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2027: Aregbesola, Fayemi, Others Set To Join SDP As Peter Obi, Atiku Factions Join Alliance – Source
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Emerging reports have it that former Osun State Governor, Rauf Aregbesola, and former Ekiti State Governor, Kayode Fayemi are in talks to join the Social Democratic Party (SDP).
The source in the report also has it that former Attorney-General of the Federation, Abubakar Malami, former Nasarawa State Governor, Abdullahi Adamu, some aggrieved members of the All Progressives Congress (APC) as well as some former Ministers who served during the tenure of President Muhammadu Buhari are in talks to join the SDP.
According to a source, the coalition efforts from the opposition will involve Atiku Abubakar’s faction of the Peoples Democratic Party (PDP), Peter Obi’s faction of Labour Party (LP), and Nasir Elrufai, who recently defected to the SDP.
The opposition parties are reportedly planning on joining forces under an existing registered party. However, if they are unable to agree on a shared platform within the party they intend to join, they will opt to align with the SDP instead, according to sources quoted by our correspondent.
Recall that former National Publicity Secretary of the Peoples Democratic Party (PDP), Kola Ologbondiyan, has said merger talk from opposition politicians has been gaining success.
Speaking on AIT Focus programme, on Monday, Ologbondiyan stated that the opposition politicians would come out with what would give Nigerians hope.
The former PDP spokesman said defeating the current government would be easy with what the opposition political leaders would be bringing out.
[NaijaNews]
The Rivers State House of Assembly has issued a warrant of arrest against the chairman of the Rivers State Independent Electoral Commission (RSIEC), Justice Adolphus Enebeli (Retired), following his refusal to appear before the House.
The Rt. Hon. Martins Amaewhule-led House had during its plenary on Monday, issued the arrest warrant after the expiration of its 72-hour ultimatum for Enebeli to appear before the House.
RSIEC had fixed August 9, 2025, to conduct a fresh local government election in the state following a Supreme Court verdict that annulled the October 5, 2024 LG polls conducted in the state.
[Leadership]
Former Governor of Kaduna State, Nasir El-Rufai, has formerly dumped the ruling All Progressives Congress (APC) for the Social Democratic Party (SDP).
He announced his resignation in a statement on Monday, titled “Onwards to the Future.”
El-Rufai noted that developments in the last two years confirm that there is no desire on the part of those who currently control and run the APC to acknowledge, much less address, the unhealthy situation in the party.
The statement reads: “As a founding member of the All Progressives Congress (APC), I have fond memories of working with other compatriots to negotiate the merger of political parties that created the APC. It had been my hope since 2013 that my personal values and that of the APC will align up to the time I choose to retire from politics.
“Developments in the last two years confirm that there is no desire on the part of those who currently control and run the APC to acknowledge, much less address, the unhealthy situation of the party.
“On my part, I have raised concerns in private and, more recently, in public regarding the capricious trajectory of the party. Therefore, at this point in my political journey, I have come to the conclusion that I must seek another political platform for the pursuit of the progressive values I cherish.
“Founders rightly feel attached towards institutions they helped create, but one must be pragmatic enough to admit when a divergence appears unbridgeable. I have diligently served the APC and made my contributions to its viability as a political platform but recognize that the party has since strayed and left me stuck in the vision of its well-meaning founding fathers and mothers.
“As a loyal party man, I worked to help secure the APC’s election victories in 2015, 2019 and 2023. I was one of the many governors elected on the party’s platform in 2015 and 2019, that stood for certain democratic and progressive principles to advance nation-building. My eight-year tenure in Kaduna State was devoted to implementing progressive policies to advance human development in education and healthcare, as well as expand infrastructure, promote equality of opportunity, create jobs and attract investments. These records count for little in the current APC that has castrated its organs and treated its membership with contempt in the last two years. I find this no longer acceptable.
“Today, the 10th of March 2025, I have submitted a letter resigning my membership of the APC to my ward in Kaduna, effective immediately. Subsequent to this, I had concluded consultations with my mentors, colleagues and loyalists alike about the future, and have decided to join the Social Democratic Party (SDP), and adopt it as the platform for our future political engagements and activities.
