Monday, December 8, 2025
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FRSC Directs Construction Firms To Install Proper Road Signs Nationwide

FRSC Ogun To Enforce Speed Limit Devices In Commercial Vehicles

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.

GEN Nigeria, Partners Urge Indigenous Enterprises To Embrace New Technology

Abia State Sets Plan To Clear Pension And Gratuity Arrears

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.

Dollar To Naira Exchange Rate For 1st December 2025

Nigeria’s Public Debt Rises To N152.39trn In Q2 2025 — NBS

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.

Nigerian Equities Market Opens December In The Red, Loses N200bn

Nigerian Equities Market Opens December In The Red, Loses N200bn

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.

NNPC’s Non-Operational Refineries Accumulate N8.5trn In Intra-Group Debt

NNPC’s Non-Operational Refineries Accumulate N8.5trn In Intra-Group Debt

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.

Tinubu To Appoint New Defence Minister As Badaru Resigns On Health Grounds

Tinubu To Appoint New Defence Minister As Badaru Resigns On Health Grounds

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 Confirms Paul Abiagam As Managing Director/CEO

Coronation Merchant Bank Confirms Paul Abiagam As Managing Director/CEO

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.

UK Withdraws $1.15bn Loan Support For Totalenergies’ Mozambique Gas Project

UK Withdraws $1.15bn Loan Support For Totalenergies’ Mozambique Gas Project

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.

FG, ASUU Resume Negotiations As Government Tables 40% Salary Increment Proposal

FG, ASUU Resume Negotiations As Government Tables 40% Salary Increment Proposal

The Federal Government has proposed a 40 per cent salary increase for university lecturers under the Academic Staff Union of Universities (ASUU) as both parties prepare to resume negotiations in Abuja, BizWatch Nigeria has learnt.

The offer was presented ahead of a fresh round of talks scheduled to reconvene next week, led by former Head of Service, Yayale Ahmed, who is heading the government’s negotiation team.

ASUU’s National Executive Council (NEC), which met in Abuja on Sunday, agreed to return to the negotiation table. Branch leaders who attended the meeting are expected to brief members across the country on the government’s latest proposal.

A senior ASUU official, who spoke on condition of anonymity due to restrictions surrounding the negotiation process, confirmed the development.

“They have made a proposal of a 40 per cent salary increment. Branch leaders will go back to update members. As it stands, negotiations continue next week,” the source said.

The union’s one-month ultimatum to the Federal Government expired last Saturday, raising anxiety within public universities over a possible strike. In an effort to avert an industrial action, government officials held a marathon meeting with ASUU leadership in Abuja on Monday, which extended into Tuesday.

Both sides have declined to divulge details of the closed-door discussions, citing strict confidentiality rules governing the process.

ASUU had earlier threatened a full-scale strike, accusing the government of employing a “nonchalant approach” toward longstanding issues affecting the university system. The union’s key demands include the renegotiation of the 2009 ASUU-FG agreement, payment of outstanding salaries and earned academic allowances, and release of funds for university revitalisation.

Despite ASUU’s claims, the Minister of Education, Dr Tunji Alausa, who is currently out of the country, recently insisted that the government had substantially met the union’s requests. Speaking to State House correspondents two weeks earlier, Alausa reaffirmed President Bola Tinubu’s directive that industrial action in public universities must be prevented.

“The President has mandated us that he doesn’t want ASUU to go on strike, and we’re doing everything humanly possible to ensure students stay in school. We have met virtually all their requirements and are back at the negotiation table. We will resolve this,” he said.

Meanwhile, the Nigeria Labour Congress (NLC) has thrown its weight behind ASUU, warning that it will not hesitate to intervene if the Federal Government fails to honour its commitments to the academic union.

As negotiations resume, the academic community awaits concrete progress to avert another round of disruptions in the university calendar.

CDCFIB Releases Full List Of Physical Verification Centres For 2025 Recruitment Screening

CDCFIB Releases Full List Of Physical Verification Centres For 2025 Recruitment Screening

The Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has announced the official physical verification centres for candidates shortlisted in the 2025 recruitment exercise across the country.

