The Central Bank of Nigeria raised approximately ₦4.27 trillion through OMO and Treasury bill auctions, exceeding the combined initial offers
Treasury bill allotments reached ₦968 billion against an offer of ₦900 billion, while OMO allotments totalled ₦3.3 trillion against an offer of ₦2 trillion
Treasury bill rates held at 15.50% and 15.80% for the 91-day and 182-day instruments, while the 364-day rate fell four basis points to 15.85%
Main Story
The Central Bank of Nigeria (CBN) raised approximately ₦4.27 trillion through open market operation (OMO) and Nigerian Treasury bill auctions, as subscriptions exceeded the announced offers and investors maintained strong demand for government securities.
At the Treasury bill auction, the CBN offered ₦900 billion across the 91-day, 182-day and 364-day instruments, attracting subscriptions of approximately ₦1.8 trillion. The final allotment reached ₦968 billion, exceeding the initial offer by ₦68 billion, according to auction results cited by Cowry Asset Limited.
Stop rates remained unchanged at 15.50% for the 91-day instrument and 15.80% for the 182-day bill. The rate on the 364-day instrument declined by four basis points to 15.85%.
The CBN also conducted an OMO auction, offering ₦2 trillion across the 147-day and 182-day maturities. Subscriptions reached ₦3.5 trillion, while total allotments amounted to ₦3.3 trillion, exceeding the initial offer by ₦1.3 trillion.
The OMO instruments cleared at stop rates of 17.22% for the 147-day maturity and 16.92% for the 182-day maturity.
Combined allotments from the two auctions amounted to approximately ₦4.27 trillion, equivalent to the widely rounded figure of ₦4.3 trillion. The results indicate that investors submitted bids substantially above the amounts initially offered by the central bank.
The auctions took place against a backdrop of declining rates on some debt-market instruments and moderating inflation, according to the supplied market report. The combination of substantial subscriptions and continued allotments suggests that government securities remained attractive to investors seeking naira-denominated assets.
What’s Being Said
Cowry Asset Limited said the excess subscription and allotment at the Treasury bill auction highlighted sustained investor appetite for government securities.
The investment firm also noted that the lower stop rate on the 364-day Treasury bill, despite a marginal increase in secondary-market yields, pointed to continued demand for longer-dated government paper at the primary auction.
The supplied report does not include a direct quotation from the CBN or Cowry Asset Limited. The statements above are therefore presented as attributed paraphrases rather than direct quotes.
What’s Next
The results of subsequent CBN Treasury bill auctions will help establish whether demand remains strong across the 91-day, 182-day and 364-day maturities.
Further OMO operations and changes in stop rates will also be important indicators of investor demand and the central bank’s liquidity-management approach. The supplied report does not specify the dates of the next auctions.
Bottom Line
The Bottom Line: Strong subscriptions allowed the CBN to absorb more funds than initially offered through both auction channels. However, sustained demand for government securities does not by itself establish the outlook for interest rates, which will also depend on monetary policy, inflation and liquidity conditions.
Nigeria’s balanced mutual fund segment reached N191.02 billion in NAV as of September 2026, a 23.94% jump from N154.13 billion in August
The segment comprised 31 funds and added 3,077 new unitholders in September alone, bringing total unitholders to 110,494
Capital Express Balanced Fund led the rankings for the third consecutive month with a YTD return of 72.33%, extending its lead to 13.61 percentage points over second-placed Nigeria Energy Sector Fund
The top 10 performing balanced funds collectively managed N96.08 billion — 50.30% of the segment — with YTD returns ranging from 44.87% to 72.33%
An investor who placed N5 million in the top-performing fund at the start of 2026 would have earned approximately N3.6 million in returns by September
Main Story
Nigeria’s balanced mutual fund segment surged to a net asset value (NAV) of N191.02 billion as of September 2026 — a 23.94% increase from N154.13 billion in August — as investor appetite for professionally managed, diversified products continued to deepen.
Nairametrics Research analysis of Securities and Exchange Commission (SEC) data shows that the segment comprised 31 funds accounting for 1.98% of Nigeria’s total mutual fund assets of N9.66 trillion. Total unitholders across the segment rose to 110,494 — up 2.86% from 107,417 in August — reflecting continued retail participation in a segment that combines equities and fixed-income instruments.
Balanced mutual funds invest across asset classes, typically combining equities and fixed-income securities, providing investors with opportunities for capital appreciation and income generation while managing exposure to market volatility. Their growing appeal comes as domestic investors increasingly seek products that offer above-inflation returns without the full risk concentration of pure equity funds.
The top 10 performing funds recorded year-to-date (YTD) returns ranging from 44.87% to 72.33%. Collectively, they managed N96.08 billion — 50.30% of the balanced mutual fund segment and approximately 0.99% of the total mutual fund industry.
Capital Express Balanced Fund retained the number one position for the third consecutive month, extending a streak that has seen it appear in every monthly top-10 ranking from January through September 2026 — the only fund in the segment to achieve that distinction.
Below is a full breakdown of the 10 best-performing balanced mutual funds in Nigeria as of September 2026, ranked from 10th to 1st by year-to-date return.
10. United Capital Wealth for Women Fund — 44.87% YTD Return
Managed by United Capital Asset Management Limited, the United Capital Wealth for Women Fund recorded a YTD return of 44.87% in September, slipping two places from its August ranking of eighth.
The fund manages N5.44 billion in assets and serves 3,147 unitholders, with an offer price of N2.30. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,243,500 in returns by September, bringing the total investment value to N7,243,500.
The fund has appeared in three of the nine monthly top-10 rankings in 2026, featuring in April, August, and September.
9. Emerging Africa Balanced-Diversity Fund — 44.91% YTD Return
Managed by Emerging Africa Asset Management Limited, the Emerging Africa Balanced-Diversity Fund recorded a YTD return of 44.91%, declining three places from sixth in August.
The fund manages N957.74 million in assets and serves 214 unitholders, with an offer price of N2.32. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,245,500 in returns by September, bringing the total investment value to N7,245,500.
Emerging Africa Balanced-Diversity Fund has maintained a relatively consistent presence in the rankings, appearing in eight of the nine months tracked in 2026, missing only June.
8. Stanbic IBTC Balanced Fund — 45.13% YTD Return
Managed by Stanbic IBTC Asset Management Limited, the Stanbic IBTC Balanced Fund recorded a YTD return of 45.13%, advancing two places from tenth in August.
The fund manages N14.86 billion in assets and serves 10,192 unitholders, with an offer price of N14,122.88. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,256,500 in returns by September, bringing the total investment value to N7,256,500.
Stanbic IBTC Balanced Fund has appeared in five of the nine monthly top-10 rankings in 2026, featuring in April, May, July, August, and September.
7. United Capital Balanced Fund — 46.62% YTD Return
Managed by United Capital Asset Management Limited, the United Capital Balanced Fund recorded a YTD return of 46.62%, climbing two places from ninth in August.
With N41.43 billion in assets under management, it is the largest balanced mutual fund by NAV in September 2026. The fund serves 4,604 unitholders and has an offer price of N2.98. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,331,000 in returns by September, bringing the total investment value to N7,331,000.
United Capital Balanced Fund has appeared in four monthly top-10 rankings in 2026. After featuring in January and February, it dropped out between March and July before returning in August and improving its position in September.
6. CardinalStone Balanced Fund — 50.08% YTD Return
Managed by CardinalStone Asset Management Limited, the CardinalStone Balanced Fund recorded a YTD return of 50.08%, returning to the top 10 in September after missing the August ranking.
The fund manages N4.94 billion in assets and serves 1,068 unitholders, with an offer price of N1.83. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,504,000 in returns by September, bringing the total investment value to N7,504,000.
CardinalStone Balanced Fund has appeared in six of the nine monthly rankings in 2026, having previously featured in March, April, May, June, and July. Its September return marks a significant improvement from the 19.16% YTD return recorded in August, when the fund ranked outside the top 10.
5. Alpha Morgan Balanced Fund — 51.60% YTD Return
Managed by Alpha Morgan Capital Managers Limited, the Alpha Morgan Balanced Fund recorded a YTD return of 51.60%, slipping two places from third in August despite an improvement in its actual return.
The fund manages N3.20 billion in assets and serves 274 unitholders, with an offer price of N3,354.13. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,580,000 in returns by September, bringing the total investment value to N7,580,000.
Alpha Morgan Balanced Fund has appeared in seven of the nine monthly top-10 rankings in 2026, missing only January and May. Its YTD return increased from 43.84% in August to 51.60% in September, though stronger performances by other funds pushed it lower in the ranking.
4. Nova Hybrid Balanced Fund — 52.18% YTD Return
Managed by NOVAMBL Asset Management, the Nova Hybrid Balanced Fund recorded a YTD return of 52.18%, rising one place from fifth in August.
With just N71.26 million in assets under management and 11 unitholders, it is the smallest fund by both NAV and unitholder count among September’s top 10. Its offer price stood at N3.99. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,609,000 in returns by September, bringing the total investment value to N7,609,000.
Nova Hybrid Balanced Fund has appeared in four of the nine monthly rankings in 2026, featuring in March, July, August, and September. Its return increased from 41.54% in August to 52.18% in September, supporting its climb in the ranking.
3. ARM Discovery Balanced Fund — 53.16% YTD Return
Managed by ARM Investment Managers Limited, the ARM Discovery Balanced Fund recorded a YTD return of 53.16%, slipping one place from second in August.
The fund manages N17.79 billion in assets and serves 24,360 unitholders — the most widely held fund among September’s top 10. Its offer price stood at N1,511.12. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,658,000 in returns by September, bringing the total investment value to N7,658,000.
ARM Discovery Balanced Fund has appeared in eight of the nine monthly top-10 rankings in 2026, missing only April. Its YTD return improved from 52.06% in August to 53.16% in September, though it surrendered second place to the Nigeria Energy Sector Fund.
2. Nigeria Energy Sector Fund — 58.72% YTD Return
Managed by SCM Capital Limited, the Nigeria Energy Sector Fund recorded a YTD return of 58.72%, entering the September top 10 in second place after falling outside the ranking in August.
The fund manages N3.42 billion in assets and serves 823 unitholders, with an offer price of N552.22. An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N2,936,000 in returns by September, bringing the total investment value to N7,936,000.
