Nigeria’s naira is showing fresh resilience on the back of stronger foreign reserves and steady FX interventions, with analysts projecting sustained stability across the currency market.
External reserves climbed to $42.225 billion last week, the highest since 2019, supported by rising oil inflows and offshore portfolio investment. Analysts now expect reserves to reach $45 billion before year-end, buoyed by Nigeria’s Bonny Light crude which traded at $70.90 per barrel.
The local currency strengthened across official and parallel market windows. At the official FX window, early trades were anchored within ₦1,492–₦1,495/$ as improved supply met demand. Midweek pressures briefly pushed the exchange rate to ₦1,498/$, but inflows from local oil companies and modest Central Bank of Nigeria (CBN) interventions helped the naira rebound.
By the close of the week, the currency appreciated 49 basis points to settle at ₦1,480.66/$, its first time trading below ₦1,500/$ since February 2025. Parallel market rates also reflected the upbeat momentum, with the naira firming to ₦1,510/$, a 0.13% gain.
The reserve buildup, supported by stronger oil receipts and CBN activity, has bolstered investor confidence. Analysts argue that the growing reserve buffer enhances the apex bank’s ability to manage supply-demand mismatches while sustaining macroeconomic stability.
Global oil prices added further support. Brent crude closed at $69.65 per barrel, while U.S. WTI settled at $65.31. Nigeria’s Bonny Light outperformed with a 1.79% rise, reinforcing expectations of stronger FX inflows.
Cowry Asset Management noted that higher reserves and improved inflows create a strong case for continued naira stability. Similarly, AIICO Capital forecast that the apex bank’s interventions, complemented by fiscal measures, would sustain FX market balance.
Cordros Capital echoed the positive outlook, pointing to growing non-oil exports, a favorable current account balance, and expectations of global monetary easing as additional tailwinds for foreign investor sentiment.
Despite this, analysts cautioned that volatility in global oil prices and persistent local demand pressures could temper gains. Still, the consensus remains that Nigeria’s currency is set for relative stability in the near term, underpinned by stronger reserves and CBN policy actions.
The Federal Government has urged the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) to suspend its planned nationwide strike over an industrial dispute with Dangote Refinery. Minister of Labour and Employment, Muhammad Dingyadi, made the appeal in a statement on Sunday in Abuja, stressing that a strike could inflict severe revenue losses and worsen hardship for Nigerians.
Dingyadi said the ministry had already invited PENGASSAN leadership and Dangote Refinery management to a conciliation meeting in his office on Monday. “I appeal to both parties to be mindful of the importance of the petroleum sector to the country, being the core of her economy. A strike will not only lead to heavy revenue losses for the country but also cause more hardship and difficulties for Nigerians,” he said.
PENGASSAN had on Saturday declared a nationwide strike following the dismissal of some Nigerian workers by Dangote Refinery. Its General Secretary, Lumumba Okugbawa, described the action as a breach of labour laws, the Constitution, and international conventions. The union directed members across field locations to withdraw their services from Sunday, September 28, while those in offices and agencies were to join from Monday, September 29.
In response, the Dangote Group accused PENGASSAN of attempting to sabotage the refinery and disrupt fuel supply to Nigerians. It dismissed reports that 800 Nigerians had been replaced with 2,000 Indians, insisting over 3,000 Nigerians remain employed at the facility.
The company further accused the union of a history of resistance to reforms, citing its opposition to the 2007 Federal Government deal to sell Port Harcourt and Kaduna refineries to a Dangote-led consortium, and other corporate actions in the energy sector.
The dispute adds to long-standing tensions between oil unions and the refinery. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) had earlier accused the refinery of refusing to recognise workers’ rights, a matter previously addressed in the presence of federal ministers and security officials.
The Nigerian Meteorological Agency (NiMet) has predicted widespread thunderstorms and rainfall across the country from Monday to Wednesday, with a warning of possible flooding in Benue, Taraba, and Cross River States.
In its three-day forecast released Sunday in Abuja, NiMet said parts of Sokoto, Zamfara, Kebbi, Katsina, Kaduna, Kano, Bauchi, Gombe, and Taraba States would experience morning thunderstorms with moderate rainfall on Monday, followed by isolated thunderstorms later in the day.
For the central region, cloudy skies, sunshine, and rainfall activities are expected. Early morning thunderstorms and light rains are projected in Niger, Kwara, the FCT, Kogi, Benue, and Nasarawa States, with isolated thunderstorms likely in the afternoon and evening.
In the South, cloudy skies with light rains are expected in Oyo, Ogun, Lagos, and Cross River States in the morning, while isolated thunderstorms with moderate rainfall are forecast across the region later in the day. On subsequent days, light showers are expected in Edo, Ondo, Abia, Ebonyi, Anambra, Enugu, Imo, Delta, Rivers, Bayelsa, Cross River, and Akwa Ibom States.
