo State have become pawns in the hands of shylock money lenders and ruinous herders.The money lenders  give loans to the farmers at throat-cutting rate of 100 per cent while herders vandalise their farms with impunity and feed the crops to their cows at harvest time. To worsen matters, the savage herders rape farmers’ wives, leaving them with lifetime trauma. The embattled people want  Governor Monday Okpebholo to apply the same energy he used in addressing the Uromi killings to their situation, INNOCENT DURU reports.

    Cynthia Buoh, a single mother of four is in serious distress.

    For the past 12 years, she has happily farmed in Okuesan, an agrarian community in Esan South East Local Government Area of Edo State, using the proceeds to cater for her young children.

    However, recent developments in the area have turned her from a breadwinner into a hopeless dependant.

    “Herdsmen have brought unimaginable loss to my investments and made life unbearable for me  and my children,” Cynthia said as she began narrating her ordeal.

    “I have farmed around Okuesan for about 12 years. The herders’ menace began about three years ago but it has taken a worrisome dimension in recent times.

    “They vandalised my farm just last week. I was not on the ffarm on that very day, but there was a day they met me on the farm.  When I challenged them, they started threatening me.

    “As a female, I had to run away because I didn’t have the power to confront them.

    “When we  put makeshift fence around our farms, the herders pulled down everything and invaded our farms with their cows.

    “They fed their cows with all our cassava. We are afraid of going to the farm this time around to avoid being attacked byherdsmen.”

    Cynthia’s predicament is compounded by the fact that the money she invested on the vandalised farm was a loan which she took at a throat cutting 100 per cent interest. “I took a loan of N500,000  which I invested in my farm. Unfortunately, herders came and vandalised the  farm.

    “I am to pay an interest of N500,000 on the N500,000  loan that I took,” she said in an emotion laden voice.

    She said she had been battling with depression for some time as “my creditor is really on my neck to pay back the loan with the interest.

    “I had only paid back about N200,000 before the herders invaded my farm and vandalised everything.”

    As a mother of  four children, Cythia said  taking care of them has been challenging, especially now that her means of livelihood has been destroyed and a huge debt is hanging on her neck. 

    Her survival and that of her four children now “depends on whatever help I get from relations and the little money I make from making and selling pap.”

    Following the unfortunate situation she has found herself in, Cythia’s children’s academic dreams now hang in the balance.

    “We are not talking about the children going to school at the moment.

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    “My concern is about how they can first of all eat and  survive and not about education,” Cythia said with palpable hopelessness.

    It was also a tale of woes when our correspondent encountered Ijeoma, another single mother farming in Okuesan.

    The mother of five said she had been farming in the area for 15 years before herdsmen came and threw spanner in her thriving business.

    “They still invaded my farm a few days ago. They pulled out everything and made a mess of my efforts and investment,”Ijeoma said amid tears.

    “Farming has been my only source of earning a living to cater for my family.

    “To make the yield boom, I always take out loans with huge interest. Now I can’t recoup the capital let alone make profits that I can use to pay back the loans and the interest.

    “Life has never been this terrible for me and my children.”

    Recalling her near death experience with the herders, she said: “There was a day they met me on the farm and started feeding my produce to their cows.

    “When I protested, one of them started brandishing a dagger to my face.  Sensing danger, I ran as fast as my legs could carry me with the baby I carried on my back.

    “I ran into our community to inform them about my experience, but there was nothing they could do because we are all going through the same problem.”

    Asked how she has been surviving, Ijeoma said: “I depend on what I get from kind hearted people. I also go out to do odd jobs in order to get money to take care of my children.”

    Like Cynthia, Ijeoma said her children have also dropped out of school. “I don’t know what they will be able to learn without food in their stomach.

    “It is an anomaly to ask children to start going to school in the morning when there is nothing for them to eat.

    “I really don’t  know what they will end up learning with empty stomachs.

    “I believe they will find their levels later in life.”

    A male farmer in the community, Godwin Chiwunba, is also bedevilled by the same problem the women face.  “I took a loan of N500,000 to pay back N1million, that is the loan was taken at 100 per cent interest rate.

    “We often take the loan from individuals because that is the only hope we have to get money to farm,” he said.

    After happily injecting the money into his farm, Godwin can longer go to the farm because of herders’ menace.

    He said: “My farm is on 15 acres of land. I planted yam, maize and cassava, among others.

    “The herders have consistently done massive damage to my farm.

    “They attacked my farm last month, and just last week, they invaded the farm twice.”

    Reliving his encounter with the herders, Godwin said: “I once met them on my farm, and once you challenge them, they will be angry and start threatening you. They will even chase you out of your own farm.

    “If care is not taken, they will cut you with their machete. 

    “They uprooted my cassava and gave it to their cows. I couldn’t do anything because they were armed.

    “It has even been very difficult for me to feed my family.

    “To make matters worse, my creditors are disturbing me to pay back the loan.”

    With the loss of his investment on the farm, Godwin says he does not know how he will get money to repay the loan and the interest.

    “I am stranded,” he said despondently, adding, “I had paid back just a small part of the loan. I am not doing anything now.”

    Like Cynthia and Ijeoma, Godwin said “my children are not going to school anymore. I have five children and they are all at home.”

    More farmers in Esanland relive ordeal

    The silence of relevant authorities in the face of brazen oppression by herders in Esanland is believed to be emboldening them.

    Mpeke, a farmer in the area, described the herders as lords of the farms. “They control the farms and determine our fate. Some of them are armed with guns, so if you dare challenge them, you will be a dead man.

    “It is worrisome that they rape women on the farm. I heard that there was such an ugly development in one of the farms recently.

    “If males cannot resist the herders, is it women that will?

    Also corroborating the claims that money lenders charge 100 per cent interest rate on loans, Mpeke said: “It is true. I collected N700,000 to pay back N1.4 million.

    “Paying back wouldn’t have been a problem but for the wickedness of the herders.”

    Asked how he has been coping, Mpeke said: “They have rendered many of us idle and incapable of taking care of our children.

    “I have seven children. I have sent five of them to my mother because of the hardship caused by herdsmen.

    “They are not going to school again because I don’t have the money to feed them, not to talk of paying their bills in school.

    “How can someone battling with how to repay loans with the interest have money send children to school?”

    Also reliving his ordeal, Anierobi Sunday, who farms in Ubiaja area, said: “The herders destroyed my farm last year and also this year.

    “They destroyed more than two acres of cassava farm. I am looking for where to borrow money to inject into my farm. 

    “The little money I had had been used to clear my farm. Even the money I used to clear the ground was borrowed.

    “Here, if you borrow N500,000, you will pay N1 million back. The interest rate is 100 per cent.”

