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.
US President Donald Trump and Russian leader Vladimir Putin will meet on Friday at Elmendorf Air Force Base in Alaska in a closely watched summit that could shape the future of the war in Ukraine.
Putin will be stepping onto Western soil for the first time since launching the invasion of Ukraine in February 2022 — a conflict that has killed tens of thousands. Trump invited Putin at the Russian leader’s request but warned the meeting could end “within minutes” if Putin refuses to compromise.
European leaders and Ukrainian President Volodymyr Zelensky — who was not invited — are anxiously monitoring the talks. Trump said any final peace agreement would involve a separate three-way meeting with Zelensky, where territory could be “divvyed up”.
Before returning to the White House, Trump had repeatedly boasted of his rapport with Putin and promised to end the war within 24 hours. But despite stern warnings to Putin and a February dressing-down of Zelensky at the White House, the Kremlin has shown no sign of backing down.
The Alaska talks will start at 11:30am and begin with a one-on-one session with interpreters, followed by a working lunch with aides. No public events are scheduled in Anchorage, where pro-Ukraine demonstrators have already gathered.
Putin, wanted by the International Criminal Court, has sharply limited his travel since the war began. The US, which is not party to the ICC, temporarily eased some sanctions to allow the Russian delegation to enter Alaska.
The summit represents a drastic departure from the Biden administration’s stance that Russia cannot negotiate Ukraine’s future without Ukraine at the table. Zelensky has described the meeting as a “personal victory” for Putin that ends his isolation.
Trump has promised “very severe consequences” if Putin refuses a ceasefire but gave the summit “a one in four chance” of failure. Analysts warn Putin could use the meetings to stall while seeking concessions.
The naira appreciated further against the US dollar on Thursday at the Nigerian Foreign Exchange Market, buoyed by increased dollar inflows and rising external reserves.
At the official market, the local currency gained 10 basis points to close at ₦1,534.00/$1, with trades ranging between ₦1,533.50 and ₦1,535.50 per dollar, according to data from the Central Bank of Nigeria.
The CBN noted that improved supply from foreign portfolio investors buying OMO bills, contributions from exporters, and fresh inflows from international oil companies helped lift dollar liquidity.
Nigeria’s gross external reserves rose to $40.654bn — up by about $70m — reinforcing confidence in exchange rate stability. Analysts expect the naira to hover around current levels in the near term as reserves continue to build.
In global markets, oil prices rose on geopolitical risks and the prospect of a US rate cut, with Brent crude gaining $1.31 to $66.94 per barrel, and WTI climbing $1.34 to $63.99. Gold prices, however, dipped as stronger US inflation data reduced the likelihood of aggressive rate cuts, with spot gold down 0.53% at $3,338.62 per ounce.
The Abia State Government says the Federal Executive Council has approved a $125 million Islamic Development Bank loan as part of its Integrated Infrastructure Development Project.
Chief Press Secretary to Governor Alex Otti, Ukoha Njoku, said on Thursday that the IsDB facility is key to the project’s $263.8 million co-financing package, which also includes $100 million from the African Development Bank, $15 million from the Canada–Africa Development Bank, and $23.8 million as state counterpart funding.
The funds will support the construction of 126km of roads in Aba and 35.57km in Umuahia, along with a link road between both cities and erosion control works. The project is expected to create over 3,000 jobs, cut travel time, improve access to social services, and attract private investment.
Njoku said procurement for the IsDB-funded component will follow bank guidelines with disbursements made directly to contractors. He added that Governor Otti remains committed to modernising Abia’s transport network in line with his development agenda.
Over 14,000 Nigerian investors have petitioned the Economic and Financial Crimes Commission to probe cryptocurrency firm MTS/TOFRO over an alleged N1.8tn investment scam.
Acting through their lawyer, Ebuka Nwaeze, the petitioners also urged the Securities and Exchange Commission to investigate the company’s level of compliance with capital market regulations before its alleged collapse. The petitions were received by EFCC and SEC on August 6 and 13 respectively.
