Access Corporation, MTN Nigeria Boost Equity Market To N607bn

Mohammed Shosanya

The Nigerian equity market gained N607bn in market capitalisation in the past week, on the back of buying interest in large-cap stocks like Access Corporation and MTN Nigeria.

The All-Share Index appreciated by 1.06 per cent to close at 97,456.62, while the market capitalisation rose by 1.10 per cent to N56tn.

Besides,All other indices closed higher, except for the Growth Index, which saw a depreciation of 0.03 per cent, while the Alternative Securities Market Index remained flat.

The upward trend was driven by investor interest in major stocks, such as Access Corporation, which gained 2.39 per cent, and MTN Nigeria, which rose by 7.37 per cent.

Across various sectors, the performance was bullish, with gains recorded in consumer goods (1.47 per cent), insurance (1.59), industrial (0.17 per cent), banking (5.12 per cent), and oil & gas (two per cent).

In terms of activity, the financial services industry led the charts, accounting for 1.71 billion shares valued at N26.99bn traded in 19,277 deals, contributing 66.05 per cent and 52.71 per cent to the total equity turnover volume and value, respectively.

Following closely was the oil and gas industry, which saw 332.83 million shares worth N12bn traded in 9,956 deals.

The services industry ranked third with 146.189m shares valued at N530.544m traded in 3,404 deals.

During the week, 43,535 units valued at N13.476m were traded in 122 deals, up from the 23,881 units valued at N8.240m transacted in the previous week.

Overall, 52 equities appreciated, an increase from the 36 equities recorded in the previous week, as 31 equities saw price declines, compared to 46 in the prior week, while 68 remained unchanged, slightly lower than the 69 recorded earlier.

Nigeria’s Inflation Rate Drops To 32.15% In August

Mohammed Shosanya

The National Bureau of Statistics (NBS),has released the latest inflation figures showing that the headline inflation rate further eased to 32.15% in August 2024 relative to the July 2024 headline inflation rate of 33.40%.

The NBS said,looking at the movement, the August 2024 headline inflation rate showed a decrease of 1.25% points when compared to the July 2024 headline inflation rate.

On a year-on-year basis, the headline inflation rate was 6.35% points higher compared to the rate recorded in August 2023 (25.80%). This shows that the headline inflation rate (year-on-year basis) increased in August 2024 when compared to the same month in the preceding year (i.e., August 2023).

Besides,on a month-on-month basis, the headline inflation rate in August 2024 was 2.22%, which was 0.06% lower than the rate recorded in August 2024 (2.28%). This means that in August 2024, the rate of increase in the average price level is lower than the rate of increase in the average price level in July 2024.

The percentage change in the average CPI for the twelve months period ending August 2024
over the average of the CPI for the previous twelve months period was 31.26%, showing
8.88% increase compared to 22.38% recorded in August 2023.

The NBS further noted that on a year-on-year basis, August 2024 Urban inflation rate was 34.58%, this was 6.89% points higher compared to the 27.69% recorded in August 2023. On a month-on-month basis, the Urban inflation rate was 2.39% in August 2024, this was 0.07% points lower compared to July 2024 (2.46%). The corresponding twelve-month average for the Urban inflation rate was 33.44% in August 2024.

“This was 9.98% points higher compared to the 23.46% reported in August 2023.

“The rural inflation rate in August 2024 was 29.95% on a year-on-year basis; this was 5.85% higher compared to the 24.10% recorded in August 2023. On a month-on-month basis, the Rural inflation rate in August 2024 was 2.06%, down by 0.04% points compared to July 2024(2.10%).

“The corresponding twelve-months average for the Rural inflation rate in August 2024 was 29.32%. This was 7.93% higher compared to the 21.39% recorded in August 2023.

“The Food inflation rate in August 2024 was 37.52% on a year-on-year basis, which was 8.18% points higher compared to the rate recorded in August 2023 (29.34%).

“The rise in Food inflation on a year-on-year basis was caused by increases in prices of the following items, Bread, Maize Grains, Guinea Corn, etc (Bread and Cereals Class), Yam, Irish Potatoes, Water Yam, Cassava Tuber, etc (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable, etc (Oil & Fats Class) and Ovaltine, Milo, Lipton, etc (Coffee, Tea & Cocoa Class).

