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• Bagudu: rise in revenue, debt reduction indicators of improved economy
The capital market is a major facilitation plank for the Federal Government’s $1 trillion economy target, Coordinating Minister of the Economy Wale Edun has said.
According to him, this will be achieved through innovation, a stronger regulatory environment and new products and platforms to drive investor participation.
Also yesterday, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the Federal Government was drawing up strategies that will generate double-digit growth as a partway to achieving the $1 trillion economy target.
While Edun spoke in Lagos during the Capital Market Committee (CMC) meeting and the unveiling of a new law, Bagudu spoke in Abuja during a meeting with the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis.
Edun, represented by Minister of State (Finance) Dr. Doris Uzoka-Anite, believes that with improvements in governance structures and innovations, the capital market will facilitate the $1 trillion economy agenda.
The minister said the capital market remains a focal point of President Tinubu’s reform agenda, given its importance to the sustainable development of the economy.
According to him, the capital market is expected to contribute more to the economy by not only providing funding for the private and public sectors but also by stimulating wealth creation, economic inclusion, and long-term national resilience.
Edun said the new Investment and Securities Act (ISA) 2025 modernises the legal and regulatory framework for the market, streamlines enforcement mechanisms, and provides grounds for the development of emerging areas, such as digital assets and crowdfunding.
He believes the new Act would help to deepen market participation, as well as ensure regulatory coordination remains tight.
The minister said the government was committed to providing an enabling environment for the private sector to thrive.
He pointed out that the capital market has shown strong resilience over the past decade, adding that the revision of the Capital Market Master Plan is expected to further boost the development of the market.
Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.
Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, said the enactment of the ISA 2025 marked the beginning of a transformative new era for the capital market.
He highlighted the commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.
He stressed the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.
The SEC boss noted that the commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitisation team to deepen public understanding of the new law.
A podcast series has also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.
Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65 per cent and market capitalisation growing by 53.39 per cent.
He also noted the commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.
The SEC boss emphasised the importance of financial inclusion and investor education, citing initiatives to empower women, youth, and grassroots communities.
He underscored the SEC’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.
He emphasised the commission’s commitment to fostering growth, transparency, and sustainability in the capital market and looked forward to fruitful deliberations at the meeting.
Bagudu: our focus is to unlock full economic potential
Bagudu expressed appreciation to the World Bank for its ongoing support to Nigeria’s reform efforts.
He described the Nigeria Development Update (NDU) as credible documentation of the country’s economic progress.
The minister said the report offers independent validation of the direction and impact of the government’s policy choices.
“Our ambition is to grow the Nigerian economy to $1 trillion.
“To achieve that, we need to craft and implement a strategy capable of delivering double-digit economic growth,” Bagudu said.
He added that the reform programme enjoys broad-based acceptance among critical stakeholders, including the political class, labour unions, and the private sector.
This level of cooperation, he said, is essential for sustaining reforms and building momentum for structural transformation.
“We are confident that we will stay on course,” Bagudu said.
The minister added that the administration remains focused on unlocking the full potential of the Nigerian economy.
Mr. Verghis reflected on lessons from other developing economies.
He noted that India faced similar economic challenges in the early 1990s but undertook tough decisions that laid the foundation for over three decades of sustained economic growth, lifted millions out of poverty, and delivered a major turnaround for the country.
Verghis expressed the Bank’s readiness to partner with Nigeria in advancing its development objectives, particularly in accelerating economic growth, creating jobs, deepening financial inclusion, and supporting agricultural transformation.
He said the World Bank was committed to contributing both technical expertise and financial resources to help Nigeria achieve inclusive and sustainable development.
Before his current posting to Nigeria, Verghis served as the South Asia Regional Director for Equitable Growth, Finance, and Institutions at the World Bank.
His previous assignments also included stints as Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa, and Practice Manager in East Asia, covering China, Vietnam, and Southeast Asia.
Transparency International Blames Tinubu, Buhari, Obasanjo For NNPCL’s Financial Mismanagement
AFOLABI
Transparency International Nigeria has blamed President Bola Ahmed Tinubu and his predecessors, Muhammadu Buhari and Olusegun Obasanjo for the years of unaccounted remittances and fraud in the Nigerian National Petroleum Company Limited.
TI Nigeria country director, Auwal Rafsanjani made this known in an exclusive interview with DAILY POST on Monday.
