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
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.
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.
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 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
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.
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.
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.
• Stakeholders in Niger, Nasarawa and Kogi cite roads, economic reforms, agriculture, education, healthcare, power and security among areas of development under the Tinubu administration.
• They say reforms have also brought pressure through higher transport and food costs, inflation and other economic difficulties.
• The stakeholders call for sustained investment, better implementation of projects, improved security and wider economic opportunities.
MAIN STORY
Infrastructure projects, economic reforms and investments in sectors such as agriculture, education, power and solid minerals have featured prominently in assessments by stakeholders in Niger, Nasarawa and Kogi of Nigeria’s development under President Bola Tinubu.
The stakeholders, who spoke separately to the News Agency of Nigeria (NAN) ahead of the country’s 66th Independence Anniversary, also pointed to persistent economic hardship and insecurity as areas requiring greater government attention.
Their assessment was therefore not limited to government policies or projects, but also focused on how those measures were translating into changes for residents, businesses and communities.
In Niger, public analyst and security expert Dr Abdullahi Jabi said some of the administration’s economic measures were beginning to yield results.
He pointed to the foreign exchange market reforms and said the naira had become more stable than it was immediately after the currency was floated.
Jabi also cited improvements in public sector remuneration, particularly for security personnel, as well as federal road projects and the coastal road.
Beyond infrastructure, he identified the Nigerian Education Loan Fund as a measure capable of widening access to higher education for students from poorer households.
He said signs of improvement in electricity supply and a gradual recovery among small and medium-scale enterprises were also noteworthy.
However, Jabi said the gains had come alongside considerable pressure on citizens. He urged government to strengthen support for vulnerable Nigerians and expand vocational training that could provide alternatives to begging, illegal mining and other activities associated with criminality.
He also called for stronger cooperation between government and stakeholders in northern Nigeria to confront insecurity and socio-economic problems.
Jabi said the removal of the petrol subsidy could free resources for development, but argued that cheaper domestic refining would be necessary to ease some of the resulting cost pressures. He urged government to ensure that local refineries could obtain crude at competitive prices.
In Nasarawa, the effects of fiscal reforms were linked by stakeholders to the state’s ability to finance public spending.
Public affairs analyst Bala John said increased allocations following changes to the subsidy and foreign exchange regimes had given the Nasarawa Government greater room to fund projects and meet obligations to workers and pensioners.
He also identified developments in the solid minerals sector and proposed changes to the security architecture, including state police and additional Army formations, as areas with potential implications for the state.
The mining sector was similarly identified as a source of new economic activity. Dr Aminu Bello, an Economics lecturer at the Federal University of Lafia, said the formalisation of artisanal mining and the push for local processing had attracted investment and created jobs.
But he said the removal of the fuel subsidy had also raised transport costs and contributed to higher food prices. Government interventions such as CNG buses and state palliatives, he noted, had provided some relief.
At the household level, Mrs Grace Obey, a trader at Lafia Modern Market, said inflation was making business more difficult. She nevertheless acknowledged improved electricity supply and cash-transfer programmes as helpful to some families.
Road infrastructure was another area where stakeholders reported tangible changes. Journalist and Keffi resident Mr Francis Nansak said the dualisation of the Keffi-Abuja Road had shortened journeys, improved safety and reduced vehicle maintenance costs.
In Kogi, attention centred on the relationship between infrastructure and economic activity.
Legal practitioner Mr Taiye Alabi said federal road projects, including work on the Abuja-Lokoja Expressway and the Abaji-Koton Karfe section, were important for moving people, farm produce and goods between Kogi, Abuja and other parts of the country.
He also cited emergency rehabilitation on the Itobe-Ayingba Road but warned that delays in some federal road projects showed the need for better funding, implementation and maintenance.
Agriculture stakeholders in the state also pointed to unfinished infrastructure as an opportunity that could have wider economic consequences.
Mrs Tomilayo Olajide-Gbadebo of Kabba-Bunu said effective use of the Odo-Ape Dam could expand irrigation farming across about 700 hectares, benefit more than 2,800 farmers, create employment and increase rural incomes.
Security remained a common concern across the three states.
Idris Abdul, Executive Director of Conscience for Human Rights and Conflict Resolution, said security interventions would have limited impact if underlying socio-economic pressures were not addressed.
He identified poverty, unemployment, inequality, corruption and political exclusion among factors requiring attention alongside conventional security measures. He also called for better coordination between governments and security agencies and improved information sharing.
Musa Bakare, a member of the Tinubu Support Group in Kogi, said the administration’s changes in fuel pricing, foreign exchange, taxation, education, power, infrastructure and security represented significant structural measures.
He argued that their impact needed to be considered from both the immediate difficulties experienced by citizens and their longer-term economic consequences.
Across the three states, the stakeholders called for continued investment in infrastructure, energy, agriculture, industrialisation and human capital, while urging government to improve security, create more economic opportunities and ensure that public projects are effectively implemented.
They also urged Nigerians to use the Independence Anniversary as an opportunity to reflect on the country’s progress and challenges and renew their commitment to peace, unity and development.
THE ISSUES
The stakeholders identified developments across several sectors, but their assessments also show that the benefits of reforms are being experienced alongside economic pressures. Higher transportation and food costs, inflation and difficulties faced by businesses remain significant concerns.
Infrastructure emerged as a recurring measure of development, with stakeholders citing federal road projects in the three states. They also pointed to delays, funding constraints and maintenance as issues that could affect the long-term value of such investments.
The stakeholders linked economic development to security, employment and human capital. Their calls for vocational training, agricultural investment, industrialisation and stronger security coordination reflect concerns that economic opportunities and social stability need to advance alongside physical infrastructure.
WHAT’S BEING SAID
“The unification of the foreign exchange market has contributed to improved stability of the naira compared with the period shortly after the currency was floated.” — Dr Abdullahi Jabi, public analyst and security expert.
“The reforms have produced mixed effects on citizens.” — Dr Aminu Bello, Economics lecturer, Federal University of Lafia.
“Poverty, unemployment, inequality, corruption and political exclusion should be addressed alongside security measures to tackle violent extremism and other threats to national stability.” — Idris Abdul, Executive Director, Conscience for Human Rights and Conflict Resolution.
“The impact of the reforms should be assessed in terms of both their immediate difficulties and longer-term effects on the economy.” — Musa Bakare, member, Tinubu Support Group in Kogi.
WHAT’S NEXT
The stakeholders called for sustained investment in infrastructure, energy, agriculture, industrialisation and human capital, alongside effective implementation and maintenance of public projects.
They also urged stronger action on insecurity, unemployment and the cost of living, while calling for greater economic opportunities for citizens.
BOTTOM LINE
Stakeholders across Niger, Nasarawa and Kogi identified developments under the Tinubu administration while acknowledging the economic difficulties that have accompanied some reforms. Their assessment points to the need for continued investment and stronger implementation to translate policy and infrastructure gains into broader economic and social benefits.
• Two men, Mubarak Adamu, 25, and Abba Abdullahi, 23, have been arraigned before the Dutse Senior Magistrates’ Court in Abuja over an alleged attack on a businessman.
• Police allege that the defendants injured Isaac David with a knife and damaged his Samsung phone valued at N1.5 million.
• The defendants pleaded not guilty and were granted bail, with the case adjourned until Oct. 12.
MAIN STORY
Two young men, Mubarak Adamu, 25, and Abba Abdullahi, 23, have been arraigned before the Dutse Senior Magistrates’ Court in Abuja over an alleged knife attack on a businessman.
The defendants appeared before Magistrate Umar Dodo on Monday on charges of joint act, causing grievous hurt and mischief under Sections 79, 247 and 327 of the Penal Code Law.
The prosecution alleged that the incident occurred on Sept. 15 after the complainant, Isaac David, boarded a tricycle at War College in Abuja, heading towards Oando Filling Station in Gwarinpa.
Prosecutor Juliana Atinko told the court that the defendants allegedly attacked David with a knife before he reached his destination, causing an injury to his right hand.
She further alleged that the defendants damaged David’s Samsung phone, which was valued at N1.5 million.
The case followed a report made by David at the Gwarinpa Police Station, according to the prosecutor.
When the charges were read to them, Adamu and Abdullahi pleaded not guilty.
