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NELFUND Approves 22 Additional Institutions For Student Loan Applications — See The Full Updated List

The Nigerian Education Loan Fund (NELFUND) has announced the approval of an additional 22 state-owned tertiary institutions for inclusion in its student loan programme, expanding access to financial support for students across the country.

In a statement released via its official handle on X (formerly Twitter), NELFUND confirmed that the newly cleared institutions were approved after a comprehensive review by the committee overseeing the Student Verification System (SVS).

According to the Fund, students enrolled in these newly accredited institutions can now proceed to apply for loans through the official NELFUND portal at nelf.gov.ng.

The latest development follows the earlier clearance of 86 institutions, bringing the total number of approved state-owned institutions to 108 nationwide.

NELFUND also revealed that more than ₦1 billion has already been disbursed as tuition fee payments to over 20,000 students across the country’s higher institutions since the launch of the student loan initiative.

Below is the complete list of newly approved and previously cleared institutions eligible for the student loan scheme.

Newly Cleared Institutions

  1. Abia State University, Uturu
  2. College of Education, Nsugbe
  3. Chukwuemeka Odumegwu Ojukwu University
  4. Delta State University, Abraka
  5. Delta State Polytechnic, Otefe-Oghara, Delta State
  6. Ekiti State Polytechnic, Isan-Ekiti
  7. Kogi State University, Kabba, Kogi State
  8. Prince Abubakar Audu University
  9. Kwara State University
  10. Kwara State College of Health Technology
  11. Abdulkadir Kure University, Minna
  12. Ogun State College of Health Technology, Ilese-Ijebu
  13. Moshood Abiola Polytechnic
  14. Emmanuel Alayande University of Education, Oyo
  15. The Polytechnic, Ibadan
  16. The Oke Ogun Polytechnic, Saki
  17. Rivers State University, Port Harcourt
  18. Kenule Beeson Saro-Wiwa Polytechnic
  19. Shehu Sule College of Nursing and Midwifery, Damaturu
  20. College of Administration, Management and Technology, Potiskum, Yobe State
  21. College of Agriculture, Science & Technology, Gujba
  22. College of Education Legal Studies, Nguru

Previously Cleared Institutions

  1. Abia State Polytechnic
  2. Adamawa State University, Mubi
  3. Adamawa State Polytechnic, Yola
  4. College of Education, Afaha Nsit
  5. Akwa Ibom State University
  6. Akwa Ibom State Polytechnic
  7. Aminu Saleh College of Education, Azare
  8. Niger Delta University
  9. Benue State University, Makurdi
  10. Borno State University
  11. College of Education, Waka-Biu
  12. Mohammet Lawan College of Agriculture
  13. Ramat Polytechnic, Maiduguri
  14. Cross River State University
  15. Delta State Polytechnic, Ogwashi-Uku
  16. Delta State University of Science and Technology
  17. Dennis Osadebay University, Asaba
  18. University of Delta, Agbor
  19. Ebonyi State University, Abakaliki
  20. Edo State University, Uzairue
  21. Ekiti State University, Ado Ekiti
  22. Bamidele Olumilua University of Education, Science and Technology
  23. University of Medical and Applied Sciences, Enugu State
  24. Gombe State University
  25. Imo State University of Agriculture and Environmental Sciences, Umuagwo
  26. Kingsley Ozumba Mbadiwe University
  27. Benjamin Uwajumogu State College of Education, Ihitte-Uboma
  28. Imo State Polytechnic, Omuma
  29. Sule Lamido University, Kafin Hausa, Jigawa State
  30. Nuhu Bamalli Polytechnic, Zaria
  31. Kaduna State College of Education, Gidan Waya
  32. Kaduna State University
  33. Aliko Dangote University of Science and Technology, Wudil
  34. Yusuf Maitama Sule University
  35. Katsina State Institute of Technology and Management
  36. Umar Musa Yar’Adua University, Katsina
  37. Kebbi State University of Science and Technology, Aliero
  38. Confluence University of Science and Technology
  39. Prince Abubakar Audu University, Anyigba
  40. Kwara Polytechnic
  41. Kwara State College of Education, Oro
  42. Lagos State University of Education
  43. Lagos State University of Science and Technology
  44. Lagos State University
  45. Isa Mustapha Agwai Polytechnic, Lafia
  46. Nasarawa State University, Keffi
  47. Ibrahim Badamasi Babangida University, Lapai
  48. Niger State Polytechnic, Zungeru
  49. Abraham Adesanya Polytechnic
  50. Olabisi Onabanjo University
  51. Tai Solarin University of Education
  52. Ogun State Institute of Technology, Igbesa
  53. D.S. Adegbenro ICT Polytechnic, Itori-Ewekoro
  54. Gateway ICT Polytechnic, Saapade
  55. University of Medical Sciences, Ondo
  56. Adekunle Ajasin University, Akungba-Akoko, Ondo State
  57. Government Technical College, Ile-Ife
  58. GTC, Ara, Osun State
  59. GTC, Gbongan, Osun State
  60. GTC, Ijebu-Jesa
  61. GTC, Ile-Ife, Osun State
  62. GTC, Inisa, Osun State
  63. GTC, Iwo, Osun State
  64. GTC, Otan Ayegbaju, Osun State
  65. GTC, Osu, Osun State
  66. Osun State College of Education, Ila-Orangun
  67. Osun State College of Technology
  68. Osun State University
  69. University of Ilesa, Osun State
  70. Osun State Polytechnic, Iree
  71. Oyo State College of Agriculture and Technology, Igboora
  72. Oyo State College of Health Science and Technology, Eleyele, Ibadan
  73. Adeseun Ogundoyin Polytechnic, Eruwa, Oyo State
  74. Ladoke Akintola University of Technology, Oyo State
  75. Oyo State College of Nursing Sciences, Eleyele
  76. First Technical University, Ibadan
  77. Plateau State University, Bokkos
  78. Port Harcourt Polytechnic
  79. Ignatius Ajuru University of Education, Port Harcourt
  80. Taraba State Polytechnic
  81. Taraba State University, Jalingo
  82. Taraba State College of Nursing Sciences, Jalingo
  83. Umar Suleiman College of Education, Gashua, Yobe State
  84. Yobe State University
  85. Mai Idris Alooma Polytechnic, Geidam, Yobe State
  86. Zamfara State University, Talata Mafara

NELFUND continues to expand its student loan coverage across Nigeria, reinforcing its mission to make higher education more affordable and accessible for all Nigerians.

NELFUND Opens Student Loan Portal For 2025/2026 Academic Session

UEFA Champions League 2025-26 Standings: Full Table, Top Teams, Surprises, And Early Predictions

UEFA Champions League 2020-21 Draw

Man, the UEFA Champions League never fails to deliver that heart-pounding drama, does it? Here we are, just a few matchdays into the 2025-26 season, and already the table’s looking like a wild rollercoaster. As of October 22, 2025, with most teams having played two or three games, we’ve got powerhouses flexing their muscles, underdogs barking loud, and a few big names scratching their heads. If you’re a die-hard fan glued to every fixture—or even if you’re just dipping in for the highlights—this early snapshot tells a story of goals galore, defensive masterclasses, and those nail-biting draws that keep us coming back.

To give you the full picture right off the bat, here’s the current standings table. It’s packed with all the key stats: matches played (MP), wins (W), draws (D), losses (L), goals for (GF), goals against (GA), goal difference (GD), points (Pts), and even the last five results for context. Scan this, then we’ll dig into the juicy details, team by team, with some hot takes on what’s working, what’s not, and where things might head next. Honestly, it’s too early to crown anyone, but you can already spot the trends that could shape the knockout stages.

