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Stockbrokers, Securities Dealing Houses Congratulate NGX on N100tn Market Capitalisation

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The Chartered Institute of Stockbrokers (CIS) and the Association of Securities Dealing Houses of Nigeria (ASHON) warmly congratulate the Board, Management, and staff of Nigerian Exchange Group Plc and Nigerian Exchange Limited on the historic achievement of the Nigerian capital market crossing the 100 trillion market capitalisation mark.

This remarkable milestone is a major affirmation of the resilience, depth, and growing sophistication of Nigerias capital market, and a clear signal of renewed investor confidence in the Nigerian economy.

This achievement would not have been possible without the visionary leadership and strategic direction of the NGX Board, as well as the professionalism and dedication of its Management and staff, led by versatile stockbrokers: Dr. Umaru Kwairanga; Mr. Temi Popoola; and Mr. Jude Chiemeka and Mr. Femi Sobanjo.

We also commend the unwavering commitment and versatility of dealing member firms and stockbrokers who continue to serve as the backbone of the market, ensuring liquidity, transparency, and investor protection. Their collective efforts have strengthened market integrity, broadened participation, and improved the overall efficiency of the Exchange.

The CIS and ASHON also commend the Federal Government of Nigeria for providing a supportive macroeconomic and regulatory environment that has encouraged domestic and foreign investment, promoted market reforms, and enhanced the attractiveness of Nigerian assets.

Policy stability, ongoing reforms, and a clear commitment to private sector–led growth have played a crucial role in creating the conditions for this historic market expansion. We also commend SEC for providing sound regulations and market development.

Crossing the 100 trillion threshold is not only a symbolic landmark; it reflects the capacity of Nigerias capital market to mobilise long-term funds for infrastructure, enterprise development, and economic transformation. It underscores the vital role of the market in financing growth, creating wealth for investors, and supporting national development objectives.

The CIS and ASHON will continue to advocate ethical governance in the capital market with all stakeholder playing by the rules of the game. We remain fully committed to sustaining this momentum through robust regulation provided by Securities and Exchange Commission, market innovation, and strong investor protection frameworks.

We look forward to working closely with all stakeholders to further deepen the market, broaden product offerings, and ensure that the Nigerian capital market continues to serve as a strong engine for inclusive and sustainable economic growth.

SAMUEL SEHINDE ADENAGBE               OLUROPO DADA, Chairman 13th President/Chairman of Council Association of Securities Dealing Houses of Nigeria                            Chartered Institute of Stockbrokers

 

FG to Appeal Judgment Directing it to Investigate Attacks on Journalists

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Nearly two years after a Federal High Court in Abuja ordered the Federal Government to investigate, prosecute and punish perpetrators of all attacks against journalists and other media practitioners, and take measures to prevent further attacks, the Attorney-General of the Federation is asking the Court of Appeal in Abuja to allow the Government to appeal the judgment by granting an extension of time since the three months prescribed by Law for lodging appeals has lapsed.

In a motion on notice filed on December 23, 2025, by Mr. A.B. Mohammed, a counsel in the Federal Ministry of Justice, on behalf of the Attorney-General, the Government is seeking an order of the Court of Appeal extending time for it to appeal the judgment of the Federal High Court delivered by Justice Inyang Ekwo on February 16, 2024.

Section 24(2)(a) of the Court of Appeal Act, 2004 (as amended), stipulates that the period for the giving of notice of appeal or notice of application for leave to appeal in a civil matter is three months where the appeal is against a final decision of the court.

Justice Ekwo’s judgment arose from a suit filed on behalf of Media Rights Agenda (MRA) by human rights lawyer, Mrs. Mojirayo Ogunlana-Nkanga, on October 26, 2021, in which the organization complained about the violation of the fundamental rights to life and freedom of expression of Nigerian journalists and media practitioners who were murdered at various times over the last few decades in the line of duty or under circumstances relating to the discharge of their duties as journalists and the failure of the Federal Government to protect them, carry out effective investigation, prosecute and punish the perpetrators of the murders.

MRA named some of the murdered journalists as the late Editor-in-Chief of Newswatch magazine, Mr. Dele Giwa, who was killed on October 19, 1986 by a parcel bomb in his home in Lagos; Ms Bolade Fasasi, a member of the National Association of Women Journalists and former treasurer of the Nigeria Union of Journalists (NUJ), who was shot dead by three unidentified gunmen in Ibadan on March 31, 1998; Mr. Edward Olalekan Ayo-Ojo, who was found dead beside his car on a road in Lagos in the early hours of June 1, 1999; and Mr. Omololu Falobi, a former features editor of The Punch and founder of the media advocacy group, Journalists Against AIDS (JAIDS), who was gunned down in Lagos on October 5, 2006, on his way home from his office.

Other journalists identified by MRA are Mr. Godwin Agbroko, Chairman of the Editorial Board of This Day newspaper, who was murdered by unknown gunmen on December 22, 2006; Mr. Abayomi Ogundeji, a member of the Editorial Board of This Day newspaper, who was shot dead on August 17, 2008; and Mr. Edo Sule-Ugbagwu, Judicial Correspondent of The Nation newspaper, who was murdered in his home in Lagos by a gang of armed men on April 24, 2010.

In his February 2024 judgment, Justice Ekwo held that “journalism and media practice are constitutional professions in their respective rights” as it is the exercise of the rights provided for in Section 39(1) and (2) of the 1999 Constitution that gives foundation for journalism and media practice, and ruled that MRA had “established its case by credible evidence”.

The judge therefore issued eight declaratory reliefs sought by MRA and directed the Federal Government to take measures to prevent attacks on journalists and other media practitioners; investigate, prosecute and punish perpetrators of all attacks against journalists, and ensure that all victims of attacks against journalists have access to effective remedies.

He ordered the government to take measures to raise awareness and build the capacities of various stakeholders, including law enforcement, security, intelligence, military and other officials on the laws and standards for ensuring the safety of journalists and media practitioners.

Stating the grounds upon which the application was made, the Federal Government said in its motion paper that it is “desirous to appeal” the judgment, but it did not explain why it has not lodged any appeal for over 22 months, except to say that it needs time to appeal.

In an affidavit in support of the motion, Mr. Kelechi Ohaeri, a litigation officer in the Department of Civil Appeals at the Federal Ministry of Justice in Abuja, said the application is necessary in the interest of justice and in furtherance of the Government’s constitutional right to appeal.

