Home Blog Page 14

Trump tariffs face fresh legal challenge in US trade court

By
Kehinde Victor
-

KEY POINTS

• A US trade court is hearing arguments over whether President Donald Trump can use Section 301 to impose broad tariffs on imports.

• Tariffs ranging from 10 per cent to 12.5 per cent currently affect goods from 80 countries, including China, India and Japan.

• The legal dispute could move through federal appeals courts and eventually reach the US Supreme Court.

MAIN STORY

President Donald Trump’s latest global tariff measures are facing a new legal challenge as a US trade court examines whether the administration has the authority to impose the duties under a 1970s trade law.

A three judge panel at the US Court of International Trade is scheduled to hear arguments on Wednesday in a case challenging the use of Section 301 to impose tariffs on a broad range of imported goods.

The duties, introduced since late July, apply to goods from 80 countries, with rates ranging from 10 per cent to 12.5 per cent. The administration said the measures were a response to alleged failures by the affected countries to address forced labour in the production of goods destined for the US market.

The US Trade Representative recommended the tariffs as a remedy, with higher rates imposed on countries classified by the administration as the worst offenders.

The latest measures followed the expiration of a separate 10 per cent near blanket tariff introduced earlier in the year under a different legal authority.

That earlier tariff regime was subsequently struck down by the US Supreme Court, which ruled that Trump had exceeded his authority. The decision resulted in $168 billion in refunds for importers.

The latest lawsuit was filed by the Liberty Justice Center, the public interest law firm that successfully challenged the earlier tariff measures before the Supreme Court.

The group argues that the administration is using Section 301 to maintain a predetermined global tariff policy rather than applying the law for its intended purpose.

The administration has defended the timing and structure of the tariffs, saying it sought to avoid the complexity that would have resulted from imposing the new duties alongside the earlier 10 per cent tariffs.

A ruling from the trade court could take weeks or months after Wednesday’s arguments. Either side could appeal to the US Court of Appeals for the Federal Circuit, which could also consider whether enforcement should be suspended while the case continues.

The dispute could eventually reach the Supreme Court, potentially extending the legal uncertainty around the tariffs.

Meanwhile, other trade measures are also being considered. Several Section 301 investigations are pending and could result in additional tariffs, while the administration has separately used another trade law to impose 50 per cent duties on $20 billion worth of Canadian goods and introduced import restrictions affecting Canada.

THE ISSUES

  1. The case centres on the scope of presidential authority under Section 301 and whether the law permits the administration to impose tariffs across a broad range of imports based on the stated trade concerns.
  2. The dispute comes after the Supreme Court previously ruled against Trump’s use of another legal authority for broad tariffs, resulting in the cancellation of those duties and refunds to importers.
  3. The outcome could affect businesses importing goods into the US from dozens of countries, particularly if the court limits or blocks the current tariff measures.
  4. The legal process may continue beyond the trade court, with possible appeals to the Federal Circuit and Supreme Court. This could leave businesses facing uncertainty over the future cost of imports.

WHAT’S BEING SAID

“The real message here that everyone needs to take away is the president is going to always use the tools at his disposal to achieve his trade policy objectives.”

– Trump administration officials

WHAT’S NEXT

The US Court of International Trade is expected to consider the arguments before issuing a ruling. The case could then proceed through federal appeals, with the possibility of a further Supreme Court review.

BOTTOM LINE

Trump’s latest tariffs are facing a legal challenge over the administration’s authority to impose them under Section 301. The outcome could determine whether the current duties remain in place and shape the administration’s ability to pursue similar tariff measures.

Trump backs AI self regulation after meeting with tech CEOs

OpenAI targets $30 billion funding at $1.4 trillion valuation

By
Kehinde Victor
-

KEY POINTS

• OpenAI is reportedly in talks to raise at least $30 billion in a pre IPO funding round.

• The proposed funding could value the ChatGPT developer at about $1.4 trillion.

• The new capital would serve as a bridge to a planned public offering, according to Bloomberg.

MAIN STORY

OpenAI is seeking at least $30 billion from investors in a new funding round that could value the artificial intelligence company at about $1.4 trillion, Bloomberg reported on Tuesday.

The proposed raise comes as investors continue to show strong interest in the ChatGPT developer ahead of an anticipated public market debut.

OpenAI has recorded a sharp increase in revenue following a strategic focus on areas including coding. Its run rate revenue rose by 70 per cent from July to reach $40 billion in August, according to the report.

The company last raised $122 billion in March at a valuation of $852 billion. That round had been expected to be its final private fundraising ahead of an initial public offering.

However, the anticipated listing has been pushed back, with CEO Sam Altman ruling out a public debut in 2026 as the company prioritises AI safety.

The proposed new funding would therefore serve as a bridge round before an eventual IPO, according to Bloomberg.

Altman has also acknowledged concerns over the potential consequences of increasingly capable AI systems, saying the company should not accept a significant risk of the technology causing catastrophic harm.

THE ISSUES

  1. The proposed $30 billion raise would give OpenAI additional private capital to fund its operations and AI development while delaying its transition to public markets.
  2. The potential $1.4 trillion valuation represents a substantial increase from the $852 billion valuation attached to the company’s March funding round.
  3. OpenAI’s reported revenue growth is being driven partly by greater focus on areas such as coding, although the company continues to operate ahead of a public listing rather than under the reporting requirements of a publicly traded company.
  4. AI safety remains part of the company’s stated priorities as it considers the timing of its public debut, with Altman warning against accepting significant risks from increasingly powerful AI systems.

WHAT’S BEING SAID

“I think it is unacceptable to be taking like a 10% chance of killing everybody by the end of the decade.”

– Sam Altman, OpenAI CEO

WHAT’S NEXT

OpenAI is expected to continue discussions with investors over the reported funding round. If completed, the financing would provide a bridge to the company’s anticipated IPO.

BOTTOM LINE

OpenAI is reportedly seeking at least $30 billion in fresh capital at a potential $1.4 trillion valuation, despite having previously indicated that its March funding round would be its final private raise. The proposed financing would give the company more capital ahead of a public listing that is no longer expected in 2026.

Anthropic IPO prospectus highlights huge risks and losses

Anthropic IPO prospectus highlights huge risks and losses

By
Kehinde Victor
-

KEY POINTS

• Anthropic’s leaked IPO prospectus reportedly devotes about 80 pages to risk factors, including potential catastrophic risks from its AI models.

• The company reported more than $8 billion in operating losses in 2025 despite a twelvefold increase in revenue.

• The prospectus could support a valuation of more than $2 trillion, reflecting strong expectations for the future of frontier AI.

MAIN STORY

Anthropic’s planned initial public offering is drawing attention to the wide gap between the risks and financial losses disclosed by the artificial intelligence company and the valuation it could command in the public market.

The Claude developer’s leaked IPO documents reportedly contain about 80 pages of risk factors within a 261 page prospectus, with the company warning that advanced AI could create “catastrophic or existential risks to humanity”.

The prospectus, reviewed by Reuters, identifies several potential risks associated with Anthropic’s AI models, including self preserving behaviour, attempts to conceal or manipulate information and behaviour resembling blackmail.

The scale of the disclosures is notable because the risk factors reportedly occupy almost one third of the prospectus and about twice as many pages as those describing Anthropic’s actual business.

The financial position outlined in the documents is also significant. Anthropic recorded more than $8 billion in operating losses in 2025, even as its revenue increased twelvefold.

Despite those losses and the risks disclosed in the prospectus, the company could be valued at more than $2 trillion through its public offering, according to the source material.

Such a valuation would place Anthropic among the world’s most highly valued companies and would allow it to attract substantial investor capital and attention ahead of a potential OpenAI listing.

The prospectus also reflects Anthropic’s assessment of the economic significance of frontier AI. The company reportedly views the coming AI era as potentially more transformative than previous technological shifts associated with industrialisation, electricity and the internet.

The contrast between the company’s extensive risk disclosures, substantial losses and potential valuation highlights the expectations surrounding the commercial development of advanced AI.

