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.

Former Osun governor’s absence raises questions as Atiku unveils campaign structure dominated by top political figures

Former Osun State Governor and National Secretary of the African Democratic Congress (ADC), Rauf Aregbesola, has been left out of the presidential campaign council unveiled by the party’s candidate, Atiku Abubakar, ahead of the 2027 general elections.

Also absent from the campaign structure is the party’s National Publicity Secretary, Bolaji Abdullahi.

The omissions have attracted attention because both officials occupy key positions in the ADC’s national leadership. The party’s official website currently lists Aregbesola as National Secretary and Abdullahi as National Publicity Secretary.

Atiku approved the composition of the campaign council on Thursday, with Kashim Ibrahim-Imam appointed chairman and former Kaduna State Governor Nasir el-Rufai named deputy chairman.

Senator Austin Akobundu was appointed Director-General and Campaign Manager, while veteran journalist and publisher Dele Momodu will oversee the Media and Communications Directorate. Former Kogi West Senator Dino Melaye was named Deputy Director-General of the Contact and Mobilisation Directorate.

Former Edo State Governor and ex-national chairman of the All Progressives Congress (APC), John Oyegun, will chair the Campaign Advisory Board.

The policy team will be headed by Mohammed Hayatu-Deen, who contested the ADC presidential primary alongside Atiku, while former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, is also listed as a member.

According to Phrank Shaibu, Atiku’s Director of Strategic Communications, the campaign structure was designed around specific responsibilities, with six operational directorates and 30 directors assigned to defined roles.

“This is a structure built for work. Every directorate has a duty. Every director has an assignment. Every appointee must account for results,” Shaibu said.

Why Aregbesola’s absence is attracting attention

Aregbesola’s omission is particularly notable because of his position as one of the senior officers of the opposition party and his involvement in its political activities.

On the same day the campaign council was announced, Aregbesola appeared alongside Atiku and other ADC leaders in Akure, Ondo State, at the reception organised for Eyitayo Jegede, the former governorship candidate who joined the ADC.

However, Abdullahi has played down the significance of the omission.

Speaking to TheCable on Friday, he said the absence of some party leaders from the campaign structure should not be interpreted as evidence of disagreement within the party.

“There are so many party leaders whose names are not there. We play an important role in the party. So, it is not anything,” Abdullahi said.

He argued that the ADC’s national leadership still had to perform its statutory party functions and that removing key national officers from the party structure simply because of the campaign would be counterproductive.

Reported disagreement over campaign structure

Despite that explanation, reports indicate that the composition and structure of the campaign council had generated disagreement within the party.

According to reports, Kashim Ibrahim-Imam, who was appointed chairman of the campaign council, and Dino Melaye were involved in compiling the campaign structure before it was submitted to the ADC leadership for consideration.

Aregbesola was reportedly unhappy with aspects of the proposed organogram, particularly the arrangement under which some party executives would be required to report to individuals serving in the campaign structure who are not members of the party’s formal leadership.

He was also reportedly said to have questioned aspects of the composition of the council.

By Gloria Ikibah

President Bola Ahmed Tinubu has urged Nigerians not to lose hope in the country, assuring them that Nigeria is on the right path towards recovery, peace and sustainable development.

The President delivered the message through the Speaker of the House of Representatives, Rep. Abbas Tajudeen, who represented him at a special prayer session to mark Nigeria’s 66th Independence Anniversary at the National Mosque, Abuja, on Friday.

Speaking to journalists after the prayer session, Speaker Abbas conveyed the President’s message of hope while acknowledging the difficulties Nigeria had faced since independence.

He said the 66 years of nationhood should be seen as a period of growth and maturity, despite the setbacks, challenges and missed opportunities recorded along the way.

“Any person of 66 years cannot be called a child anymore. Nigeria has become mature, even though when we reflect on the journey from independence to date, Nigeria was bedevilled with a lot of issues in the past, and opportunities as well.

“We thank Almighty God for granting us life and peace for us to witness this very historic event today.

“I want to categorically make it clear that Nigeria is on the right path. There is light at the end of the tunnel. Nigeria has finished making sacrifices for this country to be great again,” he said.

The Speaker said the President’s message was particularly focused on encouraging Nigerians to remain hopeful and committed to the country’s progress.

