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Veritas Kapital Records N13.6bn Premium, Exceeds 2024 Profit

Veritas Kapital Assurance Plc has recorded an eight per cent increase in Gross Written Premium, rising to N13.6 billion in the first half of 2025. Managing Director Dr Adaobi Nwakuche disclosed this in a statement on Wednesday in Lagos, noting that the performance reflected strong market presence and effective distribution channels. She said Net Insurance and Investment Income surged by 244 per cent to N5.2 billion, up from N1.52 billion recorded in full year 2024.

Profit After Tax hit N3.2 billion, surpassing the company’s total earnings for the entire 2024 financial year. “These results affirm the strength of our values-driven model, built on our people’s dedication, a clear strategy, and unwavering focus on customer value,” Nwakuche stated.

Total Assets rose by 11 per cent to N37 billion from N33.1 billion in 2024, reflecting improved financial health and operational efficiency. Shareholders’ funds climbed to N15.1 billion from N11.92 billion, underscoring investor confidence and sound governance.

Nwakuche attributed the growth to disciplined underwriting, investment optimisation, expanded digital capabilities, and strong customer-focused service delivery. She emphasised that the H1 2025 performance was not just about growth, but about “protection delivered, promises honoured, and futures secured.”

“As Nigeria adapts to new economic realities, Veritas Kapital is charting a course defined by agility, innovation, and intentionality,” she said, adding that the company is investing in digital access, claims responsiveness, and talent development, while reinforcing its core values of integrity, transparency, and service.

Tinubu Orders Review Of Revenue Deductions By Key Agencies To Boost Public Savings

Ajaokuta Steel Owes ₦2bn Power Bills — Senate Chair

Senate Committee Chairman on Steel Development, Patrick Ndubueze, has revealed that the non-operational Ajaokuta Steel Company has at times accumulated over ₦2 billion in electricity debts despite producing nothing.

Speaking at the maiden National Steel Summit in Abuja themed “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness,” Ndubueze recalled a visit to the facility, lamenting its wasted potential to manufacture items such as brake parts, ball bearings, seals, and engine blocks. He described its current power capacity of ₦500,000 as unacceptable for a plant built with trillions of naira, calling for corporate governance reforms and an operational review.

He urged industry stakeholders to make the summit a turning point in Nigeria’s steel development, pledging Senate support to work with the executive and private sector to create a vibrant and competitive industry.

Minister of Steel Development Shuaibu Audu noted that while Nigeria has abundant raw materials like iron ore, limestone, and coal, it lacks functioning integrated steel plants. He traced the sector’s history from the 1958 push for rolling mills to later emphasis on integrated plants, and lamented that privatised facilities in Oshogbo, Katsina, Jos, Delta, and the Aluminum Smelter Company remain idle.

Despite decades of setbacks, Audu said the Tinubu administration is ready to confront the industry’s challenges. He emphasised steel’s central role in industrialisation, powering sectors from construction to defence, and highlighted its potential to create jobs, spur growth, and diversify the economy.

The summit aims to assess the sector’s current state, explore investments, close policy and infrastructure gaps, and strengthen collaboration between policymakers and industry players toward a sustainable and globally competitive steel sector.

Tinubu Orders Review Of Revenue Deductions By Key Agencies To Boost Public Savings

Tinubu Orders Review Of Revenue Deductions By Key Agencies To Boost Public Savings

President Bola Tinubu has directed a comprehensive review of deductions and revenue retention practices by Nigeria’s major revenue-generating agencies, in a bid to improve public savings, enhance spending efficiency, and unlock resources for economic growth.

The directive, issued at Wednesday’s Federal Executive Council (FEC) meeting in Abuja, targets agencies including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian National Petroleum Company Limited (NNPC Ltd).

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, told journalists after the meeting that the President specifically ordered a reassessment of NNPC’s 30 per cent management fee and 30 per cent frontier exploration deduction under the Petroleum Industry Act. The Economic Management Team, chaired by Edun, is to present actionable recommendations to FEC on the optimal path forward.

Tinubu said the move aligns with ongoing reforms aimed at dismantling economic distortions, restoring policy credibility, and bolstering investor confidence. He reaffirmed his administration’s commitment to achieving a $1 trillion economy by 2030, with a minimum annual growth rate of 7 per cent from 2027, describing the target as “not just economic, but a moral imperative” for lifting millions out of poverty.

Citing the July 2025 International Monetary Fund Article IV report, which endorsed Nigeria’s reform trajectory, the President stressed the importance of investment-led growth in critical sectors including infrastructure, oil and gas, health, and manufacturing.

