News
Abejide Quits ADC Amid Internal Turmoil
…cites party rifts and blocked ambitions, keeps next move under wraps
By Gloria Ikibah
The lawmaker representing Yagba East, Yagba West and Mopamuro Federal Constituency in Kogi State, Rep. Leke Abejide, has parted ways with the African Democratic Congress following a period of internal unrest within the party.
His decision comes against the backdrop of lingering disputes, leadership uncertainty and mounting tensions, which he believes have made it increasingly difficult to pursue his political goals
While confirming his departure, the federal legislator stopped short of revealing his next political destination, leaving observers speculating about his future alignment.
Speaking on the development, Abejide indicated that the move, though difficult, was driven by the need to safeguard his political trajectory and continue advancing the interests of his constituency.
“It is a painful decision but necessary to save my political future from those who came to destroy my former political party that I laboured hard to nurture and love dearly. It is good to lay the foundation of what necessitated the decision I took few weeks ago so that the general public will be aware and know what actually transpired”, he said.
The lawmaker traced the crisis to a legal action he initiated in 2025 involving key party figures.
“Around August, 2025, I took the Leaders of ADC Coalition in persons of Senator David Mark, Rauf Aregbesola, Chief Ralph Nwosu and ADC as a party to Court.
“It was during the Court long vacation that my Lawyers approached the Court and sought the Court approval to listen to the case, so as to get justice within a reasonable time frame as the electoral activities leading to Primary elections were coming closer.
“The Judge obliged and granted us accelerated hearing in order to determine the case so that each party to the case can go ahead either with ADC or find another platform to achieve his or her political ambition“, he explained further.
However, he accused the defendants of deliberately frustrating the case.
“However, the defendants who are David Mark and others kept sending different people to join my case as a way to delay the matter from being adjudicated upon by the Judge up to the time Independent National Electoral Commission (INEC) rolled out Timetable for political activities, for Primaries Elections and General Elections in 2027.
“Due to long adjournment, occasioned by the opposing Counsel tactics to frustrate the speedy hearing of my suit, my counsel then advised me I should be looking for an alternative party to pursue my political ambition”, he stated.
Abejide further stated that leadership challenges within the party deepened the crisis and alleged a deliberate attempt to undermine his political trajectory within the party.
“Confronted by the frustration aforesaid, that characterized the proceeding before the Federal High Court, my Counsel further advised me that since ADC is leaderless and with the implication of not having validly elected National Chairman and National Secretary respectively to sign my nomination form which is mandatory by law before one can become a valid candidate, I should seek for an alternative platform to pursue my political ambition.
“It was then the mission of ADC Coalition was clear to me that their intention was not to grow the party, but to ensure people like me who have been contesting on the platform of African Democratic Congress since 2019, without defecting to any political party and had been winning when ADC was relatively unknown and do not have a political platform, to achieve my political ambition but they have failed, I have since moved on“, he said.
Addressing Nigerians and his constituents, Abejide said, “My fellow Nigerians, my esteemed loyal supporters in Yagba Federal Constituency in particular, in Kogi State, Nigeria at large and indeed across the globe, it is necessary to address you on the current imbroglio besetting my former political party ADC over nine months ago when the party was unlawfully hijacked by politicians that were chased out of political parties they could not manage, yet wanted to rule a macro ecosystem like Nigeria.
“The uncertainties in ADC necessitated filling a suit in Federal High Court as aforementioned in furtherance of my constitutional rights to associate freely and to be a member of the political party of my choice.
“I joined ADC, nurtured it to a National recognition as a political party with representation in both National and State Assemblies. The party structure were funded by me as then National Leader of the Party which I have willingly relinquish to the current National Chairman Hon Nafiu Bala and I wish him good luck as he will continue to fight for his rights in Court. Our mission and vision was to produce a party we can be proud of, unfortunately, man proposes God disposes.
“I have strenuously discussed, consulted and dialogued with my political leaders, constituency supporters and people that enjoy my vision and missions that are in tandern with the Renewed Hope Agenda of President Bola Ahmed Tinubu GCFR, The President, Commander in Chief of the Armed Forces Federal Republic of Nigeria and I am ready to continue my support for this Progressive Club.
“I have prayed earnestly on this and the leading of the Holy Bible provides the leading light in the Book of Isaiah 9:10 ‘The bricks are fallen down but we will build with hewn stones. The sycomores are cut down, but we will change them into cedars’.
“I have decided to change the bricks that are fallen down in ADC to hewn stones in a better political Party to have a good structure that will benefit my people and equally to change my sycamore tree in ADC to a strong enduring cedar of political certainty,” he said.
On reports of expulsion, he dismissed them outright.
“Recently, on the 14th April, 2026 to be precise, I was purportedly proclaimed by the people that wanted to reap where they did not sow as being expelled. I wish to state that I have willingly and voluntarily exited and had since extinguished my membership of ADC by Constitutional method permitted under ADC Constitution.
“My political structure has put machinery in place for actualization of my political ambition and further provisions of dividends of democracy through a platform that can accommodate that vision,” he said.
