Friday, December 19, 2025
Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 3

Tinubu Grants NRCRI Patent For Turmeric Tea Production

Tinubu Appoints Mandate Secretaries For FCTA

President Bola Ahmed Tinubu has granted the National Root Crops Research Institute, Umudike, Abia State, a Certificate of Patents for the production of three varieties of tea derived from turmeric rhizomes and leaves.

The patent follows a recent technological breakthrough by the institute in the formulation and production of turmeric-based tea products. The Executive Director and Chief Executive Officer of NRCRI, Professor Chiedozie Egesi, confirmed the development to journalists in Umuahia on Monday.

According to him, the patent certificate was presented to the institute by the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, SAN, in line with the provisions of the Patent and Design Acts, CAP 344, Laws of the Federation of Nigeria 1990.

Professor Egesi described the approval as a landmark achievement, noting that it represents formal legal recognition of the institute’s innovation and reinforces its commitment to scientific research, agricultural value addition and the commercialisation of indigenous crops.

He said turmeric, widely known for its medicinal, antioxidant and immune-boosting properties, has been transformed by NRCRI researchers into novel tea variants with potential health and economic benefits. He added that the research was led by Dr Rachel Majekodunmi Omodamiro and her team.

Egesi stated that the innovation is expected to create new enterprise opportunities, strengthen Nigeria’s herbal wellness and nutraceutical industry and contribute to national economic growth. He added that the patent is another step towards positioning Nigeria as a hub for bio-innovation, natural products research and high-value utilisation of root and tuber crops.

He congratulated the research team and said the federal government’s recognition of the breakthrough reflects the growing strength of Nigeria’s innovation ecosystem and the potential of local crops to drive sustainable development.

The National Root Crops Research Institute has the statutory mandate to conduct research on the genetic improvement, production, processing, storage and utilisation of root and tuber crops, including yam, cassava, sweet potato, cocoyam, ginger, taro, sugar beet and rizga.

The institute also undertakes national and international research collaborations, short-term training programmes and agricultural extension services in partnership with agencies such as the National Agricultural Extension Research and Liaison Services and State Agricultural Development Projects within the Southeast agro-ecological zone.

Insomniaq Debuts This December As Quickteller’s Bold New Music And Culture Experience

NIS Deploys Advanced Technology At 144 Border Points To Curb Cross-Border Crimes

The Nigeria Immigration Service has deployed advanced technology across 144 border points nationwide as part of efforts to combat migrant smuggling and other cross-border crimes.

The Comptroller-General of the Nigeria Immigration Service, Mrs Kemi Nandap, disclosed this on Monday at the NIS headquarters in Abuja during the flag-off of the 2025 Anti-Smuggling of Migrants Day, held to mark International Migrants Day. The event was organised under the theme “Smuggling of Migrants: Emerging Trends, Realities and National Response.”

Nandap expressed concern that human traffickers and migrant smugglers are increasingly adopting sophisticated methods, including encrypted messaging applications, falsified travel documents and coordinated evasion techniques, to avoid detection by security agencies. She described the growing sophistication of organised smuggling networks as disturbing and unacceptable.

According to her, Nigeria’s position as a country of origin, transit and destination for migrants makes it imperative for the Service to respond decisively to emerging threats. She said the activities of smuggling networks pose serious risks to human lives, national security, border integrity and public safety.

The Comptroller-General assured that the Service remains committed to dismantling all identified smuggling networks and bringing perpetrators to justice. She said this resolve has informed the deployment of cutting-edge technologies at the country’s border points and the strengthening of partnerships with both local and international stakeholders.

Represented at the event by the Deputy Comptroller-General in charge of Works and Logistics, Mrs Ada James Umannah, Nandap said the Anti-Smuggling of Migrants Week would focus on awareness creation, solidarity and renewed commitment to the global fight against migrant smuggling.

She explained that the choice of theme reflects the need to confront the evolving nature of irregular migration and intensify efforts against criminal networks that exploit vulnerable individuals. She noted that smugglers now rely heavily on digital platforms for recruitment and deception, operate complex transnational routes and expose migrants to grave dangers, including trafficking, extortion, sexual exploitation, violence and death.

Nandap said the Service has enhanced surveillance along Nigeria’s land, sea and air borders through technology-driven solutions, including a central Command and Control Centre, the Migration Information and Data Analysis System, Advanced Passenger Information Systems, Passenger Name Records, e-gates at international airports and Huawei-powered e-border solutions deployed nationwide.

She also highlighted ongoing collaboration with regional and international organisations such as ECOWAS, the African Union, the International Organization for Migration, the United Nations Office on Drugs and Crime, ICMPD, FIIAPP and FRONTEX. According to her, these partnerships support capacity-building, data sharing, joint investigations and safe return programmes.

The Immigration chief added that the Service would intensify community and institutional sensitisation on the dangers of irregular migration, noting that many migrants are lured by false promises of jobs and opportunities abroad. She said awareness campaigns target youths, students, National Youth Service Corps members, transport unions and other groups across the country.

Nandap disclosed that more than 200,000 corps members were sensitised during the 2025 campaign, alongside extensive nationwide outreach. She said the messages focus on the tactics used by smuggling networks, digital recruitment schemes, fake job offers and the importance of using safe, orderly and regular migration channels when travelling abroad.

Senate Warns Against Multiple Budget Implementations

Abia Enacts Startup Law To Position State As South East Tech Hub

The Abia State Government has enacted a new law aimed at positioning the state as a major hub for technology and innovation in the South East.

Governor Alex Otti assented to the Abia State Startup Law 2025 this week, following its passage by the State House of Assembly. The legislation domesticates the Nigerian Startup Act of 2022 at the state level and provides a legal and regulatory framework to support technology-enabled businesses operating within Abia.

The Commissioner for Information, Okey Kanu, disclosed the development on Monday while briefing journalists in Umuahia after a meeting of the State Executive Council. He said the law is designed to stimulate innovation, attract investment and nurture digital talent as the state works to diversify its economy beyond traditional sectors.

According to Kanu, the law applies to companies with significant operations in Abia as well as startups that are formally recognised and labelled under the national Startup Act. He added that the framework is expected to create a more enabling environment for tech-driven enterprises to grow and thrive in the state.

