The Department of State Services (DSS) has warned members of the public to beware of one Mr Barry Donald, a dismissed officer of the Service, who has allegedly been impersonating the agency to defraud unsuspecting individuals.
In a statement issued on Thursday via its official X handle, @OfficialDSSNG, the security agency disclosed that Mr Donald is no longer affiliated with the Service and has been involved in fraudulent activities using its name.
“The Department of State Services (DSS) hereby alerts members of the public of the activities of one Barry Donald, a dismissed staff. He is reportedly engaging in unscrupulous activities, including using the name of the Service to defraud unsuspecting members of the public,” the statement read.
The DSS urged Nigerians to exercise caution and refrain from any dealings with the said individual, stressing that the Service would not be liable for any transactions conducted with him.
It also advised citizens to channel all official enquiries, complaints, or requests through its verified contact points to avoid falling prey to fraudulent schemes.
“For requests, enquiries or complaints, the Service can be reached on 09088373515 or via email at dsspr@dss.gov.ng,” it stated.
Reaffirming its commitment to safeguarding citizens, the DSS encouraged the public to report any suspicious activities carried out under its name to the nearest DSS office or through its verified communication channels.
The University of Ibadan (UI) has reclaimed its position as Nigeria’s number-one university in the recently released Times Higher Education (THE) World University Rankings 2026, marking a significant leap in academic performance and global reputation.
The latest ranking, unveiled on THE’s official website on Thursday, placed UI within the 801–1000 global bracket, a major improvement that reestablishes its dominance in Nigeria’s higher education sector. The prestigious Oyo State institution last held the top spot in 2023 before slipping in subsequent years.
According to the 2026 report, THE assessed 2,191 universities across 115 countries, measuring performance across 18 key indicators under five core categories: teaching, research environment, research quality, industry engagement, and international outlook.
UI Climbs from Fourth to First in National Ranking
In the previous 2025 ranking, UI placed fourth among Nigerian universities. However, the 2026 assessment saw it surge to the top, displacing Covenant University, which dominated the rankings in both 2024 and 2025.
Following closely behind UI are the University of Lagos (UNILAG), Bayero University Kano (BUK), and Covenant University (CU), ranked second, third, and fourth nationally, respectively.
Global Trends and Nigerian Representation
The 2026 THE ranking reflects notable shifts in the global higher education landscape. The evaluation drew from over 174.9 million citations across 18.7 million research publications and included survey inputs from more than 108,000 scholars worldwide.
Each institution’s placement showcases its strengths across various dimensions. UNILAG, for instance, achieved the highest score in research quality among Nigerian universities, with a mark of 66.7 points, while BUK led in international outlook, highlighting its growing global collaborations. Meanwhile, Covenant University recorded the highest industry engagement score, underscoring its strong ties with private-sector partners and innovation-driven initiatives.
How Nigerian Universities Performed Globally
Out of 51 Nigerian universities featured in the 2026 list, only UI and UNILAG made it into the 801–1000 range, positioning them among the top-tier institutions globally.
BUK, CU, and Landmark University followed in the 1001–1200 band, while institutions such as Ahmadu Bello University (ABU), Federal University of Technology, Minna (FUTMinna), University of Ilorin (UNILORIN), University of Jos (UNIJOS), and University of Nigeria, Nsukka (UNN) placed between 1201–1500 globally.
Additionally, 14 universities were listed in the 1501+ category, while 27 institutions appeared as unranked participants in this year’s evaluation.
Full Nigerian University Ranking (2026)
801–1000: University of Ibadan, University of Lagos 1001–1200: Bayero University Kano, Covenant University, Landmark University 1201–1500: Ahmadu Bello University, Federal University of Technology Minna, University of Ilorin, University of Jos, University of Nigeria Nsukka 1501+: Babcock University, Delta State University Abraka, Ekiti State University, Federal University of Agriculture Abeokuta, Federal University of Technology Akure, Federal University of Technology Owerri, Federal University Oye-Ekiti, Ladoke Akintola University of Technology, Lagos State University, Nnamdi Azikiwe University, Obafemi Awolowo University, University of Benin, University of Calabar, University of Port Harcourt Unranked: Admiralty University of Nigeria, Akwa Ibom State University, Al-Hikmah University, Augustine University, Bamidele Olumilua University of Education Science and Technology, Bauchi State University Gadau, Bayelsa Medical University, Baze University, Bells University of Technology, Bowen University, Evangel University Akaeze, Federal University of Lafia, Federal University of Petroleum Resources Effurun, Fountain University, Godfrey Okoye University, Igbinedion University Okada, Kaduna State University, Lagos State University of Education, Lagos State University of Science and Technology, Lead City University, Maryam Abacha American University of Nigeria, Nasarawa State University Keffi, Redeemer’s University, Rivers State University, Thomas Adewumi University, University of Cross River State, University of Delta.
About the THE World University Rankings
The Times Higher Education World University Rankings is an internationally recognised benchmarking system for higher education institutions. It evaluates teaching excellence, research performance, and institutional influence using globally accepted academic data and metrics.
For inclusion in the 2026 ranking, universities must offer undergraduate programmes, demonstrate multidisciplinary research output, and have published at least 1,000 research papers between 2020 and 2024, averaging a minimum of 100 publications per year.
This year’s outcome not only highlights UI’s renewed academic excellence but also reaffirms Nigeria’s growing presence in the global higher education community.
The Lagos State Government has announced a 15-day closure of the Marine Bridge in Ijora, Apapa Local Government Area, to facilitate critical maintenance works. The announcement was made in a statement posted on the official X account of the Commissioner for Transportation, Hon. Oluwaseun Osiyemi.
According to the statement, the closure is necessary to enable the Federal Ministry of Works, in collaboration with the Lagos State Government, to repair the bridge’s underlying bearings and ensure structural stability.