This comes as the World Bank Nigeria Development Update report released last week indicted the state-owned company over failure to remit crude revenue amounting to N500 billion to the Federation account for October 2024 and December 2024.
A detail of the revelation in the World Bank’s NDU report showed that out of the N1.1 trillion revenue from crude sales and other income in 2024, the NNPCL only remitted N600 billion, leaving a deficit of N500 billion.
The unaccounted N500 billion has stirred fresh controversies over lack of transparency and corruption in the country’s oil behemoth, NNPCL.
Similarly, the International Monetary Fund had also called for a more transparent transfer of fuel subsidy gains by the NNPCL in its recent report.
The Socio-Economic Rights and Accountability Project, SERAP, on Sunday raised the bar on calls for a thorough probe of the unremitted N500 billion fund by the NNPCL.
DAILY POST reports that the financial opaqueness of NNPCL has continued unhindered despite the president being the substantive minister of petroleum. Since 1999, of the five Nigerian presidents, three were substantive petroleum ministers, including Obasanjo, Buhari, and most recently Tinubu.
Reacting, Rafsanjani blamed the rot in NNPCL on Nigeria’s presidents and the National Assembly.
According to him, the probe of NNPCL finances needs to go beyond its former Group Chief Executive Officer, Mele Kyari.
He explained that the financial transactions of the state-owned oil firm should be comprehensively audited to unravel all the missing money lost since 1999.
Rafsanjani also blamed the National Assembly for the lack of an adequate oversight function on a critical government agency such as the NNPCL.
He kicked against Nigerian presidents appointing themselves as petroleum ministers.
“The need to carry out a comprehensive audit of NNPCL is necessary to ascertain the level of financial transactions under Mele Kyari and other leadership of NNPCL.
“If we want to have a comprehensive audit to know all the missing money lost from 1999 to date, it is only a thorough audit that will ascertain this. It is not only Mele Kyari, but it has to be comprehensive.
“All these happened under the president, who is the substantive petroleum minister. The president is responsible. Whether Buhari, Tinubu, or Obasanjo. That is why we have advocated for a substantive minister of petroleum.
“They must stop appointing themselves as ministers of petroleum. This showed that the National Assembly is not carrying out its oversight function. So it is a shame. The indictment should be to the president and the National Assembly for the mess in NNPCL.
“The subsidy is not the problem, but the corruption in the process is. The missing money must be recovered and used for the good of all Nigerians,” he told DAILY POST.
NNPCL probe long overdue — Energy expert, Madaki
An energy expert, managing partner of BBH Consulting, and convener of the Public Interest Advocacy Network (PIAN), Barr. Ameh Madaki said that a comprehensive audit of NNPCL is long overdue.
According to him, the company had continued to exist in opaqueness for too long without adequate scrutiny.
“The probe required in NNPCL under Mele Kyari goes far beyond the N500 billion referred to in the World Bank report under reference.
“The opaque nature of the operations of the NNPCL over the years and the selective amnesia of the Nigerian public ensure that massive fraud is covered up by the organisation.
“For instance, what happened to the $3.3 billion borrowed by NNPCL to shore up the value of the naira on crude oil futures sales contracts?
“What was done with the money when the currency went into a disgraceful free fall? And this is not the first time NNPCL is not remitting funds to the federation account!
“Throughout the second term of President Buhari, NNPCL did not remit a dime to the Federation account because they said they had become a limited liability company like NLNG and would only remit profits after expenses and tax to the Federation account after the audit.
“This kept the states and local governments in dire straits financially under that government, and nothing happened.
“So why would anyone cry wolf over one month’s remittance to the Federation account? NNPCL has declared losses for several years under one frivolous guise or the other, but nobody has asked for a probe.
“Bayo Ojulari, the new GCEO of NNPCL, as a square peg in a square hole, must do the needful and purge the organisation of its opaqueness so that Nigerians can, for the first time, reap the benefits of having a National Oil and Gas Company,” he told DAILY POST.
Call for Kyari’s probe
DAILY POST reports that the missing N500 billion in unremitted funds had heightened calls for Kyari’s probe.
Recall that Tinubu’s administration on April 2 sacked Kyari and other NNPCL board members over mounting concerns about their performance.
Kyari announced the commencement of petroleum products production at Port Harcourt and Warri refineries last year, in November and December, respectively.