Nwaeze said his clients were digital asset traders who invested in good faith, believing MTS/TOFRO to be a reputable US-registered firm. He alleged that the platform convinced users it was working to comply with SEC rules before abruptly shutting operations and closing its offices.
He asked the EFCC to trace and recover investors’ funds and prosecute those responsible, saying this would deter future fraud.
EFCC spokesperson Dele Oyewale confirmed receipt of the petition, adding that investigation into the matter has commenced.
The Nigeria Security and Civil Defence Corps (NSCDC) has deployed 20,850 personnel nationwide to ensure the protection of lives, property, and critical national infrastructure during Saturday’s by-elections in 16 constituencies across 12 states.
The by-elections, organised by the Independent National Electoral Commission (INEC), will take place in Anambra, Edo, Jigawa, Kaduna, Ogun, Oyo, Taraba, Kogi, Kano, Niger, and other affected states.
NSCDC spokesperson, Babatunde Afolabi, disclosed this in a statement issued on Friday in Abuja. He said the deployment was approved by the Commandant-General, Ahmed Audi, as part of measures to guarantee a hitch-free exercise.
According to Afolabi, Audi directed state commandants in the affected areas to work in close synergy with the Nigeria Police Force, which is the lead agency in election security, as well as other sister security agencies.
“Our personnel will secure election materials, safeguard officials, and monitor the process to ensure transparency and orderliness,” Audi was quoted as saying.
The Commandant-General also urged officers to maintain the highest standards of professionalism, respect citizens’ fundamental rights, and ensure the peaceful conduct of the polls.
He further encouraged eligible voters to come out en masse and exercise their franchise without fear, describing voting as both a constitutional right and a civic responsibility.
The Nigerian equities market closed Thursday in negative territory, with investors losing an estimated ₦357 billion as widespread sell-offs hit several key stocks listed on the Nigerian Exchange (NGX). The bearish sentiment, driven by heavy sell-side activity, pushed the NGX All-Share Index (ASI) down by 39 basis points, ending the trading session at 145,300.01 points and dragging other performance metrics lower.
Market analysts attributed the downturn to renewed selling pressure on select mid- to large-capitalised stocks, which weighed on overall market performance. Consequently, the year-to-date return eased to 41.17%, though it remains well above Nigeria’s annual inflation rate.
The day’s losers included Wema Bank, AXA Mansard Insurance, AIICO Insurance, NGX Group, Custodian Investment Plc, Dangote Sugar Refinery, Cadbury Nigeria, NEM Insurance, and United Capital Plc. Other notable laggards were Sterling Financial Holdings, Transcorp Plc, FCMB Group, Oando Plc, Zenith Bank, and Guaranty Trust Holding Company (GTCO).
In total, 50 stocks closed in the red, with the insurance sector leading sectoral declines. The market index fell by 498.45 basis points to settle at 145,367.03 points. However, trading activity surged, with total transaction volume and value climbing by 81.71% and 7.69% respectively. According to data from Atlass Portfolio Limited, investors exchanged approximately 1.44 billion shares worth ₦21.77 billion in 43,164 deals.
UNIVINSURE emerged as the most active stock by volume, accounting for 15.91% of total shares traded. It was followed by AIICO Insurance (9.64%), Linkage Assurance (8.73%), Mutual Benefits Assurance (6.42%), and Regal Insurance (4.48%).
In value terms, Nigerian Breweries led with 8.41% of total traded value. On the gainers’ chart, Juli Plc topped with a 10% price increase, followed by Austin Laz (+9.91%), NCR Nigeria (+9.43%), Thomas Wyatt (+8.19%), Chams Plc (+8.06%), and RT Briscoe (+5.88%).