“The Marine Bridge in Ijora, Apapa Local Government Area, will be closed for 15 days to allow for essential maintenance works. Motorists are advised to be patient and plan their journeys accordingly,” the statement read.
Maintenance schedule and traffic diversions
The project will be executed in two phases:
Phase I: From Saturday, October 11 to Saturday, October 18, 2025, focusing on the section from the foot of Marine Bridge along Lawani Oguntayo Road (near UBA), inbound Apapa and Costain. Motorists from Ijora Olopa to Apapa will be diverted through the Ijora Causeway Access Ramp near Omni Retail Company, proceed to Ijora 7up, turn left onto the Lilypond Access Ramp, and continue their journey.
Phase II: From Sunday, October 19 to Saturday, October 25, 2025, covering the stretch between Ijora Badia and Lilypond Access Ramp, inbound Apapa. Vehicles from Ijora Olopa to Apapa and Costain will be diverted 50 meters before the work zone into a contraflow with Costain-bound traffic and rejoin the main carriageway after 500 meters. Those heading from Apapa toward Costain, Lagos Island, or Ijora Olopa will also use a temporary contraflow near the work zone before resuming normal movement.
Additional road works in Lagos
The state government also cautioned motorists to expect traffic adjustments across Lagos as multiple road repairs will occur simultaneously.
Aside from the Marine Bridge closure, the Adeniji Adele Interchange–CMS corridor will undergo a six-week repair starting Sunday, October 12, 2025.
The Federal Ministry of Works will handle the project daily between 11:00 a.m. and 7:00 p.m. Only one lane will be closed at a time to ease congestion, while the other lanes remain open.
This phased approach is designed to minimize traffic disruption and maintain smoother movement throughout the repair period, which is expected to end on Sunday, November 23, 2025.
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 1485.00 per $1 on Friday, October 10th , 2025. The naira traded as high as 1463.00 to the dollar at the investors and exporters (I&E) window on Thursday.
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 ₦1485 on Thurday 9th 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
₦1485
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1472
Lowest Rate
₦1463
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Interswitch, the leading African technology company focused on creating solutions that enable individuals and communities prosper across Africa, has reaffirmed its commitment to supporting creativity, technology, and innovation through its Gold Sponsorship of the Untitled Design Conference (UDC) 2025, held recently in Oregun, Ikeja, Lagos.
The Untitled Design Conference has grown to become one of the largest and most influential gatherings of design and technology professionals in Nigeria and beyond. This year’s edition provided a platform for learning, collaboration, and exchange of ideas on the future of design, user experience, and technology, highlighting how creativity continues to shape the digital ecosystem in Africa.
As a Gold Sponsor, Interswitch showcased two of its flagship solutions, the Interswitch Payment Gateway and Quickteller Business both designed to empower developers, businesses, and creators to build seamless and secure digital and payment experiences for web and mobile applications.
Through the Interswitch Payment Gateway, developers can integrate reliable, efficient, and scalable payment systems into their digital products. The company also spotlighted its 5-for-5 Program, which rewards developers and merchants with 5% earnings for 5 years when they refer others to the Interswitch Payment Gateway.
In addition, Quickteller Business was showcased as a powerful, no-code solution that enables designers and entrepreneurs to create intuitive storefronts to display their portfolios, generate invoices, and receive payments securely. With the support of Interswitch’s robust payment infrastructure, the platform accepts all major cards, including Verve, Amex, Discover, and UnionPay, offering convenience and inclusivity for both local and international clients.
A major highlight of the event was a presentation by Paul Otu, Divisional Head, Design & User Experience at Interswitch, titled “Resilience by Design.” In his session, he explored the process of building and sustaining design teams in the age of Artificial Intelligence, while emphasizing the importance of harnessing AI as a tool for creativity, innovation, and problem-solving.
He also spoke about creating possibilities across Africa through thoughtful design and collaboration, inspiring attendees to adopt resilience as a key principle in shaping digital experiences that are both human-centered and future-ready.
Interswitch’s participation at the Untitled Design Conference reinforced its position as a leading enabler of Africa’s growing digital and creative economy. The company used the platform to engage directly with professionals, share insights on product design and user experience, and highlight the role of payments in powering innovation across diverse industries.
The Untitled Design Conference remains one of the continent’s most vibrant design-focused events, bridging communities and inspiring new thinking at the intersection of art, technology, and business. With Interswitch’s sponsorship and participation, the 2025 edition further underscored the company’s leadership in driving innovation and enabling the growth of Africa’s creative economy.
The Nigerian naira appreciated further against the US dollar on Thursday, supported by improved foreign exchange inflows and rising investor confidence. According to data from the Central Bank of Nigeria (CBN), the official exchange rate settled at ₦1,466 per dollar, marking a 0.27% gain from the previous day’s closing rate.
The local currency reached an intraday low of ₦1,463.50 and an intraday high of ₦1,472 before stabilizing at the closing rate. Analysts attributed the appreciation to healthy FX inflows from exporters, international oil firms, and foreign portfolio investors, which helped balance market liquidity and corporate demand.
The CBN disclosed that the Nigerian Foreign Exchange Market (NFEM) rate of ₦1,466 represents the day’s volume-weighted average, serving as the official exchange rate benchmark.
In the parallel market, the naira also strengthened to ₦1,495 per dollar, buoyed by subdued demand pressures and increasing FX supply from private sources.
Meanwhile, Nigeria’s gross external reserves continued to rise, increasing from $42.35 billion at the end of September to $42.57 billion, bolstered by sustained inflows from crude oil sales, remittances, and foreign investments.
On the global commodities front, oil prices slipped as geopolitical tensions eased following a ceasefire between Israel and Hamas. Brent crude fell by $1.31 (1.71%) to $65.12 per barrel, while WTI crude declined by $1.12 (1.79%) to $61.43 per barrel.