THE ISSUES

  1. Anthropic’s prospectus places substantial emphasis on risks arising from increasingly capable AI systems, including behaviours that could create serious safety and security concerns.
  2. The company’s financial disclosures show that rapid revenue growth has not yet translated into operating profitability, with losses exceeding $8 billion in 2025.
  3. A potential valuation above $2 trillion would reflect exceptionally high expectations for Anthropic’s future growth and the commercial value of frontier AI, despite the company’s current losses.
  4. The extensive risk disclosures also illustrate the difficulty investors face in assessing companies developing technologies whose commercial potential and possible long term consequences remain highly uncertain.

WHAT’S NEXT

Anthropic’s IPO process will put greater focus on how investors assess the company’s growth prospects, operating losses and extensive AI related risk disclosures. Its potential public valuation will also provide an indication of how financial markets are pricing expectations for frontier AI.

BOTTOM LINE

Anthropic is presenting investors with a company that has recorded substantial losses while warning of potentially severe risks from its technology. At the same time, the proposed IPO could value the AI developer above $2 trillion, reflecting the scale of expectations surrounding frontier artificial intelligence.

Nvidia CEO says AI buildout could create one million US jobs

Trump backs AI self regulation after meeting with tech CEOs

By
Kehinde Victor
-

KEY POINTS

• President Donald Trump says AI companies should rely largely on self regulation rather than government intervention.

• Tech executives agreed to a voluntary accord covering safeguards, risk reviews, external audits and technological controls.

• Trump says he is close to appointing an AI czar and expects to announce the choice within days.

MAIN STORY

US President Donald Trump has backed self regulation as the preferred approach to managing artificial intelligence, after meeting leading technology executives in Washington on Tuesday.

Trump said the companies had reached a “morally binding” accord focused on self policing and group policing, as concerns continue to grow over the risks associated with increasingly capable AI systems.

The one page accord, which Trump posted on his Truth Social account, requires participating companies to implement four measures aimed at safeguarding the technology. It also states that it could later be appropriate to turn the measures into laws or regulations.

Executives who attended the meeting said the commitments included technological systems for detecting problems in new AI models, internal risk assessments and the use of external auditors.

Meta CEO Mark Zuckerberg described the agreement as “a start”, while Anthropic CEO Dario Amodei said details of how the companies would address AI risks remained under discussion.

Amodei said progress had been made towards maintaining US leadership in AI while also developing the technology safely, although he acknowledged that AI still presented “real dangers”.

The meeting, held in the East Room of the White House, brought together executives from some of the world’s largest technology companies, including Nvidia CEO Jensen Huang, AMD CEO Lisa Su, Google CEO Sundar Pichai, Microsoft CEO Satya Nadella and OpenAI President Greg Brockman.

Trump also announced that the US government had officially adopted “Super Intelligence”, or “SI”, as the name for the technology in government record keeping.

The gathering comes amid heightened scrutiny of AI safety, including reports of problematic actions by AI agents and legal challenges seeking greater external safeguards for the development of new models.

Trump, however, maintained that concerns about AI should not lead to restrictions that could slow technological development.

He said AI would make the world safer and argued that concerns about the impact of data centres on communities and costs had been overstated.

Trump also said he was “very close” to selecting an AI czar and expected to announce the appointment within the next three to four days.

THE ISSUES

  1. The accord places primary responsibility for managing AI risks on the companies developing the technology, rather than relying initially on government regulation.
  2. The measures agreed by participating companies include technical controls, internal risk assessments and external auditing, although some executives said the mechanism for addressing specific risks was still being worked out.
  3. The approach comes amid wider debate over whether voluntary industry safeguards are sufficient as AI systems become more capable and are used in more areas of society and the economy.
  4. The possibility of eventually converting the voluntary measures into laws or regulations leaves open a future role for government intervention if the safeguards are later considered necessary.

WHAT’S BEING SAID

“There’s a belief that there should be tremendous self regulation. There was a lot of commonality in this room.”

– Donald Trump, US President

“The mechanism, how we address those risks, is still under discussion.”

– Dario Amodei, Anthropic CEO

“We’ve changed the name officially to SI.”

– Donald Trump, US President

WHAT’S NEXT

Trump said he expects to announce his choice for AI czar within the next three to four days. The companies participating in the accord are expected to implement the agreed safeguards, while the document leaves open the possibility of future laws or regulations.

BOTTOM LINE

The Trump administration is backing an industry led approach to AI safety, with technology companies agreeing to voluntary safeguards rather than immediate government regulation. The accord nevertheless leaves open the possibility of formal laws or regulations at a later stage.

Trump expects more U.S.-Iran talks this week

Apple plans targeted layoffs as memory costs pressure margins

By
Kehinde Victor
-
Apple Gains More Smartphone Users Than Samsung

KEY POINTS

• Apple CEO John Ternus is reportedly planning small scale layoffs and project cancellations as the company seeks to operate more efficiently.

• Rising memory chip costs are putting pressure on Apple’s margins and limiting its ability to absorb higher component prices.

• Apple is reportedly seeking to avoid further significant price increases in 2027 if memory supply remains tight.

MAIN STORY

Apple is preparing targeted job cuts and project cancellations under new CEO John Ternus as the technology company responds to rising component costs and pressure on its business.

According to a Bloomberg report, Ternus is planning small scale layoffs across large teams and intends to cancel some projects as part of efforts to make Apple leaner.

The changes come as Apple faces a tightening memory chip market that has increased component costs and put pressure on profit margins.

The company has also faced weaker services revenue, which fell quarter over quarter in June for the first time since 2022, according to the report cited in the source material.

Apple had issued cautious revenue guidance for its current quarter in July, with the company citing difficulties in securing enough memory chips to meet demand.

Former CEO Tim Cook had warned that higher memory prices could persist, describing the situation as an unusually severe period of pricing pressure.

Apple subsequently raised some prices, while higher memory costs contributed to pressure on margins in its most recent quarter.

The memory shortage has been intensified by strong demand for high bandwidth memory and advanced DRAM used in AI servers. Major memory producers, including SK Hynix, Samsung Electronics and Micron, have committed much of their premium AI memory capacity through 2026 as technology companies expand their AI infrastructure.

The resulting supply constraints have pushed memory prices higher and strengthened the bargaining position of suppliers.

With supply expected to remain constrained into 2027, Apple could face continued pressure on its costs. The planned workforce reductions could therefore provide some cost relief while the company seeks to limit further increases in product prices.

Apple shares were trading higher on Wednesday, according to the source material.

THE ISSUES

  1. Apple’s cost pressure is being driven partly by the rising price of memory chips, a key component in its devices. Higher component costs can reduce profit margins when companies are unable or unwilling to pass the full increase to customers.
  2. The growing demand for memory from AI infrastructure is competing with demand from consumer technology companies, tightening supply and giving major memory manufacturers greater pricing power.
  3. Targeted layoffs and project cancellations could reduce Apple’s operating costs, but the reported measures also indicate that the company is reassessing how resources are allocated across its large teams.
  4. Apple’s pricing decisions could become more difficult if memory costs remain elevated. The company is reportedly seeking to avoid significant additional price increases in 2027 if supply constraints continue.

WHAT’S BEING SAID

“Money pressure is coming from 2 directions: a memory shortage is raising component costs, and services revenue fell quarter over quarter in June for the first time since 2022.”

– Rohan Paul, tech expert

“On the pricing front, we reluctantly raised prices, I would say. We did it because we’re in what I would characterize as a 100 year flood on the memory pricing, with exponential increases in memory prices.”

– Tim Cook, former Apple CEO

WHAT’S NEXT

Apple is expected to proceed with the reported targeted layoffs and project cancellations as Ternus seeks to reduce costs and streamline the company. The outlook for memory supply and pricing into 2027 will remain an important factor in Apple’s cost structure and pricing decisions.

BOTTOM LINE

Apple is responding to higher memory costs and pressure on its business with targeted workforce reductions and project cancellations under John Ternus. The measures could help contain costs if memory prices remain elevated, while the company seeks to limit further price increases.

