The legal representatives of the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, have officially withdrawn from his terrorism trial currently being heard at the Federal High Court in Abuja.
The development unfolded on Thursday when Kanu Agabi, a former Attorney-General of the Federation and the lead counsel representing Kanu, informed the court of his decision to step down from the case. Agabi stated that the IPOB leader had chosen to personally take control of his defence, thereby ending the team’s representation.
Following Agabi’s announcement, other Senior Advocates of Nigeria (SANs) who were part of Kanu’s defence team also declared their withdrawal from the case.
Confirming the development, Nnamdi Kanu told the court that he would be representing himself for the time being, although he hinted that his position could change as the trial progresses.
Presiding judge, Justice James Omotosho, asked whether the court should assign a new lawyer to defend Kanu, but the defendant declined the offer.
Kanu, who was allowed to address the court orally, maintained that the Federal High Court lacked the jurisdiction to continue trying him on the terrorism charges filed by the Federal Government.
It would be recalled that Justice Omotosho, on October 16, granted Kanu six consecutive days—starting from October 23—to open and conclude his defence, as part of the accelerated hearing already ordered in the case.
As part of his defence strategy, the IPOB leader had earlier listed several notable figures, including former Attorney-General of the Federation Abubakar Malami, Minister of the Federal Capital Territory Nyesom Wike, Minister of Works Dave Umahi, Lagos State Governor Babajide Sanwo-Olu, former Chief of Army Staff Gen. Tukur Buratai (rtd), and former Minister of Defence Gen. Theophilus Danjuma (rtd), among others, as witnesses he intends to call.
The case continues as the court prepares for the next hearing.
Nigeria has continued to rely heavily on imported petrol despite the commencement of operations at the Dangote refinery, new data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed.
Between August 2024 and the first ten days of October 2025, the nation imported approximately 15.01 billion litres of Premium Motor Spirit (PMS), accounting for about 69% of total domestic fuel consumption during the period.
According to figures obtained from the NMDPRA’s report titled “Import vs Domestic Supply Performance (PMS Daily Average Supply – August 2024 to October 2025)”, Nigeria consumed a total of 21.68 billion litres of petrol in the 15-month period. Of this volume, 6.67 billion litres — representing 31% — were sourced from domestic refineries, primarily the 650,000 barrels-per-day Dangote Refinery, which began local petrol production in September 2024.
Decline in Petrol Imports
The data showed that imported petrol averaged 44.6 million litres per day in August 2024 and peaked at 54.3 million litres per day the following month. However, import volumes gradually declined as local refining activity increased. By January 2025, daily imports had dropped to 24.15 million litres, further declining to 19.26 million litres in September 2025 and 15.11 million litres in the first ten days of October 2025.
Industry analysts attributed the decline to the ramp-up in domestic output from the Dangote Refinery, which has progressively captured a larger share of Nigeria’s fuel market. However, importers have accused the refinery of engaging in aggressive pricing strategies to dominate the sector.
Domestic Refining Expansion
Local petrol production rose significantly from 6.43 million litres per day in September 2024 to 22.66 million litres per day in January 2025, before stabilising at around 20 million litres per day in the following months. By October 2025, the refinery’s output averaged 18.93 million litres daily, surpassing import volumes for the first time.
The NMDPRA’s report also indicated fluctuations in total national supply, with the highest output recorded in September 2024 at 60.73 million litres per day. Supply later dropped to 44.08 million litres in April 2025 and further to 34.04 million litres by October 2025. The figures also suggest that national consumption levels fell significantly over the review period — from 60.73 million litres per day in September 2024 to 34.04 million litres in early October 2025.
These shifts occurred after the Federal Government fully deregulated the petrol market in September 2024, ending decades of fuel subsidies previously handled by the Nigerian National Petroleum Company Limited (NNPCL).
Refinery Exports and Market Competition
Although domestic production expanded, Dangote Refinery also exported refined products to foreign markets, including the United States and the Middle East. Reports from Argus Media and refinery officials confirmed that the facility shipped two long-range cargoes of fuel to the Gulf region between June and July 2025, following temporary refinery shutdowns in Saudi Arabia and other Gulf nations.
Earlier in the year, Aliko Dangote announced that the refinery had successfully exported two cargoes of aviation fuel to Saudi Aramco, marking a major milestone in its global operations. He noted that Nigeria had, for the first time, become a net exporter of refined products, revealing that between June and July 2025 alone, the refinery exported about one million tonnes of petrol.
“Today, Nigeria has actually become a net exporter of refined products. From the beginning of June to date (July 22), we have exported about one million tonnes of PMS within the last 50 days,” Dangote said.
Refinery’s Local Market Push
Despite its growing exports, the Dangote refinery continues to encourage domestic marketers to purchase locally refined petrol. Devakumar Edwin, Vice President of Dangote Group, stated recently that the refinery had over 310 million litres of petrol in storage, urging marketers to bring their trucks for loading.
