Year: 2025

 

The Debt Management Office on Monday held an investor meeting in Abuja for the issuance of the N300 billion Series Seven Sovereign Sukuk.

 

Director-General of the DMO, Patience Oniha, said the Sukuk had since its debut in 2017 become a preferred instrument for non-interest investors in the capital market.

 

Oniha noted that the growing acceptance of Sukuk affirms one of DMO’s core mandates—developing the domestic capital market while raising funds for the Federal Government.

 

She said a total of N1.09 trillion had been raised through Sovereign Sukuk between 2017 and 2023, with the funds supporting infrastructure development.

 

“For the seventh series, the plan is to raise N300 billion to further finance capital projects,” Oniha said.

 

She recalled that the first Sukuk was issued in September 2017 after an extensive marketing effort, with the N100 billion offer receiving a total subscription of N105.878 billion.

 

“With this amount, more than 4,100 km of roads and nine bridges across the six geo-political zones in Nigeria and the Federal Capital Territory (FCT) have either been constructed or rehabilitated,” she said.

 

Oniha highlighted the benefits of the projects, including reduced travel time, improved road safety, job creation, better access to markets for rural farmers, and improved access to education and healthcare services.

“In addition to those benefits, other reasons for the sustained issuance are the fact that the Sukuk is project-tied, promotes financial inclusion and contributes to the development of the domestic financial market,” she added.

 

She noted that past Sukuk issuances had received strong investor interest. “Investors get fulfillment of contributing to infrastructure development, and also get a return in terms of income which is paid every six months,” she said.

 

Oniha stated that financial advisers play a key role in the issuance process, including structuring the Sukuk, managing the offering, and facilitating investor participation.

 

Attahiru Machido, representing Buraq Capital Limited, financial advisers to the transaction, said the initiative aims to bridge the country’s infrastructure gap.

 

“The roads must remain usable throughout the lifespan of the Sukuk,” he said.

 

Olalade Agboola of Greenwich Merchant Bank, a mandated Issuing House, said the Sukuk carries a rental rate of 19.75 percent, with a seven-year tenor. She said the rental would be paid bi-annually, while the principal would be paid at maturity.

 

Nigeria’s U-20 national team, the Flying Eagles, have secured a place in the semifinals of the Africa Cup of Nations U-20 tournament and qualified for the FIFA U-20 World Cup after a dramatic penalty shootout victory over Senegal.

 

The tightly contested knockout stage encounter ended goalless after regular and extra time, with both teams unable to find the back of the net.

 

Ultimately, it was Nigeria who triumphed 3–1 in the penalty shootout.

 

The match, held in the knockout stage of the continental youth championship, saw the two sides locked in a stalemate throughout regulation and extra time.

Despite numerous attempts from both sides, neither team could break the deadlock, leading to a penalty decider.

 

Nigeria converted three of their spot-kicks, while Senegal managed only one, allowing the Flying Eagles to clinch the win and progress to the last four of the competition.

 

The result not only sends Nigeria into the semifinals of the U-20 AFCON but also confirms their place in the upcoming FIFA U-20 World Cup.

 

The Chairman of Gwer West Local Government Area in Benue State, Victor Ormin, has announced a daily restriction on movement into and out of the council area from 6.30pm.

 

Speaking to our correspondent by phone on Monday, Ormin explained that the decision was a precautionary measure to curb the continued loss of lives and ensure residents’ safety.

 

“Due to escalating insecurity in Gwer West LGA territory, I have directed that people coming into Gwer West LGA and those going out to other places are to do so within the stipulated time of 6:30pm,” he said.

 

The chairman disclosed that two people were killed Monday morning along the Makurdi–Naka Road by suspected armed herders. “For instance, today, two people were killed along Makurdi/Naka road and their motorcycle was burnt down,” he added.

 

According to Ormin, the local government has witnessed daily killings, leaving many communities in fear.

