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The Messy Scandal Sheet of City Lawyer, Boardroom Guru and Business Mogul, TUNDE AYENI
-How he got enmeshed in serial multi-billion Naira mess.The truth about the former Skye Bank Chairman’s N150b fraud!
.How he milked Skye Bank dry!
+How his lawyers are fighting hard with their legalese for his release
Undisputedly astute businessman but now viciously embattled Tunde Ayeni, is a lawyer, investor and astute business magnate who sits atop the boards of a handful of successful and multinational companies in Nigeria and abroad as the Chairman. Little wonder, in the year 2011, mercurial and very business-minded Ayeni, was elected the Chairman of Skye Bank,[which was formed in 2005, when five commercial banks including Tunde Ayeni’s-owned and now moribund Bond Bank, merged to create a new entity with a balance sheet in excess of ₦1 trillion. Additionally, Ayeni was also the Vice Chairman of Aso Savings & Loans after emerging the majority shareholder in 2007. He also co-founded Ocean Marinse Security (OMS), a company that provides logistical support to the Nigerian Navy. Out of his deep knack for business, Tunde Ayeni became the Vice Chairman of Integrated Energy Distribution and Marketing Ltd (IEDM) in 2013, where he led a successful bid to take control of the Ibadan and Yola Electricity Distribution Companies. This marked the first privatization of a national energy asset in Nigerian history. He is also chairman of JKK (Nigeria) Plc and Temple Resources Ltd, and sits on the boards of PPP Fluid Mechanics Limited and Hightech Procurement Limited. On July 2016, Tunde Ayeni’s many dirty financial deals were exposed. It became a veritable and ugly news item for many, as the hitherto prudent businessman was exposed and tagged a controversial personality who can no more be trusted with people’s monies. Tunde Ayeni, who had his fingers burnt when the Economic and Financial Crimes Commission arrested and detained him for alleged financial fraud running into N8 billion which he allegedly committed as the Chairman of Skye Bank now Polaris Bank. Immediately men of the EFCC got hold of Ayeni and remanded him in their custody, several allegations were rolled out against this Iyah-Gbede, Ijumu, Kogi State-born boardroom guru, Tunde Ayeni. These ranged from his free-spending and massive attitudes at parties and events, to lavishing huge amount of money on frivolities like fleet of automobiles of different makes and brands, flamboyantly spending and using his position as a bank Chairman to grant loans for close family members, cronies, friends and aides which later resulted into un-serviced loans and many other financial misappropriations. We also gathered that other companies chaired by Tunde Ayeni were not left out of this financial turmoil and flagrant abuse of office by Ayeni. The companies were also reported to have felt the heat then. For example, his then fledgling ntel, a telecoms outfit, could not meet up with the information and communication needs of Nigerians, due to scarcity of funds for its smooth take-off and rewarding operations. But the worst hit by Tunde Ayeni’s financial carelessness, recklessness and ruthlessness, was the Skye Bank. Realizing how dangerous Ayeni’s financial modus operandi could be to the well-being of the bank, the EFCC stepped briskly into the issue and pronto, Ayeni was whisked away by the anti-graft agency. Furthermore, the EFCC later filed very damning charges against Tunde Ayeni before a Federal High Court in Maitama, Abuja in the Federal Capital Territory. Ayeni was variously charged by the EFCC for mismanaging the funds of Skye Bank which thereafter, ultimately led to its collapse. Back then, the Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation, Alhaji Umaru Ibrahim, had disclosed that Ayeni and a former Skye Bank Managing Director, Timothy Oguntayo, are being investigated for their shady roles in the financial fraud that rocked the bank. While Tunde Ayeni’s investigations and cross-examinations were on-going, the Central Bank of Nigeria, NDIC and AMCON revoked the operating license of Skye Bank. This was due to the bank’s financial instability, thus necessitating the regulators to rename it Polaris Bank with a capital injection of about $2bn. 51-year-old Ayeni chaired the board of Skye Bank between the years 2010 to 2016 before his removal by the Central Bank of Nigeria (CBN). Moreover, Ayeni was also investigated for illegally injecting a whopping N3 billion (three billion naira) into the re-election campaign of former President Goodluck Jonathan. Controversial Tunde Ayeni was also accused to have used his position to obtain loans to purchase ntel, take up power distribution with the establishment of Ibadan Electricity Distribution Company and Yola Electricity Distribution Company. All these allegations were all put up against Tunde Ayeni at the Court of Law then and the Kogi-born businessman found himself in huge financial quagmire. The then AMCON Managing Director, Ahmed Kuru was said to have included Tunde Ayeni as one of the debtors of a whopping N906 billion naira. When Skye Bank was founded in 2005, the financial institution has been serially plundered by its key management figures. However, the coming on board of former Inspector General of Police, Musiliu Smith as the bank’s chairman brought a new dimension into the operation of the bank affording the financial institution to be able to plod along impressively keeping its nose as clean as whistle. But, like a twist of fate, the successor to Musiliu Smith, Tunde Ayeni a parvenu oil and gas magnate as the Chairman of the bank ushered in an era of derring-do, dodgy financial gymnastics and kamikaze deposit plundering. In a letter written then to the Acting President the new Central Bank of Nigeria- appointed Board the bank has alleged that Ayeni was indebted to the bank by a staggering and largely unrecoverable N150 billion.
