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Nigeria’s political and entertainment communities have been thrown into mourning following the death of veteran actor and film executive, Oludotun Baiyewu Jacobs, popularly known as Olu Jacobs, at the age of 84.

Jacobs died on Wednesday, September 16, 2026, with his family announcing his passing in a statement shared by his son, Olusoji Jacobs, on Instagram.

The family described the celebrated actor as “The Lion of Lufodo” and said his death marked the end of a life dedicated to his family, the arts and the entertainment industry.

“Oludotun Baiyewun Jacobs (MFR), 11/07/1942 – 16/09/2026,” the family stated, while appealing to bloggers and social media influencers to respect their privacy as they mourn.

Tinubu: ‘His Passing Is a Great Loss’

President Bola Tinubu led the tributes, describing Jacobs as one of Nigeria’s most distinguished actors and a major figure in the development of the country’s creative industry.

In a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said Jacobs’ career across theatre, television and film had inspired generations of actors and filmmakers.

“He was a giant of the Nigerian creative industry. His passing is a great loss to Nigeria, the African film industry and the global community of lovers of the performing arts,” the President said.

Tinubu also praised Jacobs for bringing depth, dignity and authenticity to his performances, saying his body of work would continue to inspire future generations.

The President extended his condolences to Jacobs’ wife, veteran actress Joke Silva, their children, grandchildren, relatives, colleagues and the wider Nigerian creative community.

Atiku: ‘An Institution Has Passed’

Former Vice President Atiku Abubakar also mourned Jacobs, describing him as an institution and a cultural icon whose career helped shape Nigeria’s entertainment landscape.

In a tribute shared on X, Atiku said Jacobs had become a familiar presence in the homes of generations of Nigerians and praised his distinctive voice, dignity and acting talent.

He also highlighted Jacobs’ international career before the emergence of Nollywood as a global phenomenon, noting his contribution to the foundations of Nigeria’s modern film industry.

Atiku extended his condolences to Silva, the Jacobs family and the wider Nigerian and African creative communities.

A Career That Spanned More Than Five Decades

Born on July 11, 1942, Jacobs built a career that stretched across more than five decades and encompassed theatre, British television, international cinema and Nollywood.

He trained at the Royal Academy of Dramatic Art in London before beginning his professional acting career in Britain. He appeared in several British television productions and international films before returning to Nigeria, where he became one of the country’s most recognisable screen and stage actors.

In Nigeria, Jacobs became particularly associated with roles portraying kings, chiefs, traditional rulers, patriarchs and other authoritative characters.

His commanding presence and distinctive voice became trademarks of his performances, helping establish him as one of the defining figures of Nigerian cinema.

Awards and National Recognition

Jacobs received several major honours during his career.

He won the Africa Movie Academy Award for Best Actor in a Leading Role in 2007 and was honoured by the Federal Government with the national award of Member of the Order of the Federal Republic (MFR) in 2011.

He also received the Industry Merit Award at the 2013 Africa Magic Viewers’ Choice Awards and a lifetime achievement award at the 2016 MAA Awards.

Jacobs was also a film executive and, alongside Joke Silva, co-founded the Lufodo Group, further extending the couple’s contribution beyond acting into the development of Nigeria’s performing arts sector.

Olu Jacobs and Joke Silva

Jacobs and Joke Silva became one of Nigeria’s most prominent entertainment couples.

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The political battle over Anambra State’s finances has escalated, with the Presidency challenging former governor and 2027 presidential candidate Peter Obi to honour his pledge to stop campaigning if it is established that his administration left behind unpaid debts.

The challenge was issued on Wednesday by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, amid a fresh exchange between Obi and the Anambra State Government over loans, financial obligations and funds allegedly left behind when he handed over power in 2014.

Onanuga said Obi had previously maintained that he left Anambra without outstanding debts and had indicated that he would abandon his presidential campaign if evidence emerged to the contrary.

“Now, the Anambra government has confronted him with facts and figures,” Onanuga said, according to reports of his statement, adding that the state government had raised claims involving obligations to workers, teachers, pensioners and contractors.

“The ball is back in his court. Will he follow through on his threat by quitting the race?” he asked.

Anambra Government Releases Debt Records

The Presidency’s intervention followed a detailed response by the Anambra State Government to Obi’s denial of claims that his administration left behind financial liabilities.