    In spite of the losses that he has suffered, Anierobi said he would not give up. “I am still prepared to continue farming. It is not that I am not afraid of the herders. I am, but farming is all I do. It is my only means of earning a living.”

    Etsako farmers also plagued by herders’ attacks

    Aside from Esanland, findings showed that farmers in many areas of Etsako are also living at the mercy of ruinous herdsmen.

    Narrating his ordeal, Musa Auwal, a  farmer in Weppa area of Etsako East Local Government Area, said: “The herders have shown us hell.

    “One of my farms has been vandalised by herders. They attacked the farm two weeks ago.  The farm is over two hectares. I am afraid of going to the other one I have.

    “If you meet them on your farm and ask them to leave, they will start pursuing you.

    “They used to uproot the cassava from the ground to feed their cows.”

    Musa agonisingly noted  his investment on the farm was through a loan. Unlike the farmers in Okuesan who took loans at 100 percent interest rate, Musa said the loan he took was at 25 percent interest.

    “I took a loan of N500,000 and invested it on my farm. I am to pay back the loan with 25 per cent interest. 

    “I always hire and pay for a tractor to work on the farm. I  don’t know how I will pay back the loan.

    “I am very confused as I am talking to you now. Agriculture is my only source of livelihood. It is my only means of earning a living to cater for my family.”

    Another farmer in the community, Balogun George, told our correspondent about how herders led their cows into his mother’s farm and ate up the produce. “The herders fed all the cassava on my mother’s farm which is about five hectares to their cows.

    “The farm is one and a half kilomteres from Leventis Yard.

    “The farm was vandalised last Wednesday. Nobody was on the farm when they  did the devilish work.”

     Apart from his mother’s farm, George said the herders also destroyed the farms of one Ayegbeni and Ozema.

    “When we  approached Idris, one of the herders in our community after the incident happened, said we should meet the other group of herders  because his own workers don’t go towards my mother’s farm.

    “When we met the other group, they still referred us back to Idris. Subsequently, they asked us to go and meet another herder. Unfortunately, that herder is in Okene. It is his family members that are staying here.  

    “We don’t know who to hold responsible following the way they are tossing us around.”

     Consequent upon the brutish activities of the pastoralists, George said, “we are afraid of going to the farm. If they could kidnap our chiefs, who are we that they cannot kidnap us? 

    “The menace of the herders is really affecting our production here. 

    “We have all it takes to farm, but we are afraid to go to the farm.”

    Recalling a recent  attack on a member of the community, he said: “Our youth leader was attacked in November last year. He was cut with a machete.

    “When we mobilised and went to the herders, they said they didn’t know those that did it.  They said it could be herders that were passing by that attacked him.

    “The youth leader said he saw those herders using their cows to destroy crops, and when he protested against their action, they attacked him and ran away. ”

    Berating the  state government for its indifference to their plight George said: “The government isn’t doing anything about it. It is when the problems affect them that they rise. 

    “They don’t know what we the villagers are going through.”

    A farm tractor driver who identified himself as Pastor Blessing described the menace of herders in the community as alarming.

    “They have created serious fears in us such that we can no longer go to farm freely. 

    “When you get to the farm with the current situation and meet them there,  confronting them could lead to your death.

    ‘When people see them on their farms, they rather run back home than confront them and risk being killed.”

    Speaking on recent attacks by the herders, he said: “My brother had his farm vandalised last week by the herders. Unfortunately, the cassava they destroyed was already mature for harvest. The herders led their cows into the farm and destroyed everything.”

    Apart from vandalising farms, Pastor Blessing said, “there was a time the herders were raping our women on the farm.

    “Once they met a woman on the farm, they would forcibly have intercourse with her.

    “There are places where people can longer go to farm in this Weppa area. The only place where people can manage to farm now is Leventis Farmland. 

    “Places that are close to the railway line are no-go area for our people to farm. Once the herders attack anyone around that area, they will escape through the rail line.

    “There were people who had cultivated their farmlands there, but when the herders started their troubles again, the farmers abandoned their farms.”

    Protest in Agbede over herders’ oppression

    The menace of herdsmen in Agbede community, a suburb of Etsako West Local Government Area of the state, came to a head last month when the people staged a protest to draw public attention to their predicament. The people lamented that kidnapping and killing in the community had been unabated and that the surrounding villages and forests had been take over by herdsmen they accused of killing and maiming those who could not pay ransom, raping women and dislodging farmers from their farmlands.

    According to them, Agbede and the surrounding villages, including Odighie, Egono and Awain, have been under siege in the last two months, and efforts to get the assistance of the police in the area have been futile as they accused the police of complicity.

    They alleged that a senior police officer from the northern part of the country was covering up the criminals.

    “Farm destruction, killings, rape and kidnapping for ransom have become disturbingly common, and the police, instead of protecting the communities, seem to be aiding and abetting the Fulani herders against the aborigines.

    “The DPO at the Agbede Police Station, the Police Area Command in Auchi and the Zone 5 office in Benin are not helping matters as we are suspecting them to be backing the herders with lining orders, which is now creating fear among the people regarding their genuine protection and safety.

    “Mamudu Momoh was attacked on his farm after he met some herdsmen taking over the farms, uprooting his cassava to feed their cows, and, in the process, he was attacked and injured.

    “He went to the Agbede Police Division to report the case, but the case was later turned against him.

    “He was arrested and taken to Zone 5, where he was detained.

    “The community spent a lot of money to secure his release.

    “There is another farmer in the community, Idris, who has been kidnapped by the herdsmen for over a month now and ransom has been paid, but the man is yet to be released till today.

    “We are asking the Inspector General of Police to withdraw the DPO of Agbede Police Division who is a Northerner, without which the Agbede community will never know peace in the hands of the herdsmen who are everywhere in our bush claiming to be hunters.”

    The Police Public Relations Officer of the Edo State Command, CSP Moses Yamu, however, debunked the allegations, saying that the officers and men of Agbede Police division were working round the clock to deal with the herdsmen menace in the area.

    He said the police in Agbede, with a backup from Auchi Area command, had arrested more than 10 suspected kidnappers from that axis,  and they were being investigated.

    CSP Yamu also said the Agbede community was not fair to the police in their protest, especially to the Zone 5 Command, saying that the AIG of the zone had assumed duty less than two weeks. So, the community to accuse the police of aiding and abetting herdsmen in their areas is unfair.

    The PPRO said the Edo State Police Command would continue to make efforts to repel the menace of kidnapping and other criminal activities in the state.

    Farmers appeal to Okpebholo for assistance

    The embattled farmers have appealed to Edo State governor, Monday Okpebholo, to come to their aid and save them, particularly from the threats of herders to their lives and farms.

