The Nigerian equity market opened the month of December on a bearish tone, with investors wiping off more than ₦197 billion in market value as sell-offs dominated the trading floor of the Nigerian Exchange (NGX).
Monday’s session saw major market indicators trend downward by 0.22%, reflecting cautious sentiment across key sectors. Profit-taking activities in heavyweights such as ARADEL, DANGSUGAR, and WAPCO contributed to the decline.
The NGX All-Share Index dipped by 310.20 points, closing at 143,210.33, while total market capitalisation fell to ₦91.08 trillion, representing a loss of ₦197.31 billion.
Trading activity weakened as overall transaction volume and value dropped by 19.74% and 6.82%, respectively. Stockbrokers reported that investors exchanged approximately 1.466 billion shares worth ₦18.66 billion in 28,956 deals.
WEMABANK dominated both the volume and value charts, contributing 20.37% of total volume and 14.75% of total trade value. Other top-traded stocks included ACCESSCORP, FIDELITYBK, ZENITHBANK, and CUSTODIAN.
Market breadth tilted negative as 26 stocks declined compared to 19 gainers. INTBREW led the losers’ chart with a 10% decline, while RTBRISCOE, CORNERST, DAARCOMM, REGALINS, and UPDC also recorded significant drops.
On the flip side, NCR topped the gainers’ chart with a 9.97% increase, followed by SUNUASSUR, CHAMPION, MECURE, GUINEAINS, and LINKASSURE.
Sectoral performance reflected the overall market downturn, with three of the five major sectors closing in the red. Consumer Goods fell by 1.01%, Oil & Gas dipped 0.11%, and Industrial Goods shed 0.07%. The Banking and Insurance sectors posted marginal gains of 0.11% and 0.10% respectively.
The naira depreciated at the official foreign exchange window on Monday, retreating amid tightening FX supply and increased demand for external payments. This came despite renewed dollar injections totalling US$186.60 million sold to commercial banks last week.
According to daily FX figures released by the Central Bank of Nigeria (CBN), the currency slipped to N1,448.4355/$1, losing approximately N2 from the previous rate of N1,446.7421/$1.
Trading reports indicated that the official window saw heightened pressure as the intraday spot rate rose to N1,452/$1. The lowest intraday trade was recorded at N1,445/$1, unchanged from the previous week, hinting that sustained CBN interventions helped moderate volatility.
This development occurred as the Nigerian FX market posted a significant rise in U.S. dollar inflows, climbing 64% week-on-week to hit US$841.10 million, according to an update from Coronation Merchant Bank’s research division.
CBN accounted for 33.42% of the inflows, contributing US$281.10 million, followed by non-bank corporates (23.07%), foreign portfolio investors (19.38%), individuals (5.45%), and other minor sources (2.01%).
Despite the injections, the naira continues to face structural constraints driven by rising demand for school fees, medical payments, and import-related obligations.
Nigeria’s economic output continued its growth trajectory in the third quarter of 2025, with the National Bureau of Statistics (NBS) reporting a 3.98% year-on-year increase in GDP. The expansion was driven by stronger activities in both the oil and non-oil sectors, which climbed 5.84% and 3.91% respectively.
The Q3 figure slightly outperformed the 3.86% recorded in the same quarter of 2024, though it remained below the 4.23% growth posted in Q2 2025. Agriculture recorded one of its strongest third-quarter performances in recent years, growing 3.79%, a notable increase from the 2.55% reported in Q3 2024.
The industrial sector also rebounded, posting a 3.77% growth rate compared to 2.78% the previous year. However, the services sector, while still the largest contributor to GDP, slowed to 4.15% from the 4.97% recorded in the corresponding quarter of 2024.
Despite the moderation, services remained the backbone of the economy, accounting for 53.02% of total GDP, a slight increase from 52.93% in Q3 2024. Nominal GDP for the quarter stood at N113.59 trillion, up from N96.16 trillion the previous year, representing an 18.22% growth in nominal terms.
The oil sector delivered a 5.84% year-on-year expansion, marginally higher than 5.66% in Q3 2024 but significantly lower than the 20.46% reported in Q2 2025. The sector’s total contribution to real GDP stood at 3.44%, compared to 3.38% in Q3 2024.
Average crude oil production rose to 1.64 million barrels per day (mbpd), 0.17 mbpd higher than production in Q3 2024. However, the figure was slightly lower than Q2 2025’s 1.68 mbpd.
The bureau noted that September 2025 experienced a temporary dip in crude output to 1.58 mbpd due to a three-day strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN). Additionally, maintenance activities at major installations contributed to the decline.
The non-oil sector maintained dominance, contributing 96.56% to real GDP, supported by strong performance in crop production, ICT (especially telecommunications), real estate, financial institutions, trade, construction, and manufacturing.
NBS further explained that the GDP calculation has been rebased with 2019 as the new base year to reflect a more stable economic environment, aligning both quarterly and annual GDP records to global statistical standards.
The Nigerian foreign exchange landscape saw a sharp rise in U.S. dollar inflows last week as the Central Bank of Nigeria (CBN) increased its intervention efforts at the official FX window, helping to counteract mounting pressures on the naira.
