Business
Anambra won’t become the home of fraudulent gambling and crimes – Soludo
Owners and manager of hotels in Anambra State have been summoned to a meeting with officials of Anambra State Government, to contain the rising incidents of fraud said to have become endemic in the operations of casino games in the state.
Hotels, Restaurant and Bars where the operations of casinos are being conducted, have been asked to suspend them until after the meeting when the government would iron out the modalities to ensure that they meet acceptable international standards, according to a statement by the government on Thursday.
Conveying the position of the Governor of the State, Chukwuma Soludo, over the fraudulent and criminal activities of the operators, Donatus Onyenji, Commissioner for Culture, Entertainment and Tourism; Richard Madiebo, Chairman, Anambra State Internal Revenue Service and Chikodi Angra, Commissioner for Homeland affairs, said in a joint statement that he was emphatic that a situation in which people were being shortchanged would not be allowed.
Adding that the governor was disturbed by the number of the number of petitions pertaining to the manipulation of casino machines and non-transparency in payment for winnings, he had continued to receive, added that it amounted to serious abuse of global best practices in the industry which the government under his watch would not be condoned.
The statement, said: “This fraudulent practice will not be allowed to thrive under the watch of Prof Chukwuma Soludo’s administration and therefore must be dealt with immediately. Consequently, the Anambra government hereby directs operators of casino games in Hotels, Restaurant and Bars to suspend all Gaming and Casino operations with immediate effect pending the conclusion of investigations.”
Based on this, the government therefore called for a meeting of all hotel owners and managers in the state on October 21 at the Dora Akunyili Women Development Centre, the statement said, adding that the meeting which is mandatory would address issues of enumeration and validation of hotel licenses as well as security.
It said hotel revalidation forms would be distributed at the venue for all categories of hotels and tourism enterprises and that any hotel that was not profiled or without Hotel License would be closed down according to Anambra State Tourism and Hospitality Law.”
Abdul Samad Rabiu, Chairman of BUA Group, has joined the first group of Africans to own the Bombardier Global 8000 private jet valued, after splashing a whopping $81 million – ₦111.52 billion, to take delivery of the luxury flying bird.
The group said the latest addition meant to swell the company’s growing fleet, was acquired through an agreement reached in late 2025 and was recently delivered, according to information shared on Rabiu’s Instagram page.
Before enlisting among the first business figures in Africa linked to ownership of the aircraft, said to be Bombardier’s latest ultra-long-range business jet, designed for long-distance travel with the capacity to carry up to 19 passengers, the conglomerate had boasted of other aircraft in its fleet.
The delivery is said to be coming as companies within the BUA Group continue to post strong financial results, with the BUA Cement, one of its biggest assets, and BUA Foods reporting increases in profit in its first-quarter 2026 performance.
The report said the recent wealth estimate placed the net worth of the business magnate, reputed to be the Second Richest Man in Africa (SRMIA) worth at $11.2 billion, reflecting growth in the value of his business interests across several sectors of the economy.
But it added: “This treats the delivery of the jet as the actual news, rather than making the story mainly about his wealth ranking or business expansion. The wealth information is pushed to the background where it belongs.”
“When lives are lost, and communities are destroyed, governance itself is put on trial. No amount of rhetoric can silence the verdict that comes from the suffering of the people.”
These were the exact words of Atiku Abubakar, former Vice President with which he chastised President Bola on Friday over the latter’s claim that the escalating wave of insecurity and killings in Nigeria were aimed at getting him out of power.
Tinubu, while speaking to members of the Inter-party Advisory Council (IAC), on Wednesday, at the State House, had told his audience that the move was to oust him out of power, adding however that he was not afraid, as he remained a “stubborn politician.”
Hear him: “You are playing into the hands of agents, including my own enemies, who want to use insecurity to get rid of me. I’m a very stubborn politician. I just refuse to go. And I will campaign for my second term.”
But in a quick riposte Atiku, presidential candidate of the Peoples Democratic Party in the 2019 and 2023 presidential elections, clapped back at the President, describing his apparent reduction of the import of the development as “troubling.”
Palpably incensed by the President’s interpretation of the situation in the country, Atiku riposted: “It is not political opponents who will judge this administration; it is the blood of innocent Nigerians being shed daily across our land. That blood cries out louder than any declaration of political resolve.
“It is horrifying that the memories of innocent citizens slain due to the failure of the government to provide adequate security would be so casually reduced to political rhetoric.
“It is disturbing that such a heinous incident has yet to attract the empathy or acknowledgement it deserves from the highest levels of government, while the loss of lives is instead framed as a political game.
“No amount of deflection or intimidation can rewrite the lived reality of Nigerians. Ultimately, the people will decide, and they will do so based on the evidence before them. At a time like this, Nigerians do not need bravado; they need protection. They do not need declarations of staying power; they need proof of leadership.”
Mr. Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has forecast that Nigerian states may collect over N4 trillion yearly beginning in 2026 following the implementation of revised Value Added Tax regulations.
During Tuesday’s presentation of the BudgIT State of States 2025 Report in Abuja, where he delivered the primary address, Oyedele shared this projection.
The occasion also commemorated the program’s tenth anniversary.
“With VAT reforms kicking in from 2026, states’ share will rise to 55 per cent. That could amount to over N4 tn in 2026. The question is: will this money be spent, or will it be invested?” he said.
