The Organization of the Petroleum Exporting Countries (OPEC) recorded a marginal reduction in crude oil output for the month of November, slipping by 1,000 barrels per day (bpd) to an estimated 28.48 million bpd, according to the group’s latest Monthly Oil Market Report released on Thursday.
The data shows that Venezuela, Iraq and Iran accounted for the most significant output declines, while Saudi Arabia—the group’s leading producer—posted the highest increase in production for the month.
Saudi Arabia boosted its supply by 54,000 bpd, bringing its total production to roughly 10 million bpd. In contrast, Venezuela’s output fell by 27,000 bpd to about 934,000 bpd. Iraq recorded a drop of 21,000 bpd to around 4 million bpd, while Iran’s production slipped by 19,000 bpd to approximately 3.2 million bpd.
However, crude supply from the broader OPEC+ coalition—which includes non-OPEC partners—rose by 43,000 bpd to reach 43.07 million bpd in the same period.
OPEC maintained its forecast for global oil demand growth in 2025 and 2026, projecting a year-on-year rise of 1.3 million bpd, which would bring total global demand to about 105.1 million bpd.
The report indicates that most incremental demand will originate from non-OECD regions, especially Asian economies including China and India, with additional growth anticipated across Africa and the Middle East. Demand within OECD countries is expected to grow modestly by 120,000 bpd to 45.96 million bpd, driven primarily by consumption in OECD Americas, while slight declines are projected in OECD Europe and OECD Asia-Pacific.
For 2026, OPEC anticipates a demand expansion of approximately 1.38 million bpd, pushing overall global demand to around 106.52 million bpd.
The House of Representatives has urged the Federal Government to immediately cut airport-related charges by half and introduce targeted tax incentives for aviation operators as part of measures to ease the financial burden on air travellers during the approaching festive season.
This position followed the adoption of a motion tabled by Rep. Obinna Aguocha (LP–Abia) during Thursday’s plenary session. Presenting the motion, Aguocha raised concerns over the steep increase in air ticket prices nationwide, noting that the situation now affects not only regular commercial passengers but critical services such as air ambulance operations, with implications for human lives.
He warned that the persistent surge in airfare has become a major strain on millions of households across the country. According to him, the Christmas period has historically symbolised reunion, shared memories and communal warmth, but the realities of current economic pressures are threatening this tradition, making domestic travel financially out of reach for many.
Aguocha explained that the rising cost of flying has effectively created a barrier for Nigerians attempting to reconnect with their roots, adding that the strain undermines family unity and diminishes the emotional wellbeing associated with homecoming.
Highlighting the operational challenges confronting airlines—including high JetA1 fuel costs and unstable exchange rates—the lawmaker cautioned that unchecked fare increases cannot be justified by the industry’s pursuit of profit at the expense of national cultural values.
He appealed for a temporary reduction in ticket prices as a demonstration of social responsibility and collective national goodwill. Such a gesture, he argued, would reinforce the principle that travel within the country should be accessible to all Nigerians regardless of economic status.
Aguocha also urged the Federal Government to extend to the aviation industry the same level of support it offered road transport operators last year, stressing that the air transport sector plays a vital role in strengthening national connectivity and facilitating family reunification.
Subsequently, the House issued a call to the Central Bank of Nigeria (CBN) to prioritise the release of foreign exchange to airline operators at concessionary rates. Deputy Speaker Benjamin Kalu directed the House Committee on Aviation to engage the Aviation Minister and relevant airline operators, with a mandate to report back within one week to enable further legislative action.
The Nigerian currency continued its downward trend for the eighth consecutive trading session at the Nigerian Foreign Exchange Market (NFEM) window, weakening further to close at N1,456 to the dollar on Thursday.
Despite the Central Bank of Nigeria’s ongoing interventions, the naira remained under pressure amid increasing foreign payment obligations and a lack of meaningful inflows from key sources such as foreign investors, exporters and large corporate bodies.
Data from the CBN’s daily FX report indicated yet another depreciation of 0.05%, with the official rate settling at ₦1,456.07 per dollar. During the day’s trading cycle, the spot market briefly hit N1,459 per dollar before recovering marginally to close at N1,455.25. The currency also reached an intraday low of N1,453.55 at certain trading windows.
In the parallel market, the naira experienced a sharper decline, with rates sliding to N1,490 per dollar in the informal segment.
Throughout December, the currency has shown persistent instability, with only one trading day recording modest gains. The naira was last quoted at N1,445.3929 on December 2 before beginning the current slide.
Market analysts attribute the continued depreciation to significant dollar demand associated with year-end business activities, reduced investor confidence, and the widening gap between official and informal market supply.
Globally, the naira traded lower following reactions to the United States Federal Reserve’s decision to implement a 25-basis point interest rate cut on Wednesday. The move led to a weaker US dollar across major currencies, with volatility pushing the Dollar Index out of the lower range of its four-day band of 98.75 to 99.30.
U.S. Congressman Riley Moore has announced that he is finalising a comprehensive briefing for President Donald Trump, outlining a coordinated framework for the United States to collaborate with the Nigerian government in curbing alleged targeted killings of Christians across the country.
Moore, in a statement shared via X on Thursday, revealed that the forthcoming report also provides recommendations for assisting Nigeria in confronting the persistent insurgency and extremist attacks in the North-East.
His planned submission to Trump follows a recent visit to Nigeria as part of a congressional delegation, where members of the House Appropriations Committee held strategic discussions with top Nigerian officials, including National Security Adviser Nuhu Ribadu.
During the visit, Moore toured Benue State, where he said he witnessed distressing conditions in Christian communities displaced by violent attacks attributed to Fulani militants operating in the Middle Belt region.
“I just returned from a Congressional delegation to Nigeria with @HouseAppropsGOP. While there, we visited Benue State,” he wrote.
