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Stop ‘reckless’ borrowing now, Atiku tells Tinubu

Former Vice President Atiku Abubakar has criticised the decision of the President Bola Tinubu-led administration to seek new external and domestic loans, describing the move as reckless and a threat to Nigeria’s economic future.

In a statement on Thursday via X, Atiku said the proposed borrowing of $21.54 billion, €2.19 billion, and ¥15 billion — totaling over $24 billion — would dangerously increase the country’s debt profile, raising concerns about long-term sustainability.

“This borrowing spree will raise our total public debt from ₦144.7 trillion to a crushing ₦183 trillion,” Atiku stated, warning that the new loans represent more than 60% of Nigeria’s total foreign exchange reserves.

He noted that Nigeria’s debt burden has already reached alarming levels, with public debt standing at $94 billion (₦144.7 trillion) as of December 31, 2024.

Atiku further said, “Since President Tinubu assumed office in 2023, public debt has jumped by 65.6%. Under the APC-led administration since 2015, public debt has ballooned by 1,048%, from ₦12.6 trillion to ₦144.7 trillion.”

He decried the country’s debt-to-GDP ratio exceeding 50% and a debt-service-to-revenue ratio of over 130%, arguing that the government is spending more on repaying loans than it earns.

“This is not just unsustainable — it is immoral. The Tinubu administration is borrowing money not for development but to service existing loans, fueling a debt spiral that leaves nothing for infrastructure, education, healthcare, or jobs,” he said.

The former Vice President described the pattern of borrowing as a “Ponzi scheme,” warning that “Nigeria is now caught in a vicious cycle that mortgages the future to pay for the past.”

Calling the plan economic sabotage, Atiku urged immediate action to stop what he described as a looming catastrophe.

“We demand that this reckless borrowing plan be halted immediately. We call on lawmakers, civil society organisations, the media, and the international community to take urgent action to stop this looming catastrophe. Nigeria must not be sold into debt slavery,” he added.

Join fight against corruption, ICPC urges youth

The Independent Corrupt Practices Commission has called for the active involvement of youths in the fight against corruption in the country.

The Resident Anti-corruption Commissioner in Osun State, Yusuf Olatunji, made the call on Wednesday in Osogbo during an anti-corruption competition organised by the Commission in collaboration with the Osun State Government for secondary school students in the state.

The ICPC boss said the fight against corruption is not a one-man war, adding that corruption portends danger to every sector of national life.

“The fight against corruption is not a one-man war; it requires collective responsibility, inter-agency synergy, and above all, the active involvement of our youths.

“The theme of this programme, ‘Corruption: A Virus That We Must Eradicate’, is profoundly relevant and timely. Just like a deadly virus, corruption infects every sector of our national life. It weakens our ever-joined institutions, distorts our values, deprives citizens of basic services, and stifles development.

“Like a virus, corruption mutates, it adapts, finds new hosts, and spreads across generations if left unchecked. And like a virus, it requires a deliberate, strategic, and well-coordinated response involving both prevention and enforcement,” Olatunji said.

Olatunji subsequently advised the younger generation to take the bull by the horns and make a difference in the fight against corruption, urging parents and teachers to be good role models to the younger ones.

He said, “You are not too young to make a difference. Your voices matter. Your creativity matters. Your ideals, when rooted in integrity, are powerful tools that can challenge societal norms and inspire others to do what is right.

“Let me emphasise this: the battle against corruption begins in the mind. It begins with personal choices, choosing to do your assignments honestly, refusing to engage in examination malpractice, reporting injustice when you see it, and treating others with fairness and respect. We must, therefore, continue to invest in character development and civic education. Our educational institutions must become sanctuaries of integrity and innovation.”

In his remarks at the event, the chairman of Osun State Universal Basic Education Board, Mr Ibukun Fadipe, who commended the organisers of the competition, said the state government would establish anti-corruption groups in the secondary schools across the state.

Ground rent hike is coming, says Wike

The Minister of the Federal Capital Territory, Nyesom Wike, has revealed that his administration is considering an increase in ground rent payments, while describing the refusal to pay ground rent and other taxes as his greatest challenge in office.

The PUNCH reports that the FCT administration began sealing properties belonging to ground rent defaulters on Monday. These included the National Secretariat of the Peoples Democratic Party, the National Agency for Trafficking in Persons, the Federal Inland Revenue Service, a branch of Access Bank, and a TotalEnergies filling station.