“Some people passed through our territory without knowing there is problem, but now we have come out publicly and warned them,” he said. “But if they insist, let it not be that we did not give warning.”

 

Gwer West LGA borders several other local councils including Gwer East, Makurdi, Otukpo, and Agatu, and also serves as a critical communication link between Makurdi and Ankpa in Kogi State, as well as the Makurdi/Otukpo/Enugu federal highway.

 

He emphasized that the restriction is temporary and will be reassessed as the security situation improves.

 

Gwer West has long been a hotspot for violence, suffering some of the worst attacks by suspected Fulani herdsmen over the past decade.

 

All 15 council wards have been affected, with many communities deserted and now reportedly occupied by armed herders, he noted.

 

The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, de-escalating a trade war that has roiled financial markets and raised fears of a global economic downturn.

After their first talks since US President Donald Trump launched his trade war, the world’s two biggest economies agreed in a joint statement to bring their triple-digit tariffs down to two figures and continue negotiations.

US Treasury Secretary Scott Bessent described the weekend discussions with Chinese Vice Premier He Lifeng and international trade representative Li Chenggang as “productive” and “robust”.

“Both sides showed a great respect,” Bessent told reporters.

Trump had imposed duties of 145 percent on imports for China last month — compared to 10 percent for other countries in the global tariff blitz he launched last month.

Beijing hit back with duties of 125 percent on US goods.

The United States agreed to lower its tariffs on Chinese goods to 30 percent while China will reduce its own to 10 percent.

China hailed the “substantial progress” made at the talks, which were held at the discreet villa residence of Switzerland’s ambassador to the United Nations in Geneva.

“This move… is in the interest of the two countries and the common interest of the world,” the Chinese commerce ministry said, adding that it hoped Washington would keep working with China “to correct the wrong practice of unilateral tariff rises”.

Stock markets and the dollar, which tumbled after Trump unleashed his global tariff blitz in April, rallied after the announcement.

– Fentanyl ‘cooperation’ –

The US tariff rate remains higher than China’s because it includes a 20-percent levy put in place over US complaints about Chinese exports of chemicals used to make fentanyl, US Trade Representative Jamieson Greer told reporters.

“Those remain unchanged for now,” he said, adding though that “both the Chinese and United States agreed to work constructively together on fentanyl and there is a positive path forward there as well”.

In their joint statement, the two sides agreed to “establish a mechanism to continue discussions about economic and trade relations”.

“I think we leave with a very good mechanism to avoid the unfortunate escalations,” Bessent said, noting that the tariffs had essentially created a trade “embargo” between the two superpowers.

 

He added that “the nature of what has happened since April 2 could have been avoided if we had had this kind of mechanism in place”.

 

The Chinese commerce ministry said “the two sides will conduct rolling consultations on a regular or ad hoc basis in China, the US or agreed third countries”.

 

– ‘Uncertainties’ remain –

 

Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note the outcome of the weekend meeting was particularly a “success” for Beijing.

 

“China took a tough stance on the US threat of high tariffs and eventually managed to get the tariffs down significantly without making concessions,” he said.

 

Wang Wen, Dean of Chongyang Institute for Financial Studies at Renmin University of China, said the agreement had “exceeded expectations”, hailing “the biggest easing of tensions… since the global tariff war” began.

 

He cautioned though that “uncertainties” remained, warning that without progress over the next 90 days “it is possible that the tariff war will resume”.

 

The trade dispute between Washington and Beijing has rocked financial markets, raising fears the tariffs would rekindle inflation and cause a global economic downturn.

 

The Geneva meeting came days after Trump unveiled a trade agreement with Britain, the first with any country since he unleashed his flurry of global tariffs.

 

The head of the World Trade Organization, Ngozi Okonjo-Iweala, praised the talks on Sunday as a “significant step forward” that “bode well for the future”.

 

“Amid current global tensions, this progress is important not only for the US and China but also for the rest of the world, including the most vulnerable economies,” she added.

