Senate President Godswill Akpabio has rejected a viral social media post that attributed to him a remark downplaying killing in Nigeria while criticising former United States President Donald Trump, describing the statement as fabricated and intended to cause diplomatic friction.
The post, circulated by a platform identified as Rant HQ, claimed Akpabio said: “The killing is taking place in Nigeria, not the USA. Trump should focus on the US. Nigerians are not complaining about the killings.”
In a statement on Sunday, Akpabio’s Special Adviser on Media and Publicity, Eseme Eyiboh, said the claim was entirely false, insisting that the Senate President never made such a comment “publicly, privately, in writing, or in conversation”. He challenged those behind the publication to provide evidence.
Eyiboh said the photograph attached to the viral post showing Akpabio at an official engagement was deliberately used to confer legitimacy on the fabricated quote.
“Senator Akpabio is a statesman of global repute and a strong advocate of international cooperation and mutual respect among nations. He holds President Trump in high regard as a historic figure and leader of a major democracy.” Eyiboh said. “
He cautioned against what he described as “digital recklessness” and urged the public to disregard the content, stressing that the Office of the Senate President remains committed to factual, responsible communication.
The controversy surfaced days after President Trump said Christianity faced an existential threat in Nigeria, claiming radical Islamist elements were responsible for mass killings of believers and declaring Nigeria a “Country of Particular Concern”.
While acknowledging global attention on issues of religious freedom and human rights, the Nigerian government has maintained that claims of widespread, one-sided religious persecution do not accurately capture the complexity of Nigeria’s security landscape.
The Federal Government insists that under President Bola Tinubu, efforts are ongoing to tackle terrorism, foster interfaith unity, and protect all citizens – irrespective of religious affiliation.
The Central Bank of Nigeria (CBN) successfully generated about ₦7 trillion through six Open Market Operations (OMO) auctions held in October 2025, as part of strategic efforts to absorb excess liquidity from the financial system and attract foreign exchange inflows from offshore investors.
This marks a significant shift in the apex bank’s monetary approach, following only a single OMO auction conducted in September.
According to data from the CBN, a total of ₦6.99 trillion worth of OMO bills were sold to qualified investors—including deposit money banks and foreign portfolio investors—showing a sharp increase from the ₦620.65 billion sold in the previous month.
The aggressive liquidity mop-up drive was initiated to address excess cash in the banking system, which averaged ₦3.18 trillion in October. This move has consequently tightened rates in the money market, reflecting the regulator’s determination to rein in inflationary pressures and stabilize the naira.
During its end-of-month auction, the CBN introduced new short-term OMO bills with maturities of 46 days and 60 days, signaling a more flexible liquidity management framework.
Analysts at Meristem Securities Limited noted that the introduction of shorter-tenor bills indicates a strategic liquidity control mechanism rather than a typical investment issuance.
“Given the sustained liquidity levels, we expect the CBN to maintain this pace, offering short-tenor bills as the market demands,” Meristem said in its report.
“These issuances not only absorb excess naira liquidity but also create avenues to attract foreign portfolio investors through competitive yields.”
The firm further highlighted that the continued issuance of OMO bills could help strengthen foreign exchange inflows, supporting stability in the naira and enhancing overall market confidence.
With monetary tightening measures still in effect, analysts believe the CBN will persist with its OMO strategy in the near term to balance liquidity conditions and sustain investor participation.
Nigeria’s currency, the naira, achieved a significant appreciation of around ₦54 against the U.S. dollar over the month of October, reflecting a favourable combination of offshore export flows and strengthening external reserves. At the end of October, the local rate in the Nigerian foreign-exchange market closed at approximately ₦1,421 per dollar—up from ₦1,475 per dollar at the end of September.
Analysts attribute the advance to a broad sell-off in the U.S. dollar index as global central banks embarked on further interest-rate reductions. Nigeria’s FX inflows from hydrocarbon exports also played a central role, supported by dollar-volume revenues from international oil companies and reduced fuel import payments. Additionally, foreign portfolio investors increased their wagers in treasury instruments, aiding the naira’s moderate appreciation. The exchange rate moved from about ₦1,465.29 per dollar at the start of the week to ₦1,457.96 by Friday, underscoring improved market dynamics and relatively restrained intervention by the Central Bank of Nigeria (CBN).
In October, Nigeria’s gross external reserves rose by approximately US$819 million, reaching US$43.172 billion from US$42.353 billion at the end of September. The rise in reserves provides increased stability in the FX market and supports a positive outlook for the naira in 2025, according to several analysts.
The global oil-market backdrop was nuanced. At the month’s start, the OPEC+ cartel signalled a planned output boost in December, raising near-term supply expectations even as demand remained weak—particularly in China, where industrial activity shrank for a seventh straight month. Geopolitical pressure, including the Israel–Hamas conflict and Western sanctions on Russian oil majors such as Rosneft and Lukoil, added short-lived volatility, but persistent Russian crude exports dampened hopes for major supply disruption. These factors, together with swelling inventories and slack demand, pushed Brent crude down by 5.2 % month-on-month to about US$64.50 per barrel.
