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Nigeria @65: The worst is over, hope rising for Nigeria – Tinubu

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President Bola Tinubu on Wednesday assured Nigerians that the country’s “worst days are over.”

He declared that his economic reforms are beginning to deliver results and that hope is rising for a more prosperous nation.

Delivering his national broadcast to mark the country’s 65th Independence anniversary, Tinubu said his administration had chosen “the path of tomorrow over the comfort of today” since coming into office in May 2023, and that Nigerians are now beginning to see tangible results.

“I am pleased to report that we have finally turned the corner. The worst is over, I say.

“Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding.

“I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour,” the President said.

Tinubu hailed the resilience of Nigerians, saying the country had survived a civil war, military rule and political crises, and is still striving to build “a more perfect union.”

He described the 65th anniversary as a moment for reflection on the sacrifices of the nation’s founding fathers and the progress achieved since Independence in 1960.

The President highlighted achievements in education and healthcare, noting that Nigeria has grown from just two tertiary institutions at Independence to 274 universities, 183 polytechnics and 236 colleges of education by 2024.

Tinubu defended his economic reforms, including the removal of fuel subsidies and the unification of foreign exchange rates, which he said ended decades of distortions and rent-seeking.

According to him, these difficult decisions freed resources for investment in infrastructure, education, healthcare and social programmes.

He argued, “In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority.

“Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure.”

The President reeled out a list of 12 economic milestones achieved in the last two years and four months in office.

He said Nigeria’s GDP grew by 4.23 per cent in the second quarter of 2025, the fastest in four years, while inflation had declined to 20.12 per cent, the lowest level in three years.

The President added that non-oil revenue had risen sharply, debt service costs had reduced, foreign reserves had increased to $42.03bn, and the tax-to-GDP ratio had grown to 13.5 per cent.

He also noted that Nigeria had posted trade surpluses for five consecutive quarters, with manufactured exports up by 173 per cent and non-oil exports now representing 48 per cent of total trade.

Oil production, he said, had recovered to 1.68 million barrels per day, while local refining had restarted for the first time in four decades, alongside the export of aviation fuel.

Tinubu argued that the naira had grown more stable. He also boasted of improvements in credit ratings, a booming stock market, and the Central Bank’s first interest rate cut in five years as evidence of renewed investor confidence.

The President said his government was investing heavily in security to consolidate economic gains.

“They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram terror in the North-East, IPOB/ESN terror in the South-East and banditry and kidnapping,” he said, adding that peace had returned to hundreds of communities and thousands of displaced persons had gone back home.

He also promised to prioritise food security and agricultural production to lower food costs.

“We must build the roads we need, repair the ones that have become decrepit, and construct the schools our children will attend and the hospitals that will care for our people. We have to plan for the generations that will come after us,” Tinubu said.

Addressing young Nigerians, the President described them as the “greatest assets of this blessed country,” highlighting initiatives such as the Nigeria Education Loan Fund, which has already benefited over 500,000 students, and credit schemes like Credicorp and YouthCred that provide loans for housing, devices and resettlement.

He added that the government was pushing ahead with the $600m iDICE programme, backed by international development partners, to support the digital and creative sectors.

Under the social investment programme, Tinubu said N330bn had been disbursed to eight million households.

He also cited significant progress in transport infrastructure, including rail, roads, airports, and seaports, with major projects such as the Lagos-Calabar Coastal Highway and the Eastern Rail Project underway.

Tinubu acknowledged the pain of reforms but urged Nigerians to remain patient.

“I have always candidly acknowledged that these reforms have come with some temporary pains.

“The biting effects of inflation and the rising cost of living remain a significant concern to our government.

“However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he said.

The president concluded his third Independence Day address with a call for productivity and national unity, saying, “Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce.

“Let us patronise ‘Made-in-Nigeria’ goods. I say Nigeria first. Let us pay our taxes. Finally, let all hands be on deck.

“With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.”

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UK Charity Commission freezes over 100 bank accounts linked to MFM

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On Tuesday, the UK’s Charity Commission announced it had frozen the assets of Mountain of Fire and Miracles Ministries International (MFM), a Nigerian-founded church.

On its website, the UK government concluded that its trustees failed to manage the organisation’s finances properly across its UK branches.