In a letter written to the then Acting President the Central Bank of Nigeria- appointed Board the bank alleged that Ayeni was indebted to the bank by a staggering and largely unrecoverable N150 billion. If any Nigerian bank in contemporary times had ever been thoroughly ravaged and assaulted by its board Skye takes the lead. Two of the larger banks in the 2005 merger were EIB bank and Prudent bank run by Sola Akinfemiwa. The Central Bank of Nigeria-inspired banking sector consolidation of the time afforded these bank executives to consolidate their interests in a bigger, and what they hoped to be a more stable institution.
The consolidated banks were Prudent Bank Plc, EIB International Plc, Bond Bank Limited, Reliance Bank Limited and Co-operative Bank Plc. Ironically, Ayeni was instrumental to the evolution of the bank, as he was said to have used various bank loans to buy Mainstreet Bank for N135 billion from AMCON and merged it with Skye Bank to form a bigger franchise.
Ayeni, a constant, but highly influential figure in former President Goodluck Jonathan’s government, had spiritedly leveraged on his closeness to Jonathan, the now late former governor of Bayelsa State Deprieye Alamaesiagha and Diezane Alison-Madueke, former petroleum minister to make significant economic gains for himself through ruthless takeovers and deals, either as a proxy for the alleged triumvirate or as the main deal maker.For instance, he allegedly purchased Nitel/Mtel at $252 million, a cost well below the actual value of the moribund parastatal. According to reports, he owns the consortium that bought over Ibadan Electricity Distribution Company as well as the Yola Distribution Company, at also prices well below their intrinsic valuation. In 2012, he became the chairman of Skye Bank and significantly leveraged on his position on the board to pillage the bank to fund a bohemian lifestyle, often using the bank’s funds to make oil sector investments with uncertain prospects; a situation which a source that preferred not to be mentioned in print confided had depleted the Bank’s general reserves by a whopping N48bn. Little wonder his speculated N3 billion donation to the President Goodluck Jonathan reelection campaign caused so much anxiety among Skye Bank customers who, for fear of safety of their savings, went on panic withdrawals when the news broke.
Recently, the Management of Skye Bank Plc has reportedly written to Acting President Yemi Osinbajo, detailing how Tunde Ayeni, Chairman of the bank between 2010 and 2016, wrecked havoc on the institution. In a deluge of letters and documents, the Management listed details of how Ayeni allegedly used his office to perpetrate illegality and fraud that nearly brought the bank to its knees. The apex bank had watched the Skye Bank saga with bated breath, but after several warnings, the Central Bank of Nigeria (CBN) took over Skye Bank on July 4, 2016. Godwin Emefiele, governor of CBN, said at the time that the action followed the failure of the lender to meet the regulator’s minimum key liquidity and capital adequacy ratios.
Ayeni had resigned following the development, and CBN announced the appointment of Muhammad Ahmad as the new chairman, while Adetokunbo Abiru took over from Timothy Oguntayo as group managing director (GMD.) In a letter signed by Abiru and Ahmad, the bank presented in graphic details how Ayeni allegedly used loans from the bank to acquire major government companies. The letter was unsparing of the debauchery committed at the bank under Ayeni’s controversial chairmanship. “Upon the assumption of duty by the new board, one of the immediate concerns that needed to be addressed was to ascertain the true state of the affairs and financial position of the bank and the credibility of the IT and information systems of the bank,” the letter read. To this end, the following were undertaken: engagement of PWC does to half-year audit as of June 30, 2016. This was later extended to cover the full year to December 31, 2016.
“The engagement of KPMG to do a forensic audit of the bank’s IT platform and management information systems; and The forensic audit revealed that the bank operated two sets of financial books and this was responsible for the regulators/auditors inability to detect the massive losses and infractions, particularly the balance of N280bn in suspense accounts. The bank’s total exposure to Ayeni as of the date is about N70bn. It is clear that he used his position as the chairman of the bank to obtain inside loans well above the regulatory thresholds for the acquisition of the following government enterprises: Ibadan Electricity Distribution Company, Yola Ibadan Electricity Distribution Company and Nitel/Mtel. All the facilities are presently seriously challenged. As of today, Ayeni’s total industry indebtedness, covering both Nitel and the Electricity Distribution Companies (Discos) is estimated at about N150bn, and little, if any, of these obligations are being adequately serviced, it is doubtful that he will ever be in a position to service these loans satisfactorily.” The expository letter also hinted at another N33billion traced to Ayeni, with strong suspicion that out of this amount, N7 billion was spent on the re-election campaign of former President Goodluck Jonathan.
