Nigeria’s interbank market closed last week on a mixed note as system liquidity stayed buoyant despite the Central Bank of Nigeria’s (CBN) intensified efforts to withdraw excess cash through market operations.
Financial data indicated that the banking sector’s excess funds, which peaked at about ₦5 trillion during the week, remained robust even after the apex bank conducted two major liquidity-absorbing operations—Open Market Operations (OMO) and treasury bill sales.
By the close of trading, system liquidity stood at ₦3.91 trillion, marking a 58.3% increase from ₦2.47 trillion recorded the previous week. This followed an earlier liquidity surge midweek, when OMO repayments worth ₦1.5 trillion pushed total system liquidity to ₦4.6 trillion.
Despite these tightening measures, banks continued to place surplus funds at the CBN’s Standing Deposit Facility (SDF) window, earning below the borrowing rate. Market analysts at Cowry Asset Management Limited noted that interbank lending activity remained muted, with the Nigerian Interbank Borrowing Rate (NIBOR) closing flat at 24.88%.
The liquidity inflow largely came from maturing OMO and Nigerian Treasury Bills (NTBs) alongside sustained placements by deposit money banks at the SDF window. Liquidity levels improved from ₦3.1 trillion at the start of the week to ₦5 trillion at its peak before closing at ₦3.9 trillion after the CBN’s ₦1.2 trillion OMO auction.
Overall funding conditions remained relaxed, with the average cost of borrowing dropping by four basis points week-on-week. At the end of Friday’s session, the Open Repo Rate (OPR) held firm at 24.50%, while the Overnight Rate (O/N) declined slightly by seven basis points to 24.79%.
The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, on Wednesday welcomed members of the 41 Regular Combatant Course Alumni Association to the Army Headquarters, Abuja, in what became a heartfelt reunion of long-standing comrades bound by service, sacrifice, and shared ideals.
Receiving his coursemates, Lt Gen Shaibu expressed profound gratitude for their solidarity, describing them as “an integral part of my success journey.” He noted that the bond formed at the Nigerian Defence Academy (NDA) has endured the test of time, adding that their collective wisdom continues to strengthen the Nigerian Army’s pursuit of peace and stability.
The Army Chief reaffirmed his commitment to collaborating closely with both serving and retired members of the Course to advance the nation’s security architecture. He disclosed that since assuming office, his colleagues have remained actively engaged in offering insights on tackling emerging threats across the country. He urged them to remain his “eyes and ears,” stressing that their field experience and support are critical to shaping a safer, more united Nigeria.
Earlier, President of the 41 Regular Combatant Course Alumni Association, Major Lancelot Anyanya (Rtd), led the delegation in congratulating Lt Gen Shaibu on his appointment as the 25th Chief of Army Staff. He described the COAS as “a friend, brother and leader whose elevation has inspired immense pride among coursemates,” noting that the 41 Regular Combatant Course represents the pioneering Post-Jubilee Generation Officers of the NDA.
Anyanya praised Shaibu’s exemplary service record and recalled his remarkable leadership since their days at the Academy, where he served as Academy Cadet Adjutant over 30 years ago. He expressed confidence that the COAS would continue to deliver with excellence and commitment in line with the vision of President Bola Ahmed Tinubu, the Commander-in-Chief of the Armed Forces.
The delegation also extended goodwill to the COAS’s wife, Mrs Safiyyah Hassan Shaibu, acknowledging her steadfast support and her leadership role as National President of the Nigerian Army Officers’ Wives Association (NAOWA). They assured the Army Chief of their unwavering backing as he steers the Army toward greater operational effectiveness and national stability.
Google has introduced new AI-powered shopping tools that turn its Gemini model into a digital personal shopper.
The company announced the update on Thursday, describing it as a major step toward what it calls “agentic commerce,” a new phase of online shopping powered by artificial intelligence.
The tools allow users to search, compare, and even buy items automatically. The system can also call nearby stores to check prices and stock levels before completing a purchase.
In AI Mode on Google Search, users can type requests such as “cozy sweaters in warm autumn colors” and receive shoppable images, side-by-side comparisons, and live inventory data from Google’s Shopping Graph, which holds more than 50 billion listings.
Through the Gemini app, shoppers can create lists, compare prices, and follow links directly to retailers. The new “Let Google Call” feature uses the company’s Duplex technology to contact stores, gather information, and return updates by text or email.
Google has also introduced an automated checkout tool that can complete purchases once an item hits a target price. The feature will first work with retailers such as Wayfair, Chewy, Quince, and select Shopify stores.
According to Google, the new updates blend Gemini’s intelligence with years of shopping data to help users find and buy products more easily.
It’s another Thursday for Thursday Chronicles, your weekly dose of laughter, reflection, and survival tales from the grand theatre called life in Nigeria. This week, we’re stepping into a world of lace, gele, and glitter, the place where love becomes a full-blown production and bank accounts quietly weep: the Nigerian wedding.
If you’ve ever attended one, then you know, it’s not just a ceremony. It’s an experience, a spectacle, a national sport powered by emotion, ego, and jollof rice. No one ever plans a “small wedding” in Nigeria. Even the simplest ceremonies end up with live bands, 300 uninvited guests, and an auntie who swears she raised the groom from childhood.
It all begins with the famous Aso-Ebi, that sacred cloth that turns friends into accountants. You’re told, “It’s just ₦25,000,” but by the time you buy the fabric, pay the tailor, and fix the inevitable “style correction,” you’ve spent enough to fund a short vacation. The irony? The more expensive your Aso-Ebi, the higher your chances of leaving the reception without food. It’s one of those Nigerian mysteries that science can’t explain.
Then comes the invitation. The card says 10 a.m. prompt, and you, the punctual, hopeful guest, show up at 10:15, thinking you’re late. Joke’s on you. The decorators are still inflating balloons, the MC is nowhere in sight, and the DJ is shouting “Testing, testing, one-two.” The couple? Still at the makeup studio, three hours away from “I do.” In Nigeria, “prompt” is not a time; it’s a prayer.