“Without prejudice to this decision, as a member of the SDP, I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and bye-elections between now and 2027 by the Grace of God. I therefore call on all our supporters and other persons concerned about our country’s future to join us in the SDP in the journey towards making Nigeria flourish as a beacon of pride for Africans and the Black Race.”
[DailyTrust]
Mark Carney, a former central banker and economist, has had an illustrious career spanning global finance, climate advocacy, and now, politics.
With a reputation for steady leadership in times of crisis, Carney is stepping into Canadian politics with promises of economic stability and progressive policies.
Here are ten key things to know about him
10 Things to Know About Mark Carney
His Signature is on Canadian Money
As the former Governor of the Bank of Canada, Carney’s signature appears on Canadian currency—a testament to his influence in the nation’s financial system.
He Was the First Non-British Governor of the Bank of England
Carney made history by becoming the first non-British person to lead the Bank of England since its founding in 1694.
He Was Called the “George Clooney of Central Banking”
Known for his charisma and intellect, Carney was once likened to the Hollywood actor. He downplayed the comparison, calling it “a very low bar.”
He Has Never Held Public Office Before
Despite his extensive experience in finance and governance, Carney is stepping into elected office for the first time.
He Served as the U.N. Special Envoy for Climate Action
Carney’s commitment to climate change policies was evident in his U.N. role, where he earned a symbolic annual salary of just $1.
He Played Hockey at Harvard
A passionate hockey fan, Carney was a third-string goaltender on Harvard’s varsity team and once played in a game against Colgate.
In 2011, Reader’s Digest Canada editors voted him the “Most Trusted Canadian,” though readers placed him 19th.
He Completed the London Marathon at 50
Proving his endurance, Carney finished the 2015 London Marathon in 3 hours and 31 minutes.
He Is the Godfather of Chrystia Freeland’s Son
His close political ties include being the godfather of former Finance Minister Chrystia Freeland’s son.
He Entered Politics in 2024, Declaring ‘This Is No Time for Politics as Usual’
On January 16, 2024, Carney officially launched his political career, stressing the need for change and a fresh approach to leadership.
The supposed peace meeting convened by the Governor of Rivers State, Sir Siminialayi Fubara, could not hold on Monday as scheduled.
This is following the refusal of the lawmakers invited for the meeting to show up.
The governor had, in a letter signed by the secretary to the state government, Dr. Tammy Danagogo, invited the speaker of the state house of assembly, Hon. Martins Amaaewhule, and the other 26 lawmakers for a peace meeting in Government House on Monday.
Danagogo, in the letter dated 7th March, said the invitation came after the governor received Certificate True Copy (CTC) of the Supreme Court judgement on the political crisis in the state.
At the top of the agenda of the meeting were the presentation of the 2025 budget to the assembly, payment of allowances of the lawmakers, allocation of a sitting venue for the assembly and others.
However, it was gathered that the meeting that was to hold 10am at Government House, Port Harcourt, could not hold because the lawmakers did not show up.
Although, it was earlier gathered that the lawmakers had turned down the invitation from government, noting that it was not properly handled and only posted on social media platforms.
A video sighted on social media showed one of the invitees, who is the member representing Akuku-Toru Constituency II, Rivers State House of Assembly, Hon. Lolo Isaiah Opuende, stating that the lawmakers would not honour the invitation.
He said, “It is time for us to have our day. ‘When dey your dey started, and our principal said, The time for your day will come, and it has come.’
“How can you write a letter and post it on social media and expect us to come? No, we are not kids. The governor should write to the Assembly in a proper way; that is all.”
However, some other sources alleged that the government that sent out the invitation to the lawmakers was not already for the meeting.
The sources questioned why the governor would schedule a meeting for 10am and at the same time have a project commissioning almost at the same time.
[Vanguard]
Tomi Arayomi, founder of RIG Nation and Pioneer Church in the United Kingdom, has opened up about his traumatic experience of childhood sexual abuse.
In an interview with Sharon Stone, Arayomi recounted the trauma he endured at just five years old, which had a profound impact on his life and identity.
He revealed that his journey began with physical and emotional challenges due to being born with rickets, a leg disease that left him immobile.
The cleric said he faced additional pain when a family friend “sexually molested me”. The abuse, according to him, was accompanied by threats and secrecy.