The leadership of the PDP and the FIRS criticised the actions of the Wike-led FCTA, describing them as unprofessional and an affront to the country’s democracy.

President Bola Tinubu intervened, granting a 14-day ultimatum for the payment of the owed sums, as well as penalties ranging between N2 million and N3 million, depending on locations within the FCT.

Addressing journalists on Wednesday after inspecting ongoing projects in Abuja, Wike lamented that while residents demand infrastructure in the FCT, they fail to support the government by paying their taxes.

He noted that many debtors owe as much as 20 years’ worth of ground rent, despite the fact that the ground rent has remained unchanged for many years.

“My greatest challenge is the refusal of people to pay what they owe. I will elaborate on this in the next media chat. People want facilities, they want infrastructure, but nobody asks where the funds come from. Abuja is not an oil-producing city; we rely solely on taxes. These are not new taxes; they have been in place for years.

“It is unfortunate that many elites own houses overseas. They understand the consequences of not paying taxes abroad — such properties can be forfeited. Yet, when it comes to their own country, they refuse to comply simply because they believe there are no sanctions.

“Look at the arrears — 20, 30 years. And how much is it? We have not increased the ground rent, but we are working towards that, and I can assure you we will do so. The President has granted a two-week waiver. Let no one think that blackmail or intimidation will deter us; we will do what is necessary,” he stated.

The minister also disclosed that he had recently signed over 1,500 Certificates of Occupancy and Deeds of Assignment, while again urging residents to pay their taxes and ground rents to support development in the FCT.

“If you pay your taxes, you will see the difference it makes. That is what we are striving to achieve,” he added.

Schools shut as diphtheria outbreak claims lives in Imo community

A diphtheria outbreak in Mbutu Community, Aboh Mbaise Local Government Area of Imo State, has led to the deaths of several children, prompting an immediate closure of schools in the area.

The exact number of fatalities remains unconfirmed, Daily Trust reports on Wednesday.

The Chairman of Aboh Mbaise LGA, Iheukwumere Alaribe, confirmed the development in a statement issued on May 26, 2025.

Diphtheria, a highly infectious disease caused by the toxin-producing bacterium Corynebacterium diphtheriae, primarily affects the nose and throat but can also impact the skin.

It spreads through respiratory droplets from coughing or sneezing, or via direct contact with infected individuals or contaminated objects.

In response to the outbreak, the local government has taken swift action to curb further spread.

Schools in Mbutu have been temporarily closed, and parents have been advised to keep their children indoors.

“Diphtheria claimed the lives of the children less than a week after its outbreak.

“The chairman stated that the World Health Organisation (WHO), the Department of Disease Prevention and Control in the Imo State Ministry of Health, and health workers from Aboh Mbaise LGA were working tirelessly to investigate and contain the outbreak.

“An isolation centre has been established at Mbutu Health Centre, with health workers deployed to quarantine children who may have been exposed to the disease and to provide care for affected families,” said Godspower Dike, the spokesman for the chairman.

Alaribe also urged parents to take urgent steps to vaccinate their children.

“In light of this outbreak, parents who have not yet vaccinated their children are strongly urged to do so without delay.

“Vaccinations are crucial for preventing the spread of diseases and protecting our children’s health,” he stated.

The chairman’s spokesman, Dike, appealed to the public to remain calm and cooperate with health authorities.

“We encourage the public to remain calm and cooperate with the relevant authorities as we work to control this outbreak. Updates will be provided as more information becomes available,” he added

In the first week of May, the disease killed two children in the Tukur-Tukur community of Zaria, Kaduna State.

Diphtheria is a vaccine-preventable disease.

Health authorities have reiterated the importance of routine immunisation to protect children from preventable diseases like diphtheria.

Nigeria has recorded 25,812 confirmed cases of diphtheria out of 42,642 suspected cases across 36 states, the Federal Capital Territory, and 350 local government areas, with confirmed cases spread across 184 LGAs in 26 states.

PUNCH Online reported that as of March 9, 2025, the outbreak has led to 1,319 deaths, according to the latest situation report from the Nigeria Centre for Disease Control and Prevention, covering the period from week 19 of 2022 to week 10 of 2025.

75-year-old Edo pilgrim dies during Hajj in S’Arabia

A 75-year-old woman from Edo State, Adizatu Dazumi, died during the 2025 Hajj in Saudi Arabia.

Dazumi was from Jattu Uzairue in Etsako West Local Government Area.