By the time the church service starts, the bride’s makeup has entered stage five of survival. The pastor delivers a sermon that sounds like a marriage seminar, quoting Proverbs, Corinthians, and sometimes local proverbs that sound suspiciously made up. Everyone is smiling, but secretly, all eyes are on the clock, and the clock is whispering, “It’s almost time for jollof.”
Ah, the reception. That’s where dignity goes to rest. The hall is decorated like a presidential inauguration, but beneath the glitter is quiet tension; everyone is waiting for food. You’ll see guests pretending to dance near the servers, strategically positioning themselves to “help distribute.” You’ll see aunties carrying takeaway packs like trophies. The DJ plays “Buga,” the MC shouts “Spray the couple!” and somewhere, someone’s gele has given up the fight. It’s beautiful chaos.
Then the money-spraying begins, Nigeria’s most beloved tradition. It’s a shower of naira and ego. One uncle starts with ₦100 notes, then another arrives with fresh ₦500s, and suddenly it’s a competition. The couple dances, the crowd cheers, and the air smells like mint and sweat. The little children become mini bankers, picking up stray notes for “safekeeping.” Everyone is happy, except your wallet.
When the older generation leaves, the real show begins. The after-party is a transformation. The DJ drops Burna Boy, ties come off, wigs loosen, and the atmosphere shifts from “holy matrimony” to “music festival.” The bride, now barefoot, is dancing like she just signed an international deal. The groom, drenched in sweat, is smiling like a man who survived war.
A few days later, you get the classic WhatsApp message: “Hi, dear! Thanks so much for coming. Please send your pictures, and don’t forget to tag us @TheTayoWedding.” You look at the message and sigh, you didn’t eat, you stood for hours, and yet you’re somehow the one being asked for pictures. But you smile, type “Congratulations again, dear,” and keep scrolling. Because deep down, you loved every bit of it.
Nigerian weddings are a perfect blend of stress and joy, chaos and coordination, noise and nostalgia. You’ll spend money you don’t have, wear clothes you can’t breathe in, and dance on an empty stomach, but you’ll also laugh, celebrate, and collect memories that last a lifetime. It’s loud, it’s dramatic, and it’s ours.
So, the next time you find yourself buying another Aso-Ebi or attending a wedding you barely got invited to, remember — you’re not just going for the food or the pictures. You’re going for the culture, the laughter, and that special kind of madness that only Nigerians can create.
That’s it for this week’s Thursday Chronicles, where love is loud, rice is spiritual, and every wedding is a blockbuster. Until next week, may your outfits fit perfectly, your plates be full, and your next wedding experience come with fewer expenses and more food.
Nigeria’s top insurance players were honoured in Lagos at the 2025 Insurance Industry Awards, organised by Almond Productions Limited. The event, tagged “Recharged Edition,” celebrated innovation, resilience, and service excellence across the nation’s insurance sector.
NEM Insurance Plc won General Insurance Company of the Year, while AXA Mansard Insurance Plc took home Life Insurance Company of the Year. Casava Micro Insurance was recognised as Micro Insurance Company of the Year, and SCIB Nigeria & Co. received Insurance Broking Company of the Year.
In the individual categories, Ebelechukwu Nwachukwu, Managing Director and Chief Executive Officer of REX Insurance, was named Insurance Woman of the Year. Enitan Solarin, Managing Director of YOA Insurance Brokers, was awarded Insurance Broker of the Year.
The highlight of the night was the Insurance CEO of the Year award, presented to Kunle Ahmed, Managing Director and Chief Executive Officer of AXA Mansard Insurance Plc and Chairman of the Nigerian Insurers Association (NIA). His leadership was recognised for driving growth and transformation within the company.
Speaking at the ceremony, Faith Ughwuode, Managing Director of Almond Productions, said the awards recorded over 17,000 votes from stakeholders across and outside the insurance industry.
She explained that winners were selected based on financial strength, gross premium income, claims payment performance, corporate social responsibility, and brand visibility. For the individual categories, judges assessed years of service, leadership record, and contributions to industry growth.
The event reaffirmed Almond Productions’ commitment to promoting professionalism and celebrating excellence within Nigeria’s insurance ecosystem.
The High Commission of India in Abuja has deepened cultural relations with Nigeria through a joint film initiative held in collaboration with the Kaduna International Film Festival.
The event, which took place at the Indian High Commission’s Chancery in Abuja, featured short film screenings and a panel discussion focused on creative collaboration between both nations. It brought together diplomats, Nollywood practitioners, cultural enthusiasts, and representatives of the Indian community in Nigeria.
In a statement released on Wednesday, the High Commission said the initiative was designed to promote cultural understanding and creative partnerships between the Indian and Nigerian film industries.
Speaking at the event, Indian High Commissioner to Nigeria, Ambassador Abhishek Singh, said cinema has always played a strong role in connecting both countries. He noted that Bollywood produces about 2,000 films each year, while Nollywood is recognised as the second-largest film industry in the world by volume.
“The Indian community in Nigeria, estimated at over 50,000, continues to play an active role in our cultural exchanges,” Singh said. “We have organised film festivals in different cities to showcase Indian culture and strengthen our friendship.”
He announced that the High Commission will soon launch a new initiative called Bollywood and Yamarita, which will combine film screenings with Nigerian cuisine as a way of celebrating shared creativity.
During the evening, two short films were screened: the Indian production Good Morning and the Nigerian film Not So Long a Letter. The screenings were followed by a panel discussion titled Celebration of Our Rich Cultural Heritage and the Need for Collaboration.
The panel featured journalist Swat Duniah-Adalumo as moderator, alongside filmmaker Dr Ahmed Sarari, actor Francis Duru, and actress Steph-Nora Okere. Discussions centred on how film can foster mutual understanding and expand opportunities for cultural and creative cooperation.
Ambassador Singh also highlighted ongoing efforts to strengthen bilateral cultural relations. He noted that during Prime Minister Narendra Modi’s state visit to Nigeria in 2024, both countries signed a Programme of Culture Cooperation and Exchanges (2024–2029) to support cross-cultural projects and film partnerships.
An MoU on film co-production is currently being reviewed by both governments. Singh also praised Indo-Nigerian filmmakers such as Hamisha Daryani, known for the Netflix hit Namaste Wahala and the 2024 series Postcards.
