October 2025 Archives

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Non-interest capital market hits N1.6tn, says SEC

The Securities and Exchange Commission has said Nigeria’s non-interest capital market has grown to over N1.6tn, reflecting investor confidence and participation in finance.

The Director-General of the SEC, Emomotimi Agama, disclosed this on Monday at a joint press briefing in Abuja ahead of the 7th African International Conference on Islamic Finance, scheduled to be held in Lagos on November 4 and 5, 2025.’

The conference, jointly organised by the SEC, Metropolitan Law Firm, and Metropolitan Skills Ltd., is themed ‘Africa Emerging: A Prosperous and Inclusive Outlook.’ It aims to promote ethical financing as a tool for building a resilient and inclusive African economy.

Agama said the non-interest capital market had recorded remarkable momentum, with Sukuk dominating the sector, noting that the most recent Sukuk issuance was oversubscribed by over 700 per cent, demonstrating strong investor appetite for non-interest products and confidence in the regulatory environment.

“The non-interest capital market has attained a valuation of N1.6tn. The overwhelming subscription to our Sukuk issuances demonstrates strong investor confidence and an expanding demand for ethical financial instruments,” he said.

He added that the enactment of the Investments and Securities Act 2025 had strengthened the legal foundation for non-interest financial products, empowering the SEC to register non-interest collective investment schemes and broaden investment options for Nigerians.

According to him, the upcoming African International Conference on Islamic Finance will feature high-level discussions on unlocking capital for infrastructure, green and ethical investments, agricultural financing, and the role of fintech in advancing Islamic finance across the continent.

Agama said the conference was strategically positioned to coincide with the conclusion of the Revised Nigerian Capital Market Masterplan (2021–2025), adding that it would help chart the next phase of sustainable financial development in Africa.

Also speaking, the Managing Partner of Metropolitan Law Firm and Chairman of the AICIF 2025 Planning Committee, Ummahani Amin, said the event had become one of the most important gatherings for policymakers, regulators, and investors advancing ethical and sustainable finance in Africa.

She added that the partnership with the SEC underscored a shared vision to strengthen the Islamic finance ecosystem, deepen investor confidence, and support innovation that aligns with integrity and shared prosperity.

by Dan Poster — October 8, 2025 in Business 0

MV Minervagracht: IMO scribe laments death of seafarer

IMO Secretary-General Arsenio Dominguez has expressed sadness over the passing of a seafarer following an attack on the MV Minervagracht in the Gulf of Aden, calling for an end to assaults on international shipping and urging dialogue to resolve tensions.

“I am deeply saddened to learn of the passing of a crew member of the MV Minervagracht, as a result of injuries sustained during an attack on the vessel in the Gulf of Aden on 29 September 2025”, Dominguez said.

“My thoughts, along with those of the Secretariat and of the entire membership of the International Maritime Organization (IMO), are with the family of the crew member.

“I strongly condemn any type of attack against international shipping, regardless of its motivation or cause.

“These deplorable attacks in the Red Sea violate international law and freedom of navigation. Innocent seafarers and local populations are horrified by the main victims of these attacks and the pollution they cause.

Constructive dialogue is the solution to resolving ongoing geopolitical crises affecting seafarers and international shipping.”

“The Netherlands-flagged general cargo vessel came under attack approximately 128 nautical miles southeast of Yemen’s port city of Aden on September 29. Following the attack, the vessel was on fire and left adrift, creating a navigational hazard in the area.”

The attack marked the second time the MV Minervagracht had been targeted within a week, following a previous incident on September 23 while en route to Djibouti. The United Kingdom Maritime Trade Operations confirmed that on that date, a vessel reported “a splash and the sound of an explosion in its vicinity 120 nautical miles east of Aden.”

Yemen’s Houthis have since claimed responsibility for the attack.

by DFC Management — October 7, 2025 in Transport/Maritime 0

PDP suspends secretary over alleged anti-party activities

The Peoples Democratic Party, PDP, in Kaduna State has suspended its State Secretary, Sa’idu Adamu, over alleged gross misconduct and anti-party activities.

This was contained in a statement signed by the State Publicity Secretary of the party, Maria Dogo, on Monday in Kaduna.

