States across Nigeria owe contractors and retirees a combined ₦1.06tn despite receiving record revenues in 2024, according to BudgIT’s 2025 State of States report.
The report shows that contractor arrears totalled ₦434.87bn, while unpaid pensions and gratuities amounted to ₦626.81bn. This indicates that many states are still struggling with old obligations even though federal allocations more than doubled and several states recorded higher internally generated revenue.
Thirty states reported owing either contractors or retirees in the 2024 fiscal year. Twenty-six states carried contractor debts, while 27 states reported pension and gratuity backlogs.
Only Borno, Kano and Nasarawa had no arrears in either category.
Kaduna recorded the highest debt, with a combined ₦139.36bn. The state owed ₦56.07bn to contractors and ₦83.29bn in pension and gratuity arrears, which was the largest pension backlog in the country.
Ogun followed with ₦107.18bn in total arrears, including ₦81.54bn in pensions and ₦25.64bn owed to contractors. Benue ranked third with ₦99.68bn, while Edo had ₦95.46bn and Enugu had ₦90.18bn.
Other states with high arrears included Imo with ₦57.25bn, Akwa Ibom with ₦43.71bn, Delta with ₦42.35bn, Oyo with ₦41.97bn and Plateau with ₦40.98bn. These ten states account for nearly half of the nationwide ₦1.06tn backlog.
At the lower end of the list, Kano and Nasarawa had no arrears, while Lagos owed only ₦48.74m in contractor debts and had no pension backlog. Ebonyi followed with ₦88.89m, Borno with ₦1.10bn, Jigawa with ₦1.79bn and Katsina with ₦2.22bn.
BudgIT also reported that total liabilities across 35 states amounted to ₦1.24tn. Rivers State was excluded due to the nullification of its 2024 budget by a court ruling.
Beyond contractor and pension arrears, states owed ₦33.74bn in salary claims, ₦62.33bn in judgment debts and ₦73.25bn in other obligations.
BudgIT noted that despite unprecedented inflows, including ₦11.38tn in FAAC allocations, many states still prioritised recurrent spending over settling legacy debts. This caused arrears to persist.
Budget pressures were most severe in Kaduna, Benue, Adamawa and Taraba. In these states, total liabilities exceeded internally generated revenue. Kaduna owed nearly double its IGR, while Benue’s arrears were almost five times its domestic revenue. Adamawa and Taraba also recorded pension debts larger than their 2024 IGR.
The report linked the rising burden to structural weaknesses, growing personnel costs and long-standing pension issues.
The National Insurance Commission (NAICOM) has announced its adoption of the Objectives and Key Results (OKR) framework, a globally recognized performance management system, to enhance alignment and transparency across its teams.
Dr Usman Jankara, Deputy Commissioner (Technical) at NAICOM, disclosed this on Monday during the Performance Management Workshop held in Ikot-Ekpene, Akwa Ibom State. The workshop aimed to foster a culture of accountability, excellence, and measurable impact within the Commission.
According to Dr Jankara, the OKR model links qualitative objectives with measurable key results, helping teams focus on outcomes rather than mere activities. He emphasized that the approach is ideal for mission-driven, non-profit organizations like NAICOM because it prioritizes impact over profit.
“Every staff member will have clear, measurable key results aligned with Directorate and Commission-wide objectives. You might use SMART principles—Specific, Measurable, Achievable, Relevant, Time-bound—to ensure scoring follows global best practice,” he said.
The Commission expects that implementing OKRs will fully align departmental goals with NAICOM’s strategic priorities, improve regulatory efficiency through risk-based supervision and digital transformation, boost consumer confidence via prompt claims settlement and transparency, and expand insurance penetration across Nigeria.
NAICOM’s strategic plan focuses on five key goals: protecting policyholders and restoring confidence in the insurance industry; strengthening supervisory capacity and organizational effectiveness; ensuring financial soundness and stability of the insurance sector; promoting innovation and sustainability in products and processes; and expanding insurance accessibility nationwide. Supporting these goals are objectives including risk-based supervision, digital transformation, governance excellence, and effective claims management.
Dr Jankara stressed that reforms introduced by the Nigerian Insurance Industry Reform Act 2025 aim to reposition the insurance sector as a pillar of Nigeria’s financial system. He urged staff to embrace a culture of excellence and accountability, support management, and drive change to make NAICOM a benchmark for regulatory excellence in Africa.
Bitcoin surged past the $88,000 mark on Monday as renewed investor positioning and improved sentiment lifted the world’s most valuable cryptocurrency. The digital asset traded firmly above $88k, propelled by leveraged position liquidations and persistent outflows from major exchange-traded funds (ETFs).
As of press time, Bitcoin hovered around $88,677 — a 1.6% daily gain — approaching the $90k resistance level. Market analysts say the token remains caught between bullish momentum and a looming death cross, as technical indicators suggest that BTC may be oversold.
Some analysts argue that Bitcoin is following a familiar pattern from previous “final flush” corrections, where a dip around the $80k region historically precedes an aggressive rally toward $90k–$95k. This view has reinforced expectations of a near-term rebound.
The latest upswing was also driven by a resurgence in global mining activity, with China returning to the top three mining destinations after reclaiming a 14% share of global hash rate — despite its earlier ban on mining operations.
CoinMarketCap data indicates that Bitcoin’s market value stands at approximately $1.77 trillion, around 3.8% below last week’s high. Trading volume climbed to $74.95 billion as investors reacted to macro signals and the possibility of a shift in US Federal Reserve policy.
The broader crypto market gained momentum as well, with the total global market cap rising by 2.5% to $3.04 trillion. Traders opened new positions across major cryptocurrencies in anticipation that the US Federal Reserve may begin cutting interest rates in December — a move that could trigger a re-rating cycle across digital asset markets.
