Emmanuel Addeh in Abuja

A dispute involving Nigerian investment firm, BONI, and Zambia’s financial authorities is raising fresh concerns about investor protection, regulatory clarity and the credibility of African capital markets, especially at a time when governments across the African continent are urging greater intra-African investment.

Checks by THISDAY showed that the controversy centres on BONI, led by global investor Michael Prest, and its failed investment in Investrust Bank Plc, a company listed on the Lusaka Securities Exchange.

Already, the case has begun to attract attention beyond Zambia, particularly within Nigeria’s investment community, especially due to the  implications it carries for market confidence and institutional reliability.

The matter has gained additional prominence following recent high-profile meetings in Lusaka between President Hakainde Hichilema and prominent Nigerian business leaders, including Aliko Dangote and Tony Elumelu. During those engagements, the Zambian government reiterated its commitment to transparency, predictability and reforms aimed at attracting foreign and regional capital.

According to details of the transaction, BONI acquired a 24.8 per cent stake in Investrust Bank Plc in 2021 through Pangea Securities, a licensed broker, and via the Lusaka Securities Exchange.

The shares were said to have been purchased in line with exchange rules and publicly available procedures, forming part of a strategy that included discussions with multilateral African finance institutions and plans to modernise the bank’s operations through a partnership with a major Asian financial technology firm.

Following the acquisition, BONI, THISDAY learnt, was informed that because Investrust Bank was a regulated financial institution, approval from the Bank of Zambia was required to formally recognise the shareholding.

Consequently, BONI submitted the necessary information and waited for regulatory clearance. However, it was gathered that was expected to be a routine process stretched into a prolonged period of uncertainty.

Over nearly three years, BONI repeatedly sought clarification on the status of its investment. During that time, it was not granted shareholder recognition or board representation. In January 2024, the Bank of Zambia formally informed BONI that it did not recognise the firm as a shareholder in Investrust Bank. Three months later, the central bank placed Investrust Bank into liquidation.

But BONI argues that while it was denied recognition as a shareholder when it sought governance rights, it effectively bore the full loss of a shareholder when the bank was liquidated, resulting in the wiping out of its investment.

While in most established exchanges, the purchase of listed shares automatically confers ownership rights, subject only to clearly defined regulatory thresholds for significant holdings, the BONI case, however, has prompted questions about whether share ownership on the Lusaka Securities Exchange is contingent on subsequent regulatory discretion rather than inherent at the point of purchase.

For instance, if investors believe that share ownership can be retroactively denied, confidence in the exchange’s role as a reliable platform for capital formation may be undermined.

Importantly, it was noted that the Bank of Zambia’s authority to vet and approve significant shareholders in regulated institutions is not in dispute, but the controversy centres on the absence of a clear resolution, including the non-refund of BONI’s investment following the refusal to recognise its shareholding.

Therefore, BONI is seeking the return of its capital and compensation estimated at about $40 million, a figure considered small compared to the potential reputational cost to Zambia’s financial markets.

Although Prest has publicly expressed respect for President Hichilema and his pro-investment agenda, describing him as a strong advocate for Zambia’s economic potential, he has also stressed that governance failures must be confronted transparently if confidence is to be maintained.

In that sense, the BONI affair has become a test case for whether institutional practices can keep pace with political commitments to reform.

The issue has resonated particularly strongly within African investment circles, where information travels quickly and perceptions shape capital flows. While Zambia continues to position itself as a regional gateway to a market of several millions of people, it is believed that unresolved disputes such as this, risk overshadowing those ambitions.

“What alarms them is the refusal, to date, of any Zambian authority — BoZ, LuSE or the Ministry of Finance — to return BONI’s funds. BONI’s claim for the return of its capital and $40 million compensation is modest compared with the reputational damage now hovering over Zambia’s markets,” one source said.

While  Zambia eagerly welcomed Dangote and Elumelu, observers say it’s curious that it did not appreciate how quickly news of BONI’s treatment would reach their peers, and how deeply it could shape perceptions of Zambia’s institutional reliability.

