This is the moment we have all been waiting for. Nigeria‘s most anticipated election, the season Nigerians will perform their civic duties to vote in their preferred/qualified candidate.
With Nigeria’s most important election only three days away, it is critical that all stakeholders take the necessary steps to ensure a successful and peaceful election.
Here are some preparation tips for the upcoming election:
Polling Unit
Know your polling unit: It is critical to know your polling unit because this is where you will vote. Check your voter’s card or go to the Independent National Electoral Commission (INEC) website to find your polling unit.
Check your voter registration status. Make sure you’re registered to vote and your name is on the voter list. You can check the status of your voter registration by visiting the INEC website.
Candidates
It is critical to learn about the candidates running for office as well as their platforms. Investigate their track record, promises, and future plans if elected. This will allow you to make an informed decision when voting.
Before going to vote, learn your candidate’s political party and its logo.
Abenol a platform for nation building that connects tech-savvy and educated Nigerians to the grassroots; urged Nigerians to not only vote for a presidential candidate but be involved in all of the elections.
“There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given,” Abenol said.
“It is how you exert the control you have over the government, push back bad leadership etc. if the state of Nigeria concerns you so much, you will not leave your card lying around on the day of the election, you will infact come out and vote.”
There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given. pic.twitter.com/OsRMtGJpmG
Understand the election rules, including the voting process, time, and location.
Knowing the rules will ensure that you understand what is expected of you and that you do not break any rules inadvertently.
Plan your waka well
Plan ahead of time for transportation to and from the polling place. Make sure you have enough time to get to the polling place and that you have enough resources, such as food, water, and money.
Inform your loved ones about your plans.
Security
Be aware of any security threats in your area and take the necessary precautions. Avoid high-risk areas and report any suspicious activity to the appropriate authorities.
Protect yourself, do not go towards any riot or sponsor it. If you have a security dog feel free to take it along but but it on a leash and do not let it attack anyone.
Do not wear any political outfit!
The federal government may have deployed security personnel to protect cities, but will they be present at all polling places? Protect yourself by using “The N-Alert App” to report any suspicious or violent behavior.
‘The N-Alert App’ is a mobile app that allows you to report any type of crime and receive a quick response because it is routed directly to the command center.
The app is very simple to use, so please encourage anyone you know who is voting to download it and it is available for download on both iOS and Android.
Secure your votes
Don’t just vote and go home. Go early to your polling unit, make sure the electoral materials have not been tampered with and after voting, make sure that your votes are not stolen. Make sure that the electoral officer uploads your vote.
It is easy for your polling unit to be attacked, for your votes to stolen or rendered void if there is no one to stop them. Stay back and make sure that the right thing is done.
“Go early and stay until the votes in your unit have been submitted. Don’t just vote and go home, stay to protect your vote. This will help keep the officials accountable and make election violence less likely,” Laju Iren tweeted.
To summarize, all stakeholders must work together to prepare for Nigeria’s election in three days. We can ensure a successful, peaceful, and transparent election that reflects the will of the people if we follow these guidelines. Let us all work together to make this election a success.
Eating out can be expensive either it is at a big or small restaurant. Buying groceries frequently takes a chunk of your money.
Sometimes we try to count our money to calculate how much we spent; especially when our wallets are slim and our bank accounts are not smiling.
How can we reduce our spending? What can we do to eat healthy while maintaining a budget?
Eating healthy on a budget is not impossible. One of the ways to achieve it is to have a garden and grow your food.
Growing your food might seem extreme or overly expensive. No need to fear, you can start small.
As small as spring onions or pepper then work your way up to other agricultural produce.
Eating on a budget; how to
Growing your own fruits and vegetables is a great way to save money and have fresh produce at your fingertips if you have the space.
Having a steady supply of fresh produce at home can help you save money at the grocery store.
What should you plant?
You can start with the things you usually use; like ginger, spring onions, cabbage or even tomatoes. Take a look at the tools you have and watch videos that will help you decide what to start with, how to plant and when to plant.
How to plant
Watch videos and read articles on how to plant and how to maintain your garden.
Where to plant?
Start on a small scale. Many fruits, vegetables, and herbs can be grown in pots on patios or balconies especially if you don’t have a yard.
Snapchat, Twitter, and other social media sites may be sanctioned by the Federal Government over the display of porn and nudity on the Nigerian cyberspace. This is as the National Information Technology Development Agency (NITDA) released the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries (online platforms).
Part of the order included in the code is that -Snapchat, Twitter, TikTok, and other social media must ensure the removal, disabling, or blocking of access to any non-consensual content, which displays partial or full nudity, sexual acts, deep fake, or revenge porn within 24 hours.
The code mandated the social media platforms to “act expeditiously to remove, disable, or block access to non-consensual content that exposes a person’s private areas, full or partial nudity, sexual act, or revenge porn, where such content is targeted to harass, disrepute, or intimidate an individual. A Platform must acknowledge the receipt of the complaint and take down the content within 24 hours.”
Other things require of Snapchat, Twitter, and other social media platforms
The Code of Practice also directs these platforms to take down any unlawful content upon receiving a notice from a user, or an authorised government agency.
The platforms were also asked to exercise due diligence to ensure that no unlawful content is uploaded to their platform.
Aside from asking each online platform to have a country representative, who will interface with the Nigerian authorities, it also requires any platform with over 100,000 Nigerian users to have an office in Nigeria.
Other conditions include registering with the Corporate Affairs Commission as a legal entity, complying with tax obligations, abiding by regulatory and legal demands, and providing information about users on-demand, among others.
BizWatch Nigeria, however, understands that the Code of Practice recently published by the NITDA was designed to safeguard the fundamental human rights of Nigerians and non-Nigerians living in Nigeria, and to regulate interactions on the online platform.
World Bank, in its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, disclosed that the number of Nigerians that would plunge into poverty by the end of this year would hit 95.1 million.
While warning that many non-poor Nigerians are only one small shock away from falling into poverty, the Washington-based lender lamented that since President Muhammadu Buhari was first elected into the office of president of Nigeria in 2015, there has been no improvement in the poverty crisis in the country.
According to World Bank, poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.
Quoting its economists -Jonathan Lain and Jakob Engel, World Bank said rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.
“Nigeria’s aspiration to lift all of its people out of poverty by 2030 presents a serious challenge. Even before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people.
“The global pandemic, rising inflation, and ongoing uncertainty related to the war in Ukraine – combined with relentless population growth – have made Nigeria’s poverty-reduction goals more challenging than ever,” the economists were quoted.
Can Buhari truly lift Nigerians out of poverty?
With the factors identified by the World Bank economists, Buhari’s aspiration to lift Nigerians out of poverty has no doubt been met with a major blow.
It would be recalled that in June last year, the President inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.
This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.
The president was quoted in a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, as saying, “If India can lift 271 million people out of poverty between 2006 and 2016, Nigeria can surely lift 100 million out of poverty in 10 years.
“Fortunately, we have already started but we need to unlock the challenges of slow implementation, inappropriate targeting, and absence of adequate resources.”
For travellers, and for others seeking dollar to naira in exchange for one thing or the other, they are likely to experience stricter access to it considering the country’s external reserves that hit a seven-month low after falling to $38.57 billion as of May 25, 2022.
According to figures obtained from the Central Bank of Nigeria (CBN) on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01 billion and $38.39 billion on October 10 and 8, 2021 respectively.
However, as a result of the dollar to naira scarcity, banks are extending the waiting period to access forex for foreign trips, thereby denying travellers with urgent trips access to apply for Personal Travel Allowance or the Business Travel Allowance requests.
The banks have also been reducing the amount a customer can spend on the cards in dollar terms.
Explaining Ecobank Nigeria’s current stand on retail forex transactions for international school fees, accommodation and upkeep payments as well as PTA/BTA requests, the financial institution’s Head, Consumer Banking, Korede Demola-Adeniyi said, “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep.
According to him, part of the process involved a review of all documents to ensure compliance with regulatory requirements.
“In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation,’ he added.
Like Ecobank, Access Bank stated: “All requests are reviewed to ensure that they meet regulatory requirements. In addition, due to limited forex availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfill requests for school fees, upkeep, and rent payment.
“However, for PTA/BTA, we request that you submit your application 14 days before your proposed travel date to allow disbursement within the timeline.”
In response to economic challenges created by the global pandemic and the Russia-Ukraine conflict, Africa Finance Corporation (AFC) is launching a US$2billion facility to support recovery and resilience in Africa.
AFC has committed to funding up to 50% of the new African Economic Resilience Facility and mobilising the remainder through the Corporation’s network of international partners and investors. The facility will be announced at the AFC Live Infrastructure Solutions Summit today.
The facility will be disbursed through loans from AFC to selected commercial banks, regional development banks and central banks in various African countries, providing them with much needed hard currency liquidity to finance trade and other economic activities in their jurisdictions.
These institutions will be able to leverage AFC’s proven access to global funding to receive financing at competitive rates.
Speaking on the rationale behind the launch, Head of Treasury and Financial Institutions, Banji Fehintola, said: “The COVID-19 pandemic set back Africa’s economic growth trajectory and widened the trade financing gap, while the Russia-Ukraine conflict has added a further set of challenges negatively impacting growth prospects across the continent.