However, the petrol production capacity of the resuscitated refineries remained under contention before the exit of Kyari.
The development had fueled mixed reactions over calls for his probe by several groups and civil societies in the last two months.
Ebonyi State Governor Rt. Hon. Francis Ogbonna Nwifuru has increased the monthly allowances of the newly employed Medical Doctors working at the General Hospitals across the State, from N150,000 to a minimum of N500,000.
The Governor disclosed this during the flag-off of a health activation programme, which included the launch of a drug revolving fund and the distribution of medical equipment to general hospitals.
Governor Nwifuru informed that his administration has approved over N10 billion for the upgrading of health facilities, medical equipment, and manpower in Ebonyi.
“This event is not just a ceremony, it is a declaration of our administration’s commitment to revitalising the healthcare system of our dear state.
“For some time now, the health sector in Ebonyi has suffered from insufficient funding, inadequate personnel, and a lack of basic equipment. This narrative must change, and it must change now,” Nwifuru declared.
The Governor further announced the recruitment of 195 healthcare professionals including doctors, nurses, pharmacists, and laboratory scientists who have been deployed to general hospitals to ensure improved service delivery.
Nwifuru launched the Drug Revolving Fund to guarantee the continuous supply of essential medicines at affordable rates, especially benefiting rural communities.
“The revolving nature of the fund ensures sustainability, transparency, and accountability.
“We have already achieved over 60% delivery of essential drugs, and the process continues until full coverage is attained.
“To further enhance healthcare services, the government is distributing modern medical equipment, including hospital beds, mattresses, patient monitors, drip stands, and other critical consumables.
“These are not for decoration; they are instruments of life-saving service. This investment, worth over one billion naira, marks a significant milestone in our journey to reposition Ebonyi’s health sector,” Nwifuru emphasised.
The Governor also appealed to community leaders, traditional rulers, and civil society groups to monitor the use of health resources, stressing that accountability is a duty, not an option.
“Any mismanagement or diversion of public resources will be met with firm action,” he warned.
Nwifuru outlined plans to establish specialist hospitals in the state’s three senatorial zones to reduce medical tourism and improve healthcare access.
He also mentioned ongoing efforts to explore partnerships for healthcare financing and digital health systems aimed at boosting efficiency.
“Today is a new dawn for health in Ebonyi. Let this flag-off be a call to action to all stakeholders.
“Working together will accelerate our vision to build a system that delivers hope, healing, and health to all,” he said.
Former Special Adviser to President Bola Tinubu on Political Affairs, Hakeem Baba-Ahmed, has faulted All Progressives Congress (APC) stakeholders’ second term endorsement.
Recall that APC North West Stakeholders last Friday, including the party’s National Chairman, Umar Ganduje; House of Representatives Speaker, Tajudeen Abbas; Deputy Senate President, Barau Jibrin, all the party’s governors in the region, all members of the Federal Executive Council (FEC) from the region, all the party’s elected officials in the region and party’s chieftians from the region, endorsed Tinubu for second tenure in 2027.
Baba-Ahmed said the endorsement does not reflect the intentions and desires of the citizens of the North West.
In a statement on his ? handle on Monday, the former spokesman of the Northern Elders Forum (NEF) stated that the people of the region who are suffering hardship, hunger, and are under the weight of insecurity will judge who wins in 2027.
He added that the North West Stakeholders’ endorsement showed they didn’t care about the people.
“APC Govs in NW recently endorsed PBAT, endorsed themselves and every elected office holder and defectors from the region. They forgot the people who will judge all politicians against their exposure to violence, death and poverty. It’s almost as if they think people don’t matter,” he wrote.
The UN says it has been forced to cut spending, freeze hiring and scale back some services as the global organisation faces a worsening cash crisis.
Member States on Monday, urged members to pay up, warning that the deepening financial crisis threatened the world body’s ability to carry out vital work.
The General Assembly’s Fifth Committee met throughout Monday to discuss the multilateral organisation’s financial health.
With a growing shortfall in contributions, member states owed $2.4 billion in unpaid regular budget dues and $2.7 billion in peacekeeping.
Officials warned that the non-payment of contributions risked eroding the UN’s credibility and its capacity to fulfil mandates entrusted to it by member states.
Switzerland’s delegate, speaking also on behalf of Liechtenstein, said “Each delay in payment, each hiring freeze, each cancelled service chips away at trust in our ability to deliver”.