Toward the week’s end, oil prices staged a modest rebound: Brent crude gained US$4.65 (up 7.59%) to close at US$65.94 per barrel, while U.S. West Texas Intermediate (WTI) added US$4.35 (up 7.61%) to finish at US$61.50 per barrel. Meanwhile, spot gold trimmed losses after U.S. inflation data came in slightly softer than expected—further raising expectations of an imminent rate cut by the Federal Reserve—even though the metal still ended the week lower, with spot gold down 3.24% to US$4,112.10 per ounce and U.S. futures settling at US$4,137.80.
Overall, Nigeria’s improved external-reserves position and stabilising FX trends suggest a firmer footing for the naira as the country moves into 2025.
In a clear sign of improving investor sentiment, yields on Nigeria’s sovereign Eurobonds fell in international markets ahead of the upcoming external-borrowing programme that includes a US$2.85 billion issuance plus a US$500 million Sukuk offering. The move reflects heightened appetite for Nigerian debt ahead of the maturity of a US$1.12 billion note originally issued in 2018.
According to investment-firm reports, the benchmark average yield dropped by 20 basis points within a week, landing at approximately 7.59% on Friday. The broader African Eurobond market saw mixed trading throughout the week but maintained an overall bullish tilt. Early optimism stemmed from hopes of reduced U.S.–China trade tensions, triggered by remarks from former President Donald Trump regarding tariff sustainability. However, investors remained cautious amid lingering global uncertainties, even as the oil-price rebound and softer-than-expected U.S. inflation data toward week’s end helped revive risk appetite.
The federal government’s external-borrowing strategy includes refinancing the maturing 7.63% bond that matures in November 2025, enabling Nigeria to manage refinancing risk and maintain its external-debt profile. The target amount of roughly US$2.35 billion plus the targeted US$500 million Sukuk underscores a proactive posture toward debt strategy.
Analysts note that the month-on-month yield decline of about 35 basis points for Nigerian Eurobonds signals a stronger investor acceptance of higher-yielding African sovereign debt. With Nigeria preparing fresh issuance and demonstrating refinancing discipline, sentiment in the Eurobond space is expected to remain mildly bullish heading into November.
In a development signalling a widening diplomatic flashpoint, the United States Congress is moving forward with legislation that would impose sweeping sanctions on a group of prominent Nigerian officials, including twelve governors from the country’s northern region, senior judges and traditional rulers.
American lawmakers allege that these individuals are complicit in what they call a systematic assault on religious minorities, particularly Christians, within Nigeria’s sharia-governed states.
The proposed measure, known as the Nigeria Religious Freedom Accountability Act of 2025, crafted and sponsored by Republican Senator Ted Cruz, designates Nigeria as a “Country of Particular Concern” for religious persecution. It calls for the U.S. Secretary of State to compile, within 90 days of the bill’s passage, a list of Nigerian officials who have “promoted, enacted or maintained blasphemy laws” or allowed violence by non-state actors under religious pretext. Those listed would become subject to visa bans, asset freezes and other sanctions under the U.S. Global Magnitsky human-rights framework (Executive Order 13818).
The backdrop to the bill is an earlier decision by then-President Donald Trump to categorise Nigeria as a Country of Particular Concern for the first time, citing “systematic, ongoing and egregious” religious-freedom violations — including attacks by the extremist group Boko Haram — and a judiciary allegedly complicit in ethno-religious conflict.
On a post to the Truth social-media platform, President Trump decried the “thousands of Christians being killed in Nigeria” and pressed for immediate investigation via U.S. Representative Riley Moore and House Appropriations Chairman Tom Cole. The bill affirms that since 2000, when the northern state of Zamfara led by Governor Ahmad Sani Yerima expanded Sharia to include criminal law, about a dozen states in Nigeria’s north adopted similar religious-legal frameworks.
These states — which include Zamfara, Kano, Sokoto, Katsina, Bauchi, Borno, Jigawa, Kebbi, Yobe, Kaduna, Niger and Gombe — introduced parallel Sharia courts and penal codes. In contrast, other states such as Kwara, Kogi, Plateau, Benue, Nasarawa, Taraba and Adamawa restricted Sharia to family-law matters rather than criminal or public law.
More recently the Sharia Council signalled an intention to expand its arbitration panels in southern states like Oyo and Ogun, a move that alarmed leaders of Christian communities and sparked public debate before the body clarified it would not establish binding courts but serve only as mediation panels.
Senator Cruz, defending the legislation, accused Nigeria’s leadership of having “institutionalised sharia law and enabled jihadist violence”, stating that “since 2009, over 52,000 Christians have been murdered, 20,000 churches and faith institutions destroyed, and dozens of villages wiped out. The federal and state governments have failed to act, and in many cases, they are complicit.”
By spotlighting the link between regional legal frameworks and religious-freedom abuses, the bill seeks to hold individual Nigerian officials directly accountable under U.S. sanctions law — marking a significant escalation in U.S.–Nigeria diplomatic and human-rights relations.
The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit at the Federal High Court, Abuja, against the Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, over their alleged refusal to investigate claims that lawmakers pay between ₦1 million and ₦3 million to sponsor motions, bills, and petitions at the National Assembly.
The legal action, marked FHC/L/CS/2214/2025, was instituted over the weekend. SERAP is asking the court for an order of mandamus compelling Akpabio and Abbas, sued in their personal capacities and on behalf of all members of the National Assembly, to refer the allegations to appropriate anti-corruption agencies for a full-scale probe and possible prosecution.