 

AFP

 

Ukrainian President Volodymyr Zelensky on Monday invited Pope Leo XIV to Ukraine during their first phone call, in which he also thanked the newly installed pontiff for urging peace in Ukraine.

 

“I invited His Holiness to make an apostolic visit to Ukraine. Such a visit would bring real hope to all believers, to all our people,” Zelensky said in a post on social media.

 

The two leaders also discussed “the thousands of Ukrainian children deported by Russia”, Zelensky said, adding that Kyiv was counting on the Vatican’s help in returning them home.

 

“No more war!” Leo had urged from the balcony of St Peter’s Basilica to thousands gathered to hear his first prayer on Sunday.

 

He appealed for a “genuine, just and lasting peace” in Ukraine, echoing his predecessor Francis.

Francis, who never visited Ukraine, had sparked frustration through his failure to clearly condemn Russia for the invasion and by calling for Ukraine to raise the “white flag”.

 

Kyiv however had recognised the Vatican’s efforts in mediating prisoner exchanges and the return of children taken to Russia from occupied parts of Ukraine.

 

Zelensky also said that he had told Leo about a joint ceasefire offer by Ukraine and its allies and that the two had agreed to “plan an in-person meeting in the near future”.

AFP

 

The Ondo State Muslim Welfare Board says the first batch of 316 pilgrims have departed to Saudi Arabia.

 

State Board Chairman, Alhaji Dhikirulahi Chandy-Adam, made the disclosure in a phone interview with the News Agency of Nigeria on Monday.

 

Chandy-Adam, who explained that the pilgrims had already been vaccinated for yellow fever and meningitis, said that the first batch would depart by 1 p.m on Monday.

 

According to him, arrangements have started this morning for those who will first be airlifted to Mecca.

 

“In Ondo State, 735 intending pilgrims will go through the state to the holy land.

“Moreover, today the first batch, which comprises 316 intending pilgrims, will depart from Ilorin International Airport to Saudi Arabia.

 

“The second and third batch will take-off on Tuesday and Wednesday respectively,” he said.

 

Chandy-Adam, therefore, called on the pilgrims to go along with their faith, believe and fear of Allah for them to have a successful exercise.

 

The board chairman also urged them to abide by the rules and regulations of the authorities of Saudi Arabia.

 

(NAN)

 

A man has lost his life while two others sustained varying injuries in an accident that occurred along the Trade Fair–Agbara route at Iyana Era Bus Stop, Lagos State.

 

The accident, which involved a commercial blue Mack truck with the registration number AKD 579 XM, and a private silver Lexus saloon car with a registration number LSR 545 JN, occurred on Monday.

Lagos auto crash

Lagos accident scene. Photo: FRSC

The Public Education Officer of the Federal Road Safety Corps state’s Sector Command, Elizabeth Jayeola, revealed this in a statement.

 

Jayeola said five adult males were involved in the crash.

She attributed the accident to speed violation and loss of control.

Lagos accident scene. Photo: FRSC

She added that the injured victims had been rushed to Alimosho General Hospital for necessary medical treatment, while the remains of the deceased, still trapped in the car, had been towed to the Ijanikin Police Station.

 

The statement partly read, “Preliminary investigations by FRSC indicate that the crash was caused by speed violation and loss of control, despite the smooth condition of the road. The violent impact of the crash led to the death of one male adult, while two others sustained varying degrees of injuries.

 

“The emergency response team arrived at the scene within 4 minutes of the report and worked swiftly to manage the situation. Injured victims were immediately referred to Alimosho General Hospital for medical attention.

Lagos accident scene. Photo: FRSC

“In an effort to ensure public safety and prevent further chaos from the growing crowd at the scene, the Lexus vehicle with the deceased trapped inside was towed by an Ayab recovery truck to the Ijanikin Police Station. The Mack truck was also cleared off the road by the FRSC tow truck, restoring free flow of traffic.”