The prosecution subsequently asked the court to fix a date for hearing of the case.
Magistrate Dodo granted both defendants bail, subject to conditions requiring each of them to provide two reasonable sureties, an affidavit and an undertaking.
Each surety was also required to provide a bail bond of N150,000.
The court adjourned the matter until Oct. 12 for hearing.
THE ISSUES
The prosecution alleges that the defendants attacked David with a knife and caused an injury to his right hand. The allegation has not been established by the court, as the defendants pleaded not guilty.
The alleged damage to David’s Samsung phone forms part of the mischief charge, with the prosecution putting its value at N1.5 million.
The granting of bail does not determine the outcome of the case. The court is yet to hear the evidence and determine whether the allegations against the defendants have been proved.
WHAT’S NEXT
The case will come up again on Oct. 12 for hearing, when proceedings are expected to continue.
BOTTOM LINE
Adamu and Abdullahi face three charges arising from an alleged knife attack and damage to a phone valued at N1.5 million. Both defendants deny the allegations, and the court is yet to determine the case.
• President Bola Tinubu has returned to Nigeria after concluding his working vacation in Europe.
• He arrived in Lagos from Paris on Tuesday evening aboard Nigerian Air Force One.
• His return comes ahead of Nigeria’s 66th Independence Anniversary activities and events to honour the late Chief MKO Abiola.
MAIN STORY
President Bola Tinubu has returned to Nigeria after concluding his working vacation in Europe, arriving in Lagos on Tuesday evening.
The President touched down at the Presidential Wing of the Murtala Muhammed International Airport at about 6:22 p.m. aboard Nigerian Air Force One.
Tinubu had departed Nigeria on Aug. 30 for London, where he spent one week before continuing to Paris, France.
During his stay in Paris, the President held official engagements, including a meeting with French President Emmanuel Macron.
His return to Lagos comes ahead of activities scheduled to mark Nigeria’s 66th Independence Anniversary on Oct. 1.
The President is also expected to participate in events honouring the memory of the late Chief MKO Abiola as part of the activities.
THE ISSUES
Tinubu’s return marks the end of the European leg of his working vacation, which began with a one-week stay in London before he proceeded to Paris.
His arrival in Lagos places the President in Nigeria ahead of the Independence Anniversary activities scheduled for Oct. 1.
The President’s Lagos engagements will also include activities connected with the commemoration of the late Chief MKO Abiola.
WHAT’S BEING SAID
No direct quotes were contained in the report.
WHAT’S NEXT
Tinubu is expected to participate in activities marking Nigeria’s 66th Independence Anniversary and events honouring the late Chief MKO Abiola.
BOTTOM LINE
Tinubu has returned to Nigeria after his working vacation in Europe and is expected to resume official engagements beginning with the Independence Anniversary activities in Lagos.
• NNPC Ltd. says it is pursuing technical equity partnerships with experienced refinery operators to improve the long-term performance of its refineries.
• Chinese investors are studying two refineries and may submit a proposal after completing technical assessments, but no final agreement has been reached.
• NNPC says it wants stronger governance, transparency and performance standards as it works towards becoming a globally competitive energy company.
MAIN STORY
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) is seeking technical partners with proven refinery operating experience to take equity stakes in its facilities as part of efforts to achieve sustainable performance.
Mr Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd., disclosed this on Tuesday in Abuja while briefing newsmen on the company’s plans for its refineries.
Ojulari said the proposed model would bring experienced operators into the facilities as equity partners, aligning their commercial interests with those of NNPC.
He said the company was particularly interested in partners with established records in operating refineries and petrochemical plants.
According to him, Chinese investors have expressed strong interest in two of the refineries, although discussions have not yet resulted in a final agreement.
An existing Memorandum of Understanding allows the Chinese team to carry out technical studies of the facilities before presenting a proposal to NNPC.
Ojulari said the outcome of the assessment would determine the basis for subsequent commercial and technical negotiations.
The level of interest, he said, was reflected in the deployment of 33 senior Chinese engineers who had spent about three months examining the facilities.
He said NNPC would consider the findings of the technical studies before determining the next steps towards a possible partnership.
The NNPC chief executive, however, clarified that rehabilitation work had not started at the Kaduna Refinery, although the company remained committed to moving the process forward.
He said the broader objective was to build an energy company capable of competing at global standards, requiring NNPC to improve its governance framework, transparency and accountability while maintaining sustainable performance.
Ojulari said the company’s ambition extended beyond simply restoring individual refineries, describing the desired transformation as one comparable to the standards of Saudi Aramco, Saudi Arabia’s state-owned energy company.
“We are going to be Saudi Aramco. That is what we are talking about. Nothing less,” he said.
He added that achieving the ambition would require NNPC to strengthen the systems and standards governing how the company operates and measures performance.
THE ISSUES
The proposed equity partnership model would shift refinery rehabilitation and operations towards a structure in which technical partners have a direct commercial interest in the performance of the facilities. NNPC says this is intended to align the interests of the company and its partners around sustainable results.
Chinese investors have shown interest in two refineries, but the process remains at the technical assessment stage. Their engineers have completed about three months of studies, after which a proposal is expected before commercial and technical negotiations can begin.
The Kaduna Refinery remains outside active rehabilitation work for now. NNPC says it is still advancing the process, while its wider refinery strategy is being linked to its stated ambition of improving governance, transparency and operational performance.
WHAT’S BEING SAID
“The model will align the interests of NNPC and its technical partners towards achieving sustainable results from the refineries.” — Bayo Ojulari, Group Chief Executive Officer, NNPC Ltd.
“Chinese investors have shown strong interest in the two refineries, although no final agreement had been signed.” — Bayo Ojulari, Group Chief Executive Officer, NNPC Ltd.
“Once the Chinese finish the report of their study, they will come back to us with a proposal. Following that proposal, we will go into negotiations, both commercial and technical.” — Bayo Ojulari, Group Chief Executive Officer, NNPC Ltd.
“We are going to be Saudi Aramco. That is what we are talking about. Nothing less.” — Bayo Ojulari, Group Chief Executive Officer, NNPC Ltd.
WHAT’S NEXT
The Chinese technical team is expected to conclude its assessment of the two refineries and submit a proposal to NNPC.
The proposal will form the basis for commercial and technical negotiations if the parties decide to proceed with the partnership.
NNPC is also expected to continue work towards advancing the Kaduna Refinery process while strengthening the governance and performance standards it says are necessary for its wider transformation.
BOTTOM LINE
NNPC is seeking to bring experienced refinery operators into its facilities as equity partners rather than relying solely on rehabilitation arrangements. The immediate focus is on completing technical studies and assessing proposals, while the company says stronger governance and performance standards will be central to its refinery strategy.
• President Bola Tinubu has returned to Lagos after an extended working vacation in Europe, saying he is healthy and ready to resume work.
• Tinubu dismissed reports about his health, saying rumours surrounding his condition were linked to politics.
• The President is expected to participate in activities marking Nigeria’s 66th Independence Anniversary before returning to Abuja.
MAIN STORY
President Bola Tinubu has returned to Nigeria after a month-long working vacation in Europe, assuring Nigerians that he is healthy and ready to resume full official duties.
Tinubu spoke on Tuesday evening shortly after arriving at the Presidential Wing of the Murtala Muhammed International Airport, Lagos, where he was received by senior government officials and political leaders.
Responding to questions about his health, the President dismissed the concerns surrounding his condition and said he remained fit to work.
“Rumours will always emanate from politics, but the fact remains that I am here, healthy, sound and ready to go. Ready to work, and ready to go,” he said.
Tinubu also described his vacation as enjoyable when asked about the period spent abroad, before indicating that he was back to work.
The President left Nigeria on Aug. 30 for what the Presidency described as a working vacation, initially travelling to London before proceeding to Paris, France.
During his stay in France, he held official engagements, including a meeting with French President Emmanuel Macron. The Presidency had announced on Sept. 21 that the vacation would be extended by a few days.
His return to Lagos comes ahead of Nigeria’s 66th Independence Anniversary on Oct. 1, with the President scheduled to participate in official activities marking the occasion.
These include his nationwide broadcast and events honouring the late Chief MKO Abiola. He is expected to remain in Lagos for the anniversary activities before returning to Abuja.