Gold prices also moderated, dipping below the $4,000 per ounce mark for the first time this week, as investors booked profits amid a stronger US dollar. Spot gold fell by 0.87% to $3,976.69/oz, while US gold futures dropped by 0.96% to $3,991.57/oz.
Market analysts predict that the commodities market may remain mixed in the coming sessions, with gold expected to consolidate after its record rally and crude oil likely facing additional pressure from fading geopolitical risk premiums.
Nigeria’s money market rates held largely stable on Thursday, as the financial system’s liquidity was tempered by significant outflows linked to Treasury bills and Open Market Operations (OMO) auctions conducted by the Central Bank of Nigeria (CBN).
Since initiating a major liquidity mop-up last week, the CBN has successfully reduced excess cash holdings in the banking sector by over half. The apex bank has conducted three OMO auctions and launched its Q4 Treasury bills issuance, curbing the liquidity glut across the financial system.
Despite these measures, market liquidity remained robust at ₦3.47 trillion, according to a market update from AIICO Capital Limited. The firm reported that Deposit Money Banks (DMBs) placed roughly ₦3.50 trillion in the CBN’s Standing Deposit Facility (SDF) window, while borrowings from the Standing Lending Facility (SLF) were minimal at ₦1.90 billion.
Liquidity injections from maturing money market instruments, including ₦250 billion in OMO maturities, helped ease overnight rates by 3 basis points to 24.86%, according to Cowry Asset Management Limited. The Open Buy Back (OBB) rate also held steady at 24.50%, reflecting relative funding stability.
Market analysts forecast that funding rates will remain moderate barring any large liquidity withdrawals before week’s end. Meanwhile, the Treasury Bills secondary market witnessed yield declines across all tenors following ₦230.66 billion in maturities.
Specifically, the Nigerian Interbank Treasury Bills True Yields (NITTY) for the 1-month, 3-month, 6-month, and 12-month maturities dropped by 14 bps, 60 bps, 26 bps, and 10 bps, respectively. Consequently, the average Treasury Bill yield fell by 32 bps to 17.37%, reflecting a strong investor appetite and bullish sentiment in the secondary market.
Financial analysts suggest that the CBN’s continued liquidity management is helping to maintain stability in Nigeria’s short-term funding market while attracting renewed investor interest in fixed-income instruments.
The Nigerian Exchange (NGX) closed in positive territory on Thursday, with five out of six major sectoral indices posting gains, driven largely by a surge in cross deals among key institutional investors.
Market data indicated that industrial and insurance stocks led the rally, while the banking index advanced by 26 basis points on the back of notable price gains from Guaranty Trust Holding Company (GTCO), First HoldCo, and other top-tier banks.
Stockbrokers attributed the positive performance to a series of large block trades—transactions executed outside the exchange’s main trading system—which have become increasingly common among high-net-worth investors seeking reduced risk and faster market entry. These trades also help stabilize share prices by limiting market volatility.
Investor interest in banking equities remained strong, with Fidelity Bank emerging as the most traded stock by volume, recording 42.01 million units—representing 12.20% of total market transactions. In terms of value, Dangote Cement (DANGCEM) dominated trading at ₦11.0 billion.
Top gainers that lifted the banking index included FCMB (+2.88%), GTCO (+1.06%), and First HoldCo (+0.32%). Similarly, notable buying momentum in DANGCEM (+1.89%), SUNU Assurance (+9.90%), International Breweries (+2.19%), and GTCO (+1.06%) drove gains across the Industrial Goods (+0.67%), Insurance (+0.64%), Consumer Goods (+0.43%), and Banking (+0.26%) indices, respectively.
The Oil & Gas and Commodity sectors closed flat, reflecting subdued trading interest. However, several off-market transactions were recorded in GTCO (12.2 million units), Lafarge Africa (WAPCO) (9.4 million units), First HoldCo (24.9 million units), Consolidated Hallmark Holdings (CONHALLPLC) (70 million units), and Aradel Holdings (ARADEL) (297,000 units).
Market watchers said the increase in cross deals underscores growing investor confidence in Nigerian equities, particularly as large institutional investors continue to position ahead of Q4 earnings announcements.
The US Dollar Index (DXY) remained steady around 98.9 on Thursday, maintaining its position near a two-month high after advancing by 0.9% over the previous three sessions. The dollar’s momentum was largely sustained by the relative weakness of other major global currencies.
Analysts noted that the ongoing market developments continue to bolster the greenback’s rally, even as occasional sell-offs emerge amid a fragile economic sentiment. Investor optimism persists following the Federal Open Market Committee (FOMC) minutes, which reaffirmed policymakers’ shared goal of fostering employment growth while guiding inflation toward the 2% target.
However, a brief wave of dollar selling was observed as investors sought refuge in safe-haven assets amid the ongoing US government shutdown. Although gold initially dipped, renewed buying activity around the $4,000 mark pushed its price close to $4,038.
During early European trading, limited follow-through dollar buying was recorded before early gains were pared back. This left the greenback mixed against G10 currencies, with the Scandinavian currencies, British pound, and New Zealand dollar notably underperforming.
The dollar strengthened against the Japanese yen after conservative politician Sanae Takaichi secured victory in Japan’s leadership contest, fueling expectations of increased fiscal spending. Meanwhile, markets reacted to Beijing’s announcement of new export controls on critical minerals and related technologies.
Across Europe, the euro came under further pressure amid rising political uncertainty in France. President Emmanuel Macron disclosed that a new prime minister would likely be appointed within 48 hours to stabilize governance.
Back in the United States, the ongoing government shutdown continues to stall the release of vital economic indicators, leaving traders reliant on limited private-sector data to assess market conditions.
Despite these uncertainties, traders remain confident that the Federal Reserve will deliver two additional 25-basis-point rate cuts before year-end, as indicated by the latest meeting minutes where policymakers weighed employment risks against persistent inflationary pressures.