    “The governor should use his good offices to deliver us from these oppressive herders. Our children are out of school and starving because we have lost our farms to herdsmen.

    “In addition to that, our creditors are not giving us any breathing space.

    We saw the energy he put into addressing the Uromi killings, but he has not applied such to the terror being unleashed on us, his own people, by the herdsmen.

    “Does it mean he prefers to please and appease the herders while closing his eyes to the sufferings of his own people?,” a farmer who gave his name simply Emma said.

    Also appealing to the governor, Cythia said: “Governor, please come and save us. I am a single mother who relied solely on farming to take care of my children.

    “Now that they have destroyed the farm and the produce and even chased us away, how do I cater for my children?

    “There are many single mothers like me in this condition. Please help us.”

    Concerns over high interest rate on loans

    The high rate of interest paid by the poor rural farmers raises concerns about the country’s preparedness to surmount the challenge of food insecurity.

    The Bank of Agriculture (BoA) pegs its interest rate  at 14% for agricultural production, but many rural farmers lack access to it.

    This explains why poor farmers resort to taking loans from shylock lenders. Incidentally, online search revealed that rural farming makes significant contributions to food production by providing a substantial portion of the world’s food supply, especially for developing countries.

    “Smallholder farmers, often in rural areas, produce a large share of the food consumed globally, and their work is essential for food security, nutrition, and economic development.”

    Edo government yet to respond

    Edo State government was yet to give a concrete response to our inquiry as at the time of filing this report.

    While the Commissioner for Information and Communications Paul Ohonbamu did provide any answer to our text message, the Chief Press Secretary to the governor, Fred Itua,  asked via a text message: “Good afternoon. What happened to the reporter in Edo, Please?”

    The CPS gave no further response after our correspondent informed him that nothing happened to the reporter in Edo State.

  • Our lives in ruins, mothers of five children found dead in abandoned vehicle lament

    Our lives in ruins, mothers of five children found dead in abandoned vehicle lament

    May 4, 2025 was a black Sunday for residents of Agyaragu community of Obi Local Government Area, Nasarawa State. It was the fateful day that five children aged between four and seven years and belonging to three different parents got missing in mysterious circumstances only to be found dead in a vehicle that had been abandoned for more than 10 years.

    The affected families were those of Mrs Bridget Iormagh, Mrs Ifeoma Mnaji and Mrs Ukeria Onah, staying in different compounds in the same neighbourhood. While 49 years old Iormagh lost her only daughter, five-year-old Eunice, Mnaji, whose husband died only recently lost her only two daughters seven-year-old Mesoma and four-year-old Chidinma, and Onah also lost her two daughters Kamsi (5) and Soma (3).

    Looking frail and fatigued, Mrs Mnaji betrayed emotions as she spoke with our correspondent who visited the community to get first hand information about the circumstances surrounding the death of the five children.

    Flanked by three women on whose shoulders she leaned, she barely trudged from the living room to the parlour, having just returned from the hospital where she was resuscitated from the shock of her daughters’ death. She sank into a cushion chair, obviously meditating on the death of her husband seven months ago and now those of her only two children.

    On hand to comfort her were relations and friends when our correspondent, accompanied by some elders of the community, got to the house.

    In a brief chat with our correspondent, the distraught widow explained that she was yet to recover from her husband’s death seven months earlier only for her two children to join and leave her lonely.

    She said: “I cannot tell what could have happened. I went to the church with the children and we came back together.

    “I had planned to go to Lafia and greet my husband’s people who had assisted me in taking his corpse to the village for burial, because I had not gone to see them since then.

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    “So, when I was about to go, the children came and said they wanted to eat, and I gave them rice.

    “In fact, the five of them were together and they ate together.

    “When they finished eating, they said Mum, give us water, and I gave them water.

    “I then told them that I would rush to Lafia and return immediately.

    “I asked them to go to the house of Mummy Kamsi (an Igbo woman in the next compound who also lost her two daughters).

    “My daughters said they wanted to play here in the compound but I insisted that if they wanted to play, they should go to Mummy Kamsi’s house and paly.

    “But my daughter said when they were done playing here, they would go there. They then bid me goodbye and said buy ‘awala’ for us when coming back. I said okay and left.

    “When I was coming back around 3pm, I saw people standing in my compound, saying the mother of the children is back, and I was wondering what could have happened.

    “I was thinking they probably committed an offence, so I asked what happened, and they said they had been searching for my children.

    “I said my children? But l left them here. So, we started looking for them.

    “We hired an ‘okada’ (motorcycle), searching everywhere in Agyaragu community, including the market, but nobody claimed to have seen them.

    “I came back, rushed to the church and told God that wherever my children were, He should please release them to me.

    “So I came back home as my husband’s people quickly came down from Lafia, because I had called to tell them what happened.

    “The Tiv woman (Iormagh, who stays in the next compound) also came looking for her daughter, insisting that I should open my door so they could check.

    “She said since they were playing together, they might be sleeping inside. But I said no, because I had locked my door before going out. But she insisted and I opened, but the children were not there.

    “As we were coming out of the room, a neighbour, who stays in same compound with us and runs a medicine store by the roadside went straight to the car and shouted, ‘Jesus, see them here in the car!’

    “They rushed to open the car and started bringing them out. All the five children were dead.”

    The distraught mother said she did not want to see her children’s bodies, so she headed straight to the church to cry her heart out.

    Mnaji said: “I didn’t want to see them. I went straight to the church and started crying.

    “I don’t normally leave my children at home, because wherever I went, I used to go with them.

    “I hardly left them behind, but because I was in a hurry that day to go and greet my husband people, I wanted to go and come back as fast as possible to prepare them for school resumption the following day.

    “My children didn’t normally play around the car. It has been parked there for so many years.

    “My question is how did they open the car? The rust alone should make the car doors too strong for the small children to open.

    “I know that the heat in the car can affect them because it is parked in the sun. But how can the small children open a long abandoned car with rust? That is what is killing me.

    “The doors must have become very strong for them to open, and all the five of them packed themselves inside.  How?”

    Bursting into tears, the distraught widow said: “They are the only children I have. I lost my husband about seven months ago. They are the only two children I have.

    “As you are seeing me now, no husband, no children, it is only me and my God. I asked God, why can’t you take me so that I will rest?

    “My husband that died is better off, because he didn’t experience this.

    “I know what I am passing through. My husband died, they buried him. Just seven months after, I will carry my only daughters to the village to bury them.”

    Mnaji said before setting out on her trip to Lafia to greet her in-laws, her daughters had bid her goidbye and asked her to buy ‘awala’ for them when coming back, not knowing she would never see them again.