The suit was triggered by allegations made by Ibrahim Auyo, an APC lawmaker from Jigawa State, who in a viral Hausa-language video claimed that members of both chambers pay unofficial fees to initiate legislative business.
SERAP is also asking the court to issue an order compelling both presiding officers to take steps to protect Auyo as a whistle-blower, in line with international anti-corruption provisions.
According to SERAP, the allegations amount to a serious breach of public trust and undermine the integrity of the legislature under Section 4 of the 1999 Constitution. The organisation argues that claims of quid pro quo lawmaking erode democratic rights and make a mockery of the legislative mandate conferred on the National Assembly.
In the filings signed by Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, SERAP maintained that the matter raises issues of public interest, accountability, and rule of law; insisting that failure to probe the allegations would perpetuate impunity and weaken confidence in democratic institutions.
“Auyo is a whistle-blower protected under Article 33 of the UN Convention Against Corruption. Ending persistent allegations of corruption in the National Assembly is a matter of the rule of law and public interest.” SERAP noted in the suit.
Zenith Bank Plc has posted gross earnings of ₦3.4 trillion for the nine months ended 30 September 2025, representing a 16 per cent increase from the ₦2.9 trillion recorded in the corresponding period of 2024.
The unaudited financial statements submitted to the Nigerian Exchange (NGX) show that the growth was largely driven by a 41 per cent rise in interest income to ₦2.7 trillion, supported by a high-yield environment and an expanded investment portfolio. Interest expense rose by 22 per cent to ₦814 billion due to tighter monetary conditions and a larger funding base, with Net Interest Margin increasing to 12 per cent, from 10 per cent in September 2024.
However, non-interest income fell by 38 per cent to ₦535 billion, following a significant 60 per cent decline in trading gains.
Profit before tax closed at ₦917.4 billion, compared with ₦1 trillion in 2024, while profit after tax moderated 8 per cent to ₦764 billion. Earnings per share stood at ₦18.60, compared with ₦26.34 in Q3 2024. The bank attributed this to proactive measures to restructure and strengthen asset quality.
Total assets rose 4 per cent to ₦31 trillion as at September 2025, backed by customer deposits which grew 8 per cent to ₦23.7 trillion. Gross loans fell by 9 per cent to ₦10 trillion, with non-performing loan ratio improving to 3 per cent, partly due to the write-off of non-performing exposures.
Return on Average Equity (ROAE) and Return on Average Assets (ROAA) were reported at 23.3 per cent and 3.3 per cent respectively. Cost-to-income ratio stood at 45 per cent, while coverage ratio and liquidity ratio remained strong at 211.1 per cent and 53 per cent respectively.
Group Managing Director/Chief Executive, Dame (Dr) Adaora Umeoji, OON, said the results reflect the resilience of the Zenith franchise and its disciplined strategy in a challenging operating environment.
“We have fortified our capital base, reset our asset quality, and are well positioned for sustainable and profitable growth,” she said, noting that the bank will continue to focus on innovation, digital transformation, and solutions that address emerging client needs.
Zenith Bank has continued to receive multiple international and domestic industry awards in recognition of its performance, corporate governance culture, digital leadership, and sustainability initiatives — including being ranked Nigeria’s Number One Tier-1 bank in the 2025 Top 1000 World Banks ranking by The Banker, and winning “Nigeria’s Best Bank” at the Euromoney Awards for Excellence 2025.
The Kano State Executive Council has approved over ₦8.2 billion for a new round of interventions in the education, water supply, and energy sectors.
The approvals were issued in separate statements on Sunday by the governor’s spokesperson, Sanusi Bature, following the Council’s 33rd meeting presided over by Governor Abba Kabir Yusuf.
According to Bature, education received the largest allocation, with more than ₦4.9 billion committed to infrastructure upgrades, learning enhancement programmes, and initiatives aimed at improving access to quality education.
The allocation covers the Phase II renovation of Government Technical College, Ungogo; settlement of outstanding feeding liabilities for boarding schools; and the production of instructional materials through the Kano Printing Press.
Also approved were the furnishing and completion of the e-library at the Kano State College of Education and Preliminary Studies, funding for accreditation exercises at Kano State Polytechnic, and procurement of office furniture and fittings for Northwest University, Kano.
“Education remains the cornerstone of our development agenda, and we will continue to invest in facilities that promote quality teaching and learning,” the statement added.
In a separate approval, the Council earmarked ₦3.3 billion for water and energy-related projects designed to improve access to clean water in urban and rural communities. This includes the construction of a modern treatment plant at Taliwaiwai in Rano Local Government Area, payment of outstanding electricity and fuel bills owed by the State Water Board, procurement of diesel (AGO) and petrol (PMS) for treatment plants, and other operational payments.
The interventions, according to government officials, are intended to ensure steady water supply, promote energy efficiency, and enhance living standards across the state.
Governor Abba Yusuf reiterated his administration’s resolve to prioritise investments with direct social impact and long-term infrastructural value.