He explained that the Government had prepared a proposed Notice of Appeal, which sets out the grounds of appeal, and claimed that the grounds of appeal contained in the proposed notice are recondite.

In his written address, Mr. Mohammed said “upon a consideration of the judgment” delivered by Justice Ekwo, the Government has discovered errors and therefore wishes to exercise its constitutional right of appeal as guaranteed by Section 243 of the 1999 Constitution, as amended.

No date has been fixed for the hearing of the motion.

 

Kano Massacre: The Menace of Hard Drugs, Intervention Campaign by NDLEA

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By Mahmud Isa Yola

On the noon of Saturday, I sat in the cavernous Conference Hall of the National Mosque in Abuja, lost in a sea of faces, listening with keen interest as my boss, the NDLEA’s Director of Media and Advocacy, Mr. Femi Babafemi, connected the dots between insecurity and drug abuse during a Public Lecture organised by Muslim Rights Concern, MURIC.
For those who know the inner workings of the Agency, seeing Mr. Babafemi at a public event on a weekend is as rare as seeing a comet. To him, Saturdays are sacred, not for rest, but for the grim arithmetic of the drug war.

Like the diligent scribe in a relentless chronicle, he dedicates his weekends to collating the details of every arrest and every seizure from commands nationwide, preparing the weekly press release that sets the tone for Monday morning.

He is a man who believes, like the ancient stoics, that “to leave the ledger unbalanced for a day is to invite chaos.” Yet, the gravity of the subject—the bleeding soul of our nation—compelled him to break this ironclad routine.
The atmosphere in the hall, initially ceremonial, turned suffocatingly heavy when Professor Abba Gambo, the Agricultural Adviser to the Nigerian Governors Forum (NGF), took the microphone. With a voice laden with personal grief, he recounted how the insurgency had wiped out almost all his siblings. He painted a vivid, horrifying picture of a relative shot dead at close range right in front of him by a young man he initially thought was approaching to exchange pleasantries.

He took us inside the IDP camps, describing mothers so broken by despair that they were begging strangers to take their children, choosing the pain of separation over the agony of watching them starve. He narrated the abomination of a mother raped by her own son after he was radicalised by Boko Haram, and the ultimate horror of a terrorist who “married” both a mother and her daughter, holding them in such depraved captivity that when rescue finally came, both were pregnant for the same man.
Prof. Gambo’s voice trembled as he asked the question that hung over us like a dark cloud: “Would this be possible for a human being—a superior creation of God, endowed with a soul and conscience—to be this cruel, this animalistic, without being under the influence of hard substances?”
The hall fell into a graveyard silence. We thought we had heard the worst of it.
But I cannot think of anything more devastating than realizing that at the exact moment we were shuddering in that hall, another evil was being perpetrated in Kano. While we analyzed the theory of terror in Abuja, the practical reality of it was visiting the home of Haruna Bashir in Dorayi Chiranchi Quarters.
In a senseless orgy of violence, unknown assailants stormed the sanctuary of a family and wiped out a generation.

They killed Haruna’s wife, 35-year-old Fatima Abubakar. But they didn’t stop there. They turned their weapons on the children. Maimuna, 17, on the cusp of womanhood; Aisha, 16; Bashir, 13; Abubakar, 10; Faruk, 7.
And most heart-wrenching of all, they silenced the cries of little Abdussalam, a baby of barely one and a half years old.
As I read the report, tears blurred my vision. What crime could a one-year-old commit? What threat does a nursing mother pose? This was not a robbery; this was an erasure.
While the specific motive for this carnage is still being investigated by the police, one cannot help but return to the chilling truth Mr. Babafemi laid bare at the event: Where there is heinous crime, there is most certainly drugs.
I do not intend to oversimplify this tragedy. God knows this is cruelty of the highest order, and woe betide the monsters who did this. But we must not ignore the facts. The vast majority of homicides, cold-blooded family massacres, and acts of extreme depravity are committed by individuals whose minds have been hijacked by psychoactive substances. A normal human mind has a brake—a conscience that screams “stop” when it tries to take a life. It takes a chemical agent to cut that brake.
Yet, as a society, we are not fully awake to this epidemic. We treat drug abuse as a distant moral failing rather than the immediate existential threat it is.
The NDLEA, under the leadership of Brig. Gen. Mohamed Buba Marwa (Retd), has created a toll-free helpline (0800 1020 3040) specifically to support drug users and their families, offering a path to treatment before they become monsters or victims.

But how many people call this line? The Chairman has tirelessly advocated for drug integrity tests—in our homes, our schools, and our workplaces—to fish out drug use early and treat it. Yet, we hesitate. We worry about “privacy” and “stigma” while the drugs take control of souls. We allow the addiction to fester, and when the addicts eventually explode and wreck the greatest havoc, we curse and wail.
The link is undeniable. Statistics from the NDLEA’s vaults prove that terrorism and violent crime thrive on the abuse of drugs by insurgents. In the last five years, the Agency has intercepted more drugs destined for terrorists than ever before.
We remember September 2021, when operatives at the Apapa port seized 451,807 tablets of Captagon weighing 74.119kg. This was not for street peddlers. Captagon is known globally as the “Jihadist Drug”, the very pill used by ISIS fighters in Syria to stay awake for days and kill without remorse.

These pills were destined for the insurgents in the North East, intended to fuel the exact kind of madness Prof. Gambo described. We remember the millions of Tramadol pills intercepted from syndicates supplying bandit camps. These are the logistical supplies of terror.
The slaughter in Kano is a sorrow too deep for words. But as we mourn Fatima and her six beautiful children, we must realise that we are not just fighting criminals; we are fighting the substances that turn men into beasts. Until we confront the drug scourge with the same intensity we confront the bandits, we will continue to weep.
May the souls of the innocent rest in peace, and may we, the living, finally wake up.

 

Mahmud Isa Yola Writes from NDLEA NHQ Abuja. 

Repton Group Wins 2025 Dangote Cement Largest Distributor Award

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…in Nigeria, Sub-Saharan Africa

By Goke Ilesanmi

L-R: Alhaji Aliko Dangote, President/CE, Dangote Industries Limited; Otunba Kazeem Olayemi Odeyeyiwa, FCA, MD/CEO, Repton Group; his wife, Yeye Erelu Adesola Odeyeyiwa, a Director of the Group and Mr Emmanuel Ikazoboh, Board Chairman, Dangote Cement Plc during the presentation of the 2025 National Largest Distributor of Dangote Cement Award to Repton Group at the Dangote Cement Distributors’ Awards Night in Lagos recently. 

