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Nigeria’s economy growing consistently due to Tinubu’s reforms—Edun

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The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Nigerian economy is experiencing consistent growth within the context of global developments and ongoing domestic reform programmes.

Edun said this at a news conference to provide an update on the economy in Abuja on Thursday.

He said that Nigeria’s gross revenues increased by 37.4 per cent in the first half of 2025.

According to him, the medium-term goal is to achieve seven per cent in annual Gross Domestic Product growth, driven by critical investments by government, private investment, job creation and higher incomes.

The minister said that to achieve this, Nigeria needed to invest in critical sectors and expand public-private partnership arrangements across agriculture, education, health, manufacturing, technology, and infrastructure.

He said that since the first half of 2023, the combined fiscal balance of the states had grown from 1.8 per cent of GDP to 3.1 per cent.

“That is from N2.8 trillion to over N7.1 trillion, which is a surplus. That means that the states have been provided funding that has now allowed them to be in surplus, giving them greater capacity to invest.


“It must be said that the increase in spending of the states has, in fact, mainly gone to capital expenditure, and that is the basis of the type of spending and growth that we are looking for,” he said

Edun said that in the oil and gas sector, the average production in the first half of 2025 was 1.67 million barrels per day, which was below the 2.06 million barrels budgeted.

He said that the average crude price was budgeted for at 75 dollars per barrel, adding that Nigeria now has an average price of 67 dollars per barrel.

“We have maintained compliance with the OPEC quota, and as you can see from the figures I have given, there is a revenue shortfall in response to that.

“We have prioritised spending on sectors that directly impact citizens and support our growth ambitions,” he said.

In the power sector, the minister said there had not been a national grid collapse in 2025.

He said that all approvals were in place to liquidate four trillion Naira in legacy debts and to implement a sustainable framework under the Electricity Act.

“It is a combination of removing or repaying or refinancing the outstanding debt so that those who are owed can, in turn, pay out their own obligations, as well as looking for sustainability going forward.

“There is the mission 300 initiative of the World Bank and the African Development Bank, which supports providing electricity connectivity to 300 million additional Africans.

“Nigeria is a key beneficiary, and this is unlocking investment in manufacturing, agro-processing, and services as a result of greater access to electricity,” he said.

The minister reiterated the federal government’s commitment to a coordinated fiscal and monetary policy framework that could substantially and sustainably reduce inflation.

He said that it would enable cheaper capital for businesses to invest and greater purchasing power for households.

He said that President Bola Tinubu’s administration was committed to transparency, consistent and data-driven communication.

“We believe that this dialogue is essential to building public trust and informing our citizens about decisions that are being taken on their behalf.

“We now have a very competitive exchange rate and other conditions, which are allowing us to diversify our exports, particularly under the African Continental Free Trade Area Agreement.

“Interest rates across major economies remain elevated as reflecting the fight against inflation,” he said.

Edun said that the country was open for business, stating that Nigeria has stable macroeconomic conditions that can help people plan and invest.

“We will continue to emphasise and open the doors to private investment across agriculture, manufacturing, technology, infrastructure, and services.

“At the same time, we are committed to maintaining discipline, not only to save wealth, but to invest wisely, focusing on education, health, and infrastructure that drive long-term productivity and inclusive growth.

“Our commitment is to build an economy that works for everyone, with transparency and resilience,” the minister said.

(NAN)

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‘Grok Can Hallucinate,’ INEC Dismisses Pro-APC X Post Allegedly Linked To Amupitan

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The Independent National Electoral Commission(INEC) has said that despite claims alleging that the Chairman, Joash Amupitan, made a partisan post on X, no verified forensic evidence links him to the said post.

The Director of Information and Communication Technology , Lawrence Bayode, stated this during an interview on Channels Television’s, The Morning Brief on Monday.

“Even though we are seeing that some guys have carried out a forensic investigation on that account, as we speak, there is no verified forensic evidence linking the chairman to the post,” he said.

His comment follows the alleged post of the INEC chairman, allegedly expressing support for the All Progressive Congress (APC) during the 2023 general elections.

The director, however, stated that the matter would not be swept under the rug; rather, it had been referred to security agencies for further investigations.

“We are taking this further even though we have referred this to security agencies, and as I said, we rely on evidence. We are also going to be engaging a third-party forensic expert to help look at this.

“We are also looking at it in-house. I will not base my judgment on the screenshot; I will not allow that to guide my conclusion.

“I know that the commission will engage a third-party expert to also look at this, and that will guide the conclusion of the commission,” Bayode said.

Speaking further, the INEC tech chief said Grok could hallucinate.

“Grok honestly can hallucinate just like any modern artificial intelligence system, and I think the key is to verify important information, especially for decision or public communication.

“So any AI system can hallucinate, and so Grok can also hallucinate,” he stated.

Bayode also noted that a social media account could be opened using someone else’s email address.

“If people can hack into your system if it’s not well protected, if not for a time like this where our social media platforms are protected by two-factor authentication,” he added.

The ICT director also explained that the issue appeared to be more than it seemed, suggesting that it could be a case of digital impersonation.

“That account was renamed; the content there, maybe, would have been manipulated again.

He also spoke about how digital impersonation and content manipulation can ‘mislead the public.’

“I think all these are in the public domain, so anyone who wants to create havoc can use all of this information and use it as they will, Bayode added.

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UBA equips youth to drive Africa to excellence

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With Over 5,000 Alumni, Initiative Seals UBA’s Pan-African Leadership Pipeline

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reinforced its commitment towards tackling youth unemployment across the continent with the successful employment of over 700 young professionals under its Graduate Management Acceleration Programme (GMAP).