He added that India’s International Film Festival will hold in Goa from November 22 to 28, 2025, providing a global platform for filmmakers and cinema enthusiasts to share diverse perspectives.
India and Nigeria established diplomatic relations in 1960 and have since maintained strong economic and cultural ties. Bollywood films have long been popular among Nigerian audiences, while Nollywood continues to gain international recognition for its creativity and storytelling.
Businessman working on laptop with PROPERTY MANAGEMENT inscription, new business concept
Industry experts in Africa’s real estate sector have called for greater investment in technology and stronger collaboration to improve community management and property operations across the continent.
The call came at the first edition of the Real Estate Management in Africa (REMA) Conference 2025, held in Lagos under the theme “Structures Beyond Buildings.”
Chude Osiegbu, Convener and Chief Executive Officer of Venco Africa, said the conference was created to address a long-standing gap in the industry. He explained that most real estate events focus on construction and developers, while those managing communities rarely have a platform to share ideas.
“REMA provides a space for operators, stakeholders, and residents to exchange ideas and learn from each other,” Osiegbu said.
He highlighted the importance of digitization to improve facility operations, enhance community safety, and drive sustainability. “We want all stakeholders, including residents, facility managers, and energy and security providers, to understand what it takes to successfully run modern communities,” he added.
Osiegbu said that tools such as internet-enabled access control, app-based billing, and energy monitoring systems are already changing how estates are managed. These technologies improve efficiency and transparency. He acknowledged that new technology can bring challenges but emphasized its potential to make life in communities more seamless.
Ufuoma Ilesanmi, Managing Director of Haven Homes, described digital innovation as one of the most significant changes in Nigeria’s real estate sector.
“Ten years ago, smart home features were a novelty. Today, homes with digital systems sell almost twice as fast,” she said. “Buyers now expect smart access, energy monitoring, and app-based security.”
She added that platforms such as Venco and My Estate App have improved transparency and accountability among developers, facility managers, and residents.
Chijioke Akanno, Head of Technical Forum at UPDC FM, explained how digital systems have reduced inefficiencies in estate management. “Previously, access control could take several minutes, with guards calling residents to verify visitors. Now, it takes less than 30 seconds using QR codes and digital authorization,” he said.
Akanno urged government agencies to integrate smart infrastructure such as panic alarms and emergency systems with public safety services.
Engr. Sheriff Daramola, President of IFMA Nigeria, identified energy as the largest operational cost in estate management. He stressed the importance of integrating renewable energy solutions from the design stage. “Many estates prevent residents from installing solar due to poor planning. Sustainability must start with the building design,” he said.
Similarly, Emad Yassin, General Manager of Provast Ltd, said that building efficiency begins with architecture. “If buildings are designed to maximize natural light and ventilation, energy costs drop automatically,” he noted.
Dr. Roland Igbinoba, President of the Nigeria PropTech Association and moderator of the conference sessions, encouraged stakeholders to invest in the digital infrastructure of African cities. He said technology, data, and collaboration will define the future of real estate management across the continent.
The REMA 2025 Conference, organised by Venco Africa, included participation from MTN, Sterling Bank, Provast, Rana Energy, and the International Facility Management Association (IFMA) as platinum partners.
In an increasingly complex global economy, access to finance remains one of the most pressing issues confronting businesses, particularly in developing markets like Nigeria.
While governments and financial institutions recognise the importance of supporting homegrown enterprises, many businesses — from small-scale start-ups to established corporations — continue to face obstacles in obtaining credit. At the core of these challenges lies the issue of credit risk assessment, a key determinant of how and to whom financial institutions extend loans.
Understanding Credit Risk and Its Broader Implications
Credit risk refers to the possibility that a borrower may default on their financial obligations; a concern that banks must rigorously evaluate before approving any loan. For financial institutions, credit risk assessment goes beyond analysing figures on a balance sheet.
It involves a multidimensional process that combines advanced technology, economic modelling, and human expertise to determine a borrower’s capacity and willingness to repay.
Credit analysts are critical in ensuring that lending decisions are grounded in both data and context. They evaluate business performance, market conditions, and sectoral risks to build a full picture of each applicant’s financial health.
Such detailed assessments not only safeguard banks from losses but also strengthen confidence among borrowers. When lending processes are transparent and reliable, entrepreneurs, especially those in the SME sector, gain greater trust in the financial system, encouraging them to seek legitimate financing to grow their ventures.
Reputation and Capabilities: Key Factors for Lenders
In addition to credit risk, lenders are increasingly scrutinising borrowers’ reputations and operational capabilities in lending decisions. Banks must assess the track records of businesses applying for loans, examining factors such as financial management practices, the quality of their products or services, and their commitment to fulfilling contractual obligations. A solid history of timely repayments, robust financial controls, and a transparent operational structure can greatly enhance a company’s chances of securing funding.
Current Landscape of Non-Performing Loans in Nigeria
Recent Q3 2025 reports indicate stabilisation and improvements in non-performing loans (NPLs) across several Nigerian banks, driven by enhanced recovery initiatives, regulatory reclassifications, and proactive provisioning. While economic pressures such as inflation and FX volatility persist, these developments underscore the importance of robust credit risk management. Notable banks with updated NPL metrics include:
Access Bank: Recorded an NPL ratio of approximately 2.8% in its Q3 2025 financial report, demonstrating superior asset quality and leadership among Tier-1 peers through aggressive loan recoveries and strong coverage.
Zenith Bank: Reported NPLs of around 3.0%, marking a continued decline from prior periods via write-offs and portfolio monitoring, supporting sustained profitability with a ROAE above 25%.
First Bank of Nigeria: Saw its NPL ratio improve to approximately 8.5%, a reduction from earlier highs. However, it remains elevated and highlights the need for ongoing enhancements in risk frameworks and impairment strategies.
Guaranty Trust Bank: Noted an NPL ratio of 4.5%, reflecting positive momentum with improved coverage at 146.9%, even as the loan book expanded 20.5% to N3.36tn.
United Bank for Africa (UBA): Reported NPLs of about 5.6%, maintaining stability amid 10% loan growth and economic headwinds, with coverage at around 58% bolstering resilience.