He added that he and his team held engagements with Bishops Anagbe and Dugu, as well as the Tor Tiv, and visited internally displaced persons (IDP) camps that are frequently attacked by what he described as Fulani Islamic extremists.
Moore recounted harrowing testimonies from survivors, including a woman who watched as her five children were murdered during an assault. According to him, the experience was deeply traumatic and unforgettable.
The congressman explained that his report to Trump will lay out a proposed roadmap for strengthening U.S.–Nigeria collaboration aimed at ending the violence and addressing terrorism-related threats in the country’s North-East.
“I am working on a report to @POTUS that will outline a path forward to work with the Nigerian government in a coordinated and cooperative manner to end the slaughter of innocent Christians in the Middle Belt and stop the ongoing terrorist threat in the Northeast,” he said.
His remarks come amid renewed American scrutiny of Nigeria’s security challenges after Trump reinstated Nigeria on the list of “Countries of Particular Concern” for alleged religious persecution in October 2025.
Trump cautioned at the time that sustained attacks could lead to a withdrawal of U.S. assistance.
However, President Bola Tinubu’s administration rejected the designation, insisting that Nigeria’s security crisis is not rooted in religion, while highlighting existing bilateral security initiatives with Washington.
The house of representatives has asked the federal government to slash aviation taxes and airport charges by 50 percent to ease the sharp rise in domestic airfares ahead of the festive season. The resolution was adopted during Thursday’s plenary after a motion by Obi Aguocha, a Labour Party lawmaker from Abia, who described the current cost of air travel as “exorbitant” and burdensome for families hoping to reunite for Christmas.
Aguocha said the festive season, usually a period of joy and connection, is now overshadowed by economic hardship that has made travel unaffordable for many Nigerians. He acknowledged challenges faced by airlines, including high aviation fuel prices and currency volatility, but stressed that pricing decisions must consider national and social consequences. He urged the aviation ministry and relevant agencies to intervene, arguing that reducing airfares would show social responsibility and help preserve cultural traditions.
Other lawmakers supported the motion but disagreed on what is driving the surge in fares. Clement Jimbo of the APC said airline operators should be checked, insisting the rise in prices is unjustified, while Auwalu Gwalabe of the PDP said soaring landing fees and fuel costs require regulatory intervention. Mark Esset of the APC accused airlines of exploiting travellers during festive periods, citing insecurity on the roads as a factor pushing more people toward air travel.
Ngozi Okolie from Delta said better road infrastructure would ease pressure on airlines and help stabilise fares. Jonathan Gaza of the SDP warned against excessive regulation, pointing out that aviation operates within a capitalist system and that most aircraft parts are imported at high cost. Minority leader Kingsley Chinda opposed any form of subsidy, arguing that insecurity on highways is the real driver of increased demand for air travel.
Sada Soli from Katsina said the motion was compassionate but noted that airline subsidies are uncommon globally due to the sector’s high operating costs. Ibrahim Isiaka, deputy minority whip, said reducing airline expenses would provide relief, as operational costs form around 60 percent of their expenditure.
After extensive debate, Deputy Speaker Benjamin Kalu ruled in favour of the amendment calling on the federal government to cut aviation taxes by half during the yuletide. Aviation minister Festus Keyamo had recently attributed high ticket prices to aircraft scarcity and limited maintenance facilities, stressing that the government lacks the power to regulate fares. Obiorah Okonkwo, chairman of United Nigeria Airlines, also urged the national assembly to address multiple taxation, which he says remains a major driver of high airfares.
ECOWAS has approved a new regional policy that will eliminate air transport taxes and reduce major aviation charges across West African countries beginning January 1, 2026. The final decision, announced on Wednesday, follows the adoption of the measure by Heads of State during the December 2024 Summit in Abuja.
The policy is aimed at lowering the cost of flying between member states including Nigeria, Ghana, Senegal, Côte d’Ivoire, Benin, Togo, Sierra Leone, The Gambia, Guinea, Mali, Liberia, Burkina Faso, Cabo Verde and Niger. Under the new regime, all air transport taxes will be scrapped, while passenger service and security charges will be reduced by 25 per cent in line with a Supplementary Act on Aviation Charges, Taxes and Fees.
ECOWAS described the measure as a significant step toward revitalising the region’s aviation sector, noting that high taxes and charges have contributed to making West Africa one of the most expensive regions in the world to fly. Studies by ECOWAS, the African Union, the International Air Transport Association (IATA) and the African Airlines Association (AFRAA) show that passengers in the region sometimes face up to 66 different charges, while airlines pay more than 100 fees. The bloc said the heavy cost burden has suppressed travel demand, weakened local airlines and limited investment in airport facilities, ultimately affecting regional mobility.
The Commission said the new policy is expected to lower ticket prices, increase passenger traffic, strengthen regional airlines and support economic integration across member states. Current fares vary, but a one-way ticket from Abuja to Accra can cost up to N550,000. Although ECOWAS did not confirm the exact reduction to expect, projections contained in the Supplementary Act indicate that ticket prices could fall by as much as 40 per cent once the policy takes effect. The bloc added that the reform aligns with global aviation principles set by the International Civil Aviation Organisation (ICAO) and the Chicago Convention, which encourage transparent and non-discriminatory practices.
ECOWAS said it will monitor the implementation of the policy through a new Regional Air Transport Economic Oversight Mechanism. Member states are required to amend national aviation laws and adjust local regulations to comply with the new regime, while airlines are expected to transfer the reduced charges to passengers. According to the Commission, the measure will boost regional tourism, business travel and trade, stimulate airport activity and support job creation. It said the reform will also help strengthen West African airlines, improve connectivity and advance ongoing regional initiatives such as shared aircraft maintenance facilities and harmonised safety standards.