The Speaker of the House of Representatives, Tajudeen Abbas, who was among those at the airport to receive Tinubu, expressed optimism that the President’s period of rest would be followed by increased activity.
“It is incredibly nice to have him after one month away, and we believe that the days he has spent resting will translate into more action this time around,” Abbas said.
Also at the airport were Lagos State Governor Babajide Sanwo-Olu and his deputy, Dr Obafemi Hamzat; Gov. AbdulRahman AbdulRazaq of Kwara State; and Deputy Senate President Barau Jibrin.
THE ISSUES
Tinubu’s return ends an extended period away from Nigeria that the Presidency had officially described as a working vacation. His immediate schedule includes national anniversary activities in Lagos before his expected return to Abuja.
The President’s comments directly address speculation about his health, which he characterised as politically motivated. His statement that he is ready to work provides his own account of his condition, without independently establishing any medical assessment.
The return also restores the President to physical presence in Nigeria for upcoming official engagements, including the Independence Anniversary broadcast and events connected with the commemoration of MKO Abiola.
WHAT’S BEING SAID
“Rumours will always emanate from politics, but the fact remains that I am here, healthy, sound and ready to go. Ready to work, and ready to go.” — President Bola Tinubu.
“It is incredibly nice to have him after one month away, and we believe that the days he has spent resting will translate into more action this time around.” — Tajudeen Abbas, Speaker, House of Representatives.
WHAT’S NEXT
Tinubu is expected to participate in Nigeria’s 66th Independence Anniversary activities in Lagos on Oct. 1, including his nationwide broadcast and other official engagements.
The President is expected to return to Abuja after the Lagos engagements and resume his regular schedule.
BOTTOM LINE
Tinubu has returned to Nigeria after his European working vacation and says he is healthy and ready to work. His first major engagements will be tied to the Oct. 1 Independence Anniversary activities in Lagos before his expected return to Abuja.
• Experts say West Africa’s security threats are becoming more complex and interconnected, requiring stronger regional cooperation and preventive action.
• They identify disinformation, drug trafficking, illicit economies, violent extremism, terrorism, organised crime and political tensions among emerging threats.
• Stakeholders call for locally driven solutions, inclusive governance and a shift from dialogue to practical measures that address insecurity.
MAIN STORY
Security experts and regional stakeholders have called for stronger cooperation and more practical responses as West Africa confronts increasingly complex and interconnected security threats.
The call was made at a pre-West African Peace and Security Dialogue (WAPSeD) 2027 strategy and review meeting held in Abuja on Tuesday.
The meeting, organised by the Building Blocks for Peace Foundation (BBFORPEACE), was themed, “From Dialogue to Action: Reflecting on WAPSeD 2025 Commitments and Setting the Agenda for WAPSeD 2027.”
Prof. Charles Ukeje, Board Chairman of BBFORPEACE and Professor of International Relations at Obafemi Awolowo University, said the region needed a more flexible and complementary security architecture capable of responding to differences in the nature of security challenges across communities.
Ukeje said solutions should be driven by local realities, urging stakeholders to identify and mobilise resources and capacities within affected communities rather than relying mainly on external actors.
He also called for greater participation by women and young people in peace and security processes, arguing that communities directly affected by insecurity and poor governance should have a meaningful voice in decisions concerning them.
For the Executive Director of BBFORPEACE, Mr Rafiu Lawal, the threat landscape is expanding beyond conventional security concerns.
He identified disinformation, information manipulation, drug trafficking and illicit economies as emerging challenges, noting that changes in the geography, nature and actors involved in insecurity required new approaches to prevention and response.
Lawal said WAPSeD, established in 2024, was created as an inclusive platform for examining West Africa’s changing peace and security environment.
He said the 2027 strategy meeting would allow stakeholders to assess recommendations from WAPSeD 2025, examine their influence on peacebuilding, governance and security practices, and develop an action-oriented roadmap for the next edition.
The ECOWAS Commission also called for greater regional coordination, with Dr Babatunde Afolabi, Director of Political Affairs, represented by Dr Constant Gnacadja, Programme Officer, Conflict Prevention.
Afolabi said violent extremism, terrorism, political tensions, organised crime and humanitarian pressures were increasingly crossing national boundaries, making isolated national responses inadequate.
He urged stakeholders to put prevention, people and partnership at the centre of regional peace and security efforts, stressing that sustainable peace could not be achieved by a single institution, government or sector.
The Director-General of the Institute for Peace and Conflict Resolution, Dr Joseph Ochogwu, represented by his Personal Assistant, Mr Olaniran Olusola, described the meeting as timely.
Ochogwu said insecurity continued to threaten stability, livelihoods and socio-economic development across West Africa, while also worsening humanitarian pressures.
He called for the recommendations emerging from dialogue platforms to be translated into practical measures against violent conflict, insecurity and criminality.
Mr John Tsuwa, Secretary-General, Society for Peace Studies and Practice, advocated deeper research and collaboration involving communities, governments and lawmakers to develop concrete responses to emerging threats.
Similarly, Dr Prince Charles Dickson, Team Lead, Tattaaunawa Roundtable Initiative, urged stakeholders to evaluate the impact of existing peace and security interventions and use the lessons to develop more effective approaches.
THE ISSUES
Security threats in West Africa are increasingly interconnected, with terrorism, violent extremism, organised crime, drug trafficking, political tensions and humanitarian pressures extending beyond individual national borders. This creates a need for responses that can operate across countries and institutions.
The emphasis on locally driven solutions reflects concerns that communities directly affected by insecurity may not be adequately represented in peace and security processes. Stakeholders at the meeting linked stronger community participation with better understanding of local security conditions and more relevant responses.
The meeting also highlighted the gap between discussions and implementation. Reviewing previous WAPSeD recommendations and measuring the results of existing interventions could help identify which approaches have produced practical outcomes and where new strategies are required.
WHAT’S BEING SAID
“If civil society claims to represent communities, then communities must actually have a voice in the processes that affect them.” — Prof. Charles Ukeje, Board Chairman, BBFORPEACE.
“Sustainable peace cannot be achieved by one institution, government or sector alone.” — Dr Babatunde Afolabi, Director of Political Affairs, ECOWAS Commission.
WHAT’S NEXT
Stakeholders are expected to review the recommendations from WAPSeD 2025 and assess their impact on peacebuilding, governance and security practices across West Africa.
The review will feed into an action-oriented roadmap for WAPSeD 2027, including priority themes, participating stakeholders, partnerships and expected outcomes.
BOTTOM LINE
The strategy meeting is shifting attention from discussing West Africa’s security challenges to identifying practical, coordinated and locally grounded responses, with prevention, inclusion and regional cooperation emerging as key areas for WAPSeD 2027.
The development was contained in a report by Cecilia Ologunagba of the News Agency of Nigeria (NAN), which examined the continent’s renewed campaign for a permanent place in the body responsible for maintaining international peace and security.
Nigeria, through Vice President Kashim Shettima, who represented President Bola Tinubu at the General Assembly, called for at least two permanent seats for Africa, alongside five non-permanent seats.
The Nigerian position also seeks full rights for any permanent African members, including veto powers for as long as the veto remains part of the Council’s system.
The demand reflects the African Union’s longstanding position under the Ezulwini Consensus and the Sirte Declaration on reform of the Security Council.
Africa currently has no permanent seat on the 15-member Security Council, which has five permanent members and 10 non-permanent members elected for two-year terms.
The five permanent members are China, France, Russia, the United Kingdom and the United States, all of which possess veto powers.
Speaking at the opening of the 81st General Assembly, UN Secretary-General António Guterres also renewed his call for Security Council reform, saying the Council must become more representative of contemporary geopolitical realities.
Khalilur Rahman, President of the 81st General Assembly, said fair representation for underrepresented regions should remain a priority, specifically highlighting Africa’s position in the Council.
Nigeria argued that the Council’s current configuration reflects the distribution of power at the time the UN was established rather than present global realities.
Shettima said Nigeria was prepared to assume greater responsibility within the international system, pointing to its contributions to peace and security efforts in Africa, including operations and interventions involving Liberia, Sierra Leone, Darfur, Mali and The Gambia.
