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Nollywood Leaders Call For Shift From Volume To Value

Film4climate

Leaders in Nigeria’s film and creative sectors have called for a shift from high-volume production to quality-driven content to strengthen Nollywood’s global competitiveness. The statement was made during the 5th Peace Ayiam-Osigwe Digital Content Regulation Conference in Lagos, held in honour of the late filmmaker and industry icon.

The two-day event, themed “From Volume to Value: The Future of Nollywood in the Digital Age,” highlighted strategies to build a knowledge-driven, globally visible film ecosystem. Dr. Shaibu Husseini, Executive Director of the National Film and Video Censors Board (NFVCB), unveiled reforms aimed at improving digital monitoring, compliance, and film classification efficiency. He said approvals now take less than 24 hours, with some processed in as little as five hours, and warned that unclassified online content violates the NFVCB Act.

Representing the Ooni of Ife, Olori Tsemi Tokpe Enitan Ogunwusi stressed that cultural dignity and identity should remain central to Nigerian storytelling. She called for more support for young creatives, stronger intellectual property protection, and expanded digital infrastructure to enhance global reach.

Filmmaker Bolanle Austen-Peters highlighted structural challenges, including limited financing, weak infrastructure, and audience preferences, which push filmmakers toward high-volume production. She said quality content is achievable with stronger planning, script development, and long-term investment.

Ali Nuhu, Executive Director of the Nigerian Film Corporation, representing the Minister of Art, Culture and Creative Economy, reaffirmed government backing for policies promoting digital innovation, AI adoption, and broadband-powered distribution.

Panelists agreed on a unified approach to balance Nollywood’s output with cultural preservation, meaningful value creation, and globally competitive storytelling.

Netflix Invests $1 Billion To Strengthen Mexico’s Film Industry As Nollywood Funding Declines

Tinubu Departs For South Africa, Angola To Attend G20, AU–EU Summits

President Bola Tinubu will today (Wednesday) depart Nigeria for Johannesburg, South Africa, and Luanda, Angola, to participate in two major international summits—the G20 Leaders’ Summit and the AU–EU Summit.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Tuesday evening, noting that the President’s first stop will be Johannesburg for the 20th G20 Leaders’ Summit.

The meeting is scheduled to hold at the Johannesburg Expo Centre from Saturday, November 22, to Sunday, November 23, after which Tinubu will proceed to Angola for the AU–EU Summit slated for November 24–25.

Invited by South Africa’s President and this year’s G20 Chair, Cyril Ramaphosa, Tinubu will join global leaders under the theme “Solidarity, Equality, Sustainability”—the first G20 gathering to be hosted on African soil.

The summit will focus on inclusive and sustainable growth, debt and development financing, disaster-risk reduction, climate action and just energy transitions, food systems, critical minerals, decent work, and artificial intelligence. The Presidency also confirmed that Tinubu will hold a series of bilateral meetings on the sidelines of the G20 in line with the administration’s Renewed Hope Agenda, particularly on issues of regional peace, security and economic development.

The African Union, now a full member of the G20 alongside the European Union, is expected to participate actively in the Johannesburg sessions.

Following the G20, President Tinubu will travel to Luanda to join other Heads of State and Government for the AU–EU Summit, which will bring together leaders, innovators, and development actors to engage on climate cooperation, inclusive growth, infrastructure, digital transformation, the creative economy, manufacturing, and agribusiness.

Tinubu will be accompanied by senior government officials, including the Ministers of Foreign Affairs, Finance and the Economy, Solid Minerals, and Trade and Investment, as well as the Director-General of the National Intelligence Agency.

According to Onanuga, the President is expected to return to Nigeria at the conclusion of both meetings. While this trip marks Tinubu’s third visit to South Africa since assuming office, it will be his first official visit to Angola as President.

UN, World Leaders Demand Accelerated Action On Paris Agreement

UN, World Leaders Demand Accelerated Action On Paris Agreement

The United Nations and global leaders have issued a stark warning that the Paris Agreement is at risk of falling behind the accelerating pace of the climate crisis, calling on governments to intensify implementation and deliver measurable progress.

As the 30th Session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP30 UNFCCC) entered its political phase in Belém, Brazil, pressure mounted on negotiators to move beyond slow deliberations and fast-track a global shift to clean energy. Officials insisted that further delays are no longer acceptable given the scale of climate impacts already unfolding across the world.

UNFCCC Executive Secretary, Simon Stiell, and Brazil’s Vice President, Geraldo Alckmin, led the renewed call for urgency, stressing that the next decade must shift decisively from commitments to delivery. Their remarks follow widespread concern that implementation under the Paris Agreement remains far too slow to match the intensifying risk climate change poses to vulnerable populations and global stability.

Alckmin cautioned that the world had reached a dangerous inflection point, saying incremental progress would no longer protect communities or ecosystems from worsening harm.

“This must be the conference of truth, of implementation, and above all, of responsibility,” he said. “Every decision—political, economic, industrial, or environmental—must preserve the conditions for life on Earth, protect biodiversity, and ensure justice between generations.”

He warned that the era of promises had ended, noting that each fraction of a degree of additional warming threatens lives, widens inequality, and increases irreversible losses for the world’s poorest.

“This COP must mark the beginning of a decade of acceleration and delivery—the moment when rhetoric gives way to concrete action, and when all parties move from setting targets to achieving them,” he added.

Stiell echoed the urgency, urging ministers to avoid pushing critical decisions to the final hours of the conference. “I urge you to swiftly engage with the most challenging issues. When these matters are deferred, we all lose,” he said. “Tactical delays and procedural obstructions are no longer tenable. The time for formal diplomacy has passed. Now is the moment to roll up our sleeves, unite, and deliver.”

