The Lagos State Government has said it is working to introduce monthly and quarterly rent payment options as part of efforts to reduce the financial pressure on residents, especially low-income earners.

The state Commissioner for Housing, Moruf Akinderu-Fatai, disclosed this on Tuesday during the 2025 Ministerial Press Briefing to mark Governor Babajide Sanwo-Olu’s second year in office.

Akinderu-Fatai said the planned policy is a continuation of the state’s drive to make housing more accessible and affordable.

He recalled the government’s earlier rent-to-own scheme, which allows beneficiaries to make a five per cent initial payment and spread the balance over 10 years. 

“That initiative was well-received, and its success encouraged us to explore new ways to reduce the pressure of yearly rent payment,” he said.

He noted that many residents find annual rent payments difficult and that the new system is expected to provide relief.

“We believe that monthly or quarterly payment options will give people more breathing space and reduce the stress associated with sourcing lump sums,” he added.

He added that the government is currently consulting with landlords, developers, and other stakeholders to resolve potential challenges related to enforcement and payment systems before rolling out the initiative.

“Of course, there are issues to resolve — things like landlord cooperation, payment tracking, and enforcement. But discussions are ongoing, and we are listening to all sides,” he said.

He revealed that a pilot phase is being planned in selected areas of the state.

“This is not just policy on paper. We are making real progress. We know what this means for many families, and we are determined to make it happen,” he stated.

The Senate has strongly denied allegations that a serving Senator was the man in a viral video showing a romantic scene inside what appears to be an office, dismissing the claims that the setting is within the National Assembly complex in Abuja. 

The video, which resurfaced and began trending on social media on Tuesday, quickly sparked outrage and widespread speculations. Many online users claimed that the footage showed a Nigerian Senator engaged in inappropriate conduct within a Senate office.

However, in a swift rebuttal, the Senate, through its spokesperson and chairman of the Committee on Media and Public Affairs, Senator Yemi Adaramodu, described the claims as baseless.

According to a report by an online newspaper, Adaramodu insisted that the man seen in the viral video was not a current member of the Senate.

“That’s not the picture of any Senator who is presently serving in the Nigerian Senate,” Adaramodu said. “That video has been online for the past four to five years. I saw it even before I became a Senator. Even when I was in the House of Representatives, the video had already been circulating.”

He also refuted suggestions that the video was filmed in the National Assembly complex, arguing that the office design in the clip does not resemble any part of the Senate.

“There is no office architectural configuration like that in the Senate. None. I can open up to 10 offices for you to compare. That place is not in the Senate,” he added.

Sahara Reporters also corroborated Adaramodu’s claim, confirming that the video is not recent and has been recycled multiple times on the internet over the years. Still, the Senate’s explanation has not quelled public skepticism, as social media users continue to express doubt and call for greater accountability from elected officials.

As of press time, neither the identity of the man nor the woman in the video has been officially established.

The Senate, however, maintained that it has no connection to the controversial footage and has urged the public to avoid drawing conclusions based on viral misinformation.

Richard Montgomery, the British high commissioner to Nigeria, says Africa’s most populous nation has morphed into a more investible destination.

He attributed the progress to President Bola Tinubu’s “big and bold” economic reforms. 

Speaking during a press briefing in Abuja on Wednesday, Montgomery said the UK sees growing opportunities in Nigeria for a combination of reasons. 

“I’ve been very public previously about commending the big and bold economic reforms being taken by His Excellency, President Bola Ahmed Tinubu,” he said.

“We all know about the abolition of the fuel subsidy, we all know about the unification of the exchange rate system, and my headline this morning is that these economic reforms are paying off, and these economic reforms are now making Nigeria more investible.

“I realise that some of these reforms for ordinary people are painful. 

“Inflation is still high, it’s in the 20 percent territory, the mid-20s. And it’s going to take time to bring that rate down.

“But we can see very good prospects for that rate coming down in the coming months and years.” 

HIGH COMMISSION AGREES WITH WORLD BANK’S NDU

He said the commission agrees with the World Bank’s May 2025 Nigeria Development Update (NDU), whose main thrust is that the naira is now more stable, adding that a predictable economic environment buoys investments.

