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Presidency Reacts To Call For Tenure Extension, Says Buhari Will Hand Over In 2023

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Presidential spokesman, Garba Shehu, says President Muhammadu Buhari will hand over to his successor at the end of his tenure in 2023.

On Monday, Robert Clarke, a senior advocate of Nigeria (SAN), said the Nigerian constitution allows Buhari to extend his tenure to tackle the country’s security challenges.

Reacting to the statement on Tuesday, Shehu said the president is committed to observing democratic values by handing them over to the candidate elected by the people.

“Chief Robert Clarke, a very well respected elder may be sincere in his wish for the president to extend his term by six months. We wish to categorically restate that the president will step down on May 29th, 2023, after serving two terms, as per the constitution,” he said.

“Having been the first recipient of a democratic transfer of power from an incumbent administration to an opposition candidate in Nigerian history, the president is committed to extending and entrenching democratic values across the country. He shall, in turn, have the privilege of serving the people of Nigeria to whomever they choose through free, fair, and credible elections.

“However, Chief Clarke is right to say that without security, Nigeria would not likely realize its true potential as a peaceful and prosperous nation. That is why it has been at the core of this administration. The results are there for all to see.

“Boko Haram terrorists have been forced back from controlling whole swathes of this country. Internally displaced persons are now returning to rebuild their communities. This achievement has been accomplished through the bravery and determination of the Nigerian armed forces and the fortitude of the people of our nation.

“New challenges have arisen and tackled in turn, whether it’s the National Livestock Transformation Plan to alleviate herder-farmer clashes, the elimination of the leadership of ISWAP, or new efforts to combat banditry. Till the last day of the administration, the security of the citizens shall remain the administration’s paramount concern.

“We shall finish the job. Yet, in any case, respect for the constitution and Nigerians’ democratic rights remains the best path to securing and then maintaining peace.”

Shehu added that the administration will honor the constitution and the people’s right to decide.

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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