The release follows last month’s computer-based tests for applicants seeking positions in the Nigeria Immigration Service (NIS), Nigeria Correctional Service (NCoS), Federal Fire Service (FFS) and the Nigeria Security and Civil Defence Corps (NSCDC). The board confirmed that the names of successful applicants for physical screening and documentation would be published between Monday, December 1 and Wednesday, December 3.

According to CDCFIB, the physical verification stage is crucial, as candidates’ identities, credentials and physical fitness levels will be thoroughly examined before progressing to the final recruitment phase.

The Tribune reported on Monday that screening centres have been approved for all 36 states of the federation and the Federal Capital Territory. Candidates shortlisted for the exercise must appear at their designated venues for mandatory verification.

Below is the full list of CDCFIB-approved physical screening centres for the 2025 recruitment:

LIST OF APPROVED VERIFICATION CENTRES

ABIA
NCoS State Command, Along Enugu–Port Harcourt Expressway, Mgbarakuma Ubakala, Umuahia

ADAMAWA
NIS State Command, Adamawa

AKWA IBOM
NCoS State Command, Plot 11, Block C, Attan Offot, Uyo

ANAMBRA
NCoS State Command, Federal Secretariat Complex, Awka

BAUCHI
NCoS Zonal Office, Bauchi

BAYELSA
NCoS State Command, Capt. Amangala Street, Ovom, Yenagoa

BENUE
NIS State Command, Makurdi

BORNO
NCoS State Command, Baga Road, Maiduguri

CROSS RIVER STATE
NCoS State Command, Murtala Muhammed Highway, 11/11 Bus Stop, Calabar

DELTA STATE
NCoS State Command, Km 6 Asaba–Benin Expressway, Asaba

EBONYI
NCoS State Command, No. 21 Nnorom Street, Mile 50, Abakaliki

ENUGU
Correctional Training Service, Enugu

EDO
NCoS State Command, Reservation Road, Off Sapele Road, Benin City

EKITI
NCoS State Command, Fayose Estate, Off Ado Road, Ado Ekiti

GOMBE
NIS State Command, Gombe

IMO
Correctional Armed Squad Training School, Onitsha Road, By Assumpta Press Junction, Irete–Owerri

JIGAWA
NCoS State Command, Along Takur Site, Dutse

KADUNA (Two Centres)
Centre 1: Correctional Service Staff College, Barnawa
Centre 2: Correctional Training School, Independence Way

KANO (Two Centres)
Centre 1: Immigration Training School, Kano
Centre 2: NCoS State Command, No. 1 Mission Road, Bompai, Nasarawa

KATSINA
NCoS State Command, Room 41, Dandagoro, Near Mega Filling Station, Federal Secretariat

KEBBI
Correctional Training College, Birnin Kebbi

KOGI
NIS State Command, Lokoja

KWARA
NCoS State Command, Behind Old Herald Newspapers Office, Flower Garden Area, Ilorin

LAGOS (Three Centres)
Centre 1: Correctional Training College, Kirikiri, Apapa
Centre 2: NIS Zonal Headquarters, Old Secretariat Road, GRA–Ikeja
Centre 3: Federal Fire Service Training School, Western Avenue, Ojuelegba

NASARAWA
NIS State Command, Nasarawa

NIGER
NSCDC Zonal Office, Old State Secretariat Complex, Minna

OGUN
NSCDC College of Security Management, Abeokuta

ONDO
NCoS State Command, Opposite NDELA Office, Alagbaka, Akure

OSUN
NCoS State Command, Adjacent Osun State House of Assembly Complex, Osogbo

OYO
NCoS State Command, Opp. State Government Secretariat, Agodi, Ibadan

PLATEAU
Civil Defence Command and Staff College, Jos

RIVERS
Immigration Training School, Ahoada

SOKOTO
Immigration Command and Staff College, Sokoto

TARABA
NCoS State Command, Off Specialist Hospital Road, Jalingo

YOBE
NSCDC State Command, Federal Secretariat Complex, Damaturu

ZAMFARA
NCoS State Command, Temporary Office Malam Yahaya, Federal Secretariat Complex, Gusau