PUNCH Online gathered that the pilgrim died on Monday at King Fahad General Hospital in Makkah after a short illness.

The Chairman of the Edo State Muslim Pilgrims Welfare Board, Musah Uduimoh, confirmed her death on Tuesday.

Uduimoh said Dazumi became ill shortly after performing Tawaaf (walking around the Kaaba) and was taken to the hospital on Sunday. She passed away the next day.

“She was buried in Makkah on the same day, according to Islamic tradition, and her family in Jattu Uzairue has been informed,” Uduimoh said.

He sent his condolences to her family and assured other pilgrims that the board is committed to their health and safety.

Presidency debunks fake White House invitation rejection statement

The Presidency on Sunday described as fake and malicious a widely circulated statement claiming that President Bola Tinubu rejected a working visit invitation from the White House due to domestic priorities and aircraft constraints.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, debunked the viral statement via his official X (formerly Twitter) page, dismissing the claims as the handiwork of “disinformation agents, hoax peddlers, fake news propagators, and clickbaiters.”

“Whoever you are, one day, the law will catch you,” Onanuga warned in a strongly worded post, as he shared the image being circulated with a “FAKE NEWS ALERT” overlay.

The forged document, disguised as a “State House Official Statement,” claimed that the Tinubu administration had declined a White House invitation for a working visit to Washington, D.C., citing “critical domestic priorities” and “logistical constraints, including the unsustainability of presidential aircraft for long-distance travel.”

The statement was falsely attributed to Onanuga himself, bearing his name and official designation as the signatory.

However, Onanuga distanced himself from the statement entirely, emphasizing that neither the White House nor the Nigerian Presidency had issued or acknowledged such communication.

The fake release stated that “the Nigerian government remains committed to fostering strong bilateral relations with the United States and looks forward to future opportunities for collaboration.”

Yoruba council hails Tinubu’s IMF loan repayment

The Yoruba Council Worldwide has commended President Bola Tinubu for repaying the International Monetary Fund loan, describing it as a boost for Nigeria’s economy.

President of the group, Mr Oladotun Hassan, praised the move in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos.

Hassan said the President had taken a commendable step towards economic recovery by relieving Nigeria of such a major financial obligation.

“I speak as president of the Yoruba Council Worldwide, representing indigenous Yoruba people at home and abroad, and we appreciate President Tinubu’s bold economic decisions.

“He deserves full support and prayers. He has proven his leadership capacity by ensuring the IMF loan has been successfully repaid,” Hassan said.

He further praised Tinubu’s decision to repurpose looted properties for public benefit, describing it as a clear sign of the fight against corruption.

Hassan also noted the President’s efforts to involve the youth through student loan schemes and the creation of a youth academy.

He stated that Nigeria’s global image is improving, and foreign policy is becoming stronger under Tinubu’s leadership.

“These achievements have brought support from various quarters, even opposition parties, with some endorsing him for a second term,” he said.

He cautioned the Afenifere group against turning the issue of power rotation into an ethnic conflict.

Hassan said Afenifere has the right to support any candidate but should not frame it as an ethnic necessity.

“Democracy isn’t about ethnic entitlement. Let’s assess the President’s performance during his eight years before making such demands.

“If Tinubu can pay the IMF loan, he can also reduce food prices significantly, which we’re already seeing.“Rice prices have dropped from N120,000 to around N50,000 per bag. That’s proof of his economic impact,” he added.

He said the President inherited a struggling system and has focused on rebuilding without blaming others or making excuses.

According to him, Tinubu is giving all Nigerians a chance to thrive through regional development commissions.

“This isn’t politics as usual. Tinubu appoints competent people to handle sensitive positions, not loyalists.

“He is ensuring that every region gets equal attention, regardless of the role of state governors.

“Considering our progress, Tinubu deserves to complete his eight-year term. This isn’t about re-election but continuing a working vision,” Hassan added.

He clarified that his remarks were not intended to criticise former Vice President Atiku Abubakar.

He said opposition figures like Atiku should focus on supporting good governance rather than forcing themselves into power.

“Leadership can mean promoting good governance through cooperation, not just competition.

“There’s no reason Peter Obi and Tinubu can’t collaborate. They met in Rome and shared smiles, showing potential unity.

“They are not enemies. Nigerians should focus on how to support this government for the common good,” Hassan said.

The Federal Government recently confirmed repayment of the $3.4bn IMF emergency loan taken during the COVID-19 pandemic.

Minister of Information, Mohammed Idris, said the repayment, approved by President Tinubu, restores Nigeria’s fiscal credibility.