The Federal Government has approved a full overhaul of navigational and communication systems across airports in the country. The goal is to improve air safety, modernise aviation infrastructure, and make passenger movement more efficient.
The Minister of Aviation and Aerospace Development, Festus Keyamo, announced the approvals on Wednesday while briefing State House Correspondents after the Federal Executive Council meeting chaired by President Bola Ahmed Tinubu at the Presidential Villa in Abuja.
Keyamo said the Council approved the extension of the China Civil Engineering Construction Corporation maintenance contract for the new terminal at Malam Aminu Kano International Airport. He added that several major aviation projects also received the council’s approval.
The new upgrades include the installation of Advanced Surface Movement Guidance and Control Systems in Lagos and Abuja to improve the detection of runway obstructions. Eight airports will receive modular air traffic control towers. The government will deploy an aeronautical frequency monitoring and interference detection system, while nine airports will get new Very High Frequency radio communication systems.
Keyamo explained that the aeronautical frequency monitoring system will improve communication between ground personnel, air traffic controllers, and pilots during flight operations. He listed Lagos, Port Harcourt, Ilorin, Abuja, Kano, Maiduguri, Sokoto, and Wukari as airports that will benefit from the radio communication upgrade.
He also announced that the President has approved the deployment of biometric electronic gates at all international airports to reduce delays and speed up passenger processing.
Keyamo said the series of upgrades reflect the President’s directive to modernise aviation facilities and make Nigerian air travel safer and more efficient.
In a separate development, the International Air Transport Association reported that air passengers across the world paid about 60.4 billion dollars in taxes and charges in 2024. According to the association, these charges were added to ticket prices and remitted to governments by airlines.
Meanwhile, flight tickets from Lagos, Abuja, and other major cities to destinations in the South South and South East have risen sharply in recent weeks. Routes such as Asaba, Enugu, Port Harcourt, Benin, Imo, Anambra, Ebonyi, and Akwa Ibom are currently recording high fares across domestic airlines.
The National Bureau of Statistics (NBS) has disclosed that the average cost of refilling a 5kg cylinder of Liquefied Petroleum Gas (LPG) climbed to N8,081.75 in October, up from the N6,395.82 recorded in September.
These figures, contained in the Bureau’s October edition of the “Cooking Gas Price Watch” released on Thursday in Abuja, represent a month-on-month price surge of 26.36 percent.
The NBS also reported a 16.86 percent year-on-year increase, reflecting a rise from the N6,915.69 average cost recorded in October 2024.
On a state-by-state breakdown, Borno posted the highest average price at N8,376.44, followed closely by Yobe at N8,357.98 and Ondo at N8,340.30.
Conversely, Bauchi recorded the lowest average price of N7,051.54, while Ebonyi and Akwa Ibom states followed with N7,744.99 and N7,806.31, respectively.
Regional analysis showed that the North-West had the highest average retail cost for 5kg LPG at N8,188.55, with the North-Central region trailing slightly at N8,153.21. The South-South posted the lowest average price at N7,956.61.
The NBS report also highlighted significant increases in the price of refilling a 12.5kg cylinder, which rose from N16,155.09 in September to N18,636.77 in October — an increase of 15.36 percent month-on-month.
On a yearly basis, the average price for 12.5kg LPG rose by 11.37 percent from N16,734.55 recorded in October 2024.
Borno again ranked highest for the 12.5kg refill price at N19,391.57, followed by Yobe at N19,339.51 and Ondo at N19,289.65. Ebonyi recorded the lowest average at N17,610.88, with Akwa Ibom and Anambra following at N17,783.79.
Zonal analysis revealed that the North-East recorded the highest average price for a 12.5kg refill at N18,953.86, while the South-South posted the lowest rate at N18,207.65.
Prices have remained elevated since the PENGASSAN strike in September, which triggered a sharp rise from N1,100 per kg to as high as N1,800 per kg at several retail outlets.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, attributed the sharp increase to the industrial action at the Dangote Refinery, adding that maintenance activities at the Nigeria LNG Train 4 facility also contributed to the disruption.
The Peoples Democratic Party (PDP) has formally announced the death of Bayelsa State Deputy Governor, Lawrence Oboraw-Harievwo Ewhrudjakpo, who passed away on Thursday. Earlier reports of his collapse had created intense concern across the state before the party issued an official confirmation late Thursday night.
In a statement released by National Publicity Secretary Ini Ememobong, on behalf of the Tanimu Turaki-led National Working Committee, the PDP described the development as a devastating loss.
The Bayelsa State government has yet to issue its own statement regarding the deputy governor’s passing.
The PDP described Ewhrudjakpo as a steadfast and loyal party figure whose demise had cast a shadow of grief across its national and state structures, particularly among members in Bayelsa.
The statement read in part: “The Peoples Democratic Party (PDP) has received with deep shock the news of the passing of the Deputy Governor of Bayelsa State and a trusted, faithful party man, His Excellency Senator Lawrence Oborawharievwo Ewhrudjakpo, who reportedly collapsed and died earlier today.”
The party praised the late deputy governor as a principled leader guided by conviction, integrity, and strong character — values he upheld consistently until his final moments.
It conveyed condolences to the government and people of Bayelsa State and prayed for the repose of his soul.
Ewhrudjakpo served as Deputy Governor under Governor Douye Diri from 2020 until his death. He was first selected as Diri’s running mate in the 2019 governorship election and was retained when they were reelected in 2023.
His absence during Governor Diri’s recent defection to the All Progressives Congress (APC) had raised questions. At the time, Diri emphasised that he would not pressure the deputy governor to join him in the ruling party, noting that ongoing dialogue would continue.
Prior to his death, Ewhrudjakpo had approached the Federal High Court in Abuja seeking an order restraining the Bayelsa State House of Assembly from pursuing an alleged impeachment plot linked to his refusal to defect from the PDP.
