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Nigerians to Elect New President Tomorrow Amid Cash, Fuel Crises

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35 million Nigerians

By Adedapo Adesanya

Nigerians will, on Saturday, February 25, vote for a person to replace President Muhammadu Buhari for at least the next four years.

The election has been tagged by analysts and observers as one of the most crucial since the country returned to democratic rule almost 24 years ago.

It will also be the seventh straight election that Africa’s largest economy will be holding following the emergence of Mr Olusegun Obasanjo (1999-2003, 2003-2007), late Mr Umaru Musa Yara’dua (2007-2010), Mr Goodluck Jonathan (2011-2015), and incumbent Mr Buhari (2015-2019, 2019-2023).

As Nigerians head to the polls, they are doing this amid a double whammy of cash crunch and fuel scarcity, which are making Nigeria’s high multidimensional poverty population feel the heat.

The Central Bank of Nigeria (CBN) had last year introduced a new policy that involves the conversion of old higher denomination notes to new ones, which has left the average Nigerian scrambling to find cash to buy food and pay for transport.

Proponents say that the policy is good because it has led to an increase in the use of electronic channels, but Business Post independently verified that the electronic channels had witnessed downtime that has left many stranded.

On the other hand, critics have said the policy was not good since poverty is rife and many Nigerians need cash to do daily transactions.

Regardless of calls from several quarters to reverse the policy, President Buhari says no going back but instead allowed the use of old N200 notes but remained adamant on the N500 and N1,000.

This has seen large swathes of crowds at banks, where banks cap their withdrawal limits. Wema Bank in the Idimu area capped its cash withdrawal at N5,000 while some others put theirs at N10,000 daily.

For Point-of-Sale (POS) operators, there is a biting scarcity with a cap of N2,000 per transaction accompanied by a 10 to 20 per cent charge, and in some areas, this goes as high as 35 per cent of the withdrawn amount.

Also, Premium Motor Spirit (PMS), otherwise known as petrol, is once again in short supply even as the Nigerian National Petroleum Company (NNPC) Limited claims that there are 1.805 billion litres of petrol in stock, enough to last for 30 days.

“For March 2023, a total of 2.3 billion litres of petrol is expected, while about 2.5 billion litres, equivalent to 42 days sufficiency, will be the closing stock for the month,” a spokesperson of the state oil company stated.

However, Nigerians have to brace queues and pay higher for the commodity, which currently sells at around N280 per litre in most filling stations.

These are among issues like insecurity, piling debt, and worsening inflation that the next president will face.

To inherit these could be any of the front runners, which include Mr Peter Obi of the Labour Party, who has led in several opinion polls and garnered support from youths; Mr Bola Ahmed Tinubu of the ruling All Progressives Congress (APC) with a loyal fanbase in the Southwest; serial runner Atiku Abubakar of the main opposition Peoples Democratic Party (PDP); and Mr Rabiu Kwakwanso of the New Nigeria Peoples Party (NNPP), a former Kano state governor where he is highly regarded.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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2027: Court Orders Deregistration of ADC, Four Other Political Parties

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david mark adc chairman

By Adedapo Adesanya

Justice Peter Lifu of the Federal High Court in Abuja has ordered the deregistration of the African Democratic Congress (ADC) and four others over failure to meet the constitutional requirements for political parties in the country.

In a judgment, Justice Lifu ordered the Independent National Electoral Commission (INEC) to deregister the affected parties, having failed to secure 25 per cent of the votes in the last general elections in compliance with the provisions of the law.

The five political parties include ADC, Accord (A), Action Alliance (AA), Action Peoples Party (APP) and Zenith Labour Party (ZLP).

Justice Lifu, who earlier dismissed all the multiple preliminary objections filed by the defendants, ordered INEC not to allow the parties to participate in the subsequent elections, including the 2027 general polls, having failed to meet the constitutional threshold.

A group, the Incorporated Trustees of the National Forum of Former Legislators, had filed the suit against the five political parties.

The plaintiff, who also joined the Attorney-General of the Federation (AGF) in the suit, named INEC as the first defendant.

The forum argued that the affected political parties failed to meet constitutional requirements relating to electoral spread and performance.

It contended that political parties were required to secure at least 25 per cent of votes in prescribed elections to remain relevant under the law.

It therefore urged the court to order the deregistration of the parties, insisting that none of the defendants had effectively countered the arguments.

This development comes as the ADC announced former Rivers State Governor, Mr Rotimi Amaechi, as the running mate to its presidential candidate, former Vice President Atiku Abubakar, for the 2027 general election.

It said that the decision followed extensive consultations with party leaders, coalition partners, youth and women stakeholders, and representatives of all geopolitical zones.

“The National Leadership of the African Democratic Congress (ADC), after extensive consultations with party leaders, coalition partners, youth and women stakeholders, and representatives of all geopolitical zones, is proud to announce that Mr Chibuike Rotimi Amaechi has been selected as the vice-presidential candidate of our great party for the 2027 presidential election,” the party disclosed in a statement on Monday.