According to the statement, the State Working Committee of the party took the decision and it was ratified by the State Executive Committee during a meeting held at the party’s secretariat in Kaduna.

The statement said that the action aligns with the provisions of Articles 58(1)(h) and 57(3) of the PDP Constitution (2017 as amended).

It added that Adamu’s suspension, which takes immediate effect, will last for one month pending the outcome of investigations and subsequent decisions of the party.

The PDP also barred him from participating in any party activity at all levels during the suspension.

“The PDP wishes to assure its members and the general public that the party remains resolutely committed to upholding internal discipline, fairness, and justice under the able leadership of the State Chairman, Edward Masha.

“The ongoing efforts of the State Working Committee are aimed at strengthening the party’s structures and ensuring accountability across all ranks,” the statement said.

by Dan Poster — October 7, 2025 in Politics 0

No aspirant will be denied fair chance – Fintiri tells PDP members

Governor Ahmadu Fintiri of Adamawa State has assured members of the Peoples Democratic Party (PDP) that the upcoming 2025 national convention will be open, fair, and transparent.

Fintiri, who chairs the PDP National Convention Organising Committee (NCOC), gave the assurance during the inaugural meeting of the Protocol Sub-committee chaired by Governor Caleb Mutfwang of Plateau State in Abuja on Monday.

He said the party was committed to internal democracy and would provide a level playing field for all qualified aspirants.

“No aspirant will be denied the opportunity to test their popularity and acceptability among members,” Fintiri said.

The governor noted that arrangements were being finalised for the list of delegates, adding that the process would be credible and transparent.

He urged party stakeholders to remain united and avoid internal conflicts that could affect the PDP’s image.

“The success of this convention depends on our collective commitment and teamwork,” he added.

by Dan Poster — October 7, 2025 in Politics 0

Alleged certificate forgery: Nnaji should be suspended, probed – Lawyer

Human rights lawyer, Inibehe Effiong, has urged the Nigeria police to probe the Minister of Science, Technology, and Innovation, Uche Nnaji, over allegations of certificate forgery.

Effiong made this call on Monday, while responding to questions in an interview on ‘Politics Today’, a programme on Channels Television.

He stated that the inconsistencies in the minister’s academic records and the conflicting statements from the University of Nigeria, Nsukka, UNN, and the minister himself required urgent attention.

The lawyer expressed shock that such alleged irregularities escaped scrutiny during Nnaji’s screening before appointment.

“How did all these things escape the scrutiny of the Nigerian State Security Service?

“As I speak to you, the State Security Service has maintained a conspiratorial silence. It is a conspiracy,” he added.

The human rights activist described the allegations as “grave” and urged President Bola Tinubu to suspend Nnaji pending investigation.

“This minister must be immediately suspended pending the conclusion of the investigation.

“He has to surrender himself to the police for investigation for forgery; otherwise, they will be telling Nigerians that we are running a government of certificate forgers and criminality,” he added.

by Dan Poster — October 7, 2025 in General News 0

Gbajabiamila organises free health check for Lagos community

The Chief of Staff to the President, Femi Gbajabiamila, on Monday, facilitated free medical outreach at Agboyi Ori Omi, a remote riverine community in the Agboyi-Ketu Local Council Development Area of Lagos State.

The News Agency of Nigeria reports that the outreach was organised in collaboration with the Lagos State Health District 2 and the Taiwan Root Medical Peace Corps.

Some of the services provided include oral health checks and treatment, blood pressure checks, screening for TB, eye screening, blood sugar checks, HIV testing and counselling, and treatment of minor ailments.

The beneficiaries also got free glasses and free medication.
Gbajabiamila, who was represented by a member of the Lagos State House of Assembly representing Surulere Constituency I, Desmond Elliot, said health remained a priority to the people, including those at the grassroots.

He said President Bola Tinubu’s administration was taking health matters very seriously.
Urging the people of the island to take advantage of the gesture, holding in three different communities in the state, Gbajabiamila urged the people to pay keen attention to their health

“The tests are done here, we are here for on-the-spot treatment when a diagnosis is being made. I think it is very laudable and it is in partnership with Lagos State Government.