FCT (Four Centres)
Centre 1: Lt. Gen. Abdulrahman Bello Dambazau Hall, NCoS HQ, Airport Road
Centre 2: Mohammad Babandede Conference Hall, NIS HQ, Airport Road
Centre 3: FFS FCT Command, Kubwa Metropolitan Fire Station
Centre 4: Dr Ade Abolurin Auditorium, NSCDC Headquarters, Airport Road

Money Market Rates Drop As System Liquidity Approaches N2 Trillion

FG, ASUU Resume Negotiations As Government Tables 40% Salary Adjustment Proposal

BREAKING: ASUU Announces Strike Extension

Fresh indications from Abuja show that the Federal Government has offered a 40 per cent salary increase to members of the Academic Staff Union of Universities (ASUU), according to senior officials close to the ongoing discussions.

The offer is expected to form part of the agenda as ASUU prepares to recommence formal negotiations with the government delegation led by former Head of Service, Yayale Ahmed.

Sources confirmed that the union’s National Executive Council (NEC), which convened in Abuja on Sunday, reached a collective position that ASUU must return to the negotiation table. Delegates from various chapters are now expected to relay the outcome of the meeting to their members across the country.

A NEC participant, who declined to be identified due to rules restricting public commentary during the negotiation process, said the union had agreed to continue talks with the government.

“They have come forward with a proposal of a 40 per cent salary adjustment. Our branch officials will brief their campuses accordingly. Negotiations will continue next week,” the source disclosed.

The expiration of ASUU’s one-month ultimatum to the Federal Government last Saturday heightened anxiety within public universities, raising fears of an imminent industrial action.

In a bid to prevent a nationwide shutdown of campuses, government officials met with ASUU executives on Monday in Abuja. The engagement extended into Tuesday, but both parties maintained strict confidentiality due to established negotiation protocols.

ASUU had accused the government of displaying a “lackadaisical” approach to issues affecting university workers, warning that it would embark on a comprehensive strike if measures were not taken to address longstanding concerns.

Among the key issues on the table are the implementation of the 2009 ASUU-FG agreement, unpaid salary arrears, pending earned academic allowances, and the release of funds earmarked for the revitalisation of public universities.

The Minister of Education, Dr. Tunji Alausa—who is currently abroad—recently insisted that the government has substantially addressed the union’s demands. Two weeks ago, he reiterated to State House correspondents President Bola Tinubu’s directive that public universities must not drift into another crisis.

“The President has been clear: he does not want ASUU to embark on another strike. We are doing everything within our power to ensure students remain in school. The last six-day strike was avoidable. We have met almost all their requirements and have returned to the dialogue process. We will settle this,” Alausa said.

Meanwhile, the Nigeria Labour Congress (NLC) has pledged support for ASUU, stating that it will intervene if the government fails to honour its commitments to academic workers.

Dollar To Naira Exchange Rate For 1st December 2025

OPEC+ Retains Nigeria’s Oil Production Limit At 1.5mbpd Through 2026

The Organization of the Petroleum Exporting Countries (OPEC) and its allies under the OPEC+ framework have confirmed that Nigeria’s crude oil production quota will remain at 1.5 million barrels per day (mbpd) until the end of 2026.

The decision, which reaffirms a resolution adopted in late 2024, was reached at the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday. Member countries participating in the Declaration of Cooperation (DoC) unanimously agreed to maintain their existing output targets.

In a separate communication, OPEC disclosed that eight key members of the alliance—Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman—will delay previously scheduled production increases for the first quarter of 2026. This pause, OPEC said, aligns with typical seasonal shifts in oil demand.

These eight countries, which had implemented additional voluntary output cuts in 2023, will continue to suspend a planned 137,000 bpd increase slated for December 2025.

The group noted that the ongoing 1.65 million bpd voluntary cuts could be restored gradually, depending on evolving market conditions. Participating nations also pledged to fully address any overproduction recorded since January 2024.

OPEC further revealed that it has approved a new methodology developed by the Secretariat to evaluate member nations’ maximum sustainable production capacity. This will serve as the foundation for setting production baselines for 2027.

The Joint Ministerial Monitoring Committee will continue reviewing compliance levels, market stability, and output performance. The next ministerial meeting is scheduled for June 7, 2026.