He highlighted the Renewed Hope Ward Development Programme, a grassroots initiative covering all 8,809 wards nationwide, designed to empower economically active citizens through micro-level poverty reduction strategies in partnership with states, local governments, and the private sector.

On the fiscal outlook, Tinubu noted that public investment accounts for just five per cent of Gross Domestic Product due to low savings. He stressed the need to “optimise every available naira” amid global liquidity constraints. Edun added that macroeconomic indicators are improving, with a more stable exchange rate, moderating inflation, rising revenues, and debt-to-GDP ratios now within manageable levels.

The finance minister also disclosed that the Council approved two of his memoranda — a $125 million Islamic Development Bank loan for infrastructure projects in Abia State, covering 35 kilometres of roads in Umuahia and 126 kilometres in Aba, and a plan to refinance N4 trillion in outstanding electricity sector obligations. The electricity debt resolution will be implemented in phases, with the first phase expected within three to four weeks, coordinated by the Debt Management Office.

Tinubu urged governors to accelerate growth by prioritising productivity-enhancing investments, strengthening food security, and deepening collaboration with local governments to tackle poverty, ensuring no Nigerian is left behind.

FG Opens 2,000-Litre Milk Centre In Bauchi To Boost Dairy Production

Russia Imposes Restrictions On WhatsApp And Telegram Calls

Russia has announced partial restrictions on calls made through the WhatsApp and Telegram messaging platforms, saying the move is aimed at tackling criminal activity, state media reported on Wednesday.

“In order to combat criminals, measures are being taken to partially restrict calls on these foreign messaging apps (WhatsApp and Telegram),” the communications watchdog Roskomnadzor said, according to RIA and TASS news agencies.

The regulator described the apps as “the main voice services used for fraud, extortion, and for involving Russian citizens in subversive and terrorist activities.” Russian security services have repeatedly alleged that Ukraine uses Telegram to recruit individuals and carry out acts of sabotage inside Russia.

Authorities have demanded that the platforms provide law enforcement with access to user data, not only for fraud investigations but also for activities Moscow classifies as terrorism. Russia’s digital ministry stated that call services would be restored once the companies comply with national legislation.

In response, Telegram told AFP it “actively combats misuse of its platform, including calls for sabotage or violence, as well as fraud,” adding that it removes “millions of pieces of harmful content every day.”

Meta-owned WhatsApp emphasised its commitment to privacy, saying the platform is “private, end-to-end encrypted, and defies government attempts to violate people’s right to secure communication,” which it believes is why Russia seeks to block it from over 100 million users in the country.

Since the start of its invasion of Ukraine, Russia has intensified restrictions on press freedom and online speech, prompting concerns that the new measures could push users toward platforms more susceptible to government surveillance.

FG Opens 2,000-Litre Milk Centre In Bauchi To Boost Dairy Production

FG Opens 2,000-Litre Milk Centre In Bauchi To Boost Dairy Production

The Federal Government, through the Ministry of Livestock Development, has commissioned a Milk Collection Centre with a daily capacity of 2,000 litres at the Sawi Grazing Reserve in Adamami community, Shira Local Government Area of Bauchi State.

The facility, initially rehabilitated and equipped by the Federal Ministry of Agriculture and Rural Development under its Livestock Directorate, will now be managed by L&Z Integrated Farms, a private investor.

Speaking during the inauguration, Director of Livestock Development, Tagwi James, said the site was chosen due to its significant daily milk deposits and its potential to boost local production. He noted that the initiative is part of the government’s renewed efforts to reduce milk imports and strengthen the domestic dairy sector.

James called on state governments to back the initiative by implementing livestock-related policies and programmes.

Managing Director of L&Z Integrated Farms, Muhammad Damakka Abubakar, said Nigeria spends about $1.5 billion annually on milk imports, a figure the government aims to reduce through improved milk aggregation and collection infrastructure. “Improving milk aggregation and collection infrastructure is essential to achieving self-sufficiency in dairy production,” Abubakar said.

Chairman of Shira Local Government Council, Alhaji Babangida Maliya, pledged to ensure the facility’s success through enhanced security and community engagement, urging pastoralists to supply milk and calling for educational opportunities for rural women and girls.

District Head of Disina, Abdullahi Mustapha, commended the Federal Government for the project, saying it would encourage pastoralist settlement and improve access to education for their children. He also lauded L&Z Integrated Farms for its role in the initiative.

Chairman of Miyetti Allah in Shira Local Government Area, Umar Muhammad Hassan, welcomed the project as a boost for the Fulani community’s economy and livelihoods. He pledged their commitment to supplying quality milk and appealed for the establishment of a nomadic school in the community.

