Telecommunication company MTN Nigeria Plc and Tier-1 names like Zenith Bank and GTCO were among other decliners that plunged the Nigerian Exchange market capitalisation downward during the early trading session on Friday.
The market index experienced a sharp intraday decline due to profit-taking activities that have persisted amidst earnings releases and interim dividend announcements. Investor sentiment has weakened amidst Broadstreet discussion on the extent of the looming market correction after a monster rally that lasted for almost one month.
At midday, the NGX All Share Index witnessed a bearish trend, Alpha Morgan Capital Limited said in an emailed note, reflecting a loss of -0.44%. Stockbrokers said this decline was mainly influenced by sell-offs in some mid- to high-capitalized stocks, led by a lightweight insurance name with minimal influence on market direction.
On the losers charts are MANSARD (-8.21%), AIICO (-5.25%), STERLINGNG (-5.19%), MTNN (-3.26%), UCAP (-1.03%), FCMB (-0.90%), INTBREW (-0.77%), ZENITHBANK (-0.28%), and GTCO (-0.21%), among others.
The United Nations Development Programme (UNDP) and the Rural Electrification Agency (REA) have signed a strategic agreement to speed up Nigeria’s clean energy transition, boost innovation, and train a new generation of renewable energy professionals.
Announcing the partnership on Friday, the REA said the Abuja signing ceremony established five focus areas: energising education and innovation, scaling skills development, supporting state-level policy reforms, unlocking innovative financing, and advancing research and public engagement.
REA Managing Director, Abba Aliyu, described the deal as a “game-changer” for Nigeria’s renewable energy ambitions, adding that it would expand local manufacturing, strengthen investment, and reduce governance costs.
UNDP Resident Representative, Ms. Elsie G. Attafuah, said the collaboration would go beyond powering communities to “igniting their full potential” through clean energy access, youth empowerment, and job creation. She highlighted opportunities to process Nigeria’s resources, such as lithium, into renewable energy products, and embed innovation in learning institutions.
Under the deal, UNDP’s University Innovation Pods and Maker Spaces will be integrated into REA’s Energising Education Programme to transform universities and teaching hospitals into innovation hubs. The initiative will also scale REA’s NEXTGEN programme to train clean energy professionals, support states in implementing the Electricity Act, and leverage blended finance to attract private capital into the sector.
Both agencies expressed confidence that the partnership will fast-track Nigeria’s journey to universal clean energy access and a greener economy.
Award-winning Nigerian gospel singer Mercy Chinwo and her husband, Pastor Blessed Uzochikwa, have announced the birth of their second child.
The couple shared the news in a joint Instagram post on Friday, expressing gratitude to God for what they described as “a precious gift.”
“The Lord has done it again! He has added to our joy, multiplied our laughter, and blessed us with the precious gift of a second baby,” the statement read. “His name will be lifted in our lineage forever… to the glory of God. Welcome, our precious gift.”
Mercy also celebrated her husband, calling him “an amazing father of two” and praising God’s continued goodness in their lives.
The couple, who married in August 2022, welcomed their first child in October 2023. Following the announcement, fans and fellow gospel artistes flooded their social media pages with prayers and congratulatory messages, hailing the new addition as another testimony of God’s faithfulness.
The Premier League’s back. The break was barely long enough to catch our breath, yet here we are again—stadiums ready, squads bolstered, and predictions flying faster than a Trent Alexander-Arnold cross used to before he swapped Anfield for Madrid.
And the elephant in the room? Liverpool. Arne Slot’s side didn’t just win the league last season—they bulldozed it. Now, with an even stronger squad and the wind of a record-breaking 21st title in their sails, the question practically writes itself: Who on earth is going to stop them?
A Summer of Statement Signings
Last season, Slot lifted the Premier League with just one major signing. This year, he’s been shopping like a man with a Black Friday coupon book. Florian Wirtz, Hugo Ekitike, Milos Kerkez—big names, big talent, big statement. And they might not be done yet. The Alexander Isak rumours haven’t gone away, and if that happens, good luck to whoever’s planning to defend against them.
It’s not just about names, though. FSG didn’t splash £300 million for the sake of headlines. These are players tailored to fit Liverpool’s system—Slot’s system—which already proved ruthless. They’ve strengthened in depth and quality, giving them the kind of squad that could handle both a Champions League run and a domestic title charge without blinking.
The Chasing Pack: Ready, but Really Ready?