The sum of N7bn was disbursed without due process to various individuals and corporate organizations on the request of Godknows Igali, a former permanent secretary of the federal ministry of power,” it read. “The monies appear to have been spent essentially on the Jonathan-Sambo electoral campaign in 2015. That sum remains outstanding as at today. “There is ample evidence that he (Ayeni), among others, received large amounts of cash, totaling N29.5bn, from the bank, which appears to be connected to the purchase of Mainstreet Bank Limited, but which has not been accounted for. In the face of this monumental rape, the Management has appealed to the government to assist it to seize Ayeni’s assets. “The former chairman should be brought to account for his central role in many of the identified infractions,” it read. “We have been able to perfect the debenture on the fixed and floating assets of Natcom, the vehicle that was used for the acquisition of Nitel and Mtel with asset estimated at N282bn (Open market value) and N183bn (forced sale value) by Knight Frank in 2014. This will put us in a position to place the company into receivership for recovery. However, in order to come to fruition, this approach will require strong and unyielding support from the regulatory and political authorities in the country.” The management also indicted Akinsola Akinfewa, Kehinde Durosinmi-Etti and Timothy Oguntayo, all former GMDs of the bank. Other individuals listed in the petition for various acts of infraction are Femi Otedola, chairman Forte Oil Plc, Festus Fadeyi and Jide Omokore. Recall that agents of the Economic and Financial Crimes Commission (EFCC) had in the past arrested and detained Tunde Ayeni, Skye Bank’s erstwhile Chairman, over allegations that he allegedly bribed a former minister of the Federal Capital Territory (FCT), Bala Mohammed, to acquire 54 plots of land in Abuja, the Nigerian federal capital city. Two EFCC sources informed some media guys at the time, that at his arrest, he was initially reluctant to co-operate. He had earlier been investigated for playing various roles in different business deals involving former First Lady Patience Jonathan and a former head of state, Abubakar Abdulsalam, who co-owns a telecommunications company with the former bank Chairman. Already, the Management of Skye bank is reportedly seeking to take over some oil wells belonging to Jide Omokore, a businessman involved in a number of corruption cases within and outside Nigeria. The bank said Omokore is indebted to it to the tune of N110bn at an exchange rate of $1/N315. The loans in question were said to have been obtained through three companies namely: Atlantic Energy Drilling Concepts (N56 billion), Cedar Oil and Gas Ltd (N22.4 billion) and Real Bank Ltd (N31 billion.) The new management of Skye bank has claimed that the repayment of two major obligations of the oil companies is tied to the controversial strategic alliance agreements (SAAs) with the Nigerian National Petroleum Corporation (NNPC.) Atlantic Energy was awarded SAAs by the Nigerian Petroleum Development Company (NPDC) Ltd, a subsidiary of NNPC, to develop and finance production from OMLs 26, 42, 30 and 34 – four oil blocks in all – in 2011.NPDC valued its stake in the oil wells at $1.8 billion then. The Economic and Financial Crimes Commission (EFCC) has frozen the assets of Omokore over suspicion of money laundering and procurement fraud.
In the letter to the Acting President, Skye bank has appealed that the federal government grant it access to the assets that were funded with loans from the bank.
“We will require assistance for the extrication of the real estate assets that were fully funded with loans from the bank from the assets of Omokore presently under the forfeiture order from the court,” the letter read. “This will enable us have access and rights over these assets and put the bank in a position to realize the assets that form the collateral for the loans granted to Real Bank limited.” The bank also sought assistance to take control of the oil assets of Omokore.
“We will require some political intervention working with the NNPC to be able to bring this matter relating to Atlantic Energy to a quick resolution,” the letter read
Skye Bank is struggling to survive, but analysts doubt its capacity to stay afloat given deep depositor suspicion of its solvency, its high and rising interest expenses relative to interest income and its evidently narrowing net interest margin. Victor Ukpai, a Research Analyst at Focus Bank, points out that a critical problem at Skye Bank was the apparent weakness of corporate governance, ‘those that should have given oversight integrity and corporate direction were the wolves at the gate’, he notes. According to Ukpai, ‘the regulatory bodies need to be a lot more thorough and circumspect in approving board positions of banks, detailed security checks and other ancillary means of intelligence gathering should be conducted before the approval of board members, only recently two prospective members of the board of an anti corruption agency were found to be under investigation by that very same agency!’. Skye Bank may not topple over but the outlook appears bleak as the two Kogi state indigenes of Tunde Ayeni and Jide Omokore, have dealt severe blows to the banks underlying liquidity and its supporting business capital. After the whole scenario then, an FCT High Court in Maitama ordered the Economic and Financial Crimes Commission (EFCC) to immediately release the Tunde Ayeni. The then trial judge, Justice Yusuf Halilu held that the anti-graft agency had suppressed facts which misled the court into earlier granting the application, thereby, making the detention illegal. The decision of the court followed an enforcement of fundamental rights suit filed by Ayeni, through his counsel, Ahmed Raji (SAN) seeking his release from the EFCC custody. At that period, Raji told the court that there was a pending suit before the Federal High Court against Tunde Ayeni on the same subject matter and that the trial judge at the Federal High Court then, Justice Nnamdi Dimgba had in the particular case admitted his client to bail. He added that the bail condition had since been perfected. Raji added that the detention of the applicant was a breach of his fundamental human right as he went to the commission by himself on invitation. When Ayeni’s case was on at the court, several revelations were made which included that Ayeni as the then Chairman of Skye Bank in connivance with the then Managing Director and Chief Executive Officer, Timothy Oguntayo conspired at different times to steal huge cash amounting to a whopping N4,750,000:00 (Four Billion, Seven Hundred and Fifty Million Naira) and USD5,000,000 (Five Million United States Dollars) belonging to Skye Bank Plc. According to information made known to the press by the court then, this sinful act of Tunde Ayeni and Oguntayo was contrary to the provisions of Section 1(a) of the Money Laundering (Prohibition) Act 2011 (as amended) read together with Section 18 (a) of the Money Laundering (Prohibition) Act 2011 (as amended) and punishable under Section 16(2) (b) of the Money Laundering (Prohibition) Act 2011 (as amended.)” However, seeing that the issue may land him in jail and destroy his ‘hard earned’ image, Ayeni involved the services of highly respected legal practitioners like Wole Olanipekun, Dele Adesina etc. to battle for his soul. These lawyers fought tooth and nail with the EFCC and Tunde Ayeni was given a controversial bail in the sum of N50 million with two sureties in like sum then. Oguntayo, through his own counsel, Oyetola Oshobi was also given the same bail condition. This was how Tunde Ayeni’s lawyers ensure he continue to breathe free air till date even though he has lost his credibility in the comity of businessmen and boardroom tycoons both in Nigeria and the international business community. How Tunde Ayeni will escape the gulag given the monumental and ground-swelling allegations and fraudulent charges against him, will take the courts of law to do the needful legally and appropriately.
