News
Presidency, National Assembly Renew Alliance on Reforms as Abbas Defends 10th NASS Record
By Gloria Ikibah
The Presidency has reaffirmed its commitment to working closely with the National Assembly to advance security, economic recovery and good governance, insisting that cooperation between both arms of government is essential to delivering the Renewed Hope Agenda.
The assurance came on Tuesday as the House of Representatives opened its National Assembly Open Week in Abuja, an initiative aimed at showcasing the work of parliament and strengthening public engagement under the theme, “Three Years of the 10th National Assembly: Advancing Transparency, Inclusion and Reform.”
Representing President Bola Tinubu, the Chief of Staff, Rt. Hon. Femi Gbajabiamila, said Nigerians expect government institutions to work together in the national interest, while stressing that the Open Week should serve as more than a ceremonial event.
He said: “An Open Week must be more than the ceremonial opening of the gates of Parliament. It should be an invitation to scrutiny, dialogue and partnership.
“Citizens should be able to follow how laws are made, understand how public resources are appropriated and see how legislative oversight protects the national interest.
“Equally, the legislature must continue to hear from young Nigerians, women, persons with disabilities, civil society, the private sector, professional bodies and communities across the federation.”
Gbajabiamila praised the leadership of the National Assembly, led by Senate President Godswill Akpabio and Speaker of the House, Tajudeen Abbas, for reforms undertaken since the inauguration of the 10th Assembly.
He emphasised that collaboration between the Executive and Legislature strengthens, rather than weakens, democracy.
“While the Executive and the Legislature are separate arms of government, they share one ultimate mandate which is to improve the lives of the Nigerian people. Constructive cooperation does not diminish legislative independence, nor does robust debate amount to institutional conflict. Our democracy is strengthened when both arms engage with mutual respect, constitutional fidelity and a clear focus on results.
“As we reflect on the first three years of the 10th Assembly, I encourage us to look beyond the record of activities to the measure of impact: laws that solve real problems; budgets that translate into visible development; oversight that improves performance; and representation that renews citizens’ confidence in government.
“The Presidency remains committed to a productive relationship with the National Assembly in pursuit of security, economic renewal, social justice and shared prosperity under the Renewed Hope Agenda. Nigerians expect their institutions to work together.
“I congratulate the 10th National Assembly and all partners who have made this Open Week possible. May this gathering deepen public trust, strengthen democratic accountability and remind us all that public office is, above all, a public trust”, he added.
In his keynote address, Speaker Abbas Tajudeen defended the performance of the House over the past three years, revealing that lawmakers had processed 2,747 bills, with 363 passed by the National Assembly and 72 already signed into law by President Tinubu.
He said the figures represented the most productive legislative record since the return to democratic rule in 1999.
He said: “These were not lines upon a page but measurable and lasting change. Those figures represent the highest for any Assembly since 1999.”
According to the Speaker, one of the landmark laws guarantees interest-free student loans, while others have overhauled revenue administration and created regional development commissions.
“One of those laws now offers young people interest-free student loans, so that no Nigerian student is turned away from a lecture hall for want of means.
“Another has reformed how the nation raises and shares its revenue. Others have created commissions to carry development into every region of the Federation.
“The landmark statutes are only part of our work: more than 800 citizens have petitioned this House, and we have already brought hundreds of those matters to resolution. That, in my estimation, is this House at its most faithful.
“Where we have served the nation well, the Scorecard records it. Where we have fallen short, it records that also. At our inauguration in 2023, we asked to be measured against our own promises, and we meant it”, Abbas added,
The Speaker described the Open Week as an opportunity for direct engagement between parliament and the public.
“This week was designed not as a lecture but as a national conversation, and at every table, a place has been reserved for the citizen.”
The Speaker also defended the Assembly’s support for the Tinubu administration’s economic reforms, saying parliament had provided the legal framework required to implement key policies.
“President Bola Tinubu asked us to accept a difficult but necessary course of reforms. They reached into the very foundations of our economy, into how it is financed, how our currency is valued, and how our common revenue is shared and invested in our people.