There are months when the market feels like it’s drifting through calm waters, barely making a ripple. And then there are months—like November 2025—when everything seems to shake at once. The Nigerian equities market lost altitude, no doubt about that, posting a 6.88% decline and breaking a seven-month stretch of upward momentum. The All-Share Index slid from 154,126.5 to 143,520.5 points, pushing the market’s total value from N97.8 trillion down to N91.28 trillion. It wasn’t a pretty sight.
Yet markets behave in curious ways. Even in seasons of red candles and uneasy sentiment, a handful of companies quietly write a different story. They push ahead, almost stubbornly, sustained by fundamentals, liquidity, sentiment, or sometimes, plain-old market psychology.
This feature walks through the top performers—one by one—but with a broader lens: what their movements say about investor behaviour, sector patterns, and Nigeria’s ever-evolving corporate landscape. Let’s get right into it.
10. Jaiz Bank (3.33%): A Quiet, Steady Climb
Jaiz Bank didn’t roar; it paced itself. The stock opened the month at N4.50 and edged up to N4.65, delivering a calm 3.33% rise. It’s the kind of performance you might overlook if you’re hunting for fireworks, but sometimes consistency says more about a company’s internal engine than the month-by-month swings.
What helped? Strong third-quarter numbers certainly soothed nerves. With profit before tax hitting N8.5 billion and nine-month profit reaching N23.2 billion—up 26.19% year-on-year—investors saw enough to keep the faith. Revenue from financing and investments also climbed sharply. In a month when the market seemed rattled, Jaiz’s return of 56.7% year-to-date felt like a reassuring whisper: stability is still possible.
9. Aso Savings and Loans (3.88%): Back From the Shadows
If November had a comeback narrative, Aso Savings and Loans would be in the running. After the NGX lifted a long-standing trading suspension in late October, interest surged. Although the equity stumbled in the first week—dropping below N1—it bounced back with surprising energy, ending the month at N1.07.
A 3.88% gain may look tame, but when you remember the stock had posted 106% in October, you begin to see the story differently. Investors were still calibrating sentiment, and the volatility reflected a marketplace trying to rediscover confidence in a stock that disappeared from the charts for over eight years. Year-to-date, the stock sits at a hefty 114%, making its renaissance one of the more unusual plot twists on the exchange.
8. Legend Internet (6.46%): Dividend-Fueled Revival
Legend Internet found its footing again after four straight months of decline. Shares began at N5.26 and recovered to N5.60, lifted partly by a dividend declaration that acted like a signal flare in a foggy market.
The company’s distribution of 6 kobo per share—84% payout ratio—sent the message that management remained confident about its cash position. And confidence, especially in technology-focused companies on the NGX, often carries weight. The stock isn’t quite back at its April 2024 listing price of N6.20, but it’s close enough that traders can sense a possible reset forming.
Agriculture doesn’t always command headlines, yet Ellah Lakes managed to capture attention with a 6.95% rise. Starting at N12.95 and closing at N13.85, the company recorded steady gains across most weeks of November.
A big part of the enthusiasm came from its public offer extension to December 19, 2025—a sign of strong subscription interest. The company’s shift toward palm oil and cassava operations also appeared to strengthen its revenue base. And with a year-to-date performance of 333%, you can hardly blame investors who treat Ellah Lakes as one of the few bright lights in agriculture-focused listed companies.
6. eTranzact International (13.78%): Riding the Payments Wave
The payments ecosystem in Nigeria tends to reward agility, and eTranzact showed plenty of that in November. The stock rose from N12.35 to N14.05—a 13.78% boost—backed by strong earnings and efficiency gains.
Earnings per share rose from N0.24 to N0.37, and the company declared a final dividend, which often helps investors stay patient during market turbulence. Digital payments remain one of Nigeria’s fastest-growing subsectors, driven by large-scale retail activity, fintech expansion, and shifting consumer preferences. With a 115% year-to-date return, eTranzact continues to show it understands the terrain.
5. UACN (18.65%): A Conglomerate Reimagining Itself
UACN’s November almost looked like two different months stitched together. Early on, shares nearly fell below N60. But once traders caught wind of the company’s acquisition of CHI Limited from Coca-Cola—valued at N19.2 billion—the tide turned fast.
By the month’s close, the stock had surged to N78.90, securing an 18.65% leap.
The acquisition, now approved by the FCCPC, places CHI’s major juice and dairy brands under the UACN umbrella. It’s a strategic move with long-term implications: expanded product lines, deeper distribution networks, and more negotiating power with retailers. Unsurprisingly, the stock has soared 207.79% year-to-date. Investors love a conglomerate with a clear growth map.
4. University Press (19.05%): Stability in an Unlikely Corner
Publishing stocks rarely generate buzz, yet University Press delivered a surprisingly strong 19.05% gain. From N5.04 to N6.00, the stock pushed against three months of declines.
The biggest lift came mid-month when the stock posted a 17% rise in one week. Revenue for the quarter rose modestly to N2.4 billion, driven largely by performance in southwestern Nigeria—an encouraging sign that demand for educational materials remains resilient in a digital-leaning world.
Year-to-date returns stand at 55.84%, proving that even traditional sectors can find momentum when fundamentals stay firm.
3. Eunisell Interlinked (37.29%): Oil and Gas Demand Reshaping Strategy
Eunisell Interlinked continued a remarkable nine-month upward run with a 37.29% gain in November. Starting at N59 and closing at N81, the stock’s climb reflected strong investor confidence in its repositioning toward oil and gas services.
Revenue for the year ending September rose 23.4%, driven by the company’s pivot away from power-related products. With 83.7% of revenue now sourced from oil and gas services, the company appears to have found a segment where demand remains strong and relatively predictable. The result? A massive year-to-date return of 306.85%.
