Category: Local

President Bola Tinubu has approved the long-awaited operational launch of the Regional Maritime Development Bank (RMDB), with Mr. Adeniran Aderogba appointed as its pioneer President and CEO. The Minister of Marine and Blue Economy, Adegboyega Oyetola, made the announcement on Thursday, describing the development as a historic breakthrough for West and Central Africa after a 16-year delay. The RMDB, originally conceived in 2009 by member states of the Maritime Organisation of West and Central Africa (MOWCA), is expected to fund key infrastructure and logistics projects across the sub-region. Oyetola praised President Tinubu’s decisive leadership in breaking the deadlock, noting that the bank’s takeoff aligns with the administration’s Renewed Hope Agenda. The RMDB will provide long-term funding solutions for projects including port development, fleet expansion, shipping logistics, and intermodal transport systems. “This is a moment of great significance for Nigeria and the entire sub-region,” Oyetola said, adding that the bank will boost regional integration and economic cooperation. Mr. Aderogba, who brings over three decades of experience in maritime finance and investment, previously held leadership roles at NIMASA, First Atlantic Bank, and MBC International Bank. He is also the founder of CLG Securities Limited and has led over $5 billion in structured finance transactions. A Fellow of ICAN and an alumnus of the University of Lagos, Aderogba’s appointment is seen as pivotal in steering the RMDB towards impactful delivery in the maritime sector.

BENIN CITY, MAY 22, 2025 — Governor Monday Okpebholo of Edo State has raised alarm over the severe economic impact of cultism and related violence, revealing that the state loses over $1 billion in potential investments annually due to insecurity. Speaking in Benin City on Wednesday, the governor decried the spate of cult-related killings and disruptions, warning that the violence is deterring investors, hampering tourism, and damaging the state’s economy. “Cultism has not only led to tragic loss of lives and property, but it has also discouraged much-needed investments and tourism, thereby slowing down economic growth,” Governor Okpebholo stated. Citing data from the Diaspora Commission, he noted that while Edo tops the list of states receiving the highest remittances from the diaspora, “95% of the repatriated funds end up in other states due to security fears. Our people are afraid to come home to invest.” He said cult-related violence over the past five years has resulted in a loss of disposable income, business closures, and a decline in tourism — all of which have undermined the state’s business environment. According to a statement by his spokesman, Fred Itua, the governor emphasized that critical infrastructure and commercial hubs have also suffered, with some enterprises forced to suspend or cease operations altogether. Governor Okpebholo, however, expressed optimism, noting that the state’s ongoing crackdown on cultism is showing results. “We have declared total war on cult-related activities and are seeing more stakeholders step up to support this cause,” he said. “Edo State has immense economic potential. We will not allow violence and cultism to define our future. The government is restoring peace, attracting investments, and repositioning our economy for sustainable growth.” He called on Edo indigenes, both at home and abroad, to support the state’s development by investing locally and working with the government to eradicate cultism and insecurity.

OSOGBO, MAY 22, 2025 — Three senators representing Osun State — Kamarudeen Oyewumi (Osun West), Olubiyi Ajagunla (Osun Central), and Francis Fadahunsi (Osun East) — have jointly declared their full support for President Bola Tinubu, praising his administration’s performance in economic reforms, infrastructure, and security. In a statement released on Wednesday, the lawmakers described President Tinubu’s leadership as “visionary and progressive,” citing what they claim are visible improvements in national security and food affordability. “There is no internal dissent; we stand as one,” they stated, affirming the Osun PDP Senators’ Caucus’ united backing of the President. However, their declaration was met with caution from the Osun State chapter of the Peoples Democratic Party (PDP). In a swift reaction, the party clarified that any formal political stance—particularly concerning the 2027 general elections—would be determined by Governor Ademola Adeleke. Speaking to the press, Osun PDP Director of Media, Oladele Bamiji, acknowledged the senators’ individual positions but emphasized that the party’s collective direction remains under the purview of Governor Adeleke. “The governor is the leader of the party in the state, and the party will defer to his guidance,” he said. Bamiji added that while the senators operate from Abuja and are entitled to personal decisions, any political alignment regarding Tinubu would ultimately reflect the consensus of the state PDP leadership and stakeholders. “Whatever decisions they have taken is subject to the general resolve of the party under whose umbrella they became Senators,” he noted. The development underscores internal political dynamics within the Osun PDP as the party navigates early maneuverings ahead of the 2027 elections.

Days after being declared missing, the body of 26-year-old Lagos banker Osemudiamen Idemudia was discovered in a morgue in the Yaba area of the state, with signs of a violent death. Idemudia, who worked in the Point-of-Sale department of a commercial bank in the Ikota area, was last seen on May 9 near CMS on Lagos Island after leaving work for a scheduled meeting at the bank’s headquarters. A family member, Segun, confirmed to PUNCH Metro that the body was found on Sunday during a desperate search across hospitals and mortuaries. According to him, the banker’s corpse bore deep machete cuts on the head, face, and legs, raising suspicions of foul play. “He was murdered,” Segun said grimly. He also stated that morgue staff claimed the police brought in the body but were unable to provide any information on the officers or the location of the recovery. The victim’s father, Julius, recounted that his son had planned to attend a meeting with a senior bank official at CMS but the appointment was cancelled. After parting ways with a colleague, Osemudiamen was never heard from again. The family became alarmed when he failed to return home, eventually filing a missing person report at Igando Police Station, near his residence in the Akesan area. The family has since buried Idemudia’s remains on Tuesday. Attempts to reach the Lagos State Police Public Relations Officer, Benjamin Hundeyin, were unsuccessful at the time of reporting, as calls and messages went unanswered. The circumstances surrounding Idemudia’s death remain unclear as the family seeks answers and justice.

