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Nigeria, Saudi Arabia sign agreement to enhance $7.7trn halal economy

The Nigerian Government entered into a cooperation agreement with Saudi Arabia’s Halal Products Development Company (HPDC) on Wednesday, with the objective of establishing Nigeria as a prominent participant in the global halal market, currently valued at $7.7 trillion.
This agreement is expected to promote investment, enhance technical cooperation, and provide market access in essential sectors, including food production, pharmaceuticals, finance, and livestock for both countries.
At the signing ceremony at the Makkah Halal Forum in Saudi Arabia, Vice President Kashim Shettima remarked that this collaboration represents a pivotal opportunity to transform Nigeria into a powerhouse of the global halal economy.
Senator Shettima, who was represented by Deputy Chief of Staff to the President, (Office of the Vice President), Senator Ibrahim Hassan Hadejia in a statement by Stanley Nkwocha, the Vice President spokesman, said, “This collaboration is an important step in our ambition to not only tap into the lucrative halal market but to establish Nigeria as a leading global player.
“We are committed to leveraging this collaboration to create jobs, attract foreign investment, and diversify our economy in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.”
The agreement was executed with HPDC, a subsidiary of the Saudi Public Investment Fund, represented by its Chief Executive Officer, Fahad Alnuhait, in the presence of Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi; Chairman of the Makkah Halal Forum’s Organizing Committee, His Excellency Mr. Fawaz bin Talal Al-Harbi, and Chairman of Makkah Chamber of Commerce and Industry, His Excellency Mr. Abdullah bin Saleh Kamel.
Also speaking, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, said the partnership builds on Nigeria’s growing Islamic finance sector, which has seen success through Sukuk bonds for infrastructure financing and the establishment of Islamic banks like Jaiz Bank, Taj Bank, and Lotus Bank.
Sheriff explained that the Islamic Development Bank (IsDB) and the Arab Bank for Economic Development in Africa (BADEA) will support the initiative through capacity building, regulatory framework development, and financing opportunities.
“This agreement aligns perfectly with the Renewed Hope Agenda by creating new jobs, attracting foreign direct investment, and diversifying our economy.
“The halal economy extends beyond Muslim consumers. Non-Muslim majority countries like Brazil, Australia, and Thailand are already leveraging the sector for substantial export growth,” he said.
The Nigerian delegation also included the Chairman of Dar Al Halal Group, Alhaji Muhammadu Ladan Dikko; Chairman of the Board of Directors, Bank of Industry, Dr. Mansur Muhtar; Minister of Trade and Investment, Dr. Jumoke Oduwole who was represented by Ambassador Nura Rimi; Minister of Foreign Affairs, Ambassador Yusuf Tuggar, represented by Ambassador Mahmoud Lele, and R’representative of the Standard Organization of Nigeria, Hajiya Amina.
Others are the Chairman, Nigeria-Saudi Chamber of Commerce, Engr. Ibrahim Usman; Minister of Finance, Mr. Wale Edun, represented by Nur Muftau Baba Ahmed; CEO of Nigeria Export Promotion Council, Mrs. Nonye Aneyi, represented by Mustapha Aminu; Deputy President of NACCIMA, Alhaji Jani Ibrahim, and Managing Director of Bank of Industry, Mr. Olasupo Olusi, represented by Mrs. Jelilat Ismaila-Ayinde.
VP Shettima had during the Halal Economy Stakeholders Engagement Programme held at the Banquet Hall of the Presidential Villa, Abuja, in September last year emphasized the economic potential of the sector, noting that “increasing Nigeria’s halal exports to OIC markets from two percent to six percent could boost the country’s GDP by $540 million, while strategic import substitution could add nearly $1 billion by 2027.
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Presidency slams El-Rufai over plot to woo Buhari