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The Tertiary Education Trust Fund (TETFund) has commended President Bola Tinubu for his strong funding support and the prompt approval of interventions aimed at advancing tertiary education in Nigeria.

The Executive Secretary of TETFund, Sonny Echono, spoke at the 2025 management retreat held in Yola with the theme, ‘Advancing TETFund Mandate for Efficient Service Delivery in Beneficiary Institutions.’

He said the Tinubu administration had ensured the rapid approval of funds for development projects across beneficiary institutions.

Echono disclosed that even the 2026 intervention guidelines had already received presidential approval, positioning the agency to commence implementation without delay.

“As I am speaking, even the 2026 intervention guidelines have been approved by Mr President, so we are ready to hit the ground running,” he said, adding that the retreat was convened to fine-tune strategies for effective implementation.

Also speaking at the event, the Vice-Chancellor of Modibbo Adama University (MAU), Yola, Prof. Ibrahim Umar, thanked TETFund for its sustained support to tertiary education, noting that many institutions would struggle to survive without the agency’s interventions.

Umar appealed for additional support, particularly to address internal road networks and security challenges within the university.

Similarly, the Provost of the Federal College of Education (FCE), Yola, Prof. Mohammed Dagereji, said tertiary institutions would perform better with increased infrastructural support, especially in the areas of power supply and Internet connectivity.

A major highlight of the retreat was the inauguration of several TETFund-sponsored projects at the MAU main campus by the Executive Secretary.

The projects included the main building of the College of Medical Sciences, Lecture Theatre I, laboratories and animal houses, a library, a veterinary clinic, and the main building of the Faculty of Law.

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By Henry Umoru & Gift Chapi Odekina, Abuja

President Bola Tinubu on Friday presented the N58.18 trillion 2026 budget to a joint session of the National Assembly.

He also declared that all armed groups operating outside state authority would henceforth be treated as terrorists, as he vowed tougher security action, stricter budget discipline and deeper economic reforms.

Tagged the “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, the proposal seeks to lock in recent macroeconomic gains, restore investor confidence and translate recovery into jobs and improved living standards for Nigerians.

Tinubu, who began his speech at 3.31pm and was still reading as of 4.02pm, said, “I appear before this Joint Session of the National Assembly, in fulfilment of my constitutional duty, to present the 2026 Appropriation Bill.” Tinubu described the moment as “defining” in Nigeria’s reform journey. He acknowledged the pains of reforms over the last two and a half years but assured citizens that “their sacrifices are not in vain.”

Economy stabilising

The President said Nigeria’s economy was showing clear signs of stabilisation, citing 3.98 per cent GDP growth in Q3 2025, moderation in inflation for eight consecutive months to 14.45 per cent in November 2025, improved oil production, stronger non-oil revenues and rising investor confidence.

External reserves, he disclosed, climbed to a seven-year high of about $47 billion as of mid-November 2025, providing over 10 months of import cover.

“These outcomes are not accidental. They reflect difficult but deliberate policy choices,” Tinubu said, adding that the task ahead was to ensure that “stability becomes prosperity, and prosperity becomes shared prosperity.”

2026 fiscal framework

Under the proposal, total revenue is projected at ₦34.33 trillion, while total expenditure stands at ₦58.18 trillion, including ₦15.52 trillion for debt servicing. Recurrent (non-debt) spending is put at ₦15.25 trillion, while capital expenditure totals ₦26.08 trillion. The budget deficit of ₦23.85 trillion represents 4.28 per cent of GDP.

The assumptions underpinning the budget include a crude oil benchmark of $64.85 per barrel, production of 1.84 million barrels per day, and an exchange rate of ₦1,400/$.

“These numbers are not just accounting lines. They are a statement of national priorities,” Tinubu said, stressing commitments to fiscal sustainability, debt transparency and value-for-money spending.

Security gets ₦5.41trn.

Security tops sectoral allocations with ₦5.41 trillion, followed by infrastructure (₦3.56 trillion), education (₦3.52 trillion) and health (₦2.48 trillion).