“On a month-on-month basis, the Food inflation rate in August 2024 was 2.37% which shows a 0.10% decrease compared to the rate recorded in July 2024 (2.47%).

“The fall can be attributed to the decline in the rate of increase in the average prices of Tobacco, Tea, Coco, Coffee, Groundnut Oil, Milk, Yam, Irish Potatoes, Water Yam, Cassava Tuber, Palm Oil, Vegetable etc.

“The average annual rate of Food inflation for the twelve months ending August 2024 over the previous twelve-month average was 36.99%, which was 11.98% points increase from the average annual rate of change recorded in August 2023 (25.01%).

“The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 27.58% in August 2024 on a year-on-year basis; up by 6.43% when compared to the 21.15% recorded in August 2023.

“The highest increases were recorded in prices of the following items, Rents (Actual and Imputed Rentals for Housing Class), Bus Journey intercity, Journey by motorcycle, etc (under Passenger Transport by Road Class), and Accommodation Service, Laboratory service, X-ray photography, Consultation Fee of a medical doctor, etc (under Medical Services Class).

“On a month-on-month basis, the Core Inflation rate was 2.27% in August 2024. It stood at 2.16% in July 2024, increased by 0.11%. The average twelve-months annual inflation rate was 25.18% for the twelve-months ending August 2024; this was 6% points higher than the 19.18% recorded in August 2023.

“In August 2024, All Items inflation rate on a Year-on-Year basis was highest in Bauchi(46.46%), Kebbi (37.51%) and Jigawa (37.43%), while Benue (25.13%), Delta (26.86%) and Imo (28.05%) recorded the slowest rise in Headline inflation on Year-on-Year basis. On a Month-on-Month basis, however, August 2024 recorded the highest increases in Kwara (4.45%), Bauchi (4.22%), Adamawa (3.99%), while Ogun (0.21%), Abuja (0.92%) and Kogi (1.14%) recorded the slowest rise on month-on-month inflation.

“In August 2024, Food inflation on a Year-on-Year basis was highest in Sokoto (46.98%),
Gombe (43.25%), and Yobe (43.21%) while Benue (32.33%), Rivers (33.01%) and Bayelsa
(33.36%), recorded the slowest rise in Food inflation on Year-on-Year basis. On a Month-on-Month basis, however, August 2024 Food inflation was highest in Adamawa (5.46%),Kebbi (4.48%), and Borno (3.88%), while Ogun (0.08%), Akwa-Ibom (0.45%) and Sokoto (1.00%) recorded the slowest rise in Food inflation on month-on-month basis”.

NNPC Ltd Releases Estimated Pump Prices Of Petrol From Dangote Refinery

Mohammed Shosanya

The Nigerian National Petroleum Company Limited,has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

Olufemi Soneye,Chief Corporate Communications Officer,NNPC Ltd,in a statement on Monday,also stated that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by government, but negotiated directly between parties on an arms length.

He added:”The NNPC Ltd can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

“The NNPC Ltd assures that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public”.

ASUU Confirms Victimization Of Lecturers Who Opposed Pantami’s Professorship Award

Mohammed Shosanya

The Ibadan Zone of the Academic Staff Union of Universities (ASUU) on Sunday raised the alarm that more than 200 of her members are being victimised through unjust termination of appointments and the deliberate refusal to pay them owed salaries.

The union accused the Federal University of Technology, Owerri, of victimising members of the Union for opposing the award of professorship on former Minister of Communication and Digital Economy, Dr Isa Pantami.

This was contained in a press conference addressed by the Zonal Coordinator Professor Oyebamiji Oyegoke where he raised alarm that the “onslaught by some elements of the Nigerian state in its quest at destroying what is left of Nigerian public universities has not abated” adding that the latest onslaught are now from visitors and university administrators”.

The Ibadan Zone of the Academic Staff Union of Universities (comprising the University of Ibadan, Ibadan; University of Ilorin, Ilorin; Ladoke Akintola University of Technology, Ogbomoso; Osun State University, Osogbo; Kwara State University, Malete; and Emmanuel Alayande University of Education, Oyo).

According to Professor Oyegoke, over 120 members of the Union were unjustly sacked at the Kogi State University, Anyigba for participating in strike while at Ambrose Alli University (AAU), Ekpoma, ASUU members’ are demanding for justice on 28 months of unpaid salaries, and are opposing undue amendment of Conditions of Service by Special Intervention Team, and rejection of notional promotion of members.