The Presidency and the ruling All Progressives Congress have dismissed the prospect of any opposition coalition unseating President Bola Tinubu in 2027, describing recent moves by former Vice President Atiku Abubakar and ex-Kaduna State Governor, Nasir El-Rufai, as futile and politically opportunistic.
Their reactions followed the high-profile visit by Atiku and El-Rufai—accompanied by former governors Aminu Tambuwal (Sokoto), Gabriel Suswam (Benue), Jibrilla Bindow (Adamawa), and Achike Udenwa (Imo)—to former President Muhammadu Buhari at his Kaduna residence last week.
Although Atiku maintained the visit was merely a post-Sallah courtesy call, political observers and members of the ruling party believe it was part of broader opposition coalition talks aimed at weakening Tinubu’s political base.
“There is a plan for the major political parties to come together and form a strong opposition. But it is not part of our visit,” Atiku told reporters.
In recent weeks, concerns have risen within the APC over speculated coalition efforts and the potential exit of the Congress for Progressive Change bloc from the party, following defections to the Social Democratic Party.
But the APC’s National Secretary, Senator Ajibola Bashiru, waved off the speculations in a phone interview with The PUNCH, questioning the credibility of the so-called CPC defection narrative.
“It is not true. Which CPC bloc did you people say is leaving? Was El-Rufai or Atiku a CPC member? Is our Vice National Chairman (North-West), Garba Datti Mohammed, and even former Governor Al-Makura not in the CPC? Have you heard any of them saying he is leaving?” Bashiru queried. “I don’t know why the media keeps giving these sorts of people unnecessary attention.”
Also reacting, President Tinubu’s Special Adviser on Policy Communication, Daniel Bwala, criticised the coalition talks, dismissing them as a desperate power grab by political misfits with no shared ideology.
“This coalition is an association to grab power,” Bwala said. “That’s why you will hear Peter Obi say they are only there to grab power. Tomorrow, he will say he is considering joining. As for my senior brother, El-Rufai, I like what he is doing. He is using them to play ping pong.”
Bwala added that internal resistance within the Peoples Democratic Party had already disrupted El-Rufai’s attempts to lure the opposition into the SDP.
“When El-Rufai came, he thought he would move all of them to SDP. But His Excellency (Sule Lamido) screamed, ‘Hold it there!’ He reminded them that it was the PDP that made El-Rufai minister twice and gave him political relevance. Now, he wants to drag them out? We’re not going anywhere,” Bwala recounted.
The Presidency insists that despite the rising political noise, President Tinubu remained focused on governance and would not be distracted by alliances it described as unstable and self-serving.
Credit: PUNCH
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Court dismisses suit seeking Oyo monarch’s removal

An Oyo State High Court sitting in Ibadan has dismissed a suit contesting the nomination and installation of the Olugbon of Orile Igbon, Oba Francis Alao.
In his ruling on Monday, Justice K.A. Adedokun nullified the case for lack of jurisdiction.
Four members of the Akingbola family who instituted the suit contested the selection, appointment, and approval of Oba Alao as the Olugbon.
Justice Adedokun held that the court lacked the jurisdiction to entertain the matter, saying that the claimants had no locus standi to file the suit.
He ruled that the case was defective as it failed to include Surulere Local Government, the authority legally empowered to initiate the selection process and approve the traditional ruler’s appointment.
Oba Alao, whose installation as Olugbon was ratified by the Oyo State government and traditional institutions, is the current vice chairman of the Oyo State Council of Obas and Chiefs.
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EFCC arraigns Chinese for giving false information in Lagos

The Economic and Financial Crimes Commission (EFCC) has arraigned a Chinese, Liu Beixiang, over alleged false information to an officer of the agency.
Liu was arraigned yesterday before Justice Ayokule Faji of the Federal High Court sitting in Ikoyi, Lagos.
The charge reads: “That you, Liu Beixiang (a.k.a Lao Liu), sometime in December 2024 in Lagos, within the jurisdiction of this honourable court, did give information, which you knew to be false, to an officer of the Federal Government of Nigeria in the discharge of his duties and thereby committed an offence contrary to Section 16 (1) of the Economic and Financial Crimes Commission (Establishment) Act, 2004.”
The defendant, however, pleaded not guilty to the offence when the charge was read to him. In view of his plea, the prosecution counsel, Babatunde Sonoiki, asked the court for a trial date and also prayed that the defendant be remanded in a correctional facility.
But in his response, the defence counsel, F.A. Dalmeda, informed the court of an application submitted to the EFCC seeking a plea bargain.
“We filed an application for a plea bargain, and we also filed a motion for bail, which the EFCC responded to this morning.
“We need a date for us to report on the plea bargain.
Consequently, Justice Faji adjourned the matter till June 23, 2025, for a report on the plea bargain and remanded the defendant in a correctional centre.
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