Repton Group, a Nigeria-based conglomerate has emerged as the winner of the 2025 Dangote Cement Award of the Largest Distributor in Nigeria and Sub-Saharan Africa.

This marks the third consecutive achievement of the rare feat, having earlier clinched the 2023 and 2024 editions of the annual award.

Repton Group, with subsidiaries such as Kazab Heritage Limited (for distribution); Defrost Ventures Limited (for haulage and logistics); Kazab Oil and Gas; Heritage Engineering Services Limited and Kazab Homes and Properties, won the award through its cement distribution subsidiary, that is, Kazab Heritage Limited, at the 2026 Dangote Cement Distributors’ Awards Night in Lagos recently.

In his reaction, the elated Otunba Odeyeyiwa Kazeem Olayemi, MD/CEO of Repton Group expressed appreciation to Alhaji Aliko Dangote, President/Chief Executive, Dangote Industries Limited and the entire Board and Management of Dangote Cement Plc, for the award decided through an objective performance-assessment process.

Otunba Odeyeyiwa also thanked customers for making the achievement possible. As he put it in his appreciation message, “On behalf of our Board of Directors ably led by my wife, Yeye Erelu Adesola Mutiat Odeyeyiwa and me, I want to express special appreciation to you, our esteemed customers for your unwavering loyalty, consistent feedback and exceptional commitment to our brands over the years.

“You remain our corporate catalysts. Our emergence as the Largest Distributor of Dangote Cement in Nigeria and Sub-Saharan Africa for three consecutive years would not have been possible without your sustained and massive support.”

He equally expressed gratitude to the entire staff for their indefatigability, overwhelming dedication, result-driven approach and operational ingenuity, which mostly account for the latest feat and have continued to drive outstanding achievements.

The CEO, who also thanked all associates and stakeholders, attributed the successive achievements of the Group to years of strategic corporate vision, operational innovation, resilience, robust planning and effective team work.

Otunba Odeyeyiwa, who hinted at technological re-modelling of operations at the Group, said the Group would continue to strengthen efforts towards sustaining industry leadership and/or maintaining competitive edge.

According to him, “rather than resting on our laurels, we view this latest achievement as both a challenge and motivation to further strengthen our performance and continuously re-model our operational strategies. We firmly believe that complacency has no place in sustaining excellence amid intense competition.”

In her own reaction, Yeye Erelu Odeyeyiwa Adesola Mutiat, Director of Repton Group and wife of the CEO, first attributed the success to God and expressed special appreciation to Dangote Group and all stakeholders for the award.

In her words: “All glory and adoration to Almighty God…My special appreciation goes to you all, our loyal customers, for your unwavering support over the years. I also most sincerely thank all of you, our staff in Repton Group in general, for your selfless work, dedication and support. Let’s do it again this year. To Dangote Group, we cannot thank you enough.”

 

Royal Exchange CEO: Recapitalisation Will Reposition Insurance Sector, Support $1tn Economy Goal

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Mrs. Idu Okeahialam, Group Managing Director/CEO, Royal Exchange Plc, says the NIIRA 2025-induced recapitalisation process will reposition the Nigerian insurance market in 2026 and beyond.

In a statement: ‘RECAPITALISATION AND THE FUTURE OF THE NIGERIAN INSURANCE MARKET: A 2026 OUTLOOK’, she maintained that a well-capitalised insurance industry sends a strong signal of financial strength and reliability, which is essential in rebuilding trust among policyholders who have historically viewed the Nigerian insurance industry with skepticism due to delayed claims and weak service delivery.

“In 2026, trust will increasingly become a competitive differentiator. By the end of 2026, despite the threat in the recapitalisation, the trajectory of the Nigerian insurance industry will be determined by how effectively it is implemented. Insurers that leverage strengthened capital, adopt robust governance, and embrace risk-based strategies will emerge as market leaders, capable of underwriting complex risks, delivering timely claims, and restoring public confidence. Conversely, institutions that fail to adapt will struggle to remain relevant.”

Okeahialam insisted that while recapitalisation is challenging, it provides a unique opportunity to transform the insurance industry into a resilient and trustworthy sector, one that can support economic growth, attract investment and play a central role in the nation’s $1 trillion economy goal.

“While the sector has long grappled with issues of inadequate capital, leading to poor claims settlement capacity and limited market penetration, limited underwriting capacity, and trust deficit, the ongoing recapitalisation drive has emerged as the most consequential reform shaping its future direction. It is intended that insurers must meet the new minimum capital requirement, aimed at protecting the consumers and positioning the industry for sustainable growth.”

She insisted that recapitalisation is not merely a regulatory requirement but a structural reset that will determine the credibility and long-term relevance of the industry.

“By 2026, recapitalisation will have reshaped the competitive landscape. The industry is likely to witness a leaner but stronger market, characterised by fewer operators with improved financial capacity, stronger governance frameworks, and enhanced risk management practices. Insurers that emerge successfully from the recapitalisation process will be better equipped to absorb shocks, support national economic activities, and partner meaningfully in other high value sectors.”

She warned however, that recapitalisation will not be without challenges.

“While the objectives outlined in the Act are commendable, the increased capital requirements may pose significant challenges for smaller players, potentially leading to market consolidation and reduced competition. While this may initially be disruptive, I believe it will ultimately strengthen the industry by eliminating weak structures and encouraging scale and efficiency.”

The Royal Exchange ceo added that recapitalisation must go beyond balance sheet expansion as capital alone does not guarantee stability or performance.

“The true test for insurers in 2026 will be measured by the effective deployment of capital, whether it translates into prudent underwriting, timely claims settlement, and improved customer experience. Without corresponding improvements in governance, and enterprise risk management, recapitalisation risks becoming a cosmetic exercise rather than a transformative one. From a market confidence perspective, successful recapitalisation as proposed by the Act has the potential to significantly improve public perception of insurance in Nigeria.”