He disclosed that years later, his trauma resurfaced when he overheard a BBC news segment discussing homosexuality.
Arayomi said since he was unfamiliar with the term, he asked his mother what it meant, but her response left him devastated.
“My journey was, I was born with rickets. I had a leg disease that made me fairly immobile. And there was a sexual exploitation that took place when I was five,” he said.
“A friend of the family, who at times took care of us, would sexually molest me. And I didn’t know what he was doing at that age, because I wasn’t in any way awakened sexually.
“This is our little secret. And it came with shame. And I knew when my parents left us with them, they didn’t know what was going on, of course, that the abuse was going to continue.
“And it wasn’t until one day, I was watching news, some BBC news, when homosexuality was a taboo. I didn’t know the term homosexuality. That was in the early 90s.
“I said, Mom, what happens to homosexuals? She laughed, and she said, ‘oh, they go to hell’. Now I’m going to hell.”
Arayomi also spoke about a pivotal moment when he finally stood up to his abuser. He said when cornered in the bathroom, he refused the abuser’s demands, pushed him into the bathtub, and ran away, unsure of what would happen next.
“And I remember my last encounter with that man. My parents had left the house again. We were in the house by ourselves,” he added.
“And he cornered me in the bathroom and told me basically to pull my trousers down. And I remember I just said no to him for the first time. He said, ‘what did you say?’ I said no.
“And I pushed him into the bathtub. And I ran down the street crying my heart out because I didn’t know what was going to happen next. I didn’t even know where I was running to.”
The cleric recalled how he was exposed to pornography by his school teacher, which became an addiction even after he became born-again.
He said as he grew older, he struggled with his identity, grappling with the fear of the abuse.
Arayomi said the “double-life” secrets affected his mental and emotional well-being. He said he eventually disclosed the abuse to his parents when he was around 17.
“And I got introduced to pornography by my schoolteacher. And all of a sudden, what became a remedy for a diagnosis from BBC all of a sudden became an addiction,” he added.
“That once I was saved, the addiction didn’t go away. It just got suppressed. And the secrets were suppressed. I never told my parents what happened to me until they rededicated their life to the Lord, when I told them when I was about 17, 18 years old.
“But I didn’t tell them for years. I didn’t tell my twin brother. I just carried the secret.”
Arayomi said through his platform, he aims to offer hope and healing to others who carry the weight of unspoken trauma.
“That is not unique to you. So many people go through that. And I would like to hope that maybe before we’re done today you could even pray for others,” he said.
[TheCable]
Less than two years into President Bola Ahmed Tinubu’s administration, some leaders of the All Progressives Congress (APC) have begun campaigning for his re-election in 2027.
Although neither the party nor the president has officially flagged off campaigns, top APC leaders, including the party’s National Chairman, Abdullahi Ganduje and the Secretary to the Government of the Federation (SGF), George Akume, have advocated the president’s second term.
Recently, Ganduje, while hosting APC support groups at the party’s headquarters in Abuja, urged politicians from the North eyeing the 2027 presidency to shelve their ambitions until 2031 when Tinubu would have completed his second term.
Akume, while speaking on a TVC programme, had also advised former Vice President and Peoples Democratic Party (PDP) presidential candidate in the last general elections, Atiku Abubakar and other northerners not to seek the exalted seat in 2027.
Seyi Tinubu intensifies Ramadan visits to states
Rivers lawmaker dismisses Fubara’s invitation
Campaigns for the president’s re-election were also observed to have commenced in Kaduna, Kebbi and Kwara states; while re-election billboards of the president have also been sighted at different locations in Abuja, the Federal Capital Territory (FCT).
This development has sparked reactions from opposition parties and political analysts who alleged that it is a violation of the Electoral Act and the 1999 Constitution (as amended).
Legal experts and political commentators argue that such premature campaigns undermine democracy, the rule of law and electoral discipline.
Legal framework for campaigns
Section 94 (1) of the Electoral Act 2022 (as amended) states: “For the purpose of this Act, the period of campaigning in public by every political party shall commence 150 days before polling day and end 24 hours prior to that day.”
