Report

Report: Femi Otedola Acquires £53m Mansion in London

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  Femi Otedola has reportedly purchased a London mansion valued at £53 million (approximately $72 million), marking another major deal in the city’s upscale property market, according to a Thursday report by Bloomberg. The 10-bedroom property is located in St John’s Wood, a high-end district in London, a short distance from Regent’s Park. Bloomberg reports that the purchase was completed late last year, according to a UK filing. The property, built in 2016, reportedly includes luxury facilities such as a cinema, spa and cigar room. It was previously listed for £75 million in 2020, according to media reports. Otedola is the chairman and majority shareholder of First HoldCo Plc, one of Nigeria’s largest financial services groups, with investments spanning energy, finance, shipping and insurance brokerage. The deal highlights continued activity in London’s prime residential property market, despite pressure from higher property taxes and changes to tax incentives for foreign residents. London’s high-end property market remains a key destination for ultra-wealthy global buyers, with luxury homes in areas such as St John’s Wood, Belgravia and Chelsea often attracting multimillion-pound deals despite fluctuations in the broader UK housing market. The acquisition adds to Otedola’s portfolio of luxury assets and reinforces the long-standing appeal of London’s upscale neighbourhoods among wealthy Nigerian businessmen and executives. In recent years, several Nigerian banking and business figures have been linked to high-value properties in the UK capital. In 2025, Access Bank Chief Executive Officer Roosevelt Ogbonna reportedly acquired a £15 million property in Hampstead, an affluent London district often associated with wealthy foreign investors. St John’s Wood, where Otedola’s new mansion is located, is regarded as one of London’s most exclusive residential areas, known for its detached luxury homes, privacy and proximity to Regent’s Park and the Lord’s Cricket Ground. Okiki Adeduyite Okiki is a journalist with over seven years experience covering politics, foreign news, society, entertainment and the film industry.

Iran Officials Exit Canada Ahead of FIFA Congress Over Airport ‘Treatment’ — Report

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  Top Iranian football officials departed Canada ahead of the FIFA Congress after raising concerns over their treatment by immigration authorities at Toronto’s international airport, Iranian media reported on Wednesday. Iran’s football federation president and deputy secretary general “returned to Turkey on the first flight due to the inappropriate behaviour of the immigration officials at the airport and the insult to one of the most honourable organs of the Iranian Armed Forces”, several outlets reported, without providing further details. In 2024, Canada designated Iran’s Revolutionary Guards a terror group, barring its members from entering the country. The Iranian reports said the officials had travelled to Canada with “official visas” before turning around. Canada is co-hosting the 2026 World Cup with the United States and Mexico, while FIFA’s congress is to be held in Vancouver this week. Fears have risen about the Iranian team’s attendance because of the Middle East war that began on February 28 with a massive wave of US-Israel attacks. US Secretary of State Marco Rubio insisted last week that Iran’s footballers would be welcome at the global spectacle. But he warned that the United States may yet bar entry to members of the Iranian delegation it judged to have ties to the Revolutionary Guard, which is also designated a terrorist organisation by Washington and several other governments. No one “from the US has told them they can’t come,” Rubio said. The Iranian football federation (FFIRI) had said in April it was negotiating with FIFA to relocate the country’s World Cup matches from the United States to Mexico. But FIFA President Gianni Infantino told AFP last month that Iran would be at the World Cup and that they will play “where they are supposed to be, according to the draw”. The FIFA chief reiterated that stance in Washington earlier this month. AFP