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₦213 Billion Worth of Properties Seized from Malami in Money Laundering Probe: Full List of 57 Luxury Homes and Hotels
Presiding Judge, Justice Emeka Nwite, granted the order on Tuesday, January 6, 2026, following an ex-parte motion filed by EFCC counsel, Ekele Iheanacho (SAN).
A Federal High Court in Abuja has ordered the interim forfeiture of 57 properties linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), and two of his sons, Abdulaziz and Abiru-Rahman Malami.
Presiding Judge, Justice Emeka Nwite, granted the order on Tuesday, January 6, 2026, following an ex-parte motion filed by EFCC counsel, Ekele Iheanacho (SAN).
The assets, valued at ₦213.2 billion, include multi-billion naira landed properties spread across Abuja, Kebbi, Kano, and Kaduna States. The court ruled that the assets are suspected to be proceeds of unlawful activity.
The 57 properties are as follows:
1. Luxury Duplex at Amazon Street, Plot No. 3011 Within Cadastral Zone, A06 Maitama; File No: AN enhancement 11352, which was purchased in December 2022 at N500, 000, 000.00 (value after enhancement at N5,950,000,000).
2. Two Winged Large Storey Building Situate at No. 3, Onitsha Crescent, Area 11,Garki, Cadastral Zone, A03, Abuja (formerly Harmonia Hotels Limited), FCT, which was purchased Dec. 2018 at N7,000,000,000.
3. Plot 683, Jabi District, Cadastral Zone B04, Comprising of a five storey Building (Now Luxurious Meethaq Hotels Ltd, Jabi with 53 rooms/suites), which was purchased in Sept. 2020 at carcass level at N850,000,000 with additional N300,000,000 to take possession (value after completion N8,400,000,000).
4. Property No. 3130 within Cadastral Zone A04, Asokoro District, FCT, Abuja, Comprising Terraces, purchased in January 2021 at N360,000,000.
5. Property No. 3 Rhine Street, Maitama, Abuja (Meethaq Hotels Limited, Maitama With 15 ROOMS), which was purchased in February 2018 at N430,000,000 (current value after rehabilitation is N12,950,000,000).
6. Plot No. 1241B, Asokoro District Zone (No. 11A Yakubu Gowon Crescent) AsokoroDistrict, which was purchased in July 2021 at N325,000,000.
7. Shop No. C82 Citiscape — Shariff Plaza, Plot 739 Cadastral Zone A07, Aminu Kano Crescent, Wuse Il, FCT, Abuja, which was purchased in March 2024 at N120,000,000.
8. No. 4 Ahmadu Bello Way, Nasarawa GRA, Kano, which was purchased in December 2022 at N300,000,000.
9. Plot 157, Lamido Crescent, Nasarawa, GRA, Kano, purchased in July 2019 with no specific amount stated.
10. A Plaza, Commercial Toilets, Laundering, Warehouse Tanks Adjacent to Birnin Kebbi Market at N100 million.
11. 100 Hectares of l;and Along Birnin Kebbi, Jega Road, which was purchased in 2020 at N100,000,000.
12. Four Bedroom Bungalow Gesse Phase, Birnin Kebbi, which was purchased in 2023 at N101,000, 000.
13. Shops Nos. A36, B3 Vegas Mall, Wuse 2, Abuja, which was purchased in July 2023 at N158,000,000.
14. No. 26, Babbi Drive, Bua Estate, Abuja, purchased in 2022 at N136,000,000.
15. No. 27, Efab Estates Avenue, 5th Avenue, 59th Crescent, Gwarimpa, Abuja, purchased in January 2016 at N120,000,000.
16. Four Bedroom/ 2 Rooms Boys Quarters at No. 10B, Doka Crescent Abakpa GRA, Kaduna, purchased in January 2018 at N40, 000, 000.00.