“We are determined to play a leading role in helping the continent’s recovery and resilience, not only though the work we do in bridging Africa’s infrastructure gap, but also through targeted interventions such as this US$2billion economic resilience facility.”
Applications for the African Economic Resilience Facility will open this month through AFC’s website.
Through this funding intervention, AFC will accelerate its developmental impact in Africa, helping to drive the continent to a new phase of growth that is focused on maximum resource value capture and domestic job creation.
Over the last 15 years, AFC has built experience mobilising global capital for critical infrastructure projects in Africa.
The Corporation’s recent bond issues include a US$750million 7-year Eurobond issued in 2021 at AFC’s lowest yield to date. The Corporation also established an independent asset management arm, AFC Capital Partners, with plans to raise US$2 billion to fund climate adaptation infrastructure projects in Africa.
To commemorate International Women’s Day 2022, themed “Break The Bias” BizWatch Nigeria presents Twitter Spaces conversation on Wednesday, March 9th 2022 tagged “Break The Bias: Is Nigeria Ready For A Female President?”
International Women’s Day is marked every year to celebrate women all around the world, eradicate gender bias and fight for gender equality. Clearly, we have a long way to go to achieve gender equality.
BizWatch Nigeria to mark this year’s International Women’s Day will have a Twitter Spaces Conversation by 7 pm (WAT) to provide solutions to gender bias and to discuss the following;
Gender bias
Issues in society
Empowering young girls and women
Gender equality and equity
Women in business and leadership
The role of the female gender in restoring Nigeria
Is Nigeria ready for a female president?
The rejected gender bills
Under representation of women in politics and government
The aim of this event is to celebrate women, eliminate gender bias and educate people on gender equality.
The speakers for the event are: Hansatu Adegbite, the Executive Director of WiMBIZ, Seyo Body-Lawson; a renowned entrepreneur and photographer, Gbemi Aleke; a Deputy Director of Account Management and Strategy at TBWA Lagos and Betty Abah; a seasoned journalist, women and children’s right activist and the Director of CEE-HOPE. The Twitter Spaces conversation will be hosted by Adepeju Aina, a content creator at BizWatch Nigeria.
Join our conversation on Twitter as we provide solutions to gender equality and as we break the bias!
The Nigerian National Petroleum Company (NNPC) said that a total of ₦249.3 billion for October 2021 domestic crude oil sales by six multinational oil companies operating in the upstream sector will be paid in January 2022.
The NNPC made this known in its latest report on Nigeria’s crude oil export and domestic crude oil sales in the month of October 2021.
This came as the oil firm revealed that it would also deduct ₦270.83 billion from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee meeting in January next year.
It said the ₦270.83 billion was its November 2021 value shortfall. The NNPC posts value shortfalls as a result of what it spends on the monthly subsidy of Premium Motor Spirit, popularly called petrol.
On oil sales, the oil company explained in the report that while the October 2021 crude oil exports of 50,000 barrels under the Production Sharing Contract, valued at $4.18 million was payable in November 2021, the October 2021 domestic crude oil payment expected in January 2022 from the six firms is ₦249.3 billion.
The company further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.
Oil firms
It outlined the firms from where the funds were being expected to include Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC), MidWestern, Pillar and First Exploration and Production.
It said CNL would be paying for 2.268 million barrels of domestic crude valued at ₦73.85 billion, while MPN would remit ₦123.22 billion for 3.8 million barrels of domestic crude oil.
The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at ₦26.966 billion and ₦3.25 billion, respectively.
For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.
The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at ₦249.3 billion.
“This value shortfall consists of ₦220,110,853,427.56 for November and ₦50,720,290,429.00 deferred for recovery in December 2021 FAAC Report.”
The Federal Government has signed a memorandum of understanding (MoU) with Developing Africa Group from UK, to establish the first in Africa first intellectual property rights (IPR) commercialization project in Nigeria.
The Head of Press and Public Relations of the Ministry of industry, Trade and Investment, Ibrahim Haruna disclosed the information.
The Minister of Industry, Trade and Investment,, Adeniyi Adebayo, was quoted as saying that the MoU would enable the group to use IPR as a means of resolving some of the issues and challenges facing Nigeria as well as provide jobs and trade services.
According to the minister, the pilot project was structured for a period of three years.
“This is to address some of the issues surrounding unemployment and allow rural communities in Nigeria to start attracting commercial interests,” he said.
“Since trademarks are crucial to the promotion of trade and economic development, and Nigeria happens to be one of the strong regional hubs of trade in Africa being the continent’s biggest economy.
“It is no surprise that it has attracted the world’s IP governing body in Abuja, as Nigeria hosted one of the only two World Intellectual Property Office’s (WIPO) external offices in Africa.
“Africa in general and Nigeria in particular, faces an enormous challenge of industrialisation and unemployment generation given the significant population growth.
“The African Development Bank estimates that youth unemployment is twice as high as that of adults and that young people account for approximately 60 per cent of the continent’s jobless population.
“The problem is only set to become more acute given estimates that some 12 million young people on the continent enter the job market each year.”
The minister advised the group to collaborate with the WIPO Office in Nigeria to accomplish the goals.
The chairperson of the group, Jamila Ahmadu-Suka, assured that the use of the IPR would introduce a several technology-based projects in the country.
The Nigerian National Petroleum Company (NNPC) has stated that the pipeline fire at Iyana-Odo/Baruwa axis of Lagos will not unsettle the supply of petroleum products across the country.
NNPC’s Group Managing Director, Mele Kyari, stated this on Friday during a visit to the scene of the incident.
The collapse of an electricity transmission tower on the pipeline on Friday resulted in the fire.
The NNPC GMD, who was represented by Isiyaku Abdullahi, managing director, Pipelines and Products Marketing Company (PPMC) Ltd, stated that the fire incident affected a portion of system 2B pipeline within the area, noting that the visit was to ascertain the extent of the incident.
“We want to assure Nigerians that this incident will not affect the supply and distribution of petroleum products across the country,” he said.
Kyari staed further that official of the national oil company were working with the Lagos government and other relevant authorities to permanently put out the fire.
Confirming the incident earlier on Friday, Ibrahim Farinloye, acting coordinator, south-west zonal office of the National Emergency Management Agency (NEMA), said sparks from the collapsed tower led to the fire outbreak.
“The electricity cable collapse led to sparks and the sparks got to spilled petrol around the area which led to the pipeline fire and a subsequent explosion,” he said.
“The pipeline corridor has been known to have spillage often due to activities of vandals.”
The incident caused power outage in parts of Lagos State.
The House of Representatives (reps) on Tuesday passed a 2022 budget of ₦17.126 trillion which is higher than the ₦16.391 trillion sum presented by President Muhammadu Buhari.
The Senate is also expected to pass the appropriation bill on Tuesday.
While the major capital, recurrent, debt service, statutory transfers remain untouched, the House made provision for an increase by ₦400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.
In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.
The lawmakers also made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.
The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.
The Nigerian National Petroleum Company Ltd. (NNPC) says it will continue to work tirelessly to ensure sufficient supply of petrol to every part of the country during and beyond the forthcoming festive period.
Group General Manager, Group Public Affairs Division, NNPC, Garba Muhammad, made this known in a statement in Abuja.
Muhammad expressed appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol.
“The NNPC is once again giving Nigerians strong assurance that we have product sufficiency that will last far beyond the festive period.
“Indeed, our stock has risen from a reserve of 1.7 billion litres to over two billion litres within the last one month,” he said.
Muhammad, therefore, urged Nigerians not to engage in panic buying, but to fully enjoy the spirit of the festive season.
While appreciating Nigerians for their understanding and support, he promised that NNPC will not relent, in always ensuring sufficient supply of petrol.
Nigeria’s Headline inflation decreased by 0.59 percent to 15.40 percent in November, the National Bureau of Statistics (NBS) has revealed.
Statistician-General of the Federation, Simon Harry, who made the announcement on Wednesday in Abuja during a media conference, also stated that the rebasing of the nation’s economy would take place in 2022 after completing the National Agricultural Sample Census (NASC).
According to him, there has been a consistent decrease in the inflation rate in the last eight months and the figure for November is a decrease from the 15.99 percent recorded in October.
“With this, it means that the declining trend for about eight months portends a positive signal given the favourable economic conditions, the rate of inflation in Nigeria would come down to a bearable level.”
Harry said that on a month-on-month basis, the headline index increased by 1.08 percent in November, which was 0.10 percent higher than the 0.98 percent recorded in October.
The urban inflation rate increased by 15.92 percent (year-on-year) in November from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November from 14.33 percent in November 2020.
On a month-on-month basis, however, the urban index rose by 1.12 percent in November, up by 0.10 percent from the 1.02 percent recorded in October, while the rural index also rose by 1.04 percent in November, up by 0.09 percent from the 0.95 percent rate recorded in October.
He also said that the composite food index rose by 17.21 percent in November compared to 18.30 percent in November 2020.
According to him, the rise in the food index was caused by increases in prices of bread and cereals, fish, food product such as potatoes, yam, and other tubers, oil and fats, milk, cheese and eggs, and coffee, tea, and cocoa.
However, on a month-on-month basis, the food sub-index increased by 1.07 percent in November, up by 0.16 percent points from 0.91 percent recorded in October.
Also, the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.85 percent in November, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.
He added that on a month-on-month basis, the core sub-index increased by 1.26 percent in November.