“More specifically, we frowned at the interminable calamities being meted against our members at Lagos State University (LASU), Ojoo, Kogi State University (KSU), Ebonyi State University (EBSU), Ambrose Ali University Ekpoma (AAUE), Edo State, Chukwuemeka Odumegwu Ojukwu University (COOU), Anambra State, and the Federal University of Technology Owerri (FUTO), Imo State and others campuses where our members are being unlawfully suspended, unjustly diminished, denied promotion, and salaries withheld for insisting on the rule of law and insistence on defending the autonomy status of universities.

“It is unfortunate that the situation has not changed, hence, the need for reinstating our patriotic opposition to the odious state of things in the aforementioned universities. As the saying goes, ‘injustice anywhere is a threat to justice everywhere.

“At Lagos State University (LASU), Ojoo, Professor Oyegoke disclosed that “five of our members, the Union’s branch Chairperson, Vice-Chairperson, Secretary, Assistant Secretary and Treasurer were dismissed on trumped up charges like insistence on adherence to the rule of law and asking for well-deserved promotion.

“It’s been seven years since the travails commenced and have not abated despite the fact that the Visitation Panel set up by the Visitor to LASU, Governor Babajide Sanwo-Olu, absolved our members and called for their unconditional reinstatement.

“In Chukwuemeka Odumegwu Ojukwu University (COOU), Igbariam, the branch secretariat is locked and our members are not allowed to hold regular congress meetings on the campus as if the right to freedom of assembly and association is not sine qua non under the Nigerian Constitution. To worsen the situation, salaries of our members, up to 12 months, are withheld for keeping faith with ASUU’s adherence to due process and academic freedom.

“In Ebonyi State University (EBSU), Abakaliki, Instead of the University Administration implementing the court judgment that was in the favour of our victimized members, the university has resulted into appealing the judgment which favoured our members hoping to prolong and protract, the inevitable triumph of good over evil.”

States Get N108bn Support To Tackle Flood, Erosion

Mohammed Shosanya

President Bola Tinubu has approved the sum of N108 billion to 36 States to tackle perennial flooding in the country.

Prof. Joseph Utsev, Minister of Water Resources and Sanitation, revealed this on Friday at a media briefing in Abuja.

Utsev stated that the approval of the money by President Tinubu was sequel to the Report submitted by the Presidential Committee on the Development of Strategic Plan for Preventing Flood Disasters in Nigeria that was set up.

He noted that the report recommended 10 Strategic Areas to address the menace of annual flooding in Nigeria and relevant interventions, taking into consideration required activities pre, during and post flooding periods.

These, he said, include responsible agencies, expected outcomes, as well as timelines and indicative costs, adding that this led to the approval of the money by the President for the 36 States.

Utsev also raised the alarm on the rising level of water on rivers Niger and Benue and some of their tributaries.

He said: “As we mourn the losses in Borno, Yobe, Jigawa, Bauchi and other states affected by flooding, the attention of Nigerians is hereby drawn to the probable river flooding on rivers Niger and Benue and some of their tributaries.

“The daily flow on these rivers indicates significant increase in flow levels tending towards RED alert.

“This warning means that large volume of water is moving through our rivers down to the delta region.

“Therefore, we should increase vigilance on all ramifications and step up proactive measures to address any eventual flooding events in the southern part of the country.”

The Minister urged states and key stakeholders to take heed to the flood early warning information from the Ministry and take proactive measures to forestall future flooding and activate response measures to alleviate the suffering of the citizens that have been affected by floods.

On the current flood that has ravaged Borno State, he disclosed that a team of technical experts from the Ministry, National Water Resources Institute (NWRI) and the Nigeria Hydrological Services Agency (NIHSA) including Chad Basin Development Authority has been dispatched to Borno State to assess the situation in Alau Dam and the extent of the flood disaster and come up with useful findings and recommendations.

Utsev further stated that reports of similar visits in Bauchi, Sokoto and Kebbi States have been produced and action is being taken.

He advised residents from these States to desist from drinking flooded water, to forestall outbreak of waterborne and communicable diseases.

“It should be noted however, that as we try to recover from this disaster, the water we drink may be contaminated, we should please be mindful of this, so as to avoid further outbreak of waterborne and communicable diseases,” he said.