A research update from Coronation Merchant Bank’s analytics division revealed that total FX inflows through the Nigerian Foreign Exchange Market (NFEM) climbed substantially to US$841.10 million, marking a 64.21% week-on-week increase compared to the US$512.20 million reported the previous week.
The breakdown showed the CBN remained the dominant contributor, responsible for 33.42% of total inflows, amounting to US$281.10 million. Non-bank corporates accounted for 23.07%, while foreign portfolio investors followed with 19.38%. Retail individuals made up 5.45%, and other minor channels contributed 2.01%.
Alongside these inflows, Nigeria’s external reserves inched up to US$44.6 billion, supported by the improved liquidity conditions. Analysts projected that the exchange rate would trade within its current range, staying below the N1,500/$1 threshold as long as intervention activities and liquidity stability persist.
The naira experienced mixed results across market segments. At the official market, the currency appreciated slightly, gaining 0.69% week-on-week to close at N1,446.74/$1. However, the parallel market told a different story, as the naira slipped by 0.34% to close at N1,470/$1, widening the gap between both markets to N23.26, up from N8.28 recorded the previous week.
In the global energy market, crude oil prices posted modest gains fuelled by supply caution and geopolitical tensions. U.S. rig counts fell to a four-year low, signalling possible supply tightness, while renewed expectations of a Federal Reserve rate cut boosted demand sentiment. Market watchers monitored developments in the Russia-Ukraine peace negotiations and anticipated decisions from the upcoming OPEC+ meeting, factors that added a layer of uncertainty to global oil projections.
Despite higher U.S. crude stockpiles, the post-Thanksgiving trading rush pushed benchmark prices upward, though gains remained fragile. Brent crude closed the week at US$63.20 per barrel, up 1.02%, narrowing its year-to-date loss to 15.33%. Its 2025 year-to-date average stands at US$68.65, which is 14.03% below the 2024 average.
Nigeria’s Bonny Light crude also posted strong performance, rising 3.13% to settle at US$66.29 per barrel, maintaining a premium of US$2.36 per barrel. Year-to-date, Bonny Light has declined by 12.18%, averaging US$71.54 per barrel in 2025.
The Federal Capital Territory Administration (FCTA) has named the Central Bank of Nigeria (CBN), BUA International Limited, First Bank of Nigeria and several other prominent organisations among more than 1,000 property owners who have defaulted on statutory land charges in Abuja.
In a public notice issued on Monday, the FCTA published the names of corporate bodies, government agencies and individuals whose property titles were recently revoked for failing to pay ground rent, certificate of occupancy (C-of-O) fees, land use conversion charges and associated penalties.
Officials said enforcement actions on 1,095 affected titles would commence shortly. The revoked properties cut across some of the Federal Capital Territory’s most valuable neighbourhoods, including Asokoro, Maitama, Garki and Wuse.
835 Defaulters Owe Ground Rent, 260 Face Conversion Penalties
According to the administration, several notices were issued to the affected titleholders, but many failed to comply. Of the revoked titles,
835 relate to unpaid ground rent,
260 involve land use conversion fees and other violations.
The list includes a wide range of institutions:
Financial institutions: First Bank, Guaranty Trust Bank, Ecobank Nigeria, Zenith Bank, Union Bank, and United Bank for Africa.
Government agencies: CBN, Nigerian Television Authority, Nigerian Ports Authority, Revenue Mobilisation Allocation and Fiscal Commission, News Agency of Nigeria, Nigerian Social Insurance Trust Fund.
Security agencies: Nigeria Police Force, Nigeria Navy, Office of the National Security Adviser, Nigerian Security and Civil Defence Corps.
Religious and private institutions: Catholic Archdiocese of Abuja, several private estates, construction firms and defunct banks.
A separate section of the list shows organisations penalised for land use contravention, including the Nigerian National Petroleum Company Limited (NNPC), Continental Trust Bank and some estate developers.
The FCTA said the revocations form part of a wider campaign to sanitise Abuja’s land administration system, boost Internally Generated Revenue (IGR) and enforce compliance with statutory land obligations.
Officials noted that failure to pay ground rent and related charges deprives the FCT of critical revenues required for infrastructure development, urban services and environmental management.
The administration emphasised that defaulters would have the opportunity to resolve outstanding dues, but enforcement measures would proceed in line with legal provisions to ensure greater discipline in land administration.
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 1460.00 per $1 on Tuesday, December 2nd , 2025. The naira traded as high as 1445.00 to the dollar at the investors and exporters (I&E) window on Monday.
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 ₦1475 and buy at ₦1460 on Monday 1st December, 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
₦1475
Buying Rate
₦1460
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1452
Lowest Rate
₦1445
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Minister of Aviation and Aerospace Development Festus Keyamo says a decision on revising aviation taxes must come from a coordinated government process involving several ministries and the National Assembly.
He spoke in Abuja on Monday at an event marking 100 years of aviation in Nigeria. He said concerns raised by airlines about multiple taxation are part of broader policy issues that extend beyond the authority of the aviation ministry.