“This was down by 0.46 percent when compared with 0.80 percent recorded in October.
“The highest increases were recorded in prices of gas, liquid fuel, other services such as garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelry, clocks, and watches.
“Others are passenger transport by air, pharmaceutical products, appliances, articles, and products for personal care, cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.”
The Nigerian Communications Commission (NCC) says it has successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the Fifth Generation (5G) network in the country.
Dr. Ikechukwu Adinde, NCC’s spokesman explained that the simulated auction held on Friday in Abuja was preparatory to the main auction scheduled to take place on Monday.
He said the conduct of the simulation exercise was in line with the requirements stipulated in the Information Memorandum (IM) for the 3.5 GHz spectrum auction.
The IM is a document that defines the process for the licensing of the 3.5 GHz spectrum band earlier published on the commission’s website at the inception of the auction process.
“Using the Ascending Clock Auction System for the mock session, the three qualified bidders for the 3.5 GHz spectrum, namely MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, participated in the software-based simulated auction exercise,” the statement said.
“Following the successful mock auction, the stage is set for the commission to license two slots in the 3.5 GHz spectrum band expected to be picked by successful bidders at the end of the Main Auction on Monday, December 13, 2021.
“The auction on Monday will mark a turning point in Nigeria’s determination to harness the benefits of 5G for the nation’s socio-economic growth as the concrete roll-out of 5G commences in 2022.”
Chairman of NCC Board of Commissioners, Professor Adeolu Akande; the Executive Vice Chairman and Chief Executive Officer of the commission, Professor Umar Danbatta; Executive Commissioner (Technical Services), Ubale Maska, and the Executive Commissioner (Stakeholder Management), Adeleke Adewolu, were among those who witnessed the exercise.
Others include representatives from the bidding companies, senior management staff from relevant departments of the commission, technical consultants, software consultants, legal consultants, and other external observers.
In a brief remark at the mock auction, Danbatta said the commission had taken all necessary steps to ensure due diligence on the credibility of the consultants and to safeguard the integrity of the software solution being used to carry out the implementation of the national assignment.
“This is consistent with the open, credible transparent, and fair manner by which the commission is known to have conducted previous auction processes, which have been locally and globally applauded,” Danbatta was quoted as saying in the statement.
In order to ensure a fail-proof process, Adinde said the NCC also carried out a simulation of the manual process of the auction, aside from the electronic mock.
He explained that this was to make bidders familiar with the manual auction in case of any circumstances on the main action day that may warrant a need to switch to the manual auction.
“It is pertinent to note that the two forms- electronic and manual- are clearly stated in the IM and they follow the same process,” the statement added.
“Representatives of the bidding companies, the commission, the consultants, and other observers at the mock auction expressed satisfaction with the conduct of the simulation exercise, which also provided an opportunity for the commission to perfect the auction process ahead of the main auction.
“The commission had commenced the process for the auction of the 5G spectrum in the last quarter of the 2021 and had, since then, carried out a number of activities ahead of the main auction.”
The retail price of Premium Motor Spirit, popularly known as petrol, may be sold above the projected N340/litre in February 2022 once the Federal Government stops its subsidy on the commodity, oil marketers said on Tuesday.
Findings show that both independent and major oil marketers were perfecting plans to begin PMS importation soon as the government ends the subsidy regime.
They have raised concern over the unstable condition in foreign exchange rates and how this would affect petrol price in the coming year.
The Nigerian National Petroleum Company Limited has been the sole importer of petrol into Nigeria for about four years. The inability of marketers to effectively access the United States dollar for the purpose of importing refined crude oil forced them to stop.
The Group Managing Director of NNPC, Mele Kyari, last week, announced at a World Bank event in Abuja that beginning from February 2022, the price of petrol would range between N320 and N340 per litre by which time the Federal Government have removed the subsidy.
He stated that Nigeria would cease to subsidize the commodity in the first quarter of next year, adding that subsidy would have been removed this year but was suspended owing to certain conditions.
According to PUNCH, some marketers on Tuesday stated that the cost of petrol would be above the amount projected, which is between N320 – N340/litres if there was no improvement in the foreign exchange rate.
According to Dealers under the aegis of Independent Petroleum Marketers Association of Nigeria and Petroleum Products Retail Outlets owners Association of Nigeria stated their readiness to import petrol, however, also noted the cost of the commodity would be high in February.
IPMAN and PETROAN members own bulk of the filling stations across the country and currently make purchases from depots before selling to final consumers at their various retail outlets.
“Yes, if there is no subsidy, some marketers can import, but the only thing is that it will be costly. The price will be higher than the projected cost because of the exchange rate,” the National Vice President, IPMAN, Abubakar Maigandi, stated.
He added, “The challenge of accessing forex will definitely affect imports because over 90 per cent of petrol that will be consumed across the country will depend on importation. Also this is because the refineries are not functioning.”
The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, also stated that the foreign exchange rate would determine the cost of petrol from next year after subsidy removal.
He said, “If the Federal Government says there is no going back on subsidy removal this time round, which is a challenge that has dragged on for about 30 years, then it means that they are going to liberalise the market.
“By liberalising the market it will now help independent and major marketers to be able to freely import petroleum products from any source so that products will be available in Nigeria.”
He added, “However, it is pertinent to note the forces of demand and supply will determine the price of the commodity in Nigeria. So literally, whatever the dollar rate is in the international and local markets will pose the actual challenge to marketers
“The issue of black market and official exchange rates is a serious challenge that we foresee. But we believe that the Federal Government is doing something by meeting with the bureau d’change operators on this, so that whatever is obtainable at the banks is what you get in the open market.”
On whether the forex issue could lead to a higher price than the projected N340/litre, Chinedu replied, “Aside from the adverse effects of the removal of subsidy on the wellbeing of Nigerians, we will, of course, see a price that is higher than what they project.
“The price will be higher. It will be higher because the dollar to a large extent determines the price of petroleum products. If the dollar goes up, the price of petrol will increase, and vice versa.”
The President PETROAN, Billy Gillis-Harry, confirmed the position of IPMAN, as he, however, explained that members of his association were ready to import the commodity.
He said, “At PETROAN we already have a vehicle that is in place to start importation petroleum products, gas and other products. We encourage the government to completely remove subsidy.
On the possibility of higher pump price than the projected N340/litre, Gillis-Harry said, “That is why we said that every single thing about petroleum products should be premised on the forces of the market.
“The forces of demand and supply should determine the price.”
The spokesperson of NNPC, Garba-Deen Muhammad, told our correspondent that the issue of petrol pricing was not the function of the oil firm.
“Price issues are policy matters. NNPC does not fix price, it has no mandate. It operates in the sector as a business concern governed by CAMA Laws,” he stated.
Despite interventions and funding channeled to the distribution of prepaid meters across the country, about six million electricity consumers are still being given estimated billing.
A report by the Nigerian Electricity Regulatory Commission (NERC) in January this year had put the number of meters contracted through the Meter Asset Providers scheme (MAPS) and National Mass Metering Programme (NMMP) at 7,588,972, indicating that over 7.5 million customers will be needing prepaid meters had the time.
However, The PUNCH gathered from the Federal Ministry of Power on Tuesday that the deployment of meters through the NMMP had risen to 750,000.
A combination of meter deployment by both schemes showed that about 1.26 million meters had been deployed out of the over 7.5 million unmetered customers captured by the NERC.
Operators in the sector explained that the deployment of meters this year was basically through the NMMP, as the MAP scheme was not fast in meter provision.
The National Mass Metering Programme, funded by the Central Bank of Nigeria, was instituted in September 2020 to increase the rate of metering through the provision of free meters.
The Meter Asset Providers scheme, on the other hand, took effect on April 3, 2018, introducing meter providers as a new set of service providers in the Nigeria Electricity Supply Industry.
This came as power distributors told our correspondent that meters provided under Phase Zero of the NMMP had so far been deployed to customers.
They stated that many Discos currently lacked meters as only a few were on ground for distribution to the over six million unmetered power users nationwide.
“Under Phase Zero, they (government) had a particular number that they gave to each Disco and the target was to provide about one million meters,” an official with the Association of Nigerian Electricity Distributors, who pleaded not to be named as he was not authorised to speak on the matter, said.
The official added, “Ikeja Disco received over 100,000 meters; Ibadan Disco also got over 100,000 meters; while some others got about 90,000 meters, as the allocations were based on the Disco.”
Explaining how the free meters under Phase Zero of the NMMP were acquired, the ANED official stated that the government worked with meter manufacturers to know their respective capacities.
The Federal Government has exceeded its revenue target by N88.73 billion for the first half of 2025, driven largely by a surge in electronic transactions. The data is from the 2025–2027 Medium Term Expenditure Framework released by the Budget Office.
Based on a full-year EMTL revenue projection of N230 billion, the half-year target of N134.17 billion surged to N222.90 billion, representing a 66.1 percent outperformance. Corporate Income Tax collections of N5.86 trillion slightly exceeded the prorated target of N5.44 trillion, a 7.6 percent overperformance. Value-Added Tax receipts also surpassed expectations, reaching N4.82 trillion, N439.22 billion above the half-year target.
Despite these gains, net non-oil revenue, including solid minerals, totalled N12.14 trillion by June 2025, falling short of projections by N1.81 trillion, or 13 percent. The shortfall highlights ongoing challenges in tax collection and economic activity outside the oil sector.