NPCC Launches Maiden Onshore, Offshore Port Operations Training In Lagos

Rivers Administrator Ibas Appoints Wali, Parker To Lead Key Boards

The Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (retd.), has approved the appointment of chairmen and members for eight state boards, including the Rivers State University Governing Council and the Rivers State University Teaching Hospital.

In a statement issued on Wednesday by the Secretary to the State Government, Prof. Ibibia Worika, former Nigerian Bar Association President, Okey Wali, SAN, was named Chairman of the Rivers State University Governing Council.

Former Commissioner for Health, Dr Sampson Parker, will chair the board of the Rivers State University Teaching Hospital, while Prof. Chizindu Alikor retains his position as Chief Medical Director.

Also appointed was former Ikwerre Local Government Chairman, Dr Samuel Nwanosike, an ally of the Minister of the Federal Capital Territory, Nyesom Wike, who will now head the Rivers State Waste Management Agency. Wokoma Amakiri was appointed as its Managing Director.

Other appointees include: Samuel Ogeh as Chairman of the Rivers State Universal Basic Education Commission; Tony Egwurugwu as Chairman of the Rivers State Senior Secondary Education Board; and Israel Egbunefu as Chairman of the Rivers State Internal Revenue Service.

Former Health Commissioner, Prof. Princewill Chike, will chair the Rivers State Contributory Health Protection Programme, with Dr Vetty Agala retaining the role of Executive Secretary. Prof. Adolphus Toby was named Chairman of the Rivers State Microfinance Agency, with five others appointed as members.

The statement added that all newly appointed board members will be sworn in by Vice Admiral Ibas.

Inspire Academy Stun Defending Champions In 1XBET Community Cup

Phyna Accuses Dangote Group Over Sister’s Truck Accident

Big Brother Naija ‘Level Up’ edition winner, Ijeoma Otabor, popularly known as Phyna, has accused Nigerian billionaire businessman, Aliko Dangote, and the Dangote Group of interfering in a case involving a company truck that allegedly ran over her sister.

Phyna made the allegations in a post on her Instagram page on Wednesday night, August 13, 2025, claiming that the company instructed the police to remove the truck’s plate number after the incident.

She also alleged that instead of visiting her injured sister in the hospital, one of Dangote’s managers planned to go to the police station.

“Dear @aliko_dangotegcon @dangotegroup, from all that has happened, you decided to rather tell the Nigerian police to remove the plate number on the truck that crushed my sister, and also, one of your managers is going to the station tomorrow. What happened to seeing my sister first? If that truck and your driver should leave that station?” she wrote.

Phyna vowed to prioritise her sister’s care while warning that wealth could not shield anyone from accountability.

The Dangote Group has yet to publicly respond to the allegations as of the time of filing this report.

FG Approves Establishment Of Nine New Private Universities

PDP Clarifies Stance On Possible Return Of Jonathan And Obi

PDP Reverses Fayose, Other Members Suspension

The Peoples Democratic Party (PDP) has addressed speculations about the possible return of former President Goodluck Jonathan and Labour Party presidential candidate Peter Obi ahead of the 2027 elections.

Party sources say no formal discussions have been held with either politician, but stakeholders have expressed mixed reactions over the idea. While some see their return as a boost to PDP’s chances, others question rewarding those who left the party in the past.

Jonathan, who served as Nigeria’s president from 2010 to 2015, could only serve one more term under the constitution if he rejoined the party. Some members also recall that he appeared distant from PDP during its challenging years.

Obi, who was PDP’s vice presidential candidate in 2019, left for the Labour Party in 2022, a move many believe weakened PDP’s performance in the 2023 elections. His potential return has sparked debates over loyalty and the party’s internal unity.

Meanwhile, the ruling All Progressives Congress (APC) has dismissed the idea, claiming the PDP remains weak regardless of its candidate.

Party insiders say PDP governors and loyal members are also eyeing the 2027 ticket, warning against sidelining those who have remained committed.

FEC Approves $34m, ₦13bn For Power Grid Upgrade And Industrial Energy Supply

FIRS Meets 2025 Oil Revenue Target Ahead Of Schedule, Credits Niger Delta Stability

The Federal Inland Revenue Service (FIRS) has achieved its 2025 oil and gas tax revenue target months ahead of schedule, a milestone the agency attributes to improved security in the Niger Delta and increased production volumes.

FIRS Chairman, Zacch Adedeji, announced the feat on Wednesday in Abuja, noting that the peace in oil-producing areas had boosted industry profits and, by extension, government revenues.

“For the first time in a long while, we met our oil and gas target, which is actually as a result of the peace that has been maintained where oil and gas facilities are located,” Adedeji said.

