The naira weakened to ₦1,329.2129 per dollar at the official market on Wednesday
The rate moved from ₦1,320.2469 per dollar recorded on Tuesday
The parallel-market rate stood at about ₦1,390 per dollar, according to the source report
Main Story
The naira weakened to ₦1,329.2129 per U.S. dollar at Nigeria’s official foreign exchange market on Wednesday, September 9, from ₦1,320.2469 the previous day.
Data attributed to the Central Bank of Nigeria (CBN) showed that the official rate increased by about ₦8.97 per dollar, representing a 0.68% movement in the dollar-naira rate.
The CBN identifies its Nigerian Foreign Exchange Market (NFEM) rate as the official exchange rate derived from the volume-weighted average of transactions in the market.
The Tuesday rate of ₦1,320.2469 per dollar was also reported in market data published by Access Bank, which listed the figure as the CBN NFEM rate for September 8.
At the parallel market, the naira was reported at about ₦1,390 per dollar on Tuesday, although rates available to customers through banks, Bureau de Change operators and other authorised dealers can differ from official reference rates because of transaction margins, demand and supply conditions.
The latest movement comes as market participants continue to monitor foreign-exchange liquidity, dollar demand and inflows for signals about the naira’s direction.
What’s Being Said
The CBN’s published framework states that the NFEM rate is derived from the volume-weighted average of transactions and serves as the official exchange rate for the day.
Market data providers note that actual rates offered by banks and foreign-exchange dealers can differ from the official reference rate because of transaction margins and prevailing market conditions.
What’s Next
Market participants will monitor dollar supply and demand at the official FX market
Foreign-exchange inflows and CBN policy actions will remain key indicators for the naira’s near-term direction
The gap between official and parallel-market rates will continue to be watched for signs of changing FX market conditions
Bottom Line
The Bottom Line: The latest move shows renewed pressure on the naira at the official market after the currency traded around ₦1,320 per dollar earlier in the week. The direction of dollar liquidity and demand will be important in determining whether the move develops into a sustained weakening trend.
Donald Trump promises a $5,000 payment to every adult U.S. citizen if Republicans retain both chambers of Congress
The proposed dividend could cost more than $1 trillion and has no detailed funding or implementation plan
The November 3 midterm election will determine control of the House and Senate
Main Story
U.S. President Donald Trump has promised a $5,000 “Trump dividend” to every adult American if Republicans retain control of both the House of Representatives and Senate in the November 3 midterm elections.
Trump made the pledge on Wednesday at the Republican Party’s midterm convention in Dallas, presenting the proposed payment as a reward linked to what he described as the strength of the U.S. economy.
“If the Republicans win, you win with us and you get $5,000,” Trump said at the convention.
Trump said the payment would have to be spent in the United States but did not provide details on how the programme would be funded, administered or authorised.
The proposal could cost more than $1 trillion. Reuters estimated the cost at about $1.35 trillion based on approximately 270 million U.S. adults, while other estimates using different eligibility assumptions also place the cost above $1 trillion.
The payment would require congressional action because the president does not have unilateral authority to distribute such a large federal payment, according to fiscal and legal assessments cited by the Associated Press.
Trump has previously floated direct payments to Americans. He proposed a $2,000 tariff-funded dividend before, but the earlier proposal was not implemented.
The November election will determine control of the entire House and roughly one-third of the Senate, with Republicans defending narrow congressional majorities.
What’s Being Said
“I will issue a dividend to every adult citizen in the United States of America for $5,000.” Donald Trump, U.S. President.
“We don’t have surpluses to give away.” Marc Goldwein, Senior Policy Director, Committee for a Responsible Federal Budget.
What’s Next
The U.S. midterm elections are scheduled for November 3, 2026
Congress would need to consider and authorise any legislation required to implement the proposed payment
Further details on eligibility, funding and administration are expected to determine whether the proposal can move beyond a campaign pledge
Bottom Line
The Bottom Line: Trump’s $5,000 dividend is a major campaign promise with potentially more than $1 trillion in fiscal implications, but its implementation remains dependent on congressional approval and a credible funding mechanism. The proposal therefore represents an electoral pledge rather than an approved government payment.
By BizWatch Nigeria Markets Desk | September 10, 2026
Key Points
CBN cuts the one-year Treasury bill rate to 16.62% from 16.84%
Investors submit ₦2.64 trillion in bids against ₦750 billion offered across three tenors
One-year Treasury bills attract ₦2.54 trillion, accounting for 96% of total subscriptions
Main Story
The Central Bank of Nigeria cut the interest rate on one-year Treasury bills to 16.62% at its midweek auction, as strong investor demand supported ₦1.05 trillion in total allotments. The CBN offered ₦750 billion in Treasury bills across 91-, 182- and 364-day maturities, but investors submitted ₦2.64 trillion in bids, more than three times the amount offered.
The 364-day Treasury bill accounted for 96% of total subscriptions, highlighting continued investor preference for longer-duration naira assets. Demand for the one-year paper reached approximately ₦2.54 trillion against the ₦500 billion offered by the CBN.
The authority allotted ₦961.28 billion of the one-year bills at 16.62%, down from 16.84% at the previous auction. The repricing represents the third consecutive adjustment since August 2026, following the CBN’s decision to remove restrictions on retail investor participation in OMO auctions.
For the shorter maturities, the CBN offered ₦150 billion of 91-day bills and received ₦75.70 billion in subscriptions. It allotted ₦70.47 billion at 16.30%, unchanged from the previous auction.
The 182-day instrument attracted ₦28.97 billion in subscriptions against ₦100 billion offered. The CBN allotted ₦22.44 billion at a rate of 16.50%.
Overall, the auction raised ₦1.05 trillion from investors, supported by substantial liquidity in the financial system.
What’s Being Said
MarketForces Africa reported that the latest auction represents the third consecutive repricing of Treasury bill rates since August 2026.
The report also noted that the CBN has been taking steps to reduce borrowing costs across domestic debt instruments, including Treasury bills, OMO bills and bonds.
No direct quotation from the CBN or an independent analyst was provided in the source material.
What’s Next
The CBN’s subsequent Treasury bill auctions will show whether the downward repricing trend continues
Investor demand for longer-duration naira instruments will remain an important indicator of appetite for domestic government securities
Future auction rates will also determine how quickly domestic borrowing costs adjust across the fixed-income market
Bottom line
The Bottom Line: The lower one-year Treasury bill rate signals continued downward repricing in the domestic fixed-income market despite exceptionally strong demand. The size of investor subscriptions suggests that demand for naira assets remains robust even as yields begin to fall.
Naira depreciates to ₦1,329.21 per dollar at the official FX market from ₦1,320.25
Interbank FX turnover jumps 70% to $94.43 million as trade activity increases
External reserves rise to $54.28 billion amid stronger FX inflows and higher oil prices
Main Story
The naira weakened against the U.S. dollar at Nigeria’s official foreign exchange market on Wednesday as a shift in dollar demand interrupted its recent appreciation trend.
Central Bank of Nigeria (CBN) data showed the spot exchange rate falling to ₦1,329.21 per dollar from ₦1,320.25 on the previous trading day. Rates at the Nigerian Foreign Exchange Market (NFEM) moved between ₦1,321.50 and ₦1,334 during the session.
MarketForces Africa reported that FX traders on Broadstreet identified a shortfall in dollar supply as a factor behind the naira’s decline.
The move came after the local currency had strengthened significantly over the preceding week, supported by increased foreign exchange inflows and easing demand pressures.
Trading activity also increased sharply. Interbank FX turnover rose to $94.43 million from $55.60 million, representing an increase of about 70%, while the number of interbank transactions climbed to 86 from 58.
Nigeria’s gross external reserves also increased to $54.28 billion from $54.21 billion, according to the data cited in the report. The increase points to continued additions to the reserve position as foreign exchange inflows remain supportive.
The report said some analysts expect reserves to approach $55 billion within weeks if the current momentum persists, particularly with oil prices receiving fresh support from disruptions to global supply.
Brent crude rose above $100 per barrel after attacks on oil facilities and shipping in the Middle East raised concerns about supply-chain disruptions. Brent gained nearly 3% to $100.72, while U.S. crude rose 2.4% to $95.25.
What’s Being Said
MarketForces Africa reported that FX traders operating on Broadstreet attributed the naira’s weakness to a shortage of dollar supply at the market.
The report also cited analysts who said Nigeria’s external reserves could reach $55 billion within weeks if the current pace of accumulation continues.
No direct quotation from the traders or analysts was provided in the source material.