Keyamo said tax issues fall under the responsibilities of the Ministry of Finance, the Federal Inland Revenue Service and other revenue bodies. He said these agencies must take part in any discussion about removing or modifying statutory levies in the aviation sector.
According to him, the aviation minister does not have the power to suspend or alter taxes that are already captured in law. He said changes to such levies require legislative action and full government agreement.
He said President Bola Tinubu has shown interest in easing tax pressure on the sector. He said the president recently exempted aviation from a four per cent tax that was scheduled to take effect before it was withdrawn.
Keyamo said a committee set up by the president is reviewing the issue of multiple taxation. He said the committee is expected to study all existing charges affecting airline operations and make recommendations.
He said infrastructure remains the most significant barrier to aviation growth. He said major airports lack hub systems that allow for seamless international transfers, which limits the capacity of Nigerian airlines to compete on long-haul routes.
He said the absence of modern transit facilities forces inbound passengers to complete immigration procedures even when they intend to connect to another flight. He said airlines cannot expand their route networks without investments in airport upgrades.
Keyamo said Air Peace and other domestic carriers can expand international services if hubs are developed. He said airlines need efficient transfer facilities to operate connecting routes and increase passenger volumes.
He said access to credit and aircraft leasing is another challenge for operators. He said airlines need financing to acquire aircraft and maintain fleet operations, adding that market demand is not the problem.
The minister spoke against the background of the federal government’s new tax reform law, which consolidates several tax statutes into a unified framework aimed at restructuring revenue administration.
Industry groups have raised concerns about the removal of certain exemptions that previously applied to airline operations. The exemptions include duties on aircraft parts, VAT on air tickets and specific service charges.
The review committee is expected to consult with operators, agencies and lawmakers as it examines the concerns and determines possible adjustments to the current tax framework.
Vice President Kashim Shettima has endorsed a proposal by Schoolnet India Limited and Learnet Skills Limited to introduce their KYAN smart class technology in Nigerian schools.
The Vice President described the innovation as a potentially transformative tool for basic education if adapted to local needs. Hosting a delegation from the Indian firms at the State House in Abuja, Senator Shettima said the “school in a box” solution, which uses interactive smart boards, digital learning content, and AI-enabled teaching aids, could strengthen teaching and learning across Nigeria’s primary and secondary schools.
Vice President Shettima, who previously deployed the KYAN system as governor of Borno State, said the technology’s ruggedness and versatility make it suitable for classrooms, especially in underserved communities. He noted that one device can serve up to seventy students and urged the companies to adapt the system to the Nigerian curriculum.
“The beauty of KYAN is that it is a very rugged machine. You can use one card to teach seventy students. I am more interested in a package for primary and secondary schools tailored to our local curriculum,” Shettima said, according to a statement by his Senior Special Assistant on Media and Communications, Stanley Nkwocha.
The Vice President encouraged the firms to collaborate directly with federal officials to design a version suitable for Nigeria, including local content integration and alignment with national education standards. He highlighted the progress states such as Edo and Enugu have made in smart school development and emphasised that harmonising these efforts with KYAN would benefit schools nationwide.
Mr R. C. M. Reddy, Managing Director and CEO of Schoolnet India Limited, said the company was inspired by Nigeria’s commitment to digital learning. He described KYAN as an all-in-one solution capable of functioning in low-connectivity environments. The system features an integrated projector, computer, and camera and converts any wall into a smart board. It comes preloaded with digital content for grades one to ten, allowing teaching to continue even where internet access is limited.
Reddy added that teachers in Borno State were trained to use the system under Shettima’s leadership. He explained that KYAN improves teacher capacity and classroom performance, noting that with proper use, a teacher can progress from good to star-level effectiveness.
He assured the Vice President that Schoolnet would work closely with Nigerian education authorities to develop an integrated solution suitable for all learning environments, from urban classrooms to remote villages.
Shettima reaffirmed the Federal Government’s commitment to expanding digital literacy and deploying technology to bridge learning gaps nationwide.
Senate President Godswill Akpabio gave the indication in Abuja during a meeting with retired police officers under the Police Retired Officers’ Forum. The retirees have been holding peaceful demonstrations at the National Assembly for several weeks.
Akpabio said all other security agencies have already exited the contributory pension scheme. He said there is no reason for police retirees to remain under the arrangement.
He acknowledged the role of retired police officers in internal security. He said the National Assembly will work to address their concerns.
The House of Representatives had earlier passed the amendment bill and sent it to the Senate for concurrence. The action followed agitation by retired officers led by the National Coordinator of the forum, Chief Superintendent of Police Raphael Irowainu.
Akpabio told the retirees that the Senate will remove all obstacles to the bill. He said the aim is to ensure police retirees receive benefits similar to those of other security personnel.
Lawmakers at the meeting said the Senate may consider the bill during Tuesday’s plenary session. They said the retired officers may be invited to attend the sitting.
The development followed an earlier incident in which the retirees were denied entry into the National Assembly Complex. They were later admitted after the spokesman of the House of Representatives, Akin Rotimi, addressed them.
Rotimi said the retirees served the country for decades and should receive improved pension and gratuity. He said the current payments have created hardship for many of them.