Money market rates tighten as OMO, T-bills drain liquidity

Nvidia CEO says AI buildout could create one million US jobs

By
Kehinde Victor
-
NVIDIA CEO Jensen Huan, right, and Elon Musk, during an event to mark the launch of the America.gov website, Tuesday, Sept. 29, 2026, in Washington. (AP Photo/Mark Schiefelbein)

KEY POINTS

• Nvidia CEO Jensen Huang estimates that the US AI data centre expansion could create about one million jobs.

• He says the construction boom will require workers across power generation, construction, cooling and other skilled trades.

• The US is facing a wider shortage of skilled trade workers as AI infrastructure investment accelerates.

MAIN STORY

Nvidia CEO Jensen Huang has said the expansion of artificial intelligence infrastructure in the United States could create about one million jobs, as companies accelerate investment in data centres and the power systems needed to operate them.

Huang made the projection during an event at the White House on Tuesday, where he appeared alongside SpaceX and Tesla CEO Elon Musk as technology executives met with US President Donald Trump.

According to Huang, the AI infrastructure buildout represents a major expansion of physical industrial activity, extending beyond the construction of data centres to power generation, cooling systems and other supporting infrastructure.

He said the US was adding between 10 and 20 gigawatts of infrastructure capacity annually, creating demand for workers across several skilled trades.

Huang said the expansion could mark a significant return of industrial activity and blue collar employment to the US economy.

The potential job creation comes as the country faces a broader shortage of skilled workers. The Alliance for America’s Skilled Trades estimates that the US will need to fill 1.7 million skilled trade openings annually through 2035.

The alliance defines skilled trade occupations to include roles such as carpenters, electricians, mechanics, plumbers and pipe fitters, among others involved in building, installing, operating, maintaining and repairing infrastructure.

Its latest report estimates that existing training programmes currently produce only 55 workers for every 100 skilled workers required.

Nvidia, Meta and Microsoft are joining the Alliance for America’s Skilled Trades, alongside its existing partners, as the demand for workers grows around AI infrastructure and other areas of the economy.

Musk also pointed to the need to expand energy production and chip manufacturing to support the growth of AI infrastructure, noting the scale of electricity generation required to sustain the industry.

Huang said the expansion offered an opportunity to reshape the US economy by rebuilding its industrial and skilled trades workforce.

THE ISSUES

  1. AI infrastructure requires more than computing equipment and data centres. The expansion also depends on electricity generation, construction, cooling systems, pipes and other physical infrastructure, creating demand for workers across several skilled occupations.
  2. The scale of projected AI investment is increasing pressure on the US labour market to provide enough skilled workers to support construction and infrastructure projects.
  3. The shortage highlighted by the Alliance for America’s Skilled Trades points to a training gap, with existing programmes producing significantly fewer workers than the number required for skilled trade positions.
  4. The expansion of AI infrastructure is also tied to energy capacity and chip production, meaning the industry’s growth depends on wider investment in the physical systems that support computing.

WHAT’S BEING SAID

“This is the first time in probably … 50 years [that] we’re re industrializing the United States, creating a whole bunch of blue collar jobs.”

– Jensen Huang, Nvidia CEO

“Don’t forget you got to build a power generation plants. You’ve got construction, you’ve got power cooling, you’ve got pipe fitters.”

– Jensen Huang, Nvidia CEO

“You’ve got to scale energy, you’ve got to scale chip production.”

– Elon Musk, SpaceX and Tesla CEO

WHAT’S NEXT

Nvidia, Meta and Microsoft are joining the Alliance for America’s Skilled Trades, while the US continues to expand AI infrastructure and the energy capacity needed to support it.

BOTTOM LINE

Jensen Huang estimates that the US AI infrastructure expansion could create about one million jobs, with much of the demand extending into skilled trades and supporting industries. The scale of the expansion is also highlighting shortages in the workforce needed to build and maintain the physical infrastructure behind AI.

Global markets weaken as rising us yields curb risk appetite

Trump expects more U.S.-Iran talks this week

By
Kehinde Victor
-

KEY POINTS

  • Trump says the U.S. and Iran could resume talks this week despite his rejection of Tehran’s latest truce proposal.
  • Iran’s proposal reportedly included reopening the Strait of Hormuz and restarting nuclear negotiations in exchange for concessions from the U.S.
  • Iranian Foreign Minister Abbas Araghchi says Tehran still wants a diplomatic solution despite Trump’s rejection.

MAIN STORY

U.S. President Donald Trump has indicated that Washington and Tehran could return to negotiations this week, despite his rejection of an Iranian proposal aimed at securing a truce and reviving nuclear talks.

Trump, in a phone interview with U.S. online news outlet Axios, said he expected further discussions with Iran, suggesting that diplomatic contacts could continue despite the latest setback.

“I expect more talks with Iran this week,” Trump said.

Axios, citing two regional sources, reported that another round of indirect talks could take place as early as Monday. It said, however, that it remained uncertain whether the two sides would be able to resolve their differences.

The latest diplomatic contacts followed negotiations held in New York on the sidelines of the UN General Assembly last Tuesday involving U.S. envoys Steve Witkoff and Jared Kushner and Iranian Foreign Minister Seyed Abbas Araghchi.

Iran reportedly proposed reopening the Strait of Hormuz and returning to nuclear negotiations within a week. In return, Tehran sought the lifting of the U.S. naval blockade, removal of sanctions affecting Iranian oil sales and restoration of a regional ceasefire.

Trump rejected the proposal on Saturday.

Despite the rejection, Araghchi said Iran remained open to diplomacy and was awaiting an official response through mediators.

“Though we heard from President Trump that he’s rejecting this deal, we are still waiting for an official response through the mediators,” Araghchi told NBC.

Trump, meanwhile, left open the possibility of renewed military action against Iran when asked whether he was considering resuming strikes.

“I am always thinking about it,” he said.

The mixed signals leave diplomacy open while keeping the possibility of renewed military action on the table.

THE ISSUES

  1. The immediate dispute centres on the conditions attached to Iran’s proposal. Tehran wants the Strait of Hormuz reopened and nuclear negotiations restarted, while also seeking the removal of U.S. measures affecting its naval access and oil exports.
  2. The rejection of the proposal has not ended communication between the two sides. The expected return to indirect negotiations indicates that mediators may still be seeking common ground, although Axios reported that significant differences remain.
  3. The possibility of renewed strikes adds uncertainty to the diplomatic process. Trump’s comment that he is still considering military action means the talks are taking place alongside continued pressure and the threat of further escalation.

WHAT’S BEING SAID

“I expect more talks with Iran this week.” — Donald Trump, U.S. President.

“I am always thinking about it.” — Donald Trump, on whether he was considering resuming strikes against Iran.

“Though we heard from President Trump that he’s rejecting this deal, we are still waiting for an official response through the mediators.” — Seyed Abbas Araghchi, Iranian Foreign Minister.

WHAT’S NEXT

The next stage will depend on whether the U.S. and Iran resume indirect negotiations as reported and whether mediators can narrow the differences over the Strait of Hormuz, oil sanctions, the ceasefire and nuclear talks.

BOTTOM LINE

Trump’s rejection of Iran’s latest truce proposal has not closed the diplomatic channel, with both sides still signalling through intermediaries. But the prospect of renewed military action remains, leaving the outcome of the expected talks uncertain.

Black Friday: Google urges Nigerian businesses to prepare early for festive sales

Global markets weaken as rising us yields curb risk appetite

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 30, 2026

Key Points

  • S&P 500, Dow Jones and Nasdaq closed lower as elevated US Treasury yields pressured risk appetite
  • European equities were mixed as softer crude prices eased immediate inflation concerns
  • Asian markets traded mostly higher, supported by improving Chinese PMI readings and fresh policy support

Main Story

Global equity markets traded mixed as elevated US Treasury yields weighed on risk appetite, with long-term yields reaching multi-decade highs and investors awaiting key US economic data.

The S&P 500 closed 0.17% lower, while the Dow Jones declined 0.26% and the Nasdaq fell 0.09%. The market backdrop remained cautious as the US 30-year Treasury yield touched levels last seen in 2002, while the 10-year yield reached a level last recorded in 2007.

Investors are now focused on incoming US gross domestic product and personal consumption expenditures data, which could provide further signals on economic growth and inflation.