What’s Next
The direction of dollar supply and demand at the NFEM will remain important for the naira’s near-term performance
Further additions to external reserves could strengthen the country’s FX liquidity position if current inflows persist
Sustained oil prices above $100 per barrel could provide additional support for Nigeria’s external earnings, subject to production and export conditions
Bottom line
The Bottom Line: The naira’s latest decline shows that its recent rally remains sensitive to shifts in dollar supply and demand. Rising reserves and stronger external earnings provide support, but the exchange rate remains vulnerable when dollar liquidity tightens.
• Former presidential aide Bashir Ahmad has appealed to OPay to reconsider the arrest of Haifa Abubakar.
• Haifa was detained over a viral post falsely claiming that OPay was shutting down its operations.
• Ahmad said Haifa admitted her mistake, deleted the post and apologised as allegedly requested by OPay.
• He questioned why she remained in custody after complying with the company’s demands.
• Ahmad urged OPay to release the student and allow the incident to serve as a lesson rather than derail her future.
Main Story
A former presidential aide, Bashir Ahmad, has appealed to OPay Digital Services Limited to reconsider the arrest of Haifa Abubakar, who was detained over a viral post falsely claiming that the fintech company was shutting down its operations, Ahmad made the appeal in a post on X on Thursday, saying Haifa had admitted her mistake and, based on his understanding, complied with OPay’s request to delete the post and issue an apology.
He acknowledged that Haifa’s action was wrong but questioned the need for her continued detention after she allegedly complied with the corrective measures requested by the company, “We all know that what Haifa did was wrong and virtually nobody supported her actions. However, I have questions about what happened afterwards,” Ahmad said.
He explained that, from what he had followed, OPay initially asked Haifa to remove the post and apologise within a specified timeframe, “My understanding is that she did exactly what she was asked to do; she removed the post and apologised. So, why would OPay still go ahead to have her arrested, particularly if she had complied with the company’s demands?” he asked.
The Issues
Ahmad said he would have viewed the situation differently if Haifa had refused to delete the post or apologise after being asked to do so, He questioned whether her arrest was necessary if she had already complied with OPay’s demands, particularly if public pressure on social media influenced the decision to have her arrested, The former aide also stressed that condemning Haifa’s actions should not mean condemning her as a person.
What’s Being Said
Ahmad described Haifa as a young woman and student who made a mistake and subsequently complied with the corrective measures allegedly requested by OPay, “I therefore want to make a sincere and strong appeal to OPay; please, kindly look into this matter again. Haifa is a young woman and a student,” he said.
He argued that accountability and compassion could coexist, particularly when someone acknowledges wrongdoing and takes steps to correct it, “We can condemn what Haifa did without condemning her as a person. We can hold people accountable for their mistakes while still showing compassion, especially when they have acknowledged the wrongdoing and complied with the remedy requested of them,” Ahmad added.
What’s Next
Ahmad is calling on OPay to review the circumstances surrounding Haifa’s arrest and consider releasing her, He said the matter should ultimately serve as a lesson rather than unnecessarily damage the student’s future.
Bottom Line
Bashir Ahmad has appealed to OPay to release Haifa Abubakar, arguing that she admitted her mistake, removed the disputed post and apologised. He said accountability should be balanced with compassion when a person accepts responsibility and complies with corrective measures.
X stopped accepting new enrollments into Creator Revenue Sharing on August 7, 2026, and fully retired the program on September 7
The replacement — Original Content Rewards — requires 500 verified followers, 500,000 Home Timeline impressions from verified users within 90 days, and an active X Premium subscription
Reposts, re-uploaded media, and recycled content without meaningful transformation are explicitly excluded from the new program
Existing Revenue Sharing members became eligible to apply for Original Content Rewards from September 8, with first payments scheduled for September 25, 2026
X says the old program’s incentives had become “misaligned,” rewarding aggregators and engagement farmers over genuine creators
MAIN STORY
X has officially ended its Creator Revenue Sharing program and replaced it with a stricter, originality-focused monetisation model called Original Content Rewards — a move that reshapes how hundreds of thousands of creators on the platform earn money, and signals a broader industry shift away from engagement-based payouts.
The platform closed new enrollments to the Revenue Sharing program on August 7, 2026, and retired it entirely on September 7. In its place, Original Content Rewards launched on August 8, with applications opening to existing Revenue Sharing members from September 8. The first payout under the new program is scheduled for September 25, 2026 — but only for creators who qualify and successfully enroll.
The transition marks one of the most consequential changes to creator monetisation since X — formerly Twitter — introduced ad revenue sharing in 2023 under Elon Musk’s ownership, a model that at the time promised to turn viral posting into a legitimate income stream. That promise is now being rewritten, with X drawing a clear line between creators who produce original work and those who have built audiences — and income — on recycled or aggregated content.
For creators caught between the two systems, the message is unambiguous: the old rules are gone, and getting paid again means starting over under new ones.
5 THINGS YOU NEED TO KNOW ABOUT X’S NEW CREATOR PAYMENT SYSTEM
1. The Old Program Is Gone — And It’s Not Coming Back
X’s Creator Revenue Sharing program, which had been the platform’s primary mechanism for paying content creators since 2023, was formally retired on September 7, 2026. The wind-down followed a structured timeline: new enrollments closed on August 7; existing members received final payouts on August 14 and August 28; and a last payment covering earnings accrued through September 7 was processed around September 11.
Creators waiting on that final payment should note it was not a sign of anything broken — it was the scheduled last cheque under a programme that no longer exists. The path forward runs exclusively through the new Original Content Rewards system.
The abruptness of the retirement reflects a deliberate strategy. Rather than a gradual phase-out or a parallel-running period, X drew a hard line: one programme ends, another begins. Creators who assumed continuity — that they would simply transition automatically — discovered on September 8 that they needed to reapply, meet new eligibility thresholds, and pass a content review.
2. The New Requirements Are Stricter — And Deliberately So
Original Content Rewards launched on August 8, 2026, with a qualification bar that is more demanding than its predecessor in one key dimension: the nature of the content itself is now under review, not just the size of the account.
To be eligible, creators must hold an active X Premium subscription, have at least 500 verified followers, and have accumulated a minimum of 500,000 Home Timeline impressions from verified users within the last 90 days. Impressions on replies are excluded from the count — a detail that meaningfully affects creators whose reach is built primarily on reply threads rather than original posts.
Those are the numerical requirements. The harder test is the originality one. As part of the application process, creators are required to submit 10 original posts for review — a step designed to let X’s review system assess whether an account’s content actually qualifies under the new definitions.
According to the official X Creators announcement: “Creating original content takes time, effort, expertise, and creativity. The Original Content Rewards Program is designed to reward creators who bring those things to X.”
3. What Counts as “Original Content” — and What Doesn’t
Perhaps the most consequential aspect of the new programme is how X has defined “original content” — because that definition will determine which creators survive the transition and which do not.
X will pay for: original reporting and analysis; photos and videos that the creator personally produced; memes and graphics the creator designed themselves; and commentary that adds what the programme describes as “genuine original value.” That last category carries a caveat — accounts that regularly build on other people’s material must demonstrate that their additions represent meaningful transformation, not light repackaging.
What is explicitly excluded is a direct description of how large segments of the old programme were being used: posts copied from other accounts; media downloaded and re-uploaded without transformation; and reposts without meaningful transformation. In plain terms, the aggregation economy — screenshot accounts, clip-farming channels, and engagement recyclers — has been cut out of the revenue structure.
The X Creators account was direct about the boundaries: original content means content that the creator themselves brought into existence. Curating, sharing, and amplifying other people’s work — however popular — no longer qualifies for payment.
4. X Admitted the Old System Was Broken
What made the transition announcement notable, beyond its scale, was the candour with which X explained why it was happening.
Allegra Jacchia, announcing the change on behalf of X’s creator team, was unusually direct: “The reality is that Revenue Sharing had reached a point where its incentives were misaligned. Creators should be focused on bringing net new content to the platform instead of maximising payouts.”
She added that rather than continuing to patch the existing rules, “the better decision was to start fresh and build a program designed from day one to reward originality.”
That admission is significant because it validates what critics of the Revenue Sharing programme had argued for years — that the payout mechanics rewarded virality over value, and that the creators who earned the most were not necessarily the ones producing the most original or useful content. The clip-farmers, the screenshot aggregators, the accounts that harvested content from other platforms and reposted it with minimal edits — these were legitimate earners under the old model.