Abejide also addressed a viral video involving Chief of Staff to the President, Femi Gbajabiamila, clarifying its interpretation.
“Before I conclude this short address, let me put on record that I was not in ADC to scatter the party I laboured more abundantly to build contrary to the video going viral where RT. Hon Femi Gbajabiamila, Chief of Staff to the President advised me to stay in ADC, contest my reelection and fight for my rights and scatter the political marauders from the party.
“RT. Hon Femi Gbajabiamila statement was made in jovial manner; not meaning to destroy any political party and it was quoted out of context. He was even begging me not to leave my party and wished me goodluck in Court. He spoke in our usual way of joking among ourselves even on our National Assembly Platform where all of us chats and joke together.”
“For anyone to now say it is a judicial intervention or trying to bring down our democracy; it is a height of absurdity. Clearly, there cannot be a bigger democrat than RT. Hon Femi Gbajabiamila. He is still till date number one opposition that I have even seen from National Assembly who believed in democracy as has been testified to by many”, he clarified further.
Abejide further accused internal party actors of undermining democratic structures.
“Rather the party hijackers are the ones who came to scatter all the people they met on ground by expelling this or that person without recourse to the Constitution of the party which can be attested to and given credence to my fear as expressed by the recent Federal High Court judgement delivered by Hon Justice Joyece Abdulmalik dated Wednesday 29th April,2026.
“Finally, I want to appreciate you all for standing by me in the trying times of building a virile political party that was ‘bandictrilly’ hijacked by people that are habitually known for that attitude since this democracy started in 1999. On this note, I am officially informing you that I had since moved out of ADC to pursue my future political ambition”, he stated.
By Gloria Ikibah
Sterling Financial Holdings Company Plc has commenced an approved share capital reconstruction, consolidating every 10 existing ordinary shares into one new share as part of efforts to streamline its capital structure and strengthen its appeal to investors.
The company disclosed this in a statement on Friday, saying the exercise followed several rounds of capital raising that had expanded its equity base.
According to Sterling Financial the reconstruction was designed to improve capital-structure efficiency, support strategic growth and make the company more attractive to institutional and retail investors.
The group enters the exercise on the back of a strong first-half performance, with profit after tax rising by 20.4 per cent to N50.3 billion, compared with gross earnings of N279.6 billion.
Its total assets stood at N4.67 trillion, while shareholders’ funds increased by 27.8 per cent to N547.7 billion.
The company said the reconstruction formed part of its broader strategy to optimise its share structure as it pursues sustainable earnings growth and stronger returns.
Trading in Sterling Financial’s shares on the Nigerian Exchange Limited (NGX) was temporarily suspended on Wednesday, September 23, to facilitate the exercise.
The suspension is scheduled to run for up to 10 working days, ending Wednesday, October 7, while the Central Securities Clearing System Plc (CSCS) and Pace Registrars Limited reconcile shareholders’ holdings and update the register.
The company said the resumption of trading will be communicated after the process had been completed and confirmed by the NGX.
Sterling Financial said the revised share structure was expected to support more efficient price formation and improve the assessment of per-share performance across reporting periods.
It added that the reconstruction will also allow investors to make clearer comparisons with relevant sector peers.
Shareholders approved the exercise at the company’s Annual General Meeting on June 9, 2026, while the required regulatory no-objections were obtained.
The Federal High Court also confirmed the share reduction exercise in an order dated September 22, 2026.
Under the new structure, Sterling Financial’s issued ordinary shares will fall from 68,502,331,708 to 6,850,233,171, with each share retaining a nominal value of 50 kobo.
The company stressed that the restructuring will not alter total shareholders’ funds.
It also clarified that the exercise was neither a fresh capital raise nor a cash distribution.
For individual shareholders, every 10,000 existing shares will be converted into 1,000 reconstructed shares, with the reference price adjusted tenfold.
According to the company, the adjustment is intended to preserve the calculated value of a shareholder’s holding at the point of reconstruction, although the actual market price may rise or fall when trading resumes.
Voting and economic interests will continue in proportion to shareholders’ reconstructed holdings, while accrued dividend entitlements will remain intact.
Future dividends, whenever declared, will be calculated based on the reconstructed share base.
Sterling Financial said the reconstruction itself did not determine the amount of any future dividend.
The conversion of eligible holdings will be automatic, with no application or payment required from shareholders.
Investors with valid CSCS account and stockbroker details will have their reconstructed shares credited electronically.
However, holders of physical share certificates have been advised to contact Pace Registrars and a licensed stockbroker for assistance in converting their holdings into electronic form.
The company explained that CSCS maintains electronic securities records, while a Clearing House Number identifies an investor within the system.
Holdings without valid CSCS account details will remain with Pace Registrars under a non-tradeable Registrar Identification Number until the required process is completed.
Shareholders with outdated or incomplete records were advised to contact the registrar to update their details.
Sterling Financial also advised investors with transactions awaiting settlement around the suspension period to confirm with their stockbrokers and the registrar how the approved record date and settlement cut-off would apply to their holdings.
