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40kg of cannabis recovered from arrested ex-Lagos councillor

Nurudeen AKEWUSHOLA
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40kg of cannabis recovered from arrested ex-Lagos councillor

OPERATIVES of the National Drug Law Enforcement Agency (NDLEA) have arrested a former councillor in Ibeju-Lekki Local Government Area of Lagos State, Sheleru Olalekan, over his alleged involvement in illicit drug trafficking.

 

Sacked Railway staff cry out over victimisation for exposing theft, ‘criminal syndicate’

Mustapha USMAN
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Sacked Railway staff cry out over victimisation for exposing theft, ‘criminal syndicate’

TWO dismissed staff of the Nigerian Railway Corporation (NRC) have attributed their suspension and subsequent sack to the exposure of top management of the corporation for orchestrating a criminal syndicate and looting national assets.

One of the staff, Olarewaju Michael Onakan claimed he, alongside Rufa’i Magaji, were suspended and subsequently dismissed in order to cover up the theft of railway property, including traction motors, armoured cables, and railway sleepers.

In his petition to the Nigeria Police Force, dated February 27, 2026, the aggrieved staff highlighted a pattern of systemic theft allegedly orchestrated by the former Regional District Manager for the Northern District, Adewale Adedeji Rasheed, and a network of department heads. 

According to the petition, between 2024 and 2025, Rasheed allegedly diverted railway property to fund personal projects, including his daughter’s N25 million tuitions abroad.

Other allegations include the sale of eight to ten traction motors from the Zaria Diesel Workshop, removal and replacement of 90 per cent of armoured cables at Zaria station with substandard aluminium wires, and the stripping of Kaduna’s Bridge Yard of rails, sleepers, and wagon frames days before a scheduled inspection by the Managing Director. 

The petition named a buyer identified as “PRINCE” as the recipient of the stolen property, alleging that internal collaborators and compromised security officers facilitated the illegal transactions.

According to the petition, seen by The ICIR, the syndicate includes Shina Abiodun, accused of facilitating the sale of traction motors, and Joel Olurungbon, who was accused of supervising the vandalism of armoured cables and served on the panel that later dismissed the petitioner and other aggrieved staff. 

It also listed members of the Railway Police, including Inspector Hallen Moses, and a local security commandant, known as “Gayu,” who are allegedly facing separate charges for the theft of sleepers and transformers.

Onakan claimed that despite the evidence provided to the corporation and the police, he and his colleague, Magaji, were suspended for twelve months and subsequently dismissed in February 2026, over ‘fabricated theft allegations’.

The whistleblower asserted that the panel that dismissed them was composed of the very officials involved in the alleged thefts, noting that it was designed to shield perpetrators while punishing innocent staff. 

Onakan was demanding a thorough investigation into the bank statements, call records, and other financial activities of the officials named in the petition.

He also called for their immediate reinstatement, payment of all withheld salaries and benefits since May 2025, and compensation for damages resulting from what he described as an unjust dismissal. 

Backstory

According to Onakan, the events that led to their suspension began on December 22, 2024. 

On that fateful day, he and Magaji had gone to purchase a goat for the Christmas period when they noticed an isolated pile of iron. He claimed that they contacted a man named Nuhu, who was with Sani, the station’s security chairman, to identify the iron. Onakan and Rufai guided them to the location, intending only to report the finding.

Despite this, the police and management later accused them of attempting to steal over 90 poles kept within the Kaduna Junction Police premises. 

Onakan noted that the poles were large and heavy, requiring at least four people to move, and a truck would have been required to transport them. 

Following the accusation, Onakan claimed that he and Magaji cooperated with authorities as informants to identify the real culprits.

According to him, Magaji secretly recorded conversations with suspected perpetrators, which allegedly led to arrests with the assistance of the Kaduna State Vigilante.

A video seen by The ICIR also showed a man identified as Nuhu confessing to involvement in the theft.

Before the operation, a letter was addressed to the management of the NRC from the office of the Area Commander, Nigeria Police Railway Area Command, Zaria, informing them of the use of Magaji as an informant to arrest a syndicate following a complaint of vandalism.

Despite this, Onakan said the management ignored all the evidence provided, including the letter from the police, kept them on suspension for 12 months and eventually dismissed them in February 2026 over ‘fabricated charges.’

He further claimed that the panel included officials he had accused of involvement in the theft, adding that they were not afforded the opportunity to defend themselves or even invited before any disciplinary panel.

The ICIR gathered that both dismissal letters were dated September 30, 2025, yet purportedly took effect retroactively from July 1, 2025.

Alleged manipulated evidence

Onakan also accused NRC management of relying on private call records and manipulated audio recordings to justify their dismissal. He alleged that they were pressured to pose for staged photographs with tools and iron materials they had never handled.

According to him, citing call records without consent violated their privacy rights and formed part of a broader conspiracy to remove them from the system.

Before his suspension, Onakan said he had been transferred to Zaria under what he described as strict monitoring, a move he believes was not unconnected with his knowledge of internal irregularities.

Demands and pre-action notice

The petitioners had demanded a comprehensive investigation into the bank statements, call logs and financial transactions of officials named in the complaint.

They also sought immediate reinstatement, payment of all withheld salaries and benefits since May 2025, including compensation for damages arising from what they described as wrongful dismissal.

Pre-legal action notice

The dismissed staff have issued a three-month pre-action notice against the NRC, warning that they will pursue legal action if authorities fail to address the allegations.

In a pre-action notice obtained by The ICIR and dated February 27, 2026, the solicitors to the whistleblowers said that if the demands were not met within three months, they would initiate legal proceedings at the National Industrial Court to compel the NRC to reinstate them and pay damages.

