...Nigerians Must Hold the Jonathan Presidency Responsible -- Tinubu
Reacting to the attack on the Speaker and the National Assembly in Abuja on Thursday, the National leader of the All Progressives Congress (APC) Bola Tinubu, has said that by deploying hundreds of Police to prevent the Speaker of the House from entering the National Assembly, the President has revealed his hand to be a devious one.
According to a statement released by his media office, Tinubu held the stance because having asked the Speaker to convene the House to consider extending the state of emergency in Adamawa, Borno and Yobe states, the Jonathan government still deployed the nation’s Police to stop the fourth ranking citizen of the nation from entering his place of work.
Speaker Aminu Tambuwal was going to the House of the President as a result of the letter from the Presidency on a matter of urgent national importance.
Tinubu said: "Tambuwal did not have to accede to the presidential request to reconvene the House; but because he is a statesman and not a political hack, he assented so his chamber might consider this a matter of vital national importance. Despite the removal of the Policemen and Security team around him he still proceeded at great personal risk to answer the call of duty. He took the risk, believing his personal situation was a secondary thing when the fate of the nation comes into question.
The hand of the President and his men have their hand written all over the invasion of the National Assembly."
He maintained that no Commissioner of Police will ever embark on such an action without the clearance of the Inspector General of police and no IGP will order his men out here without approval by the Presidency.
He further held that Nigerians know where the buck stops, saying the Jonathan Presidency must take full responsibility for the attack on the leadership of the National Assembly.
"This government cannot claim to be unaware of what the Police would do. This gangster’s antic occurred almost at their doorstep," Tinubu said.
"The Jonathan presidency can no longer play ignorant regarding the noxious things done for partisan ends.
"Instead of seriously treating Boko Haram’s incursion against our internal security, the President’s men decided to turn the event into a partisan and embarrassing circus. Perhaps they saw this as a birthday present to Mr. President."
He described the current administration as nothing but brigandage masquerading as governance.
"What this Presidency does not realise is how terribly it has exposed its pettiness and dictatorial penchant for elevating narrow political interests above the fate of the nation," he said.
"There is little wonder the nation is losing ground to Boko Haram. This government has allowed and even welcomed the downward slide. If seriously committed to breaking the spine of this insurgency, the Jonathan government would have ensured that the House met without disturbance or partisan rancor. Instead, Jonathan and his men used the gravest armed threat the nation has suffered in forty years, to lay a partisan political trap for one single man instead allowing the House to deliberate for the good of 170 million people hoping for a way out of the growing carnage. The conduct of the presidency shows that whenever dire national interests conflict with that of individual ambitions, the former will be rejected to violently promote the latter. The priorities of the Jonathan Presidency are as wrong as wrong can get. Their actions are devoid of national purpose. They reek of pungent ambition. A weakness of character now permeates national leadership."
He berated the Presidency, saying it has left the nation’s grave problems unattended yet have the rashness to create new ones by trashing the nation’s democratic institutions and mocking constitutional checks and balances.
He pointed out that the most notable achievement of the Jonathan government has been to bring democracy to its knees.
"This is not the hallmark of a President but the work of a potentate," he said.
"While enjoying the taste of this cheap tactical victory it is hoped Nigerians and the international community are sampling the bigger picture. In trying to quash the opposition by all means necessary, this government unleash forces they do not even recognize let alone be able to control them.
"Thus, Nigerians are in a precarious situation. In the face of the menace of Boko Haram’s terror and rampage, members of the loyal opposition have extended the hand of cooperation to this government often and without condition. We have provided suggestions on fighting the group and winning the hearts and minds of the people. Had the Jonathan government taken these suggestions, things would not be as they are today. This government scoffed at our help. Even when the Speaker answered the call of duty, as a patriot should, Jonathan and his men were more concerned with setting an ambush for him than in resolving the serious matter at hand. For them the only serious matter, was their political standing. While the opposition has been loyal to the nation, Jonathan and the PDP led government have not. This is the point of our greatest departure from the course."
Tinubu held that the Jonathan Presidency is a government that has lost its head.