European markets showed greater resilience. The Euro Stoxx 50 gained 0.30%, supported by technology stocks, while the FTSE 100 fell 0.45% as weakness in energy and banking stocks offset gains elsewhere. Softer crude prices also reduced some immediate concerns over inflation and further European Central Bank tightening.

Asian equities were firmer overall, with the Nikkei 225 up 1.90% and the ASX 200 gaining 1.07%. Improving Chinese purchasing managers’ index readings and fresh policy support provided a positive backdrop, although the Hang Seng Index slipped 0.04%.

South African equities also ended the previous session higher, with the All Share Index gaining 0.31% and the Top 40 rising 0.39%. Resources led the advance, rising 2.01%, while Industrials and Financials declined 0.62% and 0.40%, respectively.

What’s Being Said

The supplied market report identifies elevated US Treasury yields as the principal restraint on global risk appetite. It also points to falling crude prices as a factor easing immediate inflation concerns in Europe.

What’s Next

Investors will monitor upcoming US GDP and PCE data for further evidence on economic growth and inflation.

Markets will also track movements in US Treasury yields, commodity prices and central-bank expectations, particularly as these variables continue to influence equity valuations and sector performance.

Bottom Line

Global markets are being pulled between supportive regional factors and the restraint created by elevated US borrowing costs. The direction of Treasury yields and incoming US economic data will remain central to the near-term risk environment.

Naira firms as fx turnover jumps 226% and spread narrows

Money market rates tighten as OMO, T-bills drain liquidity

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 30, 2026

Key Points

  • CBN Treasury bill and OMO settlements reduced the financial system’s liquidity surplus to ₦3.57 trillion
  • Average funding cost increased eight basis points week-on-week to 22.13%
  • Overnight lending rate rose 15 basis points to 22.25% despite a substantial liquidity buffer

Main Story

Nigeria’s money market tightened as Central Bank of Nigeria (CBN) Treasury bill and Open Market Operation (OMO) settlements absorbed liquidity, reducing the system surplus to ₦3.57 trillion.

According to Cowry Asset Limited, the intermarket credit balance fell from an opening surplus of ₦4.35 trillion after Treasury bill settlements generated ₦1.45 trillion in debits, while OMO settlements accounted for another ₦2.60 trillion.

The CBN also sterilised about ₦2.5 trillion through an OMO auction, although approximately ₦2.48 trillion from maturing OMO bills flowed back into the financial system. The combined transactions left the banking system with a sizeable liquidity surplus but tightened short-term funding conditions.

Cowry Asset reported that average funding cost increased eight basis points week-on-week to 22.13%. The overnight lending rate also rose 15 basis points to 22.25%, while the Open Repo Rate remained unchanged at 22.00%.

Some banks turned to the CBN’s Standing Lending Facility to meet short-term funding needs, borrowing ₦15.80 billion during the period, according to Cowry Asset.

Financial system liquidity opened at ₦4.07 trillion and peaked at ₦6.81 trillion, supported by OMO maturities and bank placements at the CBN’s Standing Deposit Facility window.

What’s Being Said

Cowry Asset Limited attributed the moderation in liquidity to the combined impact of Treasury bill and OMO settlement debits, partly offset by OMO maturities. The firm’s assessment indicates that the system retained a substantial liquidity cushion even as overnight funding costs moved higher.

What’s Next

Market participants will continue to monitor the CBN’s liquidity-management operations, including future Treasury bill and OMO settlements and maturities.

The direction of interbank liquidity and overnight funding rates will remain important indicators of whether the current tightening is temporary or develops into a broader change in short-term funding conditions.

Bottom Line

The money market remains liquid, but the latest movements show that aggregate liquidity does not automatically translate into cheaper short-term funding. CBN sterilisation through OMO and Treasury bill operations is tightening conditions at the margin, keeping interbank rates elevated despite the sizeable system surplus.

CBN liquidity rises 37% before ₦4.69 trillion OMO settlement

Black Friday: Google urges Nigerian businesses to prepare early for festive sales

By
Emmanuella Opara
-
Six Coolest Things Google Announced At ‘Search On 2022’

by Emmanuella Opara | September 30th 2026

KEY POINTS

  • Google has advised Nigerian businesses to adjust their search advertising strategies ahead of Black Friday and the December shopping season.
  • The company says consumers are increasingly using longer queries, voice commands and images when searching for products and businesses.
  • Businesses have been urged to update online information, track sales and enquiries rather than clicks alone, and prepare their campaigns in September and October.

MAIN STORY

Nigerian businesses have been advised to start preparing now for the Black Friday and festive shopping season as changes in how consumers search online make traditional keyword-based advertising less effective.

Mr Olumide Balogun, Director, East and West Africa, Google, gave the advice in a statement in Lagos on Tuesday, identifying September and October as critical preparation months ahead of Black Friday on Nov. 27 and the December shopping period.

Balogun said consumers were increasingly using detailed questions, voice commands and images to find products and businesses, making it difficult for advertisers to rely on a small list of predicted search terms.

According to him, Google data shows that searches conducted through AI Mode are three times longer than traditional searches, while one in six searches uses voice or images.

He said Nigerian consumers were also combining English with Pidgin and using photographs and spoken queries when looking for products.

Rather than trying to anticipate every phrase a customer might type, Balogun advised businesses to build advertising strategies around consumer intent.

He said Google’s AI Max for Search could help advertisers connect their adverts with relevant searches beyond the keywords they had specifically selected.

According to Balogun, about 500,000 advertisers adopted the tool within its first year, with users recording 27 per cent more conversions at roughly similar costs.

Beyond search advertising, he urged businesses to ensure that the information customers find about them online is accurate.

This includes updating Google Business Profiles with current opening hours, telephone numbers, product images and responses to customer reviews.

Balogun said consumers could first encounter a product on social media before turning to Google to verify the business, compare information or find a physical outlet.

“An outdated telephone number or incorrect opening hours could cost a business a customer who was already prepared to buy,” he said.

He also advised businesses to judge advertising performance by the actions that generate revenue rather than by clicks alone.

These actions, he said, could include completed purchases, WhatsApp conversations, telephone calls and submitted forms, which should be tracked as conversions.

For smaller businesses, Balogun recommended using AI-assisted tools to produce advertising videos, images and copy at relatively low additional production costs.

He said businesses could repurpose existing product materials into multiple adverts and test the different versions to determine which performed better.

Product descriptions also need to reflect the way consumers now search, particularly as more shoppers use cameras and voice commands. Balogun said retailers should provide practical details such as product size, colour and material to answer common purchasing questions.

Google is also introducing a report that will show advertisers what customers searched for, which adverts were displayed and the webpages they subsequently visited.

Balogun said the feature, announced at the DMEXCO global marketing event in Cologne, would be introduced later in the year at no additional cost and could help businesses understand customer questions and assess how advertising spending contributes to sales and enquiries.

THE ISSUES

  1. The shift towards longer, conversational and image-based searches means businesses have to account for how customers express their needs, rather than relying entirely on a fixed list of keywords.
  2. For small businesses, the cost of attracting a customer does not end with securing a click. Accurate business information and proper conversion tracking can determine whether online interest becomes a call, enquiry or purchase.
  3. The timing of the preparation is also significant. Businesses targeting Black Friday and festive shoppers have September and October to update their online presence, develop campaigns and test different advertising approaches before demand peaks.

WHAT’S BEING SAID

“An outdated telephone number or incorrect opening hours could cost a business a customer who was already prepared to buy.” — Olumide Balogun, Director, East and West Africa, Google.

“The businesses that do best usually get ready in September and October.” — Olumide Balogun, Director, East and West Africa, Google.

WHAT’S NEXT

Google is expected to introduce the new advertising report later in the year, while Nigerian businesses targeting the festive shopping period have been advised to begin updating their online profiles and testing campaigns ahead of the peak sales period.

BOTTOM LINE

Google is urging Nigerian businesses to move beyond narrow keyword targeting and prepare for how consumers now search, with accurate online information, intent-based advertising and sales-focused measurement becoming increasingly important ahead of Black Friday and the festive season.