The Nigerian government also linked the Security Council reform question to broader concerns about Africa’s role in global decision-making, saying the continent should have greater influence over decisions affecting international peace, security and development.
However, securing permanent African representation would require agreement among UN member states and amendments to the UN Charter. The question of which African countries would eventually occupy any new permanent seats also remains unresolved.
The African Union’s common position is for at least two permanent African seats and five non-permanent seats, with the AU responsible for determining which countries would represent the continent.
THE ISSUES
Africa’s absence from the permanent membership of the Security Council remains a central issue in the continent’s campaign for institutional reform. African countries participate extensively in UN peace and security activities, yet the continent has no permanent representative in the body’s decision-making structure.
Nigeria’s proposal goes beyond the creation of seats. It calls for new African permanent members to receive the same rights and responsibilities as existing permanent members, including veto powers for as long as the veto remains in existence. This makes the veto question an important part of the reform negotiations.
Even if member states agree that Africa should receive permanent representation, the continent still has to determine which countries would occupy the proposed seats. The African Union has maintained a collective position without selecting specific countries to fill the proposed permanent positions.
WHAT’S BEING SAID
“The reform of this institution must begin with the reconstitution of the Security Council, for the world of 2026 cannot remain captive to the distribution of power in 1945.” — President Bola Tinubu, represented by Vice President Kashim Shettima, Nigeria’s national statement at UNGA 81.
“Nigeria demands, in accordance with the Ezulwini Consensus and the Sirte Declaration, at least two permanent seats for Africa, with all the rights and responsibilities of permanent membership, including the veto for as long as it exists, and five non-permanent seats in total.” — President Bola Tinubu, represented by Vice President Kashim Shettima, Nigeria’s national statement at UNGA 81.
“Africa needs to be at the table, not on the menu.” — Khalilur Rahman, President of the 81st UN General Assembly.
“Africa cannot be asked to wait indefinitely for its rightful place on the Council.” — Khalilur Rahman, President of the 81st UN General Assembly.
WHAT’S NEXT
The campaign for Security Council reform will continue through the UN’s intergovernmental negotiations process, where member states are considering the Council’s size, membership categories, regional representation and the veto.
Any change to permanent membership will ultimately require broad agreement among UN member states and the formal amendment process for the UN Charter.
For Africa, the continent will also have to maintain a common position on the proposed seats and determine which countries should represent it if the reform process produces new permanent positions.
BOTTOM LINE
Africa’s demand for permanent Security Council representation has again moved to the centre of discussions at the 81st UN General Assembly. Nigeria is seeking at least two permanent African seats with full membership rights, while the UN leadership has also acknowledged the continent’s underrepresentation as part of the wider debate over reforming the Council.
• UN Secretary-General António Guterres says the world is facing its most dangerous nuclear moment since the end of the Cold War.
• He warns that expanding arsenals, new technologies and the weakening of arms control arrangements are increasing the risks of accident, miscalculation and escalation.
• Guterres calls for renewed dialogue, stronger safeguards and the eventual elimination of nuclear weapons.
MAIN STORY
UN Secretary-General António Guterres has warned world leaders that the international nuclear security framework is weakening at a time when the risks surrounding nuclear weapons are increasing.
Guterres gave the warning on Tuesday at a UN General Assembly plenary meeting in New York marking the International Day for the Total Elimination of Nuclear Weapons.
He described the current period as the most dangerous nuclear moment since the end of the Cold War, pointing to the expansion and modernisation of nuclear arsenals and growing reliance on nuclear deterrence.
The Secretary-General also raised concerns about technological developments that could reduce the time available for governments to make decisions during a nuclear crisis, increasing the possibility of misunderstanding, accident or miscalculation.
He cited the expiration of the New START Treaty between the United States and Russia as a major setback for nuclear arms control. The treaty, which placed limits on the two countries’ strategic nuclear arsenals, expired on Feb. 5 without a successor agreement.
Guterres also pointed to difficulties within the broader nuclear disarmament and non-proliferation system, including the failure of the latest review process under the Nuclear Non-Proliferation Treaty to produce a consensus outcome.
He said these developments were weakening safeguards built over decades to reduce nuclear risks, making renewed international cooperation necessary.
“The lights are flashing red,” Guterres said, urging countries to reverse the deterioration in arms control and avoid actions that could trigger a new nuclear arms race.
He called on nuclear-armed states to maintain existing moratoriums on nuclear testing and take measures to reduce the possibility of accidental or unintended use of nuclear weapons.
Guterres said the international community should not rely indefinitely on the threat of mutual destruction as the foundation of global security.
He maintained that the complete elimination of nuclear weapons remained the only certain way to remove the catastrophic humanitarian risks associated with their use.
“Our goal must be clear: the total elimination of nuclear weapons,” he said.
The UN General Assembly established the International Day for the Total Elimination of Nuclear Weapons to raise awareness of the dangers posed by nuclear weapons and strengthen international efforts towards their elimination. The observance is marked annually on Sept. 26, although the General Assembly’s high-level meeting was held on Sept. 29 this year.
THE ISSUES
The expiration of New START has removed binding limits on the strategic nuclear arsenals of the United States and Russia, while the UN says the broader arms control framework is facing additional pressure.
Guterres highlighted technological advances as an additional risk because faster decision-making environments can leave governments with less time to assess information during a crisis.
The UN’s position combines immediate risk reduction with longer-term disarmament, with Guterres arguing that safeguards and dialogue are necessary while the international community works towards eliminating nuclear weapons.
WHAT’S BEING SAID
“We meet at the most dangerous nuclear moment since the end of the Cold War.” — António Guterres, UN Secretary-General.
“And that shadow is darkening. Nuclear arsenals are being expanded and modernized.” — António Guterres, UN Secretary-General.
“The lights are flashing red.” — António Guterres, UN Secretary-General.
“Our goal must be clear: the total elimination of nuclear weapons.” — António Guterres, UN Secretary-General.
WHAT’S NEXT
Guterres is urging nuclear-armed states to preserve testing moratoriums, strengthen dialogue and restore arms control safeguards while the UN continues efforts towards nuclear disarmament.
BOTTOM LINE
The UN chief says the weakening of nuclear arms control, expanding arsenals and emerging technologies have increased the risks surrounding nuclear weapons, making renewed international efforts to reduce those risks more urgent.
• The company says additional crude volumes outside the agreed naira allocation are supplied in dollars because most of its financial obligations are dollar-denominated.
• NNPC says improved pipeline availability has raised the volume of crude reaching export terminals, although security challenges remain around smaller pipelines and well-heads.
MAIN STORY
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) says it is maintaining crude oil supplies to Dangote Refinery under the approved naira-for-crude arrangement while selling additional available volumes to the refinery in dollars.
NNPC Group Chief Executive Officer, Bayo Ojulari, disclosed this on Tuesday in Abuja during a briefing on the company’s 2025 Audited Financial Statements following its Annual General Meeting.
Ojulari said the company was meeting its obligation under the naira-for-crude arrangement by supplying a specified number of cargoes in naira. However, crude available beyond the agreed allocation is supplied in dollars.
He explained that the dollar transactions were necessary because a significant portion of NNPC’s obligations to drilling contractors, project contractors and operators were denominated in dollars.
The GCEO said the company would continue to comply with the government-approved arrangement while maintaining the dollar-based sales for additional crude volumes.
On crude production and evacuation, Ojulari said measures involving host communities, intervention programmes and security agencies had improved the availability of major crude oil pipelines.
He said the improvement was particularly significant on major export routes, which had recorded extremely low availability in early 2024, when some facilities were operating below 10 per cent of producers’ reported output.
The improved network reliability has enabled some producers to report that virtually all their production can now be delivered to terminals, he said.
Ojulari also disclosed that the reconciliation factor between crude produced by operators and volumes ultimately accounted for at terminals had risen to around 90 per cent. He contrasted this with previous levels of between 10 per cent and 20 per cent.
Despite the improvement on major routes, he said security and operational problems persisted across smaller internal pipelines and well-heads, particularly facilities located in difficult terrain.
NNPC is deploying technologies such as fibre optics and high-technology well-head cages to identify intrusions and strengthen its response to crude theft and pipeline breaches.