He said that he had visited Maiduguri, together with the Minister of State, Bello Mohammad Goronyo, and Heads of Agencies and Parastatals in the Ministry to express solidarity with the Governor, Borno State as well as assess the extent of devastation caused by the flood.

On the cause of flooding in the State, he said:”This flood disaster that affected Maiduguri and Jere areas of Borno State was largely due to overflow of water from Alau Dam which is about 10 kilometres from Maiduguri city centre, owing to massive inflow from Ngadda river, a major tributary of River Yedzaram.”

He also sympathised with the government and people of Borno State on the flood disaster that befell them few days ago, adding that “This flood disaster, directly and indirectly affected millions of Nigerians, destroying homes, property, farmlands, roads, critical infrastructure and assets, among others.

“I identify with you all as we progress to navigate through this difficult time.”

Dangote Group Targets $30bn Profit By 2025

Mohammed Shosanya

Dangote Group is targeting revenues that would exceed $30bn by the end of 2025 inspite of the multi barriers the company is experiencing,according to its President,Aliko Dangote.

These barriers include;visas, inconsistent change in government policies, inadequate technical talent, lack of critical infrastructure, foreign exchange crises, inflation, cost of capital and other conflicts of differing dimensions.

Aliko said,the Dangote Group has expanded from Nigeria to 14 countries across the continent, spanning multiple sectors from cement to fertilizers, sugar to oil refineries, petrochemicals, agriculture and more.

He spoke at the just concluded African Renaissance Retreat held in Kigali, Rwanda.

He said:”The good news is that despite these challenges, we have succeeded in building a pan-African Group that employs over 50,000 people and generates revenues that should exceed $30bn by the end of 2025″.

He pointed out that despite significant challenges besetting Africa, its youthful population and abundant resources, including about 30% of the world’s mineral reserves and the largest reserves of gold, cobalt, uranium, platinum, and diamonds, offer opportunities for substantial and inclusive growth.

“Additionally, we have 65% of the world’s arable land and 10% of the planet’s internal renewable freshwater sources. Together these present a myriad of opportunities for robust, inclusive growth that harness our abundant human potential and natural resources to increase prosperity, not just in Africa but across the globe,” he said.

He added that Africa is at a crucial inflection point, with the world’s youngest and fastest-growing population, rapidly expanding cities, and a growing embrace of innovation and new technologies, including Artificial Intelligence.

Dangote noted that he had long contemplated bringing together a group of dedicated African business leaders to address the continent’s challenges, identify concrete solutions, and showcase Africa as a viable investment destination despite its obstacles.

He emphasized that the objective of the retreat was to offer an opportunity for collective action in tackling various issues, including persistent conflicts, energy and food security, supply chain disruptions, the debt crisis, and access to long-term concessional funding for development.

“This small private and high-level gathering to discuss these issues and align on how we will own and shape our narrative for development is long overdue. With the foremost entrepreneurs on the continent, the leaders of the largest pan-African companies, those at the helm of the most important development institutions in Africa, our brothers and sisters leading global institutions, our leading investors, our pre-eminent civil society activists and a few of our most respected political leaders, this first step will be an opportunity to have a frank and honest dialogue amongst ourselves to consolidate what we see as our common ground”, said Dangote.

He added:”We are coming together not just as leaders in our respective institutions but as visionaries and catalysts for transforming our societies. It is our collective responsibility to play our role in transforming our continent. Nobody will do it for us but us – especially us in this room”.

Expressing his hope that the retreat would produce initiatives capable of significantly shaping Africa’s future and benefiting its people, Dangote acknowledged the contributions of President Paul Kagame of Rwanda, former President Olusegun Obasanjo, former President Ellen Johnson Sirleaf, and former Prime Minister Hailemariam Dessalegn. However, he cautioned that it is crucial for the leaders present to move beyond dialogue to decisive implementation and tangible impact.

NLC, NBA Agree To Promote Rule Of Law In Nigeria

Mohammed Shosanya

The Nigeria Labour Congress,NLC and the Nigerian Bar Association, NBA,have agreed to collaborate on the promotion of rule of law and citizen rights in the country.

The collaboration came to the core on Thursday when the Nigeria Labour Congress (NLC), led by its President, Comrade Joe Ajaero, paid a courtesy visit to the headquarters of the Nigerian Bar Association (NBA) .