Nigeria Energy Sector Fund has appeared in six of the nine monthly top-10 rankings in 2026, previously featuring in February, March, April, May, and July. Its return increased sharply from 36.71% in August to 58.72% in September — a jump of more than 22 percentage points — allowing it to leapfrog several established performers to claim second position.
1. Capital Express Balanced Fund — 72.33% YTD Return
Leading the September 2026 ranking is Capital Express Balanced Fund, managed by Capital Express Asset and Trust Limited, with a YTD return of 72.33%.
The fund retained the top position for the third consecutive month, having also ranked first in July and August. It manages N3.97 billion in assets and serves 2,741 unitholders, with an offer price of N9.41.
An investor who placed N5 million in this fund at the start of 2026 would have earned approximately N3,616,500 in returns by September, bringing the total investment value to N8,616,500 — the highest hypothetical return among the ten funds in the ranking.
Capital Express Balanced Fund is the only fund to have appeared in every monthly top-10 ranking from January through September 2026 — a perfect nine-month appearance record in the segment. Its YTD return increased from 69.18% in August to 72.33% in September, extending its lead over Nigeria Energy Sector Fund to 13.61 percentage points.
The Issues
Concentration at the top. Despite 31 funds operating in the segment, just 10 funds control 50.30% of the total balanced mutual fund NAV. The largest single fund, United Capital Balanced Fund, manages N41.43 billion — more than 21% of the entire segment on its own. This concentration means that the segment’s aggregate performance figures are substantially driven by a handful of managers, which may not reflect the experience of the average investor across all 31 funds.
Size versus return. September’s data highlights a persistent anomaly in the balanced fund space: the smallest funds by NAV are often among the strongest performers. Nova Hybrid Balanced Fund, with only N71.26 million in assets and 11 unitholders, posted a 52.18% YTD return — significantly outperforming the United Capital Balanced Fund, which manages N41.43 billion but returned 46.62%. The pattern raises questions about whether larger, more institutional funds face structural constraints on agility and asset allocation that smaller funds do not.
Uneven ranking consistency. The ranking composition shifted materially from August to September. Nigeria Energy Sector Fund jumped from outside the top 10 to second place in a single month on the back of a 22-percentage-point return improvement. Such sharp re-entries and exits reflect the volatility embedded in sector-concentrated strategies, which can be misleading to investors who rely on monthly snapshot rankings as a guide to sustained performance. Capital Express Balanced Fund’s nine-month consecutive presence stands as the clearest exception to this pattern.
What’s Being Said
On the broader mutual fund growth story and investor participation:
David Adonri, Vice President of Highcap Securities Limited, attributed the continued growth of Nigeria’s investment market to improving macroeconomic conditions, noting that “the market has demonstrated remarkable resilience, underpinned by a deepening domestic investor base.” Speaking on Nigeria’s capital market outlook, Adonri added that “as macroeconomic stability strengthens and reforms continue to take effect, we expect Nigeria’s investment proposition to become even more compelling for long-term capital.”
Adonri had earlier projected that improved corporate fundamentals would drive recovery in the equities market in the second half of 2026, a tailwind that balanced funds with equity exposure would benefit from. “The activation of the commercial papers and derivatives markets would deepen Nigeria’s capital market, broaden investment opportunities and improve liquidity,” he said at the Capital Market Correspondents Association of Nigeria (CAMCAN) Mid-year 2026 review in Lagos.
On investor behaviour and fund diversification:
Ambrose Omordion, Chief Operating Officer of InvestData Consulting Limited, offered context on the widening retail participation in fund products: “Investment in mutual funds has over the years continued to increase especially as more investors become aware of the options this asset class provides. Going by the fact that mutual funds invest in various asset classes and are managed by professionals, investors are becoming more comfortable with the idea of investing their funds in any mutual fund that meets their investment needs, be it an equity fund, fixed income fund or a balanced fund.”
On structural gaps that remain:
Financial expert and Investment Strategist John Oniyilo has flagged a deeper structural concern that the growth figures do not resolve. He argued that Nigeria’s investment market remains “structurally unbalanced” because retail investors typically interact directly with fund providers, who both manufacture products and serve as advisors — without a layer of fiduciary intermediaries seen in more mature markets. He warned that the concentration of Nigerian mutual fund assets in money market instruments — at the expense of equity and balanced fund allocations — stems from “lack of risk profiling and planning, fear driven by past investment losses, fund managers pushing ‘safe’ products for easy traction.” [Source: AllAfrica, September 2025]
What’s Next
October 2026 NAV data will be released by the SEC and is expected to show whether Capital Express Balanced Fund can extend its top-10 streak to a full 10 months — and whether the Nigeria Energy Sector Fund can sustain its sharp September improvement or revert toward its August position.
NGX market direction in Q4 2026 will be a key determinant. David Adonri of Highcap Securities projected a mild equities recovery in H2 2026 driven by stronger corporate fundamentals; if that materialises, balanced funds with heavy equity allocations stand to benefit disproportionately.
FTSE Russell’s review of Nigeria’s potential re-inclusion into its Frontier Market Index — flagged by CardinalStone research analysts in their 2026 mid-year guide — could attract renewed foreign interest in Nigerian equities, with knock-on benefits for equity-weighted balanced funds.
Unitholders growth in the segment will be tracked closely. September’s addition of 3,077 new unitholders continues a growth trend; whether that rate holds or accelerates through the final quarter of 2026 will indicate how deeply retail participation is broadening beyond early adopters.
Bottom Line
The Bottom Line: September’s balanced fund data confirms that the segment is growing in both scale and investor breadth — but the performance gap between top-ranked funds and the rest of the 31-fund field continues to widen, and month-to-month rank volatility remains high enough to make any single month’s snapshot an unreliable guide for long-term allocation decisions. Capital Express Balanced Fund’s perfect nine-month consistency is the outlier, not the norm; for most funds in this space, the real story is still being written.
Lagos State targets electricity supply exceeding 3,000MW by March 2027, up from the current level of below 1,000MW
The government plans to mobilise an additional 2,000MW through national grid resources, independent power projects, energy hubs and embedded generation
About 42,000 streetlights have been solarised, while solar projects have been implemented in 175 public schools
Main Story
Lagos State Governor Babajide Sanwo-Olu says the government plans to increase electricity supply to more than 3,000 megawatts (MW) by March 2027, from below 1,000MW currently, as part of efforts to eliminate blackouts and establish a 24-hour power economy.
Sanwo-Olu announced the target through his deputy, Dr Obafemi Hamzat, at the Fourth Lagos Business School (LBS) Africa Energy Conference 2026 in Lekki on Saturday.
The governor said Lagos intended to mobilise an additional 2,000MW through national grid resources, independent power projects, energy hubs, power barges, energy traders and embedded generation.
“Lagos needs more power,” Sanwo-Olu said in his address.
He outlined a seven-point action plan focused on making the Lagos Electricity Market fully functional, increasing generation, strengthening distribution capacity, reinforcing transmission infrastructure, improving metering, securing gas supply and deploying digital systems to improve market monitoring and transparency.
The government also plans to strengthen substations and distribution feeders, expand metering coverage and establish clearer contractual obligations among electricity market participants to improve service delivery and attract private investment.
Sanwo-Olu said Lagos had made progress in renewable energy deployment, with approximately 42,000 of the 50,000 streetlights earmarked for solarisation completed. Solar projects have also been implemented in 175 public schools, with work ongoing in another 100.
The governor called on investors, financial institutions, energy operators and development partners to support the programme, stressing that reliable electricity was essential for industrial growth, job creation and business competitiveness.
At the conference, Ronald Adams, Vice President of Deepwater Assets and Managing Director of Shell Nigeria Exploration and Production Company Ltd., urged the sustained implementation of Nigeria’s energy reforms to attract investment and improve energy access.
Adams cited Nigeria’s estimated 37 billion barrels of oil and condensate reserves and more than 250 trillion cubic feet of gas reserves as opportunities for economic development, while emphasising the importance of competitive fiscal policies, regulatory certainty and reliable gas supply.
What’s Being Said
“The focus is now on disciplined implementation and measurable results that will support development of a sustainable electricity market and strengthen economic growth of Lagos,” Babajide Sanwo-Olu, Governor of Lagos State, said through his address delivered by Deputy Governor Obafemi Hamzat.
Adams said Nigeria’s energy resources could support industrialisation and energy security if reforms translated into investment, reliable power and productive industries. He also stressed that natural gas must play a central role in electricity generation and manufacturing.
The conference organisers, represented by LBS Energy Club President Sebilat Quadri, said the event was intended to bring policymakers, financiers, investors, energy operators and academics together to discuss how Nigeria could translate its energy potential into bankable projects and measurable economic impact.
The source report did not include an independent assessment of the feasibility or cost of Lagos State’s 3,000MW target.
What’s Next
March 2027: Lagos State’s stated deadline for raising electricity supply to more than 3,000MW.
Electricity market implementation: The government plans to strengthen generation, transmission, distribution, metering and gas-to-power arrangements to support the target.
Renewable energy expansion: Work is continuing on solarisation projects in 100 additional public schools, alongside the state’s streetlight solarisation programme.
Bottom Line
The Bottom Line: Lagos State’s 3,000MW ambition signals a push to address electricity constraints as a barrier to investment, industrial productivity and business growth. The target’s credibility will ultimately depend on whether the government can mobilise the additional supply, strengthen electricity infrastructure and coordinate market participants within its March 2027 deadline.
Access Holdings, Zenith Bank and UBA traded 1.02 billion shares worth ₦50.52 billion, accounting for 37.56% of total equity volume
NGX equity turnover value rose 2.08% to ₦158.28 billion, despite a decline in the volume of shares traded
The All-Share Index fell 0.97% to 248,363.55 points as market breadth weakened, with 54 stocks declining against 24 gainers
Main Story
Access Holdings Plc, Zenith Bank Plc and United Bank for Africa Plc (UBA) led trading on the Nigerian Exchange (NGX) in the week ended October 9, 2026, exchanging 1.02 billion shares valued at ₦50.52 billion in 29,382 deals, according to the NGX weekly trading report.
The three equities accounted for 37.56% of total trading volume and 31.92% of transaction value, highlighting the significant contribution of major banking stocks to activity on the local bourse.
Overall, investors traded 2.715 billion shares worth ₦158.28 billion in 209,986 deals during the week. This compared with 3.166 billion shares valued at ₦155.02 billion in 206,662 deals in the preceding week. Transaction value consequently increased by 2.08%, even as trading volume declined.
