Nigeria’s Investment Climate Gains Global Confidence Leading financial analysts worldwide have expressed optimism about Nigeria’s investment landscape, citing significant improvements that have made the country an attractive destination for foreign investors. This shift is largely attributed to the Central Bank of Nigeria’s (CBN) recent economic reforms, which are positively influencing multiple sectors of the economy. These policy changes have bolstered investor confidence, leading to a stock market surge and a reduction in bond yields. As a result, Nigeria’s sovereign risk spread has declined to its lowest level since January 2020, effectively eliminating the financial risks accumulated during the pandemic. Currency Reforms and Economic Stability Despite global uncertainties, Nigeria has remained resilient, drawing foreign capital due to currency reforms and strategic economic measures. Portfolio manager at East Capital, Emre Akcakmak, noted that Nigeria’s economic revival is evident as long-awaited policy adjustments take effect. “Key reforms include enhanced currency liquidity, mechanisms for seamless profit repatriation by investors, and maintaining the naira’s stability,” Akcakmak explained. “The CBN is actively working to prevent sharp currency appreciation to ensure market stability.” Samir Gadio, head of Africa strategy at Standard Chartered Plc, highlighted that improved structural reforms and better foreign exchange market management have encouraged portfolio inflows. He emphasized that Nigeria’s market is less exposed to global financial risks compared to other emerging economies. Nigeria’s Sovereign Bonds and Market Growth Investor confidence in Nigeria’s financial market is evident in the performance of the country’s Eurobonds. The $1.5 billion Eurobond maturing in 2034 has witnessed a decline in yield to 9.69%, marking its lowest point since December. Additionally, the most recent domestic debt auction saw a remarkable oversubscription, underscoring the strong demand for Nigerian assets. Economists predict that as Nigeria exits the most challenging phase of its economic reforms in 2025, businesses will benefit significantly. Bismarck Rewane, Non-Executive Director of Parthian Partners, forecasted that Nigeria’s economy would begin to rebound, stressing that effective policy execution is crucial for sustainable growth. Overcoming Economic Challenges Rewane pointed out that while Nigeria’s currency fundamentals suggest a stronger naira, proper management of FX policies is essential. He identified inconsistencies in policy implementation and structural reforms as obstacles to achieving economic stability. Revenue generation alone is insufficient; investment remains a key driver of economic expansion. Rewane underscored the importance of confidence, transparency, and sound policy decisions in attracting capital inflows. Persistent challenges such as inadequate power supply and the lack of transparency in the oil and gas industry require urgent structural reforms. Addressing these issues will further enhance investor confidence and economic stability. Digital Innovation and Infrastructure Investment Professor Olayinka David-West, Associate Dean at Lagos Business School, advocated for a “digital-first approach” in economic planning. He emphasized leveraging technology and artificial intelligence (AI) to improve fiscal discipline and strategic decision-making. Meanwhile, the Director-General of the Lagos Chamber of Commerce and Industry (LCCI), Chinyere Almona, identified high energy costs as a major inflationary factor. She stressed the need for a reliable power supply to ensure price stability. Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the role of liquidity in capital markets, emphasizing the need for policies that build investor confidence. Key Indicators of Economic Growth The Nigerian economy is showing promising signs, with government revenue increasing and foreign reserves surpassing $40 billion. FirstBank Group CEO, Olusegun Alebiosu, pointed out that forex market stability and increased competition in the oil sector have contributed to economic optimism. The revival of the Port Harcourt and Warri refineries further supports the positive economic outlook. Additionally, the government’s proposed N49.7 trillion 2025 budget is expected to stimulate growth, with a projected GDP expansion rate of 3.68%. Tackling Inflation and Strengthening Financial Stability The CBN’s monetary policies have played a vital role in addressing inflationary pressures. In 2024, Nigeria experienced a 34.6% inflation rate—the highest in three decades—leading to increased living costs and financial constraints for businesses. To counter inflation, the CBN’s Monetary Policy Committee (MPC) raised the benchmark Monetary Policy Rate (MPR) to 27.5%. This