Spotlights
EXPOSED: How IBB made his billions
A few people in Nigeria’s modern history command as much intrigue as General Ibrahim Babangida. A man of immense power and wealth, Babangida ruled the country as military Head of State from 1985 to 1993, leaving behind a legacy of economic reforms, political controversies, and an empire of investments that continues to fuel speculation decades later.
Often called “IBB” or the “Evil Genius” by critics, Babangida is a master strategist—both on the battlefield and in business. While his economic policies shaped Nigeria’s economy, his fortune, rumored to be between $5 billion and $8.5 billion, remains shrouded in secrecy. …CONTINUE READING.
Born on August 17, 1941, in Minna, Niger State, Babangida grew up in a modest setting. He joined the Nigerian Army in 1962, training at elite military institutions in Nigeria, India, the United Kingdom, and the United States. He quickly gained a reputation for bravery, a quality that defined his military career.
During the failed coup attempt of 1976, Babangida reportedly confronted the mutineers at a Lagos radio station unarmed, disarming them and helping to restore order. His military acumen earned him the role of Chief of Army Staff in 1984 under the administration of Major General Muhammadu Buhari. Just a year later, Babangida staged a bloodless coup, overthrowing Buhari and assuming power as Nigeria’s new leader.
His administration was marked by sweeping economic policies, including introducing the Structural Adjustment Program (SAP), which aimed to stabilize the economy through privatization, foreign investment, and currency devaluation. Though the SAP had some success in boosting exports and deregulating key industries, it also led to widespread hardship due to inflation and job losses.
The business of power: How Ibrahim Babangida built his fortune
Babangida’s time in office gave him access to vast state resources, and reports suggest that he used this influence to secure substantial wealth. While Nigeria has no official record of his assets, multiple reports place his fortune among the largest in Africa.
One of the key sources of Babangida’s wealth is believed to be Nigeria’s oil sector. During his tenure, billions of dollars in oil revenues were controlled with little oversight. Allegations of misappropriation surfaced, most notably concerning the $12.4 billion in Gulf War windfall funds that reportedly vanished during his administration. While no formal charges have ever been brought against him, suspicions persist that these funds played a role in his financial empire.
Beyond oil, Babangida’s business interests span multiple industries, including banking, telecommunications, real estate, and agriculture. He is rumored to hold significant shares in some of Nigeria’s largest financial institutions, including First Bank and United Bank for Africa (UBA). These investments allow him to remain a powerful, albeit behind-the-scenes, figure in Nigeria’s economy.
The mansion in Minna and a lifestyle of luxury
Despite keeping a relatively low profile in his later years, Babangida’s opulent lifestyle is challenging to ignore. His private residence in Minna, Niger State, is an architectural marvel, reportedly costing over $3 million. The sprawling estate features state-of-the-art security, expansive gardens, and luxurious interiors that reflect his status.
His car collection is equally impressive, featuring high-end vehicles such as a Rolls-Royce and a Mercedes-Benz 600 Pullman, among others.
A polarizing legacy: Philanthropy and political influence
Despite the controversies surrounding his tenure, Babangida remains influential in Nigeria’s political and business circles. He is frequently consulted by politicians seeking endorsements, and his financial power ensures that he remains a key player behind the scenes.
Babangida has also engaged in philanthropy in his later years, particularly in education and healthcare. The Ibrahim Babangida University in Niger State stands as one of his contributions to Nigeria’s academic sector.
However, for many Nigerians, Babangida’s legacy remains tainted by the annulment of the 1993 presidential election—widely considered the freest and fairest in the country’s history. The decision to nullify businessman Moshood Abiola’s victory led to political unrest and ultimately paved the way for the dictatorship of General Sani Abacha.
A billionaire in retirement
Now in his 80s, Babangida lives a quieter life but remains one of Nigeria’s wealthiest individuals. His financial empire, built on decades of strategic positioning, thrives. His ability to amass and maintain such wealth speaks to his skill as a tactician, whether in governance or business.
For some, Babangida is a genius who understood power and wealth better than any of his contemporaries. For others, he symbolizes the corruption and opacity that have long plagued Nigeria. His impact remains undeniable—on Nigeria’s economy, politics, and the elite business class that continues to shape the country’s future.
In a nation where wealth and power often go hand in hand, Ibrahim Babangida’s story continues to captivate, even decades after his exit from public office.
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President Paul Biya has been declared winner of Cameroon’s presidential election, extending his rule to a record eighth consecutive term despite opposition claims of electoral fraud.
The Constitutional Council announced on Monday that Biya, 92, emerged victorious in the country’s disputed poll, cementing his position as the world’s oldest serving head of state. The result means Biya, who has ruled since 1982, will remain in power until 2032.
However, the declaration has been met with strong rejection from opposition leaders. Issa Tchiroma Bakary, Biya’s main challenger, had earlier declared himself the winner, insisting that the official result would be “tainted” and “not reflective of the people’s will.”