One proposed solution was to allow the UN to temporarily keep unspent funds at year’s end, instead of returning them to member states as credits.
Currently, this return is mandatory, even if the funds arrive late in the year, giving the UN little time to spend them.
The suggested change would be expected to act as a buffer to keep operations running, particularly in January when payments tend to lag.
Delegates also backed limited use of “special commitments”, which is emergency funding tools, early in the year to bridge gaps caused by delayed contributions.
While these fixes might help, several speakers, including delegates from Kazakhstan, Norway and the United Kingdom, emphasised that the root cause was the continued late or non-payment of dues.
Norway noted that such temporary measures would not solve the underlying problem and urged member states to support bold financial reforms.
The European Union stressed that the crisis was not abstract, adding they were real operational risks and the burden could not fall solely on countries that paid on time.
Singapore, speaking for the Southeast Asian group of nations, ASEAN, echoed concerns that the UN’s liquidity problems had become routine.
It cited the UN Economic and Social Commission for Asia and the Pacific’s (ESCAP) need to shut its offices for three months and suspend travel and hiring.
Particularly troubling to many delegates was the fact that one country, unnamed in the meeting but widely known to be the U.S. was responsible for over half of all unpaid dues.
The U.S. under President Donald Trump, is reportedly withholding the funds due to the UN for political reasons.
Russia called for more transparency in how the UN managed cash-saving measures, cautioning against actions taken without member states’ input.
Catherine Pollard, the UN’s top management official, noted that since May 9, a handful of countries had paid in full across several budget categories, while the number of nations who had paid in full for the regular budget stood at 106 for the year.
As of May 19, the UN records showed only 61 countries had met all their UN’s obligations in full.
The message from member states on Monday clearly states that without broad, timely financial support, the UN’s ability to serve the world, especially in times of crisis, is at serious risk.
A Nigerian based in the United Kingdom, Ifedayo Johnson, has lost in a viral English skills showdown to an English X user who goes by the name Angantýr, with the handle @BasedNorthmathr, on social media.
Johnson, who hails from Oyo State, scored 79, losing by just four marks in the EFSET quiz competition with Angantyr, the Britain who scored 83.
The competition took place in separate X Spaces on Sunday, and was followed live by over 5,000 netizens.
PUNCH Online had reported that a heated immigration debate on X has turned into a linguistic showdown after the British user claimed the UK care sector had become “critically dependent on Nigerians who barely speak English.”
Angantýr said, “Why did we make our care sector critically dependent on Nigerians who barely speak English and each bring with them three dependents?”
Johnson with the X username @Ifedayo_Jimcruz, who faulted what he called the disrespect on Nigerians challenged Angantýr to a full English language proficiency test, including writing, listening, reading, and speaking.
Johnson tweeted, “I’m openly challenging you to an English Language skills test. This would entail writing, listening, speaking and listening tests.
“If your overall score is higher than mine, I’ll quietly pack my bags and leave this country within 24 hours.
“But if I score higher than you, you’ll keep your mouth shut and never again question or disrespect the English Language skills of any Nigerian.
“Let me know when you’re ready, so we fix the date and other modalities. About time y’all are put where you belong.”
After the competition results were announced on social media on Sunday, mixed reactions had followed the Nigerian-born contestant’s loss, with both criticism and praise pouring in.
In response, Johnson took to his social media handle to challenge the stereotype that Nigerians hardly speak English, asserting that this misconception has long been disproven.
“I hate to explain as I like how everyone is running their narratives. I enjoy it so much and it’s expected.
“The challenge was to have the test done in the four Basic Language Skills but we couldn’t come to terms on that and only did two.
“Meanwhile, those were the strong forte of native speaker of any language.
“Let me repeat, Nigerians speak English and they do so very well.
“Yes, I boasted and I’m still boasting. If you have a problem at boasting about what you know you’re good at, that’s your problem.”
For Angantyr, he took to his X account immediately to announce the results, declaring that he had made England proud in the linguistic showdown.
He wrote, ”Honour defended. England conquered.”
Recall, the controversy started when Rachel Clarke tweeting as #doctor_oxford wrote on Monday, “1 in 5 of the UK’s care workforce have a non-British passport. Starmer would have us believe these carers are the ‘squalid’ result of a ‘failed experiment.’