PUNCH Online had reported on 18 August 2025 that the Kano State Government approved over ₦40.8 billion for the construction and rehabilitation of 17 township roads in the metropolitan area, covering local government areas including Gwale, Nasarawa, Kumbotso, Fagge, Kano Municipal, Tarauni, Dala, and Ungogo.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1440.00 per $1 on Monday, November 3rd , 2025. The naira traded as high as 1415.00 to the dollar at the investors and exporters (I&E) window on Sunday.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1450 and buy at ₦1440 on Sunday 2nd November, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1450
Buying Rate
₦1440
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1434
Lowest Rate
₦1415
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Money market rates experienced a notable decline during the week as Nigeria’s financial system grappled with a surge in excess liquidity. The interbank market was awash with funds, allowing deposit money banks to take advantage of above-average treasury bill rates offered through placements at the Central Bank of Nigeria (CBN) window.
According to a market update from TrustBanc Financial Group Limited, reduced liquidity mop-up activities by the CBN contributed to a stronger funding position within the financial system, maintaining short-term interest rates below the 25% threshold. Data showed that banks’ placements at the Standing Deposit Facility averaged ₦2.88 trillion, up from ₦2.02 trillion recorded the previous week.
By the end of the week, the banking system reported a ₦2.47 trillion liquidity surplus, down from an opening balance of ₦3.78 trillion. In the absence of funding strain, the average daily liquidity level for October increased by 9% to ₦2.96 trillion, compared to ₦2.71 trillion in September.
The overall funding outlook was further supported by inflows from the Federation Account Allocation Committee (FAAC) disbursements and other system credits, which helped offset early-week Open Market Operations (OMO) outflows. Market data also showed that ₦261.38 billion in bond coupon payments contributed to system liquidity, even as a midweek bond auction settlement of ₦313.77 billion exerted mild pressure on funds.
Despite temporary contractions caused by OMO and treasury bills auction settlements, the market maintained comfortable liquidity conditions. This stability kept interbank rates lower by an average of 14 basis points. The Open Repo Rate (OPR) slipped by 4 basis points to 24.50%, while the Overnight Rate (O/N) dropped 24 basis points to settle at 24.83% week-on-week.
With coupon inflows of about ₦261 billion expected from the April 2029, April 2032, and April 2049 bonds, analysts forecast that funding costs may decline further in the coming week, provided no significant liquidity-draining actions occur.
What was meant to be a thrilling night of Afrobeats entertainment turned chaotic for thousands of fans at Davido’s concert in Enugu, following widespread reports of poor security, overcrowding, and theft.
The concert, held at Michael Okpara Square on Saturday, November 1, was part of Davido’s ongoing “5ive Tour,” which includes stops in Akwa Ibom, Adamawa, Enugu, Ibadan, and Lagos. While earlier tour dates in Uyo and Yola went smoothly, the Enugu show drew heavy criticism from concertgoers who described the event as disorganized and unsafe.
According to eyewitnesses, the concert attracted more than 40,000 attendees — nearly double the venue’s estimated 20,000 capacity — leading to severe crowding, confusion, and reports of harassment. Fans who spoke on social media platforms such as TikTok and X (formerly Twitter) accused organisers of failing to enforce crowd control measures and maintain adequate security.
Complaints began surfacing on Sunday as attendees shared disturbing videos showing gate breaches, pickpocketing, and physical altercations. Some concertgoers reported that Davido arrived around 3 a.m., nearly 12 hours after the show’s scheduled start time, further heightening tension.
A TikTok user, @adis_beautification, claimed that ticketless individuals forced their way into the venue. “The gate was broken, and the security guards were nowhere to be found,” she said. “Touts entered, and they used razor blades to tear people’s bags. My phone was stolen.”
Another attendee, @hairz_by_steph, said she experienced harassment amid the overcrowded environment. “They were pressing girls; the crowd was unbearable. I lost my nails trying to protect myself,” she recounted. “Davido didn’t come on stage until 3 a.m., and by then, everyone was exhausted.”
Further eyewitness accounts described chaotic entry points where security personnel allegedly used tasers and canes in a failed attempt to control the crowd. A user identified as @mmachukwu described what she called a “stampede-like situation,” adding, “People were falling, and the security completely lost control.”
Inside the venue, the situation worsened due to heat and lack of ventilation. “We had to move toward the fence to breathe,” she said. “The wait and danger weren’t worth it.”
Several fans reported stolen wigs, shoes, phones, and handbags, with one user, @reallifestories, breaking down in tears after losing all her belongings. “Someone helped me with slippers and a shirt to go home,” she said. “It’s unfair and traumatizing.”
Videos circulating online also captured instances of theft in real time, further fuelling outrage. Many social media users condemned the event organisers for failing to ensure basic crowd safety. “It’s 2025 — there’s no excuse for this,” wrote one X user, @Gidi_Traffic. “Concert organisers must prioritise safety and security, especially for women.”
As of press time, neither Davido nor the concert organisers had released an official statement addressing the security lapses or fans’ complaints.
The Joint Admissions and Matriculation Board (JAMB) has announced a new deadline of November 17, 2025, for the completion of admission processes into public universities, following appeals from university authorities.
JAMB’s spokesman, Dr. Fabian Benjamin, disclosed this in a statement on Sunday, explaining that the extension from the initial October 31, 2025 deadline became necessary due to judicial and administrative disruptions affecting some universities.
According to Benjamin, the decision was taken after the Association of Vice-Chancellors of Nigerian Universities (AVCNU) requested more time, citing the recent court order that temporarily halted admission activities until it was lifted on October 28, 2025.
He added that the National Universities Commission (NUC) had also recently accredited 229 new programmes across 37 universities, requiring additional time to integrate those courses into the ongoing admission cycle.
