Media personality Toke Makinwa has revealed that at this stage in her life, financial concerns affect her more deeply than matters of the heart.

“Only money makes me sad at my age, not love or heartbreak,” she said, highlighting a shift in priorities with maturity and experience.

Toke also showcased her sleek high ponytail and sparkling jewelry, crediting her hairstylist and jeweler.

This post comes months after she expressed openness to remarrying, even as a second or third wife, on her podcast “Toke Moments”.

“In all honesty, at this point in my life, if I have the opportunity to be the second, third, fourth, or fifth wife, I will take it,” Toke said during the podcast. 

Toke’s past marriage to Maje Ayida ended in divorce in 2017 due to infidelity allegations. 

[TheNation]

Nigeria is presently celebrating its 26th year of this Fourth Republic and 65 years as an independent, sovereign nation. However, if there were a survey asking Nigerians if they are faring better or worse as citizens, the majority are likely to confirm the latter. Why is it that successive administration tends to sink Nigerians into the abyss of poverty, unemployment, insecurity, hunger and underdevelopment? Why is it that government policies, projects and programmes are like a decoy to plunder the commonwealth for the enjoyment of the ruling elite? Why is there so much hopelessness even when there is a promised renewed hope?  Are we cursed, or are we the cause?

I have been reflecting on these posers, and my research has revealed that the reason things remain the same, the more they change, especially in politics and governance, can be linked to a phenomenon called state capture. Emily Patterson, co-founder of State Capture: Research and Action, said, “The term ‘state capture’, first coined in 2000, has gradually evolved over the past two decades. Originally focused on the undue influence exerted by new industrialists over state institutions in post-Soviet countries, the term has acquired a broader meaning to reflect the complex and varied interplay between economic elites and state infrastructure.”

She went further to assert that Joel S. Hellman, Geraint Jones, and Daniel Kaufmann first set out a theory of state capture in a 2000 World Bank paper entitled “Seize the State, Seize the Day: State Capture, Corruption, and Influence in Transition”. The authors focused on new market entrants during the waves of privatisation that followed the collapse of the Soviet Union. These new “industrialists” were concerned about their ability to compete as new firms operating in legacy/state-controlled industries, and many sought to fortify their position through “illicit and non-transparent private payments to public officials” with the goal of “influencing the formation of laws, rules, regulations, or decrees by state institutions”. The owners of these captor firms got rich and succeeded at exerting considerable control over state institutions so that they could more easily protect their assets and personal interests.

Politically, Nigeria has witnessed a steady trend where the ruling class deliberately exert undue influence over state institutions to gain an unmerited advantage. Starting from the political parties, some powerful individuals whom I tag political barons use their money and influence to gain control of the decision-making organs of their respective political parties so that they can help their cronies and stooges win elections. A typical example is what’s going on in the main opposition political party, the Peoples Democratic Party, where a few political barons are trying to gain control of the organs of the party ahead of the next general elections in 2027. The ongoing pull and push tearing the fabric of the PDP apart is due to the inordinate ambition of a handful of barons to plant their hirelings in key decision-making organs of the party to gain total control of the party.

The same goes for the ruling All Progressives Congress. There is a powerful cabal made up of the top echelon of the ruling class that determines what goes on in the party. There are various caucuses involved, from the Presidency to the governors of the party and top brass in the National Assembly. The governing elite at the national and sub-national levels also try to capture state institutions for their undue advantage. Check out the appointments in the Independent National Electoral Commission, the judiciary, and the leadership of ministries, departments and agencies of government; they reek of a high dose of political consideration meant to gain control for the appointing authority.

Civil society and the media have been at the vanguard of ensuring that partisan persons do not get nominated as INEC chairmen, national commissioners and resident electoral commissioners. However, we have not succeeded, as clearly partisan persons are deemed to have been nominated to the electoral management body. For instance, the nomination of former presidential aide Lauretta Onochie as a national commissioner in INEC. It took a lot of resistance from the CSOs to have her dropped by the Senate. There have been several appointments after that controversial one that have scaled through despite vociferous objections from civil society. This is why there is now ongoing advocacy for the appointment of INEC chairman and commissioners to be subjected to a more transparent nomination process where there will be an independent body that will screen the applications of those who have applied for the INEC job, with an opportunity for claims and objections by the Nigerian public.

Remember the suspension and eventual removal of the former Chief Justice of Nigeria, Justice Walter Onnoghen, under former President Muhammadu Buhari in January 2019. Many believed that it was politically motivated so that he would not preside over the presidential election petition due to come after the 2019 general elections. The gentleman was last year discharged and acquitted of all the trumped-up charges levelled against him over asset declaration impropriety.  There is a growing concern that the Nigerian judiciary is now populated with wives, children and cronies of high-profile politicians. The danger in that is that political considerations and not law may influence the decisions of their lordships, especially in political matters brought before them. Recall that the husband of a former president of the Court of Appeal openly declared on the floor of the Nigerian Senate that he helped his fellow senators on their election petition cases, superintended by his wife.

Under the Nigerian Constitution, the president of the Court of Appeal constitutes the election petition tribunals that adjudicate over post-election matters.

It goes without saying that the rationale behind our highly monetised and violent elections could be found in the attempt at state capture willy-nilly. Politicians deploy the Machiavellian principle that the end justifies the means to ensure electoral victories, not minding if they are in breach of electoral laws. That’s why it will be difficult to contain electoral violence and vote-buying.