Alongside the new startup law, the state government is advancing plans to introduce electric buses as part of a broader push toward cleaner and more efficient urban transportation. Kanu said the initiative is being implemented under the Abia Transport Transformation Project, a state-owned electric mass transit scheme.

He explained that the first phase of the project will involve the deployment of about 100 electric buses, with an initial batch of 20 vehicles already delivered in November. Another 20 buses are expected to arrive early next year. Each bus has a seating capacity of 40 passengers and can travel up to 400 kilometres on a single charge.

State officials said the buses are custom-built for Abia and fitted with modern safety and comfort features, including surveillance cameras, charging ports, disability access, emergency exits and fire extinguishers. When fully rolled out, the project is expected to place Abia among the first states in Nigeria to adopt electric buses for public transportation, reflecting growing interest in cleaner energy solutions amid rising fuel costs and environmental concerns.

Kanu also outlined other initiatives approved by the State Executive Council. He said the state will unveil its Abia 25-Year Development Plan on Tuesday at the International Conference Centre in Umuahia, with development partners, traditional rulers and local government officials expected to attend.

In the health sector, he announced the commencement of the Abia Global Medical Mission, which began on Monday and will run through December 20, offering free advanced medical services at designated centres across the state. He also disclosed that 850 young people will graduate this weekend from the second cohort of the Abia Techrise ICT Training Programme, bringing the total number trained in 2025 to nearly 1,400.

As the festive season approaches, the commissioner said road rehabilitation projects are ongoing across the state, while security agencies have been placed on heightened alert to ensure public safety.

FAAC Allocates N1.928 Trillion To FG, States, And Local Governments For November 2025

Bandits Use Advanced Tech To Evade Surveillance, Says Minister

Suspected Bandits Kill MACBAN Leaders In Nassarawa

Minister of Communications, Innovation and Digital Economy, Bosun Tijani, has revealed that bandits operating across Nigeria deploy advanced technology to communicate and evade security surveillance.

Tijani made the disclosure during an interview on Channels Television’s Politics Today, where he explained that tracking the communications of criminal groups is more complex than many people assume.

According to the minister, bandits use sophisticated methods that make it difficult for security agencies to trace their locations. He said the criminals deliberately route their phone calls through multiple telecommunications towers to confuse monitoring systems and frustrate surveillance efforts.

Tijani noted that this discovery influenced the Federal Government’s decision to invest in telecommunications infrastructure in remote and underserved areas. He said the criminals often operate in locations with limited network coverage because it supports their tactics.

He added that the government is responding by strengthening Nigeria’s digital and surveillance capacity, including plans to upgrade the country’s satellite systems to improve security monitoring nationwide.

The minister stressed that the situation highlights the urgent need for greater investment in telecommunications infrastructure, pointing out that Nigeria’s capacity remains far below global standards. He said while countries like China have more than four million 5G towers, Nigeria currently has about 40,000 towers.

His comments come amid a renewed wave of insecurity in several parts of the country, particularly in the northern region. In recent weeks, bandits have abducted schoolchildren in Niger and Kebbi states, while attacks on churches and communities have been reported in Kogi and Kwara states.

The rising incidents of abductions and killings have triggered public outrage, with the Nigeria Labour Congress announcing plans for a nationwide protest on December 17 to demand improved security and better protection of lives.

FAAC Allocates N1.928 Trillion To FG, States, And Local Governments For November 2025

ATC 3.0: Experts Say Poor Adoption Slowing Nigeria’s Tech Progress

Experts in the technology sector have identified low adoption as the biggest obstacle to technological advancement in Nigeria, despite the growing availability of digital solutions across industries.

They made this known in Abuja at the official launch of Abuja Tech Converge 3.0, tagged ATC 3.0, themed “Beyond Buzzwords: Demystifying Emerging Tech for Real Impact.” The event was organised in partnership with OCP Africa.

Speaking at the event, Head of Digital at OCP Africa, Akintude Akinwande, said developing digital technologies capable of helping businesses and industries thrive in Nigeria is not the real challenge. According to him, the major difficulty lies in getting people to adopt and use these solutions.

He explained that many developers have successfully built innovative tools across sectors, but convincing Nigerians to embrace and apply them remains a persistent hurdle. Akinwande stressed that this challenge is particularly evident in agriculture, where technology could significantly improve productivity.

He noted that Nigeria’s average fertiliser usage remains below 30 kilograms per hectare, far below the global benchmark of about 300 kilograms per hectare in more advanced agricultural economies. According to him, closing this gap will not be achieved through increased supply alone but by building demand and helping farmers understand the productivity benefits.

Akinwande said technology, including artificial intelligence, can easily be developed to support farmers, but ensuring that such tools reach farmers and are actively used is where the real work lies. He added that helping farmers recognise the value of productivity-driven practices is critical to addressing broader agricultural challenges.

Also speaking at the event, Chief Executive Officer of Thrive Agric, Uka Eje, said Abuja Tech Converge 3.0 was designed to highlight technology as a driver of real impact, job creation, and skills development within the ecosystem.

Eje noted that job creation remains a core focus, adding that the organisation trains and deploys young people to bridge the significant employment gap in Nigeria and across Africa. He said empowering young people with relevant technology skills is essential to ensuring that innovation translates into sustainable economic growth.

El-Rufai Dismisses Claims On 2027 Presidency As Fake

Makinde Tasks Tech-U On Research And Industry Partnerships For National Growth

Okada Ban: "We Will Regulate Not Ban Okada" - Seyi Makinde

Oyo State Governor, Seyi Makinde, has urged Abiola Ajimobi Technical University, Ibadan, also known as Tech-U, to leverage its location along the emerging Rashidi Ladoja Circular Road industrial corridor to deliver research-driven solutions that support development in Oyo State and Nigeria.

The governor made the call at the institution’s 2024/2025 convocation ceremony, where he was represented by his deputy, Bayo Lawal. He said the university’s proximity to expanding industrial hubs creates strong opportunities for collaboration between academia and industry, particularly as development progresses along the Circular Road.