Benjamin stated, “The extension is to ensure inclusiveness and fairness to all candidates and institutions. The new deadline is final and must be strictly adhered to.”
The Board expressed appreciation to public universities for their commitment to meeting the initial deadline but emphasized the need to complete all admission processes through the Central Admissions Processing System (CAPS) before the new date.
This marks the second extension by JAMB in 2025, following its September 18 announcement granting more time for universities to upload Post-UTME screening scores for underage candidates who participated in the 2025 Unified Tertiary Matriculation Examination (UTME).
Education analysts say the latest move underscores JAMB’s commitment to transparency and access in tertiary education, aligning with the Federal Government’s Renewed Hope Agenda to expand learning opportunities for Nigerian youths.
The Nigerian stock market closed last week on a bearish note, with the Nigerian Exchange (NGX) shedding approximately N964 billion in market capitalization as investors offloaded shares to lock in recent gains.
After several weeks of sustained rallies, the local bourse witnessed a reversal in sentiment across four out of five trading sessions, driven by portfolio rebalancing and mixed corporate earnings, particularly from the banking sector.
According to market data, the All-Share Index (ASI) dropped by 0.98% week-on-week, settling at 154,126.45 points, while total market capitalization fell to N97.83 trillion.
Analysts at Cowry Asset Management Limited attributed the downturn to profit-taking and cautious positioning by investors awaiting the end of the quarter. The firm noted that the NGX currently trades within a short-term corrective channel, with the ASI dipping below its 20-day and 50-day moving averages — a signal of temporary weakness.
However, Cowry Asset observed that the Relative Strength Index (RSI) is approaching the oversold region, suggesting that fundamentally strong blue-chip stocks may soon present attractive entry points for medium-term investors.
Despite the overall market decline, activity levels improved notably. The weekly traded volume rose by 102.7% to 7.49 billion units, while the value traded advanced 12.16% to N145.44 billion. The total number of deals also climbed 7.85% to 159,598 transactions, underscoring selective but active investor participation.
Across sectors, four of six major indices closed lower, including Banking, Consumer Goods, Industrial Goods, and Insurance, all pressured by profit-taking and weak sentiment. Conversely, the Oil & Gas (+0.30%) and Commodity (+0.15%) indices posted modest gains, buoyed by increases in OANDO and OKOMUOIL.
Top gainers for the week included ASO Savings (+56.1%), Julius Berger (+13.3%), OANDO (+11.9%), Berger Paints (+9.3%), and ETI (+8.2%). On the flip side, Omatek (-21.9%), John Holt (-16.9%), Caverton (-16.2%), NAHCO (-15.9%), and eTranzact (-15.3%) led the losers’ chart.
Looking ahead, analysts expect mixed performance driven by reactions to fixed-income yields, fund rotation into safer assets, and corporate earnings updates. Cowry Asset advised investors to focus on “fundamentally sound stocks with strong earnings power” while waiting for clearer macroeconomic catalysts to re-ignite bullish momentum.
The President of the United States, Donald Trump, has threatened military action against Nigeria over alleged killings of Christians in the country, warning that continued violence could lead to severe consequences.
In a post on his Truth Social platform on Saturday, Trump directed the U.S. Department of War to prepare for “possible action” if the Nigerian government fails to curb the reported violence. He also said the U.S. would cut off all aid and assistance to Nigeria if the killings continue.
“If the Nigerian Government continues to allow the killing of Christians, the U.S.A. will immediately stop all aid and may go in, guns blazing, to eliminate the terrorists,” Trump wrote.
President Bola Tinubu swiftly rejected the claim, describing it as a “misrepresentation” of Nigeria’s religious landscape. In a statement on his official X handle, Tinubu said, “Nigeria stands firmly as a democracy governed by constitutional guarantees of religious liberty. The characterisation of Nigeria as intolerant does not reflect our reality.”
Tinubu maintained that both Christians and Muslims have been victims of violence driven by terrorism and banditry, not religion. His media adviser, Bayo Onanuga, called Trump’s genocide allegation a “gross exaggeration,” noting that insecurity in Nigeria “is not religiously motivated.”
Meanwhile, the Ministry of Foreign Affairs confirmed that diplomatic discussions were underway with the U.S. through Nigerian missions in Washington, Atlanta, and New York to address the issue.
Former Nigerian Ambassador to the Philippines, Dr. Yemi Farounbi, warned that the U.S. designation could strain bilateral relations, affect arms deals, and damage Nigeria’s international reputation.
According to SIPRI data, Nigeria remains one of Sub-Saharan Africa’s largest arms importers, with key acquisitions from the U.S., China, Turkey, and Italy. Analysts say the ongoing tension could jeopardize military cooperation critical to counterterrorism efforts.
Farounbi urged the government to present verifiable data showing how it protects all citizens regardless of faith, stressing that “America’s concern is not just about the killings but the Nigerian government’s response to them.”
The Dangote Group has assured Nigerians that petrol and diesel prices will remain stable despite the Federal Government’s recent approval of a 15% import tariff on refined petroleum products.
Speaking during an interview with Arise News on Sunday, the Group’s Chief Corporate Communications Officer, Anthony Chiejina, dismissed public fears of a price increase, describing them as “misplaced.”
