As you are very much aware by now, the Department of State Services, DSS, on Jan. 7th 2015 released the so-called findings from its investigation following the Gestapo-like raids of our Data Centre here at Number 10, Ajibola Street, Ikeja, on Nov. 22nd 2014.
The summary of the 'findings' is that our party, the All Progressives Congress (APC), had an ''articulated plan to inflate the party's membership data as well as hack into INEC's voter registration database through the creation of party membership forms and cards to match INEC's voters register across the country''.
Our immediate response, which was issued on the same day and which got a big play, was to dismiss the 'findings' as hogwash, a great disservice to Nigeria and an embarrassment to all intelligence-gathering organizations around the world. Our stand on the 'findings' has not changed.
However, having taken our time to study the 'findings', we believe it is necessary for us to respond to the allegations in a more detailed manner that will show that we were even charitable to have described the report as hogwash. That DSS report is bunkum, garbage, and is not worth the paper on which it is written. We will demonstrate that to you shortly
But first, let us address the motive of the DSS for this report and the timing of its release.
We will like to tell all Nigerians that the crap called 'findings' is part of the ongoing efforts by the Jonathan Administration to postpone next month's general elections. Having seen the handwriting on the wall vis-a-vis the growing rejection of the PDP by Nigerians, the Jonathan Administration has gone into a panic mode, while embarking on a plan to postpone the elections.
Apparently, the thinking at the DSS, which is working in cahoots with the PDP, is that its report that the APC plans to hack into the voters' registration Data Base of the Independent National Electoral Commission (INEC) will raise doubts about the integrity of the voter's register to be used for the forthcoming polls, and subsequently force a postponement of the elections since the existing register cannot be used for the polls.
Unfortunately for DSS and the PDP, this thinking was based on a wrong premise, as we will show shortly, and it has backfired.
Before you say our claim is outlandish, remember that some prominent Nigerians have publicly called for the postponement of the election - which can only benefit the Jonathan Administration and delay its impending Waterloo at the polls. Place the calls side by side with the apparently doctored outcome of the DSS investigations and the timing of the report's release, and you will understand where they are coming from.
The 'findings'
We make bold to say that those 'findings' cannot stand a serious scrutiny by independent investigators.because the DSS worked backwards, from answer to question, in an effort to reach a pre-determined conclusion
Hacking of INEC’S database
The allegation that the APC planned to hack into INEC's voters' registration Data Base is false. The fact that the DSS made the allegation at all shows that the agency does not understand the concept of hacking, which is pathetic for a primary intelligence agency of its stature.
We are not aware that INEC has made a complaint of anyone or group trying to hack into its system. The DSS 'findings' are baseless as INEC'S database is a reflection of the registered members with the Permanent Voter's Cards (PVCs). Please note that at the time of the DSS' raids, the PVCs had already been printed. Therefore, of what value would it be to hack into the system and input more names?
Simply put, it is not possible for the APC to hack into the INEC Data Base for the following reasons:
▪ INEC’s database is not online, how then is it possible for anyone to hack into it?
▪ To prevent virus intrusion, there is no Internet service at the APC Data Centre that was raided. Therefore it is not possible to hack into INEC’s database.
▪ The DSS has claimed that hacking tutorials were discovered on an external hard drive. This is a lie! All the USB ports on the pc systems in the office were disabled to prevent virus intrusion. Therefore, the use of external hard drives is not allowed at the APC Data Centre. If this is so, how is it possible for an external hard drive containing these so-called hacking materials to be found on the premises of the APC Data Office?
Please note that the work stations at our various data registration centres in the country are manned by unemployed youths with just basic computer knowledge. The question to ask is: Would the party have employed these people if the intent were to hack into INEC's Data Base or employed gurus in the IT world?
It is clear that the DSS purchased a hard drive and downloaded the information themselves from the Internet. After all, the DSS, by virtue of its duties, should be the hacking experts, hence hacking tutorials will be part of their staff induction training.
Timing of the DSS raids
As we have said, the overall motive of the raid of our offices and the so-called findings is to give the impression that the INEC voter's register has been corrupted, hence cannot be used for next month's elections. Now, a more specific question: Why did the DSS break into the APC Data Centre at the time it did?