According to Ojulari, the ability to detect incidents has improved considerably, but response time remains a concern, especially where facilities are located in remote locations.
The company is therefore expanding its security and technology focus beyond major export pipelines to smaller networks and thousands of well-heads spread across land, swamp, seasonal swamp and shallow offshore environments.
THE ISSUES
The continuation of the naira-for-crude arrangement provides Dangote Refinery with a defined volume of locally sourced crude in naira, while NNPC retains dollar sales for additional volumes to meet its own foreign currency obligations.
Improved pipeline availability could increase the proportion of crude that reaches terminals and reduce losses between production and export points. NNPC’s reported improvement in reconciliation from as low as 10 per cent to 20 per cent previously to about 90 per cent indicates the scale of the change.
Security efforts have made greater progress on major export routes than on smaller pipelines and well-heads. NNPC’s next challenge is extending the same level of protection and rapid response to dispersed facilities in difficult terrain.
WHAT’S BEING SAID
“Most of our commitments are in dollars, so there is no point receiving Naira and then going to buy dollars to meet those obligations.” — Bayo Ojulari, NNPC Ltd. Group Chief Executive Officer.
“We have a commitment for supplying crude in Naira for a specific number of cargoes, typically. But also, the extra crude that are available, we only supply in dollar.” — Bayo Ojulari, NNPC Ltd. Group Chief Executive Officer.
“We are looking at what additional technology we can put in place to support our operations in those areas.” — Bayo Ojulari, NNPC Ltd. Group Chief Executive Officer.
WHAT’S NEXT
NNPC says it will maintain the approved naira-for-crude supply arrangement while continuing to sell additional crude volumes in dollars. The company will also increase its focus on smaller pipeline networks and well-heads, using technology and security measures to improve detection and response to breaches.
BOTTOM LINE
NNPC says crude supply to Dangote Refinery under the naira-for-crude arrangement remains in place, while improvements in pipeline availability are increasing the volume of crude reaching terminals. The company’s remaining security challenge is protecting smaller networks and dispersed production facilities.
• Eti-Osa Local Government has disbursed N50 million in business grants to 150 entrepreneurs across its wards.
• The beneficiaries include traders, artisans, small business owners, women, youths and vulnerable residents, with grants ranging from N250,000 to N500,000.
• The council says the intervention is part of efforts to strengthen livelihoods, support businesses and expand economic opportunities in the local government.
MAIN STORY
Eti-Osa Local Government in Lagos State has provided N50 million in business grants to 150 residents as part of efforts to strengthen small businesses and promote economic empowerment in the area.
The council chairman, Dr Adeola Adetoro, presented the grants to beneficiaries at the council secretariat on Thursday as the administration marked its first year in office.
The beneficiaries were drawn from all wards and included traders, artisans, small business owners, women, youths and vulnerable residents.
Adetoro said the selection process was based on merit rather than political affiliation, following a screening exercise.
Under the scheme, 100 beneficiaries received N250,000 each, while another 50 received N500,000 each.
The chairman said the intervention was designed to place resources directly in the hands of residents, enabling them to expand their businesses, support their families and contribute to economic activity within Eti-Osa.
She urged the beneficiaries to reinvest the funds and build sustainable businesses rather than treat the money as short-term financial relief.
The council’s legislative leader, Sadiq Olayinka, also urged beneficiaries to avoid spending the grants on unproductive items, stressing that the programme was intended to support sustainable livelihoods.
The intervention formed part of Adetoro’s HEYIGA Agenda, which she said places emphasis on economic empowerment, social development and residents’ welfare.
Beyond the grant programme, the chairman highlighted infrastructure, healthcare and education initiatives undertaken during her first year.
She said three roads had been inaugurated earlier in the week at Ogunyemi Street in Itedo, Ibrahim Atere Road in Gbara and Engr Moffi Adetoro Road in Igbo-Efon, with the projects intended to improve movement and support economic activity.
In healthcare, Adetoro listed interventions including nutritious food packs for pregnant women, free hypertension and diabetes screening and free measles vaccination. She also said a healthcare facility had been inaugurated at Lafiaji, while another facility in Ikota had reached the groundbreaking stage.
The administration also distributed back-to-school packs, provided free GCE forms and organised a spelling B competition, while proposing an e-library initiative for the local government.
Adetoro said the council planned to undertake more projects in roads, education, healthcare and economic empowerment, with particular attention to women and youths.
The Baale of Igbo-Efon, Chief Tajudeen Olukolu, said the grants would help recipients strengthen their businesses and livelihoods.
Speaking for the beneficiaries, Mrs Amaka Chinedu commended the council for what she described as transparency in selecting recipients and pledged to use the funds responsibly.
THE ISSUES
The grant scheme provides direct capital to small business operators who may otherwise face difficulty raising funds to expand or sustain their enterprises.
The council’s decision to divide the N50 million among 150 beneficiaries means individual support ranges from N250,000 to N500,000, making how recipients deploy the money important to the programme’s intended economic impact.
The grant is part of a wider first-year programme that includes road construction, healthcare interventions and education support, giving the council’s economic empowerment initiative a broader development context.
WHAT’S BEING SAID
“Our goal is simply to help our people grow in their businesses.” — Adeola Adetoro, Chairman, Eti-Osa Local Government.
“Let this seed grow and thrive in business. Let your success story inspire others.” — Adeola Adetoro, Chairman, Eti-Osa Local Government.
“The grant was intended to provide sustainable livelihoods, rather than immediate financial relief.” — Sadiq Olayinka, Leader, Eti-Osa Local Government legislative arm.
WHAT’S NEXT
The council says it will continue with projects and programmes covering roads, healthcare, education, women and youth empowerment, environmental improvement and food security.
BOTTOM LINE
The N50 million intervention gives 150 Eti-Osa residents direct business support, with the council expecting the funds to translate into stronger enterprises, livelihoods and economic activity across the local government.
Barry has won the Week 10 Head of House contest in the BBNaija Show Ya Sef season.
• The victory makes him a two time HoH and the final housemate to hold the title this season.
• Ten housemates will compete in the grand finale scheduled for Oct. 4, with Tram named Most Influential Player of the Week.
Main story Barry has secured the final Head of House title of the Big Brother Naija Show Ya Sef season after winning the Week 10 contest on Monday night.
The victory gives Barry his second HoH title of the season, following his Week 8 win, and places him at the helm of the house during its final week.
He succeeds Keivo, who held the position in Week 9, as the remaining housemates prepare for the Oct. 4 grand finale.
Barry’s first HoH victory in Week 8 came with Ultimate Veto Power, which played a role in securing finale places for the 10 housemates still in the competition at the time.
The Week 10 games also saw Tram emerge as the Most Influential Player of the Week.
With the competition now entering its final stretch, the 10 finalists are Aikou, Barry, Bluethopia, Flora, Keivo, Oyin, Ricky, Sheba, Temi Nkem and Tram.
Barry has also recorded other wins during his time on the show, including victories in betPawa Arena games and several tasks. He is a self published author whose work includes fiction, non fiction, storytelling and transcription.
His latest victory marks the end of the season’s Head of House contests, leaving the remaining housemates to focus on the final week and the race for the grand prize.
What’s next
The ten finalists are Aikou, Barry, Bluethopia, Flora, Keivo, Oyin, Ricky, Sheba, Temi Nkem and Tram. They are all now in the race for the grand prize. The grand finale is on Sunday, 4 October 2026. That is six days away, so the race is now in its final stretch.
Bottom line Barry won the last Head of House title of the season, and all ten finalists now head toward the grand finale on 4 October 2026.
• UN ECA has launched specialised training to improve UN economists’ understanding of sovereign credit ratings and their impact on development finance.
• The programme covers macroeconomic performance, debt dynamics, risk pricing, governance, credit rating regulation and debt restructuring.
• ECA says the initiative will strengthen UN country teams’ capacity to advise African countries on financing challenges and support development goals.
MAIN STORY
The UN Economic Commission for Africa (ECA) has launched a specialised programme aimed at strengthening the ability of UN economists and policy analysts to assess sovereign credit ratings and their implications for development financing.
The training, organised with the UN Development Coordination Office (DCO), brings together economists and policy analysts from UN Resident Coordinator Offices across the world.