NiMet also projected sunny skies with patches of clouds for the North, though Taraba and Adamawa will likely experience morning thunderstorms, with isolated thunderstorms forecast in Zamfara, Kaduna, Gombe, and Adamawa later in the day.
The agency advised Nigerians to take safety measures during the period, including securing loose outdoor objects, avoiding driving through flooded roads, disconnecting electrical appliances during storms, and staying away from tall trees. Farmers were also urged to avoid applying fertilisers or pesticides before rainfall, while airline operators were advised to obtain airport-specific weather reports for flight planning.
The National Insurance Commission (NAICOM) has ruled out the reappointment of the sacked directors of African Alliance Insurance Plc to the company’s board or to any other board in the Nigerian insurance industry. Commissioner for Insurance, Mr. Olusegun Omosehin, disclosed this during a question-and-answer session at the annual seminar for insurance journalists in Abeokuta, Ogun State.
NAICOM dissolved the board and management of African Alliance Insurance in October 2024, replacing them with an interim board mandated to safeguard policyholders’ interests, particularly annuitants.
Omosehin explained that those responsible for the company’s insolvency would be permanently excluded from future appointments in the sector. “When we are handing over that entity, every individual who had been on the board and was responsible for the insolvency will never be appointed on that board or any other board. Those are clear guidelines,” he said.
He added that NAICOM was in the process of disposing of the company’s assets to raise funds for settling outstanding claims. Once liabilities are cleared and minimum capital requirements are met, the company would be returned to its owners; otherwise, its licence would be revoked.
Omosehin stressed that the regulator would no longer tolerate practices that put the public at risk. “Policyholders’ money is not theirs; the government will not close its eyes and allow that to continue,” he warned.
Deputy Commissioner (Technical), Dr. Usman Jankara, further explained that African Alliance Insurance is currently restricted from taking on new business beyond controlled boundaries, to prevent accumulation of fresh liabilities.
So far, the interim management board, led by Dr. Haruna Mustapha as Chairman and Mr. Jacob Erhabor as Managing Director/CEO, has cleared outstanding claims owed to annuitants. Other members include Mr. Wasiu Amao (Executive Director, Technical), Ms. Oremeyi Longe (Executive Director, Finance), Mr. Anthony Achebe, and Hajia Halimatu Khabeeb (Non-Executive Directors).
Nigeria’s money market recorded a significant shift last week as surplus liquidity in the financial system crossed ₦4 trillion, leading to a sharp fall in short-term rates.
According to a market review by AIICO Capital Limited, overall liquidity expanded by ₦2.352 trillion week-on-week, closing at ₦4.018 trillion on Friday. The increase was largely supported by a wave of inflows from maturing instruments and the absence of a fresh primary market auction.
Deposit Money Banks (DMBs) were active at the Standing Deposit Facility (SDF) window, placing excess funds daily between ₦1.70 trillion and ₦3.73 trillion. The volume of placements grew towards the end of the week, reflecting a market environment free of funding stress.
This robust liquidity backdrop coincided with the Monetary Policy Committee’s decision to cut the benchmark interest rate to 27.00% and adjust the policy corridor, easing overall funding costs.
The Central Bank of Nigeria (CBN) also credited banks following repayments of Open Market Operation (OMO) bills and over ₦460 billion in additional primary market maturities, leaving the system with an even higher surplus.
Despite debits for Cash Reserve Ratio (CRR) applied on some lenders for failing to meet loan-to-deposit thresholds, the financial system remained well-supplied. Analysts at Cowry Asset Management noted that the apex bank’s dovish stance — lowering the CRR on DMB deposits to 45% while imposing 75% on non-TSA deposits — added to the liquidity build-up.
As a result, Nigerian Interbank Offered Rates (NIBOR) crashed across maturities, dropping by 2.06 percentage points week-on-week to 24.78%. Benchmark funding costs followed the same trend, with average rates falling 204 basis points to 24.69%. The Open Repo Rate (OPR) declined to 24.50%, while overnight lending eased to 24.88%.
The Nigerian Treasury Bills Market Index, however, delivered mixed outcomes. The 12-month paper eased by 17 basis points to 19.10%, but shorter and medium-term maturities climbed higher as investors demanded stronger yields.
Looking ahead, analysts expect additional inflows of about ₦450 billion from maturing OMO bills to support system liquidity this week. However, the upcoming Federal Government bond issuance may absorb part of the surplus, keeping funding rates aligned with the higher band.
The Big Brother Naija (BBNaija) Season 10 reality series has officially revealed its top 10 finalists, setting the stage for the grand finale scheduled for Sunday.
During the live eviction show in Lagos, host Ebuka Obi-Uchendu announced the departure of three housemates—Mide, Zita, and Rooboy—narrowing the competition for the coveted crown. Their exit means the remaining contestants will now battle for the ultimate prize in what promises to be a thrilling final showdown.