Makinde noted that Tech-U is well positioned to build partnerships that can translate research into practical solutions for the state and the country. He stressed the importance of strengthening the relationship between the university and its host community, adding that the institution should be known as a centre for problem-solving research, entrepreneurship, and industrial growth.

He assured the university of the state government’s continued support, especially in addressing funding and infrastructure challenges. The governor also advised graduating students to remain curious, courageous, and law-abiding, urging them to apply the knowledge and character gained during their studies to make meaningful contributions to society. He said Oyo State and Nigeria are counting on them as future innovators, creators, and leaders.

On campus safety, Makinde disclosed that the state had deployed the Amotekun security outfit and constructed perimeter fencing to improve security at the university. He said these efforts, alongside patrols and collaboration with other security agencies, have helped ensure a safer learning environment.

The governor listed other interventions by the state government, including the ALGON Scholarship Programme, the allocation of a newly built primary healthcare centre to serve the university community, and the rehabilitation of internal roads. According to him, these measures have contributed to a reduction in theft and vandalism on campus.

Earlier, the Vice-Chancellor, Professor Adesola Ajayi, praised the state government for its support but appealed for increased funding and infrastructure to cater to the institution’s growing student population. He said several programmes are still operating in shared and inadequate facilities, noting that laboratories, workshops, lecture halls, and studios require significant expansion to meet modern teaching and research standards.

Ajayi disclosed that 183 students graduated from the Faculties of Natural and Applied Sciences, Engineering and Technology, and Environmental Sciences and Management, including 50 who earned First Class honours. He urged the graduands to uphold integrity, responsibility, and innovation as they prepare to take on leadership and problem-solving roles in society.

ICT Stocks Power NGX Rally As Market Capitalisation Hits N18.6trn In 2025

Pencom Warns Retirees As Scammers Target Pension Payments

The National Pension Commission has raised the alarm over a surge in fraudulent activities targeting retirees under the Contributory Pension Scheme, warning the public to be vigilant against scammers posing as commission staff.

PenCom said criminal elements have developed new tactics aimed at deceiving unsuspecting retirees by offering to fast-track pension payments in exchange for money. According to the commission, the fraudsters typically contact retirees through phone calls or messages, introduce themselves as PenCom officials and request that money be paid into personal bank accounts.

The commission described such claims as false and dangerous, stressing that no PenCom staff member is authorised to demand or receive payment from retirees for any service. It explained that all legitimate pension payments are processed strictly through Pension Fund Administrators and paid directly into retirees’ Retirement Savings Accounts.

In a statement titled “Beware of Scammers!”, PenCom said fraudsters posing as its staff often ask for gratification to facilitate pension payments, a practice it said does not exist within the commission. It reiterated that all payments due to retirees under the Contributory Pension Scheme are handled only by Pension Fund Administrators and credited directly to individual RSAs.

PenCom advised retirees and the general public to remain cautious and to seek clarification directly from the commission whenever they are in doubt, warning that anyone requesting money to process pension payments is a scammer.

Enugu Approves Construction, Reconstruction Of 1,022 Urban Roads

Blackout Fears Grow As Gas Shortfall Hits Power Stations

Electricity

Nigeria’s power sector is facing renewed pressure, raising fears of widespread blackouts during the Yuletide, as gas suppliers have begun cutting supplies to electricity generation companies over unpaid debts and pipeline disruptions.

Electricity distribution companies across several regions confirmed a noticeable decline in power availability, attributing the situation to gas constraints affecting thermal power plants and resulting in reduced generation on the national grid.

On Tuesday, the Enugu Electricity Distribution Company (EEDC) alerted customers across the South-East to the development, citing low system frequency caused by inadequate gas supply to generation companies. The shortfall, EEDC said, had compelled the Transmission Company of Nigeria (TCN) to implement load shedding.

In a statement signed by its Group Head, Corporate Communications, Emeka Ezeh, EEDC explained that the reduced generation had significantly affected energy allocation to its network, leading to lower daily service levels for customers served by its franchise operators—MainPower, TransPower, FirstPower, NewEra and EastLand.

“The recent drop in power supply availability is due to low system frequency occasioned by gas constraints affecting the generation companies,” the statement said. “This development has necessitated the load shedding of available energy by the Transmission Company of Nigeria.”

EEDC added that industry stakeholders were working to resolve the challenge and restore normal supply, while apologising to customers for the inconvenience.

Similarly, the Port Harcourt Electricity Distribution Company (PHED) issued a notice to customers, attributing ongoing load shedding across its franchise areas to poor generation and reduced allocation from generation companies. The utility appealed for patience as efforts were underway to improve output.

Generation companies have confirmed that gas supply constraints are directly impacting operations. The Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji, disclosed that gas producers had begun cutting supplies due to mounting debts owed to them.

Nigeria experienced prolonged power outages in the first quarter of 2024 after gas suppliers halted deliveries to thermal plants over unpaid obligations. Although government intervention temporarily resolved the crisis, gas producers have since complained of continued supply without corresponding payments.

In a bid to address the liquidity crunch, the Federal Government on December 4, 2025, approved N185 billion for the settlement of outstanding debts owed to natural gas suppliers. The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, announced the approval in a statement issued by his media aide, Louis Ibah, noting that it was granted by the National Economic Council, chaired by Vice President Kashim Shettima.

However, the reasons gas suppliers proceeded to cut supplies despite the approval remain unclear. Efforts to obtain comments from the spokesman of the Minister of Power, Adebayo Adelabu, were unsuccessful as of the time of filing this report.

With generation constrained and distribution under strain, power supply remains unstable in many parts of the country, heightening concerns over sustained outages unless the gas-to-power liquidity crisis is urgently resolved.

Pipeline Vandalism Worsens Situation

Meanwhile, the Nigerian Independent System Operator (NISO) said electricity generation on the national grid had dropped following gas supply disruptions caused by vandalism of upstream gas pipelines.

In a statement signed by its management, NISO disclosed that the incident disrupted gas supply to several gas-fired power plants, forcing them to operate at significantly reduced capacity and leading to a sharp decline in available generation nationwide.

“The Nigerian Independent System Operator wishes to inform the general public and sector stakeholders that electricity generation on the national grid has dropped due to gas supply constraints arising from a reported incident of gas pipeline vandalisation,” the statement said.

