Jonathan Urges Nationwide Salary Harmonisation as Bayelsa Retirees Launch ₦500m Secretariat

Former President Goodluck Jonathan has called for the harmonisation of salaries and organisational structures across federal and state civil services, saying well-designed reforms would strengthen public service nationwide.

Jonathan made the call in Yenagoa during the foundation-laying and fundraising ceremony for the proposed secretariat complex of the Bayelsa State Association of Retired Permanent Secretaries.

He commended the association for initiating the project and praised the quality of personnel in Bayelsa’s public service, noting that they compare favourably with their counterparts at the federal level.

Reflecting on his administration as Bayelsa State governor, Jonathan recalled introducing Grade Level 17 for directors in the state civil service. Before that restructuring, directors retired on Grade Level 16.

He cited the reform while advocating greater consistency in civil service structures across the country.

The former president also said a dedicated secretariat for retired permanent secretaries would benefit both the association’s members and the wider public.

Bayelsa State Governor Douye Diri pledged the state government’s support for the development. Represented by the Head of Service, Dr Ebiye Sawyer, the governor commended the retired officials for their vision and continued dedication.

In his welcome address, the association’s chairman, King Collins Ebi Daniel, said the proposed complex would serve as an institutional monument to the legacy of public service.

He explained that the facility would accommodate administrative offices, event halls, conference rooms and recreational amenities.

According to Daniel, the project has an estimated cost of ₦500 million and is expected to be completed within two years.

The ceremony featured the formal laying of the foundation by Jonathan, a fundraising session to support construction and a cultural performance by the Bayelsa State Council for Arts and Culture.

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Tinubu Delegates Shettima to Lead Nigeria’s UNGA 2026 Mission

President Bola Ahmed Tinubu will not attend the 81st United Nations General Assembly in New York, United States, and has directed Vice President Kashim Shettima to represent him at the gathering.

The announcement ends weeks of uncertainty surrounding the President’s participation in the annual meeting of world leaders.

Questions about Tinubu’s attendance had followed an earlier Presidency announcement that he would return to Nigeria after a three-week vacation in Europe. That announcement did not indicate whether he would subsequently travel to New York.

Nigeria’s Permanent Representative to the United Nations, Jimoh Ibrahim, had previously indicated that the President would attend, saying seating arrangements had been made for him near Donald Trump. The Presidency, however, did not clarify its position until Sunday.

In a statement, the Vice President’s spokesman, Stanley Nkwocha, confirmed that Shettima had been mandated to lead the Nigerian delegation.

“President Bola Ahmed Tinubu has mandated Vice President Kashim Shettima to represent him and lead Nigeria’s delegation to the 81st Session of the United Nations General Assembly, UNGA, in New York, United States,” the statement said.

According to Nkwocha, the delegation will include Rivers State Governor Siminalayi Fubara, Zamfara State Governor Dauda Lawal, ministers and other senior government officials.

He said the General Debate would take place from September 22 to 28, 2026, under the theme, “Restoring trust, managing transformation: A United Nations that delivers for all.”

Shettima will deliver Nigeria’s national statement, outlining the country’s priorities and positions on development, peace and security, economic growth and international cooperation.

Beyond the General Debate, the Vice President is scheduled to participate in high-level discussions addressing the Right to Development, climate action and other issues of strategic importance to Nigeria and Africa.

His programme also includes the customary reception for heads of delegation, where he is expected to join other world leaders attending the assembly.

Shettima will additionally hold bilateral meetings with representatives of other countries, international organisations and development partners on the sidelines of the gathering.

Nkwocha said these engagements would help Nigeria advance its economic diplomacy and strengthen relationships with international partners.

Discussions will also provide opportunities to press for changes to global financial systems and promote cooperation on sustainable development and climate finance.

The Vice President is expected to return to Nigeria after completing his official engagements in New York.

Tinubu’s absence will mark the third consecutive UN General Assembly he has missed since taking office in 2023.