    “God, you should have taken my life so that I can meet my husband. You should leave the children. Why taking them away leaving me lonely?” she queried.

    In the next compound, Mrs Onah, who also lost two of her daughters, wept bitterly as she narrated her experience.

    She said: “We went to the church in the morning and came back. After eating, I left the children at home to attend a women’s meeting and left them with my sister.

    “Mrs Ifeoma Mnaji had earlier before going to Lafia to greet her husband’s people told me that she would want her children to stay in my house together with my children

    “When she was going to Lafia, she came to my house to inform me.

    “I asked her where were the children, and she said they were playing in the compound but she had asked them to come over. I said okay.

    “When I came back from the meeting, I didn’t see them, so I started looking for them.

    “We went round Agyaragu community but did not see them. It was in the process of looking for them that one man, we call him Doctor, he runs a Chemist, he came and opened the door of the abandoned vehicle and we discovered the children.”

    Mrs Onah said she had three children all together, one boy and two girls, but the two girls died.

    “My life is ruined and there is no hope for me again to bear children. I’m not young again. My life will never be the same again,” she said, bursting into tears.

    In the next compound where Mrs Bridget Iormagh also lost her only granddaughter, five-year-old Eunice Shapera, having previously lost all her biological children and decided to bring Eunice to stay with her, she narrated her experience as follows: “What happen is that, on Sunday 4th May, 2025, I went to the church with my daughter. When we came back, I went out briefly to buy something by the roadside.

    “When I came back, I did not see my daughter again. Her popular name is Bose, but her name is Eunice Shapera. She was five years old.

    “So, when I could not find her, we decided to go round Agyaragu community area on a motorbike, looking for her alongside the other two women staying very close to my compound, whose children too were missing.

    “We could not find them, so I personally came back to one of the Igbo women Mrs Ifeoma Mnaji’s compound and asked her to open her room so that we could check inside.

    “Since they were playing together with her children, may be they fell asleep inside her room, because it was in the afternoon and they had finished eating after church service. But she insisted that she locked her door and went out with the key, so the children could not be in her room.

    “We insisted, and in the process of opening her door, one Igbo man who stays in the same compound with Mrs Ifeoma Mnaji, we popularly call him Doctor, he owns a chemist outside the compound, he was the one who went straight to the abandoned vehicle in the compound and forcibly opened the door and said see the children here.

    “Then I saw my Bose and the other four children dead inside the car.

    “The doctor, who owns a Chemist and stays in the same compound, had earlier assisted the three women in going round the community looking for the children before he later discovered them in the car.

    “My daughter didn’t normally go into the compound where the abandoned vehicle is parked, because there are dogs there and she is always afraid.

    “I don’t know how God designed it that day that she joined the children in playing in the compound. She was always at my doorstep and hardly went out to join other children in playing

    “Eunice Shapera was actually not my biological daughter; she was my granddaughter. I lost all my biological children in the past and decided to bring Eunice to stay with me so that life would not be lonely for me. Again, God has taken her away from me.”

    The police have since commenced investigation into the circumstances surrounding the death of the five children, and a lot of arrests have been made.

    Among those arrested were the owner of the house and the owner of the car. They were being detained by the police. The deceased children were yet to be buried at press time.

  • CBN’s financial results signal renewed stability, economic confidence

    CBN’s financial results signal renewed stability, economic confidence

    The Central Bank of Nigeria (CBN) has posted a remarkable financial turnaround, moving from a deficit of N1.3 trillion in 2023 to a surplus of N165 billion in 2024, according to its Consolidated and Separate Financial Statement for the year ended December 31, 2024. During the same period, Nigeria’s external reserves rose from $36.6 billion to $38.8 billion. These gains underscore the impact of the CBN’s deliberate and strategic policy measures aimed at revitalising the economy, reinforcing financial stability, and rebuilding public trust, reports Assistant Editor COLLINS NWEZE.

    Achieving significant gains across key performance indicators is no small feat for any large institution—especially when that institution serves as a financial sector regulator. That is why the release of the Central Bank of Nigeria’s (CBN) 2024 financial statements has been met with widespread interest. The report showcases the CBN’s renewed commitment to economic stability, strategic financial stewardship, and disciplined policy implementation. Notably, the bank recorded improvements in external reserves, asset quality, cost management and overall profitability—hallmarks of a regulator determined to restore confidence in the economy.

    In the statement of directors’ responsibility, CBN Governor Olayemi Cardoso affirmed that the consolidated and separate financial statements were prepared in all material respects in accordance with the International Financial Reporting Standards (IFRS). This adherence to global best practices underscores the bank’s pursuit of transparency and accountability. One of the headline achievements is the growth in Nigeria’s external reserves—from $36.6 billion in 2023 to $38.8 billion in 2024. This increase reflects stronger portfolio inflows, higher diaspora remittances, and improved receipts by the Federal Government, supported by growing investor confidence in Nigeria’s economic outlook.

    The reserve accretion was further enabled by enhanced coordination with the Nigerian National Petroleum Company (NNPC) and the bank’s proactive diaspora engagement strategies. Additionally, prudent investment decisions and portfolio management played a central role in boosting the bank’s foreign reserves position. There was also improvement in revenue trajectory, with the bottom-line rising from a deficit position of N1.3 trillion in 2023 to a surplus of N165 billion in 2024. The apex bank explained that this turnaround is a direct consequence of effective containment of expenditure, gains on investments made by the Bank and increased income from foreign exchange transactions.

    The financial statements also show a notable reduction in loans and receivables from N16.1 trillion to N11.9 trillion. This is primarily attributed to significant recoveries from earlier intervention lending programmes, a deliberate policy shift away from intervention lending and monetary financing through ways and means in line with the Bank’s new stance on allowing market mechanisms to drive credit allocation and financial sector development.

    Operating expenses in 2024 were well-managed and optimised, reflecting a cost-conscious culture. This was achieved through strategic cost rationalization initiatives, including reduction in non-essential spending and streamlined operations across regional branches and departments.

    Also, one of the notable upticks in the Bank’s expenses in 2024 was related to liquidity management operations. These costs rose to N4.5 trillion from N1.5 trillion in 2023. This increase was in tandem with the tightening monetary policy stance adopted to combat inflationary pressures throughout the year. In pursuit of that, the Bank conducted more frequent and higher-value Open Market Operations (OMO) to mop up excess liquidity arising from fiscal injections at a significant cost. This is a responsibility the CBN carries out on behalf of the Federation—a role that, in some jurisdictions, is directly funded by the government.