Subsection 2 adds: “A registered political party which, through any person acting on its behalf during the 24 hours before polling day—(a) advertises on the facilities of any broadcasting undertaking; or (b) procures for publication or acquiesces in the publication of an advertisement in a newspaper for the purpose of promoting or opposing a particular candidate—commits an offence under this Act and is liable on conviction to a maximum fine of N500,000.”
Similarly, Section 95 (1) states: “A candidate and his or her party shall campaign for the elections in accordance with such rules and regulations as may be determined by the Commission.”
Campaign rally in Kebbi, endorsements in Kaduna, Kwara
Last month, the APC launched its campaign in Kebbi State for the re-election of President Tinubu and Governor Nasir Idris ahead of the 2027 elections.
The mega rally, held at the township stadium in Birnin Kebbi, was attended by the Minister of Budget and Economic Planning, Senator Atiku Bagudu; Governor Nasir Idris; House of Representatives member and Tinubu ally, James Abiodun Faleke; Minister of State for Education, Yusuf Tanko Sununu; and other APC leaders.
Tagged “We Stand with Tinubu and Kauran Gwandu,” the event saw a massive turnout, with supporters displaying banners and posters of Tinubu’s projected second-term bid.
Bagudu stated that both Tinubu and Governor Idris deserved re-election based on their performances, saying, “The Tinubu administration has done so much to improve Nigeria. The president has fulfilled his campaign promises to Kebbi, and I am proud to be associated with him.”
Bagudu also announced a donation of N450 million to Kebbi’s 225 wards for food distribution ahead of Ramadan and urged residents to continue supporting the APC-led government.
Governor Idris added: “The people of Kebbi are solidly behind President Tinubu because he has brought progress and development to our state.”
After the Kebbi event, APC leaders, including the Deputy Senate President, Barau I. Jibrin; the party’s National Secretary, Senator Ajibola Basiru; Minister of Agriculture and Food Security, Abubakar Kyari; and many others took turns to project Tinubu for re-election during an agriculture and human capital development empowerment programme organised by Senator Saliu Mustapha in Ilorin, Kwara State.
Last week, stakeholders of the party in Kaduna State passed a vote of confidence on both President Tinubu and Governor Uba Sani “for their exemplary leadership and pro-people policies.”
A statement by the state Secretary of the party, Yahaya Baba Pate, said the stakeholders gave the endorsement at a meeting held at the Kaduna State Liaison office in Abuja. This followed the endorsement of both leaders for a second term by the 255 councillors in the state.
At the weekend, during a reception organised by Ganduje and Senator Barau Jibrin, some members of the support groups of Atiku Abubakar, from the 19 northern states, while announcing their defection to the APC promised to “work for the continuation of Tinubu’s administration in 2027”.
Early campaign shows APC not for governance – Atiku’s aide
But reacting, Paul Ibe, the spokesman of Atiku in a chat with Daily Trust yesterday said that the individuals “are unknown to us.”
According to him: “We have groups we’ve been working with, and we are still working with those support groups. Anybody can claim anything for whatever it is they are doing it for, but we know clearly that the Tinubu administration has weaponized poverty, so all they are doing is that everybody survives through them, so probably it’s a furtherance of that goal,” he alleged.
On the early campaigns, he said, “it is unfortunate and clearly shows that they don’t have anything to offer. One would have thought for now the focus would be on governance; on how they could redeem themselves and make amends for the mess that they have created.
“But that is typical of APC. They are more used to politics than governance, and it clearly shows that Nigeria will continue to suffer for their inhumane policies”, he said.
‘2027 polls might be a charade’ – PDP NEC member
A PDP National Executive Committee member, Timothy Osadolor, said 2027 elections might be compromised if APC’s actions go unchecked.
Osadolor, who is also the PDP Deputy National Youth Leader, said: “When those in power violate the law, it becomes a recipe for disaster. If you go around Abuja, especially from the airport, you will see billboards of the president and his wife already campaigning for 2027. Who even knows what will happen next year or next week?
“If Nigerians do not demand constitutional order now, 2027 will be a charade. Being in government does not give a party the right to impunity. Previous presidents have respected electoral laws, but this administration bypasses the process, undermining Nigerians’ intelligence”, he said.