Since inception, the bank’s GMAP initiative has empowered more than 5,000 young graduates across Africa, providing them with world-class training, hands-on experience, and a platform to thrive in the financial services industry.

The graduation ceremony, which was held in a grand ceremony held at the Landmark Events Centre, Lagos on Thursday, was graced by esteemed guests, led by the UBA’s top management, faculty members, mentors, and the graduating class, as it highlighted the culmination of an intensive journey towards leadership excellence.

Executive Director, Finance, Ugo Nwaghodoh, Group Chairman, United Bank for Africa, Tony Elumelu; Group Managing Director, UBA, Oliver Alawuba, Executive Director; Deputy Managing Director, Chukwuma Nweke and Executive Director, Personal and Business Banking, United Bank for Africa, Chidi Okpala, flanked by graduands of the 2026 Graduate Management Accelerated Programme(GMAP) during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.

While welcoming and addressing the fresh intake, UBA’s Group Chairman, Tony Elumelu, reiterated the importance of ambition, discipline, and institutional pride, describing the gathering as living proof that Africa’s future belongs to its youth.

“I am so happy to see smiling, young faces. You know, they say the future of Africa belongs to our youth, and as I see all of you, I see that in action. Welcome to UBA Group. Congratulations on being part of our family,” he stated.

Elumelu challenged the graduates, to take personal ownership of their performance and to exhibit the discipline that distinguishes great institutions from average ones.

 

“Selecting the right people, training them, developing them, nurturing them, and getting them to align with the vision is not easy. But it is critical for sustained success. What we must do is institutionalise our approach, to build an organisation that can deliver and create systems that endure, so that perpetuity is achieved,” Elumelu said.

The milestone induction, which welcomed Cohorts 19 and 20 into the bank’s dynamic workforce, underscores the bank’s strategic focus on nurturing Africa’s next generation of high-performing talent equipped to drive innovation and sustainable growth.

Executive Director, Personal and Business Banking, United Bank for Africa, Chidi Okpala; Group Executive, Treasury and Financial Institution, Samuel Ocheo; Executive Director, Finance and Risk Management, Ugo Nwaghodoh; Executive Director, Corporate Banking, Tosin Adewuyi; Group Managing Director, UBA, Oliver Alawuba, Executive Director; Deputy Managing Director, Chukwuma Nweke; Company Secretary, Bili Odum and Executive Director, Digital Banking, Emmanuel Lamptey flanked by prize winners of the 2026 Graduate Management Accelerated Programme(GMAP) during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.

Group Managing Director/CEO, Oliver Alawuba, who went down memory lane, took the youth on his personal journey from a young professional to Group CEO, and reminded the graduates that the path from entry-level to leadership is not reserved for a privileged few.

“Our young Africans are equipped to drive Africa into excellence. Your current role is not your final destination. If we could rise, you can rise too, because the journey is not reserved for a special class of people. It is reserved for people who decide to grow and then do the work,” he said.

Group Chairman, United Bank for Africa, Tony Elumelu (6th left); Group Managing Director, UBA, Oliver Alawuba, (5th Left) and Group Head, Human Resources, Modupe Akindele, flanked by some of the graduands of the 2026 Graduate Management Accelerated Programme(GMAP) class of UBA Academy, during the graduation ceremony held for over 700 trainees cut across Africa, in Lagos on Thursday.

 

Alawuba anchored his address in UBA’s corporate ethos, the 3Es of Excellence, Enterprise, and Execution, and the SRG persona of Simplicity, Responsiveness, and Goal-orientation, challenging each new hire to make these values visible in their daily conduct

With the new cohort of 720 trainees, 435 of whom are women and account for over 60% of the intake, this stands as a powerful testament to the bank’s unwavering commitment towards women’s empowerment.

UBA continues to position itself as a leading institution in youth development, intentionally grooming “achievers who perform” while contributing meaningfully to reducing unemployment and unlocking the immense potential of Africa’s youthful population.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

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‘Fake’, CBN Dismisses Polaris Bank Liquidation Claim

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The Central Bank of Nigeria has debunked rumours suggesting that Polaris Bank is undergoing liquidation.

The apex bank disclosed this in a post on X, assuring the public that the country’s banking system remains stable and secure.

The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.

It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.

Sharing a screenshot of a viral claim, however, the apex bank flagged it as “fake content.”

It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation, and added that the rumour did not reflect the current state of the Nigerian banking sector.

“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.

On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.

A total of N4.65 trillion was raised during the 24-month exercise, pushing capital adequacy ratios across the sector above global Basel benchmarks and enhancing banks’ resilience, according to the apex bank.

However, it noted that “a limited number of institutions remain subject to ongoing regulatory and judicial processes, which are being addressed through established supervisory and legal frameworks.”

As part of efforts to reinforce oversight and stability in the sector, in January 2024, the Bank dissolved the boards and management of Polaris Bank, alongside Union Bank and Keystone Bank.


In 2022, the bank was also at the centre of controversy following claims that a higher bid was submitted during its sale process than the one eventually accepted.

At the time, reports indicated that the House of Representatives directed the apex bank to suspend the sale.

Again, a Federal High Court in Lagos, on March 25, reportedly reversed the sack of the board and management of Union Bank of Nigeria.

However, the CBN had, in a response, while maintaining that the bank’s regulatory status remains unchanged, stated that it would review the judgment.

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