    The financial statements also indicate a significant rise in losses on settled derivative contracts, increasing from N6.3 trillion in 2023 to N13.9 trillion in 2024. This spike is directly linked to the high volume of derivative contracts settled by the Bank during the year. These were largely legacy transactions inherited by the current management upon assuming office. The proactive settlement of these contracts forms a critical part of the Bank’s broader strategy to reduce outstanding foreign exchange liabilities. By doing so, the Central Bank aims to lower its FX exposure, strengthen net foreign reserves, and improve Nigeria’s external buffer. This approach also seeks to restore investor confidence, enhance credibility in Nigeria’s forward markets, and resolve long-standing obligations in a transparent and responsible manner.

    Read Also: FULL LIST: Nigeria, others not indebted to IMF

    These reforms have collectively repositioned the CBN as a credible monetary authority, with its 2024 financial results serving as proof of its unwavering resolve to support economic recovery, safeguard financial stability, and build public trust. The financial statements also show a notable reduction in loans and receivables from N16.1trn to N11.9 trillion.

    This is primarily attributed to significant recoveries from earlier intervention lending programs, a deliberate policy shift away from intervention lending and monetary financing through ways and means in line with the Bank’s new stance on allowing market mechanisms to drive credit allocation and financial sector development. “In line with the provisions of the Fiscal Responsibility Act (the Act) 2011, 20 percent of the profit of the Bank will be credited to retained earnings while the balance will be paid to the Federal Government of Nigeria,” the bank said.

    Statement of directors’ responsibility signed by CBN Governor Cardoso said the summary consolidated and separate financial statements are prepared in all material respects, in accordance with International Financial Reporting Standards (IFRS) Accounting Standards. It is the recommended practice in the guideline as it affects CBN operations, the relevant provisions of the CBN Act No. 7, 2007 and the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023. According the report, the performance reflects the state of the financial affairs of the CBN together with its subsidiaries, its financial performance and cash flows for the year ended December 31, 2024.

    “The Board of Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the summary consolidated and separate financial statements, as well as adequate systems of internal financial control,” the report said.

    According to the apex bank, the group maintains a reserve of external assets consisting of Gold, Convertible currencies, Other foreign securities and International Monetary Fund (IMF) reserve tranche. It disclosed that gold reserves include monetary gold in the Statement of Financial Position at the prevailing closing spot market price as at reporting date. “Changes in the fair value of gold reserves arising from price changes as well as related foreign exchange gains and losses are recognized in profit or loss and applied prospectively in line with the revised 2024 FRC Guidelines. In the previous year, Gold was measured at fair value through other comprehensive income.

    “These are time deposits and balances with foreign banks and other foreign securities where the currency is freely convertible and, in such currency, notes, coins and money at call. These are securities of any country outside Nigeria whose currency is freely convertible, and the securities shall mature in a period not exceeding five years from the date of acquisition,” it added.

    The apex bank explained that the securities are further analysed into internally managed fund and externally managed fund. Internally managed fund is classified as amortised cost while the externally managed fund is classified as fair value through profit or loss. “All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole,” the report said.

    Assets re-classification

    The CBN also reclassified its investments in Africa Finance Corporation (AFC), Nigeria Deposit Insurance Corporation (NDIC) and Afreximbank. The investment reclassification from fair value through other comprehensive income (FVOCI) to fair value through profit or loss (FVTPL) was announced in the CBN’s Consolidated and Separate Financial Statement for the year ended December 31, 2024, released at the weekend.

    The report indicated specifically that only financial assets can be reclassified, and not liabilities, stating that: “The Group reclassified investment in associate (AFC) and its unquoted equity investments in International Islamic Liquidity Management Corporation (IILMC), NDIC and Afrexim from FVOCI to FVTPL in 2024. “The Group determined that its investments in Nigeria Deposit Insurance Corporation (NDIC) are ordinary investments of the Group although the Group owns 60 per cent. The Group cannot exert control or significant influence on the relevant activities as it has no power to appoint the board members. The financial results showed that the CBN Group’s investment in AMCON of 50 per cent is held on behalf of the Federal Government of Nigeria in capacity as Banker to Federal Government of Nigeria,” it said.

    Continuing, the report said: “The Group also determined that its investments in Nigeria Interbank Settlement System (NIBSS), FMDQ-OTC Plc, Bank of Industry (BOI), Bank of Agriculture (BOA), National Economic Reconstruction Fund (NERFUND), Nigeria Commodity Exchange (NCX), Nigerian export Import Bank, Agricultural credit guarantee scheme fund and NIRSAL Microfinance bank are associates of the Group, although the Group owns a 3.6 per cent, 15.4 per cent, 40 per cent, 14 per cent, 3.6 per cent, 59.7 per cent, 50 per cent, 40 per cent, and 15 per cent respectively in the investees.”

    The Group has significant influence over NIBSS, FMDO-OTC, BOI, BOA, NERFUND and NCX through its representation on the board of directors. Financial analysts said reclassification of assets or shares is a process that allows a company to modify the structure of its shares, including their rights, preferences, and number of shares outstanding. This can be an important tool for adjusting the capital structure, improving governance, or addressing changes in the business environment. The CBN explained that the reclassification was done in line with Financial Reporting Council Guideline for 2024. This application is prospective and the cumulative gains in fail value reserves were not recycled through profit or loss in line with the FRC Guideline

    Key elements of reforms/policy measures

    The CBN has not only unified the exchange rates but recently took strategic step to enhance transparency and boost market confidence with the inauguration of the Nigeria Foreign Exchange Code (FX Code) in Abuja. The FX Code has so far ignited naira stability at both official and parallel markets. Cardoso, recently launched the FX Code, emphasising integrity, fairness, transparency, and efficiency as critical pillars for driving Nigeria’s economic growth and stability.

    He emphasised that the FX Code was built on six core principles: ethics, governance, execution, information sharing, risk management and compliance, as well as confirmation and settlement processes. These principles, he explained, aligned with international standards while addressing the unique challenges within Nigeria’s foreign exchange market. According to Cardoso, “The FX Code represents a decisive step forward, setting clear and enforceable standards for ethical conduct, transparency, and good governance in our foreign exchange market. The era of opaque practices is over. The FX Code marks a new era of compliance and accountability. Under the CBN Act 2007 and BOFIA Act 2020, violations will be met with penalties and administrative actions.”

    Cardoso also noted that the journey towards market reform is already yielding results. He stated, “The year 2024 was marked by structural reforms that sought to return the naira to a freely determined market price and ease volatility as several distortions were removed from the market.”

    Beyond the foreign exchange market, the FX Code forms part of the CBN’s renewed focus on compliance across the financial sector. Its six guiding principles, alongside 52 sub-principles, were designed to become the benchmark for conduct across all participating institutions.

