COVER
Tribunal Admits Alleged US Judgment Proceeding on Tinubu in Evidence

The Presidential Election Petitions Tribunal, sitting in Abuja, yesterday resumed after a week, with the Labour Party and its presidential candidate, Peter Obi, yesterday opening their petition against President Bola Tinubu, the All Progressives Congress (APC), and the Independent National Electoral Commission (INEC), by calling one witness out of the 50 proposed witnesses.
Before the witness, who is a lawyer and hails from Anambra testified, counsel to Peter Obi, Jibrin Okutepa, tendered a judgement from a district court in the United States, which reportedly indicted Tinubu and ordered his forfeiture of $460,000 in drug-related offences.
The Presidential Election Petitions Court reconvened after a week yesterday to begin the definite hearing in the petitions by the presidential candidates of the Peoples Democratic Party (PDP) and the Labour Party (LP), alongside their parties, challenging Tinubu’s victory in the February 25 election.
The hearing commenced, led in evidence by Okutepa, with an Anambra-based lawyer and LP witness, Lawrence Nwakaeti, tendering the certified true copy of the US district court judgement.
After cross-examination, counsel to Tinubu, Wole Olanipekun, said the witness admitted that the judgement was not registered in Nigeria.
The lawyer also admitted that there was no certificate from any consular in Nigeria or America in support of the judgement but insisted that the judgement speaks for itself.
He claimed to have read the whole judgement in America, adding that he would be surprised if no mention was made of $460,000 forfeiture.
Under cross-examination by counsel to APC, Lateef Fagbemi, the witness said the American court judgement had no certificate given under the hand of any American police officer.
He denied knowledge of a February 4, 2003 formal clearance report by a legal attaché from the American embassy in respect of the alleged indictment and forfeiture.
The counsel for Atiku Abubakar and the PDP, Eyitayo Jegede, tendered all exhibits, including INEC certified true copies of declaration of results, summary of results, printout of Bimodal Voter Accreditation System (BVAS) report for each polling unit in the 36 states, and number of PVCs collected in all the states, including the FCT.
The court also adjourned hearing of the petition of the Allied Peoples’ Movement (APM) to June 2 to give it time to look into the certified true copy of the Supreme Court judgement of May 26 on the controversy surrounding the “double nomination” of Vice President Kashim Shettima, and see how it affects their petition.
Among those present in court to witness the day’s proceedings was LP’s Obi, while his running mate, Datti Baba-Ahmed; and the former Minister of State for Labour, Festus Keyamo, were first-time callers.
Keyamo joined the President’s team of lawyers, as senior lawyers were seen in the fully occupied courtroom, earlier, discussing in groups ahead of the sitting.
Atiku, PDP Tender Documents in Support of Petition
The presidential candidate of the Peoples Democratic Party (PDP), Abubakar Atiku, and the party commenced their case yesterday at the Presidential Election Petition Court (PEPC) in Abuja. They presented documents in support of their petition challenging the declaration of President Bola Tinubu as the winner of the February 25 Presidential Election.
Counsel to the petitioners, Eyitayo Jegede, SAN, tendered several documents during the proceedings. One of the documents presented was the Form EC 8E, which is the final declaration of winners’ result. Additionally, Jegede submitted the Bimodal Voters Accreditation Systems Machines (BVAS) report from all 36 states, including the Federal Capital Territory (FCT).
Independent National Electoral Commission (INEC) certified documents regarding the number of registered voters and the number of Permanent Voter Cards (PVCs) collected in all states were also presented.
After the documents were tendered, the Chairman of the Court, Justice Haruna Tsammani, admitted them as evidence. The case was then adjourned until today for further proceedings.
Atiku and the PDP are seeking a declaration from the court to either declare Atiku as the winner of the election or cancel the election and order a fresh one due to alleged irregularities in thousands of polling units.
The presentation of these documents marks a significant step in Atiku and the PDP’s legal challenge to the outcome of the presidential election. The court will carefully consider the evidence presented and determine its relevance to the case. The continuation of proceedings today will provide further insight into the arguments put forth by both parties.