It is no coincidence that the DSS raided the APC Data Centre on Nov. 22nd 2014, exactly one week before the start of the PVC distribution exercise on Nov. 28th 2014.
The reason the DSS came to vandalize our Data Centre is because the Service is working hand-in-hand with the PDP. They carried out the raids to know our party's strength in terms of membership. Please note that after the raids, many of our registered members could not find their names on the list when they went to collect their PVCs. This is not a mere coincidence.
Alleged multiple registration of members
After the first visit of the DSS, it was clear to all Nigerians that the Service's claim that we were cloning PVCs could not be sustained. That explains why they could not display a single cloned PVC
During the second raid carried out by the DSS on the same APC Data Centre, the security personnel carted away bags with unused membership registration forms. These are the forms to which they have fraudulently attached pictures of babies & military personnel in order to implicate the APC.
Or what on earth was the purpose of the DSS carting away blank APC membership registration forms? Why did it take the DSS almost 50 days to reveal this information? If it were true, won’t they have released the information to the general public immediately? Has the DSS hired any renowned IT organization to attest to its 'findings'? Can you be an accuser and a judge at the same time?
Alleged registration of armed forces/paramilitary personnel
This is a no-brainer! The question to ask the DSS is: Will any member of the armed forces and paramilitary organizations be so daft as to join a political party using a passport photograph of himself or herself in uniform? The DSS must think Nigerians are fools.
Alleged registration of babies
To the best of our knowledge, a baby cannot vote? So, why would any organization register a baby as a member? Our application edits date of birth, hence will not allow the registration of under-aged persons. The DSS should tell the world where it got the pictures of babies that it affixed to the blank forms that were carted away from our Data Centre. We did not and could not have registered babies as members. This allegation is nitwitted, to say the least.
Alleged confessions by workers arrested from the data centre
Please recall that in a statement we issued of Dec. 5th 2014, we accused the DSS of resorting to the use of torture to obtain forced confessions from the workers who were arrested during the first raid on our party's Data Centre.
In that statement, we called the action of the DSS a contravention of the UN Convention against Torture to which Nigeria is a signatory and a violation of the citizens' fundamental human rights.
We also said:
- The DSS shackled the hands and legs of those arrested and blindfolded them while they were being taken to Abuja; The arrested persons remained in chains even at the dark detention cell where they were made to sleep on the bare floor for the 10 days they were detained illegally.
- The workers had guns pointed at their heads by DSS personnel who threatened to shoot them
- A pregnant woman among those who were arrested was denied access to her drugs even when she started bleeding due to the torture to which she was subjected by the DSS.
Gentlemen, we now present to you some of those who were arrested and tortured by the DSS, so they can narrate to you their ordeal in the hands of the DSS - A national institution being maintained by taxpayers' funds but which has now become the enforcement arm of the PDP to be used by the ruling party to terrorize innocent citizens.
The DSS said it had charged these workers to court. This is a lie. We were the ones who charged the DSS to court, and the court ordered the security agency to release the arrested workers. Be that as it may, we are expecting them to join us in court, and let the court decide on the crap they called findings. We are confident that the 'confessions' extracted from these people, after they were subjected to incredible acts of torture, cannot even stand in any court of law.
I thank you!
Alhaji Lai Mohammed
National Publicity Secretary
All Progressives Congress (APC)
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The EFCC chairman, Olu Olukoyede, however, said that after concluding the investigation, he invited Eze, who is also the convener of the New Season Prophetic
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said that he investigated the Lead Pastor of Streams of Joy International, Jerry Eze, for six months for alleged money laundering.
Olukoyede disclosed this at the Jerry Eze Foundation Business Grant Award Ceremony in Abuja on Wednesday.
He said that the agency observed that there was a domiciliary account where dollars and pounds were “dropping like raindrops” from different countries.
“I am going to embarrass you today. I never wanted to say it, but I just felt that was my little way of making this contribution.
“I investigated this man for six months for money laundering. We work by intelligence, we work by petitions.
“At some point, there was an account, a domiciliary account; dollars, pounds were dropping like raindrops from Colombia, from America, from Sri Lanka, even from Togo.
“I said, ‘Who is this man?’ Yes, I have been hearing about his name. I have seen his face a couple of times. I never bothered about what he was doing; he is a pastor,” Olukoyede said.
