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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.
….ADC presidential candidate position unrealistic •Leaders okay security rejig
Lagos State Governor Babajide Sanwo-Olu has said those campaigning for the return of fuel subsidy are resorting to populist politics that will ultimately fail.
The governor criticised politicians promising to restore petrol subsidy, arguing that any candidate assuring Nigerians of its return was simply building a campaign on empty promises that would end up deceiving voters.
He warned Nigerians against believing pledges that could not be sustained by the nation’s finances. NigerianPartnership Consulting
Former Vice President Atiku Abubakar reignited the debate over subsidy restoration when he commenced his campaign for the January 16, 2027 presidential election.
He is the presidential candidate of the African Democratic Congress (ADC).
Atiku said proceeds from subsidy removal had been mismanaged. But his roadmap for restoring the subsidy regime has been unclear and inconsistent. HireGrant Writers
Atiku has also said that, if elected, he would throw open Nigeria’s borders to allow cross-border businesses.
His claim that the borders are shut was faulted by Minister of Interior Olubunmi Tunji-Ojo, who said the borders are not closed.
Sanwo-Olu spoke yesterday when he delivered the seventh Freedom Online Newspaper Lecture in Lagos.
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The theme was: “2027 elections, economy, security and Nigeria’s future.” NigerianPartnership Consulting
The lecture was chaired by former Minister of Information and Culture, Alhaji Lai Mohammed, and attracted media personalities and political leaders who brainstormed on the state of the nation.
Former Ogun State Governor and Ogun East Senator, Gbenga Daniel, was the Special Guest of Honour.
Sanwo-Olu delved into the ongoing economic reforms, security matters and electoral reconfiguration being undertaken by the Federal Government, highlighting the gains and prospects for future growth. E-paperAccess
The Lagos governor observed that the fuel subsidy removal policy, which was introduced to tackle the shortcomings of local oil supplies stemming from inefficiencies at state-owned refineries, was not intended as a permanent intervention.
Sanwo-Olu said the subsidy policy had become a burden on the nation’s finances, draining the treasury and diverting funds that could have been invested in building roads, schools, hospitals and other infrastructure relevant to the wellbeing of the nation.
By taking the courage to end the corruption-ridden subsidy programme, the governor said President Bola Ahmed Tinubu made the sacrifice that previous leaders had avoided, despite the potential impact the action could have on his electoral fortunes.
Sanwo-Olu said: “The oil subsidy was not removed because anybody enjoyed removing it. It was removed because it had become a hole in the national purse through which the money for roads, schools and hospitals was draining away.
“The intervention was never reaching the ordinary motorist it was supposed to help. In the build-up to the 2023 elections, every major candidate promised to remove it.
“Only one of them was in a position to do it, and he did it on his first day in office.
“I will not stand here and tell you that oil subsidy removal has been painless. It has not.
“Lagosians particularly have felt it at the pump, at the market, and in the price of a bag of rice.
“Any governor who tells you otherwise has not been listening to his own people.
“But the measure of a reform is not whether it hurts. It is whether it heals. And the evidence that this one is healing is now arriving, quarter by quarter.
“Under President Tinubu, the states have had it very good. Since the subsidy was removed, the monthly allocations to states and local governments have more than doubled in naira terms.
“The President has done his part; the money is arriving. Barely two weeks into the season of presidential election campaign, opposition politicians have reached for the fuel subsidy as their instrument of choice.
“We will see more of this. We will see promises that no treasury on earth could honour.”
Sanwo-Olu said he strongly believed in the direction of the reforms initiated by the President to reset the economy and the socio-political system, pointing out that the reforms were already yielding positive outcomes in the areas where they were being implemented.
The governor said he remained convinced about the direction of the Federal Government’s economic reforms, citing improvements in economic growth, agriculture, services, external reserves, inflation and remittances.
Sanwo-Olu said President Bola Ahmed Tinubu’s economic and security reforms had set Nigeria on the path to recovery. NigerianPartnership Consulting
He urged voters to give the administration another term to consolidate the gains.
Sanwo-Olu said the economy and security would be the defining issues of the 2027 presidential election, arguing that neither economic growth nor national development could be sustained without security.
He said Tinubu’s reforms were necessary to rescue public finances and redirect resources to development.
Sanwo-Olu said recent economic indicators suggested that the reforms were beginning to deliver results.
He cited National Bureau of Statistics figures showing that the economy grew by 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter.