…Adjourns Hearing of APM’s Petition Against INEC, APC to June 2
The Presidential Election Petition Court has adjourned the hearing of the petition of the Allied People’s Movement (APM) against the Independent National Electoral Commission, the All Progressives Congress and others to June 2.
The adjournment is to give the petitioner time to acquire a certified true copy of the Supreme Court judgement delivered on May 26 which laid to rest the controversies around the double nomination of Senator Kashim Shettima as the APC Vice Presidential candidate.
This followed the submission of President Bola Tinubu’s counsel, Wole Olanipekun that the petition doesn’t stand, as the Supreme Court had laid to rest the sole issue the petitioners are asking for.
The counsel for APM on these grounds urged the court for an adjourned date, to be able to look into the certified true copy of the document and see how it affects their petition.
Other counsels in the matter did not oppose the advisory of Wole Olanipekun and the move for adjournment by the counsel for the APM.
COVER
Nigeria’s Capital Market Key to Achieving $1trn Economy – FG

By Tony Obiechina, Abuja
Minister of Finance and Coordinating Minister of the Economy Wale Edun has emphasized the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a $1 trillion economy.Edun, who spoke at the Capital Market Committee (CMC) meeting, was represented by Minister of State for Finance; Dr.
Doris Uzoka-Anite highlighted the market’s transformation since 2015, with improvements in governance structures, new products and platforms, stronger regulatory environment, and growing investor participation. According to the Minister, the Implementation of the Capital Market Master Plan (2015-2025), has been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.Edun said the revised plan prioritizes digitalization, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.He said the passage of the new act modernizes the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.On the challenges and opportunities inherent in the Act, the Minister said, it will help deepen market participation, as well as ensure regulatory coordination remains tight.On the government’s private sector innovation in creating the needed environment for businesses to thrive, the Minister noted that the government is committed to creating an enabling environment for private sector innovation to flourish within a fair and transparent environment.The Minister added that the market is expected to contribute to the economy, serving not only for capital raising but also as a vehicle for wealth creation, economic inclusion, and long-term national resilience.He explained that, with the Securities and Exchange Commission undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB Standards amongst others, the domestic economy has recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.Earlier in his speech, the DG SEC, Dr. Emomotimi Agama, emphasized the Commission’s commitment to regulatory reforms and capital market growth.According to him the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.Agama highlighted the Commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.He also emphasized the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.The SEC boss noted that the Commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitization team to deepen public understanding of the new law. A podcast series has also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65% and market capitalization growing by 53.39%. He also noted the Commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.The SEC boss emphasized the importance of financial inclusion and investor education, citing the Commission’s initiatives to empower women, youth, and grassroots communities. He also highlighted the Commission’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.Agama concluded by emphasizing the Commission’s commitment to fostering growth, transparency, and sustainability in the capital market, and looking forward to fruitful deliberations at the meeting.The highlight of the CMC meeting was the unveiling of the ISA Act 2025 by the minister.COVER
FG Boosts Internet Access, Rolls out $2bn Fibre Network

By David Torough, Abuja
The Presidency on Monday said Nigeria’s Communications and Digital Economy sector attracted $191m in foreign direct investment in Q1 2024, a nine fold increase from $22m in Q1 2023.The Minister of Communications, Innovation and Digital Economy, Bosun Tijani disclosed this during an interview for an upcoming State House documentary marking President Tinubu’s second anniversary.