“We want people to take advantage of this opportunity” Elliot said.
He said that the government would not relent in its commitment to continue to improve the standard and quality of healthcare across the country.
Also speaking, Lukmon Lawal, Special Adviser on Budget and Finance to Speaker of the House of Representatives, Tajudeen Abass, applauded Gbajabiamila for his commitment to improving access to healthcare across the country.

Lawal said Gbajabiamila, over time, had demonstrated love for the ordinary people and had impacted lives through health care, education and empowerment.

“Bringing healthcare to one of the most forgotten communities in Lagos is commendable. Without improvement in healthcare, household income and education will suffer. So anytime, any day, we are winning with qualitative healthcare.

“Today, in their thousands, the Agboyi communities are enjoying medical outreach.
“Tomorrow, we will be at Primary Health Centre Ketu, and for Wednesday and Thursday, we will be at Ikorodu for two days.

“So, we are sending the message of Renewed Hope to all nooks and crannies of Lagos and, by extension, Nigeria,” Lawal said.

The Permanent Secretary, Lagos State Health District 2, Dayo Lajide, commended Gbajabiamila’s gesture.
“This island is a bit hard to reach, and our people really do need these services,” Lajide said, noting that the impact of the programme was remarkable.

“It is a big deal for us because we have over 41,000 people living on this island,” she said.
She said that the state government was working to upgrade the Primary Healthcare Centre on the island.

In her remark, the Chairman, Agboyi-Keyi LCDA, Adetola Abubakar, applauded President Tinubu for providing leadership for ordinary Nigerians.

Describing Gbajabiamila’s health intervention as special and apt, Abubakar thanked him for touching lives.
“Every aspect of our national life is being taken care of. The

Chief of Staff, like the President, has the welfare of the citizens at heart, bringing this very important health care project to us.”
She also appreciated the management of the Lagos State Health District 2 for helping to provide people with comprehensive and quality health services, especially at the grassroots.

by Dan Poster — October 7, 2025 in General News 0

Aregbesola group tackles FG over Osun LG allocations

Omoluabi Progressives, a group loyal to former Minister of Interior, Rauf Aregbesola, has accused the Federal Government of unlawfully releasing local government allocations in Osun State to what it described as “illegal” council chairmen loyal to the All Progressives Congress.

The group, in a statement on Monday, warned the chairmen elected during the October 15, 2022 council election held under the administration of former Governor Adegboyega Oyetola, against spending the six months’ allocation recently released to them.

The chairman of the group, Mr. Isha Adesiji, said the release of the funds—allegedly paid into accounts belonging to persons not recognised by law—was “a gross violation of financial regulations” and an attempt by the APC-led Federal Government to convert Osun’s public resources into a political war chest.

“Government allocations cannot be paid directly or indirectly into any individual’s account. Doing so amounts to an egregious violation of financial procedures which the ICPC should urgently investigate,” Adesiji said at a press briefing in Osogbo.

“The so-called YES OR NO illegal chairmen must not touch the money. The Federal Government must stop treating Osun people’s resources as the APC’s political war fund.”

Adesiji alleged that the FG, instead of respecting court rulings and upholding due process, was “starving duly elected local government executives” produced by the Peoples Democratic Party administration of Governor Ademola Adeleke while empowering a “disbanded” set of chairmen reinstated by a controversial appellate judgment.

“This unconscionable act amounts to a declaration of war against the Nigerian Constitution and against the people of Osun State. It sets a dangerous precedent where the Federal Government disregards valid court judgments to entrench its party’s rejected cronies in power,” he said.

The Omoluabi Progressives urged professional bodies, civil society groups, and labour unions to resist what it called the Federal Government’s “creeping authoritarianism,” saying the issue went beyond partisan politics and touched on constitutional integrity.

But in a swift reaction, the Osun State chapter of the APC dismissed the group’s position as “belated and attention-seeking.”

The Osun APC spokesperson, Kola Olabisi, accused the Aregbesola-backed group of siding with the PDP and misrepresenting the February 10, 2025 Court of Appeal judgment which, according to the APC, reinstated the party’s chairmen and councillors.