RankClubMPWDLGFGAGDPtsLast 5
1PSG3300133109Win Win Win
2Inter33009099Win Win Win
3Arsenal33008089Win Win Win
4Dortmund321012757Draw Win Win
5Man City32106247Win Draw Win
6Bayern22008266Win Win
7Newcastle32018266Loss Win Win
8Real Madrid22007166Win Win
9Barcelona32019456Win Loss Win
10Qarabag FK22005236Win Win
11PSV31118624Loss Draw Win
12Tottenham21103214Win Draw
13Marseille21015233Loss Win
14Club Brugge21015323Win Loss
14Sporting21015323Win Loss
16Eintracht Frankfurt21016603Win Loss
17Liverpool21013303Win Loss
18Atlético Madrid310278-13Loss Win Loss
19Chelsea210123-13Loss Win
20Galatasaray210125-33Loss Win
21Atalanta210125-33Loss Win
22Napoli310249-53Loss Win Loss
23Union Saint-Gilloise310239-63Win Loss Loss
24Juventus20206602Draw Draw
25Bodø/Glimt20204402Draw Draw
26Pafos302115-42Draw Loss Draw
27Leverkusen3021510-52Draw Draw Loss
28Monaco201136-31Loss Draw
29Villarreal301225-31Loss Draw Loss
29Slavia Praha201125-31Draw Loss
31Copenhagen301248-41Draw Loss Loss
32Olympiacos301218-71Draw Loss Loss
33Kairat301219-81Loss Loss Draw
34Benfica300327-50Loss Loss Loss
35Athletic Club200216-50Loss Loss
36Ajax200206-60Loss Loss

(Note: All teams are in the play-offs qualification phase, and “Not played” fills out the last five where applicable. Ties in rank, like at 14 and 29, are based on identical points and GD.)

The Untouchables: PSG, Inter, and Arsenal Leading the Charge

At the summit, it’s a three-way tie with nine points each, and not a single loss among them. Paris Saint-Germain tops the list on goal difference, having smashed in 13 goals while conceding just three. Remember that thrashing they gave to some poor souls early on? It’s like they’re channeling their inner Messi era all over again, even without him. Their attack is firing on all cylinders—think fluid passes, clinical finishes, and a midfield that’s bossing possession like it’s nobody’s business.

Right behind, Inter Milan hasn’t let a single ball past their keepers yet. Zero goals against in three games? That’s not just solid defending; it’s a statement. They’ve got that Italian grit mixed with some flashy South American flair up front. And Arsenal—wow, the Gunners are back with a vengeance. Eight goals scored, none conceded. Mikel Arteta’s crew looks hungrier than ever, pressing high and turning turnovers into treasures. You have to wonder: can these three keep this pace? Or will the fixture congestion bite them later, like it did to so many in past seasons?

Shifting gears a bit, it’s fascinating how these top spots echo broader trends in European football. With the expanded format this year—more teams, more matches—it’s rewarding squads with depth. PSG’s bench, for instance, could start for half the league. But here’s a mild curveball: Arsenal’s perfect run includes some easier draws, right? Not knocking them, but facing stiffer tests soon could shake things up.

The Hunters: Dortmund and Man City Nipping at Heels

Dropping to seven points, Borussia Dortmund sits pretty with a draw and two wins, boasting a +5 goal difference. They’ve netted 12 times already—talk about fireworks at the Westfalenstadion. Their yellow wall of fans must be electric right now. Then there’s Manchester City, also on seven, with that trademark Pep Guardiola control. Six goals for, two against; they’ve drawn once but look unbreakable otherwise. It’s like watching a well-oiled machine—precise, relentless, and always one step ahead.

What gets me is how City adapts. Remember last season’s injury woes? This year, they’re rotating like pros, keeping fresh legs for the long haul. Dortmund, on the other hand, thrives on chaos; their counter-attacks are lethal, slicing through defenses like a hot knife through butter. If you’re betting on dark horses for the title, these two deserve a nod. But let’s be real— a slip-up against a mid-table fighter could flip the script overnight.

Bayern’s Quiet Storm and Newcastle’s Gritty Rise

Bayern Munich, with six points from two wins, hasn’t played as many games yet, but eight goals in two outings? That’s vintage Bayern—dominating possession and punishing mistakes. They’re sitting comfortably, goal difference at +6, and you know they’ll ramp up as the group stage deepens. Newcastle United, though—now that’s a story. Six points from three games, including a loss but two solid wins, and a +6 GD. The Magpies are punching above their weight, blending Premier League physicality with smart European tactics. Eddie Howe’s got them organized, and their fans are dreaming big.

It’s reminiscent of those underdog runs we love, like Porto back in the day. Newcastle’s rise ties into the Saudi investment wave, sure, but on the pitch, it’s all about heart. Can they sustain it against the big boys? That’s the million-euro question. And Bayern—well, they’re Bayern. Expect them to cruise into the play-offs without breaking a sweat.

Royalty in Form: Real Madrid and Barcelona’s Mixed Bags

Real Madrid, another six-pointer with two wins and a whopping +6 GD. They’ve only played two, but seven goals scored speaks volumes. Los Blancos are eternal favorites, aren’t they? That aura of inevitability, even when the squad’s in transition. Barcelona, also on six but from three games with a win-loss-win pattern. Nine goals for, four against—entertaining stuff, but that loss highlights vulnerabilities in defense.

Here’s the thing: Barca’s flair is unmatched, but consistency? Not quite there yet. Real, meanwhile, seems more balanced. It’s like comparing a flashy sports car to a reliable SUV—both get you there, but one might leave you stranded. With El Clasico vibes spilling into Europe, these Spanish giants add that extra spice.

The Surprise Packages: Qarabag and PSV Making Waves

Qarabag FK at 10th with six points from two wins? Who saw that coming? Five goals scored, two against— they’re the Azerbaijani outfit turning heads, proving the Champions League’s global appeal. It’s like that Leicester miracle, but on a continental scale. PSV Eindhoven, on four points, has a loss, draw, and win; their +2 GD shows resilience. Dutch football’s technical edge shines through here.

These stories warm the heart, don’t they? In a tournament dominated by moneybags clubs, seeing smaller teams scrap for play-off spots reminds us why we watch. But reality check: tougher fixtures await, and survival mode kicks in soon.

Mid-Table Mayhem: From Marseille to Atalanta

This is where it gets crowded. Marseille, Club Brugge, Sporting—all on three points, mixing wins and losses. Eintracht Frankfurt’s got six goals each way for a zero GD; Liverpool’s three points from a win and loss, looking for rhythm. Atlético Madrid’s on three but with two losses already—Simeone’s boys need to tighten up.

Chelsea, Galatasaray, Atalanta, Napoli, Union Saint-Gilloise—all hovering around three points, each with tales of glory and woe. Napoli’s -5 GD after three games? Ouch. It’s a reminder that early stumbles can haunt you. Liverpool, though— that loss hurts, but a win shows potential. You know, Klopp’s legacy lingers, but the new era’s still settling.

The Draw Kings and the Strugglers

Juventus and Bodø/Glimt, both on two points from draws— no wins, no losses. It’s steady, but in this format, you need victories to climb. Pafos, Leverkusen on two as well, with draws and a loss each. Monaco, Villarreal, Slavia Praha on one point—mostly draws amid defeats.