“So, they said it’s one Pastor Jerry Eze of Streams of Joy. Go and investigate him. So, we went into investigation; we combed the books. Yes, we saw the money coming in.
“So, my investigating officer came to me one day and said, ‘Sir, this is the preliminary report.’ I said I would like to see this man. Go and invite him.
“So, he (Eze) came to my office. I saw him. I had seen that face, but I didn’t know it was him, because I saw somebody who came in with baggy trousers, a T-shirt, and some punk with a parting.
“I was almost going to say, ‘Go and call your pastor, my friend; go and bring your bishop,’” the EFCC chief said.
Olukoyede, however, said that after concluding the investigation, he invited Eze, who is also the Convener of the New Season Prophetic Prayers and Declarations (NSPPD), and commended him.
“So, he told me what happens, how the money came, and how he has been helping people and all of that. I told him, ‘I didn’t call you here to explain to me. We’ve already done our work. I called you here to commend you,” he added.
Olukoyede said that the EFCC also has a preventive mandate, adding that the agency should also identify with righteous people with integrity.
The EFCC chairman urged him to continue to keep his hands clean, because the anti-graft agency, according to him, “will always come for you”.
“The only thing that is remaining now is to give you a letter of validation, but I’m not going to give you because I’ll still continue to monitor your finances,” he told the pastor.
News
Lagos, Nigeria – April 2026 – United Bank for Africa Plc, leading Pan-African financial institution, has released its unaudited financial results for the first quarter ended March 31, 2026, demonstrating resilient operating performance and continued balance sheet strength despite a moderated profitability environment.
Gross earnings increased by 5% to ₦801.5 billion, driven by growth across key revenue lines. Interest income also rose 6.9% to ₦641.1 billion, while non-interest income grew 17.3% to ₦137.1 billion, highlighting the Group’s expanding and diversified revenue base.
Net interest income advanced 10.5% to ₦383.7 billion, supporting a 12.2% increase in operating income to ₦520.8 billion, demonstrating sustained momentum across core banking operations.
UBA recorded notable improvement in key profitability and efficiency metrics, reflecting a more sustainable earnings profile.
While return on average equity rose to 13.7%, return on assets improved to 1.77%, signalling stronger earnings efficiency. Cost of risk declined significantly to 2.02%, underscoring improved asset quality and disciplined risk management. Cost of funds moderated to 3.73% from 3.83% in Dec 2025, reflecting improvement in funding cost.
Profit before tax moderated to ₦160.7 billion, while profit after tax moderated to ₦146.6 billion, representing declines of 21.4% and 22.8% respectively, consistent with the Group’s guidance on earnings normalisation.
The bank also did well in maintaining a strong and resilient balance sheet with total assets of ₦33.1 trillion and customer deposits of ₦26.2 trillion.
Commenting on the results, Group Managing Director/CEO, Oliver Alawuba, said: “UBA’s Q1 2026 performance underscores the strength of our diversified Pan-African model and the resilience of our core banking franchises. While profitability has moderated in line with our expectations for a transition year, we are seeing strong underlying momentum across our markets, supported by improved earnings quality and disciplined risk management.
Our continued investments in digital capabilities and regional expansion are enhancing revenue resilience and positioning the Group for sustainable long-term growth. We remain firmly committed to driving financial inclusion, enabling intra-African trade, and delivering superior value to our stakeholders.”
Also speaking, Executive Director, Finance & Risk Management, Ugo Nwaghodoh, added: “The Group’s Q1 performance reflects a deliberate shift towards a more sustainable and scalable earnings profile following our successful recapitalisation. Key profitability indicators, including return on equity and return on assets, show improvement on a year-to-date basis, despite the normalisation of headline earnings. Our balance sheet remains robust, supported by a diversified funding base and disciplined loan growth. With stable funding costs and improving asset quality, we are well positioned to drive operating leverage and long-term value creation.”
UBA expects 2026 to remain a transition year characterised by continued investment in digital transformation and operational scalability; strengthened risk management and provisioning frameworks; enhanced focus on high-quality, sustainable earnings and deeper penetration across African markets.
The Group remains strongly capitalised, highly liquid, and strategically positioned to execute its long-term growth agenda.
