The Nigerian stock market maintained its bullish momentum on Tuesday, with the year-to-date (YTD) return rising to 41.91% as renewed bargain hunting in financial, consumer goods, and industrial stocks boosted investor portfolios by ₦110 billion.
The Nigerian Exchange (NGX) All-Share Index (ASI) edged higher by 0.12%, closing at 146,055.89 points. The modest rally was underpinned by increased buying interest in several mid- to large-cap equities, reinforcing investor optimism about market performance.
The upward movement was driven by notable gains in companies such as FCMB, VFD Group, UBA, Ecobank, United Capital, AIICO Insurance, AXA Mansard, NEM Insurance, Julius Berger, Lafarge Africa, and Transcorp Plc.
Market analysts attributed the ASI’s climb to stronger market fundamentals, an upbeat corporate earnings outlook, and resilient investor sentiment. Consequently, market capitalization surged by ₦110 billion to ₦92.41 trillion, while market breadth closed positive with 49 gainers outperforming 29 decliners, reflecting an active tussle between bargain hunters and profit-takers.
Trading volume, however, dipped by 39.63% even as the value of transactions rose by 25.03%. A total of 1.277 billion units of shares worth ₦24.25 billion changed hands in 31,155 deals.
In terms of activity, LASACO led the volume chart with 8.40% of total trades, followed closely by Japaul Gold (8.38%), Sterling Financial Holdings (7.67%), AIICO Insurance (5.09%), and Access Holdings (4.79%).
GTCO emerged as the most traded equity by value, accounting for 10.85% of total transactions.
Top gainers of the day included ABCTRANS, Prestige Assurance, TIP, WAPIC, Champion Breweries, Ellah Lakes, Mansard Insurance, and Sunu Assurances — all appreciating by 10% each. They were followed by Julius Berger (+9.99%), Mutual Benefits (+9.97%), Veritas Kapital (+9.96%), Cornerstone Insurance (+9.93%), and Royal Exchange (+9.92%).
On the flip side, 29 stocks ended in the red. JULI Plc was the worst performer, shedding 10%, followed by Unilever (-9.97%), May & Baker (-7.69%), Africa Prudential (-4.79%), CAP Plc (-4.05%), and Oando (-1.89%).
Sectoral performance was mixed. The Insurance index jumped 9.12%, while Industrial Goods gained 0.86%. Conversely, Banking (-0.22%), Consumer Goods (-0.47%), and Oil & Gas (-0.19%) closed negative. The commodities sector remained flat at 0%. Overall, the number of deals and total trading volume fell by 22.95% and 39.63%, respectively.
The Nigerian naira came under renewed pressure at the Nigerian Foreign Exchange Market (NFEM) on Tuesday, sliding to its weakest level in months as surging dollar demand outstripped supply.
Central Bank of Nigeria (CBN) data revealed that the official exchange rate fell to ₦1,537.90 per dollar from ₦1,535.92 the previous day. At one point during intraday trading, the rate hit ₦1,543, reflecting heightened corporate demand for the greenback despite recent interventions.
Analysts noted that the CBN had injected a total of $150 million into the market in two separate tranches last week. However, these interventions failed to cool demand pressures, sparking speculation that additional forex sales could be implemented in the coming days.
Foreign exchange inflows into the official market continued to weaken, falling for the third consecutive week. Total inflows last week stood at $732.8 million — a sharp drop from $91.1 million the previous week.
Non-bank corporates accounted for the largest share of inflows at $295 million, followed by foreign portfolio investors (FPIs) with $267.9 million. Exporters contributed 19.45% of inflows, while individual remittances were minimal at 0.45%. Other international sources represented 3.19%.
Meanwhile, updated CBN figures showed Nigeria’s external reserves had climbed to $40.229 billion — the highest since January — largely supported by sustained portfolio inflows and strong non-bank corporate participation.
As part of its ongoing drive to optimise financial transactions across key sectors, Interswitch, one of Africa’s leading integrated payments and digital commerce companies, is transforming Nigeria’s gaming landscape with the introduction of a bespoke suite of payment and collection solutions. Unveiled at an exclusive industry event themed “Beating the Odds: Innovation and Solutions for Smarter Betting Operations,” the new offerings are tailored to optimise payment flows, simplify collections, enable instant payouts, and personalise the player experience through reliable, tech-driven processes.
Hosted at the Radisson Blu Hotel, Victoria Island, Lagos, the session convened key stakeholders, regulators, and operators from across the gaming ecosystem, all seeking smarter, more efficient ways to serve Nigeria’s fast-growing digital-first consumer base.
With a deep understanding of the unique challenges and opportunities in the gaming sector, Interswitch’s integrated solutions are designed to boost operational efficiency, streamline collections, and improve customer satisfaction through seamless transactions, faster payouts, and personalised rewards.
In his welcome address, Osasere Atohengbe, Vice President, Sales and Account Management, Interswitch, reaffirmed the company’s commitment to empowering businesses with intelligent and scalable solutions. He said:
“At Interswitch, our mission is to enable businesses with the right tools to thrive. We see technology as a powerful enabler, not just for gaming operators, but also for the players who expect fast, secure, and frictionless experiences. With our integrated suite of payment and collection solutions, we’re helping gaming platforms simplify backend operations, from reconciliation and payouts to collections and tracking, ultimately unlocking greater value and scalability in today’s competitive market.”
Delivering the keynote address, Adetoun Adeyemi, Director of Legal, Lagos State Lotteries and Gaming Authority, who represented Bashir Are, Chief Executive Officer, Lagos State Lotteries and Authority, lauded the initiative and emphasised its potential to transforming the entire gaming ecosystem:
“We are truly excited about the potential of Interswitch’s Integrated Solutions Suite to significantly impact the gaming industry. These innovations will not only provide operators with smarter, more efficient tools but also empower us, as regulators, to foster a transparent, compliant, and well-structured ecosystem. This initiative supports our collective goal of building a responsible and well-structured gaming industry in Lagos State.”