‘Bring evidence of my involvement’ Rasheed says

When The ICIR reached out to the former Northern District Regional Manager, Adewale Adedeji Rasheed, he confirmed that he is aware of the two dismissed staff, Onakan and Magaji. 

He stated that during his brief tenure at Zaria, the two were caught committing crimes, with reports filed to the Kaduna Police. “They were caught on two or three occasions. On both occasions, a committee of about five people was set up to look into their cases,” Rasheed said.

He added that there were reports from both security personnel and police, which the committees reviewed before recommending their dismissal. 

According to him, he was informed of the cases, set up the necessary committees, and forwarded reports to his Managing Director and NRC management. 

“The committee reviewed everything and recommended dismissal for them. Normally, in such cases, I am informed, and I set up a committee to look into it. I ordered the report to be sent to my MD and management. I even asked them to temper justice with mercy but ultimately, it was the headquarters that handled their cases,” Rasheed said.

On the broader claims made in the petition about his involvement in selling of the railway assets, Rasheed stated, “I don’t know anything about them. Let them provide evidence, and they can take it to court. I am ready. I don’t have anything further to say about that.”

When pushed further, he declined further comment, insisting that communication be put in writing.

We never recommended their dismissal – panel chairman

The chairman of the committee created to investigate the alleged theft involving Onakan and Magaji, Kehinde Doche, insisted that the panel never recommended the dismissal of the two staffers.

“The committee never recommended anything like dismissal,” he said, adding that such decisions fall under the discretion of the Human Resources department.

“The discretion is with HR, and that is why I gave you the contact of the people representing the HR agency,” he said.

When asked whether the committee found the staff guilty, Doche said the two were culpable in their findings and the report was forwarded to the management.

He, however, refused to comment on whether the committee recommended their suspension or any other form of punishment.

When The ICIR reached out to the District Human Resource officer, Zaria Bashir Bako, he declined to comment on the suspension and the subsequent dismissal of the staff and asked this reporter to speak with ‘appropriate’ office at the Lagos headquarters.

Further attempts to reach the Managing Director, Kayode Opeifa, via phone calls and WhatsApp messages were not responded to as of the time of filing this report.

Afenifere condemns rising terror attacks in South-West

Nurudeen AKEWUSHOLA
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Afenifere condemns rising terror attacks in South-West

THE pan-Yoruba socio-political group, Afenifere, has condemned the escalating wave of terrorist attacks in South-West Nigeria and called on both federal and state authorities to intensify efforts to rescue the region from banditry.

The group expressed concern in a press statement issued on Saturday by its National Publicity Secretary, Jare Ajayi, warning that the persistent attacks are causing widespread fear across several states in the region.

Ajayi said the Yoruba people are increasingly alarmed by the near-daily loss of lives, stressing that the activities of bandits and kidnappers have continued to erode the safety of communities.

He also drew attention to the brutal treatment often inflicted on kidnapped victims, noting the merciless beatings and humiliation suffered by abductees while in captivity.

Ajayi cited several incidents across the region, including attacks on churches, police stations, homes, and highways in Ondo State; sacked communities in Kwara State; the killing of farmers and assaults on travellers along the Igbeti–Kisi road in Oke-Ogun area of Oyo State; as well as gruesome kidnappings in Ekiti State, where some victims were reportedly killed and their corpses held for ransom.

Speaking on the nature of ransom demands made by kidnappers, Ajayi said:

“The greatest demonstration of the heartlessness of these evil-doers was their demands of N1.5 million, Indian hemp, cocaine, a synthetic drug known as ICE, and cartons of canned beer for the release of a corpse in their captivity.

“The kidnappers even hilariously asked for virgins to be brought in exchange for four men that they had previously abducted.”

Ajayi stressed that homes are increasingly becoming unsafe for residents.

“Until recently, the home environment was considered a ‘safe haven’. Unfortunately, that is no longer the case. A couple was attacked in front of their home in Akure, Ondo State, with the husband shot while trying to prevent his wife from being abducted,” he stated.

He also highlighted other attacks reported in different parts of the country.

“Elder Igwe, father of a former Deputy Governor of Ebonyi State, was abducted on his way to church on Sunday, 1 March. In Erinmope-Ekiti, a family of five was taken at 7 p.m., while people were at mosque for evening prayers.

“Bandits reportedly went from house to house in Kubwa, Abuja, this week, robbing and abducting residents,” he further noted.

Ajayi added that similar prolonged attacks have been reported in several states across the country, including Plateau State, Benue State, Borno State, Kebbi State, Nasarawa State, Niger State, Katsina State, and Kaduna State, while returning refugees from Cameroon have also reportedly fallen victim to attacks in Bauchi State.

He also cited a case in Edo State involving a kidnapped medical doctor.

The release disclosed, “When the daughter of one kidnapper fell ill, the doctor, on duty at the hospital, recognised the perpetrators and alerted the police, leading to their arrest.

“The point here is that the bandit values the life of his daughter by seeking medical care for her, yet saw nothing wrong in killing other people.”

Speaking on the broader fight against banditry and kidnapping, Ajayi stressed that criminal groups can be defeated.

“Bandits are neither spirits nor invincible.”

He urged authorities to cut off the sources of funding sustaining criminal groups, which he said include wealthy individuals, local and international organisations, some state actors, communities paying protection money or “harvest fees,” ransom payments from captives, and outright theft.

Highlighting the role of sponsors, he said:

“Confessions from apprehended and tried bandits revealed they had sponsors.

