Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Arab-Africa Summit will play a major role in strengthening trade relations and driving economic cooperation between both regions.
Edun spoke on Thursday in Abuja at the fifth edition of the B2B Agribusiness Matchmaking event organised by the Arab Africa Trade Bridge. He said the forum is expected to unlock new financing opportunities, stimulate partnerships and accelerate trade flows in the days ahead.
According to him, the summit signals a shared commitment to shift Arab-Africa relations from dialogue to concrete investment agreements that can support economic growth. He noted that the meeting comes at a crucial moment for Africa, following last week’s historic G20 summit in Johannesburg, the first hosted by the continent under South Africa’s leadership.
Edun said African economies continue to struggle with limited fiscal space and heavy debt servicing obligations, both of which restrict government spending on development. He described private sector driven growth, foreign investment and stronger regional partnerships as the most reliable path to sustainable development.
He explained that the forum places agribusiness at the centre of its agenda because the sector is vital for job creation, productivity and long-term prosperity. He added that Nigeria’s ongoing reforms under President Bola Tinubu’s Renewed Hope Agenda have strengthened macroeconomic indicators and boosted the country’s attractiveness to investors.
The minister commended the Arab Africa Trade Bridge secretariat and partner institutions including the International Islamic Trade Finance Corporation, Afreximbank, Islamic Development Bank, ISFD and ICD. He also praised Nigeria’s local organising committee for supporting the event.
International Islamic Trade Finance Corporation Chief Executive Officer Adeeb Aama said more than eighty businesses are participating. He stressed that the value of the gathering will be measured by the partnerships that emerge after the event. He added that agribusiness remains essential to every economy and is central to food security.
Nigeria’s Treasury bills market closed relatively unchanged on Thursday, as mixed trading patterns kept average yields stable across the curve. Portfolio adjustments by investors produced only marginal movements, even as changes were recorded at specific maturities.
Investor appetite for naira-denominated assets has increased since the Central Bank of Nigeria held the Monetary Policy Rate at 27%, a decision aimed at using high interest rates to drive down inflation, which currently stands at 16.05%. With real returns on fixed-income assets hovering around 11%, Nigerian debt instruments continue to draw strong interest.
According to MarketForces Africa, last week’s midweek auction saw the CBN maintain the 91-day Treasury bill rate at 15.30%, while the 182-day tenor cleared at 15.50%. For the 364-day maturity, investors secured a spot rate of 16.04%.
CardinalStone Securities Limited reported a slight bullish tone at the short and mid sections of the yield curve, with both segments dropping by 1 basis point. However, selling pressure on the longer-tenor 19-November bill pushed its yield higher by 8 basis points.
Trading diminished somewhat due to softer system liquidity, focusing activity primarily on short- and long-dated bills. The 19-February 2026 bill saw its rate dip by 3 basis points to 15.45%, while the 19-November 2026 maturity moved up by 7 basis points to 16.09%.
Other maturities experienced little change, leaving the overall average discount rate unchanged at 16.85%. In the OMO segment, yields climbed significantly, with the average rising by 42 basis points to 21.9% as investors reduced positions through secondary market trades.
The Nigerian naira (NGN) continued to lose ground against the US dollar (USD) on Thursday, pressured by limited foreign exchange inflows and an absence of intervention from the Central Bank of Nigeria (CBN).
Over recent weeks, the CBN has helped stabilise the official FX window by supplying dollars to meet rising demands from importers and other eligible market participants. However, with dollar outflows increasing due to elevated foreign payment obligations, pressure has intensified on the local currency, pulling it closer to the ₦1,450/$ mark.
Market operators report a noticeable reduction in FX inflows at a time when dollar demand remains high, creating a persistent imbalance. During Thursday’s trading session, the official exchange rate weakened by 7 basis points — or ₦0.98 — closing at ₦1,443.9028/$, with transactions oscillating between ₦1,446.00/$ and ₦1,442.00/$.
AIICO Capital Limited noted that the depreciation stemmed from market demand consistently outpacing available supply. Although the CBN recently injected roughly $450 million into the system to bolster liquidity, the inflows were insufficient to support the naira amid increased end-of-year payment activity for imports and other obligatory transactions.
Meanwhile, Nigeria’s external reserves improved modestly, rising by $49.8 million to $44.6 billion as of November 26, 2025. Analysts expect the naira to remain sensitive to prevailing market dynamics, with reserves expected to provide moderate cushioning in the short term.
On the global stage, crude oil prices climbed on Thursday as traders assessed the possibility of renewed negotiations to end the Russia-Ukraine conflict. Thin trading volumes, due to the Thanksgiving holiday in the United States, also contributed to price movements.
