General
Housing Deficit: SEC Vows to Support Estate Surveyors, Valuers
By Dipo Olowookere
Key stakeholders in the built industry have been assured of strong backing by the Securities and Exchange Commission (SEC) so as to reduce the housing deficit in Nigeria.
The agency, through its director-general, Mr Lamido Yuguda, stated that it looks forward to having the players explore the capital market to tackle the issues.
Mr Yuguda, while speaking at a meeting with the Nigerian Institution of Estate Surveyors and Valuers (NIESV) in Abuja on Wednesday, stated that, “There is a renewed focus on Real Estate Investment Trust (REIT) now, we are getting to see how the sector contributes more to our GDP by facilitating the trading of assets in the real estate sector. I think there is a huge room for collaboration, you have a very big role in the real estate sector.”
“Nigeria’s population is growing fast and we need everyone in Nigeria to have a roof over their heads. We do not want people to end their careers living in rented accommodation, people need to own their own houses because there is a lot of security and social value in owning your own house.
“You are very important as you operate in an area that is very important to our economy. You have a crucial role to play in the capital market especially as we focus on the Real Estate Investment Trust sector. You also have a huge role to play in the larger housing sector as at the moment we have not been able to harness the full potentials in that sector,” he added.
Also speaking, President and Chairman of Council NIESV, Mr Emmanuel Wike, commended the management of SEC on the huge contribution the capital market is making to the economic development of the country and solicited for the strengthening of collaboration between the agency and his institution.
Earlier, the Chairman of the Association of Capital Market Valuers, Mr Chudi Ubosi, stated that determining the values of assets of organizations in the capital market is the bedrock for decisions and a helpful tool in a range of work situations.
Mr Ubosi said that valuation is useful in mergers, acquisitions and divestment because it helps to price an organization and to estimate and value synergies as well as assess potentials of different strategic options among others.
“Another useful bye product of conducting asset valuation prior to listing and during the currency of listing is to check asset stripping which we have seen recently in organizations and companies.
“The resulting documents from valuation will certainly make this impossible as it will make management accountable.
“Valuation will also comment on sub-optimal use of asset which can lead to undervaluation. Using mainly market approach as rearrangement of asset use can bring out hidden values in the company under question.
“When businesses want to raise money, when they need to determine how much should be raised as well as when they approach the negotiating table, valuations are needed in all instances,” he said.
Mr Ubosi stated that when there are valuations that have integrity, it will boost investors’ confidence in the market as investors can ascertain that what is being valued is actual and nothing is hidden.
He stated that the role of Capital Market Valuers in determining the value of the assets of these companies will ensure transparency, accountability and continued enhancement of investor confidence in the market.
“As SEC recognizes us with the insistence that all capital market valuations be undertaken by our members, you will rest assured that anytime an operator wants to capitalize or re-capitalize their assets, the valuation reports done by our members will help engender confidence in the process,” he added.
By Adedapo Adesanya
The Independent National Electoral Commission (INEC) on Sunday, August 16, 2026, declared the incumbent Governor of Osun State, Mr Ademola Adeleke, winner of the 2026 governorship election held a day earlier.
Mr Adeleke, who contested under the Accord Party, defeated his closest challenger, the All Progressives Congress (APC) candidate, Mr Bola Oyebamiji, to secure a second term in office.
The governor polled 511,067 votes, while Mr Oyebamiji scored 444,815 votes, giving Mr Adeleke a winning margin of 66,252 votes.
The African Democratic Congress (ADC) candidate, Mr Najeem Folasayo Salaam, came a distant third with 17,180 votes.
Mr Salaam had entered the election as one of the candidates expected to potentially emerge as a third force, particularly following the backing he received from former Osun Governor and former Minister of Interior, Mr Rauf Aregbesola.
However, that expectation did not translate into the numbers needed to seriously challenge the two leading candidates.
Mr Adeleke’s victory means he becomes only the third governor in Osun State’s history to win a second term through an election.
He joins Mr Olagunsoye Oyinlola and Mr Aregbesola in the state’s political history, although Mr Oyinlola’s tenure was later cut short following a court decision that nullified his election over irregularities.