During this visit, the NLC delegation was warmly received by the new NBA President, Afam Osigwe (SAN), and his team.

A statement signed by Comrade Benson Upah,Head of Information and Public Affairs,NLC,quoted that the meeting provided an opportunity for both organizations to exchange views and experiences on the importance of entrenching the Rule of Law and safeguarding the fundamental rights of Nigerian citizens.

Discussions,according to the statement, focused on how the labor and legal sectors can work together to ensure that democracy thrives, and that governance is anchored on justice, fairness, and accountability.

Comrade Joe Ajaero reaffirmed the NLC’s commitment to working alongside the NBA in promoting the rights of workers and all Nigerians. He emphasized the importance of a strong legal presence that protects citizens from abuse, ensures the freedom of association, and upholds democratic norms.

The NLC President also commended the NBA’s role in defending the integrity of the legal system, while expressing optimism that this collaboration will lead to meaningful change in Nigeria’s political and socio-economic landscape.

Speaking,the NBA President Afam Osigwe (SAN) highlighted the NBA’s determination to uphold the Rule of Law and strengthen Nigeria’s legal institutions.

He assured the NLC of the NBA’s readiness to partner with the Nigeria Labour Congress in advocating for policies that respect citizens’ rights and promote social justice. He emphasized the reactivation of the Pro-Bono Department of the NBA to ensure that Citizens who are indigent and are persecuted can be offered free legal representation at all times.

Both organizations condemned the criminalization of civil protests and agreed that the road to sustainable progress for Nigeria lies in ensuring that the principles of the Rule of Law are adhered to at all levels of governance.

Flood: NEMA Records 259 Deaths

Mohammed Shosanya

The National Emergency Management Agency (NEMA),has disclosed that the current trend of flooding across the country has indicated that 29 States and 172 Local Government Areas have been impacted by flooding, affecting 1,048,312 people, displaced 625,239 and have led to the death of 259 lives.

The Director General of NEMA, Mrs Zubaida Umar,who stated this on Thursday in Abuja during national emergency coordination forum meeting in Abuja emphasized that the current challenge with Borno on the searchlight currently require coordinated response.

“The current trend of flooding indicated that 29 States and 172 LGAs have been impacted by flooding, affecting 1,048,312 people, displaced 625,239 and have led to the death of 259 lives. This unfortunate and almost unexpected incident requires coordinated response, hence the call for this emergency meeting.

“As you may all be aware, flood has ravaged many parts of the country with devastating impact in some locations. The latest of which is that of Borno State, where Search and Rescue is currently being carried out by emergency workers,” she said.

She,however,maintained that flood predictions across Nigeria for this year had earlier been disseminated to various stakeholders by NEMA and other agencies of government saddled with this responsibility.

“Though the flooding may not be totally prevented, efforts are being made to mitigate the impact to the barest minimum.

” This occurrence is not in total deviation from the predictions as contained in this year’s Annual Flood Outlook released by NIHSA which informed that in the months of July to September, 2024, 33 States and 135 LGAs are within flood high-risk areas, while the period between October and November has 19 States and 44 LGAs.

“The Federal Government through NEMA commiserates with those that have been affected by the flood disaster and assures them that necessary succour will be provided accordingly.
The main reasons for conveying this meeting therefore are to receive update on the flood situation and to assign roles and responsibilities to all stakeholders to ensure we are all on the same page.”

She said,as part of on-going efforts, Internally Displaced Persons camps have been activated in some states;” additional staff have been deployed to support Search and Rescue operations; water purification and critical Search and Rescue equipment have been deployed to affected states; while food and non food items are also being provided to support the affected persons.

“To complement these efforts, plans are underway to: provide additional relief intervention including medical consumables and medicaments; deploy additional water purifiers; support States to evacuate people at risk; provide additional support to Naval Disaster Response Units; provide additional support for sectoral response; relocate and rehabilitate the displaced population and to carry out in- depth Damage and Loss assessment among others.”

Appreciating the support of international partners, the NEMA DG noted that the situation is not yet overwhelming for the Government of Nigeria to cope with.

She said:”We,however,encourage partners to continue to carry out their routine assistance to affected people while still monitoring the situation”.

NAF Expresses Commitment To Accountability, Financial Prudence

Mohammed Shosanya

The Chief of the Air Staff, Air Marshal Hasan Abubakar, has reaffirmed the Nigerian Air Force’s (NAF) commitment to accountability and financial prudence as key pillars of its operational effectiveness.

