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” There is no way we won’t buy the project vehicles” – Senators, Reps insist
Against all odds, The Senate and the House of Representatives on Saturday said they would go ahead with the purchase of exotics for its members despite critics from the Nigerian citizens and past leaders.
Members of both chambers of the National Assembly, who spoke to our correspondent separately, stated that lawmakers needed the vehicles to function efficiently.
The Senate plans to procure cars worth about N4.7bn, the House will spend between N3.4bn and N4.2bn on choice brands for its 360 members.
The Chairman, Senate Committee on Media and Public Affairs, Senator Sabi Abdullahi, told one of our correspondents that the leadership of the upper chamber was expecting the invitation of President Muhammadu Buhari over the plan to purchase ‘project vehicles’ for the use of the various committees.
Buhari had during the last presidential media chat pledged to initiate a meeting with the leadership of the National Assembly on the issue but the parley had yet to hold several weeks after.
But the Senate spokesperson said since the proposed meeting was an initiative of the President, the leaders of the red chamber would wait until they were invited.
Abdullahi said, “ for the use of the committees. It is the consideration of the 2016 budget at both chambers that has delayed it. The money has to be appropriated for. We are still buying the vehicles”
He added, “There is no way we can exercise our legislative functions especially in the area of oversight, using our personal cars.
“We need official vehicles to move around the country because we do not have to rely on government agencies under our supervision for such logistics if we really have to carry out an unbiased exercise.
“Nigerians should also note that we are not asking for too much by requesting for Sport Utility Vehicles as official vehicles because there is no senator or members of the House of Representatives that cannot afford one. To us, it’s not a luxury but a necessity to do our work better.”
Also, the Chairman, Senate Committee on Works, Senator Kabiru Gaya, said it was important for the National Assembly management to buy the project vehicles for lawmakers who would need them to carry out oversight functions.
He said, “ I don’t know what people mean by exotic cars because I have personal vehicles that are better than what the National Assembly is proposing to buy for us.
“You will find out that a minister uses four cars. They fuel those four cars for any of his trips. Senators get vehicles once in four years and any vehicle used on Nigerian roads for four years cannot be handed over to another senator to use. It is not possible.
“We are asking for only one car for our official use, to do our oversight, to go round the country. I don’t see anything wrong with that.”
Also, the Senate Leader, Senator Ali Ndume, said Buhari was not opposed to the National Assembly purchasing cars to carry out official assignments.
He said, “There is no way the executive will expect us to use our personal vehicles to do official work in the legislature.
“The problem is that the media is blowing the issue out of proportion. The amount being quoted was a far cry from what would be needed to purchase the vehicles.”
The Chairman, Senate Committee on Gas Resources, Senator Bassey Akpan, also said the purchase of project vehicles was crucial to the success of the parliament, if the nation was really interested in quality legislative activities.
He stated that a lawmaker needed more than a vehicle to effectively carry out his or her oversight functions across the country.
For the House of Representatives, findings showed that aside the 360 units (one to each member), additional customised vehicles would be added to the fleet of the Speaker, Mr. Yakubu Dogara; the Deputy Speaker, Mr. Yusuf Lasun; the Majority Leader, Mr. Femi Gbajabiamila ; the Chief Whip, Mr. Alhassan Ado-Doguwa; the Minority Leader, Mr. Leo Ogor, and other principal officers in both the majority and minority caucuses of the House.
A senior official of the House told one of our correspondents that it also depended on the passage of the 2016 budget by the National Assembly.
The source said, “We are waiting for the budget to be passed. All the votes for the year are captured in the budget. As soon as the budget is passed and funds are released, the issue of cars should become a thing of the past.
“We are over-flogging this car issue as if it is the most important challenge facing our nation today.”
The Chairman, House Committee on Media and Public Affairs, Mr. Abdulrazak Namdas, was emphatic that the House would buy cars for its members as it had been the tradition over the years.
He confirmed that lack of funds had put the car project on hold for a while.
Namdas said, “There are no releases yet; we are waiting for money.
“What is a fact is that the House will certainly buy operational vehicles for members to use while going on oversight visits.
“We have explained repeatedly that these cars are the property of the National Assembly. We do not expect members to trek to project sites for inspection.
“Or, are we saying that the same agencies we are to oversight should provide vehicles to convey members to sites?
“We have to appreciate the need to seriously empower the legislature to function as an independent arm of government in a democracy.”