Brent crude futures surged by 80 cents (1.28%) to $63.34 per barrel, while U.S. West Texas Intermediate (WTI) rose by 42 cents (0.72%) to $59.07. Gold prices, however, dipped slightly after reaching a two-week high earlier in the week, as investors weighed the likelihood of a potential US interest rate cut in December.
Spot gold slipped 0.17% to $4,157.46/oz, while U.S. gold futures declined 0.65% to $4,189.65/oz. Analysts anticipate the global markets to begin the new week on a cautiously optimistic note, supported by softer oil prices and a stable gold outlook, as market players await key macroeconomic indicators.
Deposit Money Banks (DMBs) are steadily reducing their usage of the Central Bank of Nigeria’s (CBN) Standing Deposit Facility (SDF), following the monetary authority’s recent move to adjust the asymmetric corridor surrounding the benchmark interest rate.
The Monetary Policy Committee lowered the Standard Standing Facility Corridor to +50/–450 basis points, down from the former +250/–250 basis points. This policy shift triggered a broad decline in money market rates and signaled a mild expansionary direction in monetary conditions.
Analysts at Anchoria Securities Limited explained that the revised corridor is designed to discourage banks from lodging excess liquidity with the CBN. By weakening the incentive to park idle funds at the Apex Bank, authorities aim to redirect liquidity toward private-sector lending to stimulate credit expansion and economic activity.
In recent months, banks had opted to place substantial excess liquidity with the regulator to earn the previously attractive 24.5% deposit rate, amid declining appetite for private-sector lending caused by rising credit default risks. This behavior pushed lenders toward investment securities as a safer means of supporting earnings, reducing their core lending activity.
With the corridor adjustment now in effect, the SDF rate has fallen to 22.50% from 24.50%, trimming banks’ earnings by 2% on placements with the CBN. Borrowing costs from the Apex Bank have also moderated, though lending facility usage has remained tight in the fourth quarter — an indication of stable liquidity conditions.
On Thursday, liquidity levels opened at about ₦2.0 trillion, a decline of ₦267.8 billion from the previous balance. AIICO Capital Limited attributed the drop primarily to the sharp contraction in banks’ placements at the CBN’s SDF window, which tumbled to ₦1.8 trillion — representing a reduction of ₦880.8 billion.
Market watchers note that banks are recalibrating their positions and exploring alternative investment avenues, following the diminished attractiveness of CBN placements. With interest rates held steady, analysts expect a possible pickup in interest for fixed-income securities as yields remain competitive.
Money market funding costs eased slightly, with the average rate slipping by 2 basis points. The Open Repo Rate (OPR) held at 22.50%, while the Overnight (O/N) rate edged downward by 4 basis points to 22.71%. Analysts anticipate rates to remain around current levels barring any sudden liquidity shifts.
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that the Federation owes it a staggering N17.5 trillion for pipeline protection, fuel under-recovery, and other energy-security operations carried out in the 2024 financial year.
The revelation—contained in the company’s 2024 consolidated financial statements—has triggered renewed calls from analysts for a full forensic audit, amid concerns over rising security costs, persistent crude theft, declining production, and opacity around the national oil company’s operations.
A breakdown of the figures shows that N7.13 trillion was incurred as energy-security costs aimed at maintaining stable petrol prices whenever fluctuations in exchange rates widened the gap between the landing cost of imported PMS and the government-regulated pump price.
The document further reveals that N8.67 trillion was expended under fuel under-recovery—highlighting the financial strain of sustaining regulated petrol pricing despite President Bola Tinubu’s May 29, 2023 declaration that “fuel subsidy is gone.”
Under Section 64(m) of the Petroleum Industry Act (PIA) 2021, NNPCL is designated the “supplier of last resort,” with the Act mandating that all energy-security costs be borne by the Federation. However, the financial statements indicate no clear timeline for reimbursement by the Federal Government.
A significant portion of the N17.5 trillion outlay covered pipeline surveillance, repairs, crude-theft prevention, and broader security operations aimed at safeguarding Nigeria’s oil and gas infrastructure.
The report also shows N8.84 trillion booked as “Other Receivables from the Federation,” representing security-related expenses and advances made on behalf of the Federal Government.
“These payments were made under an approval framework between the government and NNPC, allowing the company to shoulder costs upfront and recover them later,” the document stated.
The debt to the NNPCL nearly doubled the N9.36 trillion recorded in 2023, underscoring growing pressure on the company’s balance sheet.
This comes despite NNPCL announcing a Profit After Tax of N5.4 trillion for 2024—a 64 per cent increase from the N3.29 trillion recorded in 2023—driven by higher crude production, cost-control measures, and improved operational efficiency.
Total revenue rose sharply by 87.9 per cent, from N23.99 trillion in 2023 to N45.08 trillion in 2024, according to analysis by financial research platform Proshare.
