Category: Local

In a stunning political twist, Governor Umo Eno of Akwa Ibom State has officially defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). The announcement, made Wednesday morning, sent shockwaves through Nigeria’s political landscape. Governor Eno, who rose to power under the PDP, said his decision followed “a series of consultations” and was rooted in a desire for “progressive alignment” with President Bola Tinubu’s administration at the federal level. “I am deeply grateful to the PDP for the platform and support, but it is time to take a bold step forward. Akwa Ibom must not be left out of the benefits of full national integration,” the governor stated. Despite the dramatic party switch, Eno promised that his commitment to the people of Akwa Ibom remains unwavering, emphasizing that development would continue across all sectors—“regardless of party lines.” This move, however, is likely to reshape political alliances in the South-South and ignite fierce reactions within the PDP’s national structure.

In a bold move to position Nigeria on the global electric vehicle (EV) map, the federal government has selected 12 universities—two from each geopolitical zone—to design and manufacture 100% made-in-Nigeria electric vehicles. The project is part of President Bola Tinubu’s First Nigeria policy, with financing support from the Bank of Industry and other key financial institutions. Director-General of the National Automotive Design and Development Council (NADDC), Mr. Oluwemimo Osanipin, made this announcement in Uyo during a stakeholder engagement session with the Association of Motor Dealers of Nigeria (AMDON) and the Nigerian Automotive Manufacturers Association (NAMA). He emphasized Nigeria’s commitment to EV development and local component production as a pathway to industrial self-reliance. According to Osanipin, these universities are already working on a prototype dubbed the “University Shuttle Bus”—a fully electric vehicle designed and manufactured domestically. “Most parts will be sourced locally,” he said, noting that 10 of the universities already have EV charging stations built in anticipation of the rollout. The project aims not only to reduce import dependency but also to jumpstart a local auto-parts industry with comparative advantages in areas like plastic production and petroleum by-products. “Even global carmakers don’t build all components in-house,” Osanipin explained. “What matters is building a reliable after-sales ecosystem and parts supply chain.” He highlighted the economic opportunity in servicing Nigeria’s 18 million vehicles on the road today, compared to the 500,000 produced annually. “We’re building infrastructure and parts for the future—gradually but deliberately,” he added.

President to personally inaugurate 10 projects as FCT undergoes historic infrastructure transformation Abuja is set to experience an unprecedented wave of infrastructural development as President Bola Ahmed Tinubu has approved the commissioning of 17 landmark projects in the Federal Capital Territory (FCT), beginning Tuesday, June 10, 2025, immediately after the Eid-el-Kabir celebrations. The announcement was made by Minister of the FCT, Nyesom Wike, during an inspection tour of ongoing projects in the capital on Wednesday. Wike confirmed that the commissioning will begin with the International Conference Centre (ICC), describing the rollout as a significant milestone in the development of the nation’s capital. “Mr. President has finally approved the commissioning of projects to start on the 10th of June, which is Tuesday, after the Sallah holiday. And that will start with the International Conference Centre. As you can see, we are good to go,” Wike said. On Wednesday, June 11, attention will turn to the Gishiri Interchange, which connects key parts of the city including Jahi, Maitama, and Mabushi, highlighting the administration’s drive to enhance mobility and connectivity in the FCT. Wike disclosed that President Tinubu will personally commission 10 of the 17 projects, while the remaining seven will be inaugurated by other senior government officials. These include: “We want to thank the President. It is not easy for him to give us 10 good days to commission these projects. This level of presidential involvement shows the importance of what we are doing here. Abuja is truly being transformed,” the minister stated. Wike emphasized that the projects are part of the Renewed Hope Agenda, the national development initiative spearheaded by President Tinubu. He noted that residents, especially children, are already experiencing the benefits of enhanced infrastructure and urban planning. “You can see the joy of the children, and they are all feeling the impact of the Renewed Hope Agenda. All the promises we made, we’ve been able to accomplish them,” Wike added. Describing the rollout as “unprecedented,” the minister praised the coordination and support from the Presidency and affirmed the FCT administration’s commitment to continued service delivery and urban transformation. “We give God Almighty the glory and thank Mr. President for all his support,” Wike concluded. As the capital braces for the historic 10-day commissioning period, residents can expect visible improvements across key sectors, reflecting the federal government’s renewed commitment to infrastructure, mobility, and quality of life in Abuja.