According to Chiejina, the tariff was introduced primarily to prevent fuel dumping and to encourage local refining rather than to raise prices. “The 15% tariff is about preventing dumping, not inflating pump prices. I can assure you that our fuel prices will remain stable through the end of the year,” he stated.
The move follows comments by Chief Ayiri Emami, a chieftain of the All Progressives Congress (APC) in Delta State, who had criticized the policy as potentially harmful to Nigerians. However, Chiejina emphasized that the measure aligns with global best practices aimed at protecting domestic industries and creating jobs.
He added, “Dumping hurts economic growth and reduces employment opportunities. This tariff helps safeguard local industries, boost industrialization, and protect government revenues.”
A statement from the Presidency confirmed that President Bola Tinubu approved the tariff as part of efforts to promote local refining, strengthen energy independence, and conserve foreign exchange.
“For decades, Nigeria depended on imported fuel despite being a major crude producer. This new policy seeks to reverse that trend by encouraging local refining and ensuring that our oil wealth drives national development,” the statement said.
The World Bank has tentatively scheduled December 16, 2025, as the approval date for Nigeria’s fresh $1 billion Development Policy Financing (DPF) loan, introduced under a new framework titled “Nigeria Actions for Investment and Jobs Acceleration (P512892).”
According to the Bank’s official project brief released on October 27, the funding package will include a $500 million International Development Association (IDA) credit and a $500 million International Bank for Reconstruction and Development (IBRD) loan.
This latest intervention falls within the World Bank’s Macroeconomics, Trade, and Investment agenda for Western and Central Africa and is designed to deepen ongoing economic reforms, stimulate private sector participation, and accelerate job creation across key sectors.
The initiative aims to consolidate the federal government’s post-reform gains and facilitate a transition from short-term economic stabilization to long-term inclusive growth. The Federal Ministry of Finance will oversee the loan’s execution, following the Bank’s authorization to proceed with preparation.
“The proposed Development Policy Financing supports Nigeria’s pivot from stabilisation to inclusive growth and job creation,” the Bank noted. “It seeks to catalyse private sector investment by expanding access to finance, deepening digital and capital markets, reducing inflationary pressures, and boosting export diversification.”
Since 2023, Nigeria has rolled out several reform measures, including the removal of fuel subsidies, exchange rate unification, and the halt of central bank deficit financing. The Tinubu-led administration, through its Renewed Hope Agenda, maintains that these policies have narrowed fiscal deficits, stabilized macroeconomic indicators, and improved investor sentiment.
However, challenges persist, with more than 130 million Nigerians still living below the poverty line, despite modest improvements in macroeconomic stability. The World Bank highlighted that Nigeria’s economy “has yet to transition to a high-growth, inclusive trajectory,” emphasizing the urgent need for private investment to drive productivity and job creation.
The $1bn policy loan will rest on two main pillars: promoting private sector expansion and reducing operational costs for businesses. Under the first pillar, the programme will enhance access to credit and strengthen digital inclusion through initiatives such as the Investment and Securities Act 2025, new credit guarantee frameworks, and a CBN Rulebook for microfinance and non-bank institutions.
Additionally, it will support the National Digital Economy and E-Governance Bill 2025, which will formalize electronic authentication, digital records, and e-transaction frameworks—paving the way for a paperless, technology-driven government.
The second pillar targets inflation management, improved export competitiveness, and cost reductions for firms and consumers. The programme will also simplify trade processes, implement AfCFTA tariff concessions, and enhance certified seed systems for major crops like rice, maize, and soybeans to boost food production and agricultural investments.
This DPF is part of a broader FY2026 World Bank engagement package supporting Nigeria’s development agenda, which includes complementary programmes such as FINCLUDE (MSME finance expansion), BRIDGE (digital infrastructure), and AGROW (agricultural value chain development).
The Bank stated that the policy package aligns with the Paris Climate Agreement, promoting climate-smart agriculture, reduced deforestation, and digital systems that lower carbon emissions.
Expected outcomes include reduced food inflation, improved credit access for MSMEs, and increased digital exports, collectively generating millions of new jobs. Furthermore, import liberalization and tariff reductions on key inputs are projected to enhance consumer welfare and Nigeria’s competitiveness within the African market.
Once approved, the funds will be disbursed in two tranches, subject to policy milestones, with implementation overseen by the Federal Ministry of Finance, Central Bank of Nigeria (CBN), and related agencies.
The initiative could represent one of the largest policy financing operations in Nigeria’s recent history, reinforcing its transition toward private-sector-driven, inclusive economic growth.
As of June 30, 2025, Nigeria’s external debt stood at $46.98 billion, with the World Bank Group accounting for $19.39 billion, representing 41.3% of total foreign obligations.
The Nigerian Exchange (NGX) All-Share Index (ASI) ended the week of October 31, 2025, lower, breaking a seven-week bullish run as investors moved to take profits across key sectors.
The benchmark index dropped by 1,518.6 points, closing at 154,126.46 compared to the previous week’s 155,645.05, marking a 0.98% weekly loss. Market capitalization correspondingly slipped from N98.7 trillion to N97.8 trillion, reflecting weaker investor sentiment.
Trading activity also moderated, with 2.5 billion shares changing hands—down from 3.69 billion in the previous week—across 159,487 deals. Market breadth weakened, with 29 gainers against 70 losers, while 47 stocks closed unchanged.