He lamented that this government has run amok and has jettisoned all sense of proportion. He said the nation now faces two threats. One is Boko Haram’s attack on the people and the other is the Presidency’s attack on the people’s democracy.
"As such, a state of emergency now exists in Abuja, in Aso Villa itself because of this breakdown of democratic governance. Jonathan and his men are the reason for the state of emergency," he said.
"It seems that the only way this emergency shall be lifted is for this government to perpetuate itself in office. The removal of this government from office shall not be done with military power, armed might or police brutality. Their ouster will come from a nobler source. The power of the people and their want for democratic good governance," he said.
You are Jeopardising the Economy -- GOS
Also Senate minority whip and Chairman of the upper legislative chamber Committee on Capital Market, Senator Ganiyu Olanrewaju Solomon (GOS) has condemned in the strongest term the crisis that engulfed the National Assembly on Thursday.
Solomon who is running for governor in Lagos State on the platform of the All Progressives Congress (APC) said in Lagos on Friday that the police attack on the federal lawmakers was the height of executive lawlessness and interference.
He noted that the invasion of the hallowed chambers was a signal that the police might not be impartial in the February 2015 general election.
The front-runner aspirant called on the Inspector-General of Police, Suleiman Abba to maintain neutrality in political matters and remain impartial in contests among the political parties.
Solomon who was a member of the House of Representatives before being elected to the senate pointed out that the issue of the defection and speakership of Hon. Aminu Tambuwal should be left to the members to resolve and not the executive coming into it to muscle him out of office.
"With Tambuwal already in court, Police should allow the judiciary to decide what should happen to his seat, not the executive arm interpreting the constitution," Solomon said.
"Thursday’s incident was tragic in every sense of it. A repeat could completely undermine this democracy".
He also expressed his worry about the negative impact the much-publicised crisis could have on Nigeria's international trade, pointing out that the signals were already there as evident in the live chat that Richard Quest of CNN had with the Minister of Finance yesterday.
"Quest pointed out that the international world was worried about the crisis and our economy. The world is now a global village, we must be very careful," he noted.
Dakuku Peterside, Others Irresponsible -- Obuah
In his reaction, Chairman of PDP, Rivers State chapter, Felix Obuah said the fence scaling by some overzealous APC Lawmakers on Thursday, was avoidable and unnecessary.
The plot, he said was just to heat up the polity to find occasion to accuse Jonathan of trying to intimidate them ahead of next year’s general elections having been caught by the President’s phobia.
The PDP boss in a statement signed by his Special Adviser on Media, Jerry Needam described the lawmakers among whom was Dakuku Peterside, member representing Opobo/Nkoro/Andoni Federal Constituency of Rivers State as irresponsible and having written their names on the wrong side of history for coming generations to judge.
Obuah noted that the APC lawmakers Thursday’s madness though one act too many has only shown the Nigerian masses what the party is up to and why they are desperate to grab power.
It’s now left for the rest of Nigerians to decide whether these are the kind of leaders they want to elect as their representatives in 2015, the PDP chairman remarked.
While commending President Goodluck Jonathan for maintaining his usual cool over the provocative act, Prince Obuah reminded the APC rascals that crisis is an ill-wind that blows no good to anyone even as no one has monopoly of violence.
He reassured that no amount of provocation can make the PDP tread off the path of peace, respect for the laws of the land and absolute regard for the Nigerian people whose trust in the PDP remains unshaken and who are poised to continue to vote for the most populous party in Africa as their surest bet.
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Tinubu Meets Bolloré in Paris Over Expanded Investment in Nigeria’s Creative, Digital Economy
President Bola Ahmed Tinubu has held talks with French businessman Vincent Bolloré in Paris on plans to expand investment in Nigeria’s creative and digital economy.
The meeting, held during the President’s working vacation, focused on opportunities to deepen the localisation of operations by the Bolloré Group and increase investment in sectors including film, entertainment, fibre-optic infrastructure and digital services, according to a statement issued by the presidency.
Bolloré and members of his executive team outlined proposed investments centred on Nigeria, highlighting the country’s growing influence in global entertainment through Nollywood and Afrobeats.
The group also expressed interest in expanding its operations and local presence in Nigeria, with the presidency saying the plans could support increased production, investment and employment opportunities in the country.