The senator representing Delta North, Ned Nwoko, has said he feels sorry for men who have only one wife, arguing that polygamy gives men greater stability and balance.
The lawmaker stated this on Sunday while appearing on Channels Television’s Politics Today.
He also addressed recent allegations of domestic violence made against him by his actress wife, Regina Daniels.
When asked how he manages to live with four wives, something many men find difficult, Nwoko paused briefly before replying.
“That is a different topic for discussion on another day. Yes, every man should do that. The example I give is this: just imagine telling you to stand on one foot or leg. You know how difficult it is.
“But to stand on two, three, four is much more balanced. That’s just the example I give. So I feel sorry for those who have one wife because it’s difficult to stand on one leg,” he said.
When reminded that the Holy Bible does not support polygamy, Nwoko maintained that it does. “The Old Testament does. I am a man of faith. But that’s not what we are here for,” he said.
Asked if he had any regrets about his marital choices, the senator said he did not.
“No, I don’t have any regret. I will do the same thing again. Of course, that’s the way it should be. You should marry who you want to marry,” he stated.
Reacting to the allegations of domestic violence, Nwoko denied the claims. “No, come on. You know I am not a violent person. I respect my wives. I love them and my kids,” he said.
His comments came shortly after Regina Daniels, his estranged wife, showed off a newly acquired mansion on social media amid reports of a marital crisis.
Tribune Online reports that in a post on Instagram on Sunday, the Nollywood actress shared photos and videos of the property with the caption, “In my house, I am a Queen! I needed a roof over my head, so I got this for me and my family.”
The post came after a viral video from October 18 showed her in tears outside her Abuja residence, alleging abuse.
“In Ned Nwoko’s house, I am nothing, but in my own house, I am a Queen. Not again. I can’t stand the violence, it’s too much,” she said.
Nigerians are experiencing a sense of relief as the naira shows significant improvement in value against major currencies such as the US dollar, British pound, and euro.
As the naira gains strength, many are optimistic that this shift could lead to a more stable financial environment and improved purchasing power for the average Nigerian.
The strong performance comes as the Financial Action Task Force (FATF) formally announced Nigeria’s removal from the list of jurisdictions under increased monitoring, known as the “grey list”, following a successful on-site evaluation of reforms implemented across the financial system.
Data from the Central Bank of Nigeria (CBN) shows that the naira has appreciated against the dollar to N1,455.50, a significant rise compared to the N1,630 per dollar recorded in July.
Naira also improved against the pound and euro, exchanging at N1,946.5 per pound and N1,696 per euro, respectively.
In the parallel market, checks by Legit.ng confirmed a similar trend. The naira exchanged between N1,482 and N1,492 per dollar, down from N1,520 recorded earlier in the week.
The pound also weakened to around N2,000, while the euro fell to N1,720. Abubakar Musa, a trader, told Legit.ng “The market is in favour of naira in the last few days. There is more forex in the market reason we are selling pound below N2,000 exchange rate.”
CFA: N2.59
Yuan/Renminbi: N204.70
Danish Krona: N227.04
Euro: N1,696.33
Yen: N9.54
Riyal: N388.77
South African Rand: N84.43
Swiss Franc: N1,834.83
Pound Sterling: N1,946.52
US Dollar: N1,457.96
In February 2023, the FATF, a financial crimes watchdog based in France, placed Nigeria on the grey list.
The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency.
The removal of Nigeria from the grey list showed that the country has made progress in strengthening its anti-money laundering and counter-terrorism financing framework.
Bismarck Rewane, CEO of Financial Derivatives Company, said that the removal of Nigeria from the grey list means a whole lot, noting it will boost the naira. Also, Tayo Oviosu, CEO of Paga, said: “This is a big deal because it opens up the country for FDI and engagement from the West, especially.”
The CBN also welcomed the FATF decision reinforces the broader restoration of global confidence in Nigeria’s economic management.
Source: MyNigeria
The leader of the Indigenous People of Biafra, IPOB, Nnamdi Kanu, has declared that God in heaven is a God of justice, as reported by Daily Post.
Kanu disclosed this while arriving at the Abuja Federal High Court to begin his defence in his ongoing terrorism trial.
He accused lawyers of not knowing what the law and justice is.
According to Kanu: “You are here you don’t know what law is, you don’t know what Justice is. You don’t know that God is a God of Justice, you don’t know that?
“You don’t know that God in heaven is a God of Justice, you don’t know that?”
The IPOB leader is expected to begin his defence today after he names some imminent Nigerians to testify in his trial.
Last week, Kanu had disengaged his lawyers, stressing that he would defend himself before the Justice James Omotosho-led court.
The Ondo State Police Command has uncovered a suspected baby factory and human trafficking syndicate operating in Ore, the headquarters of the Odigbo Local Government Area of the state, according to Channels Television.
This was contained in a statement signed by the Public Relations Officer of the Command, DSP Olushola Ayanlade.