NISO noted that the incident underscored the vulnerability of Nigeria’s power sector, where over 80 per cent of grid-connected generation capacity depends on natural gas. The operator said it had activated contingency measures to maintain grid stability, including increased dispatch from hydroelectric stations, generation re-dispatch, voltage control interventions and other operational adjustments.

The system operator added that it was closely monitoring grid conditions and working with stakeholders across the electricity value chain to mitigate the impact of the disruption, warning that the timing was particularly concerning as electricity demand typically rises during the festive season.

ICT Stocks Power NGX Rally As Market Capitalisation Hits N18.6trn In 2025

ICT Stocks Power NGX Rally As Market Capitalisation Hits N18.6trn In 2025

ICT stocks on the Nigerian Exchange emerged as one of the strongest performers in 2025, with sharp share price gains and a significant expansion in market value underscoring rising investor confidence in the sector.

Covering fibre optics, computer hardware, electronic payments, and voice and broadband services, technology companies have become a major force on the Exchange. The combined market capitalisation of performing ICT stocks rose by 58 per cent year on year to N18.61 trillion in November 2025, compared with N11.7 trillion in November 2024, placing the sector firmly in the spotlight.

Beyond share price appreciation, the firms provide critical digital infrastructure that supports banking, manufacturing, retail and services, reinforcing their relevance to the wider economy. Spread across large-, mid- and small-cap segments, several of the stocks are listed on flagship indices such as the Premium Board and the NGX 30, meaning their performance increasingly influences movements in the broader All-Share Index.

Of the nine ICT stocks listed on the Exchange, seven posted positive returns between January 1 and November 30, 2025. With the number of shares outstanding largely unchanged, rising prices translated directly into higher market capitalisation. The combined market value of these stocks stood at N11.77 trillion at the end of November 2024 and climbed to N18.61 trillion by November 2025.

MTN Nigeria accounted for the largest share of the gains, with its market capitalisation rising from about N3.5 trillion to roughly N9.8 trillion. Airtel Africa followed with a market value of around N8.5 trillion, up from N8.1 trillion. Among mid- and small-cap stocks, eTranzact’s market capitalisation increased to N132.9 billion from N69.0 billion, while CWG expanded to N45.3 billion from N14.5 billion. Chams Holdings, NCR and Omatek closed November 2025 with market values of N19.6 billion, N5.9 billion and N3.4 billion respectively.

Share price performance over the period showed particularly strong gains. NCR (Nigeria) led the sector, with its stock surging by 993 per cent from N5.00 to N54.65 per share. MTN followed with a 135.3 per cent increase to N531.70, while CWG gained 133 per cent to N17.95. eTranzact rose by 122.31 per cent to N14.45, Chams Holdings gained 61.2 per cent to N2.95, Omatek advanced by 60.27 per cent, and Airtel Africa added 5.24 per cent.

Market analysts attributed the rally to a combination of favourable macroeconomic conditions and the growing importance of ICT services. Muktar Mohammed, chief executive of Asher Investment Ltd, said a relatively stable exchange rate in 2025 provided a supportive backdrop, while the expanding role of technology firms, particularly in the banking sector, helped attract investor interest.

Samuel Oyekanmi, research and insight lead at Norrenberger Financial Group, said higher tariffs boosted profitability for some major players and also lifted sentiment across several mid- and small-cap ICT stocks. Both analysts agreed that ICT companies remain central to key sectors of the economy and continue to command increasing attention from investors on the Nigerian Exchange.

Insomniaq Debuts This December As Quickteller’s Bold New Music And Culture Experience

Davido, Omah Lay Top Spotify’s Most Shared Nigerian Song Of 2025

Spotify To Lay Off 6% Of Its Employees

Singer and songwriter David Adeleke, popularly known as Davido, and Omah Lay have emerged with the most shared Nigerian song of 2025 on Spotify, following the success of their collaboration, “With You”.

Spotify, in its 2025 Wrapped data for Nigeria, revealed that the track was the most forwarded and reposted song across private messages, group chats and public social media platforms during the year. According to the streaming platform, the ranking highlights the role of music as a powerful social connector among Nigerians, where songs are often used to communicate emotion and presence without words.

Spotify noted that the trend reflects how Nigerians increasingly use music as a form of digital expression, describing shared songs as a “personal handshake” that conveys thoughtfulness and connection.

Rema’s “Fun” ranked second on the list, driven largely by heavy sharing on Snapchat and Instagram, platforms where music is closely tied to self-expression and identity. Burna Boy’s “Love” followed in third place, gaining widespread circulation across WhatsApp, Instagram stories and Snapchat, with listeners describing the song as one that created shared emotional warmth across digital spaces.

Faith-based songs also featured prominently, with Lawrence Oyor’s “Favour” placing fourth, while “No Turning Back II” by Gaise Baba and Lawrence Oyor ranked fifth. Spotify said the strong showing of gospel tracks underscores the role of spirituality in everyday Nigerian digital life, as the songs were widely shared through WhatsApp groups, SMS messages and social media stories for encouragement and reassurance.

The data further showed that social listening features such as Blend, Friends Mix and collaborative playlists transformed music consumption into shared rituals. Jam sessions in Nigeria increased by 145 per cent compared to 2024, as friends, families, partners and even workplaces adopted real-time listening as a bonding activity.

Industry observers said the pattern of music sharing explains why certain songs travel faster than others, noting that Nigerians often share music to feel connected, express identity, uplift one another and reinforce a sense of belonging. Spotify concluded that every forwarded song or shared link in 2025 reflected music’s role as social glue, bridging private and public spaces and weaving individuals into community.

Nigeria’s Inflation Rate Slows To 14.45% In November

El-Rufai Dismisses Claims On 2027 Presidency As Fake

Former Kaduna State Governor, Nasir El-Rufai, has dismissed as false reports alleging that he commented on which region of the country should produce the President in the 2027 general election.

The viral claims, which circulated widely on social media, alleged that the African Democratic Congress (ADC) chieftain had said it was the turn of the South to produce the next president. The reports also suggested that El-Rufai was backing the Labour Party’s 2023 presidential candidate, Peter Obi, ahead of former Vice President Atiku Abubakar.

