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Nelson Ugwuagbo

Nelson Ugwuagbo

Communal Clash
Headlines

Tension in Benue as Communal Violence Displaces Residents

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

Several houses have been destroyed and residents displaced following a renewed communal clash between communities in Gwer East and Konshisha Local Government Areas of Benue State.

The incident, which occurred over the weekend, is the latest in a series of recurring conflicts between the two communities over longstanding disputes that have persisted for the past three months.

According to sources, the violence erupted when members of the Mbaiase community in Masev, Gwer East LGA, launched a surprise attack on the Gbinde community in Mbagusa, Mbatser, Shangev-Tiev of Konshisha LGA. The attack was described as a reprisal.

The media aide to the Executive Chairman of Konshisha LGA, Terhide Fave, confirmed the incident, stating that the attack took place on Saturday evening and led to the destruction of several houses and properties. However, he noted that there were no reported casualties.

“Residents have fled the area. Many houses were burnt but I can’t ascertain the numbers now,” Fave said, adding that many families have been forced to seek refuge in neighbouring communities.

Authorities are yet to release an official statement on the full extent of the damage or measures being taken to prevent further escalation.

May 14, 2025 0 comments
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Stock Exchange
Business

Nigerians Investors Gain N315bn as NGX Stocks Rebounds

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

Investors at the Nigerian Exchange Limited (NGX) recorded a N315 billion gain on Tuesday as the market rebounded, reversing losses from the previous two trading sessions.

The NGX market capitalization rose to N68.357 trillion from N68.042 trillion on Monday, reflecting a 0.46 percent increase. Similarly, the All-Share Index (ASI) gained 501.14 points to close at 108,762.61, up from 108,261.47 in the previous session.

The positive performance was driven by bargain-hunting in select equities, pushing the market breadth into positive territory with 41 gainers against 24 losers.

Leading the gainers’ chart, Chellaram and Oando Plc both appreciated by 10 percent, closing at N11.44 and N49.50 per share, respectively. Transcorp followed with a 9.99 percent gain to close at N46.25, while Beta Glass rose by 9.96 percent to end at N194.30. Caverton Offshore Support Group also climbed 9.85 percent to finish at N3.68 per share.

On the losers’ table, Haldane McCall Plc declined by 9.85 percent to close at N4.21 per share, while Academy Press fell 7.33 percent to N4.30. UPDC Real Estate Investment Trust shed 6.25 percent to close at N3.00, ABC Transport dropped 6.13 percent to N2.91, and NPF Microfinance Bank lost 5.14 percent to settle at N2.03 per share.

Trading volume rose as 498.48 million shares worth N10.78 billion were exchanged in 14,916 deals, compared to 414.57 million shares valued at N10.72 billion traded in 16,664 deals in the previous session.

Tantalizer led the activity chart with 57.80 million shares valued at N131.32 million. Access Corporation followed with 36.79 million shares worth N784.43 million, while Guaranty Trust Holding Company traded 31.84 million shares valued at N2.19 billion. Fidelity Bank exchanged 23.39 million shares valued at N470.49 million, and Nigerian Breweries recorded 26.03 million shares worth N1.08 billion.

May 14, 2025 0 comments
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Central Bank of Nigeria
Headlines

CBN Launches BVN for Nigerians in Diaspora

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform, allowing Nigerians in the diaspora to obtain a BVN remotely without being physically present in the country.

The digital platform, introduced on Tuesday in Abuja, is designed to support the CBN’s goal of achieving $1 billion in monthly diaspora remittances—amounting to about $12 billion annually.

Speaking at the launch event, which drew stakeholders from the financial sector including chief executives of commercial banks, CBN Governor Olayemi Cardoso described the initiative as a significant step in Nigeria’s financial inclusion efforts and a vital link connecting the country to its global citizens.