Tinubu reaffirmed his administration’s focus on economic growth, job creation and digitalisation, while welcoming the group’s reported plans to deepen its activities in Nigeria.
The President said the government would continue to support investments aimed at developing the creative and digital economy, strengthening infrastructure and creating opportunities for Nigerian talent.
According to the statement, Tinubu also emphasised the potential for Nigeria to serve as a base for companies seeking to operate across Africa and international markets.
The meeting comes as Nigeria continues to promote its entertainment and technology sectors as areas of economic opportunity, with the government seeking to attract investment while expanding employment opportunities for young Nigerians.
Tinubu said his administration’s Renewed Hope Agenda seeks to harness Nigeria’s talent, entrepreneurship and growing global cultural influence to create greater economic opportunities and improve livelihoods.
News
Banks Shut 476 Branches as Nigeria’s Banking Landscape Goes Digital
Nigeria’s banks are rapidly abandoning the traditional banking model, shutting down hundreds of branches and cash centres as customers increasingly move to digital and electronic channels.
Data from the Central Bank of Nigeria show that banks closed a net 476 branches and cash centres between 2022 and 2025, cutting the country’s physical banking network by 8.8 per cent in just three years.
The number of bank branches and cash centres plunged from 5,410 in 2022 to 4,934 in 2025, signalling a dramatic shift away from brick-and-mortar banking.
The contraction has gathered pace in recent years.
Banks closed 37 locations in 2023, followed by a much steeper reduction of 229 locations in 2024. Another 210 branches and cash centres disappeared in 2025.
In effect, more than nine out of every 10 locations lost during the three-year period were closed in 2024 and 2025.
The figures, contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector, cover branches and cash centres operated by commercial, merchant and non-interest banks. The data were sourced from the CBN and the Nigeria Deposit Insurance Corporation.
Lagos bears the biggest hit Lagos, Nigeria’s financial powerhouse, recorded the largest decline.
The state had 1,602 bank branches and cash centres in 2022. That figure dropped to 1,532 in 2023, 1,521 in 2024 and just 1,444 in 2025.
That represents a loss of 158 locations, or nearly 10 per cent, in three years.
Despite the closures, Lagos remains overwhelmingly dominant, accounting for almost 29 per cent of all physical banking locations in Nigeria.
The Federal Capital Territory also suffered a significant contraction. Abuja went from 400 locations in 2022 to 362 in 2025, a decline of 38, or 9.5 per cent.
But some states experienced far more dramatic cuts.
Ekiti lost almost half of its banking locations, falling from 107 in 2022 to just 57 in 2025 — a staggering 46.7 per cent decline.
Enugu lost 44 locations, dropping from 162 to 118, while Oyo shed 41, falling from 237 to 196.
Other notable declines were recorded in Ondo, Plateau, Osun, Cross River and Rivers.
Northern banking centres also feel the squeeze
The contraction was not confined to the South.
Kano, for instance, initially expanded its banking footprint, rising from 164 locations in 2022 to 183 in 2024. But the reversal was sharp in 2025, when the figure crashed to 157.
Kaduna followed a similar pattern. Its locations climbed from 148 in 2022 to 164 in 2024 before falling back to 146 in 2025.
Yet not every state is losing branches.
Delta recorded the strongest expansion among the states highlighted, adding 23 locations and rising from 173 in 2022 to 196 in 2025.
Edo added 10, while Jigawa and Kogi gained six and five locations respectively.
A widening banking divide
The figures expose a striking disparity in access to physical banking infrastructure across Nigeria.
While Lagos had 1,444 branches and cash centres in 2025, Yobe had only 23, Taraba 26 and Zamfara 28.
Bayelsa and Gombe had 31 each, while Ebonyi had 32.
The imbalance underscores how heavily physical banking infrastructure remains concentrated in Nigeria’s major commercial and economic centres.
The bank branch may be losing its battle
The shrinking branch network comes despite the number of banks operating in Nigeria initially increasing.
The country had 32 banks in 2022, 33 in 2023 and 35 in 2024, before the figure slipped slightly to 34 in 2025.
That means the branch closures cannot simply be explained by a shrinking number of banks.