 

 

 

State Police and the Questions Nigeria Can No Longer Avoid

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By Tosin Osasona

Nigeria’s post-1999 democratic era has coincided with one of the gravest crises of state authority in the country’s history, with the state appearing weak and incapable of defending its authority. Fundamentalist Islamist groups, ethnic militants, gangs, secessionist movements, cult groups, organized criminal groups, and political thugs, among others, have relentlessly challenged the state to a duel of superiority, forcing the state into either spasms of retroactive violence or face-saving settlements.

While this crisis of governance has interconnecting structural and operational drivers, political actors, particularly at the subnational level, have increasingly framed the decentralisation of the Nigeria Police Force as one of the key solutions to this complex problem.

Undoubtedly, the centrally controlled Nigeria Police Force and the uniform conceptualisation of policing in Nigeria are problematic for the country’s diversity and complexity.

In acknowledgement of this fact, every president since 1999 has initiated police reform of some sort. President Bola Ahmed Tinubu’s administration appears poised to advance the most far-reaching reform yet: the constitutional amendment required to permit state-controlled police services. While the political momentum behind this proposal is significant, the critical policy question remains unresolved-will the creation of state police meaningfully address Nigeria’s security crisis, or merely reproduce existing failures at a subnational scale?

There is no empirical, contextual, or policy-based evidence that suggests constitutional authorisation alone can deliver Nigeria’s much-needed security outcomes. Public policy effectiveness is largely determined by the political and institutional environment in which it operates.

For a political system characterised by low levels of accountability, deep-seated ethnic and religious tensions, permanently simmering secessionist agitations, and politicisation of policy processes, will the establishment of state police not create worse problems in the long term? What will stop these new policing outfits from being appropriated as personal enforcement gangs for state governors?

While policing is less about institutional form and more about institutional character, Nigeria is oddly one of the few countries globally among multiethnic and multireligious federal states that expressly prohibits subnational governments from exercising any policing authority.

Therefore, the case for state police is compelling; however, the challenges lie less in principle than in the operational and institutional details. Given Nigeria’s political history, how then should the proposed police decentralisation be structured to safeguard critical constitutional guarantees, enhance the capacity of subnational units to respond to local security concerns, and reduce the potential for abuse?

Across the world, all effective and efficient policing systems are built on three crosscutting pillars: legitimacy, accountability, and professional competence. Assessments based on multiple performance indicators suggest that the Nigeria Police Force performs poorly across all three dimensions.

Creating state police will at best address the question of legitimacy, leaving unresolved the crisis of accountability and professional competence. The Nigeria Police Force is the ideological successor entity to the colonial Consular Guard of 1861, which was built on the mantra of using ‘strangers to police strangers’—an extractive policing system conceived to protect ruling power rather than local communities. State-created policing outfits will at least be resourced from local communities, would be enmeshed in local contexts, and would have cultural affinity with the communities they serve.

This will to some extent address legitimacy concerns that bedevil the Police Force in Nigeria. Unless there is deliberate institutional design, state creation and control of policing authorities will not automatically translate to fairer and more respectful policing procedures, a more equitable distribution of policing outcomes, or strict adherence to law and human rights.

Policing is an expensive enterprise, demanding sustained investment in personnel, training, infrastructure, intelligence systems, and operational logistics.

Without these critical financial inputs, a decentralised system risks merely replicating the current inefficiencies at a subnational level. Currently, only nine out of the 36 states can meet their salary obligations without total dependence on federal funds, and only about 20 states are paying the current minimum wage.

Where, therefore, will the funds to finance the proposed state policing outfits come from? The stark disparity in fiscal capacity of states creates a dangerous possibility, where poorly funded state police units could become bands of armed men, nominally in uniform but functionally abandoned to fend for themselves.

This would incentivize extortion, predation on the very citizens they are meant to protect, and could see these units auctioning their coercive power to the highest bidder, deepening insecurity and corruption. Therefore, the transition to state police demands not just a constitutional amendment, but a fundamental revaluation of fiscal federalism to prevent the birth of thirty-six potentially uneven and, in some cases, dangerously unmoored police services.

Beyond the hurdle of fiscal viability lies the more contentious question of operational and organizational independence. If state police services are to be more than just ‘State House Enforcers’ with broader jurisdictions, their leadership must be insulated from local politics.

Lessons from abuses by the First Republic’s Regional policing force teach that without clear institutional safeguards, state police risk becoming instruments of political patronage rather than instruments of public safety.

Independence, among other things, will require legal frameworks that define the chain of accountability, establish professional standards, and create oversight mechanisms—possibly through independent policing commissions—ensuring that state police serve the people, not the political ambitions of individual governors. Knowing what we know, how many governors will commit to this in practice?

Ultimately, Nigeria’s current policing system is in urgent need of reform. A realistic reform pathway lies in restructuring the existing centralised system to allow for hybrid control and a multi-tiered policing arrangement that accommodates both national and subnational policing platforms.

Whatever choice is settled upon, any serious policy on police reform in Nigeria must be accompanied by a clear framework for sustainable funding, an oversight system, and accountability mechanisms to ensure that the creation of state police strengthens, rather than destabilises, local security governance.

State police may indeed be inevitable. Whether they become a solution or a new source of insecurity will depend less on constitutional amendments than on the political will to confront Nigeria’s deeper governance failures.

Tosin Osasona is a criminal justice professional and Senior Research Associate at the Centre for Public Policy Alternatives, Lagos.

 

 

NESG Hosts 2026 Macroeconomic Outlook, Highlights Growth Prospects, Reform Consolidation

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L-R: Mr. Omoboyede Olusanya, Vice Chairman II, Nigerian Economic Summit Group (NESG); Sen. John Owan Enoh, Honourable Minister of State for Industry, Federal Ministry of Industry, Trade and Investment; Mr. Wale Edun, Honourable Minister of Finance and Coordinating Minister of the Economy; Mr. Niyi Yusuf, Chairman, NESG; Dr. Muhammad Sani Abdullahi, Deputy Governor for Economic Policy, Central Bank of Nigeria (CBN); Ms. Nancy Illoh-Nnaji, Anchor/Executive Producer, Moneyline with Nancy on AIT; and Ifeoma Williams, Senior Special Adviser on Strategic Communications, Office of the Honourable Minister of State for Industry, at the launch of the NESG’s Macroeconomic Outlook Report 2026.

The Nigerian Economic Summit Group (NESG) on Thursday, 15th January, 2026 held its 2026 macroeconomic outlook event at the NESG Summit House in Lagos.

