IMO BREAKING NEWS BLOG

The Association of Local Governments of Nigeria (ALGON) has accused the Attorney General of the Federation (AGF) of obstructing the implementation of local government financial autonomy, despite a Supreme Court judgment ordering direct allocations to the 774 councils.

Ahead of a court hearing on Tuesday, ALGON Secretary General, Muhammed Abubakar, said the AGF's directive for the CBN to open uniform accounts for LGAs contradicts the court’s ruling and undermines their independence.

ALGON is suing the AGF and other federal institutions, insisting that each council should operate its own account and receive direct FAAC allocations without conditions. The group says no council has received funds directly since the July 2024 ruling. 

Terror has gripped Uzo-Uwani LGA of Enugu State following a brutal series of attacks allegedly carried out by suspected Fulani herdsmen, leaving at least 25 people dead and several injured. Villages like Adani and Ogurugu have been plunged into mourning, forcing families to abandon their ancestral lands in search of safety.

Eyewitnesses recount gruesome scenes, including the daylight murder of four farmers—among them women and a tree cutter—slain while working their fields. Local roads are now overrun by kidnappers, worsening the fear and insecurity.

Community vigilantes, stretched beyond capacity, have criticized the apparent silence from both state security agencies and local authorities. Many have voiced frustration at Governor Peter Mbah’s slow response and the inaction of Uzo-Uwani LGA Chairman, Chijioke Ezugwu.

Tensions are further heightened by recent kidnappings and the killing of a vigilante member. Calls for self-defense are growing louder, with some community leaders citing alleged DSS warnings of coordinated attacks on Southern communities.

Long-standing conflicts in Enugu—particularly in Eha-Amufu and Isi-Uzo LGAs—have displaced residents for years. Yet, despite repeated pleas for a statewide security summit, the government’s response remains minimal.

As bodies pile up and fear spreads, residents are asking: how long must we wait before the government truly acts? 

Two miners from Kano State, identified as Buhari and Mallam Tasiu, died after a mining pit collapsed in Niger State on Sunday night.

Niger State Police spokesperson, SP Wasiu Abiodun, confirmed the incident in Minna, explaining that the victims were trapped while working at the site.

Officers from the Erena Division, aided by local residents, responded swiftly but found the pit had already fully caved in. After hours of rescue efforts, the bodies were recovered and taken to Zumba General Hospital.

A full investigation is underway to determine the cause and prevent future occurrences. 

Berger Paints Nigeria Plc has declared a final dividend of 100 kobo per 50 kobo ordinary share, payable to shareholders listed in the register of members.

This was stated in a release published by the company on the Nigerian Exchange (NGX) disclosure platform, signed by Secretary Omolara Bello. The dividend was as of the close of business on April 24, 2025.

The final dividend pertains to the financial year ended December 31, 2024, and is subject to withholding tax and regulatory approval, bringing the total dividend for the 2024 financial year to N1.20 kobo.

According to the company, qualified shareholders who have registered for e-dividends will receive their payments electronically, directly into their bank accounts, on May 22, 2025.

Highlight:

1. Berger Paints’ final dividend of 100 kobo translates to N289.8 million.

2. Based on the share price of N18.85, the dividend yield is 5.31%.

3. The dividend also translates to a final dividend payment ratio of 47.44%.

4. Berger Paint’s price-to-earnings ratio is 8.94x, higher than the industry average of 0.79x.

Its audited financial statements for the year ended December 31, 2024, reporting a pre-tax profit of N1.12 billion. This reflects a year-over-year increase of 45.41% compared to N776.3 million reported in the previous year. 

The Federal Road Safety Corps (FRSC) in Ogun State has advised motorists to obey traffic rules during the Easter celebration to avoid preventable road crashes.

Ifo Unit Commander, Mr. Memee Timothy, warned against speeding, wrongful overtaking, driving against traffic, overloading, and drunk driving. He said FRSC personnel will be stationed at key points to enforce compliance and respond to emergencies.

He appealed to road users to cooperate with security agencies for a safe and hitch-free Easter. 

The United Kingdom has announced an investment of $6 million towards unlocking domestic capital for Nigeria’s infrastructure development and energy transition. The investment was made through its MOBILIST programme to support the listing of InfraCredit on the NASD OTC Exchange Plc.

The total listing by InfraCredit, Nigeria’s first and only domestic credit guarantor, is valued at N64 billion ($41 million). The company successfully raised NGN27 billion ($17.7 million) in new equity as part of the transaction. The investment from MOBILIST will further enable InfraCredit to expand its guarantee capacity and support a broader pipeline of infrastructure projects across the country.

A statement by InfraCredit said the investment addresses this gap by offering Naira-denominated guarantees that enhance the creditworthiness of infrastructure debt instruments, thereby attracting investment from Nigerian institutional investors such as pension funds and insurance companies. This is as Nigeria faces an estimated infrastructure investment requirement of over $2.3 trillion between 2021 and 2043, according to government projections.

Additionally, InfraCredit has announced plans to explore a future listing on the Nigerian Exchange (NGX), where the UK government has also partnered to enable sustainable capital mobilisation aligned with the UN Sustainable Development Goals (SDGs). Speaking on the development, Mr. Jonny Baxter, British Deputy High Commissioner in Lagos, noted:

“InfraCredit’s success highlights the power and impact of long-term partnerships, and the UK via the Foreign Commonwealth and Development Office (FCDO) is proud to have played a key role in not just the creation of InfraCredit through the Private Infrastructure Development Group (PIDG), but its continued growth. This transaction illustrates the potential of public markets to mobilise domestic capital at scale.”

InfraCredit’s CEO, Chinua Azubike, emphasised the significance of the company’s public market debut:

“This moment marks the beginning of a new chapter for InfraCredit… Our transition to a listed public company reflects our ambition to build a deeper, more inclusive capital market for domestic resources that accelerates infrastructure delivery in Nigeria.”