Instead, the figures point to a much bigger transformation: Nigerian banking is moving away from physical locations and towards digital platforms.
The CBN has itself been pushing greater adoption of alternative payment channels, particularly among farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services.
Speaking at the 2026 CBN Fair in Lokoja, the Acting Director of Corporate Communications and Investor Relations, Hakama Sidi-Ali, stressed the importance of alternative payment channels in expanding financial access and stimulating economic activity.
The message from the numbers is even clearer.
The era of banking halls on every major street may be fading.
With hundreds of branches disappearing in just three years — and the pace of closures accelerating — Nigeria’s banking industry is betting increasingly on phones, apps, electronic payments and other digital channels rather than physical walls and counters.
For millions of Nigerians, the next bank branch may no longer be a building. It may be sitting in their hands.
Business
In The Spotlight
Dangote: OPM Made You 36th Globally—How Many Investors Will Become Billionaires?
Alhaji Aliko Dangote has done what very few Africans have ever done. He has built a business empire of extraordinary scale, crossed the $50 billion mark in personal wealth, and reportedly risen to the 36th position among the world’s 3,397 billionaires.
That is an achievement Nigerians can acknowledge. But today, I want to ask a different question. Alhaji Dangote, how many of the Nigerians who are now investing their hard-earned money in your businesses will you help turn into millionaires—and eventually billionaires? That, in my view, is the more important question. Because behind every great fortune is an army of people whose money, labour, patronage, trust and participation helped create that wealth. And that brings us to OPM—Other People’s Money.
Other People's Money Built More Than One Fortune
Let us be honest: no business empire is built by one person alone. Investors provide capital. Banks provide financing. Workers provide labour. Consumers provide revenue. Suppliers provide goods and services. Governments provide infrastructure and an operating environment. And ordinary Nigerians have been buying Dangote products for decades. Now, Nigerians are being invited to take another step—from being customers to becoming owners.
The public offering of shares in the Dangote Petroleum Refinery gives ordinary Nigerians an opportunity to put their money into one of the country's biggest industrial projects. That opportunity comes with risk, of course. Nobody should invest money they cannot afford to lose, and nobody should assume that buying shares automatically guarantees wealth.
But there is a bigger principle here.If Nigerians are going to put their money into Dangote's business, Nigerians should also have a meaningful opportunity to participate in the wealth that business creates.
Don't Take Nigerians for Granted
Alhaji Dangote, Nigerians have supported your businesses.They have bought your cement.They have bought your sugar. They have bought your flour. They have bought countless other products connected to your business empire.Nigerian workers have built factories, transported products, operated plants, sold products and provided services.
Now, ordinary Nigerians are being asked to invest directly. That creates a responsibility—not merely to shareholders, but to the broader Nigerian public.
Don't take Nigerians for granted. Treat the small investor with the same seriousness you would give the institutional investor. Give shareholders transparency. Give them accountability. Give them information. Give them confidence that their money is being managed responsibly. And when the business succeeds, shareholders should have the opportunity to benefit from that success.
Your Greatest Legacy Should Be Bigger Than Your Net Worth
There is nothing wrong with becoming extraordinarily wealthy by building successful businesses.But there comes a point when the conversation should move beyond “How much is Dangote worth?" The more interesting question becomes:How many people became wealthy because Dangote built these businesses?
Imagine the impact if hundreds of thousands of Nigerians who invest today eventually build substantial wealth from their investments. Imagine a young Nigerian who starts with a modest investment and, over decades, builds an investment portfolio capable of paying school fees, buying a home, funding a business or securing retirement. Imagine Nigerian families passing shares from one generation to another. That is how an ownership culture is created.And Nigeria desperately needs an ownership culture.
We Need More Than One Dangote
Nigeria does not simply need another Dangote. Nigeria needs 10,000 Dangotes in different industries.
We need Nigerians who build technology companies, manufacturing companies, agricultural businesses, energy companies, financial institutions, pharmaceutical companies and global brands.But we also need millions of Nigerians who can become shareholders in those businesses. A country becomes economically stronger when wealth creation spreads beyond a handful of extraordinarily wealthy individuals.