“Foreign exchange reserves are up, significantly up, so that makes Nigeria less risky. There’s been a very big increase in government revenue collection, not by raising tax banks, but by tax administration and management,” Montgomery added.

“It’s almost a 90 percent increase in the amount of resources we’ve collected, partly through administrative management and making sure that revenues from various MDAs reach the treasury, and that increase in revenue means reductions in fiscal deficit.

“It means that the combination of increased revenue and the abolition of the fuel subsidy have doubled federal allocations to the states, enabling more investments in infrastructure as well as public services.

“Most importantly, we’re seeing a growth rate in Nigeria too, so between 2015 and 2019, the growth rate in Nigeria was an average of 2 percent.

“It’s now, in the last 12 months, at least about 3.5 percent. But most positively, in the last quarter for which we have data, it’s up to 4.6 percent. So there’s a real uptick in growth.”

The British envoy added that businesses are looking to expand and optimism is growing, as evidenced by a significant rise in the purchasing manager’s index (PMI).

The World Bank says Nigeria could boost its customs revenue by 66 percent if the federal government eliminates arbitrary tariff deviations and import bans.

In its Nigeria Development Update (May 2025 edition), the World Bank warned that current trade policies distort prices, petrol smuggling, and weaken customs enforcement, ultimately costing the country billions in lost revenue. 

The report also linked the tariff policy to lost government revenue, noting that high tariffs and import bans contribute to evasion and reduce customs collections.

World Bank noted that the deviations push consumer prices up, encourage smuggling, and weaken customs enforcement.

“Lifting them could increase current customs revenues by 66 percent, contributing to the ongoing fiscal adjustment,” the report said.

“The government should consider seizing the opportunity created by the market-reflective, competitive exchange rate to reorient trade policy for growth and jobs.

“Nigeria maintains higher-than-average tariffs on many products, bans the imports of others, and imposes many non-tariff barriers. The average tariff rate in the country is twice as high as the sub-Saharan average.”

The Bretton Woods institution said that with the naira now more competitive, domestic producers are better positioned to compete with imports and take advantage of export markets.

“To produce more and export more competitively, Nigerian firms also need to import, including intermediate goods and services,” the report added.

The bank advised the federal government to align tariffs with the ECOWAS CET and start with food items, given their direct impact on household welfare.

CET is a system where all member countries of ECOWAS apply the same customs duties, import quotas, and preferences to goods entering the region from third countries

‘TRADE RESTRICTIONS HURTING POOR NGERIANS’

World Bank warned that current trade restrictions are disproportionately hurting poorer Nigerians.

“Reducing tariffs and import bans would confer direct benefits to consumers, giving them access to more products at lower prices, lowering inflationary pressure, boosting their purchasing power, and offering relief in the context of high cost-of-living pressures,” the report said.

“Import bans increase prices by an estimated 5.8 percent on average in Nigeria, particularly for products more intensely consumed by poorer households, such as food and medical products. Lifting import bans could lower poverty rates by an estimated 2.6 percentage points.”

The World Bank recommendation comes more than a month after the United States Trade Representative (USTR) faulted Nigeria’s import ban on 25 items, saying the restrictions limit market access for American exporters.

In Q1 2025, the Nigeria Customs Service (NCS) said it collected N1.75 trillion as revenue.

Adewale Adeniyi, comptroller-general (CG) of customs, said the amount surpassed the service’s Q1 benchmark of N1.65 trillion.

Adeniyi added that the figure also represents a 29.96 percent increase compared to the N1.35 trillion generated in the same period of 2024.

A high court in the federal capital territory (FCT) has dismissed a privacy violation suit filed by Ali Bello, a nephew to Yahaya Bello, former governor of Kogi, against Natasha Akpoti-Uduaghan.

Sylvanus Oriji, the presiding judge, on Tuesday, ruled that Ali Bello, chief of staff to the Kogi state governor, failed to prove that Akpoti-Uduaghan, Kogi central senator, violated his fundamental rights to privacy.