  • Federal Government showcases economic gains, investment prospects at IMF/World Bank meetings

    Federal Government showcases economic gains, investment prospects at IMF/World Bank meetings

    At the recently concluded IMF/World Bank Spring Meetings in Washington, D.C., Nigeria’s delegation showcased the country’s improving economic outlook and investment potential to the global community. The team highlighted key milestones, including the naira’s relative stability, Fitch Ratings’ upgrade, and Nigeria’s anticipated re-entry into the JP Morgan Index. They also shared ongoing efforts to restore price stability, safeguard household purchasing power, and create a solid foundation for long-term growth. The meetings provided a platform for renewed investor engagement and confidence-building. Assistant Editor COLLINS NWEZE, who covered the event in Washington D.C., reports

    Until recently, Nigeria’s economy faced a turbulent period marked by low investor confidence and persistent exchange rate volatility. Inflation surged to record levels, and foreign direct investment (FDI) flows dwindled significantly.

    However, the landscape has begun to shift positively, thanks to a series of bold reforms implemented by both the monetary and fiscal authorities. These measures are beginning to restore stability and revive investor confidence in the Nigerian economy.

    At the 2025 Spring Meetings of the International Monetary Fund (IMF) and World Bank Group in Washington, D.C., the Federal Government reaffirmed its commitment to addressing inflation and attracting investment. It acknowledged the severe impact of rising prices on the welfare of Nigerians and outlined strategic efforts to reduce inflation to single digits while broadening the economy’s investment frontiers.

    Data from the National Bureau of Statistics (NBS) shows that Nigeria’s inflation rate rose to 24.23 percent in March 2025, up from 23.18 percent in February—underscoring the urgency of the government’s response.

    Speaking at a joint press briefing at the close of the Spring Meetings, Minister of Finance and Coordinating Minister for the Economy, Mr. Olawale Edun, alongside the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, emphasised the government’s resolve to drive down inflation and implement structural reforms to support economic resilience and sustainable growth. Cardoso said: “We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians. Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term. Our goal is to restore price stability, protect household purchasing power, and lay the foundation for long-term investment.”

    Edun, said Nigeria is targeting seven per cent economic growth, which represents a strong growth projection, under which poverty will be substantially reduced and lives of Nigerians significantly improved. He said: “That’s a commitment and target, and the way to get it is by focusing on agriculture, increasing productivity, as well as making food more available to the people. Building more infrastructure, particularly in the digital economy area that will benefit young people, and supporting businesses through improved access to finance.”

    Providing highlights on the outcome of the spring meetings, Edu said the meeting held at a time of global uncertainty, structural shifts, rising trade and geopolitical tensions, elevated interest rates and high debt levels for which, many of the heavily impacted countries are in Sub Saharan Africa. He said although tariff hikes are impacting real wages and disruption of global supply chains disproportionately affecting Emerging Market Developing Economies (EMD’s) given the limited diversification of their economies and greater dependence on imported goods but domestic policy re-strategizing should be the first line of defence

    “Fiscal policies should safeguard sustainability and rebuild buffers; remain investment friendly to create job opportunities and enhance resilient growth. Policy calibration should be toward further restoring confidence & stability, reduce imbalances and improve productivity to drive sustainable growth. Regional & cross regional economic integration and cooperation is critical,” he said.

    He explained that in line with the Renewed Hope Agenda of Mr. President, Nigeria   is already pursing growth-oriented policies through the various initiatives in agriculture and food security, road and rail infrastructure, social security as well as strong reform in both the upstream & downstream sectors of the oil & gas arena.

    Read Also: Senator Ibrahim tasks IMF on economies of developing countries

    Continuing, Cardoso disclosed that another key pillar of the reforms is a market-determined foreign exchange regime. “We have embraced market-driven pricing for the naira, significantly enhancing transparency and restoring investor confidence. Again, thanks to disciplined reforms and policy clarity, the naira has stabilized at a more sustainable level against the U.S. dollar. The once-wide gap between the official and parallel market rates has all but disappeared, a first in Nigeria’s recent history, and speculative arbitrage has all but vanished.

    “This renewed stability has restored confidence and spurred autonomous inflows through formal channels. These inflows are diversifying our foreign exchange sources beyond oil,” he stated.

    Speaking during Nigeria Investor Presentation organised by JP Morgan in Washington DC, Cardoso said the adoption of orthodox monetary policy will be sustained, because it has helped the economy to navigate difficult path to a point of stability. The CBN boss said the recent Fitch Ratings upgrade, which applauded the exchange rate unification to reduce arbitrage in the markets, introduction of electronic FX matching platform and a new FX code to enhance transparency and efficiency in the market as well as deployment of monetary policy tightening to keep inflation on check, showed that the reforms are succeeding.

    He said: “The numbers speak for themselves. The difficult reforms that were undertaken have begun to bear fruits. The orthodox monetary policy is a route we can’t compromise on. For adopting orthodox monetary policy, we have been able to stabilise the macroeconomic credentials of the economy.”

    He said the foreign investors have seen these developments, and raised their investments and commitments in the domestic economy. Director General, Debt Management Office, Patience Oniha, said the Federal Government is working with JP Morgan, to return to the JP Morgan index. She said government is confident it will return to the index to boost investment flows to the economy.

    IMF views on tariff hikes, subsidy removal

    The International Monetary Fund (IMF) Managing Director Kristalina Georgieva says the direct impact of tariff hike on most African countries is relatively small, but the indirect impact remains quite significant. She said: “The direct impact of tariffs on most of Africa, not on all of Africa, is relatively small, but the indirect impact is quite significant. Slowing global growth means that all other things equal, they would see a downgrade.”

    Era Dabla-Norris, Deputy Director at the IMF’s Fiscal Affairs Department, emphasized that while countries face unique challenges, African nations should prioritize strengthening financial buffers and maintaining fiscal discipline. She advocated broadening the tax base and curbing tax evasion through technology. Speaking at the Fiscal Monitor session, she noted that although fuel subsidy removal impacts incomes immediately, its long-term benefits—such as energy efficiency and better use of fiscal savings—take time. She urged the Nigerian government to adopt a comprehensive strategy to ensure subsidy reforms yield positive outcomes and highlighted the importance of increased tax revenue in boosting economic resilience.

    She said: “Countries that put in place compensatory mechanisms like cash transfers or more targeted transfers, for those people who need it most. Where the public doesn’t trust the government, increasing support for social programs makes it very tangible to the public.”