The acknowledgement also gives context to the events that preceded the retirement. In April 2026, X had already attempted a lighter version of the same crackdown, cutting payouts to accounts identified as aggregators and “clickbait” producers. That move generated significant creator backlash, and Elon Musk reportedly paused some of the changes. September’s programme retirement is X’s more decisive follow-through — not a reversal of April’s intent, but a structural answer to it.
5. What Creators Need to Do Right Now
For creators who were earning under Revenue Sharing, the practical checklist is short but urgent.
The old programme is over. If payouts have stopped, that is not a technical error or a payment delay — it is the end of the programme. Waiting will not result in resumed payments. The only route back to monetisation on X is through Original Content Rewards.
From September 8, existing Revenue Sharing members can apply for the new programme through Creator Studio, under the Original Content Rewards tab. Creators who have already completed ID verification and have a valid payout method connected to their account do not need to repeat those steps. Those who are accepted will receive their first payment on September 25, 2026, with subsequent payouts on a bi-weekly schedule.
There are disqualifiers to be aware of. Accounts whose monetisation is currently paused due to a previous policy violation are not eligible to enrol in Original Content Rewards. Additionally, X’s updated terms make clear that soliciting engagement — a common tactic under the old ad-revenue model — can result in removal from the new programme and a policy referral. Tactics that worked before may actively damage eligibility now.
The bottom-line instruction for working creators: audit the last 90 days of content for originality, confirm Premium subscription status, check eligibility in Creator Studio, and apply.
THE ISSUES
The retirement of Creator Revenue Sharing exposes three structural tensions that have defined platform monetisation since the creator economy began to formalise.
The engagement trap. Every algorithm that rewards engagement creates a perverse incentive: produce whatever generates the most clicks, not whatever is most valuable. Revenue Sharing, because it tied payouts to impressions from Premium users, was no different. Creators rational enough to optimise their output for the payout formula did exactly that — and the formula rewarded recycled content as readily as original work. X is not the first platform to arrive at this problem, and its solution — moving the reward trigger from engagement metrics to content-type review — is an attempt to break the loop. Whether the review process is robust enough to hold the line is an open question.
The aggregator economy. A significant portion of the accounts that earned meaningfully under Revenue Sharing were not creators in the traditional sense. They were curators, aggregators, and distributors — accounts that identified popular content from other platforms or earlier in the news cycle, reformatted it, and republished it to large audiences. This model generated real value for audiences who discovered content through aggregators. But it generated that value by extracting it from the original creators, not producing it. X’s new programme explicitly breaks this model’s access to platform payments.
The platform-as-landlord problem. X’s announcement landed days before TechCrunch reported that YouTube had simultaneously doubled the watch-hours threshold creators need before they can begin earning. The two decisions, at the two largest video and text platforms, point in the same direction: platforms are repricing the creator relationship around originality and scale. As one analyst framing widely circulated on X put it — build on rented land and the landlord sets the terms. The creators most exposed to this shift are those who built income around platform-specific monetisation rules rather than audience relationships that could survive a rule change.
WHAT’S BEING SAID
The response from the creator community has been, as X’s own trend summary acknowledged, divided.
Among the voices that welcomed the change were creators who had long complained that the Revenue Sharing payout model disadvantaged original producers. The argument — that an original reporter or a photographer who spent hours on a story could be out-earned by an account that screen-recorded and reposted the same story — resonated with a segment of the platform’s professional and semi-professional creators.
Zach Bussey, a digital media commentator, noted on X shortly after the announcement: “The new program focuses on Original Content, meaning aggregators, copies, or reposts will not be eligible.” One response to his post captured the sentiment among a subset of creators: “Rip clipping channels. Especially the ones pushing misinformation and directing hate.”
Sawyer Merritt, who covers X closely and has a large following on the platform, observed simply: “Big changes are coming.”
On the critical side, the reactions centred on two concerns: the stricter impression threshold and the subjectivity of the originality test. Some creators worried that the 500,000 impressions-from-verified-users requirement within 90 days — a bar that excludes reply impressions — would push out mid-tier creators who had been earning modest but meaningful amounts under the old system. Others flagged anxiety about the application review: if X’s model for assessing “original content” is not transparent, creators may struggle to understand why they were rejected and how to appeal.
The mixed reception noted by X’s own Grok-generated trend summary — “some celebrate approvals while others face rejections and adjust their habits ahead of biweekly payouts from September 25” — reflects a transition still in progress, with the full picture of winners and losers not yet clear.
X did not respond to BizWatch Nigeria’s request for comment on the specific criteria used in content originality reviews by press time.
WHAT’S NEXT
September 11, 2026: Final payout under the old Creator Revenue Sharing programme, covering earnings accrued through September 7.
September 8 onwards (rolling): Eligible existing Revenue Sharing members can apply for Original Content Rewards through Creator Studio. Access is being rolled out gradually, not all at once.
September 25, 2026: First scheduled payment under Original Content Rewards for creators accepted into the new programme.
Allegra Jacchia indicated that X intends to “continue refining the program, improving our models, and raising the bar over time” — meaning the eligibility and originality standards applied at launch are likely to evolve. Creators accepted under current terms should expect ongoing policy updates.
BOTTOM LINE
The Bottom Line: X’s retirement of Creator Revenue Sharing is less a pivot than a reckoning — an admission that three years of engagement-based payouts built an economy around virality rather than value, and that the platform is now trying to unwind the incentives it created. For creators who built genuine audiences around original work, the new programme is an opportunity. For the aggregation economy that quietly dominated the old payout structure, it is the end of a business model. The harder question — whether X’s content review system is sophisticated and fair enough to reliably tell the difference — will be answered over the coming months, one application at a time.
BizWatch Nigeria covers Africa’s digital economy, technology sector, and the creator economy across the continent. For corrections or feedback, contact the editorial desk.
• Peter Obi says he cannot be blamed for the killing of Sir Ahmadu Bello and other Northern leaders during the 1966 coup.
• The NDC presidential candidate says he was barely three or four years old when the events occurred.
• Obi urged Nigerians to move beyond historical grievances and build the country on love and unity.
• He promised that significant changes would be visible within four years if elected president.
• Obi said his administration would prioritise poverty reduction, healthcare and skills development in Northern Nigeria.
Main Story
The Nigeria Democratic Congress (NDC) presidential candidate, Peter Obi, has said it would be wrong to blame him for the death of the Sardauna of Sokoto, Sir Ahmadu Bello, and other Northern political leaders during the 1966 coup, Obi said he was barely three or four years old when the incident occurred and should not be held responsible for events that happened when he was a child.
The former Anambra State Governor made the remarks on Thursday during an Arise News interview while responding to a question about how Northern Nigerians might react to his presidential ambition, given the killing of Ahmadu Bello and the involvement of Igbo military officers in the coup.
“I was a baby when all these happened, “You cannot hold what happened when I was barely three, four years against me. That’s in the past now, “But we must build the future based on love, not on hatred. So it is time to show love. It is time to show unity, “That’s why my presidency is about unity of the country, and it’s important that people understand that,” Obi said.
The Issues
The comments come amid longstanding historical and political grievances linked to the 1966 coup and the subsequent violence that shaped Nigeria’s political history, Obi urged Nigerians to look beyond those events and focus on building a more united country, He said his administration would pursue policies aimed at improving the lives of citizens across regions, particularly in Northern Nigeria.
What’s Being Said
Obi appealed to voters in the North to support his presidential ambition, promising to tackle poverty, improve healthcare and expand skills development, “If there is any president the North should celebrate, it’s me. I will deal with poverty, health, skills. I will deal with the North and they will like it,” he said, He also promised to harness the resources available in Northern Nigeria to promote development in the region and contribute to the prosperity of the country.
What’s Next
Obi is expected to continue campaigning on the message of national unity while seeking to convince voters across Nigeria that his administration would address regional development challenges and improve living conditions, He also pledged that Nigerians would see significant changes within four years of his leadership, “Four years, people will see the difference,” Obi said.
Bottom Line
Peter Obi says Nigerians should not judge him by events that occurred when he was a young child. He is instead presenting his presidential campaign as one focused on unity, poverty reduction, healthcare, skills development and regional inclusion.
Brent crude futures climbed above $100 a barrel as US-Iran tensions intensified
WTI rose 1.5% to $94.50 a barrel during Wednesday trading
Iran’s IRGC claimed its naval forces targeted US vessels and oil tankers
Main Story
Brent crude futures rose above $100 a barrel on Wednesday as renewed US-Iran tensions heightened concerns over global oil supply and security around the Strait of Hormuz.