Then the bottom: Copenhagen, Olympiacos, Kairat on one, all fighting relegation vibes early. Benfica, Athletic Club, Ajax rock bottom with zero points. Benfica’s three losses, -5 GD— heartbreaking for such a storied club. Ajax’s -6 GD from two losses? Dutch giants in crisis mode.

It’s tough watching legends falter, but football’s cyclical. Remember United’s rough patches? These teams could bounce back with a key signing or tactical tweak. Or not— that’s the beauty and brutality.

Wrapping Up: Predictions and What to Watch Next

So, there you have it—the 2025-26 Champions League table dissected, from PSG’s rampage to Ajax’s woes. Early days, sure, but patterns emerge: goal-fests up top, defensive lapses down low. If I had to predict, expect PSG and Arsenal to stay hot, Newcastle to surprise, and Benfica to claw back. But hey, that’s football—one upset changes everything.

Keep an eye on upcoming matchdays; with the play-off spots up for grabs, every point counts. Whether you’re cheering from the stands or your couch, this season’s shaping up to be a belter.

Coca-Cola HBC To Acquire 75% Stake In Coca-Cola Beverages Africa In $2.6 Billion Deal

BUA Foods, Aradel Lead Market Rally as All-Share Index Hits Record 151,456 Points

The Nigerian Exchange (NGX) sustained its bullish momentum on Tuesday as the All-Share Index (ASI) surged past the historic 150,000-point threshold, setting a new all-time high of 151,456.91 points.

The index gained 1,516 points, or 1.01%, from 149,940.8 recorded on Monday, driven largely by strong performances from BUA Foods, Aradel Holdings, and First Bank Holdings (FBNH).

Market capitalisation climbed to ₦96.13 trillion, edging closer to the ₦100 trillion milestone, while trading volume rose sharply to 551.9 million shares across 27,518 deals, compared to 415 million shares traded the previous day.

The market’s year-to-date return now stands at an impressive +47.15%, reflecting renewed investor confidence as third-quarter corporate results continue to roll in.

Top Gainers

Leading the pack was SCOA Nigeria Plc, which appreciated 7.74% to close at ₦7.10. Omatek Ventures followed with a 7.48% gain to ₦1.58, while Consolidated Hallmark Holdings Plc (CONHALLPLC) advanced 6.70% to ₦4.78.

BUA Foods gained 6.54% to close at ₦692.50, and Vitafoam Nigeria Plc rose 5.92% to ₦94.00 per share.

The day’s worst performer was LivingTrust Mortgage Bank, which dipped 9.91% to ₦4.00. Conoil Plc followed, declining 5.83% to ₦190.70, while African Prudential Plc (AFRIPUD) fell 5.69% to ₦14.10.

Other laggards included Sovereign Trust Insurance, down 3.95% to ₦3.65, and NPF Microfinance Bank, which slipped 3.75% to ₦3.08.

Fidelity Bank led the activity chart by volume, trading 59.1 million shares, followed by VFD Group with 39.3 million shares. Japaul Gold ranked third with 37.7 million shares, while Access Holdings (ACCESSCORP) and GTCO recorded 37.3 million and 31.3 million shares, respectively.

In terms of value, GTCO topped the chart with transactions worth ₦2.9 billion, trailed by Dangote Cement (DANGCEM) with ₦2.07 billion, Aradel Holdings with ₦1.64 billion, MTN Nigeria (MTNN) at ₦1.20 billion, and Fidelity Bank with ₦1.1 billion.

Performance of Major Stocks

Stocks Worth Over One Trillion Naira (SWOOTs) closed largely positive:

BUA Foods gained 6.54%

Aradel Holdings rose 4.94%

Lafarge Africa added 1.1%

Nigerian Breweries edged up 0.07%

Among the FUGAZ banking stocks, performance was mixed:

First Bank Holdings (FBNH) climbed 4.46%

UBA remained unchanged

Access Holdings shed 1.77%

GTCO fell 0.32%

Zenith Bank dipped 0.15%

With the ASI now firmly above the 150,000-point mark, analysts expect continued bullish sentiment, particularly if upcoming Q3 earnings reports from major firms meet or exceed investor expectations.

Market watchers predict further upside potential, led by large-cap stocks, as liquidity levels and investor optimism remain strong heading into the final quarter of 2025.

Tinubu Nominates Bernard Doro As Minister, Hints At Possible Cabinet Reshuffle

Tinubu Nominates Bernard Doro As Minister, Hints At Possible Cabinet Reshuffle

President Bola Ahmed Tinubu has nominated Bernard Doro from Plateau State as a Minister of the Federal Republic of Nigeria, signalling what appears to be an impending cabinet reshuffle.

In a letter transmitted to the Senate for confirmation, President Tinubu requested legislative approval for Doro’s appointment. Though the communication did not specify the portfolio, sources within the Presidency told BusinessDay that Doro is likely to be deployed to the Ministry of Humanitarian Affairs and Poverty Reduction, replacing Nentawe Yilwatda, who was recently elected National Chairman of the All Progressives Congress (APC).

Confirming the nomination, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said in a statement that Doro’s appointment follows Yilwatda’s transition from the federal cabinet to party leadership.

“President Tinubu has forwarded the name of Bernard Doro from Plateau State to the Senate for confirmation as Minister. His nomination follows the election of Nentawe Yilwatda as APC National Chairman in July,” Onanuga said.

Born on January 23, 1969, in Kwall, Bassa Local Government Area of Plateau State, Bernard Doro brings over two decades of multidisciplinary experience spanning clinical practice, pharmaceutical management, strategic leadership, and community engagement in both Nigeria and the United Kingdom.

He holds degrees in Pharmacy and Law, alongside an MBA with a specialisation in IT-driven business strategy, and a Master’s degree in Advanced Clinical Practice.

A registered Independent Prescriber and Advanced Clinical Practitioner, Doro has extensive frontline experience with the UK’s National Health Service (NHS), where he served across urgent care units, walk-in centres, general practice clinics, and hospital settings.

Beyond his professional career, Doro is known for his youth mentorship and social impact initiatives, which have supported several diaspora and local community development projects.

If confirmed, his appointment is expected to strengthen the administration’s drive to reposition the Ministry of Humanitarian Affairs and Poverty Reduction for greater efficiency and transparency.

FG Probes MDAs Over Treasury Single Account Violations

Nigeria To Push For Higher OPEC Quota In November Meeting — Lokpobiri

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has announced that Nigeria will request an upward review of its oil production quota at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC), scheduled for November.

Lokpobiri, who spoke in Abuja during an interview with the media team of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said Nigeria’s current OPEC quota of about 1.5 million barrels per day (bpd) no longer reflects the country’s true production capacity.

According to him, Nigeria is now producing around 1.7 million barrels per day, including condensates, and has the capacity to produce above two million barrels daily.

“The OPEC quota is subject to periodic review, and by November, when we attend the annual meeting, we will make a strong case for Nigeria’s quota to be reviewed to two million barrels and above,” Lokpobiri said.

He expressed optimism that Nigeria’s recent production recovery, strengthened infrastructure, and renewed investments in the oil and gas sector have positioned the country to justify a higher allocation within the OPEC framework.

The minister explained that part of Nigeria’s current production includes condensates — a light, high-value form of crude not counted under OPEC’s production limits — which gives the country room to increase output without breaching its quota.

“Condensate is not part of OPEC’s production quota, yet it sells at a higher price. If we produce 1.5 million barrels of crude and one million barrels of condensate, we remain compliant. We are also conducting an assessment to verify our capacity, and we believe it will confirm that Nigeria can produce well over two million barrels per day,” he stated.