The outlook declared that Nigeria has emerged from a prolonged period of acute economic crisis, projecting a stronger growth trajectory as reforms transition from stabilisation to consolidation.

This outlook was unveiled at the launch of the 2026 Macroeconomic Outlook, themed “Consolidating Economic Stabilisation Gains: Pathway to Sustainable Growth in Nigeria.”

While delivering the opening remarks, NESG Chairman, Mr. Niyi Yusuf, noted that while recent structural reforms were necessary, they represent only the first phase of a longer transformation journey. “Nigeria has just emerged from one of the most disruptive adjustment periods in its recent economic history,” he said, adding that “economic transformation is not an event, but a sequenced and perpetual process.”

He stressed that stabilisation alone does not guarantee prosperity, as growth remains modest, uneven, and insufficiently linked to job creation and household incomes.

Whie delivering the keynote address, Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, noted that despite the nominal increase in public debt, Nigeria’s debt-to-GDP ratio has declined to 36.1 per cent, one of the lowest in Africa and well below global averages.

 

 

Rand Merchant Bank Nigeria Acts as Lead Issuing House on the N236bn PRESCO Rights Issue

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Rand Merchant Bank Nigeria Limited is pleased to announce the successful completion of the ₦236bn rights issue undertaken by Presco Plc.

The Rights Issue is the largest non-financial services public capital raise completed in 2025. RMB served as the Lead Issuing House on the transaction, working closely with Presco to structure, coordinate, and execute a seamless capital raise.

The transaction was undertaken to position the Company for sustained growth and to advance its vision of becoming the most profitable, sustainable, and fully integrated edible oils group in Sub-Saharan Africa. It also supports Presco’s objective of narrowing the supply–demand gap in Nigeria’s oil palm industry. The transaction received strong support from shareholders, with high participation from existing investors, and achieved a subscription level of 103%, reflecting continued confidence in the Company’s long-term strategy and performance.

Presco is a leading player in the Nigerian agro-industrial sector, with a proud legacy spanning over three decades.

The Company has remained dedicated to delivering value to stakeholders through innovative initiatives that entrench its competitive position, broaden its market presence, and further establish it as a trusted brand to customers across the nation.

RMB Nigeria provided end-to-end deal management, providing transaction leadership, advising on deal structure, navigating complex regulatory processes under accelerated timelines, and co-ordinating an extensive investor engagement strategy. The transaction was completed within a four-month period from receipt of shareholders’ approval.

Speaking on the successful completion of the transaction, Chidi Iwuchukwu, Executive Director & Head of Investment Banking at Rand Merchant Bank Nigeria Limited, commented:

“We are pleased to have led the successful and over-subscribed rights issue for Presco Plc, a clear testament to the market’s confidence in Presco’s growth ambitions and long-term strategy. This landmark transaction underscores the strength of Presco’s brand and reaffirms RMB’s position as a leader in delivering bold, value-enhancing capital market solutions. We extend our sincere appreciation to Presco for entrusting us with this mandate and thank the Securities and Exchange Commission (SEC), Nigerian Exchange Limited (NGX), Central Securities Clearing System (CSCS), co-Advisers, and their leadership teams for their collaboration in achieving this outstanding outcome.”

Bimbo Oyeyiga, Head of Corporate Finance at Rand Merchant Bank Nigeria Limited, added:

“The successful completion of Presco’s rights issue marks a significant milestone in Nigeria’s agro-allied industrial sector. We are proud to have supported Presco on this landmark transaction, which is expected to strengthen its market position and reinforce investor confidence in its long-term strategy and leadership. This achievement highlights the resilience of Nigeria’s capital markets and underscores RMB’s unwavering commitment to delivering value-driven solutions that foster the growth and sustainability of Nigeria’s leading agro-allied companies.”

 

About RMB:

RMB Nigeria Limited, a member of the FirstRand Group, is a leading African Corporate and Investment Bank. RMB Nigeria provides clients with innovative, valueadded solutions across advisory, funding, trading, corporate banking, and principal investing.

 

 

 

MTN: The Best Mobile Internet Performance in Nigeria 2025

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  • Analysis period: January 1, 2025 – December 31, 2025

The nPerf score, expressed in nPoints, reflects the overall quality of the connection experienced by the user. The results take into account all relevant indicators.

MTN establishes itself as leader of mobile Internet in Nigeria for 2025, according to the annual nPerf barometer. This edition reveals strong competition between three major operators with differentiated service profiles across all performance indicators.

MTN leads the sector with 37 106 nPoints and dominates all measured indicators. With download bitrate of 18.7 Mbps and upload bitrate of 8.7 Mbps, the operator delivers the fastest speeds in the market. Leader in browsing (35.8%) and video streaming (67.0%), it ensures a smooth experience for data-intensive applications.

Airtel ranks second with 25 614 nPoints and achieves solid performances across key metrics. Download bitrate reaches 10.6 Mbps and upload bitrate 4.7 Mbps, supporting reliable video calls and content sharing. The operator demonstrates strong video streaming capabilities (62.5%, 2nd position), providing users with consistent content delivery.

Glo completes the podium with 20 475 nPoints and displays the best latency in the sector (121.8 ms). The operator ranks second in browsing (29.9%), ensuring efficient web navigation for users.

Measurements based on 40 617 tests conducted via the nPerf application on Android and iOS.

“The Nigerian market demonstrates strong competition with three operators delivering increasingly capable networks for streaming and data-intensive applications”, declares Sébastien de Rosbo, Chief Executive Officer of nPerf.

 

Aviation: Five Key Risks That Will Shape 2026

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By Marie Owens Thomsen

Senior Vice President, Sustainability & Chief Economist

In January 2025, the air transport industry was facing significant headwinds and none more so than the threat of tariffs and the potential retaliation they might provoke.

In this challenging context, airlines nevertheless earned a record net profit of $39.5 billion. It must be pointed out though that in one year a single oil company can make as much profit as our whole airline industry does.

Looking at net margins, the picture appears even more fragile. At an expected 3.9% in 2026, the airline industry remains one of the lowest-margin industries, having never seen a net profit margin above 5%. In per-passenger and US dollar terms, the industry’s anticipated net profit equates to $7.90 — below what Apple earns from selling one iPhone cover.