The international benchmark gained 2.2%, while West Texas Intermediate (WTI) crude rose 1.5% to $94.50 a barrel, according to the market report supplied to BizWatch Nigeria.
The price movement followed a statement from Iran’s Islamic Revolutionary Guard Corps (IRGC), which said its naval forces had targeted two US vessels and eight oil tankers in the Persian Gulf.
The IRGC said the attacks were carried out in response to what it described as US aggression, including an alleged attack on five Iranian oil tankers in the Persian Gulf.
Iran did not identify the vessels or tankers it claimed were targeted and did not provide details on when the attacks occurred.
The IRGC also said Iranian naval forces targeted 10 other vessels that attempted to enter what it described as a restricted and unsafe area of the Strait of Hormuz. It claimed the vessels were acting with the encouragement and support of the US military.
The developments have added pressure to an already fragile US-Iran relationship, with energy markets particularly sensitive to any disruption around the Strait of Hormuz, a major route for global oil shipments.
The two countries signed a memorandum of understanding in June, mediated by Pakistan and Qatar, setting out steps towards ending hostilities, reopening the Strait of Hormuz and addressing economic restrictions.
However, both sides have since accused the other of failing to implement the agreement, while military tensions have continued alongside disputes over sanctions and navigation rights.
What’s Being Said
“The strikes were carried out in response to US aggression, including an attack on five Iranian oil tankers in the Persian Gulf.” — Islamic Revolutionary Guard Corps, Iran.
The IRGC also claimed that vessels entering the restricted area of the Strait of Hormuz were acting with US military support.
What’s Next
Oil markets will continue to watch developments around the Persian Gulf and Strait of Hormuz for signs of further military escalation or disruption to crude shipments.
The implementation of the June memorandum of understanding between the US and Iran also remains a key factor for energy markets, particularly if renewed diplomatic efforts can reduce tensions around oil transport routes.
Bottom Line
The Bottom Line: Brent’s move above $100 reflects the premium investors are placing on geopolitical and supply risks as tensions around a critical oil-shipping corridor intensify. Sustained disruption around the Strait of Hormuz would put further upward pressure on crude prices.
Investors sold major stocks as they repositioned ahead of the Dangote Refinery IPO
NGX market capitalisation fell by ₦1.67 trillion to ₦157.05 trillion
All five major sectors closed lower, led by Industrial Goods and Insurance
Main Story
Profit-taking in BUA Cement, Cadbury Nigeria, Nestle Nigeria and other large-cap stocks pushed the Nigerian Exchange (NGX) All-Share Index lower on Wednesday, as investors repositioned portfolios ahead of the Dangote Refinery initial public offering.
The NGX All-Share Index fell by 2,579.01 points to close at 242,223.10, while total market capitalisation declined by ₦1.67 trillion to ₦157.05 trillion, according to market data cited in the report.
The decline extended the market’s retreat from the previous session, with selling pressure concentrated across medium- and large-cap stocks.
Stockbrokers said investors were adjusting their portfolios in anticipation of new investment opportunities associated with the planned Dangote Refinery listing next week. The shift has contributed to capital rotation away from some underperforming and heavily held equities.
Industrial Goods and Insurance recorded the largest sectoral declines. BUA Cement fell 10.00%, while Nigerian Breweries declined 9.76% and Nestle Nigeria dropped 6.51%. GTCO also declined by 1.31%.
Trading activity weakened during the session, with total trade volume and transaction value falling by 29.04% and 19.94%, respectively. About 534.45 million shares worth ₦22.28 billion changed hands in 46,943 deals.
Sterling Financial Holdings led trading volume with 14.70% of total units traded, followed by Mbenefit Assurance at 14.21%, AccessCorp at 4.72%, Zenith Bank at 4.16% and Chams at 3.68%.
Nestle Nigeria led the value chart, accounting for 14.46% of total traded value.
Champion Breweries topped the gainers with a 9.90% increase, followed by VFD Group at 9.52% and UPDC at 5.88%. However, 43 stocks declined against 11 gainers, leaving market breadth firmly negative.
The Industrial Goods sector fell 3.09%, Insurance declined 3.07%, Consumer Goods lost 2.09%, Banking dropped 0.53%, while Oil & Gas slipped 0.20%.
What’s Being Said
Stockbrokers attributed the sell-off partly to portfolio repositioning ahead of the Dangote Refinery IPO, with investors seeking to free capital for the anticipated new investment opportunity.
What’s Next
Investors are expected to continue monitoring the market ahead of the Dangote Refinery listing next week, particularly as portfolio rotation could keep selling pressure elevated in some existing large-cap positions.
The performance of the NGX All-Share Index and sectoral breadth will also remain key indicators of whether the current sell-off develops into a broader market correction.
Bottom Line
The Bottom Line: The NGX decline reflects more than routine profit-taking, as investors appear to be reallocating capital ahead of a major new investment opportunity. The breadth of the sell-off, however, shows that the repositioning is already weighing across all major sectors.
• Peter Obi says he will concede defeat in the 2027 presidential election if the poll is free, fair and credible.
• The NDC presidential candidate says Nigerians have the right to choose their leaders and he will respect their decision.
• Obi maintains that he won the 2023 presidential election but alleges that the results were manipulated.
• He insists that presidential leadership should be based on competence and qualification rather than tribe or religion.
• Obi also called for greater youth representation in Nigeria’s leadership.
Main Story
The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has promised to concede defeat in the 2027 presidential election if the poll is free, fair and credible, Obi said Nigerians have the right to determine who governs them and that he would respect the outcome of a genuinely democratic election.
The former Anambra State Governor made the statement on Thursday during an interview with Arise News, “If the election is free, fair and credible, I will because it’s an election. It’s the people that would say who they want to serve, and I will respect the will of the people; that’s democracy,” he said.
However, Obi maintained that he won the 2023 presidential election, alleging that the results were manipulated, “I did, and I will maintain that as long as I live that I won the 2023 election. Those who conducted it know the records; they know why there was a glitch and what happened,” he said.
The Issues
Obi’s comments place the credibility of the 2027 election at the centre of his willingness to accept the outcome, He also stressed that elections should focus on the competence and qualifications of candidates rather than ethnic or religious considerations.
What’s Being Said
Obi insisted that he is qualified to become Nigeria’s president and said he possesses the education, training and experience required for the position, “Election should not be driven by tribe or religion. Today, in terms of qualification, I’m qualified to be president of Nigeria. I have the competence,” he said.
He listed institutions including Oxford, Cambridge, Harvard, Columbia and Kellogg among the schools where he said he had received training, Obi added that he would withdraw from the presidential race if anyone could establish that any of the qualifications he presented were false.
What’s Next
The focus will now be on the conduct of the 2027 elections and whether political actors and electoral institutions can deliver a process that is widely regarded as free, fair and credible.
Bottom Line
Peter Obi says he will accept defeat in 2027 if Nigerians freely choose another candidate, but he continues to maintain that he won the 2023 presidential election.
• Uber will limit fully remote work to about 1% of its workforce.
• The company is asking most existing remote employees to return to an office.
• Uber is retaining its hybrid policy, requiring employees to work from an office three days a week.
• The move comes as the company plans to cut about 3,300 jobs.
• Uber expects the restructuring to reduce its management ranks by about 20%.
• The company is also reducing the number of micro-teams by about half.
• Uber says the changes are aimed at improving collaboration, problem-solving and organisational efficiency.
Main Story
Uber is limiting fully remote work to about one per cent of its workforce as part of a broader restructuring that will eliminate about 3,300 jobs, The ride-hailing company’s Chief Executive Officer, Dara Khosrowshahi, disclosed the change in a memo to employees published on Uber’s website.
Khosrowshahi said most employees who currently work fully remotely would be asked to move to an office, while the company would retain its hybrid working arrangement, “We are also asking the vast majority of remote employees to move to an office, and going forward, only 1% of employees will be remote,” he said.
Uber did not disclose the number of employees currently working fully remotely, meaning the memo does not indicate how many workers will be affected by the return to office directive, Under the company’s hybrid policy, employees are required to work from an office three days a week.
Khosrowshahi said the decision was influenced by the benefits Uber had observed from employees working together physically, particularly in collaboration, problem-solving and the development of early career employees, “The benefits of sitting together, collaborating in person, and solving problems as a team are clearer than ever in our post COVID world,” he stated.
The CEO also announced plans to establish clearer principles for where roles and teams should be based, with the aim of concentrating employees in a smaller number of key hubs, Global teams will be concentrated in major hubs such as New York and San Francisco, while regional teams will operate from designated regional hubs. Local teams will be based in country hubs, while technology teams will be concentrated in technology hubs.