Crude oil sales more than doubled to N29.21 trillion, while revenues from natural gas and power increased by 125.7 per cent. Power revenues alone surged from N94 million in 2023 to N9.42 billion in 2024.
However, Proshare cautioned that rising finance costs, expanding receivables, and a weakening gross margin signal the need for prudent cash-flow management.
Analysts Demand Forensic Audit
The N17.5 trillion security-related expenditure has drawn sharp criticism from energy economists and public finance experts who argue that the costs are inconsistent with Nigeria’s production realities.
Jeremiah Olatide, CEO of Petroleumprice.ng, described the expenditure as “outrageous,” adding that it reinforces concerns about internal collusion and systemic inefficiencies.
“This scale of spending is indefensible when production remains at 1.4 to 1.5 million barrels per day—far below potential,” he said. “A thorough, transparent, and independent audit must be carried out.”
He added that persistent losses from vandalism and theft suggest deep-rooted leakages within the system.
In a separate reaction, public finance analyst and Dairy Hills co-founder, Kelvin Emmanuel, said the disclosures validate long-standing allegations that crude oil is routinely allocated to armed groups under pipeline protection arrangements.
“For months, I have been saying the government is giving crude oil daily to militants for pipeline protection,” he wrote on X. “Now that NNPC’s financial statement shows that N7.1 trillion was disbursed in 2024 for pipeline security contracts, I am sure the 78,000 to 110,000 barrels per day is now confirmed.”
Calls for Transparency Intensify
Analysts argue that as NNPCL transitions under the PIA into a more commercially driven entity, transparency around security-related spending has become a national imperative.
They insist that open contracting, independent verification, and an overhaul of Nigeria’s opaque pipeline protection system are urgently needed.
With mounting debts, rising costs, and uncertainty over government reimbursements, experts warn that failure to reform could deepen financial strains on the national oil company—and ultimately on the Nigerian public.
Grammy-winning Afrobeats star Burna Boy is sparking debate once again after asking a fan to leave his concert for falling asleep. The incident occurred during his performance in Denver, United States, and has reignited discussions about the artiste’s expectations from his audience.
Speaking during a recent social media livestream, Burna Boy doubled down on his stance, saying, “Did I tell you all to be my fans? I am only looking for fans who have money.”
The 34-year-old artiste’s comments have drawn both criticism and support, as fans debate the balance between star treatment and fan loyalty. This is not the first time Burna Boy has made headlines for ejecting audience members. He previously removed a fan who rushed the stage for a hug and another for failing to dance during a performance. On both occasions, he refused to apologise.
Burna Boy’s assertive approach to fans mirrors past actions, including his well-publicised response to what he considered “disrespectful” small print on a Coachella poster for his 2019 album, African Giant. Despite controversies, his musical achievements remain significant.
A Brit, MOBO, and Grammy award winner, Burna Boy has broken records by headlining sold-out shows at New York’s Madison Square Garden and Citi Field Stadium. His commitment to his Afro-fusion sound—a politically conscious evolution of Afrobeats—continues to define his artistry.
Currently, Burna Boy is on his largest North American tour to date, a 16-city journey kicking off in November 2025 to promote his latest album, No Sign of Weakness. For the superstar, the tour’s title may reflect more than just music—it embodies his current, unyielding stance on fan expectations.
Grammy-winning Afrobeats star Burna Boy has abruptly cancelled two stops on his ‘No Sign of Weakness’ United States tour. The Minneapolis concert at The Armory scheduled for November 28, 2025, and the Chicago show on December 1, 2025, will no longer take place, according to updates on the Ticketmaster website.
Tour organisers have not provided an official reason for the cancellations, leaving fans and media speculating about the cause.
The development follows public criticism of Burna Boy after he ejected a couple from a concert in Colorado for falling asleep during his performance. The incident, which went viral on social media, drew further scrutiny when Burna Boy, during an Instagram live session, said he only wants fans who buy his tickets.
In a separate update early Friday, Burna Boy confirmed the cancellations via his Instagram Story, sharing a direct link from Ticketmaster indicating that the two shows had been removed, while the rest of the tour dates remain unaffected.
Fans have expressed mixed reactions online, with some sympathising with the artiste’s decision to prioritise his live performance standards, while others criticised the cancellations as abrupt and inconvenient.
Singer Davido’s first babymama, Sophia Momodu, has opened up about her ongoing responsibility for their daughter, Imade Adeleke, revealing that she has not received any child support from the music star.
Addressing what she described as false narratives about her daughter’s well-being, Sophia shared in a detailed Instagram story on Wednesday that she has been solely providing for Imade for the past five years.
“I have not received any child support from Davido, but our child knows no lack. She’s growing in a safe and loving environment, and she is very happy,” Sophia wrote.