The development aligns with President Bola Tinubu’s fiscal agenda to strengthen non-debt revenue and stabilise the economy through subsidy reforms, broader tax collection, and enhanced security for critical infrastructure.

Nigeria’s oil and gas sector remains the country’s largest source of foreign exchange, despite years of output disruptions, theft, and fluctuating global prices. Adedeji stressed that security is central to sustaining this progress.

“Production is happening and companies are making more profit from it,” he said, linking economic growth directly to regional stability.

The announcement came during a courtesy visit by General Christopher Musa, Chief of Defence Staff (CDS), to the FIRS headquarters. The visit underscored growing coordination between fiscal authorities and the Armed Forces in safeguarding national assets and driving development.

Adedeji commended the military’s role in securing oil installations and pledged continued collaboration. He also highlighted President Tinubu’s recent approval for the construction of 1,550 housing units for security personnel as part of efforts to improve military welfare and operational capacity.

“You are also critical to our success,” he told the CDS, acknowledging the Armed Forces’ contribution to revenue generation.

General Musa, in his remarks, credited FIRS’s performance under Adedeji’s leadership, describing it as transformative and claiming revenue generation had increased nearly tenfold since the current administration took office — a figure yet to be independently verified.

“For us in the Armed Forces, we are nothing without funds. To even buy the big guns we are carrying will be difficult without the funding,” he said.

Musa also used the occasion to promote the upcoming African Chiefs of Defence Staff Conference, scheduled for August 25–27 in Abuja — the first time Nigeria will host the event. The conference aims to deepen continental security cooperation and push for African-led solutions to regional conflicts.

“If you don’t sit down and handle your own situation yourself, nobody will,” Musa said, warning against overreliance on external actors in addressing Africa’s security challenges.

FIRS’s early attainment of its oil and gas revenue target is expected to reassure investors and development partners monitoring Nigeria’s fiscal performance. However, analysts note that non-oil revenues remain weak, leaving the government reliant on the petroleum sector to fund infrastructure, defence, and other critical expenditure without resorting to further borrowing.

PTDF, NNPCL Forge Strategic Alliance To Advance Energy Innovation And Transition

PTDF, NNPCL Forge Strategic Alliance To Advance Energy Innovation And Transition

The Petroleum Technology Development Fund (PTDF) and the Nigerian National Petroleum Company Limited (NNPCL) have signed a landmark Memorandum of Understanding (MoU) to strengthen research, innovation, and human capital development in Nigeria’s petroleum and renewable energy sectors.

The agreement, sealed on Wednesday at the PTDF Tower in Abuja, formalises a partnership between the Fund and NNPCL’s Research, Technology and Innovation (RTI) subsidiary. It will focus on joint initiatives in emerging technologies, sustainable energy solutions, and energy security.

Speaking at the ceremony, PTDF Executive Secretary, Galadima Aminu, described the pact as a “bold step towards national progress,” saying it would bridge the gap between academia, industry, and government to deliver practical, homegrown solutions for the sector.

“This MoU is not just a document; it is a commitment to national progress,” Aminu said. “We are setting the stage for collaborative research on sustainable oil and gas operations, renewable energy, and energy efficiency. It is a timely and necessary step as we navigate the evolving global energy landscape.”

Aminu emphasised that the partnership would prioritise human capital development through targeted training programmes, innovation skills enhancement, and knowledge-sharing platforms to produce highly skilled professionals capable of driving excellence across the energy value chain.

He highlighted the commitment to local content, noting that Nigerian talents, materials, and technologies would “take centre stage” in driving value creation and economic diversification.

Under the MoU, both institutions will pool resources — from PTDF’s research facilities to NNPCL-RTI’s laboratories — to accelerate the testing and deployment of breakthrough technologies, including refinery catalyst production, biofuel development, advanced drilling operations, and geological mapping. The agreement also builds on earlier collaborations such as the NNPCL Learning Academy at the College of Petroleum and Energy Studies in Kaduna.

On the financial side, Aminu disclosed that sustainable funding models would be developed to ensure that research and innovation projects remain impactful and aligned with national policy and global sustainability targets.

NNPCL’s Executive Vice President, Business Services, Sophia Mbakwe, hailed the partnership as “strategic and timely,” adding that it would enhance Nigeria’s competitiveness in the global energy market.

“In today’s evolving global energy landscape, innovation, research, and human capacity development are essential to sustaining competitiveness, driving resilience, and maintaining Nigeria’s leadership in the energy sector,” she said.