Oil and gas revenue underperformed significantly. Gross receipts were projected at N51.04 trillion for 2025, but by July only N11.17 trillion had been realised, a performance rate of just 37.5 percent. After statutory deductions, net inflows to the Federation Account stood at N9.61 trillion, N15.78 trillion below the half-year target. Weak crude production, price volatility, and limited refining margins contributed to the shortfall, increasing pressure on non-oil revenue to fill the gap.
The strong performance of the EMTL line reflects the growing adoption of digital financial services in Nigeria. Electronic transactions through mobile money, bank transfers, and other channels have deepened, with the Nigeria Inter-Bank Settlement System reporting N284.9 trillion spent electronically in the first quarter of 2025. This represents a 22 percent increase from N234.4 trillion recorded in Q1 2024.
The NIBSS Instant Payment platform, launched in 2011, enables real-time interbank transactions across multiple electronic channels including internet banking, mobile apps, USSD, POS, and ATMs. The surge in digital payments has helped the government exceed its non-oil revenue target despite weak oil earnings.
President Bola Tinubu has asked the House of Representatives to repeal and re-enact the 2024 and 2025 budgets and extend the 2025 budget implementation cycle to 31 March 2026.
The request was contained in a letter from the President read by Speaker Rt. Hon. Abbas Tajudeen on Friday. This comes ahead of Tinubu’s presentation of the 2026 Appropriation Bill to the National Assembly.
In the letter, the President explained that the bills seek to repeal the 2024 Appropriation Act of N35.06 trillion and re-enact it with a revised total expenditure of N43.56 trillion. The revised 2024 budget authorises N1.74 trillion for statutory transfers, N8.27 trillion for debt service, N11.27 trillion for recurrent spending, and N22.28 trillion for capital projects up to 31 December 2025.
For 2025, Tinubu proposed reducing the budget from N54.99 trillion to N48.32 trillion while extending it to 31 March 2026. The President said the move is part of a broader fiscal reform measure aimed at eliminating overlapping budgets and strengthening planning, execution, and accountability across government expenditure cycles.
Tinubu said the proposed bills would accommodate expenditure items not previously recognised and introduce a revised capital implementation target of 30 percent. Extending the 2025 budget would ensure full release of the 30 percent capital allocation to Ministries, Departments, and Agencies, improving project execution and budget performance. He described the move as part of fiscal reforms to end overlapping budgets that weaken planning, execution, and accountability.
In June, the Senate approved a second extension of the implementation period for the 2024 capital component of the national budget from June 30, 2025 to December 31, 2025. The January-to-December budget implementation cycle was established during the tenure of the 9th National Assembly. On December 18, 2024, the National Assembly approved extending the 2024 budget’s lifespan to June 2025. Last week, the federal government directed Ministries, Departments, and Agencies to carry over 70 percent of their approved 2025 capital allocations to 2026. A circular issued by the Budget Ministry instructed that 2026 budget proposals must largely be composed of funds already allocated in 2025 and that new capital projects are not permitted.
Governor Babajide Sanwo-Olu has called on multinational real estate investors to partner with Lagos State in providing dignified and affordable housing, as the city positions itself to become a thriving 21st-century mega city.
The governor made the appeal at the Sixth Lagos Real Estate Marketplace Conference, held at Eko Hotels and Suites, Victoria Island, which attracted over 2,000 participants, including investors from America, the Middle East, and Asia. The event was organised by the Lagos State Real Estate Regulatory Authority (LASRERA) under the Office of the Special Adviser to the Governor on Housing. The theme of the conference was: “Shaping the Future of Lagos Megacity: Infrastructure, Innovation and Affordable Housing.”
Sanwo-Olu said Lagos had evolved into one of the world’s most dynamic urban economies but noted that accelerated growth has brought new challenges that must be addressed. He stressed that housing is central to the state’s development agenda, linked closely to transportation, infrastructure, energy, climate resilience, and economic opportunities.
“Provision of housing in the 21st century is not just about buildings; it is about human dignity, economic productivity, social stability, and the kind of city we choose to become,” the governor said. He added that affordable housing must be accessible, close to workplaces, and integrated with enabling infrastructure such as roads, rail, power, water, and drainage.
Sanwo-Olu encouraged the use of Public-Private Partnerships, structured finance, land optimisation, and demand-led planning to bridge the housing gap. He emphasised the government’s role as enabler, regulator, and partner, rather than sole provider, assuring investors of transparency and improved security to safeguard their investments.
“To our local developers, Lagos believes in you. To our international partners, Lagos is open, ready and serious. This state remains one of the safest, most stable, and best-governed investment destinations in Africa,” he said.
Barr. Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, described the conference as an “intellectual theatre of ideas,” noting that previous editions had prompted regulatory reforms and policy shifts, including the New Tenancy Bill now under review by the Lagos House of Assembly.
Keynote speaker Dr. Muiz Banire, SAN, former Lagos Commissioner for Environment, stressed that the government’s housing vision must outlive individual policies. He also called for strict adherence to the unified master plan, protection of highway setbacks, and stronger environmental laws to ensure the city remains habitable.
The Federal Government has revealed that about 15.2 million housing units across Nigeria are structurally inadequate, raising concerns about safety, habitability, and access to basic services.
The disclosure was made by the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, in a statement on Wednesday. According to the minister, the affected homes physically exist but fail to meet minimum standards for safety, durability, decent living conditions, and access to essential infrastructure such as water, sanitation, and electricity.
Dangiwa said the findings were produced under the National Housing Data Initiative and presented by the National Housing Data Technical Committee in Abuja. The assessment used internationally recognised tools including the Household Crowding Index, Adequate Housing Index, and Composite Index Methodology, drawing data from the National Population Commission, National Bureau of Statistics, Central Bank of Nigeria, and other housing institutions in line with World Bank standards.
The minister emphasised that Nigeria’s housing challenge extends beyond the shortage of new homes and includes widespread structural inadequacy in existing buildings. He called for a focus not only on constructing new houses but also on upgrading existing housing stock, regenerating deteriorating neighbourhoods, and improving infrastructure and public services.
Dangiwa noted that housing inadequacy is also linked to affordability gaps, limited access to land, weak housing finance systems, and regional disparities. Data shows Kano State has the highest level of housing inadequacy, while Bayelsa State has the lowest, based on the Adequate Housing Index.
To tackle the problem, the ministry is establishing a National Housing Data Centre, expected to become operational by mid-January 2026. The centre will support policymaking, housing finance access, investment planning, and large-scale housing delivery.
The minister highlighted ongoing initiatives under the Renewed Hope Estates and Cities Programme. Renewed Hope Cities are large-scale developments across the six geopolitical zones and the Federal Capital Territory, implemented through public-private partnerships. Renewed Hope Estates are smaller housing clusters of about 250 units, funded directly by the Federal Government with state governments providing land and subsidised infrastructure.
Despite these efforts, Dangiwa said Nigeria still faces a severe housing deficit, estimating that closing the gap would require at least 550,000 new units annually at a projected cost of ₦5.5 trillion over the next decade.
Nigeria’s music industry generates an estimated $600 million annually and is projected to more than double in size over the next decade, reaching $1.03 billion by 2033, the Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, has said.
The figures were revealed in the foreword to Basslines to Billions: Nigeria’s Music Market Intelligence Report, the first-of-its-kind publication designed to provide hard data on the country’s music ecosystem.
Developed in collaboration between the National Council for Arts and Culture and investment advisory firm RegalStone Capital, the report examines revenue streams, employment potential, and Nigeria’s position in the global music value chain.
“Nigeria’s music is more than an art form,” Musawa wrote. “It is an engine of enterprise and soft power.” The report estimates current annual revenues at roughly $600.7 million (about N901.6 billion) and projects growth at an average annual rate of 7%, reaching approximately $1.03 billion (N1.5 trillion) by 2033.
The report situates music within Nigeria’s broader creative economy, which is projected to generate more than 2.5 million new jobs by 2030. Digital exports in music, film, design, and other creative sectors are rising steadily, reinforcing Nigeria’s cultural influence across the continent.
Revenue for Nigerian artists flows from multiple channels, including streaming royalties, live performances, festivals, brand partnerships, publishing, songwriting, and social media monetization. Live performances remain the dominant source of income, accounting for between 65.7% and 74% of total earnings in 2024.
Despite its growth, the sector faces structural challenges such as gaps in financing, infrastructure, and policy coordination. Musawa described the report as a “signal of intent” to ground cultural policy in evidence and improve access to sustainable financing for creators.
The report’s release coincides with a string of high-profile achievements by Nigerian artists globally. Notably, singer Ayra Starr surpassed one billion total views on YouTube, becoming the first Nigerian female artist to achieve the milestone, driven largely by her hit “Rush,” which has amassed more than 458 million views.
Earlier data from Nairametrics showed Nigerian artists earned over N58 billion in Spotify royalties in 2024, more than doubling the 2023 figures and marking a fivefold increase from 2022.
Former United States President Barack Obama has included songs by Nigerian Afrobeats stars Burna Boy and Olamide in his annual list of favourite music for 2025.
The lists, released on Thursday, also featured books and movies selected by Obama. On the music list, he named Burna Boy’s Tatata featuring Travis Scott and Olamide’s 99 featuring Daecolm, Seyi Vibez, Asake, and Young John.