“I have more than 310 million litres of PMS as of today inside my tanks, apart from the production that is coming out every day. Bring your tankers — we’ll load any number you bring,” Edwin said, asserting the refinery’s ability to meet both domestic and export demands.
The NMDPRA Chief Executive, Farouk Ahmed, also confirmed that the refinery now supplies an average of 20 million litres of petrol daily to the Nigerian market. “Without a shadow of a doubt, the operation of the 650,000 barrels-per-day Dangote refinery has changed the supply dynamics, with an average daily contribution of up to 20 million litres,” he said.
A Gradual Shift Toward Self-Sufficiency
By the end of the 15-month period, Nigeria’s total petrol supply reached 21.68 billion litres, comprising 15.01 billion litres from imports and 6.67 billion litres from domestic refining. The trend highlights the country’s gradual but measurable shift from heavy import dependence toward greater self-sufficiency in fuel production.
While imports continue to play a dominant role, the sustained increase in local output — particularly from the Dangote refinery — is reshaping Nigeria’s downstream petroleum landscape. Analysts believe that with time, improved pricing, and full integration of local refining capacity, Nigeria could finally achieve its long-held goal of ending petrol importation and attaining full domestic sufficiency.
Money market rates dropped slightly this week following a surge in liquidity within Nigeria’s financial system, driven by renewed investor participation in Treasury bills auctions. The Central Bank of Nigeria (CBN) held a primary market auction where ₦650 billion worth of Treasury bills was floated for subscription, attracting a total demand of ₦750 billion — a weaker turnout compared to previous sales, reflecting a reduced appetite for naira-denominated assets.
Despite the lower subscription levels, market liquidity improved as banks maintained a cautious stance, particularly with the Standing Deposit Facility (SDF) rate at 24.5%, remaining higher than the average yield on Treasury bills. Analysts observed that the liquidity boost provided some relief to the interbank market after weeks of tight funding conditions.
According to a report by Meristem Securities Limited, total financial system liquidity rose by 23.81%, climbing from ₦1.77 trillion to ₦2.19 trillion. The firm attributed the increase mainly to a ₦534.30 billion rise in banks’ placements at the CBN’s Standing Deposit Facility.
Market analysts noted that several commercial banks with sufficient cash reserves continued to take advantage of the 24.5% SDF rate, while others turned to the Standing Lending Facility to meet short-term funding needs. This mix of borrowing and depositing reflected a more balanced liquidity position in the banking system.
Interbank rates also displayed a mixed performance midweek. Overnight rates eased by four basis points to 24.83%, following the liquidity inflow. The week saw ₦6.76 billion in primary market repayments and ₦275 billion in fresh borrowings from the CBN.
However, medium-term money market rates trended upward, with the 1-month, 3-month, and 6-month tenors rising by 25 basis points, 72 basis points, and 119 basis points respectively, according to Cowry Asset Management Limited.
Overall funding costs moderated across the market, as the overnight rate declined by 49 basis points to 24.86%, and the Open Purchase Rate dropped 30 basis points to 24.50%.
The Treasury bills secondary market reflected a similarly mixed performance. Yields on 1-month, 6-month, and 12-month maturities advanced by 15 basis points, 16 basis points, and 1 basis point respectively, while the 3-month yield declined by 20 basis points. This divergence indicated varying investor preferences along the short-term yield curve.
Despite the fluctuations, the average Nigerian Treasury Bills (NT-Bills) yield inched marginally higher by approximately 0.5 basis points to 17.35%, signaling cautious sentiment among fixed-income investors.
Financial experts believe that the easing in short-term rates, coupled with improved liquidity conditions, could provide short-lived relief to the banking sector, especially as the CBN continues to maintain tight monetary controls to curb inflation and stabilize the naira.
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 1480.00 per $1 on Thursday, October 23rd , 2025. The naira traded as high as 1452.00 to the dollar at the investors and exporters (I&E) window on Wednesday.
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 ₦1500 and buy at ₦1480 on Wednesday 22nd October, 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
₦1500
Buying Rate
₦1480
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1466
Lowest Rate
₦1452
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Global oil prices advanced on Wednesday as concerns over supply disruptions and renewed hopes for improved trade relations between the United States and China boosted investor confidence.
Brent crude traded at $62.05 per barrel, up 1.1% from its previous close of $61.36, while West Texas Intermediate (WTI) gained 1.2% to $58.23 per barrel. The rise followed heightened geopolitical risks linked to the prolonged Russia-Ukraine conflict, which continues to unsettle global energy supply chains.
Investor optimism also grew on reports of potential trade discussions between the U.S. and China, the world’s two largest economies. Analysts say an agreement could stimulate global economic activity, thereby increasing energy demand.
However, political uncertainty in Washington clouded sentiment. U.S. President Donald Trump postponed a planned summit with Russian President Vladimir Putin after negotiations to secure a ceasefire in Ukraine stalled. Trump said he preferred not to hold a “wasted meeting,” emphasizing that discussions must yield tangible outcomes.