According to him, the challenges confronting the nation could be overcome through sustained efforts and collective commitment.

“My message to the country on behalf of Mr President, the Senate President and all members of the National Assembly, is that people should not lose hope.

“Peace is coming back to this country, development is coming back to this country. Things will get better as we progress in this democracy,” he added.

The Speaker further stated that Nigeria’s democratic journey had provided an opportunity for the country to confront longstanding challenges and strengthen institutions capable of supporting sustainable development.

He  therefore urged Nigerians to remain optimistic about the future, stressing that achieving greater peace and development would require patience, unity and continued commitment to democratic governance.

Abbas also urged citizens to pay attention to the policies and programmes of the Tinubu administration, saying the government was working to address challenges that had accumulated over the years.

According to him, the administration’s reforms and programmes required time and sustained commitment to produce their intended results.
He urged Nigerians to support ongoing initiatives and efforts aimed at consolidating the gains of the administration.

The Speaker said the National Assembly will continue to support measures designed to strengthen democracy, promote economic development, improve security and enhance the welfare of citizens.

He also called for greater national unity, as he said, the task of building a better Nigeria could not be left to government alone.

According to him, citizens also have a role to play through their participation and commitment to the country’s development.

Speaker Abbas also urged Nigerians to use the 66th Independence Anniversary to reflect on the nation’s journey, acknowledge progress made, learn from past challenges and renew their commitment to building a peaceful, prosperous and united country.

The special prayer session was attended by dignitaries and Muslim faithful who offered prayers for peace, stability and continued development in Nigeria.

This is Chukuku, along Kuje – Gwagwalada road, Kuje Area Council of the FCT.

Wike don reach here.

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The husband of a woman accused of killing their two-year-old son stood by her in court on Thursday as she pleaded not guilty to a first-degree murder charge.

Corie Walsh, 40, appeared briefly before a judge on September 24 during a preliminary hearing in the case involving the death of her son, Barrett Walsh.

Walsh appeared in a bright red jail uniform with her hair tied back during the roughly three-minute hearing. She stood beside her attorney, who told the court that the defence had subpoenaed her treatment records from the jail.

The records, attorney Andrea Lyon later said, were requested to determine whether Walsh was receiving the mental-health treatment she needs.

The defence is also seeking to have Walsh released before trial to a hospital for treatment, despite a judge rejecting an earlier request this month.

Walsh’s husband, Michael Walsh, sat in the public gallery during Thursday’s hearing alongside an elderly couple who appeared visibly emotional.

As Walsh was led from the courtroom after the hearing, she made eye contact with her husband.

Outside the courthouse, friends comforted Michael, with one supporter telling him, “She will get through this, she’s strong.”

Michael was later heard telling another supporter that he had been “packing up” the family home.

Speaking to reporters outside court, Lyon said Walsh’s family remained firmly behind her.

“Her whole family is here today — her husband, mother, mother’s best friend,” the attorney said.

“They love her and this is not — she’s never been violent… she was psychotic. They all know that and want her to get better. This is not who she is,” Lyon added.

According to court documents, Walsh’s two older children discovered Barrett with a rope around his neck and his feet off the ground in the basement of the family’s home in Frankfort, a suburb about 30 miles southwest of Chicago.

The children reportedly ran to a neighbour’s house for help.

The neighbour called 911 and attempted CPR on the toddler, but he had no pulse and was cold to the touch. Barrett was pronounced dead at the scene.

An autopsy determined that the child, affectionately known as “Bear,” died from “asphyxia due to ligature compression of the neck,” according to court records.

Police later found Walsh fully clothed in a bathtub containing bloodied water. Investigators allege that she had attempted to kill herself by cutting her wrists and thighs with a dull kitchen knife.

Court documents further allege that Walsh confessed to killing her son and described him as the “anti-Christ” and “devil.”

The case has drawn particular attention because prosecutors allege Walsh had become intensely focused on the high-profile case of Lindsay Clancy, a Massachusetts mother accused of killing her three children.

Clancy’s defence argued that she suffered from postpartum psychosis and was legally insane when she fatally strangled her children with exercise bands. Her trial ended in a hung jury and mistrial.

According to Walsh’s defence team, she had discussed the Clancy case with neighbourhood friends shortly before Barrett was found.