He assured the group that the House will support the Senate in completing the concurrence process. He said the National Assembly will transmit the bill to the President once the process is completed.
Rotimi apologised for delays in addressing the retirees. He asked them to return to their states and said the National Assembly will fast-track work on the bill.
The Katsina State Government has outlined plans to clear the outstanding N20 billion gratuity arrears owed to retired workers, reaffirming its resolve to stabilise the state’s pension administration.
Chairman of the State and Local Government Pension and Gratuity Committee, Farouk Aminu, announced the move while presenting the newly enacted 2025 Pension Reform Law to journalists in Katsina.
He said the state had instituted measures to ensure that civil servants begin to receive gratuities in the same month they retire. He added that verification of liabilities accumulated between September 2023 and October 2025 was nearing completion. According to him, Governor Dikko Radda has pledged to release the necessary funds once the verification exercise is concluded.
Aminu said the state had earlier paid N23 billion to settle arrears covering the fourth quarter of 2019 to August 2023. He said the new N20 billion commitment forms part of efforts to address a backlog that has placed pressure on retirees and weakened the pension system.
He said the broader objective is to restructure the retirement process so that workers exit service with immediate access to their benefits.
Aminu explained that the 2025 Pension Reform Law introduces a dual contributory pension model aimed at ensuring sustainable payment of retirement and death benefits across the state and local government levels.
He said workers who are already retired or have five years or less until retirement will remain under the defined benefits system to protect their accrued rights. Those with more than five years to retirement will join the contributory scheme.
According to him, the government and employees under the Contributory Defined Benefits Scheme will contribute to a pooled fund managed by licensed Pension Fund Administrators, ensuring benefit payments from professionally managed assets.
He added that workers under the Contributory Pension Scheme will have monthly contributions paid into individual Retirement Savings Accounts in line with the federal model.
Governor of Enugu State, Dr. Peter Mbah, has inaugurated new hi-tech security equipment and patrol vehicles to strengthen the safety of lives and property in the state. The items were procured by the Enugu State Security Trust Fund, ESSTF.
The equipment includes two Vertical Take-off and Landing drones, ten Hilux 4×4 vehicles, forty motorcycles, 400 bulletproof vests, and 400 bulletproof helmets. Governor Mbah inaugurated the items at Government House, Enugu, and thanked the Trustees of ESSTF for their commitment to enhancing security.
He said the new equipment would complement existing investments, including the state-of-the-art Command and Control Centre, AI-enabled surveillance cameras, and over 150 Distress Response Squad vehicles fitted with AI-embedded cameras. Governor Mbah stated that security is essential to the success of the state’s vision and promised continued cooperation with the Federal Government to ensure safety across the country.
“The security challenges we face are local, and it is the responsibility of the state to ensure the safety of its communities. These items will help maintain Enugu as the safest state in the country. Violent crimes have already been reduced by over 80 percent, but we must continue to invest in equipment and infrastructure to prevent crime and respond quickly when incidents occur,” he said.
Earlier, the Chairman of ESSTF, Ike Chioke, represented by Board member Nath Udeh, said there was no longer any hiding place for criminals. He explained that the newly inaugurated equipment would support the governor’s efforts to position Enugu as a safe state for living and investment. He highlighted that the improvement in security had contributed to increased business and visitor traffic in the state.
The Executive Secretary of ESSTF, Engr. Chinedu Ani, explained that the VTOL drones can operate in any terrain without a runway and have a coverage range of 100 kilometres. They can cruise at 120 kilometres per hour and are equipped with thermal, night vision, and daytime cameras. The AI-enabled cameras allow authorities to track suspects, vehicles, and individuals anywhere within the state.
A Trustee of ESSTF and Anglican Bishop of Enugu Diocese, Rt. Rev. Onyekachi Onyia, emphasised the importance of the security investments. He noted that maintaining Enugu’s safety is crucial for the stability of the South East region.
A BBC investigation has found evidence suggesting that protesters in Georgia were exposed to a World War One-era chemical agent during demonstrations against the government last year. According to the report, authorities used water cannons containing bromobenzyl cyanide, also known as camite, a compound previously deployed as a riot-control agent but abandoned for its long-lasting and highly irritating effects.
Protesters described intense burning sensations and persistent skin irritation after being sprayed. Other reported symptoms included shortness of breath, vomiting, coughing, headaches, and fatigue lasting for weeks. One protester, Gela Khasaia, said the chemical caused his skin to burn in a way that could not be washed off immediately.
The BBC report drew on interviews with chemical weapons experts, whistleblowers from Georgia’s Special Tasks Department, and medical professionals. Dr. Konstantine Chakhunashvili, a paediatrician who participated in the protests and was exposed himself, conducted a survey of nearly 350 individuals. Almost half reported prolonged symptoms lasting more than 30 days, and medical examinations revealed abnormalities in heart electrical signals in several cases. His study has been peer-reviewed and accepted by Toxicology Reports.
Former officials of the riot police told the BBC that the chemical had been tested for use in water cannons as early as 2009. One, Lasha Shergelashvili, warned at the time that it was far stronger and more persistent than conventional tear gas. Documents obtained by the BBC include a 2019 inventory listing chemicals used by the Special Tasks Department, with codes linked to trichloroethylene and camite.