Ecobank Nigeria: Experienced an NPL ratio of around 5.3% at the group level (proxy for Nigeria operations), benefiting from remediation programs that reduced ratios from 6.7% in December 2024.
Stanbic IBTC Bank: Recorded an NPL ratio of approximately 4.2% in its H1 2025 financial report, with a management target below 5% for the full year, supported by effective write-backs and resilient asset quality amid strong profit growth.
The stabilising NPL landscape across these institutions points to a maturing banking sector response to challenges, with the average NPL rate across Nigerian banks estimated at around 5.0% as of Q3 2025. This progress reinforces the critical role of effective credit risk assessment strategies in maintaining financial stability and fostering long-term economic growth.
While 11 banks exceeded the 5% threshold in April 2025 (pushing the industry average to 5.62%), subsequent reports show stabilisation or declines, with IMF projections at 4.5% (expected to rise modestly). High impairment charges (N1.96tn across the top 8 banks in 9M 2025) signal caution, but effective risk management has mitigated systemic risks.
Rigorous due diligence and “enhanced credit assessments” remain vital, especially for outliers like FirstBank, Access Bank, Uba, and others, but the sector’s average stability (projected ~3.8-4.5% for full-year 2025) suggests improved resilience.
Broader Impacts: Creating a Supportive Ecosystem
In light of this context, the commitment to provide financing for businesses, especially SMEs and local businesses, accelerates local production and boosts home-grown products and services; thereby contributing to the drive for ‘Made in Nigeria’ products – a crucial stimulant for the Nigerian economy. Financial institutions are increasingly aware that supporting local businesses can yield significant economic benefits while ensuring a more robust and resilient banking environment. By dedicating resources to encourage sustainable lending practices, banks can foster innovation and growth among local businesses.
Ultimately, a supportive ecosystem for local businesses, characterised by adequate financing and a commitment to community development, is essential for the overall growth of the economy. As banks navigate the challenges of credit risk assessment, their efforts not only help to sustain individual enterprises but also contribute to the long-term health and prosperity of the national economy.
Nigeria has signed agreements with more than 100 countries to track income earned by remote workers and online professionals, in a move aimed at strengthening tax compliance, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has revealed.
Speaking during a webinar hosted by the National Orientation Agency on Wednesday, themed “Simplifying Nigeria’s Tax System”, Oyedele addressed concerns about taxation in the digital economy, particularly for remote workers earning from international companies.
“Whether you earn your income from Google, or XYZ Limited in the Bahamas, every remote worker in Nigeria is required to declare their earnings. Failure to do so will trigger intelligence-gathering mechanisms once the money hits your bank account,” Oyedele said.
Tracking Overseas Assets
The government already monitors transactions flowing into Nigeria and has leveraged the Common Reporting Standards (CRS) framework to receive data from partner countries on Nigerians with money or properties abroad.
“We see this money coming to your Dollar Bank account. If you put funds abroad, we have agreements with over 100 countries — from Dubai to the US, Canada, and the UK — to provide us with information on assets held by Nigerians overseas,” Oyedele said.
He urged compliance, warning that the government will act against defaulters. “The primary obligation is to do the right thing yourself. If you fail, the government will issue a presumptive assessment, and you will be required to account for it,” he added.
Oyedele highlighted how Nigeria engaged with major technology companies three to four years ago to address discrepancies in Value Added Tax (VAT) obligations between traditional businesses and online platforms.
“If a brick-and-mortar shop sells a phone and charges VAT, why should an online seller avoid it? We engaged these companies, addressed their concerns, and reached agreements. Today, Nigeria is collecting billions of naira from digital platforms without confrontation,” he noted.
Acknowledging inconsistencies in the recently signed tax legislation, Oyedele explained the differing turnover thresholds in the Nigerian Tax Administration Act and the Nigerian Tax Act, which list N100 million and N50 million, respectively.
“This discrepancy arose during gazetting after President Bola Tinubu signed the bills into law on June 26, 2025. Despite spending three months attempting corrections, we have decided to proceed while preparing amendments for next year. The minimum threshold for exemption will be N100 million,” he said.
Oyedele also clarified that Nigeria’s new Capital Gains Tax (CGT) framework will not retroactively tax investment gains earned before 2026. A cost-basis reset and grandfathering clause will ensure that only new profits made after the reform takes effect on January 1, 2026, are subject to the tax.
“The intention is to preserve old gains while applying the tax fairly to new earnings. Let’s move forward so our good becomes better, rather than waiting for it to be perfect,” Oyedele concluded.
The Nigerian Senate has called on the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to urgently review the recently introduced 30 percent Capital Gains Tax (CGT) on large share sales, following a staggering N2 trillion loss at the Nigerian Stock Exchange last week.
The tax, embedded in the newly passed Nigerian Tax Act 2025, increases CGT on share disposals of N150 million and above from 10 percent to 30 percent, with implementation scheduled to begin in January 2026.
Senate Committee Raises Alarm
Senator Osita Izunaso, Chairman of the Senate Committee on Capital Market and Institutions, appealed on Wednesday while presenting a paper titled “Redefining the Rules: The Investment and Securities Act 2025 and the Future of Nigeria’s Capital Market” at the Moneyline with Nancy Investment Forum 2025 in Abuja.
Izunaso warned that the sudden tax adjustment has unsettled investors, triggering panic-driven share disposals that slashed market value by more than N2 trillion within a week. He commended President Bola Ahmed Tinubu for the renewed vibrancy in Nigeria’s capital market since 2023, crediting reforms that stabilized the macroeconomic environment and enhanced policy coherence.
“However, there is something worrisome. The recent development under the Nigerian Tax Act 2025, particularly the increase in Capital Gains Tax on share sales above N150 million, has raised understandable concern among investors. Anticipating this change, major investors have offloaded shares, resulting in a notable decline in market capitalization over the past few days,” he said.
Highlighting the need for balance, Izunaso noted that while taxation is essential for national revenue, fiscal policies must be designed to maintain investor confidence and encourage long-term investment.