In a statement issued on Monday via his official X (formerly Twitter) handle, El-Rufai described the reports as “untrue” despite their widespread circulation.

He clarified that he had at no time made such remarks in any of his speeches, media interviews or on his verified social media platforms.

“My attention has been drawn to a trending fake news item alleging that I specified which region of the country should produce the president in 2027,” he said. “This claim is untrue, despite its virality. I did not make such a statement in any of my speeches, interviews or social media posts.”

El-Rufai noted that he maintains verifiable social media platforms where he directly expresses his personal views, adding that it was misleading to attribute to him opinions he did not publicly state.

He also cautioned against ascribing opinion articles written by other authors to him simply because he shared such pieces on his platforms, stressing that doing so amounted to misrepresentation.

“These clarifications are crucial as we confront both irresponsible politicking and the deliberate misuse of social media for the spread of fake news,” he said. “The wilful attribution to me of claims I did not make by fake news platforms is no justification for treating such platforms with any seriousness.”

The former governor urged media practitioners and members of the public to always verify information before publishing or sharing it, warning that society suffers when media leaders and influencers fail to uphold professional standards.

“In this age of turmoil and falsehood, the obligation to verify information before posting or publishing has become more important than ever. In this instance, it appears that some senior editors ignored this duty,” he said.

El-Rufai also called on all stakeholders to act responsibly to curb the spread of misinformation and what he described as irresponsible politicking, stressing that no views should be attributed to him unless they are explicitly expressed on his official social media platforms or during interviews with reputable media organisations.

Nigeria’s Borders Now Better Protected, Says Interior Minister

FAAC Allocates N1.928 Trillion To FG, States, And Local Governments For November 2025

The Federation Account Allocation Committee (FAAC) has disbursed a total of N1.928 trillion for November 2025 to the Federal Government, state governments, and local government councils, the committee confirmed at its December meeting. The session was chaired by the Minister of State for Finance, Dr. Doris Uzoka-Anite.

The total allocation was drawn from gross revenue of N2.343 trillion, generated from statutory revenue, Value Added Tax (VAT), and the Electronic Money Transfer Levy (EMTL).

According to the FAAC communiqué, of the N1.928 trillion shared, the Federal Government received N747.159 billion, states were allocated N601.731 billion, while local government councils received N445.266 billion. Oil-producing states also received N134.355 billion as derivation revenue, representing 13 per cent of mineral revenue.

Before distribution, N84.251 billion was deducted as the cost of revenue collection, while N330.625 billion was set aside for transfers, interventions, and refunds.

The gross statutory revenue for November 2025 stood at N1.736 trillion, lower than October’s N2.164 trillion, reflecting a decline of N427.969 billion. From this, N59.993 billion was deducted as the cost of collection, and N273.925 billion allocated for transfers, interventions, and refunds, leaving N1.403 trillion for distribution among the three tiers of government and oil-producing states.

Under statutory revenue distribution:

Federal Government: N668.336 billion

States: N338.989 billion

Local governments: N261.346 billion

Oil-producing states (derivation revenue): N134.355 billion

VAT and EMTL allocations

The communiqué showed that VAT revenue dropped to N563.042 billion in November from N719.827 billion in the previous month, a decrease of N156.785 billion. From the VAT collection, N22.522 billion was deducted as collection costs, and N54.682 billion went to transfers, interventions, and refunds. The remaining N485.838 billion was distributed as follows:

Federal Government: N72.876 billion

States: N242.919 billion

Local governments: N170.043 billion

From the Electronic Money Transfer Levy (EMTL), a total of N43.400 billion was shared:

Federal Government: N5.947 billion

States: N19.823 billion

Local governments: N13.876 billion

Meanwhile, N1.736 billion was deducted as collection costs and N2.018 billion allocated for transfers, refunds, and savings.

The FAAC communiqué also noted a moderate increase in excise duty, but several major revenue lines recorded declines, including Petroleum Profit Tax, Hydrocarbon Tax, Company Income Tax (both upstream and general), Capital Gains Tax, oil and gas royalties, import duties, CET levies, VAT, EMTL, and other fees.

FAAC meetings determine the monthly allocation of federally collected revenues among Nigeria’s three tiers of government. Between January and July 2025, Nigeria’s 36 states cumulatively received N4.43 trillion, with oil-producing states accounting for about 35 per cent of total disbursements.

During this period, the top five recipient states were:

Delta – N50.70 billion

Lagos – N41.84 billion

Rivers – N41.65 billion

Bayelsa – N41.52 billion

Akwa Ibom – N40.39 billion

Among the top ten, the least recipient was Edo State with N17.84 billion, reflecting the continued impact of oil revenue and the 13 per cent derivation principle.

FAAC allocations remain a critical mechanism for ensuring fiscal balance across federal, state, and local governments while supporting development and governance priorities nationwide.

Nigeria’s Borders Now Better Protected, Says Interior Minister

Senate Warns Against Multiple Budget Implementations

The Nigerian Senate has raised concerns over the Federal Government’s multiple budget implementations within the 2025 fiscal year, describing the practice as unacceptable to Nigerians.

Senators from the Committee on Finance highlighted the issue during a session with the federal government’s economic management team on the 2026-2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). Sen. Danjuma Goje said the cycle of multiple budget rollovers must end, urging normalisation from next year. Sen. Oyewumi Olalere stressed the need for realistic budget proposals to prevent non-implementation from spilling into subsequent years.

Senators Victor Umeh and Ireti Kingibe questioned why the federal government had not addressed gaps in revenue targets despite borrowings approved by the National Assembly. Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, explained that while the 2024 budget revenue targets had been met, the 2025 projections had not. Out of the projected N40 trillion for 2025, only N10 trillion was realised, leaving a shortfall of N30 trillion and forcing the rollover of 70 percent of capital projects to 2026.

Chairman of the Committee, Sen. Sani Musa, assured that budget projections and implementation would return to normal in 2026. He said a three-man ad hoc committee would work with the minister and Accountant-General of the Federation to ensure local contractors for 2024 projects are paid before December 31.

