The Senate Committee on Capital Market has urged the Minister of Finance, Wale Edun, to approve a N10 billion special fund for literacy development in Nigeria’s capital market.
The appeal was made by Senator Osita Izunaso, Chairman of the Committee, during an interactive session on Tuesday with Edun and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.
Senate Pushes for Investor Confidence
Sen. Izunaso emphasized that low investor participation—with only 5,000 active investors—is a major challenge. He stressed that increasing public knowledge and trust in the market is essential for growth.
> “We are asking for a special funding intervention for capital market literacy because that is where the problem lies. If you do that, the market will blossom.”
Echoing this sentiment, Sen. Victor Umeh (LP-Anambra) highlighted the critical role of the capital market in economic health. He lamented past financial crises that led to massive investor losses, calling for urgent steps to restore public trust.
“The market’s past failures caused a traumatic experience for many investors. Restoring confidence is key.”
Similarly, Sen. Sani Musa, Chairman of the Senate Committee on Finance, backed the N10 billion allocation, emphasizing the need for budgetary support to drive literacy and awareness campaigns.
Finance Minister Assures Economic Stability
In response, Finance Minister Wale Edun reaffirmed President Bola Tinubu’s economic vision of a $1 trillion economy. He stressed that a stable macroeconomic environment—ensuring strong revenues, controlled budget deficits, and manageable inflation rates—would encourage investment.
“A vibrant economy attracts investment. With President Tinubu’s timely interventions, we now have a more stable macroeconomic environment that will boost investments, including in the capital market.”
With this push for capital market literacy funding, the Senate aims to expand investor participation, restore confidence, and drive economic growth through a more vibrant stock exchange.
The Nigerian Senate has raised serious concerns over the disappearance of 3,907 assault rifles belonging to the Nigeria Police Force (NPF), as revealed in the 2019 Audit Report by the Office of the Auditor-General of the Federation (AuGF).
The revelation was made during a Senate Public Accounts Committee (SPAC) hearing, where Inspector-General of Police (IGP) Kayode Egbetokun apologized for previously ignoring invitations to address financial and operational irregularities flagged in the audit report.
Audit Report Exposes Alarming Discrepancies
The committee, chaired by Senator Peter Nwaebonyi (APC, Ebonyi North), sustained the third query of the audit, which detailed the unaccounted 3,907 rifles, many of them AK-47s.
A representative of the Auditor-General reported that as of January 2020, extensive audits showed that:
601 firearms were missing from 15 Police Training Institutions
42 firearms disappeared from 23 Police formations
1,514 firearms were unaccounted for across 37 Police Commands
29 rifles vanished from Zone 1 to 12
1,721 firearms were missing from Police Mobile Force (PMF) units 1 to 68
This added to a prior finding that, as of December 2018, a staggering 178,459 firearms were unaccounted for, including 88,078 AK-47 rifles.
The Senate committee rejected a request from AIG Suleiman Abdul, who represented the IGP, for a closed-door session to discuss the missing weapons.
Senator Nwaebonyi insisted that the proceedings must be public:
> “This is a Public Accounts Committee; there will be no closed-door session. In the United States, such hearings are televised live. The AIG must provide answers openly, especially for journalists covering this matter.”
Supporting this stance, Senator Adams Oshiomhole criticized the Police for failing to take accountability:
> “The Police are quick to parade petty thieves for stealing rats and rabbits, yet cannot account for thousands of missing assault rifles. Nigerians deserve to know who was responsible, what has been done, and how many weapons have been recovered.”
Police Fail to Provide Satisfactory Explanation
During questioning, AIG Abdul could only account for 15 of the 3,907 missing rifles—14 of which were reportedly lost due to officers killed in service, while one disappeared in 1998. His response further infuriated committee members.
In response, the Senate directed the Police team to return with a more detailed and satisfactory explanation by Monday next week at 12 noon. The committee also suspended consideration of five other queries pending further investigations.
National Security Concerns Grow
The unaccounted-for rifles pose serious national security risks, as they could have fallen into the hands of criminals, insurgents, or rogue elements. The Senate’s insistence on transparency signals growing concerns about accountability within the Police Force and its role in tackling insecurity.