At the core of the offering is the Interswitch Payment Gateway, which facilitates seamless, real-time payments across a wide range of channels, including cards, bank transfers, USSD, Quickteller, Google Pay, OPay, and more, via a single, unified integration. This simplifies onboarding and transaction processing for operators while elevating the payment experience for end-users across touchpoints.
Also featured is the Interswitch collections platform, Paydirect, a multi-channel collection platform that allows operators to accept payments through online platforms, physical bank branches, agent networks, and Point-of-Sale (POS) terminals. All transactions are consolidated into a centralised dashboard, enabling simplified tracking, real-time monitoring, and error-free reconciliation.
To support real-time disbursements, the Quickteller-powered funds transfer service allows operators to instantly pay winnings or transfer funds to bank accounts across Nigeria. This not only fosters trust but also improves player satisfaction by ensuring timely settlements. Also integral to the suite of solutions is the Static Virtual Account (Pay with Transfer) feature, which assigns unique virtual account numbers to individual customers. This innovation eliminates referencing errors, simplifies deposit identification, and enables automated reconciliation, giving operators greater visibility, control, and accuracy in managing inflows.
A cross-section of bookmakers and gaming operators in Nigeria at the Bookmakers Breakfast Meeting hosted by Interswitch, held recently at the Radisson Blu Hotel, Victoria Island, Lagos.
Beyond payments, Interswitch showcased an expanded portfolio of business-enabling solutions designed to drive operational efficiency, enhance customer engagement, and improve user experience for gaming operators. The Interswitch Corporate 360 (IC360) platform was highlighted as a comprehensive tool that consolidates financial operations, covering everything from tax compliance and vendor payments to real-time account visibility and ERP integration, helping operators streamline processes and reduce redundancy.
In addition, Interswitch’s Enterprise Rewards Solution offers a digital rewards platform that incentivises customer behaviour with instant airtime, data, vouchers, and other perks, backed by intelligent analytics for targeted engagement. The USSD and offline solutions ensure uninterrupted access to gaming services even without internet connectivity, reducing transaction drop-offs, while the Salary Lending Solution provides employees of partner firms with quick, short-term salary advances via Quickteller.
Complementing these offerings, the broader suite also incorporates advanced tools such as Digital Escrow Services for secure transactions, Fraud Management Systems to mitigate risks, and API Integration Tools that enable seamless incorporation of Interswitch’s capabilities into operators’ existing infrastructure. Together, these solutions underscore Interswitch’s commitment to delivering not only smarter payments but also comprehensive business enablement for gaming operators.
Through its combination of cutting-edge payment solutions and a wide array of operational tools, Interswitch is redefining the future of Nigeria’s gaming industry. With smarter, tech-enabled operations, the company is empowering gaming operators to enhance compliance, increase efficiency, and build deeper relationships with customers.
By leading conversations on smarter payment solutions and enabling tech-powered growth in gaming, Interswitch is reinforcing its role as a trusted partner in shaping the future of digital financial services, not only in Nigeria but across Africa.
Bitcoin, the world’s largest cryptocurrency, lost momentum in early Tuesday trading, slipping about 2% to $118,400 over the past 24 hours, according to CoinMarketCap data. The pullback has delayed bullish hopes for a fresh all-time high, even though BTC remains up 3.19% over the past week amid volatile market swings.
Ethereum (ETH) held steady around $4,300, marking a 16% gain in the last seven days. However, several popular altcoins posted double-digit daily losses.
In a notable move, U.S.-listed spot Ether ETFs saw record-breaking inflows of $1.02 billion on Monday — the highest since their mid-2024 debut — as institutional investors snapped up around 240,000 ETH. The surge extended a five-day streak of inflows totaling $1.8 billion, pushing aggregate inflows to $10.8 billion.
Bitcoin briefly topped $122,000 on August 11, lifting its market capitalization close to $2.5 trillion, before retreating below $119,000. The decline reflects mixed investor sentiment ahead of July U.S. inflation data, which could influence whether the Federal Reserve cuts interest rates in September.
Market mood was partially supported by President Donald Trump’s announcement of a 90-day pause on planned tariff hikes against China. Institutional appetite also remained strong, with one investment strategy revealing it had purchased an additional 155 BTC for about $18 million at an average price of $116,401.
Still, profit-taking by retail traders and caution over inflation kept the broader market under pressure. The global cryptocurrency market capitalization fell 1.2% to $3.94 trillion at the time of writing.
Crude oil production by the Organization of the Petroleum Exporting Countries (OPEC) rose by 263,000 barrels per day (bpd) in July compared to June, reaching 27.54 million bpd, the group’s latest Monthly Oil Market Report shows.
The largest increase came from Saudi Arabia, which boosted output by 170,000 bpd to 9.53 million bpd. Iraq recorded the biggest drop, cutting production by 51,000 bpd to 3.90 million bpd.
Combined output from the broader OPEC+ alliance — which includes non-OPEC producers such as Russia — climbed by 335,000 bpd to 41.94 million bpd during the month.
On the demand side, OPEC maintained its 2025 forecast for global oil consumption, projecting growth of 1.3 million bpd year-on-year to 105.14 million bpd. Most of the increase is expected from non-OECD countries, where demand is forecast to rise by 1.15 million bpd, compared to just 140,000 bpd in OECD economies.
The report estimates that non-OECD nations will account for 59.33 million bpd of demand in 2025, with OECD countries making up 45.8 million bpd. For 2026, demand growth is projected at 1.23 million bpd in non-OECD regions and just 15,000 bpd in OECD countries.
The Lagos State Police Command has recorded significant breakthroughs in its fight against cultism, armed robbery, kidnapping, fraud, and other crimes, with the arrest of 68 suspects and the recovery of a cache of firearms, ammunition, stolen vehicles, and fraud proceeds in the past month. Commissioner of Police, CP Olohundare Jimoh, disclosed this on Monday during a press briefing at the Command Headquarters, Ikeja.
He said the achievements were the result of new crime prevention strategies introduced upon his assumption of office, designed to improve intelligence gathering, strengthen operational capacity, and boost police response to distress calls.