“While taxation is essential, it is equally critical that fiscal measures do not inadvertently undermine investors’ confidence or discourage capital formation,” he said.
The Senate Committee plans to engage Minister Edun, urging him to explore mechanisms to address investor concerns, ensuring both domestic and foreign investors remain confident in the Nigerian market. Izunaso suggested that the Minister exercise discretion in implementing aspects of the new tax law, especially provisions with far-reaching implications for capital formation and market stability.
“We understand the new law is set to commence in January 2026. However, certain provisions should only take effect when advised by the Honourable Minister to the Executive. This is one of those measures that should not start on January 1, given its immediate impact on the market,” he explained.
Clarifications from the Federal Government
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, recently clarified that the new CGT framework will not retroactively tax investment gains made before 2026. A cost-basis reset and grandfathering clause will preserve prior gains while applying tax only to profits earned after the reform takes effect.
Meanwhile, Nairametrics reported that Minister Edun has pledged a cautious and consultative approach in implementing the tax reforms, particularly the contentious CGT on securities transactions, signalling the government’s awareness of investor sensitivities.
The Honourable Minister of Agriculture, Senator Abubakar Kyari, and Business Head, Integrated Feed & Protein (IFP), Olam Agri, Amit Agarwal, during the National Council on Agriculture and Food Security (NCAFS) delegation courtesy visit to Olam Agri IFP facility in Kaduna State recently.
The National Council on Agriculture and Food Security (NCAFS), Nigeria’s apex policy-making and coordinating body for the agricultural sector, convened its annual summit with a renewed commitment to achieving national food sovereignty and security in Kaduna this week.
The Council, comprising federal and state ministries of agriculture, development partners, research institutions, and private sector stakeholders, continues to drive strategic initiatives aimed at reducing reliance on food imports and ensuring universal access to safe and nutritious food for all Nigerians.
As part of the summit’s official activities, the Honourable Minister of Agriculture, Senator Abubakar Kyari; the Honourable Minister of State for Agriculture, Senator Dr. Aliyu Sabi Abdullah; the Permanent Secretary of the Federal Ministry of Agriculture, Dr. Marcus Olaniyi Ogunbiyi; and all 36 State Commissioners of Agriculture undertook a courtesy visit to the Olam Integrated Feed and Protein (IFP) facility in Kaduna State on 5th November 2025. The visit served as a recognition of Olam’s exemplary contribution to Nigeria’s agricultural transformation.
As one of the largest integrated agribusinesses in the country, Olam operates across the entire agricultural value chain—from feed milling and poultry production to rice processing, grain trading, and animal protein development.
During the visit, Olam Agri – IFP Business Head, Amit Agarwal, provided the delegation with a comprehensive overview of the facility’s layout, operational capacity, and strategic growth projections.
The Council commended Olam’s commitment to innovation, scale, and sustainability, positioning the company as a model for private sector engagement in strengthening Nigeria’s food systems.
This engagement underscores the Council’s commitment to fostering public-private partnerships that drive agricultural development and enhance food security nationwide.
The Federal Government has signed a concession agreement with Quaint Energy for the development of two small hydropower projects totalling 8 megawatts (MW) in Oyo and Kogi States, in a move aimed at expanding Nigeria’s renewable energy capacity and improving rural electrification.
The agreement, sealed on Wednesday in Abuja, covers the 6MW Ikere Gorge Hydropower Project in Oyo State and the 2MW Omi-Kampe Hydropower Project in Kogi State.
Speaking at the signing ceremony, the Minister of Power, Chief Adebayo Adelabu, described the initiative as a significant milestone in the country’s drive to deliver sustainable, reliable, and affordable electricity to Nigerians.
“This partnership underscores our commitment to attract private investment and unlock the vast renewable energy potential within our states and communities,” Adelabu said. “The power sector remains a cornerstone of our national economic transformation plan, and our vision is clear — to deliver stable, affordable, and sustainable electricity that drives industrialisation, creates jobs, and promotes inclusive growth across all regions.”
The minister noted that the hydropower projects represent more than just infrastructure investments, describing them as strategic interventions designed to stimulate state-level electricity markets, enhance local productivity, and promote clean energy access.
“Once completed, these projects will provide reliable power to surrounding communities, boost agricultural processing, energise small industries, and strengthen rural economies across Oyo and Kogi States,” he added.
Adelabu also emphasised that the partnership reaffirms the Federal Government’s belief in private sector-led growth as a sustainable model for the Nigerian Electricity Supply Industry (NESI).
“Government’s role is increasingly that of an enabler — creating a conducive regulatory environment, ensuring policy consistency, and de-risking investments through credible partnerships,” he said. “Through public–private partnerships like this concession, we are unlocking capital, technology, and innovation from the private sector to deliver projects that directly impact citizens and strengthen national energy security.”
He commended Quaint Energy for its confidence in Nigeria’s power sector and pledged continued collaboration to ensure the project’s success in line with global standards of efficiency, safety, and environmental sustainability.
Responding, the Chairman of Quaint Energy, Femi Adeyanju, expressed gratitude for the partnership and assured the government of the company’s commitment to deliver on its obligations.
“These projects will not only benefit host communities in Oyo and Kogi States but will also contribute to Nigeria’s broader development goals by increasing access to clean and affordable energy,” Adeyanju said.
The 8MW hydropower concession marks another step in the Federal Government’s efforts to diversify Nigeria’s energy mix, decentralise electricity generation, and strengthen energy access in underserved areas.
When completed, the Ikere Gorge and Omi-Kampe hydropower plants are expected to provide off-grid power solutions to nearby communities, support agro-processing hubs, and enhance economic productivity — furthering the government’s commitment to renewable energy development and sustainable growth.
The Federal Government has officially scrapped the 2022 National Language Policy, which mandated the use of indigenous languages as the medium of instruction from early childhood education to Primary Six.
Announcing the reversal on Wednesday in Abuja, the Minister of Education, Dr Maruf Tunji Alausa, declared that English will now serve as the language of instruction at all levels of education, from primary to tertiary institutions.
Speaking at the opening session of the Language in Education International Conference 2025, organised by the British Council, Alausa said the decision was driven by evidence-based research indicating that the mother-tongue policy had negatively impacted learning outcomes across the country.