strategic move aimed to stabilize the economy while addressing liquidity concerns. Foreign Exchange Market and Naira Stability The introduction of the Electronic Foreign Exchange Matching System (EFEMS) has helped restore stability in Nigeria’s forex market. The naira has appreciated against the dollar, boosting investor confidence in the currency’s long-term sustainability. CBN Governor Olayemi Cardoso emphasized that his administration prioritizes exchange rate stability, inflation control, and financial sector resilience. Under his leadership, the central bank has also initiated banking industry recapitalization to strengthen financial institutions and improve access to credit for Micro, Small, and Medium Enterprises (MSMEs). The Road Ahead for Nigeria’s Economy Financial analysts at Commercio Partners noted that Nigeria’s financial market has benefited from CBN’s revised foreign exchange policies. These regulations promote transparency, ensure compliance, and foster ethical trading practices. Managing Director of Afrinvest West Africa Limited, Ike Chioke, attributed naira recovery to improved market confidence following the successful launch of EFEMS. The clearance of a $7 billion forex backlog and resumed sales of Open Market Operation (OMO) bills have further supported the currency’s stability. Conclusion: A New Era of Economic Growth As Nigeria continues implementing structural reforms, foreign investor interest is expected to rise. With strategic policy execution, stable exchange rates, and robust capital inflows, the country is well-positioned for sustainable economic growth. For more insights on Nigeria’s evolving financial landscape, read the full analysis on Bloomberg and Financial Times. 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ABUJA – The United World Congress of Diplomats (UN-WCD) has called on Western nations to impose visa bans on Nigerian judges who issue conflicting judicial orders on political and electoral matters. The organization emphasized the need for accountability, particularly in Rivers, Osun, and Benue states, where judicial decisions have allegedly undermined democratic principles. Concerns Over Political and Judicial Interference Addressing journalists in Abuja, the Secretary-General of UN-WCD, Prof. Tunji Asaolu, criticized the Nigerian judiciary for allowing political interference to disrupt democratic processes. He pointed out cases where judicial officers issued contradictory rulings, raising concerns about fairness and adherence to the rule of law. “In Rivers State, judges have been accused of issuing conflicting orders to influence political processes, which hampers democratic governance,” Asaolu stated. “Similarly, in Osun State, the dissolution and reinstatement of local government chairpersons saw conflicting rulings from the state’s High Court and the Appeal Court, creating unnecessary political instability.” Benue State Judiciary Under Scrutiny The congress highlighted a particularly troubling instance in Benue State, where Chief Judge Maurice Ikpambese allegedly granted waivers to petitioners of the local government election tribunal, bypassing legal security deposit requirements. Asaolu described this as a direct violation of the African Charter on Democracy, Elections, and Governance (ACDEG), which mandates adherence to democratic values, human rights, and legal integrity. “The actions of the Benue State Chief Judge, along with those who endorsed his decisions, including the current Senate Minority Leader, should face sanctions. Their existing visas should be revoked, and new visa bans should be placed on them, just as was recommended for officials in Rivers State and the Independent National Electoral Commission (INEC),” he added. International Attention on Benue State The UN-WCD also underscored the security challenges in Benue State, where persistent violence has led to the establishment of numerous Internally Displaced Persons (IDP) camps. The organization urged Governor Hyacinth Alia to appoint an acting Chief Judge immediately to maintain judicial stability and ensure justice for the state’s citizens. “Maintaining continuity in the judiciary is essential to uphold citizens’ rights and prevent a governance vacuum,” Asaolu noted. Call for Judicial Reforms Beyond immediate sanctions, the congress advocated for a comprehensive overhaul of Nigeria’s judicial system. Asaolu emphasized the necessity of reforms to restore public trust in the judiciary and strengthen Nigeria’s democratic framework. For further insights on judicial reforms and democratic governance, visit International Institute for Democracy and Electoral Assistance READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Manchester City’s last chance to secure silverware this season lies in the FA Cup, as they prepare to host