Against the backdrop of growing geopolitical tensions and weakened multilateral cooperation, Stiell called for renewed global solidarity. He described the Paris Agreement as “humanity’s only lifeline” for confronting the climate emergency and ensuring that the benefits of climate action are equitably shared.

Brazil used the platform to spotlight its own climate leadership. Alckmin highlighted the country’s status as having the most renewable energy-rich mix among major economies and its pioneering role in biofuels and bioenergy. He also referenced the Belém 4X Commitment—endorsed by 25 countries and international organisations—aimed at quadrupling the use of sustainable fuels by 2035.

Additionally, he announced that Brazil is spearheading efforts to establish the Global Coalition on Regulated Carbon Markets, which seeks to harmonise standards and strengthen the integrity of international carbon trading systems.

FG Appoints Adeyele Iyelolu As Registrar Of Ships

FG Appoints Adeyele Iyelolu As Registrar Of Ships

The Federal Government has appointed Barrister Adenike Adeyele Iyelolu as the new Registrar of Ships for the Federal Republic of Nigeria, following the approval of the Minister of Marine and Blue Economy, Adegboyega Oyetola.

Her four-year appointment was recommended by the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola.

In accordance with the NIMASA Act 2007, the Registrar of Ships reports directly to the Director General for the effective administration of the Nigerian Ship Registry. The Act stipulates that the Registrar must be appointed from among the agency’s staff with the approval of the Minister.

A statement issued by NIMASA’s Head of Public Relations, Edward Osagie, described Iyelolu, currently a Deputy Director at the agency, as a seasoned legal and maritime governance expert with over 25 years of post-call experience. Her professional background spans maritime law, arbitration, procurement, contract administration, corporate governance, and institutional leadership.

Her appointment follows the retirement of the former Registrar of Ships, Barrister Tajudeen Giwa, who exited service after years of meritorious contribution to the nation’s maritime administration.

ASUU Rejects Federal Government’s Proposed Salary Increment

ASUU Rejects Federal Government’s Proposed Salary Increment

Pic.7. Minister of Education, Dr Tunji Alausa (R) and Minister of State for Education, Prof. Suwaiba Ahmad, during a news conference on update of the ongoing negotiations between the Federal Government and the Academic Staff Union of Universities (ASUU ) in Abuja on Wednesday (8/10/25).0049WED/OCT/8/2025/Deborah Bada/JAU/NAN

The Academic Staff Union of Universities (ASUU), Benin Zone, has rejected the salary increment proposed by the Federal Government, describing it as grossly inadequate and incapable of addressing the deep-rooted challenges confronting the nation’s university system.

The Zonal Coordinator of ASUU, Prof. Monday Lewis Igbafen, stated this in Benin during a press briefing on the union’s position regarding the ongoing negotiations with the government.

Igbafen said the proposed salary adjustment amounted to “a mere drop in the ocean” and fell far short of what was required to halt the persistent brain drain affecting Nigerian universities. He expressed disappointment that the government had once again shown “a blatant unwillingness” to holistically address longstanding issues.

“The Federal Government must be serious, for once, about putting these unresolved issues behind us by satisfactorily concluding the renegotiation of the 2009 FGN/ASUU agreement and genuinely addressing all other outstanding matters,” he said.

According to him, the salary and conditions of service remain critical concerns requiring urgent and radical intervention to avert an impending breakdown in the system.

“We have rejected the proposed salary increment because it is incapable of reversing the brain drain syndrome currently bedevilling university education in the country. Enough is enough of the back-and-forth approach to this negotiation. This repeated ‘we are talking with ASUU’ without tangible results must stop,” he added.

Igbafen further lamented that university lecturers have been on the same salary structure since 2009, when the exchange rate was N120 to the US dollar. He noted that, despite significant economic shifts, salaries in other sectors had been reviewed upward multiple times, while those of university academics had remained stagnant.

He warned that the continued delay in conclusively renegotiating the 2009 agreement was worsening the conditions of service for academics and undermining the quality and stability of university education across the country.

UNICEF Demands Immediate Release Of Abducted Kebbi Schoolgirls

UNICEF Demands Immediate Release Of Abducted Kebbi Schoolgirls

Malnutrition Is Rapidly Increasing In Children Says UNICEF

The United Nations Children’s Fund (UNICEF) has called on the Federal Government to secure the immediate release of the 25 schoolgirls abducted in Kebbi State and to fully implement the Safe Schools Declaration amid renewed concerns over attacks on learning environments in Nigeria.

Gunmen on Monday stormed a Government Girls School in Maga, Danko-Wasagu Local Government Area, killing the vice-principal and abducting the students. The incident adds to a growing pattern of assaults on schools across the Northwest.

In a statement on Tuesday, UNICEF Nigeria’s Communication Specialist, Sussan Akila, condemned the attack and described the killing and abductions as a grave violation of children’s rights.

“UNICEF strongly condemns the reported attack on a Government Girls School in the Maga community of Kebbi State, which resulted in the death of the school’s Vice-Principal and the abduction of 25 students,” Akila said. “This tragic incident is yet another stark reminder of the urgent need to protect children, schools, and the personnel they rely upon to learn safely.”

She expressed condolences to the families of the victims and wished the injured a full recovery, while urging the authorities to ensure the swift and safe release of the abducted pupils.

Akila reaffirmed that schools, students, and education personnel are protected under international law and insisted that perpetrators of such attacks must be held accountable under national and international standards.