Ayanlade said the case, which originated from the Ore division, had been transferred to the Command’s Gender-Based Violence Unit for thorough investigation.
The discovery followed a report made on October 21, 2025, by a 17-year-old girl, identified as Vivian Peter from Akwa Ibom State, who told the police that she had been trafficked from her home state to Ore under the guise of securing a job opportunity.
Upon arrival in Ore, the teenager was allegedly taken to a facility posing as a clinic, which later turned out to be a baby factory.
There, she reportedly met other pregnant girls being held against their will.
She disclosed that the operator of the facility, Ada Clement, instructed her to be taken to another hospital for a medical scan, but she managed to escape and reported the incident to the Ore Police Division.
Acting swiftly on the report, police operatives from the Ore division, in collaboration with the gender unit, raided the facility, rescuing five pregnant girls and a baby boy.
One of the victims had already given birth and is currently receiving post-natal care at the General Hospital, Ore, while the others are in protective custody.
Preliminary investigations revealed that the prime suspect, Ada Clement, and some of her accomplices had confessed to operating the baby factory.
They reportedly admitted that the babies were sold to individuals seeking children, with male babies going for ₦600,000 and above, and female babies for ₦400,000 and above.
Ayanlade noted that the Commissioner of Police, Adebowale Lawal, ordered a comprehensive and discreet investigation to ensure that all members of the syndicate are arrested and prosecuted.
He noted that detectives from the Command’s Gender-Based Violence Unit were already on the trail of other fleeing members of the ring.
Lawal reaffirmed the Command’s commitment to the directives of the Inspector General of Police, Kayode Adeolu Egbetokun, stressing that the Nigeria Police Force remains steadfast in the fight against human trafficking, child exploitation, and all forms of gender-based violence.
Lawal assured the public that the Command would continue to protect the vulnerable and ensure justice for victims of such heinous crimes.
Proposals for new states in Nigeria are gaining traction after successfully passing the second reading in the House of Representatives.
The bills, sponsored by lawmakers from various regions, aim to create new administrative entities by dividing existing states.
If approved, these new states could significantly alter the country’s geopolitical landscape and governance framework.
Below is a comprehensive listicle detailing each proposed state.
Ibadan State: On 9 October 2025, the Cable reported that a bill seeking to create Ibadan State from the existing Oyo State had passed its second reading in the House of Representatives.
The proposed legislation, sponsored by Abass Adigun—who represents the Ibadan North East/Ibadan South East federal constituency—aimed to amend the 1999 Constitution to facilitate the creation of the new state.
Ijebu State: On 23 October 2025, Vanguard confirmed that the House of Representatives had passed for second reading a bill proposing the creation of Ijebu State from the present Ogun State.
The legislation was sponsored by Hon. Olufemi Ogunbanwo, representing Ijebu Ode/Ijebu North East/Odogbolu Federal Constituency, alongside three other lawmakers.
The bill’s progression through the second reading stage depicted the growing demand for administrative decentralisation in the South-West, with proponents arguing that the Ijebu region deserved its own statehood due to its historical and economic significance.
Oke-Ogun, Ife-Ijesa, and Ijebu States featured in multi-state creation bill: In March 2025, Dailyrust reported that four bills seeking the creation of additional states had successfully passed second reading in the House of Representatives.
Among them was a consolidated bill sponsored by Rep. Oluwole Oke, which proposed the creation of three new states: Oke-Ogun State, Ijebu State, and Ife-Ijesa State.
This legislative package aimed to amend Part 1 of the First Schedule of the 1999 Constitution. The inclusion of Ijebu State in this bill reaffirmed its legislative traction, while Oke-Ogun and Ife-Ijesa emerged as fresh contenders for statehood in the South-West region.
Tiga state proposal gains ground in Kano region: Also among the bills reported by Dailyrust was HB.1308, sponsored by Rep. Ghali Mustapha Tijani. This legislation sought to create Tiga State from the present Kano State, with Rano proposed as the state capital.
The bill’s advancement to second reading reflected growing calls for administrative restructuring in the North-West, where population density and regional diversity have fuelled demands for more localised governance.
Orlu State: Rep. Ikweagwuonu Ugochinyere sponsored HB.1430, a bill proposing the creation of Orlu State in the South-East region of Nigeria. According to Dailyrust, the bill passed second reading in March 2025, marking a significant step in the campaign for increased representation and autonomy in the region.
The proposed Orlu State would be carved from existing territories in the South-East, aiming to address long-standing concerns over political marginalisation and resource allocation.
Etiti State: Another South-East initiative was sponsored by Rep. George Ibezimako Ozodinobi. The bill proposed the creation of Etiti State, with Okigwe designated as its capital.
It successfully passed second reading in March 2025, as reported by Dailyrust. The legislation aimed to carve Etiti State from the existing five states in the South-East, reflecting a strategic push to enhance administrative efficiency and regional development.
While the bills have cleared second reading, they must still undergo further scrutiny and approval before any new states can be officially created.
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