THE CASE

In March 2024, the Economic and Financial Crimes Commission (EFCC) had published an X post announcing that it had filed charges against the former Kogi governor over alleged N84 billion fraud.

Responding to the post, the Kogi senator, via her handle @NatashaAkpoti, wrote: “Dear @officialEFCC why did you delete this post on Facebook after I commented and requested that you kindly help find my favourite storybook “The Defeated White Lion” at No. 1 Dala Hills street, off Agulu Lake street, Maitama, Abuja. That White House was amongst the 14 properties you approached the court for forfeiture in December 2022. Don’t delete this tweet o. Thanks and God bless Nigeria.”

THE JUDGMENT 

In his judgment, Oriji held that three issues were meant to be resolved in the suit, including whether the X post violated Bello’s privacy and his home, and the prayers sought against Akpoti-Uduaghan.

The judge ruled that the senator’s X post referenced the house address, which is a public space, and did not mention Bello’s name. 

The judge held that Bello has a right to privacy but dismissed the public apology and N1 billion compensation sought against the senator.

The judge criticised the Kogi senator for posting the picture of the applicant’s house on X, adding that such conduct is “improper”.

“It is improper, reprehensible, and unconscionable for a distinguished senator of the Federal Republic of Nigeria to post a picture of the applicant’s house and the house address in her X social media handle without just cause,” he said.

“Such conduct must be and is thereby deprecated by the court.”

Monalisa Stephen, a controversial Nollywood actress and media personality has passed away after a brief illness.

The Chief Executive Officer of Best of Nollywood (BON) Seun Oloketuyi, via his Instagram on Wednesday announced the sad news, disclosing that the controversial actress died yesterday, May 13th after battling low blood sugar and internal bleeding.

He added that the deceased actress’ sister confirmed her passing. Sharing the photo, he wrote: “Brand influencer Monalisa Ayobami Stephen is dead,she died yesterday in Lagos after losing the fight against Low sugar and internal bleeding, Her immediate younger sister confirmed the death of this hardworking and beautiful soul.”

More details later..

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the non-resident bank verification number (NRBVN) platform to ease access to financial services for Nigerians in the diaspora.

Unveiled on Tuesday in Abuja, the digital platform allows Nigerians abroad to obtain their BVN remotely, eliminating the long-standing requirement of physical presence in Nigeria.

Speaking at the launch, Olayemi Cardoso, governor of CBN, described the NRBVN as a major leap in the apex bank’s financial inclusion agenda, particularly for Nigerians living outside the country.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said.

“The NRBVN changes that. Through secure digital verification and robust KYC processes, Nigerians worldwide can now access financial services more easily and affordably.”

Cardoso said the platform would not only boost access but also drive innovation and deepen trust in Nigeria’s financial system.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he said.

“This platform is not just about financial access—it’s about national inclusion, innovation, and shared prosperity.”

Highlighting the importance of diaspora remittances, the CBN governor said inflows rose from $3.3 billion in 2023 to $4.73 billion in 2024, driven in part by recent foreign exchange reforms.

He expressed optimism that the NRBVN, along with complementary policy measures, could help Nigeria reach its target of $1 billion in monthly remittances.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of \$1bn in monthly remittance flows,” Cardoso added.

NRBVN COMPLIES WITH GLOBAL AML, KYC STANDARDS

Premier Oiwoh, managing director and chief executive officer of NIBSS, gave a technical overview of the platform, noting that it aligns with global anti-money laundering (AML) and know your customer (KYC) standards.

Oiwoh said the platform is built to ensure security, transparency, and ease of use for Nigerians abroad.

Also speaking, Muhammad Abdullahi, deputy governor, economic policy at the CBN, described the NRBVN as a “transformational tool” that would strengthen economic ties with the diaspora.

“Together, we stand at the threshold of a new era, poised to deepen trust, enhance remittance growth, and forge a stronger connection between Nigeria and its global citizens,” he said.

The NRBVN is part of a broader framework that includes the non-resident ordinary account and the non-resident Nigerian investment account, which provide Nigerians abroad with access to savings, mortgages, pensions, insurance, and investment products in the Nigerian financial ecosystem.