Referencing Nigeria’s commitment to the Safe Schools Declaration in 2015, she said the framework provides clear steps to safeguard educational institutions and ensure uninterrupted learning during conflict. She stressed the need for full implementation of the declaration.

UNICEF added that it is working closely with government agencies and communities to reinforce child protection systems and strengthen school safety.

“No child should be put at risk while pursuing an education,” the agency stated.

The Safe Schools Declaration, endorsed by 121 countries including Nigeria, is an inter-governmental commitment to protect students, teachers, schools, and universities from the impacts of armed conflict. Despite this, concerns over its implementation persist. In 2021, the House of Representatives resolved to investigate the alleged abandonment of the Federal Government’s Safe School Initiative, including the N500m earmarked for rehabilitating Government Secondary School, Chibok. Later that year, the then Senate President, Ahmad Lawan, criticised the initiative, saying it was designed to fail.

NITEL-MTEL Pensioners Protest 35 Months Of Unpaid Benefits

Pension Assets Hit N26 Trillion As PFAs Boost Investment In Government Securities

Nigeria’s pension fund assets rose to N26.09 trillion at the end of the third quarter of 2025, marking a year-on-year growth of 22.03 per cent. The increase, which amounts to more than N4.71 trillion, reflects higher investment by Pension Fund Administrators in Federal Government securities. This is according to the latest Monthly Industry Report released by the National Pension Commission.

The figures showed that the assets grew from N21.38 trillion in September 2024 to N26.09 trillion in September 2025. Nigeria’s pension fund crossed the N25 trillion mark in July when it closed at N25.79 trillion. It climbed further in August, rising by about N97.88 billion.

Federal Government securities remained the largest investment destination for PFAs. These include bonds, Sukuk, treasury bills and agency securities. According to PenCom, the instruments accounted for about 60 per cent of total pension assets. PFAs increased their exposure to government securities by about N3 trillion within the one-year period. Analysts say this trend reflects confidence in Federal Government instruments as the broader economy faces persistent uncertainties.

Investment in Domestic Ordinary Shares also recorded strong growth. PenCom’s data showed that equity holdings increased by around N1.6 trillion year-on-year. Improved market valuations, better liquidity and fresh investor appetite contributed to the gains recorded in the equities market.

Corporate debt instruments received more attention as well. PFAs allocated more funds to corporate bonds as credit conditions improved for highly rated issuers and activity in the corporate debt market picked up.

The pension sector also recorded growth in Retirement Savings Accounts. RSA membership rose to about 10.9 million due to stricter compliance checks, increased onboarding of private sector employees and improved interest in the rebranded Personal Pension Plan.

The new figures follow an earlier development reported by BizWatch Nigeria in which PenCom confirmed that more than N130 billion of pension funds had been invested in infrastructure. The Commission said the investment was part of a long-term plan to fund critical national projects while safeguarding contributors’ funds.

Industry analysts note that the growth in pension assets suggests a stronger domestic savings base. They add that the increased allocation to government securities and infrastructure could provide the Federal Government with more room to raise capital for development projects.

CBN Conducts Fresh OMO Auction, Mops Up N2.98 Trillion To Curb Excess Liquidity

NITEL-MTEL Pensioners Protest 35 Months Of Unpaid Benefits

Pensioners of the defunct Nigerian Telecommunications Limited and its mobile subsidiary, M-Tel, gathered at the Federal Ministry of Finance in Abuja on Tuesday to protest the non-payment of their pensions and arrears. Many of the protesters are between 65 and 80 years old. They said they have waited more than two decades for full compensation after their disengagement during the privatisation of the telecom company.

The group arrived at the ministry at 9 a.m. carrying placards and calling for the intervention of the finance minister, Wale Edun. They said they had served the country loyally for more than 20 years but were left without financial support after the company was restructured.

Some pensioners said that they have been unable to meet basic needs or seek medical care. A former staff member said he spent many years working for NITEL but is now unable to afford housing or transportation. Another protester, bemoaned many losses as a result of the delayed retirement benefits.

Others described years of writing letters to the Pension Transitional Arrangement Directorate and the Ministry of Finance without receiving a clear response. Many accused both offices of pushing them back and forth without resolving their claims.

One also said pensioners from other defunct government-owned institutions under the Defined Benefits Scheme have been cleared. He listed New Nigerian Newspapers, NICON Insurance, Nigeria Reinsurance, Delta Steel and the Nigerian National Shipping Line as examples. He said NITEL-MTEL retirees are the only group left unpaid.

The protesters revealed that they were owed 35 months of pension and arrears, including a 12.95 per cent increase approved in 2020, a 10.66 per cent adjustment approved in 2015 and the release of a N25,000 palliative for verified pensioners. They also said they were excluded from the N32,000 pension increase approved for all DBS pensioners.

According to another of the protesters, retirees now live on less than N17,000 monthly. He said some widows eat once a day, while others depend on neighbours for food. He added that several pensioners have died while waiting for their benefits.

NITEL and M-Tel were privatised following years of debt and mismanagement. Around 7,000 of the company’s 11,000 workers were laid off during the restructuring. The brand later re-emerged as ntel, a 4G mobile service operator.

A Special Adviser to the Permanent Secretary at the Ministry of Finance, Sheu Garbar, addressed the protesters. He asked them to compile their demands and return for a meeting. However, these protesters indicate little confidence in the promise.

They said the group had received similar assurances in the past without results.

Chartered Institute Of Stockbrokers(CIS) – Highlights From Today’s Special Inductions Ceremony

MAN Raises Alarm Over Rising Energy Costs, Multiple Taxes Hindering Manufacturing Growth

The Manufacturers Association of Nigeria (MAN) has raised concerns over the persistent structural challenges undermining manufacturing growth in the Niger Delta and across the country, warning that high energy costs, poor electricity supply, weak transport infrastructure, escalating logistics expenses, multiple taxation, inconsistent regulatory frameworks, and increasing pressure from host communities continue to stifle industrial productivity.