BBNaija Finalists Confirmed
With Sunday’s announcement, the official lineup of the top 10 contestants has been sealed. Sultana had already booked her place in the finale earlier as Head of House, while Mensan advanced as one of the most influential housemates, and Kaybobo secured a spot after winning immunity through the dramatic “red phone” twist, which shaved ₦10 million off the total prize money.
The housemates who will compete in the finals include:
Mide, the first housemate to be evicted on the night, expressed gratitude for her journey, admitting she was surprised to have made it so far in the competition. Reflecting on her experience, she revealed that her time in the house inspired her to pursue a career in acting. “Watch out for Mide the actress, she is coming,” she declared confidently.
Zita, the second eviction of the night, described her journey as a blessing, giving thanks to God for her time in the house. She also hinted at a possible reunion with Danboskid, saying: “I cannot say until I meet him.” Addressing her past fallout with Rooboy, she emphasized that it was an emotional clash and added, “Rooboy is a cool person.”
The third eviction went to Rooboy, who outlined his post-BBNaija plans. He revealed that he intends to expand his craft, focusing on acting, contributing to the football community, and boosting his hypeman career.
As part of the eviction show, Ebuka questioned the remaining housemates about life in the house. Faith admitted to being at the centre of house tensions at times, saying: “I am the problem sometimes, and sometimes it is the housemates.”
Isabella, whose playful interactions with male housemates had caught fans’ attention, insisted it was all lighthearted. “I was just having fun,” she clarified.
Koyin, who was linked with Isabella, added: “The fun was mutual.”
For the week, Mide topped the bottom three list, while Zita ended at the very bottom, sealing their eviction fate.
With the lineup of the BBNaija Season 10 Top 10 finalists now complete, the stage is set for a grand finale that promises suspense, excitement, and one final battle for the ultimate prize.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1485.00 per $1 on Monday, September 29th , 2025. The naira traded as high as 14.00 to the dollar at the investors and exporters (I&E) window on Sunday
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1505 and buy at ₦1485 on Sunday 28th September, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1505
Buying Rate
₦1485
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1487
Lowest Rate
₦1471
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Arsenal clinched a thrilling 2-1 win against Newcastle United with a last-gasp header from Gabriel Magalhães in stoppage time at St James’ Park on Sunday, September 28, 2025.
The match appeared to be slipping away from Arsenal after Newcastle’s Nick Woltemade found the net in the 34th minute. Despite dominating the first half, Arsenal squandered several scoring opportunities, with Eberechi Eze and Leandro Trossard coming close but failing to convert.
The Gunners’ frustrations grew when a penalty awarded for a foul on Viktor Gyökeres was reversed following a VAR review. Newcastle, bolstered by stellar goalkeeping from Nick Pope, held firm against Arsenal’s relentless pressure.
The tide turned in the 84th minute when Mikel Merino headed in from close range to equalize, sparking a frenetic finale. Arsenal threw everything into attack, and their persistence paid off in the sixth minute of stoppage time when Martin Ødegaard’s corner was met by Gabriel, who soared above the defense to head home the winning goal.
The late triumph showcased Arsenal’s resilience, earning them a hard-fought three points in a match they controlled for long periods. Mikel Arteta’s side demonstrated their fighting spirit, securing a crucial away victory.
Newcastle, meanwhile, can take pride in their resolute defensive performance, which frustrated Arsenal for much of the game. The result leaves Arsenal with four wins, one draw, and one loss in six Premier League matches, placing them second in the standings. Newcastle, with a less consistent start, sit in 15th place.
Nigeria faces the risk of a nationwide power outage starting Monday, September 29, 2025, as power generation companies warn of an impending shutdown of thermal power plants due to a strike called by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
Joy Ogaji, Executive Secretary of the Association of Power Generating Companies, issued a warning on Sunday via a WhatsApp message, highlighting that gas suppliers have notified thermal power stations to cease operations in compliance with PENGASSAN’s strike directive. “Thermal GenCos have been instructed by gas suppliers to shut down plants following PENGASSAN’s orders. The Nigerian Gas Infrastructure Company has explicitly requested compliance,” Ogaji stated.
She cautioned that the national grid could collapse, as hydroelectric dams alone cannot meet Nigeria’s electricity demands. “Be prepared for widespread darkness, as hydro plants cannot sustain the grid on their own,” she added.
The warning follows PENGASSAN’s announcement of a nationwide strike to protest the alleged dismissal of over 800 workers at Dangote Petroleum Refinery. After an emergency National Executive Council meeting on Saturday, September 27, 2025, the union directed its members across oil and gas facilities to suspend operations until the layoffs are reversed.
The strike is expected to disrupt crude oil production, fuel distribution, gas supply, and now electricity generation, exacerbating challenges for Nigerians already grappling with economic hardships. With thermal power plants contributing over 70% of Nigeria’s electricity, industry analysts warn that their shutdown could lead to widespread blackouts, overburden hydroelectric facilities, and increase the risk of a total grid failure.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called for a nationwide suspension of operations starting Monday, September 29, 2025, in response to the reported termination of over 800 Nigerian employees by Dangote Refinery.