Toxicology experts consulted by the BBC concluded that the reported symptoms are consistent with exposure to camite rather than standard crowd-control agents like CS gas. Prof. Christopher Holstege noted that the chemical is markedly persistent and highly irritating, and its use today could constitute a serious violation of international law.
The UN Special Rapporteur on Torture, Alice Edwards, told the BBC that populations should never be subjected to experimental chemical agents. She emphasised that crowd-control measures must have temporary effects and warned that the symptoms described suggest possible human rights violations.
Georgia’s authorities dismissed the BBC report as “absurd” and maintained that law enforcement acted within the law while responding to illegal actions by protesters. Demonstrations in Tbilisi have continued over the past year, with citizens raising concerns about election integrity, civil liberties, and government accountability.
The Federal Road Safety Corps has issued a nationwide directive requiring all construction companies working on roads to immediately install adequate road signs at every construction site.
The Corps Marshal, Shehu Mohammed, said the directive aligns with President Bola Tinubu’s ongoing efforts to improve the nation’s road network through construction and rehabilitation projects.
In a statement signed by FRSC Spokesperson Olusegun Ogungbemide, the corps explained that the order is aimed at protecting motorists navigating areas where construction activities are taking place. “This directive is to ensure the safety of the motoring public around construction sites,” the statement read. Companies are required to install, maintain, and continuously update proper road signage at every active or inactive construction area without exception.
Mohammed instructed all FRSC Commanding Officers to begin strict and effective enforcement of the order immediately. He condemned the recurring failure by some construction firms to provide adequate warning, information, and diversion signs, noting that such omissions place motorists and other road users at serious risk.
The corps marshal emphasised that the directive is final and enforceable. Field commands will intensify supervision, and contractors who violate approved safety standards will face decisive regulatory actions. He reaffirmed the agency’s commitment to ensuring that government investments in road infrastructure result in safer travel for all Nigerians.
The FRSC has long raised concerns over the lack of proper, uniform signage at road-construction and maintenance sites. As far back as 2010, the agency warned that missing or defaced signs turned construction zones into death traps. Problems identified included missing signs, defective diversions, lack of lighting at night, illegal openings or U-turn points near worksites, deep potholes, and other hazards for unsuspecting motorists.
In previous years, the FRSC attempted to standardise road signage by introducing a Standard Road Signage Code for all construction sites nationwide. Former Corps Marshal Boboye Oyeyemi urged firms to adopt standardised signs and inaugurated a signage production facility in Gwagwalada, Federal Capital Territory, to supply compliant signs. The goal was to ensure uniformity and compliance with correct sizes, shapes, and placement of signs across sites to improve clarity for motorists and reduce accidents.
Despite these efforts, the FRSC has reported that many construction firms continue to fail in complying with signage requirements, a situation the agency has linked to numerous accidents, especially at diversion points in construction zones.
Governor Alex Otti of Abia State has revealed that his administration will begin the gradual payment of verified pension and gratuity arrears dating back to 2001.
He made the announcement during his monthly media chat with journalists at the Government House in Umuahia, noting that the state government had reviewed all pending claims and worked closely with the pension union to verify outstanding gratuities before taking payment decisions.
“The committee we set up with the national body of the Nigerian Union of Pensioners and members of my administration has submitted its report. It is disheartening that pensions have remained unpaid since 2001. The total verified arrears amount to over N60 billion,” Otti said.
The governor described the arrears as a significant liability inherited from previous administrations. He said government is continuous and must address both assets and liabilities. “We are committed to finding a solution,” he added.
Otti assured pensioners that their gratuities would be paid gradually while emphasising that workers’ salaries are up to date and staff welfare remains a top priority.
He addressed a recent payment glitch affecting newly recruited teachers, stating that all affected personnel would receive their salaries by the end of the weekend. The governor also announced the reopening of the recruitment portal for 4,000 teachers, noting that 27,980 applications were received in two weeks. He promised that the recruitment process would be transparent and merit-based.
Regarding medical personnel, Otti said recruitment was nearly completed, with some candidates coming from outside Nigeria. He highlighted Abia State’s recent rankings, including being the most prepared for medical emergencies according to SBM Intelligence and topping the Kevlin Index for intra-city transport affordability.
The governor said newly acquired electric buses would be deployed before the end of the year to reduce transport costs. He also reported progress in road construction after the rains and improvements in land administration, with 30,562 Certificates of Occupancy issued in two and a half years under the C-of-O-in-30-days policy.
Otti added that revenue recovery efforts would be applied fairly to all debtors. “We do not act without demand notices and a court order. Adequate revenue is essential for government to function,” he said.
He further highlighted ongoing school renovations, curriculum upgrades, and the accreditation of 24 courses at Abia State College of Education (Technical) and Architecture. He also reported developments at Abia State University and Dr Ogbonnaya Onu Polytechnic, where students produce waste buckets used by the Abia State Environmental Protection Agency.