Buhari, Jonathan’s eras precedent
Daily Trust recalls that a similar scenario played out during President Muhammadu Buhari’s first term. In September 2017, the APC began campaigning for Buhari’s 2019 re-election. Likewise, in August 2017, Buhari’s supporters inaugurated a South-West office for his campaign organisation in Ibadan, even before the electioneering season officially commenced.
A similar scenario occurred under former President Goodluck Jonathan when the Transformation Ambassadors of Nigeria (TAN) led zonal rallies, urging him to seek re-election before the formal campaign season.
Campaigns illegal, height of impunity – Analysts
A political analyst, Jackson Lekan Ojo, described the early campaigns for Tinubu’s second term as illegal.
In a telephone interview with Daily Trust, Ojo said, “Campaigning for 2027 when Tinubu’s administration is less than two years old is a demonstration of high-level impunity and a flagrant disregard for the Electoral Act and the Constitution.
“Lack of performance is causing this. The ruling party is desperate to stay in power because it fears losing”, he said.
He added: “In a democracy, good governance earns votes. INEC must lift the ban on political campaigns before any party can start campaigning for votes. What APC leaders are doing is an insult to the nation and makes Nigeria a laughing stock.”
A political scientist, Professor Abdulrauf Ambali, stated: “It is very obvious that what many of them are doing goes against the Constitution and the Electoral Act. INEC has not declared the commencement of any campaign, yet we see them acting as they please. This clearly violates the law, but they justify it within their party structures. Any political campaign must follow officially established timelines.”
He called for stricter enforcement of electoral regulations, arguing that such actions undermine the current administration.
“However, many of those involved are part of the government itself. This will create instability, confusion, and further strain a polity already suffering from economic hardship,” he added.
Similarly, Hassan Seyid Cisse, a lecturer in Politics and Governance at the Kwara State University described the situation as a strategic move.
“This is already 2025, and a government with good strategists will not wait until the challenge is imminent before making plans. We are seeing posters in some states in preparation for 2027. However, in relation to the Electoral Act, it is still premature campaigning since the official ban has not been lifted,” he explained.
Cisse cited political theorist, Nicholas Spykman, arguing that “he who controls the law is not affected by it.” He noted that the current leadership, seeking re-election in 2027, is in control of power.
“But this will have significant implications for governance. Printing posters and organising these rallies means diverting funds that should be used for productive purposes to an election still over two and a half years away,” he concluded.
Presidency mum
Efforts to get a reaction from the Presidency on the development were unsuccessful.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga and the Special Adviser to the President on Policy Communications, Daniel Bwala, could not be reached for comment.
Telephone calls as well as text and WhatsApp messages sent to them by Daily Trust were not responded to.
The Peoples Democratic Party (PDP) is considering an extension for the sale of its expression of interest (EOI) and nomination forms for the upcoming Anambra State governorship primary, following concerns over the party’s participation in the November 8 election.
Initially scheduled between February 26 and March 5, the sale of forms had been set at N5 million for expression of interest and N35 million for nomination.
However, sources disclosed to Daily Sun that due to the lack of interest from aspirants, the party is considering extending the deadline to March 12.
Reports suggest that no aspirants have purchased the nomination forms, largely due to the ongoing leadership dispute between Senator Samuel Anyanwu and Sunday Ude-Okoye over the position of PDP National Secretary.
The Court of Appeal, Enugu Division, had ruled in December that Ude-Okoye was the rightful nominee for the position, but Anyanwu has since appealed the decision at the Supreme Court.
Speaking to Daily Sun, PDP National Publicity Secretary, Debo Ologunagba, confirmed that the party’s National Working Committee (NWC) had resolved to extend the sale of forms. However, he refuted claims that no nomination forms had been sold.
“We want to give more room for people to participate. That is the essence of democracy,” Ologunagba stated. “It is not correct that people have not collected forms. If that is part of your story, then it will be fake news.”
He emphasized that extending the deadline was a routine practice and unrelated to the Supreme Court case over the national secretary position. The party is expected to release an official statement on the new deadline soon.
Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG) has revealed he rejected a prayer to be 140 years.
He made the revelation during a sermon.
He recalled how some of his followers prayed for him to live to different ages. He said when they prayed for him to reach 80 years, he responded with a hearty “Amen.”
Similarly, when they prayed for him to live up to 90, he accepted the prayer. However, when the number increased, his response changed.