He said it also addresses financial burdens inherited from past administrations.

Error or Fraud? How GTBank Ruined a Corporate Customer’s Business and Life Over a Missing Deposit

While Guaranty Trust Bank (GTBank) continues business as usual—most recently celebrating its annual Food and Drinks Festival—one of its corporate customers has been left destitute, his business ruined and life upended after trusting the bank with his money. His ordeal began last year when he attempted to move his funds to another bank after discovering unauthorized transactions on his account during GTBank’s infamous system upgrade.

According to a source close to the victim, the problem began more than seven months ago during the bank’s system upgrade. Unauthorized transactions were being made from his account, yet he was locked out and had no access to monitor or prevent the activity. Alarmed by alerts showing withdrawals he didn’t authorize—and unable to access the account—the businessman, whose supply business operations depended entirely on that account, did what any rational person would do: he decided to move his funds to another institution.

When partial access was eventually restored, he initiated a transfer to move his funds. The account was debited, but the money never arrived at its destination. It has remained “pending” or “hanging” ever since.

The source revealed that the victim immediately rushed to the bank to fill out the necessary dispute forms, desperate to save his business. His corporate account held his entire capital, operational funds, and staff salaries. Despite assurances that the issue had been resolved, and despite repeated visits to the bank, the funds—several millions of naira—are still unaccounted for.

The only glimmer of hope came when his account officer reportedly informed him that the failed transaction had finally been marked as such and that the funds would be reversed into his account. That was nearly six months ago, yet nothing has been done.

Frustrated, he enlisted the help of a lawyer—also a personal friend—to write multiple letters to GTBank. When these yielded no result, he had no choice but to initiate legal proceedings against the bank.

A disturbing trend has emerged in how GTBank handles legal disputes. The bank, one of Nigeria’s most influential financial institutions, often engages Senior Advocates of Nigeria (SANs) to stretch litigation indefinitely. A notable example is the long-standing case between GTBank and Innoson Motors, which has dragged on for nearly two decades despite what appeared to be a final Supreme Court judgment in 2019—later reversed due to technicalities.

GTBank’s reluctance to admit fault, even when evidence appears damning, suggests a strategy designed to frustrate and exhaust complainants. In this case, the aggrieved businessman now risks not only losing his business but also his entire livelihood.

One might expect the Central Bank of Nigeria (CBN), as the nation’s top financial regulator, to intervene in such situations. However, the CBN’s silence on past controversies involving GTBank casts doubt on whether the aggrieved party can obtain justice through that channel.

The broader implications are dire. If issues like this continue to go unchecked, they could undermine President Bola Ahmed Tinubu’s campaign to attract foreign investment. No serious investor will commit funds in a system where depositors’ money can vanish without resolution or accountability.

In countries like the United States, banks face heavy sanctions and are required to compensate customers promptly for unauthorized or erroneous transactions. Nigeria must adopt similar standards if it hopes to restore public confidence in the banking sector.

Meanwhile, the customer’s life has deteriorated rapidly. He is reportedly preparing to withdraw his children from private school and move them to public institutions, having lost most of his clients due to his inability to fulfill transactions for over seven months. What initially seemed like a system error is increasingly looking like a case of corporate negligence—or possibly outright banking fraud.

Elite 18 Golf Club Honours Aare Adetola Emmanuelking with Nigeria’s First-Ever Noble Golfer Award

In a groundbreaking moment for Nigerian sports and business leadership, Aare Adetola Emmanuelking, Chairman and CEO of Adron Group, has been bestowed with the first-ever Noble Golfer Award in Nigeria by the prestigious Elite 18 Global Golfers.

The historic recognition celebrates Aare Emmanuelking’s exceptional commitment to the promotion and development of golf and sports in general. The award was presented during a high-profile ceremony graced by influential figures from the worlds of sports, real estate, and business.

According to the Elite 18 Global Golfers, Aare Emmanuelking emerged as the unanimous choice for this maiden award due to his dedication to growing the game of golf in Nigeria and fostering broader sports advancement. His contributions have not only elevated golf as a sport but have also redefined how it is perceived and accessed in the country.

A true visionary, Aare Emmanuelking is leading the development of one of Nigeria’s most ambitious and world-class golf courses, an iconic project aimed at transforming leisure, tourism, and athletic excellence in the nation. This is complemented by his latest initiative: constructing modern golf driving ranges in all Adron Homes estates across Nigeria. These projects aim to democratize access to golf, promote wellness, and foster community bonding within Adron’s residential environments.