During an earlier hearing, defence attorney Robert Kerr said Walsh had sent several “confusing” and “out of character” messages about the Clancy case.

Kerr told the court that Walsh had initially expressed one view about Clancy’s case before suddenly changing her position.

A witness reportedly described Walsh as abruptly saying that Clancy was “100% not guilty”, prompting friends to question whether she was okay and whether someone should check on her.

Walsh’s lawyers have argued that she was “severely mentally ill” and experiencing a psychotic episode when Barrett died.

The defence has also rejected suggestions that Walsh deliberately copied Clancy.

“Describing Corie to have copied Lindsay is to take an easy bait,” Kerr said during a previous hearing, according to a transcript.

Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has raised concerns about his personal safety ahead of the 2027 general elections, saying he is not certain he will be alive when Nigerians go to the polls.

Obi made the remarks during an interview on Arise TV on Thursday, where he discussed the political environment ahead of the election and called for a peaceful and democratic process.

The former Anambra State governor said he had been subjected to petitions and investigations in different places, adding that he remained uncertain about what could happen to him before the election.

“As I speak to you, I have also petitioned, I’ve been investigated everywhere. I still hear that I’m not even sure whether I’ll still be alive at the end of this,” Obi said.

He said he was relying on God for protection, while expressing uncertainty over the circumstances surrounding him.

“I’m praying to God for His protection because at this stage, I’m not sure what is happening,” he added.

Obi also appealed to political actors, particularly state governors, to create an environment where presidential candidates and other contestants can campaign freely ahead of the 2027 polls.

According to him, governors have the right to support candidates of their choice, but should not prevent candidates from opposing parties from carrying out their campaigns.

“Some of them will be campaigning for presidency tomorrow. They will be campaigning for other offices tomorrow. Let’s have peace,” he said.

The NDC candidate recalled his tenure as governor of Anambra State, saying he allowed politicians from other parties to campaign in the state, including those supporting candidates who were opposed to him.

Obi’s comments come amid increasing political activity and debate over the conduct and security of the 2027 elections. He has repeatedly called for a peaceful, credible and issue-based electoral process, while urging political actors to avoid actions that could undermine democratic participation.

Francis-Xavier Sosu, Ghanaian member of parliament, collapsed on stage while delivering a speech.

Sosu was addressing students at the Ghana Institute of Management and Public Administration (GIMPA) in Accra on Thursday when he began to show signs of dizziness, according to video posted by Joy Online, a local media outlet.

Pausing his address, the lawmaker attempted to hold on to the podium but was unable to continue his speech or stand upright.

A man and a woman approached the podium from the side of the hall to assist the lawmaker, who later collapsed into their arms as they rushed him out of the building.

A statement issued by Ivan Dzakpasu, Sosu’s chief of staff, said the MP has received the necessary medical attention following the incident.

The statement did not provide details on the nature of the incident, the medical attention received or what may have caused the MP to become unwell.

The statement urged the public to remain calm and avoid relying on unverified reports or speculation about the lawmaker’s condition.

The federal high court in Gombe has nullified the emergence of Isa Pantami as the Peoples Democratic Party (PDP) candidate for the 2027 governorship election in the state.

The court, in a judgment delivered on Thursday by Amina Aliyu Mohammed, also ordered the PDP to conduct a fresh governorship primary in compliance with its constitution, guidelines and relevant electoral laws.

The judgment followed a suit filed by Usman Garry, a PDP governorship aspirant, who challenged the process through which Pantami emerged as the party’s candidate.

In May, Pantami withdrew from the All Progressives Congress (APC) governorship primary election scheduled for May 21 in Gombe state.

Pantami attributed his withdrawal from the race to the alleged breaches of the electoral process.

He eventually joined the PDP and emerged as the party’s 2027 governorship candidate in Gombe state.

The former minister secured the ticket through voice affirmation during the party’s gubernatorial primary.

Garry objected to the affirmation of Pantami as the flagbearer of the Abdulrahman Mohammed-led faction and eventually filed a suit against the former minister.

Garry had asked the court to set aside Pantami’s emergence on the grounds that the PDP did not conduct a valid governorship primary in accordance with its rules and applicable electoral laws.

After hearing arguments from the parties, the court had reserved judgment in July.