Of course, Liverpool’s rivals haven’t spent the summer sunbathing. Arsenal’s big headline is Viktor Gyokeres, a proper No.9—finally. He’s exactly the kind of striker who could turn those frustrating draws into three points. For a club chasing its first league title since 2004, that’s huge. The Gunners have been “nearly there” for years. This season might be their best shot… if they can shake that creeping self-doubt that tends to show up every time the pressure cranks up.
Chelsea? Newly crowned world champions after their Club World Cup triumph, and Enzo Maresca now has a squad that’s starting to look like it actually makes sense. They’ve added firepower, tightened their backline, and for once, there seems to be a plan in place at Stamford Bridge. The danger? Fatigue. A deep Club World Cup run, plus the Champions League, can drain even the deepest squads.
Then there’s Manchester City. Pep Guardiola’s in rebuild mode—his first real one since arriving in England—and it hasn’t been smooth sailing. They’ve made moves, but nothing screams “dominance restored.” Some pundits even have them slipping as far as fourth.
Different Predictions, Same Theme
Ask ten pundits who’s winning the title and you’ll get at least six saying Liverpool.
Mark Doyle sees a tighter race but still tips the Reds, with Arsenal, City, and Chelsea filling the rest of the top four.
James Westwood predicts City will tumble to fourth, with Chelsea sneaking into third.
Amee Ruszkai thinks Liverpool will actually be better this season, which is a terrifying thought.
Sean Walsh refuses to bet against them—too much risk in predicting a flop.
Tom Maston still questions Arsenal’s mentality but expects a closer fight.
Joe Strange thinks losing Trent won’t stop them thanks to their “perfect” summer business.
Stephen Darwin says only a Van Dijk injury could derail them.
Krishan Davis is one of the few predicting an Arsenal triumph, in what he calls an “all-timer” of a title race.
Richard Martin? He reckons Liverpool have blown everyone “out of the water.”
Different nuances, but the recurring thread is obvious: Liverpool are favourites. Strong favourites.
Why Liverpool Feels Unstoppable Right Now
There’s something different about this team. Under Slot, Liverpool don’t just rely on high-press chaos—they’ve added more control, more tactical flexibility. They can grind you down or rip you apart in twenty minutes.
Last season’s dominance wasn’t a fluke. They had the league’s best defensive record, the most goals scored, and an almost eerie ability to win even when they weren’t at their best. Add in fresh talent, hungry to prove themselves, and you’ve got a squad that’s both battle-tested and buzzing with new energy.
And unlike some title-winning sides that stumble after tasting glory, this Liverpool looks hungrier. Maybe it’s the push to break Manchester United’s record of 20 English championships. Maybe it’s Slot’s insistence on standards. Whatever it is, you can feel it.
Potential Banana Skins
Of course, football has a way of humbling even the most dominant teams. Injuries can wreck plans—Van Dijk’s name comes up a lot here for a reason. A deep Champions League run could sap energy. And let’s be honest, the Premier League’s mid-table sides are no longer easy points; teams like Aston Villa, Brighton, and Newcastle can ruin a title bid with one inspired afternoon.
The other unknown is how Liverpool’s big spending gels over a long campaign. It’s one thing to sign quality—it’s another to keep the balance and dressing room harmony intact. Slot managed it brilliantly last year, but football history’s littered with teams who bought well and still fell apart.
The Emotional Element
This season isn’t just about tactics and transfer budgets—it’s about psychology. Liverpool play with a chip on their shoulder, a belief that they’re the standard-setters now. Arsenal’s challenge is overcoming their near-miss scars. City are trying to re-establish dominance in an era where the league’s never been more competitive. Chelsea want to prove their Club World Cup wasn’t just a golden week in an otherwise inconsistent era.
And that’s what makes this season so tantalising—it’s not just a title race, it’s a narrative battle. Legacies are on the line.
So, Who Wins It?
If you’re looking for a safe prediction, it’s Liverpool. Everything—from squad depth to recent form—points in their favour. But safe doesn’t always mean certain. Arsenal have closed the gap, City aren’t done yet, and Chelsea look dangerous if they can avoid burnout.
Still, right now, Liverpool are the team to beat. Maybe by Christmas we’ll be talking about an epic three-way battle. Or maybe, just maybe, we’ll be watching Slot’s side cruise towards history again.
Predicted Top Four for 2025-26 (Most Common Pundit Picks):
Liverpool – Relentless, reinforced, ready.
Arsenal – Stronger squad, but questions linger.