British-Nigerian singer Obongjayar’s Not In Surrender was also among the selections. American artists Kendrick Lamar, SZA, Lady Gaga, Gunna, and Canadian rapper Drake were included as well.
Sharing the lists via his X handle, Obama wrote: “As 2025 comes to a close, I’m continuing a tradition that I started during my time in the White House: sharing my annual lists of favorite books, movies, and music. I hope you find something new to enjoy.”
The annual lists have become a highly anticipated tradition, giving fans insight into Obama’s cultural interests and introducing global audiences to a mix of established and emerging artists.
Veteran Yoruba actor and filmmaker Lere Paimo has raised concerns over an alleged attempt to remake his classic historical film Ogbori Elemoso without his consent, describing the move as a violation of his intellectual property rights.
Ogbori Elemoso is one of the few notable Yoruba historical films that dramatises events leading to the establishment of Ogbomosoland.
Paimo, who wrote and produced the film in 1987, raised the alarm at a press conference in Ibadan, Oyo State, on Wednesday. The film was distributed by Eda Films Ltd and featured prominent Nollywood and theatre veterans, including Jide Kosoko, Kareem Adepoju, Idowu Philips (Iya Rainbow), Isola Ogunsola, Dento, Deji Olofa Ina and Ogun Majek.
He said the Soun of Ogbomosoland, Oba Ghandi Olaoye, had earlier contacted him to inquire about the cost of remaking the historical work to meet global standards. According to Paimo, he quoted ₦100 million and was awaiting a response.
However, he alleged that while discussions were still ongoing, a film producer, Benedict Ayoola, popularly known as Ben O Ben, alongside others, visited his residence and informed him that they already had the monarch’s approval to proceed with the remake.
“They told me they had obtained permission from Oba Ghandi Afolabi Olaoye to remake Ogbori Elemoso and that my consent was no longer required,” he said.
Paimo further alleged that the group described a payment made to him as a “gift” rather than compensation for the intellectual property. He said ₦7.5 million was paid into his account, but his children rejected the money, describing it as manipulation and robbery, after which he returned the sum to Fewchore Studio.
He said his lawyer subsequently issued a cease-and-desist letter to the producers, but they allegedly insisted they had royal backing and warned that legal action would be futile.
Efforts to get a response from Mr Ayoola were unsuccessful as of press time.
Describing Ogbori Elemoso as a project produced through deep personal sacrifice, Paimo said the film brought him national recognition, including the Member of the Order of the Federal Republic (MFR) honour, but left him financially strained.
“I suffered greatly to produce this movie. I incurred heavy debts, and my car was even seized because of the loans I took to complete the project,” he said.
He appealed to Oyo State Governor Seyi Makinde, the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, and other prominent Nigerians to intervene to protect his legacy and intellectual property rights.
The 1987 Yoruba classic tells the story of Idagiri, a feared warlord whose reign of terror forced the Olugbon to seek help from Soun Ogunlola of Ogbomoso. Although Soun initially declined, he later confronted and defeated Idagiri.
The story further recounts betrayal, conflict and heroism, culminating in Soun’s defeat of Elemoso, a dreaded monster terrorising Oyo, an act that secured his place in Yoruba history.
FilmOne Entertainment recorded a strong showing at this year’s Best of Nollywood (BON) Awards, winning nine awards across multiple categories at the industry event celebrating excellence in Nigerian cinema.
The awards ceremony recognised outstanding achievements in filmmaking, storytelling, performance and technical craft, highlighting the creative depth that continues to shape Nollywood’s growing influence across Africa and beyond.
FilmOne’s productions were widely acknowledged across key categories, underscoring the company’s role in driving quality filmmaking and promoting diverse narratives to audiences.
The company’s winning titles and categories included Best Supporting Actress for Mercy Aigbe (My Mother Is a Witch), Best Soundtrack (Iyalode), Best Use of Food (Owambe Thieves), Best Indigenous Film (Abanisete), Best Screenplay (My Mother Is a Witch), Best Use of Makeup (Labake Olododo), Best Editing (Reel Love), Movie of the Year (Farmer’s Bride), and Director of the Year (Farmer’s Bride).
Commenting on the achievement, the Chief Content Officer of FilmOne Entertainment and FilmOne Studios, Ladun Awobokun, described the awards as a reflection of the company’s commitment to excellence and collaboration within the industry.
“This remarkable haul of nine awards reflects our commitment to excellence and the immense talent and vision within our team and collaborators,” Awobokun said. “We are proud to champion stories that resonate deeply with audiences across West Africa and beyond.”
The success comes on the back of strong box office performances by both Nigerian and international titles distributed by FilmOne, alongside the company’s continued efforts to elevate Nollywood through strategic acquisitions and high-profile premieres.
FilmOne Entertainment has continued to expand its footprint in the African entertainment industry through partnerships, original productions and an extensive distribution network that supports the cross-border reach of African cinema.
The Christian Association of Nigeria (CAN) has expressed outrage over the title of a new Nollywood movie, A Very Dirty Christmas, describing it as offensive and disrespectful to the Christian faith.
CAN said Christmas is a sacred season that marks the birth of Jesus Christ and symbolises purity, peace, love and redemption, adding that linking such a holy celebration with the word “dirty” diminishes its spiritual meaning and reduces a solemn religious observance to something crude and sensational.
In a statement signed by its President, Archbishop Daniel Okoh, the Christian body said while it respects creative freedom and artistic expression, such freedom must be exercised with responsibility and sensitivity, particularly in a religiously diverse society like Nigeria.
According to CAN, creativity should promote understanding and unity rather than provoke or offend deeply held religious beliefs.
The association said it was concerned that a film bearing such a title passed through regulatory and professional channels without adequate scrutiny, especially during the Christmas season.
CAN therefore called on the National Film and Video Censors Board (NFVCB) to explain how the title was approved for public exhibition.
It also urged industry bodies, including the Actors Guild of Nigeria (AGN) and other stakeholders in Nollywood, to take a clear stand on the use of religious themes and symbols in ways that may offend faith communities.
Furthermore, CAN called on the producers and promoters of the movie to reconsider the title, issue a public apology and take deliberate steps to ensure that religious symbols and sacred seasons are treated with dignity.
The association specifically urged the producer of the film, Ini Edo, to show sensitivity and address the concerns raised by the Christian community.
“At a time when the nation is already facing serious moral and social challenges, actions that trivialise sacred values only deepen division and erode mutual respect,” CAN said.
The Federal Ministry of Aviation and Aerospace Development has begun the transition to a fully digital workflow in a move aimed at eliminating paper-based processes, reducing approval delays and improving service delivery across the ministry.
The Minister of Aviation and Aerospace Development, Mr Festus Keyamo, disclosed this on Thursday in Abuja at the launch of the Enterprise Content Management System (ECMS), a platform designed to replace manual documentation and approvals within the ministry.
According to Keyamo, the deployment of the ECMS will eliminate manual bottlenecks, shorten approval cycles and strengthen service delivery across all units of the ministry.
He said the system would also guarantee national sovereignty over the country’s digital infrastructure by providing a unified and secure platform for official records and correspondence.
“From this point forward, the era of paper-based processing within this Ministry must give way to disciplined digital practice,” Keyamo said, adding that all official correspondence should henceforth be routed through designated electronic registry channels.
Speaking at the event, the Head of the Civil Service of the Federation, Mrs Didi Walson-Jack, commended the leadership of the ministry for embracing digital transformation, describing the shift as both timely and necessary.
She said reliance on paper files was no longer sustainable in a sector where safety, accuracy and timeliness were critical, noting that documentation plays a central role in aviation safety standards and international obligations.
“In a technically intensive ministry where documentation underpins safety standards and international obligations, choosing to go digital is not just progressive but essential,” she said.
Walson-Jack noted that the aviation ministry occupies a strategic position in Nigeria’s development architecture, enabling connectivity, trade, tourism, security and technological advancement.
She described the ECMS launch as more than the deployment of a digital tool, saying it signalled the ministry’s commitment to modernising public service delivery across aviation regulation, airport development, air transport services, meteorology and the broader aerospace ecosystem.
According to her, the deployment of the ECMS on the Federal Government’s 1Gov Cloud platform represents a fundamental shift in how public service business is conducted, offering secure digital records, automated workflows, electronic approvals, interoperability and real-time collaboration.
She added that decisions would increasingly be driven by timely access to information rather than the physical location of files.
Walson-Jack said the milestone places the ministry on track to meet the Federal Government’s directive for full digitalisation of work processes by December 31, 2025.
She noted that the initiative also advances Pillar Five of the Federal Civil Service Strategy and Implementation Plan 2021–2025, which prioritises the digitalisation of work processes across ministries, departments and agencies, and aligns with President Bola Tinubu’s Renewed Hope Agenda for a more efficient, accountable and digitally enabled public service.
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, played a significant role at the inaugural Delta Tech Week 2025, the flagship innovation, technology, and entrepreneurship festival convened by the Delta State Government through the Ministry of Science and Technology. The five-day event, held in Asaba from December 1st to 5th, brought together startups, corporates, academia, investors, developers, and ecosystem enablers from across Nigeria.