CBN liquidity rises 37% before ₦4.69 trillion OMO settlement

CBN liquidity rises 37% before ₦4.69 trillion OMO settlement

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 30, 2026

Key Points

  • Banking-system liquidity rises 37.01% to ₦8.84 trillion ahead of OMO settlement
  • CBN floats ₦2.5 trillion in OMO bills across three tenors and raises about ₦5 trillion
  • Overnight lending rate rises to 20.86% despite liquidity remaining above the ₦8 trillion level

Main Story

Banking-system liquidity rose 37.01% to ₦8.84 trillion ahead of the settlement of the Central Bank of Nigeria’s latest Open Market Operations bills, according to AIICO Capital Limited.

The increase lifted financial-system liquidity from ₦6.45 trillion and pushed the surplus above twice its start-of-year level of ₦3.82 trillion, reflecting OMO repayments and other inflows into the money market.

The CBN offered ₦2.5 trillion in OMO bills across three tenors as part of efforts to manage excess liquidity, with the auction eventually raising about ₦5 trillion from investors.

Despite the strong liquidity position, short-term funding rates moved higher. Broadstreet analysts reported that the overnight lending rate increased by 0.28 percentage points to 20.86%, while the overnight policy rate remained at 20.50%.

The Nigerian Overnight Financing Rate remained at the 20% floor of the interest-rate corridor following the recent reduction in the monetary policy rate to 23%. The average Treasury bill rate also remained unchanged at 17.84%, according to AIICO Capital Limited.

The liquidity increase came ahead of the settlement of the OMO transaction, which is expected to remove a substantial amount of cash from the banking system.

What’s Being Said

AIICO Capital Limited reported that the banking system entered the OMO settlement period with liquidity at ₦8.84 trillion, significantly above the level recorded at the start of the year.

The firm expects overnight rates to remain close to the 20% floor while system liquidity stays above ₦8 trillion, with the expected ₦4.69 trillion OMO settlement set to drain liquidity from the market.

What’s Next

The immediate focus is the settlement of the ₦4.69 trillion OMO sale, which is expected to reduce the liquidity surplus in the banking system.

Market participants will also monitor overnight funding rates and the Nigerian Overnight Financing Rate to determine how quickly money-market conditions respond to the liquidity withdrawal.

Bottom Line

The banking system entered the OMO settlement with a sizeable liquidity surplus, but rising overnight funding costs show that abundant cash has not translated directly into cheaper short-term funding. The OMO settlement will provide the next test of how quickly liquidity conditions tighten.

Niger Basin Authority seeks stronger regional cooperation, investment

Naira firms as fx turnover jumps 226% and spread narrows

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 30, 2026

Key Points

  • Naira appreciates 0.06% to ₦1,330.47 per US dollar at the Nigerian Foreign Exchange Market
  • Interbank FX turnover rises 226% to $80.58 million as dollar liquidity improves
  • Parallel-market rate strengthens to ₦1,375, narrowing the official-market spread to about ₦45

Main Story

The naira strengthened against the US dollar on Tuesday as improved dollar liquidity and higher interbank activity supported trading at the official foreign exchange market.

According to daily FX data obtained from MarketForces Africa, the naira gained 0.06% to close at ₦1,330.4737 per US dollar at the Nigerian Foreign Exchange Market (NFEM), compared with ₦1,331.3292 recorded in the previous trading session.

Transactions were executed between ₦1,327.5000 and ₦1,331.5000, indicating a relatively narrow trading range during the session. Central Bank of Nigeria data showed that interbank FX turnover rose by about 226% to $80.582 million from $24.731 million previously.

The stronger turnover coincided with increased activity by financial institutions at the interbank FX window, pointing to improved dollar liquidity during the session.

The naira also appreciated in the parallel market, gaining 0.36% to ₦1,375 per dollar. The move narrowed the gap between the parallel and official rates to about ₦45, compared with approximately ₦49 previously.

The local currency also strengthened against other major currencies. AIICO Capital Market Limited said the official rate closed at ₦1,760.62 per British pound and ₦1,509.56 per euro. In the parallel market, the naira traded at ₦1,855 per pound and ₦1,550 per euro.

Nigeria’s gross external reserves were reported at $54.91 billion, up from $45.50 billion at the start of the year.

What’s Being Said

AIICO Capital Market Limited’s FX update pointed to firmer naira performance against the pound and euro alongside the dollar during the session.

MarketForces Africa’s data showed that the increase in interbank turnover coincided with the naira’s appreciation at the official market, suggesting that improved FX activity was an important feature of Tuesday’s trading.

What’s Next

The direction of the naira will continue to depend on dollar liquidity and activity in the interbank market. Further changes in FX turnover, official-market supply and the parallel-market rate will determine whether the narrower spread is sustained in subsequent sessions.

Bottom Line

The naira’s Tuesday appreciation was accompanied by a sharp increase in interbank FX turnover and a narrower gap between official and parallel-market rates. The immediate market signal is improved FX liquidity, although sustained currency stability will depend on whether stronger market activity and dollar supply persist.

Niger Basin Authority seeks stronger regional cooperation, investment

Nigeria, USA deepen mineral ties under $700bn investment framework

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 30, 2026

Key Points

  • Nigeria and the United States signed a framework to attract American investment into Nigeria’s estimated $700 billion mineral resources
  • The agreement covers geological data, exploration, mineral development and processing, infrastructure, and technical capacity building
  • Nigeria says implementation will focus on local processing, skills development and greater value addition rather than raw mineral exports

Main Story

Nigeria and the United States have signed a framework aimed at attracting American investment into Nigeria’s estimated $700 billion mineral resources and deepening cooperation across the critical minerals value chain.

The agreement was signed in New York on September 23 by Nigeria’s Minister of Solid Minerals Development, Dele Alake, and U.S. Deputy Secretary of State Christopher Landau, on the sidelines of the 81st United Nations General Assembly. The Nigerian government said the framework is intended to use government-to-government relations as a platform for business-to-business transactions and investment.

The framework covers geological data and exploration, mineral development and processing, infrastructure, and technical capacity building. It is also intended to support the development of Nigeria’s mineral value chains and increase domestic value addition.

Nigeria’s government estimates the country’s mineral resources at about $700 billion. The figure represents the estimated value of the resources, rather than the size of the investment commitment under the framework.

Alake said Nigeria’s objective is to move beyond exporting raw materials and develop greater processing capacity within the country.

“Our goal is to turn potential into lasting value at home through stronger local processing, new skills, quality jobs, and new opportunities for Nigerian businesses,” Dele Alake, Minister of Solid Minerals Development.

The framework forms part of Nigeria’s broader effort to diversify economic activity beyond petroleum while positioning its mineral deposits for investment in areas including batteries, renewable energy and advanced manufacturing.

What’s Being Said

“Some agreements manage the present, and some agreements shape the future. The framework we sign today belongs to the second kind,” Dele Alake, Minister of Solid Minerals Development.

The U.S. government said the framework would expand opportunities for American companies to access Nigeria’s critical mineral resources while strengthening U.S. supply chains.

What’s Next

Implementation will determine whether the framework produces identifiable investments and projects across Nigeria’s mining value chain. The Nigerian government has indicated that the next phase will focus on converting the agreement into projects, partnerships and investment opportunities.

The two countries are also expected to advance cooperation around exploration, processing, infrastructure and technical capacity as specific opportunities are identified.

Bottom Line

The framework establishes a platform for deeper U.S.-Nigeria cooperation in critical minerals, but the economic value of the agreement will depend on whether it translates into actual investment, domestic processing capacity and commercially viable projects.

Dangote Petroleum Refinery IPO Opens for Subscription

USA 30-year treasury yield hits 5.62%, highest since 2002

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya| September 30, 2026

Key Points

  • The 30-year U.S. Treasury yield reached 5.62%, its highest level since 2002, while the 10-year yield approached 5.30%
  • U.S. stocks closed lower on Tuesday as rising bond yields increased pressure on equity valuations
  • Investors are watching the September employment report and upcoming Federal Reserve decisions for signals on the interest-rate outlook

Main Story

The 30-year U.S. Treasury yield climbed to 5.62% on Tuesday, its highest level since 2002, while the benchmark 10-year yield reached about 5.29% as a sell-off in longer-dated government bonds continued.

