Nelson Ugwuagbo

President Bola Ahmed Tinubu has commended the International Finance Corporation (IFC) for its continued confidence in Nigeria’s economy, following its $50 million equity investment in the Lagos Free Zone.

A statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy, highlighted the President’s remarks, describing the investment as a testament to the growing trust of global financial institutions in Nigeria’s economic direction under his administration.

President Tinubu emphasized that strategic partnerships such as this reinforce Nigeria’s position as a prime destination for foreign direct investment and industrial growth.

“The expansion of the Lagos Free Zone is critical to our vision of positioning Nigeria as the gateway for trade and investment in West Africa and across the continent. This investment by the IFC not only strengthens Nigeria’s industrial base but also demonstrates the growing confidence of international investors in our economic policies. With improved industrial and logistics infrastructure, we are creating an integrated ecosystem that will accelerate exports, attract more investment, and enhance our global competitiveness,” Tinubu stated.

The Lagos Free Zone, a Tolaram initiative, is Nigeria’s first deep-sea port-based private special economic zone. Strategically integrated with the Lekki Deep Sea Port, it is designed to ease import and export operations, enhance Nigeria’s role in regional and global value chains, and foster a more efficient business environment.

The IFC’s investment will facilitate land development, industrial expansion, and logistics infrastructure within the 860-hectare zone, aligning with Nigeria’s broader economic diversification strategy.

President Tinubu also acknowledged Tolaram’s long-standing commitment to Nigeria’s economic growth, noting that the company’s deepening investments—ranging from industrial zones to consumer goods and manufacturing—underscore the country’s strong potential as an investment hub. He cited Tolaram’s acquisition of Guinness last year as further evidence of its confidence in Nigeria’s market.

Welcoming the company’s continued efforts to drive industrialization, job creation, and economic expansion, Tinubu reaffirmed his administration’s commitment to fostering a business-friendly environment that attracts large-scale, transformative investments.

The President also highlighted IFC’s broader partnership with Nigeria, including its $70 million support for power sector initiatives aimed at enhancing the country’s energy security.

“We value the IFC’s commitment to Nigeria’s economic progress and look forward to deeper engagements that will drive large-scale infrastructure projects, strengthen our industrial base, and create thousands of jobs for Nigerians,” Tinubu added.

Kebbi State Governor, Dr. Nasir Idris, has approved the release of N117 million for the upkeep and accommodation fees of 25 students studying at various universities in Egypt.

The Commissioner for Higher Education, Alhaji Isah Abubakar Tunga, disclosed this while highlighting the state government’s commitment to supporting its students abroad.

Tunga further revealed that the state government has also paid N14 million for return tickets for eight Kebbi indigenes who recently completed their studies at private universities in India but lacked transportation back to Nigeria.

“This is an act of compassion. These students are indigenes of Kebbi, and it is only right for the governor to assist them,” he stated.

He added that within the past year, the Kebbi State Government has spent over N2 billion on the education of local and international students enrolled in various higher institutions.

Tunga reaffirmed the government’s dedication to promoting academic and moral excellence among Kebbi students, expressing appreciation for Governor Idris’ continued support of the education sector.

A confrontation between police officers and soldiers was witnessed at a checkpoint, leading to a tense standoff.

Eyewitnesses reported that the altercation, which escalated into a physical clash, disrupted activities in the area. The cause of the dispute remains unclear, but sources suggest it stemmed from disagreements over operational procedures at the checkpoint.

Authorities have yet to issue an official statement on the incident, but security agencies are expected to address the matter.

The Senate Public Accounts Committee has rejected a request for a closed-door session by an Assistant Inspector General of Police (AIG) during an inquiry into the disappearance of 3,907 assault rifles.

Chairman of the committee emphasized that its proceedings must remain open to the public, citing transparency practices in countries like the United States, where Public Accounts Committee sessions are televised.

“The AIG’s response on the missing rifles should be made in full public view, particularly before journalists,” he stated.

Senator Adams Oshiomhole also opposed the closed-door session, stressing that the police routinely parade minor offenders but must now provide accountability on the missing firearms.

“The AIG should inform Nigerians about the steps taken to recover the missing rifles, those responsible, and the extent of recovery so far,” Oshiomhole said.

In response, the AIG was only able to account for 15 out of the 3,907 missing rifles, stating that 14 were lost due to personnel killed in active service, while one had been missing since 1998. His response further angered committee members.

The committee ruled that the matter would not be overlooked and directed the AIG and his team to provide a more detailed response. They were ordered to reappear before the committee on Monday at noon. Consideration of the remaining five queries was suspended.

The All Progressives Congress (APC) in Kaduna State is set to hold a mega rally to formally welcome a large number of defectors from various opposition parties.

Chairman of the rally’s Media and Publicity Sub-Committee, Hon. Salisu Tanko Wusono, described the wave of defections as a testament to the growing confidence in the party’s policies.

He attributed the development to Governor Uba Sani’s leadership, which he said has prioritized inclusivity and implemented people-centered policies that have strengthened the APC’s presence in the state.