“I say they do vital, necessary, humane, skilled work and they are worth their weight in gold.”
[Punch]
The UN says it has been forced to cut spending, freeze hiring and scale back some services as the global organisation faces a worsening cash crisis.
Member States on Monday, urged members to pay up, warning that the deepening financial crisis threatened the world body’s ability to carry out vital work.
The General Assembly’s Fifth Committee met throughout Monday to discuss the multilateral organisation’s financial health.
With a growing shortfall in contributions, member states owed $2.4 billion in unpaid regular budget dues and $2.7 billion in peacekeeping.
Officials warned that the non-payment of contributions risked eroding the UN’s credibility and its capacity to fulfil mandates entrusted to it by member states.
Switzerland’s delegate, speaking also on behalf of Liechtenstein, said “Each delay in payment, each hiring freeze, each cancelled service chips away at trust in our ability to deliver”.
One proposed solution was to allow the UN to temporarily keep unspent funds at year’s end, instead of returning them to member states as credits.
Currently, this return is mandatory, even if the funds arrive late in the year, giving the UN little time to spend them.
The suggested change would be expected to act as a buffer to keep operations running, particularly in January when payments tend to lag.
Delegates also backed limited use of “special commitments”, which is emergency funding tools, early in the year to bridge gaps caused by delayed contributions.
While these fixes might help, several speakers, including delegates from Kazakhstan, Norway and the United Kingdom, emphasised that the root cause was the continued late or non-payment of dues.
Norway noted that such temporary measures would not solve the underlying problem and urged member states to support bold financial reforms.
The European Union stressed that the crisis was not abstract, adding they were real operational risks and the burden could not fall solely on countries that paid on time.
Singapore, speaking for the Southeast Asian group of nations, ASEAN, echoed concerns that the UN’s liquidity problems had become routine.
It cited the UN Economic and Social Commission for Asia and the Pacific’s (ESCAP) need to shut its offices for three months and suspend travel and hiring.
Particularly troubling to many delegates was the fact that one country, unnamed in the meeting but widely known to be the U.S. was responsible for over half of all unpaid dues.
The U.S. under President Donald Trump, is reportedly withholding the funds due to the UN for political reasons.
Russia called for more transparency in how the UN managed cash-saving measures, cautioning against actions taken without member states’ input.
Catherine Pollard, the UN’s top management official, noted that since May 9, a handful of countries had paid in full across several budget categories, while the number of nations who had paid in full for the regular budget stood at 106 for the year.
As of May 19, the UN records showed only 61 countries had met all their UN’s obligations in full.
The message from member states on Monday clearly states that without broad, timely financial support, the UN’s ability to serve the world, especially in times of crisis, is at serious risk.
[Vanguard]
The presidential candidate of the Labour Party (LP) in the 2023 elections, Peter Obi, has clarified that his involvement in the coalition ahead of the 2027 elections is focused on the fight against bad governance, hunger, and poverty, not personal political ambition.
Obi made this known in response to a question regarding reports of an alleged agreement with former Vice President Atiku Abubakar to serve as his vice presidential candidate in the 2027 elections.
The report also claimed that Atiku had agreed to serve for only one term and was willing to formalise the agreement in writing.
Speaking at an event in Kubwa, Abuja, where he donated to a school and hospital project organised by the Anglican Church, Obi neither confirmed nor denied the existence of such an agreement.
Instead, he emphasised his commitment to the coalition’s mission.
Obi stated, “You can make of the report what you want, but I’m in a coalition against bad governance, hunger, and poverty.”
His remarks underscore his focus on national development and social welfare over political positioning.
Obi was Atiku ‘s vice presidential candidate in 2019 when both were in the opposition Peoples Democratic Party (PDP) but Obi moved over to the Labour Party to run as the party’s candidate.
Both lost out to Asiwaju Bola Tinubu of the ruling All Progressives Congress and most political analysts had pointed to their separation as the reason they lost.
Ahead the next election in 2017, both Atiku and Obi are among opposition politicians seeking to unite towards stopping President Tinubu from winning re-election.
In other news, Peter Obi has emphasised that his participation in Pope Leo XIV’s inauguration ceremony in Rome should not be misconstrued as political.
In a statement posted on X (Twitter) on Monday, Obi clarified that the visit was spiritual and aligned with his tradition of attending significant global events.