The increase in Treasury yields came as investors assessed persistent inflation risks, elevated oil prices and the possibility of further Federal Reserve rate increases. Higher government bond yields can raise borrowing costs across financial markets and put pressure on equity valuations.

U.S. stocks ended lower on September 29. The Dow Jones Industrial Average fell 131.59 points, or 0.26%, to 51,349.92, while the S&P 500 declined 12.85 points, or 0.17%, to 7,670.84. The Nasdaq Composite fell 22.84 points, or 0.08%, to 26,797.54.

The Treasury sell-off has been accompanied by shifting expectations for Federal Reserve policy. Reuters reported that expectations for an October rate increase eased after New York Federal Reserve President John Williams said there was no urgency for another increase.

The Federal Open Market Committee is scheduled to meet on October 27–28.

What’s Being Said

“There is no urgency to raise interest rates,” John Williams, President, Federal Reserve Bank of New York, as reported by Reuters. His comments contributed to a reduction in market expectations for an October rate increase.

Market pricing remained sensitive to incoming inflation and labour-market data, with investors continuing to assess whether elevated price pressures could require further monetary tightening.

What’s Next

The U.S. Bureau of Economic Analysis has scheduled the August Personal Income and Outlays report, including the PCE price index, for September 30. The PCE measure is closely monitored by the Federal Reserve in assessing inflation.

The September U.S. Employment Situation report is scheduled for October 2 at 8:30 a.m. Eastern Time and will provide another major data point ahead of the October 27–28 FOMC meeting.

Bottom Line

The rise in long-term Treasury yields is keeping borrowing costs and equity valuations under pressure, while investors remain highly sensitive to inflation and labour-market data. The direction of yields will increasingly depend on whether incoming data reinforces or reduces expectations for further Federal Reserve tightening.

Dangote Petroleum Refinery IPO Opens for Subscription

BOI calls for new approach to capital mobilisation for inclusive growth

By
Kehinde Victor
-

KEY POINTS

  • BOI Managing Director Olasupo Olusi says Nigeria needs more long-term capital directed towards productive sectors and underserved businesses.
  • Guest lecturer Asad Alam says the efficiency of capital, rather than capital accumulation alone, is critical to sustained economic growth.
  • BOI reported N645 billion in disbursements to more than 12,000 businesses in 2025, with the financing linked to 1.68 million jobs.

MAIN STORY

The Bank of Industry (BOI) is seeking a broader approach to development finance, with its management and economic experts arguing that the volume of capital entering Nigeria’s economy must be matched by how effectively it is deployed.

The issue was at the centre of BOI’s 2026 Annual Public Lecture in Abuja on Tuesday, where the bank’s Managing Director, Dr Olasupo Olusi, said Nigeria needed long-term financing capable of reaching underserved businesses and drawing more private investment into productive sectors.

The lecture, themed “Rethinking Capital for Inclusive Economic Transformation”, examined the relationship between financing, productivity and the distribution of economic gains.

Olusi said the question was no longer simply how to mobilise capital, but how to structure and deploy it in ways that produce measurable development outcomes.

He said BOI’s financing activities illustrated the scale of demand for productive capital, noting that the bank disbursed N645 billion in 2025 to more than 12,000 businesses, with an estimated impact on 1.68 million jobs.

According to him, more capital would be required to extend financing to sectors and businesses that remain underserved and to support wider economic transformation.

The lecture’s guest speaker, Dr Asad Alam, former World Bank Director and Adjunct Professor at Georgetown University, approached the issue from the perspective of productivity.

Alam argued that the development challenge for poorer economies cannot be addressed simply by increasing the amount of physical capital available. As economies develop, he said, the efficiency with which capital, labour and other resources are combined becomes increasingly important.

“Global evidence shows that as countries grow, TFP becomes more important than physical capital, while human capital contribution remains modest but holds huge potential given existing gaps with high-income countries.” — Asad Alam, former World Bank Director.

Total Factor Productivity (TFP), he explained, measures how efficiently inputs such as capital, labour, land and natural resources are combined to generate output.

Alam traced the evolution of economic thinking from early development models that placed capital shortages at the centre of underdevelopment to later approaches that incorporated technology, innovation, human capital, institutions, inequality and climate change.

He said the experience of developing economies showed that capital on its own had not been sufficient to produce sustained growth, making productivity and the quality of institutions increasingly important.

Alam also linked inequality to economic performance, saying greater inequality was associated with weaker accumulation of physical and human capital and lower productivity.

He said technology, including artificial intelligence, and climate-related investment could contribute to productivity and structural transformation if supported by appropriate institutions and policies.

However, the Special Adviser to the President on Economic Affairs, Dr Tope Fasua, questioned the idea that capital was becoming less important.

Fasua argued that Nigeria’s infrastructure and production constraints still require substantial financing and said factors such as information, knowledge and technology should also be considered forms of capital.

He challenged African economists to examine the components of TFP more closely and identify factors particularly relevant to the continent’s development.

The lecture also featured a panel discussion involving representatives of the Manufacturers Association of Nigeria, InfraCredit, Policy Innovation Centre and Flour Mills Nigeria.

Panelists commended BOI’s financing of SMEs and industrial businesses while calling for additional funding to strengthen the bank’s capacity to meet growing demand for development finance.

THE ISSUES

  1. The discussion highlights a distinction between the availability of capital and the productivity of capital. While financing remains necessary for infrastructure, industry and business expansion, the economic return depends on how efficiently those resources are deployed.
  2. Access remains another part of the challenge. BOI’s emphasis on underserved businesses reflects the need to extend productive financing beyond businesses that already have easier access to formal sources of capital.
  3. The lecture also broadened the growth debate to include human capital, technology, institutions, inequality and climate action. These factors can influence how effectively financial resources translate into output, employment and wider economic benefits.

WHAT’S BEING SAID

“Global evidence shows that as countries grow, TFP becomes more important than physical capital, while human capital contribution remains modest but holds huge potential given existing gaps with high-income countries.” — Asad Alam, former World Bank Director.

“But that did not do the trick.” — Asad Alam, former World Bank Director.

“The time has come for Africa, especially Nigeria, to break down TFP further and recognise new factors such as technology, information, knowledge and AI as stand-alone factors of production.” — Tope Fasua, Special Adviser to the President on Economic Affairs.

WHAT’S NEXT

The debate at the BOI lecture is likely to feed into broader discussions around development finance, private-sector investment and the role of institutions such as BOI in expanding access to long-term capital.

For BOI, the immediate challenge is to scale financing while ensuring that funds reach productive businesses and sectors capable of generating employment and economic activity.

BOTTOM LINE

BOI’s annual lecture placed the focus not only on raising more capital for Nigeria’s development, but on improving the efficiency, reach and economic impact of the capital already being mobilised.

Pension fund assets rise to N31.80trn in August

FG targets investment, market access as Nigeria hosts CANEX 2026

By
Kehinde Victor
-

KEY POINTS

  • Nigeria expects more than 10,000 participants at the 2026 Creative Africa Nexus Weekend in Lagos.
  • The Federal Government says the event will connect creative businesses with investors, financiers, distributors and international markets.
  • All 36 states and the FCT are expected to showcase creative assets and investment opportunities at dedicated pavilions.

MAIN STORY

Nigeria is positioning the 2026 Creative Africa Nexus (CANEX) Weekend as a business platform for attracting investment and expanding the international market reach of the country’s creative industries.

The event, scheduled for Lagos from Nov. 5 to Nov. 8, is expected to draw more than 10,000 participants, according to Dr Jumoke Oduwole, Minister of Industry, Trade and Investment.

Speaking at a news conference in Abuja on Tuesday, Oduwole said the government wanted CANEX to move beyond showcasing African creativity to facilitating financing, commercial partnerships and access to new markets.

She said the event would bring Nigerian and African creative entrepreneurs into direct engagement with investors, financiers, distributors and international buyers.