Uber will also prioritise having managers and their teams working in the same locations wherever possible, particularly for employees who are early in their careers, The return to office policy forms part of a wider restructuring designed to simplify Uber’s organisation, reduce management layers and eliminate small teams with limited numbers of direct reports.
Khosrowshahi said Uber had grown substantially over the past five years, but the expansion had resulted in additional organisational layers, greater coordination requirements and more fragmented ownership, As part of the restructuring, Uber expects to reduce its management ranks by about 20 per cent and cut the number of micro teams, consisting of managers with only one or two direct reports, by about half.
The changes represent the company’s biggest workforce reduction since the COVID-19 pandemic, In Nigeria, Uber ended its ride-hailing operations in September after about 12 years in the country. The exit came amid changes in the local operating environment and competition from other mobility platforms.
Uber also ended its operations in Uganda, The company began operations in Lagos in 2014 and later expanded to other Nigerian cities. Its departure leaves Bolt and other ride-hailing platforms competing for drivers and passengers in a market that has expanded significantly since Uber entered the country.
The Issues
Uber’s restructuring reflects a broader debate over remote and hybrid work, particularly as companies seek to balance flexibility with collaboration and organisational efficiency, The company is also attempting to reduce management complexity after significant growth, with fewer organisational layers and more employees working from established hubs, For affected remote workers, however, the new policy could mean relocation, longer commutes or changes to their current working arrangements.
What’s Being Said
Khosrowshahi said working together in person had produced clearer benefits for collaboration, problem-solving and the development of early-career employees, He also said the restructuring would give Uber a simpler organisational structure with clearer ownership and fewer management layers.
What’s Next
Uber will begin implementing its new workforce and workplace structure, including the return of most fully remote employees to offices, The company will also concentrate teams in key global, regional, country and technology hubs while reducing management positions and micro-teams.
Bottom Line
Uber is sharply reducing fully remote work to about 1% of its workforce while cutting around 3,300 jobs in a major restructuring. The company says the changes will simplify its organisation and improve collaboration, while its hybrid three-day office policy remains in place.
If I were to place a bet on who would most likely emerge as Nigeria’s next president in 2027 based on facts on ground today, I will consider it safe and cheap to cast my lot with PBAT, and no amount of money involved in that bet would be a risk. It became necessary for me to be frontal about this prediction straightaway in view of a satirical piece I wrote recently which, from early sampling, appeared to have been taken on its face value (see OSUN 2026 Elections: Tinubu remains distrustful unless he loses in 2027).
The substance of that piece was that notwithstanding the neutrality and statesmanship demonstrated by the president before, during and after the recent Osun elections which produced the people’s popular choice – an election in which the incumbency factor also played a key part, his own fate in the presidential election of 2027 is prejudged doomed already by the opposition who, though have not shown enough capacity to unseat him, are waiting to taint any elections that reproduced Tinubu next year as neither free nor fair.
I am neither a member nor a sympathiser of APC. On the other hand, I actually like the idea of a strong opposition. In a general sense, I always find myself supporting the underdog in any contest, provided the so-called underdog has pulled his weight well enough to deserve an upset. Take the game of football for instance, I have no particular EPL club that I follow as a die-hard fan like many Nigerians do. But I love champions because I know what it takes to reach and stay at the top. In this wise, I found the Pep Gaurdiola’s years at Manchester City quite interesting. Yet, I regarded their previous dominance of the English Premiership
distasteful and was always looking forward to see them restrained or even defeated in any of their games. Nearly does not kill a bird, which explains why Arsenal would struggle for more than twenty years before becoming the EPL champion again. In the intervening years, they were runners up for three seasons back-to-back, all the while improving their competitiveness by buying the right players to block noticeable loopholes. At the end, even before the EPL 2025/2026 season had kicked off, it was a cheap guess that the completeness of the Arsenal team would see them snatch the crown from the serial champion Man-city.
Back to politics, the present opposition appears a total mismatch to a dye- in-the wool politician like Tinubu whose trajectory in public service had demonstrated decades of brick-upon-brick build up to becoming the president of Nigeria. The nemesis some vested interests feared in an MKO Abiola’s presidency would seem to have reproduced itself in full measure in a president that is independent in his actions, his sweeping reforms, restructuring and realigning institutions and policies in manners that are dangerous to entrenched interests. Nowhere is the frustration of the opposition evident than the recourse to all a manner of mudslinging and scandal-hunting in a moment that requires simple and consistent answers to “How and what exactly would you do differently”?
Keen observers of politics and electioneering in any democracy would tell you that winners and losers in every election are never so difficult to predict. It is in very rare cases that popular projections turn out completely off the mark. From Donald Trumps’ first election as the 45th president of the US in 2017, his loss to Joe Biden in 2021 and his return to the American presidency in 2025, to Buhari’s resounding win over Goodluck Jonathan in 2015, only uninformed few would have found any of those outcomes utterly surprising.
In the same vein, Tinubu’s victory in 2023 was foreclosed the moment he scaled the unimaginable huddles set on his path, even within his own party towards emerging the APC candidate. The facts are indisputable; the then outgoing President Buhari was neither here nor there and was at some point a tool in the hands of the manipulating influences working against Tinubu. The moment he capitulated to allowing all candidates try their luck at the APC primary at the Eagles Square, the cabal lost the game. Subsequent efforts made to stop Tinubu, including almost setting the entire nation on fire via an eleventh-hour currency change only amounted to a vain attempt at shutting the cage after the BAT had escaped.
To stop Bola Ahmed Tinubu from winning again in 2027, possibly by a far wider margin than he did in 2023, those interested in that outcome must first unite against a now more formidable incumbent who once emerged victorious even when the battle was fiercest. More importantly, they must clearly articulate their programmes to convince Nigerians that they offer credible alternative beyond merely mouthing the well-worn shibboleth of Nigerians are suffering.
Times are hard no doubt, perhaps harder for many than it ever was in recent history. But, even at this, when opposition spokesmen overplay this card too often, too loudly, it loses its effect for many obvious reasons. First, Nigerians were never in El Dorado; there is a sense in which ‘suffering” had been part and parcel of the life many Nigerians knew for ages, no thanks to the selfishness of the utterly corrupt political class who always left the entire populace with crumbs. Despite whatever they may be flaunting as their past records, almost all the present political contenders belong to that inglorious past that led us here.
Secondly, outside the scaremongering effect, the ‘all are suffering’ rhetoric would seem to ignore the many Nigerians who understand that reforms come with present pains, are resilient and are hoping for a better tomorrow that must not be disrupted all over again. There are many who are not suffering at all and not because they are linked with the government in any way. Indeed, there are those who are doing far better now than ever before. Indisputably, there are millions who through their faith, encouraged constantly in the messages of their spiritual leaders and the personal experiences reaped in their undertakings, have developed the conviction that their ultimate fate is not in any Ahmed, Abubakar, or Peter in power. All these are Nigerians as well and will vote according to their individual convictions.
Do not be deceived, these politicians are the same everywhere. Bola Ahmed Tinubu is who they all wish they were. The sweeping condemnation of the current administration by those in the opposition are a part of the game, after all, any concession that the ruling party performed well in any area whatsoever would automatically erode the very essence for which the opposition desires to be seen as a better alternative. Jonathan was a clueless leader and a complete disaster till his immediate successor made him look like a precious gem stupidly discarded.
Finally, it is important to note that mere mudslinging won’t wrestle the presidency from the incumbent. If it didn’t work against him the first time, to the extent that he was still elected despite the well-funded efforts of local and foreign hatchet-men engaged to discredit him, why should the same recycled stories matter now? Except the strategy is just to shame the president and not necessarily regain power from him, what is more pronounced now is sheer bitterness, name calling and repetitively fishing for perjury, as though the man at the centre of it all had left his opponents utterly befuddled, having covered all grounds on which allegations of non-performance can be proven. Certainly, this cannot be true. I believe there is much to be desired in governance today.
Paradoxically, with the self-styled evil genius too frail in old age to teach those interested in knowing why he remained a darling of majority in-spite of his history of manipulations, Bola Ahmed Tinubu remains one of the few living and active politicians who can mentor the rest on how to be effective in opposition and he has clearly stated he won’t go on that suicidal path now. So, until the so-called opposition gets their acts together, I predict waiting beyond the 2027 election circle, a la Arsenal.