The eight countries implementing voluntary adjustments will also hold monthly review sessions to monitor market movements and compensation status, with their next meeting set for January 4, 2026.

Oil markets reacted positively to the decision. Brent crude futures rose by $1.01 (1.62%) to $63.39 per barrel at 0501 WAT, while U.S. West Texas Intermediate futures gained $1 (1.71%) to trade at $59.55.

Despite Monday’s gains, both benchmarks had closed lower on Friday, marking a fourth consecutive month of losses—the longest downturn since 2023—amid concerns over increased global supply.

Dollar To Naira Exchange Rate For 1st December 2025

CBN Absorbs N7.85 Trillion In OMO Sales To Banks, Foreign Investors In November

The Central Bank of Nigeria (CBN) mobilized approximately N7.85 trillion through Open Market Operations (OMO) auctions in November, driven primarily by strong participation from banks and foreign portfolio investors amid heightened system liquidity.

The financial sector has recently experienced a surge in excess cash, much of which found its way into the CBN’s Standing Deposit Facility (SDF), where banks have been earning returns higher than those available on Treasury Bills.

Deposit Money Banks, benefiting from a subdued appetite for lending, continued to channel large amounts of idle funds to the apex bank, taking advantage of the previously elevated 24.50% SDF rate.

With the expiration of additional OMO bills generating inflows of up to N1.1 trillion, the CBN responded by expanding its issuance across standard maturities to better moderate liquidity conditions in the banking system.

Banks and foreign portfolio investors—who make up the eligible investor base—showed strong appetite for the auctions, resulting in repeated oversubscriptions. Interest rates across short-term naira instruments remained relatively elevated, and the CBN introduced additional tenors to accommodate market demand.

TrustBanc Financial Group noted that the N7.85 trillion raised in November represents a 12.30% month-on-month increase compared to the N6.99 trillion sold in October.

Analysts anticipate that the large liquidity inflows expected in December will prompt further aggressive OMO issuance by the CBN. System liquidity closed the week at approximately N1.96 trillion, ahead of major inflows from maturing fixed-income instruments.

The market is expecting around N450 billion from a December 2, 2025 maturity, in addition to a N10.2 billion bond coupon payment, both of which are projected to bolster liquidity this week.

Absent significant liquidity-tightening measures from the CBN, experts say system liquidity will likely remain elevated.

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Money Market Rates Drop As System Liquidity Approaches N2 Trillion

Nigeria’s money market witnessed a notable decline in key rates as liquidity in the financial system inched closer to the N2 trillion threshold, following the Central Bank of Nigeria’s (CBN) latest adjustment to the asymmetric corridor around the Monetary Policy Rate (MPR).

The CBN’s new corridor structure—designed to reduce the interest earned by banks on placements at the Standing Deposit Facility (SDF)—has continued to reshape liquidity behaviour in the interbank market.

Data from the financial system showed that aggregate liquidity remained firmly in surplus territory throughout last week, closing at approximately N1.96 trillion. This represents a sharp rise of 49.98% from the N1.31 trillion recorded the previous week.

Analysts and investment firms attributed the liquidity expansion to substantial inflows from Open Market Operations (OMO) maturities and coupon payments on Federal Government bonds, which provided banks with additional funding buffers.

Deposit Money Banks maintained significant use of the CBN’s SDF window, although at reduced reward levels following the corridor adjustment. TrustBanc Financial Group reported that SDF placements averaged N1.67 trillion last week—down 34% from the preceding week’s N2.51 trillion.

The group also noted that average daily liquidity for November stood at N3.35 trillion, marking a 13% increase compared with October’s average of N2.96 trillion.

Following the Monetary Policy Committee (MPC) meeting—which left the MPR unchanged but tightened the corridor to +50 bps/-450 bps—interbank rates fell sharply on Tuesday. The refined corridor structure strengthened market confidence, prompting more activity at both the Standing Lending Facility (SLF) and SDF windows as banks adjusted their liquidity strategies.

Market watchers say the corridor changes will discourage banks from locking large volumes of funds with the CBN, encouraging more lending to the private sector and potentially stimulating economic expansion.