With this development, all eyes are now on the Nigeria Police Force to provide concrete answers and ta
ke immediate action to recover the missing firearms.
In a continued effort to ease economic pressure on businesses and consumers, Dangote Petroleum Refinery & Petrochemicals has reduced its diesel price to N1,020 per litre, down from N1,075 per litre—a N55 reduction.
Since January 2024, when it began diesel production, the refinery has slashed prices multiple times from an initial N1,700 per litre, providing much-needed relief to manufacturers, transporters, and end users.
Dangote Refinery Absorbing Costs to Stabilize Prices
This latest price cut follows revelations by Development Economist and Public Policy Analyst, Prof. Ken Ife, who disclosed that the Dangote Petroleum Refinery sacrificed over N10 billion to ensure uniform petrol pricing across Nigeria during the Christmas season.
Speaking on Arise TV, Prof. Ife explained that Nigeria’s Equalisation Fund, which historically covered price differentials and transportation costs, has been owing petroleum marketers about N80 billion.
> “The president has effectively shifted the subsidy burden from the public purse to the private sector. The Equalisation Fund was designed to ensure uniform petroleum pricing nationwide by covering transport costs, but it now owes marketers over N80 billion. Despite this, Dangote Refinery absorbed over N10 billion in costs during the yuletide to maintain stable fuel prices,” he stated.
Nigeria’s Refining Landscape Changing with Export Growth
Beyond domestic price stability, Prof. Ife emphasized that the Dangote Refinery is reshaping Nigeria’s energy sector by shifting focus from Premium Motor Spirit (PMS) dependency to a diversified petroleum export market.
He noted that global energy giants like BP and Saudi Aramco are already purchasing refined products from Nigeria, solidifying the country’s role as an emerging player in the international petroleum market.
> “Nigeria is now on the path to self-sufficiency in petroleum products while also positioning itself as a major energy export hub,” Prof. Ife added.
Impact on Businesses and Consumers
The diesel price reduction is expected to bring down transportation costs, ease manufacturing expenses, and improve economic stability—a critical development for businesses dependent on diesel-powered operations.
With more price cuts anticipated, industry analysts believe that Nigeria’s refining sector is finally gaining traction, potentially reducing dependence on imported petroleum products and strengthening the naira.
As Dangote Refinery continues to expand its operations, the country is on track to achieving long-term energy
The National Working Committee (NWC) of the Peoples Democratic Party (PDP) has dismissed the purported suspension of the party’s Board of Trustees (BoT) Chairman, Senator Adolphus Wabara, declaring it null, void, and of no effect.
In a statement issued by the PDP National Publicity Secretary, Hon. Debo Ologunagba, the party emphasized that the Abia State Working Committee lacked the constitutional authority to suspend Wabara, as such actions must be approved by the NWC.
> “No State Working Committee has the power to suspend or take any disciplinary action against a member of the National Executive Committee (NEC) without due recourse to the NWC, as clearly provided under Section 57 (7) of the PDP Constitution (as amended in 2017),” Ologunagba stated.
Quoting Section 57 (7) of the PDP Constitution, he noted that:
> “Notwithstanding any other provision relating to discipline, no Executive Committee at any level, except the National Executive Committee, shall entertain any question of discipline as may relate or concern a member of the National Executive Committee, Deputy Governors, or members of the National Assembly…”
PDP Warns Against Unconstitutional Actions
The PDP NWC condemned the alleged suspension of Senator Wabara as reckless and unconstitutional, warning those responsible to retrace their steps.
> “The Abia State Chapter has no powers whatsoever to take any disciplinary action against the Chairman of the Board of Trustees, Senator Adolphus Wabara, being a member of the National Executive Committee of the Party,” Ologunagba reiterated.
The party further cautioned individuals acting against the PDP Constitution, stating that disciplinary measures would be taken to uphold the stability of the party
In a major boost to Nigeria’s mining sector, the Federal Government has commissioned the country’s first Inductively Coupled Plasma Mass Spectrometer (ICP-MS) Laboratory at the Nigerian Geological Survey Agency (NGSA) Headquarters in Abuja.