As a sponsor of the festival, Interswitch delivered a strong presence through product demonstrations, panel discussions, and developer-focused engagements, reinforcing its commitment to strengthening Nigeria’s digital infrastructure and enabling innovation across the South-South region. The company’s participation aligned with Delta State’s goal of positioning itself as an emerging technology hub through collaboration, capacity-building, and ecosystem development.
A key highlight of Interswitch’s involvement was its showcase of the API Marketplace and the Interswitch Payment Gateway, where the team demonstrated how businesses and developers can seamlessly integrate for payments, collections, merchant services, reconciliations, and commerce expansion. These sessions offered hands-on insights into how Interswitch’s technology is powering secure, frictionless checkout experiences and enabling enterprises to scale quickly across the country.
The company also featured prominently across panel discussions exploring financial inclusion, digital commerce enablement, the evolution of developer culture, and the role of infrastructure in driving socio-economic growth. These conversations underscored Interswitch’s continued leadership in shaping Nigeria’s digital economy.
Speaking on the company’s participation at the event, Olayinka Oluwadamilare, Head, Operations Strategy, Interswitch, noted the importance of multi-stakeholder collaboration in accelerating regional innovation.
‘’Delta Tech Week reflects the power of collective action in building a stronger digital future. Interacting with developers, startups, and the public sector in one space reaffirmed the importance of reliable infrastructure in driving innovation. Interswitch remains committed to supporting Delta State’s tech ecosystem and empowering its builders with secure, seamless payment solutions.”
Throughout the event, Interswitch maintained strong visibility across key gatherings, including DevFest, the Women in Tech Summit, and various breakout sessions focused on infrastructure, entrepreneurship, payments, and the future of software development.
Representing the company across these engagements were Adeyinka Adekoya, Vice President, Energy Ecosystem; Blessing Ogbonna James, Head, Digital Payments; Chidi Opara Ndudu, Partner Manager; and Esohe Obaseki, Executive, Growth Marketing.
As the maiden edition of Delta Tech Week came to a close, Interswitch reaffirmed its commitment to supporting Delta State’s fast growing technology ecosystem and to enabling individuals and businesses with secure, reliable, and future ready digital payment solutions.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1480.00 per $1 on Friday, December 19th , 2025. The naira traded as high as 1456.00 to the dollar at the investors and exporters (I&E) window on Thursday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1489 and buy at ₦1480 on Thursday 18th December, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1489
Buying Rate
₦1480
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1462
Lowest Rate
₦1456
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Nigeria’s equities market sustained its bullish momentum on Thursday, delivering fresh gains to investors as renewed buying interest in heavyweight consumer and industrial stocks lifted overall market performance. The rally marked the fourth consecutive session of positive movement during the trading week, reinforcing growing optimism on the Nigerian Exchange (NGX).
Market capitalization expanded significantly during the session, rising by ₦331 billion to close at ₦95.856 trillion, compared with the previous opening level of ₦95.525 trillion. This growth reflected a 0.35 per cent increase, underscoring the continued appetite for select equities amid improving market sentiment.
In tandem with the rise in market value, the NGX All-Share Index (ASI) advanced by 520.23 points, representing a 0.35 per cent gain. The benchmark index settled at 150,363.05 points, up from the 149,842.82 points recorded at the close of trading on Wednesday. As a result of the sustained rally, the market’s year-to-date return strengthened further to 46.09 per cent.
Investor participation was notably skewed toward stocks in the consumer goods, industrial, and services sectors, where price appreciation was driven by sustained demand. Nestlé Nigeria emerged as the session’s top performer, posting a 10 per cent increase to close at ₦1,958 per share. Guinness Nigeria followed closely with a 9.98 per cent gain, ending the day at ₦289.70.
Aluminium Extrusion Industries also recorded a strong performance, rising by 9.76 per cent to settle at ₦11.25 per share. Daar Communications gained 9.20 per cent, closing at 95 kobo, while MeCure Industries appreciated by 9.13 per cent to finish at ₦55 per share.
Market breadth closed on a positive note, reflecting broader participation across listed equities. A total of 35 stocks recorded price gains during the session, while 26 stocks closed in negative territory.
On the losing side, Stanbic IBTC Holdings led the decliners after shedding 9.33 per cent to close at ₦95.20 per share. LASACO Assurance followed with a 9.09 per cent decline, ending the session at ₦2.50. Africa Prudential also recorded notable losses, dipping by 8.82 per cent to settle at ₦12.40 per share.
AustinLaz fell by 8.33 per cent to close at ₦2.20, while Sterling Financial Holdings declined by 6.12 per cent, finishing at ₦6.90 per share.
Trading activity for the day showed a moderation compared with the previous session. A total of 839.8 million shares, valued at ₦32.8 billion, were exchanged across 23,211 transactions. This represented a decline from the 5.9 billion shares worth ₦216.2 billion traded in 25,205 deals recorded earlier.
First HoldCo emerged as the most actively traded stock by both volume and value, with 385.62 million shares changing hands, amounting to a turnover of ₦15.54 billion.
Despite softer trading volumes, Thursday’s performance reinforced the market’s bullish undertone, with sustained interest in fundamentally strong stocks continuing to support price appreciation across key sectors.
The Nigerian equities market closed Thursday’s trading session firmly in positive territory, extending its upward trend as sustained buying pressure across multiple sectors reinforced bullish dominance on the Nigerian Exchange (NGX). The session reflected renewed investor confidence, supported by selective accumulation of both large-cap and mid-cap stocks.
At the close of trading, the NGX All-Share Index settled higher at 150,363.03 points, compared with 149,842.82 points in the previous session. This movement represented a gain of approximately 0.26 per cent, signaling a continued, albeit measured, advance in overall market performance.
Trading opened with noticeable bullish momentum, as early demand for key equities set a positive tone that was maintained throughout the session. The sustained intraday strength was driven by buying interest in consumer goods, financial services, and select industrial counters, reflecting a mix of strategic positioning and portfolio rebalancing by investors.
Leading the charge were stocks such as Nestlé Nigeria and Guinness Nigeria, alongside Alex, Daar Communications, MeCure Industries, NPF Microfinance Bank, and First HoldCo. Other advancing equities included Ellah Lakes, Omatek Ventures, Champion Breweries, and several mid-tier stocks, contributing to a broad-based rally that extended beyond a narrow group of market heavyweights.
In total, more than two dozen stocks closed in positive territory, highlighting the depth of participation in the day’s upward move. Market analysts noted that the pattern of gains suggested increasing confidence in corporate fundamentals and expectations of improved earnings performance as the year progresses.
However, the session also reflected a degree of caution, as profit-taking emerged in several stocks that had previously enjoyed strong price appreciation. On the decliners’ table, Stanbic IBTC Holdings recorded losses, alongside LASACO Assurance, Africa Prudential, AustinLaz, and UPDC.
Other stocks that closed lower included Sterling Financial Holdings, Red Star Express, Honeywell Flour Mills, CWG, Guinea Insurance, and Regal Insurance, among others. These declines underscored selective selling pressure as some investors opted to lock in gains amid valuation concerns and short-term market uncertainties.
Despite the mixed performance across individual stocks, overall market sentiment remained tilted in favor of the bulls. The sustained upward movement of the All-Share Index pointed to underlying resilience, even as investors exercised greater discrimination in stock selection.
Market observers noted that the current trend reflects a balance between optimism and caution, with liquidity flows and macroeconomic signals expected to play a critical role in shaping near-term market direction. As the trading year advances, portfolio adjustments and corporate earnings expectations are likely to continue influencing market behavior.
Nonetheless, Thursday’s positive close reinforced the Nigerian equities market’s capacity to absorb profit-taking while maintaining upward momentum, suggesting that opportunities remain for investors with a disciplined and selective approach.
U.S. President Donald Trump has pledged a sweeping economic resurgence, promising Americans a period of unprecedented growth while attributing persistent cost-of-living pressures to policies implemented by his Democratic predecessor, Joe Biden.
In a nationally televised address delivered from the White House on December 17, marking the completion of his first year back in office, the 79-year-old president struck an optimistic tone while seeking to deflect mounting public dissatisfaction over affordability.
“Eleven months ago, I inherited a disaster, and we are fixing it,” Trump declared, framing his administration’s economic record as one of recovery and progress.
Despite these assurances, Trump faces increasing voter frustration over inflation and household expenses, an issue Republicans fear could negatively affect their prospects in the 2026 midterm elections. Although the president has previously dismissed concerns about affordability as politically motivated, polling data suggests the issue remains a dominant voter concern.
Trump insisted that prices for essential goods such as fuel and groceries were declining, telling viewers that costs were “falling rapidly” and that progress was accelerating.
In a surprise policy announcement, the president revealed that 1.45 million U.S. military service members would receive one-time “warrior dividend” payments of $1,776 before Christmas. According to Trump, the payments would be financed through tariff revenues and symbolically tied to the year of America’s founding.
Looking ahead, Trump projected an economic surge in 2026, describing it as “an economic boom the likes of which the world has never seen,” coinciding with the United States co-hosting the FIFA World Cup alongside Canada and Mexico.
While the White House billed the address as an opportunity to outline Trump’s economic agenda for the remainder of his second term, much of the speech revisited familiar themes, including criticism of Biden, Democrats, and immigration policies. Trump accused migrants of taking American jobs and blamed previous administrations for economic imbalances.
The address capped a turbulent year marked by an aggressive use of executive power, including intensified immigration enforcement and legal actions targeting political opponents.