ECA said the programme was designed to improve understanding of how sovereign credit assessments affect countries’ ability to access finance, the cost of borrowing and investor confidence.
It said the growing importance of sovereign ratings was being driven by rising debt vulnerabilities, tighter global financial conditions and continuing external shocks facing economies.
The programme will equip participants with practical tools for examining the relationship between sovereign ratings, macroeconomic performance, debt dynamics and development finance.
According to ECA, the knowledge gained would also strengthen UN country teams’ ability to contribute evidence-based analysis and policy discussions on financing constraints confronting countries.
The training is structured around three main areas. The first examines sovereign ratings, macroeconomic policy, risk pricing and market dynamics, including their effects on debt management and borrowing costs.
The second focuses on the factors used in assessing sovereign creditworthiness, including economic performance, governance, institutional quality, environmental, social and governance considerations, as well as the quality and transparency of economic data.
The final session addresses the regulatory environment for credit rating agencies, debt distress and restructuring, and how governments can engage strategically with investors and rating agencies.
Participants will also examine the proposed African Credit Rating Agency (AfCRA), including its rationale, operational framework and progress towards establishment.
ECA said the programme forms part of its wider work to improve public finance management, strengthen debt sustainability and promote domestic resource mobilisation across African economies.
The commission said stronger capacity in these areas could help African countries navigate financing constraints and access the resources required to pursue the Sustainable Development Goals and Agenda 2063.
THE ISSUES
Sovereign credit ratings influence how international markets assess government borrowing risks, with implications for access to financing, borrowing costs and investor confidence.
The training places emphasis on factors beyond headline economic indicators, including governance, institutional quality, data transparency and ESG considerations, all of which can affect how sovereign creditworthiness is assessed.
ECA’s focus on AfCRA also reflects efforts to develop African capacity around sovereign credit assessment while strengthening the continent’s ability to address its financing and debt challenges.
WHAT’S BEING SAID
“The programme examines how credit ratings influence countries’ access to finance, borrowing costs, investor confidence and broader development outcomes.” — UN Economic Commission for Africa.
“The training would also strengthen UN country teams’ capacity to support evidence-based policy dialogue and provide informed analysis on financing challenges.” — UN Economic Commission for Africa.
“The programme also examines the strategic rationale, operational framework and progress toward establishing the African Credit Rating Agency (AfCRA).” — UN Economic Commission for Africa.
WHAT’S NEXT
The training will deepen participants’ capacity to analyse sovereign credit assessments, debt sustainability and financing conditions, with the knowledge intended to support policy dialogue through UN country teams.
BOTTOM LINE
ECA is positioning stronger understanding of sovereign credit ratings as part of the broader effort to help African countries manage debt, improve financing decisions and mobilise resources for development.
-President Bola Tinubu congratulated Sen. Abdulaziz Yari on his 58th birthday.
-Yari represents Zamfara West in the Senate.
-He is the Director-General of the APC Presidential Campaign Council.
Main story President Tinubu sent birthday wishes to Senator Yari, who turned 58. Tinubu praised him as a strong grassroots mobiliser, a loyal party man and an experienced administrator. He said Yari’s skill in organising people keeps adding value to the APC and to Nigeria.
The message also noted Yari’s role in the campaign council, which is working to promote the “Renewed Hope” achievements and reforms before the 2027 general elections.
Tinubu called Yari a great grassroots mobiliser and a loyal party man. He praised Yari’s commitment, resilience and firm belief in the progressive ideas of the APC. He prayed that Almighty Allah would give Yari good health, wisdom and strength to keep serving his people, the party and the country.
What’s next
The APC campaign council, under Yari, will keep promoting the government’s record ahead of the 2027 elections. Yari is expected to continue his work in the Senate and in the party. The statement does not mention any new event or announcement.
Bottom line This is a birthday tribute, but it also shows that Tinubu trusts Yari with a key job in the 2027 campaign. It is a public sign of support for the man leading the party’s push for the next election.
• CBN says foreign exchange reforms have narrowed the gap between official and parallel market rates from 68.2 per cent in early 2023 to below two per cent.
• The apex bank says 33 banks met revised capital requirements and raised N4.65 trillion during the recapitalisation programme.
• CBN says stronger capital, improved regulation and deeper financial markets must translate into productive lending, better services and greater resilience.
MAIN STORY
The Central Bank of Nigeria (CBN) says reforms to the foreign exchange market and banking sector have strengthened the country’s financial system, while cautioning that the gains must be sustained through stronger supervision and responsible banking.
Deputy Governor, Corporate Services, Muhammad Abdullahi, made the assessment on Tuesday at the 38th Seminar for Finance Correspondents and Business Editors Association of Nigeria (FICAN) in Abuja.
Abdullahi said the reforms were introduced after the CBN leadership inherited significant weaknesses in 2023, including a fragmented foreign exchange market, heavy liquidity pressures and large outstanding financial obligations.
He said the FX market at the time operated through multiple official windows alongside a parallel market, with the difference between official and parallel rates averaging more than 60 per cent in 2022 and exceeding 100 per cent at some points.
The deputy governor said the World Bank had estimated that the implicit subsidy associated with the exchange rate regime cost Nigeria about three per cent of GDP in 2022. Net usable foreign reserves, after identified short-term obligations, stood at $859 million in the second quarter of 2023, while outstanding FX forward claims exceeded $7 billion.
The CBN subsequently consolidated existing FX windows in June 2023, removed restrictions affecting 43 import categories and reviewed outstanding FX claims. Abdullahi said valid claims worth more than $5 billion were settled, while new trading and reporting rules were introduced to improve transparency.
Other measures included an electronic FX matching system for interbank transactions and the Nigeria FX Code, which established clearer standards of conduct and was intended to discourage speculative activity.
The CBN also tightened monetary policy, strengthened liquidity management and began reducing development finance interventions. Abdullahi said these measures contributed to a substantial narrowing of the exchange rate gap, which fell from an average 68.2 per cent between January and May 2023 to below two per cent currently.
Foreign exchange inflows have also become more diversified, he said, with autonomous sources accounting for $7.3 billion of the $10.8 billion recorded in July. Remittances through international money transfer operators reached $950 million in the same month, while gross external reserves stood at $55.6 billion as of Sept. 11.
Abdullahi said the broader economic indicators had also improved, with inflation falling from a peak of 34.8 per cent in December 2024 to 15.43 per cent in July 2026, while real GDP expanded by 4.43 per cent in the second quarter of 2026, driven largely by non-oil activities.
He, however, stressed that improved indicators had not eliminated the pressures facing households and businesses.
On banking sector reform, Abdullahi said the recapitalisation programme launched in 2024 was designed to create institutions with sufficient capital to finance larger economic activities and withstand periods of financial stress.
By the end of the two-year programme, 33 banks had met the revised minimum capital requirements and raised N4.65 trillion, he said.
The deputy governor said stronger bank balance sheets could support infrastructure, industrial expansion and international trade, while also giving lenders greater capacity to absorb losses and invest in digital transformation.
He said recapitalisation alone would not be sufficient, however, stressing the need for stronger corporate governance, internal controls and risk management. Banks must manage credit, market, liquidity and operational risks alongside cybersecurity and dependence on third-party service providers.
The CBN will continue monitoring governance, asset quality, liquidity and large exposures, while banks are expected to protect customer information, maintain reliable payment systems and improve their ability to recover from disruptions.
Abdullahi also urged banks to ensure that the benefits of recapitalisation reach productive sectors, including agriculture, manufacturing, services and infrastructure. He called for wider access to financial services for rural communities, women and young entrepreneurs.
He said consumer protection and financial inclusion remained central to building a resilient financial system.
Earlier, CBN Director, Stakeholder Engagement and Institutional Relations, Hakama Sidi-Ali, commended financial journalists for their role in communicating the bank’s policies and providing feedback that had helped improve its engagement with the public.
She pledged continued collaboration with the media and urged journalists to extend similar support to the new Director of Corporate Communications, Michael Akuka.
Akuka said the recapitalisation exercise had moved the banking sector into a new phase in which attention should shift from raising capital to determining how the additional funds would be deployed.
He urged journalists to examine the context behind financial sector developments rather than stopping at headlines.
