News
Arguments Swing Left and Right over Rumours of ‘Coup against Buhari’

The Presidency yesterday, said, it was ready to ruffle unruly feathers as the opposition claimed that rumours of plot to remove President Muhammadu Buhari from office through undemocratic means are attempts to blackmail Nigerians and distract them from the ruling government’s below par performance.

President Muhammadu Buhari
Elsewhere, the military, dissociated itself from such anti-democratic utterance and position and pledged loyalty to the President.
Also, Primate Elijah Ayodele, leader of INRI Evangelical Spiritual Church, assured that no form of coup will oust the President from power, because God endorsed democracy of Nigeria.
And Femi Adesina, special adviser to the President on Media and Publicity, expressed the federal government’s readiness to thwart such moves by ruffling some unruly feathers in the process.
In what appears a major doubling down on a statement by the Department of State Services (DSS), alleging sinister moves by misguided elements to wreak havoc on the government, sovereignty and corporate existence of the country; the presidency in statement, said available evidence indicated that some disgruntled religious and past political leaders are poised to throw the country into a tailspin, which would compel a forceful and undemocratic change of leadership.
According to the statement, further proof showed that the disruptive elements are now recruiting the leadership of some ethnic groups and politicians round the country, with the intention of convening some sort of conference, where a vote of no confidence would be passed on the president, thus throwing the land into further turmoil.
“The caterwauling, in recent times, by these elements, is to prepare the grounds adequately for their ignoble intentions, which are designed to cause further grief for the country. The agent provocateurs hope to achieve through artifice and sleight of hands, what they failed to do through the ballot box in the 2019 elections,” it said.
The Presidency emphasised that Nigerians have opted for democratic rule since 1999, adding that the only accepted way to change a democratically elected government is through elections, “which hold at prescribed times in the country as any other way is patently illegal, and even treasonable. Of course, such would attract the necessary consequences”.
It also accused external forces of collaborating with the mischievous individuals and groups to cause crisis in the country and warned that it will not take kindly to such move.
“These discredited individuals and groups are also in cahoots with external forces to cause maximum damage in their own country. But the Presidency, already vested with mandate and authority by Nigerians till 2023, pledges to keep the country together, even if some unruly feathers would be ruffled in the process,” the release added.
The Peoples Democratic Party (PDP), the major opposition party described the allegation by the Presidencyas a resort to blackmail in the face of failure.
In a statement on Tuesday signed by Kola Ologbondiyan, national publicity secretary, PDP said that the Buhari government and the ruling All Progressives Congress (APC) should live up to the responsibilities of office rather than “engage in frivolous allegations against Nigerians”.
The statement was titled, ‘You’re Haunted By Your Own Shadows, PDP Tells Buhari Presidency, APC’.
It partly read, “It is however imperative to state that the Buhari Presidency and the All Progressives Congress are being haunted by their own shadows as Nigerians know the persons as well as the political party with the history and penchant to scuttle democratically elected government.
“Perhaps, the Presidency has forgotten that in 1983, Brigadier Muhammadu Buhari, as he was then known, led a military coup to truncate a democratically elected government thereby causing our nation a huge drawback on democratic governance.
Also, the military, stated categorically that the Armed Forces of Nigeria remain fully committed to the present Administration and all associated democratic institutions.
In a release by brigadier general, Onyema Nwachukwu, acting director defence information, said that “We shall continue to remain apolitical, subordinate to the Civil Authority, firmly loyal to the President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, President Mohammadu Buhari and the 1999 Constitution as Amended”
Reacting, Primate Ayodele, said though the administration will continue to experience imbalance, economic hardship, protest, insecurity, there will be no coup.
“The Presidency should not be afraid of any form of coup, there will be no coup. Nobody can overthrow the government though the administration will be marred by anarchy, destruction, and confusion.
“The presidency should put their head on their pillow and sleep, no coup can happen in Nigeria now even though economic hardship, protest, will continue. As long as the government fails to work on insecurity in the country but they should not think of coup, it can’t be successful’’
“God is more powerful than humans, I’m not against the government but I say what God tells me, if the government continues like this, there will be so much imbalance, and they won’t get things right unless they listen to the masses and solve the problem we are facing.”
N
News
NIA Questions Legality of Reps’ Financial Probe

The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.
In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.
It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.
The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.
In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.
“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.
“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”
Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.
17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.
News
Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).
Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.
“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.
She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,
Learning through experience
Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.
Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.
Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.
Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.
World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.
The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.
The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.
News
CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.
Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.
The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.
It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.
Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.
He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.
According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.
“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.
“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”
The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.
He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.
Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.
“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.
“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.
“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.
The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.
All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.
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