The association also called on the governments of Rivers and Bayelsa states to fully develop and harness the blue economy, describing it as a strategic gateway for sustainable economic growth. MAN urged both states to strengthen cross-border partnerships with neighbouring regions to boost trade, enhance security, and improve environmental management.

These resolutions were contained in a communiqué issued at the end of the 2025 Annual General Meeting (AGM) and conference of the Rivers/Bayelsa branch of MAN, held in Bayelsa. The meeting, themed ‘Trade, Technology, and the Future of Manufacturing in the Niger Delta’, emphasised the blue economy as a viable pathway to Nigeria’s industrialisation.

The communiqué, signed by the Rivers/Bayelsa Branch Chairman, Vincent Okuku; Vice Chairman and Chairman of the AGM Planning Committee, Michael Nosa Agana; and the Executive Secretary, Chibuzor Eze, underscored the urgent need to strengthen human capital development through technical and vocational training tailored to modern industrial demands.

It added that emerging opportunities in fish processing, seaweed cultivation, ship repairs, and marine technology must be prioritised to reposition the region for inclusive economic growth.

According to MAN, the future of the Niger Delta economy depends on deliberate diversification away from extractive industries. “Technology and innovation, value addition and local processing, strategic infrastructure, and a skilled workforce are essential pillars for the future of manufacturing in the region,” the communiqué stated.

The association further urged governments across the region to intensify support for manufacturing activities, noting that stronger collaboration between public and private sectors is critical for long-term industrial development.

Lagos Set To Host TEDx Admiralty Way 2025 As Conversations On Masculinity Evolve

Lagos Set To Host TEDx Admiralty Way 2025 As Conversations On Masculinity Evolve

LAASG Closes Mile 12, Owode Onirin Markets

Lagos is preparing to welcome speakers, innovators, and advocates as the city hosts TEDx Admiralty Way 2025, an event positioned to examine the changing landscape of masculinity and reimagine traditional perceptions of manhood, organisers announced.

The gathering, scheduled for Wednesday, 19 November 2025, will take place at Filmhouse Cinemas on Admiralty Way, Lekki, where thought leaders from various fields will convene to discuss emotional wellbeing, leadership, and societal transformation.

Anchored on the theme “Transforming Masculinity Through Infrastructure,” the programme seeks to create an open environment where men can discuss vulnerability, develop healthier emotional frameworks, and challenge long-standing stereotypes. Organisers noted that masculinity should not be equated with emotional hardness but seen through the lens of balanced strength, empathy, and intentional living.

The speaker lineup features prominent figures such as H.E. Caleb Muftwang, Governor of Plateau State; Abubakar Suleiman, Managing Director of Sterling Bank; Tunde Onakoya, Founder of Chess in Slums Africa; Dr. Maymunah Kadiri, Consultant Psychiatrist & Emotional Wellness Specialist; Dr. Toyosi Akerele-Ogunsiji, Founder of Rise Networks; alongside various leaders in impact-driven fields.

Commenting on the event’s purpose, the organising committee highlighted the deeper mission behind the initiative:
“This platform is about redesigning the systems that shape boys and men, and helping them rediscover clarity, emotional balance, and purpose. We aim to nurture a generation of men who lead with empathy, accountability, and inclusion.”

The event will include interactive segments, community engagement opportunities, and networking spaces for participants including parents, educators, policymakers, and individuals committed to advancing societal change. Virtual participation will also be available through Quilo for attendees unable to join physically.

TEDx Admiralty Way 2025 is convened by Kelechi Nwaozuzu and Obinna Ukachukwu, with sponsorship from brands such as Cafe One, Filmhouse Cinemas, Sterling Bank, Coca-Cola, Red Bull, Hollandia, and other partners that support conversations aimed at redefining masculinity and inspiring progressive change.

FX Daily: Naira Weakens By ₦5.60 Against Dollar As Demand Persists

Nigeria Records Inflation Relief As Equities Lose Steam Despite Positive Indicators

Inflation Rate Rises To 24.08% - NBS

Nigeria’s economic landscape continued to shift this month as the country posted another slowdown in headline inflation, which eased to 16.05%, a notable drop from 18.02% recorded previously.

The decline, largely influenced by the moderation in energy and food prices, reinforces the emerging trend that inflationary pressures are gradually tapering after months of intense strain on households and the productive sector.

But the encouraging macro data has failed to lift market sentiment. After rallying briefly to 151,000 basis points, the NGX All-Share Index has retreated to about 145,159 basis points, with losses spreading across multiple sectors. Banking stocks have borne the brunt of the downturn as investors cash out from earlier gains and reassess exposure due to tighter liquidity conditions, shifting credit expectations, and evolving interest-rate outlooks.

Key implications of the disinflation trend

  1. Improved Real Yields for Investors
    As inflation cools, investors stand to benefit from better real returns, opening a pathway for more attractive valuations, particularly in dividend-driven blue-chip stocks.
  2. Room for Monetary Policy Easing
    A lower inflation profile provides policymakers with flexibility to gradually relax interest rates—an eventual boost for banks, industrial players, and other sectors sensitive to credit conditions.
  3. Investor Caution Persists
    The market’s retreat in spite of favourable macro conditions indicates caution persists. A meaningful recovery may only emerge when inflation stabilises further and corporate earnings begin to reflect reduced production and financing costs.