Julius Abure, factional national chairman of the Labour Party (LP), has challenged Peter Obi and Alex Otti to name party members who received funds for the 2023 election.

Abure spoke on Monday, during a stakeholders’ meeting at the party’s national secretariat in Utako, Abuja. 

The meeting was convened by Joshua Chinedu Obika, member representing AMAC/Bwari federal constituency of Abuja. 

Abure said some elected LP officials are scheming to remove the national leadership from office despite sacrifices rendered.

He said the party’s leadership rejected monetary offers for elective positions.

Abure added that the leadership did not collect a dime from Otti for the party’s governorship ticket.

“We rejected billions of naira. We rejected offers because of their positions. Today, they are in the forefront of those who want to throw us out of office,” he said.

“I want to challenge all of them. I was watching television and I saw some of them talking about corruption. 

“Today, I want to challenge all of them, from Peter Obi downward, that contested the election. Let any of them come out and tell the world what they personally gave to me or to the party.

“It is not to go and hide and be saying there is corruption in the party. Who and who are those that brought the money? Who did they give it to?

“Where did they send it to? I challenge them today that any of them that has evidence, even if they don’t have evidence, let them be bold and come out and say when and how they gave the money and if they can’t do that, let them forever hold their peace.

“I’m going to call a world press conference and publicly challenge them. As a leader, we have been quiet to say probably they are making mistakes, one day, probably they will come back.

“When people were talking about agents, and money for agents, I kept quiet, I didn’t say anything because I believe that the bad, the good and the ugly are for me. And therefore, I should not throw away the bad child or the ugly child.

“When I saw that some people were going beyond their boundaries, I came out and released a periphery of what played out. And I am sure that by now, that house is no longer together as it is.

“I am waiting for them — from top to bottom — to make any other move and I will open my mouth. And when I open my mouth, wherever they go to, they will be like smelly eggs, rotten eggs that nobody will ever buy.”

BACKGROUND

The LP has been embroiled in a leadership crisis, with Abure and his allies on one hand, and the caretaker committee led by Nenadi Usman on the other.

The Usman committee is backed by Obi, Otti, and Ireti Kingibe, senator representing the federal capital territory (FCT).

In April, the supreme court ruled that the court of appeal lacked the jurisdiction to pronounce Abure chairman of the LP.

Since the verdict, there have been various interpretations of the apex court’s pronouncement, with all factions claiming victory.

On May 7, the Abure-led faction suspended Otti and Kingibe indefinitely over alleged anti-party activities.

On the same day, the caretaker committee constituted a panel chaired by Kingibe to probe Abure over allegations of corruption, misappropriation of party funds and anti-party activities.

Days later, the caretaker committee suspended Abure as the national chairman of the party.

Otti had also asked Kayode Egbetokun, inspector-general of police, to arrest Abure for alleged impersonation.

Abdulaziz Yari, senator representing Zamfara west, says the recent defection of three senators from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) is a clear indication of the ruling party’s growing strength in northern Nigeria.

Yari, a former governor of Zamfara, spoke with journalists on Tuesday after plenary at the national assembly.

On Tuesday, Adamu Aliero, senator representing Kebbi central; Yahaya Abdullahi (Kebbi north); and Garba Maidoki (Kebbi south) formally announced their defection to the APC.

“These are key people who were already members of APC for the first five, six years,” Yari said.

“But unfortunately, as you know, politics is full of tussle, turbulence and so forth. They were not able to secure a ticket in our party in 2023, but deep in them, they believe in APC, which they are members of.

“So they contested on the platform of the PDP, and now they have decided to come back home.

“This is a great and tremendous kind of success for our party in Kebbi state, our party in the north-west and our party in northern Nigeria.”

Yari said the presence of the governor of Kebbi at the national assembly was a show of solidarity.

“And as well, to also appreciate the effort of the national chairman, and the effort of everyone who worked to ensure this outcome,” he said.

Asked whether the influx of opposition members into the APC signalled a drift towards a one-party state, Yari dismissed the concerns.

“Well, that’s what people are saying, but I don’t think so because Nigeria is a larger democracy and we have about 56 parties,” he said.