2. Ikeja Hotel (60.90%): A Hospitality Surge
Few expected hospitality to deliver one of the month’s biggest surprises, but Ikeja Hotel recorded an extraordinary 60.90% rise. The stock hit N30.25 after opening at N18.80—a psychological milestone for traders who watched it flirt with that level for months.
The real acceleration came in the last two weeks, with a 45% jump driven by strong nine-month results: N18.5 billion in revenue and N7.3 billion in pretax earnings. With Nigeria’s domestic travel and events sector rebounding, hotel operators are finally tasting the recovery they waited years to see. Ikeja Hotel now sits at a 176.44% year-to-date gain.
1. NCR (Nigeria) (241.56%): A Blistering Performance at the Top
NCR Nigeria wasn’t just the best performer—it was in a league of its own. The stock jumped from N16.00 to N54.65, rising 241.56% in a single month. Every week posted gains, with the third week delivering a stunning leap of over 60%.
The catalyst? A dramatic reversal in financial performance. The company swung from a pretax loss of N2.6 billion in 2024 to a pretax profit of N237.9 million in 2025, thanks largely to aggressive cost control—especially the reduction of administrative expenses tied to currency losses.
With a 1,354% year-to-date return, NCR has become one of the most astonishing equity stories in the Nigerian market—an example of how balance sheet repair can change a company’s destiny almost overnight.
The Publisher of BizWatch Nigeria, Mr John Ehiguese, has been honoured with the Publicity Entrepreneur of the Year Award at the 2025 Annual Workshop of the Congress of Nigerian Maritime Media Practitioners (CONMMEP), held on Wednesday at Rockview Hotel, Apapa, Lagos.
The award presentation formed part of the highlights of the second edition of the CONMMEP Annual Workshop themed “Empowering Host Communities through Strategic Partnerships.”
The event brought together key maritime stakeholders, media practitioners, policymakers, and community representatives to deliberate on strengthening partnerships for inclusive growth in the maritime sector.
In his keynote speech, the President of CONMMEP, Charles UdoChukwu Onyeka, emphasised the importance of collaboration in driving sustainable development within host communities. He also announced a major organisational milestone, the launch of CONMMEP’s new quarterly publication, Eagle Dispatch Magazine, designed to enhance industry knowledge-sharing and amplify maritime advocacy.
Onyeka further appealed for stakeholder support in areas such as a dedicated CONMMEP Secretariat, sponsorship, and technological empowerment to deepen media interventions across the maritime value chain.
The workshop also featured goodwill messages, panel discussions, and the unveiling of CONMMEP’s strategic plans for 2025. Distinguished guests in attendance included the Royal Father of the Day, the Olu of Iwa and Apapa Kingdom, members of the Lagos State House of Assembly, maritime executives, and civil society partners.
The event concluded with a renewed call for stronger partnerships to ensure that maritime host communities receive equitable benefits from sectoral growth.
PalmPay, Nigeria’s leading digital banking platform, has renewed its commitment to deepening financial inclusion across the country. At the CeBIH Annual Conference 2025, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” PalmPay’s Managing Director, Chika Nwosu, urged industry players to deepen financial inclusion by embracing community-aligned solutions and customer-centric innovations that can better serve Nigeria’s underserved and unbanked populations.
Speaking during a panel session titled “Social Inclusion, A Veritable Tool for Financial Inclusion,” Chika Nwosu joined other industry leaders to share insights on strengthening participation among women, rural dwellers, low-income earners, and other financially excluded groups.
Chika Nwosu highlighted PalmPay’s commitment to inclusive finance through its 500,000-strong agent network, which enables seamless cash-in/cash-out services for unbanked users across Nigeria. He also emphasised the importance of PalmPay’s USSD platform, 861#, which allows users with basic phones or limited internet access to perform essential financial transactions.
“Financial inclusion goes beyond access; it must be equitable and tailored to real-life needs,” Chika Nwosu said. He shared how PalmPay leverages behavioural insights to design impactful services, including affordable health insurance, reliable bill payments, merchant solutions, and automated savings features that support financial discipline among users.
L-R: Chika Reginald Nwosu, Managing Director, PalmPay; Tunde Ogundipe, Co-Founder & Chief Executive Officer, E-Doc Online; Emezino Afigbe,Head, Gender Center for Excellence, Enhancing Financial Innovation and Access (EFInA); Ronke Kuye, CeBIH Advisory Council; Dr. Badamasi Lawal, CEO National Social Investment Program; Uche Uzoebo, Chief Executive Officer, Shared Agent Network Expansion Facilities (SANEF); Dominic Wadongo, Chief Risk Officer, SmartCash Payment Service Bank, Nigeria, at the CeBIH Annual Conference on Tuesday, 2nd December, 2025.
The session further examined the role of grassroots agents and community touchpoints in driving last-mile adoption. Chika Nwosu noted that PalmPay’s widespread community presence continues to build trust and encourage excluded populations to embrace digital financial tools.
The session was moderated by Ronke Kuye of the CeBIH Advisory Council and featured representatives from E-Doc Online, SmartCash Payment Service Bank, SANEF, and EFINA.
PalmPay reaffirmed its commitment to driving accessible, secure, and inclusive financial services for all Nigerians.
PalmPay, Nigeria’s leading digital banking platform, and Jumia, a leading e-commerce platform, are partnering to make this year’s Black Friday shopping experience more rewarding for shoppers from November 7th to December 1st.
Since the campaign, themed “Shop Smart, Earn Big!”, began, shoppers have been rewarded with cashback on their purchases by shopping on Jumia and paying with PalmPay.
With the campaign in its last week, more customers are to be rewarded by spending between ₦5,000 and ₦20,000 to receive ₦1,000 cashback, while those who spend ₦20,000 or more will receive ₦2,000 cashback.
This exclusive offer is open to the first 300 shoppers each day, running every Wednesday to Friday until December 1st, 2025.