Speaking as the Guest of Honour at the 2024 NAF Finance Seminar held on Thursday at the MD Umar Blue Room, Headquarters NAF, Air Marshal Abubakar highlighted the importance of efficient resource management to support the demands of modern air power.

A statement signed by Group Captain Kabiru Ali,Deputy Director of Public Relations and Information,quoted the CAS as emphasizing the critical role of the Accounts and Budget Branch, noting that effective financial management is not only an operational necessity but also a moral obligation.

In his remarks to open the seminar, he also underscored the need for officers to embrace accountability in financial dealings, stressing that accountability is the foundation upon which trust is built, both within the Air Force and with the Nigerian public.

He implored participants to come up with innovative solutions that would enhance the NAF’s operational capabilities and ensure every financial resource is used judiciously.

He commended the Accounts and Budget Branch for organizing the seminar and bringing together finance experts to foster knowledge sharing and collaboration.

Before declaring the seminar open, Air Marshal Abubakar urged participants to engage actively with the esteemed resource persons present, share their experiences, and contribute to the ongoing improvements in the NAF’s financial management systems.

In his welcome address, the Chief of Accounts and Budget (CAB), Air Vice Marshal CU Nwagwu, noted that the 2024 Finance Seminar aims to enhance the professional capacity of NAF finance personnel in managing public funds to support the NAF’s mission.

He explained that the theme of the seminar,”Fostering a Culture of Accountability in the Management of NAF Finances in Support of Contemporary Air Power Demands,” reflects the drive to ensure transparency in financial transactions, promote ethical behavior, and optimize the use of limited resources.

He expressed his gratitude to the Chief of the Air Staff, the Special Guest of Honour, the Permanent Secretary of the Federal Ministry of Finance, Mrs Lydia Jafiya mni, and other distinguished guests for attending the event despite their busy schedules.

During the 2-day seminar, a keynote lecture along with three other presentations will be delivered, followed by in-depth discussion sessions designed to extract key lessons from each,the statement quoted .

The keynote lecture, titled “Managing Financial Resources in the Face of Rising Contemporary Security Challenges: Federal Government Financial Reforms in Perspective,” was presented by Mrs. Lydia Jafiya,the Permanent Secretary of the Federal Ministry of Finance.

In her keynote lecture, Mrs Jafiya emphasized the importance of commitment from the government, its agencies and citizens alike for smooth running of the affairs of government.

She added that the peace-development nexus is a roadmap to progress and it is required in defining engagement between the military and public financial management which she said is symbiotic.

According to her, without security, economic activities are stifled, revenue generation suffers, and the capacity of the nation and sub-nationals to finance their developmental operations diminishes.

Police Confirm Release Of Makinde’s Ally,Intensify Manhunt For Captors

Mohammed Shosanya

The Oyo State Police Command has confirmed the release of Governor Seyi Makinde’s ally, Benedict Akiika from his captors.

Gunmen had stormed his Olorunda’s residence and kidnapped him few days ago.

In a statement on Thursday by the State Command Public Relations Officer, SP Osifeso Adewale,the law enforcement agency stated that: “The Oyo State Police Command is relieved to announce the release of Chief Benedict Akiika, a Political Bigwig in Oyo State who was whisked away from his Idi-Ape Residence, Olorunda Aaba on 04/09/24 by 2130Hrs.

“The Politician was freed from his captors after days of intensive Manhunt by the Command’s tactical, intelligence and operational assets strategically extending the search and rescue mission by combing adjoining forests across; Ijagun, Ijebu Ode in Ogun State, Ore,Ondo State and lastly Uselu in Edo State.

“The victim,who regained his freedom late evening on Wednesday, 11/09/2024 is currently undergoing medical intervention prior to his final reunion with his loved ones.

“Efforts are currently in top gear to apprehend the criminal network responsible for the reprehensible act.

“While appealing to residents of the State to assist the ongoing Investigation by providing timely and credible information to the Police, the Oyo State Police Command re-affirms its resolve to ensure that Oyo State is not turned into a playground for the sinister minded.

“In cases of emergencies, the Command can always be reached through these emergency control room numbers: 615 (Toll free) (Oyo State Security Response Center) and Oyo State Police Command Emergency line 08081768614, 09054133071 and 09061299291”.