A look at the leadership of the Economic and Financial Crimes Commission will reveal an attempt by the political class to exert undue influence on the commission. None of its previous chairmen have had a hitch-free and successful tenure, as they were all removed in controversial circumstances. From Nuhu Ribadu to Farida Waziri to Ibrahim Lamorde to Ibrahim Magu to AbdulRasheed Bawa, none of them had a seamless tenure. It is hoped that the incumbent chairman, Ola Olukoyede, will have a smooth sail.

At the sub-national level, governors of the 36 states have vehemently resisted financial and administrative autonomy for state Houses of Assembly and judiciary despite two constitutional amendments to give effect to this. Same with the financial autonomy of the 768 local governments and six area councils.  President Tinubu was very concerned and asked the Attorney General and Minister of Justice to file a suit at the Supreme Court last year seeking the interpretation of section 162 of the Nigerian Constitution, especially the one that deals with joint state and local government accounts. The apex court on July 11, 2024, ordered that funding due to the local governments should be paid directly to them and that states that do not conduct local government elections should have their LGA allocations withheld. However, nearly a year after that Supreme Court verdict, Nigeria’s LGAs are yet to enjoy financial autonomy, as the governors ganged up against its implementation while the Presidency looked on without enforcing the judgement.

Nigeria will not develop with the stranglehold of the powerful ruling elites on the state institutions. The loyalty of the political appointees should be to the Nigerian Constitution, not their appointers. The rule of law and due process should be the cardinal principles of governance and not the undue meddlesomeness and executive recklessness being witnessed in this country. Until this culture of impunity is dismantled, successive administrations will not be able to deliver good governance.

Some time ago, a beautiful dancer, Senator Ademola Adeleke, Governor of Osun State, once said that he thought he should be appreciated by his people for giving up his freebie N600m security vote that his state awards to him every month. He even entered the spirit of Chief Olusegun Obasanjo, who once barked, “Stand up! Sit down!” orders at some Oyo State kings.

His words: “I have considered sharing my security votes to assist in some of our projects. And for this, all should stand up and clap for me for 20 minutes. That’s how they do it in the United States.” Well, American state governors do not receive security votes like their Nigerian counterparts.

Though laudable, the governor’s offer to utilise the security votes for state projects is the greatest confirmation that the security vote is not necessary; a scam that has become a statutory drainpipe, a vestige of the tradition started after the military incursion into Nigeria’s politics.

If you want to know, Governor Adeleke’s N600m adds up to a princely N7.2bn free money in one year, and N28.8bn in a tenure of four years as governor. That is one avenue for governors to recoup part, if not all the money they spent on their electioneering campaigns.

Some argue that a large portion of the money voted for the constituency projects of Federal legislators is somewhat akin to the security vote of state governors, because it somehow ends up being diverted to the pockets of the idle legislators.

Regrettably, while these kinds of wasteful expenditures are going on throughout Nigeria, civil servants, many of whom are not yet earning the N70,000 minimum national wage, have to be genuflecting and nearly apologetic when they ask their state governors for what their legitimate and statutory rights should be.

Sometime in 2024, Osun State civil servants had to find a creative way to ask the state government to pay the N35,000 in addition to their salaries that had been agreed between the labour unions, government and organised private sector employers.

The Osun State workers, who had to resort to flattery, “urge(d) His Excellency to graciously approve the agreed sum … to all categories of workers… (because they believed that) workers’ welfare is important and very dear to (the) heart (of the Governor)”.

The civil servants also hinted to the governor that the addition to their salaries was agreed to avert “the proposed (labour) strike”, that was called last year, just a few months after the Federal Government withdrew subsidy from petrol and electricity and floated the exchange rate of the naira to convertible foreign currencies, like the US dollar, British pound sterling and the euro.

Two things would strike anyone who cares to interrogate the absurd and conscienceless enterprise designed by Nigeria’s political elite to “legitimately” fleece the people of Nigeria: First, you wonder what purpose the security votes have served over the years, whereas there is inexplicable insecurity in practically all the states of Nigeria.

Despite, or because of, the security vote, which some have derisively described as an “insecurity vote”, Nigerians are routinely subjected to daily harassment by outlaws, like Boko Haram insurgents, bandits, cattle rustlers, violent cattle herders, alien terrorists, “unknown gunmen”, kidnappers, ritual killers, armed robbers and motor park rogues.

Secondly, you wonder why a governor, who has no constitutional authority over security matters, even within his state, has to be paid a separate and additional security vote when the Nigerian state is already running and funding the Nigeria Police, the military services, the secret service, the Nigeria Security and Civil Defence Corp, the Federal Road Safety Corps and even the (not exactly new) National Armed Forest Guards that President Tinubu just reintroduced.

Even Southwest states have found a way to legally wrest some security roles of the Exclusive Legislative List to run the Western Nigeria Security Network, otherwise known as “Amotekun Corps”, with public funds. Yet other states, like Lagos, have sundry security outfits, like the Lagos Neighbourhood Safety Corps, and just about every state has a traffic management agency.

That is not to talk of several undefined policing agencies set up, operated and financed by local government authorities to extort statutory and not-so-statutory fines from hapless citizens who do not always know what they did wrong whenever they are intercepted.

The amount of money spent on these, now legally enabled, state “security or safety” agencies must definitely be a tidy sum, which is also coming out of the consolidated revenue fund of the states. So, one wonders why there should be another fund for the inexplicable security votes.

Even after most states have also thought up smart ways to blackmail private sector operators within their domains to generously fund state security funds, the heartless state governors still go ahead to receive monthly security vote allocations, that some critics have calculated to be over N277.49bn annually, even though they do not have the figures for Kebbi, Sokoto, Kwara, Gombe, Ebonyi and Bayelsa States.