At Thursday’s proceedings, counsel to Pantami argued that he had validly resigned from the APC on May 19, 2026, before participating in the PDP primary.

The PDP also opposed the suit and urged the court to strike out the case.

Garry’s counsel, however, urged the court to dismiss the objections and grant the reliefs sought by his client.

The court, however, directed the PDP to conduct a fresh governorship primary in accordance with its guidelines and applicable electoral provisions.

Osun State Governor, Ademola Adeleke, has noted the steady development that Osun State University has witnessed under the current management of the institution.

He said the visible progress under the current Vice-Chancellor, Prof Clement Adebooye, was the main factor considered to approve tenure extension for the VC.

Adeleke, who was represented by the Deputy Governor, Kola Adewusi, asserted on Thursday while addressing the 16th UNIOSUN convocation ceremony held at the main campus of the university in Osogbo,

The governor listed Adebooye’s accomplishments, saying various breakthroughs recorded by the current management had transformed the institution.

Flaunting the multiple achievements in academic and infrastructural growth within the university, Adeleke, in a statement signed by his spokesperson, Olawale Rasheed, further said, “In the last four years, 40 main building projects have been constructed and commissioned for use. There is no year that I have not personally come to the campus to commission legacy projects.

“In August this year alone, I commissioned the ultra-modern FIFA-standard Sports Complex, 3-in-1 Science Laboratory Complex, and two landmark Lecture Theatres.

“In addition to these, there have been well over 30 complementary works that include renovations, procurement and supplies, solar installations, etc., all with a view to making teaching, learning and administrative work conducive.

“Of more importance is the sustenance of the long-established culture of peace and industrial harmony in the university. This is why for the past five years, the university has not missed any academic session, nor has it failed to graduate its deserving students as and when due.

“It is on record that UNIOSUN is the second state-owned university to fully implement the 2025 FGN-staff union agreement.

“So, in terms of staff welfare and overall teaching and learning environment, this university remains a model. This is a major commitment of our government to support the responsible and responsive administration that we have put in charge of this university.

“In a bid to sustain continuity of performance and academic excellence, I approved a two-year extension of the tenure of the vice-chancellor with effect from 4th January, 2027 after strategic consultations and compliance with the state law.”

Speaking further on the development, the governor said his pronouncement has, accordingly, been backed up by the amendment to Osun State University Law (2006), passed by the state House of Assembly earlier this month, vowing “to continue to do everything to support the sustenance of academic and administrative excellence in this University.

“It must also be stated very clearly that my decision was well guided and it is rooted in legality, and in the overall best interest of the university.

“Our choice of the new chancellor followed a similar merit-driven thought process, and the innumerable applause from all parts of the world proved us right on Mama BOVAS’ appointment.

“Our resolve to also dissolve and reconstitute the governing council is another product of painstaking review towards accelerating the progressive development of the university. We are therefore not bound by any law or tradition to accept the dictates of any staff union regarding what we think is the best for our university,” the governor insisted.

Rolling out further achievements of the university under the vice-chancellor, Adeleke said, “In this month alone, the current vice-chancellor and his team attracted five major signature projects from the Federal Government and successfully laid their foundations with a view to completing the projects before December 2027.

“This is a vice-chancellor who met a half-alive medical school but diligently worked to ensure that all accreditation requirements by the Medical and Dental Council of Nigeria were met by the university, and has presented all 90 pioneer MBBS students both for MDCN induction and award of UNIOSUN degrees.

“This is a vice-chancellor who massively expanded the university’s academic landscape, thus increasing the student population from 14,260 in 2022 to 42,791 in 2026.

“This is a vice-chancellor who worked very closely with the great family of Apostle Folorunso Alakija to ensure the completion and commissioning of the 250-bed state-of-the-art Modupe and Folorunso Alakija Medical Research and Training Hospital.

“The hospital has since started full operation. In terms of global impact and visibility, for the first time in 11 years, UNIOSUN emerged as the third-best state university in Nigeria, 19th out of 312 universities in Nigeria, and 137th out of 2,390 universities in Africa,” he posited.

He urged staff and management to join hands with the governing board to continue to take the university to greater heights.

He restated the readiness of his administration towards providing maximum support for improved university governance and service delivery.