“Every policy of the Executive still had to become law, to pass through appropriation, and to withstand legislative scrutiny. That is the indispensable work this House has performed.
“We laid the legal foundation for the tax reforms that will render our revenue fairer for generations to come.
“We enacted budgets directing resources toward infrastructure, toward power, and toward the human capital upon which all else depends.
“We gave statutory force to the reform of student financing. The President furnished the vision; the National Assembly furnished the laws that render the vision enforceable. That is the true measure of legislative support, and it is worth far more than applause”, he stated.
On security, Abbas maintained that progress was being made despite continuing challenges.
“Nothing tests a government, or a parliament, so severely as the safety of the citizen.
“Let me speak plainly: our security forces are gaining ground, and we will not rest until every Nigerian is safe.”
The Speaker also dismissed claims that the National Assembly merely rubber-stamps Executive proposals.
“Some assume, in good faith, that when a President signs a Bill quickly, then the legislature is a rubber-stamp. That is not how the work is done.
“Swift assent is usually the reward of months of committee work, completed long before the cameras arrive.
“Even the Congress of the United States has, in urgent moments, passed sweeping legislation in a single day, and no serious observer called it surrender.
“Speed built on hard preparation is the mark of a Parliament that is working, not one that has stopped thinking.”
He urged Nigerians to become more involved in the legislative process.
“My appeal to the citizen who observes us today is therefore a simple one: draw closer. Acquaint yourself with the true workings of your Parliament.
“Read a Bill before you pass judgement upon it. Submit your memoranda when we call for them. We take your submissions seriously and consider your input in amending laws”, he added.
Senate President Godswill Akpabio said the National Assembly remained focused on supporting government through legislation and budget approvals that improve the economy.
“I also insist that any sort of finance or those running our economy also take care of our contractors across the board so that money will be released to the society for things to function”, he said.
He also praised President Tinubu’s relationship with the legislature.
“He has visited us more times than any president. Whether it is June 12th or whether it is time of budget, he comes here in person and always very excited.
Executive Director of the Policy and Legal Advocacy Centre (PLAC), Clement Nwankwo, acknowledged the Assembly’s progress in areas including constitutional amendment, electoral reform and citizen engagement, but challenged lawmakers to strengthen oversight of the Executive.
“The Legislature is at its strongest not when it agrees with the Executive, but when it faithfully discharges its constitutional duty to scrutinise executive action, protect public resources and ensure that government remains accountable to the people”, he said.
Nwankwo urged lawmakers to conclude the constitutional review process, strengthen Nigeria’s electoral laws, pass the Special Seats Bill for Women, deepen transparency and ensure oversight delivers measurable benefits for citizens.
Former Speaker Aminu Masari commended the Open Week initiative, describing it as evidence that the House was living up to its reputation as the “People’s House.”
Emeritus Archbishop of the Catholic Archdiocese of Abuja, John Cardinal Onaiyekan, reminded lawmakers that their legitimacy comes from the electorate and urged them to place the interests of Nigerians above every other consideration.
Executive Secretary of the National Assembly Library, Hon. Henry Nwawuba, said the Open Week reflects parliament’s commitment to openness and accountability, while noting that it coincides with the second anniversary of the National Assembly Library, established by President Tinubu to preserve Nigeria’s legislative history and improve public access to parliamentary information.
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
-
News10 hours agoPope Leo XIV Warns Against AI Risks, Urges World to Protect Human Dignity
-
News9 hours agoNigeria @66: Tinubu Urges Citizens to Keep Faith, Says ‘Light At End of Tunnel
-
Politics12 hours ago2027: Wike to lead campaign team for Tinubu’s re-election in FCT, Rivers
-
News12 hours ago184.5kg cocaine bust: NDLEA docks KC Luxury, 2 accomplices, remanded in custody ( Photos)
-
News9 hours agoAregbesola Missing From Atiku’s 2027 Campaign Council Amid Reported ADC Rift
-
News8 hours ago2027: Otti Backs Tinubu, Says Role as Governor Makes Opposition Difficult