Some, with institutional memory of military government in Nigeria, assert that the security vote was introduced into Nigeria by the military government of General Yakubu Gowon, the Head of State, who allocated the funds.

The allocation was intended to encourage the military governors, the political elite and traditional rulers to cooperate with the Federal Military Government, to douse the crisis of legitimacy of General Gowon’s leadership that was queried by Col Emeka Odumegwu-Ojukwu and to prosecute the Civil War.

One must reemphasise that these largely unconstitutional and unaudited payouts to the state governments that were initiated by the Federal Military Government are now paid out of the constitutionally approved consolidated revenue funds.

Frederick Omoyoma Odorige observes, in his doctoral thesis on Military Science at Hungary’s National University of Public Service, Budapest, that monies directed into security votes can be likened to “missing vaults in Nigeria’s checkered (sic) security architecture’’.

That is probably a euphemism for an ingenious, foolproof and legitimate scheme that is designed by the political elite to avoid being prosecuted for stealing public funds, while also avoiding the scrutiny of accountability.

Some have traced the origin of the deliberate opaqueness of the allocation of security funds to the British government’s practice of “hiding” the budget of the security service MI5 in the Home Office and its secret service counterpart, MI6 spies in the Ministry of Foreign, Commonwealth & Development Office.

It helps to obscure the activities of these agencies from public scrutiny as auditors beam their “microscopes” into their finances, which, they argue, may expose the security and secret agents to danger and defeat the secrecy that is necessary for security work.

But there is no doubt that Nigerian state actors have stretched the meaning and the coverage of the security votes beyond the intention of those who started it.

Some of the most ardent critics of security votes argue that the books of security expenditures, other than those of the Police Central Intelligence Department, the Department of Military Intelligence and the Nigeria Intelligence Agency, should be open to scrutiny and not hidden with the use of opaque nomenclatures.

It would be a great breakthrough if all state legislatures could find the courage to legislate security votes out of existence.

In an address in Lagos, Mr. Babatunde Raji Fashola, erstwhile Governor of Lagos State, Nigeria, and former Minister of Works and Housing in the Buhari administration in Nigeria, an administration that arguably ran Nigeria aground. Fashola presented a passionate and compelling message titled: "Why I Remain Optimistic About Nigeria." The speech was at the 60th birthday lecture of the publisher of City People magazine, Mr. Seye Kehinde, on Thursday, April 24, 2025.

Fashola’s speech was an appeal for national hope and resilience. He emphasised the strengths inherent in Nigeria's cultural richness, human potential, and the importance of unity. He extolled the nation's cultural depth, entrepreneurial energy, and the uncommon resilience of her citizenry as assets for national redemption. His message, delivered with characteristic conviction, was a call to national hope and perseverance amid Nigeria’s complex crises.

While such depths of optimism and patriotic zeal are commendable, it is imperative to critically assess the underlying factors that challenge such a perspective. Fashola’s message, though well-intentioned, sidestepped the systemic leadership deficit, rampant corruption, administrative/institutional decay, and the external dynamics, not to mention the infrastructure deficits that have made meaningful progress elusive.

Leadership Failure and Corruption: The Glaring Contradictions

The core issue afflicting Nigeria is not the absence of human or natural resources but the sustained failure of leadership. From the local through the states to the federal levels, governance is often tainted by opportunism, incompetence, and corruption. The optimistic narrative Fashola portrays stands in stark contrast to the lived experiences of many Nigerians who contend daily with failing infrastructure, unemployment, insecurity, and a justice system many consider compromised.

Fashola only scantily touched on the pervasive and fundamental issue of corruption, referencing it only through a non-justiciable constitutional provision that seeks the abolition of corruption. He had no time in elaborating on the failure since 1999 of the National Assembly (NASS) to enact a law that would, for instance, allow easy access to asset declarations of public office holders. Fashola’s passing mention is insufficient given the devastating impact that corruption continues to have on governance, insecurity, public trust, and national development.

His attempt at promoting national optimism, brand image protection, and patriotism, whilst failing to adequately confront corruption with the same intensity, does not make for a more balanced approach to the issues thrown up. The inability to handle corruption flows from a leadership deficit concerning a visionary approach that focuses on popular interests. The persistent gross inadequacies in governance have led many articulate Nigerians to seek a redefinition of corrupt values towards genuine progress and development.

The persistent erosion of public trust is evident in the widespread perception of corruption across various arms, levels, and sectors of Nigeria. Findings from a nationwide corruption perception survey I conducted in 2024, which has been published as a book: Nigeria Corruption Perception Data, show that a vast majority of Nigerians, well over 80%, believe corruption has either worsened or remains widespread. The survey, involving 1,426 respondents across all geopolitical zones, revealed that:

• 748 respondents (more than 52%) rated Nigeria as “extremely corrupt”.
• Over 90% expressed dissatisfaction with the transparency and efficiency of public services.
• Encounters with corruption were most prevalent in the public sector, followed by the private and social sectors.
• Religious and civil society institutions, once seen as moral bastions, were also implicated, with 88% of respondents agreeing that even religious organisations are corrupt.

Similarly, according to a recent NOI-Polls result, 80% of Nigerians believe that their country's corruption level has increased over the past year, with the police and the national assembly perceived as the most corrupt institutions. This perception is not unfounded, as numerous high-profile corruption cases involving former governors and public officials have surfaced, highlighting systemic issues within the leadership structure.