The White House’s decision followed a call between U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov, which officials described as “productive.” The Kremlin has reportedly resisted Trump’s proposal for a ceasefire that would lock in current frontlines in the ongoing war.
Meanwhile, Trump reaffirmed his intention to meet Chinese President Xi Jinping during the upcoming Asia-Pacific Economic Cooperation summit in South Korea, suggesting the two leaders could strike a “fair” trade deal — though he also hinted the talks might be postponed.
Market watchers believe successful negotiations could boost global trade flows, further supporting oil demand in the months ahead.
On the supply side, data from the American Petroleum Institute (API) showed U.S. crude inventories dropped by 2.98 million barrels last week, signaling strong demand. The Energy Information Administration (EIA) is expected to release its official inventory data later in the day.
The Academic Staff Union of Universities (ASUU) has officially suspended its two-week warning strike following a series of engagements with the Federal Government. The announcement was made on Wednesday by the union’s National President, Professor Chris Piwuna, during a press briefing held in Abuja.
According to Piwuna, the decision came after an exhaustive National Executive Council (NEC) meeting that started Tuesday night and concluded in the early hours of Wednesday around 4:00 a.m. He explained that although the union’s core demands have not been fully met, meaningful progress has been achieved in ongoing discussions with the government.
“We have had productive engagements with government representatives regarding the renegotiation of the 2009 FGN-ASUU agreement,” Piwuna said. “While there is still much work to be done, the union recognises the government’s renewed willingness to negotiate. As such, NEC resolved to suspend the ongoing warning strike as a gesture of goodwill to Nigerians who have shown understanding and support.”
He further acknowledged the role played by students, parents, and the Nigeria Labour Congress (NLC) in urging the union to reconsider its industrial action. According to him, their collective efforts contributed significantly to the union’s decision to temporarily halt the strike.
The suspended strike, which began on Monday, October 13, was declared to press the government to address several unresolved issues affecting Nigeria’s public universities. These include the renegotiation and implementation of the 2009 FGN-ASUU agreement, the release of withheld three and a half months’ salaries, and sustainable funding for public universities.
Other outstanding concerns involve the revitalisation of tertiary institutions, non-payment of 25–35% salary arrears, promotion arrears owed for over four years, and the release of withheld third-party deductions, including cooperative contributions and union check-off dues. ASUU also called for an end to what it described as the “victimisation” of lecturers at Lagos State University (LASU), Prince Abubakar Audu University, and the Federal University of Technology, Owerri (FUTO).
Piwuna stressed that the suspension of the strike is a temporary measure, warning that ASUU would not hesitate to resume industrial action if the government fails to fulfil its commitments.
He reiterated that the union remains committed to improving the standard of university education in Nigeria, urging the government to prioritise sustainable investment in tertiary education rather than reactive crisis management.
The Central Bank of Nigeria (CBN) has increased interest rates on Nigerian Treasury Bills (NTBs) across all tenors in its latest primary market auction, as overall demand weakened despite improved economic indicators.
This rate adjustment came unexpectedly, following recent signals of disinflation, exchange rate stability, and a previous cut in the benchmark interest rate. Analysts had anticipated a moderation in yields due to the easing inflation trend and liquidity outlook.
However, tight liquidity conditions within the financial system limited banks’ participation in the auction, dampening overall subscription levels. Market observers noted that a stronger investor turnout might have prompted the CBN to reduce rates instead of raising them.
At the auction, the CBN offered ₦650 billion worth of NTBs across the 91-day, 182-day, and 364-day maturities. The total subscription stood at ₦750.91 billion — notably lower than the previous auction’s turnout.
Investors, however, showed stronger interest in longer-term instruments. The one-year bills accounted for nearly 90% of the total subscription, with ₦674.25 billion worth of bids recorded for the 364-day paper.
The apex bank allotted ₦7.61 billion in 91-day bills at a spot rate of 15.30%, marking a 30-basis-point increase. For the 182-day tenor, ₦67.42 billion was allotted at a rate of 15.50%, up by 25 basis points.
Meanwhile, ₦316.56 billion worth of the one-year paper was allotted at a yield of 16.14%, reflecting a 37-basis-point increase from the previous rate of 15.77%.
Market analysts say the latest rate adjustment signals CBN’s effort to strike a balance between curbing inflation and sustaining investor interest amid tight financial system liquidity.
The Nigerian naira maintained its stability against the U.S. dollar on Wednesday as foreign exchange liquidity improved and demand pressures eased.
According to data from the Central Bank of Nigeria (CBN), the spot rate reached an intraday low of ₦1,452 per dollar but later closed at ₦1,462/$, following an intraday high of ₦1,466. The consistent exchange levels suggest a balanced flow of dollar supply and demand in the FX market.
Analysts attributed the stability to improved dollar inflows from exporters and international oil companies, which have boosted market liquidity and reduced the need for CBN intervention.