What to watch as Q4 earnings approach

  1. Banking – Gradual Accumulation of Strong Players
    Recent sell-offs have created entry points in fundamentally sound Tier-1 banks with robust liquidity and diversified revenue streams.
  2. Consumer Goods – Potential for Margin Expansion
    As food inflation eases, leading consumer goods firms may see improved input cost conditions and volume growth moving into the final quarter.
  3. Industrials – Long-Term Steady Performers
    Cement producers, construction-linked firms, and industrial giants remain supported by ongoing reforms, capital inflows, and infrastructure priorities.
  4. High-Dividend and Defensive Stocks
    Telecom-related and utility-oriented equities continue to offer stability while the broader market recalibrates.
  5. Maintain Strategic Cash Buffers
    Holding liquidity will enable quick repositioning as volatility creates favourable accumulation windows.

As Nigeria approaches the final phase of 2025, the economic narrative increasingly points toward gradual stabilisation rather than accelerated growth. Sustained disinflation and eventual easing of monetary conditions may provide the fuel for equities to rebound toward year-end—particularly if Q4 earnings reveal improving cost profiles and evidence of resilient consumer demand.

Investors who remain selective, disciplined, and responsive to macro signals will be best placed to tap into the next wave of market recovery.

Nigerian T-Bills Yield Holds Above Inflation As Investors Position Ahead Of Auction

Nigerian Exchange Sheds N110bn As Investor Sentiment Weakens

Stock Exchange Closes Trading Week With N30bn Gain

The Nigerian Exchange (NGX) shed more than N110 billion in market value as investor confidence continued to slip, dragging the year-to-date performance down to 40.86%.

The All-Share Index recorded another decline, pressured by losses across major sectoral indices. The persistent retreat highlights the cautious trading stance adopted by investors who are still processing the long-term implications of the recently introduced capital gains tax, despite policy clarifications issued by authorities.

Sentiment remained poor across several blue-chip counters, especially within the financial services sector. The benchmark index dropped by 173.26 basis points, closing at 144,986.51, while total market capitalization dipped by ₦110.19 billion — a 0.12% slide — settling at ₦92.21 trillion.

Stockbrokers confirmed that investors collectively lost about ₦110 billion. Market activity showed a mixed performance: the total traded volume climbed by 5.72%, but the value of trades fell sharply by 45.89%.

Data from Atlass Portfolio revealed that roughly 381.23 million units, valued at ₦16,717.22 million, were exchanged across 21,827 transactions.

TANTALIZER dominated market activity, accounting for 16.08% of total traded volume. It was trailed by STERLINGNG (8.59%), UNIVINSURE (7.69%), VERITASKAP (6.91%), and ACCESSCORP, which contributed 4.23%.

On the value chart, ARADEL took the lead, representing 19.23% of the total transaction value. NCR topped the gainers’ log with a 9.95% jump, closely followed by UPL (+9.80%), TANTALIZER (+9.79%), CAVERTON (+9.57%), UNIONDICON (+9.52%), and UNIVINSURE (+9.24%). More than twenty other stocks also closed in the green.

A separate group of twenty-eight equities depreciated as sell pressure spread across the market. LIVINGTRUST led the losers’ list with a 9.90% decline, followed by MCNICHOLS (-9.00%), LIVESTOCK (-7.75%), REGALINS (-6.56%), UPDC (-6.14%), and DAARCOMM (-5.94%).

Consequently, market breadth closed negative, with 26 gainers and 28 losers. Sectoral indices delivered a mixed outcome: Banking, Consumer Goods, and Oil & Gas fell by 0.90%, 0.02%, and 0.04%, respectively, while the Insurance index posted a mild 0.13% uptick.

The industrial goods and commodity indices ended flat. Overall market sentiment remained subdued, mirroring the negative price trend. Although trading volume rose 5.72% to 381 million units, both the volume of deals and total traded value slumped by 21.98% and 45.89%, closing at 21,827 deals and ₦16.71 billion, respectively.

Nigerian T-Bills Yield Holds Above Inflation As Investors Position Ahead Of Auction

Naira Edges Higher As FX Reserves Rise And Market Liquidity Tightens

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira posted a slight rebound against the US dollar at the official market on Monday, supported by an uptick in Nigeria’s external reserves, according to newly released Central Bank data.

The currency’s appreciation remained modest, with trading activity on the parallel market staying largely subdued as market watchers anticipated additional FX liquidity injections from the CBN.

The naira has considerably weakened throughout November, slipping from N1,426 to N1,448 at the official window despite continued FX interventions. Market pressure persisted as the spot rate touched an intraday high of N1,459 — a significant jump from the N1,450 recorded the previous session. Some trades closed at an intraday low of N1,440, unchanged from prior levels.

This trading pattern suggests that the CBN supplied dollars into the official market to prevent the spot rate from breaching its current band.

The forex market eventually closed with the naira settling at N1,447.35 per dollar — a 4-basis-point improvement from Friday’s N1,448.03. In contrast, the parallel market remained unchanged at N1,470 per dollar.

Nigeria’s external reserves increased to $43.971 billion on Monday, up from $43.64 billion, the CBN confirmed.

Meanwhile, global commodity markets saw mixed movement. Oil prices strengthened on Tuesday amid volatile trading as investors assessed the effects of Western sanctions on Russian crude and comments by U.S. President Donald Trump confirming that interviews had commenced for the next Federal Reserve chair.

Brent crude gained 67 cents, or 1.04%, to reach $64.87 per barrel, while U.S. West Texas Intermediate (WTI) crude climbed 88 cents, or 1.47%, to $60.74.