Chelsea – Building something real, if fatigue allows.
Manchester City – Rebuilding under Pep, still dangerous but less dominant.
Dangote Cement Plc has promised full medical care and compensation for Mrs. Ruth Otabor, a recent Auchi Polytechnic graduate who lost a leg after being hit by one of the company’s trucks in Auchi, Edo State.
In a statement on Thursday, the company said senior officials and its insurance team promptly visited the accident scene, met with law enforcement, and later visited the victim and her family at the Irrua Specialist Teaching Hospital.
“This action reflects our unwavering commitment to the well-being of those affected,” the statement read. “We are ensuring full support for Mrs. Otabor, including comprehensive medical care and appropriate compensation, in line with Dangote Group’s welfare policy. Our thoughts remain with her and her loved ones, and we wish her a full and speedy recovery.”
SaharaReporters earlier reported that Otabor’s other leg may also require amputation. The Edo State Police Command confirmed the truck driver — alleged to be underage and unlicensed — has been charged to court, where he pleaded guilty to three of four counts. The case was adjourned to August 21.
The motorcycle rider carrying Otabor at the time of the crash is also said to be in critical condition.
The Federal Government is deliberating between a full-scale rehabilitation or a complete rebuild of Lagos’ iconic Third Mainland Bridge, alongside the Carter Bridge, following alarming findings of critical structural damage beneath the water.
Minister of Works, David Umahi, revealed the development during a presentation to the Federal Executive Council (FEC), where he sought approval for the project under an Engineering, Procurement, Construction, and Financing (EPC+F) arrangement.
According to Umahi, underwater inspections conducted in 2013 and 2019 exposed severe deterioration of the bridge piers — originally supported by sand — due to illegal sand dredging, strong ocean currents, and prolonged corrosion.
While rehabilitation of the Third Mainland Bridge is estimated at ₦3.8 trillion, constructing a new replacement is projected at ₦3.6 trillion. Carter Bridge, however, has been deemed beyond repair, with a feasible new build costing about ₦359 billion.
“The Carter Bridge was given an estimated ₦380 billion for rehabilitation, but experts said it wasn’t viable. The realistic option was ₦359 billion for a brand-new bridge, with financing discussions already ongoing with the Dutch bank,” Umahi explained.
“For Third Mainland Bridge, rehabilitation was pegged at ₦3.8 trillion, while a new structure would cost ₦3.6 trillion. We approached FEC for approval to pursue both options under an EPC+F arrangement,” he added.
FEC’s Green Light
The minister confirmed that the FEC granted four approvals for the projects, notably permitting seven specialist contractors to carry out comprehensive structural investigations, prepare detailed designs, and submit bids for either reconstruction or rehabilitation.
Funding will follow a public-private partnership (PPP) model, with private sector investment expected to play a key role. Umahi disclosed that selective procurement would be used for the EPC+F process, while financing talks with Deutsche Bank were already underway.
“FEC has allowed us to engage at least seven specialist firms for full-scale design and investigation works. We will proceed under a selective procurement method to source EPC+F proposals,” Umahi stated.
Why Third Mainland Bridge Matters
Built between 1976 and 1990, the Third Mainland Bridge was Africa’s longest until 1996 when Cairo’s 6th October Bridge was completed. It remains a critical transport link between Lagos Island and the mainland, carrying hundreds of thousands of vehicles daily.
Years of heavy traffic and environmental exposure have left the structure vulnerable. In recent years, the bridge has undergone multiple repair phases, including a 110-day rehabilitation between May and September, which saw lane closures in both directions. On 8 August, the Federal Government imposed a ban on heavy-duty vehicles using the bridge over safety concerns.
Other Nationwide Infrastructure Approvals
Umahi also revealed that similar major road and bridge projects are underway nationwide. These include the Kano–Katsina Road (₦68 billion for the first section, ₦96.155 billion for the second), as well as approved interventions for the Jalingo Bridge in Taraba, Iddo Bridge in Lagos, and the Keffi Flyover.
The minister reaffirmed the government’s commitment to tackling Nigeria’s infrastructure deficit, stressing that safe and reliable transportation links are vital for economic growth and public safety.
Nigeria’s short-term benchmark interest rates surged on Thursday as tighter liquidity conditions gripped the financial system, driven largely by deposit money banks (DMBs) ramping up borrowings from the Central Bank of Nigeria (CBN).