Prince Debo Luwaji,an entrepreneur and political analyst, writes from Lagos. (luwajidebo@gmail.com)
• Chimsom Chuka advised Tram on leadership and how to handle his HoH responsibilities.
• Wager tensions continued as some housemates accused others of withholding support and seeking revenge.
• Oyin admitted she wanted to retaliate against housemates she felt had wronged her.
• Keivo said he prefers to remain neutral during conflicts and praised Tram for using the HoH Veto to save him.
• Tram reflected on the pressure of being HoH and admitted he is learning to be more polite and considerate.
• Abi pulled away from Ricky after another sexual comment made her uncomfortable.
• Araga brought flowers for Goddessa, while the housemates received a Dano Milk task.
• Team Evap Milk, made up of Bells, Flora, Ricky and Tram, won the Dano Milk task with 90 points.
• BB Market opened in the evening as housemates discussed drinks, relationships and ongoing tensions.
• Wager preparations continued late into the night ahead of the house’s circus-themed presentation.
Main Story
Day 45 in the Big Brother Naija house was marked by leadership advice, Wager tensions, relationship conversations and another task victory as the housemates continued their journey in the reality show, The day began with Aikou singing in the Kitchen while Tram and Keivo did their laundry. Tram joked that if he were nominated, he would not bother washing clothes because there would be no point doing laundry if he was leaving the house, Later, Keivo, Ricky and Sheba engaged in a conversation about intimacy and sexual relationships before Aikou joined them.
Ricky also shared his opinion about Aikou, saying he believed Aikou was attracted to both men and women. Keivo suggested the term sapiosexual, while Aikou said he simply wanted to have one woman, The major conversation of the morning, however, came when Chimsom Chuka had a heart-to-heart with Tram about his Head of House reign.
Chimsom told Tram that some housemates appeared unwilling to participate in the Wager because they felt Tram and his friends were not giving enough energy to the task, He admitted that he had initially considered withholding his own energy from the Wager as revenge against Tram but said he decided against it because he is a Christian.
Chimsom advised Tram that being HoH should come with respect, recalling that he gained the housemates’ respect during his own first-week reign, Tram explained that Bells had told him she was reluctant to participate because of Oyin and Flora. He said he was trying to lead by example and wanted the housemates to understand that the Wager belonged to everyone.
During the Diary Room sessions, tensions surrounding the Wager became clearer, Yusuf told Biggie that Tram had been provoking him. He recalled an incident after a morning workout when he assigned cleaning areas and Tram questioned whether he had cleaned his section.
Yusuf said the interaction upset him and described Tram as someone who was not a team player, Bells also complained about divisions in the house, saying Oyin and Flora were making it difficult for her to participate fully in the Wager.
She explained that she had initially been excited about the circus theme but lost interest after some housemates, including Flora, Oyin and Tram, appeared uninterested.
Ricky similarly told Biggie that some housemates were reluctant to participate because they believed Tram had previously failed to contribute enough during earlier Wagers, Oyin, meanwhile, admitted that she had considered refusing to participate in the Wager as revenge against housemates she felt had wronged her.
She specifically mentioned Abi, Bluethopia and Temi Nkem, saying she felt they had come for her. Oyin also said she believed Bells was now coming after her despite their previous friendship, Biggie advised her to focus on winning as a team instead of seeking revenge, Aikou later told Biggie that he was concerned about the division in the house and believed some housemates were attempting to sabotage the Wager.
Flora, however, praised Tram’s leadership during her Diary Room session. She said he had encouraged the housemates not to retaliate against those who had previously treated them badly, The HoH himself later admitted that leadership had been a rollercoaster but said he was gradually adjusting to the responsibility.
Tram defended his previous actions during Chimsom Chuka’s HoH reign and said he was comfortable with pressure and chaos, Biggie praised his leadership instincts but reminded him that a good leader must also know when to follow.
Tram also asked whether housemates were permitted to enter the HoH Loft, but Biggie firmly told him they were not, The evening brought a change of pace when Araga emerged from the Diary Room with flowers for Goddessa and placed them beside her picture on the photo wall.
The housemates reacted excitedly, with Sheba kissing Goddessa’s picture. Bluethopia attempted to place a small piece of the flowers beside Neche’s picture, but Araga took it back and reminded her that the flowers were for Goddessa.
The housemates subsequently received a Dano Milk task brief and were divided into four teams, Team Powdered Milk consisted of Aikou, Barry, Sheba and Yusuf, Team Yoghurt featured Araga, Bluethopia and Oyin, Team Evap Milk comprised Bells, Flora, Ricky and Tram, Team UHT Milk consisted of Abi, Chimsom Chuka, Keivo and Temi Nkem, The teams headed to the arena for a series of games centred on nutrition, children’s growth and family wellbeing, After completing the Dano Word puzzle and Nutrient Hunt, the teams presented their concepts to Biggie.
Team Evap Milk eventually emerged as the winner with 90 points, earning a task victory for Bells, Flora, Ricky and Tram, The housemates then enjoyed a nourishing break at the Dano x Lurpak Nourishing Corner before returning to the house, Later, the BB Market opened, sending the housemates rushing into the lounge to shop.
Araga, Barry, Chimsom Chuka, Ricky and Yusuf discussed contributions towards purchasing a bottle of Gordon’s gin, Relationship gist also took over, with Bells teasing Yusuf about an alleged sexual encounter involving Ricky. Yusuf denied it, leaving the group laughing.
Chimsom Chuka also spoke with Bluethopia about their earlier disagreement. He admitted that he should have spoken to her before discussing the matter with Tram, Bluethopia appeared ready to move on, telling him that the matter was over and asking him to let it go, As the night continued, housemates reflected on their successful week and discussed possible winners of the show.
Flora praised Temi Nkem for her ability to entertain and make people laugh, Tram later called the housemates together to continue planning their Wager presentation. He read out the final script and confirmed Abi as the presenter.
The housemates were also tasked with agreeing on a name for their circus before the night ended, By 11pm, Araga, Barry, Flora, Keivo and Oyin were testing circus props, including clown wigs and hula hoops, In the garden, Abi, Aikou and Bells continued discussing possible names for the circus as Wager preparations continued.
The Issues
The biggest issue of Day 45 was the growing division among the housemates over the Wager, Some housemates accused others of deliberately withholding energy or refusing to participate because of previous disagreements. Revenge also became a recurring theme, with Oyin openly admitting that she had considered sabotaging the Wager to get back at people she believed had wronged her, Tram’s leadership also came under scrutiny as he attempted to balance authority, teamwork and the expectations of the housemates.
What’s Being Said
Chimsom Chuka advised Tram to understand that leadership requires respect and responsibility, Tram said he was trying to lead by example and make the housemates understand that the Wager was a collective responsibility, Biggie reminded Tram that effective leadership also requires knowing when to follow, while advising the housemates to focus on teamwork rather than revenge.
What’s Next
The housemates will continue preparing for their circus-themed Wager presentation as tensions around participation and leadership remain, With Team Evap Milk already securing a task victory, attention now shifts back to the Wager and whether the divided house can work together to secure another win.
Bottom Line
Day 45 saw Chimsom Chuka offer Tram advice on leadership while Wager tensions exposed divisions among the housemates. Despite the disagreements, Team Evap Milk won the Dano Milk task with 90 points, giving the house another reason to celebrate as preparations continued for the upcoming Wager presentation.
• Donald Trump promises every adult US citizen a $5,000 payment if Republicans retain Congress. • He says the proposed “Trump dividend” would be funded from the country’s economic gains. • The plan could cost more than $1 trillion if paid to all eligible adults.
MAIN STORY
US President Donald Trump has promised a $5,000 payment to every adult American if Republicans retain control of both the Senate and House of Representatives in November’s elections.
Trump announced the proposal on Wednesday at a Republican Party convention in Dallas, describing the payment as a “Trump dividend”.
He said Americans would receive the money if voters kept Republicans in control of both chambers of Congress.
With more than 245 million adults in the US, a payment of $5,000 per person would amount to more than $1 trillion by a rough estimate.
Such a commitment would therefore require congressional approval and raise questions about how the programme would be financed.
Trump argued that the payment would be justified by the strength of the US economy. He likened the proposal to a company distributing part of its profits among employees and said recipients would be required to spend the money within the US.
The proposal follows an earlier plan by Trump for a $2,000 payment to Americans. That proposal was linked to revenue generated from US tariffs and would have excluded higher income earners, but it was not pursued.
The November 3 elections will determine all seats in the House of Representatives and about one third of the Senate.
Republicans currently have narrow control of Congress, particularly in the House, where the party faces the possibility of losing its majority.