The state-of-the-art facility is set to revolutionize mineral exploration, environmental monitoring, forensic investigations, and clinical research by providing high-precision geoscience data.
Commissioning the laboratory on Tuesday in Abuja, the Minister of Solid Minerals Development, Dr. Dele Alake, represented by the Permanent Secretary, Dr. Mary Ogbe, described the development as a milestone in the government’s efforts to attract investors, enhance exploration activities, and strengthen Nigeria’s mining sector.
“The mining sector roadmap has identified critical gaps that must be filled to achieve the desired growth. One of these is the need for reliable geoscience data to enable investors to develop projects and support small-scale miners in growing into large-scale entrepreneurs,” Dr. Alake stated.
Game-Changer for Nigeria’s Mineral Sector
The ICP-MS Laboratory is a high-tech analytical facility capable of detecting trace elements at extremely low concentrations, making it essential for accurate mineral exploration and environmental assessments.
Dr. Alake noted that the facility aligns with the Federal Government’s economic diversification agenda, as it will significantly reduce capital flight by providing local access to world-class mineral analysis—eliminating the need to send samples abroad.
> “This facility will not only enhance investor confidence but also create value addition along Nigeria’s mineral value chain. It will serve stakeholders in material science, defense, environmental studies, and food analysis,” he added.
The new laboratory complements other government initiatives, including the electronic Mineral Resources Decision Support System (NMRDSS), which enables real-time analysis of mineral deposits and surrounding infrastructure.
Economic and Environmental Impact
The ICP-MS Laboratory is expected to save Nigeria billions of naira annually and create employment opportunities by encouraging investment in mineral exploration and research.
Dr. Alake also reiterated the government’s commitment to formalizing artisanal miners into cooperatives and equipping them with modern mining techniques, ensuring responsible mining practices while boosting job creation and revenue generation.
> “We are committed to formalizing artisanal miners into cooperatives and equipping them with modern mining techniques. This will ensure responsible mining practices while generating more jobs and boosting revenue for the nation,” he said.
The Minister urged researchers, mining firms, and government agencies to maximize the benefits of the facility by utilizing its services. Plans are also in place to secure ISO accreditation, further enhancing the credibility and acceptance of the laboratory’s results on the international stage.
NGSA DG: Nigeria Poised for Global Recognition
Speaking at the event, the Director-General of NGSA, Professor Olusegun O. Ige, emphasized the significance of the new laboratory in advancing geoscience research and supporting the Federal Government’s Renewed Hope Agenda.
> “The commissioning of this facility represents a significant leap in our efforts to generate high-quality geoscience data that will drive investment and economic growth. It will ensure that Nigeria has a world-class mineral analysis center, reducing dependence on foreign laboratories,” he said.
Professor Ige highlighted that the Triple Quadrupole ICP-MS acquired for NGSA can detect elements in concentrations as low as parts per billion (ppb), making it an invaluable tool for mineral analysis, resource assessment, and environmental protection.
> “With this facility, Nigeria is positioning itself as a leader in Africa’s mining sector. We are also working towards obtaining ISO certification for all NGSA laboratories, ensuring our data meets global standards,” he added.
Boosting Investor Confidence and Sustainable Mining
The commissioning of the ICP-MS Laboratory marks another step in the Federal Government’s commitment to strengthening institutional capacity, boosting investor confidence, and promoting sustainable mining practices.
Stakeholders at the event applauded President Bola Ahmed Tinubu’s administration for its renewed focus on economic diversification through solid minerals development.
With the new laboratory now fully operational, Nigeria is strategically positioned to maximize its vast mineral resources, drive industrializat
ion, and attract global investors into the mining sector.
The Federal Government has reaffirmed its commitment to eliminating cervical cancer by 2030, aligning with the World Health Organization (WHO) target and President Bola Ahmed Tinubu’s vision of eradicating preventable cancers in Nigeria.
This commitment was reiterated by the Minister of State for Health & Social Welfare, Dr. Iziaq Adekunle Salako, while receiving the Task Force on Elimination of Cervical Cancer, led by former Minister of Health, Prof. Isaac Adewole, in Abuja.