Risk Landscape

In 2026, risks abound. Having a view of what these might entail is important for planning and decision-making and the impact they may have on airlines. Five areas loom particularly large in the year ahead.

  1. Policy Fragmentation

The post-World War II multilateral system is weakened, with perhaps the most visible fragmentation occurring in international trade. “Me-first” policies are being enacted with little concern for their impact on global networks, whether it is supply chains or single industries such as air transport.

International institutions are also being sidestepped, threatening to undo the International Civil Aviation Organization’s 80 years of global harmonization. Different frameworks now compete to determine how to address CO₂ emissions from air transport. Fragmented tax policies introduce severe competitive distortions that ripple across the global network even though the policy may appear locally focused. Such policies raise little money for governments, have little or no impact on emissions, and make air transport more expensive.

  1. Supply Chain Disruptions

There is a persistent and record-high backlog of aircraft orders. While things have started to improve, the mismatch between airline requirements and production is not expected to unwind before 2031-2034. This negatively caps growth in the industry yet protects yields as aircraft load factors reach the highest level in aviation history. More dramatically, the situation has halted progress in improving fuel efficiency across the global fleet and slows the industry’s decarbonization.

  1. Climate Change-Related Disruptions

Disruptions such as extreme weather and commodity price swings can affect agriculture, infrastructure, global trade, and investment flows. A successful energy transition for airlines pursuing net zero carbon emissions by 2050 requires stable policies and reliable financing. The reduced commitment to addressing climate issues in a coordinated manner across the world will undoubtedly slow progress on all these fronts.

Associated risks include greater food and water insecurity, and therefore increased migration. Yet the world has turned more hostile towards immigration. The decision by nations to welcome, or not welcome, migrants will put pressure on borders and support systems, impacting international air passengers.

  1. Cyber Threats and Artificial Intelligence

Cyber threats are growing in both frequency and importance. We also see a convergence of risks and vulnerabilities with artificial intelligence (AI) enhancing attackers’ capabilities, geopolitical instability providing fertile breeding ground, and digital dependence exposing supply chains and organizations to greater risks.

The airline industry’s reliance on critical infrastructure makes the global air transport network particularly exposed, along with all other network industries. AI adds risks related to misinformation, loss of privacy, and erosion of trust, on top of those that might generate economic disruption, job displacement, and greater inequality. Proof of AI generating substantial profits and increased productivity are scarce and may take years to materialise.

  1. Macro-Economic Outlook

The external value of the US dollar is important to the global economy because of its dominant share in cross-border payments. Over the very long term, the US dollar is a trend-depreciating currency. Currently, the Federal Reserve is in rate-cutting mode, and global uncertainty has rather uniquely favored other safe havens, such as gold and the Swiss franc. Adding the lack of fizz in the US economy, persistent budget and current account deficits, and potentially greater reservations about US stock market valuations, the US dollar appears most likely to pursue its depreciation in 2026.

A weaker US dollar tends to benefit all non-USD-based countries who will pay less in local currency for their USD-denominated debt and trade. This is of course important for air transport where over 50% of the cost base is invoiced in US dollars.

At the same time, the oil market is undergoing major structural change as demand is shifting in response to electrification and to greater use of liquefied natural gas (LNG) in road transport. Geopolitical changes will also play a role. Supply is expanding even as demand slows, leading to inventory build-up and putting downward pressure on prices—again good news for airlines.

The risk of a severe economic slowdown in 2026 seems limited unless we have underestimated the potential combined effect of the above converging risks and vulnerabilities, or because of unforeseen events.

Nevertheless, this is not a particularly growth-friendly environment and global GDP growth is unlikely to accelerate. Moreover, given this risk convergence, the margin to maneuver is reduced, which makes policy mistakes more likely.

Championing the Value of Aviation

In the context of limited policy flexibility, good growth and welfare-increasing strategies are hard to come by. Yet it so happens that the energy transition and air transport combine to deliver a uniquely promising growth strategy that can enhance agriculture, restore natural habitats, build energy independence, strengthen local communities, broaden the tax base, promote international trade, connect people, support innovation, and lift productivity. All of these benefits have a dynamic and positive impact on each other. This is way more than what traditional economic policy can muster through policy, interest rate cuts, or tax reductions.

Even without quantifying all those dynamic effects, the airline industry supports 87 million jobs and 4% of global GDP. Air transport is not just about flying—it’s about driving progress. Let it lead the way.

 

Sovereign Trust Insurance Strengthens Partnership with TEXEM UK

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L-R: Akinwumi Akinrinmade, ED, Technical Operations, Sovereign Trust Insurance Plc; Comfort Madukwe, Associate Project Manager, TEXEM; Dr. Lucas Durojaiye, MD/CEO, Sovereign Trust Insurance Plc; Dr. Alim Abubakre, Chair, TEXEM UK and Jumoke Dada, Associate Project Manager, TEXEM during the courtesy visit to the newly appointed MD/CEO of the Underwriting Firm.

Are Regulators Signalling a New Era of Accountability?

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By Elvis Eromosele

For years, Nigerian consumers have complained, sometimes loudly, sometimes helplessly, about poor services. Airlines, telecom operators and banks were always the biggest culprits. In fact, flight delays became routine, dropped calls almost normal, and unexplained bank charges a recurring irritation. What often followed were apologies, excuses and the almost obligatory regulatory silence.

It now appears that that era may finally be ending.

Recent moves by the Nigerian Civil Aviation Authority (NCAA) and the Nigerian Communications Commission (NCC), alongside a growing pattern of firm enforcement by the Central Bank of Nigeria (CBN), suggest that regulators are beginning to assert their authority more forcefully. The message is becoming clearer: protect consumers or pay the price.

The NCAA’s recent warning to domestic airlines over chronic flight delays marks one of its strongest public stances in recent years. In a sector long shielded by sympathy for “operational challenges,” the regulator has now signalled that patience is wearing thin.

According to NCAA data, between September and October 2024 alone, domestic airlines recorded 5,225 delays and 901 cancellations out of 10,804 flights. This means that nearly half of all flights were delayed. While weather and technical issues are unavoidable realities of aviation, the NCAA argues that persistent inefficiency, poor planning and weak communication are not.

What appears to have triggered the tougher tone is not just the delays themselves, but how passengers are treated when things go wrong. Complaints about lack of information, poor handling at terminals and disregard for First Needs Compensation have become increasingly common.