Gold prices also rose from a one-week low, backed by soft U.S. employment figures. Investors monitored the likelihood of a Federal Reserve rate cut in December as multiple U.S. data releases faced delays.

Spot gold advanced 0.81% to $4,077.57 per ounce, while U.S. gold futures saw a marginal increase of 0.04% to $4,075.96 per ounce.

Analysts anticipate continued volatility across commodities, noting that oil prices may face renewed pressure as Russian shipments resume and geopolitical risks persist, while gold could struggle due to a firmer U.S. dollar and reduced expectations of early Fed easing.

Overnight Lending Rate Softens As Liquidity Narrows In Banking System

Nigeria’s Foreign Reserves Surpass $46bn Amid Stronger FX Inflows

Nigeria’s external reserves have climbed beyond the $46 billion threshold, according to Central Bank of Nigeria (CBN) Governor Yemi Cardoso, who delivered the update at a public forum.

Cardoso — represented by Dr. Muhammad Abdullahi, Deputy Governor of the Economic Policy Directorate — made the disclosure during the opening session of the Monetary Policy Department’s 20th anniversary colloquium held at the CBN headquarters in Abuja.

He announced that the reserves have hit a level last recorded in 2018, noting that the volume is capable of financing more than 10 months of import demand. Dr. Abdullahi added that lending rates are likely to ease in the near term as inflation moderates, boosting credit access and supporting stronger investment inflows.

Fresh data published by the CBN showed that the naira weakened slightly by 0.4% at the official window, where the US dollar traded at N1,448.03 on Monday, compared to N1,442.43 on Friday in the Nigerian Foreign Exchange Market (NFEM).

However, the currency appreciated marginally in the parallel market, gaining N2 to close at N1,455 on Monday from N1,457 the previous trading day. The rise in reserves, which has now reached $46.7 billion, has been linked to recent Eurobond issuances by the federal government and improved foreign exchange inflows.

October 2025 emerged as the strongest month for FX inflows since May, supported by better macroeconomic stability and heightened interest from offshore investors seeking opportunities in Africa’s largest economy.

Despite the improvement in inflows, Foreign Direct Investment (FDI) numbers dipped by 25% month-on-month to $222 million, underscoring persistent structural hurdles such as insecurity and policy inconsistencies that continue to discourage long-term capital.

Updated figures from the CBN portal further indicated that total external reserves stood at $43.971 billion as of November 17.

Nigerian T-Bills Yield Holds Above Inflation As Investors Position Ahead Of Auction

PDP Crisis Worsens As Wike-Backed Faction Expels Makinde, Turaki, Others

PDP Reverses Fayose, Other Members Suspension

The internal crisis within the Peoples Democratic Party (PDP) intensified on Tuesday after a faction of the National Executive Committee (NEC), led by Alhaji Abdulrahman Mohammed, announced the expulsion of key party leaders, including Governors Seyi Makinde of Oyo, Bala Mohammed of Bauchi, and Dauda Lawal of Zamfara.

The group also declared the removal of the party’s newly appointed National Chairman, Senator Tanimu Turaki, alongside Board of Trustees Chairman, Senator Adolphus Wabara, and Deputy National Chairman (South), Taofeek Arapaja.

Others affected by the expulsion include South-South Caretaker Committee Chairman Emmanuel Ogidi and several additional party figures, all accused of engaging in anti-party activities.

Tensions escalated earlier in the day when factions loyal to Makinde and Mohammed clashed with another bloc aligned with the Minister of the FCT, Nyesom Wike, as both attempted to hold separate meetings at the PDP national headquarters in Abuja.

Senator Samuel Anyanwu, the embattled National Secretary, disclosed the decisions while presenting the communiqué of the contentious 103rd NEC meeting convened by the faction.

He stated that the factional NEC affirmed the expulsions, citing alleged violations of court rulings that have thrown the party into disarray.

According to Anyanwu, the actions of the expelled members — including organizing and participating in what he described as an illegal and unauthorized convention — resulted in heightened confusion, factional divisions, and the defection of several governors and lawmakers.

He further explained that the acting National Chairman’s report identified breaches of Articles 58(1) and 59(1), encompassing anti-party actions, failure to comply with court orders, and conduct that brought the PDP into public disrepute.

Anyanwu said the NEC authorized disciplinary proceedings against several prominent figures, including Adolphus Wabara, Olabode George, Ben Obi, Kabiru Tanimu Turaki (SAN), Bala Mohammed, Oluseyi Makinde, Dauda Lawal, Taofiq Arapaja, and Setonji Koshoedo, among others.

The NEC also directed Chief Ali Odefa to refund all salaries and allowances received after his expulsion on December 12, 2024.

Furthermore, the faction endorsed the dissolution of party State Executive Councils in Bauchi, Oyo, Zamfara, Yobe, Lagos, Edo, and Ekiti.

Caretaker committees are to be appointed immediately to oversee fresh congresses, with the Edo State executive led by Nosa Ogieva declared the only valid structure.

The NEC also ordered deputy officeholders in all affected National Working Committee (NWC) positions to assume acting roles and continue as substantive NWC members.

Additionally, the faction formally confirmed Alhaji Mohammed Abdulrahman as Acting National Chairman of the PDP.

The legal department and NWC were instructed to initiate constitutional processes to reclaim seats held by all elected officials who have defected, in accordance with Sections 68(1)(g) and 109(1)(g) of the 1999 Constitution.

The NEC announced a reconciliation initiative aimed at unifying the party without compromising discipline. A nationwide membership audit and revalidation exercise is also set to start ahead of the 2027 elections.

Anyanwu assured party members that the decisions were necessary to restore order, reiterating that the PDP would no longer tolerate indiscipline or disregard for established rules.