“For the Government of the Federal Republic of Nigeria and all states of the Federation, CANEX is much more than a celebration of African creativity. It is a platform for trade, investment, enterprise and market access.” — Jumoke Oduwole, Minister of Industry, Trade and Investment.

The minister identified music, film, fashion, literature, visual arts, gastronomy, sports and technology among the areas through which Nigeria could expand its participation in the global creative economy.

She said the Federal Government was incorporating the creative industries into its wider trade and export strategy as part of its ambition to build a one trillion dollar economy.

According to Oduwole, the changing structure of global trade, with increasing value attached to services, technology, content, intellectual property and culture, creates an opportunity for Nigeria to derive greater economic value from its creative output.

“Nigeria is already a major source of African music, film, fashion and creative content. The opportunity before us is to capture more of the economic value generated by that creativity.” — Jumoke Oduwole, Minister of Industry, Trade and Investment.

The event will include dedicated pavilions for the 36 states and the Federal Capital Territory, allowing them to present creative enterprises, assets and investment opportunities to participants.

Designated deal rooms will also be used for business meetings, financing discussions and potential commercial partnerships between investors and creative-sector operators.

Oduwole said the Federal Government was working with state governments, private-sector stakeholders and the African Export-Import Bank (Afreximbank) to ensure the event generated concrete commercial opportunities.

The preparations involve several government institutions, including those responsible for foreign affairs, finance, customs, immigration, health, transportation and security.

Security preparations are also being integrated into the planning process. Inspector-General of Police Olatunji Disu said the Nigeria Police Force had been involved from the beginning to prepare for the expected influx of international delegates into Lagos.

He said security arrangements would cover participants, businesses and other stakeholders throughout the programme.

The Ministry of Foreign Affairs is similarly working to increase international participation. Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, said diplomatic missions in Nigeria and Nigerian missions abroad would circulate information about the event.

He said the ministry was also working with immigration authorities to facilitate visa processing for foreign delegates.

Enikanolaiye described CANEX as an opportunity for Nigeria to use its creative industries as instruments of soft power and cultural diplomacy.

Oduwole also disclosed that Lagos would host the Intra-African Trade Fair (IATF) in 2027, giving Nigeria two major continental trade and creative-economy platforms within successive years.

THE ISSUES

  1. CANEX is being positioned as a commercial platform rather than solely a cultural event. Its proposed deal rooms and investor engagements are intended to connect creative enterprises with capital, distribution networks and international markets.
  2. The participation of all 36 states and the FCT could widen the range of creative businesses and investment opportunities presented at the event, while giving subnational governments a platform to promote their creative sectors.
  3. The government is linking the event to a broader trade and export strategy, with the creative economy being treated as a source of services, intellectual property and exportable content rather than only cultural output.

WHAT’S BEING SAID

“For the Government of the Federal Republic of Nigeria and all states of the Federation, CANEX is much more than a celebration of African creativity. It is a platform for trade, investment, enterprise and market access.” — Jumoke Oduwole, Minister of Industry, Trade and Investment.

“Nigeria is already a major source of African music, film, fashion and creative content. The opportunity before us is to capture more of the economic value generated by that creativity.” — Jumoke Oduwole, Minister of Industry, Trade and Investment.

“Today, our message is simple: we want to see partnerships formed, financing mobilised, intellectual property commercialised, businesses entering new markets and Nigerian creative enterprises scaling beyond our borders.” — Jumoke Oduwole, Minister of Industry, Trade and Investment.

WHAT’S NEXT

Preparations will continue across federal and state institutions ahead of the Lagos event, with attention on international participation, security, immigration, transport and business engagements.

The programme is expected to bring together creative businesses, investors, financiers, distributors and government representatives from Nigeria and other African countries.

BOTTOM LINE

CANEX 2026 is being used by the Federal Government as a platform to connect Nigeria’s creative enterprises with capital and international markets, while positioning the sector within the country’s broader trade and export strategy.

Pension fund assets rise to N31.80trn in August

NGX chairman urges East African investors to explore Nigerian capital market

By
Kehinde Victor
-

KEY POINTS

  • NGX Group Chairman Umaru Kwairanga has urged East African institutional investors to participate in Nigeria’s capital market.
  • He made the call during an engagement with Kenyan and other East African investors on the Dangote Refinery IPO in Nairobi.
  • Kwairanga said stronger investment links between African markets could improve cross-border capital flows and deepen institutional partnerships.

MAIN STORY

The Nigerian capital market is seeking stronger links with East African institutional investors as part of efforts to increase cross-border investment and connect African pools of capital.

Dr Umaru Kwairanga, Group Chairman, Nigerian Exchange Group (NGX Group), made the call on Tuesday in Nairobi during an engagement with Kenyan and other East African institutional investors on the Dangote Refinery IPO.

In a statement to the News Agency of Nigeria (NAN), Kwairanga urged the investors to consider participating in the offer, saying their capital could support the expansion of African businesses while creating investment opportunities across the continent.

He described the Dangote Refinery IPO as more than an individual transaction, saying it could demonstrate how institutional capital from one African market could support a major enterprise in another.

According to him, greater participation by African investors in each other’s capital markets would strengthen investment channels across the continent and encourage more cross-border flows.

“Today’s engagement is particularly significant because it brings together two important dimensions of our capital markets: cross-border investment and greater access.” — Umaru Kwairanga, NGX Group chairman.

Kwairanga identified Nigeria and Kenya as major African economies with developed financial markets and established institutional investor communities. He said the relationship between both markets could be expanded through investment flows, infrastructure, knowledge exchange and institutional partnerships.

He said the effectiveness of Africa’s capital-market development would depend partly on how well exchanges could connect markets and facilitate the movement of capital between them.

The NGX chairman added that technology and improvements in market infrastructure were making participation in public offers easier for investors.

“For us, therefore, this engagement is not simply about one transaction. It is about building stronger bridges between African markets and African capital.” — Umaru Kwairanga, NGX Group chairman.

Kwairanga also acknowledged Alhaji Aliko Dangote and Dangote Group for their contribution to Nigeria’s industrial development and for choosing the Nigerian capital market as a channel for broader ownership of the refinery.

He described the IPO as an important milestone in Nigeria’s industrial development and encouraged prospective investors to seek clarification, understand the investment opportunity and engage directly with Dangote Industries and representatives of the Nigerian capital market.

He also commended the Nairobi Securities Exchange for hosting the engagement, saying the platform could help deepen ties between investment communities in Kenya and Nigeria.

“We hope today’s conversation will mark the beginning of deeper and more sustained connections between the investment communities of Kenya and Nigeria.” — Umaru Kwairanga, NGX Group chairman.

THE ISSUES

  1. The engagement places the Dangote Refinery IPO within a broader effort to attract African institutional capital into Nigeria rather than relying only on domestic investors.
  2. Stronger links between Nigerian and East African capital markets could create additional channels for investment, knowledge sharing and institutional cooperation.
  3. For prospective investors, the immediate focus remains understanding the structure and opportunity presented by the IPO and obtaining relevant information directly from the issuing company and market representatives.

WHAT’S BEING SAID

“Today’s engagement is particularly significant because it brings together two important dimensions of our capital markets: cross-border investment and greater access.” — Umaru Kwairanga, NGX Group chairman.

“I invite our East African investors to key into this vision and give leaders like this the capital and support to take Africa higher.” — Umaru Kwairanga, NGX Group chairman.

“For us, therefore, this engagement is not simply about one transaction. It is about building stronger bridges between African markets and African capital.” — Umaru Kwairanga, NGX Group chairman.

“We hope today’s conversation will mark the beginning of deeper and more sustained connections between the investment communities of Kenya and Nigeria.” — Umaru Kwairanga, NGX Group chairman.

WHAT’S NEXT

The engagement is expected to provide prospective East African investors with an opportunity to seek further information on the Dangote Refinery IPO and interact with the company and Nigerian capital-market representatives.

BOTTOM LINE

The NGX Group is using the Dangote Refinery IPO to promote deeper investment links between Nigeria and East Africa, with the exchange seeking greater participation by institutional investors from across the continent.