With no major cash inflows recorded, money market rates broke past the 32% mark — a level rarely seen in recent months. Analysts project that without any significant liquidity injections in the coming days, rates are likely to remain elevated into next week.
This latest development follows recent open market operations (OMO) and Treasury bill issuances that further drained liquidity from the system. As a result, commercial banks, which had previously been in a position to deposit surplus funds, have now turned to the CBN’s Standing Lending Facility (SLF) for the third straight trading session this week.
Data from AIICO Capital Limited revealed that the deficit position in the banking system widened to ₦35.30 billion, while banks’ total borrowings from the CBN’s SLF spiked to ₦311.53 billion.
Funding Costs Climb as Interbank Rates Show Mixed Trends
The rising liquidity crunch has pushed funding costs higher. The Overnight Policy Rate (OPR) jumped by 20 basis points to 32.30%, while the overnight lending rate increased by 10 basis points to 32.60%.
According to Cowry Asset Management Limited, interbank rates (NIBOR) posted mixed movements across major tenors. The overnight and 6-month rates climbed by 43 bps and 19 bps respectively, while the 1-month and 3-month tenors fell by 5 bps and 11 bps.
Market watchers say that unless there is a major liquidity injection, rates are expected to hold around these elevated levels.
Meanwhile, the Nigerian Interbank Treasury Bills True Yield curve advanced across all maturities. Mild investor activity in the secondary market saw the average yield ease slightly by 1 basis point to 17.93%, even as the overall trend remained upward.
Analysts maintain that liquidity pressures, coupled with CBN’s monetary tightening measures, will continue to keep short-term interest rates elevated in the near term.
The United Nations Children’s Fund (UNICEF) has raised alarm over Nigeria’s low breastfeeding rates, revealing that 90% of Nigerian women have never breastfed their babies. UNICEF’s Communication Officer for the Enugu Field Office, Dr. Ijeoma Onuoha-Ogwe, disclosed the figures during a virtual Zonal Media Dialogue on the 2025 World Breastfeeding Week, organised in collaboration with the Broadcasting Corporation of Abia State.
She noted that only one in three babies in Nigeria are given breast milk within the first hour after birth, and the same proportion are exclusively breastfed for the first six months. According to her, early initiation of breastfeeding dropped from 42% in 2018 to 36% in 2023, while exclusive breastfeeding rates stagnated at 29% in both years.
Dr. Ijeoma stressed that breastfeeding should ideally continue for up to 24 months, as recommended by UNICEF and the World Health Organisation (WHO), but many Nigerian babies are weaned too early. She said the shortfall is linked to poor workplace policies, with 26 out of 36 states yet to provide paid maternity leave, breastfeeding breaks, and other enabling conditions.
“Many workplaces lack policies and facilities for effective breastfeeding,” she said, urging the government and employers to invest in support systems, workplace practices, and community networks to ensure no mother is left behind.
Earlier, the Head of Primary Health Care, Quararafa Quarters, Makurdi, Mrs. Deborah Verve, emphasised the importance of colostrum—the nutrient-rich first milk—which she described as “the baby’s first vaccine.” She said her clinic routinely sensitises pregnant and nursing mothers on exclusive breastfeeding from birth to six months.
Verve explained that the facility monitors compliance through feedback and the health of babies, noting that mothers often report visible health improvements in their children when they follow breastfeeding guidelines.
This year’s World Breastfeeding Week is themed “Prioritise Breastfeeding: Create Sustainable Support Systems.”
(FILES) Russian President Vladimir Putin (R) and US President Donald Trump are pictured before a meeting in Helsinki, on July 16, 2018. Putin told his US counterpart Donald Trump in a phone call on February 12, 2025 that "peaceful negotiations" on ending the Ukraine conflict were possible, the Kremlin said. "President Putin ... agreed with Trump that a long-term settlement could be reached through peaceful negotiations," the Kremlin said in its readout of the call, which it said lasted almost one-and-a-half hours. (Photo by Brendan Smialowski / AFP)
US President Donald Trump and Russian President Vladimir Putin will meet on Friday at Elmendorf Air Force Base, Alaska, in a high-stakes summit that could shape the future of the war in Ukraine.
It is Putin’s first trip to Western territory since launching the invasion of Ukraine in February 2022 — a conflict that has claimed tens of thousands of lives and in which Russia has recently made fresh territorial gains.
The meeting, proposed by Putin but hosted at Trump’s invitation, comes amid heightened global scrutiny. European leaders and Ukrainian President Volodymyr Zelensky, who was excluded from the summit, are watching closely. Zelensky has refused Trump’s calls to cede territory seized by Russia.