At the close of trading, the naira closed flat at ₦1,463.44/$ in the official market and ₦1,492/$ at the parallel market, reflecting steady demand for the local currency.
Meanwhile, Nigeria’s external reserves remained firm at $42.79 billion ahead of a scheduled Eurobond repayment of $1.1 billion next month. Government officials have indicated plans to refinance the maturing Eurobond through new foreign borrowings in the fourth quarter.
A Lagos-based investment banker told MarketForces Africa that “there is a high probability the government will refinance its Eurobond obligations using external loans already approved by the legislature.”
Nigeria plans to raise over $2 billion from the international debt market later this year, though specific timelines are yet to be confirmed.
Elsewhere, crude oil prices continued to post gains, supported by optimism surrounding U.S.-China trade negotiations. Meanwhile, gold extended losses due to profit-taking, and cryptocurrencies traded mixed across major exchanges.
The United Kingdom government has announced a major policy adjustment that will affect international students, including Nigerians, studying in the country. From January 2027, the post-study work period for foreign graduates will be reduced from two years to 18 months, according to the UK Home Secretary, Shabana Mahmood.
In an official statement released on Wednesday via the UK Government’s website, Mahmood explained that the move is part of a broader immigration reform designed to tighten migration control while still positioning the UK as a destination for world-class talent.
She stated that the changes, which have already been laid before Parliament, form a key component of the government’s new “Plan for Change” and its flagship immigration white paper, which focus on balancing domestic employment needs with international talent attraction.
“The period allowed for international students to find graduate-level employment after their studies will now be shortened to 18 months from the current two years,” the statement noted. “Additionally, the immigration skills charge (ISC) paid by employers sponsoring skilled foreign workers will be increased by 32%, marking its first adjustment since 2017. The increase will fund investments in British worker training and reduce dependency on overseas recruitment.”
Mahmood added that the updated post-study work rule aims to ensure that graduates meaningfully contribute to the UK’s economy. The reform comes after official data revealed that many international graduates were not transitioning into graduate-level employment within the initial post-study period.
The parliamentary process to approve the ISC increase is expected to commence this week.
The government’s new measures follow several recent changes affecting international students. In 2024, the UK introduced stricter English language proficiency requirements for foreign students seeking admission, work, or permanent settlement. Furthermore, a policy enacted in January 2024 barred most students from bringing dependants, except for those enrolled in postgraduate research or government-sponsored programmes.
Adding to these challenges, the cost of studying in the UK continues to climb. Tuition fees for undergraduate programmes in the 2025/2026 academic year have increased by 3.1%, moving from £9,250 to £9,535. Analysts warn that the cumulative effect of these policy shifts could make the UK a less attractive destination for international students in the coming years.
Data from recent admissions cycles already show a decline in international student applications in 2024, suggesting that stricter immigration rules and rising costs are beginning to impact the UK’s global education appeal.
Interswitch, one of Africa’s leading integrated payments and digital commerce companies, has emphasised that Africa’s next technological leap will be anchored on scalable infrastructure and trust-driven partnerships, not just innovation and capital.
This was the central message delivered by Akeem Lawal, Managing Director, Interswitch Purepay, during his keynote address titled “Building Africa’s Digital Economy on Trusted Infrastructure” at Moonshot by TechCabal 2025, a two-day gathering of Africa’s foremost innovators, thinkers, and technology leaders held at the Eko Convention Centre, Lagos.
Lawal emphasised that Africa’s long-term digital growth hinges on resilient systems built through collaboration, local investment, and reliable technology frameworks.
“When you build the infrastructure, you create a community of partnerships. Every time you tap your card, pay a bill, or transfer money, you’re relying on something invisible — trust. That’s what we build every single day at Interswitch. But it’s not enough to innovate; we must modernise, embed AI, and strengthen the resilient digital systems that will support both current and future needs, especially in the payments and financial technology sectors,” Lawal said.
He continued:
“Infrastructure lays the rails, collaboration drives momentum, and trust fuels the journey. Together, they power Africa’s digital future. Africa’s growth will not be driven by technology alone, but by the infrastructure that endures, the partnerships that unite, and the trust that turns innovation into impact.”
Lawal further stressed that achieving sustainable progress requires more than innovation. He said that it demands structured investment and collaboration. He highlighted the importance of blended models, including public-private partnerships, domestic resource mobilisation, and regional integration, to move from concept to large-scale implementation.
Akeem Lawal, Managing Director, Payment Processing & Switching (Interswitch Purepay), delivering a keynote address on “Building Africa’s Digital Economy on Trusted Infrastructure” on the Big Tech & Enterprise Stage powered by Interswitch at the just-concluded Moonshot by Techcabal Conference in Lagos.
Citing the State of Africa’s Infrastructure 2025 report, he noted that the continent holds over $1.1 trillion in domestic capital through pension funds and sovereign wealth funds. Unlocking these homegrown resources, he said, will redefine Africa’s growth trajectory by driving African-led innovation at scale.