Among the biggest decliners were C&I Leasing, LASACO Assurance, Sovereign Trust Insurance, UPDC, and Wema Bank — each shedding 10% in share value. AXA Mansard followed closely with a -9.96% drop, alongside AIICO (-9.89%), NGX Group (-8.66%), Custodian (-8.54%), Dangote Sugar (-7.89%), and Cadbury Nigeria (-4.70%).
The market breadth closed firmly negative, recording 22 gainers against 50 losers. Sector-wise, the Banking Index dropped by 0.48%, Insurance fell sharply by 8.26%, Consumer Goods slid by 0.20%, and Oil & Gas eased by 0.11%. The Industrial Goods sector inched higher by 0.11%, while the Commodities Index remained flat.
Despite the price downturn, trading momentum improved markedly, with the number of deals rising 41.52% to 43,515, traded volume increasing 83.01% to 2.46 billion units, and turnover value up 9.90% to ₦22.22 billion. The total market capitalisation closed at ₦91.93 trillion, reflecting the day’s ₦357 billion decline in investors’ wealth.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country’s economy is on a steady growth trajectory, fuelled by domestic reforms and supported by favourable global conditions.
Speaking at a press briefing in Abuja on Thursday, Edun revealed that Nigeria’s gross revenues surged by 37.4% in the first half of 2025. He outlined the Federal Government’s medium-term target of achieving 7% annual GDP growth, driven by public and private sector investments, job creation, and higher disposable incomes.
The minister stressed the importance of ramping up investment in key sectors — including agriculture, education, healthcare, manufacturing, technology, and infrastructure — while expanding Public-Private Partnership (PPP) frameworks to accelerate development.
According to Edun, fiscal discipline at the state level has improved significantly since mid-2023, with the combined fiscal balance of states rising from 1.8% of GDP (₦2.8 trillion) to 3.1% (₦7.1 trillion). He noted that much of this increased spending has been channelled into capital projects, aligning with the administration’s growth-focused strategy.
On the oil and gas front, Edun disclosed that average daily crude production in the first half of 2025 stood at 1.67 million barrels per day — below the budgeted 2.06 million barrels — while the average oil price fell short of the $75 per barrel benchmark, averaging $67 per barrel. He reaffirmed Nigeria’s compliance with OPEC quotas, adding that spending priorities have been shifted towards sectors with direct socio-economic impact.
Highlighting improvements in the energy sector, Edun stated that there has been no national grid collapse in 2025. He confirmed that all approvals have been secured to clear ₦4 trillion in legacy debts and to implement a sustainable repayment framework under the Electricity Act.
He also referenced the World Bank and African Development Bank-backed “Mission 300” initiative, which aims to provide electricity access to 300 million more Africans — with Nigeria positioned as a major beneficiary. He said this would unlock significant opportunities in manufacturing, agro-processing, and services.
Edun reiterated the Federal Government’s commitment to a coordinated fiscal and monetary policy approach aimed at reducing inflation, lowering borrowing costs for businesses, and improving household purchasing power.
The minister emphasised transparency and open communication, noting that President Bola Tinubu’s administration is fostering competitive exchange rates and creating an enabling environment for export diversification, particularly under the African Continental Free Trade Area (AfCFTA) framework.
“Our focus is to maintain fiscal discipline while investing in education, healthcare, and infrastructure to drive long-term productivity and inclusive growth,” Edun said. “Nigeria is open for business, and we are determined to build an economy that works for everyone, anchored on transparency, resilience, and sustainable development.”
The Nigerian equities market has been on a tear since mid-2023. The NGX All-Share Index (ASI) has climbed a staggering 136%, fuelled by a cocktail of banking recapitalisation, foreign exchange reforms, and resilient corporate earnings. For investors who timed it right, the past year has been a windfall — just ask early backers of Beta Glass, whose shares are up 670%, or Honeywell Flour Mills, which delivered 645% gains.
But here’s the catch: not all stocks riding this wave are built to last. Some are running purely on hype; others have the fundamentals to keep climbing. If you’re the kind of investor who prefers substance over sizzle, there’s good news — a handful of Nigerian companies still trade at valuations that make sense, with the potential to double before 2026.