Lokpobiri said verifiable production data, evidence of domestic crude supply obligations under the Petroleum Industry Act (PIA), and proof of renewed capacity would form part of Nigeria’s submission at the upcoming OPEC meeting.

He attributed the rebound in production to improved security across the Niger Delta and restored pipeline integrity, noting that oil companies now deliver their full output to export terminals.

“Before now, companies were reluctant to produce because crude pumped into pipelines rarely reached the terminal. Today, we get 100 per cent of what is pumped,” he said.

According to the minister, Nigeria’s rig count — a key indicator of upstream activity — has risen sharply from around 14 to nearly 50, reflecting renewed confidence and expanded exploration activity.

He also highlighted the positive impact of recent divestments by international oil majors, including Shell, TotalEnergies, and ExxonMobil, which have opened the space for indigenous operators.

“Our local producers are doing excellently. Renaissance has increased output by over 60,000 barrels per day since acquiring Shell’s assets, while Seplat has added around 40,000 barrels from the ExxonMobil portfolio,” Lokpobiri said.

Commending the NUPRC under its Chief Executive, Engr. Gbenga Komolafe, Lokpobiri said the Commission has restored investor confidence through consistent enforcement of the PIA and improved regulatory transparency.

He further noted that Nigeria’s regulatory expertise had made it a continental reference point, citing the creation of the African Petroleum Regulatory Forum (AFRIPERF) under NUPRC’s coordination as evidence of Nigeria’s growing leadership in regional energy governance.

“The forum aims to unify Africa’s voice in global energy policy and promote equitable investment and energy access,” he said.

The minister credited President Bola Tinubu’s executive orders for helping reduce production costs and make Nigeria’s oil industry more globally competitive.

“When I took office, production was around one million barrels per day. Today, it stands between 1.7 and 1.8 million barrels. That’s progress, but we’re not stopping there,” he said.

Lokpobiri acknowledged that Nigeria’s cost of production remains higher than the global average but said ongoing reforms were addressing the issue.

“Saudi Arabia produces at about $8 per barrel, while the global average is around $12. Ours is higher, but we are taking deliberate steps to make our production cost-competitive,” he noted.

On the global energy transition, the minister stressed that oil and gas would remain critical to Africa’s development for decades, arguing that the continent must define its own transition path based on energy access realities.

“Africa contributes less than three per cent of global emissions. We cannot industrialise without reliable energy. For us, the transition means ensuring access before abandoning hydrocarbons,” he said.

He added that Africa must use its natural resources to finance its own energy mix, rejecting what he described as “Western hypocrisy” in the transition debate.

“It is the right time for AFRIPERF to advocate Africa’s case. The same countries telling us to cut production are ramping up theirs — the U.S. produces over 20 million barrels a day. Why should we stop?” Lokpobiri queried.

Lokpobiri reaffirmed that Nigeria’s target of producing 2.06 million barrels per day by 2025 remains achievable, backed by improved infrastructure, new investments, and policy stability.

FG Probes MDAs Over Treasury Single Account Violations

FG Probes MDAs Over Treasury Single Account Violations

The Federal Government has launched a fresh probe into the financial operations of Ministries, Departments, and Agencies (MDAs) over alleged violations of the Treasury Single Account (TSA) policy.

In a directive issued through the Office of the Accountant-General of the Federation (OAGF), all MDAs have been ordered to submit statements of their accounts in commercial banks within days, as part of renewed efforts to enforce financial discipline and curb revenue leakages.

The order, contained in a memo signed by the Accountant-General of the Federation, Shamseldeen Ogunjimi, and obtained by our correspondent on Tuesday, expressed displeasure over the continued retention of government funds in commercial banks — a practice that contravenes existing circulars and the TSA operational framework.

“It has been observed with dismay that funds belonging to the Federal Government are still domiciled in several accounts held with commercial banks, contrary to Federal Government circulars and the operational framework of the Treasury Single Account,” Ogunjimi stated.

He emphasised that the TSA, domiciled with the Central Bank of Nigeria (CBN), remains the only authorised account for the consolidation of all federal revenues and receipts.

The Accountant-General further directed all Directors and Heads of Finance and Accounts in MDAs and government-owned enterprises to submit comprehensive statements of all bank accounts — active, dormant, or closed — maintained in commercial banks over the past six months.

The statement must include details such as account names, numbers, bank branches, and current balances.

“This directive takes immediate effect and must be treated with utmost urgency as part of the ongoing efforts to strengthen fiscal discipline and uphold the integrity of the Treasury Single Account framework,” the memo read.

The renewed enforcement follows an earlier circular issued in February, in which the Federal Government warned MDAs to discontinue the use of commercial banks, describing such practices as inconsistent with the TSA policy.

At the time, the OAGF reaffirmed the government’s commitment to full implementation of the TSA, directing Federal Pay Officers across the states to ensure strict compliance and prevent any circumvention of the policy.

The TSA, introduced in 2015, was designed to consolidate all government revenues into a single account at the CBN, eliminating multiple accounts across commercial banks—a system long criticized for promoting inefficiency and corruption.

However, recent audits by the OAGF reportedly revealed that several MDAs continue to maintain unauthorised accounts in commercial banks, prompting the latest clampdown.

Senate Approves Life Imprisonment For Child Defilement, Moves To Strengthen Rape Laws

Senate Approves Life Imprisonment For Child Defilement, Moves To Strengthen Rape Laws

NASS: 'We're Committed To Gender Equity' - Akpabio

The Senate has approved life imprisonment for anyone convicted of defiling a minor, marking a significant escalation from the current five-year jail term prescribed under Nigeria’s criminal code.

This development came as the House of Representatives opened an investigation into the utilisation of $4.6 billion in grants received from the Global Fund and the United States Agency for International Development (USAID) for programmes addressing HIV/AIDS, tuberculosis, malaria, and polio between 2021 and 2025.

Lawmakers in the lower chamber also engaged in heated debate over a motion seeking to protect the Dangote Refinery and other strategic private investments from what was described as “unlawful and adversarial” labour union actions.

The Senate’s decision followed the consideration of the Criminal Code (Amendment) Bill, 2025, which aims to impose stiffer penalties for sexual offences and related crimes. Lawmakers described the defilement of minors as a “heinous act capable of destroying a child’s life forever,” insisting that the punishment must reflect the severity of the offence.

“Any defilement of a minor in Nigeria henceforth attracts life imprisonment without an option of fine,” Senate President Godswill Akpabio declared after a unanimous voice vote.

The bill, earlier passed by the House of Representatives and transmitted to the Senate for concurrence, received overwhelming bipartisan support.

Under the amended provisions, the Senate also strengthened the punishment for rape, prescribing a minimum of 10 years’ imprisonment for any act of forced sexual intercourse involving a boy, girl, man, or woman — up from the previous five-year term.

Former Kebbi State Governor, Senator Adamu Aliero, had pushed for life imprisonment for rapists, but the chamber agreed on 10 years as the minimum, allowing judges discretion to impose stiffer sentences in aggravated cases. The amendment also broadened the definition of victims to include both male and female survivors, following observations by former labour leader Senator Adams Oshiomhole.

However, debate became contentious when the clause addressing abortion and pregnancy termination was introduced. While the existing law criminalises abortion, several lawmakers warned that ambiguous language could criminalise medical professionals acting in emergencies.