By referencing JetBlue’s $2 million fine in the United States for chronic delays, the NCAA is clearly signalling its intent to align Nigeria’s aviation regulation with global best practices. Support for airlines, the regulator insists, must now be matched by accountability and service improvement.

The NCC’s warning to telecom operators follows a similar pattern: longstanding consumer frustration, followed by a regulator armed with data and renewed resolve.

Telecom subscribers have endured dropped calls, slow internet speeds and unstable connections, even as tariffs increase and digital dependence deepens. The NCC’s response has been to partner with Ookla to produce a transparent, data-backed assessment of network performance across operators.

The results were revealing. MTN emerged as the strongest performer nationally, while others showed notable weaknesses, Globacom with high latency and jitter, Airtel grappling with transition challenges, and 9mobile delivering inconsistent service across regions.

More important than the rankings, however, is the regulatory shift they represent. By grounding enforcement in independent performance data, the NCC is moving away from abstract warnings to evidence-based regulation.

Under-performing operators can no longer hide behind generic claims or marketing slogans.

The commission’s message is blunt: improve network quality, especially latency and stability, or face sanctions.

In a digital economy where banking, commerce, education and healthcare increasingly rely on connectivity, poor service is no longer a minor inconvenience; it is a systemic risk.

Unlike the NCAA and NCC, the Central Bank of Nigeria has already shown what tough regulation looks like in practice.

Over the past few years, the CBN has sanctioned several banks and financial institutions for regulatory breaches ranging from Know-Your-Customer (KYC) failures and anti-money laundering lapses to poor consumer protection practices. In some cases, banks have been fined billions of naira, publicly named, or restricted from certain operations.

The apex bank has also pushed aggressively on issues such as illegal charges, customer complaint resolution timelines, and data protection. The introduction of frameworks like the Consumer Protection Regulation (CPR) and the Global Standing Instruction (GSI) reflects a broader philosophy: financial institutions must serve customers responsibly or face consequences.

Taken together, the actions of the NCAA, NCC and CBN point to a potential turning point in Nigeria’s regulatory culture. For too long, regulators were perceived as either underpowered or overly sympathetic to operators, often citing harsh operating environments as justification for weak enforcement.

That narrative is changing. 

The common thread across these sectors is the growing recognition that consumer protection is not optional. Airlines, telcos and banks operate in challenging environments, but they also provide essential services. When failures become systemic rather than exceptional, regulation must intervene decisively.

There is also a political dimension. Public frustration with poor service delivery is rising, and regulators are under pressure to demonstrate relevance. By taking tougher stances, agencies signal not only professionalism but alignment with broader governance expectations.

For operators, the implications are clear. Compliance can no longer be treated as a box-ticking exercise. Investments in infrastructure, customer service, communication systems and operational planning are no longer optional; they are survival strategies.

For consumers, the shift offers cautious optimism. Stronger regulation does not automatically translate to better service, but it creates the conditions for improvement. When penalties are real and enforcement credible, behaviour changes.

The real test, however, lies ahead. Warnings must be followed by action. Sanctions must be consistent, transparent and fair. Regulators must resist pressure, lobbying and regulatory capture.

Yes, after years of looking the other way, Nigeria’s regulators appear to be waking up. The question now is whether they will stay awake.

Eromosele, a corporate communications expert and sustainability advocate, wrote via: [email protected]

WEF: Cyber-Enabled Fraud Now One of the Most Global Threats

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Artificial intelligence, geopolitical fragmentation and a surge in cyber-enabled fraud are redefining the global cyber risk landscape at unprecedented speed, according to the World Economic Forum’s Global Cybersecurity Outlook 2026.

The report, developed in collaboration with Accenture, highlights that cyber-enabled fraud has become a pervasive threat. This shift underscores the growing societal and economic impact of fraud as it spreads across regions and sectors.

The report also showcases how AI is supercharging both offensive and defensive capabilities. Geopolitical fragmentation further compounds these risks, reshaping cybersecurity strategies and widening preparedness gaps across regions.

This year marks the fifth edition of the Global Cybersecurity Outlook series, which has traced a steady evolution from pandemic-driven digitalization to today’s increasingly complex cybersecurity landscape.

The new findings point to a cyber landscape undergoing profound structural shifts, where cyber resilience can no longer be approached as a technical function alone but as a strategic requirement that underpins economic stability, national resilience and public trust.

“As cyber risks become more interconnected and consequential, cyber-enabled fraud has emerged as one of the most disruptive forces in the digital economy, undermining trust, distorting markets and directly affecting people’s lives,” said Jeremy Jurgens, Managing Director, World Economic Forum. “The challenge for leaders is no longer just understanding the threat but acting collectively to stay ahead of it. Building meaningful cyber resilience will require coordinated action across governments, businesses and technology providers to protect trust and stability in an increasingly AI-driven world.”

The gap between highly resilient organisations and those falling behind remains stark, with skills shortages and resource constraints amplifying systemic risk. Meanwhile, global supply chains have become more interconnected and opaque; turning third-party dependencies into systemic vulnerabilities. These dynamics are converging at a moment when inequalities in cyber capabilities are widening, leaving smaller organisations and emerging economies disproportionately exposed.

“The weaponization of AI, persistent geopolitical friction and systemic supply chain risks are upending traditional cyber defences. For C-suite leaders, the imperative is clear; they must pivot from traditional cyber protection to cyber defence powered by advanced and agentic AI to be resilient against AI-driven threat actors,” said Paolo Dal Cin, global lead, Accenture Cybersecurity. “True business resilience is built by fusing cyber strategy, operational continuity and foundational trust—enabling organizations to swiftly adapt to the dynamic threat landscape.”

The report identifies key factors that shape the evolving cyber landscape of 2026. These include:

AI is accelerating cybersecurity risks at unprecedented speed. AI-related vulnerabilities rose faster than any other category in 2025, with 87% of respondents reporting an increase. Data leaks linked to generative AI (34%) and advancing adversarial capabilities (29%) are among the leading concerns for 2026. Meanwhile, 94% of leaders expect AI to be the most consequential force shaping cybersecurity in 2026. Organizations are responding, nearly doubling the share assessing AI security, from 37% to 64%.