Earlier, BoT Chairman Senator Mao Ohuabunwa and Abdulrahman urged members to remain resolute, maintaining that the party would overcome its challenges.

Nigerian T-Bills Yield Holds Above Inflation As Investors Position Ahead Of Auction

CBN Conducts Fresh OMO Auction, Mops Up N2.98 Trillion To Curb Excess Liquidity

The Central Bank of Nigeria (CBN) has drawn nearly N3 trillion from the financial system following its latest open market operations (OMO) sale on Tuesday, as the regulator intensifies efforts to contain rising liquidity pressures across the money market.

During the auction, the CBN offered N600 billion worth of OMO instruments spread evenly across short-dated maturities, a move that coincided with heavy inflows from maturing securities. Investors were invited to subscribe to Nigerian OMO bills with 175-day and 182-day tenors.

With the financial system recording inflows of roughly N1.4 trillion, the apex bank considered the liquidity surge significant enough to warrant another primary market issuance. According to figures from AIICO Capital Limited, excess liquidity in the market has now expanded to N5.4 trillion, driven by a wave of maturing short-term notes.

In the secondary market, OMO yields climbed as portfolio managers reduced their exposures. Conversely, the treasury bills market traded quietly, prompting a general decline in average yields.

Across board, yields compressed by 1 basis point each in the short, mid, and long ends of the curve. The dip was supported by rising demand for the 79-day, 170-day, and 352-day bills.

By contrast, average yields in the OMO segment widened by 6bps, settling at 21.8%, as investors priced in the effect of the fresh supply.

FX Daily: Naira Weakens By ₦5.60 Against Dollar As Demand Persists

Dollar Trades Mixed As Global Markets Brace For Key U.S. Jobs And Inflation Data

BREAKING: US, FG Sign Agreement To Return $23m Abacha-loot

The U.S. dollar moved inconsistently against major global currencies on Tuesday as investors positioned ahead of crucial U.S. labour and inflation data, following weeks of speculation surrounding a potential Federal Reserve rate cut in December.

The euro–dollar pair steadied around 1.16, recovering from a brief dip below 1.15 earlier in November. The greenback also strengthened against the Japanese yen, advancing 0.46% to 155.26, after nearly touching JPY155.5 during early European trading.

Japan’s economy contracted by 1.8% on an annualised basis in Q3 — slightly better than analysts predicted — an outcome that reinforces expectations that the Bank of Japan will continue to avoid aggressive rate hikes. The yen slid to its weakest level in ten months ahead of discussions between Prime Minister Sanae Takaichi and BOJ Governor Kazuo Ueda. Markets expect the meeting to provide clues on how Tokyo plans to manage yen pressures.

In Asia, the Hong Kong dollar slipped to 7.78 per dollar, its weakest level since October 2025. Over the past month, the USD/HKD pair has risen 0.12%, though it remains marginally weaker on a 12-month basis.

Market sentiment now shifts to upcoming U.S. datasets. The Bureau of Labor Statistics (BLS) will release the September jobs report on Thursday, offering fresh insight into labour-market conditions. After previous 50bps rate cuts, Fed officials have signaled that further easing is uncertain given persistent inflation and low unemployment.

ADP’s private sector employment forecast will arrive a day earlier. Historically, ADP readings have closely mirrored BLS data this year. Between June and August, the BLS estimated average monthly private job growth of 29,000, compared to ADP’s 26,000.

For September, ADP anticipates a 29,000 job decline, the largest drop since March 2023, though October saw a rebound of around 42,000.

The BLS is also expected to publish September CPI figures on Friday, which will guide Social Security cost-of-living adjustments and influence Fed expectations.

Meanwhile, Morgan Stanley anticipates the dollar will weaken through mid-2026 before stabilising. The bank projects the DXY index will fall from approximately 99.45 to 94.00 by mid-year as recessionary risks, labour-market concerns, and uncertain Fed policy weigh on sentiment.

In commodities, gold slipped below $4,000 for the first time in a week before reclaiming ground to trade around $4,050 in Europe. U.S. WTI crude (December contract) hovered near the upper end of Monday’s range, attempting to break above $60 per barrel.

Nigerian T-Bills Yield Holds Above Inflation As Investors Position Ahead Of Auction

Nigeria’s Top Corporates Pay N2.55 Trillion In CIT, Nearly Reaching FG’s 2025 Target

Nigeria’s most valuable listed companies — widely known as SWOOTs (Stocks Worth Over One Trillion Naira) — collectively paid N2.55 trillion in company income tax (CIT) within the first nine months of 2025, putting the Federal Government within reach of its ambitious full-year CIT projection of N2.75 trillion.

The figure marks a 63.74% jump from the N1.56 trillion recorded in the same period of 2024, and represents the strongest nine-month CIT performance ever posted by Nigeria’s major corporates.

In fact, the 2024 tax contribution from these elite firms — exceeding N1.6 trillion — was already greater than the entire CIT projection for that year.

These record filings have become the backbone of the government’s non-oil revenue agenda. The 2025 non-oil revenue forecast now stands at N5.71 trillion, up from N3.52 trillion last year. The reported CIT totals do not include expected dividends from state-owned enterprises such as BOI, DBN, and NLNG, implying that actual non-oil inflows could rise even further.

Banking and Energy Drive Tax Performance

Financial institutions and energy producers accounted for the majority of the 2025 surge, boosted by higher interest yields and better crude-oil output.