THE ISSUES
The scale of the proposed payment presents a major financial and legislative challenge. Distributing $5,000 to more than 245 million adults would put the potential cost above $1 trillion.
The proposal would also require congressional action, meaning its implementation would depend on whether lawmakers approved the necessary legislation and funding.
Trump’s plan also comes as Republicans face a difficult electoral test, with the president’s party traditionally vulnerable to losing congressional seats during elections held midway through a presidential term.
WHAT’S BEING SAID
“So if the Republicans win, you win with us, and you get 5,000 dollars.” – Donald Trump
“We are talking about a tremendous amount of money.” – Donald Trump
WHAT’S NEXT
US voters will elect the entire House of Representatives and roughly one third of the Senate on November 3.
The future of Trump’s proposed payment would depend on the outcome of those elections and subsequent congressional approval.
BOTTOM LINE
Trump has tied a proposed $5,000 payment for adult US citizens to Republican control of Congress after the November elections. If implemented for more than 245 million adults, the scheme could cost over $1 trillion.
• Five people have died after a passenger ferry caught fire off Palawan. • Authorities say 87 people remain missing while 42 have been rescued. • An investigation will examine the cause of the fire and possible safety breaches.
MAIN STORY
At least five people have died and 87 remain missing after a passenger ferry caught fire off the coast of Palawan in the Philippines, authorities said on Thursday.
The Philippine Coast Guard said 42 people had been rescued, although the figures could change as search and rescue operations continued.
The MV June Aster was sailing from Manila to Coron on Wednesday evening when the fire broke out about two kilometres from the coast.
Authorities believe 134 people were aboard the vessel. The Philippine News Agency reported that the number comprised 117 passengers and 17 crew members.
The coastguard, fire service and nearby vessels have joined the operation to locate those still unaccounted for.
The cause of the fire has not yet been established, and authorities have opened an investigation.
Investigators are also expected to determine whether the ferry complied with safety requirements, including rules on passenger capacity and the provision of life jackets.
The vessel was travelling towards Coron, a tourist destination on Busuanga Island known for its beaches, limestone formations and diving sites.
THE ISSUES
The investigation will focus not only on what caused the fire but also on whether safety measures were properly followed before and during the voyage.
Authorities are examining the possibility of overloading and whether every passenger had access to a life jacket. The final number of people aboard will also be important as rescue operations continue.
WHAT’S BEING SAID
“The figures were not yet final as rescue operations were continuing.” – Noemie Cayabyab, Philippine Coast Guard spokeswoman
WHAT’S NEXT
Search and rescue operations are continuing, with the coastguard, fire service and other vessels involved.
Authorities will investigate the cause of the fire and assess whether any safety regulations were breached.
BOTTOM LINE
Five people have died and 87 are missing after the MV June Aster caught fire off Palawan. Forty two people have been rescued, while authorities continue the search and investigate possible safety violations.
• UN Deputy Secretary-General Amina Mohammed has called on Africa to learn from the experiences of past leaders.
• Mohammed said the lessons of past leadership are essential to preparing the next generation of ethical and visionary leaders.
• She made the remarks during a visit to the Olusegun Obasanjo Leadership Institute in Abeokuta, Ogun State.
• Former President Olusegun Obasanjo said OOLI was established to ensure leadership development in Africa is based on experience, scholarship and practice.
• Discussions during Mohammed’s visit covered peacebuilding, sustainable development, youth leadership and governance institutions.
• The institute described the visit as an endorsement of its efforts to promote leadership development across Africa.
Main Story
The Deputy Secretary-General of the United Nations, Amina Mohammed, has stressed the need for Africa to draw lessons from the experiences of past leaders to prepare the next generation of ethical and visionary leaders, Mohammed made the call on Wednesday during a visit to the Olusegun Obasanjo Leadership Institute in Abeokuta, Ogun State, The development was contained in a statement issued on Thursday by Prof. Elvis Otobo, media consultant to the Deputy Chief Executive of OOLI, Prof. Samuel Daramola.
Mohammed described the institute as a platform where leadership experiences could be preserved, discussed and passed on to future generations, She said, “OOLI is a place for leadership to be discussed, a leadership to be remembered. Leadership for us to stand on the shoulders of those who have been there is important.
“Africa as a continent must draw lessons from the experiences of past leaders to prepare the next generation of ethical and visionary leaders, “For us, this is a demonstration of a legacy of a life that is not yet done, is still leading, and this is really important, The statement said Mohammed, a former Minister of Environment, subsequently held a closed-door meeting with former President Olusegun Obasanjo, founder and Chairman of the Board of Trustees of OOLI.
According to the statement, the meeting focused on peacebuilding, sustainable development, youth leadership and strengthening governance institutions across Africa, Obasanjo said the institute was established to ensure that leadership development in Africa was grounded in experience, scholarship and practical knowledge.
“Our goal at OOLI is to ensure that leadership in Africa is not left to chance,” he said.
“We are building a space where experience, scholarship, and practice meet—so that future leaders do not start from zero, but from a foundation of tested wisdom and global engagement, During the visit, Mohammed also held a strategic conversation with Daramola, who is a member of the institute’s Board of Trustees.
Speaking on behalf of the Director of the Institute, Gen. Martin Luther Agwai, Daramola described the UN deputy chief’s visit as an endorsement of OOLI’s work in leadership development, “Having the UN Deputy Secretary-General at OOLI is both an honour and a validation of our work,” he said, “Her reflections on legacy, continuity, and standing on the shoulders of proven leaders speak directly to why OOLI exists.
“We are committed to translating these values into concrete programmes that impact communities, institutions, and future leaders across Africa and beyond, The institute said Mohammed’s visit further positioned OOLI as a strategic platform for global conversations on governance, development and leadership transformation.
The Issues
Africa continues to face challenges around governance, institutional development, youth inclusion and leadership succession, Mohammed’s message focused on the importance of preserving the experiences of previous leaders and using those lessons to equip future generations with the knowledge and values required for responsible leadership.
What’s Being Said
Mohammed said African countries must learn from the experiences of past leaders rather than allow each new generation to start from scratch, Obasanjo, meanwhile, said OOLI seeks to bring experience, scholarship and practice together to strengthen leadership development across the continent.
What’s Next
OOLI is expected to continue developing programmes focused on leadership, governance, youth development and institutional transformation, while using its platform to promote wider conversations on Africa’s development.
Bottom Line
Amina Mohammed has urged Africa to preserve and learn from the experiences of past leaders as it prepares a new generation of ethical and visionary leaders. Her visit to OOLI also highlighted the institute’s growing role in promoting conversations around leadership, governance and sustainable development across Africa.
• NAICOM and NCAA sign MoU to improve aviation insurance compliance and risk protection. • Joint committee will review insurance requirements and strengthen information sharing. • Regulators say stronger insurance practices will improve passenger protection and industry stability.
MAIN STORY
The National Insurance Commission (NAICOM) and the Nigeria Civil Aviation Authority (NCAA) have agreed to strengthen oversight of aviation insurance and improve financial protection against risks in the sector.
The two regulators signed a Memorandum of Understanding (MoU) on Wednesday in Abuja, establishing a framework for ensuring that insurance arrangements covering aviation operations remain adequate, valid and responsive to emerging risks.
Under the agreement, a joint committee will support cooperation between the regulators through information sharing, periodic reviews of insurance requirements, stakeholder engagements and capacity building.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, said the arrangement would strengthen coordination between the two institutions despite their separate statutory responsibilities.
He said insurance was essential to protecting passengers, airlines and third parties when accidents, liabilities and other losses occurred.
Omosehin said compulsory aviation liability insurance provided an important layer of protection for air travellers and other users of aviation services, while a stronger insurance framework could also support business continuity and confidence in the sector.
He said NAICOM would provide regulatory supervision and technical expertise to support the implementation of the agreement.
The commissioner added that the initiative formed part of broader efforts under the Federal Government’s Renewed Hope Agenda to support its ambition of building a $1 trillion economy by 2030.
Director General of the NCAA, Capt. Chris Najomo, said the partnership would link aviation safety with adequate financial protection and sustainable insurance practices.
He said the agreement was intended to address regulatory and operational challenges through cooperation rather than focusing solely on enforcement.
THE ISSUES
Aviation operators face financial exposure when accidents, liabilities and other losses occur. Insurance therefore provides a mechanism for meeting legitimate claims and protecting passengers, third parties and businesses from the financial consequences of such events.
The new framework also creates a more formal channel for the aviation and insurance regulators to share information and periodically assess whether existing insurance requirements remain suitable for emerging risks.