Currency market analysts observe that US dollar pairs are showing renewed volatility after a relatively calm trading week, suggesting potential opportunities for short-term traders in the days ahead.
The ongoing corruption trial involving the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, took a new turn on Thursday as an Ikeja Special Offences Court admitted WhatsApp messages as evidence in the alleged $4.5 billion fraud case.
Presiding Judge, Justice Rahman Oshodi, dismissed the objections raised by the defence team and ruled that the chat logs presented by the Economic and Financial Crimes Commission (EFCC) were admissible. The messages were marked as Exhibit G, alongside several mobile phones tendered as part of the evidence.
Emefiele faces a 19-count charge related to the receipt of gratification and abuse of office, while his co-defendant, Henry Omoile, is accused on three counts of unlawful acceptance of gifts by a public officer. The alleged financial misconduct involves transactions amounting to $4.5 billion and ₦2.8 billion.
During Thursday’s proceedings, Mr. Alvan Grumnaan, an EFCC investigator, continued his testimony, reading from the WhatsApp exchanges between Omoile and one John Adetola, which detailed the payment of $400,000 allegedly meant for “Oga,” referring to Emefiele.
Grumnaan recounted that Adetola confirmed visiting John Ikechukwu-Ayoh, a personal assistant to the CBN governor, in Lekki, Lagos, to deliver the funds. According to the investigator, further inquiries revealed another transaction where $200,000 was handed over to Emefiele through the same intermediary.
He added that a CBN contractor, Mr. Victor Oyedua, admitted giving Ikechukwu-Ayoh two separate payments of $400,000 and $200,000 as inducement to expedite outstanding payments from the apex bank.
The EFCC also submitted a letter dated February 24, 2024, and other CBN documents as evidence, which were admitted as Exhibit H despite objections from Emefiele’s defence team, led by Olalekan Ojo (SAN) and Kazeem Gbadamosi (SAN), who questioned their authenticity.
A mobile device belonging to Adetola, a Mi 10T phone, was also admitted as Exhibit I, containing the WhatsApp conversation analyzed by forensic experts.
The defence objected to the admission of certain statements, claiming they were obtained under duress. The court adjourned further hearings to November 21 for reports on the forensic inspection agreement and to December 2 for trial continuation.
The National Council of State has approved the nomination of Prof. Joash Amupitan, SAN, as the new Chairman of the Independent National Electoral Commission (INEC), following the expiration of Prof. Mahmood Yakubu’s tenure in October 2025.
The announcement was made by Presidential Spokesman Bayo Onanuga on Thursday, who disclosed that President Bola Tinubu presented Amupitan’s name to the Council during its meeting at the State House, Abuja.
According to Onanuga, Amupitan’s nomination marks the first time a candidate from Kogi State, in the North-Central region, has been put forward for the position. President Tinubu described the nominee as “a distinguished scholar and an apolitical figure with impeccable integrity.”
The Council members unanimously endorsed the nomination, with Kogi State Governor Ahmed Usman Ododo describing Amupitan as “a man of exceptional character and competence.”
In line with constitutional requirements, the President is expected to forward Amupitan’s name to the Senate for screening and confirmation.
Born on 25 April 1967, Prof. Joash Amupitan hails from Ayetoro Gbede, Ijumu Local Government Area of Kogi State. A seasoned academic, he currently serves as the Deputy Vice-Chancellor (Administration) at the University of Jos (UNIJOS) and also chairs the Governing Council of Joseph Ayo Babalola University, Osun State.
A renowned authority in Company Law, Law of Evidence, Corporate Governance, and Privatisation Law, Amupitan earned his LL.B from the University of Jos in 1987 and was called to the Nigerian Bar in 1988. He obtained an LL.M from the same institution in 1993 and a PhD in 2007.
His academic career began in 1989 after completing his National Youth Service at the Bauchi State Publishing Corporation. Over the years, he has held several leadership roles, including Dean, Faculty of Law (2008–2014), Chairman, Committee of Deans and Directors (2012–2014), and Head of Department, Public Law (2006–2008) at UNIJOS.
Beyond academia, Amupitan has served on several boards, including Integrated Dairies Limited, Riss Oil Limited, and the Council of Legal Education. He was also a member of the Governing Council of the Nigerian Institute of Advanced Legal Studies.
An accomplished author, Amupitan has published several seminal works, including Corporate Governance: Models and Principles (2008), Documentary Evidence in Nigeria (2008), Evidence Law: Theory and Practice in Nigeria (2013), and Principles of Company Law (2013).
Prof. Amupitan, who became a Senior Advocate of Nigeria (SAN) in September 2014, is married and blessed with four children.
In Nigeria’s cutthroat fintech space, one payments platform is carving out a difference by doing more than just moving money; it is building customizable sector-driven solutions. Stanbic IBTC’s Zest is rapidly emerging as the preferred payments partner for businesses that demand far more than basic transaction services.
Traditional banks bring stability, and challenger fintechs bring agility. Zest combines both. Launched in October 2023, it immediately offered a multi-rail payments gateway supporting cards, QR, bank accounts, USSD, Apple Pay, and Google Pay. But its real edge lies in solving practical operational problems unique to each business vertical.
“It is not just about enabling payments,” note observers tracking Zest’s expansion, “it is the sector-led solutioning and customisation that truly set it apart.” Recognising that businesses differ widely in how they operate, Zest operates a sector-first design that provides advanced features like direct debits, tokenisation, subscription billing, and customizable ledger structures.
Their embedded digital enablement, turnkey eCommerce stacks, so that businesses can go online quickly, is a real game-changer for brick-and-mortar traditional businesses.
According to CEO Stanley Jacob, “while the payments gateway allows plug-and-play for SMEs, Zest’s ambition is to build domain-specific solutions that will reshape payments across Nigeria and Africa.”
In the energy sector, large operators now use Zest’s aggregator module. This integrates transaction data with inventory metrics across multiple gas stations, offering near real-time business intelligence.