The UK Charity Commission is a non-ministerial department that registers and regulates charities in England and Wales, to ensure that the public can confidently support charities.

MFM, founded by Nigerian cleric Daniel Olukoya, is one of Nigeria’s most influential Pentecostal churches. It has a strong global presence, particularly in the United Kingdom, where many Nigerian diaspora communities worship.

MFM is not the first Nigerian-founded church to face scrutiny in the UK. In recent years, other Nigerian-origin churches, including SPAC Nation in December 2024 and Christ Embassy in November 2019, have been investigated regarding governance and financial accountability concerns.

The incident raises broader questions about how rapidly expanding churches adapt their internal systems when moving into regulated environments like the UK, where religious organisations registered as charities must meet strict financial reporting standards.

The case has, therefore, sparked wider conversations about financial transparency and governance among fast-growing African churches operating overseas.

How the investigation began

On 27 March 2018, the Charity Commission opened a statutory inquiry into MFM under Section 46 of the UK’s Charities Act 2011. Concerns have been raised regarding the possible misappropriation of charity funds and weak internal financial controls.

The Commission discovered that the church had expanded rapidly in the UK, growing from a few branches to more than 90 locations nationwide, without developing a solid financial governance structure to match its growth.

According to the final report, the Commission found that trustees did not properly oversee more than 100 separate bank accounts operated by different church branches. These accounts were opened and managed autonomously, often without informing central leadership or providing timely income reports.

Commission’s report

The commission reported that the church’s branches operated independently without central approval and that Major financial decisions, such as property purchases and lease agreements, were made without trustee authorisation.

Additionally, some branches used properties without securing planning permissions, leading to costly legal actions. It highlighted that Poor employment contract management resulted in financial settlements for employment disputes, and the lack of a unified monetary system created serious risks to charitable funds.

As a result, the regulator concluded that donor money was at risk due to weak financial oversight and poor governance.

Interim Manager Appointed to Restore Control

On 1 August 2019, following serious concerns about the trustees’ ability to manage the charity effectively, the Commission appointed an interim manager under Section 76(3)(g) of the Charities Act. The interim manager worked alongside the trustees to implement critical financial controls.

This oversight continued until 13 September 2024, when the interim manager was discharged after making progress.

Following the conclusion of the investigation, the Charity Commission announced that it had frozen the charity’s assets to prevent further financial risk while strengthening accountability structures.

Amy Spiller, Head of Investigations at the Charity Commission, said:

“The rapid growth of a charity comes with correspondingly larger potential risks, as our inquiry clearly shows. In this case, the trustees’ fundamental failure to maintain financial controls meant donor funds were at serious risk across their entire network.”

She added that the trustees are better positioned to ensure financial responsibility and compliance following regulatory intervention.

Regulatory Action

Upon completing its review, the Commission issued a regulatory action plan that required MFM to strengthen its governance policies and improve financial transparency. The Commission has confirmed that trustees have complied with the action plan, and the charity is now expected to operate under stricter financial controls going forward.

When this report was filed, neither MFM International nor its founder, Daniel Olukoya, had issued a public statement in response to the Charity Commission’s findings.

Collins Edomaruse, the media aide to Mr Olukoya, did not respond to calls or text messages.

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MDAs under fire as FG probes TSA violations

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The Federal Government, through the Office of the Accountant General of the Federation, has ordered all Ministries, Departments and Agencies to submit their statements of accounts in commercial banks.

The government said the move was part of its plans to maintain financial discipline.

This was disclosed in a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, which was obtained by our correspondent on Tuesday.

Ogunjimi in the memo expressed grievance over the continuous usage of commercial banks by MDAs despite an earlier directive ordering MDAs to close such accounts and focus on the use of the Treasury Single Account domiciled in the Central Bank.

Recall that the government in February mandated MDAs to stop the use of commercial banks, as it opposes the framework of the TSA.

While reiterating the Federal Government’s commitment to the Treasury Single Account policy, the Accountant-General of the Federation urged the Federal Pay Officers to monitor and ensure that Ministries, Departments, and Agencies in the States do not operate any account with the commercial banks or circumvent any provision of the TSA policy,” the statement by the OSGF said in February.