However, the ETF market remains under strain. November is shaping up to be the weakest month for Bitcoin ETFs, with outflows exceeding $3.5 billion. BlackRock’s IBIT fund alone recorded withdrawals of $2.2 billion. Analysts link the trend to macroeconomic stress, including recession risks, sticky inflation, and liquidity tightening due to the Fed’s balance sheet reduction.
With sentiment improving but uncertainty still present, market watchers expect institutional investors to play a decisive role in determining Bitcoin’s next major move.
The Nigerian naira recorded a mild appreciation of 0.2% against the US dollar on Monday, supported by fresh rounds of foreign exchange injections aimed at stabilising the market and boosting liquidity.
The currency, which had weakened at the official window throughout the previous week despite several interventions, regained some ground as the Central Bank of Nigeria (CBN) released $250 million to authorised dealers and commercial banks. The move sought to ease rising demand pressures stemming from increased foreign payment obligations by corporates.
According to updated CBN data, the domestic currency improved by 0.20% to close at N1,453.84/$, reversing part of its earlier weakness. Market analysts at Cowry Asset Management noted that the marginal recovery underscores persistent structural pressures within Nigeria’s FX ecosystem.
During the session, the spot FX rate touched an intraday high of N1,462.50 — slightly lower than the previous trading day’s peak of N1,462. Data also showed that the naira reached an intraday low of N1,451 before averaging N1,453 by market close.
Analysts say market dynamics remain driven more by limited FX supply than by changes in sentiment, suggesting that while interventions may temporarily ease volatility, sustained improvement depends on stronger and more consistent inflows.
Meanwhile, the parallel market also saw mild appreciation, with the naira firming to N1,455/$ from N1,460/$ amid year-end inflows ahead of the festive season. Experts anticipate relative stability at the official window, although intermittent fluctuations are likely as FX demand remains elevated.
Nigeria’s external reserves climbed to $44.261 billion, equivalent to more than 10 months of import cover. Analysts believe that the gradual build-up in reserves and sustained intervention efforts could help moderate volatility, even as demand-supply gaps continue to pressure the market.
The House of Representatives Committee on Electoral Matters has directed the Independent National Electoral Commission to pay all outstanding insurance benefits owed to NYSC members injured or killed while serving as ad hoc staff during elections.
The order followed a briefing by Omotade Folorunsho, representing the NYSC Director General, who said corps members harmed during the 2023 general elections have not yet received their insurance claims. Two corps members were shot in Ukwani, Delta State, and another in Akwa Ibom, leaving all three permanently disabled, with no compensation paid to date.
Folorunsho also recalled the deaths of 10 corps members during the 2011 elections, highlighting the ongoing lack of welfare and security for members who often work under poor pay and inadequate support. Many receive only ₦4,000 for training and ₦13,500 for election duty while dealing with shortages of accommodation, water, and other basic amenities.
The NYSC, established in 1973 to promote national unity and provide skilled manpower, has over the years relied on corps members to serve as ad hoc staff during elections, often placing them in potentially dangerous situations. The recurring incidents of injury and death have raised questions about the adequacy of the welfare, insurance, and protection mechanisms in place for these young Nigerians.
Committee Chairman Adebayo Balogun commended corps members for safeguarding electoral integrity and pledged reforms to improve their safety, compensation, insurance, and overall welfare.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a Profit After Tax (PAT) of N5.4 trillion for the 2024 financial year, reflecting substantial growth in its operational and commercial performance. The state-owned energy giant achieved this result on the back of total revenue amounting to N45.1 trillion.
GCEO of the company, Mr. Bashir Ojulari, revealed the figures during a media briefing in Abuja on Monday while presenting the firm’s audited 2024 financial highlights. He noted that the earnings call held with analysts showed an 88% year-on-year surge in revenue, marking one of the company’s strongest performances since its transition into a commercial entity.
According to Ojulari, the company posted a 64% increase in PAT, with earnings per share rising to N27.07 — a sign of enhanced efficiency, strengthened operational discipline, and improved financial resilience across its assets.
He credited the outcome to key performance drivers, including heightened operational efficiency across the value chain, benefits from ongoing downstream reforms, and firm cost-management approaches.
“These earnings reflect the strong momentum of our transformation agenda and the dedication of our workforce,” he stated. “They set a solid foundation for future expansion, aligned with President Bola Tinubu’s mandate, and reaffirm our commitment to delivering value to Nigerians.”
Building on its 2024 achievements, NNPC Ltd. has unveiled a multi-phase strategic roadmap designed to drive growth, enhance energy security, and advance Nigeria’s energy transition objectives through 2030. The plan incorporates a proposed $60 billion investment pipeline across the energy ecosystem.
Ojulari also highlighted priority targets such as raising crude oil output to two million barrels per day (bpd) by 2027 and achieving three million bpd by 2030. The company is reviewing the commercial and technical viability of its refineries to boost domestic supply security.
Additionally, the firm plans to scale natural gas production to 10 billion cubic feet per day (bcf/d) by 2027 and 12 bcf/d by 2030. Key infrastructure projects — including the Ajaokuta-Kaduna-Kano (AKK) gas line, Escravos-Lagos Pipeline System (ELPS), and the OB3 pipeline — are expected to play a pivotal role in strengthening national and regional energy stability.
“Our transformation is guided by transparency, innovation, and disciplined execution,” Ojulari said. “We are positioning NNPC Ltd. as a global-standard energy company committed to delivering sustainable returns while powering the future of Nigeria and Africa.”
Founded in 1977, NNPC underwent a historic transformation in July 2022 under the Petroleum Industry Act (PIA), transitioning into a fully commercial, profit-oriented entity. Prior to the latest financial year, the company reported a profit after tax of N3.3 trillion in its 2023 Audited Financial Statement.