25 Killed in Jihadist Attacks in Northeast Nigeria – Report

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  At least 25 people were killed in two separate jihadist attacks in northeastern Nigeria’s Adamawa state, local sources told AFP on Thursday. The attacks in the towns of Madagali and Hong in the border region with Cameroon were attributed to Boko Haram jihadists, whose fighters have been active in the area since the group began its violent insurgency in 2009. “Gunmen, we believed to be Boko Haram on many motorcycles… attacked the market. They opened fire on people and killed 21,” a Madagali local government official told AFP about the Tuesday evening attack, on the condition of anonymity. “We are still searching for more bodies as some might have died in the bush from gunshot wounds while trying to find safety.” The attackers also looted a market and stole food items and motorcycles, the source said. Four others, including three troops, were killed in neighbouring Hong, resident Ezekiel Musa told AFP. “Boko Haram attacked us after they left the town. We saw the corpses of three soldiers and one woman was killed,” Musa said. “Now the town has security personnel but some of us have already started leaving the town because of fear of what happened.” – ‘Senseless attacks’ – State governor Adamu Umaru Fintiri condemned the attack without providing an official toll in a statement. “We will not let terrorists undermine our efforts to restore peace and stability,” he said in the statement. “I warn perpetrators: desist from these senseless attacks or face the full weight of our collective resolve.” Since 2009, the jihadist insurgency in Nigeria, led primarily by Boko Haram and its rival faction, the Islamic State West Africa Province (ISWAP), has left more than 40,000 dead and two million displaced in the northeast of the country, according to the United Nations. Nigeria is also grappling with other armed groups that have compounded its insecurity challenges in the north of the country. Military crackdowns have yielded little results. The jihadist conflict has spread to neighbouring Niger, Chad, and Cameroon, prompting the formation of a regional military coalition to fight these groups. The coalition has lost steam in recent years after the withdrawal of Niger due to a diplomatic spat with Nigeria following a 2023 military coup in Niger. Earlier this month, the United States began deploying troops to Nigeria to provide technical and training support to the country’s soldiers in fighting the jihadist groups. The US Africa Command said 200 troops were expected to join the deployment overall. AFP

Court Admits DSS Report Linking Kanu To #EndSARS Violence

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  A Federal High Court sitting in Abuja has admitted into evidence a report by the Department of State Services allegedly linking the leader of the proscribed Indigenous People of Biafra, Nnamdi Kanu, to the killing of 186 police officers and the destruction of 164 police stations during the #EndSARS protests. Justice James Omotoso admitted the report during the resumed hearing in Kanu’s terrorism trial on Thursday. The report was tendered by the prosecuting counsel, Adegboyega Awomolo (SAN), through the fifth prosecution witness (PW5) codenamed Mr EEE for security reasons. Led in evidence by Awomolo, the witness, a DSS operative, told the court that he was part of a team deployed to the South-East and other parts of the country to gather information and compile reports on the violence that erupted during the #EndSARS movement. “I know the defendant through the media. I have never met him face-to-face,” the witness said. EEE also said that his mandate was to collect records of the destruction of public property and the deaths of security personnel, allegedly incited by Kanu’s statements. The court admitted as exhibits a damage assessment report, death certificates of some security officers, and a certificate of compliance tendered through the witness by Awomolo. Although the defence lawyer objected to the admissibility of these documents, arguments were reserved for a later date. According to the witness, the violence led to the deaths of 186 police officers, 37 military personnel, and 10 DSS operatives. The witness further stated that 164 police stations and nine facilities belonging to the Independent National Electoral Commission were destroyed across 17 states, including Lagos, Abia, Anambra, Cross River, Delta, Ebonyi, and Rivers, as a result of Kanu’s inciting messages. During cross-examination, counsel for the defence, Dr Onyechi Ikpeazu (SAN), challenged the credibility of the report and the basis for linking Kanu to the unrest. “You were not part of the investigation into the defendant himself, correct?” Ikpeazu asked. “I was tasked to investigate the destruction of public property based on the statements of the defendant. He gave instructions to IPOB members to kill officers,” EEE responded. Ikpeazu pressed further, questioning whether Kanu’s statements were directly tied to the #EndSARS protests or IPOB activities. He also inquired whether notable activist Aisha Yesufu, known for her role in the protests, was similarly investigated. “My assignment was not to investigate Biafra or individuals like Aisha Yesufu but to assess damage from the #EndSARS protest,” the witness replied. He added that while the protests were driven by “organic issues like police brutality,” they were “hijacked by subversive elements” who incited violence against the state. When pressed for details, the witness admitted he could not identify any specific page in the report directly attributing the deaths to IPOB members. “It is a voluminous document. There is no single caption that links deaths directly to IPOB on any page,” he said. Ikpeazu highlighted several deficiencies in the report, including a lack of dates on photographs, the absence of the witness’s signature, and missing details such as the names or towns of the deceased and the medical examiners. The witness admitted the report was certified in his capacity as secretary but was not personally signed by him. “You did not sign this report. In fact, none of the photographs show the dates they were taken,” Ikpeazu observed, suggesting the report was compiled after the commencement of the trial—a claim the witness denied. Meanwhile, the prosecution counsel, Chief Awomolo (SAN), stated that the prosecution had succeeded in presenting evidence relating to the case and urged the court to grant his prayers. The defence counsel, Kanu Agabi (SAN), entered a no-case submission, indicating they would proceed to address the court. The court granted each party 14 days to submit their arguments on the no-case submission and an additional two days for replies on points of law. Justice Omotoso adjourned the case to July 18 for the adoption of the no-case submission. Punch