“The National Policy on Language has been cancelled. English is now the language of instruction in our schools, from primary to tertiary levels,” the minister stated. “One of the most powerful tools in education is language, and the role of English as the language of instruction will be strengthened across all subjects.”
Dr Alausa explained that the linguistic diversity across Nigeria made the implementation of the 2022 policy impractical and inconsistent. He cited cases where students taught primarily in their mother tongues struggled with national examinations conducted in English.
“We reviewed data across the geopolitical zones and discovered that overuse of the mother tongue from Primary One to Junior Secondary Three has caused significant learning setbacks,” he said. “Children often advance to higher classes without acquiring basic literacy and numeracy skills, and many eventually fail WAEC, NECO, and JAMB exams conducted in English.”
He further highlighted the complexities arising from regional linguistic variations.
“In Borno State, while Hausa is widely spoken, Kanuri remains dominant; in Lagos, areas like Ajegunle have diverse populations with teachers from other regions. These realities show that a uniform language of instruction is necessary for educational coherence and equity,” he added.
In her remarks, the British Council’s Country Director in Nigeria, Donna McGowan, said the conference aims to help policymakers, educators, and researchers across Africa, South Asia, and the UK explore how language can promote inclusion and improve learning outcomes.
The now-defunct 2022 National Language Policy was designed to promote indigenous languages and preserve Nigeria’s cultural heritage. However, it faced major implementation challenges such as inadequate teaching materials, poor teacher training, and the country’s vast linguistic diversity — with over 600 recognised languages, 29 of which are already extinct.
The Federal Government has shelved its earlier plan to introduce a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced.
In a statement issued on Thursday via its official X handle, the Director of Public Affairs, NMDPRA, George Ene-Ita, confirmed that the proposed duty was no longer under consideration.
“It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” Ene-Ita stated.
The suspension follows an earlier report that President Bola Tinubu had approved the introduction of the import duty as part of fiscal adjustments in the petroleum downstream sector.
Reassuring Nigerians of stable fuel supply, the NMDPRA disclosed that petroleum products are available in sufficient quantities nationwide, sourced from both local refineries and imports.
“There is a robust domestic supply of petroleum products — AGO, PMS, LPG, among others — sourced from local refineries and importation to ensure timely replenishment of stocks at depots and retail stations during this peak demand period,” the statement noted.
The agency cautioned against panic buying, product hoarding, or arbitrary price hikes, warning that such practices could disrupt market stability.
“The Authority will continue to monitor the supply situation closely and take necessary regulatory measures to prevent any disruption in the distribution of petroleum products across the country, especially during this period of high demand,” it added.
While appreciating the cooperation of stakeholders in the petroleum value chain, NMDPRA reaffirmed its commitment to maintaining energy security and ensuring uninterrupted fuel availability across the nation.
Nigeria’s retail industry is entering a new phase as artificial intelligence begins to shape how businesses operate and connect with consumers.
Juliet Anammah, Group Chief Sustainability and Corporate Communications Officer at Flour Mills of Nigeria, said this at the Africa Tech Alliance Forum in Lagos. She explained that the retail sector is ready for an AI transformation that will redefine customer experience and improve operational efficiency.
According to her, AI can help retailers predict demand, personalize offers, and manage inventory more effectively. As digital adoption deepens across Nigeria, she said businesses must start integrating intelligent systems to remain competitive.
Anammah noted that while global markets are already testing agentic AI systems that make independent decisions, Nigeria’s large and youthful population gives it an advantage in adapting to similar innovations.
She also called for responsible adoption. “We have to make sure technology supports people, not replaces them,” she said. “AI should help small retailers grow, not push them out of the market.”
Experts at the event agreed that the next stage of Nigeria’s digital economy will depend on how quickly both large and small retailers adopt automation and data-driven tools.
For many, the discussion signaled a critical shift. What was once an idea for the future is now becoming a business reality. Artificial intelligence is not just about selling more, but about selling smarter.
The Lagos State Government has launched mobile clinics to bring healthcare and health insurance services closer to residents in rural and hard-to-reach areas.
The initiative aims to improve access to medical care and boost participation in the state’s health insurance scheme. Officials said the new approach will help bridge the gap between urban and rural healthcare delivery.
According to the Lagos State Health Management Agency, the mobile clinics will visit remote and riverine communities several times a week. The teams will provide basic medical consultations, routine check-ups, and health education while enrolling residents into the insurance scheme on the spot.
The programme also encourages collaboration between government agencies, health insurers, and private healthcare providers. This partnership is expected to reduce out-of-pocket expenses for residents and strengthen public confidence in the state’s health system.
Officials noted that the mobile health initiative is still in its pilot phase. However, the government plans to expand it across more communities once early results are evaluated.
By taking health services directly to the people, Lagos hopes to ensure that no resident is left behind in its drive toward universal health coverage.
The Nigeria Customs Service (NCS), in partnership with the Customs Officers’ Wives Association (COWA), has unveiled the Kikelomo Shakirat Adeniyi Arena at Seme Border, turning a once-abandoned refuse site into a thriving community centre and coconut plantation.
The newly inaugurated arena, named after Mrs. Kikelomo Shakirat Adeniyi, wife of the Comptroller-General of Customs (CGC), symbolises a renewed commitment to environmental sustainability and community development under the Green Border Sustainability Initiative.
The event drew an array of dignitaries including the Oba of Seme, traditional rulers, security chiefs, and representatives of key government agencies.
The Green Border project has successfully reclaimed the previously degraded Seme corridor, converting it into a green zone through the planting of coconut trees — a crop with deep economic and cultural roots in Badagry.
During the tree-planting ceremony, Mrs. Adeniyi and the Oba of Badagry led other dignitaries in a traditional planting ritual involving the use of sugar, a symbolic gesture of prosperity and sweetness for the community’s future.
In her remarks, Mrs. Adeniyi distributed waste bins to various institutions, including the NDLEA and the Seme traditional council, urging proper waste management and recycling as part of a broader vision to “turn waste into wealth.”