WHAT’S BEING SAID
“Our objective is not merely to enforce compliance, but to establish a balanced regulatory environment in which aviation safety and financial protection complement each other.” – Chris Najomo
“Compulsory aviation liability insurance remains an important safeguard for air travellers and other users of aviation services.” – Olusegun Omosehin
“These measures will contribute significantly to improved regulatory effectiveness and enhanced confidence among stakeholders.” – Olusegun Omosehin
WHAT’S NEXT
The joint committee established under the partnership will coordinate information sharing, review insurance requirements, engage stakeholders and support capacity building among regulators and industry participants.
NAICOM also pledged to provide the technical expertise required to support the committee’s work.
BOTTOM LINE
NAICOM and NCAA have created a joint framework to strengthen aviation insurance compliance and risk protection. The regulators expect closer cooperation to improve passenger protection, regulatory effectiveness and confidence in Nigeria’s aviation sector.
• Dangote Cement Plc has disclosed an insider purchase of 986 ordinary shares.
• The shares were acquired by the company’s Head of Treasury, Omode Emmanuel Oladimeji.
• The transaction was valued at N996,491.01.
• The purchase was executed on the Nigerian Exchange on May 4, 2026.
• The shares were bought in two tranches at N1,008.15 and N1,013.13 per share.
• The combined transaction represents a volume-weighted average acquisition price of N1,010.64 per share.
Main Story
Dangote Cement Plc, Sub-Saharan Africa’s largest cement producer, has notified the Nigerian Exchange Limited and the investing public of an insider purchase involving its shares, The disclosure, titled “Notification of Share Dealing by Insiders,” was filed with the Nigerian Exchange as part of the company’s statutory obligations on transparency and disclosure of transactions by key management personnel.
According to the filing released on Tuesday and signed by the company’s Secretary, Edward Imoedemhe, the Head of Treasury, Omode Emmanuel Oladimeji, acquired 986 ordinary shares of Dangote Cement valued at N996,491.01, The transaction was filed as an initial notification of insider dealing in compliance with Rule 111 of the NGX Rules Governing Director and Insider Dealings.
The rule requires listed companies to publicly disclose equity transactions carried out by directors and other insiders, The transaction took place on the floor of the Nigerian Exchange in Lagos on May 4, 2026, and was executed across two separate price tranches.
The first tranche involved the purchase of 263 shares at N1,008.15 per share, while the second involved 723 shares at N1,013.13 per share, Combined, the two transactions amounted to 986 shares at a volume-weighted average acquisition price of N1,010.64 per share.
Insider transactions are closely monitored by equity analysts and retail investors as they can provide an indication of management sentiment and confidence in a company’s future performance, An insider purchase does not, however, guarantee future share-price gains or necessarily indicate the company’s expected financial performance.
The Issues
The disclosure highlights the importance of transparency in transactions involving directors and other insiders of publicly listed companies, Mandatory reporting of insider dealings allows investors to monitor significant transactions by people with access to internal knowledge of a company and helps promote confidence in the capital market.
What’s Being Said
Dangote Cement formally disclosed the transaction in line with NGX requirements governing insider dealings, The purchase involved 986 shares acquired by the company’s Head of Treasury at an average price of N1,010.64 per share.
What’s Next
Investors and market analysts will continue to monitor Dangote Cement’s insider dealings, financial results and share-price performance for further indications of market sentiment toward the company.
Bottom Line
Dangote Cement’s Head of Treasury, Omode Emmanuel Oladimeji, has purchased 986 shares of the company for N996,491.01. The transaction, carried out in two tranches on May 4, 2026, was formally disclosed to the NGX and the investing public in compliance with insider-dealing rules.
• Daimler Truck plans to invest several hundred million euros in hydrogen powered trucks by 2030. • The company will pursue hydrogen and battery electric technology as parallel options for cutting emissions. • It plans to put an initial 100 hydrogen powered trucks into customer use from the end of 2026.
MAIN STORY
Daimler Truck plans to invest several hundred million euros in hydrogen powered trucks by the end of the decade as it expands its strategy for reducing emissions from road transport.
Chief Executive Karin Rådström told dpa that the German truckmaker would increase its investment in hydrogen technology while continuing to develop battery electric vehicles.
The company considers hydrogen particularly suitable for transport operations where customers require greater payload capacity and longer driving ranges.
Hydrogen trucks can also be refuelled considerably faster than battery electric vehicles can be charged. Rådström said limitations in expanding electricity infrastructure could further support the case for hydrogen in some applications.
However, she said hydrogen would not be appropriate for every customer. The company expects the choice between hydrogen and battery electric trucks to depend on factors such as energy prices in individual countries and the availability of the required infrastructure.
Daimler Truck has already offered battery electric trucks for several years, although they still represent a small proportion of its overall sales.
Following prototype testing, the company plans to place a small series of 100 hydrogen powered trucks with customers from the end of this year.
The truckmaker is also working with companies across the transport, energy and industrial sectors to develop a hydrogen ecosystem. It is expected to provide further details at a trade fair in Hanover next week.
THE ISSUES
Daimler Truck’s approach reflects the different requirements of commercial road transport. While battery electric vehicles can meet many operating needs, longer range, payload requirements and faster refuelling could make hydrogen more suitable for some applications.
The availability and cost of energy and supporting infrastructure will also influence which technology customers adopt in different markets.
WHAT’S BEING SAID
“We have invested a lot in battery electric vehicles, but now we are taking the next step and putting a lot of money into making hydrogen a success.” – Karin Rådström
“There are clear use cases where our customers really need the payload and the range.” – Karin Rådström
“We do not want to make the same mistake that was made in electric mobility.” – Karin Rådström
WHAT’S NEXT
Daimler Truck plans to begin customer use of its initial 100 hydrogen powered trucks from the end of this year.
The company will also outline its plans for developing a wider hydrogen ecosystem with transport, energy and industrial partners at a trade fair in Hanover next week.
BOTTOM LINE
Daimler Truck is committing several hundred million euros to hydrogen powered trucks while retaining battery electric vehicles as another route to lower emissions. The company expects the two technologies to serve different customer needs depending on range, payload, energy costs and infrastructure.
• TCN has started repairing four vandalised transmission towers in Rivers State. • The damage involved the removal of critical structural members from the towers. • The company is seeking community support to prevent further vandalism.
MAIN STORY
The Transmission Company of Nigeria (TCN) has commenced rehabilitation of four transmission towers damaged by vandals along the Afam, IPP and Elelenwo 132kV Double Circuit Transmission Line in Rivers State.
The affected towers, identified as T50, T51, T52 and T53, were discovered by TCN linesmen on Aug. 6 during inspection of the transmission corridor.
Further checks showed that critical bracing members had been removed from the structures, weakening the towers and raising concerns about their ability to safely support the transmission line.
TCN subsequently mobilised a contractor to the site to begin repair work, with the Port Harcourt Transmission Region formally handing over the affected facilities on Tuesday to mark the start of rehabilitation.
Mr Azu Lucky, Head of Lines, Port Harcourt Transmission Region, who represented TCN management at the handover, said protecting the infrastructure would require stronger cooperation from communities along the corridor.
He appealed to residents of Elelenwo, traditional rulers and the local government chairman to support the company’s efforts to prevent vandalism while the rehabilitation is underway.
Lucky said TCN was aware of the threat that damage to the towers posed to electricity transmission along the corridor and pledged that the company would work to complete the repairs on schedule.
THE ISSUES
The removal of structural components from the four towers compromised their integrity and created a risk to the transmission infrastructure serving the corridor.
TCN’s appeal to local residents highlights the importance of community cooperation in protecting electricity infrastructure, particularly after the damaged towers are restored.
WHAT’S BEING SAID
“We are mindful of the risk that vandalism of these towers poses to reliable transmission of electricity along the corridor.” – Azu Lucky
“The company will do everything possible to ensure the timely completion of the rehabilitation works.” – Azu Lucky
“TCN appeals to residents of Elelenwo and surrounding communities to support the ongoing rehabilitation efforts and to remain vigilant against acts of vandalism around transmission facilities.” – Azu Lucky
WHAT’S NEXT
TCN will continue with the rehabilitation of the four towers and has called on surrounding communities to cooperate with the company and report acts of vandalism around transmission facilities.
BOTTOM LINE
TCN has begun repairing four transmission towers in Rivers after vandals removed critical structural members from them. The company says community cooperation will be important to protecting the rehabilitated infrastructure and maintaining reliable transmission along the corridor.