Economists remain divided on the impact of Trump’s tariff policies. While some acknowledge that tariffs have contributed to higher prices for select goods, others note that the broader inflationary effect has been less severe than earlier forecasts suggested.
Trump defended his tariff strategy, arguing that it has spurred domestic manufacturing investment and generated revenues used for national priorities. However, the president delivered mixed messages on inflation, alternately claiming rapid price declines while acknowledging that inflation persists, albeit at a pace he says is being outstripped by wage growth.
U.S. labour market data has also raised concerns. Hiring momentum has weakened in recent months, with job growth largely concentrated in healthcare. November’s employment report showed the addition of 64,000 jobs, driven primarily by healthcare and a notable rebound in construction employment. Manufacturing, however, continued to shed jobs for the seventh consecutive month.
Polling data underscores voter unease. A PBS News/NPR/Marist survey released on December 17 found that 57 per cent of Americans disapproved of Trump’s handling of the economy, marking his lowest approval rating on the issue to date. A separate YouGov poll published a day earlier showed that a majority of respondents believed the economy was deteriorating under his leadership.
The president has also faced internal criticism from segments of his MAGA base, who argue that foreign policy initiatives and peace efforts abroad have distracted from pressing domestic economic challenges.
With the 2026 midterm elections approaching, Trump and his allies appear to be recalibrating their messaging. The president has increased domestic travel to promote his economic agenda, recently pledging in Pennsylvania to “make America affordable again.”
Vice President JD Vance has also taken on a more prominent role, urging patience during a speech on December 16 as he positions himself as a leading voice on economic policy ahead of a potential presidential run in 2028.
The Nigerian naira recorded fresh losses at the official foreign exchange window, underscoring persistent pressure in the currency market as demand for U.S. dollars continued to outweigh available supply despite ongoing intervention by the Central Bank of Nigeria (CBN).
At the Nigerian Foreign Exchange Market (NFEM), official data showed that the naira depreciated by 0.16 per cent to close at ₦1,457.84 per dollar, compared with ₦1,455.49 recorded in the previous trading session.
Market participants attributed the weakening to insufficient dollar inflows from key sources, including the apex bank, exporters, foreign portfolio investors, and non-bank corporates. These inflows, according to analysts, remain inadequate to significantly rebalance the foreign exchange market.
Intraday trading data revealed that the naira touched a session low of ₦1,462.90 per dollar, marking the highest exchange rate recorded in December and highlighting the continued strain on the local currency. Spot rates were also quoted around ₦1,456 per dollar, the weakest level seen in the past two weeks.
Although the monetary authority has sustained its FX intervention sales, traders noted that the impact has only tempered volatility rather than eliminated demand-driven pressure. While the naira’s short-term outlook remains broadly stable, the currency has continued to relinquish earlier gains recorded in recent weeks.
The depreciation trend extended to the parallel market, where the naira slipped by 0.20 per cent to trade at ₦1,474 per dollar. This movement reflects heightened currency pressures across both regulated and informal segments of the foreign exchange market.
In global commodity markets, oil prices advanced sharply, supported by rising geopolitical tensions following an announcement by U.S. President Donald Trump ordering a comprehensive blockade of sanctioned oil tankers entering and leaving Venezuela.
Brent crude rose by $1.17, or 1.99 per cent, to settle at $59.84 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed 97 cents, representing a 1.76 per cent gain, to $56.10 per barrel.
Gold prices also extended their rally, recording one of their strongest performances in decades. The precious metal has more than doubled over the past two years, marking its biggest sustained advance since the 1979 oil crisis.
Spot gold increased by 0.79 per cent to $4,337.85 per ounce, while U.S. gold futures rose by 0.88 per cent to $4,370.50 per ounce. Analysts noted that the strength in gold prices reflects heightened investor demand for safe-haven assets amid geopolitical and macroeconomic uncertainty.
Market sentiment suggests commodities could remain firm in the near term, with gold expected to continue strengthening on bullish forecasts extending into 2026, while oil prices remain supported by supply risks linked to geopolitical developments.
Equity investors on the Nigerian Exchange (NGX) closed Thursday’s trading session in profit territory, with market capitalisation rising by approximately ₦332 billion as financial and consumer stocks continued to anchor market activity ahead of the fourth-quarter earnings season.
The benchmark NGX All-Share Index maintained its upward trajectory, reflecting renewed positioning by investors amid sustained bargain hunting across selected equities. Market performance indicators ended the session higher, underscoring continued optimism among traders despite a notable slowdown in trading volumes.
Data from the exchange showed that the All-Share Index advanced by 520.23 points, representing a 0.35 per cent gain, to close at 150,363.05 points. In tandem, total market capitalisation climbed by ₦331.65 billion, also up 0.35 per cent, settling at ₦95.86 trillion.
Market analysts attributed the sustained rally to selective buying interest, particularly in fundamentally strong stocks that had previously traded at discounted levels. Shares of NESTLE, ELLAH LAKES, UACN, MECURE, and UBA recorded significant demand across multiple sectors of the market.
Despite the positive price movement, overall market activity moderated significantly. Trading statistics revealed a sharp contraction in transaction volumes and values as investor participation thinned compared with previous sessions.
A total of 839.77 million shares valued at ₦32.81 billion were exchanged in 23,211 deals during the session. This represented an 85.83 per cent decline in traded volume and an 84.83 per cent drop in transaction value, while the number of deals slipped by 7.91 per cent.
FIRSTHOLDCO dominated trading activity, accounting for 46.23 per cent of total market volume. It was followed by FCMB Holdings with 9.11 per cent, LASACO Assurance at 5.22 per cent, Access Holdings at 3.55 per cent, and CHAMS at 2.97 per cent.
In terms of value, FIRSTHOLDCO also emerged as the most traded stock, contributing 47.51 per cent of the total value of transactions executed on the exchange, reinforcing its position as the day’s most actively traded equity.
On the gainers’ chart, NESTLE led the rally with a 10.00 per cent price appreciation. GUINNESS followed closely with a 9.98 per cent gain, while ALEX, DAAR Communications, and MECURE rose by 9.76 per cent, 9.20 per cent, and 9.13 per cent respectively. NPF Microfinance Bank also recorded an 8.02 per cent increase, alongside 29 other advancing stocks.
Conversely, twenty-six equities closed in negative territory. STANBIC IBTC Holdings topped the losers’ table after shedding 9.33 per cent of its share price. LASACO Assurance declined by 9.09 per cent, while AFRIPRUD, AUSTINLAZ, STERLINGNG, and REDSTAREX recorded losses of 8.82 per cent, 8.33 per cent, 6.12 per cent, and 5.43 per cent respectively.
Overall market breadth remained positive, with 35 gainers outweighing 26 decliners, reflecting a moderately bullish sentiment.
Sectoral performance was mixed. The Consumer Goods sector posted the strongest advance with a 1.23 per cent gain, followed by the Banking index, which rose by 0.56 per cent. The Oil and Gas sector edged higher by 0.05 per cent. Meanwhile, the Insurance sector declined by 0.23 per cent, while the Industrial and Commodity indices closed flat.
PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.
The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
Visa fees
Round-trip international airfare
5-day, 4-night hotel accommodation
Side attraction
Meal expenses
Airport pick-up and drop-off
All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
Collect all five city cards.
Swap cards with friends to complete your collection.
Combine cards to form a World Card and earn cash rewards.
Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.” For more information, download PalmPay
Welcome back, my people! Another Thursday, another reason to gather your mind, grab a seat, take a deep breath, and gist like we always do. As usual, we’re going straight into the matter, no long introduction, because Nigeria itself is already doing too much.
December is not just a month in Nigeria. December is a phenomenon. A full-blown experience. A season that arrives with loud music, louder expectations, and an attitude of “if you like, keep up.” The moment the calendar flips, the atmosphere changes. Even if your account balance is still stuck in survival mode, December does not ask questions. It simply enters.
Suddenly, everywhere is busy. Traffic that was already bad decides to become personal. Places you’ve never heard of are suddenly “fully booked till next year.” Weddings multiply like loaves and fishes. Office sign-outs turn into mini carnivals. Everybody is wearing matching outfits, taking pictures under fairy lights, and saying things like “December no be by force” while still forcing themselves to attend events they cannot afford.
December is joy with pressure on top.
It is the month where happiness is loud and stress is silent. People are laughing, hugging, spraying money, dancing in videos—while their minds are quietly doing calculations. Transport fare here. New clothes there. Gifts. Contributions. Fuel. Food. “Just small enjoyment.” By the time you add everything together, you begin to wonder if December came with hidden school fees.
And yet, Nigerians will still smile.
Because December also comes with reflection. This is the month that forces you to look back at January plans with honesty. Some goals were achieved. Some were adjusted. Some completely refused to cooperate. You start remembering the version of yourself that entered the year hopeful and ambitious, and you nod slowly like, “You tried.” Not everything worked out, but you survived—and in this country, survival is not a small achievement.
Social media, of course, does not help.
December timelines are not for the weak. Everybody is doing something. Trips. Engagements. New cars. Family photos. “God did.” “What God cannot do does not exist.” If you’re not careful, you’ll start asking unnecessary questions like, “Am I the only one still trying?” Meanwhile, you forget that social media is a highlight reel, not a full documentary. What you see is joy with editing. What you don’t see is effort, debt, exhaustion, and prayer behind the scenes.