Mbakwe added that the collaboration would advance local content, accelerate technology adoption, and equip the next generation of energy professionals to meet real-world challenges.

Both parties reaffirmed their commitment to supporting Nigeria’s energy transition agenda, aligning the partnership with the country’s climate change commitments and long-term sustainability goals.

“Together, we are building not just systems, but a legacy of resilience, excellence, and innovation,” Aminu concluded.

NPCC Launches Maiden Onshore, Offshore Port Operations Training In Lagos

NPCC Launches Maiden Onshore, Offshore Port Operations Training In Lagos

The Nigerian Ports Consultative Council (NPCC) has commenced its maiden training programme on onshore and offshore port operations and management at the Federal Palace Hotel, Victoria Island, Lagos.

The three-day intensive course has drawn senior industry leaders together to enhance efficiency, compliance, and safety across Nigeria’s maritime sector.

In his welcome address, NPCC Chairman, Mr. Bolaji Sunmola, described the event as “a landmark in the Council’s history” since its establishment in 1953, recalling its role as a unifying platform for government agencies, private operators, and industry experts.

He underscored the urgent need for structured, targeted training to equip port professionals with up-to-date knowledge, technical skills, and global best practices.

NPCC Vice Chairman, Mrs. Jean Chiazor Anishere (SAN), emphasised that shipping is inherently international, and Nigerian ports must align with global standards, outlining the expected outcomes as; improved operational efficiency, stronger compliance with international benchmarks, enhanced safety protocols, and better stakeholder collaboration.

She also revealed plans to make the programme a biannual event and assured participants of a worthwhile experience.

The first technical session, presented by Prof. Bamidele Badejo, explored “Overview of Global vs Local Port Operations” and examined the distinctions between onshore and offshore activities.

He discussed global competition, historical shipbuilding partnerships, and the potential for Nigerian shipyards to achieve certification within five years, stressing the importance of vocational training in building capacity.

This was followed by Capt. Ihenancho Ebebeogu’s paper on “Introduction to Smart Ports and Their Economic Importance”, which detailed how smart ports use artificial intelligence, the Internet of Things, and blockchain to optimise operations, cut costs, and promote sustainable growth. He also introduced the concept of green ports that prioritise environmental responsibility.

The day’s final presentation, examined “Overview of Offshore Facilities”, highlighting the integration between onshore terminals and offshore platforms and stressing the need for seamless coordination to enhance efficiency and safety.

As the first day of the inaugural programme ended, it paved the way for more intensive training, peer-to-peer exchanges, and strategic dialogue aimed at shaping the future of Nigerian port operations.

Inspire Academy Stun Defending Champions In 1XBET Community Cup

Inspire Academy Stun Defending Champions In 1XBET Community Cup

Inspire Sports Academy began their campaign at the Lagos State 1XBET Community Cup 2025 on a high note yesterday, securing a 2–1 victory over defending champions FC Bethel Sporting in a thrilling Group D encounter.

Goals from Owoade Emmanuel and James Falana sealed the win for Inspire, whose disciplined performance frustrated the champions and set the tone for what could be a memorable tournament for the academy side.

The match, played before an energetic crowd, saw Inspire take the lead through Owoade’s composed finish after pouncing on a loose ball in the first half. Bethel Sporting, buoyed by their title-winning pedigree, equalised soon after, but Falana restored Inspire’s advantage in the second half with a decisive strike inside the box.

The closing stages were tense, as Bethel pushed forward in search of an equaliser. However, Inspire’s backline held firm, repelling several dangerous attacks to preserve their lead until the final whistle.

Speaking after the match, Head of Academy, Francis Ogette, hailed the result as a statement of intent.

“This victory reflects our preparation and belief,” he said. “We are not here merely to participate; we are here to win. Beating the defending champions in our opening game is a huge step towards our target of lifting the trophy.”

The result puts Inspire Academy at the top of the group standings, with their next fixture set to determine whether they can maintain their winning momentum.

FG Approves Establishment Of Nine New Private Universities

FG Approves Establishment Of Nine New Private Universities

The Federal Government has given the green light for the establishment of nine new private universities across Nigeria. Minister of Education, Dr. Tunji Alausa, announced the approvals on Wednesday while briefing State House correspondents after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu in Abuja.

The newly approved institutions are:

  • Tazkiyah University, Kaduna State
  • Leadership University, Abuja
  • Jimoh Babalola University, Kwara State
  • Bridget University, Mbaise, Imo State
  • Greenland University, Jigawa State
  • JEFAP University, Niger State
  • Azione Verde University, Imo State
  • Unique Open University, Lagos State
  • American Open University, Ogun State

According to Alausa, the Tinubu administration inherited 551 pending applications for new tertiary institutions. After applying stricter approval guidelines, the number was reduced to 79 active proposals, out of which nine secured approval on Wednesday.