Special Adviser on Information and Strategy to the President, Bayo Onanuga, revealed in a statement yesterday titled; “Investment in Digital Economy Grows Ninefold, Rollout Of $2 Bn Fibre Optic Infrastructure Begins Q4: Bosun Tijani. ”Tijani highlighted the sector’s robust workforce development, driven by the three Million Technical Talent programme and revealed plans for a $2bn initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, starting in Q4 2025.“These foundational reforms, coupled with advancements in artificial intelligence and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy,” Tijani stated.Comparing FDI inflows, he said, “In Q1 2023, the sector had about $22m; by Q1 2024, with this administration well underway, we reached $191m. The trend continued in Q2, increasing from $25m in 2023 to $114 m in 2024.”According to the minister, the 3MTT programme, launched in October 2023 to create a tech-savvy workforce, has already trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.“By last year, we had already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10% of its 3 m goal. And in the rest of the time in office, we hope to reach three million,” he said.Regarding connectivity, Tijani announced that Project Bridge, focused on deploying 90,000 kilometres of fibre optic cable, will commence in the fourth quarter.“We are preparing a $2bn investment to ensure every Nigerian can access affordable, high-quality connectivity regardless of location. Increasing connectivity hubs by just 10 per cent could yield a 2.5 per cent GDP growth,” he said.Tijani celebrated Nigeria’s ranking among the world’s top 60 countries for AI readiness and developing a homegrown large language model.He also highlighted the launch of the AI Collective platform, supported by leading partners including Pierre Omidyar, Google, and Microsoft, to foster collaboration and innovation in artificial intelligence.For the first time in the country, the ministry has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education. In addition, N300m was invested in 10 startups using AI and blockchain to enhance agricultural productivity.On the Nigeria Startup House in San Francisco, an initiative targeting $5 billion in startup funding, Tijani said, “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”Tijani revealed that over 500 government technologists have been trained in AI and Digital Public Infrastructure, and the groundbreaking Digital Economy Bill has passed its first reading in the National Assembly.To bridge rural connectivity gaps, the Minister projected that 7,000 telecom towers would be deployed, targeting 98 per cent nationwide coverage, adding that the Federal Executive Council had already approved the project.He described the progress on Right-of-Way issues as a game-changer for the country, revealing that 12 states in the federation have adopted zero-rated Right-of-Way policies.According to him, these efforts will support the National Broadband Plan’s goal of achieving 90% penetration by 2025, up from 48% in 2024.He projected the sector’s GDP contribution to rise from 16 per cent to 22 per cent, stating, “If a sector can increase its contribution by three to four per cent to the GDP, we’re about to see the economic growth we’ve not seen before. Technology allows us to bridge the gap between governments and the people.”Tijani said the government is not chasing quick wins. “The results we want to provide for Nigeria are long-lasting reforms that will transform our economy for generations to come”.COVER
Abbas Recommends Israel, Brazil, Vietnam Revenue Diversification Models

By David Torough, Abuja
Speaker of the House of Representatives, Hon. Abass Tajudeen, has declared that Nigeria’s heavy dependence on oil revenue would continue to leave its economy vulnerable, noting that agriculture remained the most viable alternative to achieving resilience.
Abass made the declaration in Abuja on Monday at a one day public hearing on some Bills seeking the establishment of agricultural colleges and institutions. Represented by Chief Whip of the House, Hon. Ibrahim Isiaka, the Speaker said it was within this context that the establishment and expansion of Agricultural Research Institutions across the country are not only necessary but strategically urgent.He said Nigeria should “Emulate countries like Israel, Brazil, and Vietnam that have attained a significant leap in agro development by investing substantially in research and development.”According to him, Brazil’s Embrapa, for instance, reengineered an infertile savannah into a global food hub, just as Vietnam’s targeted agricultural reforms pulled vast populations out of poverty, while Israel continues to innovate in arid-zone agriculture through technology-driven methods.Chairman of the House Committee on Agricultural and Institutions, Hon. Isiaq Abiodun Akinlade, recalled how in the 60s and 70s, the country was among the major exporters of agricultural produce such as cocoa, cotton, palm oil, and groundnuts.The lawmaker noted that Nigeria, with a population size of over 220 million and still growing, is desirous of more agricultural colleges and research institutions to help proffer solutions to issues, “namely climate change, insecurity, pest outbreaks, soil degradation, unskilled labourers, and livestock management.”