The ridiculous levels of corruption and leadership deficit continue to promote large-scale underdevelopment, poverty, and unlivable conditions for many Nigerians. This situation further moves many Nigerians away from utmost freedom (the UN’s Sustainable Development Goals coupled with access to the benefits accruable from the Universal Declaration of Human Rights).

These data sets present a very different picture from Fashola’s upbeat and all-is-good tone. Like they say, “In God We Trust absolutely, but all Men Must come to the Table with Data”. It is based on these data that we shall begin to examine the basis and reality of the high hopes and patriotic excitements that Fashola is trying to propagate.

Patriotism Examined: Between Love for Country and Disillusionment

It is a disservice to equate blind loyalty in the face of stark realities with patriotism. True patriotism does not entail defending a broken/failed system or remaining silent in the face of injustice and oppression. Rather, it requires a sober critique and active engagement for necessary reforms. It is such critiques that lead to improvements in societies. The silence or “siddon look,” towards societal ills, not to mention deceptive praise singing in the face of the stark realities, actually constitutes a disservice to Nigeria.

It is not in doubt that ordinary Nigerians deeply love and care about their country, as seen in their resilience and persistent demand for accountability, as well as their failure to organize to throw off their yoke of oppression. What is in doubt is how much love and commitment the people who have been handed over the jobs of managing the material resources, governance, and leadership apparatus of the country, truly have for the country. Very painfully, Nigeria’s challenges continue to compound their sufferings.

A deep analysis would demonstrate the lethal situation of the combined effects of leadership deficit, coupled with corruption, and a failure of leadership to make the best of the external environment. Such visionary leadership would be opposed to the current reality of being willing tools for the continued external subjugation of Nigeria. Important is also the failure of leadership to start or maintain the process of building viable institutions, and expand the horizon on the paucity of human and material resources.

In effect, leadership deficit remains central to the increasingly unbearable lives of Nigerians, hence severing the people from desirable quantum moves towards utmost freedom. Even the most passionate patriot is forced to confront the painful dissonance between the preferred eulogy for patriotism and the lived reality. The lived realities of the average Nigerian make the Fashola type of calls, couched under the pretense of patriotism, very hollow.

Realistic Optimism and Accountable Leadership

While Fashola appeals for collective hope, Nigeria’s development continues to fail to leapfrog towards development in comparison with countries with similar trajectories, like India, Malaysia, Indonesia, and South Korea. This cannot be ignored in calling for Nigerians to raise their heads high in patriotism. Since gaining flag independence around the puerile decolonisation period, those countries, with relatively better visionary leadership and lower levels of corruption, have made significant gains in economic diversification, infrastructure, and human development indices. Clogged by cyclical corruption and poor governance, Nigeria has squandered decades of opportunities for internal consolidation and regional leadership. Love of country does not need to be from the pulpit in these countries. People are living reasonably and improving the realities of their lives.

It is time to move beyond rhetorical hope. True national healing requires hard truth-telling, actionable reforms, and people-centred leadership. The escapist argument that all societies are corrupt should be avoided. Many societies that are meeting the needs of their people through development have effective institutional arrangements to radically reduce levels of corruption, as opposed to Nigeria’s tolerance level for the cancer.

The inverse relationship between the known number of Nigerian billionaires (many are not on the Forbes list as a result of hidden wealth) and the poverty level in Nigeria is largely a result of corruption. It is a result of live and direct outright theft, as well as deliberate policies to gouge the public. The resulting inequalities and inequities cannot build the type of patriotism Nigeria had in the 1950s through to the mid-1980s when oil blocks started being handed to individuals, thereby privatising the life-line of national patrimony without value addition. The result has been reduced levels of peace and security, development, respect for human rights, and humanitarian resilience.

The 2024 corruption survey I conducted shows a population that is engaged, informed, and yearning for transformation. Nigeria's future cannot be built on beautiful aspirations and emotive patriotism, but must be anchored in a collective demand for transparency, justified expectation, equity, responsible governance, and freedom from want on many needs of living a good life. At the top of such a governance arrangement must be visionary leadership able to reverse some of the corruption, adequately respond to the external environment, as well as handle institution building and expansions on human/material resources.

Prof. Babafemi A. Badejo, author of a best-seller on politics in Kenya, was a former Deputy Special Representative of the UN Secretary-General for Somalia, a former Professor of Political Science and International Relations at Chrisland University, Abeokuta, and is currently a Legal Practitioner and Consultant at Yintab Strategy Consults. He is the 2025 Nelson Mandela Distinguished Africanist Awardee, by the African Annual Conference at the University of Texas at Austin.

The Chairman of the Federal Civil Service Commission (FCSC), Prof. Tunji Olaopa, has listed some measures for ensuring the emergence of a viable civil service of the future.

Olaopa spoke at the Strategic Meeting of South West Heads of the Civil Service, held in Lagos on Tuesday, May 27, 2025.

The professor of public administration whose keynote address was entitled "Deepening Professionalism in the Civil Service Towards Improve Service Delivery" decried the existing state of the civil service. He lamented specifically that the civil service at the state level does not have "autonomy and relative insulation from politics to operate within the classic functional authority line in politics/policy-administration/implementation dichotomy as conceived in public administration praxis".

Consequently, he listed some steps that the civil service could take to ensure professionalism and meet the demands of the fourth and fifth industrial revolutions with their attendant technological challenges such as those posed by Artificial Intelligence.

According to him, there should be a clear vision of who a civil/public servant is, and that all public service rules, regulations and procedures governing career management in the civil service need to be reviewed and aligned.

Olaopa highlighted the need for the strengthening of the political-administrative interface for effective governance and service delivery.