Under the new structure, the SLF now stands at 27.50% (50 basis points above the MPR, down from 29.50%), while the SDF is now priced at 22.50%—a wider discount compared to the previous 24.00%.

Effectively, banks will now borrow from the CBN at 27.50%, representing a 200-basis-point reduction from the previous 29.50% rate. Conversely, funds placed at the SDF will earn 22.50%, a 2% drop from the earlier rate of 24.50%.

The Nigerian Interbank Borrowing Rate (NIBOR) eased by 198 basis points last week, according to Cowry Asset Management, reflecting both abundant liquidity and the CBN’s decision to maintain the MPR.

Other funding benchmarks followed a similar trajectory: the Open Repo rate slid by 2 percentage points week-on-week to 22.50%, while the Overnight (ON) lending rate declined by 2.12 percentage points to settle at 22.71%.

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Dollar To Naira Exchange Rate For 1st December 2025

Dollar To Naira Exchange Rate For 8th Dec 2023

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1460.00 per $1 on Monday, December 1st , 2025. The naira traded as high as 1445.00 to the dollar at the investors and exporters (I&E) window on Sunday.

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

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1468 and buy at ₦1460 on Sunday 30th November, 2025, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate₦1468
Buying Rate₦1460

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Highest Rate₦1449
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.

GEN Nigeria, Partners Urge Indigenous Enterprises To Embrace New Technology

GEN Nigeria, Partners Urge Indigenous Enterprises To Embrace New Technology

Global Entrepreneurship Network (GEN Nigeria), in collaboration with Fidelity Bank Plc and other organisations, has encouraged young Nigerian entrepreneurs to adopt new technologies, particularly Artificial Intelligence (AI), in their business operations.

The call was made during the Youth Entrepreneurship Dialogue, themed “Building the Future with AI: Technology, Talent, and Transformational Entrepreneurship”, held as part of the 2025 Global Entrepreneurship Week (GEW) in Lagos.

Dr Olawale Anifowose, Managing Director of GEN Nigeria, highlighted that AI has become essential for local enterprises seeking to enhance productivity, drive innovation, and remain competitive. According to him, AI can help businesses automate routine tasks, personalise customer experiences through data analysis, and enable entrepreneurs to build and scale new products and services more efficiently.

“Adopting AI allows local enterprises to handle repetitive tasks, freeing employees to focus on creative and strategic work, which ultimately boosts productivity,” Anifowose explained. He added that AI adoption can foster innovation and economic growth, giving examples from sectors such as fintech, healthcare, and agriculture, where AI-powered solutions are creating new opportunities for Nigerian entrepreneurs to meet local needs.

Mr Chibuike Aguene, CEO of Bildup AI and guest speaker at the event, cautioned entrepreneurs about the risks of not embracing AI. “We are entering an era of hybrid intelligence, where humans augment their intelligence with AI. Transformational entrepreneurship in this era is about building intelligent systems that can adapt, learn, and evolve in real time,” he said.

Cynthia Ogbonna, Head of Brand Management at Fidelity Bank Plc, explained that partnering with the Enterprise Development Centre (EDC) of Pan-Atlantic University provided an opportunity for like-minded individuals to discuss entrepreneurship, technology, and talent, while also exploring ways to scale enterprises and drive economic growth.

The dialogue emphasised that for Nigerian entrepreneurs, integrating AI and emerging technologies is no longer optional but essential for growth, innovation, and long-term competitiveness.

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Akume, Stakeholders Back Emerging Technologies For Africa’s Energy Development At Solewant Summit

Policymakers, energy executives, development partners, and researchers from across Africa and beyond have endorsed emerging technologies as critical to Africa’s energy future at the 9th Solewant Group Africa Energy Summit.

The summit, held from November 27–28, 2025, at the Solewant Industrial Park in Alode-Onne, Port Harcourt, Rivers State, was themed “Emerging Technologies and the Future of Sustainable Development in Africa.” It brought together the Secretary to the Government of the Federation (SGF), Senator George Akume, Prof. PLO Lumumba of the Lumumba Foundation, National Assembly members, global energy leaders, Development Financial Institutions (DFIs), and industry stakeholders.