Unveiling a sweeping security doctrine, Tinubu said Nigeria was resetting its national security architecture with a unified counter-terrorism approach. “Henceforth, any armed group or gun-wielding non-state actors operating outside state authority will be regarded as terrorists,” he declared.

He listed bandits, militias, armed gangs, kidnappers, violent cult groups, forest-based armed collectives and foreign-linked mercenaries, warning that financiers, ransom facilitators, arms suppliers, political protectors and even community or religious leaders who aid violence would also be designated terrorists.

Discipline, revenue reforms

On budget execution, Tinubu admitted that 2025 implementation faced transition challenges, noting that as of Q3 2025, ₦18.6 trillion in revenue (61% of target) and ₦24.66 trillion in expenditure (60% of target) had been recorded. Only ₦3.10 trillion, about 17.7 per cent of the 2025 capital budget, had been released by Q3.

He pledged stricter discipline in 2026, directing the finance and budget authorities to implement the budget “strictly in line with appropriated details and timelines.” Heads of Government-Owned Enterprises (GOEs) were ordered to meet revenue targets, backed by end-to-end digitisation to seal leakages.

“Nigeria can no longer afford inefficiencies or underperformance in strategic agencies. Every institution must play its part,” he warned.

Education, health, agriculture

Tinubu said investments in human capital would be deepened, revealing that over 418,000 students have benefitted from the Nigerian Education Loan Fund in partnership with 229 tertiary institutions. Health spending, he added, represents six per cent of the total budget, excluding liabilities, with over $500 million in prospective U.S. grant funding for targeted health interventions.

On food security, he said agriculture would be prioritised through mechanisation, irrigation, climate-resilient farming, storage and agro-value chains to curb post-harvest losses and boost smallholder incomes.

A budget to deliver

“The greatest budget is not the one we announce. It is the one we deliver,” Tinubu said, outlining commitments to better revenue mobilisation, smarter spending and stronger accountability.

Laying the bill before lawmakers, he said the 2026 budgetbenefited “belongs to all of us”, expressing confidence that cooperation between the executive and legislature would deliver the Renewed Hope Agenda.

“It is with great pleasure that I lay before this distinguished Joint Session of the National Assembly the 2026 Appropriation Bill of the Federal Republic of Nigeria,” Tinubu concluded. “May God bless the Federal Republic of Nigeria.”

Details later…

The post Breaking: Tinubu presents N58 trn 2026 budget appeared first on Vanguard News.

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Police in Sokoto State have arrested an alleged leader of the notorious cult group known as the ‘Sai Mallam’ group and a suspected serial rapist accused of abusing dozens of young girls.

Briefing journalists on Friday, the Commissioner of Police, CP Ahmed Musa, said the arrests were part of ongoing operations to restore peace and dismantle organised criminal groups terrorising communities across the state.

The CP said the Sai Mallam group has, in recent months, generated widespread fear in several parts of Sokoto through alleged fraud, intimidation, and fetish practices.

In November 2025, the police announced the arrest of three suspects in connection with the Sai Mallam gang in the state.

Acting on credible intelligence, police operatives arrested the group’s alleged leader and chief priest, Mohammed Mukhtar, popularly known as Sai Mallam.

A search of his residence, which reportedly also served as a shrine, led to the recovery of fetish materials, banners bearing the group’s name, and other items allegedly used to hypnotise victims.

CP Musa said his arrest marks a significant breakthrough in our efforts to dismantle this dangerous group completely.
He added that investigations were ongoing to track down other members.

The CP expressed concern that most members of the cult were youths aged between 19 and 30, describing the trend as disturbing.

In a separate operation, the command also confirmed the arrest of a suspected serial rapist, Annas Sani, of the Gidan Igwai area of Sokoto, over allegations of conspiracy, abduction, impersonation, and rape.

Police said the suspect was arrested on December 9, 2025, following a report involving the abduction and sexual assault of two teenage girls aged 17 and 18.