Trump has described the talks as a “feel-out meeting” to gauge Putin’s intentions.
“If it’s a bad meeting, it’ll end very quickly. If it’s a good meeting, we could have peace in the pretty near future,” Trump told reporters Thursday, estimating a 25% chance of failure.
The US president, who has pledged to consult European allies and Zelensky before finalising any deal, said any settlement would be discussed in a three-way meeting with Ukraine’s leader to “divvy up” disputed territory.
Trump’s history with Putin remains contentious. At a 2018 summit in Helsinki, Trump drew fierce criticism for appearing to side with Putin over US intelligence agencies on election interference. Since returning to the White House, he has maintained that he could end the war within 24 hours, blaming predecessor Joe Biden for the conflict.
Despite frequent contacts with the Kremlin and a combative February 28 White House meeting in which he publicly chastised Zelensky, Trump has expressed frustration at Putin’s refusal to compromise. He has warned of “very severe consequences” if Moscow rejects a ceasefire but agreed to meet in Alaska nonetheless.
Historic and Strategic Venue
Talks are scheduled to begin at 11:30 a.m. (1900 GMT) at Elmendorf, the largest US military base in Alaska and a former Cold War surveillance hub monitoring the Soviet Union. The location carries symbolic weight — the US purchased Alaska from Russia in 1867, a historical land deal Moscow has recently invoked in territorial rhetoric.
According to the Kremlin, the two leaders will meet privately with interpreters before a working lunch with aides. Neither is expected to leave the base for Anchorage, where protesters have displayed pro-Ukraine messages.
Putin’s travel remains limited due to an International Criminal Court arrest warrant, though the US — not a party to the ICC — has temporarily eased certain sanctions to allow his delegation to enter and access financial services in Alaska.
Criticism and Caution
The summit represents a marked departure from the stance of many Western leaders, who have insisted that Ukraine be at the table for any negotiations about its future. Zelensky on Tuesday called the Alaska meeting “a personal victory” for Putin, saying the trip ends his isolation and delays sanctions Trump had promised without progress.
Secretary of State Marco Rubio has urged the inclusion of binding security guarantees for Ukraine, though Trump has played down the idea.
Daniel Fried, a former US diplomat now with the Atlantic Council, cautioned that Putin could seek to exploit Trump’s deal-making instincts.
“Putin is a master of the new shiny object which turns out to be meaningless,” Fried said, warning that any apparent concessions should be treated with scepticism.
The Nigeria Labour Congress (NLC) has issued a seven-day ultimatum to the Federal Government, threatening a nationwide strike over the alleged diversion of 40% of workers’ contributions to the Nigeria Social Insurance Trust Fund (NSITF) into the national treasury.
In a communiqué issued Thursday, NLC President Joe Ajaero accused the government of violating the NSITF Act and undermining workers’ social protection rights. He insisted pension funds are “deferred wages, not government revenue,” warning that any further interference would spark industrial action.
The union also demanded the immediate constitution of the National Pension Commission’s (PenCom) Governing Board, warning that the current leadership vacuum leaves billions in retirement savings vulnerable to mismanagement and political interference.
PenCom’s Head of Corporate Communications, Ibrahim Buwal, countered that the Contributory Pension Scheme remains intact and continues to grow, stressing, “Nobody’s money is missing.” He said appointing a board is the responsibility of the Federal Government, not the regulator.
The Nigeria Employers’ Consultative Association (NECA) backed the NLC’s call, noting that the Pension Reform Act requires the board to be constituted. NECA’s Director-General, Adewale-Smatt Oyerinde, urged the president to act, citing workers and employers as the scheme’s only stakeholders.
The NSITF, however, declined immediate comment. Manager of Actuaries, Planning and Research, Emmanuel Ulayi, said there was no official response yet to the ultimatum, while the Head of Corporate Affairs, Alexandra Mede, disclosed she was hospitalised.
The dispute comes amid growing unrest in the pension sector. In July, labour unions in Ogun State gave the government 72 hours to halt the rollout of a contributory pension scheme until ₦82bn in arrears is cleared.
The NLC communiqué also addressed other matters, including dissolving its Edo State Council over alleged misconduct, and criticising government policies it said had worsened inflation, unemployment, and insecurity.