“The formation of this Task Force in 2024 demonstrates the government’s unwavering commitment to tackling cervical cancer and ensuring its elimination. This aligns with Mr. President’s vision of achieving universal health coverage for all Nigerians,” Dr. Salako stated.
Prevention as a Cost-Effective Strategy
Dr. Salako emphasized that prevention remains the most effective approach to combating cervical cancer, especially given Nigeria’s weak health infrastructure and limited funding in the sector.
“Preventive approaches to cervical cancer and other diseases are the best in our current health system. Prevention is not only cheaper but also much more effective than cure. Eliminating cervical cancer means prioritizing prevention at both primary and secondary levels,” he explained.
To ensure widespread access to preventive healthcare, the Minister charged the Task Force to intensify screening and immunization efforts at the grassroots. He stressed the need for mass awareness campaigns to encourage early detection and vaccination.
Strengthening Collaboration with NICRAT
Dr. Salako expressed optimism about the collaboration between the Task Force and the National Institute for Cancer Research and Treatment (NICRAT). He noted that this partnership would play a critical role in advancing the fight against cervical cancer and reinforcing the sector-wide approach (SWAp) strategy initiated by the Ministry.
On funding, the Minister assured that the 2025 budget would accommodate some of the Task Force’s activities, ensuring the successful implementation of its recommendations.
Task Force Presents First-Quarter Report
Presenting the first-quarter report, Prof. Isaac Adewole revealed that the Task Force comprises sixteen eminent Nigerians who are passionate and committed to the global agenda of eliminating cervical cancer by 2030.
He highlighted key activities carried out between October and December 2024, emphasizing the importance of collaborating with NICRAT to enhance its functionality and fulfill its mandate.
“With the right support, Nigeria can fully integrate into the global movement to eliminate cervical cancer by 2030,” Prof. Adewole affirmed.
The report presentation was witnessed by the National Coordinator of the National Cervical Cancer Programme, Dr. Uchechukwu Nwokwu, alongside Dr. Abisola Adegoke, representing Dr. Salahudeen Jimoh, Director of Hospital Services, Federal Ministry of Health and Social Welfare.
Public Awareness and Early Detection Key to Success
As the government accelerates efforts to eliminate cervical cancer, stakeholders emphasize that public awareness, early detection, and sustained immunization campaigns will be critical to achieving this ambitious target.
In a decisive move to bolster security in the Federal Capital Territory (FCT), the FCT Minister, Barr. Nyesom Wike, has directed the formation of a high-powered security committee to address concerns over the influx of Almajiri and other individuals into the capital.
Speaking after an expanded security meeting with the Minister and Area Council Chairmen on Tuesday in Abuja, the FCT Commissioner of Police, CP Olatunji Disu, disclosed that the committee comprises security agencies including the Nigerian Police, Army, DSS, and NSCDC. The primary focus will be profiling individuals entering the FCT and assessing informal learning centers where Almajiri children are being brought to study.
> “A lot of issues regarding security were discussed, but we mainly focused on the influx of people into the FCT, especially the Almajiri. The Minister has directed us to set up a committee, and we are expected to submit our findings in two weeks,” CP Disu stated.
Security Agencies Intensify Surveillance, Arrest Five Suspects
In response to recent security concerns, security agencies have intensified clearance operations and arrested individuals deemed to pose security risks.
> “We enjoin all residents of the FCT to be security conscious and take note of any new persons coming into their areas. Recently, some arrests have been made of persons who are security risks. If you see anything suspicious, quickly inform the security authorities,” CP Disu warned.
When asked about the recent arrests, the Police Commissioner confirmed that five individuals had been apprehended within the FCT, with investigations still ongoing.
> “We are working on them at the intelligence level and will provide updates as soon as investigations are concluded,” he added.
Committee to Profile Informal Schools and Learning Centers
One of the key mandates of the newly formed security committee is to work with Area Council Chairmen to identify and profile informal schools where Almajiri and other individuals are being brought to learn.