Championship side Plymouth Argyle on Saturday. Meanwhile, defending champions Manchester United are also in desperate need of a trophy to salvage their underwhelming campaign. With Premier League frontrunners Liverpool, Arsenal, Chelsea, and Tottenham already eliminated, the stage is set for both Manchester clubs to capitalize on the opportunity. Having faced off in the past two FA Cup finals, City and United are among the favorites in this year’s tournament. Other contenders, including Brighton, Newcastle, and Crystal Palace, are also aiming for FA Cup glory, with the final scheduled at Wembley Stadium on May 17. Key FA Cup Fifth-Round Fixtures Crystal Palace vs. Millwall (Saturday 12:15 GMT) Crystal Palace, twice FA Cup runners-up, have never claimed a major trophy, but their current form suggests they could go far in this competition. Under Oliver Glasner, Palace have secured seven wins in their last nine matches, including a commanding 4-1 victory over Aston Villa. Striker Jean-Philippe Mateta has been instrumental in Palace’s resurgence, scoring eight goals in nine games. This weekend, they face a fierce South London derby against Championship side Millwall, who are eager to derail their rivals’ FA Cup ambitions. Manchester City vs. Plymouth Argyle (Saturday 17:30 GMT) Plymouth delivered the shock of the fourth round, eliminating Liverpool with a stunning 1-0 victory at Home Park. Their reward? A trip to the Etihad Stadium, where they hope to pull off another major upset against reigning Premier League champions Manchester City. Plymouth manager Miron Muslic, whose motivational team talks have gone viral online, expressed his admiration for Pep Guardiola, saying:“It’s the greatest honor of my life. I can’t wait to shake his hand and tell him he’s a legend of our sport.” Newcastle United vs. Brighton (Sunday 13:45 GMT) This clash between Newcastle and Brighton is one of the most exciting ties of the round, as the sixth and eighth-placed teams in the Premier League battle for progression. Newcastle have already secured a spot in the League Cup final against Liverpool but are still chasing their first major trophy in 56 years. Brighton, under Fabian Hurzeler, have regained form, winning four consecutive matches. The Seagulls previously defeated Newcastle at St. James’ Park earlier in the season and have a reputation for excelling against top-tier opposition. Much of Newcastle’s hopes rest on star striker Alexander Isak, who missed their recent 2-0 defeat to Liverpool due to a groin strain. Manchester United vs. Fulham (Sunday 16:30 GMT) Manchester United clinched the FA Cup last season by defeating City in the final, but repeating that success looks challenging under current circumstances. However, their hard-fought 3-2 victory over Ipswich midweek, despite playing with ten men for much of the match, demonstrated resilience. Fulham, currently five places and nine points above United in the league standings, have lost both encounters against the Red Devils this season by narrow 1-0 margins. But their motivation is high, fueled by memories of their controversial FA Cup quarter-final exit at Old Trafford two years ago. In that match, Fulham led 1-0 with 15 minutes remaining before a chaotic sequence saw Aleksandar Mitrovic, Willian, and manager Marco Silva all sent off, leading to a United comeback victory. Mitrovic was later handed an eight-game suspension for pushing the referee. FA Cup 2024: A Defining Moment for Manchester Clubs With their Premier League title hopes fading, both Manchester City and Manchester United will see the FA Cup as a crucial opportunity to avoid a trophyless season. The upcoming fixtures will test their resolve as they aim to lift the prestigious cup once again. For more on the FA Cup and its latest updates, visit BBC Sport. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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The United States has significantly reduced its foreign aid budget under the United States Agency for International Development (USAID), cutting multi-year contracts by a staggering 92%, amounting to a reduction of $54 billion. Massive Cuts to Foreign Aid Contracts As part of the cost-cutting measures, approximately 5,800 foreign aid contracts have been terminated. This decision aligns with the fiscal policy of former U.S. President Donald Trump, who aimed to save up to $60 billion in international development and humanitarian assistance. Upon assuming office, Trump signed an executive order enforcing a 90-day freeze on all U.S. foreign aid. This move was intended to reassess overseas expenditures and eliminate programs that did not align with the administration’s “America First” agenda. Legal Battle Over Foreign Aid Budget Cuts A federal judge had previously ruled against the administration’s