Across its diverse touchpoints from Verve and Quickteller to its switching and processing solutions, Interswitch continues to lead with technology that empowers businesses and consumers alike, enabling interoperability, deepening financial inclusion, and driving digital connectivity across Africa.
Interswitch’s participation at Moonshot by TechCabal 2025, where the company served as Platinum Sponsor and owned the Big Tech and Enterprise Stage, reflects its broader commitment to shaping Africa’s digital future through thought leadership, ecosystem collaboration, and technology-driven trust.
As Moonshot 2025 drew to a close, one message resonated across conversations, the future of Africa’s digital economy will be shaped by collaboration and sustained by infrastructure rooted in trust. Interswitch remains at the heart of that mission, building confidence, enabling growth, and powering Africa’s digital future.
The Nigerian Exchange (NGX) sustained its bullish momentum on Wednesday, with market capitalisation surpassing ₦97 trillion as investors gained ₦1.45 trillion in value.
Trading data showed that renewed investor interest in heavyweight stocks such as NASCON, Dangote Cement, MTN Nigeria, Aradel Holdings, and others drove market gains. The All-Share Index (ASI) climbed by 1.50%, closing at a record high of 153,736.25 points.
The NGX’s market capitalisation surged by ₦1.45 trillion to settle at ₦97.58 trillion, reflecting investors’ growing optimism over upcoming corporate earnings and strategic portfolio rebalancing by institutional fund managers.
Market participation improved as trading volume and value rose by 3.86% and 12.47%, respectively. Atlass Portfolio Limited reported that 573.23 million shares worth ₦23.1 billion were exchanged in 28,155 deals.
FIDELITY Bank led in trading volume, accounting for 16.13% of total market activity, followed by GTCO (13.53%), ACCESSCORP (10.12%), ZENITHBANK (4.08%), and JAIZBANK (3.81%). GTCO also dominated the value chart, representing 30.88% of total trade value.
ASOSAVINGS topped the gainers’ list, appreciating by 10%, followed by SKYAVN (+9.99%), NASCON (+6.80%), DANGCEM (+6.50%), TRANSCOHOT (+6.26%), and ARADEL (+5.98%).
On the flip side, profit-taking led to declines in 30 stocks. TIP fell by 5.73%, while CHAMPION, REGALINS, OANDO, and ACCESSCORP also posted moderate losses.
Sectoral performance was largely positive, led by the industrial sector (+3.45%) and oil & gas (+2.07%). The insurance and banking indices dipped slightly by -0.51% and -0.42%, respectively.
Analysts say the sustained bullish sentiment reflects investor confidence in Nigeria’s capital market resilience amid improving economic fundamentals.
The Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has announced that it will soon commence a Computer-Based Test (CBT) for shortlisted applicants in its nationwide recruitment exercise.
The announcement was contained in a public statement signed by the Board Secretary, Major General (Rtd.) A.M. Jibril, who expressed appreciation to applicants for their patience during the recruitment process.
According to the board, candidates are expected to visit the official recruitment portal to confirm their eligibility, as well as the venue and date of their examination.
The CDCFIB stated that only those who applied for roles in the four paramilitary agencies under its supervision — the Nigeria Security and Civil Defence Corps (NSCDC), Nigeria Immigration Service (NIS), Federal Fire Service (FFS), and Nigerian Correctional Service (NCoS) — will be able to verify their status online.
“Successful applicants will receive further details regarding the test via email and SMS notifications. We advise all shortlisted candidates to regularly check the portal and official social media handles for important updates,” the notice read.
The board also issued a stern warning to applicants against engaging with fraudulent individuals or fake websites promising recruitment assistance. It reaffirmed that the official portal — https://recruitment.cdcfib.gov.ng — remains the only authorised channel for all recruitment activities and that the CDCFIB does not collect any fees at any stage of the process.
The CBT examination marks one of the final stages of the recruitment process aimed at filling vacancies across the four paramilitary agencies.
The recruitment exercise, which initially began in June 2025, faced several postponements due to technical challenges, moving from June 26 to July 14 and later to July 21. It officially closed on August 11, 2025, after a one-week extension from the earlier deadline.
The exercise targeted Nigerian citizens aged 18 to 35, who meet the minimum height requirements (1.65m for men and 1.60m for women), have no criminal records, and are medically and physically fit for service. The minimum educational requirement was SSCE with credit passes, though candidates with higher qualifications in law, engineering, medicine, and technical fields were encouraged to apply.
In recent years, the CDCFIB has transitioned toward a more transparent and technology-driven recruitment process, designed to ensure fairness and merit-based selection.
According to official data, the ongoing recruitment exercise attracted over 1.9 million applications nationwide, with Kogi, Kaduna, Benue, and Katsina States recording the highest numbers of applicants.
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has unveiled plans to float between 5% and 10% of the Dangote Refinery’s equity on the Nigerian Exchange (NGX) within the next 12 months, in a strategic move aimed at broadening investor participation and bolstering the company’s financial base.