The Nigerian equities market began the week on a negative trajectory as profit-taking across major sector indexes dragged overall performance downward, leading to a collective loss of N69 billion for investors on Monday. The session extended the previous week’s bearish close, during which the Nigerian Exchange (NGX) shed N2.09 trillion in market value.
At the close of trading, the All-Share Index slipped by 108.01 points or 0.08%, settling at 143,614.61 points. Market capitalisation followed the same pattern, retreating by N68.68 billion to finish at N91.34 trillion.
Market participants adopted a cautious stance amid expectations that the Monetary Policy Committee (MPC) may opt for a reduction in Nigeria’s benchmark interest rate after concluding its bimonthly deliberations. This sentiment weighed heavily on trading positions.
Bearish pressure dominated the sellers’ corridor, pushing down prices in counters such as STERLINGNG, WAPIC, DEAPCAP, and TANTALIZER ahead of Tuesday’s interest rate decision by the Central Bank of Nigeria (CBN).
Despite the downtrend in prices, trading momentum strengthened across the bourse. Fresh NGX data showed that overall market volume rose by 4.03%, while the total value of transactions advanced by 10.75%. In total, 683.40 million units worth N28.37 billion exchanged hands in 23,864 executed deals.
GTCO continued to dominate market activity, accounting for 29.44% of total traded volume. It was trailed by FIDELITYBK (18.99%), JAPAULGOLD (9.94%), FCMB (5.49%), and ACCESSCORP (3.16%). GTCO also led the value chart with a commanding 60.18% contribution to the day’s total market turnover.
On the gainers list, ETRANZACT topped the chart after appreciating by 9.06%. INTENEGINS followed with an 8.49% rise, while MCNICHOLS gained 7.00%. Other notable advancers included CILEASING (+5.47%), UPDC (+5.26%), RTBRISCOE (+4.76%), and several others.
However, the market recorded 26 laggards. NPFMCRFBK led the losers’ group with a 7.85% drop, followed by PRESTIGE (-7.48%), STERLINGNG (-6.94%), WAPIC (-6.18%), and DEAPCAP (-5.59%). OMATEK also dipped by 4.50%.
The market breadth remained negative, reflecting the dominance of declining stocks over advancers at a ratio of 26 to 17. Sectoral performance was largely downbeat as the Insurance index fell by 0.79%, Oil & Gas dipped 0.59%, Banking slipped 0.27%, and Consumer Goods edged lower by 0.02%. Industrial Goods, however, closed flat with no change.
Minister of Aviation and Aerospace Development Festus Keyamo says Nigeria has the capacity, infrastructure and readiness to host a world-class event such as the Airports Council International (ACI) Africa Acrobatics Regional Conference and Exhibition.
Keyamo gave the assurance in Abuja during a visit by the Secretary General of ACI Africa, Alli Tounsi, who was in the country to assess Nigeria’s preparedness ahead of the proposed 2026 conference.
Tounsi was accompanied by senior officials of the Federal Airports Authority of Nigeria, including the Managing Director, Olubunmi Kuku, the Director of Public Affairs and Consumer Protection, Henry Agbebire, and the Director of Commercials and Business Development, Adebola Agunbiade. He said Nigeria plays a pivotal role in African aviation and is a strong contender for hosting the event.
“Nigeria must host this next Acrobatics Regional Conference. BAGASSO is already in Nigeria and it is only right that ACI Africa is here too,” Tounsi said, according to a statement issued by Keyamo’s media adviser, Tunde Moshood.
Responding, Keyamo reaffirmed Nigeria’s commitment to delivering a seamless and high-standard conference. “Nigeria has the capacity, the infrastructure and the commitment to deliver a world-class conference. You can count on us,” he said.
FAAN Managing Director, Olubunmi Kuku, also briefed the delegation on preparations already in progress. She said that although the event is tentatively scheduled for September 2026 in Abuja, proactive steps have been taken to ensure Nigeria meets and surpasses expectations.
Kuku added that discussions have begun with a leading five-star hotel currently undergoing extensive renovations. “The hotel management has assured us that their upgrades will be completed by April next year and the facility’s standards will match the calibre of this global aviation event,” she said.
As ART X Lagos celebrated its tenth year, exploring how imagination can shape the future of African cities, Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC Holdings, stood out through its sponsorship of The Library, an installation dedicated to knowledge, continuity, and cultural insight.
The 2025 fair, which was held in Lagos, embraced the theme ‘Imagining Otherwise, No Matter the Tide’, inviting audiences to reflect on how imagination can foster healthier, more connected urban futures. Over the years, ART X Lagos has grown into a vital platform for contemporary African expression. For Stanbic IBTC Pension Managers, the partnership aligns with its belief that creativity, knowledge, and cultural preservation are essential to building thriving societies. As an organisation committed to safeguarding the future of millions of Nigerians, it recognises art’s power to document history, inspire new thinking, and strengthen community bonds.
This year, the organisation expanded its contribution through The Library, an interactive installation designed as a space for quiet reflection and shared discovery. Inspired by the resilience of Nigeria’s mangrove ecosystems, The Library symbolises continuity, renewal, and the value of collective knowledge. Visitors explored curated books and visual materials from the Guest Artists Space (G.A.S.) Foundation art library; selections from the ART X curator’s research archive; ART X Cinema programming; and an exhibition of works by the iconic Nigerian artist Bruce Onobrakpeya. The installation offered a contemplative counterpoint to the fair’s vibrant energy, inviting audiences to consider how ideas and stories shape the world around them.
At the event, Olumide Oyetan, Chief Executive of Stanbic IBTC Pension Managers, highlighted how the theme reflects Nigeria’s resilience, a resilience mirrored in the ingenuity and determination of communities nationwide. He noted that imagination is central not only to artistic expression but also to long-term planning, resilience, and financial confidence, enabling us to envision possibilities beyond the present and build sustainable futures rooted in shared purpose.