Demonstrating her deep commitment to economic inclusion, the COWA President presented cash grants of ₦50,000 each, alongside sewing machines, makeup kits, blenders, and gas cylinders to widows and women participants of the initiative.
In further support of the empowerment scheme, the Comptroller-General of Customs announced an additional ₦200,000 for each widow and a ₦10 million contribution to strengthen the overall programme — an acknowledgment of Mrs. Adeniyi’s remarkable efforts in advancing grassroots development.
Addressing healthcare disparities in the area, the Green Border Initiative also featured a medical outreach programme benefiting over 1,000 residents. The outreach provided free consultations, medications, and prescription eyeglasses for community members requiring vision correction.
Speaking at the ceremony, Comptroller Wole Adenuga, Area Controller of Seme Command, hailed Mrs. Adeniyi’s passion and leadership, noting that the initiative would leave a lasting legacy.
“Your name will be written in gold. This arena is a gift to the people and a testimony to your vision for a cleaner, healthier, and more empowered border community,” he stated.
The Kikelomo Shakirat Adeniyi Arena has now been formally handed over to COWA for continued management, ensuring that the centre remains a hub for community engagement, training, and empowerment.
About the Green Border Sustainability Initiative
The Green Border Sustainability Initiative is an environmental and socio-economic empowerment project spearheaded by Mrs. Kikelomo Adeniyi. It aims to promote sustainable livelihoods, environmental rehabilitation, and healthcare access in Nigeria’s border communities. Through this initiative, COWA seeks to empower women, widows, and youth while fostering peace, unity, and self-reliance across border areas.
The Niger Delta Development Commission (NDDC) has called on traditional rulers across the Niger Delta region to deepen their collaboration with the Commission in promoting peace, unity, and sustainable development.
Speaking at the Annual Strategic Consultative Feedback Forum for Traditional Rulers in the Niger Delta, NDDC Managing Director, Dr. Samuel Ogbuku, emphasised that the support and guidance of traditional institutions remain vital to achieving the Commission’s developmental objectives.
Represented by the Executive Director of Corporate Governance, Hon. Ifedayo Abegunde, Ogbuku described the traditional rulers as “indispensable partners” in the Commission’s drive to ensure inclusive, people-oriented development.
“You are our essential partners in the quest for sustainable development in the Niger Delta, this forum enables us to gather valuable feedback directly from the custodians of our communities, understand their priorities, and identify critical areas for intervention. Only through such engagement can we strengthen our collaboration and deliver results that truly impact our people.” He said.
He added that sustainable progress in the Niger Delta cannot be achieved without the involvement of traditional institutions, whom he described as “the genuine voices and guardians of the people’s hopes and dreams.”
The NDDC boss stressed the importance of community peacebuilding and conflict prevention, noting that local councils and dialogue frameworks must be revitalised to promote understanding and unity among residents.
“Development cannot thrive amid division. We must strengthen our local conflict resolution mechanisms, revive traditional councils, and foster inclusive dialogue that engages men, women, and youth. Collaboration between traditional institutions, government agencies, civil society, and security forces is essential for peace and progress,” Ogbuku said.
Traditional Rulers Advocate Inclusion in Development Planning
In his remarks, the National Chairman of the Traditional Rulers of Oil Mineral Producing Communities of Nigeria (TROMPCON) and Chairman of the Delta State Council of Traditional Rulers, King Felix Mujakperuo, who was represented by the Pere of Akugbene-Mein Kingdom, King Pere Luke Kalanama, reaffirmed that peace is a prerequisite for development.
He recommended the creation of inter-kingdom conflict management committees to help prevent disputes and sustain harmony across communities.
Similarly, the Chairman of the South-South Monarchs Forum and Emohua monarch, King Sergeant Awuse, stressed the importance of involving traditional rulers from the onset of project planning and execution.
“You cannot give feedback on programmes you were not part of from the beginning. When traditional rulers are excluded from project conception, formulation, and implementation, it weakens community ownership and undermines the success of development initiatives.”
Also speaking, the Amayanabo of Twon-Brass, King Alfred Diete-Spiff, underscored that peace remains the bedrock of any meaningful development. He also called for the restoration of constitutional recognition for traditional rulers, lamenting that their roles have been diminished in recent constitutional frameworks.
“Traditional rulers are like pupils whose names are missing from the school register, we must be given our rightful place in the Nigerian Constitution, as was the case in the past, to enable us to contribute effectively to governance and national stability.”
The forum, attended by monarchs from all nine Niger Delta states, served as a platform for dialogue between the NDDC and traditional institutions on improving project delivery, fostering peace, and promoting community-driven development in the region.
A tense confrontation erupted on Tuesday at Gaduwa village in Abuja when soldiers reportedly prevented the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and officials of the FCT Administration (FCTA) from gaining access to a disputed parcel of land allegedly owned by a former Chief of Naval Staff, Vice Admiral Awwal Gambo (retd.).
The property, located on Plot 1946, became the centre of controversy after the minister accused the former naval chief of developing the land without valid approval from the FCTA.
Visibly angered, Wike confronted the military personnel on site, demanding to see the necessary documentation authorising the construction.
“Show me the documents. You have no approval. We cannot continue with this impunity,” Wike charged. “How can someone of his status not reach out to me if there’s an issue? Instead, he sends soldiers to intimidate us? You cannot be higher than the government.”
However, a senior military officer present, identified as A.M. Yerima, denied any attempt to intimidate FCTA officials, insisting that the development was backed by valid papers.
“We are not intimidating anyone. The Admiral directed the men on site after securing proper approvals. The documents are complete,” Yerima maintained.
The situation escalated when Wike declared that the military “would never develop this land,” prompting a heated exchange with the officer. The disagreement turned personal as both men raised their voices before the minister ordered Yerima to “keep quiet,” to which the officer retorted, “I will not shut up.”
Enraged, Wike fired back, calling the officer “a very big fool” and gesturing toward him. The confrontation ended with the minister ordering the soldiers to vacate the site.
Speaking with journalists after the incident, Wike said he had spoken with the Chief of Defence Staff and the Chief of Naval Staff about the matter, emphasising that the FCTA would not tolerate “illegal development and land grabbing” in the capital city.