The Financial Services Industry dominated activity, recording 2.005 billion shares worth ₦82.92 billion across 94,483 deals. The sector accounted for 73.84% of total equity turnover volume and 52.39% of transaction value.
The Consumer Goods Industry ranked second, with 152.345 million shares valued at ₦11.425 billion traded in 20,926 deals. The Information and Communications Technology industry followed, recording 117.296 million shares worth ₦15.256 billion in 22,556 deals.
Despite the increase in transaction value, the broader market closed lower. The NGX All-Share Index and market capitalisation declined by 0.97% to 248,363.55 points and ₦161.26 trillion, respectively. The NGX Industrial Goods Index was the only index reported to have gained, rising 0.02%.
Market breadth also weakened during the week. The number of advancing equities fell to 24 from 44 in the previous week, while declining stocks increased to 54 from 37. Another 68 equities closed unchanged, compared with 65 previously.
Livestock Feeds, Tripple Gee, Guinea Insurance, Learn Africa and Multi-Trex Integrated Foods led the gainers, with their share prices rising by ₦4.25, 76 kobo, 21 kobo, ₦1.50 and six kobo, respectively. Critical Minerals Financing Corp., ABC Transport, Japaul Gold, Fidelity Bank and Aradel Holdings led the decliners, shedding 91 kobo, ₦1.35, 32 kobo, ₦2.50 and ₦153, respectively.
The NGX also recorded new listings and a trading resumption during the week. Federal Government Savings Bonds issued in September 2026 were listed on Wednesday, alongside an additional 6.31 billion ordinary shares of 50 kobo each belonging to Guinea Insurance Plc. The exchange also lifted the suspension on trading in Multi-Trex Integrated Foods shares on the same day.
What’s Being Said
The NGX weekly trading report showed that equity transaction value increased despite lower trading volume, while the decline in the All-Share Index and the rise in the number of losing stocks pointed to weaker overall market performance.
The source report did not provide a direct quotation from the NGX, an analyst or another market stakeholder. No quotation has therefore been attributed to any individual.
What’s Next
Trading activity: Investors will monitor whether turnover value remains elevated in the next trading week and whether banking stocks continue to account for a substantial share of market activity.
Market direction: The next trading sessions will show whether the All-Share Index can recover from its 0.97% weekly decline and whether market breadth improves.
Corporate developments: Investors will monitor trading in Guinea Insurance following its additional share listing and Multi-Trex Integrated Foods following the lifting of its trading suspension.
Bottom Line
The Bottom Line: Higher transaction value did not translate into a stronger equity market, as declining share prices and weaker market breadth pointed to broad-based selling pressure. The concentration of trading in financial services also reinforces the sector’s importance to NGX activity, while investors will need to assess whether subsequent sessions bring a recovery in market sentiment.
-Anambra State Governor Chukwuma Soludo says negative public perceptions of the military and other security agencies discourage some young people from joining the services.
-He urges community leaders and elders to serve as role models and inspire younger generations to embrace national service.
-Soludo praises the late Lt.-Gen. Chikadibia Obiakor for his military career and international peacekeeping contributions.
-The Chief of Defence Staff, Gen. Olufemi Oluyede, pays tribute to the late general through a representative.
-Obiakor’s son highlights his father’s discipline, commitment to peacekeeping and dedication to humanity.
MAIN STORY
Anambra State Governor Chukwuma Soludo has identified negative public perceptions of the military and other security agencies as one of the factors discouraging young Nigerians from joining the services.
Soludo said this on Friday during a memorial service for the late Lt.-Gen. Chikadibia Obiakor (rtd.) at Alex Ekwueme Square in Awka, Anambra State.
The governor said the lives and achievements of respected military officers such as Obiakor could encourage younger generations to consider military careers and other forms of service to the country.
He also called on community leaders and elders to maintain close relationships with their communities and demonstrate values that younger people could emulate.
“We must multitask and become the villager as a way of inspiring and motivating the younger ones,” Soludo said.
The governor described Obiakor as an illustrious son of Anambra whose military career and international peacekeeping assignments brought recognition to Nigeria.
“We have come to celebrate the life of one of our best,” he said.
Soludo referred to the late general as “Anambra’s export to Nigeria and the world”, acknowledging his contributions to international peace efforts and the maintenance of law and order.
However, he stressed that an individual’s achievements should also be measured by the positive difference made in their immediate community.
“The impact on the community is the most important impact, that his people were able to testify that he was good,” the governor said.
The Chief of Defence Staff, Gen. Olufemi Oluyede, also expressed condolences to the Obiakor family and joined other Nigerians in mourning the deceased.
Oluyede was represented at the service by Maj.-Gen. Tariweriye Gagariga, Director-General of the Nigerian Army Heritage and Future Centre.
In his tribute, the Chief of Defence Staff described Obiakor as a decorated military veteran whose distinguished service brought honour and dignity to the Nigerian Armed Forces.
Obiakor’s son, Nonso, also reflected on his father’s life, highlighting his discipline, commitment to international peacekeeping and dedication to humanity.
Family members, senior military officers, government officials and other mourners attended the memorial service to honour the late general and recognise his contributions to Anambra State, Nigeria and the international community.
THE ISSUES
The governor’s remarks draw attention to the challenge of attracting young people into the military and other security agencies when public perceptions of these institutions may discourage enlistment.
Soludo’s call for community leaders and elders to act as role models also places emphasis on the influence of respected individuals in shaping the attitudes and aspirations of younger generations.
The tribute to Obiakor further highlights the value of military service, international peacekeeping and contributions to the communities from which public servants come.
WHAT’S BEING SAID
“We must multitask and become the villager as a way of inspiring and motivating the younger ones.”
“We have come to celebrate the life of one of our best.”
“Anambra’s export to Nigeria and the world”.
“The impact on the community is the most important impact, that his people were able to testify that he was good.”
WHAT’S NEXT
Soludo’s remarks place the responsibility on community leaders and elders to encourage younger people through their conduct and service. The account of the memorial service does not announce any specific government policy or new recruitment initiative aimed at addressing the concerns he raised.
BOTTOM LINE
Soludo says negative perceptions of the military and other security agencies can discourage young Nigerians from joining the services. He believes the example set by respected officers such as the late Lt.-Gen. Chikadibia Obiakor, alongside the influence of community leaders, can help inspire younger generations to embrace military and national service.
-Lagos State Governor Babajide Sanwo-Olu and business experts have called on organisations to combine profitability with ethical leadership, accountability and sustainable business practices.
-Speakers at the Institute of Chartered Secretaries and Administrators of Nigeria’s 60th anniversary and 50th Annual Conference said responsible business practices could support Nigeria’s ambition of building a one-trillion-dollar economy by 2030.
-Former Nigerian Exchange Group chief executive Oscar Onyema said aligning commercial success with long-term stakeholder interests could strengthen profitability and public confidence.
-Business consultant Biodun Adedipe highlighted the importance of economic viability, environmental protection, social responsibility and effective governance.
-ICSAN President Uto Ukpanah disclosed that a bill seeking to rename the institute the Chartered Governance Institute of Nigeria had passed second reading in the Senate.
-Ukpanah said the institute’s new national secretariat was at an advanced stage of development, with completion and commissioning expected before the end of her tenure in July 2027.
MAIN STORY
Lagos State Governor Babajide Sanwo-Olu and economic experts have called on Nigerian businesses to prioritise ethical leadership, effective corporate governance and sustainability alongside profit-making, saying responsible business practices are important to long-term economic growth.
The speakers made the call at the 60th anniversary celebration and 50th Annual Conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), held in Lagos on Friday.
The conference, themed “Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies,” examined how businesses could maintain financial performance while meeting their responsibilities to employees, customers, investors, communities and the environment.
Represented by the Secretary to the Lagos State Government, Bimbola Salu-Hundeyin, Sanwo-Olu said sound corporate governance was necessary for effective decision-making, risk management, accountability and institutional resilience.
He noted that business performance was increasingly judged not only by the profits organisations generated but also by how they earned those profits, treated their stakeholders and contributed to society.
According to the governor, Nigeria needs businesses that can create employment, attract investment and compete internationally without compromising integrity and responsibility.
He also highlighted the growing need for effective governance as organisations adopt artificial intelligence, digital finance and data analytics in their operations.
Sanwo-Olu said the opportunities presented by these technologies must be accompanied by adequate oversight, transparency and accountability.
“Innovation must be matched by governance, and growth must be matched by responsibility,” he said.
The governor urged ICSAN to support business leaders and public institutions in developing clear standards for board oversight of artificial intelligence and the use of data.
He also called for stronger cooperation between the institute, the Lagos State Government and private-sector organisations to improve governance across public institutions and businesses.
Profitability and purpose
Former Group Chief Executive Officer of Nigerian Exchange Group, Oscar Onyema, said businesses should pursue profitability while contributing to sustainable development and national prosperity.
He identified economic uncertainty, technological disruption and rising stakeholder expectations as factors making responsible business leadership increasingly important.
Onyema argued that profitability and purpose should be treated as complementary objectives rather than competing priorities.
“Properly aligned, purpose strengthens profitability, while profitability provides the resources to sustain purpose,” he said.
Drawing on his experience in capital markets and corporate leadership, Onyema said company secretaries and governance professionals had assumed a more strategic role in organisations.
He described them as trusted advisers to boards and promoters of institutional integrity, extending beyond their traditional responsibilities for compliance.
He encouraged conference participants to concentrate on improving governance, connecting commercial success with long-term stakeholder value and building institutions capable of attracting investment and maintaining public confidence.
According to him, these priorities are important for businesses seeking to remain competitive and sustainable amid changing economic and technological conditions.
Sustainability as a business priority
Chief Consultant of B. Adedipe Associates Ltd., Biodun Adedipe, said sustainable business practices require organisations to consider people, the environment and profit when making decisions.
He explained that the triple-bottom-line approach places these three considerations at the centre of business operations.
Adedipe identified economic viability, environmental responsibility, social accountability and effective governance as the major pillars of sustainable business practices.
He said organisations should strengthen risk management, improve operational efficiency, conserve energy and water, reduce waste and protect employees and customers.
He also stressed the need for ethical conduct and transparent reporting as part of efforts to establish responsible business practices.