 

“The FRSC Lagos Sector Commander, Corps Commander, Kehinde Hamzat, expresses heartfelt condolences to the family of the deceased and wishes the injured a speedy recovery. He reiterates the Corps’ commitment to road safety and calls on all motorists to avoid speeding and always maintain full control of their vehicles.”

 

 

The Electoral Committee of the Lagos State chapter of the All Progressives Congress has said candidates for the Lagos Mainland Local Government Area and the Yaba Local Council Development Area will emerge by consensus.

 

This followed the failure of the candidates to emerge on Saturday at the primaries conducted by the party in Ikeja to produce candidates for the July 12 local government elections in Lagos.

 

Of the 20 LGAs and 37 LCDAs, the party was able to produce 55 candidates on Saturday among the about 500 party members who aspired for the chairmanship seats at various councils.

 

Speaking in a telephone interview with The PUNCH on Sunday, the chairman of the electoral committee, Babatunde Ogala (SAN), said the party had been able to resolve candidacy for the remaining two councils.

 

“By the grace of God, we have resolved the issues, and our candidates are emerging by consensus.

 

“It will be by consensus of the members, and I can assure you that there will be no protest,” Ogala told The PUNCH.

 

Speaking on how the committee, and by extension, the party, was able to handle the numerous aspirants to produce 57 candidates, he said, “We engaged, and many people withdrew. We negotiated the exit, and the aspiring party members respected the party, and to help the party, they also made sacrifices.”

 

He said the candidates for the remaining two councils would be announced soon.

 

“You will see our full list in the next couple of hours,” he said on Sunday evening.

The PUNCH had yet to get the list as of the time of filing this report.

 

Meanwhile, sources within the party maintained that the aspirants in the areas were not yielding to consensus amid a marathon meeting of the party.

 

“They were in a marathon meeting on Sunday. Aspirants are not agreeing on consensus. (But) The party leaders don’t want them to vote.

 

“(President Bola) Tinubu already warned them not to impose,” a member of the party privy to the developments said on condition of anonymity.

 

Some aggrieved members of the party had on Saturday protested against what they described as the imposition of candidates in the Lagos Mainland LGA and Yaba LCDA.

Opposing the primary methods, the aggrieved APC members held a protest on Apapa Road in Ebute Metta, and they later took the demonstration to Arise TV on Victoria Island.

 

At the Saturday primary, no election or consensus was reached for the two aforementioned councils, while candidates emerged via consensus, and some others were selected through voting by delegates for the other 55 councils.

 

The spokesperson for the APC, Seye Oladejo, denied the alleged imposition of candidates, a position that was also echoed on Sunday by the electoral committee chairman, Ogala.

 

Stakeholders at a one day legislative media symposium organised in Abeokuta by the Forum for Governance, Leadership and Values have decried the subservient nature of the legislative arm to the executive arm of the government in the country.

 

They insisted that this undemocratic posture is a major hindrance to good governance and desired democratic growth in the country.

 

The symposium with the theme “Enhancing The Value Of The Legislature In Nigeria’s Democratic Process” also featured the decoration of the Senator representing Ogun West, Solomon Adeola as the Legislative Icon in Nigeria.

 

Lawal Orisadare, while speaking on behalf of the Forum on Sunday, emphasised that deliberate effort is needed and must be made to strengthen the independence of the legislative arm of government, which has almost become a beggar in the hands of the executive arm.

 

He explained that the theory of separation of powers, which gave birth to the three arms of government, the executive, the judiciary and the legislature, is to prevent abuse of power and promote accountability and good governance.

 

The lawyer, however, lamented that the legislatures have not fared so well in this regard, having been almost pocketed by the executive arm of the government.

 

He said that the legislature must be able to exercise the power to make laws that will address the needs of Nigerians and promote good governance.

 

Orisadare added that “The law must enhance the legislature’s ability to represent the interests of Nigerians, particularly marginalized groups and hold their executive accountable for their actions.