Two men arraigned over alleged knife attack, N1.5m phone damage in Abuja

Nigerian equities shed N469bn as profit-taking reverses gains

By
Kehinde Victor
-
NGX Records N60bn Trading

KEY POINTS

  • Market capitalisation fell by N469 billion to N163.53 trillion after a bullish session the previous day.
  • The All-Share Index declined by 0.29 per cent, while 32 stocks closed lower against 27 gainers.
  • Trading volume dropped 46.46 per cent to 548.67 million shares, with GTCO accounting for the largest share of activity.

MAIN STORY

The Nigerian equities market surrendered the gains recorded in the previous session on Tuesday as profit-taking pushed major market indicators into negative territory.

Market capitalisation fell to N163.530 trillion from a record N163.999 trillion, translating to a loss of N469 billion or 0.29 per cent.

The All-Share Index followed the same direction, dropping 721.91 points to close at 251,913.20, compared with 252,635.11 recorded in the previous session.

The decline also trimmed the market’s year-to-date return to 61.88 per cent, while market breadth reflected broader selling pressure, with 32 stocks declining against 27 gainers.

Sovereign Trust Insurance recorded the steepest loss, falling 9.92 per cent to N2.36 per share. Unilever Nigeria declined 8.55 per cent to N100.50, while Neimeth International Pharmaceuticals lost 6.02 per cent to close at N7.80.

University Press dropped six per cent to N4.70, while International Breweries shed 5.45 per cent to N9.55.

The session’s gainers were led jointly by NPF Microfinance Bank and Livingtrust Mortgage Bank, which each advanced 10 per cent to close at N4.40 and N2.86 respectively.

WAPIC gained 9.95 per cent to N2.43, while VFD Group rose 9.84 per cent to N13.40. ABC Transport appreciated by 9.82 per cent to close at N6.15.

Trading activity also weakened, with total volume falling 46.46 per cent to 548.67 million shares. The transactions were valued at N34.30 billion and executed in 47,301 deals.

GTCO dominated activity for the session, with 88.73 million shares valued at N11.73 billion changing hands. Its trades represented 16.17 per cent of total volume and 34.20 per cent of total value.

THE ISSUES

  1. The market’s reversal came after it reached a record market capitalisation in the previous session, with selling pressure in several stocks outweighing gains recorded by others.
  2. The negative breadth indicates that more stocks lost value than gained, led by declines in Sovereign Trust Insurance, Unilever Nigeria and Neimeth International Pharmaceuticals.
  3. Trading participation also moderated sharply, with both volume and value concentrated in a relatively small number of heavily traded stocks, particularly GTCO.

WHAT’S BEING SAID

The market data attributed the session’s decline to profit-taking across several stocks, including Sovereign Trust Insurance, Unilever Nigeria, Neimeth International Pharmaceuticals, University Press and International Breweries. — Nigerian equities market report

GTCO accounted for 88.73 million shares valued at N11.73 billion, making it the most actively traded stock by both volume and value during the session. — Nigerian equities market report

WHAT’S NEXT

Investors will continue to monitor whether the selling pressure extends into subsequent sessions, particularly among stocks that recorded significant gains before Tuesday’s decline.

Trading activity and market breadth will also provide indications of whether the reversal was a temporary profit-taking move or part of a broader shift in investor positioning.

BOTTOM LINE

The equities market lost N469 billion on Tuesday as profit-taking reversed the previous session’s gains, while reduced trading activity and negative market breadth pointed to weaker sentiment across the session.

Stakeholders highlight Tinubu administration’s gains, urge action on insecurity, hardship

Pension fund assets rise to N31.80trn in August

By
Kehinde Victor
-

KEY POINTS

  • Pension fund assets rose by N289.40 billion to N31.80 trillion as of Aug. 31.
  • Retirement Savings Account membership increased to 11.39 million during the period.
  • Federal Government securities remained the largest component of pension fund investments at N17.80 trillion.

MAIN STORY

Pension fund assets under Nigeria’s Contributory Pension Scheme (CPS) increased by N289.40 billion in August to N31.80 trillion, according to the latest industry report by the National Pension Commission (PenCom).

The unaudited monthly report, released on Tuesday, showed that the industry’s total net asset value rose from N31.51 trillion at the end of July, representing a 0.92 per cent monthly increase.

The report also put total membership of Retirement Savings Accounts (RSAs) at 11,391,008 as of Aug. 31.

Investment in Federal Government securities continued to account for the largest share of pension fund assets, with N17.80 trillion invested in the category.

Domestic ordinary shares followed with N6.32 trillion, while pension funds held N280.66 billion in foreign ordinary shares.

Money market instruments accounted for N3.27 trillion of the portfolio. The category comprised fixed deposits, bank acceptances, commercial papers and other eligible investments.

Corporate debt securities represented another N2.21 trillion, while N326.64 billion was invested in mutual funds.

The remaining assets included N344.62 billion in infrastructure funds, N132.81 billion in real estate investments and N267.01 billion in private equity.

Cash and other assets stood at N462.42 billion as of the end of August.

THE ISSUES

  1. The August increase takes the pension industry’s assets above N31.8 trillion, with the monthly growth indicating continued expansion in the value of funds managed under the CPS.
  2. Federal Government securities remain the dominant investment destination, accounting for more than half of the industry’s total assets. Domestic equities and money market instruments also represent substantial portions of the portfolio.
  3. The investment figures show that pension funds are spread across several asset classes, including corporate debt, infrastructure, real estate and private equity, although these categories remain considerably smaller than government securities.

WHAT’S NEXT

PenCom’s subsequent monthly reports will provide the next update on pension asset growth, RSA membership and changes in the allocation of funds across the various investment categories.

BOTTOM LINE

Nigeria’s pension fund assets reached N31.80 trillion at the end of August, up 0.92 per cent from July, while Federal Government securities remained the largest component of the industry’s investment portfolio.

Keivo missing from BBNaija voting list after fight with Tram

Keivo missing from BBNaija voting list after fight with Tram

By
Emmanuella Opara
-

by Emmanuella Opara | September 30th 2026

KEY POINTS

  • Keivo is absent from the latest BBNaija voting list following a physical altercation with fellow housemate Tram.
  • The confrontation reportedly began with an argument over a shirt before escalating into a fight.
  • There is no official confirmation that Keivo has been disqualified or removed from the house.

MAIN STORY

Questions are mounting over Keivo’s status in the Big Brother Naija house after his name was left out of the latest voting list, shortly after he was involved in a physical confrontation with fellow housemate Tram.

The development came after an argument between the two housemates over a shirt escalated into a physical fight on Monday night.

Other housemates intervened as the situation intensified, attempting to separate Keivo and Tram. Biggie subsequently instructed all housemates to freeze and deployed three Ninjas into the house to restore order.

The incident has drawn further attention because Keivo’s name did not appear on the latest list of housemates available for audience voting.

The voting list normally indicates the housemates viewers can vote to save, making Keivo’s absence significant as the season approaches its October 4 finale.

However, the show has not publicly linked the missing name to Monday night’s altercation. There has also been no official announcement confirming that Keivo has been disqualified or removed from the competition.

THE ISSUES

  1. The timing of Keivo’s removal from the voting list, coming after the confrontation with Tram, has prompted questions about whether the two developments are connected.
  2. The physical altercation itself resulted in intervention from other housemates and Biggie, who ordered the house to freeze before sending Ninjas to handle the situation.
  3. Keivo’s absence from the voting list does not, by itself, establish that he has left the show. His current status remains unclear until the programme provides an official explanation.

WHAT’S NEXT

Attention is now on the show for an official explanation of Keivo’s status and whether his absence from the voting list is temporary or connected to the altercation with Tram.

With the season heading towards its October 4 finale, any decision affecting Keivo’s participation could also alter the remaining voting process.

BOTTOM LINE

Keivo’s name is missing from the latest voting list after his physical confrontation with Tram, but the show has not confirmed that he has been disqualified or evicted. Until an official announcement is made, the reason for his absence remains unclear.

Guterres warns of most dangerous nuclear moment since Cold War

1...131415...3,342Page 14 of 3,342