How to Participate:
Visit Jumia and add your favourite items to your cart.
At checkout, select PalmPay as your payment method.
Complete your payment and enjoy instant cashback directly into your PalmPay account.
The yield on the U.S. 10-year Treasury note slipped to nearly 4.12% after the Federal Reserve implemented its final 25 basis point rate cut of 2025, marking the third consecutive dovish decision of the year.
Bond markets strengthened as investors recalibrated their expectations for monetary policy in 2026. Chair Jerome Powell’s acknowledgement of weakening labour conditions triggered fresh demand for treasuries, reversing an early selloff and contributing to a steeper yield curve.
With the Fed adopting a less hawkish tone than traders anticipated, market pricing now reflects expectations of two additional rate cuts in 2026. The central bank also announced it would begin purchasing short-term Treasury bills from December 12, starting with a $40 billion injection to bolster liquidity.
Updated projections released by the Fed indicate stronger growth ahead. The U.S. economy is now forecast to expand by 2.3% in 2026 — up from September’s estimate of 1.8% — with growth stabilizing at 2% in 2027. Inflation expectations were revised downward to 2.5% in 2025 and 2.4% in 2026, still above the 2% target.
The central bank confirmed that elevated T-bill purchases will continue for several months before tapering gradually.
In currency markets, the U.S. dollar weakened against major peers during the New York trading session following the rate decision, reflecting shifting investor sentiment.
The U.S. Federal Reserve concluded its final policy meeting of 2025 with another adjustment to monetary conditions, cutting the federal funds rate by 25 basis points and setting the target band at 3.50%–3.75%.
In a statement following the announcement, the Federal Open Market Committee (FOMC) noted that while economic activity continues to grow at a moderate pace, the labour market has cooled. Job creation slowed through the year, and unemployment ticked higher by September, with recent data reinforcing this trend. The Fed acknowledged that inflation, though elevated, has risen modestly in recent months.
The committee reiterated its commitment to achieving maximum employment and long-term inflation of 2%. However, it cautioned that uncertainty surrounding the economic outlook remains significant, highlighting increased downside risks to the labour market.
With this shift in balance, policymakers opted for a 0.25% reduction in the benchmark rate. The FOMC emphasised that subsequent policy moves will be guided by evolving economic data, risk assessments, and inflation expectations. The statement reaffirmed that the Fed remains dedicated to returning inflation to its 2% target while supporting employment.
Officials also signalled readiness to adjust policy further if emerging risks threaten economic stability. Evaluations will continue to account for labour market conditions, inflation indicators, and global financial developments.
The Fed added that reserve balances have reached what it considers adequate levels and announced the initiation of shorter-term Treasury security purchases to sustain liquidity as needed.
Voting in favour of the decision were Chair Jerome Powell and eight other members including Williams, Barr, Bowman, Collins, Cook, Jefferson, Musalem, and Waller. Three members dissented: Stephen Miran, who supported a deeper cut of 50 basis points, and Austan Goolsbee and Jeffrey Schmid, who favoured no change.
Welcome back, my people! Another Thursday is here again, and as usual, Nigeria has refused to give anybody a break. But don’t worry, this Chronicle is not about fuel price, NEPA, or one senator saying what he shouldn’t say. Today, we are entering the bathroom. Yes, the place where peace, reflection, and unnecessary overthinking happen simultaneously.
Now, something has been trending quietly in conversations, health talks, and even on TikTok: the rule of bathing from your legs upward. At first, I thought it was one of those random wellness trends, like drinking warm lemon water at 5 a.m. to “reset your system” or eating ginger like you’re fighting for a belt title. But after reading, listening, and observing, I realized there’s actually some sense, and humor, in this whole “start from your legs first” matter.
You know Nigerians, we don’t joke with bathing. Bath time is a full ritual. Whether you’re using shower, bucket, or sachet water that now costs more than pure water should cost, you will still bathe with dignity. But most of us have a natural routine: pour water on the head first like you’re baptizing yourself, let everything soak, and then continue the journey downward. Meanwhile, health experts somewhere are shaking their heads like, “No, dear. That is not how the human body works.”
Apparently, the body has its own preferences, imagine! They say starting from your legs upward improves circulation, helps your nerves adjust slowly to water temperature, and reduces the risk of sudden shock to the system. In simple Nigerian English: start from your legs, so your body will not cause confusion for you.
Think about it, that shocking moment when cold water hits your chest or back without warning. You’re there jumping up and down like a faulty generator. Your ancestors are watching like, “Who sent this child?” But starting from your legs? Ah, the process becomes smooth. It’s like greeting the body politely before disturbing it with full water.
Even warm water behaves somehow. If you pour warm water suddenly on your upper body, your chest will give one small “gbim” like it’s reminding you that you have responsibilities. But warming the body from the legs up helps it adjust gently. It’s basically telling your cardiovascular system, “Relax, I’m not here to fight.”
And then there’s the sensory part. The nerve endings in the legs help send signals upward, preparing your whole body to receive water. So if you’ve ever wondered why some people come out of the bathroom looking refreshed and ready to take over the world, maybe their secret is not expensive soap, maybe they’re just following bathroom protocol.
But let’s be honest: some Nigerians bathe as if they are fighting generational curses. They will start with the head, scrub like they’re on assignment, and by the time they reach the legs, half of the bathroom water has already disappeared into destiny. Meanwhile, others bathe like they are performing slow-motion music video scenes; pouring water gently, humming, thinking about life choices, reevaluating relationships, calculating bills, and even planning escape routes from Nigeria.
Yet, no matter your style, the bathroom will humble you. That moment when soap enters your eye and you suddenly start confessing sins you did not commit. Or when you hear a sound outside and you freeze like, “If this is NEPA bringing light, let me hurry!” Bathing in Nigeria is an extreme sport.