While affirming that Imade maintains a healthy relationship with both parents, Sophia urged social media users to refrain from involving her child in fabricated online stories.
The statement comes in the wake of criticism suggesting that Sophia had prevented Imade from attending Davido’s 33rd birthday celebration in Atlanta earlier this month.
The Rivers State Council of the Trade Union Congress (TUC) has raised an alarm over rising cases of impersonation, warning members of the public to beware of individuals falsely presenting themselves as officials of the union.
Speaking at a press briefing held at the council’s secretariat in Port Harcourt on Wednesday, the State Chairman of the TUC, Samuel Ogan, said the caution became necessary following reports that some individuals have been paying courtesy visits to institutions and engaging authorities while posing as representatives of the union.
Ogan, who was elected alongside other members of the State Administrative Council (SAC) on 30 October 2025, described the development as “misleading” and potentially harmful to the integrity of the Congress.
“Sequel to my emergence as the State Chairman of TUC, Rivers State Council, with a full complement of elected State Administrative Council members, and following information that some persons are parading themselves as TUC Rivers State officials, paying courtesy visits to institutions and constituted authorities, it has become necessary to address the general public,” he said. “The situation calls for grave concern as it is misleading.”
Providing background on the process that produced the current leadership, Ogan said the state congress adhered strictly to the TUC’s electoral guidelines. He added that all procedures and timelines were publicly communicated well ahead of the election.
He noted that the State Delegates Conference (SDC) Organising Committee, chaired by Nyeche Wodike, was duly constituted, while an Electoral Committee from the TUC National Secretariat, led by Anthony Ebaho, was appointed to supervise the voting process to ensure transparency.
Ogan further explained that the TUC, as the apex body representing senior staff across reputable private and public institutions, is firmly committed to unity, fairness, and non-violence. To uphold these values, he said, the Congress provided an opportunity for harmonisation in positions where more than two aspirants contested.
The chairman emphasised that only duly elected officials are authorised to speak or act on behalf of the Rivers State Council, warning institutions and the public not to engage with impostors.
He reiterated the union’s commitment to safeguarding industrial harmony and urged authorities to verify the identity of anyone claiming to represent the TUC.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1462.00 per $1 on Friday, November 28th , 2025. The naira traded as high as 1442.00 to the dollar at the investors and exporters (I&E) window on Thursday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1475 and buy at ₦1462 on Thursday 27th November, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1475
Buying Rate
₦1462
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1446
Lowest Rate
₦1442
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The National Industrial Court of Nigeria (NICN) has imposed a financial penalty on the Central Bank of Nigeria (CBN) for causing delays in hearing lawsuits filed by 62 former employees challenging their disengagement.
Justice Osatohanmwen Obaseki-Osaghae issued the ruling on Thursday following an oral application by senior advocate Ola Olanipekun, counsel to the former workers. The court ordered the CBN to pay ₦620,000 for stalling the day’s proceedings.
The claimants filed separate suits, naming the CBN as the sole defendant. In one of the suits, marked NICN/ABJ/26x/2024 and dated Aug. 21, 2024 (filed Aug. 22), the ex-staff asked the court to invalidate their termination letters, which were titled “Re-Organisation,” dated May 23, 2024, and effective May 24, 2024. They argued that the dismissals violated provisions of the CBN Act 2007 as well as the bank’s human resources policies.
The former workers are seeking a declaration that their employment contracts remain valid and enforceable. They also demand an order reversing the termination and directing the CBN to reinstate them to their former or appropriately elevated positions.
Additionally, they are requesting full payment of all salaries, allowances, and benefits they would have earned had their employment not been terminated. A consolidation motion combining the multiple suits has also been filed by their legal team.
At Thursday’s hearing, Olanipekun noted the case was scheduled to proceed on the substantive originating summons and the CBN’s preliminary objection. He told the court that they were fully prepared to proceed.
However, CBN’s counsel, Wilson Inam, SAN, stated that he had filed a fresh application a day earlier — served to opposing counsel that same morning — requesting that the originating summons be converted to a writ of summons on the grounds that material facts were in dispute.
Olanipekun objected, describing the application as a deliberate delay tactic given that the matter last came up on Oct. 2 and the CBN had ample time to file such a motion. He insisted that facts in the case were appropriate for determination via originating summons and asked the court to disregard the CBN’s move.
He also requested a cost of ₦10,000 per claimant, amounting to ₦620,000, citing the inconvenience to both counsel and the 62 ex-staff who were present in court.
The CBN’s counsel opposed the cost request, but the court sided with the claimants. Justice Obaseki-Osaghae ruled that the CBN’s application had disrupted the hearing and awarded the requested cost, ordering payment before the next sitting.
The matter was adjourned to January 12, 2026, for hearing of pending motions.