aid freeze, mandating the resumption of foreign assistance. However, the Trump administration escalated the issue to the U.S. Supreme Court, which issued an administrative stay, temporarily blocking the lower court’s order. According to an official statement from the U.S. State Department, USAID’s review process was conducted under the supervision of Secretary of State Marco Rubio. The review identified 5,800 foreign aid contracts, totaling $54 billion, for elimination, marking a substantial 92% reduction in the foreign aid program. Impact of the Aid Reduction The administration’s review primarily targeted multi-year USAID contracts, leading to the cancellation of the majority of these agreements. Additionally, over 9,100 foreign aid grants, collectively worth $15.9 billion, were assessed, with 4,100 grants—valued at approximately $4.4 billion—being marked for termination, representing a 28% decrease. “These strategic eliminations will enable USAID and its contracting officers to enhance efficiency, prioritize essential programs, and realign resources in accordance with the America First agenda,” the State Department explained. Programs That Remain Unaffected Despite the budget cuts, critical humanitarian programs remain intact. These include food assistance initiatives, life-saving treatments for diseases such as HIV and malaria, and foreign aid support for nations including Haiti, Cuba, Venezuela, and Lebanon. USAID continues to play a vital role in global humanitarian aid, delivering health and emergency assistance across 120 countries worldwide. For further details on USAID’s foreign assistance programs, visit the official USAID website. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Nigeria’s Electricity Crisis: Causes and Economic Impact Nigeria’s power sector faces persistent challenges, including insufficient electricity generation, aging infrastructure, and poor maintenance. These factors contribute to frequent nationwide blackouts, severely impacting economic activities. According to the Africa Trade Barometer, the country’s power interruptions cost the economy approximately $26 billion annually, with businesses spending over $22 billion yearly on fuel to power alternative solutions like generators. Key Strategies to Transform Nigeria’s Power Sector To overcome these challenges, Nigeria must prioritize investments in renewable energy, decentralize the electricity grid, and foster technical capacity building. Implementing these strategies will significantly reduce dependency on off-grid power solutions while ensuring a stable and sustainable energy supply. Investment in Renewable Energy as a Sustainable Solution In 2024 alone, Nigeria’s national grid experienced at least 11 collapses, forcing industries and households to rely on generators. This dependence contributes to air pollution, increased operational costs for businesses, and public health concerns. The Federal Ministry of Power must fast-track investments in solar, wind, and biogas energy sources to diversify electricity generation. Countries like Mozambique have successfully transitioned to renewable energy, with nearly 100% of its electricity derived from sustainable sources. By offering tax incentives and easing import restrictions on renewable energy equipment, Nigeria can attract local and international investors. Encouraging private-sector participation will alleviate pressure on the national grid and enhance energy reliability. Enhancing Technical Expertise Through Capacity Building A well-trained workforce is essential for Nigeria’s power sector transformation. The Ministry of Power should collaborate with international agencies such as the International Energy Agency and the Nigerian National Secretariat for Capacity Building to implement technical training programs. Establishing scholarship initiatives and specialized institutions dedicated to energy studies, similar to South Africa’s Eskom Academy of Learning, will help bridge the current skills gap in the industry. These initiatives will develop competent engineers and technicians, ensuring a steady flow of skilled professionals. Decentralizing the National Grid for Regional Energy Autonomy Reducing over-reliance on the national grid by allowing states to generate, transmit, and distribute electricity will enhance power supply efficiency. While Nigeria’s constitution now permits this decentralization, only a few states have taken significant steps to leverage it. Implementing a decentralized approach will encourage states to utilize their local resources for power generation. For instance, riverine states like Rivers, Benue, Osun, and Bayelsa can maximize hydropower potential, while northern states such as Kano and Yobe can harness abundant solar energy. Kenya’s Off-Grid Solar Access Project serves as a model, successfully