Jimoh expressed appreciation to the Inspector-General of Police, IGP Kayode Egbetokun, for equipping the Command with modern crime-fighting tools, and to Lagos State Governor Babajide Sanwo-Olu for continuous operational support, which he said has reduced the Command’s response time to about five minutes.
“These successes reflect the combined efforts of our officers, community informants, and the unwavering support of the state government,” Jimoh said, urging residents to continue sharing credible intelligence with the police.
Within the period under review, the police recovered 17 firearms — including English pistols, a Beretta pistol, an AK-49 rifle, and locally made pistols — as well as 99 rounds of ammunition of various calibres. Other items recovered include four vehicles (a Toyota RAV4, a Mercedes-Benz E350, a Toyota Camry, and two minibuses), 19 mobile phones, six laptops and tablets, a bulletproof vest, security identification cards, and documents linked to a visa scam worth over ₦500 million.
Among the notable cases highlighted by the CP were:
Peaceful 2025 Local Government Elections: On July 12, security was deployed to 13,325 polling units and 376 ward collation centres across 20 LGAs and 37 LCDAs. The election was incident-free, with minor disruptions swiftly addressed.
Kidnap Gang Arrest: On July 13, police rescued a 16-year-old boy abducted in Yaba. Four suspects were arrested after collecting a ₦2 million ransom and stealing the victim’s belongings.
Fake Security Agents: On July 30, a seven-man gang that impersonated security personnel to hijack fuel tankers and commit armed robbery was arrested in Ejigbo.
₦500 Million Visa Fraud Syndicate: On July 16, detectives dismantled a network operating from Ago-Okota that defrauded over 100 victims under the guise of securing Canadian and Australian work visas. Four suspects are in custody, while others are still at large.
Vehicle Theft Ring: On July 17, operatives arrested suspects who posed as drivers to steal cars, dismantle them, and sell the parts at Ladipo market.
‘One Chance’ Robbery Syndicate: On July 18, Ikeja police intercepted a minibus in which suspects had lured and robbed a female commuter. Weapons, including an axe and concrete blocks, were recovered. One of the suspects was identified as a wanted gang leader.
High-Value Vehicle Recovery: Police seized a 2021 Lexus hybrid SUV worth over ₦75 million, suspected to have been stolen from abroad and put up for sale without valid documents.
Jimoh assured Lagos residents that the Command would maintain an aggressive posture against criminals through a combination of intelligence-led policing, community partnerships, and visible patrols.
“Crime and criminality will be brought to the barest minimum. We will continue to manage and deploy our human and operational resources optimally across the entire state,” he said.
The CP added that all arrested suspects will be charged to court upon the conclusion of investigations.
The Murtala Muhammed International Airport (MMIA) Command of the Nigeria Customs Service (NCS) has intercepted and handed over a total of $59,000 in undeclared foreign currency, along with a suspect, to the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.
Addressing journalists at a press briefing on Tuesday, 12 August 2025, the Customs Area Controller, Comptroller Effiong Harrison, said the incident occurred on Monday evening when a passenger scheduled to travel on Emirates Airlines to Dubai declared $10,000 at a Customs checkpoint. However, upon verification, officers discovered an additional $49,000 concealed in his possession.
Harrison explained that the discovery was in contravention of the Money Laundering (Prohibition) Act, 2022, and Section 50 of the Nigeria Customs Service Act, 2023, which mandate travelers to declare cash or equivalent instruments exceeding $10,000 when entering or exiting the country.
“Despite our sustained public sensitisation and repeated travel announcements at the airport, some passengers still choose to flout the law, The GCEO of Customs has instructed us to remain vigilant and ensure that money laundering activities are not prevalent in this airport. Our officers are trained, equipped, and on duty round the clock to enforce compliance.” Harrison stated.
He noted that the suspect, a Nigerian national, along with the seized funds, travel documents, and relevant evidence, had been handed over to the EFCC for necessary action.
The Acting Zonal Director of the EFCC Lagos Zonal Command, Ahmed Gali, who received the handover, commended the NCS for its vigilance and ongoing collaboration with the Commission.
He acknowledged that the interception highlights customs continued crackdown on illicit financial flows, with authorities urging travelers to comply with the mandatory declaration of any amount exceeding $10,000 or its equivalent in other currencies, precious stones, negotiable instruments, and related assets.
“This partnership has continued to yield positive results for the nation, We will investigate this matter thoroughly, ensure justice is served, and use this case as a deterrent to others who might attempt similar offences.” Gali said.
Both agencies reiterated their commitment to sensitising the public on currency declaration laws and warned that any breach would attract the full weight of the law.
Recruitment can be exciting — the idea of bringing in fresh talent, new ideas, and energy. But for most business owners, HR managers, and recruitment agencies, the reality is less glamorous: endless CV reviews, back-and-forth emails, interview no-shows, and positions sitting vacant for months.
That’s why learning how to streamline recruitment process is no longer optional; it’s essential for staying competitive. In today’s fast-paced job market, the businesses that move quickly without sacrificing quality are the ones landing the best hires.
Why Streamlining Recruitment Matters
A clunky, drawn-out hiring process doesn’t just waste time — it costs money. Studies show that long recruitment cycles increase turnover risk, frustrate candidates, and can even damage your employer brand.
Think about it: if a qualified candidate is stuck waiting three weeks for a follow-up, there’s a high chance they’ve already accepted another offer. Streamlining your recruitment process isn’t about cutting corners; it’s about removing friction so good candidates don’t slip away.
1. Write Job Descriptions That Do the Heavy Lifting
Your job description is your first filter. The clearer and more specific it is, the less time you’ll waste sorting through unqualified applicants.
Instead of vague phrases like “must have good communication skills,” try “must be able to lead client meetings and deliver clear presentations.” The more detail you give, the more you naturally streamline recruitment process by attracting exactly who you’re looking for.