He described The Library as a space for reflection, learning, inspiration, and a drive for tomorrow. Olumide emphasised the importance of nurturing young minds, encouraging them to appreciate art, and inspiring them to imagine a promising future. He also expressed appreciation for the creativity and innovation of African artists, noting that showcasing this rich cultural heritage reflects a belief in every individual’s potential to foster positive change. He concluded by encouraging everyone to celebrate their culture and the promise of what lies ahead.
The event also featured the signature Kids Tour, welcoming 60 students from Lisabi Grammar School, Abeokuta; Mile High International School, Ikotun; and Roy Dek Academy, Makoko, Yaba, Lagos. The tour introduced participants to contemporary art, providing insights into various media and techniques while sparking curiosity and fostering early appreciation for visual arts.
Since ART X Lagos’ debut in 2016, Stanbic IBTC Pension Managers’ involvement has grown from a simple contribution to a purposeful collaboration focused on nurturing artistic expression and amplifying African perspectives globally. In addition to The Library, the organisation hosted a private VIP experience for select high-net-worth clients, offering an intimate view of standout artworks and space for thoughtful conversation about legacy, creativity, and the evolving landscape of African art.
Through these initiatives, ART X Lagos and Stanbic IBTC Pension Managers strengthened connections between art, education, and community engagement. As the fair enters a new decade, Stanbic IBTC Pension Managers remains a steadfast supporter of artists, curators, and cultural advocates enriching Nigeria’s creative landscape, and looks forward to expanding its cultural initiatives while championing imagination, knowledge preservation, and community resilience in the years ahead.
With a legacy built on trust, innovation, and results, Stanbic IBTC Pension Managers, a member of Stanbic IBTC Holdings, has emerged as the Best Pension Fund Administrator (PFA) Nigeria 2025 at the prestigious Global Banking & Finance Awards®.
The award celebrates Stanbic IBTC Pension Managers’ dedication to securing the financial future of millions of Nigerians. This latest recognition further raises Stanbic IBTC Pension Managers’ standing as a PFA built for excellence, innovation and trust.
Since its inception in 2011, the Global Banking & Finance Awards® has become one of the world’s most respected platforms for honouring outstanding performance and innovation across the financial services industry. The awards spotlight institutions that drive meaningful progress and sustainable growth in their respective markets – a distinction Stanbic IBTC Pension Managers continues to embody.
Olumide Oyetan, Chief Executive, Stanbic IBTC Pension Managers, described the award as a validation of the company’s purpose-driven approach to pension management and client service excellence. He said, “We are honoured by this global recognition, which reaffirms our promise to Nigerians to help them retire well. Our focus remains on ensuring that every contributor experiences consistent value, transparency, and peace of mind. We achieve this through a blend of innovation, sound governance, and a deep sense of responsibility to our clients.”
Olumide added that the PFA’s ongoing drive for innovation and client empowerment has positioned it as a trusted partner for individuals and businesses seeking stability in an evolving financial landscape.
Also commenting on the win, Chukwuma Nwokocha, Chief Executive, Stanbic IBTC Holdings PLC, lauded the Pension Managers arm for their consistent performance and commitment to the group’s broader mission of wealth creation and financial inclusion.
“This recognition reflects the group’s shared belief in the power of financial empowerment. The Pension business continues to be a cornerstone of our wealth-building strategy, providing Nigerians with trusted, technology-enabled solutions that secure their future,” he added.
Over the years, Stanbic IBTC Pension Managers has solidified its reputation as a pioneer in Nigeria’s pension industry. With over two million Retirement Savings Accounts (RSAs) under management, the company has combined robust investment strategies with technology-driven solutions to make pension access easier, faster, and more transparent.
Stanbic IBTC Pension Managers continues to lead critical conversations on financial preparedness and retirement planning, through a diverse array of impactful initiatives. In 2025, the company successfully delivered its annual Pre-Retirement Seminar Series across five cities – Kaduna, Jos, Benin, Ibadan, and Enugu; engaging over 4,500 in-person participants. Each session offered insightful presentations on key topics such as investment strategies, pension scheme literacy, and health and lifestyle considerations for approaching retirement.
In August, the PFA hosted a two-day Employers’ Forum aimed at deepening collaboration, fostering dialogue, and strengthening client relationships. The event attracted over 1,200 participants and featured sessions on practical use of the Payment Solution Service Provider (PSSP) platform, navigating pension benefits with ease, leveraging self-service channels, and enhancing operational processes through collaboration.
Beyond these flagship programmes, Stanbic IBTC Pension Managers also delivered several other strategic initiatives:
Ladies At The Table Empowerment Series (LATTES): A thought-leadership and empowerment platform that sparks meaningful conversations and drives positive change among women from diverse backgrounds.
Financial Fitness and Retire Well Sessions: Designed to improve financial literacy and promote healthy financial habits.
FUZE Talent Show: A youth-focused initiative that celebrates creativity and talent among young Nigerians across dance, fashion, tech, and music categories. Now in its fourth season, the show continues to gain momentum. This year alone, the brand recorded over 10,000 audition registrations from Nigerians aged 18 to 35.
Community engagements: Including regional educational programmes in schools and outreach activities in marketplaces to promote pension awareness and financial inclusion.
Following the recent release of the regulatory guidelines for the Personal Pension Plan (PPP) and Foreign Exchange Pension Contribution (Dollar Pension) by PenCom, the PFA is actively promoting financial inclusion by advocating PPP, an extended pension coverage to self-employed individuals and workers in the informal sector.
Additionally, the PFA is advocating for the Dollar Pension, a solution tailored by PenCom for:
Nigerians in the diaspora
Locally-based Nigerians earning partially or fully in Dollars
Foreign nationals earning in Dollars
This multi-pronged approach underscores the PFA’s commitment to broadening access to retirement solutions and fostering long-term financial security across diverse segments.