increasing electricity access in remote communities. Nigeria can replicate this approach to extend electricity to underserved regions while reducing dependence on the fragile national grid. A Call to Action for Nigeria’s Energy Future Nigeria stands at a critical juncture where decisive action is necessary to resolve its electricity crisis. Investing in renewable energy, strengthening technical expertise, and decentralizing power generation are essential steps toward achieving a stable and sustainable energy future. By adopting these strategies, Nigeria can unlock economic growth, create employment opportunities, and improve the quality of life for its citizens. International Energy Agency – Africa Energy Outlook READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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NANS President-elect Oladoja Olushola to Lead Nationwide Campus Tour for Students’ Welfare The President-elect of the National Association of Nigerian Students (NANS), Comrade Oladoja Olushola, has unveiled plans for an extensive nationwide tour to assess the state of students’ welfare and educational facilities across tertiary institutions in Nigeria. This initiative aims to gather firsthand insights into the pressing issues affecting students and to engage relevant authorities for necessary interventions. Advocating for Better Access to Nigerian Education Loan Fund (NELFUND) During his maiden press conference at Pine Crest Hotel, Abuja, Oladoja emphasized the need for improved accessibility to the newly introduced Nigerian Education Loan Fund (NELFUND). He proposed appointing coordinators across Nigerian universities to streamline students’ inquiries and applications for the loan program, ensuring that more students benefit from this financial aid. Commitment to Grassroots Engagement and Student Advocacy In his inaugural speech, Oladoja expressed deep gratitude to Nigerian students for entrusting him with the leadership of NANS. He assured them that his administration, dubbed the Fortune ERA, would prioritize students’ welfare, consolidate past gains, and introduce pragmatic strategies for an improved education system in Nigeria. “I accept this responsibility with deep gratitude and commitment to advancing students’ rights and welfare. NANS will remain campus-oriented, focusing on grassroots engagement and real-time advocacy,” he stated. Oladoja also acknowledged the contributions of the outgoing NANS leadership, led by Comrade Lucky Emonefe and Comrade Akinteye Babatunde Afeez, commending their efforts in championing students’ rights and educational reforms. Federal Government’s Role in Education Development The NANS President-elect appreciated the Federal Government, particularly President Bola Ahmed Tinubu, for ongoing efforts to revamp Nigeria’s education sector. He pledged NANS’ support in collaborating with the government to achieve significant improvements in students’ welfare and educational standards. Additionally, he extended gratitude to Hon. Seyi Tinubu for his unwavering support for youth and student empowerment, as well as Hon. Mohammed Badaru, the Patron of NANS, for his continuous dedication to students’ development. A Call for Unity and Inclusivity in NANS Administration Oladoja emphasized that his administration will be all-inclusive, urging his co-contenders in the election to join hands in working towards the collective interest of Nigerian students. He stressed that NANS will serve as a formidable force in nation-building, advocating for students’ welfare, and ensuring that their voices are heard on national issues. “In the Fortune Era, there is no victor, no vanquished. We are all partners in progress, and together, we will build a NANS that truly represents the interests of Nigerian students,” he declared. External Reference: For more information on government education policies, visit Federal Ministry of Education. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Mamman Lagos, Kaduna State’s Commissioner for Local Government and Chieftaincy Affairs, has refuted claims made by former Governor Nasir El-Rufai regarding his ability to influence the 2027 election outcome. Lagos, a key ally of the current governor, Uba Sani, emphasized that El-Rufai lacks any special authority over the forthcoming elections. He insisted that the former governor should refrain from interfering in the affairs of the state’s governance. El-Rufai Advised to Steer Clear of Kaduna Governance The commissioner highlighted that while El-Rufai previously held significant positions such as Director-General of the Bureau for Public Enterprises (BPE), Minister of the Federal Capital Territory (FCT), and Governor of Kaduna State, he was never obstructed from performing his duties. “We must clarify that our respected governor, Uba Sani, has never meddled in past administrations. Instead, he remained focused on initiating policies and passing Bills to improve the lives of Kaduna residents,” Lagos stated. He further noted that there is no justification for El-Rufai to interfere in governance matters, stressing that no individual holds the exclusive right to determine political successes or failures in Kaduna. For additional insights into Kaduna’s political landscape, visit Premium Times for reliable updates. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has formally apologized to the Department of State Services (DSS) following an assault on its operatives by officials within the Assembly premises. Incident Overview The apology follows an incident on February 17, 2025, when DSS operatives were manhandled during a tense situation in the Lagos Assembly chamber. Video footage of the altercation went viral, prompting swift action from security agencies. As a result, key officials involved in the attack were arrested, arraigned, and remanded in custody. Arrest and Legal Proceedings The DSS launched an investigation that led to the apprehension of several Lagos Assembly officials allegedly responsible for the assault. Among those arrested were: These suspects were charged before a Lagos Magistrate Court with offenses including assault, obstruction of lawful duty, and breach of public peace. The court subsequently ordered their remand at the Kirikiri Correctional Center pending further legal proceedings. Obasa’s Apology and Response Following his return to office amid ongoing political developments, Speaker Obasa addressed the controversy and issued a formal apology to the DSS personnel involved. He acknowledged the gravity of the situation and reassured security agencies of the Assembly’s commitment to cooperation. “On behalf of the Lagos State House of Assembly, I extend my sincere apology to the DSS operatives who were assaulted within our premises. We deeply regret the embarrassment caused, as seen in widely circulated videos.” Obasa emphasized the Assembly’s reliance on security agencies for protection and expressed hope for reconciliation. “The Lagos Assembly has always maintained a strong and respectful relationship with law enforcement. We trust that this unfortunate incident will not undermine the mutual understanding we have built over the years. We also appeal for leniency for those involved and hope for a peaceful resolution.” Maintaining Strong Security Ties The Lagos Assembly has consistently collaborated with security agencies to uphold law and order. Obasa reaffirmed that such incidents do not reflect the institution’s values and pledged measures to prevent future occurrences. For further updates on legal and political developments in Lagos, visit Lagos State Government’s Official Website and reliable news sources such as Premium Times. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Skales – Another One (Latest Hit Song) Renowned Nigerian music star Skales has once again captivated the music scene with his latest hit, “Another One.” This fresh and electrifying track reaffirms his versatility, creativity, and musical excellence, leaving fans mesmerized. Why You Should Listen to “Another One” If you love Afrobeat and contemporary Nigerian music, Another One is a must-add to your playlist. The song delivers an uplifting vibe that resonates with both old and new listeners. Skales infuses his signature rhythm, smooth vocals, and engaging lyrics, making it a timeless jam that keeps you entertained. About Skales Skales, a talented Nigerian singer, songwriter, and performer, has consistently released hit songs that make waves in the music industry. His ability to blend Afrobeats with modern sounds makes him a standout artist in the African music scene. DOWNLOAD MP3 Listen and Share Your Thoughts! Don’t miss out on this amazing track. Listen to “Another One” now and share your thoughts in the comments. ? Stream on Spotify? Watch the Official Video READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel. Kindly Share:
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Lagos Speaker Mudashiru Obasa Reacts to Controversial Plenary Attendance The embattled Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has defended his decision to preside over a plenary session attended by only four lawmakers, asserting that attendance is voluntary and cannot be enforced. Addressing the legitimacy concerns during an interview on TVC, Obasa stated, “I cannot compel legislators to be present at plenary. If four members attended, what matters is that the session was held.” The Lagos State House of Assembly, which consists of 40 members, witnessed a significant absence during Thursday’s plenary session, even though most lawmakers were reportedly present at the Assembly complex