He also said Nigeria’s foreign reserves had risen to $53 billion, while inflation had fallen to 15.9 per cent in June from almost 35 per cent in late 2024. NigerianPartnership Consulting
Sanwo-Olu added that formal remittances from Nigerians abroad reached $947 million in July, describing it as the highest monthly figure recorded.
He added: “These are not my numbers. They belong to the Nigerian Bureau of Statistics and the Central Bank of Nigeria, and every journalist in this hall can check them.”
The governor said the APC would campaign on the need to sustain the reforms and ensure that their benefits reached Nigerians more quickly. NigerianPartnership Consulting
Sanwo-Olu said: “For us in the All Progressives Congress, the position that follows is a simple one.
“We intend to stay the course, to deepen the reforms, and to make sure that the benefits reach, quickly and visibly, the people who bore the cost.”
Sanwo-Olu argued that the economic and security crises confronting the country could not be treated separately.
He lauded the proposed establishment of state police, saying bringing security closer to communities would make policing more effective.
The governor urged the National Assembly and state Houses of Assembly to complete the constitutional process for state policing.
His position was supported by Senator Daniel and Alhaji Mohammed, who both stressed the importance of security to economic development.
Ogun State Peoples Democratic Party governorship candidate, Ladi Adebutu, called for transparent elections, adding that there could not be economic growth without adequate security.
Sanwo-Olu, who will not contest the 2027 governorship election because he is completing his second term, made clear his preference in the presidential contest.
He said: “I will not disguise my hope for the outcome. I expect my party to win, and I expect a second term for President Tinubu to consolidate the Renewed Hope Agenda.”
Senator Daniel said: “Nigeria cannot have a strong economy without security, and it cannot have lasting security without a strong economy.”
Daniel, who acknowledged that the nation was going through challenges, said they were not enough to define the country.
He added: “But Nigeria must not be defined only by its challenges. We possess enormous potential: a young population, a dynamic entrepreneurial culture, a growing technology sector, strong financial institutions, a vibrant creative economy and businesses succeeding across Africa. NigerianPartnership Consulting
“Our challenge is to create the conditions in which Nigerian ability can flourish at scale. Those conditions include security, infrastructure and opportunity.”
Akinadewo, Editor-in-Chief of Freedom Online newspaper, said reforms should address insecurity and development challenges.
He said Nigeria must separate politics from governance and development, noting that “we have a four-year cycle of elections but pitiably, there is no four-year cycle of development.” NigerianPartnership Consulting
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He said the country needed to modernise its laws and security architecture to reflect contemporary realities, stressing that “we can’t continue to use the system adopted in the ’60s to govern Nigeria of 2026 and beyond.”
Akinadewo advocated state police and restructuring, arguing that decentralising security would improve understanding of local security challenges.
…….GDP rose 4.43 per cent in Q2
President Bola Ahmed Tinubu yesterday assured Nigerians that his administration would intensify efforts to translate improving economic indicators into better living conditions. NigerianBusiness Directory
He declared that the economy is now on an “irreversible path” towards growth that households will feel at their dining tables and in their pockets.
The President said the Federal Government would, within the next few weeks, introduce measures targeted at vulnerable Nigerians, including cheaper means of transportation, increased food production and relief programmes designed to directly reach people at the grassroots.
Tinubu gave the assurances in his reaction to the latest Gross Domestic Product (GDP) figures released yesterday by the National Bureau of Statistics (NBS).
The report shows that the Nigerian economy grew by 4.43 per cent in the second quarter of 2026, compared with 4.23 per cent recorded in the corresponding quarter of 2025. NigerianBusiness Directory
The President welcomed the figures as further evidence that the economic reforms undertaken by his administration since May 2023 were yielding results, according to a statement by his spokesman, Bayo Onanuga.
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“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets. We are not resting on our oars.
“We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens. We must stay vigilant by ensuring the sustainable progress we are recording remains irreversible,” Tinubu said.
According to the NBS report, growth was recorded across agriculture, manufacturing, oil and gas, and services, with the services sector maintaining its position as the largest contributor to aggregate GDP.
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In nominal terms, Nigeria’s aggregate GDP rose to N119.27 trillion in the second quarter, representing an 18.43 per cent increase from the N100.7 trillion recorded in the corresponding period of 2025.
Tinubu said his administration had spent the past three years taking difficult decisions necessary to stabilise the economy.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy.
“Now the economy is stabilised, and we have laid the foundation for a prosperous nation. We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people,” he said.
The President said the latest growth figures were among a series of indicators showing that his Renewed Hope Agenda was working, pointing to improvements in the country’s external reserves, trade position, credit ratings, infrastructure development and oil and gas production.