The recent proposal by the National Assembly to mandate compulsory voting in Nigeria is not only tone-deaf but dangerously misguided. While high voter turnout is a noble goal in any democracy, attempting to achieve it through coercion rather than trust undermines the very essence of democratic freedom. Instead of punishing citizens for voter apathy, lawmakers should be asking why Nigerians are disengaging from the political process. The answer is simple: decades of broken promises, failed leadership, and rampant corruption have eroded public trust. Nigerians are not refusing to vote because they are unpatriotic—they are refusing because they are tired of being lied to. Voting is a right, not an obligation. And that right includes the freedom not to vote—especially when abstention becomes a powerful act of protest against a political system that consistently fails its people. If the National Assembly is truly committed to rescuing Nigeria’s democracy, it should start by holding elected officials accountable. Instead of proposing a law that criminalizes citizens for staying away from the ballot box, lawmakers should be pushing a bill that jails politicians who willfully abandon their campaign promises. A politician’s manifesto is not a poetic suggestion—it is a binding social contract. When candidates promise jobs, security, infrastructure, and reforms, they are making commitments that must have consequences when deliberately unfulfilled. Introducing legal penalties for serially broken promises would do more to inspire voter participation than any form of mandatory voting ever could. Imagine a Nigeria where public office comes with measurable expectations and enforceable accountability. Where politicians knew that failure to deliver—not due to unforeseen challenges, but due to neglect or deceit—could land them in prison. Such a reform would restore integrity to our elections and separate true public servants from political opportunists. More importantly, it would reignite faith in the system. Citizens are far more likely to vote when they believe their participation leads to real change. Hope, not compulsion, is the foundation of democratic engagement. If Nigerians knew that their votes would lead to real consequences for leaders, apathy would fade—not by force, but by renewed belief in the power of the ballot. Compulsory voting, on the other hand, addresses none of these root causes. It treats the symptom while ignoring the disease. It is a distraction from the real crisis of leadership and accountability. It is not the Nigerian voter who is failing democracy—it is the political class that campaigns on transformation and delivers excuses. Until this trend is reversed, no amount of forced participation will restore legitimacy to our electoral process. Let us stop punishing victims of bad governance, and instead punish those who exploit public trust for personal gain. Let us use our legislative energy not to force votes, but to build a system where votes truly count—and where broken promises come at a cost. Only then will we begin to rebuild the kind of democracy Nigerians not only need—but deserve.

LAGOS, NIGERIA — A construction worker has been confirmed dead following the collapse of a one-storey building under construction at 96 Ishaga Road, opposite Idi Araba Central Mosque, in the Mushin area of Lagos State. The tragic incident occurred around 3:30 p.m. on Sunday, prompting a swift emergency response. The Lagos Territorial Coordinator of the National Emergency Management Agency (NEMA), Ibrahim Farinloye, confirmed the fatality and noted that three other individuals were rescued alive from the debris. “So far, one person has been confirmed dead, while three others have been rescued alive. Search and rescue operations are ongoing,” Farinloye said in a statement. Spokesperson for the Lagos State Fire and Rescue Service, Shakiru Amodu, also confirmed the casualty. “Unfortunately, one adult male has been recovered dead,” he stated. Director of the fire service, Margaret Adeseye, clarified that the building was still under construction when it suddenly collapsed. She reported that three adult males were pulled from the rubble with varying degrees of injury and were receiving treatment. According to Adeseye, emergency responders included personnel from the Isolo Fire Station, Lagos State Emergency Management Agency (LASEMA), Lagos State Neighbourhood Safety Corps, Lagos State Ambulance Service (LASAMBUS), and the Nigeria Police. “The rescued victims were attended to at the scene and later transported to the hospital for further medical attention,” she added. Authorities are continuing investigations to determine the cause of the structural failure. 🔗Kamal Yalwa

The Federal Government has announced that 33 states and the Federal Capital Territory (FCT) have significantly reduced their domestic debt profiles, repaying a combined total of N1.85 trillion between June 2023 and December 2024. This was revealed in the May 16, 2025 edition of The Explainer, a weekly publication of the National Orientation Agency (NOA), which detailed the nation’s debt reduction progress. According to the report, the 36 states and the FCT had a domestic debt stock of N1.66 trillion in December 2014, rising to N5 trillion by June 2023. However, aggressive fiscal reforms under the Tinubu administration, particularly the removal of fuel subsidy and naira floatation, helped unlock increased revenue flows to the states. The publication noted that state and local governments shared N6.16 trillion in FAAC allocations in 2023—a 28.6% increase from the N4.79 trillion received in 2022. In 2024, allocations soared further to N9.58 trillion, enabling record debt repayments. Top-performing states in debt reduction include: However, Niger, Enugu, and Rivers States were the only ones that increased their debt burden during the period. Rivers topped this list, adding N138.89 billion in new domestic debt. The Federal Government also made strides in reducing external debt, paying off its entire $3.264 billion obligation to the International Monetary Fund (IMF) within 18 months. By Q2 2025, the outstanding balance of $800.23 million—as of December 2024—was cleared, marking the full repayment. Other federal debt repayments include: In total, domestic debt servicing reached N8.81 trillion over the 18-month period. As a result, Nigeria’s total public debt stock dropped from $113.42 billion in June 2023 to $94.22 billion by December 2024. The NOA praised the Tinubu administration’s fiscal discipline and transparency in public finance management, describing the developments as a “landmark turnaround” in Nigeria’s debt sustainability trajectory.