    Also speaking, IMF Director of the Fiscal Affairs Department at the IMF, Vitor Gaspar said the global fiscal outlook has deteriorated since the October 2024 Fiscal Monitor. He explained that major tariffs announcements, heightened uncertainty, financial market volatility, and diminishing foreign aid are adversely affecting public debts and deficits. According to him, the global public debt is now projected to reach nearly 100 per cent of GDP by the end of the decade, surpassing the pandemic peak, with gross financing needs set to rise significantly.

    “Sudden and disruptive tightening of financing conditions present a clear and present danger. Consequently, fiscal policy now faces a more pronounced trade-off among four key objectives: reducing debt, building and expanding buffers to address future shocks, meeting urgent spending needs, and enhancing growth prospects,” he said.

    Nigeria’s economic growth pegged at 3%

    The IMF also pegged Nigeria’s economic growth in 2025 at three per cent. The projection for Nigeria was lower than 3.2 per cent it announced in October 2024 outlook. The IMF also projected that global economic growth will dip to 2.8 per cent this year, and three per cent in 2026. Both forecasts were released in the World Economic Outlook (WEO) report presented at the ongoing at the ongoing IMF/World Bank Spring meetings in Washington DC. The projection represents a downgrade from the IMF’s estimate of 3.2 percent announced in October 2024, according to the fund’s World Economic Outlook (WEO) report presented at the ongoing spring meetings on Washington DC.

    Equally speaking during the G-24 press briefing in US, the Minister of Finance and Coordinating Minister of the Economy, Edun, said the IMF will continue to provide safety net and development finance for economies at this period of heightened global uncertainties. He said: “Bretton Wood institutions stand ready to do anything other than, on the one hand, provide safety net, on the other hand, continue to provide development finance, if anything, at this time of heightened global uncertainty.” Edun said the IMF stands ready and very much really capable to help countries to navigate this particular time and to continue to encourage good policy making, to encourage building of resilience, building of buffers, and effectively stay in the course for those who are actually on the path to growth.

    Debt restructuring

    During the meeting, the IMF highlighted the serious consequences of rising trade tensions and tariff hikes on the global economy, warning that they could tighten financial conditions in many countries. In its report titled “Toward a Better Balanced and More Resilient World Economy,” IMF Managing Director Kristalina Georgieva cautioned that prolonged uncertainty heightens the risk of financial market stress. She noted that smaller advanced economies and most emerging markets, which heavily rely on trade, are particularly vulnerable. Georgieva also pointed out that low-income countries face declining aid flows as donor nations focus on domestic priorities, urging emerging markets to maintain exchange rate flexibility as a buffer against shocks.

    “Policymakers can look to the IMF’s Integrated Policy Framework for insights on how and when temporary measures may be warranted. Tighter budget constraints will entail difficult choices everywhere—but nowhere more so than in low-income countries. Here, weak revenues necessitate stronger efforts for domestic resource mobilisation, but also call for support from international partners—both to improve capacity for reforms and to secure crucial financial assistance,” she said.

    She called on countries with unsustainable public debt to move proactively to restore sustainability, including in some cases by taking the difficult decision to seek debt restructuring. Explaining further on the impacts of these tensions, she said that uncertainty is costly. “The complexity of modern supply chains means imported inputs feed into a broad range of domestic products. The cost of one item can be affected by tariffs in dozens of countries. In a world of bilateral tariff rates, each of which may be moving up or down, planning becomes difficult. The result? Ships at sea not knowing which port to sail to; investment decisions postponed; financial markets volatile; precautionary savings up. The longer uncertainty persists, the larger the cost,” she disclosed.

  • A bold step towards maritime revival

    A bold step towards maritime revival

    Nigeria has launched a bold maritime comeback with the unveiling of Unity Shipping Worldwide—a landmark joint venture between NNPC Shipping Limited (NSL), Stena Bulk, and Caverton. This historic collaboration represents a strategic rebirth of Nigeria’s shipping identity, aligning with the federal government’s drive for local content, industrial reform and economic expansion. The venture aims to redefine Nigeria’s shipping capacity, enhance global trade and position the country as a key player in international energy logistics, reports Associate Editor ADEKUNLE YUSUF

    In a bold move to revive Nigeria’s maritime heritage and strengthen its position in global energy logistics, the Nigerian National Petroleum Company (NNPC) Limited has launched a landmark joint venture—Unity Shipping Worldwide. This strategic collaboration brings together NNPC’s shipping arm, NNPC Shipping Limited (NSL), global shipping giant Stena Bulk, and leading indigenous logistics firm Caverton. It marks a significant milestone in Nigeria’s quest to re-establish a national fleet and deepen its participation in international shipping.

    The journey to this moment began in 2018 when NNPC, seeking to streamline its crude oil and petroleum product logistics, consolidated its maritime operations under NSL. This move reflected a long-term ambition: to build a modern, efficient and globally competitive fleet that could serve Nigeria’s energy trade and capture value lost to foreign shipping operators. Seven years later, that ambition is taking shape through Unity Shipping Worldwide—a commercially driven and globally aligned venture.

    For decades, Nigeria’s attempts to build a national shipping line have met with failure, most notably the collapse of the Nigerian National Shipping Line (NNSL). The absence of a functional national fleet has left the country overly reliant on foreign vessels, resulting in lost revenues, missed employment opportunities, and weakened control over its energy exports—despite being the world’s eighth-largest oil exporter and the top producer in Africa. Unity Shipping Worldwide is designed to correct this imbalance.

    Unlike past efforts, this venture is structured on sound business principles and leverages private sector expertise. Caverton brings robust local experience in oil and gas logistics, having served major clients including Shell, Chevron, Total, and Nigeria LNG. The company’s deep operational knowledge and extensive infrastructure make it a crucial partner in navigating the Nigerian maritime landscape. Stena Bulk, a global leader in tanker operations and fleet management, contributes cutting-edge maritime technologies, international best practices, and a solid track record of successful joint ventures, such as the Stena Sonangol Suezmax Pool. Together, the trio is forming a strong and sustainable fleet that will elevate Nigeria’s maritime profile and increase its share in global shipping revenue.

    But Unity Shipping Worldwide is more than just vessels and logistics. Industry experts say it represents a strategic step toward national self-reliance, job creation and local capacity development. The venture is expected to create new opportunities for training, technology transfer, and employment for Nigerian maritime professionals. It also aligns with the Federal Government’s broader vision for industrial reform, local content development, and economic diversification. As global oil shipping demand continues to surge, Unity Shipping Worldwide positions Nigeria to benefit more directly from its oil exports by controlling more of the transportation value chain. With its powerful mix of local insight and global expertise, the venture is set to transform the nation’s shipping capabilities and restore its maritime standing on the world stage. With Unity Shipping Worldwide now launched, Nigeria signals to the world that it is not only ready to reclaim its place at sea but determined to lead with purpose, precision, and pride.