He said: “When I was 70 years old, some children of mine began to pray for me. And they said, ‘Daddy, you will live to be 80,’ I said Amen. ‘You will live to be 90,’ I said Amen. They said, ‘You will live to be 100,’ I didn’t answer them.
“And then one fellow got excited and said, ‘You will live to be 120,’ I said na lie! What will God say I have done wrong? I have been here for 70 years, He will now keep me here for another 50 years? In this world?
“Where today you have electricity, tomorrow you don’t have? But there was one lady who got really excited, and said, ‘You will live to be 140,’ I said no be me.”
The outspoken son of the immediate-past Kaduna State governor, Bashir El-Rufai has on Monday displayed the logo of the Social Democratic Party (SDP) on his verified Facebook page amidst his father’s defection rumours.
Although, Bashir only posted the SDP logo without any written words.
El-Rufai
Bashir’s father, former governor Nasir El-Rufai has intensified consultations with influential and notable politicians across the country including former President Muhammadu Buhari, former Vice President Atiku Abubakar among others for the formation of a mega party or formation of coalition to defeat President Bola Tinubu and the ruling All Progressives Congress (APC) in 2027 presidential elections.
El-Rufai has on different occasions denied defection rumour saying he is still APC member.
More...
United States President Donald Trump has criticised the Joe Biden administration of allegedly misusing taxpayer funds, citing over $8 million spent on transgender-related experiments involving mice.
His remarks quickly sparked debate, with major news outlets fact-checking his claims.
However, a review of federally funded research projects confirmed that the National Institutes of Health (NIH) indeed allocated millions to studies examining the effects of hormone therapy on mice.
According to available grant records, the NIH provided funding for various research projects related to gender and hormone therapy in animal models.
“These studies, conducted by research institutions across the country, explore topics ranging from reproductive health to immune responses in the context of hormone treatments,” the White House stated.
Among the projects funded are $455,000 for a study titled “A Mouse Model to Test the Effects of Gender-Affirming Hormone Therapy on HIV Vaccine-Induced Immune Responses,” $2.5m for “Reproductive Consequences of Steroid Hormone Administration.”
Researchers noted that “these mice manifest defects in ovarian architecture and have altered folliculogenesis.”
Also, $299,940 was also used for research on “Gender-Affirming Testosterone Therapy on Breast Cancer Risk and Treatment Outcomes.” The study compared breast cancer risk in female mice receiving testosterone therapy versus those that do not, $735,113 to examine the “Microbiome Mediated Effects of Gender-Affirming Hormone Therapy in Mice.”
Trump also alleged that Biden used $1.2m for a study on “Androgen Effects on the Reproductive Neuroendocrine Axis,” which investigated the role of androgens in reproductive hormone regulation using transgenic mice, and $3.1m for research on “Gonadal Hormones as Mediators of Sex and Gender Influences in Asthma.”
Scientists involved in the project stated, “We will study the contributions of estrogens to HDM-induced asthma outcomes using male and female gonadectomized mice treated with estradiol.”
In total, the projects amount to $8,290,053 in federal funding.
Trump’s remarks have added fuel to ongoing political debates about government spending and scientific research priorities. “The Biden administration is wasting millions on transgender experiments on mice while Americans struggle with inflation and rising costs,” Trump declared.
Meanwhile, media outlets and fact-checkers have responded by analysing the studies in question. While some experts argued that such research was essential for understanding hormone therapies’ broader medical implications, critics contend that taxpayer dollars should be directed toward more immediate public health concerns
The opposition All Progressives Congress (APC) has called Rivers State governor, Sir Siminalayi Fubara, to resign from office honourably within 48 hours or be impeached by the State House of Assembly.
Chairman of APC in the state, Chief Tony Okocha, made the call on Monday morning while briefing journalists at his private residence in Port Harcourt, the state capital.
Okocha accused Fubara of insulting President Bola Tinubu, when he attempted to proffer a political solution to the crisis in the state.
He said: “As a political party, we are today advising the governor; there are two options, resign honourably or be impeached. That is the position of the All Progressives Congress. He has disrespected Mr. President and we told him that we cannot be here and have him to disrespect Mr. President.
“The offences are there; the Supreme Court has agreed and even provided us with more evidences. The House of Assembly does not need to set up any committee again to investigate him.