The governor said allowances for National Youth Service Corps members had been increased from N4,000 to between N20,000 and N50,000. He noted that roads, streetlights, and water facilities at the NYSC camp in Bende had been rehabilitated.
Otti also described efforts to support the Nigerian Correctional Service, including constructing perimeter fencing and a larger holding centre to decongest cells. He said the exercise to grant mercy to minor offenders was delayed because none of the 1,900 inmates qualified. “I have asked the Zonal Coordinator to review again as we approach year-end,” he said.
Nigeria’s public debt stock rose to N152.39 trillion in the second quarter of 2025, up from N149.38 trillion recorded in the first quarter, according to fresh figures released on Monday by the National Bureau of Statistics (NBS).
The 2.01% quarter-on-quarter increase underscores the country’s growing domestic and external borrowing requirements amid persistent fiscal pressures.
The NBS breakdown shows that external debt stood at N71.84 trillion ($46.98 billion), while domestic debt rose to N80.55 trillion ($52.67 billion) in the review period. In naira terms, external obligations accounted for 47.14% of the total debt stock, while domestic borrowings made up 52.86%.
Lagos State maintained its lead as Nigeria’s most indebted subnational, with a domestic debt profile of N1.04 trillion in Q2 2025. Rivers State followed with N364.39 billion.
Jigawa State remained the least indebted, posting N852.49 million in domestic liabilities, while Ondo State ranked next with N10.64 billion.
In terms of external debt, Lagos also topped the list with $1.04 billion, followed by Kaduna State at $658.70 million. The Federal Capital Territory (FCT) recorded the lowest external debt at $19.26 million.
Data from the Debt Management Office (DMO) revealed that the Federal Government raised N6.17 trillion from the domestic market in the first half of 2025.
The borrowings were secured through FGN Bonds, Nigerian Treasury Bills (NTBs), and Promissory Notes, which form key components of the national domestic debt structure.
The DMO noted that N4.48 trillion was raised in Q1, while an additional N1.70 trillion was sourced in Q2 — representing a 2.26% increase from the previous quarter.
External Debt Service Hits $932.1m in Q2
Nigeria’s external debt servicing surged to $932.1 million in Q2 2025.
A breakdown from the DMO shows that:
Multilateral creditors received $629.38 million (about 68% of total payments).
Bilateral creditors, including JICA, China Development Bank and AFD, received a combined $41.18 million.
Commercial creditors, including Eurobond holders and Unicredit SPA, were paid $261.55 million.
Economic analysts warn that Nigeria’s debt profile is inching toward a potentially unsustainable path, driven by weak revenue mobilisation, escalating debt service costs and structural inefficiencies.
Speaking at the Q4 2025 Virtual Symposium of the Capital Market Academics of Nigeria (CMAN), experts noted that although Nigeria’s debt-to-GDP ratio remains within global limits, the country’s dwindling fiscal capacity and widening financing needs pose increasing risks to long-term stability.
They cautioned that without significant improvements in revenue generation and prudent fiscal management, Nigeria’s debt burden could become more difficult to manage in the coming years.
The Nigerian stock market opened the new month on a bearish note, extending the negative sentiment that has gripped the market in recent weeks. On Monday — the first trading day of December — the Nigerian Exchange (NGX) closed lower, wiping off nearly N200 billion from investors’ wealth.
The benchmark All-Share Index (ASI) fell by 0.22% to close at 143,210.33 points, while market capitalisation declined by N197.32 billion to settle at N91.09 trillion. The dip also dragged the year-to-date return down to 39.14%, from 39.44% at the end of the previous week.
Big Losers Drive Market Sentiment
The negative close was largely driven by sell pressure in key counters, including:
INTBREW (-10.00%)
Dangote Sugar (-1.61%)
Lafarge WAPCO (-0.45%)
These declines overshadowed buying interest in a handful of gainers such as UBA (+1.51%), Champion Breweries (+8.11%), and AIICO Insurance (+6.34%).
Muted Trading Activity
Market activity also slowed significantly. Total transaction volume dropped by 19.74%, while the value of trades fell by 6.82%.
Cornerstone Insurance (CORNERST) dominated the day’s activity with 908.82 million shares worth N4.59 billion, emerging as the most traded stock by both volume and value. Despite the heightened activity, the stock closed lower, reflecting ongoing speculative trading and structural fragilities in the counter.
Broad Market Weakness Persists
Monday’s performance reinforces the sustained bearish momentum that has characterised the market in recent weeks. Analysts note that cautious investor sentiment, profit-taking, and weak macroeconomic indicators continue to push the market into negative territory as the year winds down.
With December underway, traders will be watching closely to see whether the market can muster a pre-holiday rebound or if the downtrend will stretch into the final trading weeks of 2025.
The Nigerian National Petroleum Company Limited (NNPC) has accumulated N8.5 trillion in related-party balances with its refining subsidiaries as of December 2024, underscoring the deepening financial strain caused by Nigeria’s long-idle state-owned refineries.
The figures, disclosed in NNPC’s latest financial statements, highlight how years of failed rehabilitation projects and non-performing assets have fuelled a growing web of intra-group liabilities that continue to weigh heavily on the national oil company’s balance sheet.