The two-day event featured keynote speeches, technical paper presentations, strategic panel discussions, and roundtable engagements showcasing innovations from oil and gas firms, international and national operators, and EPC companies. Represented by his Special Adviser on Technical Operations, Prof. Benard Bolaji Babatunde, Akume emphasized that Africa must embrace emerging technologies—such as artificial intelligence, advanced robotics, digital monitoring systems, renewable energy innovations, and smart infrastructure—to meet rising energy demand and support sustainable development. He described the summit as a “timely platform” and noted that President Bola Tinubu’s administration is strategically positioning Nigeria to lead in technology adoption.

Prof. PLO Lumumba urged participants to scale outcomes across the continent, stressing Africa’s potential to harness these technologies to keep pace with global energy developments. Delegates highlighted the underutilized opportunities in renewable energy, the importance of local content development, and the need for sustainable financing to support industrial growth and energy security. The summit communique called for alignment between academia, industry, and government to produce a skilled workforce, investments in surveillance technologies including drones and advanced monitoring systems to enhance energy security, accessible financing models and incentives to drive innovation in renewable and advanced energy technologies, and review and update of national energy and technology policies to support emerging solutions.

A highlight of the summit was the launch of the Africa Energy Innovative Funding Network (AEIFN), pledging $100 million to support energy sector projects across Africa under the AfCFTA framework. The network aims to facilitate knowledge sharing, investment, and partnerships for technology-driven energy solutions. Commenting on the summit, Solewant Group CEO Solomon Ewanehi said, “The event provides an unparalleled platform for collaboration between policymakers, investors, and innovators to accelerate Africa’s sustainable energy future.”

Solewant Group, a leader in pipeline coating, fabrication, and asset integrity management, showcased its industrial capabilities, including multi-layer pipe-coating plants, steel fabrication facilities, and its newly unveiled state-of-the-art pipe bend and fitting coating factory. Ewanehi reiterated the company’s vision to be a world-class provider of steel pipe and coating services for Africa’s oil, gas, and water sectors. The summit concluded with commitments to advance energy independence, strengthen local content, boost indigenous capacity, and drive innovation-driven growth across the continent.

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NADF Partners Leadway, Verdure Climate On Climate-Smart Farmer Financing

The National Agricultural Development Fund (NADF) has signed a tripartite memorandum of understanding (MoU) to scale agricultural insurance and climate-smart finance for smallholder farmers across Nigeria.

The agreement—signed with Leadway Assurance Company Limited and Verdure Climate—was endorsed on Friday during the national dialogue on innovative agriculture insurance and climate finance in Abuja. It will support the implementation of an AGRA-backed project designed to strengthen farmers’ resilience through new insurance models and financing tools.
AGRA is a pan-African nonprofit focused on supporting smallholder farmers and driving agricultural transformation across the continent.

Speaking at the event, NADF Executive Secretary Mohammed Ibrahim—represented by Nasir Ingawa, General Manager, Partnerships and Investor Relations—said the partnership aligns with the fund’s mandate to expand agricultural lending nationwide.

“As we face increasing challenges due to climate change, unpredictable weather patterns, and limited access to finance, the role of innovative financial solutions such as index-based agricultural insurance and blended finance has never been more critical,” Ingawa said.

He added that the rollout of index-based and pay-at-harvest insurance products would significantly boost investor confidence in the agricultural value chain.

The collaboration will focus on bundling insurance with agricultural loans, expanding credit-linked insurance for rice, soybean, and maize value chains in priority states, and incorporating climate-smart practices into NADF loan products. It will also introduce digital climate advisory services and build the capacity of business development service providers.

Friday’s dialogue brought together financial institutions, government agencies, insurers, farmer groups, and anchor companies to explore ways to integrate index insurance into agricultural lending and unlock more private-sector capital for rural producers.

The project forms part of AGRA 3.0, which aims to improve market linkages, expand access to finance, and strengthen the resilience of thousands of farmers between 2025 and 2027.

Earlier on Tuesday, NADF launched a blended on-lending financing partnership with Psaltry International Company Limited to empower 12,000 young women in cassava cultivation in its first phase, with a target of 45,000 women by the end of the programme.