In an exclusive interview with S&P Global, Dangote explained that the forthcoming listing forms part of a long-term strategy to enhance transparency, promote inclusive ownership, and align the refinery’s governance structure with international best practices.
According to him, the partial floatation will follow the template used for Dangote Cement and Dangote Sugar Refinery, both of which are already listed on the Nigerian Exchange. “Our objective is to retain between 65% and 70% ownership. The rest will be offered gradually to investors based on market conditions and investor appetite,” he said.
Commissioned in 2024, the $20 billion Dangote Refinery is an integrated refining and petrochemical complex with a processing capacity of 650,000 barrels per day (bpd). The facility has already revolutionised Nigeria’s energy landscape by making the country a net exporter of diesel and aviation fuel, significantly reducing its reliance on imported petroleum products.
Dangote also disclosed that the group recently secured a $4 billion financing deal to support ongoing expansion initiatives. The company is currently in talks with investors from the Middle East to co-finance a capacity boost that would increase output to 1.4 million bpd. Once completed, this upgrade would make the Dangote Refinery the largest single-train oil refinery in the world, surpassing India’s Jamnagar facility.
“Our ownership model is evolving. We’re transitioning from being 100% Dangote-owned to a partnership-driven structure,” Dangote stated, adding that the group’s broader diversification strategy includes new petrochemical ventures and expanded polypropylene production.
Despite encountering temporary operational challenges, including brief shutdowns and labour-related disruptions, Dangote expressed optimism about the refinery’s long-term stability. He confirmed that major units, such as the Residue Fluid Catalytic Cracker (RFCC), are fully back online following a short maintenance break in September.
“We are fully focused on ensuring operational excellence and sustainability. It’s a massive project, but our goal remains clear — to make Africa self-sufficient in energy production,” he affirmed.
International investors have expressed growing frustration with Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, following a virtual investor call organised by Standard Chartered Bank to discuss Nigeria’s new Capital Gains Tax (CGT) framework.
According to feedback from participants, the session — intended to clarify the controversial provisions in Nigeria’s revised tax law — left many investors uneasy about the government’s policy direction and its implications for market competitiveness.
Several fund managers and analysts who attended the meeting described the tone of the engagement as “ideological” and “less market-friendly” than expected.
“We’ve effectively put a socialist in charge of tax reform,” one investor reportedly remarked. “He basically said the bottom 97% cannot pay tax, so the government should focus on the 3% to fund the state.”
Oyedele, however, has repeatedly defended the government’s approach, stressing that the new CGT structure is not punitive but designed to create a fairer, more efficient tax system that aligns with international best practices.
“Under the old regime, capital gains on shares were taxed at a flat rate of 10%, with no relief for capital losses and limited exemptions,” Oyedele said in an earlier briefing with the Nigerian Exchange Group (NGX).
“The new system introduces progressive taxation based on income bands — a model adopted in countries such as the United States, the United Kingdom, South Africa, Ghana, and Brazil.”
Despite these reassurances, many participants remained unconvinced. Several foreign investors described the reforms as potentially harmful to Nigeria’s investment appeal, arguing that they signalled unpredictability and a lack of sensitivity to market realities.
Some fund managers also criticised Oyedele’s assertion that investors would still pay equivalent CGT in their home countries, dismissing it as “factually inaccurate.”
“That’s mostly incorrect,” one Africa-focused institutional investor told Nairametrics. “Most large funds are zero-rated taxpayers in their home jurisdictions. It’s not the same thing.”
Frustration was further heightened by the format of the call, as participants could only submit questions through the chat function, which were screened by Razia Khan, Chief Economist for Africa at Standard Chartered, who moderated the session.
“Razia didn’t challenge him on the point about CGT making Nigeria less competitive than other frontier and emerging markets,” one participant complained.
Policy Inconsistencies and Investor Concerns
Investors also raised concerns about perceived inconsistencies in the treatment of different asset classes. Oyedele reportedly assured participants that holders of Open Market Operations (OMO) bills would not face additional taxation and that new rules for bondholders would take effect in 2025. However, equity investors were given no similar clarity.
“If they want to implement CGT, then do it properly and uniformly,” one fund manager argued. “Let everyone pay CGT on gains from a clear base date, say January 1, 2025. The current approach is confusing and frustrating.”
While many acknowledged Oyedele’s commitment to broadening the fiscal base and improving equity in taxation, several participants warned that his messaging risked eroding investor confidence.
“He’s focusing on extracting more from the top rather than expanding the base,” a global fund manager said. “That’s not how you build confidence in a frontier market.”
A Divided Response
Not all observers share the pessimism. Some analysts argue that the revised CGT policy could encourage more sustainable investment by discouraging speculative inflows and promoting longer-term capital commitments.
They note that Nigeria’s equities market has, in recent years, been largely supported by domestic institutional investors, whose steady participation has helped sustain gains of over 430 percent between December 2019 and September 2025.
Viewed from this perspective, proponents suggest that the reform could act as a stabilising filter — deterring “hot money” while incentivising investors with long-term growth horizons.