1. MTN Nigeria (MTNN)
MTN is, without exaggeration, the heavyweight of Nigeria’s telecom sector. Yes, it’s had its fair share of forex headaches, but the fundamentals remain strong. With 5G roll-out gaining momentum and mobile money services steadily adding users, MTNN is positioning itself for another growth cycle.
Current Price: ₦460
Where to Buy: Bamboo
2. NASCON Allied Industries (NASCON)
NASCON doesn’t grab headlines like the banks or tech names, but it’s been quietly building a solid case for itself. Earnings per share have shot up 222%, debt levels are almost negligible at 1.2% debt-to-assets, and demand for food essentials keeps rising. Add in a healthy dividend policy and you’ve got a stock that’s built for patient investors.
Current Price: ₦90
Where to Buy: Bamboo
3. Aradel Holdings (ARADEL)
Once known as Niger Delta Exploration, Aradel is now Nigeria’s largest oil and gas company to list in recent years. The Ogbele oil field is ramping up production at just the right time, with global crude prices ticking higher. Its dividend yield of 5.77% only sweetens the deal.
Current Price: ₦519
Where to Buy: Meritrade or Bamboo
4. Honeywell Flour Mills (HONYFLOUR)
Honeywell’s turnaround story is one for the textbooks. After years in the red, the company roared back to profitability in 2025. Shares soared 241% in the first half of the year, with a staggering 61.5% rise in May alone. The driver? Strong demand for affordable processed foods — and Honeywell is meeting it head-on.
Current Price: ₦24.00
Where to Buy: Meristem
5. Transnational Corp (TRANSCORP)
Transcorp is a rare hybrid: a player in both the power sector and hospitality. Its planned hotel IPO and the government’s push for power sector reform are potential catalysts for strong earnings growth. For investors wanting exposure to multiple sectors without juggling multiple stocks, this is worth a look.
Current Price: ₦51.25
Where to Buy: Bamboo
6. Presco Plc (PRESCO)
Presco isn’t just Nigeria’s top palm oil producer — it’s a serious exporter. Q1 2025 after-tax profit came in at ₦47.57 billion, double the previous year. Global demand for palm oil remains resilient, making this a stock that benefits from both local and international trends.
Current Price: ₦1,480
Where to Buy: Bamboo
7. Zenith Bank
Zenith is already a Tier-1 bank, but the Central Bank’s recapitalisation drive could push it even higher. With a dividend yield of 6.54% and potential merger opportunities on the horizon, Zenith is in prime position to soak up fresh capital and expand market share.
Current Price: ₦72.20
Where to Buy: Meristem
8. Beta Glass Plc (BETAGLASS)
Beta Glass has been one of the NGX’s most explosive performers, jumping 133% in May 2025 alone. The catalyst? A 638% surge in profits. As a major supplier to breweries and beverage companies, its growth is tied to Nigeria’s rising consumer demand — a trend showing no signs of slowing.
Current Price: ₦408
Where to Buy: Bamboo
9. Champion Breweries (CHAMPION)
Nigeria’s beer market is making a slow but steady comeback. Champion Breweries posted a positive pre-tax profit in Q1 2025, a turnaround that suggests better consumer sentiment ahead. This is a small-cap play with room to run — if the trend continues.
Current Price: ₦16.80
Where to Buy: Meristem
10. Fidson Healthcare (FIDSON)
Nigeria imports roughly 70% of its medicines, but Fidson is changing that. The company’s focus on local drug production paid off with a 213% increase in net income in Q1 2025. Healthcare stocks tend to hold steady even when economies wobble, making Fidson a smart hedge.