He noted that several of the cleared universities had been awaiting accreditation for over six years, with their promoters already investing billions of naira in infrastructure.

“Due to inefficiencies within the NUC, approvals were delayed. We have since introduced reforms to streamline the process, and today’s approvals are part of clearing that backlog,” the minister explained.

Alausa added that the Federal Government has now placed a moratorium on fresh applications for private universities, polytechnics, and colleges of education, except those that meet the new operational standards.

FG To Cancel Over 1,000 Dormant Mining Licences — Alake

FEC Approves $34m, ₦13bn For Power Grid Upgrade And Industrial Energy Supply

The Federal Executive Council (FEC) has greenlit over $34 million and ₦13 billion in funding to upgrade Nigeria’s electricity transmission infrastructure, marking a major push in the government’s power sector transformation plan.

Minister of Power, Adebayo Adelabu, announced the approvals after Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja.

According to Adelabu, ₦13 billion has been allocated for compensation payments to communities affected by the Lagos Industrial Transmission Project — a scheme funded through a $238 million loan from the Japan International Cooperation Agency (JICA).

The project, he said, will improve power supply reliability to industrial corridors in Lagos and Ogun States, enabling factories and manufacturers to operate without frequent outages. “This initiative will ensure dedicated, stable electricity for our industrial estates, driving job creation and economic growth,” Adelabu stated.

The remaining approvals involve the purchase of 14 high-capacity transformers to replace aging equipment in the national grid, many of which are over 50 years old. The upgrade package includes:

  • Two 150 MVA 330/132/33 kV transformers
  • Five 100 MVA 132/33 kV transformers
  • Five 60 MVA 132/33 kV transformers
  • Two 30 MVA 132/33 kV transformers

Adelabu stressed that replacing overloaded and failing transformers will ease grid bottlenecks, improve efficiency, and enable higher electricity wheeling capacity.

He reaffirmed the government’s commitment to stable power as a catalyst for industrialisation, economic competitiveness, and improved living standards.

Toke Makinwa Announces Pregnancy, Calls It Her “Biggest Project”

FG To Cancel Over 1,000 Dormant Mining Licences — Alake

The Federal Government has announced plans to revoke more than 1,000 inactive mining licences, building on the 900 licences already cancelled in 2024 as part of its industry clean-up exercise.

Minister of Solid Minerals Development, Dr Dele Alake, made the disclosure on Wednesday while delivering his keynote address at the inaugural National Steel Summit in Abuja.

“To sanitise our licencing regime, we earlier withdrew over 900 dormant titles, which were being hoarded by speculators rather than being used for actual development,” Alake stated. “Shortly, we will be revoking another batch of over 1,000 such licences.”

Alake described the mining sector as a cornerstone of Nigeria’s industrial growth, stressing that it would no longer be a haven for opportunists. He outlined the government’s vision for mineral resources to power domestic industries, create jobs, and enhance national prosperity.

He said the summit’s theme — “Rebuilding and Consolidating Nigeria’s Steel Industry: Collaborative Action for Sustainable Growth and Global Competitiveness” — aligns with President Bola Tinubu’s goal to make Nigeria the steel hub of West Africa.

This strategy, he said, is built on sustainable practices, local value addition, and robust private sector partnerships. Nigeria must transition from exporting raw minerals and importing finished steel to processing its resources domestically, he added.

Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said her ministry is advancing industrialisation through reforms in manufacturing and innovation, creating economic corridors, and integrating Nigeria into global and regional value chains.

Steel Development Minister, Shuaibu Audu, described the steel sector as the “backbone of industrialisation,” essential to industries ranging from construction and shipbuilding to telecommunications and defence.

He noted Nigeria’s abundance of steel-making raw materials but lamented the lack of operational integrated steel plants. He called for increased investment to exploit the sector’s potential, generate jobs, and diversify the economy.

The summit aimed to assess the steel industry’s current status, identify investment gaps, and strengthen collaboration between policymakers and industry stakeholders.

EU Allocates €500m For Ukraine’s Winter Gas Needs

Interbank Lending Rates Surge Past 32% As Liquidity Shortage Bites

Nigeria’s interbank lending rates have soared above 32%, hitting their highest level in the third quarter of 2025 as system liquidity turned negative and banks increased borrowings from the Central Bank of Nigeria (CBN).

The surge follows aggressive liquidity mop-up operations by the CBN through open market transactions, which withdrew about ₦2.12 trillion from the financial system.