The case has drawn attention due to earlier developments in 2024 when Justice Benedict Kanyip recused himself after discovering that one of the CBN’s lawyers, from the firm D.D. Dodo, SAN & Co., was his in-law. The disengaged staff previously worked in the bank’s now-defunct Economic Intelligence Unit (EIU), which was credited with major investigations, including the P&ID case that overturned an $11 billion arbitral award against Nigeria.
The former employees allege they were unjustly targeted despite the unit’s achievements, which included uncovering fraud, tracking illicit fund movements, and exposing irregular FX repatriation schemes involving gaming and betting companies.
The Nigerian film and content creation community is in shock after reports emerged of the death of young actor and social media creator Odira Nwobu, popularly known as Joseph the Dreamer. His passing has left fans, colleagues, and followers grappling with grief, confusion, and unanswered questions.
News of Nwobu’s death first circulated on Monday when fellow creator Awuzie Frankline shared a video on Facebook, allegedly showing the entertainer lifeless. Frankline, visibly distraught, did not provide full details but described the news as “not a good one,” sending shockwaves through social media.
Multiple unconfirmed reports indicate that Nwobu passed away in South Africa, just hours after a night out at a club over the weekend. The conflicting accounts have only deepened the mystery surrounding his death, as no formal statement had been released by his family or management at the time.
Frankline expressed his heartbreak on social media, writing: “God, why! ODIRA, why leave us? The call I received just now was not a good one. You were full of life just a few hours ago in South Africa… How can you return lifeless? I am drowning in tears. Death is rude. I am heartbroken.” He also shared a video of Nwobu recorded hours before his passing, showing him cheerful and energetic—a stark contrast to the tragedy that followed.
Tributes and condolences have poured in from Nollywood actors and the wider creator community. Actress Evan Okoro reacted emotionally: “How? No! I can’t believe this. Nooooo.” Content creator El Bushido reflected on Nwobu’s journey: “Saw him in Naija in 2014 before he travelled… years later saw him in the Philippines. Now this? This life ehh. God abeg o. Rest in Paradise.”
Fans also recalled Nwobu’s near-fatal car accident on the Lagos–Ibadan Expressway months ago, which claimed the life of his close friend and left him with spinal injuries. Quin Favy wrote: “Chaiii, finally they killed him, so sad. Was he not the same person who escaped death last month, and he lost his friend in the process? Omo.”
Known for his comedic skits, heartfelt storytelling, and authentic personality, Nwobu built a loyal following across social media. His Joseph the Dreamer brand symbolized hope, resilience, and creativity—qualities that have now become central to the tributes pouring in from fans and fellow creators.
The reported cause of death has been linked to complications from high blood pressure, a concern highlighted by fans who urged healthier lifestyles. Social media users such as Stanley Aguzie advised: “Excessive alcohol consumption leads to high blood pressure. Reduce your alcohol intake and check your glucose levels.”
As Nigeria mourns the loss of a vibrant creator whose career was rapidly ascending, the industry awaits official confirmation from Nwobu’s family and management. The BBC, however, reported that his lawyer and the Actors Guild of Nigeria have confirmed the development, marking an end to the speculation surrounding his passing.
Crude oil prices retreated on Thursday following a surprising increase in U.S. crude inventories and emerging diplomatic progress between Russia and Ukraine, developments that eased prior supply concerns in global markets.
Brent crude, the international benchmark, traded at $62.35 per barrel — down 0.1 percent from Wednesday’s close of $62.42. U.S. benchmark West Texas Intermediate (WTI) also edged lower by about 0.08 percent to $58.44 compared with $58.49 in the previous session.
According to the U.S. Energy Information Administration (EIA), commercial crude inventories climbed by 2.8 million barrels in the past week to reach 426.9 million barrels, contrary to analyst expectations of a 1.3-million-barrel decline.
The U.S. Strategic Petroleum Reserve also saw an upswing, rising by 500,000 barrels to 411.4 million barrels. Gasoline inventories added pressure to the outlook, increasing by 2.5 million barrels to 209.9 million, reinforcing the view that fuel demand remains soft in the United States — the world’s top oil consumer.
The inventory data signaled weaker consumption and a possible continuation of stock build-up, placing additional downward pressure on prices.
Sentiment was further influenced by positive geopolitical signals. Kremlin adviser Yury Ushakov confirmed that U.S. envoy Steve Witkoff is expected in Moscow next week, a step that has raised hopes for a potential ceasefire or the easing of restrictions on Russia’s energy exports.
Analysts note that the combination of higher inventories and softening geopolitical fears could intensify pressure on global oil markets, which are already wrestling with elevated supply levels.
Market attention now turns to Sunday’s OPEC+ meeting. Earlier this month, the alliance agreed to raise December output by 137,000 barrels per day, while eight member states plan to maintain output levels unchanged from January to March due to seasonal considerations.