MTN Nigeria Communications Plc (MTNN) is preparing to reward its shareholders with an interim dividend this week, according to details contained in its latest corporate disclosure.
The announcement follows a robust earnings performance across the first nine months of the 2025 financial year. After a two-year pause on dividend payouts—caused by significant foreign-exchange liabilities that weakened profitability after the naira’s devaluation—the company’s board has restored distributions to shareholders.
MTN confirmed that an interim dividend of N5 per 2-kobo ordinary share has been approved, subject to the statutory withholding tax. Eligible shareholders are those listed in the company’s Register of Members as of the close of business on November 20, 2025.
The telecoms giant added that payments will be disbursed electronically on November 28, 2025, to shareholders who have completed their e-dividend mandates and updated their bank account instructions with the Registrar.
Meanwhile, MTN Nigeria’s stock price eased to N465 last week following mild sell pressure. This decline pushed the company’s market capitalisation to N9.762 trillion—representing an 11% drop from its highest valuation in the last 12 months.
Nigeria’s sovereign bond market staged a strong rally in the secondary segment as investors moved early to capture opportunities ahead of the Debt Management Office’s (DMO) reopening of 5-year and 7-year papers scheduled for Monday.
The DMO is expected to conduct today’s auction with N460 billion in reopened bonds split across the two benchmark tenors. Market participants anticipate shifts in rates as policymakers at the Central Bank prepare for another monetary policy review this week.
Last week, benchmark yields across Federal Government of Nigeria (FGN) bonds dipped by 9 basis points to 15.5%, following renewed appetite for naira assets in the wake of October’s disinflation. The improved liquidity environment pushed the market to a bullish stance, with demand spreading across several points on the yield curve.
Trading activity remained strong throughout the week, as investors rotated into fixed-income assets amid uncertainties in alternative markets. Analysts at Cowry Asset Limited reported that a significant portion of liquidity shifted to the belly of the curve, especially around 2029, 2031, and 2032 maturities, which attracted the most flows.
Despite a mild slowdown in trade volumes on Friday, selective bids continued to emerge on the 2032 and 2033 papers, ensuring steady participation through the weekend.
Cowry Asset noted that market sentiment strengthened sharply at the beginning of the week, aided by the latest inflation print showing further easing to 16.05% from 18.02% the previous month. This development reinforced interest in longer-dated securities and compressed yields toward the mid-15% band.
Midweek, however, some of the momentum tapered on selective profit-taking, particularly on the 2032 and 2033 papers, while moderate two-way trading appeared on the long-dated 2053 bond. Nonetheless, persistent appetite for government securities helped push overall yields 9 basis points lower to an average of 15.48%.
The upcoming auction under the Q4 issuance calendar is expected to test demand once more, with the DMO preparing to offer N460 billion—substantially more than the N260 billion issued in October. The DMO plans to reopen the 2030 and 2032 bonds, with each receiving an allocation target of N230 billion.
With inflation continuing its downward trajectory, analysts anticipate that the secondary market will remain moderately bullish in the near term. Yields may continue to trend lower, especially within the mid-curve space where liquidity is deepest and investor positioning is most robust.
Yields on Nigerian Treasury bills slipped marginally as strong demand for the naira continued to dominate activity in the secondary market, reshaping investor expectations around possible rate cuts in the near term.
Market analysts told BizWatch Nigeria that investors have been expanding their positions in Treasury instruments despite the sizable volume of auction supply seen in recent weeks. Banks, in particular, are ramping up exposure to interest-bearing securities in an effort to strengthen earnings.
The ongoing rally in Treasury bill instruments has also been fuelled by excess liquidity circulating within the financial system. Fixed-income experts noted that yields on Nigerian Treasury bills are likely to maintain a downward trajectory throughout the fourth quarter, supported by easing inflation and a firmer naira, which continue to enhance appetite for short-dated government securities.
Last week, bullish sentiment dominated the Treasury bill market, aided by strong system liquidity and growing expectations of a rate cut following Nigeria’s October inflation print of 16.05% year-on-year, down from 18.02% in September.
Cordros Capital reported that average yields across the entire Treasury bills curve fell by 23 basis points week-on-week to 19.1%. Segment-wise, Nigerian Treasury bills yields dropped by 3 basis points to 17.0%, while OMO yields declined by 26 basis points to settle at 21.5%.
During the most recent primary market auction, the Central Bank of Nigeria (CBN) floated a total of N700 billion worth of Treasury bills—N100 billion for 91-day paper, N150 billion for 182-day, and N450 billion for 364-day instruments.
Demand remained extremely strong, with total subscriptions reaching N1.29 trillion, significantly above the amount on offer. Ultimately, the CBN allotted N1.09 trillion at unchanged stop rates of 15.30%, 15.50%, and 16.04%, reflecting sustained investor confidence at current pricing levels.
MarketForces Africa also reported that the CBN launched an OMO auction on Tuesday, offering N600 billion across the 173-day and 182-day papers. The auction attracted N3.77 trillion in bids, with N2.98 trillion allotted, representing a bid-to-cover ratio of 1.3x. OMO bills with 173 days to maturity cleared at 20.54%, while the 182-day tenor was priced at 20.55%.
A second OMO auction conducted the next day featured another N600 billion in offer across 174-day and 188-day maturities, with N903.35 billion allotted at stop rates of 20.45% and 20.54%, respectively.
Fixed-income analysts at Cordros said next week’s market performance will be influenced by the outcome of the Monetary Policy Committee (MPC) meeting scheduled for November 24–25, where they expect a further 100 basis-point reduction in the MPR to 26.0%.
Cowry Asset analysts added that liquidity conditions are expected to remain slightly positive due to an OMO maturity of N489.37 million and coupon inflows of N15 billion from FGN bonds.