“So there’s no way you’ll say everybody will come to APC. There are 56 political parties registered, so definitely people have to contest. There’ll be a kind of competition.

“Maybe the other parties may be weaker, and APC will continue to be what it is. But at least we are not aiming to be that. We welcome everyone.

“What we are after is to ensure that there is good governance and success in our 2027 elections. We are praying and working harder to ensure we get the success.”

On May 9, Aliero, Abdullahi, Maidoki and all members of the house of representatives from Kebbi state met with President Bola Tinubu at the State House, where they informed him of their decision to join the ruling party.

A suspicious “capacity testing” conducted at power generation companies (GenCos) by the Nigeria Bulk Electricity Trading (NBET) Plc has come under the microscope of the Independent Corrupt and Other Related Offences Commission (ICPC), TheCable can report.

The test, initially estimated to cost N200 million in payments to consultants, was jacked up to N400 million when it was conducted in December 2024 — and was allegedly not in the approved budget for NBET for the year.

Curiously too, capacity testing is usually done by the GenCos themselves, as it is a condition in the power purchase agreements (PPAs) executed with the bulk trader. 

Following a tip-off by an NBET insider, the ICPC launched an investigation.

TheCable learnt that the commission has written to Johnson Akinnawo, the acting managing director and CEO of NBET, to request some sensitive documents that will throw more light on the transaction.

The ICPC demanded specific documents as follows:

• Contract files in respect of capacity testing conducted for GenCos in December 2024
• Schedule of all capacity testing carried out on GenCos and the list of companies/consultants that carried out the test from 2010 to date
• Detailed explanation on how NBET has been carrying out capacity testing from 2010 to date, as well as copies of the reports carried out
• Approved budgets of NBET, fund releases, and budget implementation reports from 2010 to date
• All procurement files, payment vouchers and accompanying documents in respect of all goods and services procured by NBET from November 2024 to date
• Payment schedules/mandates with respect to all payments made by the agency to respective companies and individuals from November 2024 to date.

‘IT WAS DIRECTED BY THE POWER MINISTER’

NBET, in its letter to the GenCos in December 2024, said Adebayo Adelabu, the minister of power, directed that NBET should conduct the controversial capacity testing.

The test determines the maximum generation capacity of every power plant.

“The Honourable Minister of Power instructed NBET to carry out the capacity test for all GenCos within its portfolio and to forward a report on the exercise to the ministry upon conclusion,” an insider told TheCable.

The test is usually conducted in the presence of the representatives of NBET and the system operators, while the National Control Centre (NCC) ensures the grid is available.

“NBET does not pay for capacity tests,” the insider further said. “The previous managements never paid. How the budget also suddenly went up from N200 million to N400 million is something that will be difficult to explain.”

NBET: WE FOLLOWED DUE PROCESS

Sambo Abdullahi, NBET’s chief financial officer, told TheCable that the organisation followed due process in conducting the capacity test.

He said the recent test was jacked up to N404,419,600 as a result to inflation.

“The test is an independent test to verify the dependable capacity of the GenCos and was carried out in conjunction with the system operators and market operators under the TCN annually. Both the seller and the buyer can go for the capacity test to protect their liabilities. Either party is responsible for their costs. Remember, energy sales are based on cost recovery. The report of the GenCos capacity test shared with HMP and NERC is available in NBET for sightings,” Abdullahi said.

“The expenditure is from the approved regulatory income, duly approved by the regulator, NERC. Remember, indices such as the floating of the naira and inflation affect the cost of goods and services. The last GenCos capacity test was in August 2022, when the dollar was N417/$1 and cost N213,008,950.00. Due to a paucity of funds, we couldn’t do it in 2023, and it’s required for the determination of their dependable capacity. Please note that the capacity test is done annually.

“Due process was followed in the engagement of the consultants, and processes are available for review. This is not the first time NBET has used independent consultants for this purpose. A routine check in line with their mandate was carried out by the ICPC, and the matter was closed out.”

However, Demola Bakare, ICPC spokesperson, told TheCable that the investigation into the matter is ongoing.

“Yes, the probe is still on. We will inform the public of the outcome once it is concluded,” he said.