By [Kamal Yalwa] Global credit rating agency, Fitch Ratings, has upgraded Fidelity Bank Plc’s National Long-Term Rating to ‘A+(nga)’ from ‘A(nga)’, while affirming its Long-Term Issuer Default Rating (IDR) at ‘B’. The upgrade, announced on May 29, 2025, reflects the bank’s strengthened capital buffers, sustained earnings growth, and prudent risk management practices. According to Fitch, Fidelity Bank’s Fitch Core Capital (FCC) ratio improved to 29.9% at the end of 2024, significantly above the regulatory minimum and one of the highest in Nigeria’s banking industry. The rating agency cited the bank’s robust capital base, improved profitability, and stable deposit structure as key factors driving the upgrade. The development comes on the back of successful capital-raising initiatives by Fidelity Bank, including a rights issue and a public offer, which boosted its capital base. Fitch also noted expectations of further capital inflows ahead of the Central Bank of Nigeria’s (CBN) N500 billion minimum capital requirement deadline for international banks in 2026. Commenting on the development, Dr. Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer of Fidelity Bank Plc, said: “This upgrade by Fitch Ratings affirms the resilience of our business model, the strength of our risk management practices, and our unwavering focus on delivering sustainable value to stakeholders. Despite a challenging macroeconomic environment, we have continued to maintain strong asset quality, solid profitability, and ample liquidity.” Fidelity Bank recorded improved earnings in 2024, driven by higher net interest income and efficiency in deposit mobilization. As of year-end 2024, 93% of the bank’s total deposits were low-cost current and savings accounts (CASA), reflecting one of the strongest deposit structures in the Nigerian banking industry. Fitch also ranked Fidelity Bank as the sixth-largest bank in Nigeria by total assets, controlling approximately 5% of the industry’s asset base. The bank’s well-diversified funding profile, robust risk controls, and expanding digital banking footprint further supported the positive rating action. The rating upgrade is expected to enhance investor confidence and support the bank’s capital market activities, including efforts to expand its operations locally and across key international markets. Fidelity Bank currently serves over 9.1 million customers through 255 business offices in Nigeria and its UK subsidiary, FidBank UK Limited. The bank has earned multiple recognitions for innovation, SME support, and digital transformation, including: As regulatory and macroeconomic pressures continue to shape the Nigerian banking landscape, Fidelity Bank’s improved rating underscores its strong fundamentals, capital adequacy, and operational resilience—positioning it to capture future growth opportunities across retail, commercial, and investment banking segments.

The Federal Government has officially declared Friday, June 6, and Monday, June 9, 2025, as public holidays to mark this year’s Eid-ul-Adha celebration. The announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, who extended warm congratulations to all Muslims in Nigeria and across the world on the occasion. Dr. Tunji-Ojo called on the Muslim faithful to emulate the values of sacrifice and faith demonstrated by Prophet Ibrahim (peace be upon him). He also urged Nigerians to use the festive period to pray for peace, unity, and prosperity in the country. The minister reaffirmed the commitment of President Bola Ahmed Tinubu’s administration to reposition Nigeria on the path of sustainable growth and development through its people-focused reforms and the Renewed Hope Agenda. While wishing the Muslim Ummah a joyful Eid-ul-Adha, Dr. Tunji-Ojo appealed to all Nigerians to unite in supporting the administration’s efforts to restore Nigeria’s pride and global standing.