“48 hours is too much to give him as ultimatum. He should just resign honourably.”
Details Later….
MTN Nigeria Communications Plc and Airtel Africa have aggressively cut their foreign debt, repaying $1.2 billion in 2024 to ease foreign exchange burden as they chart a path back to profitability.
Following the naira’s steep depreciation in 2023, both telcos suffered $1.56 billion in foreign exchange losses.
The Central Bank of Nigeria (CBN)’s unification of the country’s foreign exchange market in June 2023 triggered a sharp devaluation of the naira to 471/$ from 1043.09/$ by December 28, 2023, and 1512.3/$ by March 7, 2025.
MTN Nigeria declared its first loss after tax of N137 billion since its 2019 listing on the Nigerian Stock Exchange in 2023. Airtel Africa, which had 50.9 million subscribers in Nigeria as of March 2024, reported a loss after tax of $89 million for its full year ended March 2024, primarily due to FX headwinds in Nigeria and Malawi.
To mitigate further FX-induced losses, MTN and Airtel have aggressively cut FX liabilities. MTN Nigeria slashed its outstanding letters of credit (LC) dollar obligations from $416.6 million as of 31 December 2023 to $20.8 million by the end of 2024.
Airtel Africa, on its part, repaid $739 million in foreign currency debt over the last year, reducing its foreign currency debt exposure. Both companies believe that reducing their foreign currency obligations is key to strengthening their financial positions.
At the end of 2023, Olusegun Ogunsanya, the then-chief executive officer of Airtel Africa, stated, “We will continue to focus on reducing our exposure to currency volatility.
“Although this reduction resulted in realised foreign exchange losses, it has substantially strengthened our financial position and lowered the financial risks associated with the depreciation of the naira and its related finance costs,” MTN said in its 2024 results.
However, the debt reduction came at a cost, significantly impacting MTN’s financials. Despite reporting a record revenue of N3.36 trillion for 2024, it recorded a N400.44 billion loss after tax due to forex losses arising from the revaluation of foreign currency-denominated obligations.
It noted that it would have reported a profit after tax of N247.3 billion if not for the net forex loss.
Airtel Africa, on the other hand, recorded a 5.78 percent revenue decline to $3.64 billion from $3.86 billion in the nine months ending December 2024. However, its profit after tax grew 12,300 percent to $248 million from $2 million.
Both companies are shifting towards local debt as their appetite for FX debt wanes. Airtel Africa now holds 92 percent of its debt, excluding lease liabilities, in local currency, up from 79 percent a year ago.
Sunil Taldar, chief executive officer of Airtel Africa, noted, “Our capital structure remains robust with just 8 percent of OpCo debt in foreign currency — a substantial improvement over the last year.”
MTN has also restructured its loan portfolio, with 72 percent now in naira and 28 percent in dollars, compared to 56 percent naira and 44 percent dollars in 2023. Its total net debt dropped 29 percent to N591 billion by the end of 2024.
To finance operations locally, it raised N190 billion under its N250 billion Commercial Paper Issuance Programme.
On an investors’ call, Modupe Kadri, MTN Nigeria’s chief financial officer (CFO), noted that as of December 2023, the telco had an overall foreign exchange exposure of $1 billion, but it was reduced to about $300 million by the end of 2024.
Renegotiation of tower lease contracts
Beyond debt restructuring, telcos renegotiated tower lease contracts with infrastructure companies such as IHS, INT Towers Limited, and ATC Nigeria to curb FX and energy-related costs.
MTN’s renegotiation with IHS alone resulted in N113.8 billion in operational savings. Telcos are also increasingly adopting local solutions to minimise FX exposures and improve margins.
“We will focus on cost savings through our expenditure resiliency programme and implement localisation initiatives to further reduce foreign exchange exposure and operating expenditure and to improve financial resilience.
“We believe these efforts will help us maintain our competitive edge and drive additional growth in service revenues, support margin recovery, and restore our capital position,” said Karl Toriola, chief executive officer of MTN, during the telco’s investors’ call.
With the recent regulatory approval for a 50 percent increase in telecom tariffs, experts believe that this, combined with ongoing FX debt reduction efforts, will set the sector on a path to profitability.
