NEWS
Fubara Offers To Surrender Office For Peace In Rivers
Governor of Rivers State, Siminalayi Fubara, states that he is prepared to step down from his position to ensure peace prevails in the State.
The governor made this statement during an interview with the African Independent Television (AIT).
Recall that Fubara and the former governor of the State, now the Minister of the Federal Capital Territory, Nyesom Wike, have been embroiled in a political crisis due to political disagreements.
Reports gathered by Biztellers show that the power struggle in Rivers over the past two months had reached a dramatic peak, causing tension and anxiety before President Bola Tinubu’s intervention.
During the crisis, Wike was accused of demanding a certain percentage of Rivers’ revenue, an allegation he has denied. There was also an effort by the State House of Assembly to impeach the governor. The Assembly complex was bombed during the process, with Wike accusing Fubara of masterminding the act.
Additionally, twenty-seven members of the State House of Assembly, loyal to Wike, switched from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC, in an attempt to impeach the governor.
Tinubu later stepped in to resolve the dispute by mediating peace between Wike and Fubara, which many believed placed Fubara at a disadvantage.
However, the governor now asserts that no sacrifice is too great for him to make for the success of the administration.
Fubara expressed greater concern for the welfare of the people of Rivers who have made sacrifices.
He said: “No sacrifice would be too big for me to pay for the success of this administration. And the reason is simple: it’s not political love. It’s not because I want to gain any favour from anybody, my interest and love for our dear state is genuine. I am not trying to say I want to be one man that will be there to decide the fate of all. No. But let Rivers State remain.
“My burden at that time was not the issue of all the drama, it is the issue of Rivers people who have made sacrifice, who are seeing opportunity, and it looks as if their hope has been dashed. They were the one I was worried about; what would be their fate, that was my trouble, it was not about me.
“If leaving this position is what I need or what is needed to bring more peace to the State, I can even tell you to come and take it. It’s not about me. People should know although definitely I am here, I will go but Rivers State will remain.
“I’m the governor, there are things I could have done and there would be total crisis but the ability to restrain in the face of crisis even when you have the power to do things is maturity.”
NEWS
Kano Bans Mobile Movie Downloads, Distribution as Statewide Enforcement Begins
The Kano State Hisbah Board has announced a ban on the downloading and distribution of movies through mobile phones across the state, saying the move is aimed at protecting public morality and promoting Islamic values.
The directive, which applies to all 44 local government areas of Kano State, was announced on Thursday by the Deputy Commander General of the board, Dr. Mujahid Aminuddeen.
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According to Aminuddeen, the decision followed complaints that some operators involved in the business were distributing pornographic films and other video materials considered offensive to Islamic teachings and the cultural values of the state.
“The Hisbah board has banned downloading and distribution of movies through mobile phones across the 44 local government areas in the state,” he said.
The Deputy Commander General disclosed that Hisbah personnel have already been deployed across the state to ensure compliance with the directive through routine patrols and enforcement operations.
“The board has deployed its personnel to monitor compliance through routine patrols and enforcement operations across the state. Anyone found violating the directive will face legal action in accordance with the laws of Kano State,” Aminuddeen warned.
He urged those whose livelihoods are affected by the ban to seek alternative lawful means of earning a living, stressing that the measure is intended to protect young people from harmful content and preserve the state’s moral values.
Aminuddeen further linked the growing rate of moral decadence among youths to the increasing consumption of indecent films and videos, insisting that stronger measures were necessary to curb the trend.
The Kano State Hisbah Board, which enforces Sharia-related regulations in the state, has in recent years introduced several policies aimed at promoting Islamic values and restricting activities and content it considers contrary to the state’s religious and cultural norms.
NEWS
100,000 Nigerian Companies Face Deregistration as CAC Issues Final 90-Day Deadline
The Corporate Affairs Commission (CAC) has launched a fresh nationwide compliance exercise that could see 100,000 Nigerian companies removed from the country’s corporate register for failing to file annual returns and other mandatory statutory documents.
In a public notice issued on Wednesday, the commission announced that the exercise, tagged Batch 6, is being conducted in line with Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
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According to the CAC, the names of all affected companies have been published on its official website, with the defaulting firms given a 90-day deadline to regularise their records or face deregistration.
The commission stated, “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.”
It urged the affected companies to immediately file all outstanding annual returns, including Persons with Significant Control (PSC)/Beneficial Ownership information, within the stipulated period.
“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice,” the commission said.
The CAC also directed companies that comply with the directive to submit proof of compliance via its designated email address.
“Evidence of compliance should be sent to the designated [email protected],” the notice added.
The commission warned that companies that fail to act before the expiration of the 90-day window would be removed from the register without any additional notice.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” the CAC warned.
Reaffirming its commitment to improving corporate compliance and service delivery, the commission said, “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”
The latest exercise is part of the CAC’s ongoing efforts to maintain an accurate and up-to-date register of active companies while ensuring compliance with Nigeria’s corporate regulations.
NEWS
OPEC Sees Borrowing Dragging Down Nigeria’s Higher Oil Output
Nigeria’s economic growth is at the risk of headwinds from elevated borrowing costs and persistently high inflation despite stronger oil production, improved macroeconomic stability and ongoing economic reforms.
The Organisation of the Petroleum Exporting Countries (OPEC) expressed the view in its July Monthly Oil Market Report.
According to the OPEC Nigeria’s near-term economic outlook remained positive, supported by improved macroeconomic stability, steady oil production, recovering private-sector activity and continued reform momentum.
According to the report, the country’s economy expanded 3.9 percent year-on-year in the first quarter of 2026, only slightly below the 4.0 percent growth recorded in the fourth quarter of 2025, indicating that growth remained close to recent highs.
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The oil cartel, however, warned that rising inflation, high borrowing costs and the need to maintain exchange-rate stability remained significant risks to the country’s economic outlook.
The OPEC stated, “Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger business activity, but high inflation, elevated borrowing costs and the need to preserve exchange-rate stability remain important challenges”.
The report noted that the non-oil sector continued to drive economic expansion, with agriculture, manufacturing, construction, trade, finance and insurance providing the main support for growth.
“The non-oil economy continues to provide the main support, with activity driven by agriculture, manufacturing, construction, trade, and finance and insurance, while higher oil output has improved fiscal revenues, foreign-exchange inflows and external buffers. Survey indicators also point to continued near-term momentum,” the organisation noted, adding that increased oil production had strengthened government revenues, foreign exchange inflows and external reserves.
The OPEC also cited business survey data showing sustained private-sector expansion, noting that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index eased marginally to 53.4 in June from 54.1 in May but remained above the 50-point threshold that signals expansion.
According to the report, the improvement was driven by higher output, stronger new orders and resilient customer demand, although manufacturing activity softened slightly during the period.
The organisation also said increased domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to enhance energy availability and reduce import-related pressures on the economy.
It stated, “At the same time, manufacturing activity was slightly softer. Higher domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to support energy availability and reduce some import-related pressures.”
On inflation, the OPEC noted that consumer prices continued to rise, with the inflation rate increasing to 15.9 percent year-on-year in May from 15.7 percent in April, as food prices continued to erode household purchasing power.
It said the inflationary trend meant monetary policy was likely to remain cautious despite improved exchange-rate stability and stronger oil-related inflows.
“Inflation rose further to 15.9 percent y-o-y in May, up from 15.7 percent, y-o-y in April, with food prices still putting pressure on household purchasing power. This means that monetary policy is likely to remain cautious, despite improved exchange-rate stability and stronger oil-related inflows,” the report noted.