Still, this whole leg-up bathing method is not only scientific; it’s quite symbolic. It teaches patience, gentleness, and starting from the foundation. In life, like in bathing, starting small is not a downgrade; it’s preparation. You don’t pour cold water on your dreams; you build from the ground up.
So next time you enter the bathroom, before you rush to baptize your head, remember your body is not a generator you’re trying to jumpstart. Start from the legs. Your heart will thank you. Your nerves will thank you. Even your ancestors might nod in approval.
At the end of the day, whether you bathe like a calm river or like a warrior preparing for battle, make sure you’re taking care of yourself. Nigeria is already stressful; the least you can do is let your bathroom time be peaceful and healthy.
And that’s today’s Thursday Chronicle, my people. Same time, same vibe, same premium gist next week. Stay clean, stay healthy, and for the love of everything good, start from your legs.
The African Eurobond segment staged a notable recovery, reversing two consecutive sessions of profit-taking after the U.S. Federal Reserve lowered interest rates by another 25 basis points, marking its third straight cut and placing the benchmark band at 3.50%–3.75%.
With returns on U.S. dollar-denominated fixed-income assets becoming increasingly attractive relative to U.S. Treasuries, global portfolio managers intensified their hunt for higher yields across African sovereign debt. Issuers with significant oil exposure — including Nigeria, Angola, and Ghana — alongside Egypt, emerged as key destinations for foreign inflows.
Analysts noted that the renewed appetite was driven by the widening yield premium created by the Fed’s sustained dovish tone, which investors expect may extend well into 2026. However, U.S. policymakers simultaneously indicated that future easing would pause until clearer signals emerge from the labour market and inflation trajectory.
Market participants positioned early ahead of the FOMC announcement. Shorter-duration bonds softened, while intermediate and long-dated papers strengthened, resulting in a mild uptick in average benchmark yields.
According to AIICO Capital Limited, the improved trading sentiment led to yield compression across most African sovereign curves, pushing prices upward for several maturities.
Fixed income specialists reported that Nigerian Eurobonds maturing in 2032 and 2047 remained flat. In contrast, the 2027 paper saw its yield increase by 8 basis points to settle at 5.88%. As a result, Nigeria’s average sovereign yield declined by 1 basis point to 7.35%, with traders expecting upward movement in the short term following the reduction in U.S. borrowing costs.
Meanwhile, U.S. Treasury yields retreated after the Fed’s well-anticipated move. The 10-year benchmark slid to roughly 4.12%, marking its second consecutive decline as markets shifted focus back to incoming economic data.
The countdown to the 2025 Africa Cup of Nations in Morocco has intensified as the competition prepares to make history as the first AFCON edition scheduled across the Christmas and New Year period. The tournament will open on December 21 with hosts Morocco taking on Comoros at the Prince Moulay Abdellah Stadium in Rabat at 19:00 GMT. The final will be played on January 18, 2026.
Nigeria have been placed in Group C, where they will face Tunisia, Tanzania and Uganda. Below is a comprehensive preview of the Super Eagles and the three nations they will encounter in the group stage.
NIGERIA
Fixtures: Dec 23 vs Tanzania, Fes (1200) Dec 27 vs Tunisia, Fes (1200) Dec 30 vs Uganda, Fes (1700)
Top Scorers: Ademola Lookman, Victor Osimhen – 2 goals each Captain: Wilfred Ndidi Head Coach: Eric Chelle (Côte d’Ivoire) CAF Ranking: 5 FIFA Ranking: 38 Previous Appearances: 20 Best Finish: Champions – 1980, 1994, 2013 Highest Goals Scored in a Match: DR Congo 4–2 (1976), Burkina Faso 4–2 (1978), Tunisia 4–2 (2000), South Africa 4–0 (2004), Mali 4–1 (2013) Most Conceded in a Match: Egypt 6–3 (1963) Nickname: Super Eagles
TUNISIA
Fixtures: Dec 23 vs Uganda, Rabat (1430) Dec 27 vs Nigeria, Fes (1200) Dec 30 vs Tanzania, Rabat (1700)
Top Scorer: Ali Abdi – 2 goals Captain: Ferjani Sassi Head Coach: Sami Trabelsi CAF Ranking: 6 FIFA Ranking: 40 Previous Appearances: 21 Best Finish: Champions – 2004 Highest Goals Scored in a Match: Ethiopia 4–0 (1965), Zambia 4–2 (1996), Zambia 4–1 (2006), Zimbabwe 4–2 (2017), Mauritania 4–0 (2022) Most Conceded in a Match: Ethiopia 2–4 (1962, 1963), Nigeria 2–4 (2000) Nickname: Carthage Eagles
TANZANIA
Fixtures: Dec 23 vs Nigeria, Fes (1200) Dec 27 vs Uganda, Rabat (1430) Dec 30 vs Tunisia, Rabat (1700)
Qualifying Campaign: Group H Runners-Up
Match Results: DR Congo 2–0 (home), 1–0 (away) Guinea 1–0 (home), 2–1 (away) Ethiopia 0–0 (away), 2–0 (home)
Top Scorers: Simon Msuva, Feisal Salum – 2 goals each Captain: Mbwana Samatta Head Coach: Miguel Gamondi (Argentina) CAF Ranking: 27 FIFA Ranking: 112 Previous Appearances: 3 Best Finish: Never progressed beyond group stage Highest Goals in a Match: Kenya 3–2 (2019) Most Conceded in a Match: 3 goals (Kenya, Algeria in 2019; Morocco in 2024) Nickname: Taifa Stars
UGANDA
Fixtures: Dec 23 vs Tunisia, Rabat (1430) Dec 27 vs Tanzania, Rabat (1430) Dec 30 vs Nigeria, Fes (1700)
Qualifying Campaign: Group K Runners-Up
Match Results: South Africa 2–0 (home), 2–2 (away) Congo Brazzaville 2–0 (home), 1–0 (away) South Sudan 1–0 (home), 2–1 (away)
Top Scorer: Denis Omedi – 2 goals Captain: Khalid Aucho Head Coach: Paul Put (Belgium) CAF Ranking: 17 FIFA Ranking: 85 Previous Appearances: 7 Best Finish: Runners-Up – 1978 Highest Goals in a Match: Congo 3–1, Morocco 3–0 (1978) Most Conceded in a Match: Algeria 4–0 (1968) Nickname: Cranes
GROUP C HEAD-TO-HEAD HISTORY
Nigeria vs Tanzania: 1980: Group A – Nigeria 3, Tanzania 1