“Therefore, it is essential to pursue the sponsors and their intermediaries, block the sources of their funding and weapons, raid the bushes in which they hide, tackle corruption and sabotage within security forces, motivate personnel, and ensure the immediate establishment of state police.”

The group also commended President Bola Ahmed Tinubu for his push toward the establishment of state police, noting his call on the National Assembly of Nigeria to expedite constitutional amendments required for their implementation.

It further praised the Inspector-General of Police, Kayode Egbetokun, for inaugurating a committee to develop modalities for the deployment of state police.

Finally, the organisation urged governors in the South-West to take stronger security measures.

“Implement measures to raid bandit hideouts, maintain constant surveillance of vulnerable areas, and cooperate fully with the Federal Government to ensure the prompt establishment of state police in their states.”

The latest concerns raised by Afenifere come amid a growing pattern of violent attacks and kidnappings across South-West Nigeria in recent years, raising fears about the spread of banditry into a region historically considered relatively safer than other parts of the country.

In Ondo State, gunmen in June 2022 attacked worshippers at the St. Francis Xavier Catholic Church, Owo, killing dozens of people and injuring many others in one of the deadliest assaults on a place of worship in the region.

Similarly, communities in the Oke-Ogun axis of Oyo State, particularly along the Igbeti–Kisi corridor, have repeatedly reported kidnappings of farmers and travellers, with armed groups reportedly operating from forest reserves that straddle state boundaries.

Residents say the attacks have forced many farmers to abandon their farmlands for fear of abduction. The ICIR also reported how armed men killed five forest guards at Old Oyo Park earlier this year.

Kidnapping incidents have also been recorded in Ekiti State and Osun State in recent years, including the abduction of schoolchildren, travellers, and traditional rulers along major highways.

Amid poor power supply, minister Adelabu eyes Oyo governorship seat

Nurudeen AKEWUSHOLA
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Amid poor power supply, minister Adelabu eyes Oyo governorship seat

THE erratic power supply currently being experienced by Nigerians, especially amid the current heat season, has called into question the leadership of the Minister of Power, Adebayo Adelabu, as he reportedly eyes the governorship of Oyo State ahead of 2027 polls.

Since his appointment by President Bola Ahmed Tinubu in August 2023, the minister has overseen the Ministry of Power, a sector that continues to struggle to deliver reliable electricity for Nigerians.

In a trending video in October 2025, Adelabu formally declared his intention to run for governor in Oyo, recalling how he lost to the incumbent Governor Seyi Makinde in 2019 and 2023.

“I have now paid my dues. I contested against Seyi (Makinde) in 2019. In 2023, I also contested against Seyi, then as the sitting governor. But in 2027, God has shown that it’s our turn. It’s Adelabu’s turn. Anything that belongs to Adelabu belongs to us all,” he said.

But as he prepares for another political contest, the state of Nigeria’s power sector under his watch is drawing increasing attention, with many Nigerians lamenting persistent blackouts and unstable electricity supply. Here are some of the issues with power sector under Adelabu’s leadership.

Generation far below capacity

Nigeria’s electricity generation has remained significantly below its installed capacity. The country has about 13,625 megawatts (MW) of installed generation capacity, yet only a fraction of that power typically reaches consumers. Data from the Nigerian Electricity Regulatory Commission (NERC) shows that in October 2025, only 5,506MW was actually wheeled through the grid at any given time—less than half of installed capacity.

In early 2026, NERC reported that the national grid was operating with an average of 4,901MW available for dispatch, representing a plant availability factor of just 36 per cent.

Energy analysts say this gap between installed capacity and actual generation reflects longstanding structural problems in the power sector, including gas supply shortages, ageing infrastructure, and financial instability across the electricity value chain.

In fact, a report on the sector found that over 60 per cent of installed generation capacity was unavailable for dispatch to the grid during the third quarter of 2025, highlighting the limited operational readiness of many power plants.

Recurring grid collapse

Apart from generation challenges, Nigeria’s national grid has also experienced persistent instability. Data compiled from regulatory reports shows that the grid has suffered 26 system collapses in the last five years, with 2024 alone accounting for nine of those incidents.

Several of these collapses plunged large parts of the country into darkness for hours, sometimes days, disrupting businesses and public services. Analysts say the collapses reflect deep weaknesses in transmission infrastructure and coordination across the electricity supply chain.

In September 2025, for example, the national grid suffered a major outage triggered by a generator failure, causing a widespread drop in electricity load across the country before gradual restoration began.

The Transmission Company of Nigeria has attributed some of these disruptions to vandalism, technical failures, and insufficient investment in grid infrastructure. But industry experts say the frequency of outages underscores the fragility of the country’s electricity system.

Tariff reforms and rising costs

During Adelabu’s tenure, the government has also pursued tariff reforms aimed at reducing electricity subsidies and improving sector revenue.

In 2025, the federal government introduced targeted tariff increases for higher-consumption customers, particularly those classified under the so-called Band A category, who are expected to receive at least 20 hours of electricity supply daily.

According to government figures, the policy helped generate an additional ₦700 billion in revenue and contributed to a 35 per cent reduction in electricity subsidy payments.

However, the tariff increases have also drawn criticism from consumer groups who argue that higher electricity bills have not translated into significantly improved service.

Many households and small businesses say they continue to experience prolonged outages despite paying higher tariffs.

Structural debt, gas shortages

Nigeria’s power sector also faces severe financial constraints that affect electricity supply.

Industry estimates reported by Reuters suggest the sector is burdened with over ₦6 trillion in accumulated debts, largely driven by unpaid government subsidies and liquidity problems within the electricity market.