but did not participate. Despite this, Obasa firmly declared his authority, stating, “I remain the Speaker of the Lagos Assembly. When I assumed office, all my colleagues supported my leadership.” Obasa Questions Meranda’s Speakership Emergence In response to reports of Mojisola Meranda’s emergence as the new Speaker, Obasa challenged the process, asking, “Was Mojisola Meranda elected by breaking into the chambers?” He stressed that any effort to unseat him must adhere to the constitutional provisions. “I believe in the rule of law. I am not against removal, but due process must be followed as per constitutional requirements.” Crisis Impact on APC in Lagos Obasa dismissed speculations of division within the All Progressives Congress (APC) in Lagos, emphasizing that the party remains united. “The APC remains one family in Lagos under the leadership of Cornelius Ojelabi and our GAC leaders,” he asserted. Additionally, he rejected claims that the ongoing leadership tussle is connected to the 2027 governorship race. “This has nothing to do with a governorship ambition. Governor Sanwo-Olu is performing well, and no reasonable person should be thinking about the 2027 elections at this time. He still has two years left in office.” Political Stability at Stake Despite Obasa’s claims of legitimacy, the crisis within the Lagos Assembly continues to raise concerns over political stability in the state. The ongoing tension highlights the need for constitutional adherence and party unity to resolve the leadership impasse. Legislative Processes in Nigeria READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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A coalition of traders from the Ogbo Ogwu Bridgehead market in Onitsha, Anambra State, operating under the Unite Nigeria Group (UNG), has initiated legal action against the National Agency for Food and Drug Administration and Control (NAFDAC) and three other entities. The traders have filed a lawsuit at the Federal High Court in Awka, Anambra State, accusing the agencies of forcefully entering their shops, seizing goods worth billions of naira without a valid court order or search warrant. Legal Action Against Authorities Over Onitsha Drug Market Raid The lawsuit names Dr. Martins Iluyomade, the Southeast Zonal Director of NAFDAC, the Director-General of the Standard Organisation of Nigeria (SON), and the Anambra State Commandant of the Nigerian Security and Civil Defence Corps (NSCDC) as respondents. Representing themselves and fellow members of UNG, the applicants—Comrade Peter Okala, Dr. Tanko Yunusa, Prof. Samuel Anidike, and Comrade C.C. Enwereonwu—are seeking N1 billion in exemplary and general damages for the economic losses suffered due to the alleged unlawful actions at the Ogbo Ogwu market, located at Niger Bridgehead, Onitsha. Traders Demand Compensation and Return of Seized Goods Filed under Suit No. FHC/AWK/CS/40/2025, the traders’ motion is based on the enforcement of their fundamental rights, citing Sections 34, 35, 41, 43, and 44 of the 1999 Constitution of Nigeria (as amended). Additionally, they reference Order 2, Rules 1, 2, and 3 of the Fundamental Rights (Enforcement Procedure) Rules 2009 and the Federal High Court’s Inherent Jurisdiction. Aside from financial compensation, the traders seek a judicial declaration that the confiscation of goods worth an estimated N500 billion without due legal process violates their constitutional rights. They are also requesting the court to compel the respondents to return all seized goods, including pharmaceutical products, and to issue a restraining order preventing further raids without legal authorization. Market Disruptions and Economic Implications The continuous closure of the Onitsha drug market has disrupted commerce and left many traders facing financial instability. Industry analysts believe that such enforcement actions, if carried out without due process, could have long-term economic consequences on the pharmaceutical sector in Nigeria (source). Premium Times READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Tinubu Reaffirms Pro-Business Stance, Willing to Adopt Global Best Practices President Bola Tinubu has reiterated his administration’s commitment to fostering a business-friendly environment in Nigeria. In a meeting with an Airtel delegation led by Chairman Sunil Bharti Mittal at the Presidential Villa in Abuja, Tinubu emphasized that his government is open to adopting successful economic models from other nations. According to a statement from his media spokesperson, Bayo Onanuga, the President expressed his willingness to implement economic strategies that have proven effective globally. “We are prepared to learn and adopt what works in other countries. If there are beneficial policies from India, we are not ashamed to