EPL: Chelsea Rule Out January Move For Osimhen – Report

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  On Thursday , Chelsea is reportedly not planning another move for Napoli striker Victor Osimhen in the upcoming January transfer window, despite previous interest in the Nigerian international. The 25-year-old, currently on loan at Galatasaray, has been in sensational form, scoring 12 goals in 15 appearances across all competitions, including two in last month’s Europa League victory over Tottenham Hotspur. Osimhen’s loan move from Napoli followed a breakdown in his relationship with the Serie A club. According to The Athletic, Chelsea, who are currently second in the Premier League table, will not pursue Osimhen in January, instead prioritising a long-term strategy to strengthen their attacking options. The London club had previously made a last-minute attempt to sign the prolific striker on a season-long loan last summer, even proposing an obligation to buy. However, the move failed to materialise, and Osimhen ended up in Turkey with Galatasaray. As reported by football.london in September, Chelsea’s initial interest demonstrated their desire to secure a reliable goalscorer. However, with a well-stocked attack including Jadon Sancho, Pedro Neto, Noni Madueke, Joao Felix, and Christopher Nkunku, the Blues are believed to be holding off on bolstering their frontline in the short term. Instead, Chelsea has identified Ipswich Town’s Liam Delap as a potential future signing, with the club scouting him alongside other striker options. It is suggested that any additions in the attacking department will be revisited next summer. Meanwhile, reports suggest that Chelsea could see player exits in January to make room in their squad. Ben Chilwell, Carney Chukwuemeka, and Kiernan Dewsbury-Hall are rumoured to be among those who could leave, having struggled for regular game time under manager Enzo Maresca. Chelsea suffered a 2-1 loss to Fulham at Stamford Bridge on Boxing Day. They are set to conclude their 2024 schedule with a match against Ipswich Town on December 30.  