West African leaders on Thursday moved swiftly to condemn the attempted overthrow of the democratically elected government in Guinea-Bissau, demanding the immediate restoration of constitutional order after what they described as a “grave assault on democracy.”
Chaired by Sierra Leone’s President Julius Maada Bio, the ECOWAS Mediation and Security Council (MSC) convened an extraordinary high-level virtual session on 27 November 2025 to assess the rapidly unfolding political crisis in Bissau. The emergency meeting brought together Heads of State, foreign ministers, and representatives of regional and international organisations.
Those in attendance included Nigeria’s President Bola Ahmed Tinubu, Ghana’s President John Mahama, Liberia’s President Joseph Boakai, Senegal’s President Bassirou Diomaye Faye, and Cabo Verde’s President Jose Maria Neves. Delegates from Benin, The Gambia, Togo, and Côte d’Ivoire also participated, alongside the African Union, the United Nations, and the ECOWAS Commission.
The MSC expressed deep concern that the coup attempt occurred just days after Guineans voted peacefully in presidential and parliamentary elections on 23 November—polls that regional leaders noted reflected “commendable resilience and a strong democratic spirit.”
In its communique, the Council condemned the 26 November events “in the strongest terms,” describing the military takeover as an unlawful interruption of democratic governance and a direct subversion of the electorate’s mandate.
ECOWAS insisted that the coup leaders respect the people’s will by allowing the National Electoral Commission to publish the official results without delay.
The Council issued a clear warning regarding the safety of detained political figures—including President Umaro Sissoco Embaló—electoral officials, and other civilians arrested during the power grab. It placed full responsibility on the coup leaders for the protection of all detainees, state institutions, and residents.
The MSC also demanded unhindered movement and safe evacuation for ECOWAS and international election observers currently in Guinea-Bissau.
As part of its immediate response, ECOWAS suspended Guinea-Bissau from all its decision-making bodies pursuant to the 2001 Protocol on Democracy and Good Governance. The suspension will remain in force until constitutional order is restored.
The Council further authorised a High-Level Mediation Mission led by Chairman Julius Maada Bio and comprising President Faure Gnassingbé of Togo, President Jose Maria Neves of Cabo Verde, President Bassirou Diomaye Faye of Senegal, and the President of the ECOWAS Commission. The delegation is mandated to engage the coup leaders and secure a swift reversal of the unconstitutional seizure of power.
ECOWAS reiterated that military involvement in politics is incompatible with regional democratic norms and called on Guinea-Bissau’s armed forces to withdraw to their barracks immediately and uphold their constitutional responsibilities.
It also directed the ECOWAS Stabilisation Support Mission in Guinea-Bissau (ESSMGB) to continue safeguarding state institutions throughout the crisis.
The MSC stressed that it remains on high alert and is prepared to invoke all measures under ECOWAS protocols—including targeted sanctions—against individuals or groups responsible for derailing Guinea-Bissau’s democratic process.
As West Africa confronts yet another constitutional rupture, regional leaders underscored that the swift restoration of democratic order in Guinea-Bissau is essential not only for national stability but also for the security and democratic integrity of the entire region.
The Nigerian Exchange (NGX) staged an impressive rebound on Thursday, with equity investors achieving a combined gain of ₦111 billion after the market recorded a sharp ₦444 billion loss the previous day due to heavy sell-offs.
Renewed investor confidence propelled key performance indicators upward by 12 basis points, helping the year-to-date return advance. The All-Share Index rose by 174.66 points to end the session at 143,239.23, supported by strong interest in selected mid- and large-cap equities including IKEJAHOTEL, MTNN, ACCESSCORP, and VERITASKAP across several major sectors.
Market capitalisation expanded by ₦111.08 billion — a 0.12 percent increase — closing at ₦91.10 trillion. Despite the positive turnaround, both total trade volume and value dropped sharply by 56.04 percent and 63.27 percent, respectively.
Trading statistics show that approximately 324.55 million units, valued at ₦13.05 billion, were exchanged in 18,328 deals.
FIDELITYBK led trade volumes with 10.04 percent of total activity, followed by UBA (8.79%), GTCO (8.17%), ZENITHBANK (7.65%), and ACCESSCORP (4.50%).
In value terms, GTCO dominated the session by accounting for 18.78 percent of the total traded amount, marking it as the most actively valued stock of the day.
On the winners’ board, IKEJAHOTEL and LINKASSURE advanced by 10.00 percent each. They were followed by LEARNAFRICA (+9.96%), NCR (+9.96%), UNIONDICON (+9.52%), VERITASKAP (+8.82%), and 27 additional gainers.