The refinery therefore presents an interesting test. Can a Nigerian industrial giant create not just a massive fortune for its founder, but also a new generation of Nigerian investors? Can ordinary Nigerians who put their money into the company eventually look back and say:I was there when it started, and I benefited from its growth”?
That would be a powerful story.
From Billionaire to Wealth Creator
Dangote has already demonstrated that he knows how to create enormous corporate value. The next challenge is different.Can he help create enormous shareholder value for ordinary Nigerians?That is where the conversation about his $51.3 billion fortune becomes relevant.
If one man's wealth can grow by tens of billions of dollars, Nigerians are entitled to ask whether the people who invest alongside him can also experience meaningful wealth creation. Not necessarily overnight.Not necessarily without risk. But over time.That is what investing is supposed to be about.
The Question Nigerians Should Keep Asking
So, Alhaji Dangote, congratulations on reaching another extraordinary milestone.But don't stop at building your own fortune. Build an ecosystem in which others can build theirs. Don't let Nigerians remain merely consumers of Dangote products. Make them owners. Don't let the story end with one Nigerian becoming one of the world's richest people. Let the next chapter be about thousands, perhaps millions, of Nigerians building meaningful wealth through ownership and investment. Because the real measure of an economic giant is not only how high the founder climbs. It is how many people rise because of the platform he created.
So here is the question Nigerians should be asking: Aliko Dangote, OPM has helped take you to the 36th richest person in the world. Now that Nigerians are putting their own money into your empire, how many of those investors will you help turn into millionaires—and, ultimately, billionaires? That is the legacy question.
By Emmanuel Emeke Asiwe (EEA) Publisher/Editor-in- Chief)
In The Spotlight
Mixed metaphors: Eating them young
On this page, I have praised former Minister Nasir el-Rufai for his work in the Federal Capital Territory.
As governor, I praised some of his work, including when he fired state teachers. I also criticised him when he became arrogant and presumptuous.
Powerful people tend to misjudge distance, in terms of how long they will remain powerful, as well as the depth of their relevance, measuring how power, once in the hands of others, can remain in their favour.
El-Rufai made both miscalculations. Following over two decades of untouchability in power from Olusegun Obasanjo to Muhammadu Buhari, he has now spent 200 days in pre-trial detention on ICPC and DSS charges.
This should not happen to a citizen, any citizen. But some citizens, when fate grants them the winning lottery ticket, become Cronus, the Titan in Greek mythology who, to maintain his power, swallowed five of his six children soon after birth.
But not Zeus, his youngest son, who miraculously survived and, becoming the supreme ruler of the Olympian gods and the “Father of Gods and Men, “would exact vengeance.
In power, el-Rufai forgot not only the principle of right and wrong, but also the concept of justice.
But it was right there the whole time: on the flip side of injustice. The truth is that wearing glasses to be able to see arms, nobody to see through clouds.
Last Tuesday’s disruption by political thugs of the visit to Benue State of Peter Obi, the presidential candidate of the Nigeria Democratic Congress, is an early reminder of the temptations of power in a Nigerian election year.
The ruling party controls the state, which is in the thick of Nigeria’s insecurity crisis. Its governor, Hyacinth Alia, is a Catholic priest. Having, in 2025, been involved in trying to prevent the same Obi from a humanitarian visit, claiming that his intervention was purely on security grounds, Mr Alia is trying to persuade the country that his are not the hands behind the crude attempt to stop, particularly Mr Obi, from travelling freely and safely in the state.
As Minister Festus Keyamo wisely said, this kind of menace is not a part of our democracy. Mr Alia, show the world your strengths, not your limitations.
Big news: the 2024 Auditor-General’s Non-Compliance report, published last month, identified over N1.34trn in audit lapses.
It found that the National Cash Transfer Office paid N33.751 billion to 3,295,207 households in 35 states in 2023 with no evidence that the money reached genuine beneficiaries.
The Office could not produce REMITA records to authenticate the payments. SERAP has written to President Tinubu demanding a published audit trail and investigation of the flagged N78.8bn in total irregularities.
Similarly, Femi Falana (SAN) has called on the EFCC to investigate and prosecute officials.