Despite that, the Treasury bill market may open slightly bearish as investors adjust to last week’s yield movements, particularly in the absence of fresh primary market issuance.
With month-end drawing closer, portfolio managers may become more active in the mid-curve—especially on March and April maturities—as they position for liquidity needs tied to cyclical cash demands.
If you’ve ever wondered how people get those steady, short-term returns without tying their money down for years, you’ve probably heard someone mention commercial papers. They sound a bit intimidating at first—like something only treasury managers touch in suit-and-tie boardrooms—but honestly, they’re far more accessible than most people realize.
And in a country like Nigeria where financial markets sometimes feel like shifting sand, a dependable instrument with clear timelines can be a breath of fresh air. So let’s talk about how commercial papers (CPs) actually work, who issues them, why investors like them, and—most importantly—how you can invest in them without getting lost in jargon.
So, What Exactly Are Commercial Papers?
Think of a commercial paper as a short note a company writes to investors saying, “Borrow us money for a few months; we’ll return it with interest.” No collateral. No long stories. Just the company’s reputation, financial strength, and credit rating standing behind that promise.
In Nigeria, these papers usually run between 90 and 364 days, which is why they fall under money market instruments. They don’t stay around long—like those seasonal fruits in the market, once they’re out, they’re out.
Most CPs are issued at a discount. Meaning you pay less today and receive the full value at maturity. Some others use implied yield, which calculates the exact return you’ll get at the end. Companies with stronger balance sheets tend to offer slightly lower yields, while businesses with weaker ratings bump their rates up to attract investors. It’s a bit like airlines offering cheaper fares if you’re willing to fly at odd hours.
Who Usually Issues Commercial Papers in Nigeria?
Not every company can issue CP. It’s mostly the big players—the ones with solid credit, steady cashflow, and long track records. You’ll typically see:
FMCG and manufacturing companies
Industrial giants
Telecoms
Oil & gas servicing firms
Agriculture and agro-processing companies
Non-bank financial institutions
Some familiar names include Dangote Cement, MTN Nigeria, Flour Mills, Lafarge, BUA, and Nigerian Breweries. Every now and then, you’ll see a mid-sized company too, especially those approved under the FMDQ CP Programme.
Who Buys Commercial Papers?
Mostly the big institutional investors—PFAs, insurance firms, asset managers—because CPs help them match short-term liabilities. But regular individuals invest too, especially high-net-worth investors or people who work with good brokers.
Typical buyers include:
Pension Fund Administrators
Asset management firms
Insurance companies
Banks and microfinance firms
Corporate treasurers
Wealthy individuals
You don’t need to be “wealthy wealthy,” though. You only need the right broker and the right minimum entry amount (which varies depending on the issuer).
Why Investors Love CPs
Honestly, commercial papers sit in that sweet spot between “safe” and “rewarding.”
Here’s why:
They offer higher returns than savings accounts or fixed deposits.
The duration is short, so your money isn’t trapped for years.
They usually have lower volatility than corporate bonds.
The risk tends to be moderate if the company has a strong rating.
They’re great for keeping your portfolio liquid.
A lot of people use CPs as a parking space for funds while waiting for bigger investment opportunities—almost like keeping your money in a safe room where it still earns good interest.
Where Do You Even Find Information About CPs?
This is where many beginners get stuck. They hear about CPs but don’t know where the data lives. Thankfully, you don’t need to know anybody “inside” the financial world.
Some reliable sources include:
1. FMDQ Securities Exchange
This is the official marketplace for commercial paper quotations. You can find:
New CP listings
Maturity dates
Discount rates and yields
Credit ratings
Total issuance amounts
Just visit their site and search by issuer, tenor, or rating.
2. Investment Banks and Issuing Houses
Firms like:
Stanbic IBTC Capital
Chapel Hill Denham
Coronation Merchant Bank
Afrinvest
Meristem
CardinalStone
They often send out CP prospectuses and market briefs.
You can even set Google Alerts for “commercial paper Nigeria.”
Before Investing: The Key Risks You Should Understand
Even though CPs feel safe, they’re not risk-free. And it helps to understand the moving parts.
1. Credit Risk
If the issuer’s business unexpectedly struggles, repayment could be affected. It doesn’t happen often with big names, but it’s still something to evaluate.
2. Liquidity Risk
CPs are not always easy to resell. Many investors simply wait till maturity since the secondary market isn’t very active.
3. Market Risk
If interest rates shoot up suddenly, newer CPs will offer better rates, making older ones less attractive.
4. Regulatory Risk
Policy changes can shake things up—especially for sectors like manufacturing or oil services.
How Issuers Are Evaluated
Investors often review:
Credit ratings from Agusto & Co, GCR, or DataPro
Liquidity metrics like cash ratios
Leverage ratios such as debt-to-equity
Cashflow strength—is the company generating enough cash to repay?
T-bill rates—CPs often pay more than treasury bills
You don’t need to be a financial analyst to understand these. Many brokers summarize the key points in terms anyone can understand.
So How Do You Actually Invest in Commercial Papers?
Here’s the part most people are waiting for. It’s not complicated at all.
1. Make sure you have a CSCS account
You’ll need a CHN (Clearing House Number). If you don’t have one, just open an account with a broker or asset manager—they’ll create it for you.
2. Ask about available CPs
Your broker or asset manager will give you a list of open CP offerings.
3. Pick your preferred tenor
Shorter or longer? 90 days? 180 days? 364 days?
Choose based on your cashflow needs.
4. Check the rates
You can choose:
Discount rate
Implied yield
Some investors go straight for the highest yield; others focus on the issuer’s reputation. It depends on your risk appetite.
5. Review the issuer’s ratings and financials
At least glance through the summary:
Is the company stable?
What’s their rating?
Have they issued CPs before and repaid successfully?