Musa urged the Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, to achieve the targeted N35 trillion revenue for 2026. Adedeji noted that FIRS collected N20.2 trillion in 2024 and N25.2 trillion in 2025, with previous collections used to cover shortfalls from past budgets.

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, and the Minister of State for Petroleum, Sen. Heineken Lokpobiri, defended the parameters set for the 2026-2028 MTEF and FSP, which include 1.84 million barrels of oil production per day, a $64.85 oil price benchmark, and an exchange rate of N1,512 to the dollar.

Equity Investors Gain ₦3bn As NGX Edges Higher

Naira Strengthens As CBN Boosts Forex Supply Amid 15% Market Drop

The naira strengthened across foreign exchange markets on Monday after the Central Bank of Nigeria (CBN) injected $250 million into the official window, addressing a 15% drop in foreign exchange inflows. The previous week had seen the naira lose N3 per dollar transaction as supply tightened.

The CBN sale of $250 million to authorised dealer banks helped ease pressure in the currency market, pushing the naira up by 0.18% to ₦1,451.82/$ at the official window. During Monday’s trading, the naira touched an intraday high of ₦1,455 and a low of ₦1,450. In the parallel market, the naira rose to ₦1,477/$ as market sentiment improved across both official and informal FX channels.

Last week, mixed performances were recorded in both segments. The official rate depreciated slightly by 0.28% to ₦1,454.41/$1 from ₦1,450.42/$1, while the parallel market appreciated to ₦1,485/$ from ₦1,495/$. The spread between official and parallel markets narrowed to ₦30.59/$ from ₦44.57/$.

Analysts attributed the decline in inflows to a 15% drop in the Nigerian Foreign Exchange Market, from $844.7 million to $716.3 million week-on-week. Foreign portfolio investors accounted for 32.98% of inflows, exporters 30.84%, the CBN 17.36%, non-bank corporates 16.94%, while individuals and others made up the remainder.

Oil market developments also weighed on the naira last week. Brent crude fell 4.05% to $61.17 per barrel, hitting the lowest levels since October 2024, amid oversupply concerns and expectations that US output would peak at 13.61 million barrels per day by the end of 2025 before slightly easing in 2026. OPEC projected global oil consumption to rise by 1.4 million barrels per day in 2026, primarily in non-OECD markets. Geopolitical events, including the US seizure of a Venezuelan tanker and ongoing Ukraine conflict negotiations, had minimal impact on prices, reinforcing supply fundamentals as the key driver.

Brent crude has traded at a year-to-date average of $68.40 per barrel, 14.34% below 2024’s $79.85 average, while Bonny Light closed at $63.74, down 3.09% on the week.

Federation Account Inflows Rise To N23.06trn In 2025 — RMAFC

Equity Investors Gain ₦3bn As NGX Edges Higher

The Nigerian Exchange (NGX) recorded a soft rally on Monday as investors reacted to continued disinflation across equity and fixed income markets, pushing key indicators up by about ₦3 billion.

The All-Share Index inched up 4.62 basis points, a 0.003% gain, closing at 149,437.88, while market capitalisation rose by ₦2.94 billion to settle at ₦95.27 trillion. Despite the marginal gain, trading remained cautious with total volume and value declining by 3.24% and 54.31%, respectively, as investors focused on selective stocks amid Nigeria’s easing inflation rate of 14.45% in November 2025.

Approximately 553.16 million units valued at ₦13.27 billion were exchanged across 28,907 deals. FCMB led in volume with 16.79% of units traded, followed by ACCESSCORP at 12.39%, CONHALLPLC at 9.27%, FIDELITYBK at 6.53%, and JAIZBANK at 5.42%. VITAFOAM dominated value trading with 13.40% of total trade value. Among top performers, SOVRENINS gained 10%, followed by GUINNESS (+9.96%), MECURE (+9.88%), FIRSTHOLDCO (+9.86%), AIICO (+9.86%), and ALEX (+9.68%). PRESTIGE led losers with a 10% decline, trailed by FTNCOCOA (-8.16%), GUINEAINS (-7.69%), ROYALEX (-7.25%), NB (-6.86%), and TIP (-5.88%).

The market breadth closed positive with 28 gainers against 22 losers. Sector performance was mixed: Banking led with a 0.89% gain, Insurance rose 0.87%, Consumer Goods and Oil & Gas declined 0.79% and 0.05% respectively, while Industrial and Commodities sectors remained unchanged.

LASBCA Defends Partial Demolition Of Oshodi Building

Nigeria’s Inflation Rate Slows To 14.45% In November

Domestic Airfares Increased As Transportation Fare Reduced - NBS

Nigeria’s headline inflation slowed to 14.45 per cent in November 2025, down from 16.05 per cent in October, according to the latest consumer price index report released by the National Bureau of Statistics (NBS) in Abuja. The rate is 20.15 percentage points lower than November 2024, when inflation stood at 34.60 per cent. On a month-on-month basis, headline inflation rose to 1.22 per cent from 0.93 per cent in October, indicating a faster pace of price increases compared with the previous month.

Food and non-alcoholic beverages contributed 7.78 per cent to the headline inflation, followed by restaurants and accommodation services at 1.87 per cent and transport at 1.54 per cent. The least contributors were recreation, alcoholic beverages, and financial services. Food inflation slowed significantly to 11.08 per cent year-on-year, down from 39.93 per cent in November 2024, largely due to the rebasing of the CPI. Month-on-month, food prices rose 1.13 per cent, driven by increases in tomatoes, cassava tuber, periwinkles, ground pepper, eggs, crayfish, melon (egusi), oxtail, and fresh onions.

Core inflation, which excludes volatile farm produce and energy, stood at 18.04 per cent year-on-year and 1.28 per cent month-on-month. Urban inflation was 13.61 per cent, while rural inflation was 15.15 per cent year-on-year. Among states, Rivers recorded the highest year-on-year headline inflation at 17.78 per cent, followed by Ogun at 17.65 per cent and Ekiti at 16.77 per cent. Plateau had the slowest year-on-year inflation at 9.13 per cent, followed by Kebbi at 10.32 per cent and Katsina at 10.60 per cent. Month-on-month inflation was highest in Bayelsa at 6.58 per cent, followed by Gombe at 5.11 per cent and Edo at 4.45 per cent, while Plateau recorded the slowest at -2.54 per cent, followed by Delta at -2.38 per cent and Kaduna at -2.24 per cent.