Senator Abdul Ningi (Bauchi Central) cautioned that such vagueness might expose doctors to prosecution even when saving lives. In response, Akpabio directed the Committee on Judiciary, Human Rights, and Legal Matters to review the provisions and present recommendations within two weeks.

Meanwhile, the House of Representatives adopted a motion by Philip Agbese (APC, Benue) to probe the utilisation of the Global Fund and USAID grants. The motion, adopted during a plenary presided over by Deputy Speaker Benjamin Kalu, mandated the Committee on HIV/AIDS, Tuberculosis and Malaria Control to conduct a comprehensive investigation and report back within four weeks.

Agbese noted that Nigeria also received over $6 billion in health assistance from the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) within the same period, yet continues to rank among countries with the highest global burden of HIV/AIDS, TB, and malaria. The House also directed the Minister of Health and Social Welfare to provide details of implementation plans and National Assembly-approved expenditure records of the grants.

In a related development, a motion jointly sponsored by Alhassan Ado Doguwa (APC, Kano) and Abdulssamad Dasuki (PDP, Sokoto) sought to protect the $20 billion Dangote Refinery and other critical investments from disruptions by labour unions. The motion stemmed from the recent face-off between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the refinery, which reportedly caused production losses of about 200,000 barrels of crude oil per day for three days.

Doguwa described the refinery as a “strategic national asset” vital to Nigeria’s energy security and economic stability, warning that recurrent disruptions could deter investors and erode confidence in the economy.

Dasuki cited Section 18(5) of the NEPZA Act, which prohibits strikes or lockouts within free trade zones for the first ten years of operation, as justification for shielding the facility.

However, Minority Leader Kingsley Chinda (PDP, Rivers) urged caution, proposing that the House first investigate the dispute before enforcing any provisions. Deputy Speaker Kalu supported the motion for a more measured approach, invoking the legislature’s constitutional powers to conduct inquiries before taking a definitive stance.

Amid rising tensions, Ahmadu Jaha (APC, Borno) moved an amendment urging the House leadership, led by Speaker Tajudeen Abbas, to mediate directly between the Dangote Group and PENGASSAN through alternative dispute resolution mechanisms. His proposal received overwhelming support, and the House consequently dropped clauses compelling ministries to act immediately under the NEPZA Act.

The House resolved that its leadership should urgently engage both parties to broker peace and ensure uninterrupted operations at the refinery through dialogue and mutual understanding.

Tinubu Unveils ₦250,000 Grant For Top-Performing MSMEs At Katsina Clinic

NNPC Profit Drops 71% To ₦216bn In Six Months

The Nigerian National Petroleum Company (NNPC) Limited has reported a sharp decline in its profitability, with its Profit After Tax (PAT) plunging to ₦216 billion in September 2025 ,  a staggering 71 per cent drop from the ₦748 billion recorded in April.

An analysis of the company’s financial performance from April to September 2025 revealed a consistent downward trend, signalling a major reversal for the state-owned oil giant and raising concerns about its fiscal contributions amid growing volatility in the global oil market.

According to NNPC’s monthly financial summaries, the firm had posted a PAT of ₦748 billion in April, which rose to ₦1.05 trillion in May before dropping to ₦905 billion in June. The decline worsened in July, when profit fell to ₦185 billion, slightly rebounding to ₦539 billion in August before plunging again to ₦216 billion in September.

The report noted that the September figure included adjustments related to cost of sales and income tax.

The slump has been largely attributed to a fall in crude oil output during the period, following a three-day industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

Group Chief Executive Officer of NNPC, Bayo Ojulari, confirmed that Nigeria lost about 200,000 barrels per day of crude oil production due to the strike, amounting to over 600,000 barrels over the three-day disruption.

“It was unfortunate that the Dangote and PENGASSAN issue led to a strike. When critical staff are unavailable to manage essential operations, optimum production becomes impossible,” Ojulari said. “In this particular case, we lost significant crude production, as well as deferred gas output and power generation of about 1.2 megawatts.”

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the decline, disclosing that Nigeria’s crude oil production dropped to 1.39 million barrels per day (mbpd) in September, compared to 1.43 mbpd in August.

Meanwhile, NNPC’s total revenue for September stood at ₦4.27 trillion, down from ₦4.66 trillion in August. The company clarified that the reported revenue represented aggregate groupwide income, including intercompany transactions, and remained subject to reconciliation with relevant stakeholders.

NNPC added that production during the period was temporarily constrained by scheduled maintenance activities — notably at the Nigeria Liquefied Natural Gas (NLNG) plant — as well as delays in the commencement of operations at Oil Mining Leases (OMLs) 71 and 72, and the gradual recovery of previously shut-in assets.

Powered, Protected, And Smooth: Meet The OPPO A6 Pro Series With Multi-Year Durability

Tinubu Unveils ₦250,000 Grant For Top-Performing MSMEs At Katsina Clinic

Tinubu Appoints Mandate Secretaries For FCTA

President Bola Ahmed Tinubu has approved a ₦250,000 non-repayable grant for each outstanding Micro, Small, and Medium Enterprise (MSME) participating in the Expanded National MSME Clinic held in Katsina State.

Vice President Kashim Shettima made the announcement on Tuesday during the inauguration of the ninth edition of the clinic — a federal initiative designed to support small-scale enterprises and enhance local economic productivity.

According to Shettima, the programme aims to bring government agencies closer to entrepreneurs, promote innovation, and expand access to finance, business registration, and regulatory support.

“MSMEs form the foundation of our national economic vision,” Shettima said. “The Tinubu administration is fully committed to easing the economic pressure on citizens by empowering small businesses.”

Through the MSME Clinic platform, entrepreneurs can directly engage with agencies such as the Corporate Affairs Commission (CAC), National Agency for Food and Drug Administration and Control (NAFDAC), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and financial institutions like the Bank of Industry (BOI).

Highlighting the federal government’s broader intervention efforts, the Vice President revealed that Tinubu also approved a ₦75 billion MSME Intervention Fund, offering loans of up to ₦5 million at a 9% annual interest rate to 75,000 enterprises nationwide.

In addition, the ₦50 billion Presidential Conditional Grant Scheme is extending ₦50,000 grants to one million nano businesses across Nigeria’s 774 local councils, prioritising vulnerable entrepreneurs.

Another initiative, the ₦75 billion Manufacturers Fund, provides up to ₦1 billion in loans to support local manufacturers with high production and logistics costs.

In Katsina State alone, Shettima disclosed that over 39,000 MSMEs have benefited from federal programmes, receiving ₦2.5 billion in combined grants and loans to boost productivity and job creation.

Under the RAPID programme, 23 rural-based MSMEs in the state have accessed ₦112 million to expand their operations, while the newly established ₦5 billion Katsina State MSME Growth Fund—a partnership between the state and federal governments—has already disbursed ₦576 million to 237 local businesses.

Shettima commended Governor Dikko Radda for launching the Katsina State Enterprise Development Agency (KASEDA), describing it as a vital step toward transforming small businesses into global players.

“With over 1.7 million MSMEs, Katsina is becoming a hub for agriculture, crafts, services, and digital entrepreneurship,” Shettima said, while applauding the inclusion of women and youth in enterprise development initiatives.

₦4tn Debt: Gencos Dismiss Claims Of Final Deal With Federal Government

CBN’s OMO Settlement Drains Liquidity, Alters Money Market Dynamics

Liquidity levels in Nigeria’s money market tightened significantly following the settlement of the Central Bank of Nigeria’s (CBN) Open Market Operations (OMO) bills auction, leading to a shift in short-term interest rates.