THE GREAT WALL OF LIQUIDITY: Inside Nigeria’s N4.65 Trillion Banking Paradox
By Blaise Udunze | Investigative Desk
ABUJA — On the surface, the numbers scream triumph. The vaults are overflowing. Following a grueling recapitalization marathon initiated in March 2024, Nigeria’s banking sector has emerged with a staggering N4.65 trillion in fresh capital.
The Central Bank of Nigeria (CBN) is taking a victory lap. Balance sheets are bolstered, capital adequacy ratios are soaring, and foreign investors are once again eyeing Nigerian tickers with interest. But beneath the polished marble floors of the nation’s financial towers, a more haunting question is being whispered: Has the banking sector become a fortress that keeps the real economy out?
The $1 Trillion Mirage
The logic of Governor Olayemi Cardoso’s reform is textbook: stronger banks equal a stronger economy. Yet, Nigeria remains a land of “financialization without productivity.” While the banking sector is sophisticated and profitable, the industrial heart of the nation is flatlining.
The data reveals a stark, structural disconnect:
Private Sector Credit: Stands at a measly 17% of GDP, trailing far behind the sub-Saharan average.
The SME Desert: Small and Medium Enterprises (SMEs) provide 80% of jobs and 50% of GDP, yet they receive barely 1% of total bank lending.
The “Safe” Trap: Instead of funding factories or agro-processing, banks are retreating into the “safety” of government securities and treasury instruments—profiting from the state’s debt while the entrepreneur starves.
Locked Out: The SME Struggle
For the average Nigerian manufacturer, the N4.65 trillion might as well be on the moon. Banks cite “perceived risk” and “lack of collateral” as reasons to keep the vault doors shut.
”Stability alone is not a meal,” says one industry analyst. “The real test isn’t a strong balance sheet; it’s whether that balance sheet allows a young entrepreneur in Kano or a farmer in Benue to scale. Right now, the capital is circulating inside the system, but it isn’t leaking out to the streets.”
The Stability vs. Growth Tightrope
There is a growing fear among economic watchers that the CBN’s obsession with “stability” and “risk-based supervision” is inadvertently strangling growth. By tightening the screws to prevent another banking collapse, regulators may be rewarding risk aversion.
When banks are forced to be “too safe,” they stop being engines of development and start behaving like high-end pawn shops.
The Structural Imbalance at a Glance:
| Sector | Contribution to GDP | Share of Bank Credit |
| :— | :— | :— |
| SMEs | ~50% | < 1% |
| Agriculture | ~25% | Marginal |
| Government/Trade | Minimal | Dominant |
A Defining Moment or a Missed Opportunity?
The N4.65 trillion is a starting gun, not a finish line. To prevent this capital from becoming stagnant, experts argue for a radical shift in the “rules of the game”:
Differentiated Capital Requirements: Rewarding banks that lend to high-impact sectors like manufacturing.
Credit Guarantees: De-risking SME loans to make them as attractive as government bonds.
The “Consumer” Metric: Measuring banking success not by profit margins, but by customer outcomes and job creation.
The Verdict
Nigeria’s banking sector has never been stronger, but the Nigerian economy has rarely felt more fragile. If the N4.65 trillion remains locked behind a wall of risk aversion and short-term profit-seeking, the recapitalization will be remembered as a brilliant financial exercise—and a catastrophic economic failure.
The vault is full. Now, who has the key?
Precision and Heritage: How Fifi Stitches Is Rewriting African Fashion Narratives
A Nigerian-born designer is gradually carving out a cross-continental footprint in contemporary fashion, blending African textile heritage with British technical discipline.
Esther Fiyinfoluwa Adeosun, Founder and Creative Director of Fifi Stitches, is gaining recognition for structured womenswear and bridal couture that reinterprets traditional fabrics through architectural tailoring and precision construction.
Born in Ibadan, Oyo State, Adeosun’s fashion journey began at home, seated beside her mother’s sewing machine. What started as childhood curiosity, sometimes jamming the machine just to understand its mechanics—evolved into a disciplined design practice now operating between Nigeria and the United Kingdom.
During an interview with journalists the fifi Stitches once mentioned “I was fascinated by how flat fabric could transform into something structured and meaningful”.
In her Story , early designs made for her family, though imperfectly finished, were worn with pride—an encouragement that laid the foundation for her professional confidence.
Today, Fifi Stitches is recognised for sculpted bodices, controlled tailoring, corsetry construction, and the contemporary reinterpretation of Ankara, Aso Oke, and Adire textiles.