These financial difficulties have contributed to reduced gas supply to power plants—the main source of electricity generation in Nigeria. Gas-fired stations require around 1.63 billion standard cubic feet of gas per day, but in early 2026, they were receiving only about 692 million cubic feet, or roughly 43 per cent of the required supply.

The shortage has forced system operators to implement load shedding to keep the grid stable, further reducing the amount of electricity available to consumers.

Persistent reliance on generators

Nigeria’s electricity supply remains far below the demand of its more than 200 million people.

Experts estimate that the country would require at least 20,000MW of reliable electricity to meet current demand, yet actual supply often falls below 5,000MW.

This persistent gap has forced businesses, hospitals, and households to rely heavily on petrol and diesel generators, significantly raising operating costs.

According to industry observers, the economic impact of unreliable electricity runs into billions of dollars annually through lost productivity, damaged equipment, and higher energy costs.

Workers’ welfare concerns

Meanwhile, tensions are also rising within the power sector workforce.

Earlier this month, the National Union of Electricity Employees (NUEE) said it had intensified mobilisation of its members nationwide for a possible strike following the expiration of its 21-day ultimatum to the federal government.

In a letter dated January 26, 2026 and addressed to the Minister of Power, the union accused power sector employers—particularly distribution companies (DISCOs) and generation companies (GENCOs)—of widespread anti-labour practices, wage violations, and failure to remit deducted Pay As You Earn (PAYE) taxes and pension contributions.

With the ultimatum now expired and no resolution reached, union sources say mobilisation is ongoing across the Nigerian Electricity Supply Industry (NESI), raising the possibility of industrial action that could disrupt electricity generation and distribution nationwide.

As Adelabu’s potential governorship bid in Oyo State gains attention, his record at the Ministry of Power casts a shadow on his competence and capacity.

Women rights group petitions IGP over female corporal’s 28 years’ unpaid salaries

Esther Tomo
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Women rights group petitions IGP over female corporal’s 28 years’ unpaid salaries

Women’s Aid Collective (WACOL), has raised concerns over what it described as “institutional cruelty” against a police officer, Grace Ohiaeri, who has allegedly gone nearly three decades without receiving her salary.

The issue was made public by WACOL’s Executive Director, Joy Ngozi Ezeilo, during a press conference held in Enugu on Friday to commemorate the International Women’s Day 2026, which has the theme, “Rights. Justice. Action. For all Women and Girls.”

Ezeilo, a former United Nations Special Rapporteur, said the officer’s troubles began in 1998 after she disarmed a well-known criminal believed to have connections with a senior officer in the Nigeria Police Force. The act, according to the group, was done in the line of duty to protect civilians.

Rather than being rewarded for the action, WACOL said the officer’s salary was suddenly stopped the same year without any disciplinary proceedings, even though she remained on the police records as a serving officer.

“In 1998, officer Grace Ohiaeri performed a heroic act. Her reward was not a commendation, but malice and institutional cruelty. Now, elderly and frail, the police porce is evicting her from her official quarters because of proposed ‘renovations,’ leaving a national hero with absolutely nowhere to go,” Ezello stated.

The organisation also alleged that financial assistance meant for the officer was diverted.

According to Ezeilo, philanthropist Arthur Eze had donated ₦20 million to support Ohiaeri, but the funds did not get to her.

“When a Good Samaritan, Chief Arthur Eze, donated ₦20,000,000 for her relief, those funds allegedly vanished into the pockets of her superiors,” she added.

WACOL said it has now formally petitioned the Inspector-General of Police, Olatunji Disu, as well as the Enugu State Commissioner of Police, Bitrus Giwa. The group is asking the police authorities to pay all the officer’s salary arrears covering 28 years and grant her a promotion that would allow her to retire with dignity.

Meanwhile, the organisation also introduced a humanitarian fundraising effort known as the ‘Give to Gain’ campaign aimed at helping vulnerable individuals.

As part of the initiative, WACOL highlighted the situation of a woman identified as Faith Odoh and her four children, who are reportedly facing severe hardship.

According to the group, the family has endured repeated abuse, including the alleged assault of Odoh’s 12-year-old daughter by several men.

“The suspect is currently awaiting trial, but the family is now being evicted. These traumatised children are out of school and in desperate need of a safe sanctuary,” Ezello noted.

WACOL explained that the ‘Give to Gain’ campaign is intended to secure permanent housing for both Officer Ohiaeri and the Odoh family, while also helping the latter establish a stable source of income.

Ezeilo called on the Federal Government and private organisations to move beyond symbolic statements during International Women’s Day and take concrete steps to assist vulnerable people.

She concluded, “We cannot, and will not, let a lifetime of service end on the streets.”

NERC tightens rules on electricity theft as gas shortage weakens power supply

Harrison EDEH
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NERC tightens rules on electricity theft as gas shortage weakens power supply

THE Nigerian Electricity Regulatory Commission (NERC) is tightening electricity theft rules with a new directive urging the electricity distribution companies to take more responsibility in sanctioning offenders.

The new directive is focused on the Standard Operating Procedure (SOP) guiding Distribution Companies (Discos) in handling cases of unauthorised electricity access, meter tampering and power bypass across the country.

The move comes as the Nigerian Independent System Operator (NISO) disclosed that a sharp decline in gas supply to thermal power plants to the tune of as much as 60 per cent was responsible for the latest round of electricity shortages on the national grid.

According to the new directive, NERC outlines stricter operational procedures that Discos must follow in identifying, investigating and penalising electricity theft and related infractions within the Nigerian Electricity Supply Industry (NESI).

