Access Bank Plc has successfully acquired the National Bank of Kenya (NBK) from KCB Group Plc, completing a transaction that began in March 2024. The deal marks a significant milestone in Access Bank’s strategic expansion into East Africa, reinforcing its presence in Kenya and the region’s financial sector.
Impact on Customers
Customers of both NBK and Access Bank Kenya can expect several key changes following the acquisition:
Here’s a summary of public reactions to the major headlines in Nigeria and globally at this time:
Nigeria News
Public reactions to Nigeria’s tax reform bills have
been mixed. While some Nigerians see the reforms as a way to modernize the tax
system and improve revenue generation, others fear that the proposed VAT
increase could worsen inflation and reduce living standards. Business owners in
Northern Nigeria believe the reforms could push governors to improve internally
generated revenue, but civil servants and entrepreneurs worry about the
complexity of the new tax laws.
The
announcement of a ground rent hike in Abuja has sparked strong criticism,
especially from property owners and political opponents. Many residents argue
that the government should focus on improving transparency in tax collection
rather than increasing rates. The Federal Capital Territory Administration
(FCTA) has begun sealing properties of major defaulters, including the PDP
Secretariat and several businesses, leading to backlash from affected
organizations.
Residents near the collapsed building in Ikorodu blame the use of substandard materials and poor construction practices. Some allege that the building owner was abroad and had been sending money home for construction, leading to oversight failures. The Lagos State Emergency Management Agency (LASEMA) has urged developers to adhere to safety standards, but many citizens remain frustrated with recurring building collapses in the state.
Here’s a look into each of the major headlines in Nigeria and globally at this time:
Nigeria News
Tax Reform Bills Ready for Tinubu’s
Assent
The
Senate and House of Representatives have adopted the harmonized conference
committee report on four tax reform bills, which are now awaiting President
Tinubu’s assent. These bills aim to modernize Nigeria’s tax system and improve
revenue generation. The reforms include a four percent development levy
on company profits, with allocations to education, technology, and security
sectors.
Abuja Ground Rent Increase
Federal
Capital Territory Minister Nyesom Wike has hinted at increasing ground rent in
Abuja due to widespread non-payment. Many property owners owe 20 to 30
years’ worth of ground rent, and the government is now enforcing payments
by sealing properties of defaulters, including the PDP Secretariat and several
businesses.
Lagos Building Collapse
A two-story
building under construction collapsed in Ikorodu, Lagos, killing three people,
including two siblings and their uncle. Eleven people were rescued, and
authorities suspect the use of substandard materials contributed to the
disaster. The Lagos State Emergency Management Agency (LASEMA) has urged
developers to adhere to safety standards.
Naira Exchange Rate Fluctuations
The naira appreciated to ₦1,610 per dollar in the parallel market but depreciated to ₦1,592 per dollar in the Nigerian Foreign Exchange Market. The fluctuations reflect ongoing economic challenges, despite government efforts to stabilize the currency.
This video (see it here) is a political discussion featuring Senator Gabriel Suswam on Politics Today. Here are the major issues discussed:
· President
Bola Tinubu is expected to attend a joint session of
the National Assembly to commemorate the day.
· The
Senate President, Godswill Akpabio, announced Tinubu’s
participation, marking a significant moment in Nigeria’s democratic history.
· Leaders
from across West Africa, including Tinubu, gathered in Lagos
to celebrate the Economic Community of West African States (ECOWAS).
· The
event emphasized regional unity, economic integration, and overcoming
colonial legacies.
· Former Nigerian Head of State Yakubu Gowon, one of ECOWAS’s founding figures, was present.
This video (see it here) is a May 28, 2025 episode of Democracy Today on AIT, discussing Nigeria's democratic journey, political developments, and upcoming events. Check out the highlight from the programme:
· May
29, 2025, marks President Bola Tinubu's halfway point
in his first term.
· The
26th anniversary of uninterrupted democracy in Nigeria.
· Reflections
on past struggles for democracy, including sacrifices made by activists.
· Abdul
Oro, a former journalist, lawyer, and pro-democracy activist, shared
insights on Nigeria’s democratic progress.
· He
discussed governance failures, corruption, and security challenges.
· He
emphasized the need for leadership accountability and citizen
participation.
· The
PDP held a meeting after over a year of internal conflicts.
· Discussions
focused on party restructuring and preparations for the 2027
elections.
