General News
Perils of Endemic Poverty in Nigeria
It is a sad commentary that majority of Nigerians are poor despite the enormous God’s natural resources and her innate potentials.
The recent figures by the National Bureau of Statistics (NBS) showed that the number of Nigerians living in poverty is alarmingly high.
Attempts by the NBS to put out the figures mildly did not subtract from the fact that 113 million Nigerians out of 160 million live in poverty.
Dr. Yemi Kale, statistician-general of the NBS while unveiling the report, noted that the figure might increase to 71.5 per cent when the 2011 figure is computed.
“The NBS estimates that this trend may have increased further in 2011 if the potential impacts of several anti-poverty and employment generation intervention programmes are not taken into account,” he said.
As grim as the situation appears, government functionaries and their cronies who make up the other tiny segment of society live scandalously and ostentatiously.
The gap between the large army of poor and the very rich Nigerians is obscenely wide leaving the country risking a social explosion of unpredictable consequences.
Bill Clinton, former U.S. president, captured it aptly recently in Lagos when he warned that the rampant poverty that plagues Nigeria is fueling the religious violence now tearing at the nation.
But government after government in Nigeria seems not to notice the massive poverty and obscene inequality. In Nigeria, there is no middle class, it is either you are rich or very poor.
Ignoring inequality in the pursuit of development is perilous, because it prevents the benefits of growth from reaching many of the poor
Addressing the problems of inequality requires introducing policies that specifically target the gaps and ensure that the poorest segments of the population are able to overcome their disadvantages.
Having tried several options without success to address the imbalance in living conditions in the country, managers of the economy must understand that poverty is a complex multidimensional problem with no uniform solution.
But attempts to use information communication technologies (ICTs) for poverty reduction has proven more effective when embedded and synchronised with other policies and resources including conducive environment, which includes freedom of expression, competitive markets, a universal service fund and other elements, is key.
It is also important to rethink the national poverty reduction strategies or sector specific strategies for instance for health or good governance allowing for a targeted use of ICTs embedded in these other efforts.
Also in order to make use of information provided by ICTs, other resources must be available like job opportunities or access to credit facilities or health services.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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