Discos are now required to systematically identify areas suspected of unauthorised electricity access through anomalies in consumption patterns, irregularities in billing records or other suspicious indicators.

“The amended order directed electricity distributors to conduct a comprehensive analysis of electricity consumption data and billing records to detect discrepancies that may indicate illegal connections or tampering,” the directive said.

“As part of the enforcement, Discos are also expected to deploy surveillance techniques to monitor suspicious activities in affected areas and gather additional evidence where necessary,” it added.

The regulator further mandated that meters in suspected premises must be physically inspected and subjected to integrity tests to confirm whether tampering or illegal modifications have occurred.

Where suspicious activity is identified, Discos, according to NERC, are required to capture evidence of meter tampering through photographic and video documentation in the presence of the customer or their representatives.

The order also requires electricity distributors to conduct field inspections of distribution infrastructure, including power lines, transformers and distribution boxes, to detect unauthorised connections.

In addition, NERC stated that Discos might interview residents, witnesses or local authorities in affected communities to gather information on suspected electricity theft or illegal access to the distribution network.

NERC said power distribution companies should also leverage advanced technologies such as advanced metering infrastructure, monitoring systems and data analytics tools to detect abnormal electricity consumption patterns that may indicate bypass or tampering.

The commission emphasised that all investigations must comply with legal and regulatory requirements, while Discos are required to maintain detailed records of all investigative processes, including meter test results, witness statements, photographic evidence and other documentation.

Where meter tampering, bypass or malfunction is confirmed, the commission directed that Discos must issue disconnection notices to affected customers before disconnecting their premises in line with established procedures.

The order further stated that electricity distributors must impose appropriate penalties and pursue legal actions against individuals or organisations found guilty of unauthorised access to electricity infrastructure.

An earlier report by The ICIR disclosed that NERC had previously warned electricity consumers and businesses found guilty of bypassing electricity meters of a new fine order while reinforcing its stance against power theft.

Meanwhile, the Nigerian Independent System Operator (NISO) on Thursday, March 5, attributed the latest decline in electricity supply on the national grid to persistent gas supply constraints affecting thermal power plants.

In a statement, the system operator said electricity generation on the grid had dropped significantly due to inadequate gas supply to several generating stations.

Operational data from the grid operator, it said, showed that total electricity generation stood at 3,940.53 megawatts as of 5:00 a.m. on Thursday, already below expected levels due to existing gas supply limitations.

According to the statement, the situation worsened between 6:00 a.m. and 8:00 a.m., when several generating units were forced to shut down because of insufficient gas supply.

The shutdown of these units resulted in a cumulative loss of approximately 292 megawatts of generation capacity during the period.

While providing an update on Friday, March 6, NISO said it has been working closely with the gas generation companies to ensure gas plants work optimally in ensuring power supply.

 

Recapitalisation: 30 banks meet threshold, three undergoing verification – CBN

Harrison EDEH
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Recapitalisation: 30 banks meet threshold, three undergoing verification – CBN

FEW days to the March 31 deadline, Nigeria’s banking sector recapitalisation drive has gained significant momentum with 30 banks already meeting the new minimum capital requirements.

This is even as three lenders are still undergoing regulatory verification, the Central Bank of Nigeria (CBN) said.

The apex bank, in a statement on Friday, March 6, through its Acting Director of Corporate Communications, Hakama Ali, stated that a total of 33 banks successfully raised fresh capital through various channels, including rights issues, initial public offerings, and private placements, as part of the industry-wide recapitalisation programme launched in 2024.

“As of March 6, 2026, the recapitalisation exercise is progressing steadily. Thirty banks have met the new minimum capital requirements applicable to their respective licence authorisations. In total, thirty-three banks have raised additional capital through rights issues, initial public offerings (IPOs), and private placements as part of the programme,” the CBN said.

The apex bank explained that the capital positions of the remaining lenders were undergoing routine verification by regulators ahead of final confirmation of their compliance with the new capital thresholds within the stipulated recapitalisation timeline.

The recapitalisation programme was introduced in 2024 as part of broader efforts by the regulator to strengthen the resilience of Nigeria’s banking system, enhance financial stability, and position banks to play a stronger role in financing economic growth.

The initiative requires banks to significantly increase their capital base in line with revised regulatory thresholds tied to their operating licences, with the objective of ensuring that financial institutions are better equipped to absorb shocks, deepen credit intermediation, and support large-scale economic activities.

Since the policy was announced, banks across the industry have embarked on aggressive capital-raising programmes, tapping domestic and international investors through equity offerings and private placements. Several lenders have also restructured their balance sheets and expanded shareholder participation to meet the new regulatory requirements.

The recapitalisation push is widely seen as one of the most significant regulatory reforms in Nigeria’s banking sector since the 2004 consolidation exercise, which reduced the number of banks in the country while strengthening capital buffers and improving financial system stability.

The CBN reiterated that Nigeria’s banking system remained stable and sound, noting that the ongoing recapitalisation programme would further reinforce the sector’s capacity to support households, businesses, and long-term economic expansion.

According to the regulator, stronger capital buffers will enable banks to increase lending to critical sectors of the economy, finance infrastructure projects, support small and medium-sized enterprises, and deepen financial inclusion.

The Central Bank also emphasised that it would continue to maintain close supervisory engagement with regulated institutions throughout the recapitalisation process to ensure full compliance with prudential standards and capital adequacy requirements.

The ICIR reported that some banks, including deposit money banks (DMBs), were considering mergers as a last-ditch effort to meet the March 31, 2026, deadline for the CBN recapitalisation exercise.