The Academic Staff Union of Universities (ASUU) has suspended its two-week warning strike following a marathon meeting of its National Executive Council (NEC), which concluded in the early hours of Wednesday in Abuja.
ASUU National President, Prof. Chris Piwuna, announced the decision during a press briefing, stating that the union’s leadership had resolved after extensive deliberations that ended around 4:00 a.m.
Piwuna explained that the strike, which began on October 13, was prompted by the Federal Government’s failure to address the union’s long-standing demands within the agreed timeframe.
“We’ve had useful engagements with representatives of the government regarding the draft renegotiation of the 2009 ASUU-FGN Agreement. While progress has been made, we are certainly not where we were before the strike began,” he said.
The ASUU president noted that the government’s decision to return to the negotiation table, coupled with interventions from students, parents, and the Nigeria Labour Congress (NLC), influenced the union’s decision to suspend the industrial action.
“NEC resolved to suspend the warning strike as a mark of goodwill and to reciprocate the efforts of well-meaning Nigerians who intervened in the matter. However, the union remains committed to ensuring that all pending issues are fully addressed,” he added.
Piwuna outlined ASUU’s key demands, which include the renegotiation and implementation of the 2009 ASUU-FGN Agreement, improved and sustainable funding for public universities, revitalisation of the tertiary education system, and an end to the alleged victimisation of ASUU members at the Lagos State University (LASU), Prince Abubakar Audu University (formerly Kogi State University), and the Federal University of Technology, Owerri (FUTO).
Other demands include the payment of outstanding 25–35 percent salary arrears, settlement of promotion arrears accumulated over four years, and remittance of unremitted third-party deductions.
While the union has called off the warning strike, Piwuna emphasised that ASUU would continue to monitor the government’s commitment to the agreed resolutions before making further decisions.
The United States has intensified diplomatic efforts to disarm Hamas and rebuild Gaza as part of a wider ceasefire framework, with Vice President JD Vance acknowledging the formidable challenges ahead in restoring peace to the war-torn territory.
Speaking during a visit to Israel on Wednesday, Vance said Washington remained committed to ensuring a lasting peace that guarantees security for Israel while improving living conditions for Palestinians in Gaza.
“We have a very, very tough task ahead of us — to disarm Hamas and rebuild Gaza; to make life better for the people of Gaza while ensuring that Hamas is no longer a threat to our friends in Israel,” he stated.
The Vice President met with Israeli Prime Minister Benjamin Netanyahu in Jerusalem on the second day of his three-day visit — part of a US-led diplomatic push to consolidate the ceasefire, secure the release of hostages, and pave the way for Gaza’s reconstruction.
On Tuesday, Vance inaugurated the Civil-Military Coordination Centre (CMCC) in southwest Israel, where American and allied forces will work alongside the Israeli military to oversee the truce and coordinate humanitarian assistance to Gaza.
He noted that an “international security force” would be established to maintain stability in Gaza once Israel begins its withdrawal, in line with President Donald Trump’s 20-point peace roadmap. While several US allies are reportedly considering participation, no American troops will be deployed inside Gaza; instead, coordination will take place from the CMCC in Kiryat Gat.
Reports suggesting Turkey’s potential involvement in the proposed peacekeeping mission have stirred unease in Israel. Reacting to questions on the issue, Netanyahu said decisions regarding the security force would be made jointly with the US but added pointedly, “I have very strong opinions about that. You want to guess what they are?”
Despite renewed hostilities on Sunday — when two Israeli soldiers were killed and retaliatory air strikes claimed dozens of Palestinian lives — Vance expressed “great optimism” that the fragile ceasefire would hold.
Netanyahu and his wife, Sara, hosted Vance and the US Second Lady, Usha Vance, for breakfast before a working session and a joint press conference.
Defending his acceptance of the US-brokered truce amid domestic criticism, Netanyahu credited Trump’s administration with helping to isolate Hamas and advance Israel’s regional relations.
“We’ve been able to do two things: put the knife to Hamas’s throat through our military efforts, and isolate Hamas diplomatically in the Arab and Muslim world — something the President and his team achieved brilliantly,” Netanyahu said.
Vance, for his part, described the Gaza deal as a “critical piece in unlocking the Abraham Accords,” referring to the Trump-era initiative that normalised Israel’s relations with several Arab states.
Still, the Vice President cautioned that the situation remained “very, very fragile,” as the ceasefire continued amid sporadic violence.
In Gaza, residents have cautiously welcomed the lull in fighting. Imran Skeik, a displaced civilian sheltering in a tent in Gaza City’s Al-Rimal neighbourhood, told AFP:
“The situation is much better — the war has stopped, and there are no sounds of bombs and shelling like before. We hope the ceasefire continues and that both sides keep to it. But we’re still suffering in tents. Will we have to stay like this?”