United Bank for Africa Plc is a leading Pan-African financial institution, serving over 45 million customers through 1,000 business offices and customer touchpoints in 20 African countries. With operations in New York, London, Paris, and Dubai, UBA connects people and businesses across Africa through retail, commercial, and corporate banking, payments, trade finance, and cross-border solutions.
Business
In The Spotlight
Once upon a time, elections in Nigeria were fought in town halls, party secretariats, and the noisy arenas of Abuja and Lagos where political legitimacy was earned through persuasion, coalition building, and the unpredictable alchemy of Nigerian democracy. Today, the political class has discovered a more glamorous battlefield and a grotesque new theatre has emerged: Nigerian politicians now conducts its fiercest battles not at home, but in Washington, London, Brussels, and any foreign capital willing to rent out its influence for a fee. What used to be a domestic contest for legitimacy has mutated into a transcontinental lobbying war; one that threatens not only Nigeria’s sovereignty but the very idea that Nigerians, not foreign policymakers, should determine their own future.
The latest episode - Atiku Abubakar’s $1.2 million contract with the Washington lobbying firm Von Batten–Montague–York, illustrates the scale of the problem. According to publicly available filings, the firm is tasked with “counterbalancing” the Nigerian government’s messaging in Washington, briefing members of Congress, shaping US policy narratives, and even taking concerns about INEC’s internal decisions directly to President Donald Trump. This is not subtle diplomacy. It is a direct appeal to a foreign power to intervene in Nigeria’s internal affairs. And Atiku is not alone. Abuja itself has long maintained its own lobbying presence in Washington.
The implications for Nigerian sovereignty are profound. When political actors outsource legitimacy to foreign capitals, they implicitly concede that domestic institutions - INEC, the courts, the legislature - are insufficient arbiters of political competition. Every time a Nigerian politician hires a K Street firm to “shape narratives,” they reinforce the perception that Nigeria’s democratic institutions are too weak, too compromised, or too distrusted to manage their own affairs. This is not merely embarrassing. It is dangerous. Foreign governments, including the United States, act according to their own interests. Their priorities - counterterrorism, energy security, migration, geopolitical competition - rarely align neatly with Nigeria’s democratic aspirations. When Nigerian politicians invite foreign actors into the electoral arena, they risk turning domestic politics into a bargaining chip in someone else’s strategic calculus.
The internationalization of Nigerian elections is unmistakable. Nigerian elections are no longer fought solely in Abuja, where institutions are contested; Lagos, where money and media converge; Kano, Port Harcourt, Enugu, where political blocs mobilize. They are now fought in Washington, through lobbyists and congressional briefings; London, through diplomatic signaling and media narratives; Brussels, through human rights reports and EU statements, and global think tanks, which increasingly shape elite opinion. This internationalization is not inherently new. Nigeria has always been entangled in global politics, but the scale and brazenness are unprecedented. Lobbying contracts worth millions, public statements aimed at foreign leaders, and strategic leaks to international media have become routine tools of political warfare.
Three forces drive this trend. First, elite signaling: Nigerian elites - governors, financiers, power brokers, watch Washington closely. A photo op with a US senator or a favorable mention in a congressional report can shift alliances faster than any manifesto. Second, institutional distrust: When domestic institutions are perceived as compromised, politicians seek validation abroad. This is a symptom of democratic fragility, not strength. Third, narrative power: International narratives shape domestic legitimacy. A critical report from a foreign government can damage a candidate more than any local scandal. But the revelation that Atiku’s lobbyists intend to brief President Trump directly on Nigeria’s internal political disputes marks a new frontier. It suggests that Nigerian actors now view foreign leaders not merely as observers but as potential arbiters of domestic political legitimacy. Even if Trump takes no action; and there is no evidence he will, the symbolism is corrosive. It signals to Nigerians that their political destiny is being negotiated in rooms they cannot enter, in conversations they cannot hear, by actors they did not elect.
It would be naïve to pretend that only opposition figures engage in this behavior. Successive Nigerian governments have spent millions on lobbying firms to burnish their image abroad, counter criticism, and influence foreign policy circles. Abuja’s own lobbying footprint in Washington is well documented. The Tinubu administration entered a significant lobbying contract with the DCI Group in Washington DC, with payments totaling $9 million per annum. The lobbying effort is designed to improve the image of the Nigerian government, particularly in countering reports of religious persecution and Christian killings, which led to the US designating Nigeria as a "country of particular concern." An initial $4.5 million was paid as an upfront retainer. Thus, the problem is not partisan. It is systemic.