He also stressed the strengthening of the constitutional mandates of the CSCs, to ensure that recruitment/appointment into the service are merit-based and insulated from politicisation .

" Indeed, strengthening the pre-entry requirements and implementing rigorous recruitment and selection processes will entail enforcement of clear guidelines to prevent non-meritocratic appointment practices."

For Olaopa, there is the imperative of enforcing professional norms, codes and standards of professional practice for public administration . "This will need to be revalidated through a value audit, to establish the new professional standards that assist to weed out unqualified personnel and which in turn provides a framework of principles which guide professional behaviour and actions as part of a carefully implemented cultural adjustment programme and values reorientation.

" In this regard, a recognised process of accreditation that includes a deepened but compulsory induction programme that serves to introduce new entrants to the civil service, and also educates them about ethics and professionalism and which at once challenges them to embrace the values and mandate of constitutional democracy.

"Such a process if regulated by recognised public administration professional bodies that bring members of the profession together through a mechanism that is outside routine business, creates

a community of practice, and therefore allows for cross-cutting concerns to be addressed to enable professional autonomy and self-regulation, knowledge sharing and development

and mutual support of practitioners, researchers and other development workers as is badly required if the public service will get back its ability to act independently as a profession insulated from politics."

He said that the complex body of knowledge relating to the administration, methods, procedures and technical practices of public administrators that have accumulated over time need to become the basis for comprehensive training for new entrants to the field, and ongoing professional development for those within the profession to stay current with the evolving standards and body of knowledge inherent in the profession as continuous professional’s competency framework of skills for running the business of government.

According to him, addressing ethical lapses, bureaucratic corruption, and poor performance within frameworks of performance, ethics and accountability, is critical to reinstituting professionalism in the civil service.

" There must therefore be strong accountability mechanism in place to streamline practices for dealing with transgressions and to institute actions for losses, and training cum development of correctional frameworks."

 Olaopa noted the need for the utilisation of distinguished former public servants as mentors, coaches and champions of system’s turnaround programmes.

" This strategy will indeed draw on the experiences of revered former administrators particularly in areas of expertise that may be lacking in current workforce . There will of course be a policy guideline that will address how the coaches and mentors will function, their roles and responsibilities. This will make the arrangement a structured approach with clear expectations and performance standards".

He said that there should be screening to establish the risk profile of applicants and their criminal record, financial situation, integrity levels , psychometric tests and truth veracity tests before appointment.

On remuneration, he said that wage reform should aim to ensure that employees receive compensation that is fair and that recognises the value of staff contribution, and that it must be designed to be competitive, and reflect the cost of living to attract and retain skilled professionals.

"A sustainable wage policy must also achieve cost saving and ensure fiscal sustainability through institutional rationalisation of entities and programmes.

Compensation reforms may include better and enhanced benefits such as healthcare, retirement plans and other perks, packaged to make public jobs more attractive and competitive. It may also introduce performance-based pay systems thus linking salary increases to individual and organisational achievements", he said.

"The mission statement of every MDA must include the promotion of continuous improvement in service provision and commitment to service standards, benchmarked against high-performing comparator-agencies.

This will include plans for staffing, human resource development and organisational capability building tailored to service delivery needs.

Improving service delivery calls for a shift from inward-looking bureaucratic culture to a new way of working that put the public as customer first",he added.

The Nigerian All-Share Index closed strongly in the green on May 26th, surging by 856.31 points to finish at 109,884.93.

This represents a 0.79% gain from the previous close of 109,028.62, as strong performances by ARADEL and BUAFOODS, the second-largest Nigerian stock, helped keep the index above the 109,000 mark.

Despite the impressive rebound in prices, market activity by volume saw a notable dip, with total turnover dropping to N414.3 billion, down from N637.5 billion in the prior session.

Meanwhile, market capitalization rose to N69.2 trillion, up from N68.7 trillion recorded in the previous session.

• Leading the pack of top gainers were ARADEL and UPL, which soared by 9.98% and 9.86%, respectively.
• On the flip side, TRIPPLEG and MRS saw steep declines, shedding 10.00% and 9.97% each.

FIDELITY and CUSTODIAN emerged as the most actively traded stocks, commanding significant investor interest and volume throughout the session.

Market summary

• Current ASI: 109,884.93
• Previous ASI: 109,028.62
• Day Change: +0.79%
• Year-to-Date Performance: +6.76%
• Volume Traded:  414.3 .million shares
• Market Cap: N69.2 trillion

Top 5 gainers

• ARADEL: Up 9.98% to N505.90
• UPL: Up 9.86% to N4.79
• ABCTRANS: Up 8.43% to N2.70
• LINKASSURE: Up 8.16% to N1.59
• CILEASING: Up 7.32% to N4.40

Top 5 losers

• TRIPPLEG: Down 10.00% to N2.07
• MRS: Down 9.97% to N141.80
• CHELLARAM: Down 9.96% to N10.58
• UHOMREIT: Down 9.95% to N45.70
• IMG: Down 9.91% to N35.90

Trading volume

Even as prices soared, trading volume took a step back, falling to N414.5 million from N637.5 million in the previous session.

• Leading the charge was FIDELITYBK, topping the activity chart with an impressive 46.7 million shares traded.
• Not far behind, CUSTODIAN saw strong interest with 37.1 million shares changing hands.
• ACCESSCORP also captured investor attention, recording 35.9 million shares traded.
• Meanwhile, GTCO and ZENITHBANK remained active, with 24.9 million and 17.9 million shares exchanged, respectively.