Mr Aregbesola subsequently succeeded Oyinlola and went on to secure a second term, completing eight years in office.
Mr Adeleke’s re-election comes after a fiercely contested campaign marked by intense competition and reported violence from competing parties.
Despite those challenges, the governor consolidated his support across the state and secured a decisive victory over the APC candidate, extending his administration for another four years in the southwest states.
By Modupe Gbadeyanka
The Transmission Company of Nigeria (TCN) has confirmed the collapse of five transmission towers along the Ikot Abasi–Eket 132kV Double Circuit Transmission Line.
This was attributed to severe acts of vandalism, as TCN disclosed that the structure collapsed after vandals removed critical structural bracing members.
The affected towers were N9, J4, N10, N11 and N12, the organisation said in a statement on Friday.
It explained that the extensive damage was discovered during a routine joint line patrol conducted on August 9, 2026, by TCN linesmen.
Further inspection revealed that structural members from seven additional towers along the same transmission corridor had also been removed and stolen. The towers, J3, N8, N13, N14, N15, N18 and N19, are now structurally compromised and pose a risk of further collapse.
TCN condemned this act of sabotage and reiterated its commitment to working hard to maintain a robust and reliable national grid.
The statement said that to mitigate the impact on electricity supply, the network has been reconfigured to prioritise supply to Ekim transmission station, leaving Ibom Power as the only station without supply.
TCN said it is mobilising an urgent intervention to complete the reconstruction of the affected sections of the line, with security agencies also notified to aid investigations and prevent further acts of vandalism along the line route.
By Adedapo Adesanya
The Speaker of the House of Representatives, Mr Tajudeen Abbas, has urged all relevant government agencies to promptly initiate actions for the full implementation of the Nigerian Ports Economic Regulatory Agency Act, 2026, following its signing into law by President Bola Tinubu.
The bill, sponsored by Speaker Abbas, was aimed at repealing the Nigerian Shippers’ Council Act, Cap. N133, Laws of the Federation of Nigeria, 2004, and establish the Nigerian Ports Economic Regulatory Agency to ensure effective economic regulation of Nigerian ports while safeguarding the interests of shippers, service providers, and users of regulated port services. With the President’s assent, it has now been enacted as an Act of Parliament.
The legislation represents one of the landmark achievements of the 10th National Assembly. It reflects the Speaker’s commitment to legislative excellence, institutional reform, and sustainable economic growth, according to a press statement by the Special Adviser on Media and Publicity to the Speaker, Mr Musa Krishi.
The bill underwent a rigorous and inclusive legislative process, including extensive stakeholder consultations and a public hearing. It was passed by both Chambers of the National Assembly and subsequently assented to by the President.
The Act provides a robust legal and institutional framework to ensure effective economic regulation of Nigerian ports by fostering transparency, competitiveness, and efficiency in port operations; protecting the rights and interests of shippers, service providers, and other port users; and aligning Nigeria’s port regulatory system with global best practices, thereby enhancing the ease and cost-effectiveness of doing business.
Despite receiving presidential assent, the Act has yet to be fully operationalised.
He warned that any further delay would undermine the legislative intent of the reform, prolong the exposure of port users to arbitrary charges and operational inefficiencies, and deny the nation the anticipated benefits of increased revenue, improved trade facilitation, and stronger investor confidence in the marine and blue economy sector.
The Speaker urged the Federal Ministry of Marine and Blue Economy, in collaboration with all relevant Ministries, Departments and Agencies (MDAs) of the federal government, to take the necessary administrative, institutional, and financial measures for the prompt implementation of the Act.
He said this should include the formal transition to, as well as operational empowerment of, the Nigerian Ports Economic Regulatory Agency to discharge its statutory mandate effectively.
The full implementation of the Act is critical to unlocking the economic potential of Nigeria’s ports, reducing the cost of doing business, strengthening trade competitiveness, and positioning Nigeria as the leading maritime and logistics hub in West and Central Africa.
The statement noted that the Speaker reaffirmed the 10th House’s commitment to exercising the necessary legislative oversight to ensure this landmark legislation, along with others assented to by the President, is fully implemented and achieves its intended goals for the benefit of the Nigerian people.