If you’re still manually reviewing every CV, you’re working harder than you need to. Modern applicant tracking systems (ATS) can:
Screen applications based on set criteria
Schedule interviews automatically
Send updates to candidates without manual effort
By integrating automation, you streamline recruitment process steps that usually drain hours of your week. That means more time for meaningful interviews and less time chasing email replies.
3. Use Pre-Screening Assessments
Not every candidate who looks good on paper will perform well in the role. Pre-screening assessments — whether skills-based tests, personality evaluations, or scenario challenges — help filter candidates before the interview stage.
When done right, this single step can dramatically streamline recruitment process timelines by ensuring only qualified candidates make it through.
4. Standardise Interviews Without Losing Personality
A consistent interview format ensures fair evaluation and quicker decision-making. Prepare a mix of core questions, role-specific challenges, and room for open conversation.
Standardising doesn’t mean making interviews robotic — it means giving every candidate the same baseline so you can compare apples to apples. And yes, this consistency will help streamline recruitment process efficiency from first meeting to final decision.
5. Build and Maintain a Talent Pool
One of the smartest ways to streamline recruitment process in the long run is to stop starting from scratch. Keep a database of previous high-quality candidates, promising interns, and strong referrals.
When a role opens up, you already have a warm list of people to contact — no job posting required.
6. Outsource When Necessary
For niche or high-volume hiring, partnering with a recruitment agency can save weeks of searching. They bring pre-vetted candidates to your door, reducing the workload on your internal team and helping you streamline recruitment process stages you’d otherwise manage in-house.
7. Track Your Metrics and Keep Improving
The businesses that hire best don’t just act fast; they measure and refine constantly. Keep an eye on:
Time-to-hire
Offer acceptance rate
Cost per hire
Source of hire
Tracking these helps you spot bottlenecks and streamline recruitment process methods with real data, not just gut feeling.
Final Thoughts
When you streamline recruitment process steps, you’re not just saving time for your HR team — you’re creating a smoother, more respectful experience for candidates. And in a competitive job market, candidate experience can be the deciding factor in whether they choose you over another employer.
Efficient hiring is a business advantage. Done well, it brings in the right people faster, strengthens your team, and fuels growth. The choice is simple: keep struggling with outdated recruitment methods, or streamline and start winning top talent before your competitors even make the first call.
Less than three weeks into Big Brother Naija Season 10, former model and spoken-word artist Sabrina Idukpaye has voluntarily exited the reality show due to medical reasons.
The 32-year-old entrepreneur from Edo State informed her fellow housemates in an emotional moment on Monday.
“I am leaving the house today. I have to go pack right now. I’m leaving for medical reasons… I don’t know whether I’m coming back. I’ve only got 20 minutes to pack. You guys should kill this in my honour,” she said.
Sabrina’s departure marks the first voluntary exit of the season and comes less than a day after two housemates were evicted, reducing the contestant pool by three in under 24 hours.
Before joining BBNaija, Sabrina earned a master’s degree from the London School of Economics and built a career as a model, motivational speaker, and entrepreneur.
The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), earned ₦5.21 trillion from crude oil, gas sales, and other upstream activities in the first half of 2025. The revenue represents 42.7% of the record ₦12.2 trillion generated in 2024 but only 34.7% of the ₦15 trillion target set for the year to fund the 2025 budget.
According to the commission’s latest report to the Federation Accounts Allocation Committee (FAAC), the earnings came from royalties, gas sales, flared gas penalties, and joint venture proceeds. This included ₦1.04 trillion from Nigerian National Petroleum Company Limited (NNPCL) joint venture and production-sharing contract royalty receivables, and ₦315.93 billion from the controversial Project Gazelle for January and March.
The NUPRC also noted that NNPCL’s cumulative JV royalty receivables between October 2022 and June 2025 stood at ₦6.6 trillion, reflecting delayed remittances from oil companies.
Confirming the 2025 revenue target, NUPRC Chief Executive Gbenga Komolafe said, “Last year, the commission surpassed its revenue generation by about 163%. This year, our target is ₦15 trillion. We are not intimidated — we have devised a strategic approach to achieve it.”
The report also showed that $459,226 was recovered from outstanding obligations, part of a $1.436 billion cumulative debt from crude oil lifting contracts. The balance of $1.435 billion remains unpaid.
At the current pace, mid-year earnings trail the proportional benchmark, raising concerns the annual target may be missed unless oil output rises and arrears are cleared faster.
Experts Caution Against Over-Taxing the Sector
Energy analyst Dayo Ayoade warned that turning NUPRC into a primarily revenue-generating agency could distort its regulatory mandate.
“While revenue is critical, regulators must balance this with creating a stable investment climate,” he said, adding that excessive fiscal pressure could push oil companies to friendlier jurisdictions.
Petroleum engineer Bala Zaka attributed the sector’s challenges to years of “business climate hostilities” — including sabotage, community extortion, and insecurity — which have driven many multinationals to East Africa.
He warned that indigenous firms taking over onshore and shallow-water assets are not aggressively exploring or increasing reserves, hurting production and government revenue.
Both experts urged the government to prioritise security, cut regulatory bottlenecks, and incentivise exploration to sustain revenue without stifling the sector’s future.
The All Africa Music Awards (AFRIMA) has announced a record-breaking 10,717 entries for the 2025 edition of Africa’s premier music honours, surpassing the 9,076 entries received in the previous edition.
In a statement on Monday, AFRIMA said the surge in submissions reaffirms its status as the continent’s most prestigious platform for developing, celebrating, and promoting African music globally.
The entry window, which opened on May 27 and closed on August 8 at 23:59 GMT, welcomed songs, albums, and music videos from across Africa and the diaspora. Submissions came from artistes, songwriters, producers, video directors, DJs, dancers, choreographers, record labels, and emerging talents.
By region, West Africa led with 5,215 entries (48.68%), followed by Southern Africa with 2,080 (19.42%), Eastern Africa with 804 (7.50%), Northern Africa with 267 (2.49%), Central Africa with 291 (2.72%), and Africans in the diaspora with 75 (0.70%).