If you’re building a position in these stocks, don’t go all in at once. Spread your entries over several weeks or months — a tactic traders call scaling in — so you can smooth out price swings. Keep a core allocation for strong dividend payers like Zenith Bank and Aradel Holdings for income stability, then sprinkle in high-growth plays like Beta Glass or Honeywell Flour for potential outsized returns. And remember, always set aside a liquidity buffer; the NGX can move fast, and having cash ready lets you grab bargains when the market hands them out.
Yes, the upside potential is real — but so are the risks. Stocks can take sharp dips before resuming an uptrend; Champion Breweries once lost 10% in a single day. And while diversification helps, broader forces like Central Bank policy changes can ripple across sectors unexpectedly.
Liquidity is another consideration. Some of these names don’t trade heavily, which means you could struggle to exit quickly at a fair price. It’s a reminder that on the NGX, patience isn’t just a virtue — it’s a necessity.
Why These Picks Matter Now
The timing isn’t random. Nigeria is in the middle of an economic reshuffle — currency reforms, sector deregulation, and recapitalisation drives are pushing well-run companies to the forefront. For long-term investors, this is a chance to buy into real earnings power, not just hype cycles.
If you’ve been sitting on the sidelines, the market’s recent rally might make you nervous about “buying the top.” But historically, bull markets in Nigeria often run longer than most expect, especially when underpinned by structural reforms.
It is another Thursday, and Thursday Chronicles is here again, your weekly reminder that life in Nigeria is not for the faint-hearted. If you’ve survived danfo drivers, keke riders, and okada men, you deserve a medal, a handshake, and maybe free Wi-Fi for life.
If you’ve ever entered public transport in Nigeria, then you know, it is not just movement from point A to B, it is theatre. Forget Nollywood, the real drama is happening inside danfo, keke, and okada.
Let’s start with danfo buses. Lagos danfo drivers have only two moods: Formula 1 driver or suicidal stuntman. The way they squeeze that bus through tiny spaces, you’ll hold your bag, your phone, and your life all at once. Meanwhile, the conductor is hanging halfway outside, shouting destinations as if he’s announcing a WWE fight: “Oshodi! Oshodi! Enter with your change o!”
And ah, the matter of change. Nigerian conductors never have change. Never. Even if you hand them ₦200 for a ₦150 ride, that missing ₦50 can lead to a national argument. You’ll hear: “Conductor, my change!” “Madam, no disturb me. I go give you.” Two hours later: nothing. And if you vex too much, they’ll stylishly insult you with the classic line: “Shey you no dey see say I dey drive?” (Meanwhile, he’s not the one driving).
Now let’s talk about keke (tricycles). Keke drivers believe they are small cars, small bikes, and small airplanes at the same time. The way they swerve in and out of traffic, you’ll start calculating your life choices. Sometimes, three grown adults will be squeezed at the back seat like sardines, and one person will still insist on carrying two bags of onions.
As for okadas, they are not bikes. They are fear distributors. If you’ve ever been on an okada, you’ve already faced death and come back. The way they overtake trailers, you’ll be whispering, “Father Lord, if I survive this, I promise to give testimony on Sunday.” And let’s not forget how they love shortcuts. Before you know it, you’re on a narrow bush path, wondering if the man is taking you to your destination or another realm.
Of course, the best part of public transport is the characters inside. There’s always that one passenger who acts like a co-driver, shouting “Driver, slow down!” Or the motivational speaker who suddenly decides to preach: “Repent now, the kingdom of God is at hand.” Sometimes, you even meet the hustlers who turn the bus into Shoprite, selling handkerchiefs, herbal bitters, and miracle pens that can supposedly make your child pass WAEC.
But let’s be honest: for all the chaos, there’s a strange sense of community in Nigerian transport. You can enter as strangers and come down as temporary friends, united by the shared suffering of traffic, heat, and one conductor who swallowed your change.
And that’s this week’s Thursday Chronicles. Nigerian transport may test our patience, bones, and faith, but it also gives us daily stories we can laugh about forever. Until next Thursday, may your bus be quick, your conductor remember your change, and your okada never enter “one chance.”