“The results of the efforts are becoming very clear to all: The Renewed Hope Agenda is working. Because of those tough decisions, today Nigeria has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches.
“We are building roads, railways and superhighways that will last for a long time. Investors who left are returning. Oil and gas production is increasing,” Tinubu said.
He also cited developments in the education sector as evidence of progress, saying Nigerian universities had enjoyed stability while the Nigerian Education Loan Fund (NELFUND) was expanding access to tertiary education.
“And in our universities, for the first time in a long time, there are no strikes. Our children are in class. And through NELFUND, student loans are putting education within reach, and affordable credit is going to our civil servants through Creditcorp,” he said.
The President said the next phase of the administration’s intervention would place greater emphasis on alleviating pressures confronting vulnerable Nigerians and ensuring that improving macroeconomic indicators translate into tangible benefits. NigerianBusiness Directory
“In the next few weeks, we are addressing some of the challenges being faced by our vulnerable population by providing cheaper means of transport, ramping up food production and implementing various relief programmes that will touch lives at the grassroots,” he said.
Tinubu also took a swipe at the opposition, saying the latest economic figures had come at a time when opposition elements were attempting to diminish the achievements of his administration and promising to reverse some of its reforms if elected.
He maintained that the policies undertaken since the beginning of his administration were not intended to impose hardship on Nigerians, but to correct structural weaknesses and create the foundation for sustainable prosperity. NigerianBusiness Directory
The President pledged that his administration would remain focused on consolidating the gains recorded so far.
Economy expands further on broad-based growth across sectors
The NBS report, which shows 4.43 per cent growth in the second quarter, indicates that the growth outperformed both the first quarter of 2026 and the corresponding second quarter of 2025.
The report highlighted a broad-based economic expansion driven by significant improvements in the agricultural segment, non-oil sector, services and sustained growth in the oil sector.
The agricultural sector almost doubled its performance, with a growth of 4.39 per cent in the second quarter of 2026 compared with 2.82 per cent in the corresponding period of 2025.
The non-oil sector, which accounted for about 96 per cent of the economy, grew by 67 basis points to 4.31 per cent in the second quarter of 2026, compared with 3.64 per cent recorded in the second quarter of 2025. Non-oil sector growth was 3.94 per cent in the first quarter of 2026.
Non-oil sector performance was driven by growth across various segments, including crop production, telecommunications, real estate, trade, financial institutions, cement manufacturing and construction, among others.
The oil sector grew by 7.31 per cent in the second quarter of 2026, higher than the 2.57 per cent recorded in the first quarter of 2026, but lower than the 20.46 per cent recorded in the second quarter of 2025.
The industrial sector also grew by 3.96 per cent in the second quarter of 2026, as against 7.46 per cent recorded in the comparative period of 2025.
Average daily crude oil production rose to 1.72 million barrels per day (mbpd) in the second quarter of 2026, outperforming both the preceding quarter and the comparable period of 2025.
Crude production in the second quarter of 2026 was the highest since 2022. Oil production stood at 1.68 mbpd in the second quarter of 2025 and 1.55 mbpd in the first quarter of 2026.
The oil sector thus contributed 4.16 per cent to total real GDP in the second quarter of 2026, a sustained improvement on the 4.05 per cent recorded in the corresponding period of 2025 and 3.92 per cent recorded in the first quarter of 2026.
In nominal terms, total GDP rose by 18.43 per cent from N100.73 trillion in the second quarter of 2025 to N119.29 trillion in the second quarter of 2026.
In terms of GDP share, the services sector remained the dominant driver, contributing 56.62 per cent to aggregate GDP in the second quarter of 2026, as against 56.53 per cent recorded in the comparable period of 2025.
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The non-oil sector contributed 95.84 per cent to aggregate real GDP in the second quarter of 2026, as against 95.95 per cent in the second quarter of 2025 and 96.08 per cent in the first quarter of 2026.
Experts were unanimous that the latest GDP report showed a positive outlook for the economy.
Analysts at SCM Capital stated that the second-quarter 2026 GDP report underlined improved macroeconomic conditions and broad-based policy support, which have continued to anchor economic performance.
They said the report showed broad-based resilience, with an uptick in oil output reflecting gradual operational improvements and sustained field activity across major production basins, alongside a non-oil sector gaining stronger momentum.
Analysts at Coronation Group and Cordros Capital Group stated that the GDP performance outpaced their expectations, noting that the economy had shown resilience and steady growth.
sustained economic resilience, with growth anchored by the services sector alongside gradual improvement across non-oil activities.