Despite the weekly decline, the NGX remains firmly positive on a year-to-date basis, boasting a 49.74% gain so far in 2025, underscoring its resilience amid global market volatility.
Market Review and Key Performance Metrics
The ASI opened the week with mild declines, shedding 0.10% on Monday and 0.09% on Tuesday before a sharper 1,092.3-point drop on Wednesday. Losses continued into Thursday before a modest rebound on Friday, when the index rose 0.29%.
The NGX Premium Index dipped 1.02%, pressured by declines in major blue-chip stocks such as Dangote Cement (-0.75%), UBA (-4.64%), Lafarge (-3.45%), and Zenith Bank (-6.25%). Similarly, the NGX Main Board Index fell 0.96%, and the NGX 30 Index declined 0.73%.
Sectoral Overview
Among sectoral indices, the Oil and Gas sector emerged as the lone gainer, advancing 0.30%, driven by Oando Plc’s 11.87% rally.
On the downside, the Insurance Index dropped 3.47% following notable losses in AXA Mansard (-13.75%) and Sunu Assurances (-13.27%). The Consumer Goods Index fell 2.73%, dragged by Cadbury Nigeria’s 13.72% loss, while the Banking Index weakened 2.11% due to widespread declines among FUGAZ stocks. The Industrial Goods Index also shed 1.02%, extending the overall bearish sentiment.
Top Gainers
The week’s standout performer was ASO Savings and Loans Plc, which surged 56.06% to close at N1.03. Julius Berger Nigeria Plc followed with a 13.28% gain, ending at N151.80. Other top performers included:
Oando Plc: +11.87% to N48.05
Berger Paints Plc: +9.25% to N42.50
Ecobank Transnational Incorporated: +8.19% to N38.95
Meyer Plc: +6.95% to N16.15
International Energy Insurance Plc: +6.14% to N2.94
Okomu Oil Palm Plc: +5.88% to N1,080.00
Stanbic IBTC Holdings Plc: +4.48% to N112.00
Tantalizers Plc: +4.35% to N2.40
Top Losers
Omatek Ventures Plc led the losers’ table, plunging 21.94% to close at N1.21, followed by John Holt Plc, which dropped 16.92% to N5.40.
Other major decliners were:
Caverton Offshore Support Group Plc: -16.15% to N5.45
NAHCO Plc: -15.90% to N105.00
eTranzact International Plc: -15.33% to N12.70
AXA Mansard Insurance Plc: -13.75% to N13.80
Cadbury Nigeria Plc: -13.72% to N62.55
Chams Holding Plc: -13.67% to N3.41
Sunu Assurances Nigeria Plc: -13.27% to N4.51
Legend Internet Plc: -13.06% to N5.26
Corporate Actions and Earnings Updates
The trading week saw a flurry of corporate disclosures, including Q3 2025 financial statements from top firms such as Transcorp, BUA Cement, Dangote Cement, Ecobank, GTCO, Livestock Feeds, VFD Group, and Chemical & Allied.
Half-year results were also released by Airtel Africa, while Berger Paints, Seplat Energy, Unilever, Aradel Holdings, and UAC Nigeria published their Q3 updates. Additionally, TotalEnergies, Wema Bank, Eterna, Fidson Healthcare, MTN Nigeria, UBA, BUA Foods, and Conoil all reported results during the week.
Market Outlook
Analysts expect the NGX to regain positive momentum in the coming sessions, buoyed by improving investor appetite for fundamentally strong stocks and sustained earnings optimism.
Despite the temporary correction, the market remains firmly above the 150,000-point threshold, reinforcing expectations of continued bullish sentiment through the final quarter of 2025.
The National Youth Service Corps (NYSC) has officially announced that online registration for the 2025 Batch C service year will begin on Tuesday, November 4, 2025.
According to a notice shared via the NYSC’s verified Facebook page on Sunday, the registration exercise will be open to both foreign-trained and locally-trained graduates from November 4 to November 9, 2025.
“Important Notice: Online registration for 2025 Batch C begins Tuesday, 4th November 2025,” the NYSC stated in the post.
The notice also included a provisional mobilization timetable, which outlined the key activities ahead of the upcoming Batch C orientation exercise. However, the scheme emphasized that these dates remain tentative and subject to change.
As indicated in the schedule, pre-camp physical verification for foreign-trained graduates is slated for November 9–13, while ICT-related operations will take place between November 12–15.
Furthermore, the printing of deployment letters by corps-producing institutions, as well as the physical distribution of call-up letters to schools, will occur from November 16–18. During this period, prospective corps members are expected to print their personal call-up letters from the NYSC portal.
The NYSC also revealed that the orientation camp dates for the 2025 Batch C service year will be disclosed at a later time.
Meanwhile, the corps management reminded absconded corps members from the 2025 Batch B cycle that the remobilization portal is currently open and will close on November 3, 2025.
In an additional advisory, the scheme urged those who previously absconded from service to refund any allowances received during their initial deployment strictly through their NYSC dashboard.
It added that any absconded corps members who registered for Batch A remobilization but failed to complete documentation in their assigned state must re-register under Batch B.
Earlier this year, BizWatch Nigeria reported that the NYSC released the official mobilization timetable for the 2025 Batch B, which scheduled online registration for both foreign and locally trained graduates from September 8–13, 2025.
For foreign-trained applicants, the pre-camp physical verification of credentials was previously held between September 14–18, 2025.