Following an urgent National Executive Council (NEC) meeting held on Saturday, September 27, 2025, PENGASSAN issued a directive, signed by General Secretary Lumumba Okugbawa, condemning the refinery for allegedly breaching Nigeria’s labor regulations, constitutional provisions, and International Labour Organisation standards. The union claims the dismissals targeted workers who joined its ranks.
According to the NEC, Dangote Refinery replaced the sacked Nigerian workers with “over 2,000 Indian employees,” a move the union labeled as a direct insult to Nigeria’s workforce. In response, PENGASSAN has ordered its members across all field operations to halt work starting at 6:00 AM on Sunday, September 28, 2025, and to engage in 24-hour prayer sessions. A complete shutdown of services across offices, companies, institutions, and agencies is set to begin at 12:01 AM on Monday.
The union’s directive stated: “All PENGASSAN members in field operations, including control room staff, panel operators, and outfield personnel, are to cease all activities effective 6:00 AM on Sunday, September 28, 2025. Starting Monday, September 29, 2025, at 12:01 AM, all members across all sectors are to withdraw services completely. No interventions will be permitted in field locations unless personnel or asset safety is at risk, and such actions must be cleared by the National Secretariat.”
The union further instructed that all gas and crude oil supplies to Dangote Refinery be immediately halted, with International Oil Companies (IOCs) directed to scale down gas production and supply to the refinery and its petrochemical operations.
PENGASSAN has also called for round-the-clock prayer vigils and urged the government to step in, vowing to sustain the strike until the dismissed workers are reinstated. The union emphasized, “An attack on one is an attack on all. No individual or entity stands above our nation.”
The conflict stems from a recent dispute with the Nigeria Union of Petroleum and Natural Gas Workers, centered on labor rights and safety concerns. Reports indicate the tensions escalated when Dangote Refinery, in a letter dated September 24, 2025, announced the dismissal of employees, citing alleged sabotage that endangered the safety of its 650,000-barrel-per-day facility. While PENGASSAN claims approximately 800 workers were sacked, the refinery has refuted allegations of mass terminations, asserting that it is undergoing an internal restructuring to enhance efficiency and that Nigerians remain the majority of its workforce.
The looming strike threatens to disrupt crude and gas supplies to the refinery, potentially impacting downstream operations across Nigeria’s oil sector. PENGASSAN has appealed to labor unions, government bodies, and stakeholders to address what it describes as a matter of “critical national importance.”
Scoring 100 goals for a single club is a feat that cements a player’s name in football history. Doing it in record time? That’s the stuff of legends. These players didn’t just find the net; they made it their home, tearing through defenses with a hunger that left fans in awe.
According to Planet Football, here are the 10 fastest players to hit the 100-goal mark for one club, ranked by the number of games it took. Buckle up—this list is a wild ride through football’s goal-scoring elite.
10. Kylian Mbappé (PSG) – 137 Games
Let’s kick things off with a name that feels like it was born to break records: Kylian Mbappé. The French prodigy exploded onto the scene as a teenager at Monaco, helping them snatch the Ligue 1 title in 2017 and reach the Champions League semi-finals. PSG saw the spark and swooped in, first on loan, then for a jaw-dropping fee alongside Neymar’s €222 million move. Mbappé didn’t disappoint, racking up 100 goals in just 137 games. Honestly, who else could make scoring look so effortless at such a young age? His pace, flair, and knack for the spectacular made Paris his playground.
9. Robert Lewandowski (Bayern Munich) – 136 Games
If you think goal-scoring machines are built in a lab, Robert Lewandowski might be Exhibit A. Before Bayern, he was already a force at Borussia Dortmund, famously torching Real Madrid with four goals in a single Champions League semi-final in 2013. When he joined Bayern on a free transfer in 2014, the goals kept flowing. It took him just 136 games to hit 100, and he went on to score 312 Bundesliga goals—falling short of Gerd Müller’s record but snagging the single-season record with 41 in 2020-21. The man’s a goal-scoring metronome, isn’t he?
8. Edinson Cavani (Napoli) – 135 Games
Edinson Cavani at Napoli was like a wildfire—uncontainable and unforgettable. Between 2010 and 2013, the Uruguayan striker smashed 104 goals in 138 appearances. That’s the kind of form that could’ve made him a Napoli legend on par with Maradona if the team around him had been stronger. Later, he’d overtake Zlatan Ibrahimović as PSG’s all-time top scorer and win over Manchester United fans in 2020. But at Napoli? That was Cavani at his peak, all heart and hustle, leaving defenders in the dust.
7. Ruud van Nistelrooy (Manchester United) – 131 Games
Picture this: Sir Alex Ferguson waits patiently for a Dutch striker recovering from a brutal injury, and when he finally arrives, he delivers like it’s no big deal. That’s Ruud van Nistelrooy for you. Despite a delayed move due to a cruciate ligament injury, he hit the ground sprinting at Manchester United, scoring 100 goals in 131 games. Paul Scholes once said Ruud was obsessed with outscoring Thierry Henry, checking Henry’s stats on the team bus after every match. Talk about a man on a mission—Van Nistelrooy lived for goals.