Report – Naira May Fall To N1,993 Per Dollar

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The naira is forecasted to depreciate to N1,993 against the United States dollar by 2028, posing a significant challenge to Nigeria’s pharmaceutical industry, particularly in importing essential medical devices, a new report by BMI, a Fitch Solutions subsidiary, has revealed. In the report titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth”, BMI projected that despite an anticipated rebound in the economy, Nigeria’s medical devices sector will face operational and demand challenges in the near term. The report noted that Nigeria relies on imports for over 95 per cent of its medical devices, making it vulnerable to fluctuations in exchange rates. “Continued weakness of the naira will increase medical device import costs and erode consumer purchasing power. Similar to other markets in sub-Saharan Africa, Nigeria heavily relies on medical device imports, with reliance of over 95 per cent. “We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018. As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power especially to invest in essential medical technologies given underfunding of the public health sector. “This would particularly affect high-cost demand for devices such as diagnostics, orthopaedics and dental products. On the export front, a weaker naira will enhance the competitiveness of locally manufactured medical devices, fostering growth in the sector,” the report stated. While a weaker naira could enhance the competitiveness of locally manufactured medical devices, BMI highlighted persistent barriers to local production. These include a scarcity of skilled labour, limited access to modern technology, and inadequate infrastructure, which continue to undermine manufacturing efforts despite government incentives. The administration of President Bola Tinubu has implemented measures aimed at easing these pressures. In June 2024, an executive order was issued to reduce medical service costs by eliminating tariffs, excise duties, and Value Added Tax on specific machinery, equipment, and raw materials, with the goal of lowering local production costs. However, BMI observed that the medical devices market would continue to face significant challenges in the short term. The report forecasted that Nigeria’s medical devices market could grow to a value of N171.1bn (£344.7m) by 2028, supported by a large population, an increasing focus on universal health coverage, and the double burden of chronic and communicable diseases. Nigeria’s economy is expected to recover in 2025, with a growth rate of 3.0 per cent predicted for 2024, compared to 2.9 per cent recorded in 2023. However, persistent issues such as high inflation, tighter monetary policies, and weak foreign direct investment could weigh on the growth of the medical devices sector. The PUNCH further observed that the naira traded at N1,681.42 per dollar on Monday, November 11, 2024, reflecting a marginal decline of 0.15 per cent from Friday’s closing rate of N1,678.87, as recorded on November 8, 2024. FX turnover on the official market dropped significantly by 66.41 per cent, from $1.4bn on Friday to $471.5m on Monday, indicating lower market activity. During the period under review, the naira reached a high of N1,695 and a low of N1,631.   Punch

Report: FG Spent N19bn On Presidential Aircraft In 15 Months

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At least N19.43bn was spent on the maintenance and operations of the Presidential Air Fleet from July 2023 to September 2024, The PUNCH learnt. Checks by our correspondent on GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that for 2024, the payouts amounted to N13.55bn, representing 66 per cent of the allocations for the fleet in the 2024 fiscal year. Most disbursements were labelled ‘Forex Transit Funds,’ typically funds allocated for foreign exchange requirements to facilitate international transactions and engagements. In the context of the Presidential Air Fleet, such funds are used to cover expenses related to operations outside the country, including fuel purchases, maintenance or services in foreign currencies. In November of that year, N1.26bn was released to the Presidential Air Fleet naira transit account. The first overhead for 2024 came in March, where N1.27bn were disbursed twice, amounting to N2.54bn. The transit account received N6.35bn in April, N4.97bn in May and N210m in July. August saw the highest frequency of transactions, with N5.60bn released in six separate disbursements. Although these transactions were not clearly labelled, the monies were paid into the Presidential Air Fleet naira transit account, including the N35m transfer made in September. In late April, the transit account received N5.08bn; this came around the same time the President was on a two-nation tour to the Netherlands and Saudi Arabia. Although Tinubu arrived in the Netherlands in a state-owned Gulfstream AeroSpace 550 Jet, the aircraft could not proceed to Saudi Arabia due to unspecified technical problems. He reportedly continued his journey on a chartered private plane. At the time, the President’s Boeing 737 business jet was undergoing maintenance. It was later replaced with an Airbus A330 purchased for $100m in August through service-wide votes. The nearly 15-year-old plane, an ACJ330-200, VP-CAC (MSN 1053), is “spacious and furnished with state-of-the-art avionics, customised interior and communications system,” Tinubu’s Special Adviser on Information and Strategy, Mr Bayo Onanuga, said, adding that it “will save Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.” The new Airbus A330 is just one of several aircraft currently on the Presidential Air Fleet, arguably one of Africa’s largest, with around 11 aircraft of various makes and models. Until August, it comprised the 19-year-old B737-700 and a 13-year-old Gulfstream Aerospace G550. The BBJ was acquired during the tenure of former President Olusegun Obasanjo at $43m but became a money guzzler as it aged. Onanuga, defending the purchase of Airbus A330, argued that the new Airbus 330 aircraft and the costs of maintaining the air fleet were not for the president but in the interest of Nigerians. “It’s not President Tinubu’s plane; it belongs to the people of Nigeria, it is our property…the President did not buy a new jet; what he has is a refurbished jet – it has been used by somebody else before he got it, but it is a much newer model than the one President Buhari used. “The one President Buhari used was bought by President Obasanjo some 20 years ago. There was a time when the President went to Saudi Arabia, and the plane developed some problems. The President had to leave the Netherlands with a chartered jet. “Nigerians should try to prioritise the safety of the President. I’m not sure anybody wishes our president to go and crash in the air. We want his safety so that he can hand it over to whoever wants to take over from him,” Onanuga said. The presidential aide said he discussed with the National Security Adviser, Mr Nuhu Ribadu, on the faulty plane [Boeing 737 jet] and he said the maintenance costs were excessive because of the age of the aircraft, hence the need for another plane. The presidential fixed-wing fleet includes a Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605. Three of the seven fixed-wings are reportedly unserviceable. Meanwhile, the rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser. Former President Buhari promised to reduce the number of aircraft in the PAF to the absolute necessary. In April 2023, three jets were put up for sale, but there were no specifics on which. However, efforts to sell one of the Dassault Falcon 7x and the Hawker 4000 in October 2016 stalled when a potential buyer reduced their initial offer from $24m to $11m. Since 2017, budgetary allocations for the fleet have shown a growing trend, with one exception in 2020. The allocation for the fleet increased from N4.37bn in 2017 to N20.52bn in 2024, showing a 370 per cent rise in running costs. In 2018, the fleet’s budget rose significantly by 66.13 per cent to N7.26bn, driven by a substantial increase in capital project allocations while maintaining similar levels for recurrent costs. This upward trajectory continued into 2019, slightly increasing the total allocation to N7.30bn. The exception came in 2020, when the budget dropped by nearly seven per cent to N6.79bn, primarily due to decreased overhead costs, a reflection of the global economic impacts of lockdowns and disruptions in operations. By 2021, however, the budget surged dramatically to N12.55bn—a record increase of 84.83 per cent from the previous year. In 2022, maintenance expenses for each aircraft ranged from $1.5m to $4.5m annually. The 2022, 2023 and 2024 appropriation acts earmarked N12.48bn, N13.07bn and N20.52bn respectively. On his way to the 2024 Commonwealth Heads of Government Summit in Samoa, a foreign object damaged the cockpit windscreen of Vice President Kashim Shettima’s GulfStream aircraft during a stopover at JFK Airport in New York. According to Lee Aerospace, manufacturers of the Gulfstream, jet windshields consist of thick multilayered structures of varying layers of glass and transparent acrylic built to withstand collision with a 2kg object. However, damage to the windshield must have affected its inner layers. While specific prices for replacement can vary based on supplier, labour rates and regional costs, estimates … Read more