THE ISSUES
The narrowing of the FX rate gap and increase in reserves point to improved market conditions compared with the situation described by the CBN in 2023. However, the apex bank itself acknowledged that households and businesses continue to face economic pressures.
The N4.65 trillion raised by banks gives the sector a larger capital base, but the CBN says the significance of the exercise will depend on how banks deploy that capacity. Productive lending, risk management, digital investment and stronger customer services remain key expectations.
Greater digitalisation of financial services is creating additional risks that banks must manage. Cybersecurity, data protection, operational resilience and business continuity are now part of the wider requirements for maintaining financial stability.
WHAT’S BEING SAID
“The World Bank estimated that the implicit subsidy from the exchange-rate regime cost Nigeria about three per cent of GDP in 2022.” — Muhammad Abdullahi, CBN Deputy Governor, Corporate Services.
“The CBN consequently consolidated existing foreign exchange windows in June 2023 and removed restrictions affecting 43 categories of imports.” — Muhammad Abdullahi, CBN Deputy Governor, Corporate Services.
“The concern is how stronger balance sheets can translate into a financial system that can block shops, finance real economic activities, and maintain the confidence of the Nigerian people.” — Michael Akuka, CBN Director of Corporate Communications.
“Go past the headline, ask follow-up questions. You can ask the second question, the third, the fourth and as many as you need to ask.” — Michael Akuka, CBN Director of Corporate Communications.
WHAT’S NEXT
The CBN is expected to continue monitoring banks’ capital positions, asset quality, liquidity, governance and large exposures while pushing for stronger risk management and financial-sector resilience.
Banks, meanwhile, will face greater expectations to deploy their stronger capital bases toward productive economic activity, improve financial inclusion and strengthen digital and cybersecurity infrastructure.
BOTTOM LINE
The CBN says its reforms have moved Nigeria’s financial system away from some of the severe imbalances recorded in 2023. The next test is whether stronger banks and a more transparent FX market can translate into durable stability, productive financing and better outcomes for businesses and households.
• President Bola Tinubu has left Paris for Nigeria after concluding his working vacation, with his aircraft expected in Lagos on Tuesday evening.
• Tinubu will spend several days in Lagos, including attending an Independence Day premiere honouring MKO Abiola and holding meetings with political leaders ahead of 2027.
• His European engagements included meetings with French President Emmanuel Macron and business leaders, as well as witnessing the signing of agreements for a proposed $7 billion Ogun deep seaport and Blue Marine Special Economic Zone.
MAIN STORY
President Bola Tinubu is returning to Nigeria after a month-long working vacation in Europe, with Lagos set to host his first domestic engagements before he proceeds to Abuja.
The President departed Paris on Tuesday, according to Presidential Spokesperson Bayo Onanuga, and is expected to arrive at the Murtala Muhammed International Airport, Lagos, later in the evening.
His choice of Lagos as his entry point is tied partly to planned activities marking Nigeria’s Independence Day and the commemoration of the country’s democratic history.
On Oct. 1, Tinubu is scheduled to attend the premiere of a movie celebrating the late Chief MKO Abiola at the Wole Soyinka National Theatre, Iganmu. Abiola was the winner of the June 1993 presidential election, which was annulled by the military government at the time.
The President is also expected to remain in Lagos for strategic meetings with political leaders and associates as preparations for the 2027 elections continue.
Tinubu left Abuja on Aug. 30 for the working vacation, initially travelling to London, where he spent a week before proceeding to Paris.
His Paris itinerary included a private dinner with French President Emmanuel Macron and meetings with business figures, including Vincent Bolloré of the Bolloré Group. The group has interests in media and digital businesses including Canal+, MultiChoice and Universal Music Group.
Tinubu also met Femi Otedola, Chairman of First Holdings, on Monday.
The President’s stay in Paris also featured an investment-related engagement involving Ogun State and DP World. He witnessed the signing of Memoranda of Understanding for the development of the Gateway Deep Seaport and the Ogun State Blue Marine Special Economic Zone.
The projects, to be located in Ogun Waterside, are expected to attract more than $7 billion in initial investment. The proposed development is also projected to create more than 50,000 direct jobs when fully developed, according to the Presidency.
The proposed port and economic zone are part of efforts to develop a broader maritime, industrial and trade corridor. The Presidency said the port is intended to address infrastructure and logistics constraints affecting trade and provide an alternative gateway for larger vessels and access to regional markets.
After completing his engagements in Lagos, Tinubu is expected to return to Abuja.
THE ISSUES
Tinubu’s return through Lagos means the President’s first domestic schedule after his European trip will combine a national commemoration with political consultations ahead of the 2027 elections.
The proposed Ogun port and economic zone featured prominently among the investment engagements during the President’s stay in Paris, with the agreements involving more than $7 billion in projected initial investment.
The Lagos engagements will mark Tinubu’s return to direct political activities in Nigeria after several weeks abroad, while the government continues to pursue investment and infrastructure projects linked to trade and industrial development.
WHAT’S BEING SAID
“On Independence Day, the President will attend the premiere of a movie honouring Abiola, the winner of the June 1993 election, at the Wole Soyinka National Theatre, Iganmu, Lagos.” — Bayo Onanuga, Presidential Spokesperson.
“The President will return to Abuja after concluding his political engagements in Lagos.” — Bayo Onanuga, Presidential Spokesperson.
“The agreements before us bring together vision, expertise, capital and execution capacity.” — Bola Tinubu, President of Nigeria, at the Ogun-DP World signing ceremony.
WHAT’S NEXT
Tinubu is expected to arrive in Lagos on Tuesday and attend the Oct. 1 premiere honouring MKO Abiola. He will also hold meetings with political leaders and associates before returning to Abuja after the Lagos engagements.
BOTTOM LINE
Tinubu’s return ends his European working vacation with a domestic schedule centred on Independence Day activities, political consultations and follow-up to investment engagements undertaken during his stay in France.
• Anambra Attorney General Tobechukwu Nweke says denying women or girls property inheritance because of their gender is an offence under state law.
• Offenders risk up to four years in prison, with police directed to investigate reported cases and forward case files for prosecution.
• The state has designated its Sexual and Gender Based Violence Unit to prosecute offenders under the law.
MAIN STORY
The Anambra Government has directed the police to investigate and prosecute cases in which women or girls are denied property inheritance because of their gender, warning that offenders could face up to four years in prison.
The State Attorney General and Commissioner for Justice, Tobechukwu Nweke, SAN, gave the directive in a letter to the Nigeria Police made available to newsmen in Awka.
Nweke said gender based disinheritance constitutes an offence under Section 22 of the Violence Against Persons (Prohibition) Law, 2017 of Anambra State.
He instructed the police to conduct thorough investigations into reported cases and forward the resulting case files to his ministry for prosecution.
The Attorney General said the directive was necessary because discriminatory inheritance practices continued despite Supreme Court decisions that have invalidated customs excluding women from inheriting property on the basis of gender.
The Supreme Court has previously ruled against customary practices that deny women inheritance rights. In Anekwe v. Nweke, the court rejected an Awka custom that prevented a widow without a male child from inheriting her late husband’s property, while in Ukeje v. Ukeje, it held that a customary rule excluding female children from their father’s estate violated the constitutional protection against discrimination.
Nweke said the state would use its Sexual and Gender Based Violence Unit to handle prosecution under the law, alongside cases involving other forms of domestic violence and sexual offences.
He urged the police to ensure that complaints involving gender based disinheritance were properly investigated and processed for legal action.
THE ISSUES
The directive places gender based denial of inheritance within the scope of criminal enforcement under Anambra’s Violence Against Persons (Prohibition) Law, rather than treating such disputes solely as family or customary matters.
The state’s position reinforces existing Supreme Court decisions that have rejected customary rules excluding women from property inheritance on the basis of sex.
Effective enforcement will depend on complaints being properly investigated and case files being prepared and transmitted for prosecution, as directed by the Attorney General.
WHAT’S BEING SAID
“In light of the foregoing, you are kindly requested to ensure that your office thoroughly investigates all reported cases of gender-based disinheritance and that the case files are transmitted to this ministry for further action,” — Tobechukwu Nweke, Anambra Attorney General and Commissioner for Justice.