Tunisia vs Uganda: 1962: Third Place – Tunisia 3, Uganda 0 1978: Group B – Tunisia 3, Uganda 1
Nigeria vs Tunisia: 1978: Third Place – Nigeria 2, Tunisia 0 2000: Group D – Nigeria 4, Tunisia 2 2004: Semi-Final – Nigeria 1, Tunisia 1 (Tunisia won 5–3 on pens) 2006: Quarter-Final – Nigeria 1, Tunisia 1 (Nigeria won 6–5 on pens) 2019: Third Place – Nigeria 1, Tunisia 0 2022: Last 16 – Tunisia 1, Nigeria 0
Uganda vs Nigeria: 1978: Semi-Final – Uganda 2, Nigeria 1
First Meetings: Uganda vs Tanzania Tanzania vs Tunisia
An economist and founder of Captworld, Abiodun Olusola, has provided clarity on the implications of the Federal Government’s revised tax framework, saying the new system offers significant reliefs for micro and small enterprises that comply with regulatory requirements.
In a post titled “The New Tax Is Not a Problem for Smart Small Businesses on his Facebook handle, Olusola explained that the reforms are designed to ease operational pressures on smaller firms while improving transparency in the tax system.
According to him, businesses with annual turnover of ₦50 million and below are exempt from Company Income Tax (CIT), Capital Gains Tax (CGT) and the newly introduced Development Levy. He noted that the exemptions are intended to allow micro-enterprises retain more profit for reinvestment.
Despite the reliefs, Olusola said business owners must still register with the Corporate Affairs Commission (CAC), obtain a Tax Identification Number (TIN) and keep proper financial records or risk penalties.
Olusola noted that while Value Added Tax stays at 7.5 per cent, only businesses earning above ₦25 million annually are required to charge and remit VAT. Those below the threshold neither collect nor remit VAT.
He added that essential items including foodstuff, basic medical supplies, educational materials and essential household goods remain VAT-exempt even for firms operating above the ₦25 million turnover level.
The economist stressed the importance of proper documentation, stating that businesses must maintain verifiable records covering sales, expenses, profit, staff salaries, inventory and all transactions. Without adequate documentation, he warned, exemptions may not be recognised.
Under the revised law, VAT paid on equipment such as computers, machinery and work tools can be claimed back as input VAT, provided the business is properly registered. Olusola described this as an incentive that reduces operational cost and supports expansion.
Olusola said the government expects small businesses to channel tax savings into operational upgrades, staff recruitment and expansion, in line with its broader economic reform agenda.
He pointed out that individuals earning below ₦800,000 yearly are now exempt from personal income tax, while higher earnings fall under new progressive tax bands.
Digital income from platforms such as TikTok, Facebook, YouTube, freelance services and online product sales — is now taxable and must be declared, he added.
Micro-enterprises in cash-heavy sectors including POS operators, food vendors, petty traders, fashion businesses and beauty service providers should expect increased digital monitoring aimed at reducing tax evasion.
He noted that penalties for non-compliance have been increased, with measures such as higher fines, faster enforcement and potential bank account restrictions for repeated default.
The financial literacy advocate added that the shift to fully digital tax filing is expected to make the process quicker, cheaper and more transparent, reducing reliance on middlemen.
The Economist maintained that the new regime, though stringent on compliance, presents substantial benefits for small businesses that keep accurate records and operate formally.
The Federal Executive Council (FEC) has approved the design and construction of a new headquarters for the Bank of Industry (BoI) at Eko Atlantic City, Lagos, signaling a major step in the government’s plan to strengthen Nigeria’s industrial and financial infrastructure.
Minister of State for Industry, Trade and Investment, Senator John Enoh, announced the approval on Wednesday after the FEC meeting presided over by President Bola Tinubu in Abuja. He said the council considered five key memoranda, three focused on industrial development and two on trade and investment.
Enoh confirmed that the BoI project received formal approval, with the new headquarters set to serve as a central hub for financing industrial growth, small and medium-scale enterprises, and export-oriented manufacturing. As part of broader industrial reforms, the council also approved the purchase of 200 electric buses for the National Automotive Design and Development Council (NADDC) at a cost of N58 billion, a move aimed at strengthening Nigeria’s automotive ecosystem while promoting cleaner energy solutions.
The council further approved the Nigeria Industrial Policy 2025, which Enoh described as a critical framework to guide industrial growth and development. He noted that the absence of an updated industrial policy had previously hindered engagement with international partners and donors. On trade and investment matters, the FEC approved the construction of internal and access roads within the Lekki Medical Tourism Park in Lagos and confirmed that Nigeria has been selected to host the Intra-African Trade Fair, with the Lagos Creative and Cultural Centre designated as the main venue.
Enoh said hosting the trade fair strengthens Nigeria’s strategic position within the African Continental Free Trade Area (AfCFTA) and complements ongoing industrialisation programmes in collaboration with the United Nations Industrial Development Organisation (UNIDO). Last week, the FEC approved the 2026–2028 Medium-Term Expenditure Framework, projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion from government-owned enterprises.