During interrogation, the police said the suspect confessed to committing these crimes with the assistance of three accomplices who are currently at large.

The suspects allegedly operated under the guise of an organisation known as the Sokoto State Masterpiece Brigade, using it to lure unsuspecting girls to an office near Gidan Igwai, where victims were intimidated and abused.
Police said at least 28 victims have so far been identified, adding that some of the affected girls were traumatised and fled their homes out of fear.

Items recovered during the operation include a camouflage-style uniform allegedly used to intimidate victims and an identification card bearing the suspect’s name.

The Police assured residents that efforts were ongoing to arrest the remaining suspects and urged members of the public to provide useful information.

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The Police Service Commission (PSC) has approved the elevation of some senior officers of the Nigeria Police Force to various higher ranks.

Their elevations, according to a statement issued by the Head, Protocol and Public Affairs, Torty Enjoy Kalu, followed vigorous written examinations and oral interviews concluded on Wednesday, December 17, 2025 at their corporate headquarters in Jabi, Abuja, which was presided over by the Chairman of the Commission, DIG Hashimu Salihu Argungu (Rtd) mni.

Among the Commissioners of Police promoted to the rank of Assistant Inspector General of Police (AIG) are CP Agene Emmanuel FCID, Kaduna, Ihebom Chukwuma , CP, Force Criminal Investigation Department, Abuja , and five others.

In his remarks to the newly promoted officers, the Chairman of the Commission, DIG Argungu congratulated and urged them to brace up to their new responsibilities with greater commitment to the service of the nation.

AIG Argungu emphasised that promotion comes with higher expectations and urged beneficiaries to rededicate themselves to effective policing, protection of lives and prosperity, and maintenance of law and order.

He reiterated the commissions resolve to ensure regular, merit-based promotion and in line with best practices.

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A leading People’s Democratic Party (PDP) governorship aspirant in Oyo State, Ambassador Olufemi Ajadi Oguntoyinbo, on Thursday, December 18, 2025, took his 2027 ambition to the heart of Ibadan politics as he attended a stakeholders’ meeting of party leaders, Local Government Executives, and Ward Chairmen.

After the meeting held at the Ibadan North East PDP Secretariat, Ajadi proceeded to the Local Government General Meeting, where he received a rousing welcome from thousands of party faithful.

Addressing party leaders and members, Ajadi said his visit was part of his ongoing consultation across the state, stressing that his ambition is anchored on continuity and deepening the developmental strides of Governor Seyi Makinde’s administration.

“I have come to formally introduce myself to our leaders, ward executives, local government executives and the general members of the PDP in Ibadan North East,” Ajadi said.

“My governorship ambition is to succeed His Excellency, Governor Seyi Makinde, and to consolidate on his record of good governance.”

The aspirant described his engagement with party structures as a fulfilment of his personal commitment to remain accessible to party members even before assuming any public office.

“I made a promise to myself that before becoming governor, I would always be present with the leaders and members of my party. This visit is part of that promise I made,” he stated.

Ajadi specifically appealed to women and youths to rally behind his aspiration, while calling on party men to remain politically mobilised to sustain the developmental momentum in the state.

“I plead with our women to support me wholeheartedly, and I urge our men to remain politically agile behind this project. Together, we will continue the development Governor Makinde has brought to Oyo State,” he said.

Drawing a direct link between his vision and the Makinde administration, Ajadi declared himself the next phase of the state’s development journey.

“Governor Seyi Makinde delivered Omituntun 1.0 and is successfully implementing Omituntun 2.0. I stand before you today as Omituntun 3.0, and I ask for your support to move Oyo State forward,” he added.

Responding to questions raised by the PDP Local Government Chairman, Alhaji Isiaka Fatokun Abuye, regarding the ongoing empowerment registration by the Ajadi Movement, the aspirant confirmed the initiative, explaining that it was designed to properly identify beneficiaries.

“Yes, the empowerment registration is genuine. I directed the Ajadi Movement to carry out the registration so that we can have accurate records of those to be empowered,” Ajadi explained.