“I’ve spoken to the Chief of Defence Staff and the Chief of Naval Staff. They’ve assured me that this will be resolved. We are not here for a shootout or chaos, but I will not allow illegality to thrive simply because someone is a former service chief,” Wike said.
Veterans Condemn Wike’s Conduct
Following the incident, the Coalition of Military Veterans issued a strong statement condemning Wike’s verbal outburst.
In a release signed by its spokesperson, Abiodun Durowaiye-Herberts, the group described the minister’s remarks as “unbecoming of a public official,” arguing that no government representative should insult an officer performing his duties.
“How can a public office holder call an officer a fool on camera? If the minister was responsible, he should have resolved this matter privately through the Chief of Naval Staff,” the coalition stated.
The veterans warned that any attempt to sanction the officer involved would be met with stiff resistance, threatening to “occupy the office and residence of the FCT Minister” if disciplinary action was taken.
“A uniformed officer represents the authority of the Nigerian state. Disrespecting him undermines public institutions,” the statement added, demanding that Wike publicly apologise for his comments.
FCTA Aide Alleges Threat To Minister
Responding to the backlash, Wike’s Senior Special Assistant on Public Communication and Social Media, Lere Olayinka, alleged that armed military personnel had “threatened to shoot” the minister during the confrontation.
In a post on his official X (formerly Twitter) handle, Olayinka claimed that Vice Admiral Gambo had no title documents or building approval for the contested land.
“Because he was told to stop building on land without approval, the former Chief of Naval Staff sent armed military personnel to attack FCTA officials. Soldiers stationed at the site threatened to shoot anyone who tried to stop the illegal construction,” Olayinka alleged.
As of the time of filing this report, the Nigerian military had yet to issue an official response to the incident.
Tuesday’s confrontation marks the latest in a string of enforcement actions by the FCTA against alleged illegal developments across Abuja.
Just weeks ago, the administration demolished 11 police duplexes in the Apo District for being constructed under high-tension power lines.
Since assuming office in August 2023, Wike has intensified efforts to restore the Abuja master plan, tackling unauthorised land allocations, encroachments, and unapproved structures through a series of demolition exercises.
In a separate directive issued on Sunday, the minister gave property owners in Asokoro, Maitama, Garki, and Wuse districts a final 14-day grace period — from November 11 to 25, 2025 — to pay a ₦5 million penalty for violating approved land-use provisions or face enforcement action.
Land disputes and irregular allocations remain among the most contentious issues in the capital, but Tuesday’s altercation between the FCTA and the military may prove one of the most dramatic yet.
Despite billions of naira channelled annually into poverty alleviation, a new World Bank report has revealed that less than half of Nigeria’s social welfare benefits reach the poor.
In its latest publication titled “The State of Social Safety Nets in Nigeria”, released in November 2025, the World Bank found that only 44 per cent of total benefits from government-funded social protection programmes actually reach poor Nigerians, a glaring sign of inefficiency and poor targeting.
The report highlights weak funding, fragmented implementation, and poor programme design as key factors undermining the impact of Nigeria’s social safety-net system, leaving millions of vulnerable citizens without meaningful support.
According to the report, about 56 per cent of recipients of safety-net benefits are poor, yet they receive less than half of the total value distributed. This mismatch, the Bank explained, stems largely from how the programmes allocate a fixed amount per household rather than per individual — a structure that disproportionately disadvantages larger, poorer families.
“Safety nets expenditure is inefficient, with a smaller share of benefits going to the poor. While 56 per cent of the beneficiaries are poor, only 44 per cent of total benefits go to them,” the report stated.
Programmes such as the National Home-Grown School Feeding Programme (NHGSFP), which target individuals rather than households, are said to be less affected by this issue. However, the Bank noted that the school feeding scheme currently serves only pupils in grades one to three and lacks full national coverage, limiting its impact.
Low Spending, Minimal Impact
The report further revealed that Nigeria spends only 0.14 per cent of its Gross Domestic Product (GDP) on social protection, far below the global average of 1.5 per cent and the Sub-Saharan African average of 1.1 per cent.
This minimal allocation, the World Bank warned, has had “almost no impact” on poverty, with all existing social protection programmes combined reducing Nigeria’s national poverty headcount by just 0.4 percentage points.
“At the existing level of expenditure, there is almost no impact on the overall poverty headcount rate. Low coverage, inadequate benefit size, and poor targeting have resulted in negligible poverty reduction,” the report added.
It further observed that while the federal government claims to have several ongoing intervention schemes — from conditional cash transfers to school feeding programmes — the actual effect on poverty remains insignificant due to inefficient benefit distribution.
Dependence on Donor Support
Another major concern raised by the World Bank is Nigeria’s heavy reliance on foreign donors for social safety-net financing. Between 2015 and 2021, donor assistance accounted for about 60 per cent of federal spending on safety-net programmes, with the World Bank alone funding more than 90 per cent of that support.
The report warned that such dependence exposes Nigeria to funding instability whenever donor support declines.
“There is an urgent need for Nigeria to create fiscal space for sustainable social safety-net programming,” the Bank cautioned.
Signs of Progress in NASSP
Despite the overall inefficiency, the World Bank acknowledged that the National Social Safety Nets Programme (NASSP), which leverages the National Social Registry (NSR) to identify vulnerable households, has produced encouraging results.
Among its beneficiaries, the NASSP reportedly reduced poverty by 4.3 percentage points and the poverty gap by 4.2 percentage points — nearly ten times higher than the combined impact of all other programmes.
With over 85 million individuals already captured, the NSR — now the largest social database in Sub-Saharan Africa — provides what the Bank described as a “ready-made platform” for more transparent, accurate, and efficient delivery of social assistance.
Government’s Target
Earlier this year, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the federal government aims to reach 15 million households, representing about 70 million Nigerians, through its digital cash-grant scheme.
He disclosed that about 8.5 million households had received at least one tranche of the ₦25,000 payment, while the remaining 6.5 million are expected to benefit before the end of the year.
However, with the World Bank’s new findings, analysts say the federal government faces a daunting task of improving both the reach and efficiency of its social protection framework if it is to achieve meaningful poverty reduction and social equity.