Food inflation was highest in Kogi at 17.83 per cent, Ogun at 16.52 per cent and Rivers at 16.11 per cent, and slowest in Imo at 3.52 per cent, Katsina at 3.65 per cent and Akwa Ibom at 4.52 per cent. On a month-on-month basis, food inflation was highest in Yobe at 9.52 per cent, followed by Katsina at 6.61 per cent and Ondo at 6.04 per cent, and slowest in Imo at -6.49 per cent, Nassarawa at -5.48 per cent and Enugu at -2.54 per cent. The CPI rebasing raised the index to 130.5 in November 2025 from 128.9 in October, updating the base year from 2009 to 2024 and using 2023 as the reference year for expenditure weights to reflect more current consumption patterns.

Nigeria’s Borders Now Better Protected, Says Interior Minister

Insomniaq Debuts This December As Quickteller’s Bold New Music And Culture Experience

Quickteller, one of Africa’s leading digital payments platforms powered by the Interswitch Group, has announced the launch of InsomniaQ, a first-of-its-kind, all-night music and entertainment experience set to elevate Lagos’ iconic December experience. The maiden edition will run from the evening of December 21 into the early hours of December 22, 2025, at the Ballroom of the Lagos Continental Hotel, Victoria Island.

InsomniaQ promises a 12-hour non-stop entertainment event offering various performances and activities all night long, in line with the body’s natural rhythm. 

Created to capture the vibrancy and cultural energy that define Lagos in December, InsomniaQ is positioned to become Africa’s newest must-attend December destination. The concert blends diverse African soundscapes, creative expression, and immersive lifestyle experiences, offering a night curated for music lovers, diaspora returnees, cultural enthusiasts, and everyone drawn to the city’s festive season.

More than a concert, InsomniaQ represents a new cultural moment, one that celebrates the richness, depth, and diversity of African talent. With a lineup cutting across contemporary and alternative genres, the festival aims to introduce a bold, fresh, and unforgettable experience within Lagos’ already vibrant entertainment landscape.

Speaking on the purpose and vision behind InsomniaQ, Olawale Akanbi, Divisional Head, Growth Marketing (Quickteller Ecosystem) Interswitch, noted;

“InsomniaQ is an invitation to celebrate African creativity in a way that feels bold, fresh, and true to who we are. Quickteller has always been an essential part of the experiences people value, and this festival brings that connection to life in an entirely new dimension. As Lagos welcomes friends, family, and visitors from around the world each December, we are proud to introduce a platform that showcases our music, our culture, and the vibrant energy that defines this season.”

Through Quickteller, Interswitch continues to champion initiatives that go beyond digital transactions to enrich the everyday life of millions of Nigerians. InsomniaQ extends this mission by empowering cultural expression, unlocking creative opportunities, and supporting the continent’s growing entertainment ecosystem.

Fans, partners, and stakeholders are encouraged to stay awake as the countdown begins with what promises to be one of the most defining highlights of the entertainment landscape in Lagos during the month of December.

BUA Rewards 510 Long-Serving Employees With N30bn At 2025 Night Of Excellence

Nigeria’s Borders Now Better Protected, Says Interior Minister

FG Declares September 27 Public Holiday

The Minister of Interior, Dr Olubunmi Tunji-Ojo, has said that Nigeria’s borders are now better protected, attributing the progress to President Bola Tinubu’s commitment to strengthening national security under the Renewed Hope Agenda.

Tunji-Ojo asserted on Sunday in Lagos at the Theatre Arts and Motion Picture Practitioners Association of Nigeria (TAMPAN) Professional and Empowerment Summit 2025. The event, themed “The Right Man in Governance: Advancing Mr President’s Renewed Hope Agenda,” also saw the minister honoured as TAMPAN Man of the Year in recognition of his performance in office.

Represented at the summit by a former Ondo State Commissioner, Mr Dayo Awude, the minister said the Ministry of Interior has recorded significant improvements since the inception of the Tinubu administration. He listed prison reforms, strengthened border security architecture, the deployment of electronic gates at major airports and innovations in passport administration as key milestones.

According to him, the ministry has also cleared about 200,000 passport application backlogs, a development he described as a major boost to public confidence in public service delivery.

“The passport issue is just one example of what people can see and feel. The Honourable Minister has done much more than that,” Awude said. “Today, if you go to airports in Lagos or Abuja, you will find e-gates in operation. You no longer have to deal with unnecessary harassment by immigration officers.

“As long as you are a citizen with a valid passport, you scan it and proceed. That is the way forward. Our borders are better protected today, and our correctional facilities are also better than before. He has performed well across all sectors.”

Responding to questions on the clearance of the passport backlog, Awude said the challenge was inherited from the previous administration but was addressed because it was unacceptable to allow such a situation to persist.

“It was inherited, definitely. Someone did not do the job or did not have what was required to do it. When the current minister came in, he demonstrated that the problem could be solved, and he did just that,” he said.

In his remarks after receiving the award, Tunji-Ojo described members of TAMPAN as the “conscience of the nation” and urged them to be more creative, original and purposeful in their work.

Earlier, the Global President of TAMPAN, Mr Bolaji Amusan, commended the minister for bringing clarity, innovation and renewed focus to the Ministry of Interior. Amusan, popularly known as Mr Latin, said the minister’s reforms had helped to restore public confidence in services that directly affect millions of Nigerians at home and in the diaspora.

According to him, beyond institutional reforms, Tunji-Ojo has demonstrated courage and accountability by insisting on standards and placing national interest above personal or political convenience.

He added that the minister’s performance aligns closely with President Tinubu’s Renewed Hope Agenda, describing it as a practical example of how effective leadership can strengthen institutions and deliver sustainable results.

Amusan also noted that the creative industry is not only a major economic driver but a powerful tool for social reorientation, value projection and national unity, positioning it as a strategic partner in governance and nation-building.

He stressed that the honour bestowed on the minister was neither commercial nor routine, but a rare recognition reserved for individuals whose leadership has made a lasting national impact.