6. Fund your account and make the purchase
Your broker executes the transaction. You’ll receive a contract note confirming your investment.
Some CP Examples From November 2025
Here are real offerings that closed recently—just to give a sense of the rates out there:
Daraju Industries
270 days at 18.55% discount / 21.50% implied yield
364 days at 18.38% discount / 22.50% implied yield
Dangote Cement
181 days at 16.10% discount / 17.50% implied yield
265 days at 18.69% discount / 19.00% implied yield
Miskay Boutique International
180 days at 19.85% discount / 22.00% implied yield
270 days at 20.74% discount / 24.50% implied yield
360 days at 21.01% discount / 26.50% implied yield
As you can see, yields differ sharply depending on the issuer’s credit profile.
However, if you’re the type who needs cash available at any moment, or you worry about company risk, or you prefer long-term investments like real estate or stocks, then CPs might feel a bit restrictive.
But for many Nigerians—especially working professionals and business owners—commercial papers offer a calm, stable corner of the financial market where your money works quietly and steadily. And honestly, who doesn’t need a little stability now and then?
As the Premier League prepares for the 2025–26 season, new data shows a significant divide in squad-building strategies across the league, with some clubs banking heavily on youthful energy while others rely on veteran stability. Chelsea tops the list with the youngest squad, averaging 23.4 years.
The Blues’ emphasis on youth development is so pronounced that Raheem Sterling (30) is the only player aged above his twenties, placing the club firmly at the forefront of long-term squad planning.
Sunderland follows closely with an average squad age of 24.2 years. The newly promoted side blends young talent with experienced figures such as Granit Xhaka (32) and Arthur Masuaku (31). Analysts increasingly view Sunderland as one of the league’s most intriguing developmental projects.
Other top-tier clubs like Tottenham Hotspur (24.5) and Arsenal (24.7) also appear on the younger end of the list, reflecting ongoing rebuilds designed around speed, versatility, and long-term squad cohesion.
Meanwhile, Manchester City and Brentford, each averaging 25.0 years, maintain balanced squad structures that combine emerging prospects with seasoned leaders—a strategy that has proven effective for clubs seeking both stability and competitive edge.
At the opposite end of the spectrum is Fulham, which holds the league’s oldest squad at 27.5 years, signalling a preference for established performance and veteran influence.
The 2025–26 season thus divides the league into two broad squad-building approaches: – Clubs prioritising youth, development, and future competitiveness – Clubs leaning on experience to deliver immediate consistency
Below is the full ranking of Premier League squads by average age:
The Federal Government has confirmed that the first 47-kilometre stretch of the Lagos–Calabar coastal highway will be opened to motorists in December 2025.
Minister of Works, David Umahi, announced the timeline on Sunday during a site inspection, stating that the opening would take place between December 12 and 17 as part of the administration’s plan to accelerate the project’s delivery.
Umahi noted that both the government and the project contractor remain committed to ensuring that the initial segment of the 750-kilometre road—which cuts across nine coastal states—is completed and made accessible before the end of next year.
“This project must be delivered. We are working under the president’s directive to ensure the carriageway is opened by December. We have aligned with the contractor, and that is our target. Our focus is providing full access from channel 0 to channel 47, extending to channel 55,” the minister said.
He added that while work will continue beyond the December opening, Section 1 and part of Section 2 are scheduled for completion by April 2026, excluding the bridges, which fall under the Section 2 contract.
The minister also addressed the legal dispute involving Winhomes Global Services Limited, led by Stella Okengwu, whose claims suggested the road project encroached on a residential development. Umahi disclosed that the court had dismissed her suit for lack of merit, clarifying ownership and the status of the contested land.
According to Umahi, Okengwu claimed publicly that the project was diverted through a multibillion-dollar residential estate, but court filings revealed that Winhomes had already sold the land in question to third parties. This, he said, undermined the company’s basis for litigation.
He explained: “The court determined that Mrs Okengwu and Winhomes lack the legal standing to file the suit because they admitted in their own documents that they no longer owned the land. The case was struck out for failing to disclose a reasonable cause of action.”
The minister accused Okengwu of disseminating misleading narratives aimed at discouraging investors from working with Nigeria. “She has made several false claims and has been aggressive in her attempt to discredit the administration’s efforts. The court has now confirmed that her allegations were baseless,” he said.
Umahi urged the public to disregard online reports relating to the allegations made against the highway project.
The confirmation of the December opening marks an important milestone for the Lagos–Calabar highway, a flagship infrastructure project intended to enhance mobility, foster trade, and link Nigeria’s coastal states through a modern transportation corridor.
Fresh findings from BudgIT’s 2025 State of States publication reveal that Nigerian states collectively owe contractors and retirees a total of N1.06tn, even though the federation witnessed unprecedented revenue inflows in 2024.
The report shows that unpaid contractor bills reached N434.87bn, while outstanding pension and gratuity obligations hit N626.81bn, highlighting ongoing fiscal pressures across state governments despite surging federal allocations and rising internally generated revenue.
According to the data, 30 states recorded outstanding obligations to either retirees or contractors during the 2024 fiscal year. Of these, 26 states owed contractors, while 27 states were behind on pensions and gratuities.
Only Borno, Kano, and Nasarawa were listed as having cleared both categories, making them the three states without any outstanding liabilities in 2024. At the top of the debt chart was Kaduna State, which accumulated N139.36bn in unpaid contractor bills and pension arrears—the highest among all states.
Kaduna’s total includes N56.07bn owed to contractors and N83.29bn in pending pension and gratuity payments. Ogun State ranked second with N107.18bn, consisting of N81.54bn in pension arrears and N25.64bn owed to contractors.
Benue State, in third place, reported N99.68bn in combined arrears, split across N27.42bn owed to contractors and N72.25bn in pension obligations. Edo State followed with N95.46bn, driven by N37.54bn in contractor bills and N57.92bn in unpaid pension liabilities.