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Ground Handling Firms Renew Call For Tax Waivers To Support Aviation Sector

FG Calls For Local, Foreign Investment In Aviation Sector

Skyway Aviation Handling Company (SAHCO) Plc has again appealed to the federal government to grant tax waivers and other incentives for ground handling companies, especially on imported spare parts and operational equipment.

The company said the appeal has become urgent due to rising operational costs in Nigeria’s aviation industry and the need to prevent further job losses in a sector that plays a critical role in national economic growth.

Speaking at the inaugural Airport Gateway Forum of the League of Airport and Aviation Correspondents (LAAC) in Lagos, SAHCO Managing Director, Adenike Aboderin, said ground handlers continue to subsidise services for domestic airlines to help keep the industry stable and ensure ticket prices remain affordable for travellers.

She noted that the rates airlines pay for ground handling services do not match the actual cost of equipment used for operations. She warned that increasing the rates would directly impact airfares and other charges.

Aboderin explained that SAHCO alone spent about five million euros on equipment in the last two quarters, with each unit costing at least 150,000 euros. She said this level of spending makes government support necessary.

She called for single digit long term loans for ground handling firms and said the federal government must extend incentives already given to airlines to the ground handling subsector as well.

Aboderin added that SAHCO is implementing a diversification plan that includes acquiring land for an aviation school, a training centre, a warehouse, and a hotel. She said the company is also investing in new technologies and eco friendly systems such as electric ground support equipment and an environmental management system aligned with ISO 14001 standards.

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Yuletide: Celebrate Modestly, Avoid Unnecessary Travel, Anglican Primate Advises Nigerians

As the Christmas season approaches, the Primate of the Church of Nigeria (Anglican Communion), Most Rev Henry Ndukuba, has urged Nigerians to celebrate modestly and refrain from unnecessary travel amid the country’s economic and security challenges.

Speaking in Abuja at the 2025 Carnival for Christ, Ndukuba reminded Christians that while the festive season is a time of joy, wisdom and prudence are essential in navigating the nation’s current realities.

He noted that although Nigeria is experiencing difficult times, “God does not want His people to live in penury,” adding that disciplined spending would help families manage the months ahead more effectively.

“Don’t spend all you have to celebrate Christmas. By January, we will be paying house rent and school fees. Therefore, we need to celebrate this year’s Christmas modestly. If you have much, eat; if you don’t have, enjoy what you have,” the Primate cautioned.

On the security situation, Ndukuba advised Nigerians to act with caution during the festive period, stressing that the country’s fragile security demands vigilance.

“Even though there are security challenges, let us be wise as serpents and innocent as doves,” he said. “Do not embark on travel at this delicate time unless necessary. If your health is failing, find a place to rest rather than risk it. We pray that the Lord will keep us safe.”

Despite the prevailing challenges, the Primate expressed optimism that Nigeria would overcome its economic and security hurdles with God’s help. He commended the Federal Government, security agencies, the military and the police for their efforts to ensure a peaceful celebration season.

“We are confident that God still has much to do in our lives,” he said. “We have not reached our potential as individuals, families, a church, or a nation. Though things may be challenging, God has so much in store for us. Let no man or woman give up. There are still fallow grounds. God has not finished with us.”

Ndukuba explained that the week-long Carnival for Christ is designed to celebrate God’s love and draw attention to areas of spiritual, social and economic development that require renewed effort. The theme of this year’s event, “Break Up Your Fallow Ground,” he said, symbolises untapped opportunities that remain unproductive until properly cultivated.

“It is for us to examine the areas God wants us to focus on—in our walk with Him, in our family life, and in our economic activities,” he said. “If citizens embrace discipline, honour, trust and respect for human life, crises will reduce and opportunities for growth will increase.”

Delivering the sermon, the guest speaker and Bishop of the Anglican Diocese of Afikpo, Rt Rev Paul Udogu, said what Nigeria needs most at this critical moment is to “seek the face of God.” He encouraged Christians to celebrate the death and resurrection of Christ with renewed love and to extend kindness to people of all faiths.

Flybird, ERAU Alumni Rally Nigerian Aviation Stakeholders With Network Dinner
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