[BusinessDay]
(Full List) 72 Tinubu’s Appointed Executives Yet To Receive Appointment Letters Since December
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Three months after President Bola Tinubu announced the appointment of 72 new management executives for the River Basin Development Authorities (RBDAs), the appointees are still waiting for their official appointment letters from the Secretary to the Government of the Federation (SGF), George Akume.
Naija News gathered that the prolonged delay has allowed the caretaker officials overseeing the 12 River Basin Development Authorities to remain in office, despite the presidential directive.
‘We Have Been Left In The Cold’ – Appointees Express Frustration
One of the appointees, who spoke on condition of anonymity with Punch, lamented the lack of communication from the SGF’s office regarding their appointment letters.
He stated, “It’s sad that three months after the President pronounced our appointments, we have been left in the cold. There is no explanation from the SGF, who is supposed to issue our letters of appointment.
“We can’t access the SGF as we speak. There is no single word from him.”
Another appointee, equally frustrated, said the delay was hindering their contributions to the administration’s Renewed Hope Agenda.
The appointee said, “The entire thing is confusing. We have a mandate to contribute to the actualisation of the Renewed Hope Agenda of Mr. President in the agricultural sector. But here we are waiting endlessly to hit the ground running.”
Presidency Deliberating On Political Complaints
A highly placed source within the presidency told Punch that the delay was intentional, stemming from political disagreements over the appointments.
The source said, “What happened is that those appointments are political positions. But some states complained about the appointees and protested to the SGF. So, the presidency has been restrategising on how to go about it.”
The source further revealed that some nominees, particularly from the North, were different from those initially submitted, leading to discontent among stakeholders.
According to the source, “It is a case of some persons being appointed from the North who are different from the names of nominees submitted. There are similar cases like that in other River Basin Authorities. So, they need to resolve these issues. I think that is actually where the problem lies.”
Tinubu’s Directive Yet To Be Implemented
President Tinubu had charged the appointees to use their wealth of experience to improve the efficiency of the River Basin Authorities, in line with his administration’s commitment to bettering the lives of citizens. However, the bureaucratic delay has stalled the implementation of this directive.
In Hadejia Jamaere River Basin Development Authority which has Kano, Jigawa and Bauchi as coverage areas, six new officials were engaged.
They included Mamman Aliyu – Chairman (Jigawa), Rabiu Bichi – Managing Director (Kano), Tijjani Isa – Executive Director, Planning and Design (Jigawa), Zainab Gamawa – Executive Director Agric Services (Bauchi), Baffa Abdulkadir – Executive Director, Engineering (Kano) and Musa Kwankwaso – Executive Director Finance (Kano)
Ogun-Osun River Basin Development Authority has six new appointees namely Odebunmi Olusegun – Chairman (Oyo), Dr Adedeji Ashiru – Managing Director (Osun), Ayo Oyalowo – Executive Director, Finance (Oyo), Dokunmu Oyekunle – Executive Director, Planning and Design (Ogun), Suleiman Oris – Executive Director, Agric Services (Lagos) and Julius Oloro – Executive Director, Engineering (Lagos)
Upper Benue River Basin Development Authority equally has six, which include Sanusi Babantanko – Chairman (Bauchi), Samuel Mahmud Mohammed – Managing Director (Taraba), Usman Bakare – Executive Director, Engineering (Taraba), Ibrahim Jalo – Executive Director Finance (Gombe), Isa Matori – Executive Director, Planning and Design (Bauchi) and Hamman Dikko – Executive Director, Agric Services (Adamawa)
Chad Basin Development Authority has Prof. Abdu Dauda – Chairman (Borno), Tijjani Tumsa – Managing Director (Yobe), Bashir Baale – Executive Director, Finance (Yobe), lliyasu Muazu – Executive Director, Agric Services (Adamawa), Mohammed Shetima – Executive Director, Engineering (Borno) and Vrati Nzonzo – Executive Director, Planning and Design (Borno).
Other River Basin Authorities include Benin-Owena with six appointees, Niger Delta (six), Upper Niger River (six), Lower Niger (six), Lower Benue (six), Anambra-Imo Basin with six, Cross River Basin (six) and Sokoto Rima Basin also with six executives.
[NaijaNews]