17. Plot No. 13, Ipent 7 Estate, Karsana District, Abuja, purchased in June 2018 at N85,000,000.
18. A Bedroom Duplex & Boys Quarters at No. 12 Yalinga Street, Off Adetokunbo Ademola Crescent, Wuse Il, Abuja, purchased in Oct. 2018 at N150,000,000.
19. Two Warehouse Shops B40 And B46, Wuse Market, Abuja, purchased in July 2020 at N50,000,000.
20. Twin Houses at Zone E, Apo Legislative Quarters, Cadastral Zone B01, Plot 14014, Gudu District, Abuja, was purchased between February and May 2017 at N250,000,000.
Properties acquired by Khadimiyya for Justice & Development Initiative at the Academic Garden City, Birnin Kebbi, sold by the Federal Housing Authority Mortgage namely.
21, 22, and 23. Nine units of three bedroom, bungalow, three units of two bedroom bungalow, and 5.4 hectares of land, which were purchased between February 2023 and September 2023 at N187,000,000, among other assets listed in the schedule.
RAYHAAN UNIVERSITY, KEBBI STATE
24. Rayhaan University Permanent Site -N56,000,000,000.00
25. Rayhaan University Temporary Site -N37,800,000,000.00
26. Rayhaan University Third Site – N2,450,000,000.00
27. Rayhaan University Vice Chancellor – N490,000,000.0
RAYHAAN AGRO ALLIED FACTORY IN KEBBI STATE
28. Factory Buildings -N4,200,000,000.00
29. Factory Machines and Plants Units -N10,500,000,000.00
30. Factory Mosque – N2,450,000,000.00
31. Rayhaan Mill Staff Quarters –
N1,487,500,000.00
32. Rayhaan Bustan Building –
N3,150,000,000.00
AZBIR ARENA KEBBI STATE
33. Azbir Hotel – N10,325,000,000.00
34. Printing Press – N1,050,000,000.00
35. Gallery –
N581,000,000.00
36. Gardens –
N392,000,000.00
37. Mosque -N252,000,000.00
38. Azbir Clothing –
N350,000,000.00
39. Azbir Pharmacy and Supermarket – N175,000,000.00
OTHER PROPERTIES HELD IN KEBBI STAT
40. Al-Afiya Energy Tanker Garage opposite Rayhaan University Health Centre, along Sani Abacha Bypass Road, Birnin-Kebbi – N2,450,000,000.00
41. Rayhaan Model Academy -N11,200,000,000.0
42. Rayhaan Primary and Secondary School –
N8,750,000,000.00
43. Rayhaan Security House, off Sani Abacha Bypass, Birnin Kebbi –
N245,700,000.00
44. Rayhaan Radio along Sani Abacha, Bypass Road, Birnin, Kebbi – N245,700,000.00
45. Uncompleted 2 Storey Complex Plaza located opposite Central Motor Park, (Eastern Park) Birnin Kebbi – N78,750,000.00
46. Amasdul Oil and Gas Ltd filling station Structure along Sani Abacha Bypass, Road, Birnin Kebbi near Jambali Automobile Workshop, Birnin Kebbi – N665,000,000.00
47. Malami Support Organization Building –
N210,000,000.00
48. ADC Kadi Malami Foundation Building – N56,000,000.00
49. Abubakar Malami SAN’s House GRA – N350,000,000.00
50. Abubakar Malami SAN’s House Behind Mobil – N490,000,000.00
51. Abdulaziz Malami (First Son’s House) at Gesse Phase II in Birnin Kebbi – N1,659,000,000.00
52. Abiru-Rahman Abubakar Malami (Second Son’s House) at Gesse Phase II in Birnin-Kebbi – N2,989,000,000.00
PROPERTIES IN KANO
53. Assets of Zeennoor Hotel at Kabuga Satellite Town, off Gwarzo Road, Kano with 131 rooms –
N11,200,000,000.00
54. Zeennoor Mosque at Kabuga, Satellite Town, off Gwarzo Road, Kano – N84,000,000.00
55. Zeennor Old Hotel Building -N280,000,000.00
56. Rayhaan Hotel, Kano Located at Plot 27/28 Opp-Aminu kano Teaching Hospital, Southern Kano (Land And Luxurious Building of more than 50 rooms, with appurtenances- N2,240,000,000.00
57. Rayhaan Gym, Kano House Comprising of a Storey Building Opposite Rayhaan Hotel – N1,225,000,000.00
President Bola Tinubu has declared that 2026 marks the beginning of a more robust phase of economic growth for Nigeria, pledging to drive down inflation further, strengthen foreign reserves and sustain the country’s GDP growth trajectory.
In his New Year message to Nigerians on Thursday, the President expressed confidence in the nation’s collective resolve, saying the new year would be a more prosperous one for the country, its citizens, and all who call Nigeria home.
Tinubu argued that during 2025, his administration sustained momentum on major reforms, achieved a fiscal reset and recorded steady economic progress. Despite persistent global economic headwinds, he said, Nigeria recorded tangible and measurable gains, particularly in the economy.