Speaking at the award presentation, Aare Emmanuelking expressed heartfelt gratitude for the recognition, emphasizing his belief in the power of sports.

The Elite 18 Global Golfers commended his innovative integration of real estate development with world-class sports infrastructure, calling his work “a blueprint for future-forward community living” and a bold step toward positioning Nigeria as a hub for global golfing events.

As Aare Adetola Emmanuelking continues to break new ground in real estate and sports development, the Noble Golfer Award stands as a powerful affirmation of his enduring legacy, one that blends vision, excellence, and a passion for empowering the next generation.

NCDMB visits MT Group’s facilities, pledges support for firm’s valves manufacturing plans

A delegation from the Nigerian Content Development and Monitoring Board (NCDMB) on Wednesday visited MT Valves West Africa Free Zone at Lekki Free Zone, Lagos, to assess the firm’s operations and plans to invest in a 15,000 tons per year valves manufacturing facility.

The company is a subsidiary of MT Group, a global manufacturer of industrial valves, with presence across Africa, Middle East and Asia, manufacturing 60,000 tons of valves per year from its plant at Abu Dhabi, United Emirates and cutting-edge research and development center and manufacturing base at Shanghai, China, the global headquarters.

The Board’s delegation was led the Special Technical Assistant to the Executive Secretary, Engr. Harmony Kunu, Manager Media and Publicity, Dr. Obinna Ezeobi and Manager Commercial Ventures, Ms. Chika Enwerem.

MT Valves West Africa was represented by the Managing Director, Mr. Thomas Zhang and Sales Director, Mr. Elliot Aigbokhade and they hinted that their company specializes in the design and supply of various kinds of industrial valves to the oil and gas industry, petrochemical and allied sectors and is currently a vendor to Shell in Nigeria, despite just setting up in a Nigeria a few years ago.

Taking the Board’s officials through company’s plans and shop floor, the representatives said their operations in Nigeria are in adherence to the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. The firm has started the processes of establishing an advanced manufacturing workshop at Lekki Free Zone, which would serve as a hub for value addition locally, capacity building and compliance with national development objectives, they said.

They asserted that no company was manufacturing industrial valves in Nigeria yet, adding that their firm aimed to close this critical gap by developing a facility similar to their factory at Abu Dhabi, United Arab, which supplies to several countries across the world.

The Lekki facility is projected to start with an initial production capacity of 15,000 valves per year, with a strategic focus that includes phased growth, local value addition, and development of a resilient supply chain. The investment plan targets the Nigerian market, taking into cognizance the projects in the funnel, with potential to supply to the regional market, the officials indicated.

The facility will also carry out maintenance and repair services, as well as assembly and manufacturing operations. The officials outlined plans to secure necessary certifications from the NCDMB and other relevant agencies and demonstrate return on investment potential.

The investment plans include sourcing some raw materials from the local supply chain, creation of employment opportunities, actively engaging Nigerian partners and training Nigerians overseas and locally to work in the facility. The company wants NCDMB to be an integral part of its investment journey, noting that some equipment had been installed in their facility, while other critical equipment was currently sailing to Nigeria. The officials sought the Board’s support and regulatory backing for their investment as well as introduction to players in the industry, to facilitate patronage.

Responding, NCDMB officials conveyed the agency’s backing for credible investments in the Nigerian oil and gas sector, capacity building and gap closures, in line with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act. They emphasized that the mantra of the Nigerian Content Act is domiciliation and domestication of critical industry capacities, to create job opportunities for Nigerians, in line with the mandate of President Bola Tinubu’s administration and industrialize the nation’s economy.

They challenged MT Valves West Africa Free Zone to develop a robust investment plan, specifying milestones and targets and projected Nigerian content values, planned sources of raw materials and projected contributions to the economy. The Board’s officials also invited the company to participate at the forthcoming Nigerian Oil and Gas Opportunity Fair (NOGOF) planned for May 20-22, 2025, where they would get updated on new projects and opportunities planned by industry players and market potentials for their investment.

As part of the next steps, MT Valves invited officials of government and other key agencies like Nigeria Liquefied Natural Gas Company Limited and the Nigerian National Petroleum Company Limited to visit the firm’s facilities at Abu Dhabi, United Arab Emirates and global headquarters at Shanghai, China, to appreciate their company’s capacities and the scale of investment they plan to make in Nigeria.