Trading value 

• GTCO led the value chart, with trades totaling N1.7 billion.
• Not far behind, ZENITHBANK recorded N862.2 million in transactions.
• FIDELITYBK followed closely, posting N855.4 million in turnover, while ARADEL contributed N791.7 million.
• ACCESSCORP rounded out the top value trades with N783.6 million.

SWOOTs and FUGAZ performance 

Among the SWOOTs (Stocks Worth Over One Trillion Naira):

• ARADEL soared by 9.98%, while BUAFOODS gained 5.26%. INTERNATIONAL BREWERIES added a modest 2.15%.
• On the flip side, NIGERIAN BREWERIES slipped 0.09%, and SEPLAT lost 1.3%.

Within the FUGAZ banking group:

• FIRSTHOLD gained 2.39%, ACCESSCORP rose 1.62%, and ZENITHBANK climbed 1.79%.
• UBA slipped 0.15%, while GTCO declined 2.29%.

Market outlook 

The All-Share Index soared strongly, spurred by daily bullish price action.

Continued strength among mid- and large-cap stocks could provide the momentum needed to push the market back onto a bullish trajectory.

[Nairametrics]

The best moment for the combination of former Vice President Atiku Abubakar and former Governor Peter Obi to clinch the presidency of Nigeria—as President and Vice President respectively—could have been in 2023.
But it is now like a pie dream, metaphorically

The duo, who had previously paired up in 2019 to contest against then-incumbent President Muhammadu Buhari, made a significant impact by scoring 11,262,978 votes against Buhari’s 15,191,847—a winning/lossing margin of 3,928,869 votes. They came closer than many expected to dislodging Buhari from power.

However, the momentum gained in 2019 fizzled out, lost to what some pundits have described as miscommunication or conflicting body language between the pair. Recently, the two have been seen traversing the country, culminating in meetings in Abuja over the past weekend, apparently seeking a way forward to reignite their old political alliance.

In 2019, victory seemed within reach for the Atiku Abubakar–Peter Obi ticket. So much so that respected election experts, such as the late Prof. Humphrey Nwosu, former INEC chairman, believed that the opposition PDP may have actually won the election but was rigged out by the then-ruling APC.

After coming so close, it was natural to expect that the duo would build on their 2019 momentum heading into the 2023 contest. But perhaps driven by desperation, and guided by ambitions that did not align with the prevailing political winds, both men, of their own volition, chose to face off against each other instead.

As numerous pundits have noted, the combined total of over 13 million votes garnered by Atiku Abubakar (as PDP candidate) and Peter Obi (as Labour Party flag bearer) in 2023 far exceeded the little over 8.7 million votes earned by then-APC candidate Bola Tinubu, who ultimately won the presidential election.

Yet, President Tinubu has not rested on his laurels. Since taking office, he has worked assiduously to turn Nigeria’s economy around—from the financially strained status he inherited to a more resilient and forward-facing economic posture. Although his economic reforms have brought hardships, they are generally seen as necessary for the country’s long-term benefit.

Beyond economic policy, President Tinubu has launched a political charm offensive. He has been courting voters and political leaders across Nigeria’s 22 APC-controlled states—and beyond. This has led to an unprecedented wave of defections from opposition parties into the ruling APC, including governors, lawmakers, and party faithful.

The success of this political maneuvering has alarmed opposition parties, who now allege that Nigeria is drifting towards a one-party state akin to China or Vietnam—both authoritarian yet economically successful nations. I have long advocated for Nigeria to evolve its own indigenous brand of democracy, potentially a hybrid of the parliamentary and presidential systems, tailored to our unique cultural and political context. Why should we shun the Chinese or Vietnamese models outright, especially when they demonstrate effective economic governance? Unlike some analyst who are worried about Nigeria becoming a one party, if such a political snowball manifests , there will be a Big Bang which is a theory supporting the claim that the universe began with an explosion of a single particle at a definite centre point.
Based on the aforementioned theory , it is possible that before 2031 when the APC would have been in control of power in the centre consistently for sixteen (16) years, many more parties may spring out it.
Recall that the PDP imploded after 16 years (1999-2015) of consistently being in control of power during which internal schisms caused then ruling party to disintergrate with the current key political actors being the agent provocateurs for the scattering of the party when it became a behemoth.
Is it not such an irony that it is the same key players in the guillotining and burial of PDP that are currently jostling to form another Special Purpose Vehicle (SPV) to do to President Tinubu what they did to then President Goodluck
Jonathan in 2015?

But President Tinubu who appears to be ahead of the opposition in critical thinking has probably figured out their game plan and changed his strategy and tactics by throwing carrots as baits to the opposition which as usual is dominated by discontents from the APC and originally from PDP who have lost out in the power sharing matrix of the current ruling party and therefore seeking relevance by leveraging another platform.
The incumbent president who is currently the target of his former colleagues who want a piece of the pie has ecountered the opposition’s concerns by asserting that politicians are free to join the ruling party if they so choose, provided they are not coerced. He has even predicted more defections, confident in the old adage: nothing succeeds like success.

In a twist of fate, the political rift between Atiku Abubakar and Peter Obi—leading to their separate bids for the presidency in 2023—became Bola Tinubu’s biggest gain. Their failure to pragmatically manage their alliance after 2019 ultimately cost them a real shot at power.

Instead of regrouping to re-enact their 2019 partnership, suspicion and mistrust prevailed in 2023 and they are now licking their wound while trying to come up with a new strategy to challenge Tinubu one more time in 2027. But as they have ended up splitting the votes—especially in the South-East and South-South, PDP strongholds since 1999, the goodwill that they could have banked from their earlier alliance was squandered in 2023 and l believe nothing has changed as OBldients are to the left while PDP devotes are centrists.