Nineteen stocks closed in the red. CHAMPION topped the laggards with a 9.85 percent decline, alongside others such as STERLINGNG (-8.33%), UPDC (-8.23%), CILEASING (-4.83%), GUINEAINS (-4.35%), and ROYALEX (-4.04%).
Overall, the market ended with a positive breadth of 33 gainers versus 19 losers, and most sector indices recorded gains. The Insurance index led the day with a 1.27 percent increase, followed by Consumer Goods (+0.08%) and Banking (+0.07%). The Oil & Gas sector dipped by 0.04 percent while Industrial Goods eased by 0.02 percent.
Nigeria’s currency weakened across both the official and informal foreign exchange segments following renewed shortages of U.S. dollars, a development that emerged after recent intervention rounds by the Central Bank of Nigeria (CBN). The latest movements indicate that the naira continues to face pressure as demand for the local currency eases, especially in a market that has seen minimal activity from foreign portfolio investors.
At the same time, the market is experiencing increased requests for dollars to settle year-end import obligations, a shift occurring against the backdrop of slowing FX inflows. Recent trading patterns show that the naira has struggled to gain momentum unless supported by direct CBN sales.
Although the official FX window has seen fluctuating spot rates, CBN’s dollar injections have recently helped soften the negative trend. A similar situation has played out in the parallel market, where commercial banks and bureau de change operators are now competing more closely on quoted exchange rates.
Fresh FX data released Thursday by the CBN revealed that the official market rate declined by 0.07 percent, settling at ₦1,443.90 to the U.S. dollar.
During intraday trading, the rate hit a high of ₦1,446 per dollar, slightly weaker compared to the previous day’s peak of ₦1,446.50. The market’s direction was partially cushioned by Tuesday’s intervention, during which the CBN sold $36.6 million to banks to strengthen supply.
However, some trades closed at an intraday low of ₦1,442 per dollar, a steeper drop compared to Wednesday’s low of ₦1,436.50.
In the black market, the naira also retreated, slipping 0.17 percent to close at ₦1,475 per dollar. The decline reflects renewed pressure and diminished investor sentiment across both regulated and informal currency channels.
Momentum grew on Thursday for the demand by public sector workers to receive their pension contributions in full, as the Association of Senior Civil Servants of Nigeria (ASCSN) restated its call for major amendments to the Contributory Pension Scheme (CPS).
The union also restated its long-standing opposition to moves to privatise unity schools, warning that such attempts amount to “selling off Nigeria’s collective heritage.”
These positions were presented at the Association’s National Executive Council (NEC) meeting in Abuja, where the Minister of Labour and Employment, Muhammadu Maigari Dingyadi, and ASCSN President, Comrade Shehu Mohammed, addressed delegates on key national issues.
To open the meeting, the Minister praised the Association’s “long-standing commitment to advancing the rights, welfare, and professional development of senior civil servants,” describing ASCSN as a “dependable partner” in stabilising Nigeria’s industrial relations system.
He added, “This administration will continue to prioritise social dialogue as a tool for resolving disputes and improving workplace conditions… we remain committed to fostering harmonious industrial relations and promoting decent work.”
The Minister urged delegates to use the NEC meeting to address the most pressing concerns of civil servants nationwide.
Transitioning to union matters, ASCSN President Shehu Mohammed delivered a detailed account of the Union’s activities since the 2024 Delegates Conference. He announced the full relocation of the Union’s national secretariat from Lagos to Abuja and the resumption of construction on its new Mabushi headquarters.
A key highlight, Mohammed said, is the restoration of gratuity for public service workers, set to begin in January 2026—an achievement he described as a victory after years of agitation. “It is a thing of joy that gratuity to public service employees has been restored more than ten years after it was stopped for no justifiable reason,” he noted.
Shifting to the contentious Contributory Pension Scheme, Mohammed echoed widespread anger among workers about the 25% lump-sum payout allowed under current law.
According to him, “The greatest complaint by contributors is that the 25% lump sum paid to them on exiting service is grossly inadequate… the current request from many contributors is that the total money should be paid in bulk so that retirees can invest their money as they desire.”
He insisted that the CPS Act must be amended to permit full withdrawal of pension savings, adding that such a clause would eliminate the need for an overhaul of the entire Act.
On the renewed push to privatise unity schools, Mohammed warned that the Union would fiercely resist any such move. He recalled the nationwide backlash that halted similar attempts during the Obasanjo administration, saying: “Another set of people is angling to take over King’s College, Lagos, and the current leadership of the Association is doing everything it can to make sure that the schools will not be sold.”
He stressed that unity schools must remain accessible to all Nigerian children, regardless of tribe or socioeconomic status.
Mohammed also raised alarm over worsening insecurity nationwide, urging the Federal Government to urgently reform the country’s security architecture. He proposed a State Police system shielded from political abuse through an oversight commission involving labour, traditional rulers, political parties, religious groups, and civil society.