· Key figures, including Atiku Abubakar, were absent, fueling speculation about political realignments.
 |
| Nigeria's Ex-CBN Governor, Godwin Emefiele |
This article (read it here) discusses the auctioning of properties allegedly acquired by former Central Bank of Nigeria Governor, Godwin Emefiele, using illicit funds. The Economic and Financial Crimes Commission (EFCC) seized a 753-unit housing estate in Abuja, which was linked to kickbacks from foreign exchange allocations and contracts during his tenure. The EFCC obtained a final forfeiture order in December 2024 and recently handed the estate over to the Ministry of Housing and Urban Development, which plans to sell the units transparently, favoring middle- and low-income buyers.
 |
| Nigeria's President, Bola Tinubu |
Given the article captioned “Tinubu’s
two-year review stirs fresh political firestorm”, curtesy The Punch, (read
it here) , the SEB Team at this time is delighted to take the topic further
in your best interest. The article reviews President Bola Tinubu's first two
years in office, highlighting both criticisms and defenses of his
administration's performance:
1.
Criticisms from Opposition: Political
opponents, including Atiku Abubakar, the Peoples Democratic Party (PDP), and
the Coalition of United Political Parties (CUPP), argue that Tinubu's
government has worsened economic hardship, increased national debt, failed to
control insecurity, and neglected transparency.
2.
Economic Challenges: Policies such as the
removal of fuel subsidies and foreign exchange unification are blamed for food
inflation, rising costs of living, and business struggles. Critics accuse the
government of excessive borrowing, pushing Nigeria into deeper debt.
3.
Security Concerns:
The opposition claims that insecurity has worsened under Tinubu, with more
Nigerians affected by terrorist attacks and kidnappings.
4. Defense from APC: The All Progressives Congress (APC) dismisses the criticism as politically motivated, stating that Tinubu’s reforms are necessary for long-term recovery and have already shown positive impact.
Nigeria's President, His Excellency, Bola Ahmed Tinubu
President Tinubu's second-year anniversary speech highlights Nigeria's economic recovery, security improvements, infrastructural development, and social welfare reforms while reaffirming his administration's commitment to long-term national growth and stability.
FULL TEXT: Fellow Nigerians, as we mark the second anniversary of our administration, I salute your resilience and undaunted spirit. Two years ago, you entrusted me with the sacred responsibility to lead our nation at a time of historic challenges. Together, we have faced these headwinds with courage and determination.
The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice. It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows. The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future.
The video (watch it here) discusses the ongoing crisis within Nigeria's opposition party, the People's Democratic Party (PDP). The conflict has intensified between factions loyal to Oyo State Governor Seyi Makinde and former Rivers State Governor Nyesom Wike. Wike has withdrawn from reconciliation efforts, blaming Makinde and Enugu State Governor Peter Mbah for the turmoil. Meanwhile, the PDP national secretariat in Abuja was sealed by officials over unpaid ground rent, which the party claims is a political move by the ruling All Progressives Congress (APC) to undermine democracy.
Security & Crime
· Amotekun rescues eight kidnapped passengers
in Ondo. The Ondo State Security Network Agency, known as Amotekun,
successfully rescued eight passengers who had been kidnapped in the Akoko North
area. The operation was swift, following a distress call from one of the
victims. The kidnappers fled, leaving the hostages behind.
· Lagos Police arrest two suspects for brutal
murder of a woman. Two suspects were arrested in connection with the
gruesome murder and burning of a woman in the Gangare area near Mile 12 Market.
The victim was allegedly attacked by her estranged boyfriend and accomplices.
The police clarified that the incident was not related to blasphemy, as some
reports had suggested.
· Explosion in Abuja. A blast at a bus stop near Mogadishu Cantonment injured one person. Authorities are investigating the cause, and security agencies have cordoned off the area
· Security in Borno. Governor Zulum vowed that no local government area in Borno will fall to insurgents. He met with President Tinubu to discuss security challenges and proposed the creation of forest guards to combat Boko Haram and ISWAP
As Nigeria gears up for the 2027
elections, several key developments are shaping the political,
economic, social, and religious landscape:
· The ruling party, All Progressives Congress
(APC), currently holds a significant advantage, but opposition groups
are beginning to strategize for the upcoming elections.
· Analysts predict that religion will play a
major role in shaping voter behavior, as seen in previous elections.
· Political alliances are shifting, with defections and new coalitions emerging, particularly in Northern Nigeria.
Here is a compilation of major top snippets about updates making the rounds now in the political, economic and entertainment global and national space.
Global Updates
Politics
Economy
Here’s a look at some of the available online reactions to trending global and National issues:
· Pope Leo XIV's election: Many are praising his emphasis on unity, while
others debate whether an American pope can remain neutral in global politics.
· X (formerly Twitter) outage: Users are flooding social media with memes, blaming
Elon Musk and joking about switching to alternative platforms.
· India's economic growth: Some celebrate India’s rise, while others question
whether the country’s rapid expansion is sustainable.
· Harvard controversy: Heated debates are unfolding, with some defending
Harvard’s autonomy and others supporting stricter regulations on foreign student
enrollment.
· Russia-Ukraine prisoner swaps: Some view the swaps as a sign of progress, while
others argue they don’t change the ongoing conflict.
· Cannes Film Festival power cut: Speculation is rampant about whether the blackout was sabotage or a technical failure.