A 13-member International Jury, comprising music industry professionals from across the continent and the diaspora, commenced adjudication on August 8 in Lagos. The process, which runs until August 17, involves screening, categorising, and scoring entries based on quality, originality, impact, and cultural relevance before selecting nominees for regional and continental categories.
Speaking on the record turnout, Southern Africa jury representative Adam Tiran said:
“The record number of entries for AFRIMA 2025 is more than just a statistic; it shows how alive, creative, and unstoppable African music is right now. It reflects the growing confidence among artistes that AFRIMA is the stage where their work can be seen, respected, and celebrated globally.”
The official nominees’ list will be unveiled on August 24, followed by the voting period starting September 5, during which both the AFRIMA Academy and fans worldwide can vote via the official website, www.afrima.org. Voting will close 24 hours before the Awards Night on November 30. All results will be monitored and audited by an international auditing firm to ensure transparency.
In partnership with the African Union, AFRIMA has secured strategic collaborations with the Federal Government of Nigeria and Lagos State, with Governor Babajide Sanwo-Olu leading hosting efforts for the 2025 edition.
The awards will take place in Lagos from November 25 to 30, featuring the Africa Music Business Summit, the AFRIMA Music Village Concert, the Nominees Party, and the grand Awards Night, to be broadcast live to more than 84 countries.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, of neglecting the revival of the Port Harcourt refinery, amid mounting criticism over the nation’s failed refinery rehabilitation projects.
This comes as two prominent northern groups dragged the Chief Financial Officer of NNPCL, Mr Dapo Segun, before the Federal High Court in Kaduna over what they described as his “direct and supervisory role” in the failed rehabilitation of Nigeria’s refineries and the controversial acquisition of OVH Energy.
In a statement on Monday, PETROAN’s Zonal Chairman for System 2E (Eastern Zone), Sunny Nkpe, expressed alarm at the slow pace of work at the Old Port Harcourt Refinery (Area 5), which was shut down on 24 May 2025 for a scheduled 30-day repair. Nkpe, who visited the site at the weekend for fact-finding, alleged that Ojulari had yet to visit the facility since assuming office four months ago.
“The current GCEO of NNPC, Bayo Ojulari, has not physically visited the Port Harcourt refinery within four months in office, indicating a lack of passion for the functionality of the facility,” Nkpe said.
He alleged that contractors at the site were owed for over 12 months and that repairs on the cracking and blending plants of Units 12 and 14 were near completion before Ojulari took office but have since stalled. According to him, the situation gives undue advantage to private refineries, allowing them to dominate the market and charge “outrageous prices.”
Nkpe said consultations with other midstream stakeholders — including petroleum tanker drivers, independent marketers, and suppliers — would soon take place to press for the refinery’s revival. He warned that thousands of tanker drivers and marketers had lost their jobs due to the shutdown, insisting that restarting the plant would stabilise fuel prices and reduce private sector dominance.
The PETROAN official called on President Bola Tinubu to “direct immediate action” to restart the refinery, warning against “vested interests” working to frustrate the president’s vision. He noted that during the seven months the refinery last operated, economic activity boomed, jobs were created, and fuel prices stabilised.
Efforts to get NNPCL’s reaction were unsuccessful as the company currently has no spokesperson, and the telephone numbers listed on its website were unreachable.
Meanwhile, two northern groups — the Arewa Community for Empowerment and Development and the Arewa Consultative Youth Movement — have sued NNPCL’s CFO, Dapo Segun, at the Federal High Court in Kaduna. The plaintiffs accuse him of presiding over the failed rehabilitation of the Port Harcourt and Warri refineries, as well as the OVH Energy acquisition, while serving as NNPCL’s Executive Vice President, Downstream.
The groups, representing youths from 19 northern states, are seeking an Order of Mandamus compelling the Economic and Financial Crimes Commission (EFCC) to investigate, arrest, and prosecute Segun. They also want him to step aside pending the probe, alleging that his continued stay in office “insults accountability and justice.”
They further accused the EFCC, the Department of State Services, and the Tinubu administration of shielding Segun from scrutiny while “harassing” former northern NNPC executives over similar issues.
“We cannot have two sets of rules — one for northerners and another for others,” said Kabiru Yusuf, President of the Arewa Consultative Youth Movement.
Nigeria’s refineries in Port Harcourt, Warri, and Kaduna have remained largely moribund despite multi-billion-dollar rehabilitation contracts. The $1.5bn Port Harcourt project, announced in 2021, and subsequent contracts for the Warri and Kaduna refineries have yet to yield results, keeping the nation reliant on imported petroleum products.
In 2022, NNPCL acquired OVH Energy, a major downstream player with a large retail network, in a deal touted as a strategic expansion move. However, critics now say the acquisition has failed to deliver on its promise of boosting the company’s downstream performance.
FMDQ Group Plc recorded a 49.93% jump in revenue to ₦51.41 billion in 2024, from ₦34.29 billion in 2023, and approved vested Share Appreciation Rights (SARs) for its Chief Executive Officer and foundation executives.
The group’s audited results for the year ended December 31, 2024, show profit before tax surged 65.54% to ₦23.23 billion, from ₦14.03 billion in 2023, driven by strategic investments and strong performance across its subsidiaries — FMDQ Securities Exchange, FMDQ Clear, FMDQ Depository, and FMDQ Private Markets.
FMDQ also posted a ₦3.65 billion gain from foreign exchange revaluation, comprising ₦172.93 million from cash and bank balances and ₦3.48 billion from the revaluation of FGN Eurobonds, compared to ₦4.07 billion in 2023.
Personnel expenses climbed 55.48% to ₦17.60 billion, mainly due to higher wages, bonuses, and share-based payments. The largest cost component was cash-settled SARs, which rose to ₦7.43 billion in 2024 from ₦4.13 billion in 2023.
According to the notes to the accounts, the Board approved vested SARs for the CEO representing 5% of the company’s shareholding, with a contractual life of 6.4 years, tied to service duration and performance KPIs. Foundation executives received SARs amounting to 4% of the company’s shareholding, with a five-year term and similar conditions. Total liabilities for these arrangements stood at ₦14.57 billion in 2024, up from ₦7.15 billion a year earlier.