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EFCC Detains Property Firm MD Over Disputed ₦128m Awka Land Sale

The Economic and Financial Crimes Commission has arrested Basil Iwoba Ochili, Managing Director of Debasilio Construction and Estate Development Limited, following allegations involving a ₦128 million land transaction in Anambra State.

Its Enugu Zonal Directorate said a petitioner accused Ochili of claiming ownership of five plots beside Stamford Hotel, near the state secretariat at Aroma Junction, Awka.

The complainant reportedly transferred ₦128 million into the company’s account but could not take possession.

According to the EFCC, preliminary findings suggest Ochili knew the plots belonged to the state government’s secretariat land when he offered them for sale.

The commission alleged that he subsequently issued two dud cheques instead of refunding the buyer. It also claimed that some proceeds went towards debt repayment and that his company had never complied with tax obligations.

The EFCC said prosecution would follow completion of its investigation. The allegations remain unproven in court.

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Edala Development Appoints Advisory Board to Strengthen Governance and Property Expansion

Edala Development has appointed an Advisory Board to guide its expansion in Nigeria’s property market, strengthen corporate governance and build investor confidence.

The company introduced the board during its Investor Summit, themed “From Vision to Value.” The event brought together investors, property professionals, business partners and other stakeholders to discuss investment opportunities and developments in the real estate sector.

The appointments form part of Edala Development’s efforts to establish a stronger institutional structure as it grows its residential, hospitality and commercial property portfolio.

The board comprises professionals whose experience spans investment, business development, strategic partnerships and academia.

Among the members is Gbenga Ademulegun, who brings experience in investment and strategic business management. Olalekan Awosanya contributes expertise in leadership, business development and strategic partnerships.

Professor Joseph Ezigbo also joins the board, bringing academic and professional perspectives to decision-making, innovation and sustainable development.

According to the company, the Advisory Board will provide guidance on major business decisions, investor relations and expansion plans. Its work will also support the development of a more structured platform for real estate investment.

Edala Development said the appointments reflect its commitment to building the organisational foundations needed for sustained growth.

Beyond the board’s introduction, the summit gave investors and partners an opportunity to review the company’s growth strategy and upcoming projects. Participants also received updates on investment opportunities emerging within Nigeria’s property market.

The company said it has been expanding its presence through projects in Lagos and Ibadan. It plans to grow its portfolio further while widening access to real estate investment opportunities.

Its leadership said creating lasting value for investors would remain a priority, alongside responding to demand across different property segments.

The new advisory structure is intended to support those ambitions by bringing additional professional experience into the company’s strategic planning and investment decisions.

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Abuja’s Idu Industrial Area Targets Round-the-Clock Power Under 50MW Plan

The Federal Government plans to provide continuous electricity to Abuja’s Idu Industrial Area through a 50MW electrification project, Power Minister Joseph Tegbe announced on Thursday.

The initial 10MW is expected by December 2026, with another 40MW scheduled for rollout during 2027.

Tegbe said technical audits were underway across the Lagos industrial axis, Abuja–Kaduna corridor and Enugu–Onitsha axis.

He identified transmission and distribution coordination, including cooperation with Abuja Electricity Distribution Company, as essential to reaching industrial customers.

According to the minister, the Lagos corridor represents roughly 40 per cent of national electricity demand. Planned interventions aim to create or protect approximately 180,000 jobs within six months.

Infrastructure improvements would begin along Lagos–Sagamu before progressing to Abuja and Enugu–Onitsha.

Minister of State for Industry John Owan Enoh also emphasised domestic manufacturing, value addition, diversification and international market integration, linking local production to youth employment.

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The Emir of Kano, Muhammadu Sanusi II, has urged Nigerians considering the Dangote Refinery share offer to preserve their homes and children’s education funds, stressing that investment should be made with money they can afford to set aside.

Speaking at the refinery’s Initial Public Offering investor roadshow in Kano on Thursday, Sanusi encouraged participation in the capital market but cautioned against sacrificing essential household needs to purchase shares.

“Do not take your children’s school fees and put in shares. Do not sell the house that you live in and put in shares,” he said.