…Union issues seven-day ultimatum over alleged 40% pension fund diversion; NSITF silent
The Nigeria Labour Congress (NLC) has issued a seven-day ultimatum to the Federal Government, threatening a nationwide strike over what it described as the unlawful diversion of 40 per cent of workers’ contributions from the Nigeria Social Insurance Trust Fund (NSITF) into the national treasury.
The union is also demanding the immediate constitution of a governing board for the National Pension Commission (PenCom), warning that failure to meet its demands will trigger industrial action.
NLC President, Joe Ajaero, in a communiqué on Thursday, accused the government of violating the statutes establishing the NSITF, which was created as a safety net for workers in cases of injury, job loss, or other emergencies.
“Pension funds are deferred wages, not government revenue,” Ajaero said, alleging that the diversion amounted to “an assault on workers’ social protection rights.”
The union warned that the leadership vacuum at PenCom increases the risk of mismanagement and political interference in the pension sector, where billions of naira in retirement savings are at stake.
PenCom, NECA Respond
Reacting, PenCom’s Head of Corporate Communications, Ibrahim Buwal, said the appointment of a governing board is a Federal Government prerogative, not that of the regulator. He dismissed claims of missing funds, insisting that assets under the Contributory Pension Scheme (CPS) “remain secure and continue to grow” through regular contributions and profitable investments.
The Nigeria Employers’ Consultative Association (NECA) backed the NLC’s demand for a PenCom board, describing the delay as a violation of the Pension Reform Act. NECA Director-General, Adewale-Smatt Oyerinde, urged the government to act swiftly, noting that employers and workers are the only contributors to the pension scheme and therefore key stakeholders.
NSITF Maintains Silence
The NSITF has yet to issue an official response. Manager of Actuaries, Planning and Research, Emmanuel Ulayi, confirmed this to our correspondent, while the Fund’s Head of Corporate Affairs, Alexandra Mede, said via text that she was hospitalised.
Broader Labour Discontent
The NLC also ratified the dissolution of its Edo State Council over alleged unethical conduct and anti-union activities, appointing a caretaker committee to oversee the branch.
In its wider review of national affairs, the Congress accused the government of implementing policies that have worsened inflation, unemployment, hunger, and insecurity, and eroded public services. It called for a people-centred development model anchored on living wages, industrial revival, and strong social protection systems.
The communiqué further alleged attempts by the administration to amend the NSITF Act for full government control of workers’ funds, describing this as “a direct attack on workers’ rights” and vowing to use all legitimate means to resist it.
Lafarge Africa Plc has teamed up with the Ogun State Government to plant one million trees across 20 local government areas as part of the 2025 Ogun Tree Planting Day themed ‘Grow Trees, Sustain Life’.
The initiative, aimed at promoting environmental sustainability through afforestation, included beautifying the second entrance of the state secretariat at Oke-Mosan, Abeokuta.
Lafarge Africa’s CEO, Lolu Alade-Akinyemi, represented by the firm’s Head of Sustainability, Gabriel Pollyn, said the move aligns with Lafarge’s decarbonisation and quarry rehabilitation efforts, adding that the company plans to plant 150,000 native trees over five years in Ogun and Oyo States.
Ogun Commissioner for Forestry, Taiwo Oludotun, said the exercise responds to local climate challenges such as prolonged dry seasons, flooding and rising temperatures. Lafarge Africa also pledged continued community engagement to ensure the survival of the seedlings.
…Launches $50m Fund to Empower Nigerian Women in Digital Trade
The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has lauded President Bola Tinubu for stabilising Nigeria’s economy, describing his reforms as steps in the right direction.
Speaking to journalists in Abuja on Thursday after a closed-door meeting with the President, the former Minister of Finance, who has held the position twice, said the administration had worked hard to restore stability, which she noted was critical for sustainable economic growth.
“We think the President and his team have worked hard to stabilise the economy, and you cannot improve an economy unless it’s stable. So he has to be given credit,” she said. “The reforms have been in the right direction. What is needed next is growth, coupled with social safety nets to cushion the hardship reforms have brought on citizens.”
Okonjo-Iweala urged the Federal Government to prioritise programmes that would protect the most vulnerable while creating jobs and increasing disposable income for Nigerians.
$50m Fund for Women Exporters
Earlier, in collaboration with First Lady Senator Oluremi Tinubu, the WTO chief launched the $50 million Women Exporters in the Digital Economy (WEIDE) Fund, designed to boost women-led enterprises in the global digital marketplace. Nigeria is one of only four countries selected for the initiative, alongside Jordan, Mongolia, and the Dominican Republic.