Commenting on the results, FMDQ Group Chairman, Dr. Jibril Aku, said:
“In the face of global and domestic macroeconomic headwinds in 2024, FMDQ Group delivered a remarkable financial performance. This was achieved through strategic focus, market innovation, and the resilience of our people and partners.”
The group declared its first-ever cash dividend of ₦0.20 per share, totalling ₦5.20 billion.
Operationally, FMDQ Exchange expanded its Exchange-Traded Derivatives market by introducing long-dated FX Futures contracts, extending tenors from 12 to 21 months. FMDQ Depository onboarded 47 participants during the year, with securities lodgements rising to ₦1.28 trillion from ₦1.25 trillion in 2023. FMDQ Private Markets also recorded a 44.69% increase in the cumulative value of securities noted, reaching ₦1.13 trillion from ₦780.96 billion.
Pioneer CEO Bola Onadele, who retired on June 30, 2025, described 2024 as “a year of consolidation and strategic progress,” adding that the group has built “a structure, value, and vision” for sustained growth.
The Nigeria Police Force (NPF) has announced a further extension of the grace period for enforcing the Tinted Glass Permit requirement for vehicles with tinted windows. The new enforcement date is now set for October 2, 2025.
This was contained in a press statement issued by the Force Public Relations Officer, the Deputy Commissioner of Police, Olumuyiwa Adejobi, mnipr, on Monday, 11th August, 2025.
According to the statement, ’’the Inspector General of Police Kayode Adeolu Egbetokun, Ph.D., NPM, approved the extension following what the Force described as a ‘significant surge’ in applications through its official portal. NPF, the increase indicates growing public compliance with the directive.’’
Police authorities stated that the extension would enable a thorough review of applications to ensure that permits are issued only to qualified and eligible individuals, in line with national security requirements. It will also enable continued refinement of both digital and physical verification processes to preserve the integrity of the permit system and prevent misuse.’
The Force reiterated that the only authorized application platform remains https://possap.gov.ng, warning citizens to disregard unofficial channels. Members of the public have been urged to report any cases of extortion, hidden charges, or unauthorized processing to the police via the dedicated hotline 09169967000.
The Nigerian Education Loan Fund (NELFUND) has confirmed that since the official launch of its loan application portal on May 24, 2024, a total of 449,039 Nigerian students have accessed financial support through its student loan programme.
According to the latest daily update released on Monday, August 11, 2025, the fund has disbursed an impressive ₦86,347,458,384 as of August 6, 2025.
The breakdown of the disbursement shows ₦47,629,338,384 channelled directly to 218 higher institutions across the country for tuition payments, while ₦38,718,120,000 has been transferred to students as upkeep allowances to support their daily living expenses.
NELFUND’s dashboard data indicates that 731,140 students have registered on the loan platform so far. Of these, 720,732 have successfully completed the application process — representing a 98% success rate. On average, the portal records 933 new successful registrations daily and 1,094 fresh loan approvals.
The fund described the initiative as a direct fulfilment of President Bola Ahmed Tinubu’s “Renewed Hope Agenda,” which prioritises expanding access to higher education for all Nigerians, regardless of financial status.
Crude oil prices edged lower on Monday as investors awaited a scheduled meeting between U.S. President Donald Trump and Russian President Vladimir Putin later this week, with traders closely watching for any developments that could affect global energy markets.
Market sentiment turned bearish after Trump allowed the deadline for a Russia-Ukraine peace deal to pass without imposing additional sanctions on Moscow. The absence of tighter restrictions, coupled with weaker-than-expected economic data from both the United States and China, fueled concerns about slowing demand from the world’s two largest oil consumers.
As of early trading, international benchmark Brent crude slipped 1.02% to $74.03 per barrel, down from Friday’s settlement of $74.79. The U.S. benchmark West Texas Intermediate (WTI) also fell 1.01%, trading at $69.46 per barrel compared to $70.17 in the previous session.
Warren Patterson and Ewa Manthey, commodities strategists at ING, noted that Brent has now retreated to its lowest level since early June. They said the lack of sanction escalation may be contributing to the downturn, and markets are now awaiting the outcome of Friday’s Trump-Putin meeting.
“The likelihood of a swift resolution remains slim, given Russia’s demand for Ukraine to surrender occupied territories — a condition Kyiv is unlikely to accept,” ING stated. “Any de-escalation would reduce sanction risks and could further pressure oil prices due to bearish fundamentals.”
In the U.S., the economy has shown signs of slowing, with investors awaiting Tuesday’s consumer inflation report and Wednesday’s Federal Reserve interest rate decision.
Meanwhile, data from China’s National Bureau of Statistics showed the producer price index fell 4.6% in April from a year earlier, while the consumer price index rose only 0.2%. The figures point to a slower-than-anticipated post-COVID recovery, raising further concerns about global demand.
Adding to the downward momentum, Iran signaled willingness to reach a nuclear deal with the West, provided its nuclear infrastructure remains intact. Ayatollah Ali Khamenei’s remarks raised speculation that Iranian crude could re-enter global markets if sanctions are lifted, potentially disrupting supply dynamics.
In the U.S., Baker Hughes reported that the oil rig count declined by one to 539 in the week ending August 8, down 49 rigs from the same period last year, reflecting a modest slowdown in short-term production activity.
Cristiano Ronaldo has officially taken his relationship with Georgina Rodriguez to the next level — and he sealed it with a dazzling engagement ring worth talking about.
The 40-year-old Portuguese football legend is now engaged to his longtime partner after nearly a decade together. Rodriguez, 31, revealed the joyous news on Monday, August 11, via Instagram, posting a photo of her hand resting on Ronaldo’s. The striking image showed off a giant oval-shaped diamond that instantly captured fans’ attention.
Alongside the image, the model and influencer wrote in Spanish — later translated into English — “Yes I do. In this and in all my lives.”