    An ambitious project launched with strong endorsements

    The formal launch of Unity Shipping Worldwide took place at the NNPC Towers in Abuja, marking a significant milestone in Nigeria’s energy and maritime sectors. The event was attended by the Senior Management Team of the Nigerian National Petroleum Company (NNPC) Limited, led by Group CEO, Mr. Bayo Ojulari. In his remarks, Ojulari emphasised NNPC’s readiness for sweeping transformation, highlighting shipping as a crucial pillar in the company’s strategic ambitions. “NNPC is geared for a major transformation, and our objectives are clearly defined. Shipping is a critical part of this journey, and we anticipate a historic and unprecedented evolution for both the industry and NNPC, with strong backing from all levels of government,” he said.

    Industry experts have welcomed the establishment of the new joint venture, noting that it positions NNPC to strengthen and expand its global presence in the maritime space. The initiative has also been lauded for reviving Nigeria’s shipping identity and aligns closely with the federal government’s broader agenda of promoting local content across key sectors. Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, praised the partnership as a transformative step for Nigeria’s energy landscape. During a courtesy visit by Unity Shipping partners in Abuja, the minister said: “Unity Shipping Worldwide is a product of President Bola Tinubu’s visionary leadership and commitment to industrial reform. It reflects the kind of impact-driven collaboration that will reshape our energy sector and enhance Nigeria’s standing in the global economy.”

    He added, “For us to maximise expected profitability and deliver long-term value to the nation, every sector of the industry must be actively firm and aligned with one another. UNITY represents a practical example of the government’s local content aspirations becoming reality. I am pleased to see a Nigerian company (Caverton) at the heart of this strategic partnership. It is not only a reflection of our commitment to inclusive development but also ensures national participation.

    “Whatever we need to do as a government and as shareholders will be done to ensure that NNPC has the best deal in the overall interest of Nigerians. We will support this partnership with every power that we have. So, congratulations to all the parties as we look forward to seeing how this will be implemented for the benefit of all of us,” he stated.

    The Unity Shipping Worldwide initiative has also received strong endorsement from the Minister of Marine and Blue Economy, Adegboyega Oyetola. Welcoming the Unity Shipping partners to the Ministry, the Minister described the venture as a clear reflection of the current administration’s aspirations for indigenous participation and international collaboration in maritime operations. “This initiative aligns perfectly with our national objectives. The detailed presentation of the business model is commendable and shows clear foresight. I am truly excited today. After the collapse of the Nigerian National Shipping Line (NNSL), we established a committee to explore the possibility of reintroducing a national flag carrier through a Public-Private Partnership (PPP) arrangement,” Oyetola stated.

    Oyetola emphasised his belief in private sector leadership, noting, “Government should not be directly involved in managing certain operations. It is far more effective to allow a capable private entity like Caverton to lead a venture of this scale.” He reaffirmed the federal government’s support for indigenous initiatives, describing Unity Shipping as “a perfect and laudable achievement in line with President Bola Tinubu’s Renewed Hope Agenda.”

    Olabode Makanjuola, CEO of Caverton, described Unity Shipping Worldwide as the culmination of nearly a decade of planning and strategic groundwork. He highlighted the joint venture as a transformative effort that blends deep local insight with global standards to reposition Nigeria as a maritime power. “This venture is the result of years of dedication and strategic vision. By integrating local expertise with international best practices, Unity Shipping Worldwide will not only advance Nigeria’s maritime capabilities but also serve the broader sub-Saharan African region,” Makanjuola said. He expressed gratitude for the opportunity to launch under the current administration and assured stakeholders of Caverton’s readiness to deliver. “It has indeed been a labour of love. I am humbled and grateful that this initiative is coming to life at this time. We are fully committed to building shipping capacity that reflects global standards and meets Nigeria’s long-term development goals.”

    Erik Hånell, President and CEO of Stena Bulk, also expressed strong support for the partnership, describing it as a strategic step that will enhance operational efficiency and promote sustainability in Nigeria’s dynamic energy landscape. “We are proud to join forces with NNPC and Caverton Marine in this landmark venture. This collaboration fits seamlessly with our strategy of expanding into high-potential markets while maintaining our core values of operational excellence and environmental responsibility. Nigeria’s energy sector is undergoing a significant transformation, and we are honoured to contribute to that progress.”

    Read Also: Nigeria’s diversity can propel greatness with unity, equity, justice – Ohanaeze PG

    Hånell added, “I believe this initiative has the potential to reshape the future of shipping in Nigeria, particularly in facilitating the global export of Nigerian oil. We are embarking on a journey that reflects the aspirations of the Nigerian government, and we are fully committed to its success.”

    Panos Gliatis, Managing Director of NNPC Shipping, also addressed the gathering, describing the partnership as a major step forward in the company’s strategic evolution. “This collaboration marks a defining moment in NNPC’s ongoing drive to modernise Nigeria’s maritime infrastructure,” Gliatis said. “By joining forces with Stena Bulk and Caverton Marine, we are building a powerful platform that will not only enhance domestic refining and facilitate more efficient import and export operations but also elevate Nigeria’s position in global energy logistics.”

    He noted that the initiative is not merely a commercial venture but a strategic advancement aimed at restoring Nigeria’s maritime presence on the world stage. The success of Unity Shipping Worldwide, he added, will rely on collaborative innovation and agile operations—both key to achieving self-sufficiency in shipping, securing Nigeria’s stake in the global energy landscape, and realising long-term economic aspirations.

    As Unity Shipping Worldwide embarks on its ambitious journey, industry stakeholders see it as a powerful symbol of what strategic collaboration can achieve. The joint venture between NNPC, Caverton Marine, and global shipping giant Stena Bulk is more than just a business initiative—it represents a bold commitment to reshaping Nigeria’s maritime future. Experts agree that the venture embodies the transformative potential of public-private partnerships, signaling a new era for indigenous capacity development and global competitiveness in the shipping and energy sectors. With a clear vision, strong institutional backing, and experienced leadership at the helm, Unity Shipping Worldwide is poised to redefine maritime transportation in Nigeria. The partnership is expected to enhance domestic refining, streamline import and export logistics, and restore Nigeria’s standing in international maritime trade.

    Beyond economic gains, the venture aligns with national priorities for infrastructure development, local content participation, and energy security. Its launch marks a decisive step toward achieving self-reliance in shipping and strengthening Nigeria’s role in global energy logistics. As the sails rise and the course is set, Unity Shipping Worldwide stands not just as a vessel of commerce—but as a symbol of national ambition and a beacon for the future of Nigeria’s maritime industry.