Now, they appear to be trying to regroup in preparation for 2027 applying the tactic of coalition of opposition parties introduced by Tinubu in 2013. But the questions remain:
• Do they still command the same goodwill they enjoyed in 2019 and 2023?
• Are voters in the South-East and South-South still motivated to rally behind Peter Obi and the Labour Party?
• Do those who backed Atiku Abubakar still believe in his presidential project?

The political division between the two may have polarized their supporters beyond reconciliation. While many argue that Nigerian politicians are not ideologically driven, it’s clear that the PDP and Labour Party represent different ideological orientations. Consequently, some Obi supporters may never back Atiku, just as some Atiku loyalists may never support Obi.

It may also be true that voters who supported Tinubu in 2023 might reconsider in 2027. However, unlike Abubakar and Obi, Tinubu has not hopped from one party to another. He has remained ideologically consistent—from AD which later became ACN to APC, the latter being a merger of opposition parties that unseated the PDP in 2015.

In contrast, both Atiku Abubakar and Peter Obi have changed parties multiple times. Atiku has swung between the PDP and APC, while Obi moved from APGA to PDP, and then to the Labour Party. This inconsistency may haunt them in the minds of voters in 2027.

Given all this, the age-old adage “a house divided against itself cannot stand” comes to mind. And in Christian parlance: “May God cause my enemies to make mistakes that will promote me.”also rings true in this instance.
Both of these dictums seem to define the political fate of both Abubakar and Obi.

Have the PDP and Labour Party’s 2023 flag bearers made too many political mistakes to remain credible contenders in 2027? Have they exhausted their political goodwill?

In my 2019 book “Becoming President of Nigeria: A Citizen’s Guide”, I proposed that Atiku should enter into a one-term agreement with the South-East and South-South voters, making Obi his Vice President and future successor. That proposal, which they ignored, is now ironically being considered for the 2027 elections.

But as the old nursery rhyme says: It’s too late to cry when the head is off.

Simply put, Nigeria’s political tide has shifted. Old solutions no longer suffice. The coalition formula (Special Purpose Vehicle, or SPV) that succeeded in ousting the PDP in 2015 is now antiquated, especially as the ruling APC under Tinubu grows stronger.

Unlike Abubakar and Obi—who seem to have been doing the right things at the wrong time—President Tinubu appears to have been reading the political tea leaves correctly. His now-famous “Emi Lo Kan” (It’s My Turn) battle cry during the APC primaries reflected a prescient and confident approach to his presidential ambition, despite the obstacles placed in his path.

All said and done, with the opposition still in disarray and a crowd of presidential hopefuls angling to unseat President Tinubu, it’s hard to see how they can mount a unified challenge. Unless a political miracle occurs—where all opposition candidates agree to back a single contender—2027 increasingly looks like a done deal for Tinubu and the APC.

Magnus Onyibe, an entrepreneur, public policy analyst, author, democracy advocate, and development strategist.

The Labour Party (LP) 2023 presidential candidate, Peter Obi, has slammed the National Agency for Food and Drug Administration and Control (NAFDAC) over the purported ₦700,000 demand from each shop owner as a condition for reopening the Onitsha Head Bridge Market in Anambra State.

Naija News recalls that the NAFDAC shut down the shops over fake drugs and counterfeit goods. However, traders have accused the agency of demanding the said sum if them want their stalls to be reopened for business.

Reacting in a statement via X on Tuesday, May 27, 2025, Peter Obi frowned at the demand, describing it as disturbing and uncaring.

The former Governor of Anambra State lamented that over 7 million Micro, Small, and Medium Enterprises (MSMEs) have collapsed in the past two years in Nigeria, stressing that the system that should be offering them oxygen to support their breathing is suffocating them.

While retierating his support of the authorities to ensure society is free from fake drugs and counterfeit goods, Peter Obi called for investigation and reopening of the market, to ease the suffering of small business owners already burdened by the current national economic challenges.

He said, “I recall visiting the Head Bridge Market during the initial phase of its closure, standing in support of the authorities to ensure our society is free from fake drugs and counterfeit goods.

“I did so with the hope that investigations would be carried out swiftly, and the market would be reopened promptly, especially to ease the suffering of small business owners already burdened by our current national economic challenges. It is, therefore, deeply unfortunate to learn that shop owners are now being asked to pay ₦700,000 to reopen their stores.

“Already, over 7 million Micro, Small, and Medium Enterprises (MSME) have collapsed in the past two years in Nigeria. Our MSME’s businesses are at a “we can’t breathe” stage, and the very system that should be offering them oxygen to support their breathing is instead suffocating them.

“This level of insensitivity is both disturbing and uncaring. Let us prioritize compassion, economic recovery, and the survival of our small businesses at this critical time in our nation.

“Surely, I am standing in support of the authorities to ensure our society is free from fake drugs and counterfeit goods. I did so with the hope that investigations would be carried out swiftly, and the market would be reopened promptly, especially to ease the suffering of small business owners already burdened by our current national economic challenges.

“I want to appeal again to the relevant authorities: please review and drop this charge. Allow these businesses to reopen.

“These shop owners have already endured prolonged closures, mounting unpaid bills, and economic strain. Adding further burdens to them and their families at this time is simply unjust and an economic sabotage.

“Compassion must lie at the root of government action.”