Adedipe identified stakeholder expectations, regulatory requirements, climate change, investor interest in environmental, social and governance performance, technological progress and international sustainability commitments as factors driving businesses towards more responsible operations.
He said adopting sustainable practices could help organisations lower operating costs, improve resilience, attract local and international investment, build customer trust and gain access to global supply chains.
The consultant urged business leaders to consider the long-term impact of their decisions and the condition in which they would leave their organisations.
He challenged them to assess whether their businesses would become stronger, more responsive to stakeholders and more profitable over time.
ICSAN outlines priorities at 60
ICSAN President Uto Ukpanah said the institute’s 60th anniversary provided an opportunity to reaffirm its commitment to professional standards, ethical leadership, corporate administration and good governance.
She said the conference theme was particularly relevant as Nigeria pursued its ambition of becoming a one-trillion-dollar economy by 2030.
Ukpanah said the country needed to pay attention not only to the economic value businesses generated but also to how that value was distributed and whether it could be sustained.
She noted that organisations faced several challenges, including economic uncertainty, technological disruption, climate concerns, changing regulations and evolving stakeholder expectations.
She said businesses must respond to these pressures while maintaining responsible practices and strong governance standards.
The ICSAN president also reported progress on the institute’s new national secretariat, describing the project as being at an advanced stage.
She expressed hope that the building would be completed and commissioned before the end of her tenure in July 2027.
Ukpanah acknowledged the contributions of institute members and other stakeholders, including the Lagos State Government, towards the project.
“We would not have been able to do this without the support of members in this hall, members online, members across the footprint of ICSAN,” she said.
She added: “We would not have been able to do it without the donations from various stakeholders, including the Lagos State Government and so I use this opportunity to urge everyone in this room, please be in this project.”
Proposed change to ICSAN’s name
Ukpanah disclosed that a bill seeking to change the institute’s name to the Chartered Governance Institute of Nigeria and expand its mandate had passed second reading in the Senate in June.
She said ICSAN was working towards securing the bill’s passage before the end of the 10th National Assembly.
According to her, the proposed change reflects the international development of governance as a professional discipline and is intended to position the institute to respond more effectively to emerging governance needs.
She urged members and stakeholders to support the institute’s development projects and its efforts to strengthen the governance profession in Nigeria.
THE ISSUES
The conference focused on how Nigerian businesses can pursue growth without neglecting ethical conduct, accountability and their responsibilities to society.
For organisations, the challenge is to balance immediate financial targets with long-term considerations, including environmental protection, employee welfare, customer interests and investor confidence.
The discussions also highlighted the implications of emerging technologies for corporate governance. As businesses adopt artificial intelligence, digital finance and data analytics, boards and management teams face the need to ensure that these tools are used responsibly and subject to appropriate oversight.
Another issue is the role of governance professionals in strengthening institutions. The speakers emphasised that company secretaries and other governance specialists can contribute to board decisions, risk management and institutional integrity beyond routine compliance responsibilities.
The conference also linked responsible business practices to Nigeria’s economic ambitions, with speakers arguing that sustainable and well-governed organisations could improve investment prospects, operational efficiency and access to international markets.
WHAT’S BEING SAID
Babajide Sanwo-Olu, Lagos State Governor:
“Innovation must be matched by governance, and growth must be matched by responsibility.”
Oscar Onyema, former Group Chief Executive Officer of Nigerian Exchange Group:
“Properly aligned, purpose strengthens profitability, while profitability provides the resources to sustain purpose.”
Uto Ukpanah, ICSAN President:
“We would not have been able to do this without the support of members in this hall, members online, members across the footprint of ICSAN.”
“We would not have been able to do it without the donations from various stakeholders, including the Lagos State Government and so I use this opportunity to urge everyone in this room, please be in this project.”
WHAT’S NEXT
ICSAN is working to secure the passage of the bill proposing its renaming as the Chartered Governance Institute of Nigeria before the end of the 10th National Assembly.
The institute also expects to complete and commission its new national secretariat before Ukpanah’s tenure ends in July 2027.
Meanwhile, the calls made at the conference place responsibility on businesses, public institutions and governance professionals to strengthen accountability, improve oversight of emerging technologies and incorporate sustainability into their operations.
BOTTOM LINE
Sanwo-Olu and economic experts say Nigeria’s pursuit of a one-trillion-dollar economy by 2030 should be supported by businesses that combine profitability with ethical leadership, effective governance and sustainable practices. ICSAN has also outlined plans to expand its professional mandate and complete its new national secretariat.
-The Obidient Movement has proposed a policy to reduce petrol prices by half under a Peter Obi administration.
-The plan would link subsidy payments to verified fuel sales and independently determined reference prices.
-The movement wants digital tracking of petroleum products and monthly public reports on subsidy payments.
-It has called for equal access to Nigerian crude by licensed domestic refineries.
-The group has questioned government figures on daily petrol consumption and requested the publication of supporting data.
-It has proposed legislative oversight, independent audits and stronger measures to protect crude oil infrastructure.
MAIN STORY
The Obidient Movement has proposed a petrol pricing policy that would cut the cost of the product by half under a government led by Peter Obi, with subsidy payments subject to independent verification, public disclosure and legislative oversight.
The movement said the proposed arrangement would make petrol more affordable while improving accountability in the management of public funds.
The proposal was outlined in a statement signed by Onyeka Dike of the movement’s Media and Communications Directorate in Abuja on Friday.
Under the plan, an independent panel would determine a weekly reference price using international market benchmarks, freight charges and verified local costs. Subsidy payments would then be calculated against the approved reference price.
The movement also proposed that payments to refiners, depot operators and petroleum marketers should depend on verified quantities of petrol sold at filling stations.
To strengthen monitoring, it called for a digital tracking system that would follow petroleum products from refineries to retail outlets. The system, according to the proposal, would help establish the volumes delivered and sold while preventing inflated claims for subsidy payments.
The movement further advocated equal access to Nigerian crude oil for licensed local refineries. It argued that transparent rules governing crude supply would encourage competition and improve accountability across the petroleum sector.
As part of its proposed transparency measures, the group called for monthly public reports showing reference prices, petrol volumes sold, subsidy payments, beneficiaries, penalties, recoveries and findings from independent audits.
It also said the funding framework for the policy would be presented to the National Assembly to secure the necessary legislative and budgetary provisions.
Beyond petrol pricing, the movement called for audits of energy security contracts, measures to reduce the cost of crude oil production and improved pipeline protection through partnerships with host communities.
The group also raised concerns about the figures used by the Federal Government to determine daily petrol consumption.
It questioned the reported consumption estimates, pointing to differences between figures attributed to President Bola Tinubu in September 2024 and those cited by the Minister of Finance, Taiwo Oyedele, in October 2026.
The movement urged the government to publish the data and methodology used to calculate daily petrol consumption so that the figures could be independently verified.
It argued that access to reliable consumption data was necessary to assess the management of petroleum subsidy payments and address concerns over the use of public funds.
The group also questioned how the government’s position on subsidy removal related to its recently announced 30-day petrol discount.
It maintained that its proposed arrangement would provide more sustained relief to consumers through a structured system supported by public reporting, independent audits and legislative supervision.
The movement said the objective was to ensure that public resources were properly accounted for while reducing the cost of petrol for Nigerians.
THE ISSUES
The proposal centres on how petrol affordability can be balanced with transparency in the use of public funds.
A central feature is the proposed verification system, which would require subsidy payments to be linked to actual petrol sales rather than unverified claims by operators. Digital tracking and independent audits would form part of the safeguards against inflated volumes and improper payments.
The movement’s call for published consumption data also places emphasis on the figures used to assess petrol supply and determine the scale of government intervention.
Another issue is access to crude oil for domestic refiners. The group wants licensed operators to have equal access under transparent rules, which it says would support competition in the petroleum sector.
However, the statement presents the half-price arrangement as a proposal. It does not establish that the policy has been adopted, nor does it provide a detailed estimate of the total cost of implementation or the amount of funding required.
WHAT’S NEXT
The movement says its proposed funding framework would be submitted to the National Assembly for legislative and budgetary consideration.
The plan would also require the development of a system for determining weekly reference prices, verifying petrol sales, tracking petroleum products and publishing monthly reports on subsidy payments.
The government would also need to provide the consumption data and methodology requested by the movement if its figures are to be independently assessed.
BOTTOM LINE
The Obidient Movement wants a Peter Obi administration to halve petrol prices through a proposed subsidy framework backed by verified sales, digital tracking, public reporting and independent audits. The plan remains a proposal, with its funding requirements, implementation arrangements and legislative approval yet to be established.
-President Bola Tinubu is scheduled to launch his 2027 re-election campaign in Kaduna on October 24.
-The APC Presidential Campaign Council will hold its inaugural meeting on October 14 at the State House Banquet Hall.
-Campaign activities are expected to extend to Port Harcourt and Maiduguri after the Kaduna launch.
-Campaign Director-General Abdulaziz Yari said the council had prepared a timetable for the President’s proposed visits to states ahead of the election.
-Yari defended the administration’s economic policies and expressed confidence in Tinubu’s political support across the country.
MAIN STORY
President Bola Tinubu is scheduled to commence his campaign for re-election in the 2027 presidential election with a campaign launch in Kaduna on October 24, according to the Director-General of the All Progressives Congress (APC) Presidential Campaign Council, Senator Abdulaziz Yari.
Yari disclosed the date on Friday after meeting with Tinubu at the Presidential Villa in Abuja. He said their discussions centred on preparations for the forthcoming campaign and arrangements for the President’s visits to states ahead of the election.
According to Yari, the meeting provided an opportunity to brief the President on the council’s level of preparedness and agree on a timetable for the proposed state visits.
He said the campaign council had drawn up a schedule for the activities, which Tinubu had approved. Further details are expected to be made public after the council’s inaugural meeting.
Yari announced that the inaugural meeting of the APC Presidential Campaign Council would take place on October 14 at the State House Banquet Hall in Abuja. The meeting is expected to provide a platform for further discussions on the campaign programme and its implementation.
Following the Kaduna launch, the campaign is expected to move to Port Harcourt before proceeding to Maiduguri. Yari said the council would release the timetable after its inauguration.
The campaign preparations come ahead of the 2027 presidential election, with the ruling party expected to organise activities across different parts of the country as Tinubu seeks another term in office.