Top CIT contributors include:

  • Seplat Energy – N469.33bn (+389.51%)
  • Presco Plc – N32.62bn (+314.59%)
  • GTCO – N247.05bn (+197.11%)
  • Access Holdings – N165.44bn (+188.68%)
  • UBA – N167.14bn (+63.40%)
  • Aradel Holdings – N39.99bn (+159.93%)

However, heavily import-dependent sectors struggled:

  • MTN Nigeria’s CIT fell 82.98% to N21.55 billion due to FX losses and naira pressures.
  • Dangote Cement’s CIT dropped 10.37% to N115.39 billion.

Analysts warn that if economic volatility continues, weak-performing sectors could limit overall tax momentum.

Federal Government Sets Bold Tax Ambitions

The government’s 2025 CIT target of N2.75 trillion represents an 87% increase over the previous year. Given that only 22 listed companies have already paid N2.55 trillion in nine months, experts believe the real opportunity lies in capturing revenue from the thousands of unlisted firms currently under-remitting.

Tax expert and convener of Blakey’s National Tax Conference, Mr. Blakey Ijezie, said that tax reforms beginning January 1, 2026, aim to fix long-standing issues such as evasion, underreporting, and leakages.

Key elements of the reform include:

  • Unified tax administration
  • Mandatory TIN for all taxable entities
  • Expansion to digital assets and new income categories
  • 4% development levy on profits
  • Replacement of pioneer incentive with Economic Development Tax Incentive
  • Creation of a Tax Ombuds Office

He noted that the contribution from just 22 companies highlights significant gaps in Nigeria’s broader tax ecosystem.

Experts Call for an Expanded Tax Base

Dr. David Walker Ogogo, founding Registrar of the Institute of Capital Markets Registrars, warned that excessive dependence on a handful of top firms is “unsustainable,” adding that fiscal strategy must shift toward widening coverage rather than overburdening compliant entities.

Mr. Aruna Kebira, CEO of Globalview Capital Limited, emphasized that telecom, industrial, and power-sector firms require targeted government support to reverse their recent tax declines.

Can SWOOTs Hit the Full-Year Target?

Projections suggest that SWOOTs could surpass the government’s target if current trends persist, particularly in banking and energy. However, outcomes will depend on:

  • Exchange-rate stability
  • Lower financing and energy costs
  • Strong final-quarter earnings
  • Enhanced digital tax-tracking tools under the SRGI

The Strategic Revenue Growth Initiative seeks to lift Nigeria’s tax-to-GDP ratio from its current low base to 15% in 2025 and 18% in 2026, with digital enforcement expected to play a decisive role.

Ijezie concluded that while the performance of Nigeria’s top corporates is impressive, long-term stability depends on ensuring that hundreds of other companies begin contributing meaningfully to national revenue.

Oil Slides As Russian Exports Resume, Easing Market Supply Concerns

Chartered Institute Of Stockbrokers(CIS) – Highlights From Today’s Special Inductions Ceremony

The Chartered Institute of Stockbrokers (CIS) held a Special Induction Ceremony at the Institute’s Secretariat in Lagos to formally admit two distinguished professionals into the prestigious community of Chartered Stockbrokers.

The inductees, Mr. Abayomi Samson Oluyomi, Honourable Commissioner for Finance, Lagos State, and Mr. Oluwole Adelaja Adeniyi, Managing Director, Stanbic IBTC were decorated as Associate Members of the Institute (ACS), having successfully completed all requirements, passed the rigorous CIS professional examinations, and fulfilled the mandatory internship supervised by seasoned professionals in the capital market.

The ceremony was chaired by the 13th President and Chairman of Council, CIS, Mr. Oluropo Dada, FCS, who commended both inductees for their remarkable dedication, resilience, and discipline, given their demanding executive roles. He emphasized the significance of integrity in the stockbroking profession and welcomed both men into the global community of Securities and Investment professionals.

The event was attended by Principal Officers of the Institute, Members of the Governing Council, a Past President, senior Fellows of the Institute, staff, and friends and colleagues of the inductees all gathered to celebrate this milestone achievement.

Please join us in congratulating our newest Chartered Stockbrokers, Mr. Abayomi Oluyomi, ACS, and Mr. Wole Adeniyi, ACS.

We wish them continued success as they bring their wealth of experience to enrich Nigeria’s capital market.

FX Daily: Naira Weakens By ₦5.60 Against Dollar As Demand Persists

Oil Slides As Russian Exports Resume, Easing Market Supply Concerns

Crude oil prices continued their downward movement on Tuesday following confirmation that shipments had resumed at a Russian oil facility previously struck by a Ukrainian drone attack.

Brent crude, the global benchmark, fell to $63.31 per barrel, representing a 0.67% decline from the previous close of $63.74. West Texas Intermediate also retreated by 0.72%, settling at $59.27 from $59.70 in the last session.

The resumption of operations on Sunday after a two-day disruption alleviated market fears of prolonged supply shortages, contributing to the latest price pullback.

Last week, Andrey Kravchenko, the head of the Novorossiysk region, confirmed via Telegram that multiple structures and public infrastructure were damaged in a significant Ukrainian drone attack. The assault also hit an oil depot, leading authorities to declare a temporary state of emergency.

Despite ongoing sanctions on Russia, analysts note that Moscow has found several alternative channels to sustain its oil exports, making long-term supply disruptions less likely unless geopolitical tensions escalate further.

Market participants are also closely tracking developments around US monetary policy. The probability of a Federal Reserve rate cut in December has slipped to 43%, according to money market pricing.

The minutes of the Federal Open Market Committee meeting, due Wednesday, are expected to provide additional clues on the Fed’s rate outlook. Any indication of easing could boost energy demand projections and lend support to oil prices.

Week 19 Pool Result For Sat 8, Nov 2025, UK 2025/2026
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