The result is a grotesque spectacle: Nigerian factions fighting proxy battles on American soil, each hoping that a congressional hearing, a think tank panel, or a raised eyebrow from a US official will tilt the balance of power back home. Every time a Nigerian politician hires a foreign lobbying firm to “shape narratives,” they send a clear message: Nigeria’s institutions are not trusted to referee Nigeria’s politics. This is not merely a symbolic problem. It is a structural one. When domestic actors outsource legitimacy to foreign capitals, they weaken INEC’s authority, judicial independence, public trust in elections, and the principle that Nigerians, not foreign policymakers, should determine Nigeria’s future.
The cost to democracy and the consequences are severe; not the least of which is the delegitimization of domestic institutions. If foreign capitals become the ultimate referees, INEC’s authority erodes. Courts lose credibility. Elections become performative rather than decisive. Besides, it can engender voter alienation. Ordinary Nigerians, already skeptical of political elites, see foreign lobbying as proof that elections are elite games played on foreign turf. In addition, there is policy distortion. When foreign approval becomes a political asset, leaders prioritize external optics over domestic needs. Finally, there is sovereignty erosion. A nation that allows foreign actors to shape its electoral outcomes, directly or indirectly, risks becoming a client state in all but name.
Foreign governments can issue statements, hold hearings, or express concern. But they cannot, and should not determine Nigeria’s political future. The real contest will still be decided by economic performance, institutional credibility, voter mobilization, coalition building, and public dissatisfaction or approval. No amount of lobbying can substitute for legitimacy earned at home. Nigeria’s political class must rediscover a basic democratic principle: sovereignty is not merely territorial; it is political. A sovereign nation does not subcontract its political disputes to foreign capitals. It resolves them through its own institutions, however imperfect. If Nigerian leaders want stronger institutions, they must build them. If they want international respect, they must earn it domestically. And if they want credible elections, they must stop treating foreign governments as political referees. Until then, Nigeria’s democracy will remain vulnerable; not because of foreign interference alone, but because its own leaders keep inviting it.
Opinions
In The Spotlight
When President Bola Tinubu announced that Nigeria would extend the 2025 budget implementation deadline to June 30, 2026, three months beyond the original March 31 closure, the decision barely registered as a scandal.
Instead, it was packaged as practical governance: a mere extension to “allow for full utilisation of funds for ongoing infrastructure projects.”
But within 48 hours, three events revealed the ruse: Tinubu fired Finance Minister Wale Edun. Just hours later, on April 23, he requested Senate approval for another $516.3 million external loan.
Read together, these moves tell a story of institutional collapse so profound it should terrify every Nigerian who believes governance matters.
Edun’s removal was not sudden. According to Premium Times’ exclusive reporting, tension between Tinubu and Edun stemmed from “widespread complaints about low capital budget releases and slow budget planning,” which had “serially disrupted the country’s January-to-December budget cycle.”
In February, lawmakers accused Edun of recording “zero implementation” of the 2025 capital budget despite approving N1.15 trillion for capital components.
By December 2025, tensions erupted. At a Federal Executive Council meeting, Edun and Tinubu allegedly clashed so severely over capital releases that a presidential aide had to advise the Minister against raising his voice at the president.
One official present said, “From that point, it seemed that his goose was cooked.”
We know better now: Edun was not fired for releasing money recklessly. He was fired for not releasing it. He had resisted the “unsustainable” practice of “printing money” to pay contractors and instead prioritised debt servicing.
In a government committed to borrowing without limit, Edun represented a constraint. Now, that constraint is gone.
On April 23, Tinubu requested Senate approval for a $516.3 million external loan for the Sokoto-Badagry Superhighway.
This loan, like many before it, was swiftly approved by a Senate that has abandoned any pretence of fiscal scrutiny.
This follows a pattern that alarmed even opposition figures.
In early April, former Vice-President Atiku Abubakar issued a searing critique after the Senate approved $6 billion in external loans in less than four hours.
The loans comprised $5 billion from Abu Dhabi Bank (for budget deficit coverage and debt financing) and $1 billion from London Citi Bank (for port rehabilitation).