Cardoso said the NRBVN would help reduce the high cost of remittances in Sub-Saharan Africa, which currently averages over seven percent. He added that lowering these costs would encourage the use of formal channels, improve security, and boost the impact of remittances on households and the broader Nigerian economy.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” he said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably.”

The CBN said it will continue to engage stakeholders to ensure the platform’s optimization and long-term success.

May 14, 2025 0 comments
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Boko Haram
Headlines

Senate Task Military Redeployment to Borno, Yobe Over Renewed Boko Haram Attacks

by Nelson Ugwuagbo May 14, 2025
written by Nelson Ugwuagbo

The Nigerian Senate on Tuesday called on the military to urgently redeploy personnel and advanced equipment to Borno and Yobe states in response to a resurgence of Boko Haram attacks in the North-East.

The resolution followed fresh insurgent assaults in the region, including the killing of more than a dozen soldiers in Marte, Monguno Local Government Area, on Monday, May 12, and another attack on Gajiram, headquarters of Nganzai Local Government Area, early Tuesday.

Raising a motion on the matter, Senate Chief Whip Tahir Munguno noted that although two-thirds of Borno’s local government areas were previously under Boko Haram control, a joint effort by the military and the civilian joint task force had reclaimed the territories.

He explained that the relative peace restored in the area had led to a shift in tactical military focus to the North-West, where security forces are currently battling banditry and kidnapping.

Munguno expressed concern over the evolving strategies of the insurgents, citing their use of modern technologies such as drones and an increase in improvised explosive devices, which have resulted in heavy civilian and military casualties, as well as the disruption of transportation routes.

The Senate, in its resolution, urged the military high command to promptly redeploy sufficient troops to the affected areas and ensure they are equipped with modern technology to counter the renewed threat. It also mandated its Committees on Army and Air Force to monitor the implementation of the directive.

May 14, 2025 0 comments
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Construction
Headlines

Federal Government to Close Ijora-Marine Bridge for 21-Day Repair

by Nelson Ugwuagbo May 13, 2025
written by Nelson Ugwuagbo

The Federal Government has announced the temporary closure of the Ijora-Marine Bridge in Lagos State for urgent repair works, scheduled to begin on Sunday, May 18.

According to a statement issued on Tuesday by the Federal Controller of Works in Lagos, Mrs Olukorede Kesha, the repairs will last for 21 days, starting from 7:00 a.m. on the commencement day.

Kesha stated that while some sections of the bridge will be fully closed to traffic, others will experience partial closures throughout the repair period.

The scope of work includes lifting the bridge deck to replace worn-out bearings and executing other critical maintenance tasks aimed at improving the safety and comfort of the bridge for motorists and pedestrians.

“We understand the inconvenience this may cause, but this is a necessary step to keep the bridge in good condition and ensure the safety of all road users,” Kesha said.

She added that traffic diversion measures have been put in place, and traffic officials will be deployed to manage the flow of vehicles and provide necessary guidance to motorists.

May 13, 2025 0 comments
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House of Reps
Headlines

House of Reps Rejects Bill to Rotate Presidency Among Six Geopolitical Zones

by Nelson Ugwuagbo May 13, 2025
written by Nelson Ugwuagbo

The House of Representatives on Tuesday rejected a constitutional amendment bill seeking to mandate the rotation of the offices of the President and Vice President among the six geopolitical zones of the country.

The proposed legislation was one of seven constitutional alteration bills listed on the order paper for consideration. All seven were rejected.

However, the House resolved to revisit the bills individually on Wednesday and consider each on its own merit.

At the start of the session, the House had suspended its rules to allow concurrent debate on all seven bills, permitting members to choose any for discussion.

The bill on rotational presidency received the most attention, with a majority of lawmakers speaking against it. Many warned that mandating such rotation in the constitution could set a dangerous precedent.

Deputy Minority Leader Aliyu Madaki led the opposition, arguing that the Federal Character Commission already addresses issues of representation. He said the idea of rotation should not be constitutionalised but left to political parties, which have mechanisms to ensure equitable distribution of offices during elections.