 

“The Legislatures must be strengthened to conduct effective oversight monitoring of the executive activities and ensure transparency and accountability in governance.”

 

Delivering his lecture on the theme of the symposium, Professor of International Relations, Obafemi Awolowo University, Ile Ife, Moshood Omotosho lamented that corruption and lobbying by powerful political mafias are major obstacles to effective lawmaking in Nigeria’s legislative arm.

Prof. Omotosho listed the challenges facing the legislature to include political gridlock, corruption, and the influence of special interest groups.

 

“The legislature’s ability to make effective laws can be affected by factors like political gridlock, corruption, and the influence of special interest groups, i.e., lobbying by powerful political mafia in the state, major power brokers, and political cabals.

 

“The relationship between the executive and legislature can be strained, leading to conflicts that hinder effective governance due to differing priorities and power struggles,” Prof. Moshood explained.

 

The university lecturer has however urged the legislators not to compromise their crucial roles of the legislature in stabilizing democratic governance through law-making and promoting good governance, amongst others, despite the challenges.

The Federal Commissioner, Public Complaints Commission, Morakinyo Akinleye who represented Senator Olamilekan in his submission at event, described the Ogun West Senator as a thoroughbreds legislator who has remained committed to using the instrument of lawmaking to expand frontiers of good governance not only in Ogun State but across the country.

 

He said, “The legislators are representatives of the people at the grassroots. Senator Solomon Adeola fondly called Yayi should be commended for managing the committee’s responsibilities. He knows the people and knows what they want.”

 

Also, the convener of the event, Bolaji Adeniji disclosed that the purpose of the symposium was to have a conversation on how the legislature can add value to society, calling for support for legislators for effective representation.

 

Adeniji said “We are here today to have a conversation on how the legislature can add value to society.

 

“There has been a lot of backlash against the legislature as being in cahoots with the executive, but we know that the legislatures are doing well and their roles cannot be underestimated.

 

“What we need to do is to support them to do the right thing for the people. We are happy that somebody like Senator Adeola Olamilekan, a key pillar of the National Assembly, is being honoured here today. Not just for his contribution to the national assembly but for the people he represents”.

 

The National Chairman of the All Progressives Congress, Abdullahi Ganduje, has strongly dismissed claims that he intends to join the opposition Peoples Democratic Party.

 

Ganduje stated that the PDP was dead while the APC is gearing up for a decisive victory in the 2027 elections.

 

This was in response to a claim by the former Jigawa State Governor, Sule Lamido, that the APC would collapse and former PDP members like himself would return.

 

Lamido on Sunday said, “I’m confident that all those who left the PDP will return, including Ganduje, because very soon, the APC will burst and split into factions, having accommodated people with different mindsets.

 

“I said it, and I repeat: within six months, all those who defected to the APC will come back, and the PDP will rise with full force to wrest power in 2027.”

 

In a statement in Abuja on Monday by his Press Secretary, Edwin Olofu, the APC National Chairman dismissed the claim as unfounded and irrational.

 

Ganduje said instead of rejoining the PDP, it was Lamido who would soon join the APC.

He stressed that he has no reason to leave the ruling party for what he called a “failing opposition.”

 

The statement read, “Ganduje predicted that the PDP will go into extinction by the end of 2025, based on the internal squabbles in the party.

 

“It is evident to any discerning observer that under the leadership of President Bola Ahmed Tinubu, the APC continues to gain momentum, with prominent political figures across the country defecting to the party in large numbers.

 

“With such overwhelming national support, the APC remains focused on consolidating its achievements and preparing for a resounding victory in the 2027 general elections.

 

“In fact we will soon receive Sule Lamido because very soon he won’t have where to go, the PDP is dead.”

Ganduje expressed pride in his role as APC leader and reaffirmed his commitment to strengthening internal democracy and advancing good governance.

 

He urged Lamido to concentrate on fixing the PDP’s internal issues rather than spreading baseless claims.