He further announced plans to support education and party infrastructure, revealing that scholarships would commence for secondary school students from January, while pledging to provide solar power for the Ibadan North East PDP Secretariat.

“I have promised that secondary school students will benefit from scholarships starting January, and I will also provide solar system to power the Ibadan North East PDP Secretariat for,” he said.

In his response, Alhaji Abuye acknowledged earlier concerns about the empowerment registration process but expressed satisfaction after engaging directly with Ajadi.

“I had earlier cautioned members of the Ajadi Movement for registering people without informing the party leadership. But now that I have seen and interacted with the man behind the movement, I am convinced the initiative is genuine,” Abuye said.

The PDP chairman noted that Ajadi was the first governorship aspirant to personally visit party leaders in Ibadan North East, contrasting him with others who merely announce ambitions online.

“Some aspirants are governors on Facebook, but Ambassador Ajadi is on the ground, moving from one local government to another, meeting leaders and members face to face,” he said.

Abuye added that although party leaders are politically experienced, ultimate success rests with divine intervention.

“With God’s intervention, I believe Ajadi will secure the ticket. He should continue with his good deeds,” he added.

Speaking at the meeting, Alausa Dauda, Chairman of Ward 4, described Ibadan North East as the strongest PDP stronghold in the state and expressed confidence in Ajadi’s leadership qualities.

“Ajadi has the capacity and charisma to succeed Governor Makinde. Ibadan North East has never been won by any other party except PDP, as even late Governor Abiola Ajimobi once acknowledged,” Dauda said.

Similarly, Wasiu Tijani, Chairman of Ward 12, emphasised the importance of voter participation and urged Ajadi to assist elderly party members in obtaining their Permanent Voter Cards (PVCs) when INEC reopens its portal.

Former two-term Woman Leader of the local government, Alhaja Nike, offered prayers for Ajadi, describing his consultation style as evidence of readiness for leadership.

“May Almighty God guide and protect him. His approach shows he is worthy of becoming the next governor,” she prayed.

Also speaking, Hon. Mumin Yekin, Treasurer of the Ibadan North East PDP, advised Ajadi to deepen engagement with party executives at ward, local government and state levels to strengthen internal cohesion.

The visit marked another milestone in Ajadi’s statewide consultations as he continues to build grassroots support ahead of the 2027 Oyo State governorship race.

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The Enugu State Government has debunked a fake report, which claimed that the National Boundary Commission, NBC, had ceded Ette, a border community in Igbo-Eze North Local Government Area to Kogi State.

In a statement issued by the Secretary, Enugu State Boundary Committee, Dr. Solomon Ejim, on Friday, the state government assured the people of Ette as well as Igbo-Eze North LGA and Enugu State in general that the NBC was yet to publish any report or decision on the protracted interstate land dispute.

The statement read, “The attention of the Enugu State Government has been drawn to a fake and misleading online report claiming that the National Boundary Commission (NBC) has made a decision on the age-long interstate boundary dispute between Enugu State and Kogi State to the effect that Ette community in Igbo-Eze North Local Government Area of Enugu State has been administratively ceded to Kogi State.

“The Enugu State Government wishes to state categorically that the report is fake. The Director-General of NBC has also been contacted by the government and he vehemently debunked and disowned the report as outrightly false and not emanating from the Commission.

Therefore, the people of Igbo-Eze North LGA and Enugu State in general are by this press statement enjoined to ignore the fake news, which is a clear handiwork of mischief makers. They are further enjoined not to entertain any form of anxiety, but go about their normal businesses, as no such resolution has been reached by the Commission in respect of the Enugu State–Kogi State.”

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The Sokoto State Police Command has arrested a suspected serial rapist, Annas Sani, over multiple cases of abduction, impersonation and sexual assault involving teenage girls.

Briefing journalists on Friday, the Commissioner of Police, Ahmed Musa, said the suspect, a resident of Gidan Igwai area of Sokoto, was arrested on December 9, 2025, following reports of the abduction and rape of two girls aged 17 and 18.