The Emir explained that prospective investors could start with modest sums, including ₦10,000, ₦20,000 or ₦30,000, depending on their financial circumstances and ability to leave the money invested for some time.

He expressed confidence in the investment’s long-term prospects, citing economic fundamentals, while encouraging investors to approach share ownership patiently.

The Kano roadshow formed part of investor outreach for the Dangote Refinery IPO, which opened on September 14.

Sanusi urged residents to consider becoming shareholders in the company founded by Kano-born businessman Aliko Dangote. He said greater participation would help ensure that people in the state were included in opportunities available through the capital market.

“I speak as the Emir of Kano, I would like my people to be owners of this company,” he said.

“I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion.”

He also called on representatives of unions and other organisations to explain the investment opportunity to their members.

Addressing expectations about returns, Sanusi discouraged the idea of purchasing shares with the intention of selling immediately for a substantial profit.

He said his appeal was directed at people prepared to hold their investments over a longer period. Referring to a five-year horizon, he expressed optimism about the potential future value of sums such as ₦10,000 or ₦100,000 invested today.

The Emir also addressed concerns about the refinery’s location, explaining that investors did not need to live near the facility to hold an ownership stake.

He emphasised that shareholders own a company and participate in its financial returns, regardless of where its physical operations are situated.

“It doesn’t matter where the refinery is located. It could be located in Lagos, or Ibadan, or on the moon. It is the shareholders who own it,” he said.

Sanusi described Dangote as a son of Kano and characterised the engagement as a homecoming for the businessman.

In light-hearted remarks, he noted that other places were eager to associate themselves with Dangote’s achievements, while stressing the businessman’s roots in Kano.

“We are happy to share him, but please do not take him away from us,” he said.

Discussing the business’s operations, Sanusi pointed to its visible assets and industrial activities, mentioning refined petroleum products and fertiliser.

He also highlighted direct and indirect employment opportunities and said the business had secured gas supply, access to port facilities and markets for its products.

His remarks combined support for wider share ownership with a clear caution: prospective investors should protect their accommodation and children’s schooling when deciding how much to commit.

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FCTA Revamps Land Dispute Committee to Speed Up Settlements

The Federal Capital Territory Administration’s Department of Land Administration has reconstituted its Alternative Dispute Resolution Committee to improve the handling of land disputes and promote faster, fairer settlements across Abuja.

The committee will provide a platform for resolving disagreements through mediation and conciliation, offering disputing parties an alternative to litigation.

Inaugurating the committee in his office, the Director of FCT Land Administration, Chijioke Nwankwoeze, said members would review complaints and petitions, examine relevant land records and engage parties impartially before recommending appropriate resolutions to management.

Their responsibilities also include encouraging amicable settlements and ensuring compliance with terms mutually agreed upon by the parties.

Nwankwoeze explained that the initiative supports FCT Minister Nyesom Wike’s reform agenda, which seeks to improve land administration and service delivery to residents.

According to the director, members were selected based on their experience, competence and ability to contribute effectively to resolving disputes arising from land administration within the territory.

He said the reconstitution demonstrates the department’s commitment to transparency, fairness and the rule of law, consistent with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Responding on behalf of the members, committee chairman Samuel Agbana thanked the director for the confidence placed in them.

Agbana pledged that the committee would carry out its responsibilities professionally and impartially, with emphasis on achieving timely and mutually acceptable settlements.

He assured management that members would operate within their terms of reference and handle disputes transparently, without fear or favour.

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Abbey Bank Adds Five Major Investors After ₦64.55bn Share Sale

Abbey Bank Plc has disclosed the identities of five investors who became significant shareholders following the completion of its private placement.

In a regulatory notice submitted to the Nigerian Exchange, the bank said it issued 26,562,647,265 new ordinary shares with a nominal value of 50 kobo each.

The shares were offered to selected investors at ₦2.43 per share, raising approximately ₦64.55 billion in additional equity capital.

Following the transaction, Abdulganiyu Olajide Adeola emerged as the bank’s largest significant shareholder, holding 6,995,884,774 shares, equivalent to 19.05 per cent of the enlarged share capital.