Closing the session, he urged union members to remain united and alert. “The current National Leadership of the Association is committed to lifting the banner of the Union to greater heights,” he assured.
The Abia Pensioners’ Forum, a pressure group under the Nigeria Union of Pensioners (NUP), has appealed to Governor Alex Otti to implement the report of the committee set up to review outstanding gratuities and pension arrears in the state.
Speaking with journalists on Wednesday in Umuahia, the coordinator of the Forum, Okey Kanu, said many retirees were suffering severe hardship due to the prolonged delay in payment.
Kanu said some pensioners had died, fallen ill or become homeless, insisting that the unpaid entitlements were constitutional rights, not favours.
“The delay is inordinate,” he said. “We will never forfeit our gratuities and pension arrears. They are our rights.”
He noted that while the present administration had paid ten months of pension arrears accumulated between June 2023 and March 2024, it had not addressed the outstanding liabilities inherited from previous governments.
The group also rejected claims that pensioners agreed to forfeit their entitlements under a Memorandum of Agreement allegedly reached with the NUP leadership in Abia.
“With each passing month, more pensioners fall into worsening health, depression, and, in some cases, death without receiving the reward for their decades of service,” Kanu added.
The retirees acknowledged Governor Otti’s infrastructure projects but stressed that payment of all entitlements must remain a priority.
They also reminded the governor that pensioners gave him significant electoral support in 2023, based on his campaign promise to clear outstanding pensions and gratuities.
The Federal Capital Territory (FCT) administration has terminated the contract for the Apo-Karshi road, originally awarded to Kakatar Construction Company in 2011 for ₦6.4 billion, and re-awarded it to a new contractor with the capacity to deliver the project at ₦30 billion.
FCT Minister Barr. Nyesom Wike announced the decision during a press briefing on Thursday in Abuja after inspecting ongoing infrastructure projects across the territory.
“Let me tell you the truth, we have terminated that contract; it has been re-awarded to SCC. If you go there now, you’ll see that they’ve started work. It’s a road that so many people are very interested in because it will decongest some of these areas,” Wike said. “We cannot continue to play politics when it comes to the welfare of the people. That contract has been terminated.”
Wike also disclosed that the Kubwa-Bwari road has been awarded and construction work is already underway, creating an alternative route to Bwari. “That’s also awarded to SCC. So, we can assure you that things are moving very well according to plan,” he said.
During his inspection of the Karu road project, the minister met with a property owner whose shop is earmarked for demolition to make way for the project. Wike assured the owner that the administration would provide adequate compensation.
“You cannot do something to block the water channels, and we are even sympathetic by saying that we are going to give you money, but we must allow the water to have its way, because if not, it will cause a lot of flooding. That will also not be good for the people living around there,” Wike explained.
The minister reiterated that the Karu road project, along with others such as the Apo-Wassa link from OSEX, will be among those commissioned during President Bola Ahmed Tinubu’s third-year anniversary celebrations.
“These projects are part of our ongoing commitment to ensure that infrastructure development meets the needs of residents while prioritizing public safety and urban planning,” Wike said.
Retired police officers protesting their continued inclusion in the Contributory Pension Scheme (CPS) may soon get relief, as the Senate has pledged to fast-track their removal from the system.
For weeks, the retirees have camped at the Mopol Gate of the National Assembly, sleeping in makeshift tents to draw attention to their grievances.
Senate President Godswill Akpabio, while receiving the leadership of the retired officers on Thursday, assured them that the Senate would give the matter urgent legislative attention. He noted that the Senate would align with the House of Representatives, which has already passed a bill to remove the police from the CPS.
In a statement issued by his Special Assistant on Media, Jackson Udom, Akpabio said: “The policy, from what you have told us, was not well thought out. Take it that you have to disperse from the gate. That problem, as far as the law is concerned, is over.”
He added that the Senate would, by Tuesday next week, concur with the House’s decision and transmit a final Act for presidential assent. “I am confident that President Bola Tinubu, being a listening President, will sign it into law. The Scheme is certainly not good for the security personnel,” he said.
Akpabio also questioned why the police remained under the CPS while other security agencies have exited. “If the Military, DSS, NIA, and others have exited, I see no reason why the Police should remain while those in the echelon of the service are out of it… What is good for the goose is also good for the gander,” he added, stressing that pension arrangements must be uniform “from the Inspector General to the last constable.”
Leader of the retirees, CSP Mannir Lawal Zaria, expressed gratitude to the Senate President and said they were hopeful that the issue would be resolved.
Senate Leader Opeyemi Bamidele (APC, Ekiti Central), in his vote of thanks, commended Akpabio for his swift intervention in the plight of the retired officers.