Four hours. For $6 billion. Not even the most elementary debate.
Atiku condemned the Senate for reducing itself to “a conveyor belt, processing requests of grave national consequence without due diligence. Borrowing decisions that will bind generations yet unborn cannot, and must not, be treated with this level of casual urgency.”
What emerges is not disorganisation but a deliberate strategy: approve massive budgets, execute them poorly, extend deadlines to hide execution failure, and request external loans continuously, not to finance new infrastructure, but to service existing debt and plug gaps created by poor spending.
According to theWorld Bank data cited by Atiku, Nigeria’s exposure to the International Development Association had risen to $18.7 billion by February 2026, placing the country among the largest recipients of concessional loans globally.
In March, while Edun was still nominally Finance Minister, the government requested an additional $6 billion in external borrowing, even as the Debt Management Office pursued aggressive domestic borrowing through high-volume bond auctions.
The math is inescapable: Nigeria is now borrowing not to invest in growth, but to service prior borrowing.
Few writers can claim to have criticised Atiku more than myself in the past two decades, but he is certainly correct on this one: “Resorting to fresh borrowing to service existing debts, plug budget gaps, and meet routine obligations…reflects a troubling absence of fiscal discipline, clear prioritisation, and sustainable economic planning.”
Atiku posed the critical question: “What does a government that appears to be preparing for electoral rejection in 2027 intend to do with an additional $6 billion in borrowed funds, on top of the mounting obligations it has already accumulated in just the first quarter of 2026?”
This is why Edun’s removal makes perfect sense: He was an obstacle to a borrowing drive on steroids.
His insistence on debt servicing, his resistance to “printing money,” his refusal to release capital budgets when execution capacity was nil, all these made him expendable.
His firing signals that the path is now clear: borrow continuously, execute sporadically, extend budgets infinitely, and rotate out any official who asks uncomfortable questions.
If budget execution failure was the genuine problem, two evidence-based policies could have addressed it without the fiction of extension deadlines.
Policy One: Use-It-or-Lose-It Reversion with Mandatory Public Inquiry:
Under this mechanism, any funds unspent by March 31 would revert to a centralised contingency account, jointly overseen by the Budget Office and National Assembly. Before reallocation, these reverted funds would trigger mandatory public inquiry: Which ministries failed? Were procurement processes broken? Was deliberate underspending occurring to preserve cash for debt service?
This creates real consequences for non-performance and makes execution discipline a matter of institutional reputation. Several nations use variants of this approach. The result is visible accountability, and that visibility itself creates incentive for improvement.
Policy Two: Quarterly Budget Reviews with Automatic Reallocation:
Every 90 days, the Budget Office would assess spending velocity. Ministries on track continue spending; underperforming ministries have allocations immediately reallocated to performers. The underperforming ministry must justify failure publicly, in writing.
This makes execution visible in real-time. It rewards actual performance rather than optimistic projections. Ministries and contractors would have every incentive to execute, because underperformance is immediately visible and immediately punished through reallocation.
Budgetary discipline is foundational to democracy. When a government can spend money on undefined timelines under invisible oversight with no consequences for failure, it has exempted itself from accountability.
The National Assembly becomes ceremonial, as exemplified by the current one under Godswill Akpabio. Citizens lose the baseline to measure whether tax revenue was wasted or stolen.
In an election year, this matters intensely. A government seeking re-election should demonstrate efficiency and disciplined execution. Instead, the pattern—budget extension, Finance Minister removal, serial loan requests, Senate approval in hours, signals an administration so insulated from consequences that it need not demonstrate competence at all.
Atiku stated it plainly, “Nigeria is not a private enterprise to be leveraged at will. The future of our nation cannot be signed away in a matter of hours.”
He was right. That future is being mortgaged systematically, with institutional blessing. And the real scandal is that the one official who stood between the presidency and unlimited borrowing authority has been removed.
Between Tinubu, Akpabio and the man for whom the president holds out the federal hat, …Chagoury, it is party time at Aso Rock.
Now, Nigerians learn the truth, not because Edun is gone, but because of that “Anybody else?” glance around the room.
This moment is another reminder that, unlike every successful nation or endeavour, Nigeria is not run by rules or regulations, patriotism or principle.