Ronaldo and Rodriguez first went public with their romance in early 2017. Together, they share five children: twins Eva Maria and Mateo, now 8; daughter Alana, 7; daughter Bella, 3; and Cristiano Jr., 15, Ronaldo’s eldest son from a previous relationship. The family has also endured heartbreak — in April 2022, they announced the passing of Bella’s newborn twin brother, Ángel.
The couple’s first official public appearance took place in January 2017 at the Best FIFA Football Awards in Zurich, followed by their Instagram debut as a couple in May that same year. Just one month later, they revealed they had welcomed twins via surrogate, before celebrating the birth of their daughter Alana on November 12, 2017.
Over the years, engagement rumors frequently swirled around the pair, fueled by family trips, public displays of affection, and their growing family. However, this recent announcement puts the speculation to rest.
Rodriguez’s rise to international fame has been well-documented, particularly through her Netflix reality series I Am Georgina. The show offered fans a glimpse into their love story, including their first meeting when Ronaldo visited the Gucci store where Rodriguez worked. According to Ronaldo, he was immediately drawn to her maturity and charm, describing her as “a very interesting girl, so much more mature for her age.”
Rodriguez recalled those early encounters with fondness. “Many times he would come after work,” she said. “I remember once he came in a Bugatti. My coworkers went crazy — they came to work on the bus, and I would leave in a Bugatti. People couldn’t believe it.”
Ronaldo laughed about the memories, saying, “I would wait for her outside the store in my flashy cars. We’d go home and escape into our own world.”
The Netflix series also touched on the couple’s grief following the loss of their baby boy. Rodriguez called it “the best and worst moment of my life,” explaining that while she welcomed Bella’s twin sister, she also had to face unimaginable loss. “Over 40 million people follow me, but no one really knows how I feel,” she said, adding that Ronaldo encouraged her to find joy again despite the tragedy. “Life is hard. Life goes on. I have reasons to move on and be strong.”
With the engagement now official, the football star and the Spanish model are set to embark on their next chapter together — one that fans worldwide will be watching closely.
The Nigerian Exchange (NGX) closed the first trading day of the week in positive territory, with investors pocketing N122.45 billion in market gains, driven largely by robust performances from Stanbic IBTC, BUA Foods, and a strong rally in the insurance sector.
The All-Share Index climbed by 193.56 basis points to close at 145,948.47, representing a 0.13% gain. Despite the market’s positive finish, trading activity slowed, with transaction volumes down 4.52% and total trade value falling sharply by 40.17%.
Data from the NGX revealed that 2.12 billion units of shares worth N19.40 billion were exchanged in 40,435 deals. LINKASSURE led the volume chart with 33.28% of total trades, followed by UNIVINSURE (10.90%), AIICO (7.32%), STERLINGNG (5.69%), and VERITASKAP (3.53%).
STANBIC topped the value chart, accounting for 8.93% of the total market value traded. Among the day’s biggest gainers were AIICO, SUNUASSUR, VERITASKAP, STANBIC, TIP, UNIVINSURE, and UPDC — each closing 10% higher. They were closely followed by CORNERST (+9.98%), MANSARD (+9.97%), ELLAHLAKES (+9.94%), INTENEGINS (+9.94%), and ENAMELWA (+9.93%).
On the flip side, ABBEYBDS and ABCTRANS shed 10% each to lead the losers’ list, with UACN (-9.99%), VFDGROUP (-9.70%), WAPCO (-9.28%), HONYFLOUR (-6.25%), and TANTALIZER (-1.48%) also closing lower.
Market breadth remained positive with 40 gainers against 36 losers. Sector-wise, insurance surged by 9.74%, consumer goods climbed 0.98%, and banking rose 0.44%. However, industrial goods dropped 1.47% while oil and gas declined 0.56%.
With the day’s gain, the equity market capitalisation settled at N92.34 trillion, reflecting the 0.13% rise. Analysts say the insurance sector’s performance may continue to provide upward momentum in the near term, supported by steady investor interest.
It’s mid-August in Italy, the air is heavy with summer heat, and the stage is set at Stadio Friuli for a match that feels far bigger than just a curtain-raiser. On Wednesday, August 13, Paris Saint-Germain and Tottenham Hotspur will clash in the 2025 UEFA Super Cup — a meeting of two clubs riding very different emotional waves but both desperate to make a statement.
Kick-off is at 21:00 CET. But let’s be honest: the buzz has been building for weeks.
The Trophy That’s More Than Just a Warm-Up
On paper, the Super Cup is simply a face-off between the Champions League winners and the Europa League winners. But if you’ve followed European football long enough, you know it’s also a litmus test — a sneak peek at the months ahead.
For PSG, fresh from their first-ever Champions League triumph and a historic treble, this isn’t just about adding another piece of silverware to their already glittering 2025 collection. It’s about starting the season with the same swagger that demolished Inter Milan 5-0 in Munich just a few months ago.
For Tottenham, it’s different. This is their Super Cup debut, a first chance for new manager Thomas Frank to show Spurs fans what this “new era” really looks like. And while beating the European champions in your very first game might sound like a Hollywood script, football’s history books have a funny way of rewarding belief.
PSG: Same Faces, Same Firepower
If Tottenham’s summer was a shake-up, Paris’ was a slow burn. Luis Enrique has kept faith with the core that conquered Europe. That means Ousmane Dembélé, the 2024/25 Champions League Player of the Season, and 19-year-old sensation Désiré Doué will once again be leading the charge.
The only notable addition? Goalkeeper Lucas Chevalier, giving Enrique extra depth between the sticks. And with João Neves suspended, expect the midfield trio of Warren Zaïre-Emery, Vitinha, and Fabián Ruiz to dictate the rhythm.
It’s not just the names that should worry Tottenham — it’s the battle scars. Last season, PSG beat four Premier League sides (Manchester City, Liverpool, Aston Villa, and Arsenal) on their way to lifting the Champions League. And yes, Spurs fans, they did knock out Arsenal in the semi-final. The Paris camp knows exactly how to dismantle English opposition.