Analysts noted that the settlement, amounting to ₦2.12 trillion, was concluded after the CBN’s primary market operation on Friday, a move expected to push market rates higher this week.

According to a market report from Meristem Securities Limited, system liquidity settled at around ₦1 trillion, up from a deficit of ₦0.32 trillion recorded previously, as market conditions normalised after the OMO issuance.

The Nigerian Interbank Offered Rate (NIBOR) opened the new trading week on a positive tone, with declines across all tenors indicating continued strength in liquidity across the banking system.

However, placements at the CBN’s Standing Deposit Facility (SDF) declined further, reflecting the apex bank’s intensified liquidity mop-up strategy in recent weeks.

Data showed that total placements at the SDF averaged ₦1.54 trillion, representing a 171% decline from ₦4.18 trillion the prior week. Despite this contraction, system liquidity remained in surplus, though it dropped 47% to ₦1.80 trillion by Friday’s close.

Money market funding rates displayed mixed trends on Monday, as the Overnight Rate (ON) held steady at 24.50%, while the Open Repo (OPR) rate increased marginally by 2 basis points to 24.86%.

In the Treasury Bills (T-Bills) secondary market, yields moved unevenly across maturities. The 3-month and 12-month Nigerian Treasury Bill (NTB) yields climbed by 9 bps and 5 bps, respectively, while the 1-month tenor remained unchanged, and the 6-month yield dropped 8 bps, according to Cowry Asset Management Limited.

Despite the mixed yield performance, the firm noted that the average NTB yield fell slightly by 3 bps to 17.35%, reflecting continued bullish investor sentiment and sustained demand within the secondary market.

Oil Prices Rise Slightly As US-China Trade Optimism Improves Market Mood

Oil Prices Rise Slightly As US-China Trade Optimism Improves Market Mood

Oil prices recorded modest gains on Tuesday as renewed optimism over trade relations between the United States and China lifted global market sentiment. However, concerns over weak demand projections limited further upward movement.

Brent crude futures traded at $61.06 per barrel, a 0.4% increase from Monday’s close of $60.80. Similarly, West Texas Intermediate (WTI), the U.S. benchmark, rose 0.5% to $57.18, compared with $56.92 in the prior session.

The market upturn followed encouraging signals from both Washington and Beijing, suggesting a possible softening of tone in their upcoming trade discussions scheduled to hold in South Korea.

U.S. President Donald Trump expressed optimism on Monday, stating his expectation for a “very fair and strong trade deal” with Chinese President Xi Jinping during the meeting.

Despite the renewed optimism, oil prices were tempered by a subdued global demand outlook detailed in the International Energy Agency (IEA) Oil Market Report released last week.

According to the IEA, global oil demand growth for 2025 has been revised downward by 35,000 barrels per day (bpd). Demand is now expected to rise by 710,000 bpd to 103.84 million bpd, down from an earlier estimate of 740,000 bpd.

Looking ahead to 2026, the agency projects a smaller annual increase of 700,000 bpd, bringing total demand to 104.54 million bpd — a slowdown attributed mainly to weaker consumption across advanced economies.

Market analysts say sustained oil price gains will depend largely on the outcome of the U.S.-China negotiations and whether demand recovery across Asian economies strengthens in the months ahead.

Tinubu Urges Judiciary To Embrace Cryptocurrency Literacy In Combating Financial Crimes

Tinubu Urges Judiciary To Embrace Cryptocurrency Literacy In Combating Financial Crimes

President Bola Ahmed Tinubu has urged Nigeria’s judiciary to deepen its understanding of blockchain technology, cryptocurrency, and emerging digital systems to effectively address the rising sophistication of financial crimes.

Speaking at the Economic and Financial Crimes Commission (EFCC)–National Judicial Institute (NJI) Workshop for Justices and Judges in Abuja, President Tinubu—represented by Vice President Kashim Shettima—stressed that the evolving nature of corruption requires new judicial tools and digital competence.

“The digital age demands that justice delivery must move beyond traditional methods,” he said. “How does one do justice in a cryptocurrency fraud case except one is grounded in such matters? Learning and relearning are no longer buzzwords but essential undertakings for continued relevance in this era.”

According to a statement by Stanley Nkwocha, Senior Special Assistant to the Vice President on Media and Communications, the President noted that financial crimes have become more complex, driven by technological innovation, and must be countered with equal digital intelligence.

Judiciary Must Uphold Integrity and Independence

Tinubu also cautioned judicial officers against compromise, describing integrity as the moral backbone of Nigeria’s justice system.

“The moral foundation of our nation rests squarely on the integrity of its judiciary. We draw our moral distinction as a people from the courts, and we owe them the reverence and autonomy to remain the last sanctuary of our collective conscience,” he said.

Reaffirming his administration’s commitment to judicial independence, Tinubu disclosed that judges’ remuneration had recently been reviewed as part of ongoing institutional reforms aimed at strengthening the judiciary.

Adapting to a Changing Financial Landscape

Addressing the delay in corruption trials, the President acknowledged public frustration over the slow pace of high-profile cases compared to the swift resolution of minor cybercrime matters.

“The theme of this year’s workshop—Enhancing Justice in the Fight Against Economic and Financial Crimes—is timely,” he stated. “Many Nigerians are angered by delayed adjudication in serious corruption cases. The judiciary must therefore embrace technology-driven learning to expedite justice and outpace sophisticated financial networks that exploit digital literacy gaps.”

He further warned judicial officers that corruption spares no one, regardless of position. “Your vantage position on the Bench does not insulate you from the consequences of corruption. There are no special roads, hospitals, or communities for judges. A Nigeria free of corruption is possible if we all commit to doing what is right,” he added.

CJN Calls for Judicial Diligence

In her remarks, the Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, emphasised that the judiciary’s strength lies in public trust, which must be earned through impartiality and efficiency.

“The strength of the judiciary lies in the trust reposed in judges by the Nigerian people. We must ensure that justice is neither delayed nor partial,” she said.

Earlier this month, the Speaker of the House of Representatives, Abbas Tajudeen, inaugurated an ad hoc committee to review the economic, regulatory, and security implications of cryptocurrency adoption and Point-of-Sale (POS) operations in Nigeria.

He explained that the move followed growing concerns over fraud, cybercrime, and consumer exploitation in the nation’s digital financial ecosystem.

₦4tn Debt: Gencos Dismiss Claims Of Final Deal With Federal Government

₦4tn Debt: Gencos Dismiss Claims Of Final Deal With Federal Government

Power generation companies (GenCos) have refuted claims by the Federal Government that an agreement has been reached on the settlement of the ₦4 trillion legacy debt in the power sector, stating that discussions are still ongoing.

The Chief Executive Officer of the Association of Power Generation Companies (APGC), Dr Joy Ogaji, confirmed in an interview with The PUNCH that although GenCos have held meetings with top government officials to discuss modalities for payment, no concrete agreement has yet been finalised.

“Yes, the chairmen were invited to discuss modalities. I know that discussions are still ongoing. Nothing has been finalised or concretised. I can’t confirm it,” Ogaji said.

Her remarks come days after the Special Adviser to the President on Energy, Olu Verheijen, announced that the implementation framework for the Presidential Power Sector Debt Reduction Plan had been concluded. Verheijen described the initiative as a landmark step by President Bola Tinubu to address structural challenges in the electricity market and restore investor confidence.

According to her, the plan—approved by the Federal Executive Council in August 2025—authorises the issuance of up to ₦4 trillion in government-backed bonds to clear verified arrears owed to power generation companies and gas suppliers.