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Nigerian Oil and Gas Park to Start Operations Q4 2026

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Nigeria oil and gas park scheme NOGaPS

By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) has reaffirmed that the anticipated Nigerian Oil and Gas Park Scheme (NOGaPS) will become operational by the fourth quarter of 2026.

According to a statement by the General Manager of Corporate Communications Division at NCDMB, Mr Obinna Ezeobi, ahead of the target date for the park located at Emeyal-1, in Ogbia Local Government Area of Bayelsa State,  the NCDMB is set to install a 2.5-megawatt Com- pressed Natural Gas (CNG) power plant at the park.

He added that the power plant is one of the key steps to getting the facility operational, as it will provide a reliable and sustainable electricity supply to support industrial operations within the park.

Mr Ezeobi gave the assurance after an assessment visit to the facility by key personnel of the Board.

According to the statement, the tour revealed significant progress across key infrastructure and support systems designed to position the facility as a major industrial hub for Nigeria’s oil and gas industry.

It added that the Nigerian Oil and Gas Park Scheme was conceived to deepen Nigerian Content by providing a conducive environment for the manufacturing of components, equipment and other inputs required by the oil and gas industry, while creating employment opportunities for over 2000 persons when fully operational, and stimulating economic growth.

The oil and gas park scheme is a purpose-built industrial park with manufacturing shop floors and factories, warehouses, training centres, mini estates, truck parking and holding spaces, fire stations, administrative blocks, and security services, among other things, and is a critical initiative of the board geared towards in-country capacity development through local manufacture of equipment components and spare parts required in the oil and gas industry.

Six parks have been conceptualised and are located in different parts of the country, and they form a key part of NCDMB’s strategy for sustainable local content development and industrialisation. Two of the parks at Odukpani, Cross River State, and at Emeyal 1, Bayelsa State, have been completed, and interested companies have begun to take up shop floors, preparatory to the commencement of operations.

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Yuno, Onafriq to Unlock Pan-African Payments for Global Merchants

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yuno Onafriq

By Modupe Gbadeyanka

A partnership for the integration of Onafriq’s leading pan-African payment network into Yuno’s orchestration platform has been entered into between the two organisations.

This collaboration gives merchants a single connection to Africa’s most expansive payments infrastructure, bringing the continent’s most expansive payments infrastructure to merchants worldwide.

Through this integration, Yuno’s clients gain instant access to Onafriq’s network spanning 43 African markets, nearly one billion mobile wallets, 500 million bank accounts, and 2,000 cross-border payment corridors, all through Yuno’s single, developer-friendly API.

The partnership is part of Yuno’s broader strategy to build a truly global platform that connects merchants to every meaningful payment method and network, regardless of geography. Following successful expansion in the Middle East, Europe, and Asia, Africa is a key pillar of Yuno’s next phase of growth.

For Onafriq, the integration with Yuno extends its reach to an entirely new segment of global merchants who now benefit from a streamlined entry point into African markets. The partnership reinforces Onafriq’s mission of making borders matter less, bringing together mobile money operators, banks, fintechs, and enterprises into one connected payment ecosystem.

“Africa represents one of the most exciting growth opportunities in global commerce, and yet too many merchants are still locked out by payment infrastructure that wasn’t built for scale.

“Our partnership with Onafriq changes that. By bringing their unmatched African network into our infrastructure layer, we’re giving our clients a single path to a continent-wide ecosystem with the reliability, compliance, and local depth they need to grow with confidence,” the chief executive of Yuno, Mr Juan Pablo Ortega, stated.

Also commenting, the chief executive of Onafriq, Mr Dare Okoudjou, said, “Africa’s payment landscape has never lacked ambition or momentum; what it needed is the right infrastructure that matches its pace.

“Our partnership with Yuno changes the equation for global merchants who want to be part of this growth story. Through a single connection, global merchants can reach consumers and businesses across Africa more seamlessly than ever before, while more people across the continent gain access to the digital economy on their own terms. For us, this is what making borders matter less looks like in practice.”

Onafriq’s infrastructure supports the full payment lifecycle, from real-time disbursements and omnichannel collections to card issuance, treasury management, and stablecoin settlement, all underpinned by local regulatory licences and ISO 27001 and CMML3-certified security.

For Yuno’s merchant base, this means the ability to pay out to mobile wallets, bank accounts, or cash pickup points, and accept payments across channels, without managing multiple integrations or compliance frameworks independently.

The integration is now live and available across Egypt, Ghana, Kenya, Nigeria, Cameroon, Côte d’Ivoire, and Uganda. Yuno’s clients can access Onafriq’s capabilities, including mobile money disbursements and collections, card issuance, and FX treasury services, directly from the Yuno dashboard with no additional contract or integration required.

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