[Leadership]
The Obidient Movement says Mr Peter Obi, the Labour Party (LP) standard bearer of the 2023 general election is still with the party and has not joined any coalition.
The Director, Strategic Communication and Media, Obidient Movement, Nana Kazaure, made this known in a statement signed on Monday in Abuja while reacting to speculations by some media reports.
According to Kazaure, Mr Peter Obi remains in the Labour party and if ever this changes, he will make that announcement himself.
He said that the movement had been inundated with calls from LP members regarding media publication that Obi had been offered the running mate position to Alhaji Atiku Abubakar in a new coalition being formed ahead of 2027.
“Even as we know that the publication is imaginary to the author, we are tempted not to ignore it because of the possible far-reaching misconception it will have in the public space.
“While frank and cordial engagements with our partners and stakeholders towards a coalition continue amicably, the Obidient Movement would like to state emphatically that there is no truth or basis to the reports whatsoever.
“Without any risk of contradiction, we would like to reiterate that Mr Obi has maintained that his objective and his involvement in a coalition is to provide a united front against bad governance.
“To tackle issues of bad governance, corruption, hunger, poverty, poor healthcare, out of school children and the myriad of other problems daily afflicting the people of Nigeria.”
Kazaure said that the movement wanted politics that was progressive, standing firmly with the people and serving the great people of Nigeria and not politics just for the sake of grabbing power.
The movement, therefore, advised against sensationalism and speculation.
“At this difficult time, all Nigerians and the Media, inclusive, should emphasise and contribute to building a better country.”
The Joint Admissions and Matriculation Board (JAMB) has announced it will release the results of 379,000 candidates who sat for the rescheduled Unified Tertiary Matriculation Examination (UTME) on Wednesday.
The resit was conducted between Friday and Monday following widespread complaints of technical and human errors during the initial UTME, which significantly impacted candidates’ performance, especially in Lagos and the South-East.
JAMB said the glitches necessitated rescheduling the exam, acknowledging lapses in its system. Last week, the board’s Registrar, Prof. Ishaq Oloyede, publicly accepted responsibility and even broke down in tears while announcing a makeup exam for the affected candidates.
Out of the 1,955,069 candidates who took the original UTME, more than 1.5 million scored below 200 marks out of a possible 400, fueling concern over the fairness and credibility of the exam.
Speaking to journalists on Monday, JAMB spokesperson Dr. Fabian Benjamin confirmed the resit results would be released on Wednesday.
“The results of the candidates who took the rescheduled exam will be released on Wednesday,” Benjamin said.
Prof. Oloyede previously disclosed that 379,997 candidates were affected—206,610 across 65 centres in Lagos and 173,387 in 92 centres in the South-East. He described the disruptions as an act of “sabotage” and said affected candidates were notified via SMS starting last Thursday.
Of the nearly two million results processed, only 4,756 candidates (0.24%) scored 320 and above. Another 7,658 candidates (0.39%) scored between 300 and 319, bringing the number of those who scored 300 and above to just 12,414 (0.63%).
Some 73,441 candidates (3.76%) scored between 250–299, 334,560 (17.11%) scored between 200–249, 983,187 (50.29%) scored between 160–199, 488,197 (24.97%) scored between 140–159, 57,419 (2.94%) scored between 120–139, 3,820 (0.20%) scored between 100–119, while 2,031 (0.10%) scored below 100.
[Vanguard]
More...
The Joint Admissions and Matriculation Board (JAMB) has announced that the results of 379,000 candidates who sat for the rescheduled Unified Tertiary Matriculation Examination (UTME) between Friday and Monday will be released on Wednesday.
This follows the board’s earlier decision to reschedule the exams after widespread concerns over mass failure during the initial UTME.
Recalls that the board admitted to technical and human errors, especially in Lagos and the South-East, which significantly impacted the performance of candidates.
Out of the 1.9 million candidates who sat for this year’s UTME, over 1.5 million scored below 200 marks out of a possible 400, raising alarm across various educational circles.
In response, JAMB launched an investigation into the mass failure and discovered several issues in its systems, which were attributed to both technical and human errors.
JAMB Registrar, Ishaq Oloyede, publicly accepted responsibility for the errors, expressing regret over the situation and announcing a resit for the affected candidates. In a heartfelt address, Oloyede shed tears while acknowledging the failings in the system and promising to address the issues.