Meanwhile, the Israeli military confirmed on Wednesday the identification of two more hostages whose remains were recently returned — 85-year-old Aryeh Zalmanovich, abducted from kibbutz Nir Oz and killed in captivity, and Master Sergeant Tamir Adar, 38, who was slain defending the same community on October 7, 2023.
Hamas has so far returned 15 of the 28 bodies it pledged to release under the ceasefire arrangement, though the militant group says recovery efforts are complicated by extensive destruction across Gaza.
The conflict, which began with Hamas’s October 7 attack on Israel, has claimed more than 68,000 lives in Gaza, according to figures from the Hamas-run health ministry deemed credible by the United Nations. Israel’s death toll stands at 1,221, mostly civilians, according to official data compiled by AFP.
The Office of the Accountant General of the Federation (OAGF) has refuted claims circulating on social media that the October salaries of federal workers would be delayed due to an ongoing upgrade of the Integrated Personnel and Payroll Information System (IPPIS).
In a statement issued on Wednesday by Bawa Mokwa, Director of Press, the OAGF clarified that the upgrade is part of a scheduled consolidation of existing payroll systems aimed at improving efficiency and accuracy, not a cause for payment disruption.
“The Office of the Accountant General of the Federation has refuted recent reports circulating on social media claiming that a software upgrade within the Integrated Personnel and Payroll Information System will result in a delay of October salaries,” the statement read.
According to the OAGF, the IPPIS previously operated three payroll platforms. Following the migration of one to the SoftSuite application in 2024, two active platforms remained — EBS and SoftSuite. However, due to what the office described as the “suboptimal performance” of the EBS platform, the Federal Government approved a full consolidation of payroll operations under the SoftSuite system.
The office explained that the integration process has been carefully managed to ensure seamless operations. While minor technical issues may arise during the transition, it said all identified errors and omissions are being promptly resolved.
“This migration is not a new development but a continuation of an earlier effort to enhance efficiency and accuracy in payroll processing,” the statement added.
The OAGF further assured civil servants and stakeholders that salary payments for October would be made as scheduled, urging workers to disregard what it described as “misleading and unfounded reports” on social media.
“The Office of the Accountant General of the Federation assures all federal workers and stakeholders that October salaries remain intact and will be paid as scheduled. Treasury and IPPIS staff are advised to disregard the misleading reports, which did not originate from the OAGF,” the statement concluded.
Introduced in 2007 as part of the Federal Government’s public sector reform initiative, the IPPIS was designed to eliminate ghost workers, improve payroll transparency, and strengthen accountability within the civil service. Despite occasional technical challenges and resistance from some unions, particularly in the education sector, the platform remains the government’s central payroll system for civil servants.
The latest upgrade, according to the OAGF, forms part of a broader effort to modernise payroll administration and improve integration with other financial management systems across Ministries, Departments, and Agencies (MDAs).
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Week 17 Pool Results: Football pools results for this week 17 2025 are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pools panel at half-time as decided by the football pools. This week’s Week 16 Pool Results are made available in partnership with Bizwatch Nigeria.
WEEK: 17; SEASON: UK 2025/2026; DATE: 25-October-2025
Smartphone giant OPPO officially unveiled its latest innovation, the OPPO A6 Pro, at an exclusive launch event held at Radisson Blu Hotel, Ikeja, marking another milestone in the brand’s commitment to delivering power, durability, and sleek design to Nigerian consumers.
The highly anticipated launch drew tech enthusiasts, media personalities, and OPPO brand partners, who gathered to experience firsthand the A6 Pro’s standout features — a massive 7,000mAh ultra-large battery, 80W SUPERVOOC™ Flash Charge, and military-grade durability that redefine longevity and resilience in a mid-range device.
Speaking at the event, Caroline Wang, Product Marketing Manager at OPPO, described the new release as a breakthrough for the A-series lineup.
“The OPPO A6 Pro Series represents the most advanced evolution of the A-series yet, setting new standards in design, display, camera, and overall performance. It delivers flagship-grade innovation and power to a wider range of users at an impressively accessible price point.” she said.
The A6 Pro’s 7,000mAh battery offers up to 20 hours of video playback and maintains over 80% capacity even after five years of typical use. Complemented by IP69 water and dust protection and AGC DT-Star D+ Crystal Shield Glass, the device is built to withstand real-world challenges while maintaining a refined, slim profile.
The phone’s 120Hz AMOLED display, ColorOS 15, and Trinity Engine ensure a smooth and immersive experience for gaming, streaming, and everyday use. With AI LinkBoost 3.0 enhancing network stability and a 93% screen-to-body ratio, the A6 Pro positions itself as a high-performance device for today’s connected lifestyle.
Guests at the launch were treated to hands-on demos, photo sessions, and interactive showcases that highlighted the device’s unique features and color variants — Stellar Blue, and Rosewood Red.
The OPPO A6 Pro will be available in 8GB+128GB and 8GB+256GB models across authorized retail outlets and e-commerce platforms nationwide.
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Pool Fixtures For This Week: 19; SEASON: UK 2025/2026
