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INSECURITY: $1bn Spent To Recover Territories Seized By Terrorists — Buhari

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Despite spending over $1bn to reclaim Boko Haram-held territories in Borno, Adamawa and Yobe States since 2015, Nigeria’s security and that of the Lake Chad Basin remains unstable due to lingering conflicts in Libya, the Central African Republic and Russia’s aggression in Ukraine.

President Muhammadu Buhari, said this on Tuesday, shortly after receiving the “Award for Strengthening Peace in Africa” conferred on him by the Abu Dhabi Peace Forum in Nouakchott, the Mauritanian capital.

“Although we are winning the war, however, as a country and sub-region, we continue to be negatively impacted by events in Libya, the Central Africa Republic, The Sahel and the war in Ukraine,” Buhari told his counterparts at the African Conference for Peace, 2023.

The President premised his argument on the free circulation of “all sorts of small and light weapons” orchestrated by foreign fighters.

He also reasoned that the idleness of African youths and non-inclusion in discussing issues that concern them is providing a steady recruitment pool for the extremist organisations wreaking havoc in various parts of the continent.

He, therefore, urged leaders to place a premium on youth development, with more seriousness and actionable ideas in promoting skills acquisitions while discouraging idleness.

This is according to a statement signed by the Special Adviser on Media and Publicity to the President, Femi Adesina, titled ‘President Buhari receives award for peace in Africa, lists conditions for future harmony.’

The President said, “When I assumed power in 2015, Boko Haram held about two-thirds of Borno State, half of Yobe State, and a couple of local government areas in Adamawa State, all in the North-East of Nigeria.

“We have been able to retrieve these swathes of territories by investing over $1bn to acquire hard and software weaponry from the US and other friendly countries to carry out sustained operations against insurgency since 2015.”

According to him, these monies would have been better spent on critical infrastructure such as healthcare and education.

“Our Armed Forces and those of our partners in the Multinational Joint Task Force (consisting of Chad, Niger, Cameroon, Benin Republic and Nigeria) continue to demonstrate great bravery while paying the ultimate price in securing our collective freedom.

“Despite the difficult times we face, we continue to spend very scarce and lean resources to ensure that we have a well-resourced military force to take on this task. Ideally, these are resources that could be spent on education, healthcare, infrastructure and other social services, but without peace, we have learnt the hard way that our children cannot go to school or seek good healthcare,” the President stated.

He explained that the scenario created serious instability and served as a litmus test for member countries of the Lake Chad Basin Commission in devising means to restore the livelihoods within the region.

The President urged his counterparts to concretise efforts to curtail and possibly prevent the circulation of Small Arms and Light Weapons and the festering of foreign fighters into Africa.

To the current chairperson of the AU, Senegalese President Macky Sall, Buhari said the next Summit of Union must find a pragmatic African approach to resolving the over a decade-old instability that made the country a haven for all kinds of weapons and foreign fighters.

In his remarks, the President of the Forum for Promoting Peace in Muslim Societies, Shaykh Abdallah Bin Bayyah, said the 2023 conference theme was based on the recommendations of the “Nouakchott Declaration” that emerged from the inaugural conference.

Bayyah explained that the award was given to Buhari for providing good leadership, promoting peace in a multi-ethnic, multicultural and multi-linguistic country like Nigeria and extending his experience and wisdom to other African countries.

BIG STORY

BREAKING: GTCO Becomes First Banking Stock To Exceed N100 On NGX

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Guaranty Trust Holding Company has achieved a strong mid-market showing during the July 16, 2025, trading session, surpassing the N100 milestone.

This makes GTCO the first banking stock listed under the NGX Banking Index to cross the N100 benchmark, while Stanbic IBTC Holdings remained just below at N99.

The upward movement aligns with the broader positive sentiment in the banking sector, where the NGX Banking Index has gained over 22% so far in July.

The development follows GTCO’s recent dual listing, which involved 2.29 billion ordinary shares being listed on the London Stock Exchange on July 9, 2025, and another 2.28 billion shares added to the Nigerian Exchange the next day.

The stock’s rise appears driven by investor response to its cross-border listing and its strong Q1 2024 financial performance. Month-to-date, GTCO has posted a gain exceeding 27%.

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BIG STORY

BREAKING: Atiku Abubakar Resigns From PDP

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The presidential flagbearer of the Peoples Democratic Party in the 2023 general elections, Alhaji Atiku Abubakar, has officially withdrawn his membership from the opposition party.

Atiku submitted his resignation ahead of the 2027 general elections, following confirmation of his involvement in forming a new coalition known as the Alliance Democratic Congress.

The resignation was contained in a letter dated Monday, July 14, 2025, and addressed to the chairman of the PDP in Jada 1 ward, Jada Local Government Area, Adamawa State.

A copy of the letter was shared on X by the Special Assistant on Media to the former Vice President on Wednesday.

The letter stated, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

 

More to come…

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BIG STORY

EFCC To Appeal Ruling Acquitting Fayose Of Money Laundering Charges

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The Economic and Financial Crimes Commission (EFCC) says it will challenge the judgment that cleared Ayodele Fayose, former governor of Ekiti state, of money laundering and fraud accusations.

In his decision on a no-case submission, Justice Chukwujekwu Aneke ruled that the prosecution did not provide enough evidence to require Fayose to present a defence.

After the judgment, EFCC counsel Rotimi Jacobs stated that the commission would obtain the certified judgment and begin the appeal process.

Fayose and his company, Spotless Investment Limited, had been re-arraigned on an 11-count charge of laundering ₦6.9 billion, allegedly during his time as governor.

The charges included allegations that Fayose received ₦1.2 billion for his 2014 campaign and accepted $5 million in cash from Obanikoro, bypassing standard banking procedures.

He was also accused of laundering several sums and using over ₦1.6 billion to purchase properties via proxies and firms such as De Privateer Ltd and Still Earth Ltd, contrary to the Money Laundering (Prohibition) Act, 2011.

During the May 19 no-case submission, Kanu Agabi, Fayose’s lawyer, argued that the prosecution failed to prove its case and pointed out that Abiodun Agbele, allegedly central to the transactions, wasn’t charged, which weakened the EFCC’s position.

“With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged,” Agabi stated.

He asked the court to find that Fayose had no case to answer.

Olalekan Ojo, lawyer for the second defendant, also submitted a separate no-case application dated March 21, 2025, with supporting documents filed on May 16.

Ojo contended that the main evidence provided by the prosecution, particularly Obanikoro’s testimony, was unreliable since he confirmed there was no direct communication between Fayose and Sambo Dasuki, the former national security adviser.

Jacobs, however, urged the judge to dismiss the no-case submissions, arguing that there were unexplained financial activities that needed clarification.

He questioned why Fayose didn’t use his personal account if the money was legitimate, referencing EFCC investigator Abubakar Madaki’s claim that Fayose acquired properties through associates who later denied ownership, even though Fayose admitted the properties were his.

“If the money was clean, why not buy the properties in his name?” Jacobs asked.

He also referred to Obanikoro’s account that Fayose requested the money in cash and introduced Agbele to receive it, saying Fayose must explain these actions.

Despite these arguments, the court ruled in favour of the defendants and granted the no-case submission.

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