Herel Limited acquired 6,784,362,140 shares, representing an 18.48 per cent interest in the bank.

Archetype Energy Services Limited became the third-largest shareholder with 6,333,476,332 shares, equivalent to 17.25 per cent.

CardinalStone Asset Management Limited holds 4,011,757,786 shares, representing 10.93 per cent, while Jotani Investment Limited acquired 2,437,166,233 shares, giving it a 6.64 per cent stake.

Together, the five investors subscribed to all the shares issued through the private placement and now control approximately 72.35 per cent of Abbey Bank’s enlarged share capital.

The transaction followed approval granted by shareholders at the bank’s 34th annual general meeting in May 2026.

At the meeting, shareholders authorised the board to raise up to ₦64.55 billion through the private placement, subject to regulatory approvals.

The bank’s issued share capital consequently increased from approximately ₦5.08 billion, comprising 10,153,846,154 ordinary shares, to about ₦18.36 billion, divided into 36,716,493,419 ordinary shares.

The newly issued shares carry the same rights and privileges as the bank’s existing ordinary shares.

Abbey Bank said the additional capital would support its restructuring and expansion strategy, strengthen regulatory capital, improve liquidity and expand its lending capacity.

The capital injection could increase the bank’s ability to finance mortgages, property development and other credit products. The eventual impact on housing finance will, however, depend on how much of the new funding is allocated to mortgage lending and residential development.

In addition to the private placement, shareholders had approved a broader ₦100 billion debt-issuance programme.

The programme allows the bank to raise funds through instruments such as commercial papers, senior or subordinated notes, convertible securities, medium-term notes and bonds.

The combination of equity and debt financing could provide Abbey Bank with greater flexibility to refinance existing obligations and pursue its expansion plans.

The transaction has substantially changed the bank’s ownership structure and reduced the proportional holdings of shareholders who did not participate in the private placement.

Attention will now focus on how the enlarged capital base is deployed, the bank’s future lending strategy and whether the investment translates into expanded access to mortgages and housing finance.

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MOFI Turns to Capital Market to Expand Affordable Housing Finance

The Ministry of Finance Incorporated is strengthening efforts to mobilise capital-market funding for large-scale housing projects and affordable mortgages across Nigeria.

MOFI Managing Director and Chief Executive Officer, Dr Armstrong Takang, said the approach would be implemented through the MOFI Real Estate Investment Fund, a major financing component of the Federal Government’s One Million Homes Presidential Initiative.

Takang disclosed the plan during a visit by senior members of the Housing Development Advocacy Network to MOFI’s office in Abuja.

He explained that MREIF was designed as a market-driven platform capable of attracting pension funds and other institutional capital into Nigeria’s housing sector.

The initiative is expected to provide long-term funding for housing projects while expanding access to affordable mortgages, particularly for workers and contributors to the pension system.

According to Takang, transparency and market efficiency will guide the fund’s operations, helping to strengthen Nigeria’s mortgage market and create more sustainable routes to homeownership.

The Federal Government engaged professionals from the pension, investment and financial sectors to support the fund’s governance and deployment.

Those involved include the Accountant-General of the Federation, Dr Oluwatoyin Madein; Wale Odutola of ARM Pensions; Funmi Ekundayo of STC Trustees; and Saadu Jijji of PAL Pensions.

Their experience covers pension management, trusteeship, investment advisory services, fund management and real estate financing.

MOFI also plans to work closely with the Federal Mortgage Bank of Nigeria, Family Homes Funds Limited and Primary Mortgage Banks to increase the reach of housing finance.

Support for mortgage institutions is expected to improve their operational capacity and help them respond to the growing demand for long-term home loans.

MREIF currently offers qualifying homebuyers mortgages with repayment periods of up to 20 years at a fixed annual interest rate of 9.75 per cent and a minimum equity contribution of 10 per cent.

By June 2026, the fund had reportedly provided ₦128 billion in mortgages to 1,859 families across 25 states.

It had also unlocked approximately ₦221 billion in property value and supported the delivery of 475 housing units through offtake-guarantee projects.