6. Cristiano Ronaldo (Juventus) – 131 Games
You didn’t think we’d get through this list without Cristiano Ronaldo, did you? The five-time Ballon d’Or winner joined Juventus in 2018 after dominating at Real Madrid. The Old Lady hoped he’d be the key to Champions League glory, but even though that dream fizzled, Ronaldo still delivered. He hit 100 goals in 131 games, proving that even in his 30s, he was a force of nature. Sure, it strained Juventus financially, but when you’re signing a goal-scoring machine like Ronaldo, what do you expect?
5. Zlatan Ibrahimović (PSG) – 124 Games
Zlatan doesn’t just score goals; he announces his presence with them. When PSG signed him in 2012, he’d already conquered leagues across Europe—Serie A, Eredivisie, La Liga, you name it. In Paris, he took things to another level, hitting 100 goals in 124 games and peaking with 50 goals in 51 appearances in his final season. Zlatan wasn’t just a player; he was a statement. Ever wonder what confidence looks like on a football pitch? It’s Zlatan, swaggering past defenders like they’re not even there.
4. Luis Suárez (Barcelona) – 120 Games
Norwich City fans still wake up in a cold sweat thinking about Luis Suárez at Liverpool. When he moved to Barcelona in 2014—after a, ahem, bitey World Cup incident—he was unleashed alongside Messi and Neymar. The result? A jaw-dropping 100 goals in 120 games, including 25 in 39 during Barça’s 2014-15 treble-winning season. Suárez was relentless, a predator in the box who made scoring look like second nature. Liverpool tried to replace him with Balotelli and Lambert. Spoiler: it didn’t work.
=2. Cristiano Ronaldo (Real Madrid) – 105 Games
Yes, Ronaldo’s back, and this time it’s his Real Madrid stint. Signed for a world-record fee in 2009, he didn’t win silverware right away, but goals? Oh, he had those in spades. It took him just 105 games to hit 100, and he didn’t stop there, eventually overtaking Raúl as Real’s all-time top scorer. From 33 goals in his first season to six straight seasons of 50+ goals, Ronaldo redefined what it means to dominate. Ever seen someone make the impossible look routine? That’s Ronaldo at the Bernabéu.
=2. Erling Haaland (Manchester City) – 105 Games
Erling Haaland is what happens when you combine a Viking’s physique with a sniper’s precision. Signed for a steal at £51 million in 2022, he announced himself with a brace on his Premier League debut and didn’t look back. By his third season, he’d hit 100 goals in 105 games, including a strike against Arsenal that had fans shaking their heads in disbelief. Haaland’s not just a player; he’s a phenomenon, rewriting the record books faster than you can say “treble.”
1. Harry Kane (Bayern Munich) – 104 Games
Topping the list is Harry Kane, the man who proved the “one-season wonder” doubters wrong in spectacular fashion. Joining Bayern Munich in 2023, he hit 100 goals in just 104 games, capped by a brace in a 4-0 thrashing of Werder Bremen in September 2025. Kane’s clinical finishing and relentless work rate made him a perfect fit for the Bundesliga giants. Who’d have thought a lad from Tottenham would become Bayern’s goal-scoring king so quickly? Not bad for a guy who just keeps proving the skeptics wrong.
This list isn’t just about goals; it’s about the stories, the passion, and the sheer audacity of these players. From Mbappé’s youthful brilliance to Kane’s record-breaking efficiency, each name here has left a mark on football history. Who’s your pick for the ultimate goal-scoring legend? Let me know—I’m curious!
Bitcoin has dropped to around $109,000, extending its struggle to stay above the $110,000 mark, as global cryptocurrency markets endured heavy sell-offs over the past week.
The total crypto market capitalization slid to $3.77 trillion after losing about $300 billion in value. The decline was triggered by widespread liquidation of leveraged positions, weak investor sentiment, and mounting global economic uncertainties.
Ethereum, the second-largest cryptocurrency, suffered one of its sharpest declines since June, falling more than 10.3% to trade at $4,007. Its market capitalization now stands at $483 billion, while Bitcoin’s market cap has fallen to $2.179 trillion following a 6% weekly decline.
Analysts said more than $3 billion worth of long positions were liquidated across exchanges, though the full extent of leverage in the system remains uncertain due to opaque reporting practices by many trading platforms.
Despite the downturn, market conditions slightly improved after a U.S. inflation report showed slower growth, raising expectations that the Federal Reserve could ease pressure on interest rates. However, exchange-traded funds (ETFs) tracking Bitcoin and Ethereum in the U.S. recorded over $500 million in combined outflows on Friday, highlighting persistent caution among investors.