The brand challenges the long-held perception that African fabrics belong solely in ceremonial contexts, instead positioning them within global luxury and modern design spaces.
Adeosun’s training reflects this dual perspective. She studied Fashion Design and Entrepreneurship at the Institute for Entrepreneurship and Development Studies, Obafemi Awolowo University, and earned a Diploma in Fashion Design through Alison Online.
In the UK, she undertook industry-focused technical training with Fashion-Enter Ltd and gained fashion business exposure through Fashion Capital UK.
Her technical expertise spans pattern drafting, draping, garment technology, structured tailoring, corsetry, and bespoke fittings—skills she describes as central to credibility in fashion. “Precision builds trust,” she says. “A designer must understand construction as deeply as creativity.”
Fifi Stitches has showcased collections at the Suffolk Fashion Show, Liverpool Fashion Show – FB Fashion Ball, Red Carpet Fashion Event in London, and through editorial features in London Runway Magazine.
The brand has also received coverage in The Guardian Nigeria and Vanguard Allure, expanding its visibility across markets.
Beyond couture, Adeosun integrates community impact into her practice.
She has facilitated garment construction workshops, draping sessions, and introductory training programmes for women and emerging creatives, promoting fashion as both artistic expression and vocational empowerment.
Fifi Stcithes Boss operates between Nigeria and the UK, in order to continue to shape her brand identity.
According to her “Nigeria provides cultural richness and expressive textile traditions, while the UK offers structured production systems, sustainability conversations, and institutional frameworks”.
Looking ahead, Adeosun said she plan to establish a fully structured fashion house spanning Africa and the UK, develop scalable production partnerships, launch capsule collections, and expand independent editorial visibility.
Her broader ambition is clear: to position African textile craftsmanship within global contemporary design conversations—through structure, discipline, and technical excellence.
GTCO Launches “Take on Squad” Hackathon 3.0, Opens Call for Applications
Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has announced the launch of “Take on Squad” Hackathon 3.0, reaffirming its commitment to fostering innovation, empowering talent, and supporting the development of technology-driven solutions that address real-world challenges across Africa.
Now in its third edition, the Hackathon brings together developers, designers and entrepreneurs across Nigeria in a collaborative environment to build practical solutions across key sectors including financial services, healthcare, commerce and digital inclusion. Under the theme “Smart Systems: The Intelligent Economy,” participants are challenged to design and build intelligent, data-driven solutions that transform how communities engage with money.
Applications are now open, and interested teams can find full guidelines and registration details on the official portal at https://squadco.com/hackathon.
Speaking on the initiative, Eduophon Japhet, Managing Director of HabariPay, stated: “Today’s dynamic, digitally driven world demands continuous innovation, which is shaping how economies grow, how businesses scale, and how societies evolve. Through “Take on Squad” Hackathon, we are deliberately investing in the ideas and talent that will define the future. Our objective is not simply to encourage innovation, but to enable its translation into scalable solutions that deliver real and measurable impact. This reflects GTCO’s role as a financial services platform that connects capital, capability, and creativity to drive sustainable progress.”
The social coding event remains a cornerstone of HabariPay’s mission to foster creativity and problem-solving among emerging tech talents. Competing teams will leverage Squad’s advanced APIs to create scalable digital tools that address everyday challenges faced by businesses and individuals.
Through initiatives such as this, GTCO continues to position itself at the intersection of finance, technology and enterprise, actively shaping the future of digital transformation in Africa.
About HabariPay
HabariPay Ltd is the fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa with direct and indirect investments in a network of operating entities located in 10 countries across Africa and the United Kingdom.
Licensed by the Central Bank of Nigeria (CBN), our goal is to support SMEs, micro merchants, large corporations and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach. HabariPay’s solutions include Squad, a full-scale digital payments toolkit to make in-person and online payments simpler, HabariPay Storefront, an e-commerce website to facilitate online purchases, Value-Added Services to help merchants access cost-effective and flexible airtime and data bundles to run their businesses, as well as a switching infrastructure that enables tech-focused businesses to optimise cost and make transactions more efficient.
HabariPay’s contributions to Accelerating Digital Acceptance in Africa have not gone unnoticed–it received Mastercard’s Innovative Mobile Payment Solution Award at TIA 2022 for its innovative payment solution, SquadPOS.
About Squad
Squad is a complete digital payments solution that is reliable, secure, and affordable, making receiving in-person and online payments simpler and convenient.
Thousands of merchants currently leverage Squad’s payment solutions for their daily business operations. Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.
Find out more at www.squadco.com.
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