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60 Million Nigerians Engage Daily in Gambling Activities

Agama raised concerns over the alarmingly low participation of Nigerians in the traditional capital market, revealing that fewer than 4 per cent of the country’s adult population are active investors.

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•SEC DG, Dr. Emomotimi Agama.

More than 60 million Nigerians engaged daily in gambling activities, spending an estimated $5.5 million every day.

This was disclosed by the Director-General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.

Agama made the revelation in a lead paper, titled “Evaluating the Nigerian Capital Market Master plan 2015-2025,” presented during the annual conference of the Chartered Institute of Stockbrokers.

He said, “This reveals a paradox, a risk appetite clearly exists, but not the trust or access to channel that energy into productive investment.”

He disclosed that over $50 billion worth of cryptocurrency transactions flowed through Nigeria between July 2023 and June 2024, underscoring the sophistication and risk tolerance of investors that the traditional market has yet to capture.

Agama raised concerns over the alarmingly low participation of Nigerians in the traditional capital market, revealing that fewer than 4 per cent of the country’s adult population are active investors.

He described the low participation rate as a major impediment to economic growth and capital formation.

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From 10-16 to 8-hour Workday, The Story of Worker’s Day May 1

Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980

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Called International Workers’ Day, Labour Day, or May Day , the origin traces back to the 19th-century labour movement and one key event that shaped the development was the Haymarket Affair in Chicago, 1886.

The 2026 theme according to the International Labour Organization (ILO), is “Ensuring a Healthy Psychosocial Working Environment” – focusing on mental health, stress, and work-life balance .

Nigeria adopted nationally on May 1, 1981, after Kano State first declared it in 1980.

Industrial Revolution conditions

At that time, factory workers often worked 10-16 hour days in unsafe conditions for low pay.

As a result, Labour unions began pushing for an 8-hour workday.

The 8-hour movement

On April 21, 1856, Australian workers in Victoria did a mass stoppage for the 8-hour day .

In the US, the Federation of Organized Trades and Labour Unions declared May 1, 1886 as the day the 8-hour workday would start

May 1, 1886 strikes

Between 300,000-500,000 US workers went on strike across the country. Chicago was the centre, with about 40,000 protesters.

Haymarket Affair, May 3-4, 1886

May 3: Police fired on striking workers at McCormick Harvesting Machine Company, killing at least two

May 4: At a protest in Haymarket Square, someone threw a bomb at police. It killed 7 officers and at least 4 civilians. Eight anarchists were arrested and convicted. Four were hanged.

May 1 becomes International Workers’ Day

In 1889, the International Socialist Congress in Paris chose May 1 to commemorate Haymarket and call for annual demonstrations for the 8-hour day.

By 1904, it was made mandatory for workers’ groups to stop work on May 1.

Why May 1 spread globally

Europe

Traditional spring festival of May Day merged with labour demonstrations-

India

First celebrated in Chennai in 1923. May 1 became a national holiday to recognise workers’ rights.

It’s also Maharashtra Day & Gujarat Day-

Nigeria Adopted nationally on May 1, 1981, after Kano State first declared it in 1980

Philippines

First Labour Day was May 1, 1903, when the first workers’ union protested

Purpose

Honours workers’ contributions and pushes for fair wages, safe conditions, and the 8-hour day-

Public holiday

Not everywhere

The US & Canada celebrate Labour Day on the first Monday in September instead.

How Workers’ Day Is Celebrated in Nigeria

In Nigeria, Workers’ Day is more than a ceremonial gathering. It serves as a structured platform for engagement between labour unions and the government authorities.

Each year, workers use the occasion to highlight issues affecting their welfare, including wages, working conditions, unemployment and the rising cost of living.

Organised labour bodies such as the Nigeria Labour Congress, and the Trade Union Congress coordinate nationwide activities.

Their addresses during May Day celebrations often reflect the economic realities of the time, making the event a barometer for the state of the workforce.

Beyond formal speeches, the day reinforces the relevance of collective bargaining.

It reminds both workers and policymakers that labour rights are not static but require continuous negotiation and protection.

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Contractor Dies in Egbin Power Plant ‘s Accident

It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.

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Image: Egbin Power Plc

The board and management of Egbin Power Plc expressed deep sorrow for the loss of a contractor following an industrial accident during underwater maintenance operations at the plant in Lagos State.

The incident, which reportedly occurred on Tuesday, April 28, 2026, led to the shutdown of operations at parts of the facility and the disconnection of the plant from the national grid.

It was learned that the contractor, a diver engaged for underwater work inside the plant’s lagoon-based pump house, died after an accident during maintenance activities.

The diver was working inside the lagoon water pump system when a pump reportedly came on unexpectedly, trapping him in the impeller and leading to his death.

Following the incident, operations in the affected section of the plant were suspended as safety protocols were activated, eventually resulting in a broader shutdown of the plant.

The management of the company confirmed the incident, expressing sadness over the demise of the contractor.

Egbin Power Plc is Nigeria’s largest electricity generation plant with an installed capacity of 1,320MW.

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President Tinubu Designates Joseph Tegbe New Minister of Power

Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).

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President Bola Ahmed Tinubu has nominated Mr Joseph Olasunkanmi Tegbe as Minister of Power, subject to confirmation by the Senate.

The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution.

The nomination follows the resignation of the former Minister, Adebayo Adelabu, who stepped down from office to pursue elective office.

Mr Tegbe, from Oyo State, is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.

He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance.

He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.

He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.

The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.

Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).

His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.

The President expects the Minister-Designate, upon confirmation, to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.

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