Given that we are dealing with a specific regime of governance coated in colours of ruthlessness, it is doubtful that these calls will yield anything.
The truth is that the situation is worse than what we know so far, and so, I have a different call: that Nigerians pay close attention to what is actually a long-running looting spree of our poorest and most vulnerable. There is a scorched-earth assault going on.
I begin in 2019, the start of the second term of the fake anti-corruption champion Muhammadu Buhari:
The Auditor-General’s 2019 report on the FGN Consolidated Financial Statements discovered that 36 MDAs made individual transfer payments,totalingN15,534,467,561.26, without identifying the beneficiaries, ignoring the relevant budget lines for “Transfers–Payment to Unemployed” and “Transfers–Payment to Aged/Vulnerable Group.” The Auditor-General flagged the risk of “diversion of public funds” and “misapplication of funds.”
The 2020 report is more curious. In the MDA-by-MDA budget-performance schedule, the National Social Investment Office shows: Approved Budget N0.00, Supplementary Budget N0.00, Total Budget N0.00, but the actual spending is N275,010,764,595.02! That is, the NSIO somehow recorded spending N275bn with no budgetary authorisation at all.
Surely, somebody has an explanation?
The 2021 Non-Compliance report, Volume II, found under the Ministry of Humanitarian Affairs that N54,630,000,000 in N-Power Batch C1 stipends (the August–December 2021 backlog) was recorded as paid but, per the Auditor-General’s own field visits, “was not actually effected to the beneficiaries.”
The same section found N2,617,090,786 paid for the National Home-Grown School Feeding Programme (COVID-19 period), the Auditor-General recommending full recovery to the Treasury: a combined N58.05bn flagged in that one ministry in that one year.
Surely, somebody has an explanation?
The 2022 Non-Compliance file is titled as Volumes I and II merged, but despite that filename, Volume II appears to be absent, as it excludes Humanitarian Affairs, NSIPA, NCTO or NASSCO, meaning that their work was either not audited at all, or that that specific audit has yet to be published.
Again, and similarly, despite examining the two volumes of the 2023 Non-Compliance report, neither the Ministry of Humanitarian Affairs, NSIPA, NCTO, NASSCO, N-Power, GEEP nor school feeding appears anywhere, although many other agencies were thoroughly audited.
Surely, somebody has an explanation?
That brings us to the 2024 itemised findings SERAP has publicized: N33.751bn in cash transfers with no beneficiary confirmation; N36.744bn paid in December 2023 without prepayment audit; N4.616bn in unsupported expenditure which the Auditor-General says “may have been diverted”; N350.18m in enrolment payments to state coordinators with no supporting documentation; N89.51m for store items never delivered or logged; N17.42m in diesel cash advances with no traceable purchases; and at NASSCO, N2.24bn paid through 158 vouchers without prepayment audit.
These appear to be the patterns that Nigerian MDAs exhibit in their work every year, with vulnerable Nigerians exploited every year.
But the first challenge is for journalists to track Humanitarian Affairs/NSIPA through every audit year to establish the full carnage.
There is another crisis: that despite all of this, a lot of MDAs still fail to submit audited accounts to the Auditor-General, representing one of Nigeria’s worst accountability challenges. This is a problem that worsened significantly under the Buhari administration despite his anti-corruption rhetoric. According to the Auditor-General, the 2016 audit year saw the highest number of non-submissions (324) in modern Nigerian history: more than double the previous 22-year high of 148. In 2016-2017 alone, 436 agencies failed to submit accounts. Think about that.
President Bola Tinubu is in the middle of a three-week foreign trip, departing without formally informing the National Assembly or handing over to Vice President Shettima, violating the constitution.
For a man who is seeking a second term of office, this is a stark reminder of how little the rules, or for that matter, Nigeria, really matter to Mr Tinubu. Keep in mind that when he headed north, Mr Shettima headed south, to Angola.
The general debate of the 81st United Nations General Assembly will begin on 22 September. Mr Tinubu is scheduled to speak the following morning.
At a time of chaos and doubt in his leadership, and in democracy under his watch, he will confront the theme: “Restoring trust, managing transformation: a United Nations that delivers for all.”
By Sonala Olumhense