“The governor’s approach has ensured that all voices are heard and interests represented,” Wusono stated. “This has earned the party widespread trust and support.”

He added that the defections further consolidate the governor’s political influence and reflect increasing momentum for the APC in Kaduna.

“As preparations for the mega rally continue, the APC looks forward to welcoming the new members and working together to build a more united and prosperous Kaduna State,” he said.

The House of Representatives has called on the Ministry of Communications, Innovation, and Digital Economy to suspend the approval granted to telecommunications companies (telcos) for a 50% tariff increase.

The resolution was passed during plenary on Tuesday following the adoption of a motion of urgent public importance sponsored by Oboku Oforji, a Peoples Democratic Party (PDP) lawmaker representing Yenagoa/Opokuma Federal Constituency of Bayelsa State.

In January, the Nigerian Communications Commission (NCC) approved telcos’ request for a tariff increase, marking the first review since 2013. Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, had stated that the new tariff would enable telecom companies to invest in infrastructure and enhance connectivity.

However, Oforji argued that the tariff hike is unjustifiable, given the economic hardship and poor service delivery faced by consumers. He emphasized that telecom operators must first improve network quality before implementing any price increase.

“The far-reaching effects of these price hikes will deepen financial struggles for the average Nigerian, threaten the country’s vision of leveraging technology for economic revival, exacerbate poverty, and widen existing inequalities, hitting lower-income families the hardest,” he said.

He further noted that affordable connectivity is crucial for sectors such as digital banking, education, healthcare, agriculture, and e-governance. He warned that small businesses relying on telecommunications for operations, marketing, and customer engagement would face additional financial strain, potentially leading to closures.

According to Oforji, a 10% increase in telecom costs could reduce small business profitability by up to 7%, highlighting the economic impact of the proposed tariff adjustment.

The Ondo State Police Command has confirmed the abduction of three students from the Federal College of Agriculture, Akure, while working at a farm near Akure Airport.

The incident occurred at a farm settlement in Oke Oge, Oba-Ile, in Akure North Local Government Area on Saturday evening. The victims, who were undergoing Industrial Training (IT) at the farm, were reportedly kidnapped while returning home.

Ondo State Police Public Relations Officer, Funmilayo Odunlami, said anti-kidnapping operatives have been deployed to the area to track down the abductors.

The Commander of the Amotekun Corps in the state, Adetunji Adeleye, also confirmed the incident, stating that his personnel, in collaboration with other security agencies, were combing the area in search of the victims.

Meanwhile, a family source revealed that the kidnappers have contacted the victims’ families, demanding a ₦15 million ransom.

The National Universities Commission (NUC) has raised the application fee for establishing private universities in Nigeria by over 400%.

In a statement on Monday, NUC Executive Secretary Abdullahi Ribadu said the fee hike aims to improve coordination and ensure that newly established private universities are equipped to meet 21st-century challenges.

Under the new structure, the cost of purchasing an application form for a private university license has increased from ₦1 million to ₦5 million. Additionally, the processing fee has been raised from ₦5 million to ₦25 million.

The Commission stated that applicants who had purchased the application form at the previous rate of ₦1 million but had yet to pay the processing fee would be required to pay the revised ₦25 million fee within 30 working days or risk forfeiting their applications.

Furthermore, the NUC announced the suspension of inactive applications, including those for private open universities that have made no progress or submissions for over two years.

A one-year moratorium, effective February 10, 2025, has been imposed on:

• Inactive applications for new private universities to allow for a comprehensive review of their viability.
• Applications at Step 1 of the 14-step process, where only a letter of intent has been submitted.
• Acceptance of fresh applications for private universities, including private open universities.

However, the Commission clarified that it would continue processing active pending applications and make recommendations to the Federal Executive Council for approval.

Since 1999, the Federal Government has approved the establishment of 149 private universities based on the NUC’s recommendations.

The Lagos State Special Offences Court in Ikeja on Tuesday ordered the forfeiture of 6.3 billion units of ordinary shares in Keystone Bank Limited, valued at N1 each, to the Nigerian government under President Bola Ahmed Tinubu.

The ruling followed a guilty plea by Sigma Golf Nigeria Limited, represented by its Chairman, Umaru Hamidu Modibbo, over the fraudulent conversion of N20 billion belonging to the Asset Management Corporation of Nigeria (AMCON).

Sigma Golf Nigeria Limited was arraigned alongside former AMCON Managing Director Ahmed Kuru, who pleaded not guilty to the charges. The company had entered a plea bargain agreement with the Economic and Financial Crimes Commission (EFCC).

The EFCC filed a six-count amended charge, alleging that AMCON funds were diverted through Heritage Bank to facilitate Sigma Golf Nigeria Limited’s acquisition of Keystone Bank. The anti-graft agency also accused Kuru and Ifie Sekibo, the former Managing Director of the now-defunct Heritage Bank—who remains at large—of dishonestly converting N20 billion of AMCON’s funds through Heritage Bank for Sigma Golf Nigeria Limited.