WHAT’S NEXT
The Nigeria Police in Anambra is expected to investigate reported cases of gender based disinheritance and transmit relevant case files to the Attorney General’s office.
The state’s Sexual and Gender Based Violence Unit will handle prosecution of offenders under the applicable law.
BOTTOM LINE
Anambra is treating gender based disinheritance as a prosecutable offence, with the state Attorney General directing the police to investigate complaints and pursue cases against those who deny women or girls inheritance rights because of their gender.
• GTCO’s half-year Profit Before Tax rose 0.4 per cent to N603.03 billion, despite a N46.2 billion fair value loss.
• Deposits climbed 10.3 per cent to N14.19 trillion, while the group’s loan book grew by just 0.5 per cent.
• The financial group declared an interim dividend of N1 per share and reported lower credit risk during the period.
MAIN STORY
Guaranty Trust Holding Company Plc (GTCO) recorded a near-flat half-year profit after gains from interest and trading income were partly offset by losses on the fair value of its financial assets.
The group reported N603.03 billion in Profit Before Tax for the six months ended June 30, representing a 0.4 per cent increase from the N600.6 billion recorded in the same period of 2025.
The result, contained in GTCO’s audited financial statements released to the Nigerian Exchange Ltd. (NGX) and London Stock Exchange (LSE) on Monday, came alongside an interim dividend of N1 per share.
The group’s income performance was stronger in some of its core areas. Interest income increased by 7.5 per cent, while trading income rose by 24.7 per cent during the period.
That growth was not fully reflected in the bottom line, however, after GTCO recognised a N46.2 billion fair value loss.
Despite the limited movement in profit, the group expanded its funding base considerably. Customer deposits rose from N12.87 trillion at the end of 2025 to N14.19 trillion by June, representing a 10.3 per cent increase.
Lending growth was considerably slower. Net loans increased by N20 billion, or 0.5 per cent, to N3.15 trillion from N3.13 trillion.
GTCO’s balance sheet also strengthened, with total assets reaching N18.6 trillion and shareholders’ funds standing at N3.3 trillion at the end of the reporting period.
The group recorded an improvement in credit risk indicators. Cost of risk declined to 0.6 per cent from 2.2 per cent a year earlier, while IFRS 9 Stage 3 loans represented 3.5 per cent of loans at the bank level and 4.6 per cent at group level.
Capital remained strong, with the group’s capital adequacy ratio at 34.9 per cent, compared with 29.2 per cent for its banking business.
GTCO Group Chief Executive Officer, Mr Segun Agbaje, said the results demonstrated the resilience of the group’s businesses despite the effect of fair value movements on reported earnings.
“Our half-year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone.
“Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level,” Agbaje said.
He said the group would continue to use technology to expand its businesses beyond traditional banking, particularly in payments, pensions and funds management.
“Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group,” he said.
GTCO’s pre-tax return on equity stood at 35.9 per cent, while pre-tax return on assets was 6.6 per cent. Its cost-to-income ratio was 31.5 per cent.
The holding company operates banking and non-banking financial services businesses across Africa and the United Kingdom.
THE ISSUES
GTCO’s profit growth remained subdued even though interest and trading income increased significantly. The N46.2 billion fair value loss was a major factor limiting the overall earnings improvement.
The group attracted substantially more deposits than it added to its loan book. Deposits increased by N1.32 trillion during the period, while net loans rose by only N20 billion.
The stronger asset quality indicators provide a counterpoint to the modest profit growth. Lower cost of risk and improved Stage 3 loan ratios suggest reduced credit impairment pressure during the period.
WHAT’S BEING SAID
“Our half-year results speak to the strength of what we have built: a resilient franchise, a strong balance sheet and a business that no longer depends on banking alone.” — Segun Agbaje, Group Chief Executive Officer, GTCO
“Fair value movements weighed on reported earnings, but the core business held firm. Interest and trading income grew, deposits strengthened, and asset quality improved at Group level,” — Segun Agbaje, Group Chief Executive Officer, GTCO
“Digital is our lever for scaling across Banking, Payments, Pension and Funds Management, and for building a more diversified and resilient financial services group.” — Segun Agbaje, Group Chief Executive Officer, GTCO
WHAT’S NEXT
GTCO’s strategy is expected to continue shifting beyond conventional banking as the group expands its payments, pension and funds management businesses.
The group will also have to translate its larger deposit base into productive balance sheet growth while maintaining the improvement recorded in asset quality.
BOTTOM LINE
GTCO ended the first half with N603.03 billion in pre-tax profit, but the headline figure masks stronger underlying movements in income and deposits that were partly absorbed by fair value losses. The group enters the second half with a significantly larger deposit base, stronger asset quality indicators and an increasingly diversified financial services model.
• Airtel recorded 228,992 consumer complaints in the first half of 2026, the highest among Nigeria’s four major telecommunications operators.
• The four operators received 413,587 complaints collectively between January and June, resolving 406,938 cases, or 98.38 per cent.
• MTN recorded the highest number of data depletion complaints, accounting for more than half of the 23,396 cases reported across the four operators.
MAIN STORY
Airtel Nigeria accounted for more than half of the consumer complaints recorded against Nigeria’s four major telecommunications operators in the first half of 2026, according to statistics released by the Nigerian Communications Commission (NCC).
The commission said the operators collectively received 413,587 complaints between January and June, with Airtel accounting for 228,992 cases, representing about 55 per cent of the total.
MTN ranked next with 124,405 complaints, followed by Globacom with 56,810 and T2mobile, formerly known as 9mobile, with 3,885 complaints.
Despite the volume of complaints, the operators resolved 406,938 cases during the period, representing a collective resolution rate of 98.38 per cent.
The individual resolution rates, however, varied. Airtel resolved 99.38 per cent of the complaints it received, while Globacom recorded a 99.04 per cent resolution rate.
MTN resolved 96.57 per cent of its complaints, while T2mobile recorded the lowest rate among the four operators at 88.57 per cent.
The NCC said the figures provided a picture of consumer complaint patterns, service quality concerns, regulatory compliance and the responsiveness of telecommunications operators.
The complaints covered a wide range of services and customer experiences, including quality of service, billing, data depletion, failed payment transactions, airtime top ups, number portability, value added services and SIM related matters.
Data depletion was a notable area of complaint during the period, with the four operators recording a combined 23,396 cases.
MTN had the highest number of complaints in this category at 12,212, accounting for more than half of the combined total. Airtel followed with 9,806 complaints, while Globacom recorded 1,373 and T2mobile five.
The data depletion complaints came as consumers continued to pay closer attention to mobile data consumption and telecommunications costs following tariff adjustments approved by the NCC.
MTN has previously pointed to several factors that can cause data to be consumed quickly, including high definition video streaming, automatic video playback, software updates, cloud backups and applications running in the background.
The operator has introduced tools such as daily usage reports and a data calculator to help subscribers monitor their consumption.
The NCC has also identified device settings, applications and background processes as factors capable of affecting how quickly mobile data is used.
The commission said the publication of the complaint statistics was intended to improve transparency and allow consumers and other stakeholders to monitor complaint patterns and operators’ responses.
It added that the complaints were handled under the Quality of Service Business Rules 2024 and Consumer Code of Practice Regulations 2024.
THE ISSUES
The complaint figures show that consumer concerns remain substantial across the telecommunications sector, although the operators collectively resolved the overwhelming majority of cases recorded during the period.
Data depletion was a significant source of complaints, with MTN alone accounting for 12,212 of the 23,396 cases recorded across the four operators.
The gap between complaint volumes and resolution rates shows that the number of complaints alone does not indicate how operators responded to subscribers, with resolution rates ranging from 88.57 per cent to 99.38 per cent.
WHAT’S NEXT
The NCC says the statistics will enable consumers and other stakeholders to track complaint trends, assess operators’ responsiveness and monitor compliance with telecommunications regulations.
Operators will also continue to address complaints across service quality, billing, data usage, payments, SIM related services and other areas covered by the regulatory framework.
BOTTOM LINE
The NCC’s first half 2026 figures show a high volume of consumer complaints across Nigeria’s major telecom operators, alongside a 98.38 per cent collective resolution rate. Airtel recorded the largest share of complaints, while data depletion emerged as a significant concern, particularly for MTN subscribers.