“The outturn affirms our broader expectation of a steady, non-oil-led growth trajectory through the rest of the year,” Coronation Group stated.
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Update : NRC Releases Preliminary Report on Warri-Itakpe Train Crash, Says Wheel Defect May Have Triggered Derailment
……NRC Suspects Wheel Defect, Rules Out Track Vandalism
The Nigerian Railway Corporation (NRC) has released its preliminary report on the June 8, 2026 derailment involving the Warri–Itakpe Train Service (WITS), revealing that a possible sudden bogie or wheel defect may have triggered the accident.
The incident occurred at about 4:17pm near the Outer Home signal of the Goodluck Jonathan Railway Station at kilometre 177, Owa-Oyibu, Agbor, Delta State.
According to the NRC, the train had departed Itakpe at 12 noon with 482 people on board, comprising 442 passengers and 40 operational personnel, when the derailment occurred.
Five coaches, one locomotive and a power car were affected, with three coaches and the power car overturning.
The Corporation said emergency response operations were immediately activated with support from the Delta State Government, the Nigeria Police Force, Federal Road Safety Corps (FRSC), National Emergency Management Agency (NEMA), local authorities and medical teams.
All passengers were evacuated within two hours of the incident.
However, the accident resulted in four confirmed deaths — three adults and one child — while 64 people sustained various injuries.
The NRC said 28 injured passengers were treated and discharged at the Railway Hospital, Owa-Oyibu, while another 36 were transferred to hospitals in Owa-Oyibu, Owa-Alero and Agbor.
Most of those admitted were discharged within 72 hours, while three people, including an NRC employee who required surgery, remained under specialist medical care. Two of the affected persons subsequently underwent surgical procedures.
The Corporation also clarified that its initial report of five fatalities was later revised to four following verification with the Delta State medical team responsible for the deceased.
Possible wheel defect identified
The NRC said its internal investigation involved site inspections, evidence gathering, examination of operational records and communication data, technical assessments of the locomotive and rolling stock, as well as interviews with train crew, operations and maintenance personnel, witnesses and emergency responders.
The investigation also examined the track infrastructure, turnout arrangements, communication systems and the effectiveness of the emergency response and evacuation operations.
Based on the preliminary findings, the NRC said investigators identified the possible sudden development of a bogie/wheel defect while the train was in motion as a potential primary factor in the derailment.
According to the Corporation, such a defect could have resulted in abnormal wheel-rail interaction, excessive impact loading and loss of running stability.
The investigators also identified the possible manner in which the train’s brakes were applied as a factor that may have contributed to the severity of the accident.
However, the NRC stressed that both issues remain working hypotheses and that the definitive cause of the derailment would only be established after further technical analysis.
No evidence of track vandalism
The Corporation said its inquiry team found that the railway points at the accident location were intact and that there was no evidence of track vandalism.
This finding distinguishes the June 8 incident from two previous accidents involving the same Warri–Itakpe service on November 1 and November 8, 2025, which the NRC said were attributed to track vandalism.
The independent Nigerian Safety Investigation Bureau (NSIB) has also commenced its statutory investigation into the accident.
The NRC said it was cooperating fully with the NSIB and would be guided by the findings and recommendations contained in its final report.
NRC announces safety measures
Following the preliminary findings, the Corporation recommended comprehensive safety inspections and audits of rolling stock, railway tracks and infrastructure before equipment is returned to service.
It also called for stronger maintenance and condition-monitoring programmes, timely replacement of defective components and improved availability of critical spare parts.
The NRC further recommended a review of operational safety procedures, improved emergency preparedness and rescue capabilities, enhanced staff training and competency assessments, as well as sustainable funding for railway modernisation.
The Corporation also proposed improvements to its insurance and compensation framework to ensure adequate protection for passengers and staff in cases involving medical treatment, disability and fatalities.
WITS service yet to resume
The NRC said the affected track has been fully recovered and restored, while the locomotives involved have also been recovered and are currently undergoing reconditioning.
However, the Corporation said the Warri–Itakpe service would not resume until a detailed safety audit of the track and equipment has been completed.
The NRC expressed condolences to the families of those who lost their lives in the incident and apologised for the delay in releasing the preliminary report, explaining that additional time was required to properly verify the casualties and notify the affected families.
The Corporation said it remained committed to implementing recommendations arising from both its internal accident inquiry and the independent NSIB investigation, with the aim of strengthening railway safety and restoring public confidence in train transportation.
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