Anambra Commissioner for Information and Value Reformation, Law Mefor, said the state had released records relating to external loans and other obligations allegedly linked to previous administrations.

The state government said records showed that Anambra inherited external loans associated with Obi’s tenure, with reports putting the outstanding balance at about $123.77 million. The government also disputed Obi’s account of an alleged ₦2.13 billion ecological fund.

According to Mefor, the First Bank account identified by Obi as the repository of the ecological funds was not an ecological fund account and, based on the certified records cited by the government, did not contain the amount Obi claimed he left behind.

The Anambra government has also maintained that the state continues to service financial obligations incurred under previous administrations.

Obi Rejects Allegations

Obi has strongly rejected the allegations, describing claims that he left unpaid salaries, pensions, gratuities and contractor liabilities as false.

The former governor said his administration cleared more than ₦35 billion in historical gratuities and arrears and maintained that, at the point of handover, the state had no outstanding salaries, pensions or gratuities.

He also disputed the characterization of the ecological funds as a loan.

According to Obi, the money was released shortly before the end of his tenure for the Oko/Umuchiana erosion-control project. He said he deliberately left the funds untouched for his successor because they were tied to the project.

Obi further maintained that the funds were held in a First Bank account with a balance of more than ₦2.13 billion and were separate from the more than ₦75 billion in savings he said his administration left behind.

He challenged the Anambra Government to produce evidence contradicting his account, saying he would stop campaigning if it could establish that he left the alleged debts.

Fresh Political Flashpoint

The competing accounts have transformed what began as a dispute over Anambra’s historical finances into a political confrontation with implications for the 2027 presidential race.

The central issues remain whether financial obligations currently being serviced by Anambra can be directly attributed to Obi’s administration, the nature and status of the disputed ecological funds, and what financial position the former governor handed over to his successor in 2014.

The latest exchange has now put Obi’s own pledge at the centre of the controversy, with the Presidency arguing that the publication of the state government’s records places the burden on him.

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The presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could rise to ₦5,000 per litre if President Bola Tinubu secures a second term in office.

Adebayo issued the warning in a press release signed on Wednesday by his presidential campaign’s Chief Communications Adviser, Comrade Mark Adebayo.

He attributed the projected increase to the Federal Government’s economic policies, particularly the full deregulation of the petroleum downstream sector and the floating of the naira.

According to him, the policies have placed the Nigerian economy on a hyper-inflationary path and, without a major change in direction, could result in further increases in fuel prices.

Adebayo said his projection was based largely on the relationship between the exchange rate and the cost of imported petrol.

He noted that petrol imported into Nigeria is priced in United States dollars, arguing that continued depreciation of the naira would raise the cost of fuel imports.

“If the exchange rate hits ₦3,500 to $1 in the coming years, the landing cost of fuel alone will exceed ₦4,000,” he said.

He added: “You cannot have economy illiterates running your country and expect the people not to suffer. They don’t understand how to run a developing economy in a complex modern global dynamic. The realities are faster than their capabilities can operationalise.”

On the removal of fuel subsidies, Adebayo said the policy had eliminated the government’s ability to shield consumers from fluctuations in international crude oil prices.

“The current policy completely removes the government’s ability to cushion international oil price shocks. If global crude prices spike due to geopolitical tensions, Nigerian consumers will bear 100% of the burden at the pump which automatically triggers a compounded inflation spiral,” he said.

He continued: “High fuel costs drive up transport inflation. Transport inflation drives up food inflation. This vicious cycle reduces the purchasing power of the Naira, forcing marketers to raise prices just to break even against operational costs.

“High interest rates from the Central Bank mean oil marketers are borrowing at exorbitant rates to fund imports. These financing fees, alongside decaying port and distribution infrastructure, add hundreds of Naira in hidden costs to every liter of fuel.”

Adebayo said the economic hardship being experienced by Nigerians is the predictable consequence of adopting what he described as “foreign IMF-style models” instead of policies focused on citizens.

“We cannot run an economy purely on taxes, subsidy removal, and currency devaluation without producing anything internally,” he stated.

He added: “A ₦5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking. If Nigerians do not demand a change in economic philosophy, the pump price will catch up to this reality sooner than expected.”

The SDP presidential candidate also outlined some of the economic measures he said his administration would implement if elected.

“When elected into office next year, my administration will immediately revive local refining capacity through transparent public-private models, and reintroduce targeted cushions to protect regular Nigerians from economic collapse,” he said.