Speaking to Punch on Monday, JAMB’s spokesperson, Fabian Benjamin, confirmed that the results of the rescheduled exams would be released on Wednesday. He stated, “The results of the candidates who took the rescheduled exam will be released on Wednesday.”
Earlier, Oloyede disclosed that 379,997 candidates in Lagos and the five South-East states were affected by the UTME glitches. Specifically, 206,610 candidates in 65 centres across Lagos and 173,387 candidates in 92 centres in the South-East zone were impacted.
Describing the situation as “sabotage,” Oloyede stated that affected candidates would begin receiving text notifications for the rescheduled exams starting last Thursday.
In the results from the initial UTME, a concerning statistic emerged: out of 1,955,069 results processed, only 4,756 candidates (0.24%) scored 320 and above. An additional 7,658 candidates (0.39%) scored between 300 and 319, bringing the total number of top-tier scorers (300 and above) to 12,414 (0.63%).
Meanwhile, 73,441 candidates (3.76%) scored between 250 and 299, and 334,560 candidates (17.11%) scored between 200 and 249. A larger portion, 983,187 candidates (50.29%), scored between 160 and 199, considered the minimum threshold for many institutions. T
he results also showed that 488,197 candidates (24.97%) scored between 140 and 159, while smaller numbers of candidates scored between 120 and 139, 100 and 119, and below 100.
‘Thousands of trees were uprooted manually’ — Dangote recounts challenges of building refinery
Admin
Aliko Dangote, founder of the Dangote Group, says he would not have built the 650,000 barrels per day (bpd) refinery if he had fully understood the challenges involved.
Dangote spoke on Monday while receiving a delegation from the Lagos branch of the Nigerian Society of Engineers (NSE) at the Dangote refinery in the state.
According to NAN, he said the scale of the refinery exceeded initial expectations.
“Honestly, if we had fully understood the magnitude and challenges involved, we may not have even attempted it, but it is because we didn’t know what we were into initially and the courage, or maybe, naivety that got us this far,” Dangote said.
He said the refinery was designed to handle large volumes, with up to 600 product vessels and about 240 crude oil tankers expected annually.
The billionaire said the challenges faced during construction included working on swampy terrain, extensive land clearing, and dredging 65 million cubic metres of sand from 20 kilometres offshore.
He said all the efforts were aimed at protecting local fishing communities.
“We had to uproot thousands of trees manually. Sand-filling alone took 18 months, but we made a deliberate decision to preserve the livelihoods of those living nearby, especially fishermen,” Dangote said.
When asked by an engineer how Nigerian professionals could be given more opportunities and take control of their future, Dangote said, “we appreciate that”.
“There are many more projects coming, and with them, we will continue to develop our engineering base,” he said.
“Even when we don’t have enough jobs to give, we must still train people.
“Skills are assets — whether they are used here or abroad. We want Nigeria to earn from exporting knowledge, not just oil.”
He said the project, initially planned to deploy up to 50,000 foreign workers, eventually used only 12,000 to 14,000 expatriates.
Dangote said most of the company’s workforce — including fitters, welders, and engineers — are Nigerians.
‘85% OF COMMISSIONING WORK IN DANGOTE REFINERY DONE BY NIGERIANS’
Speaking further, the entrepreneur said “85 percent of the commissioning work was done by Nigerians”.
“It is not because I am an engineer, but because they have proven to be among the best,” he added.
“Today, we are our own EPC (engineering, procurement and construction) contractors. We are building this country ourselves.”
Dangote urged members of the NSE branch to view the visit as a step toward aligning with a national vision of self-sufficiency and industrial excellence.
[TheCable]
Amid growing rumours of a possible coalition among opposition leaders to unseat President Bola Tinubu in 2027, the presidential candidate of the Labour Party in the 2023 election, Peter Obi, has said that the only coalition he is interested in is the one against hunger, poverty, and the terrible state of healthcare and education in Nigeria.
Obi, who visited the Bishop of the Anglican Diocese of Kubwa in Abuja on Monday, emphasised that he was not desperate for any position.
“I am in a coalition against hunger, in coalition against poverty, coalition against bad state of health. Politics for me is not about position, it is about doing the right thing.
“In this country we talk about politics and abandon what we should be talking about. What we should be talking about is how we are going to educate the children,” he said.