> “The committee will identify these schools, profile those organizing them, collect their full details, and assess the content of the training being provided. This will help the government determine appropriate measures to regulate these centers and ensure they align with national security interests,” CP Disu explained.
Authorities Assure Residents: No Immediate Threat
Despite the heightened security measures, authorities have assured residents that there is no immediate cause for alarm.
> “There is nothing to be worried about. The town is calm. We are being proactive rather than reactive. Our focus is on staying ahead of any potential security threats,” CP Disu reassured.
As the security committee begins its work, residents are encouraged to remain vigilant and cooperate with law enforcement agencies to ensure the safety and st
In a major effort to address Nigeria’s employment deficit, the Digital Bridge Institute (DBI) has partnered with US-based SBTS Group to create at least 50,000 direct and indirect jobs for Nigerians while equipping over five million youths with critical ICT skills.
The initiative, set to launch in February 2025, aims to close the digital skills gap by providing advanced training in digital literacy, coding, and other high-demand skills, ensuring Nigerian youths can compete in the global job market.
Bridging the Digital Skills Gap
Speaking on the partnership, Daser David, President/CEO of DBI, explained that despite Nigeria’s expanding digital economy, sectors like financial services, healthcare, entertainment, transportation, and ICT continue to struggle with a shortage of qualified digital professionals.
> “This collaboration is a direct effort to bridge this gap by equipping young Nigerians with the essential skills needed for today’s digital workforce,” David stated.
The initiative aligns with the Federal Government’s National Digital Economy Policy and Strategy (2020-2030) and the 3 Million Technical Talent (3MTT) initiative led by the Federal Ministry of Communications, Innovation, and Digital Economy, under Minister Dr. Bosun Tijani.
David projected that by 2030, over five million Nigerian youths will have received advanced ICT training, with 50,000 jobs created in the short term.
Empowering Youth for a Digital Future
Highlighting the importance of the initiative, David emphasized that Nigerian youth hold the key to the country’s economic transformation.
> “To transition from an agriculture-dependent economy to a thriving digital landscape, targeted IT upskilling is crucial. This initiative provides after-school programs in digital literacy and vocational training for underserved youth, preparing them for a tech-driven job market and driving inclusive economic growth,” he added.
Each DBI campus will host a Business Process Outsourcing (BPO) center, offering thousands of job opportunities in both local and remote digital work, further integrating Nigeria into the global digital economy.
SBTS Group’s Commitment to Youth Development
Evelyn Lewis, CEO of SBTS Group, reaffirmed the organization’s dedication to empowering Nigerian youths and countering the narrative of hopelessness surrounding unemployment.
> “Despite the negativity often portrayed, Nigeria is brimming with opportunities for young people. We are thrilled to collaborate with DBI in supporting the government’s agenda to train and equip unemployed youth with digital skills and comprehensive ICT knowledge, empowering them for a brighter future,” Lewis said.
This partnership underscores the Federal Government’s commitment to fostering decent, productive, and freely chosen employment opportunities, in line with President Bola
The Federal Government has commenced the appointment process for new Permanent Secretaries and the Accountant-General of the Federation (AGF), emphasizing a transparent, merit-based, and rigorous selection process.
A statement issued by Mrs. Eno Olotu, Director of Information and Public Relations in the Office of the Head of the Civil Service of the Federation (OHCSF), confirmed that two Permanent Secretary positions are vacant due to the recent retirement of the Oyo State representative and an impending vacancy in the North-West Geopolitical Zone.
Additionally, the position of Accountant-General of the Federation will become vacant in March 2025 upon the retirement of the current officeholder.
The Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack, stated that the selection process will be structured, multi-tiered, and in line with President Bola Tinubu’s approval to ensure only credible, competent, and ethical individuals are appointed.
Eligibility Criteria and Screening Process
According to the statement, the process is open to all serving Grade Level 17 officers in the mainstream Federal Civil Service who have held their current position for at least two years and have expressed interest in participating.
Applicants must:
Be screened and confirmed by their respective Permanent Secretaries and the AGF to ensure they are not under any disciplinary procedures.
Undergo a verification screening conducted by a Committee of Permanent Secretaries, with oversight from the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Department of State Services (DSS).