Still, December is beautiful in its own chaotic way.
There is generosity in the air. Food moves faster. People share more. Someone always remembers to send something home, host people, or check in. Despite inflation, despite stress, despite everything, Nigerians still find a way to show up for each other. It might not be perfect, but it is heartfelt.
December also exposes life’s layers.
You can be grateful and tired. Excited and anxious. Celebrating and still healing. Ending the year strong in some areas and barely holding on in others. And all of it can exist at the same time. December reminds us that life is not one straight emotion; it’s a mix of laughter, lessons, disappointment, hope, and small wins that don’t always make it online.
Educationally speaking—yes, let’s be serious small—December teaches budgeting like no finance class ever could. You learn the importance of planning, prioritizing, and saying “I’ll pass” without shame. It teaches boundaries. It teaches contentment. It teaches that enjoyment is sweet, but peace of mind is sweeter.
And as the year winds down, maybe the goal isn’t to have everything figured out. Maybe the goal is to rest when you can, laugh when it comes naturally, spend wisely, and carry only what matters into the new year. Not every win needs noise. Not every loss needs explanation. Not every pressure needs your participation.
December will always come with its music, traffic, parties, reflections, and drama. Take what serves you. Leave what doesn’t. Celebrate within your capacity. Reflect without self-judgment. And remember, making it to December is already proof that you did something right.
Another Thursday, another truth. Same time next week, same seat, same vibe, same Chronicles.
You know, in a world where economic curves can throw even the sharpest business minds off balance—think FX swings and those stubborn interest rates—securing your retirement feels more like a strategic boardroom move than a distant dream. Nigeria’s pension scene in 2025?
It’s been a real standout, with the industry clocking an average return of 16.81% across all funds through September. That’s no small feat amid the volatility. For professionals like you, whether you’re calling shots in the C-suite or steering a mid-sized firm, picking the right Pension Fund Administrator (PFA) isn’t just smart; it’s essential for that long-game financial edge.
But here’s the thing: not all PFAs are created equal. Some are dialing up the growth in high-risk buckets, while others play it steady for those nearing retirement. We’re talking about the four main RSA funds here—Fund I for the bold risk-takers, Fund II as the all-rounder, Fund III for moderate plays, and Fund IV keeping things calm for retirees. Overall, Fund I led the pack at 21.52%, but the real story is in the PFAs that balanced it all. I’ve crunched the numbers from January to September 2025, ranking the top 10 by their average returns across these funds. Let’s break it down, starting from the solid contenders and building up to the champions. Who knows, this might spark that “aha” moment for your next portfolio tweak.
10. Veritas Glanvills Pensions Limited
Kicking off our list is Veritas Glanvills, with an average return of 16.79%—just a hair below the industry benchmark, but impressive nonetheless. They’ve shown real grit, especially in Fund I at 22.83% (unit price jumping from N2.4665 to N3.0297). Fund II wasn’t far behind at 16.90%, while Funds III and IV held firm at 14.98% and 12.43%. If you’re an executive eyeing consistent performance without wild swings, this one’s like that reliable advisor who always delivers on quarterly reports. Honestly, in a year marked by market jitters, their approach feels like a breath of fresh air—focused on bonds and equities that weather the storm.
9. OAK Pensions Limited
Tied closely at 16.95% average, OAK Pensions edges in with a nod to smart risk management. Their Fund I hit 22.69% (from N2.3054 to N2.8286), and Fund III surprised with 16.08%—higher than many peers. Funds II and IV? Solid at 16.78% and 12.25%. Picture this: it’s like navigating Lagos traffic during rainy season; you need that mix of patience and quick pivots. OAK’s data-driven bets on fixed income and select stocks paid off, making them a go-to for business owners who value analytics over hype. Ever wondered why some firms thrive while others stall? It’s often that quiet discipline.
8. Stanbic IBTC Pensions Managers Limited
Also at 16.95%, Stanbic IBTC brings banking pedigree to the table, averaging out with a boost from Fund II’s 19.55% (unit price soaring from N7.7191 to N9.2284). Fund I followed at 22.46%, while III and IV stayed conservative at 13.79% and 12.01%. As part of the Stanbic group, they leverage those deep market insights—think global trends filtering into local strategies. For C-suite folks juggling international deals, this PFA feels familiar, like extending your corporate banking relationship into retirement planning. A mild contradiction here: high returns don’t always mean high drama; sometimes it’s just solid execution.
7. Guaranty Trust Pension Managers
Stepping up to 17.06%, Guaranty Trust (now part of the GTCO family) delivers with Fund III leading their charge at 16.58% (from N2.27 to N2.6463). Fund II hit 18.01%, Fund I 20.52%, and Fund IV a respectable 13.13%. They’re the kind of performer that reminds you of a well-oiled supply chain—efficient, scalable in its own way, but without overpromising. If you’re a decision-maker in manufacturing or finance, their tie-ins with GTBank’s ecosystem could streamline things. You know what? In Nigeria’s evolving economy, with AfCFTA opening doors, PFAs like this one position you for cross-border growth without the headaches.
6. Access ARM
At 17.11% average, Access ARM shines with Fund II’s 20.01% (from N7.3445 to N8.8143) and Fund IV’s 14.00%—higher than the category average. Fund I added 19.05%, Fund III 15.40%. It’s a balanced act, much like merging banks in a merger-heavy year; they blend aggression in growth funds with caution elsewhere. For executives in mergers and acquisitions, this mirrors your world—calculated risks yielding rewards. A quick tangent: with Nigeria’s tech boom echoing Silicon Valley vibes, PFAs investing in emerging sectors like fintech could be the next big play, and Access ARM seems tuned in.
5. Leadway Pensure PFA Limited
Hitting 17.17%, Leadway stands out with Fund I at 21.15% (N2.406 to N2.9149) and Fund II at 20.11%. Funds III and IV? 14.82% and 12.60%, keeping the retirees happy. They’re like that insurance giant extending its reach—Leadway’s roots in assurance translate to pension confidence. Business owners, if you’re dealing with employee retention amid talent wars, a strong PFA like this boosts your HR pitch. Rhetorically speaking, isn’t it refreshing when a firm exceeds expectations without fanfare? Their portfolio management screams quiet competence.
4. FCMB Pensions Limited
Now we’re talking serious momentum at 18.81% average. FCMB crushed Fund I with 24.39% (N2.1443 to N2.6672) and Fund II at 21.39%. Fund III added 16.22%, Fund IV 13.23%. It’s the kind of performance that evokes a bull market rally, even in cautious times. For those in retail banking or consumer goods, FCMB’s group synergies—think Lagos’ bustling markets—fuel this edge. Ever feel like the economy’s headwinds are just opportunities in disguise? FCMB’s results suggest yes, especially with their growth-oriented bets paying dividends.
3. Crusader Sterling Pensions Limited
Bronze goes to Crusader Sterling at 19.00%, driven by Fund II’s 20.68% (N9.9250 to N11.9774) and Fund I’s 23.85%. Fund III hit 16.93%, Fund IV 14.56%—one of the best for retirees. They’re like a sterling engine, efficient and enduring, with exposure to assets that outpace inflation. Executives in energy or infrastructure might appreciate their resilience, akin to Nigeria’s push for sustainable power. A subtle digression: as oil prices fluctuate with global shifts, diversifying into pensions like this hedges your personal bets too.
2. Trustfund Pensions Plc
Silver medal for Trustfund at 19.38%, boasting the industry’s highest Fund I return at 28.88% (N2.2506 to N2.9006). Fund II followed at 20.21%, with III and IV at 14.56% and 13.86%. It’s a masterclass in optimizing risk, like a fund manager spotting gems in emerging markets. For corporate strategists, this PFA’s stability in conservative funds while going big on growth is gold. Honestly, in a season where elections loom and policies shift, their adaptability stands out—much like pivoting business models mid-year.
1. Pensions Alliance Limited
Top spot? Pensions Alliance takes it with a whopping 20.83% average—the highest overall. Fund II led at 23.63% (N8.2954 to N10.2555), Fund I close at 28.71%, Fund III 17.56%, and Fund IV 13.41%. They’re the pinnacle, reflecting sharp asset allocation in a tricky landscape. Think of them as the CEO who turns challenges into triumphs. For high-net-worth business owners, this is your match—reliable, high-yield, and aligned with long-term visions. What if your pension could mirror your career highs? Pensions Alliance makes that possible.
Beyond the overall rankings, let’s touch on category standouts, because tailoring to your risk profile matters. In Fund I, Trustfund and Pensions Alliance dominated at 28.88% and 28.71%. Fund II saw Pensions Alliance at 23.63%, FCMB at 21.39%. For Fund III, Pensions Alliance again at 17.56%, Crusader at 16.93%. And retirees, check Nigerian Police Force Pensions at 15.09% in Fund IV—though not in our top 10 overall, it’s a niche winner.
Wrapping this up, these figures underscore why reviewing your PFA annually is crucial, especially with tools like PenCom’s portal for switches. Match your age and tolerance—younger pros might lean Fund I, while veterans stick to IV. In Nigeria’s dynamic economy, with trends like digital banking and green energy rising, the right PFA isn’t just about returns; it’s about peace of mind. Curious about your own setup? It might be time to chat with a financial advisor. After all, your future self will thank you.