Data from investment firms showed that liquidity fell to a ₦32.23 billion deficit on Wednesday, despite the absence of Treasury bill auctions. AIICO Capital Limited reported a ₦56.3 billion jump in banks’ borrowing from the CBN’s Standing Lending Facility (SLF) to ₦311.7 billion.

The FMDQ Securities Exchange data revealed that the Open Repo (OPR) rate rose by 240 basis points to close at 32.10%, while the Overnight (O/N) rate climbed 310 basis points to 32.50%.

Market analysts expect rates to remain elevated in the absence of significant liquidity inflows, with banks relying heavily on the SLF to meet short-term funding needs.

The tightening underscores the impact of the CBN’s monetary policy stance and its efforts to control inflation and manage naira volatility.

Toke Makinwa Announces Pregnancy, Calls It Her “Biggest Project”

Lagos Assembly Proposes 50% Cut In Tenancy Agency Fees

Sanwo-Olu Removes 5 Names From Commissioners' List

The Lagos State House of Assembly has unveiled a new provision in its proposed Tenancy Bill aimed at slashing agency or commission fees on rental transactions from 10% to 5% of the annual rent.

This initiative, outlined in Section 3(4) of the bill, was disclosed during a one-day public hearing on Wednesday at the Assembly complex. The legislation, officially titled “A Bill for a Law to Regulate the Relationship Between Landlords and Tenants,” seeks to redefine rental practices across the state.

Speaker Mudashiru Obasa, represented by lawmaker Stephen Ogundipe, stressed that any property agent charging more than the stipulated 5% would face severe penalties — including mandatory refund, a fine of ₦1 million, or a two-year jail term.

According to Obasa, the rising complaints over landlords’ and agents’ handling of service charges have necessitated this reform. The bill provides a clear framework for tenancy agreements, rent collection, property upkeep, and lawful eviction processes.

He revealed that Lagos’ housing deficit has climbed 15% — from 2.95 million units in 2016 to an estimated 3.4 million units in 2025 — with more than 70% of residents renting their homes, often spending 40–60% of their income on rent.

House Committee on Housing Chairman, Olusegun Ege, described the public hearing as a vital step in gathering stakeholder perspectives to ensure progressive legislation. The bill, comprising four parts and 45 clauses, addresses tenancy rights, obligations, dispute resolution, and protection against arbitrary evictions.

It prioritises mediation over litigation, caps rent hikes, and introduces modern judicial measures such as virtual hearings, weekend proceedings, and electronic filings to speed up dispute resolution.

Housing Commissioner Moruf Akinderu-Fatai said the reforms would strengthen investor confidence, while Attorney-General Lawal Pedro projected faster resolution of tenancy disputes — ideally within six months — to prevent abuse of court processes.

However, professional bodies, including the Estate Surveyors and Valuers Registration Board of Nigeria, have expressed concerns over the 5% agency fee limit, calling for alignment with existing industry regulations.

The session drew government officials, legal experts, civil society groups, estate professionals, and community leaders, reflecting the wide economic and social implications of the proposed law.

Insurance Stocks Drive Midday Surge On Nigerian Exchange

Naira Strengthens As Dollar Demand Eases, External Reserves Climb To $40.29bn

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira posted gains against the US dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM), buoyed by weak dollar demand and improving investor sentiment amid rising external reserves.

According to spot rate data from the Central Bank of Nigeria (CBN), the local currency closed at ₦1,534.82 per dollar—appreciating by more than ₦2 from the previous day’s rate of ₦1,537.09.

Intraday figures showed reduced pressure at the official FX window, with the naira touching a high of ₦1,536.50 compared to the previous day’s ₦1,543. Analysts attributed this to increased forex inflows from exporters and a steady build-up in Nigeria’s foreign reserves, now standing at $40.292 billion, supported by rising crude oil output.

The improved FX liquidity and stronger reserves have bolstered market confidence, keeping the short-term outlook for the naira tilted towards further appreciation.

However, the gap between official and parallel market rates widened as the naira traded at ₦1,550 per dollar in the parallel market—₦15.18 weaker than the official rate. Prior to this divergence, spot rates had converged around ₦1,535.

In the global commodities market, crude oil prices retreated after an unexpected increase in US crude inventories. Brent crude fell by 61 cents to $66.51 per barrel, while US West Texas Intermediate (WTI) declined by 68 cents to $62.49 per barrel. Losses were partly cushioned after the US Treasury Secretary suggested that President Donald Trump might use sanctions in discussions with Russian President Vladimir Putin.