Beyond the campaign schedule, Yari spoke about the President’s political support in the northern and southern regions. He argued that a candidate seeking the presidency would need substantial backing across the country rather than relying on support concentrated in one region.
He referred to opposition figures, including former Vice-President Atiku Abubakar and former Anambra Governor Peter Obi, while questioning the strength of the opposition in parts of southern Nigeria.
Yari specifically challenged the ability of the African Democratic Congress (ADC) candidate to demonstrate substantial electoral support in the South.
He said support in one part of the country would not necessarily translate into victory without a strong presence in other regions. To support his argument, he cited former President Muhammadu Buhari’s previous electoral struggles despite his considerable support base in northern Nigeria.
Yari contrasted that experience with his assessment of Tinubu’s political standing, claiming that the President had attracted support in both northern and southern Nigeria since taking office.
The APC campaign chief also defended the administration’s economic policies, arguing that the measures introduced by the government had begun to change the country’s economic situation.
He expressed confidence that the administration’s record and Tinubu’s support across the country would strengthen the ruling party’s position as preparations for the 2027 presidential election continue.
THE ISSUES
Tinubu’s planned campaign launch marks the beginning of a fresh phase of political mobilisation ahead of the 2027 presidential election. The APC’s preparations include a formal campaign council meeting, a schedule of state visits and campaign activities planned for different regions.
The proposed visits to Kaduna, Port Harcourt and Maiduguri indicate that the campaign will extend beyond its opening event. However, the full schedule and details of subsequent activities have yet to be released.
Yari’s comments also place regional political support at the centre of the ruling party’s campaign argument. His position is that a presidential candidate needs backing across northern and southern Nigeria to compete nationally.
His remarks about opposition figures and their support bases represent the APC campaign chief’s assessment of the political landscape. They do not, on their own, establish the level of support available to any candidate in the 2027 election.
The administration’s economic record is another issue likely to feature in the campaign. Yari defended the government’s policies but did not provide specific economic indicators in his remarks to support his assessment.
WHAT’S BEING SAID
“The President asked me to come and brief him on where we are and to discuss the timetable for the state visits.”
“By God’s grace, his team, Mr President and I have agreed on how it is going to be done.”
“If you don’t know, can you say that the ADC candidate today in the southern part of the country, can he beat his chest and say he has control of one state in the south?”
WHAT’S NEXT
The APC Presidential Campaign Council is scheduled to hold its inaugural meeting on October 14 at the State House Banquet Hall in Abuja.
After the meeting, the council is expected to make additional information about the campaign programme available, including details of the timetable for Tinubu’s state visits.
The campaign is scheduled to begin in Kaduna on October 24, followed by activities in Port Harcourt and Maiduguri. Further details of the planned visits and other campaign events are yet to be announced.
BOTTOM LINE
Tinubu’s re-election campaign is scheduled to begin in Kaduna on October 24, following the APC Presidential Campaign Council’s inaugural meeting on October 14. The ruling party is preparing a series of campaign activities and state visits, while Yari has emphasised nationwide political support and defended the administration’s economic policies ahead of the 2027 presidential election.
Market capitalisation rose by ₦209 billion to ₦161.260 trillion.
The All Share Index gained 0.13 per cent to close at 248,363.55 points.
Market breadth remained negative, with 31 decliners against 22 advancers.
Trading volume fell by 34.57 per cent to 322.04 million shares.
Zenith Bank led trading by volume and value, with ₦4.30 billion worth of shares traded.
MAIN STORY
The Nigerian stock market rebounded on Friday after seven consecutive sessions of losses, adding ₦209 billion to investors’ wealth as market capitalisation increased by 0.13 per cent.
Market capitalisation rose to ₦161.260 trillion from ₦161.051 trillion in the previous session, while the All Share Index advanced by 321.05 points to close at 248,363.55 points, up from 248,042.50 points.
The recovery lifted the market’s year to date return to 59.60 per cent.
Despite the gain, market breadth remained negative, as 31 stocks declined against 22 that advanced.
Red Star Express led the gainers, rising by 9.76 per cent to close at ₦13.40 per share. Fidelity Bank followed with an 8.70 per cent increase to ₦21, while Daar Communications gained eight per cent to close at ₦1.38.
WAPIC rose by 7.26 per cent to ₦2.30, while Omatek appreciated by 6.94 per cent to ₦1.34 per share.
On the losing side, Regency Alliance Insurance recorded the largest decline, falling by 10 per cent to 77 kobo per share. Livestock Feeds dropped by 9.58 per cent to ₦13.15, while Guinea Insurance lost 9.41 per cent to close at 93 kobo.
CAP declined by 8.50 per cent to ₦108.50, while UPDC shed 7.69 per cent to close at ₦4.20 per share.
Trading activity weakened during the session, with total volume falling by 34.57 per cent to 322.04 million shares. The shares were traded in 37,810 deals valued at ₦20.50 billion.
Zenith Bank led activity by both volume and value, recording 31.69 million shares worth ₦4.30 billion. Its transactions represented 9.84 per cent of total volume and 20.96 per cent of the total value traded.
THE ISSUES
The rebound ended a seven session losing streak, but the negative market breadth suggests that the recovery was not broad based. More stocks declined than advanced, meaning the overall market gain did not reflect the performance of most listed companies.
The fall in trading volume also points to reduced activity compared with the previous session. Although the market added value, the decline in volume indicates that fewer shares changed hands during the day.
For investors, the distinction matters: a positive index close does not necessarily mean that most portfolios recovered. Individual returns depend on the stocks held and their price movements.
WHAT’S NEXT
Investors will watch whether the market sustains its recovery in subsequent sessions, particularly whether more stocks begin to advance and trading activity strengthens.
BOTTOM LINE
The Nigerian stock market gained ₦209 billion on Friday, ending seven sessions of losses, but declining market breadth and lower trading volume suggest the recovery was limited.
Africa retains less than one per cent of the value generated across global green energy supply chains, according to UN Trade and Development.
Developing economies account for 60 per cent of new foreign direct investment in critical minerals and strategic materials.
Developed economies capture about 70 per cent of announced greenfield investment value in high value strategic industries.
UNCTAD urges developing countries to expand local processing, manufacturing and technological capabilities.
MAIN STORY
Africa retains less than one per cent of the value generated across global green energy supply chains despite producing most of the world’s cobalt, according to the United Nations.
UN Trade and Development, also known as UNCTAD, highlighted the imbalance in its Trade and Development Report 2026, released in Geneva on Friday.
The report, titled The Geoeconomics of Development, examines how geopolitical competition, technological advances and changing trade policies are shaping opportunities for developing economies.
It found that developing countries remain major suppliers of critical minerals used in electric vehicles, batteries, renewable energy systems and other strategic technologies, but much of the financial value is captured elsewhere through processing, manufacturing and advanced industrial production.
According to UNCTAD, developing economies account for 60 per cent of new foreign direct investment in critical minerals and strategic materials. However, developed economies capture approximately 70 per cent of announced greenfield investment value in high value strategic industries, including semiconductors, artificial intelligence infrastructure and technologies supporting the energy transition.
The agency said the contrast highlights the challenge facing resource rich economies that supply raw materials but have limited participation in the industrial activities that generate greater value.
UNCTAD called on developing countries to strengthen domestic processing, technological capabilities, infrastructure and industrial policies to increase the economic benefits they retain from their natural resources.
It also recommended stronger links between foreign investors and local suppliers to encourage manufacturing, employment and technology transfer.
THE ISSUES
Africa’s cobalt industry illustrates the difference between possessing valuable natural resources and capturing the wider economic benefits of their production. Mining generates economic activity, but countries may miss opportunities for greater industrial development when processing, component manufacturing and advanced technology remain concentrated elsewhere.
For Nigeria, the findings are relevant to efforts to expand the solid minerals sector and attract investment beyond extraction. Developing local processing and manufacturing capacity could create opportunities for jobs, supplier businesses and technical expertise, although achieving these outcomes would require suitable infrastructure, investment and industrial policies.
The challenge extends beyond attracting foreign capital. UNCTAD’s findings suggest that developing economies also need to build connections between foreign investors and domestic businesses so that investment contributes to local production and technology transfer.
Geopolitical competition and national security concerns are also reshaping access to strategic industries. Countries seeking to enter sectors dominated by established manufacturers may face greater barriers, making regional cooperation and stronger industrial capabilities increasingly important.
WHAT’S NEXT
UNCTAD has called for developing countries to expand domestic processing, strengthen technological and industrial capabilities, improve infrastructure and connect foreign investment with local suppliers. It also advocated greater international cooperation to help developing economies participate more fully in regional and global value chains.
BOTTOM LINE
Africa’s mineral resources do not automatically translate into a larger share of the value generated by the global energy transition. UNCTAD is urging developing economies to strengthen processing, manufacturing and technological capacity to capture more of the economic benefits.
Source: UN Trade and Development,Trade and Development Report 2026.
UN Trade and Development projects global economic growth of 2.6 per cent in 2026, down from 2.9 per cent in 2025.
Developing economies are expected to grow by four per cent, compared with 4.7 per cent last year.
Official development assistance is projected to fall by almost seven per cent in 2026.
The UN agency urges greater investment in productive industries and stronger regional economic cooperation.
MAIN STORY
The United Nations has projected global economic growth to slow to 2.6 per cent in 2026, warning that financial pressures and unequal access to technology could deepen the development gap between rich and poor countries.
UN Trade and Development, also known as UNCTAD, disclosed this in its Trade and Development Report 2026, released in Geneva on Friday.
The forecast represents a decline from the 2.9 per cent global growth recorded in 2025. Developing economies are expected to experience a sharper slowdown, with growth projected at four per cent, down from 4.7 per cent last year.
UNCTAD attributed the weaker outlook partly to geopolitical tensions, rising energy costs, financial instability and changes in international trade policies.
The agency also warned that developing countries face growing difficulties accessing advanced technologies, attracting investment and moving into higher-value manufacturing activities.
Official development assistance is projected to decline by almost seven per cent in 2026, marking another setback for poorer countries that depend partly on external support to finance development programmes.
To address these pressures, UNCTAD called for stronger regional economic integration, greater investment in productive industries and international cooperation to reduce widening development inequalities.
THE ISSUES
Slower global growth could constrain job creation, investment and income growth in developing economies. For countries already facing financing constraints and high production costs, a weaker international economy could make it harder to expand industries and improve living standards.