For FMCG chains, multi-outlet brands gain refined visibility via Zest’s business dashboards, enabling better operational control and sales monitoring.
In logistics, ports & shipping, and education, Zest’s configurable ledger and reconciliation tools have streamlined payment collection and back-office accounting.
This emphasis on operational value, beyond mere transaction processing, may be the differentiator that endures. For businesses looking to streamline operations and elevate customer experience, it is a compelling playbook; one built on deeper integration, customization, and domain intelligence.
The Zest model is fast gaining momentum as the processed value of payments in H1 2025 grew 20x when compared to H1 2024, resulting in a revenue growth of 14x within the same period.
As of June 30, 2025, Stanbic IBTC Holdings PLC showcased remarkable financial resilience and growth, despite operating within a highly competitive and regulated Nigerian financial services sector. The company’s interim financial statements highlight a strong upward trajectory across various key metrics, emphasizing the success of its strategic initiatives and operational efficiencies.
Stanbic IBTC reported total assets of ₦8.12 trillion, a significant increase from the ₦6.91 trillion recorded at the end of December 2024. This growth demonstrates effective asset management, as well as an uptick in customer deposits and investments. On the liabilities side, total liabilities escalated to ₦7.17 trillion from ₦6.24 trillion, a change primarily driven by increased borrowings and the bank’s expanding operational scale.
Equity attributable to ordinary shareholders also climbed notably, reaching ₦941.73 billion, compared to ₦661.89 billion previously. This rise reflects not only the profits generated during the period but also the successful execution of a rights issue, which has fortified the company’s capital structure.
Impressive Profitability Metrics
Analysis of the income statement reveals that Stanbic IBTC achieved gross earnings of ₦516.63 billion, representing an impressive 35.20% increase compared to the previous year’s performance. This surge reinforces the bank’s robust business model and strategic positioning in the market.
Profit before tax soared to ₦243.74 billion, marking a substantial 65.81% increase, while profit after tax rose by 49.05% to ₦173.43 billion. Basic earnings per share improved to 1,078 kobo, up from 884 kobo, indicating an overall increase in shareholder value and affirming the bank’s ongoing commitment to its investors.
Cash Flow Dynamics
A review of cash flows highlights the company’s focus on sustainability and growth. Net cash flows from operating activities totaled ₦173.13 billion, underscoring strong operational performance. Investing activities used ₦4.38 billion, mainly for capital expenditures and investments in financial assets. Financing activities generated ₦121.58 billion, primarily from borrowings and the rights issue. Despite dividend payments amounting to ₦40.17 billion, the company effectively managed its liquidity, balancing shareholder rewards with reinvestment in growth.
Changes in Equity and Shareholder Value
Changes in equity during the period were significant. Share capital increased from ₦6.48 billion to ₦7.95 billion, driven by a rights issue of 2.95 billion ordinary shares at a ratio of 5 for 22. The share premium also saw a corresponding increase, while retained earnings grew substantially, demonstrating the organization’s solid financial health despite the outflow for dividends.
Management Insights and Strategic Vision
Management expressed satisfaction with the organization’s financial results, attributing the achievements to growth across all business segments. An interim dividend of 250 kobo per share was announced, further reinforcing the commitment to returning profits to shareholders. The Group maintains its ambition to become Nigeria’s leading end-toend financial solutions provider, with a continued focus on enhancing customer experience and developing innovative products.
Navigating Risks and Challenges
While the company’s growth indicators are positive, it recognizes ongoing risks and challenges. Operating in a highly regulated environment requires agility and adaptability to manage regulatory changes effectively. Credit, market, and liquidity risks remain present, as does competition within the Nigerian financial services sector. However, Stanbic IBTC has demonstrated effective risk management through strategic planning and operational flexibility.
Trading Liquidity Snapshot
As of September 5, 2025, Stanbic IBTC Holdings’ indicative share trading liquidity over the preceding 12 months stood at US$16.78 million (₦25.98 billion), averaging US$1.4 million (₦2.17 billion) per month. This level of activity underscores healthy investor interest and vibrant market participation.
Conclusion
In summary, the interim financial results for the first half of 2025 reveal Stanbic IBTC Holdings PLC’s strong financial performance, marked by substantial growth in asset management, profitability, and shareholder equity. This encouraging trajectory suggests the company is well-positioned to uphold its commitment to excellence in financial services. Investors are encouraged to consult the full report for a detailed review of the company’s financials and to seek guidance from financial advisors before making investment decisions.
The Nigeria Customs Service (NCS), Kebbi Area Command, has announced a total revenue generation of ₦25,621,609.26 for September 2025, marking a 36.13% increase compared to its August collection.
The Command also recorded multiple anti-smuggling successes within the period, with total seizures valued at ₦109,595,761, according to the Customs Area Controller (CAC), Comptroller Mahmoud Matawalle Ibrahim. He disclosed during his maiden press briefing held on Wednesday, 8th October 2025, at the Command headquarters.
Items seized include 100 bales of second-hand clothing, 444 laptop-sized wraps of Cannabis Sativa, 143 mini sacks of donkey meat, 140 cartons of foreign spaghetti, 100 bags of foreign parboiled rice, and 20 jerrycans of vegetable oil.
Comptroller Matawalle further revealed that officers of the Command intercepted a total of 35,725 litres of Premium Motor Spirit (PMS) intended for smuggling to neighbouring countries. The seized petrol, valued at ₦21,435,000, comprises 14,750 litres confiscated by officers of Operation Whirlwind Zone B and 20,975 litres impounded by the Kebbi Area Command.
“In line with extant laws, the intercepted PMS will be auctioned to members of the public, and all proceeds will be duly remitted into the Federation Account,” the CAC stated.