Close behind was Enugu State, posting a total of N90.18bn, made up of N54bn in contractor debts and N36.18bn in pension arrears. Other states with significant backlogs include Imo (N57.25bn), Akwa Ibom (N43.71bn), Delta (N42.35bn), Oyo (N41.97bn), and Plateau (N40.98bn)—with Plateau owing N16.03bn to contractors and N24.95bn to pensioners.
Collectively, these top 10 states are responsible for nearly half of the national arrears burden.
At the lower end, Kano and Nasarawa maintained clean records with no arrears, while Lagos State, with only N48.74m owed to contractors and no pension debts, ranked as the third-lowest. Other states with minimal liabilities include Ebonyi (N88.89m), Borno (N1.10bn), Jigawa (N1.79bn), and Katsina (N2.22bn). The list continues with Yobe (N3.99bn), Ondo (N4.77bn), and Kogi (N6.52bn).
BudgIT noted that the analysis covered 35 states, excluding Rivers State, whose audited accounts were unavailable following its 2024 budget nullification amid political tensions.
The report explained: “Due to the situation in Rivers State, the government did not publish an audited financial statement for 2024. Additionally, with the Federal High Court voiding the state’s 2024 budget, any reporting under that budget is considered invalid. Therefore, Rivers State was exempted from this edition.”
Beyond contractor and pension liabilities, states also owe N33.74bn in salary claims, N62.33bn in judgment debts, and N73.25bn in other financial obligations.
BudgIT cautioned that if left unresolved, these accumulated debts could damage fiscal stability at the state level, stall infrastructure projects, and erode trust—especially among retirees reliant on timely pension payments.
Despite the financial strain, states received record FAAC allocations in 2024, rising to N11.38tn, up from N5.4tn in 2023, largely due to subsidy removal and exchange-rate reforms. However, the report noted that the failure to clear arrears stemmed from states prioritizing recurrent expenditure over debt settlement, alongside rising personnel costs and increasing political commitments.
Paystack, one of Africa’s leading fintech companies, has terminated the employment of its co-founder and chief technology officer, Ezra Olubi, following allegations of sexual misconduct involving a junior employee.
The dismissal, announced by Olubi in a personal blog post on Saturday, November 23, 2025, comes after public accusations and the resurfacing of explicit tweets from 2009 to 2013, which critics said reflected predatory tendencies.
Olubi claimed he was fired before the company’s investigation was concluded and that he was not given a chance to respond to the allegations. “My legal team is now reviewing the process that led to my purported termination, including its consistency with internal policies,” he wrote.
Paystack, acquired by Stripe in 2020, has not issued a public statement regarding Olubi’s removal. Observers say any legal challenge could force further disclosure about the company’s internal processes and highlight governance issues in Africa’s tech ecosystem.
The incident has reignited calls for stronger workplace ethics, leadership accountability, and robust sexual harassment reporting mechanisms within African startups.
For now, Paystack faces uncertainty over reputational and operational impacts as it navigates the fallout from losing one of its founders under contentious circumstances.
John David, a cybersecurity expert and CEO of Data Addicts LLC, has urged Nigeria to adopt a technology-driven, sovereign approach to tackling its complex security challenges. Speaking on the need for modern security collaborations, David, a US army veteran, highlighted threats ranging from terrorism and cross-border crime to cyber attacks, stressing that traditional approaches are no longer sufficient.
“The Nigerian government recently outlined its terms for future foreign security assistance, signalling a move towards more sovereign and strategic engagements,” David said. “While international support, particularly from partners like the United States, is welcome, it must align strictly with national priorities.”
He explained that the new policy framework demands partnerships that prioritise capacity-building, intelligence-sharing, and technological empowerment, ensuring that external involvement strengthens Nigeria’s ability to lead on security matters.
David noted that nations must retain control of their security systems while leveraging advanced technology to improve resilience. His firm, Data Addicts, is positioning itself to support African governments with data analytics, cybersecurity frameworks, and digital threat-tracking tools to accelerate responses and fortify national defenses.
As Nigeria asserts greater control over its security architecture, David said the future lies in smart, sovereign, and tech-enabled partnerships that empower local agencies and promote long-term stability.
US President Donald Trump has criticised the Nigerian government over what he described as the country’s failure to stop attacks targeting Christians, warning that continued violence could lead to the withdrawal of American financial support. Trump made the remarks in an audio message aired on Fox News Radio’s The Brian Kilmeade Show on Friday.
“I think Nigeria is a disgrace. The whole thing is a disgrace. They are killing people by the thousands. It is a genocide, and I am really angry about it,” Trump said, adding that the crisis went largely unnoticed until he raised the alarm. He accused Nigerian authorities of being ineffective in curbing the violence and said the US may stop subsidies if the killings continue.
Trump previously designated Nigeria a Country of Particular Concern over the alleged attacks, claiming that Christianity is “facing an existential threat” in the country. He warned that if the government fails to halt the violence, the American response would be “fast, vicious, and sweet.”
The comments prompted the Nigerian government to send a delegation to the United States for consultations. US Defence Secretary Pete Hegseth met with Nigeria’s National Security Adviser, Nuhu Ribadu, urging decisive action to protect vulnerable communities. US Congressman Riley Moore also met with the delegation in Washington, DC, describing discussions as “frank, honest, and productive,” focusing on counterterrorism and the protection of civilians.
The Nigerian delegation included Minister of State for Foreign Affairs Bianca Ojukwu, Inspector General of Police Kayode Egbetokun, Attorney General of the Federation Lateef Fagbemi, Chief of Defence Staff General Olufemi Oluyede, and Chief of Defence Intelligence Lt. Gen. Emmanuel Undiendeye, among others.