Port Harcourt, Kaduna, NNPC E&P Lead Rising Debt Burden
BusinessDay’s analysis shows that the largest obligations stem from three key entities:
Port Harcourt Refining Company Limited, owing N4.2 trillion;
NNPC E&P Limited, with N4 trillion in related-party liabilities; and
Kaduna Refining and Petrochemical Company Limited (KRPC), with N2.4 trillion in outstanding obligations.
The combined debt marks a sharp rise from N6.3 trillion recorded in December 2023 — a 35 percent year-on-year surge.
The disclosures come at a time when Nigeria, despite being Africa’s largest crude oil producer, continues to rely almost entirely on refined petrol imports and output from the privately owned Dangote Refinery. This is despite NNPC holding four refineries with a combined installed capacity of 445,000 barrels per day.
Financial Positions Across Subsidiaries Deteriorate
Beyond the major refining entities, NNPC’s financial statements show widespread weakening in the corporation’s network of subsidiaries.
NNPC E&P Limited, for instance, saw amounts owed to it by related parties fall from N1.98 trillion in 2023 to zero in 2024, even as its debt to related parties increased to N4.02 trillion. KRPC also recorded significant shifts, with amounts owed by related parties rising from N1.36 trillion to N2.39 trillion — a 76 percent increase — while its own related-party liabilities dropped from N27.2 billion to zero.
Smaller entities such as NNPC Gas Infrastructure Company also contributed to the swelling intra-group transactions, recording N848 million owed by related parties and N107 million owed to related entities in 2024.
“These numbers underscore the fiscal haemorrhaging that has characterised Nigeria’s refining sector for over a decade,” a senior oil executive told BusinessDay. “You’re looking at non-performing assets piling up obligations that ultimately burden the federation.”
Chronic Dysfunction, Endless Delays
The Port Harcourt refinery, responsible for the single largest intra-group balance, has been under rehabilitation for years. NNPC awarded a $1.5 billion contract for its overhaul in 2021, initially promising completion in 2023. That deadline has been repeatedly shifted, with officials now targeting mid-2025.
Nigeria’s refineries in Port Harcourt, Warri and Kaduna have operated at little to no capacity for years, forcing the country to spend an estimated $17 billion on petroleum imports in 2023 alone. The dependence on imports has strained FX reserves and worsened naira volatility, particularly since the removal of fuel subsidies in May 2023 — a move that tripled pump prices.
The contrast with the Dangote Refinery has been stark. The 650,000-barrel-per-day facility in Lagos achieved commercial production of diesel, aviation fuel and petrol within its projected timeline, exposing the persistent inefficiencies of NNPC’s state-owned plants.
Reform, Privatisation Back on the Table
With rehabilitation efforts repeatedly faltering, President Bola Tinubu’s administration has revived the possibility of privatising state-owned refineries. The proposal has, however, faced pushback from labour unions and groups who view the facilities as strategic national assets.
Olu Verheijen, Special Adviser to the President on Energy, said on 4 November that refinery privatisation is “one of several options” the government is reviewing as part of broader reforms to stabilise the energy sector.
“You have to consider it if you find the right technical partner with sufficient capital,” she said. “The plants have largely been sustained by subsidies, but now that the distortions are gone, commercial principles must guide operations.”
Analysts warn that the growing related-party balances reflect a “circular debt crisis” within NNPC’s structure — one that masks the true performance of subsidiaries while draining financial resources through repeated bailouts.
Without operational refineries generating meaningful revenue, experts say the N8.5 trillion intra-group burden will continue to expand, deepening Nigeria’s dependence on imports and delaying long-promised reforms in the nation’s downstream sector.
President Bola Tinubu is expected to announce a new Minister of Defence this week following the sudden resignation of the incumbent, Mohammed Badaru Abubakar, who stepped down citing health concerns.
Abubakar’s resignation, which takes immediate effect, was conveyed in a letter dated 1 December and addressed to the President. The development was confirmed in a statement issued on Monday evening by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
“In a letter dated December 1, sent to President Bola Tinubu, Abubakar said he was quitting on health grounds,” the statement read. It added that President Tinubu had accepted the resignation and expressed appreciation for Abubakar’s service to the country.
According to the Presidency, the President is expected to formally notify the Senate of his preferred nominee later this week, signalling that the process of appointing a new Defence Minister is already underway.
Abubakar, 63, served two terms as governor of Jigawa State from 2015 to 2023 before joining the federal cabinet on 21 August 2023.
His departure comes at a crucial time for the administration, which is grappling with escalating insecurity—an issue that recently prompted President Tinubu to declare a nationwide state of security emergency.
In response, the President unveiled a series of measures including the recruitment of 20,000 additional police officers, deployment of forest guards, and enhanced protection for schools, churches and mosques in high-risk areas.
Abubakar’s stewardship of the ministry had faced persistent criticism from some analysts, who questioned his capacity to lead the nation’s defence sector.
Hours before his resignation was made public, President Tinubu held a closed-door meeting with the immediate past Chief of Defence Staff, General Christopher Musa (retd.), at the State House.