The technology gap presents another challenge. Countries with limited access to advanced technologies risk missing opportunities in higher-value manufacturing and emerging industries, while economies with greater technological capabilities are better positioned to capture those gains.
The projected decline in official development assistance could add to the pressure by reducing external funding available to support development priorities. The consequences will depend on how individual countries finance public programmes and attract alternative sources of investment.
For Nigeria, the report’s concerns are relevant to efforts to diversify the economy, expand manufacturing and attract investment into productive sectors. Stronger regional trade and greater domestic productive capacity could help businesses access wider markets and reduce dependence on a narrow range of economic activities. These are potential implications of the report’s findings, rather than Nigeria-specific forecasts by UNCTAD.
WHAT’S NEXT
UNCTAD has called for stronger regional economic integration, investment in productive industries and international cooperation. The supplied report summary does not specify implementation deadlines or new funding commitments attached to these recommendations.
BOTTOM LINE
The UN expects global growth to slow in 2026 as developing economies face weaker expansion and persistent barriers to technology and finance. It is calling for greater investment in productive industries and stronger regional cooperation to support development.
Source: UN Trade and Development,Trade and Development Report 2026.
Antonio Guterres, UN High Commissioner for Refugees UNHCR at a Press Conference after 66th session of Excom. 9 October 2015. UN Photo / Jean-Marc Ferré
US Secretary of State Marco Rubio threatened to dismantle the court unless it ends what Washington considers a threat to American citizens.
The ICC described the sanctions as an assault on the rule of law and said it would continue its work.
Independent UN human rights experts urged states to defend the court’s independence and international accountability.
MAIN STORY
United Nations Secretary-General António Guterres has condemned the United States’ imposition of sanctions against the International Criminal Court (ICC) as an institution, warning that the measures could undermine international criminal justice.
Guterres, through his spokesperson Stéphane Dujarric, described the sanctions as a serious blow to collective efforts to pursue international criminal justice, with the ICC serving as a key pillar of that system.
Dujarric told journalists on Friday that the UN chief was “deeply alarmed” by the expected impact on the court’s ability to carry out its mandate. Guterres also reaffirmed his support for the court’s independence and its officials, urging all states to uphold their commitments under international law.
The UN said it would continue cooperating with the ICC under the relationship agreement approved by the UN General Assembly on September 13, 2004.
The court also condemned the US action, describing it as “an assault on the rule of law and on the very foundations of the international legal order”. It said the sanctions were intended to disrupt its operations and intimidate people who work for or cooperate with it.
ICC President Tomoko Akane said the court would continue carrying out its mandate independently and impartially, based on the law and evidence and in the interests of victims of serious crimes.
The latest measures follow US sanctions already imposed on 13 ICC judges and prosecutors.
Announcing the sanctions, US Secretary of State Marco Rubio said Washington would prohibit transactions with the court, arguing that the measures would cut off its resources and cripple its ability to operate. He also threatened further action if the ICC did not end what the US considers a threat to its citizens.
“Either the ICC will end its threats, or we will end the ICC,” Rubio said, adding that Washington expected its allies to rein in the court.
THE ISSUES
The dispute centres on the ICC’s independence and the extent to which a country outside the court’s membership can exert pressure on its operations through sanctions. The United States has not joined the court, while the ICC’s supporters argue that its ability to investigate and prosecute serious international crimes must be protected from political intimidation.
The dispute also centres on the International Criminal Court’s authority to pursue individuals accused of serious international crimes and Washington’s concern that the court could subject American citizens and service members to proceedings the US considers politically motivated or unjustified.
The sanctions also raise practical concerns about the court’s ability to operate if financial transactions, resources and cooperation with individuals or organisations connected to it are disrupted.
Independent human rights experts warned that the US action could weaken the wider international system for holding perpetrators of grave crimes accountable. They said the measures could also harm victims of atrocities and their advocates, who rely on the court to pursue justice, accountability and reparation.
However, the central question is how to address concerns about jurisdiction, due process and protection against politically motivated proceedings without weakening the international system established to hold perpetrators of grave crimes accountable. Washington’s objections and the ICC’s defence of its independence are therefore both central to understanding the dispute.
WHAT’S BEING SAID
“The court will continue to fully discharge its mandate, with independence and impartiality, acting only on the basis of the law and the evidence for the sake of the countless victims of grave crimes.” – Tomoko Akane, ICC President
“America never joined the court. We don’t need it. And we don’t want it.” – Marco Rubio, US Secretary of State
“Sanctioning the institution entrusted with delivering justice for the gravest international crimes is an assault on the foundations of international accountability and rule of law.” – Independent UN human rights experts
WHAT’S NEXT
The ICC has said it will continue its work despite the sanctions, while Guterres has called on states to uphold their obligations under international law. Independent human rights experts have urged countries committed to the rule of law to stand together in defence of the court’s independence.
Rubio said the door to diplomacy remained open, but warned that Washington would continue applying pressure unless the ICC addressed its concerns.
BOTTOM LINE
The US sanctions have triggered condemnation from the UN chief, the ICC and independent human rights experts, deepening a dispute over the court’s independence and its role in international justice.
The Trump administration announced sanctions against the International Criminal Court, citing concerns about its actions against American citizens.
The ICC condemned the move and urged member states to support its continued operations.
The European Union and several governments reaffirmed their support for the court.
The announcement coincided with Navi Pillay receiving the Nobel Peace Prize for her work in international criminal justice.
MAIN STORY
The United States has announced sanctions against the International Criminal Court (ICC), prompting condemnation from the court and renewed expressions of support from European governments and other international partners.
US Secretary of State Marco Rubio said the measures were intended to prevent the court from prosecuting Americans and restrict its access to resources.
“President Trump will never allow the International Criminal Court to prosecute Americans,” Rubio said in a statement.
He added that Washington expected the court and its member states to address US concerns, warning that the administration could take further action if negotiations failed.
The ICC rejected the sanctions, describing them as an attempt to obstruct justice and undermine the international legal order. It called on member states to ensure that it had the support necessary to continue its work.
“The Court cannot stand alone. Its fate now rests also in the hands of the states that created it,” the ICC said.
The European Union said it was prepared to take measures to enable the court to continue operating. Foreign ministers from Canada, Denmark, Germany, France, Italy, Japan, the Netherlands and the United Kingdom also reaffirmed their support for the institution.
The dispute coincided with the announcement of the Nobel Peace Prize for South African jurist Navi Pillay, a former ICC Appeals Chamber judge. The Nobel committee said the award was intended to draw attention to the importance of international justice at a time when international legal institutions were facing political pressure.
THE ISSUES
The dispute highlights tensions between the United States and an international court established to prosecute individuals accused of genocide, war crimes and crimes against humanity.
The US administration has objected to the ICC’s actions involving American citizens and Israeli officials. Washington is not a member of the court, while its supporters argue that the institution must be able to carry out its mandate independently.
The sanctions have also prompted concern among countries that support the ICC and want it to retain the capacity to investigate and prosecute serious international crimes.
The practical consequences of the US measures will depend on their terms and implementation. This report does not independently establish their precise legal scope or the transactions and entities they may affect.
WHAT’S BEING SAID
“Either the ICC will end its threats, or we will end the ICC.” – Marco Rubio, US Secretary of State
“The Court cannot stand alone. Its fate now rests also in the hands of the states that created it.” – International Criminal Court
WHAT’S NEXT
The ICC has called on its member states to help ensure it can continue operating. The European Union and other governments have expressed support for the court, while Rubio said Washington remained open to efforts to address its concerns.
BOTTOM LINE
The US sanctions have intensified the dispute over the ICC’s role and independence. The response from member states and other supporters will be important to the court’s ability to sustain its work.
At J.P. Morgan’s Singapore dialogue, the CBN Governor argues that Nigeria’s stability has been tested, not just promised, and that serious investors should not wait for the ship to sail.
The Nigeria–Asia Financial Connectivity Dialogue hosted by J.P. Morgan in Singapore this week brought together policymakers, market leaders and investors to examine the gains from Nigeria’s reform programme and the priorities that will shape its next phase. At the centre of the discussion was a clear message: Nigeria’s reform story has moved beyond crisis management and is entering a phase in which results can be measured, tested and built upon.
At the fireside conversation, CBN Governor, Olayemi Cardoso framed the country’s economic transformation not simply as a response to immediate market pressures, but as a structural shift in the way the economy is being positioned for durable growth. The emphasis was on credibility, resilience and the structural reforms needed to restore investor confidence.
Cardoso’s central message was that stability is no longer simply a policy objective. It is an outcome that has been tested. In his words, “We have a situation where we’ve been tested for resilience. We’ve been tested for credibility.” That framing matters because it shifts the conversation from short-term market volatility to the deeper question of whether Nigeria has built the institutions needed to sustain growth over time.
The Governor pointed to the currency’s performance during periods of global tariff uncertainty, geopolitical tension and election-related concerns as evidence that the reform framework is becoming more resilient. He argued that the financial system had withstood pressures that historically would have triggered sharper market disruption. That resilience, he suggested, is evidence that the reforms are beginning to take root.
Cardoso also acknowledged that the benefits of reform would take time to reach households and businesses. But he argued that the alternative, leaving structural weaknesses unresolved, would have created a more damaging long-term outcome. “We’ve done the plumbing works,” he said. “Having done the plumbing works now, we are confident that whatever goes on top of that will be something that will be sustainable.”
That confidence was reinforced by the broader investment narrative. Cardoso argued that macroeconomic stability is the platform on which investment, job creation and private-sector growth can be built. “Without getting the macros in place and without ensuring the stability, you don’t get investment. And without investment, you don’t get growth,” he said. The implication is that credibility is not simply a policy objective. It is a national asset.
A major feature of the fireside discussion was Cardoso’s emphasis on financial technology as a strategic growth area. He described Nigeria’s fintech ecosystem as dynamic and increasingly influential across Africa, positioning it as a key driver of economic transformation.
Cardoso outlined a regulatory approach based on engagement rather than exclusion. He argued that the CBN had chosen to work directly with fintech companies, understand their constraints and create guardrails that would allow innovation to continue. The message was clear: regulation should protect the system without suppressing growth.
This approach reflects a broader argument about Nigeria’s transformational structure. It suggests that the country’s reform agenda is not only about macroeconomic repair, but about building the infrastructure needed for future growth. By treating fintech as a strategic growth area, the CBN is signalling that innovation is central to the economy’s next phase.
