Torchlight News

 Torchlight news. 2027: PDP Zones Presidency to South, Elective Convention Moves to Ibadan       Umar Damagum  In a shift from its 2023 strategy of an open presidential contest, the Peoples Democratic Party (PDP) has zoned its 2027 presidential ticket to the South. This decision aligns with resolutions reached by the party’s founding members on Wednesday. The move, ratified during the party’s 101st National Executive Committee (NEC) meeting held in Abuja, also saw a change in venue for the party’s Elective National Convention — now scheduled to hold in Ibadan, Oyo State, rather than Kano. The change in location is expected to heighten tensions between camps loyal to the Minister of the Federal Capital Territory, Nyesom Wike, and Oyo State Governor, Seyi Makinde. The NEC’s endorsement of a southern presidential candidate is widely interpreted as a boost to Makinde’s potential 2027 ambitions, a development that could sideline Wike and his allies within the part...

 Torchlight news. Tinubu Approves Full Allowances, Bonuses for Super Falcons Ahead of WAFCON Final President Bola Tinubu has approved the full disbursement of allowances and match bonuses for the Super Falcons ahead of their Women’s Africa Cup of Nations (WAFCON) final clash with Morocco on July 26, 2025. Chairman of the National Sports Commission, Shehu Dikko, announced the development on Thursday in Abuja, stating that all entitlements for players, coaches, and officials—covering the entire tournament—have already been released for immediate payment. Dikko hailed the move as a clear demonstration of President Tinubu’s renewed commitment to Nigerian athletes, describing it as “policy in motion” and a shift toward timely and consistent support for sports professionals. He emphasized that this prompt payment system will now become standard practice under the current administration. The gesture also extends to the national women’s basketball team, D’Tigress, who are preparing fo...

 Torchlight news. FG Sets New 12-Year Minimum Age for JSS1 Admission          Minister of Education, Rauf Alausa The Federal Government has established a new minimum age requirement of 12 years for students seeking admission into Junior Secondary School 1 (JSS1) after completing six years of primary education. This directive is outlined in a newly launched policy document on Non-State Schools by the Federal Ministry of Education. Non-State Schools—also known as private, independent, or non-governmental schools—are educational institutions not operated by the government. They are typically funded through tuition fees and supplemented by donations from individuals, corporate bodies, religious groups, communities, and charitable foundations. According to the policy document, non-state schools are playing an increasingly prominent role in education delivery across Nigeria, although the quality of instruction varies widely among them. Clarifying the structur...

Torchlight news. Subsidy Removal Faced Resistance, But Tinubu Stayed Firm – Shettima Vice President Kashim Shettima has reiterated that President Bola Tinubu’s bold economic reforms are being carried out in the best interest of the Nigerian people. Speaking during a courtesy visit by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) at the Presidential Villa in Abuja, Shettima highlighted the administration’s commitment to economic revival and creating a conducive environment for business. According to the News Agency of Nigeria (NAN), the delegation was led by NACCIMA’s National President, Mr. Jani Ibrahim. Shettima cited critical reforms such as the removal of fuel subsidy, unification of the exchange rate, and ongoing tax reforms as part of the government’s economic strategy. He emphasized Nigeria’s readiness for business and praised the role of the private sector as key drivers of national progress. “I admit to being closely aligned ...

Torchlight news. Dangote: Lifting Fuel from Our Refinery Costlier Than Lomé Due to Charges Aliko Dangote, President of Dangote Group, has voiced frustration over the high logistics and regulatory costs making it more expensive for marketers to lift refined petroleum products from the Dangote Refinery in Lekki than from offshore facilities in neighbouring countries like Togo. Speaking at the Global Commodity Insights Conference in Abuja, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global, Dangote revealed that multiple port and regulatory fees imposed on marketers at both loading and offloading points have eroded the cost advantage of his $20 billion refinery. In contrast, offshore terminals such as the Lomé Floating Storage Terminal do not impose such burdens. He noted that these inefficiencies contribute to Africa’s heavy dependence—69%—on imported refined fuels, many of which are substandard and laced with toxic blends th...

 Torchlight news. CBN: Eight Banks Reach Recapitalisation Target .MPC Maintains Interest Rate and Other Policy Parameters .Central Bank Aims for Single-Digit Inflation The Central Bank of Nigeria (CBN) has confirmed that eight banks have already met the new minimum capital requirements set for their respective licenses. The recapitalisation effort, which began last year and is expected to conclude by March 2026, is part of broader reforms to strengthen the financial system. Speaking at a press briefing in Abuja after the Monetary Policy Committee (MPC) meeting, CBN Governor Olayemi Cardoso stated that several banks have made meaningful strides in boosting their capital base to meet the new regulatory standard. “Eight banks have so far complied fully with the recapitalisation benchmark, while others are on track to meet the deadline,” he said. The recapitalisation policy, introduced in March 2024, redefined the minimum capital base to include only paid-up share capital and shar...