Over in north London, the summer brought big changes. Ange Postecoglou, the man who guided Spurs to their Europa League victory, is gone. In comes Thomas Frank — tactically adaptable, detail-obsessed, and known for squeezing every drop of potential from his squads.
Star forward Heung-Min Son has also departed, but Spurs moved quickly to strengthen. Mohammed Kudus arrives from West Ham, Mathys Tel makes his loan move permanent, and Bayern Munich’s João Palhinha joins on loan to solidify the midfield.
The big question? Formation. Frank is famous for shifting between a back three and back four, mixing high press with measured build-up play. His first competitive match comes against the most complete squad in Europe — hardly a gentle introduction.
Predicted Tottenham XI: Vicario; Porro, Romero, Van de Ven, Spence; Bentancur, Palhinha; Kudus, Sarr, Odobert; Richarlison.
What the Coaches Are Saying
Luis Enrique (PSG): “It’s a special match — Champions League and Europa League winners together. We’re here to win, even if this preparation is different from a normal season. As champions of Europe, we accept the challenge fully.”
Ousmane Dembélé (PSG forward): “If we want to stay champions, we keep winning trophies. It’s that simple. This is the first step of the season, and we hope we can start strong.”
Thomas Frank (Tottenham): “It’s a final. It’s fantastic. We know Paris are the best team in Europe, but this is football. Two good teams, one trophy, and we believe we can win.”
Micky van de Ven (Tottenham defender): “It’s a beautiful way to start the season. We know Paris are strong — they’ve shown that — but these are the matches you dream of playing.”
History Says… Champions Don’t Always Win
If you think the Champions League holders always walk away with the Super Cup, think again. Yes, Real Madrid did it in 2024, but the record shows only 29 wins for the European champions in 49 editions. In other words, the door is open — Tottenham just need to step through it.
And let’s not forget: this is neutral ground in Udine. It’s not the Parc des Princes. It’s not Tottenham Hotspur Stadium. Super Cups have a way of throwing up surprises when played away from home comforts.
A Venue Built for a Big Night
Stadio Friuli, home of Udinese, isn’t just a scenic slice of northern Italy. It’s a stadium with recent European pedigree, having hosted four matches in the 2019 UEFA European Under-21 Championship, including Spain’s win over Germany in the final.
Since the Super Cup moved away from its long-time home in Monaco, it has been on a European tour — Prague, Cardiff, Tbilisi, Trondheim, Skopje, Tallinn, Istanbul, Budapest, Belfast, Helsinki, Piraeus, Warsaw… and now Udine.
Italian fans know how to create an atmosphere, and with PSG’s ultras and Spurs’ travelling support both expected in force, this could be one of the loudest nights Friuli has seen in years.
What to Watch For
Here’s where it gets tasty:
Midfield battle: Palhinha’s steel versus Zaïre-Emery’s energy could decide the tempo.
Wide threats: Dembélé and Kvaratskhelia stretching Spurs’ back line will test Frank’s defensive shape.
Press resistance: Can Tottenham play through PSG’s aggressive press without losing their nerve?
Set pieces: With Romero, Van de Ven, and Palhinha, Spurs have height. Paris will need to defend their box well.
And then there’s the mental side. For PSG, this is about maintaining dominance. For Spurs, it’s about proving they belong on this stage — not as guests, but as genuine contenders.
The Intangibles: Momentum vs. Hunger
Sometimes football isn’t about formations or stats — it’s about mood. Paris enter with the swagger of champions. But there’s also a danger: complacency. Tottenham come in hungrier, fresher, and with something to prove.
You could compare it to a heavyweight boxing match: one fighter’s defending the belt, the other’s desperate to take it. And as we’ve seen in football — from Porto in 2004 to Eintracht Frankfurt’s European run — hunger can be a great leveller.
Prediction?
On paper, PSG should win. Their squad is settled, their stars are in form, and they’ve shown time and again they can handle English opposition.
But Tottenham’s unpredictability under Thomas Frank is their biggest weapon. If Kudus and Tel hit the ground running, and Palhinha manages to frustrate PSG’s midfield flow, this could get very interesting. Let’s put it this way — if Paris score first, they might run away with it. If Tottenham score first, we could be in for a nerve-shredding classic.
Final Thought
Whatever happens, the 2025 UEFA Super Cup isn’t just a game — it’s a statement. For PSG, it’s a declaration that their treble was no one-season wonder. For Spurs, it’s a chance to write a bold first chapter under Thomas Frank. And for the rest of us? It’s 90 minutes (or maybe more) of pure football theatre on a summer night in Italy.
The average yield on Nigerian Treasury and OMO bills declined in the secondary market on Monday, as increased investor demand lifted prices across the curve. The bullish sentiment followed a mixed performance in the previous week, aided by excess liquidity in the financial system.
System liquidity eased to ₦750.31 billion, down from ₦1.61 trillion a week earlier, largely due to the Central Bank of Nigeria’s liquidity mop-up activities, which saw ₦2.12 trillion allotted at last Wednesday’s auction. The tighter cash conditions pushed the Overnight Rate (OVN) up by 10 basis points to 27.00%, while the Open Repo Rate (OPR) was unchanged at 26.50%.
Following last week’s Treasury bills auction, market players booked profits on earlier gains, with sentiment turning mixed as investors reassessed yield levels and trading opportunities, TrustBanc Financial Group Limited noted.
On Monday, asset managers increased holdings in anticipation of a possible lull in primary market issuance this week. Demand was strong across the curve, with the NOV-25 maturities seeing the most notable yield drop, driving a 3-basis-point decline in the average yield to 17.88%.
By segment, average yields fell 7 bps each at the short and mid ends, led by a sharp contraction in the 87-day (-37 bps) and 101-day (-73 bps) maturities. The long end of the curve was unchanged.
In the OMO bills market, bargain hunting spurred a 9-basis-point drop in average yields to 24.50%, despite last week’s sizeable ₦2.12 trillion allotment at the primary auction.
