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Why Nigeria’s rising debt Is scaring foreign investors away – Afe Babalola

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Renowned lawyer and founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola (SAN), has raised serious concerns over Nigeria’s increasing debt burden, warning that it is damaging the nation’s reputation and discouraging foreign investors.

Babalola made the remarks during the 2025 International Leadership Conference on Leadership, Governance, Sustainable Change, and Wealth Creation (2.0), jointly organized by ABUAD, Trinity Western University (TWU) in Vancouver, Canada, and the African Centre for Leadership, Strategy, and Development (CentreLSD).

The conference, themed “Shaping Transformational Leaders for a Changing World: Tackling Insecurity, Governance and Development,” focused on addressing Nigeria’s growing challenges in leadership and governance.

Babalola described the theme as “timely and relevant,” noting that Nigeria’s financial situation has reached a critical point.

He lamented that the country’s rising debt profile is driving away investors and putting pressure on local banks.

“Our records show that Nigeria is now a big debtor nation, with total public debt of ₦152.4 trillion, or about $99.7 billion,” he said. “As a result, many foreign companies are unwilling to invest here.

Even banks are complaining that the Central Bank of Nigeria (CBN) cannot honour government promissory notes because the Federal Government is struggling to pay its debts.”

The elder statesman urged the government to adopt urgent fiscal reforms and responsible economic management to restore investor confidence and ensure sustainable growth.

Babalola also reminded leaders of their constitutional duty, quoting Section 14 of the Nigerian Constitution:

“The security and welfare of the people shall be the primary purpose of government. Sovereignty belongs to the people of Nigeria, from whom government derives its powers and authority.”
Delivering a lecture titled

“Transformational Leadership in an Insecure and Disruptive Era: Building Ethical, Resilient and Impactful Leaders for Africa,” Dr. Otive Igbuzor, founding Executive Director of CentreLSD, said Nigeria and Africa need a new generation of leaders who can challenge old systems and drive innovation.

According to Igbuzor, transformational leadership is key to fighting corruption, unemployment, poor governance, gender inequality, and environmental decline.

He called on the government to make leadership training a compulsory part of education in schools and universities.

In her remarks, ABUAD Vice-Chancellor, Professor Smaranda Olarinde, described the conference as timely, stressing the importance of collaboration between local and international institutions to tackle insecurity, hunger, poverty, infrastructure decay, and economic instability.

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Prince Harry, others urge end to development of AI capable of outsmarting humans

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More than 700 scientists, political figures and celebrities, including Prince Harry, Richard Branson and Steve Bannon, on Wednesday called for an end to the development of artificial intelligence capable of outsmarting humans.

“The initiative calls for a prohibition on the development of superintelligence until the technology is reliably safe and controllable, and has public buy-in,” according to an open letter published by the Future of Life Institute, a US-based NGO that campaigns against the dangers of AI.

Signatories include the “Godfather of AI” and 2024 winner of the Nobel Prize in Physics, Geoffrey Hinton; Computer Sciences Professor at the University of California in Berkeley, Stuart Russell; and the world’s most-cited AI scientist, Yoshua Bengio of the University of Montreal.

A raft of other public figures have signed: Virgin Group founder Richard Branson, Apple co-founder Steve Wozniak, US President Donald Trump’s former adviser Steve Bannon, and former president Barack Obama’s national security adviser Susan Rice.

The initiative is also endorsed by the Vatican’s AI expert, Paolo Benanti, and celebrities such as Prince Harry and his wife, Meghan, and the US singer will.i.am.

Most major AI developers are striving for artificial general intelligence (AGI), a stage where AI would match all human intellectual capabilities, and even superintelligence, which would exceed them.

Speaking at an event organised by the media group Axel Springer in September, OpenAI CEO Sam Altman, whose company created ChatGPT, said that superintelligence could be achieved within the next five years.

Future of Life Institute President Max Tegmark told AFP that companies should not aim for such an objective without any regulatory framework.

“Many people want powerful AI tools for science, medicine, productivity, and other benefits,” the co-founder of the institute, Anthony Aguirre, added on Wednesday.

“But the path AI corporations are taking, of racing toward smarter-than-human AI that is designed to replace people, is wildly out of step with what the public wants, scientists think is safe, or religious leaders feel is right.”

The open letter echoes another, published one month ago by AI researchers and sector workers during the United Nations General Assembly, which called for governments “to reach an international agreement on red lines for AI” by the end of 2026.

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Niger gov mourns as 35 killed in tanker explosion

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Governor Mohammed Bago of Niger State has expressed condolences to the families of the victims of a tanker explosion that claimed no fewer than 35 lives and left 17 people hospitalised.

Bago, in a statement by his Chief Press Secretary, Bologi Ibrahim, on Tuesday evening, described the incident as “worrisome, unfortunate, and pathetic.”

PUNCH Metro learnt that the incident happened at about 2.40 p.m. when the tanker fell on its side in a lone accident.

The Niger State Police Public Relations Officer, Wasiu Abiodun, in a statement sent to our correspondent on Tuesday, disclosed that following the accident, some residents had gone to the scene to scoop the spilt petrol.

He noted that while the residents were scooping the spilt content, fire engulfed the tanker.

Abiodun stated, “Today, October 21, 2025, at about 2.40 p.m., a report was received from the DPO of Katcha Division that there was a lone tanker vehicle accident along the Bida/Agaie highway, and as a result, the tanker conveying PMS fell by the roadside.

“Unfortunately, members of the public living around Essa village via Katcha rushed to the scene and were scooping PMS, and in the process, the tanker was suddenly engulfed in an inferno.”