Meanwhile, gold prices climbed as a weaker dollar and lower US Treasury yields fuelled demand for the safe-haven asset. Softer US inflation data reinforced expectations of a Federal Reserve interest rate cut in September, with growing speculation of additional easing measures later in the year.

Spot gold edged up by 0.18% to $3,353.95 per ounce, while US gold futures rose by $2.10 to $3,403.52 per ounce. Analysts expect commodity prices to remain sensitive to key economic indicators due later in the week.

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Nigerian Stocks Dip As N121bn Loss Hits Market Amid Profit-Taking Pressure

Stock Exchange Closes Trading Week With N30bn Gain

The Nigerian Exchange (NGX) recorded a market downturn on Wednesday as investors engaged in strategic profit-taking on select mid-tier and blue-chip equities, wiping out approximately ₦121 billion from the total market value.

After a sustained bullish rally, the local bourse closed in the red, with sell-side activities outweighing buying momentum. The All-Share Index (ASI) shed 0.13%, settling at 145,865.48 points, and trimming the year-to-date (YTD) return to 41.72%.

Market analysts noted that the pullback, despite a generally positive market breadth, underscored the influence of calculated exits by investors aiming to lock in recent gains. Trading activity showed mixed signals—total trade volume rose by 5.06%, but total trade value slid by 16.65%.

Data from the NGX indicated that a total of 1.341 billion units worth ₦20.215 billion exchanged hands across 30,749 transactions. UNIVINSURE led the volume chart, accounting for 14.43% of total market turnover, followed by JAPAULGOLD (9.19%), VERITASKAP (6.96%), ACCESSCORP (6.34%), and STERLINGNG (5.09%).

In terms of value, ACCESSCORP dominated, representing 11.64% of the total market value traded. The gainers’ list was led by FTNCOCOA, LEARNAFRCA, RTBRISCOE, CAVERTON, PRESTIGE, and TRIPPLEG, each appreciating by 10.00%.

Other top advancers included MANSARD (+9.99%), ELLAHLAKES (+9.96%), CONHALLPLC (+9.96%), ABBEYBDS (+9.95%), CORNERST (+9.94%), alongside 42 other stocks that closed higher.

On the flip side, 20 equities closed in the negative zone. THOMASWY topped the losers’ chart with a 10.00% decline, followed by BERGER (-6.16%), NB (-3.90%), WAPCO (-2.14%), ZENITHBANK (-1.96%), and TRANSCORP (-1.06%).

The bearish session erased ₦120.91 billion from market capitalisation, which settled at ₦92.28 trillion. Despite the decline, market breadth remained positive, with 53 gainers against 21 decliners, signalling persistent bargain-hunting interest.

Sector performance was largely negative—Banking (-0.53%), Consumer Goods (-0.91%), Industrial Goods (-0.33%), and Commodities (-0.03%) all ended in the red. Conversely, Insurance (+7.94%) and Oil & Gas (+0.12%) posted marginal gains, supported by renewed demand in selected counters.

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Tinubu Set To Embark On Strategic Diplomatic Visits To Japan And Brazil With Dubai Stopover

President Bola Ahmed Tinubu will on Thursday depart Abuja for a high-profile diplomatic mission spanning Japan and Brazil, with a brief layover in Dubai, United Arab Emirates.

This development was confirmed in a statement on Wednesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy. According to the statement, the President’s first destination will be Yokohama, Japan, where he will attend the Ninth Tokyo International Conference on African Development (TICAD9) from August 20 to 22.

TICAD9, themed “Co-create Innovative Solutions with Africa”, will focus on accelerating Africa’s economic transformation through increased private-sector investment, institutional reforms, innovation, and the promotion of a resilient, sustainable society grounded in peace, stability, and human security.

Beyond participating in the conference’s plenary sessions, President Tinubu is expected to engage in bilateral meetings with key government officials and top executives of Japanese corporations with active investments in Nigeria, exploring avenues to expand economic and trade partnerships.

TICAD, initiated by the Japanese government in 1993 and co-hosted by the United Nations, UNDP, African Union Commission, and World Bank, is held every three years, alternating between Japan and African nations. The most recent edition was held in Tunisia in August 2022.

Following the Japan visit, President Tinubu will proceed to Brasília, Brazil, for a two-day state visit from Sunday, August 24, to Monday, August 25, at the invitation of Brazilian President Luiz Inácio Lula da Silva.

While in Brazil, the Nigerian leader will hold high-level discussions with President Lula, attend a business forum with Brazilian investors, and lead a delegation comprising ministers and senior government officials to negotiate new areas of cooperation. The engagements are expected to culminate in the signing of strategic agreements and Memoranda of Understanding (MoUs) between Nigeria and Brazil.

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