Obi came third behind President Tinubu and Atiku Abubakar of the Peoples Democratic Party (PDP) in the 2023 election, with many believing that a coalition between him, Atiku, and other opposition parties will defeat Tinubu in the 2027 presidential election.
The former governor of Anambra State dismissed a deal to run as a vice presidential candidate in 2027, insisting that those saying he had an agreement to deputise anyone were playing politics of selfish ambitions detrimental to the growth of the country.
Obi also made a financial donation to a school project in the diocese.
He said that because the government has failed woefully to deliver free and qualitative basic education, the church had had to bear the huge burden.
Obi was seen with a former governor of Ekiti State, Kayode Fayemi, exchanging pleasantries with President Tinubu after the inauguration Mass of Pope Leo XIV at the Vatican on Sunday.
Commenting on that, the former Anambra governor said that he was not an enemy of the President and only accorded the necessary courtesy to him in Rome as protocol demanded.
He reemphasised that the only enemy he has is corruption and corrupt leaders who have made life difficult for the Nigerian people.
The Peoples Democratic Party (PDP) has expressed strong confidence that a coalition involving former Vice President, Atiku Abubakar, Peter Obi, Nasir El-Rufai, and other key political figures could deliver a decisive victory over President Bola Tinubu and the All Progressives Congress (APC) in the 2027 presidential elections.
The Deputy National Youth Leader of the PDP, Timothy Osadolor, stated this while speaking with Vanguard on Monday in Abuja.
Naija News reports that he stated that such a coalition could conclude the election by 1 pm on election day, provided that critical conditions are met, particularly genuine commitment and unity.
Osadolor pointed to the combined 13 million votes that Atiku and Obi received in the 2023 election, as opposed to Tinubu’s 8 million, noting that this demonstrated the potential strength of a united opposition.
He said, “If these talks are pursued sincerely and reach a logical conclusion, and if ego doesn’t get in the way among these gentlemen; Atiku, Obi, and El-Rufai, then Nigeria could indeed be looking at a winning team.
“If Atiku and Obi truly commit to this alliance, as it appears they are already doing, and with El-Rufai also playing his part, I don’t believe Nigerians would be opposed to such a coalition ticket. Ultimately, this would be a case of Nigerians versus Bola Ahmed Tinubu and the APC.”
The PDP leader emphasised that the growing issues of hunger, insecurity, frustration, and depression in the country would galvanise voter support for the opposition coalition.
He reminded Nigerians of the historical precedent set in 2015 when former President Goodluck Jonathan was ousted, despite his incumbency.
“Let’s not forget: less than four years ago, these two gentlemen together received over 13 million votes, compared to the 8 million votes INEC allocated to Bola Ahmed Tinubu. So, if they join forces again, given the rising levels of hunger, insecurity, frustration, and depression in the country, I don’t see why they couldn’t conclude the election by 1pm on election day,” Osadolor said.
Osadolor also criticised the APC’s approach of releasing funds to state governors for political patronage, calling it a sign of mismanagement and corruption. He argued that such actions only fueled public anger and motivated voters to reject the ruling party.
“My response to that is simple: kudos to the federal government. Let them keep releasing more funds. After all, the money doesn’t belong to them; it belongs to the Nigerian people. So, the more they release, the more it highlights the heartlessness with which they treat public trust and public funds.
“No serious country hands out money for political patronage the way this government is doing. And let’s be clear; the political class makes up less than 10% of the Nigerian population. So how do you justify to the remaining 90% that this small group is misappropriating vast, almost unimaginable sums in naira and dollars, money meant for every Nigerian, born or unborn?” he stated.
The PDP leader stressed the need for effective mobilisation and campaigning, especially among youth and marginalised groups.
He called for unity among stakeholders, urging them to set aside personal ambitions and work together to present a clear alternative to the APC.
“The more they do this, the more they infuriate right-thinking Nigerians and motivate them to vote the APC out quickly. I encourage the President to continue on this path, so that Nigerians remain determined to remove him in 2027.
“In fact, what the President should be doing at this point is compiling a list of his life’s achievements and finding a quiet vacation place to retire to, saving himself the humiliation that awaits him at the ballot box,” Osadolor added.
Osadolor concluded by emphasising that with the right strategy and unity, the coalition could signal the end of the APC’s reign and usher in a new era for Nigeria.