The commercial tranche of the fund has been listed on the Nigerian Exchange, creating a platform through which private and institutional investors can participate in housing finance.

Reacting to the initiative, HDAN welcomed the Federal Government’s ₦250 billion commitment to housing and described the decision to access the capital market as an important step towards addressing Nigeria’s longstanding financing challenges.

The organisation, however, advised MOFI to learn from previous federal housing programmes and work with qualified professionals and developers with verifiable records of successful project delivery.

HDAN Executive Director, Festus Adebayo, called on credible estate developers to support the One Million Homes initiative and contribute to the expansion of affordable housing.

Former Chairman of the Federal Government’s Reform Committee on Land, Dr Ugochukwu Chime, identified weak land-titling systems as a major obstacle that could limit access to housing finance.

He urged MOFI and other government institutions to support reforms that would make property titles easier to obtain, verify and use as security for mortgages and construction loans.

Another housing stakeholder, Emmanuel Akinwumi, called for a review of outdated housing and mortgage laws that continue to constrain the sector’s performance.

Mobilising money from the capital market could reduce dependence on short-term government funding and commercial bank loans. Its success will, however, depend on transparent fund management, credible project selection, secure land titles and the delivery of homes within the income range of intended beneficiaries.

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Kano Expands Housing Programme with Over 5,000 Units Under Development

The Kano State Government says more than 5,000 housing units are under development as part of a broader programme aimed at expanding access to homes and improving residential infrastructure across the state.

The housing initiatives form part of 22 major projects being implemented by the administration of Governor Abba Kabir Yusuf, with interventions extending to Kano’s 36 non-metropolitan local government areas.

Kano State has 44 local government areas, eight of which make up the metropolitan area. The 36 local governments referenced in the programme are the rural and non-metropolitan councils.

The administration said its housing agenda focuses on providing homes for low- and middle-income households, civil servants and vulnerable residents while reducing the concentration of major developments within Kano metropolis.

One component of the programme involves the proposed construction of 50 low-cost houses in each of the 36 rural local government areas, providing a projected 1,800 homes.

Other housing projects and estate-rehabilitation schemes bring the administration’s reported portfolio to more than 5,000 units across the state.

The government is also working on the rehabilitation and modernisation of existing residential developments, including Kwankwasiyya, Amana and Bandirawo mega cities.

The programme covers the Gida-Gida Mega City, a proposed 600-unit development, and a major mass-housing project at Rijiyar Gwangwan in Dawakin Kudu Local Government Area.

Kano’s public procurement and project-monitoring authorities previously valued the Rijiyar Gwangwan mass-housing project at approximately ₦113.19 billion. The government also listed a ₦22 billion Rural Model City Project covering the 36 rural local governments.

The state said roads, water and electricity would be provided alongside new housing developments to ensure that residents had access to essential infrastructure.

More than 100 kilometres of roads have reportedly been constructed or incorporated into newly developed layouts under the wider housing and infrastructure programme.

The government also plans to establish police stations, security plazas, surveillance systems and an emergency operations centre within selected residential communities.

According to figures released by the administration, the housing programme is expected to generate more than 10,000 direct and indirect jobs.

Employment opportunities are projected to cover engineers, builders, artisans, suppliers, transporters and other workers within the construction and housing value chain.

The housing portfolio also includes the construction of a 48-unit commissioners’ quarters at Yan Lemo/Na’ibawa and a new headquarters for the Kano State Housing Corporation at Kwankwasiyya City.

Other related projects include new High Courts, an office for the Chief Judge, an official residence for the Chief Judge at Government House and security facilities at major entrances to Kano metropolis.

The state government said the decision to distribute housing developments across rural local governments was intended to reduce pressure on the metropolitan area and stimulate economic activity in underserved communities.

Successful implementation will depend on timely funding, transparent procurement, infrastructure delivery and the affordability of the completed homes to their intended beneficiaries.

Clear information on unit prices, eligibility requirements, allocation procedures and completion schedules will also be important in determining how effectively the programme improves access to housing.

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