Our correspondent observed Musa arriving at 7:03 p.m., dressed in a dark-green northern-style traditional outfit, before being escorted into the President’s office wing by senior security personnel. It was his first known visit to the Villa since his retirement on 24 October 2025.
While details of the meeting remain unclear, the encounter has intensified speculation over potential candidates to succeed Abubakar as Minister of Defence.
Coronation Merchant Bank has announced the confirmation of Mr Paul Abiagam as its Managing Director and Chief Executive Officer, effective 1 December 2025, following approval by the Central Bank of Nigeria. The appointment coincides with the institution’s tenth anniversary—an important milestone that signals a new phase of strategic growth and institutional maturity.
Abiagam assumes the role after a successful stint as Acting Managing Director, during which the Bank recorded one of its strongest performances in recent years. Under his leadership, Coronation Merchant Bank accelerated growth across key financial indicators, strengthened profitability, expanded its balance sheet, and deepened client engagement. The Bank also consolidated its market presence and sharpened execution through renewed strategic clarity.
The year 2024 marked a transformational period for the institution. The Bank launched two new business verticals—Public Sector and Financial Institutions—broadening its sector coverage and reinforcing its ambition to serve as a leading financial partner across the economy. It further strengthened its position in the Equity Capital Market space, advising on landmark capital-raising transactions for top-tier institutions navigating regulatory and market shifts.
With more than 27 years of experience spanning commercial and corporate banking, pensions, wealth management, investment banking, and risk management, Abiagam brings deep expertise to his new role. His career includes senior leadership positions at Diamond Bank and Guaranty Trust Bank, where he led key business divisions. He also served as Managing Director/CEO of GT Pension Managers and as a Non-Executive Director at GTBank Côte d’Ivoire.
Beyond his executive roles, Abiagam has been an influential voice in regional financial discourse, with engagements at the Africa Financial Industry Summit and the Africa CEO Forum. A Fellow of the joint body of the American Institute of Certified Public Accountants and the Chartered Institute of Management Accountants (UK), he is also an Honorary Fellow of the Chartered Institute of Bankers of Nigeria. His executive education includes programmes at Lagos Business School and Nanyang Business School, Singapore.
Chairman of the Board, Babatunde Folawiyo, described the appointment as a strategic vote of confidence.
“Paul’s appointment reflects our confidence in his ability to sustain the Bank’s growth trajectory and guide it into a new era of performance and industry leadership. His strategic insight and steady execution have already strengthened the foundation for what lies ahead,” he said.
Responding to his confirmation, Abiagam reaffirmed his commitment to leading the Bank into its next phase.
“It is an honour to lead Coronation Merchant Bank at this pivotal moment. As we celebrate a decade of impact, our focus remains on deepening value for clients, strengthening our market position, and driving innovation across every part of our business,” he said.
The announcement crowns a year of significant recognitions for Coronation Merchant Bank across investment banking, brand leadership, and capital market excellence—further underscoring the momentum behind the institution’s next decade.
The United Kingdom has withdrawn its financial backing for TotalEnergies’ halted liquefied natural gas (LNG) project in Mozambique, ending plans to provide up to $1.15 billion in government-supported funding.
The decision follows renewed controversy surrounding the $20 billion project, which was suspended in 2021 after jihadist militants launched a deadly attack in Cabo Delgado, killing an estimated 800 people. Although TotalEnergies announced in October that it would lift the force majeure imposed after the violence, the UK government now says continued involvement would not serve Britain’s national interest.
Business Secretary Peter Kyle confirmed the withdrawal on Monday.
“Whilst these decisions are never easy, the government believes that UK financing of this project will not advance the interests of our country,” he said.
UK Export Finance (UKEF), the government’s export credit agency, has formally halted its participation in the financing structure, despite earlier expectations that British involvement would boost UK exporters linked to the LNG supply chain.
TotalEnergies, which holds a 26.5 per cent stake in the venture, is seeking $4.5 billion in compensation for cost overruns from the Mozambican government. The company hopes to resume production by 2029, subject to approval of its revised budget plans by authorities in Maputo.
Despite ending support for the LNG scheme, the UK government says it will continue to strengthen economic relations with Mozambique and other African partners.
“We remain committed to backing British exporters… and to building long-term respectful relationships with African countries to boost sustainable growth, tackle the climate crisis and address insecurity,” Kyle added.
The gas-rich Cabo Delgado region has become a focal point for international investment, hosting major projects led by TotalEnergies, Italy’s ENI, and US oil giant ExxonMobil. According to a 2024 Deloitte report, the developments could propel Mozambique into the world’s top ten gas producers, accounting for up to 20 per cent of Africa’s natural gas output by 2040.
However, the projects have also drawn strong criticism. Mozambican and international civil society groups have accused TotalEnergies of placing the country “under economic duress” by demanding what they describe as “ultra-favourable conditions” before restarting operations. Environmental organisations have likewise condemned the project as a “climate bomb” with limited benefits for ordinary Mozambicans—more than 80 per cent of whom lived below the $3-a-day poverty line in 2022, according to the World Bank.
With the UK’s withdrawal, the future of the long-delayed project now hinges on Mozambique’s ability to meet the financial and security demands of its multinational partners.