The National Youth Service Corps (NYSC) remains one of Nigeria’s most important post-graduation programs, designed to foster national unity and youth development through one year of compulsory service.
As preparations for the 2025 NYSC registration continue, all prospective corps members—both within and outside the country—are advised to carefully follow the outlined procedures to ensure a seamless registration process.
Before You Begin NYSC Registration 2025
To begin, ensure you have the necessary items in place before starting your registration:
Active Email and Phone Number: These are essential for communication throughout the NYSC process.
Valid Identification: Acceptable IDs include your NIN, international passport, or voter’s card.
Academic Credentials: Keep original and photocopies of your final year ID card, statement of results, and other academic certificates (especially for medical and allied fields).
Preliminary Steps Before Registration
Check the NYSC Mobilization Timetable: Visit the NYSC official website to confirm the mobilization schedule for your batch: www.nysc.gov.ng/mobtable.html.
Review NYSC Registration Requirements: Ensure that you meet all requirements as listed on www.nysc.gov.ng/mobreq.html.
Pre-Registration Checks
Senate List Verification (for Locally Trained Graduates): Only graduates whose names appear on the Senate/Academic Board Approved Result list from their institutions can register. Use your matriculation number to verify your name on the NYSC portal.
Functional Email Address: Create or use an active email address that will serve as your main point of contact throughout the process.
During NYSC Registration 2025
Create an Account: Go to the NYSC portal at https://portal.nysc.org.ng/ and sign up with your valid email address.
Activate Your Account: An activation link will be sent to your email—click it to activate your account.
Complete Personal Details and Biometrics: Fill in your details and complete biometric capture (cannot be done by proxy). You’ll need to input your name, date of birth, contact details, and academic information.
State Selection: Choose your preferred states of service, considering factors like proximity, opportunities, and personal convenience. However, final placement depends on national deployment needs.
Payment: Make your registration payment via Remita on the NYSC portal. The registration fee is around ₦2,786.24, with additional transaction charges.
Final Steps:
Review all details carefully.
Agree to terms and conditions.
Upload your scanned or digital signature.
Submit and keep your login credentials safe.
After Registration
Online Verification: NYSC officials will verify your documents and details before assigning you to a service state.
Call-Up Letter: Once verified, you’ll be able to print your NYSC Call-up Letter, which includes your state of deployment, orientation camp, and reporting date.
Additional Registration Information
Concessional Posting: Married or medically exempted graduates can apply for concessional posting, provided they submit valid supporting documents.
Part-Time Graduates: Register on the portal during the designated period to access and print your Exclusion Letter.
Post-Registration Services
After successful registration, the NYSC portal allows you to:
Print call-up, exclusion, and relocation letters.
Apply for leave or corrections to personal data.
Correction Procedures
If you need to correct your name, date of birth, course of study, or class of degree, log in to your dashboard and follow the specific correction process. Note that NYSC does not approve additions or deletions of names—such changes must be initiated through your institution.
Registration for Foreign-Trained Graduates
For foreign-trained applicants, additional documents such as international travel records and verified academic certificates are required. Full details can be found on the NYSC official site.
Final Thoughts
Ensure your NYSC registration is completed within the designated timeframe—for example, between March 25 and 31, 2025, for Stream II of Batch A—to avoid delays in mobilization. Double-check all personal details before submission and consult the NYSC FAQ section for clarity on any uncertainties.
The excitement is building up as VerveLife 8.0 gears up to deliver yet another unforgettable experience, one that blends fitness, lifestyle, and entertainment in perfect harmony. This year’s edition promises to raise the bar even higher, not just with exhilarating workout sessions and lifestyle showcases, but with an impressive lineup of special performances designed to keep the energy levels soaring from start to finish.
The morning segment of VerveLife 8.0 will come alive with the soulful symphony of the LOUD Urban Choir. Shortly after, the pulsating rhythms and electrifying beats of Alternate Sound, Africa’s premium live band known for their dynamic fusion of live instrumentation and Afro-urban sounds, will hold sway. Their unmatched energy will set the perfect tone for an engaging day of workouts and fun.
Joining them will be DJ Xray, who will keep the tempo high with a seamless mix of crowd favorites and adrenaline-pumping tracks. Adding a touch of artistry and cultural vibrance to the stage, the Awanjo Dance Troupe will dazzle participants with their captivating choreography and synchronized moves.
The celebration will continue with an epic afterparty that promises to be the rave. The star-studded event will feature celebrity appearances by Tobi Bakre, Broda Shaggi, and other notable personalities, ensuring a glamorous close to an action-packed day. The night will come alive with back-to-back performances by some of Nigeria’s finest DJs and music acts.
DJs Dope Ceaser, Maze, and Xtreme will take turns spinning the decks, delivering an explosive mix of sounds to keep the crowd dancing into the night. To crown it all, music lovers will be treated to electrifying live performances by Shoday and Timaya who will serenade the audience with their rich vocal harmonies.
With this stellar lineup, VerveLife 8.0 isn’t just a fitness event, it’s a celebration of sound, movement, and community. Whether you’re coming to sweat, dance, or simply soak in the vibes, one thing’s certain: this year’s VerveLife will be a spectacle to remember.
For more information, visit myverveworld.com/life or follow @VerveLife_ and @Vervecard on Instagram, TikTok and X.