In March 2024, the CBN announced new minimum capital requirements of N500 billion for international banks, N200 billion for national banks and N50 billion for regional banks, allowing compliance only through fresh equity injections, mergers and license re-classification.

Gunmen abduct residents in Abuja community

Mustapha USMAN
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Gunmen abduct residents in Abuja community

SEVERAL residents are feared to have been abducted in the Peze community of Byazhi, Kubwa area of Abuja, during a late-night raid by armed men.

According to a report by Sahara Reporters, the heavily armed attackers struck on the night of Tuesday, March 3, moving from house to house between 9:30 p.m. and 10:00 p.m and abducted at least 16 residents. 

A resident quoted by the newspaper, recounted that the assailants had gathered in an uncompleted building opposite his house before launching the attack. 

“They started banging on my door and moving around the house, shouting to see if anyone would react. The way they operate is that once you respond, they break the window to gain entry,” the source was quoted to have said.

When they couldn’t gain entry into some homes, the gunmen reportedly moved to other houses, eventually abducting 16 people, including the wife of a local vigilante commander, her younger sister, and four children belonging to a pastor who was away when the attack occurred.

According to the report, while the community’s vigilante commander narrowly escaped being ambushed after leaving his house before the attack, his wife, who recently put to bed, was taken alongside her sister, while the kidnappers left the newborn behind.

Other victims include four children belonging to a pastor in the community. 

Meanwhile, the FCT Police spokesperson, Josephine Adeh, refused to react to the incident, even after asking The ICIR to send her a text message when contacted on the phone over the incident.

Recurring kidnappings in Byazhin–Kubwa axis

The latest abduction adds to a series of security breaches in communities around the Byazhin and Kubwa areas.

In May 2025, suspected gunmen abducted a resident identified as Afam Nwankwo Onyedikachi in the Public Commentary area of Byazhin.

The victim was reportedly kidnapped in the early hours of the day while attempting to enter his residence after returning from a gymnastics session.

Another resident who reportedly tried to confront the attackers was shot and injured during the incident and was later rushed to a hospital in Byazhin for treatment.

Similarly, earlier incidents in the area have seen gunmen storm residential communities at night, abducting residents and attacking households.

 In January 2023, gunmen reportedly invaded the Paze community in Byazhin and abducted four residents who had just returned home from a New Year’s crossover church service.

Residents said the attackers, numbering about 15, emerged from nearby bushes and moved from house to house before breaking into compounds. In some cases, the gunmen forced residents out of their homes, collected money and valuables, and later whisked them away.

FULL LIST: Tinubu assigns countries to Fani-Kayode, Omokri, Yakubu, other ambassadors

Mustapha USMAN
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FULL LIST: Tinubu assigns countries to Fani-Kayode, Omokri, Yakubu, other ambassadors

PRESIDENT Bola Tinubu has approved the deployment of 65 ambassadors-designate to Nigeria’s diplomatic missions worldwide, assigning several prominent political figures to key countries and multilateral institutions.

Among those posted are former aviation minister Femi Fani-Kayode, former presidential aide Reno Omokri, and former chairman of the Independent National Electoral Commission, Mahmood Yakubu.

A statement issued on Friday, March 6, by the president’s Special Adviser on Information and Strategy, Bayo Onanuga, said the deployment followed the confirmation of the nominees by the Nigerian Senate in December 2025.

According to the statement, the postings involve 34 non-career ambassadors and 31 career diplomats who will represent Nigeria in different countries and international organisations.

Among the non-career envoys, Fani-Kayode was assigned to Germany, while Omokri will represent Nigeria in Mexico.

Yakubu, who served as INEC chairman for two terms, was posted to Qatar.

Other appointees include former interior minister Abdulrahman Bello Dambazau to China, former Abia State governor Okezie Ikpeazu to Spain, and former health minister Isaac Folorunso Adewole to Canada.

Also on the list are former presidential adviser Ita Enang, who was posted to South Africa, and former senator Grace Bent assigned to Togo.

Businessman and politician Jimoh Ibrahim was named Nigeria’s Permanent Representative to the United Nations.

The list also includes former Enugu State governor Ifeanyi Ugwuanyi, who was posted to Greece, and former Plateau senator Nora Ladi Daduut to South Korea.

In the career diplomat category, several ambassadors were assigned to strategic missions across Africa, Europe, Asia and the Americas.

According to the Presidency, the Ministry of Foreign Affairs (Nigeria) has already received agrément from the government of the United Kingdom for the appointment of Aminu Dalhatu as Nigeria’s High Commissioner.

Similarly, the government of France has granted agrément for Ambassador Ayodele Oke to serve as Nigeria’s envoy in Paris.

The Presidency said the ministry had transmitted the nominations of the remaining ambassadors to their host countries to seek agrément in line with diplomatic practice.

The development came hours after The ICIR reported how the Tinubu’s administration had long delayed the posting of the ambassadors to their respective states despite initially taking over two years to nominate them.

The Special Adviser on Information and Strategy to the President Bayo Onanuga had told The ICIR that the list of postings was ready and awaiting concurrence from host nations.

According to the Presidency, the delay in postings was due to standard diplomatic procedures requiring agrément from host countries, including security vetting, background checks, and approval of credentials.

“There’s nothing delaying. He has already done it. If you understand the way the Presidency works, you cannot just announce the postings of those people. You need to get the concurrence of the countries where our ambassadors are going to. I can tell you that the list is ready, the postings are ready and maybe tomorrow we are going to release it. Maybe tomorrow. I have the list of the postings. We are waiting for words from those countries where our ambassadors are going,” Onanuga said.