The press conference was attended by key security and regulatory agencies, including the Assistant Comptroller General of the Nigeria Agricultural Quarantine Service (NAQS), Adamu Isah Gano, represented by Superintendent of Quarantine Muhammad Bashir Abdulrazaq; the Commander of Narcotics, National Drug Law Enforcement Agency (NDLEA) Kebbi State Command, Rabiu Abdullahi Sokoto; and the Commander, Operation Whirlwind Zone B, Assistant Comptroller N.O. Edet, alongside senior officers and stakeholders.
In a demonstration of interagency cooperation, Comptroller Matawalle officially handed over 444 wraps of Cannabis Sativa and 143 sacks of donkey meat to the NDLEA and NAQS, respectively. Representatives of both agencies commended the Customs Service for its vigilance and pledged continued collaboration to curb the trafficking of contraband and other prohibited items across the borders.
Comptroller Matawalle reaffirmed the Command’s commitment to enforcing the Federal Government’s fiscal and trade policies, enhancing border security, and promoting legitimate trade in the region.
The Federal Government has announced the permanent discontinuation of deductions made for the cost of revenue collection by agencies such as the Federal Inland Revenue Service (FIRS), Nigerian Customs Service (NCS), and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), among others.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Wednesday in Abuja during a panel session at the launch of the October 2025 edition of the World Bank’s Nigeria Development Update (NDU), themed “From Policy to People: Bringing the Reform Gains Home.”
Edun explained that the move followed a presidential directive to eliminate several layers of deductions made before sharing proceeds from the Federation Account Allocation Committee (FAAC), as part of the administration’s broader effort to strengthen fiscal transparency and ensure that more resources reach the three tiers of government.
“Funds have flowed into the Federation Account, but the efficiency of spending remains critical. We have been mandated by President Bola Tinubu to review and eliminate unnecessary deductions, including the cost of collection,” Edun said. “During the last FAAC allocation, most of these deductions were removed—once and for all.”
According to the minister, the reform aligns with constitutional provisions that require all revenue collected by agencies to be remitted in full to the Federation Account before distribution. He added that the review covers all categories of deductions, including refunds and intervention funds.
“The constitution provides that funds should flow into the Federation Account and be distributed according to the prescribed formula. We are now enforcing this. The result will be greater transparency, efficiency, and predictability of funding across federal, state, and local governments,” Edun noted.
He emphasised that improved fiscal discipline and accountability are essential to achieving long-term fiscal sustainability.
Under Nigeria’s fiscal structure, certain revenue-generating agencies have historically retained a percentage of their collections as “cost of collection”—a system long criticised for encouraging inefficiency and reducing distributable revenues.
Earlier, World Bank Lead Economist for Nigeria, Samer Matta, observed that while gross revenue collections have surged in 2025, a significant portion continues to be lost to various deductions that do not directly support development.
He revealed that FAAC allocations rose from about 5% of GDP in 2023 to 9.5% in the first eight months of 2025, driven by improved oil receipts and stronger non-oil tax performance. However, he warned that “a large share of deductions goes to revenue-collecting agencies for administrative use, reducing funds available for development projects.”
Matta stressed that Nigeria’s fiscal efficiency depends on curbing such deductions and redirecting resources toward measurable economic impact.
The World Bank’s Nigeria Development Update also highlighted disparities in spending patterns across government tiers. While federal expenditure remains dominated by debt servicing, personnel costs, and overheads, state and local governments have significantly increased capital investment—from 1% of GDP in 2022 to a projected 2.7% in 2025, accounting for about 60–65% of their total expenditure.
At the federal level, however, interest payments and salaries now consume roughly 70% of total spending, leaving little fiscal room for capital projects.
The report commended Nigeria’s fiscal and monetary reforms, noting that the fiscal deficit narrowed to 2.5% of GDP in 2025, down from an average of 4.4% between 2021 and 2023—an improvement described as a sign of “fiscal resilience” amid volatile global oil prices.
Despite these gains, the World Bank cautioned that Nigeria’s primary challenge remains translating macroeconomic progress into tangible improvements in citizens’ welfare. The report identified three urgent priorities: curbing inflation (especially food inflation), ensuring efficient use of public funds, and expanding social safety nets to protect vulnerable households.
Responding, Edun said the Tinubu administration has already rolled out targeted social protection measures, including direct cash transfers using biometric and digital verification systems, reaching 10 million households—about 50 million Nigerians.
“We ensured that each beneficiary is biometrically verified,” Edun stated. “By the end of October, we expect to have reached 10 million households, and by year-end, we aim for 50 million.”
He added that the National Economic Council (NEC) has approved a ward-based development programme covering Nigeria’s 8,809 wards, designed to ensure that “reform gains reach every corner of the country.”
“The focus now is connecting these reforms to the people—bringing the gains home and ensuring every Nigerian participates in a growing and stable economy,” he said.
The World Bank projects that Nigeria’s GDP growth will reach 4.4% by 2027, driven by agricultural recovery, expansion in services, and increased industrial activity. Inflation is expected to ease to 15.8%, supported by tighter monetary policies and improved supply chains.
The report also forecasts that Nigeria’s public debt-to-GDP ratio will decline below 40% for the first time in over a decade, reflecting improved fiscal management and sustained reforms.
According to the NDU, Nigeria’s economy expanded by 3.9% year-on-year in the first half of 2025—up from 3.5% in the same period of 2024—driven by robust performance in services, non-oil sectors, and agriculture.
The World Bank noted that the country’s external position has strengthened, with foreign reserves exceeding $42 billion and the current account surplus rising to 6.1% of GDP, buoyed by higher non-oil exports and reduced oil imports.
“Despite lower oil prices, Nigeria’s fiscal deficit remains steady at 2.6% of GDP, while public debt is expected to fall from 42.9% to 39.8% of GDP,” the report concluded—signalling cautious optimism for sustained economic recovery and fiscal discipline.
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President Bola Tinubu has reaffirmed the Federal Government’s commitment to resolving the long-standing Ogoni crisis as part of broader efforts to revitalise oil production in the Niger Delta.