May 13, 2025 0 comments
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World Bank
Headlines

World Bank Raises Concerns Over Nigeria’s 2025 Budget Assumptions

by Nelson Ugwuagbo May 13, 2025
written by Nelson Ugwuagbo

The World Bank has described Nigeria’s key assumptions for the 2025 national budget as overly optimistic, citing a significant gap between the projected figures and current economic realities.

In its May 2025 Nigeria Development Update, released on Monday in Abuja, the global financial institution raised concerns over the Federal Government’s projection of crude oil production at 2.1 million barrels per day (mbpd) and an oil price benchmark of $73 per barrel. The Bank noted that these projections are ambitious, given the current production level of 1.6mbpd and an average international price of $60 per barrel.

However, the Federal Government defended its position, stating that the assumptions reflect the country’s economic potential and are grounded in a forward-looking outlook.

The report presentation was attended by key government officials including the Minister of Finance, Wale Edun; Minister of Budget and National Planning, Atiku Bagudu; Minister of Communications, Innovation and Digital Economy, Bosun Tijani; Central Bank Governor, Yemi Cardoso; Governor of Plateau State, Caleb Mutfwang; and several private sector leaders.

Presenting the report, Dr. Alex Sienaert, Lead Economist at the World Bank Nigeria Country Office, acknowledged the Federal Government’s recent economic reforms, particularly the removal of petrol subsidies and the liberalization of the foreign exchange market.

He noted that while Nigeria’s macroeconomic indicators are largely positive, high inflation remains a pressing concern. He emphasized that for the country to reach its target of becoming a $1 trillion economy by 2030, its growth rate must accelerate to at least five times the current 3.8 percent.

The World Bank’s report also urged the government to remain committed to its reform agenda and warned that the 2025 budget could result in a wider-than-expected fiscal deficit if not properly managed.

Despite the challenges, the World Bank expressed cautious optimism about Nigeria’s fiscal outlook, provided that reforms are sustained and public investment in infrastructure and youth development is strengthened.

May 13, 2025 0 comments
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UTME
Headlines

JAMB Engages Experts to Probe Alleged Glitches in 2025 UTME

by Nelson Ugwuagbo May 13, 2025
written by Nelson Ugwuagbo

The Joint Admissions and Matriculation Board (JAMB) has announced the engagement of leading IT specialists and educational assessment experts to investigate reported technical issues during the 2025 Unified Tertiary Matriculation Examination (UTME).

The decision follows widespread complaints from candidates who attributed the high failure rate in the recently concluded examination to alleged system malfunctions. Out of the 1.9 million candidates who sat for the exam, over 1.5 million reportedly scored below 200 out of a possible 400.

Reacting to the development, education advocate and Chief Executive Officer of Educare, Alex Onyia, revealed that thousands of affected candidates were preparing to initiate legal action against the examination body.

“Currently, we have 8,391 students who have sent in their complaints regarding the glitches in the JAMB 2025 exam,” Onyia stated via his official X (formerly Twitter) handle. “There is ample evidence to prove that JAMB’s system was inefficient, thereby causing serious harm to these students’ mental health.”

He further demanded transparency from the board, calling on JAMB to provide candidates with access to their mark sheets, including their scores, correct answers, and a means to contest discrepancies.

In response, JAMB’s spokesperson, Dr Fabian Benjamin, disclosed in a statement on Monday that the board had commenced a comprehensive post-examination review to assess the integrity of the 2025 UTME.

“As part of our system-wide audit, we have brought in experts from the Computer Professionals Association of Nigeria, Chief External Examiners from tertiary institutions, the Educational Assessment and Research Network in Africa, measurement specialists, and Vice Chancellors from various universities,” Benjamin said.

He explained that the review would cover all phases of the UTME process—from registration to result release—and assured that remedial actions would be taken if any faults were discovered.