[NaijaNews]

Ahmed Musa, Iheanacho, 18 others begin training in London

Yesterday, Super Eagles Coach Eric Chelle explained that he decided to choose 10 home-based players in the squad billed to play in the Unity Cup, and the international friendly against Russia because he wants to make the national team more competitive.
 
Nigeria will feature in the Unity Cup, which also involves Ghana, Jamaica, and Trinidad and Tobago. The competition, which begins today, ends on May 31, at the Gtech Stadium, in London.
  
Twenty Super Eagles’ players and their officials, as well as backroom staff, are already in London ahead of the match aimed at keeping the national team in tip-top shape for the remaining 2026 World Cup qualifiers later this year.
 
At the team’s training session yesterday were Ahmed Musa, Moses Simon, Kelechi Iheanacho, Semi Ajayi, Frank Onyeka, Nathan Tella, Cyriel Dessers, Felix Agu, Igho Ogbu, Wilfred Ndidi.

Bruno Onyemaechi, Junior Nduka, Sadiq Ismaila, Waliu Ojetoye and Ifeanyi Onyebuchi. Others include Papa Mustapha, Saviour Isaac, Collins Ogwueze, Sikiru Alimi, and Abubakar Adamu.
 
Thenff.com said that goalkeepers Stanley Nwabali, Maduka Okoye, and Amas Obasogie, as well as Chrisantus Uche, Samuel Chukwueze, and Tolu Arokodare, were expected to join their mates in London yesterday.
 
Speaking on his project, Chelle said the many talented players available for selection has made his job exciting, but a bit difficult, adding that the avalanche of stars will make the team more competitive.
 
“We have many players in Nigeria and we need to give all of them the chance to show what they can bring to the team. We are focused on our project… we want to build a group, create an identity, and put in the players who can fit into the project quickly,” he said, adding: “The Unity Cup is a great tournament and part of the process to try these new players and build on the new system.”
 
Chelle said he scouted the new players after watching some Nigerian Premier Football League (NPFL) games, and “I think that they have qualities that can change our game. These 10 players will bring new intensity to the system. You know Ahmed Musa, who is a great player. He can bring his quality and experience to the group.”
 
The coach said he sees some similarities between his former side, Mali and Nigeria, saying: “In Mali, we were strong in the midfield; the Nigerian team are also strong in the midfield but very strong in attack.”
 
The Unity Cup, which aims to foster cultural ties and footballing excellence among African and Caribbean nations, will be held at the Gtech Community Stadium in Brentford, United Kingdom.
  
The Super Eagles will kick off their Unity Cup tournament with an opening game against rivals Ghana on May 28, which is a semifinal match, and meet the winner/loser in the second game between Trinidad and Jamaica in the final or third place game on May 31.

[Guardian]

One year after the Minister of Aviation and Aerospace Development, Festus Keyamo, suspended the collection of a $300 helicopter landing fee, the Ministry has once again reintroduced the fee.

LEADERSHIP reports that Keyamo after widespread criticism by aviation stakeholders on the legality of the payment to a private firm, NAEBI Dynamic Concept, suspended the levy.

He, however, said that further actions on the matter would be taken after a review committee submits its report for scrutiny.

The Minister, while suspending the levy,  hinted that the committee held a meeting with the executives of the AON on the issue, which prompted the suspension of the levy.

He said, “Following a meeting with the AON executive on the issue bordering on helicopter landing levies collection at aerodromes, helipads, airstrips and others, Minister of Aviation and Aerospace Development, Festus Keyamo, has temporarily suspended the enforcement granted Messers NAEBI Dynamic Concept Ltd, by the Federal Government, as consultants to collect such levies.

“The suspension is with effect from 30th May, 2024. This, the minister said, is a result of clamour for review by some stakeholders in the industry.

“Accordingly, Keyamo has constituted a Committee with members drawn up from the Ministry of Aviation and Aerospace Development and its relevant Agencies, Airline Operators of Nigeria (AON), International Oil Companies (IOCs) and Messers NAEBI Dynamic Concept Ltd who are charged to look into the issues raised by concerned Stakeholders and submit a Report on or before end of June 2024.”

However, in a new twist, the National Airspace Management Agency (NAMA), announced the reintroduction of the helicopter landing levy and payment to the same Private Firm, NAEBI Dynamic Concept.

NAMA, in a circular signed by the general manager, Air Traffic Control Operations, Akut D.S.,  directed NAEBI Dynamic Concept to commence immediate collection of the levy.

The circular titled, “Authority to Collect Helicopter Landing Levy by Messrs NAEBI Dynamic Concepts Ltd” was dated May 15, 2025, and directed to the General Manager, Commercial, NAEBI Dynamic Concept.

The circular said that the company was empowered to collect landing levies for air navigation services related to helicopter operations by oil companies’ operations at airfields, platforms, terminals and rigs.

Also, the company is empowered, according to the circular, to collect the levies from heliports, helipads, airstrips and aerodromes in line with its contract.

The circular declared that by this signal, the company would invoice the respective companies, directing that there should be strict compliance.

It could be recalled that NAMA had last November said that it would recommence the collection of the controversial $300 landing levies from helicopter operators.

However, stakeholders have once again queried the collection of the fee and choice of the company, wondering about the structure NAEBI put in place to deserve such payment from helicopter companies.

Speaking on condition of anonymity, an aviation expert queried whether a private firm would collect revenue on behalf of the federal government.

He, however, warned that the newly introduced levy would also disrupt oil production in the country if not properly handled.

“Most of these charterers are International Oil Companies (IOCs), and definitely, it will increase their cost of operation. Also, I know that operators will resist it because the levy is a scam,” the aviation analyst said.

[Leadership]