Cardoso said Nigeria and Singapore offered complementary strengths. Singapore demonstrated how sound governance and an enabling investment environment could help a relatively small country achieve global influence. Nigeria, he argued, brought scale, a large market, a young population and access to wider African opportunities.
“What we bring to the party is scale,” he said. The implication is that Nigeria’s structural advantage lies not only in policy, but in the scale of its market, its demographic profile and its access to broader African opportunities.
Cardoso argued that stronger institutional cooperation, business-to-business engagement and better financial-market channels could help convert that complementarity into deeper investment and trade. The implication is that Nigeria’s transformation is not only about domestic reform, but about positioning the country as a more credible and connected player in the global financial system.
For investors, the message was clear. Nigeria’s reform gains are creating an environment where long-term capital can participate with greater confidence. The emphasis on resilience, credibility and structural reform projects a narrative that goes beyond self-serving rhetoric to one grounded in measurable outcomes.
“The serious investors,” he said, “should not wait for the ship to have sailed and then wake up and decide that this is the time to come on board.”
In this light, the reforms represent more than a defence of policy. They represent a statement about national potential. They suggest that Nigeria is building a system capable of delivering results, and that the country’s credibility is becoming harder to ignore.
For years, the country’s economic narrative was shaped by volatility, uncertainty and a recurring sense that structural problems were never fully addressed.
The broader significance of this shift is that it changes the way Nigeria is perceived. A more credible policy environment, stronger banks and deeper markets do not simply improve economic indicators. They improve the country’s standing in the global financial community. They make it easier for investors to plan, for businesses to operate and for capital to move with greater confidence.
The broader takeaway is that Nigeria’s reform story is no longer simply about crisis management. It is increasingly about positioning the country for a new phase of growth, one in which results are supported by evidence and credibility is reinforced by outcomes. That is the basis on which Nigeria’s flag can now fly with greater pride in the global financial community.
Moove will end its Nigerian operations, six years after launching in Lagos.
The company will transfer eligible vehicles worth about N35 billion to customers without further payment for the vehicles.
The exit follows Uber’s announced withdrawal from Nigeria after 12 years.
Moove said customers using its financed vehicles have generated about N57 billion in revenue since its entry into the country.
MAIN STORY
Moove, the mobility financing company founded in Lagos in 2020, will close its Nigerian operations and transfer eligible vehicles worth approximately N35 billion to customers currently using them, without requiring further payment for the vehicles.
The company said the transfers would take effect from October 1, 2026, as it winds down its operations in the country.
The decision comes barely a month after Uber announced its withdrawal from Nigeria, ending 12 years of operations in the country.
Founded by Ladi Delano and Jide Odunsi, Moove began operations in Lagos with 76 vehicles, using a rental and drive to own model to help mobility entrepreneurs access vehicles and work towards ownership.
The company said it has since expanded to 29 cities globally, with a fleet of 42,000 vehicles. In Nigeria, it has served more than 9,000 customers through its drive to own and rental products.
According to Moove, customers using vehicles financed through the company have generated approximately N57 billion in revenue since it began operating in Nigeria.
Announcing the closure, co-founder and advisory board chairman Delano said the company wanted its exit to reflect its appreciation for the customers and employees who contributed to its growth.
He said the vehicles would pass into the full ownership of eligible customers currently operating them, with no further payment required for the vehicles themselves.
Moove also thanked its Nigerian employees, customers, partners, regulators and other stakeholders for their contributions to the business.
THE ISSUES
Moove’s exit marks a significant change for Nigerian drivers who accessed vehicles through its financing and rental arrangements. Transferring eligible vehicles to their current users could give those customers ownership of assets they have relied on to earn income, without further payments for the vehicles.
However, the company’s announcement does not specify how many vehicles will be transferred, the eligibility criteria for customers or the detailed process for completing the transfers. Those details will determine how the arrangement affects individual drivers.
The closure also follows Uber’s announced withdrawal, placing renewed attention on changes in Nigeria’s app based mobility market and the businesses that support drivers with access to vehicles.
WHAT’S BEING SAID
“Nigeria is where Moove began, and everything we have built since carries something of Lagos with it.” – Ladi Delano, Moove co-founder and advisory board chairman
WHAT’S NEXT
Moove said it would work directly with affected customers and employees as it winds down its Nigerian operations and completes the transfer of eligible vehicles. The company has not provided further details in the announcement about the full closure timeline or the number of customers expected to receive vehicles.
BOTTOM LINE
Moove is leaving the Nigerian market after six years, but its planned transfer of N35 billion worth of eligible vehicles could give current customers full ownership without further payment for the vehicles. The impact will depend on the eligibility rules and how the transfer process is implemented.
Lagos Life recreates everyday life in Lagos, allowing players to earn virtual money, pay rent and interact online.
Creator Shalom Rayhamen reported more than 3.3 million players and 28 million visits since launch.
The UK based Nigerian developer says she plans to work on the game full time and expand it to other African countries.
MAIN STORY
A Nigerian made browser game that simulates everyday life in Lagos has attracted millions of players since its launch in early October, with its creator reporting millions of visits and plans to expand the virtual world to other African cities and countries.
Lagos Life allows players to create characters, find jobs, earn and spend virtual naira, pay rent and chat with other users in real time. The game can be played through a web browser without downloading an application.
Its creator, Shalom Rayhamen, a Nigerian developer based in the United Kingdom, said in a post on X on Wednesday that the game had recorded 3,387,866 players in total, with 161,676 online when she published the update.
Rayhamen also reported 4,495,785 visits on the day of the post and 28 million visits overall. She said the game earned about $46,900 in its first four days. These figures were reported by the developer and have not been independently verified.
The game gives players one of two starting profiles. “Nepo”, derived from “nepo baby”, represents those born into wealth and connections, while “Lapo”, a reference to LAPO Microfinance Bank, represents players who start with limited resources and may rely on small loans.
Rayhamen has said she drew inspiration from The Sims 3 and Lagos Run, another Nigerian browser game in which players drive a danfo.
The game’s rapid growth has also attracted online attention. WeeTracker, citing Google Trends data, reported that Nigerian searches for “Lagos life” increased by more than 5,000 per cent in the week following its launch.
In an interview with Zikoko, Rayhamen said she planned to leave her job to focus on Lagos Life and her other personal projects full time. She also indicated that the game could expand into other African countries, with major announcements expected in the coming weeks.
“I can say with full confidence that Lagos Life isn’t dying out anytime soon,” she said.
Rayhamen said scaling the game had been challenging because she remained its only coder, but the growing number of players had encouraged her to continue developing it.
Abuja and Port Harcourt have also been added to the virtual world, extending the game beyond its original Lagos setting.
THE ISSUES
Lagos Life places familiar urban pressures, including finding work, paying rent and managing limited money, at the centre of its gameplay. Its two starting profiles also introduce a contrast between players who begin with financial advantages and those who have to build their virtual resources from a weaker position.
The browser based format means users do not need to install a separate application to play. However, the reported player and visit figures are developer supplied and should not be treated as independently audited audience measurements.
The game’s longer term prospects will depend partly on whether Rayhamen can maintain development, manage technical demands and retain users as the virtual world grows.
WHAT’S BEING SAID
“I can say with full confidence that Lagos Life isn’t dying out anytime soon.” – Shalom Rayhamen, creator of Lagos Life, in an interview with Zikoko
WHAT’S NEXT
Rayhamen has indicated plans to devote herself full time to Lagos Life and her other personal projects. She has also hinted at expansion into other African countries, although the supplied report does not name the countries or provide a launch timetable.
BOTTOM LINE
Lagos Life has attracted significant reported online activity by turning familiar experiences of Lagos living into a multiplayer browser game. Whether that early interest translates into sustained growth will depend on the developer’s ability to keep the game running, improve it and expand its audience.
The naira traded at about ₦1,329 per dollar on the official foreign exchange market on Friday, October 9, while the parallel market rate stood at approximately ₦1,385.
The official rate of ₦1,329.34 was within the ₦1,327 to ₦1,332 range reported in early October, indicating relatively limited movement in the official market.
However, the difference between the official and parallel market rates highlights the varying costs of accessing dollars across Nigeria’s foreign exchange channels.
Dollar to naira exchange rate today
The reported exchange rates for Friday, October 9, 2026, are shown below.
Market
Exchange rate for $1
Official market (NFEM)
₦1,329.34
Parallel market (black market)
₦1,385
These figures are reference rates and may differ from the rates offered by banks, authorised dealers and other foreign exchange providers. Actual transaction rates depend on the provider and the nature of the transaction.
What the exchange rate means for Nigerians
The dollar-to-naira exchange rate affects the cost of imported goods, international payments and other transactions priced in foreign currencies.
For Nigerian businesses that rely on imported raw materials, machinery and finished products, the rate at which they obtain dollars influences their operating costs, pricing decisions and profit margins.
A weaker naira can increase the local currency cost of imports, potentially putting pressure on businesses to raise prices. This can also affect consumers who ultimately bear part of the additional cost.
Households making payments for overseas education, international travel, foreign subscriptions and other dollar-denominated services may also face higher expenses when the naira weakens.
The difference between the official and parallel market rates is particularly relevant to individuals and businesses whose access to foreign currency varies by provider or transaction type.
What could influence the naira’s performance?
The naira’s movement depends partly on the supply of dollars relative to demand from importers, investors, businesses and individuals.
Foreign exchange inflows from oil exports, diaspora remittances and investment can support dollar availability. Conversely, increased demand for foreign currency can put pressure on the naira if supply does not keep pace.
The Central Bank of Nigeria’s foreign exchange policies and liquidity management also influence trading conditions in the official market.
Reuters reported on October 8 that the naira traded at around ₦1,331 per dollar in the official market and ₦1,370 in street trading. Market participants expected relative stability in the near term, according to the report.
However, exchange rates can change as market conditions evolve. The official market rate should therefore not be treated as a guaranteed rate for every transaction.
Individuals and businesses planning foreign currency payments should confirm the applicable rate with their banks or authorised foreign exchange providers before completing a transaction.
Professor Ikechi Agbugba says Africa’s food crisis stems partly from weaknesses in supply chains and agricultural systems, not just production.
His Brain Re-Engineering Initiative promotes local food processing, solar cooling hubs and technology adoption to reduce post harvest losses.