Recall that in December 2025, the Senate Committee on Foreign Affairs screened and approved non-career ambassadorial nominees forwarded by Tinubu.

Subsequently, in January 2026, Tinubu began reversing this vacuum by approving ambassadorial postings for three key envoys, including former national security adviser, Lateef Kayode Are, to the United States, former ambassadorial head of the National Intelligence Agency, Ayodele Oke, to France, and former ambassador Aminu Dalhatu to the United Kingdom.

Meanwhile, the statement noted that Tinubu has directed the Ministry of Foreign Affairs (Nigeria) to immediately commence induction programmes for the ambassadors and high commissioners ahead of their deployments.

STATEHOUSE PRESS RELEASE

 

PRESIDENT TINUBU APPROVES THE POSTINGS OF AMBASSADORS

 

President Bola Ahmed Tinubu has approved the postings of 31 career and 34 non-career ambassadors to various countries and the United Nations. The Senate confirmed the ambassadors-designate last December.

SEE THE FULL LIST BELOW

POSTINGS OF NON-CAREER AMBASSADORS / HIGH COMMISSIONERS

S/N NAME MISSION APPROVED

1. SENATOR GRACE BENT: LOME-TOGO

2. SEN. ITA ENANG: SOUTH AFRICA

3. IKPEAZU VICTOR: SPAIN

4. NKECHI LINDA UFOCHUKWU: TEL-AVIV, ISRAEL

5. MAHMUD YAKUBU: QATAR

6. PAUL OGA ADIKWU: THE VATICAN CITY HOLY SEE

7. VICE ADMIRAL IBOK-ETE EKWE IBAS: THE PHILIPPINES

8. MR. RENO OMOKRI: MEXICO CITY, MEXICO

9. HON. (ENGR.) ABASI BRAIMAH (FMHR): BUDAPEST, HUNGARY

10. MRS. ERELU ANGELA ADEBAYO: PORTUGAL

11. BARR. OLUMILUA OLUWAYIMIKA AYOTUNWA: TOKYO, JAPAN

12. RT. HON. UGWUANYI IFEANYI LAWRENCE: ATHENS, GREECE

13. BARR. CHIOMA PRISCILLA OHAKIM: WARSAW, POLAND

14. AMINU DALHATU: UNITED KINGDOM, UK

15. LT. GEN ABDULRAHMAN BELLO DAMBAZAU: BEIJING, CHINA

16. HON. TASIU MUSA MAIGARI: GAMBIA

17. OLUFEMI PEDRO: AUSTRALIA

18. BARR. MUHAMMED UBANDOMA ALIYU: ARGENTINA

19. LATEEF KAYODE ARE: USA

20. AMB. JOSEPH SOLA IJI: RUSSIA

21. SEN. JIMOH IBRAHIM: UN PERMANENT REPRESENTATIVE

22. FEMI FANI KAYODE: GERMANY

23. PROF. ISAAK FOLORUNSO ADEWOLE: OTTAWA, CANADA

24. AJIMOBI FATIMA FLORENCE (F): AUSTRIA

25. MRS. LOLA AKANDE (F): SWEDEN

26. AYODELE OKE: FRANCE

27. YAKUBU N. GAMBO: SAUDI ARABIA

28. SENATOR PROF. NORA LADI DADUUT: SEOUL, SOUTH KOREA

29. BARR. ONUEZE CHUKWUJIKA JOE OKOCHA SAN: DUBLIN

30. DR. KULU HARUNA ABUBAKAR: TUNIS, TUNISIA

31. RT. HON. JERRY SAMUEL MANWE: PORT OF SPAIN, T&T

POSTINGS OF CAREER AMBASSADORS / HIGH COMMISSIONERS LIST

S/N NAME MISSION APPROVED

1. AMB. NWABIOLA EZENWA CHUKWUMEKA: COTE D’IV/OIRE

2. BESTO MAIMUNA IBRAHIM: NIAMEY-NIGER

3. MONICA OKWUCHUKWU ENEBECHI: SAO TOME, STP

4. AMB. MOHAMMED MAHMUD LELE: ALGIERS-ALGERIA

5. ENDONI SYNDOPH PAEBI: OUAGADOUGOU-BURKINA FASO

6. AHMED MOHAMMED MONGUNO: CAIRO EGYPT

7. AMB.JANE ADAMS (NEE OKON) MICHAEL (F): KINGSTON-JAMAICA

8. AMB. CLARK-OMERU ALEXANDRA (F): LUSAKA-ZAMBIA

9. CHIMA GEOGGREY LIOMA DAVID: BAMAKO-MALI

10. AMB. ODUMAH YVONNE EHINOSEN: MALABO –E/GUINEA

11. AMB WASA SEGUN IGE: BEIRUT, LEBANON

12. RUBEN ABIMBOLA SAMUEL (F): ROME, ITALY

13. AMB.ONAGA OGECHUKWU KINGSLEY: MAPUTO, MOZAMBIQUE

14. AMB.MAGAJI UMAR: KINSASHA, DR CONGO

15. AMB.MUHAMMAD SAIDU DAHIRU: NEW DELHI-INDIA

16. AMB. ABDUSSALAM HABU ZAYYAD: DAKAR-SENEGAL

17. AMB SHEHU ILU BARDE: ACCRA GHANA

18. AMB.AMINU NASIR: ETHIOPIA

19. ABUBAKAR MUSA MUSA: N’DJAMENA, CHAD

20. AMB. HAIDARA MOHAMMED IDRIS: THE HAGUE-NETHERLANDS

21. AMB.BAKO ADAMU UMAR: RABAT-MOROCCO

22. AMB. SULU GAMBARI OLATUNJI AHMED: MALAYSIA

23. AMB.ROMATA MOHAMMED OMOBOLANLE (F): TANZANIA

24. AMB. SHAGA JOHN SHAMAH: BOTSWANA

25. SALAU, HAMZA MOHAMMED: TEHRAN, IRAN

26. AMB.IBRAHIM DANLAMI: KENYA

27. IBRAHIM ADEOLA MOPELOLA (F): COTONOU-BENIN

28. AMB.AYENI ADEBAYO EMMANUEL: BRUSSELS, BELGIUM

29. AMB.AKANDE WAHAB ADEKOLA: BERNE-SWITZERLAND

30. AMB. AREWA (NEE ADEDOKUN) ESTHER (F): WINDHOEK-NAMIBIA

31. AMB.GERGADI JOSEPH JOHN: LIBREVILLE-GABON

32. AMB. LUTHER OGBOMODE AYO-KALATA (F): SIERRA LEONE

33. DANLADI YAKUBU NYAKU : KHARTOUM-SUDAN

34. BELLO DOGON-DAJI HALIRU: BANGKOK, THAILAND

Nigeria gains as Qatar warns oil price may hit $150/barrel in three weeks

Harrison EDEH
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Nigeria gains as Qatar warns oil price may hit $150/barrel in three weeks

NIGERIA is currently benefiting from a price surge as oil prices are forecast to reach $150 per barrel within three weeks if the conflict in the Middle East escalates further and disrupts energy supplies from the Gulf.

Nigeria has its oil price for the 2026 budget estimates premised on $64.85 per barrel, but data from oilprice.com shows that Brent crude currently sells at $88.32 per barrel, which would add more buffer to Nigeria’s net external reserves.