implement them for the growth of Nigeria’s economy. I am pro-business and will remain committed to policies that drive economic growth,” Tinubu stated. Tax Reforms to Attract Investors The President assured the delegation that his government is focused on revising tax policies to create a more conducive environment for investors. He noted that the administration is working closely with tax regulators to streamline processes and encourage economic expansion. “We are ready to collaborate with tax administrators to ensure that reforms promote business growth and investment opportunities,” Tinubu emphasized. Government’s Commitment to Strengthening Telecommunications Infrastructure Minister of Communication, Innovation, and Digital Economy, Bosun Tijani, acknowledged the President’s ongoing support for the telecommunications sector. He highlighted Tinubu’s recent approval of policies that recognize fiber optic and undersea cables as critical national assets. This move is expected to drive further expansion in Nigeria’s digital economy. According to Tijani, “The Office of the National Security Adviser (NSA) has commenced implementation and enforcement of these regulations to ensure protection and sustainable growth.” Airtel Chairman Applauds Nigeria’s Economic Reforms Airtel’s Chairman, Sunil Bharti Mittal, commended Tinubu’s leadership, likening Nigeria’s ongoing economic transformation to India’s reform period in the early 1990s. He acknowledged the President’s bold decisions, including currency floating and subsidy removal, which have reshaped Nigeria’s economic landscape. “Your commitment to economic reforms is commendable. India faced similar challenges in the past, and through bold decisions, we emerged stronger. Nigeria is now on the path to economic revitalization, and your leadership has been instrumental in this transition,” Mittal noted. Mittal further encouraged Nigerian investors with significant financial resources abroad to reinvest in the country, highlighting the increasing confidence in Nigeria’s economic policies. Global Recognition for Nigeria’s Economic Policies Mittal acknowledged that Nigeria’s economic restructuring efforts, particularly the floating of the naira and the removal of fuel subsidies, have been globally recognized. He emphasized that these reforms, though initially challenging, have positioned Nigeria for long-term economic stability. “The world has taken note of the remarkable progress under your leadership. Floating the naira and removing fuel subsidies were tough but necessary decisions that will yield long-term benefits for Nigeria,” he added. Encouraging Local and Foreign Investments Mittal expressed optimism about Nigeria’s future, stating that local and international investors are regaining confidence in the country’s economic outlook. He advised business leaders in Nigeria to take advantage of emerging opportunities and contribute to national development. External Source and Backlink For insights on how global economic reforms have transformed developing nations, read more from World Bank’s Economic Outlook. READ ALOS: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
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Former Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has alleged that Mojisola Meranda, who was appointed as his replacement, has officially resigned from the position. Obasa Insists He Remains Speaker Speaking on Politics Today aired on Channels TV on Thursday evening, Obasa asserted that despite his removal by fellow lawmakers, he still holds the position of Speaker. He further disclosed that during a meeting with top Lagos APC leaders at Marina, Meranda personally announced her resignation. Security Details and Office Privileges Addressing concerns regarding the withdrawal of Meranda’s security aides while his own security was reinstated, Obasa remarked, “When my security was taken away without my approval, did I raise any objections? At the Marina meeting, Meranda herself confirmed that she had stepped down. Once you resign, the privileges of the office are revoked.” Legality of His Removal Obasa maintains that his removal, which was reportedly supported by 36 out of the 40 members of the Assembly, does not hold legal ground. “I have never been lawfully removed. I am not against due process, but any removal must align with the House rules and constitutional provisions,” he insisted. Controversial Plenary Session Earlier on Thursday, Obasa made a dramatic entrance into the Assembly complex under heavy security presence. Reports indicate that he presided over a plenary session attended by only four members, raising further questions about the unfolding political drama in the Lagos State Assembly. Read more from Channels TV READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