Reacting to the new memo, Ogunniyi said, “It has been observed with dismay that funds belonging to the Federal Government are still domiciled in several accounts held with commercial banks, contrary to Federal Government Circulars and the operational framework of the Treasury Single Account, which mandates the consolidation of all Federal Government revenues and receipts into the TSA domiciled with the Central Bank of Nigeria.

“In view of the above and following the Honourable Minister of Finance directive, all Directors/Heads of Finance and Accounts in Federal Government Ministries, Departments and Agencies and Federal Government-owned Enterprises are immediately required to submit Statements of all Bank Accounts (active, dormant and closed) maintained in all commercial banks over the last six (6) months, clearly indicating account names, account numbers, bank branches and current balances.”

“This directive takes immediate effect and must be treated with the utmost urgency, as it is part of the ongoing efforts to strengthen fiscal discipline and uphold the integrity of the Treasury Single Account Framework.”

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Kanu to defend self, lists Danjuma, Wike, Sanwo-Olu as witnesses

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The detained leader of the outlawed Indigenous People of Biafra, Nnamdi Kanu, made a dramatic turn on Tuesday by informing the Federal High Court in Abuja that he was ready to open his defence.

This came just hours after Omoyele Sowore, the 2023 presidential candidate of the African Action Congress, led protests in parts of Abuja demanding Kanu’s release.

Kanu had, last Thursday, filed a preliminary objection challenging the court’s jurisdiction to continue his trial.

The objection came on the same day a team of medical experts appointed by the court declared him medically fit to stand trial, Channels reports.

In a fresh motion personally filed on Tuesday, October 21, Kanu told the court that he was prepared to begin his defence “pursuant to the order of this honourable court made on the 16th day of October 2015, directing the defendant to commence his defence on the 24th day of October 2025.”

He disclosed plans to call 23 witnesses divided into two categories, “ordinary but material witnesses” and “vital and compellable witnesses”, the latter to be summoned under Section 232 of the Evidence Act, 2011.

The motion, which Kanu personally signed, suggested that he may have disengaged his legal team, led by Senior Advocate of Nigeria Kanu Agabi.

He also requested 90 days to conclude his defence due to the number of witnesses he intends to call.

Kanu stated that he would testify on his own behalf, “providing a sworn account of the facts, denying the allegations, and explaining the political context of his statements and actions.”

Among those listed as “compellable witnesses” were former Minister of Defence, Gen. Theophilus Danjuma (retd); former Chief of Army Staff, Gen. Tukur Buratai (retd); Lagos State Governor, Babajide Sanwo-Olu; and Imo State Governor, Hope Uzodinma.

Others include the Minister of the Federal Capital Territory, Nyesom Wike; Minister of Works, Dave Umahi; and former Abia State governor, Okezie Ikpeazu.

Kanu also listed former Attorney General of the Federation, Abubakar Malami (SAN); former Director-General of the National Intelligence Agency, Ahmed Rufai Abubakar; and Director-General of the Department of State Services, Yusuf Magaji Bichi, among others whose identities he withheld.

Kanu pledged to submit sworn statements from all voluntary witnesses and to notify the prosecution within a reasonable time.

He assured the court that “no precious time of the honourable court would be delayed,” adding that “justice must not only be done but be manifestly seen to have been done.”

Meanwhile, on the same day Kanu filed his motion, a magistrate court in Abuja ordered the remand of his special counsel, Aloy Ejimakor, and 12 others arrested during protests demanding his release.

The police charged the 13 defendants with criminal conspiracy, disobedience of a lawful order, inciting disturbance, and disturbance of public peace — offences contrary to sections 152, 114, and 113 of the Penal Code Law.

Those named in the first two information reports include Ejimakor, Kanu’s brother Emmanuel, Joshua Emmanuel, Wilson Anyalewechi, Okere Kingdom Nnamdi, Clinton Chimeneze, Gabriel Joshua, Isiaka Husseini, Onyekachi Ferdinand, Amadi Prince, Edison Ojisom, Godwill Obioma, and Chima Onuchukwu.

The magistrate, after briefly standing down the case, ordered their remand at Kuje Correctional Centre and adjourned the matter till October 24 for arraignment.

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