He noted that out of the 48 victims affected by the fire, 31 people lost their lives at the spot of the incident, while 17 others sustained varying degrees of injuries.

“Sadly, forty-eight persons were affected by the fire, and among these victims, thirty-one persons lost their lives, while others are still receiving treatment in various nearby hospitals. Three motorcycles were also burnt.

“Teams of Policemen and other security agencies were moved to the scene for a rescue operation. Further investigation is ongoing to identify the driver and the owner of the said tanker,” Abiodun concluded.

Reacting, Bago prayed for the repose of the lives of the victims while expressing displeasure towards the act of petrol scooping.

“The farmer governor prays that Allah will repose the souls of those who died in the explosion and grant quick recovery to the injured.

“He says it is disheartening how people have continued to approach a fallen tanker to scoop its contents despite several sensitisation on the danger of such action.

“The farmer governor enjoins the people to value their lives no matter the situation,” Ibrahim stated in part.

The tragedy adds to the growing list of tanker-related explosions across the country.

PUNCH Metro reported in January that no fewer than 70 persons were burnt to death while scooping petrol from a crashed tanker in Niger State.

Similarly, a recent investigation by PUNCH Metro revealed that more than 400 people have died in tanker explosions nationwide over the past year, prompting the Federal Government to launch a national awareness campaign on the dangers of petrol scooping.

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Amupitan resumes as INEC chair next week ahead of Anambra poll

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The new Chairman of the Independent National Electoral Commission, Prof. Joash Amupitan, is expected to officially assume office next week, ahead of the November 8 Anambra State governorship election.

Multiple officials at INEC informed The PUNCH that Amupitan would formally take over the reins of the commission after his swearing-in by President Bola Tinubu, a ceremony traditionally conducted at the Federal Executive Council meeting, expected to be held next week.

“Prof. Amupitan will assume office on the day he is sworn in by the President.

“The tradition is that he gets sworn in before a Federal Executive Council meeting, and he would be escorted by INEC National Commissioners to resume office immediately,” a senior official involved in the transition process said.

An INEC Director confirmed that while the exact date remains uncertain, the swearing-in is imminent.

“He will assume his position after his inauguration,” the official said.

Activity within the commission also suggested that preparations are underway for Amupitan’s arrival.

An insider revealed, “I heard some of his ‘personal staff’ have been showing up at the commission, hoping he will be sworn in during the FEC meeting.”

Another insider added, “I learnt that he may likely assume office next week.”

When contacted by our correspondent, the Director Voter Education and Publicity Victoria Eta-Messi said, “We are expecting him but there is no information on when he will officially assume office.”

Amupitan, a 58-year-old Professor of Law at the University of Jos and Senior Advocate of Nigeria, was confirmed as INEC Chairman by the Senate last Thursday after a voice vote led by Senate President Godswill Akpabio.

The don’s confirmation followed a rigorous screening process during which he responded to a range of questions posed by lawmakers.

President Tinubu had earlier nominated Amupitan, widely regarded for his expertise in constitutional and international law, to replace Prof. Mahmood Yakubu, who recently concluded his tenure.

In the interim, National Commissioner May Agbamuche-Mbu, who has been serving as the Acting INEC Chairman, recently chaired various stakeholder meetings at thecommission’s headquarters.

Meanwhile, INEC  has reaffirmed its commitment and preparedness to conduct a free, fair, and credible governorship election in Anambra State on November 8, 2025.

INEC’s National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, gave the assurance in Awka on Tuesday during a forum with journalists and on-air personalities ahead of the poll.

Olumekun said the commission had been implementing a comprehensive operational plan covering logistics, technology, training, stakeholder engagement, and security coordination.

“Permit me to assure you that INEC is fully prepared for the upcoming Anambra governorship election. The level of readiness is both practical and measurable. All non-sensitive materials have been delivered to the state, while sensitive materials will arrive in due course under strict security arrangements,” he said.

The INEC official disclosed that Permanent Voter Cards from the recently concluded Continuous Voter Registration exercise in Anambra were ready for collection from Wednesday, October 22 to Sunday, October 26, 2025.

He urged voters who registered during the exercise to visit their respective wards to collect their cards ahead of the election.

Olumekun noted that INEC officials were in Anambra for a week-long readiness assessment, including meetings with security agencies under the Inter-Agency Consultative Committee on Election Security, transport unions, and other stakeholders.

He cautioned against the spread of fake news and misinformation, which he described as one of the biggest threats to electoral integrity.

“False stories and manipulated videos can create unnecessary tension and erode public trust. Let truth remain your only compass. Verify before amplifying,” he told journalists.

Olumekun also emphasised that accreditation for journalists covering the election would not be extended beyond the approved window, noting that the list of accredited reporters would be shared with the Resident Electoral Commissioner and security agencies to ensure proper coordination and safety during collation.

In her remarks, the Anambra State Resident Electoral Commissioner, Dr. Elizabeth Awgu, assured that all logistics had been finalised to guarantee the timely distribution of materials across the state, including riverine areas.

“Materials will leave the CBN state headquarters on Thursday afternoon. If that happens, there will be no late arrival of materials. We are very much prepared for this election,” she said.

Awgu added that polling would commence at 8:30 a.m. and end at 2:30 p.m., assuring voters that anyone on the queue within the timeframe would be allowed to cast their ballot.

Also present at the forum were the HOD, ICT/VR, Emeka Nnaji; HOD, Legal, Mrs. Olachi Nwuko; and HOD, Electoral Operations, Ejikeme Ejimofor, who all restated INEC’s commitment to a transparent exercise.

“Together with the media, we are determined to make the 2025 Anambra governorship election a milestone in Nigeria’s democratic journey — peaceful, transparent, and credible,” Olumekun concluded.

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