Declare their assets with the Code of Conduct Bureau (CCB).
Obtain anti-corruption clearance from the DSS, Economic and Financial Crimes Commission (EFCC), and ICPC.
Examinations and Competency Tests
Candidates will be required to take a Written Examination administered by a top Federal Government security agency. The examination questions will be set and marked by a panel of serving and retired Permanent Secretaries, with oversight from representatives of:
Civil Society Organizations
The Organized Private Sector
Professional Associations
The DSS and ICPC
Additionally, candidates will undergo an ICT proficiency test covering Microsoft Word, Excel, and PowerPoint.
Final Selection and Presidential Approval
Candidates who pass the written and ICT tests will proceed to an Oral Interview, to be conducted by a panel consisting of:
Serving and retired Permanent Secretaries
Retired Heads of Civil Service of the Federation/retired AGFs
Representatives from the private sector and professional bodies
Observers from ICPC and DSS
The final appointment will be made by President Bola Tinubu, who will select the best-performing candidates based on their overall performance throughout the selection process.
Commitment to Good Governance and Professionalism
Mrs. Walson-Jack emphasized that the appointment process reflects the government’s dedication to meritocracy, good governance, and professionalism in the Public Service.
“This process is designed to ensure that only the most qualified individuals assume these leadership positions. The Federal Government remains committed to strengthening institutional capacity, improving service delivery, and promoting national development thr
ough transparent and merit-based recruitment,” she stated.
The United Nations Children’s Fund (UNICEF), through the Child Nutrition Fund (CNF), has supplied three million bottles of Multiple Micronutrient Supplements (MMS) to enhance maternal health in Nigeria. An additional three million bottles are expected in 2025 to support more pregnant women.
With 12 million pregnancies annually, Nigeria faces severe maternal health challenges, including one of the world’s highest maternal mortality rates at 1,047 deaths per 100,000 live births. Many newborns also suffer from low birth weight or premature delivery, increasing the risk of infant mortality.
Findings from the National Food Consumption and Micronutrient Survey (2024) indicate widespread deficiencies in iron, zinc, vitamin A, and folate among Nigerian pregnant women, significantly impacting maternal health and birth outcomes.
The first batch of MMS, donated by Kirk Humanitarian Foundation, was distributed during the 2024 Maternal Newborn and Child Health Week (MNCHW). The 2025 batch, also provided by Kirk Humanitarian, aims to broaden coverage and ensure more pregnant women receive essential nutrients.
UNICEF Nigeria Representative, Cristian Munduate, emphasized the critical role of maternal nutrition in reducing maternal mortality and improving child health.
“Ensuring pregnant women receive the necessary micronutrients is a vital step in reducing maternal mortality and improving child health. This donation supports Nigeria’s efforts to prioritize maternal health.”
Professor Mohammed Ali Pate, Coordinating Minister of Health and Social Welfare, highlighted the government’s commitment to addressing maternal nutrition challenges through the inclusion of MMS in the Essential Medicines List and investments in local production.
To ensure widespread MMS availability, Federal and State Governments are encouraged to invest in procurement through the Child Nutrition Fund’s 1:1 match funding mechanism.
“Nigeria is taking decisive steps to ensure sustainable access to MMS for all pregnant women. Expanding this initiative will significantly improve maternal and child health outcomes,” Pate stated.
Spencer Kirk, Founder of Kirk Humanitarian, reaffirmed his organization’s dedication to scaling up MMS availability in Nigeria.
“Providing MMS at scale is one of the most impactful ways to support healthy pregnancies and ensure better outcomes for mothers and babies,” Kirk said.
Nigeria is among the first countries to include MMS in its Essential Medicines List and invest in local manufacturing, ensuring long-term accessibility.
The Child Nutrition Fund, managed by UNICEF, is supported by global partners, including the Children’s Investment Fund Foundation, the Foreign Commonwealth & Development Office, the Gates Foundation, and Kirk Humanitarian.
This initiative aims to establish a sustainable financing model, ensuring more pregnant women receive essential micronutrients for healthier pregnancies and improved birth outcomes.