“These achievements reaffirm our belief that the difficult but necessary reforms we embarked upon are moving us in the right direction with more concrete results on the horizon for the ordinary Nigerian,” he stated.
The President disclosed that Nigeria closed 2025 on a strong note, with annualised GDP growth expected to exceed four per cent for the year.
Trade surpluses were maintained and greater exchange rate stability was achieved, while inflation declined steadily to below 15 per cent, in line with his administration’s target.
“In 2026, we are determined to reduce inflation further and ensure that the benefits of reform reach every Nigerian household,” he said.
Tinubu pointed to the performance of the Nigerian Stock Exchange, which, he said, posted a robust 48.12 per cent gain in 2025, consolidating its bullish run that began in the second half of 2023.
On foreign reserves, he disclosed that sound monetary policy management had seen reserves stand at $45.4bn as of December 29, 2025, providing a substantial buffer against external shocks for the Naira. He expressed optimism that this position would strengthen further in the new year.
Foreign direct investment, the President noted, was also responding positively. In the third quarter of 2025, FDI rose to $720m, up from $90m in the preceding quarter, reflecting renewed investor confidence in Nigeria’s economic direction, which global credit rating agencies, including Moody’s, Fitch, and Standard & Poor’s, had consistently affirmed and applauded.
Tinubu recalled that he recently presented the 2026 Appropriation Bill to the National Assembly, emphasising that his administration had implemented critical reforms laying a solid foundation for long-term stability and prosperity.
“With patience, fiscal discipline, and unity of purpose, Nigeria will emerge in 2026 stronger and better positioned for sustained growth,” he said.
As inflation and interest rates moderate, the President said, his administration expected increased fiscal space for productive investment in infrastructure and human capital development.
He commended states that had aligned with the national tax harmonisation agenda by adopting harmonised tax laws to reduce the excessive burden of taxes, levies, and fees on citizens and basic consumption.
The new year, Tinubu added, marks a critical phase in implementing tax reforms designed to build a fair, competitive, and robust fiscal foundation for Nigeria.
On security, the President acknowledged that the nation continues to confront threats from criminal and terrorist elements.
He disclosed that in collaboration with international partners, including the United States, decisive actions were taken against terrorist targets in parts of the Northwest on December 24.
The Armed Forces, he said, had since sustained operations against terror networks and criminal strongholds across the Northwest and Northeast.
“In 2026, our security and intelligence agencies will deepen cooperation with regional and global partners to eliminate all threats to national security. We remain committed to protecting lives, property, and the territorial integrity of our country,” the President stated.
He reiterated his belief that a decentralised policing system with appropriate safeguards, complemented by properly regulated forest guards and anchored on accountability, was critical to effectively addressing terrorism, banditry, and related security challenges.
Tinubu also announced plans to accelerate the implementation of the Renewed Hope Ward Development Programme, aiming to bring at least 10 million Nigerians into productive economic activity by empowering at least 1,000 people in each of the 8,809 wards across the country.
Through agriculture, trade, food processing, and mining, he said, the administration would stimulate local economies and expand grassroots opportunities. Investment would also continue in modernising Nigeria’s infrastructure, including roads, power, ports, railways, airports, pipelines, healthcare, education, and agriculture to strengthen food security and improve quality of life.
The President called on all Nigerians to play their part, describing nation-building as a shared responsibility that required unity of purpose, patriotism, and service with honour and integrity.
“To achieve our objectives in 2026, we must all play our part. Nation-building is a shared responsibility.
“We must stand together in unity and purpose, uphold patriotism, and serve our country with honour and integrity in our respective roles. Let us resolve to be better citizens, better neighbours, and better stewards of our nation.
“Fellow Nigerians, I wish you all a peaceful, productive, and prosperous New Year. May God continue to bless and protect our beloved country, keep our troops safe and destroy the enemies bent on disrupting our national peace, security and stability,” he stated.
Meanwhile, governors and other political leaders across the country reflected on the trials of the outgoing year, calling for unity, resilience, and renewed commitment to governance, security, and economic recovery.
Speaker of the House of Representatives, Dr Tajudeen Abbas, urged Nigerians to remain positive and hopeful about the future.
In his New Year message released on Wednesday and signed by his Special Adviser on Media and Publicity, Musa Krishi, Abbas called on citizens to look forward to 2026 with optimism and to continue working collectively for the unity and progress of the country.
Reflecting on the outgoing year, the Speaker noted that 2025, despite its challenges, recorded commendable strides in good governance and improvements in national security, particularly with the successes achieved in the fight against terrorism and banditry.
He therefore appealed to Nigerians across all divides to strengthen national cohesion and commitment to peace-building.
“In every new dawn lies a promise,” the Speaker said, as he commended Nigerians for their patience, perseverance, and contributions towards building a stronger nation.
Niger State Governor, Mohammed Bago, in a statement by the Commissioner for Information, Obed Nana, said social pressures and security challenges tested the resilience of his government in 2025.
He, however, said the state stood firm through unity, patience, and unwavering faith in his government.
Niger State experienced major security challenges in 2025, including incidents of tanker explosions which claimed many lives, boat accidents, and terrorist abductions, particularly of schoolchildren in November.