He wants universities to measure research success by its impact on farmers, communities and local economies.
MAIN STORY
Professor Ikechi Agbugba has called on African universities to link agricultural research more closely to farmers’ needs, while urging governments to prioritise food distribution systems, local processing and technology driven agribusinesses.
Agbugba made the recommendations during a masterclass at Nelson Mandela University in South Africa, held as part of the African International Teaching Week from October 5 to 10, 2026.
His presentation, titled Brain Re-Engineering: The Missing Link in Sustainable Agriculture and Food Systems Development, introduced the Brain Re-Engineering Initiative (BRI) and the Brain Re-Engineering Concept and Reimagination (BRECR) framework.
He argued that Africa’s food challenges cannot be resolved through increased agricultural production alone, pointing to weaknesses in food storage, distribution and the systems connecting producers with consumers.
“This structural failure completely validates the core thesis of BRI our food crisis is not a production problem; it is system architecture and cognitive breakdown,” Agbugba said.
He proposed shifting government support away from a primary focus on agricultural inputs towards improved supply chains, including decentralised solar cooling hubs and cold chain networks to preserve perishable produce and connect farmers with urban markets.
Agbugba also advocated greater use of digital technologies in agriculture, including drone analytics, Internet of Things sensors and satellite data, while encouraging community financing arrangements to help smallholder farmers access equipment and infrastructure.
He said these measures could help attract more young people to agriculture by creating opportunities in technology, logistics and digital marketplaces rather than limiting agricultural employment to manual farm work.
On higher education, Agbugba criticised research assessment systems that prioritise academic publications and citation metrics without adequately measuring their contribution to local development.
“True productivity for African research lies in a shift toward ‘Publish and Progress,’ where academic success is measured by actionable policy influence, community impact, and regional economic transformation,” he said.
He called for universities to adopt field based research and interdisciplinary learning, with postgraduate students and agricultural scientists working alongside farmers and extension officers to address practical problems.
THE ISSUES
Agbugba’s proposals address several points in the agricultural value chain. Farmers may produce food but lose income when inadequate storage, unreliable electricity and poor distribution prevent them from reaching buyers in good condition. Local processing can also help retain more of the value generated from agricultural commodities.
His framework further argues that the perception of agriculture as low status work discourages young people from entering the sector. It proposes presenting agriculture as a business that requires technical skills, investment decisions and access to markets.
However, the proposed changes depend on practical conditions, including affordable financing, infrastructure, technical training and access to customers. Digital tools alone will not resolve these barriers if farmers cannot afford to adopt or maintain them.
The education proposal also challenges universities to consider what happens after research is published. Measuring field level outcomes could help connect academic work with agricultural productivity and rural incomes, although the framework’s impact would need to be assessed through actual implementation.
WHAT’S BEING SAID
“We must eradicate this mindset poverty through targeted rebranding.” – Professor Ikechi Agbugba, on attracting young people to agriculture
“By utilizing Open-Ag Micro-Franchising and flexible, trusted community Vanguard or VSLA financing models, we enable lean smallholder groups to collectively access high-tech corporate infrastructure without falling into high-interest debt traps. – Professor Ikechi Agbugba, on helping smallholder farmers access technology
“A postgraduate student’s or agricultural scientist’s success should be judged by measurable yield increases, post-harvest waste reduction, and tangible income generation within nearby smallholder communities.” – Professor Ikechi Agbugba, on reforming research assessment
“The ultimate seed of sustainable production cannot be bought; it must be planted first right within the human mind.” – Professor Ikechi Agbugba, on changing approaches to sustainable agriculture
WHAT’S NEXT
The supplied interview material does not specify an implementation timetable, funding commitments or formal partnerships for the Brain Re-Engineering Initiative. The next test will be whether the proposals are translated into programmes that deliver measurable improvements in food preservation, farmers’ incomes and agricultural productivity.
BOTTOM LINE
Agbugba wants African agriculture to move beyond production targets towards commercially viable enterprises, stronger food supply chains and research that delivers practical benefits to farming communities. His framework places changes in attitudes alongside the infrastructure, financing and institutional reforms needed to support that shift.
Lagos, Nigeria – October 6, 2026: Hydrogen Payment Services Company Limited, working with the Lagos State Ministry of Basic and Secondary Education and its Education District III office, has concluded its inaugural AI4Learning Initiative, a practical education programme designed to help teachers and students understand and leverage Artificial Intelligence for learning, teaching and everyday life.
Held on 30 September 2026 in Victoria Island, Lagos, the initiative was designed specifically for secondary schools run by the Lagos State Government, reflecting Hydrogen’s commitment to supporting broader access to emerging technologies and creating opportunities for teachers and students within the public education system to build relevant AI skills. The initiative featured dedicated learning programmes for teachers and students. The Teachers Learning Programme was hosted at Victoria Island Senior Secondary School. At the same time, the Students Learning Programme was held at Kuramo Senior College, both located at No. 1 Bishop Aboyade Cole Street, Victoria Island, Lagos. The learning programmes were tailored to reflect the different ways teachers and students can apply AI. Teachers explored how AI can support lesson preparation, differentiated learning, creativity, and teaching, while students explored its use for studying, critical thinking, and creativity. Both programmes placed informed and appropriate AI use at the centre, reinforcing the message that AI is a tool to assist learning and teaching, not replace human judgement. The initiative also adopted a train-the-trainer model, equipping educators to apply AI in their own work and support their colleagues and students in using the technology effectively and with sound judgement. This creates an opportunity for the knowledge gained through the programme to extend beyond the participating teachers and into their classrooms and wider school communities. A central message throughout the programme was that AI should serve as an assistant, rather than a replacement for human judgement. Participants explored how AI can make learning and teaching more seamless, efficient, memorable and impactful, while recognising the importance of verifying information, protecting personal data and maintaining responsibility for the work and decisions AI supports. Speaking on the initiative, Fiyinfoluwa Olorunsola, Acting Chief Executive Officer, Hydrogen Payment Services Company Limited, said: “AI4Learning reflects our belief that technology creates greater impact when people have the knowledge and confidence to use it well. We want teachers and students to embrace AI, explore its possibilities and understand its limitations, while developing the judgement to use it effectively in teaching and learning. AI is here to stay, and the earlier we equip our teachers and young people to engage with it confidently, the better prepared they will be for the future. AI gives you possibilities; you provide the judgement.”
Ms. Regina Iton, Vice Principal, Victoria Island Senior Secondary School, said: “The opportunity to expose our teachers and students to practical applications of AI is very valuable. As educators, we have a responsibility to help our students understand the technologies shaping their world, while ensuring they learn to use them responsibly and productively.” Also speaking, Obinna Ojekwe, Head, Marketing and Communications, Hydrogen Payment Services Company Limited, said: “We are committed to leaving the communities we operate in better than we found them. Progress in Nigeria and across Africa requires meaningful partnerships between the public and private sectors. AI4Learning is one practical expression of that belief, giving teachers and students in the public school system access to useful AI skills, building confidence in its use and preparing them for an increasingly AI driven future.” Through AI4Learning, Hydrogen aims to contribute to an education environment where teachers can teach more effectively, students can learn more confidently, and both can develop the judgement and skills needed to navigate an increasingly AI enabled world.
About Hydrogen Payment Services Company Limited Hydrogen Payment Services Company Limited is an African institutional payments infrastructure partner, enabling financial institutions and large organisations to process, move and settle payments at scale with trust and operational integrity. Hydrogen is committed to using innovation and its capabilities to support initiatives that contribute to positive impact across Africa.
Oil prices fell after President Donald Trump said the US would not attack Iran before November’s midterm elections.
West Texas Intermediate dropped towards $91 a barrel after rising 3.6 per cent on Thursday, while Brent settled above $104.
Reports of possible US military action and production disruptions caused by Hurricane Isaias continued to influence market sentiment.
MAIN STORY
Oil prices retreated after US President Donald Trump ruled out attacks on Iran before November’s midterm elections, easing some concerns about a further escalation of the conflict.
West Texas Intermediate crude fell towards $91 a barrel after gaining 3.6 per cent on Thursday, while Brent crude closed above $104, according to Bloomberg.
Trump cited what he described as “productive discussions” with Iran and claimed that oil was passing through the Strait of Hormuz in record volumes.
However, the New York Times reported that the US had drawn up plans for three days of strikes targeting Iranian drone and missile arsenals, energy facilities and other sites. The reported plans contrasted with Trump’s public statement that the US would not attack Iran before the elections.
Oil markets have faced sharp price swings amid the conflict, attacks on shipping and uncertainty over supplies moving through the Middle East. Renewed fighting involving Saudi Arabia and Yemen’s Houthi movement has added to concerns about regional security and oil transportation.
Supply risks were also emerging in the United States, where Hurricane Isaias threatened oil production along the Gulf Coast. Bloomberg reported that producers in the Gulf of Mexico had shut in about 1.3 million barrels of daily crude output, representing more than 60 per cent of the region’s production.
The competing developments left oil traders weighing Trump’s assurance against the possibility of further military escalation and disruptions to production and shipping.
THE ISSUES
Military tensions remain a major influence on oil prices. The possibility of attacks on Iran can raise concerns about disruptions to crude production and shipments through strategic waterways. Trump’s statement eased some of those immediate concerns, but the reported US strike plans pointed to continuing uncertainty.
The Strait of Hormuz remains important to oil supply. Any disruption to shipping through the waterway could affect the movement of crude to international markets. Trump’s claim about record oil flows was not independently established by the material reviewed for this report.
Weather disruptions can add pressure to supply. The reported shutdowns in the Gulf of Mexico showed that oil production can also be affected by severe weather, independently of developments in the Middle East. The production figure reflects the situation reported at the time and may change as conditions develop.
WHAT’S BEING SAID
“We are having productive discussions with the Islamic Republic of Iran.” – Donald Trump, US President, in remarks reported by Bloomberg
WHAT’S NEXT
Oil traders will continue monitoring developments in US-Iran relations, the movement of tankers through the Strait of Hormuz and the effect of Hurricane Isaias on US Gulf production. Any changes in military activity or supply disruptions could influence prices.
BOTTOM LINE
Oil prices fell after Trump said the US would not attack Iran before the November midterms, but reported strike planning and weather related production shutdowns continued to create uncertainty over supply.
Source: Bloomberg News, with the reported US strike plans attributed to the New York Times.