The President made this known on Wednesday during the formal commissioning of the Otakikpo Crude Oil Export Terminal in Rivers State, where he emphasised that despite the global transition towards cleaner energy, oil and gas will continue to play a dominant role in the world’s energy mix for decades to come.
Represented by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, President Tinubu cited new projections by the International Energy Agency (IEA) indicating that the world must invest at least $540 billion annually in upstream oil and gas projects over the next 25 years to avoid an energy crisis.
“The revelation underscores the continued relevance of Nigeria’s oil reserves and validates our ongoing engagements with host communities, particularly the Ogoni people, to restart production in dormant oilfields,” the President said.
He dismissed global pressures for Africa to abandon its hydrocarbon resources, noting that energy transition should be based on equity and national interest.
“For years, we were told to abandon our oil and gas in exchange for handouts,” he said. “But the game has changed. Oil and gas remain central to global energy security, and Nigeria must position itself strategically.”
Tinubu explained that the government is already in advanced talks with Ogoni leaders to ensure lasting peace and unlock the region’s oil potential. “Once the Ogoni issue is resolved, the Otakikpo terminal will serve as the main evacuation point for crude from Ogoniland. This project is both timely and strategic for Nigeria’s production growth,” he noted.
Developed by Green Energy International Limited at a cost exceeding $400 million, the Otakikpo terminal is located in Ikuru Town, Andoni Local Government Area of Rivers State. Tinubu described the facility as the first indigenous-built crude export terminal in over 50 years—marking a “new chapter” in Nigeria’s upstream sector.
“This commissioning is not just symbolic; it is a practical demonstration of indigenous capacity and the power of Nigerian enterprise,” the President stated. “The facility will address one of the industry’s biggest challenges—crude evacuation—and serve multiple operators in the region, aligning with our executive orders aimed at improving the business environment.”
Lokpobiri added that Nigeria has met all obligations required to host the newly established African Energy Bank, a regional financial institution designed to improve access to funding for oil and gas projects across the continent. “Africa’s major challenge is access to finance. This bank will mobilise local capital, including pension funds, to drive strategic energy investments,” he said.
Commending Green Energy International for reinvesting profits in local development, Tinubu praised the firm for setting a benchmark for indigenous operators. “While many diverted funds into personal luxury, Green Energy chose to create tangible value that strengthens both the industry and the economy,” he remarked.
He warned marginal field operators to meet their minimum work obligations or risk losing their licences, stressing that “the oil and gas sector remains critical to solving Nigeria’s economic challenges.”
Providing further technical details, Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), described the Otakikpo Terminal as a “historic milestone.” The facility, he said, is capable of exporting up to 750,000 barrels of crude oil per day, with potential expansion to three million barrels daily.
“This is the first shore-based export terminal developed entirely by a Nigerian company in more than half a century,” Komolafe stated. “It signals a new era for our petroleum industry by expanding evacuation capacity, reducing dependence on ageing international facilities, and empowering indigenous producers.”
He added that the project would enhance Nigeria’s crude evacuation efficiency, reduce transportation costs, and strengthen the competitiveness of local oil producers.
“The Otakikpo Terminal marks a turning point in Nigeria’s oil and gas narrative. It demonstrates that indigenous companies can deliver world-class infrastructure, drive economic growth, and advance national energy security.” Komolafe concluded.
SIFAX Group has once again reaffirmed its leadership in the Nigerian business landscape, emerging as the Outstanding Indigenous Conglomerate of the Decade at the 2025 Marketing Edge Awards held in Ikeja, Lagos.
According to a statement by the Group Head, Corporate Communications, Olumuyiwa Akande, the recognition underscores the company’s excellence, innovation, and contribution to Nigeria’s economic growth.
In addition to the group award, the Chairman and Chief Executive Officer of SIFAX Group, Dr. Taiwo Afolabi, received the Outstanding Maritime CEO Personality of the Decade, while Akande was honoured as the Outstanding Corporate Communications Personality of the Decade.
“The accolade recognises the company’s remarkable contributions to Nigeria’s economy through its strategic investments in maritime, aviation, logistics, haulage, oil and gas, and hospitality,” the statement noted.
Reacting to the honour, Dr. Afolabi expressed gratitude to the organisers, noting that the awards serve as a motivation for the company to sustain its record of excellence.
“We are delighted to be recognised once again at the Marketing Edge Awards. This is a testament to our commitment to consistency, customer-centric service delivery, and excellence across all our operations. These awards will further inspire us to push the boundaries of innovation and service quality,” he said.
The Chief Executive Officer and Publisher of Marketing Edge Publications Limited, Mr. John Ajayi, commended SIFAX Group for its exceptional leadership and contribution to national development.
“The honours are a well-deserved recognition of a conglomerate and its leaders who have consistently redefined excellence in business, innovation, and communications. SIFAX Group is a proudly Nigerian brand that has expanded its influence across Africa and beyond, driving innovation, creating jobs, and upholding service excellence,” Ajayi stated.
Over the years, SIFAX Group has built a solid reputation as one of Nigeria’s foremost indigenous conglomerates, with diverse interests spanning maritime, aviation, logistics, oil and gas, and hospitality. Its sustained investments in infrastructure and human capital have positioned it as a vital driver of regional trade and a model for indigenous enterprise success.
The 2025 Marketing Edge Awards coincided with the 22nd anniversary of Marketing Edge and the 13th edition of its National Marketing Stakeholders Summit, which brought together leading industry players to celebrate excellence, innovation, and impact across Nigeria’s marketing and brand management ecosystem.
Smartphone addiction realistic design concept with human hand wrapped in chain and holding gadget vector illustration
Welcome to another refreshing episode of Thursday Chronicles, the only series where we dissect real-life Nigerian madness while laughing through our pain like true warriors. If you’re currently reading this on your phone, in the toilet, under the fan, or during work hours, then yes — this particular topic is calling your name directly.