Guaranty Trust Holding Company Plc (GTCO) has posted a year-to-date (YTD) return of 63.2%, even as its market value fell by N36.45 billion following a mild bearish trend in the equities market. The dip comes as the tier-one lender prepares to pay its interim dividend scheduled for October 15.
Trading data from the Nigerian Exchange showed that GTCO’s share price slipped to N93 at the close of last week, compared to N94 at the start of trading. Heavy transaction volumes kept the stock within a price band of N90 to N93 throughout the five-day session.
Market analysts observed that the movement reflects shareholder confidence, particularly ahead of the dividend qualification date. Afrinvest Securities Limited has placed a price target of N109.82 on GTCO, projecting an 18% upside from its current trading level.
Despite the strong YTD performance, GTCO’s financial report for the first half of 2025 showed a 50.4% year-on-year decline in profit, dropping to N449 billion. Analysts described the decline as unusual, considering GTCO’s historical track record of robust earnings.
Nevertheless, the company’s directors have recommended an interim dividend of N1.00 per ordinary share on its 34.1 billion issued shares, payable electronically to shareholders on October 15. The register of shareholders will close on October 8 for qualification.
Ownership details as of June 30, 2025, showed that Stanbic IBTC Nominees Limited controlled 24.21% of GTCO’s shares on behalf of clients, while Zenith Pensions Custodian Limited held 7.34%, primarily on behalf of pension funds. No individual shareholder controls more than 5% of the company’s issued capital.
The Securities and Exchange Commission (SEC) has issued a fresh warning to Nigerians over the growing spread of Artificial Intelligence (AI)-powered scams targeting unsuspecting investors.
In a statement released on Sunday, the regulator disclosed that it had deployed an upgraded surveillance system designed to identify fraudulent investment activities in real time.
According to the SEC, fraudsters are increasingly using AI-generated content and manipulated videos to deceive potential victims. Many of these fake clips feature fabricated endorsements from well-known politicians, celebrities, and media personalities, which are being widely circulated via Facebook ads, Instagram reels, and Telegram channels.
The commission specifically pointed out that several unregistered platforms, including CBEX, Silverkuun, and TOFRO, have been operating illegally. These platforms promoted AI-driven trading schemes that promised unrealistic returns, prompting SEC to issue multiple disclaimers against their activities.
“Scammers are exploiting AI to create false testimonials and endorsements that appear authentic,” the commission stated. “This has reduced the effectiveness of traditional fraud detection methods, which is why we are adopting predictive oversight to strengthen investor protection.”
To combat the trend, SEC revealed it is working with social media companies to clamp down on misleading advertisements. The regulator also warned influencers and bloggers to desist from promoting unlicensed investment products, adding that anyone found complicit will face sanctions or prosecution.
The SEC urged Nigerians to be cautious, stressing that any scheme offering daily profits, zero risks, or celebrity-backed endorsements should immediately raise red flags.
It further noted that collaborations with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) are being reinforced to improve data sharing and joint enforcement operations.
Nigeria’s foreign reserves climbed by over $5 billion in the third quarter of 2025, reaching $42.225 billion as of September 25, according to new figures from the Central Bank of Nigeria (CBN).
The reserves, now at their highest level in six years, were boosted by increased oil exports, robust remittance inflows, and renewed investor confidence. Analysts also cited successful reforms and enhanced transparency measures introduced by the apex bank as key drivers.
Despite fluctuations in global oil prices and the CBN’s interventions in the foreign exchange market, September saw consistent inflows that helped bolster the reserves. The inflows were further strengthened by Dangote Refinery’s export activities and improved crude production that enabled Nigeria to meet its OPEC quota.
TrustBanc Financial Group noted that total FX inflows into Nigeria reached $35.21 billion within the first eight months of 2025, already surpassing the full-year 2024 figure of $31.11 billion. This marks the highest inflow level in eight years.
The distribution of inflows has also become more balanced, with foreign investors contributing 33% and the CBN accounting for 14%. This has reduced risks associated with concentration.
The CBN also rolled out the Bloomberg BMatch system under its Electronic Foreign Exchange Matching System (EFEMS), a reform that has increased efficiency and visibility in FX transactions.
While monthly interventions by the apex bank averaged $605.6 million since September 2024, analysts stressed that these were only targeted at correcting short-term distortions, not fixing the exchange rate at any particular level.
The Nigerian Exchange (NGX) closed the trading week ended September 26 on a positive note, as the All-Share Index (ASI) advanced by 287.68 points to finish at 142,133.03. This marks a 0.20% increase compared to the previous week’s close of 141,845.35. The rally, largely fuelled by gains in heavyweight stocks, pushed the month-to-date performance to 1.31%.
Trading activity also picked up momentum, with the total traded volume climbing to 2.9 billion shares, slightly above the 2.7 billion shares recorded in the preceding week. Market capitalization inched higher as well, rising to ₦89.96 trillion from ₦89.74 trillion the previous week, reflecting a modest but broad-based upward movement in share prices.