READ ALSO: Atiku toTinubu: You’re not only incompetent, you’re insensitive *Condemns ‘private’ Paris trip
The fiscal reform specialist observed that despite recent policy changes more than doubling Federation Account Allocation Committee distributions—from N5.4 trillion in 2023 to N11.4 trillion in 2024—most citizens have experienced minimal tangible benefits.
He noted that while government revenues have increased substantially, household purchasing power continues declining.
“States are receiving more money than ever before. But there is a paradox: while governments have more naira, ordinary Nigerians have less disposable income in their pockets,” he said, encouraging state administrators to direct additional funds toward initiatives that meaningfully enhance quality of life.
The BudgIT analysis revealed that twenty-one states continue depending on federal transfers for more than 70 percent of their income, which Oyedele characterized as concerning.
Nevertheless, he referenced positive developments, citing Enugu’s 381 percent increase in internally generated revenue alongside Bayelsa’s 174 percent improvement.
According to him, upcoming tax legislation—which assigns complete electronic money transfer levy proceeds to states and removes taxation from state government bonds—will help lower borrowing expenses and generate financial flexibility.
“This is a unique opportunity for states to build resilience, close existing tax gaps, and invest in infrastructure,” he stressed.
His remarks also addressed the disconnect between expenditure levels and actual results. Oyedele recognized that capital spending had exceeded recurrent costs for the first time in years.
However, he cautioned that execution in essential sectors remained inadequate.
“States implemented only two-thirds of their education budgets, spending less than N7,000 per citizen. In health, implementation was even lower, at just N3,500 per citizen,” he observed.
Regarding indebtedness, he mentioned a N2 trillion decrease in domestic liabilities and a $200 million reduction in external borrowing, with thirty-one states reducing their domestic debt levels.
Despite this, states maintain outstanding arrears exceeding N1.2 trillion owed to retirees, suppliers, and employees.
“Borrowing is not the problem; unproductive application of debt is,” he cautioned.
The 2025 performance rankings placed Anambra first, succeeded by Lagos, Kwara, Abia, and Edo. Cross River experienced a sharp decline from fifth position in 2024 to twenty-ninth in 2025, prompting questions about administrative decisions.
Oyedele encouraged state leadership to capitalize on forthcoming reforms to progress beyond mere survival toward achieving widespread economic well-being.
Additionally, Dr. Muhammad Abdullahi, the Central Bank of Nigeria’s Deputy Governor overseeing Economic Policy, urged states to establish fiscal responsibility and openness as revenue increases under current reforms.
He characterized the BudgIT assessment as an annual benchmark that has “distilled hard fiscal truths, benchmarked performance, and re-centred conversations on capital investment, social outcomes, and fiscal credibility.”
He acknowledged that while 2024 and 2025 reforms expanded revenues and elevated capital expenditure above recurring costs, states must avoid reverting to overhead-dominated budgets.
“The challenge is to lock in this fiscal discipline permanently,” he said.
The CBN official recommended that states digitize revenue collection systems, complete Treasury Single Account implementation, and enhance capital planning processes.
He further advocated for improved execution rates in education and health allocations, demanding implementation exceed 80 percent.
Abdullahi cautioned that subnational entities face significant foreign currency vulnerability. He revealed that the CBN is creating financial instruments to assist them with hedging exposure and revenue optimization.
Examining the wider economic landscape, Abdullahi explained that Nigeria inherited substantial imbalances, including multiple exchange rates, excessive deficit financing through Ways and Means, and depleting reserves.
The central bank’s strategy involved returning to conventional monetary policy, normalizing currency markets, and rebuilding confidence.
He concluded that states prioritizing discipline and capital investment over simply depending on increased revenues would accomplish lasting transformation.
Representing the Nigerian Governors’ Forum Director-General, Dr. Abdulateef Shittu, Razaq Fatai—Head of Economic Intelligence—described the State of States report as instrumental in guiding administration and advancing fiscal responsibility nationwide.
He clarified that the NGF has functioned as a technical collaborator in developing the report throughout the past decade, ensuring governors utilize findings for enhanced policy decisions.
“The essence of State of States is to help guide governance and ensure that governors at different levels take the information provided and make sure it reaches their people,” he said.
Fatai mentioned that programs like the State Fiscal Transparency, Accountability and Sustainability initiative have reinforced budget reliability and debt openness, while the ongoing State Action on Business Enabling Reforms program encourages states to enhance business conditions.
He stated that the NGF will maintain its role facilitating collaborative learning and cooperation to establish transparency and accountability at subnational levels.
BudgIT Co-founder and Global Director Oluseun Onigbinde earlier remarked that the State of States report functions as a reflection of subnational government decisions.
Onigbinde observed that what started as an effort to track public spending has developed into an accountability instrument embraced by both administrators and citizens.
“This report began with a simple belief, that every kobo meant for citizens should be traceable, justified, and used to improve lives,” he said.
He noted that transparency has become advantageous among states, with more governors publishing budgets and citizens utilizing data for accountability demands.
Nevertheless, Onigbinde cautioned that Nigeria faces critical challenges, with increasing inflation, mounting debt, and excessive dependence on federal allocations preventing many states from developing sustainable local economies.
He encouraged states to prioritize education, healthcare, and infrastructure while using transparency to build public confidence and attract investment.
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