Despite the government’s assurances, GenCos maintain that they have not been fully carried along in the process. In September, Ogaji wrote to the Nigerian Bulk Electricity Trading Company (NBET) seeking clarification on the verification procedures and reasons for the lack of consultation with operators.

Ogaji also revealed that while operators continue to supply electricity out of patriotic commitment, mounting debts and unpaid invoices have made sustained power generation increasingly difficult.

“Gas suppliers have already started reducing supply. There are critical maintenance works on our machines, spares to purchase, and other creditors who are no longer willing to wait for payments,” she explained.

According to her, the GenCos issue monthly invoices of about ₦270 billion, but receive payments of only ₦70 billion, leaving an average shortfall of ₦200 billion every month. She also criticised the ₦900 billion allocation to the power sector in the 2025 federal budget as inadequate and lacking cash backing.

In a statement last week, Verheijen said that on October 7, she met with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Power, Adebayo Adelabu, alongside senior GenCo executives to review settlement modalities for the outstanding debt.

The meeting reportedly ended with a consensus to conduct bilateral negotiations aimed at reaching final settlement agreements that balance fiscal realities with the financial constraints of the operators.

Industry leaders, including Tony Elumelu, Chairman of Heirs Holdings and Transcorp Power, and Owen Omogiafo, Group Chief Executive Officer of Transcorp Plc, have commended the initiative, describing it as a credible step toward addressing the sector’s liquidity crisis.

The Presidential Power Sector Debt Reduction Plan, jointly implemented by the Ministries of Finance and Power in collaboration with NBET and the Office of the Special Adviser on Energy, is expected to be the largest financial intervention in Nigeria’s power sector in more than a decade.

However, operators remain cautious, saying they are awaiting detailed timelines, verification procedures, and payment structures before confirming any binding agreement.

For GenCos, the lingering debt continues to undermine investment, threaten generation sustainability, and erode confidence in Nigeria’s electricity market.

NELFUND Opens Student Loan Portal For 2025/2026 Academic Session

NELFUND Opens Student Loan Portal For 2025/2026 Academic Session

The Nigerian Education Loan Fund (NELFUND) has announced the official opening of its student loan application portal for the 2025/2026 academic session, providing eligible students across tertiary institutions in the country with access to financial assistance.

According to a statement issued on Tuesday by NELFUND’s Director of Strategic Communications, Oseyemi Oluwatuyi, the application window will open on Thursday, October 23, 2025, and close on Saturday, January 31, 2026.

The agency advised fresh students to complete their applications using their Admission Number or JAMB Registration Number in place of a matriculation number, noting that this adjustment was designed to accommodate students who have not yet been formally matriculated.

NELFUND also appealed to tertiary institutions to show flexibility with registration and fee payment deadlines for students whose loan applications are still being processed.

“Institutions are encouraged to demonstrate understanding and flexibility in enforcing registration and fee payment deadlines for students awaiting loan disbursement,” the statement read in part.

It further directed institutions that have not yet commenced their 2025/2026 academic session to formally notify NELFUND of their approved academic calendars to allow for proper scheduling and coordination.

“NELFUND appeals to all institutions to consider temporary registration measures for students whose loan applications are being processed, to ensure that no student loses access to education due to financial constraints,” the statement added.

The initiative is part of the Federal Government’s broader commitment to improving access to higher education and reducing financial barriers for Nigerian students through the student loan scheme launched earlier this year.

Coca-Cola HBC To Acquire 75% Stake In Coca-Cola Beverages Africa In $2.6 Billion Deal

Coca-Cola HBC To Acquire 75% Stake In Coca-Cola Beverages Africa In $2.6 Billion Deal

Coca-Cola Hellenic Bottling Company (Coca-Cola HBC) has announced plans to acquire a 75 per cent majority stake in Coca-Cola Beverages Africa (CCBA) in a landmark $2.6 billion deal, a move set to make it the second-largest Coca-Cola bottling partner globally by volume.

The transaction, expected to be completed by the end of 2026, will significantly expand Coca-Cola HBC’s footprint across the African continent, positioning the company as a leading force in the region’s rapidly growing beverage industry.

Under the terms of the agreement, Coca-Cola HBC — which already has a strong presence in Nigeria, Egypt, and other parts of Africa — will assume control of operations in 14 additional markets, including South Africa, Kenya, Ethiopia, and Tanzania. Upon completion, the company will oversee nearly two-thirds of the Coca-Cola system’s total volume in Africa, serving over half of the continent’s population, according to a statement issued on Tuesday.

Strategic Importance

The acquisition aligns with Coca-Cola HBC’s long-term strategy to strengthen its presence in high-growth emerging markets. With Africa’s population projected to exceed 1.5 billion by 2030, rising disposable incomes and an expanding middle class are fuelling demand for non-alcoholic beverages across the continent.

To further demonstrate its commitment to Africa, Coca-Cola HBC also announced plans to seek a secondary listing on the Johannesburg Stock Exchange (JSE) once the acquisition is concluded. The company noted that this move would deepen investor participation in South Africa and underscore its confidence in the continent’s long-term economic prospects.

“The acquisition of CCBA represents a transformational milestone for Coca-Cola HBC, combining two robust operations and unlocking significant value through scale, efficiency, and growth opportunities,” the company said in a statement.

About Coca-Cola Beverages Africa

Headquartered in Johannesburg, CCBA is the largest Coca-Cola bottler in Africa and ranks among the top ten globally. Formed in 2016 through the merger of several regional bottlers, the company manages production and distribution across key African markets.

Following the acquisition, Coca-Cola HBC will become one of The Coca-Cola Company’s most strategic global partners, second only to Coca-Cola Europacific Partners by production volume.

Background

In 2021, The Coca-Cola Company announced a $1 billion, five-year investment plan to expand operations and strengthen its supply chain in Nigeria. However, the initiative was later suspended due to what the company described as a “challenging business environment” and increased excise taxes that disrupted its operational forecasts.

Despite this, Bayo Onanuga, Special Adviser to the President on Information and Strategy, clarified that Coca-Cola and its local bottling partner, the Nigerian Bottling Company (NBC), have invested $1.5 billion in Nigeria over the past decade — reaffirming the company’s long-term commitment to the Nigerian market.

Dollar To Naira Exchange Rate Today, October 21st, 2025

Dollar To Naira Exchange Rate Today, October 21st, 2025

Dollar To Naira Exchange Rate For 8th Dec 2023

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 Tuesday, October 21st , 2025. The naira traded as high as 1464.00 to the dollar at the investors and exporters (I&E) window on Monday.

How much is a dollar to naira today in the black market?

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 Monday 20th 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₦1470
Lowest Rate₦1464

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Nigerian Oil Stocks Post Negative Returns Despite Market Rally

Nigerian Oil Stocks Post Negative Returns Despite Market Rally

Despite the broader rally on the Nigerian Exchange (NGX), listed oil companies have continued to underperform, delivering negative or minimal returns for investors nearly 10 months into 2025.

Data reviewed by MarketForces Africa indicates that the oil and gas index remains the weakest-performing segment of the equities market, even as the overall NGX has advanced by over 44% year-to-date.

The poor showing by energy stocks has eroded investor wealth, with some shareholders losing as much as 45% of their portfolio value since January. Analysts attributed the sector’s struggles to weak sentiment, thin trading volumes, and concentrated ownership, rather than purely company fundamentals.