Market Breadth
The breadth of the market leaned bearish despite the overall positive close. A total of 32 equities recorded gains, a decline from the 40 that appreciated the prior week. Conversely, 51 stocks shed value, compared to 41 the week before, while 64 remained unchanged.
Weekly Trading Pattern
The ASI began the week on a weak footing, with losses on Monday and Tuesday dragging the index down to 140,716 by Wednesday. A rebound on Thursday restored positive sentiment, which was further sustained on Friday, enabling the index to close the week above 142,000 points. Quarter-to-date, the ASI has climbed 18.47%, while year-to-date gains stand at an impressive 38.09%.
Major Indices Performance
The NGX Premium Index rose 0.48%, supported by strong performances from:
Zenith Bank: +9.14%
Lafarge Africa: +4.00%
Dangote Cement: +1.72%
UBA: +1.58%
The NGX Main Board Index added 0.03%, while the NGX 30 Index appreciated by 0.24%.
Sectoral Performance
Industrial Goods Index: Up 1.33%, driven by Lafarge (+4%) and Dangote Cement (+1.72%).
Banking Index: Rose 1.19%, boosted by Zenith Bank (+9%) and Stanbic IBTC (+9%), with support from UBA and FCMB.
Consumer Goods Index: Advanced 1.15%, led by International Breweries, which surged over 10%.
Oil & Gas Index: Declined 1.62%.
Insurance Index: Fell 0.91%.
Top Gainers of the Week
Thomas Wyatt Nigeria Plc: +22.68% to close at ₦3.30
Secure Electronic Technology Plc: +21.33% to ₦0.91
Mecure Industries Plc: +20.83% to ₦26.10
Chellarams Plc: +11.30% to ₦16.25
Royal Exchange Plc: +10.29% to ₦2.25
The Initiates Plc: +10.17% to ₦13.22
International Breweries Plc: +10.08% to ₦13.65
Eunisell Interlinked Plc: +9.98% to ₦33.60
Chams Holding Company Plc: +9.68% to ₦3.40
Stanbic IBTC Holdings Plc: +9.29% to ₦107.10
Top Losers of the Week
Wema Bank Plc: -12.41% to close at ₦18.00
Fidelity Bank Plc: -11.08% to ₦18.45
Eterna Plc: -10.00% to ₦27.90
Ikeja Hotel Plc: -9.80% to ₦20.70
Africa Prudential Plc: -9.09% to ₦14.50
Cutix Plc: -8.57% to ₦3.20
Deap Capital Management & Trust Plc: -8.51% to ₦1.72
Union Dicon Salt Plc: -8.16% to ₦9.00
May & Baker Nigeria Plc: -7.43% to ₦16.20
Caverton Offshore Support Group Plc: -5.30% to ₦6.25
Corporate Developments
Several notable corporate announcements shaped investor sentiment during the week:
Stanbic IBTC Holdings released its half-year results and declared an interim dividend of ₦2.50.
GTCO published its H1 2025 financial performance.
First HoldCo appointed a new Group Secretary and disclosed insider share acquisitions by Chairman Femi Otedola.
Julius Berger approved the lease of its cashew processing assets.
Aradel Holdings announced that Capital Alliance divested its 15.9% equity stake in the company.
Market Outlook
Despite a slow start to the week, strong recoveries in banking and industrial blue-chip stocks ensured that the ASI closed firmly above the 142,000 mark. Analysts suggest that if momentum in the banking sector continues, the index could retest the 143,000 and 144,000 thresholds in the coming sessions.
A Sunday morning worship service in Grand Blanc Township, Michigan, turned into a scene of horror after a gunman stormed The Church of Jesus Christ of Latter-day Saints, leaving one person dead and nine others injured before being fatally shot by police.
According to Grand Blanc Township Police Chief William Renye, the 40-year-old suspect drove a pickup truck into the church’s front entrance before exiting the vehicle and opening fire on congregants. The assailant then appeared to deliberately set the church on fire, sparking chaos among the hundreds of worshippers present.
Law enforcement officers quickly pursued the attacker after he fled the building. The confrontation escalated into an exchange of gunfire, during which police fatally shot the suspect.
Flames and Fear
For several hours, flames and thick smoke engulfed the church structure as firefighters battled to control the blaze. Emergency crews later began combing through the debris for possible additional victims.
“We do believe we will find some additional victims once we find the area where the fire was,” Chief Renye stated during a press briefing.
Authorities have yet to release a motive and are currently investigating the suspect’s residence in nearby Burton. Officials have not confirmed whether the attacker was affiliated with the church.
National Attention and Political Response
U.S. President Donald Trump said he had been briefed on the incident and praised the FBI’s swift deployment of 100 agents to assist local authorities. In a social media post, Trump urged Americans to support the victims’ families and called for an end to escalating violence across the nation. “PRAY for the victims, and their families. THIS EPIDEMIC OF VIOLENCE IN OUR COUNTRY MUST END, IMMEDIATELY!” he wrote.