However, this gain for the national coffer will unlikely attract immediate benefits for the nation’s masses who will continue to struggle to purchase petrol and other fuels at high prices.

Currently, petrol sells for approximately N1,000 per liter across Nigeria, following a marginal increase from about N900 it was sold in February.

In his inauguration address on May 29, 2023, President Bola Tinubu suspended fuel subsidy, forcing the price to quadruple.

Nigerians have yet to see many of the promises made by the president with the subsidy savings, as majority of citizens battle with rising poverty and insecurity.

High cost of fuel products translates to more hardships for Nigerians, more overhead costs for businesses, additional spending on petrol for households that rely on petrol to power generators, and increased cost of transportation, foods and other necessities.

Qatar’s energy minister, Saad al-Kaabi, told Financial Times (FT) that a sharp rise in fuel prices could severely damage global economy.

According to the FT, al-Kaabi said a prolonged war in the Middle East could force Gulf energy exporters to shut down production within weeks.

He added that even if hostilities stopped immediately, it could take “weeks to months” for Qatar to restore normal delivery cycles after an Iranian drone strike on the country’s largest liquefied natural gas facility.

The warning comes as the conflict involving the US, Israel and Iran threatens to choke off supply routes critical to global energy trade. Oil markets are increasingly focused on the risk of disruptions around the Strait of Hormuz, a narrow shipping corridor through which roughly one-fifth of the world’s crude and a significant share of global liquefied natural gas passes.

A report by The ICIR shows the Nigerian government would see a significant increase in net external foreign reserves to $55 billion if the conflict, driven by the United States and Israel joint attacks on Iran, last until the end of March, according to some economic watchers.

Already, global oil prices have surged beyond $80 per barrel, driven by disruptions to supply chains across Middle Eastern countries following the conflict.

The net external reserves specifically help stabilise the currency, pay for imports, and service external debts. They also act as a buffer to ensure the country meets its international financial obligations and maintains stability in times of economic uncertainty.

Brokerages have also begun outlining worst-case scenarios if the waterway remains blocked for a prolonged period.

Already, analysts at DBS Bank said crude oil prices could climb to $100-150 per barrel in an extreme scenario involving a full disruption of shipments through the Strait of Hormuz.

According to oilprice.com, Brent crude has already begun reacting to the geopolitical risk. Prices rose sharply this week, climbing as much as to  $88.32 per barrel, the highest level since early 2025.

Notably, the escalation in the region has already begun affecting production.

For instance, Iraq, the second-largest producer in the Organisation of Petroleum Exporting Countries (OPEC) group, has reportedly cut output significantly as export routes remain under threat.

The Financial Times also confirmed that Tanker traffic through the Strait of Hormuz was disrupted amid attacks on vessels.

Analysts say the impact of any prolonged disruption would extend well beyond energy markets.

A sustained surge in oil prices would likely raise inflation across emerging economies and slow economic growth.

In Nigeria, the  Chief Economist at SPM Professionals, Paul Alaje, warned that petrol prices could climb to N1,000 per litre and push up inflation figures if the conflict is not effectively managed.

“While crude oil goes up, we all need to check the impact on our economy. The first thing you see is high inflation, because as crude oil goes up, the cost of PMS, diesel, and Jet-A1 will also follow.

“As that is going on, about nine per cent has already attracted more cost for PMS in Nigeria, and by the end of April, we project that if the war is not properly managed, it might get to ₦1,000 plus for PMS in Nigeria,” he added.

Higher oil prices typically widen current account deficits for oil-importing economies.

For equity markets, a spike toward $150 oil would likely trigger a broad risk-off reaction. Higher energy costs raise input prices for companies, compress corporate margins and weaken consumer spending.

 

 

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