Geopolitics is redefining the global cybersecurity threat landscape, with 64% of organizations now factoring geopolitically motivated attacks into their risk strategies and 91% of the largest enterprises adjusting their cybersecurity posture accordingly. 31% of respondents expressed low confidence in their country’s ability to manage major cyber incidents. Confidence levels vary widely, from 84% in the Middle East and North Africa to 13% in Latin America and the Caribbean.

Cyber-enabled fraud has become a pervasive global threat. A striking 73% of respondents were or knew someone directly affected in 2025 and CEOs now rank fraud and phishing ahead of ransomware as their top concerns.

Supply chains remain a major systemic vulnerability. Among large companies, 65% cite third-party and supply chain risks as their greatest cyber resilience barrier, up from 54% last year. Concentration risk is also intensifying, with incidents at major cloud and internet service providers demonstrating how infrastructure-level failures can trigger widespread downstream impacts across interconnected digital ecosystems.

Cyber inequity is widening across regions and sectors. Smaller organizations are twice as likely to report insufficient resilience compared to large firms. Regionally, the shortage of cybersecurity talent is most pronounced in Latin America and the Caribbean, with 65% of organizations reporting insufficient skills to achieve their security objectives, while 63% of organizations in sub-Saharan Africa face similar constraints.

“Developments in AI are reshaping multiple domains, including cybersecurity. When deployed responsibly, these technologies can strengthen cyber defences by supporting faster detection and response. But if misused or poorly governed, they can also introduce serious risks, from data leaks to cyberattacks,” said Josephine Teo, Minister for Digital Development and Information and Minister-in-Charge of Cybersecurity & Smart Nation Group, Singapore. “Governments therefore need a forward-looking and collaborative approach to ensure AI enhances cyber resilience while minimising risks that increasingly transcend borders.”

The report calls on leaders across sectors to move beyond isolated efforts and commit to raising the collective baseline by sharing intelligence, aligning standards and investing in the capabilities needed to ensure all organisations can benefit from a more secure and resilient digital environment.

The survey draws on insights from 804 global business leaders in 92 countries, including 105 CEOs, 316 chief information security officers and 123 other C-suite executives, including chief technology officers and chief risk officers.

 

About the Annual Meeting 2026  

The World Economic Forum’s 56th Annual Meeting, taking place on 19-23 January 2026 in Davos-Klosters, Switzerland, will convene leaders from business, government, international organizations, civil society and academia under the theme A Spirit of Dialogue.

SanlamAllianz Takes Financial Education to Lagos Markets

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Insurance giants, SanlamAllianz has launched a financial education campaign at select markets in Lagos.

The campaign is aimed at aiding the financial knowledge and management of traders, shop owners, etc in popular markets in Lagos.

Planned for two phases including a physical market activation across organised market associations in both Lagos Mainland and Lagos Island; as well as a radio programme debuting on two high listenership radio stations in January 2026.

Shedding light on the campaign, Tunde Mimiko, MD/CEO, SanlamAllianz Nigeria, said: “Ours is not your every-day insurance company, we pride ourselves as a protection organisation with a suite of solutions that empowers generations to be financially prosperous, secure and confident. And we all agree that no one can aspire to financial confidence without basic knowledge of how finances work vis-a-vis budgeting, investing, retirement planning, income protection and, of course, the place of insurance in all these. This is what we are bringing to these markets: an educative session on how to manage their finances and the necessary information they need to scale.”

Chris Ekwonwa, Group Head, Strategy, Marketing and Corporate Communications at SanlamAllianz Nigeria, added that the campaign is being piloted in Lagos with a view to taking the initiative round the country in the new year.

“We are well aware that Lagos is not Nigeria, therefore, we plan to roll out this initiative across major markets in the country in the new year. We have done this before -we toured Nigeria as part of our rebrand, a bold roadshow never seen in these climes in our industry- we will do it again,” he concluded.

About SanlamAllianz Nigeria

Formed as a merger of Sanlam, Africa’s biggest non-banking financial services firm and Allianz, easily the world’s most recognisable insurance brand in a JV across 28 countries on the continent, SanlamAllianz has become the clear leader in the non-banking financial services industry in Africa with strong commitments to be top two in every market in which they operate.

Consummated in Nigeria as SanlamAllianz Nigeria in June 2025, the brand immediately embarked on a rebrand campaign which saw it dominate headlines to the delight of industry watchers.

GOCOP Condoles with Former President on Death of Her Sister

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The Guild of Corporate Online Publishers (GOCOP) has expressed its condolences to its immediate past president and the publisher of Realnews, Ms. Maureen Chigbo, on the death of her sister, Barrister Nwamaka Mediatrix Chigbo.

Barrister Chigbo was murdered by kidnappers in Abuja on January 5, 2026.

The Guild in a condolence letter signed by its President. Mr. Danlami Nmodu and the General Secretary, Mr. Sufuyan Ojeifo, expressed profound sadness over the passing of Barrister Chigbo.

The leadership of GOCOP recalled how the late lawyer diligently provided legal services to the Guild, even as it commended her dedication to the legal profession and her commitment to justice.

The letter read in part: “It is with profound sadness and heavy hearts that we, the Guild of Corporate Online Publishers (GOCOP), learned of the tragic death of your beloved sister, Barrister Nwamaka Mediatrix Chigbo. Her brutal murder by kidnappers in Abuja on January 5, 2026, has left us all shattered and deeply disturbed.

“We can only imagine the immense pain and grief that you and your family must be going through in this unimaginably difficult time. The loss of a loved one is never easy, but to have it happen in such a violent and unexpected manner makes it even more unbearable. We want you to know that we stand with you in solidarity and share your sorrow.

“Barrister Nwamaka Mediatrix Chigbo was not just a sister, a daughter, or a friend; she was a shining example of dedication, passion, and commitment to her craft. Her legacy as a legal professional will undoubtedly continue to inspire and motivate those who knew her. We remember her for her strength, her resilience, and her unwavering commitment to justice.”

“As a community of online publishers, we are deeply affected by the loss of this remarkable individual who was very close to us and offered tremendous services to the Guild when we needed her professional guidance.

“We understand the value of life, the importance of family, and the impact that one person can have on the lives of others. We want you to know that your sister’s memory will be cherished and honoured by all of us at GOCOP”, the letter further read.

The Guild also expressed its condolences to the entire Chigbo family, the Nigerian Bar Association, FCT branch, as well as the associates and friends of Barrister Chigbo.