“We take these concerns seriously. Should any lapses be confirmed, the board will not hesitate to apply appropriate corrective measures, in line with our established protocols,” he added.

May 13, 2025 0 comments
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Wike
Headlines

Wike Warns PDP Cannot Defeat Tinubu in 2027 Without Zoning Reform

by Nelson Ugwuagbo May 13, 2025
written by Nelson Ugwuagbo

Minister of the Federal Capital Territory, Nyesom Wike, has declared that the Peoples Democratic Party (PDP) stands little chance of unseating President Bola Tinubu in the 2027 presidential election unless it urgently reviews its zoning structure.

Wike issued the warning on Monday during a live media session, expressing strong dissatisfaction over the party’s continued disregard for its constitutional guidelines on rotational leadership. According to him, the refusal to adhere to zoning principles—particularly in the selection of the party chairman and presidential candidate—played a key role in the PDP’s loss in the 2023 elections.

Reflecting on the previous electoral cycle, Wike criticized the emergence of both the party’s national chairman and presidential flagbearer from the northern region, saying it violated the party’s foundational practice of balancing leadership positions across zones. He warned that repeating such a strategy in 2027 would be disastrous.

“If the PDP isn’t careful, it will suffer the same fate. In 2023, we clearly advised that it was time to uphold our tradition—one zone cannot take both the chairman and the presidential ticket. But selfish interests took over, and the rules were ignored,” Wike said.

He further accused certain individuals within the party of manipulating internal processes to serve personal ambitions. He noted that the consequences of those actions included overconfidence and disunity, which contributed to the party’s failure at the polls.

“Before long, people had already purchased nomination forms without any agreement on zoning. When arrogance and selfishness take over, the system suffers. If we don’t learn from 2023 and commit to zoning the presidential ticket to the South, we will face the same outcome,” Wike warned.

His remarks come as former Senate President Adolphus Wabara inaugurated 41 new members into the PDP’s Board of Trustees, urging them to contribute to revitalizing the party.

Nonetheless, Wike insisted that unless the PDP takes decisive steps to correct past mistakes, its aspirations for 2027 may remain out of reach.

May 13, 2025 0 comments
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care workers
Africa & World

UK Bans Recruitment of Overseas Care Workers in New Immigration Clampdown

by Nelson Ugwuagbo May 12, 2025
written by Nelson Ugwuagbo

The United Kingdom is set to end the recruitment of care workers from abroad as part of a sweeping crackdown on immigration, Home Secretary Yvette Cooper has announced.

Speaking in an interview with the BBC on Sunday, Cooper revealed that care worker visas will be scrapped later this year, compelling employers in the sector to prioritize hiring UK residents or extend the stay of foreign staff already in the country.

The move comes ahead of new immigration policy changes expected to be unveiled on Monday. Government sources say the upcoming reforms aim to curb net migration significantly, with projections suggesting a reduction of up to 50,000 care and lower-skilled workers entering the UK over the next 12 months.

“This is the moment to bring overseas recruitment in the care sector to a close,” Cooper said, noting that the reforms will focus on promoting local employment rather than relying on international labour.

While the Home Office has yet to release the full contents of its long-awaited immigration White Paper, Cooper indicated that the broader plan includes raising the threshold for skilled worker visas from A-level to graduate-level qualifications. In addition, the list of industries eligible for temporary visa exemptions will be tightened.

Shadow Home Secretary Chris Philp criticised the measures, calling them insufficient and renewing calls for a fixed annual cap on migration.

Net migration has remained a politically sensitive issue in the UK, with figures peaking at 906,000 in the year to June 2023 before dropping to 728,000. Despite repeated pledges by previous administrations to reduce the numbers, efforts have so far failed to produce lasting results.

Cooper said while the government is pursuing a “substantial reduction” in migration, it will not commit to specific numerical targets, arguing that past targets have damaged the credibility of migration policies.

May 12, 2025 0 comments
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