Therefore, Bago asked residents to continue to support his administration in its efforts to deliver the New Niger Agenda, anchored on good governance, security, and economic revitalisation.
“The outgoing year tested our resilience as a people, particularly in moments of security challenges and social pressures. Yet, through unity, patience, and unwavering faith in government, Niger State stood firm.
“I sincerely thank the people of Niger State for their trust, cooperation, and steadfast support at critical moments, which greatly strengthened our collective response and progress,” he said.
Bago promised that his government remained committed to transparent communication, responsive leadership, and policies that placed the welfare of citizens at the centre of governance.
A former Kaduna State Governor and chieftain of the Peoples Democratic Party, Ahmed Makarfi, urged Nigerians to remain united and resilient in the New Year. In his message issued in Kaduna on Wednesday, he acknowledged the hardships faced by citizens over the past year but expressed optimism for a better future.
According to him, Nigerians must confront the nation’s challenges together as a united people bound by shared hopes and a promising destiny.
“As we exit the year 2025, I extend warm greetings and best wishes to all Nigerians,” Makarfi said, praying that the New Year offered “a renewed opportunity to strengthen our resolve and collectively overcome our challenges.”
Senator Adetokunbo Abiru, representing Lagos East Senatorial District, called on Nigerians to embrace unity, renewal, and collective resolve as the country enters 2026. He urged sustained support for policies aimed at economic stability, inclusive growth, and grassroots development.
In his New Year message to his constituents, Lagos State, and Nigerians at large, the lawmaker described the beginning of 2026 as an opportunity for reflection and renewed commitment to progress and prosperity.
He reaffirmed his commitment to championing policies that promote economic stability and inclusive growth, stressing that development must reach every ward, community, and household across Lagos East.
Abiru therefore urged Nigerians to continue supporting the administration of President Bola Tinubu as it implemented policies targeted at strengthening the economy, improving infrastructure, expanding opportunities, and securing a more prosperous future for citizens.
The Anglican Bishop of Owo Diocese of Ondo State, Stephen Fagbemi, called on Christians and all Nigerians to embrace peace and love in the New Year.
Tinubu projects lower inflation, stronger growth in 2026 New Year address
In a New Year message delivered through the Public Relations Officer of the diocese, Banjo Abitogun, on Wednesday, the cleric expressed optimism that the New Year would be a season of high hope and fresh opportunity for Christians with “unwavering faith in God, renewed commitment to righteous living, and genuine love for one another.”
He further prayed for Nigeria, asking God to grant the nation wise leadership, economic recovery, security of lives and property, and unity among all citizens.
For its part, the Young Progressives Party has urged Nigerians not to lose faith in the democratic process ahead of the 2027 general elections, despite widespread frustration arising from past electoral experiences.
The party made the call in its New Year message issued on Wednesday in Abuja by its National Publicity Secretary, Egbeola Martins.
Public confidence in Nigeria’s electoral process sharply declined following the 2023 general elections, which were marred by widespread complaints of technical glitches, particularly the failure of the Independent National Electoral Commission’s Result Viewing Portal to upload polling unit results in real time.
The disruptions triggered protests, legal challenges and persistent allegations of manipulation, reinforcing calls for comprehensive electoral reforms to restore trust ahead of the 2027 polls.
Martins appealed to the masses to intensify civic engagement and political participation in what he described as a decisive period for Nigeria’s democracy.
According to him, years of electoral setbacks should not translate into apathy or silence in the face of poor governance.
“Though the journey has been difficult and often discouraging, surrendering our sovereignty must never translate into docility or silence in the face of bad governance.
“The YPP calls on Nigerians not to be discouraged by the experiences of previous elections.
“Rather, citizens must mobilise like never before in this penultimate election year to reclaim their power at the ballot in 2027 and vote out incompetent, corrupt and insensitive leadership. The future of our democracy depends on active participation, not apathy,” he said.
The party further urged Nigerians to begin demanding accountability from public office holders, especially in light of fiscal reforms expected to increase government revenue.
“Nigerians must begin to ask critical questions, demand answers and closely scrutinise public spending, especially with the advent of the new tax law, which is expected to widen the tax net and significantly increase government revenue.
“Democracy thrives when citizens remain vigilant and hold leaders accountable. Increased revenue without transparency, accountability and prudence will only deepen public mistrust and hardship,” he stated.
The YPP also warned against what it described as the politicisation of anti-graft agencies, insisting that selective justice undermines democracy and weakens public institutions.
“We strongly warn against the weaponisation of the Economic and Financial Crimes Commission and other anti-corruption agencies against political opponents.
“The fight against corruption must be sincere, impartial and devoid of political bias. Selective justice weakens institutions and erodes public confidence in governance,” he said.
On the newly introduced tax law, the party maintained that Nigeria’s fiscal crisis was rooted more in poor expenditure management than revenue shortfalls.
Martins criticised what he described as extravagant spending by public officials and called for accountability before full implementation of the law.
He argued, “Nigeria’s major challenge has never been revenue generation but the reckless, wasteful and opaque expenditure of public funds.
“Nigerians are not opposed to paying taxes; rather, they are deeply concerned about the lack of transparency, probity and discipline in the management of our commonwealth.