Local Leaders Express Shock
The violent attack has left deep scars on the Grand Blanc community, home to around 40,000 residents near Flint.
“Although we are two separate governmental units, we are a very cohesive community,” said Grand Blanc Mayor John Creasey. “This sort of thing is painful for our entire community. I’m struggling to digest all that has happened, and my heart goes out to all of the affected families.”
Michigan Governor Gretchen Whitmer also released a statement condemning the violence, saying, “My heart is breaking for the community. Violence anywhere, especially in a place of worship, is unacceptable.”
Church Leaders Respond Amid Transition
The shooting came just one day after the passing of Russell M. Nelson, the 101-year-old president of The Church of Jesus Christ of Latter-day Saints. Per church tradition, his successor is expected to be Dallin H. Oaks. Doug Anderson, a spokesperson for the church, confirmed that the institution is in close communication with local authorities as investigations unfold.
“Places of worship are meant to be sanctuaries of peacemaking, prayer and connection. We pray for peace and healing for all involved,” Anderson said.
Community Solidarity
The tragedy also drew acts of compassion from unexpected quarters. Some striking nurses from Henry Ford Hospital temporarily abandoned their picket line to rush to the church and assist first responders.
“Human lives matter more than our labor dispute,” said Dan Glass, president of Teamsters Local 332. The once-peaceful churchyard, surrounded by suburban homes and a nearby Jehovah’s Witness congregation, is now the center of grief and resilience as Michigan grapples with another act of senseless violence.
Oil prices surged on Friday as Moscow moved to restrict fuel exports following Ukrainian strikes on Russia’s critical energy infrastructure, heightening global supply concerns.
Brent crude rose 4% to $68.76 per barrel, up from the previous close of $66.12, while U.S. benchmark West Texas Intermediate (WTI) inched up to $65.08 from $65.07.
Ukraine has intensified drone attacks on Russian refining and distribution facilities, disrupting operations and fueling shortages. Strikes targeted the Salavat petrochemical complex in Bashkortostan, one of Russia’s largest plants operated by Gazprom, as well as oil depots in the Bryansk and Samara regions. Regional Governor Radiy Khabirov confirmed the Salavat facility was hit early on September 24.
Amid these disruptions, Russia is grappling with reduced refining capacity and fuel scarcity. Deputy Prime Minister Aleksandr Novak announced that Moscow would extend its gasoline export ban until year-end and impose restrictions on diesel exports for non-producers over the same period. The measures follow a temporary ban between July 28 and August 31, which failed to halt record fuel price hikes.
Domestic fuel prices remain under pressure due to refinery outages and rising demand, particularly from the agricultural sector. Russia, one of the world’s top energy exporters, produces more than 40 million tons of gasoline annually.
Adding to upward momentum, U.S. crude stockpiles declined unexpectedly. The U.S. Energy Information Administration reported a 600,000-barrel drawdown last week, bringing commercial inventories to 414.8 million barrels, against forecasts of an 800,000-barrel build.
Meanwhile, Iraq’s Kurdistan Regional Government announced the reopening of its oil wells for export under an agreement with oil producers, Iraq’s Oil Ministry, and state-owned SOMO. The KRG’s Ministry of Natural Resources said exports would resume within 48 hours, helping ease some supply concerns and tempering price gains.
The Debt Management Office (DMO) has announced plans to open N200 billion worth of Federal Government of Nigeria (FGN) bonds for subscription at its monthly primary market auction scheduled for next week.
According to the circular, the DMO will raise N100 billion each from the 17.945% FGN AUG 2030 bond and the 17.95% FGN JUNE 2032 bond on September 29. Both instruments are reopened local bonds with maturities of five and seven years, respectively.
Market analysts expect spot rates at the auction to trend lower, reflecting the Central Bank of Nigeria’s dovish stance at its most recent Monetary Policy Committee meeting.
In secondary trading, the bond market maintained a calm tone with moderate demand, especially in the mid- to long-end of the curve. The 2027, 2033, and 2053 papers were quoted around 16.91%, 16.52%, and 15.88%, respectively, leaving the average yield relatively flat at 16.52%.
FGN bonds are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.
A former Governor of Oyo State, Oba Rashidi Ladoja, has officially been crowned the 44th Olubadan of Ibadanland.
The coronation took place at the Ose Meji Temple in Ibadan South-East Local Government Area of the state.
Before his crowning, Ladoja had received the traditional Akoko leaf at the Labosinde Compound, Oja’ba, Ibadan. He is expected to be formally presented with the staff and instrument of office by Governor Seyi Makinde at the historic Mapo Hall. Governor Makinde reportedly cut short his annual leave on Thursday to personally attend the coronation ceremony.
Ladoja ascended the throne following the passing of the 43rd Olubadan, Oba Owolabi Olakulehin, who joined his ancestors on Monday, July 7, 2025.