Key players such as Conoil, Oando Plc, and TotalEnergies Plc have witnessed steep declines in share prices due to persistent sell-offs from cautious investors.

In contrast, Seplat Energy Plc and Aradel Holdings Plc recorded modest gains of 5.1% and 5.5% respectively. As of the latest trading session, Seplat’s stock closed at ₦5,917.20 while Aradel settled at ₦631 per share.

Conversely, Conoil’s stock has dropped 45.5% year-to-date to ₦211.10, while Oando Plc fell by 21.8% to ₦44 per share amid declining investor confidence in management performance. TotalEnergies also posted an 8.3% year-to-date loss, closing at ₦640.

Analysts note that while the overall market has benefited from sustained inflows and robust sentiment, the oil sector remains under pressure from global price volatility and limited domestic investment enthusiasm.

Stanbic IBTC Pension Managers Champions Flexible Pension Options For Nigerians At Home And Abroad

Treasury Bill And Bond Yields Diverge As Investors Brace For Fresh CBN Auctions

The yield gap between Nigerian Treasury Bills and government bonds has continued to widen, as investors reposition their portfolios in the secondary market ahead of the Central Bank of Nigeria’s (CBN) next round of auctions.

Data from fixed-income traders show that the average yield on Federal Government bonds closed at 15.97% in the secondary market on Monday, while Treasury Bill yields climbed to 17.35%, reflecting a strong preference for shorter-term instruments amid tighter liquidity.

Analysts expect the fixed-income market to see a general softening of yields in the coming weeks, with the exception of the Open Market Operation (OMO) segment, where yields remain elevated as the CBN intensifies efforts to attract foreign inflows.

To lure offshore investors back into the Nigerian financial system, the CBN has maintained special high-yield rates across OMO bill maturities. These instruments currently offer the most attractive returns in the fixed-income market, helping the apex bank draw U.S. dollar liquidity into the official foreign exchange window.

Trading activities in the secondary bond market were largely muted, with investors displaying a bearish bias in response to limited cash flow and anticipation of the week’s Treasury Bill auction. CardinalStone Securities Limited, in its market note, reported that the average yield on government bonds remained unchanged at 15.97%.

In contrast, investors demonstrated increased appetite for Treasury Bills, particularly the October 8 maturity, which saw yields decline by 30 basis points. This movement dragged the overall average yield slightly lower by 3 basis points to 17.35%. The October 26 paper also attracted strong buying interest, leading to further yield moderation.

On Wednesday, the CBN is scheduled to issue ₦650 billion across standard maturities, continuing its aggressive issuance calendar. Last week, trading in the bond market remained subdued, though modest buying interest was observed in select mid- and long-dated papers.

However, yields in the OMO segment surged sharply, driven by lower secondary market demand. During the previous week, the CBN floated ₦600 billion worth of OMO bills across the 193-day and 249-day maturities. Investor demand was robust, with the 193-day bill receiving ₦719 billion in subscriptions, while the 249-day bill attracted ₦1.4 trillion, underscoring investors’ preference for longer tenors with slightly higher returns.

The CBN fully allotted the offers, selling the 193-day and 249-day papers at 19.40% and 19.89% stop rates, respectively. In the secondary market, yields dipped marginally by 1 basis point to 15.97% per annum from 15.98% a week earlier.

Across the yield curve, movements were relatively mild. Short-term maturities edged up by 1 basis point to 16.26%, mid-tenor instruments declined by 3 basis points to 15.82%, while long-term maturities eased slightly to 15.55%.

Notable contractions were recorded on the March 2035 and June 2038 bonds, whereas mild upward adjustments were observed on the May 2033 and April 2049 issues.

Meanwhile, the OMO market experienced a steep repricing, with average yields spiking by 105 basis points to 21.62% per annum, up from 20.57% in the preceding week. The jump was most significant among short- and mid-tenor bills, as short-dated OMO papers rose 146 basis points to 22.50%, mid-tenor bills increased 85 basis points to 21.05%, while long-dated maturities declined slightly by 131 basis points to 19.31%.

Analysts expect continued volatility in the fixed-income space as the CBN balances liquidity management, foreign exchange stabilization, and inflation control in the coming weeks.

Nigeria’s FX Inflows Drop 33% As Investor Demand Remains Strong

Naira Strengthens To ₦1,465 As External Reserves Hit $42.7 Billion

Federation Account Amasses Over ₦5trn In 6months- RMAFC

The naira strengthened against the U.S. dollar in the official market, closing at ₦1,465.29 per dollar, even as weekly foreign exchange inflows dipped sharply by 33% to $1.1 billion, data from Coronation Merchant Bank Limited revealed.

Analysts told MarketForces Africa that the reduced FX inflows partly explain the exchange rate fluctuations witnessed last week. Nonetheless, they maintained a positive outlook on the local currency’s stability as liquidity levels remained adequate.

According to data from the Central Bank of Nigeria (CBN), the naira appreciated by 0.69%, reaching an intraday high of ₦1,470, compared with Friday’s ₦1,482 close. The CBN reportedly sold $70 million to commercial banks to strengthen dollar supply and maintain exchange rate stability.

In the parallel market, however, the naira weakened slightly by 1.07%, trading at ₦1,500 per dollar in Lagos and Abuja, reflecting persistent demand pressures outside the official window.

Nigeria’s external reserves rose to $42.696 billion last week, supported by moderate inflows and limited withdrawals. Analysts expect additional inflows in the coming days to boost reserve balances further.

Meanwhile, the International Energy Agency (IEA) projected a potential oil supply surplus in 2026. The U.S. Energy Information Administration (EIA) also reported a 3.5 million-barrel increase in U.S. crude inventories to 423.8 million barrels—far above forecasts.

The surge in inventories was driven by lower refinery runs during seasonal maintenance periods. Ongoing trade tensions between the U.S. and China have also reignited fears of slower global growth and weakened energy demand, factors that may influence Nigeria’s FX outlook.

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FX Inflows Into Nigeria’s Foreign Exchange Market Drops by 33%

Nigeria’s Foreign Exchange Inflow

Nigeria’s foreign exchange inflows recorded a significant slowdown, falling by roughly 33% week-on-week to reach $1.1 billion, according to a market update released by Coronation Merchant Bank Limited.

The financial institution’s research division disclosed in its latest report that U.S. dollar inflows through the Nigerian Foreign Exchange Market (NFEM) declined from $1.64 billion in the preceding week to $1.10 billion.

Despite the steep drop, foreign investors continued to dominate supply activities, sustaining market confidence and supporting the naira’s relative stability amid heightened demand pressures.

Coronation’s data showed that foreign portfolio investors (FPIs) remained the largest contributors, accounting for 63.1% of total inflows—equivalent to $694.9 million. This was followed by exporters (15.3%), non-bank corporates (12.2%), the Central Bank of Nigeria (1.3%), and other sources (8.1%).

However, foreign direct investment (FDI) inflows plummeted sharply to just $0.20 million (0.01%) compared to $122.2 million (7.5%) in the previous week, signaling sustained investor caution toward long-term commitments despite ongoing economic reforms.

Nigeria’s gross external reserves posted a mild increase of 0.22% week-on-week (or $92.5 million), reaching $42.68 billion. The improvement was driven by moderate inflows and limited outflows during the review period.

Coronation’s analysts noted that in the absence of any major external shocks or unexpected capital outflows, the exchange rate is likely to maintain its current stability range across official FX windows.

Analysts Predict Stronger Naira As CBN’s Forex Injection Boosts Market Liquidity
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