You wake up in the morning, eyes still closed, one leg still in dreamland, and your hand is already searching for your phone like it’s your last hope on earth. You don’t even say “thank you, Lord” yet. You check WhatsApp, Twitter, Instagram, email, bank app (with fear), and maybe one or two sports scores, all within the first five minutes of consciousness.
Why are we like this?
Our phones have become more loyal than our friends. They know when we’re awake, when we’re lying, when we’re heartbroken, and when we’re stalking our ex’s new boo on social media. You take your phone everywhere; to the bathroom, to the kitchen, to the backyard, even to the balcony when you’re pretending to “get fresh air.” You can forget your house key, wallet, and even your trousers, but once you forget your phone? Crisis. Panic. Sweating. Chest pain.
We don’t talk to people anymore, we “text.” We don’t remember birthdays, Facebook reminds us. We don’t greet neighbors, we pretend to be on a call while passing them. Even weddings now have less dancing and more “content creation.” The bride hasn’t even finished walking in and someone’s already live on TikTok saying “Hey guys, we’re outside!”
We scroll endlessly. From morning traffic to midnight hunger, the phone is our escape. And it’s not even like we’re doing something productive. You open Instagram “for five minutes,” and two hours later, you’re watching a video of a turtle giving birth, a baby dancing shaku-shaku, and a woman in Canada making egusi soup with almond milk. You’re not sure how you got there, but you’re still scrolling.
We now measure our self-worth by screen time. If you spend less than six hours on your phone, people ask, “Are you okay?” Even sleep is now broken into “before TikTok” and “after TikTok.” You close your eyes by 11pm, but by 11:07 you’re laughing at “POV: You’re dating a Yoruba man that knows how to cook and cheat.”
And let’s not lie, notifications give us a strange kind of joy. The dopamine hit from one “like,” one comment, or a silly meme from your favorite group chat is more satisfying than rice and stew after a long day. Some of us don’t even need a notification. We just unlock our phones every two minutes, for nothing. Just vibes and anxiety.
The worst part? You can’t even rest in peace anymore. The moment you lie down, your phone starts singing: “New DM.” “Snapchat memory from 3 years ago.” “Battery low.” “Download complete.” “Are you still watching?” — Yes, Netflix, I am. I am very much still jobless and watching.
And the addiction doesn’t stop with social media. We now Google everything. Chest pain? Google. Headache? Google. Dream about plantain? Google. You stub your toe and the next thing you’re searching, “symptoms of spiritual attack from ancestral enemies.”
We’ve become slaves to our phones. And the sad part is, we know it, we just don’t care anymore. You tell yourself, “Tomorrow, I’ll take a break.” But tomorrow comes, and you open one reel and you’re gone again. Trapped in the loop of content, chaos, and comment sections that ruin your mood and then fix it again five posts later.
But we’re not entirely to blame. Life is hard. Nigeria is stressful. Sometimes your phone is the only soft thing in your life. So you hold it tight. It’s your distraction, your companion, your laughter, your peace of mind, your therapist, and your personal DJ. In a world where everything seems out of control, your phone gives you the illusion that you can scroll away the madness.
Still, every now and then, unplugging is important. Go outside. Touch grass. Drink water and look into the sky, not just for aesthetic purposes but to remind yourself that real life is not in your Explore page. Talk to people without filters. Breathe without replying messages. Rest your eyes. Rest your soul.
Because the truth is, your battery isn’t the only thing draining, you are too.
Thank you for reading another episode of Thursday Chronicles, where we tell the truth with sugar, pepper, and a full plate of laughter. If your screen time is longer than your sleep time, don’t worry, you’re not alone. We’re all just trying to survive, one scroll at a time.
Same place, same vibes, same storytelling next Thursday. Until then, stay sane, stay soft, and try not to open TikTok when you should be sleeping. Or do. Who am I to judge?
PalmPay, Nigeria’s leading digital banking platform, has been recognised with the prestigious Consumer-Friendly Business of the Year 2025 Award at the Lagos State Consumer Protection Agency’s (LASCOPA) annual Consumer Service Week and Awards Ceremony, held on Tuesday, September 30, 2025, at Adeyemi Bero Hall, The Secretariat, Alausa, Ikeja, Lagos.
The event, organised by the Lagos State Consumer Protection Agency (LASCOPA), celebrated businesses and organisations that demonstrate exceptional commitment to consumer rights, service excellence, and customer satisfaction.
PalmPay’s recognition underscores its dedication to delivering secure, reliable, and inclusive financial services to millions of Nigerians. With a focus on transparency, innovation, and customer-centricity, PalmPay continues to empower consumers by offering secure transactions, fraud protection, convenient payment solutions, and exceptional customer support.
Commenting on the award, Opara Onyinyechi, Senior Regulatory Compliance Specialist, PalmPay, said: “We are deeply honoured to receive the Consumer-Friendly Business of the Year Award from LASCOPA. This recognition reaffirms our commitment to putting our customers at the heart of everything we do. At PalmPay, we will continue to champion trust, accessibility, and innovation in financial services, ensuring that every user experiences safe and seamless banking.”
The Consumer Service Week and Awards are part of a global initiative that highlights the importance of consumer protection and celebrates organisations that prioritise consumer welfare. By honouring PalmPay, LASCOPA have reinforced PalmPay’s role as a trusted partner in Nigeria’s financial ecosystem.
L-R: Mrs Wemimo Jayeoba, Director of Finance and Accounts, LASCOPA; Opara Onyinyechi, Senior Regulatory Compliance Specialist at PalmPay; Adenopo Ridwan Adekunle, Regulatory Liaison Officer, PalmPay; Ezeigbo Ugochi Boniface, Public Relations Officer, PalmPay, at Consumer Service Week and Awards Ceremony on Tuesday, 30th September.