Co-managed by the WTO and the International Trade Centre (ITC), the scheme—coordinated locally by the Ministry of Trade and Investment and the Nigerian Export Promotion Council (NEPC)—received 67,000 applications from Nigerian women. Of these, 146 were selected for the inaugural cohort.
Sixteen beneficiaries in the “Booster Track” category will each receive up to $30,000 in grants alongside 18 months of technical and business support. Another 100 entrepreneurs will receive $5,000 each, plus a year of business development assistance.
“This is just the beginning,” Okonjo-Iweala said. “We want Nigerian women to weather economic challenges, create jobs, and contribute more to the nation’s growth.”
Tapping into Trillion-Dollar Opportunities
Okonjo-Iweala challenged Nigeria and Africa to position themselves in the $4.25 trillion global digital trade sector, warning that Africa’s share currently stands at just one percent. She emphasised the need for better internet access, affordable electricity, and stronger digital infrastructure to unlock opportunities in digitally delivered services such as IT, consulting, education, and health.
“No nation can truly digitise without a steady supply of electricity,” she said, praising Nigeria’s proposed $2 billion, 90,000-kilometre national fibre optic network but stressing that power reliability remained a critical hurdle.
Highlighting gender gaps, she noted that only 30 per cent of surveyed Nigerian tech companies are owned by women and up to one-third have no female employees. She called for inter-ministerial cooperation to boost women’s participation in the digital economy, arguing that economic empowerment could also improve Nigeria’s low ranking—128th out of 148—in the latest Global Gender Gap Report.
Backed by donors including the United Arab Emirates, the State of Qatar, and the FIFA–Qatar World Cup Legacy Fund, the WEIDE Fund, she said, aims to “give women the tools, knowledge, networks, and resources they need to access global value chains, so their businesses are not just surviving but thriving.”
The National Pension Commission has asked the Federal Government to increase its pension contribution for police personnel from 10 to 20 per cent and raise their monthly pensions to 75 per cent of their last salary before retirement.
PenCom Director-General Ms Omolola Oloworaran made the proposal during a visit to Inspector-General of Police Kayode Egbetokun in Abuja, following protests by retired officers demanding improved welfare and exit from the Contributory Pension Scheme.
Reforms being pursued include introducing a health insurance scheme for retirees, expanding the Retirement Resettlement Fund and overhauling the police pension structure under the CPS. Oloworaran, however, maintained that removing the police from the scheme is unnecessary, urging patience while ongoing reforms are implemented.
IG Egbetokun welcomed PenCom’s intervention, pledging continued cooperation to resolve officers’ pension concerns.
PenCom further disclosed it is collaborating with the Head of Service on a new gratuity scheme to begin in 2026, which will grant treasury-funded federal workers one year of total emoluments at retirement.
Abu Dhabi and Dubai have been identified as the preferred destinations for wealthy Nigerians looking to safeguard their fortunes from economic and political uncertainties, according to the newly released Wealth Report 2025 by Multipolitan.
The report, titled The Taxed Generation, ranks the two UAE cities alongside Singapore as top global choices for long-term wealth preservation, based on their legal stability, predictable governance and resilient infrastructure.
Multipolitan’s Executive Partner for Africa, Chee Okebalama, said high-net-worth Nigerians are increasingly prioritising stability over returns. “We help families gain residency in cities like Singapore, Abu Dhabi, Doha, Wellington and Copenhagen that offer governance and readiness for the future.”
Group Head of Market Development, Nicholas Michael, noted that location is now as important as portfolio mix. “The UAE and Singapore aren’t just attracting capital; they’re protecting it through fiscal prudence and stable governance,” he said.
The report also listed five other Gulf cities – Manama, Doha, Kuwait City, Riyadh and Muscat – among the world’s top 20 destinations for wealth protection.
The Labour Party in Oyo State has raised concerns that the Independent National Electoral Commission has failed to include its candidate’s name on the list of contestants for the August 16 Ibadan North Federal Constituency by-election.
State party chairman, Sadiq Atayese, told the News Agency of Nigeria on Wednesday that the omission has hurt public perception of the party’s participation and affected its campaign activities.
He said the party has approached the court to compel INEC to list its candidate and is awaiting a hearing date.
“We have also staged a peaceful protest at the INEC office to register our displeasure. We are still asking INEC to explain the reason for the omission, but there has been no response yet,” Atayese said, describing the situation as frustrating and unfair to constituents.