Following completion of the adjustments, shareholders were advised to check their revised balances through their stockbrokers, CSCS or Pace Registrars and promptly report any missing or incorrect balances for reconciliation.
Anambra State Government has acknowledged that former Governor Peter Obi performed well during his tenure, while clarifying that its ongoing scrutiny of his administration’s financial records is not intended to discredit his achievements or political ambitions.
The state Commissioner for Information and Value Reorientation, Law Mefor, made the clarification while addressing the controversy surrounding Obi’s claim that he left no financial liabilities for subsequent administrations.
Mefor said the government’s position was focused on establishing the accuracy of the state’s financial records, particularly claims relating to funds allegedly left behind by the former governor.
He specifically questioned Obi’s assertion that his administration left N12.13 billion in an ecological fund account domiciled with First Bank at the Nnamdi Azikiwe University (UNIZIK), Awka branch.
According to the commissioner, the state government requested the relevant account statement from the bank but found no evidence supporting the claimed balance.
Mefor, however, stressed that the financial inquiry should not be interpreted as an attempt to diminish Obi’s record in office.
“The intention of the Anambra State government is not to indict Peter Obi. Peter Obi did well as governor.
“There is no rift between Governor Soludo and Peter Obi. They are both in politics, and they have their interests to defend,” he said.
The comments come amid renewed political exchanges between supporters of Obi, the former Anambra governor and Labour Party presidential candidate, and the administration of Governor Chukwuma Soludo.
While the two politicians have publicly differed over aspects of Anambra’s financial and developmental record, Mefor said the state government’s position was primarily aimed at clarifying the records rather than attacking Obi personally.
Abia State Governor Alex Otti has said he will support President Bola Ahmed Tinubu’s bid for re-election in 2027, despite remaining a member of the opposition Labour Party (LP).
Otti made the clarification during an interview with Arise Television on Friday, where he addressed questions about his relationship with the ruling All Progressives Congress (APC) and his position on Tinubu’s 2027 ambition.
The governor was asked whether his support for Tinubu amounted to a “comfortable arrangement” between him and the ruling party.
Otti agreed with the description, saying his position as a governor and member of the National Economic Council made it difficult for him to openly oppose the President’s re-election bid.
“It works the way you have said. It’s a statement of fact. I am not in a position to oppose his candidacy,” he said.
Otti explained that although he could disagree with some government policies, his membership of the National Economic Council meant he was also part of the broader governance structure through which federal policies and decisions were discussed.
He said openly opposing the President could create unnecessary tension within the system, adding that he preferred to raise disagreements during government meetings.
“And sometimes people don’t understand the opposition. When you say opposition, and you are part of a government, then what you are driving towards is implosion.
“So if I do have a problem with anything, I’ll sit down in one of our meetings and I’ll make my point. So I’m not going to oppose his candidacy,” Otti said.
The Abia governor further stressed that his role in the National Economic Council had placed him directly within the process of implementing and discussing policies of the Federal Government.
“I had also said that as a governor in this republic, that a lot of the things that are being, in fact, I’m part of all the things that have been done as a member of National Economic Council. So, we should distinguish that.
“When somebody now says, ‘Oh, you are supporting or you’re not,’ I have to support him,” he said.
However, Otti appeared to draw a distinction between supporting Tinubu’s re-election and abandoning the Labour Party.
When reminded of his earlier statement that he still had a presidential candidate in the Labour Party, the governor rejected the suggestion that he was referring to Tinubu.
“No, that’s not what I said,” he said.
Asked whether he was referring specifically to a Labour Party presidential candidate, Otti replied, “Yes.”
But when pressed again on whether he supported Tinubu’s 2027 bid, he responded: “What do you expect me to say? To say I’m not supporting him?”
Otti also said Tinubu had the constitutional right to seek another term in office, while noting that some of the President’s policies were consistent with positions he had previously held.
He specifically cited the removal of the petrol subsidy, which he described as unsustainable.
“Quite frankly, there are a lot of things that we have talked about now, that he has implemented, that resonate with me and my thinking.
“People don’t have to agree with me, but from where I sit, I know that for instance, the fuel subsidy was even unsustainable,” Otti said.
Sterling Financial Slashes Share Count Tenfold In in Capital Structure Overhaul
Soludo Govt Admits: ‘Peter Obi Did Well as Anambra Gov Amid Financial Records Dispute
US Sanctions Ground Iranian Airlines as Saudi Attacks Push Oil Above $106
-
News7 hours agoPope Leo XIV Warns Against AI Risks, Urges World to Protect Human Dignity
-
News7 hours agoNigeria @66: Tinubu Urges Citizens to Keep Faith, Says ‘Light At End of Tunnel
-
Opinion10 hours agoA Hall Where No One Listens: Can the UN Still Keep the Peace?
-
Politics9 hours ago2027: Wike to lead campaign team for Tinubu’s re-election in FCT, Rivers
-
News9 hours ago184.5kg cocaine bust: NDLEA docks KC Luxury, 2 accomplices, remanded in custody ( Photos)
-
News7 hours agoAregbesola Missing From Atiku’s 2027 Campaign Council Amid Reported ADC Rift