Army Headquarters Denies Reports Of Chief Of Army Staff’s Death

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  The Nigerian Army has categorically dismissed speculations claiming that the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, has died, labeling the reports as fake news. The headquarter via its official X handle, @HQNigerianArmy, dismissed an online report that circulated on Sunday, stating, “Chief of Army Staff dies of cancer.” The report claimed that Lt. Gen. Lagbaja passed away in an undisclosed hospital overseas nearly 48 hours ago due to stage three cancer, according to a senior government official. Furthermore, the report alleged that the news of the Chief of Army Staff’s death had been kept secret due to intense lobbying by some Army Generals seeking to assume his position. Lt. Gen. Lagbaja, born on February 28, 1968, in Ilobu, Osun State, was appointed by President Bola Tinubu in June 2023 as the 27th Chief of Army Staff. The Army Headquarters continues to assert the importance of accurate information and has urged the public to disregard any unverified reports regarding the health or status of its leadership. Presidency reacts Also reacting, Special Adviser Information and Strategy to President Tinubu, Bayo Onanuga via his X Platform dismissed the alleged death of Lagbaja. He said: “Director of Army Public Relations, Major General Onyema Nwachukwu has dismissed fake reports about the chief of army staff, Lt. General Taoreed Lagbaja. “To be very clear, the Nigerian Army is a highly structured establishment with well-laid-out procedures and processes for dealing with different circumstances. Before proceeding on leave, necessary protocols were put in place for the Chief of Policy and Plans (Army), Major General Abdulsalami Bagudu Ibrahim, to act on behalf of the COAS while he is away,”.

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