“It is unacceptable for taxpayers’ money to be used to fund religious pilgrimages, purchase private jets and yachts, procure luxury SUVs for members of the National Assembly and sustain the looting and frivolous lifestyle of a reckless political elite.”
“We therefore call on the government to urgently resolve all discrepancies associated with the new tax law before implementation.
“More importantly, those responsible for the discrepancies must be thoroughly investigated, apprehended and punished in accordance with the law,” Martins urged.
Sokoto State Governor, Ahmed Aliyu, has assured residents that his administration will consolidate on the achievements recorded in 2025 as the state steps into the new year, with renewed focus on security, education, infrastructure and economic empowerment.
In his New Year message released to journalists in Sokoto on Wednesday, the governor said 2026 would be a year of consolidation and accelerated development, guided by his administration’s nine-point Smart Innovative Agenda.
Aliyu said his government would continue to prioritise critical sectors capable of fast-tracking socio-economic growth across the state, stressing that peace and security remain central to development.
He disclosed that the state government had developed a fresh blueprint to further support security agencies in tackling banditry, especially in the 13 local government areas affected by insecurity.
“We have already drawn up a blueprint on how to further assist security agencies in the areas of logistics, intelligence gathering and intelligence sharing,” the governor said.
He urged security agencies to intensify their operations in the new year, while calling on residents, particularly those in frontline communities, to cooperate by providing timely and credible information.
Aliyu also appealed to communities to expose individuals exhibiting suspicious behaviour or living above their means, noting that community vigilance would help dismantle informant networks aiding criminal activities in rural areas.
On education and religious development, the governor announced plans to construct new Islamiyya schools and rehabilitate those in poor condition.
He added that ongoing renovations of primary, secondary and tertiary institutions would be completed, with more furniture supplied and sustained attention given to teachers’ welfare.
In infrastructure development, Aliyu said all ongoing housing projects in Wajake, Gidan Salanke and Sokoto New City, alongside rural and township road projects, would be completed before the end of the second quarter of 2026.
The governor reaffirmed his administration’s commitment to economic empowerment programmes, including NG-CARES, Ahmadu-CARES and other initiatives targeting youths and women.
He also promised improved water supply, stating that all ongoing water projects would be completed, with additional machinery provided for major water intake facilities across the state.
In agriculture, Governor Aliyu said the government would continue to support farmers with inputs and implements, adding that contracts had already been awarded for the procurement of tractors to boost mechanised farming.
The health sector, he said, would remain a priority through the renovation of health facilities and the provision of modern medical equipment across the state.
“By the grace of Almighty Allah, we will ensure the successful actualisation of all these projects in 2026,” he assured.
Governor Aliyu thanked the people of Sokoto State for their continued support and reaffirmed his commitment to good governance, while wishing residents and Nigerians a prosperous New Year.
A former Minister of Transportation, Rotimi Amaechi, urged Nigerians to hold those in authority accountable, describing responsible and people-oriented leadership as key to addressing the country’s economic and security challenges.
In his New Year message, Amaechi, a former governor of Rivers State and Transport Minister, said 2025 tested the nation’s resilience, with many families grappling with economic hardship, rising cost of living and widespread insecurity.
He called on Nigerians to use the new year as a turning point in the quest for peace, unity, improved security, economic stability and the overall well-being of the people.
According to him, citizens must collectively demand responsible, responsive, transparent and accountable leadership.
Amaechi also called for economic reforms that would lead to job creation, poverty reduction, affordable healthcare, housing and food, as well as quality education for all Nigerians.
news
Update : Road Crash: Anthony Joshua Hospitalised, Two Confirmed Dead — Ogun Police Spokesperson
Former heavyweight champion Anthony Joshua has been hospitalised after a road accident in the Makun area of the Lagos-Ibadan Expressway, Ogun State.
Ogun State Police Public Relations Officer, Babaseyi Oluseyi, confirmed this in a statement.
The incident occurred shortly after 11 am on Monday.
Our reporter, who was at the scene, said the crash happened just before the Danco Filling Station in Makun, ahead of the Sagamu Interchange on the Ibadan-bound axis.
Adeniyi Orojo stated that the Lexus Jeep carrying Joshua, with number plate KRD 850 HN, collided with a stationary truck.
The eyewitness revealed that Joshua sustained minor injuries, while two others died at the scene.
“It was a two-vehicle convoy: a Lexus SUV and a Pajero SUV. Joshua was seated behind the driver, with another person beside him. A passenger sat beside the driver, making four occupants in the Lexus that crashed.
His security detail followed in the vehicle behind.
“Other eyewitnesses and I began the rescue and flagged down oncoming vehicles for help. Minutes after the crash, Federal Road Safety Corps officials arrived. The passenger beside the driver and the person beside Joshua died on the spot,” he said.
In a statement sent to Newsthumb on Monday, Oluseyi confirmed that Joshua and other injured persons were involved in a car accident and rushed to an undisclosed hospital.
He said, “The Ogun State Police Command confirms a road accident today in front of Sinoma, before Danco, along the Lagos–Ibadan Expressway. Anthony Joshua and other injured persons have been rushed to the hospital.
“Further updates will be communicated.”
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