The TAMPAN president urged practitioners in the creative sector to uphold professionalism, unity and higher standards, while aligning their creative output with national development goals.

Highlights of the event included a drama performance by TAMPAN’s national troupe and a colourful parade by members of the association’s state chapters.

Federation Account Inflows Rise To N23.06trn In 2025 — RMAFC

LASBCA Defends Partial Demolition Of Oshodi Building

The Lagos State Building Control Agency has defended its decision to partially demolish a storey building on Oladele Odusanya Street, off Ademulegun Street, Ireakari Estate, Oshodi-Isolo, saying the action became necessary after occupants ignored repeated warnings about the structure’s safety risks.

The agency issued the clarification on Monday amid speculations over the demolition, explaining that the property had been under close monitoring for several months due to its distressed condition.

In a statement signed by its Director of Public Affairs, Adu Ademuyiwa, LASBCA said the building was first inspected after signs of structural weakness were observed, prompting the issuance of an evacuation notice on March 3, 2025.

According to the agency, an engineering assessment revealed serious safety concerns, including a burst water pipe that had continuously soaked the building’s main support pillars, significantly weakening its stability and posing danger to occupants and neighbouring properties.

LASBCA said several follow-up evacuation notices were served over a nine-month period, but residents failed to comply despite repeated engagements aimed at preventing loss of lives and property.

The agency noted that the enforcement exercise aligned with the state government’s mandate to ensure public safety through proactive building regulation, stressing that the demolition was not arbitrary.

“With the building’s condition worsening and occupants declining to vacate, the agency had no choice but to carry out a partial demolition to avert imminent danger,” the statement said, adding that all actions taken followed due process.

LASBCA disclosed that evacuation notices, structural assessment reports and photographic evidence of the building’s compromised state were properly documented before the exercise.

Reaffirming its commitment to public safety, the agency urged residents across Lagos to comply with safety directives and evacuation notices, warning that disregard for such instructions could lead to avoidable tragedies.

Lagos State has witnessed repeated cases of building collapse in recent times, often attributed to non-compliance with safety regulations, poor construction practices and negligence by property owners. In October, a two-storey building reportedly collapsed at 54 Cole Street near Cemetery Bus Stop in the Oyingbo area, trapping an undisclosed number of persons.

Presidency Dismisses Claims Of EFCC Weaponisation Against Opposition

Federation Account Inflows Rise To N23.06trn In 2025 — RMAFC

Nigeria’s Federation Account recorded a significant revenue boost in 2025, with cash inflows reaching N23.06 trillion within the first ten months of the year, representing a 7.6 per cent increase from the N21.43 trillion recorded in 2024, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has said.

The Chairman of the commission, Dr Mohammed Shehu, disclosed this on Monday in Abuja at a two-day National Stakeholders’ Discourse themed “Enhancing Fiscal Efficiency and Revenue Growth under the Nigeria Tax Act, 2025.”

Shehu said the 2025 performance marked a notable improvement on revenues recorded in previous years, including N11.93 trillion in 2023 and N21.43 trillion in 2024. According to him, total gross accruals of N11.93 trillion in 2023 reflected the early impact of fiscal reforms initiated under the current administration.

He explained that inflows rose sharply in 2024 as a result of improved coordination among revenue-generating agencies, stronger audit processes and enhanced compliance mechanisms. These gains, he said, were sustained and exceeded in 2025.

“Accruals for January to October 2025 alone reached N23.06 trillion, surpassing the full-year figures of previous years,” Shehu noted.

The RMAFC chairman attributed the growth to a combination of fiscal discipline, expanded digital revenue tracking systems and reforms that broadened the revenue base across both oil and non-oil sectors. He added that the improved inflows had strengthened statutory allocations to the federal, state and local governments, while reducing revenue volatility and dependence on oil earnings.

Shehu reaffirmed the commission’s commitment to monitoring revenue accruals and safeguarding Federation Account revenues through transparency and accountability measures.

He also disclosed that the Nigeria Tax Act, scheduled to take effect in January 2026, was the outcome of extensive consultations by the Presidential Committee on Fiscal Policy and Tax Reform. He said the committee’s work culminated in four tax reform laws, which received presidential assent in June, aimed at streamlining tax administration, reducing compliance costs and strengthening revenue governance.

According to him, the new Tax Act harmonises previously fragmented tax laws, eliminates duplication, improves the ease of doing business and is expected to create a predictable, transparent and sustainable fiscal environment.

Shehu said the stakeholders’ discourse was convened to deepen understanding of the Act’s implementation and encourage informed engagement, urging participants to interact with experts and help address public misconceptions.

Also speaking, the Minister of Solid Minerals Development, Dr Dele Alake, said the constitutional and statutory mandate of the RMAFC remained central to Nigeria’s peace, stability and governance framework. He noted that the effective implementation of the Tax Act would require close collaboration among all tiers of government, legislative bodies, institutions and the private sector to properly assess fiscal implications and enhance efficiency.

Alake added that the solid minerals sector presents significant opportunities, including for renewable energy development, and assured of the government’s commitment to governance reforms, investment and partnerships to strengthen Nigeria’s fiscal architecture and maximise economic benefits. He was represented at the event by Mr Peluola Olusegun.

In his remarks, the Chairman of RMAFC’s Fiscal Efficiency and Budget Committee, Mr Desmond Akawor, described the Tax Act as a major milestone in Nigeria’s reform agenda. He said the reforms are designed to modernise tax administration, strengthen compliance frameworks, plug revenue leakages and expand the revenue base across all tiers of government.

“For these reforms to achieve their intended outcomes, active participation, cooperation and a shared understanding among all relevant stakeholders are indispensable,” Akawor said.

Meanwhile, the Chairman of the Presidential Committee on Tax Reforms, Mr Taiwo Oyedele, said the new tax reforms are aimed at creating a fairer, simpler and more efficient tax system that supports economic growth and boosts government revenue. He added that from January, Nigerians would no longer be required to pay certain basic taxes, including those related to food, shelter and education, among others.

1234...3,005Page 3 of 3,005
© 2025 - BizWatchNigeria.Ng
BizWatchNigeria.Ng
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.