From the Courtroom to the Killing Fields
Court restores five opposition parties, 14 killed in Benue attack, S&P buys Agusto & Co., VAT reset begins.
Good morning,
The Court of Appeal has thrown a lifeline to five opposition parties, overturning a Federal High Court judgment that had deregistered the ADC, Accord Party, Action Alliance, Action Peoples Party and Zenith Labour Party. The three-member panel ruled unanimously that the lower court lacked jurisdiction, as it had proceeded despite a valid stay order from the appellate court. For Atiku Abubakar, whose presidential ambition now rests on the ADC platform, and Osun Governor Ademola Adeleke, seeking re-election on the Accord Party ticket, the ruling removes a significant legal hurdle. The 2027 election field is wider. The question is whether these parties will make an impact or remain marginal players.
While the court restores political hope in Abuja, a community in Benue mourns. Suspected armed herders attacked Efeyi in Otukpo LGA at about 5 am, killing at least 14 people and forcing residents to flee. Security personnel did not arrive until several hours later. The Chairman of Otukpo LGA confirmed the attack was unprovoked, describing it as another chapter in a cycle of violence that has displaced thousands. The winners: none. The losers: the families of the 14 victims and a state that has failed to protect its citizens.
In the world of finance, a global giant is planting its flag. S&P Global has agreed to acquire a majority stake in Agusto & Co., one of Africa’s leading credit rating agencies. The deal, subject to regulatory approvals, will combine S&P’s international expertise with Agusto’s regional knowledge across Nigeria, Kenya, Rwanda and Ghana. For Nigeria, the investment arrives on the heels of S&P’s upgrade of the country’s sovereign rating to ‘B’ in May, citing three years of structural reforms.
And then there is the tax reset. Nigeria’s new VAT Modification Committee faces a difficult balancing act: raise more revenue for a government under fiscal pressure without increasing costs that already weigh on businesses and consumers. VAT contributed ₦740.7 billion of the ₦2.55 trillion shared at the July FAAC meeting. The committee’s decisions over the next six weeks will shape the tax system for years. The question is whether it can balance revenue and growth, or whether one will come at the expense of the other.
Warmly,
Lolade