The Ibadan North seat became vacant following the death of APC lawmaker Hon. Olaide Akinremi in July 2024. Akinremi, who died aged 51, had represented the constituency in the House of Representatives since 2019.
The Inspector General of Police, Olukayode Egbetokun, says the public rarely recognises the Nigeria Police Force’s efforts in preventing crime, despite it being a core responsibility.
Speaking in Abuja on Thursday through DIG A. A. Hamza at the maiden joint forensic conference and launch of Fraud Unmasked, a book by Dr. Preal Ogbulu, Egbetokun said much of the work in stopping crime before it happens goes unnoticed.
“For every crime you don’t see happen, a lot of effort is put into it,” he said, stressing that prevention is cheaper, faster, and reduces victimisation. “We are only noticed when crimes occur.”
He praised the book for highlighting the role of forensic science in crime detection and prosecution, aligning with the Police’s constitutional duties under Section 4 of the Nigeria Police Act.
The IGP also emphasised the importance of inter-agency collaboration, noting recent improvements in synergy among law enforcement bodies.
Dr. Ogbulu, in her remarks, described fraud as a national crisis. “It’s not just a legal issue. It has robbed Nigeria of opportunities. This conference brings experts together to strengthen collaboration in tackling fraud,” she said.
The Independent National Electoral Commission says it has completed logistics for Saturday’s by-elections in 16 constituencies, urging parties, voters and security agencies to uphold the law as campaigns end at midnight Thursday.
National Commissioner Sam Olumekun said non-sensitive materials had been delivered, BVAS configured and sensitive materials being distributed ahead of polls in two senatorial districts (Anambra, Edo), five federal constituencies (Edo, Jigawa, Kaduna, Ogun and Oyo) and nine state constituencies across eight states. Court-ordered reruns will also take place in Enugu and Kano.
Olumekun also disclosed that Continuous Voter Registration will resume online on August 18 and physically on August 25 across 811 centres nationwide.
Political parties intensified last-minute campaigns on Thursday. In Abuja, African Democratic Congress chairman David Mark urged INEC to restore credibility at the polls, while Oyo SDP chair Michael Okunlade expressed confidence in Ibadan North candidate Islamiyat Abdulkadir following her court victory.
In Edo, sensitive materials were dispatched under tight security, with five of nine parties — APC, ADC, ANPP, Action Alliance and PDP — signing a peace accord. Security chiefs have warned against violence, with the Police closing Jigawa’s Niger border from midnight Friday and deploying layered security nationwide.
By-elections in Adamawa and Oyo follow the deaths of sitting lawmakers, while in Zamfara, the APC accused Governor Dauda Lawal of arming vigilantes, a charge the governor dismissed as political propaganda.
The Nigeria Labour Congress has issued a seven-day strike notice to the Federal Government over the alleged diversion of 40% of workers’ contributions from the Nigeria Social Insurance Trust Fund into the national treasury.
In a communiqué released after its Central Working Committee meeting, the NLC accused the government of violating the law establishing the NSITF by treating workers’ insurance funds like public revenue. It also demanded the immediate constitution of a governing board for the National Pension Commission, warning that failure to meet both demands would trigger nationwide industrial action.
While PenCom maintained that pension assets under the Contributory Pension Scheme remain safe and growing, it stated that the appointment of its board lies with the Presidency. The NSITF did not comment.
The union insisted pension and insurance funds are deferred wages meant as a social safety net, not government revenue. It criticised broader government policies for deepening hardship and declared its readiness to mobilise mass action to protect workers’ interests.
The Economic and Financial Crimes Commission has refuted claims that it targeted the Olusegun Obasanjo Presidential Library during a recent raid that led to the arrest of 93 suspected internet fraudsters in Abeokuta, Ogun State.
Responding to allegations by the library’s management which demanded N3.5bn compensation and a public apology — EFCC spokesperson Dele Oyewale clarified that the suspects were apprehended at a hotel located within the library precincts, not inside the facility itself.
He explained that the sting followed intelligence that the suspects were holding a pool party to mark alleged cyber-fraud activities. “The party was initially planned for two other locations but was moved to the hotel within OOPL premises to evade detection,” Oyewale said.
He noted that profiling carried out by investigators revealed offences such as impersonation, identity theft and online fraud. The EFCC said 23 of the suspects will be arraigned on August 15 at the Federal High Court in Ikoyi, Lagos, with others to follow in batches.