Police investigations revealed that the suspect allegedly operated with a network of accomplices, using deception and intimidation to target young girls.

According to the commissioner, Annas Sani confessed during interrogation that he carried out the crimes with the assistance of three accomplices, identified as Mohammed, Adam Nura, also known as Willy, and Mubarak Yusuf, who are currently at large.

The police said the suspects allegedly posed as members of an organisation known as the Sokoto State Masterpiece Brigade to lure victims to an office near Gidan Igwai, where the girls were reportedly threatened, restrained and sexually abused.

At least 28 victims have so far been identified, with some fleeing their homes out of fear, making it difficult for families to report the incidents promptly.

Items recovered from the suspect include a camouflage-style uniform and an identification card bearing his name, which police said was used to impersonate an authority figure.

The commissioner said investigations were ongoing and efforts had been intensified to arrest the remaining suspects, urging members of the public to provide information that could assist in tracking them down.

He added that the arrest was part of ongoing efforts to dismantle criminal networks operating across the state.

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A High Court in Edo State has granted bail to activist, Harrison Gwamnishu.

Naija News recalls that Harrison has been in police detention in Edo state, following allegations that he stole a portion of the crowdfunded ransom money of a young couple abducted in Edo state.

The dispute centers on the ransom raised to secure the release of Mr. and Mrs. Segiru, who were abducted from their residence in Aviele community near Auchi on November 22, 2025.

Abdulganiyu Oseni, the elder brother of the kidnapped wife, took to his X handle to accuse Harrison Gwamnishu, who had offered to mediate through his Safe City Volunteer Foundation, of diverting the money for personal use.

Oseni claimed that the family raised ₦20 million plus an additional ₦50,000 as ransom to secure the release of the couple.

Oseni explicitly called Gwamnishu a “thief” who “stole from the ransom my family laboured for over 10 days to raise.”

The family claims Gwamnishu admitted and remitted only ₦5.4 million to the Auchi Area Police Command before allegedly fleeing the area.

Oseni insisted that Gwamnishu risked the couple’s lives, as he was aware the kidnappers would count the money and that the diversion led to the release of only the wife.

In a latest development, an aide to the Delta state governor, Ossai Success Ovie, in a Facebook post on Friday, said an Edo court has now granted Harrison bail.

He wrote, “Harrison Gwamnishu has been granted bail at the High Court of Justice in Edo State. Very Dark Man and others are now disappointed. Their plans failed woefully. I am disappointed in them all. Glory be to Jesus.”

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• Rev. Ezekiel Dachomo, Plateau State regional chairman of the Church of Christ in Nations (COCIN), has alleged that terrorists placed a bounty on his head due to his outspoken condemnation of attacks on Christians.
• He claims to face daily threats and systemic discrimination against his family, including alleged blacklisting of his children from university admissions in Northern Nigeria.
• Despite lacking personal security, the cleric says he has documented evidence and remains resolute in continuing his advocacy.

Rev. Ezekiel Dachomo, the regional chairman of the Church of Christ in Nations (COCIN) in Plateau State, has raised an alarm over a bounty placed on his head by terrorists.

In a recent interview with Lucky Udu, the cleric revealed that his vocal stance against the massacre of Christians has made him a primary target.

Despite the imminent threat, he remains defiant, stating: “They have put a bounty on my head. They said anyone that kills me first will be rewarded. I’m not afraid of death. I walk past the territory of Muslims and they usually point at me.”

Beyond the physical threats, Rev. Dachomo alleged that his family is facing systemic discrimination.

He claimed his children are being blacklisted from university admissions in the North due to his reputation. “If my children look for admission in the university, when they see the name Ezekiel Dachomo, they will remove it,” he added.

The outspoken cleric, who previously gained international attention by calling on figures like Donald Trump to intervene in what he describes as a Christian genocide, insists he has documented evidence to support his claims. Even without personal security, he maintains his mission, refusing to be silenced by the bounty or the alleged victimization of his children.

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