“It would be pertinent for discerning minds to ask if those driving the affairs of Omoluabi Progressives have just woken up from their slumber,” Olabisi said in a statement.

“Their tirade is not only stale but exposes their bias and desperation to remain relevant.”

Olabisi also challenged the Aregbesola group’s authority to interpret court judgments, urging it to focus on reviving the African Democratic Congress—under which Aregbesola serves as National Secretary—rather than “dabbling in issues that do not concern it.”

by Dan Poster — October 7, 2025 in General News 0

Solar panel importation hits N242.68bn

Nigerians spent about N242.68bn on the importation of solar panels in the first half of 2025, underscoring the country’s sustained demand for renewable energy solutions even as the Federal Government intensifies efforts to boost local production.

The figure also places solar panels among Nigeria’s top imported commodities, according to the latest Foreign Trade Statistics from the National Bureau of Statistics, obtained by The PUNCH on Tuesday.

The report revealed that photovoltaic cells assembled in modules or made up into panels valued at N125.29bn were imported between January and March 2025. In the second quarter, imports worth N117.39bn were recorded, bringing the total for the first half of the year to N242.68bn.

However, the six-month figure marked a sharp decline compared to the N237.3bn recorded in the final quarter of 2024, indicating a slowdown in import demand.

The Federal Government has recently intensified its campaign to reduce dependence on imported solar panels, maintaining that Nigeria now possesses the capacity to drive local manufacturing.

The Managing Director/CEO of the Rural Electrification Agency, Abba Aliyu, stated that Nigeria’s installed solar module manufacturing capacity had increased to 600 megawatts, up from 110 megawatts previously.

He listed key facilities, including a 100MW plant in Lagos, a 250MW facility in Abuja, and others in Idu and Port Harcourt, as part of the country’s localisation drive.

According to him, over 50 renewable energy service companies are now active in Nigeria, compared to just about 10 a few years ago.

“We are changing the narrative,” Aliyu said. “Nigeria now has the capacity to produce solar panels locally and support the transition to clean energy.”

In March, the Minister of Science and Technology, Uche Nnaji, announced that the Federal Government would soon restrict solar panel imports under Executive Order, which prioritises local content in science, engineering, and technology.

Nnaji added that the National Agency for Science and Engineering Infrastructure and private investors had already commenced production, insisting that local output could meet domestic demand.

“With lithium in abundance here in Nigeria, we are processing materials for batteries and ensuring that homes, hospitals, and institutions benefit from clean mini-grid solutions. Personally, I have been off-grid for three years, and it works,” he said.

However, global consulting firm PricewaterhouseCoopers has advised caution, warning that an immediate ban on solar panel imports could backfire.

In its report titled ‘Rethinking Nigeria’s Proposed Solar Panel Import Policy’, PwC noted that a sudden restriction could stall progress on energy access, discourage investors, and create short-term supply shortages.

“While the push for local industrialisation is commendable, a phased reduction in imports over a three- to five-year period would be more effective,” the report stated.

PwC recommended that the government focus on creating an enabling environment for local manufacturers to scale up while enforcing strict quality control standards to prevent the influx of substandard panels.

Meanwhile, the State House has advanced its plan to go off-grid with the recent installation of solar panels at its conference centre, a signal of the government’s gradual shift towards sustainable and independent power supply.

It was reported that the State House allocated N10bn in the approved 2025 budget for the installation of a solar mini-grid at the Presidential Villa.

This comes as the overall allocation to the State House Headquarters rose from N47.11bn in the proposed 2025 budget to N57.11bn in the approved version, driven entirely by an increase in capital expenditure from N33.55bn to N43.55bn.

A breakdown shows that the additional N10bn was earmarked solely for the solar project titled ‘Solarisation of the Villa with Solar Mini Grid.’

The project is expected to reduce dependence on the national grid and cushion the impact of tariff hikes on government finances, though it quietly reflects dwindling confidence in the nation’s unstable power supply system.

by Dan Poster — October 7, 2025 in Business 0

Tinubu approves N4tn bond to clear GenCos debts – Power minister

President Bola Tinubu has approved a N4tn bond to clear verified debts owed to power generation companies and gas suppliers as part of efforts to stabilise Nigeria’s electricity market and restore confidence in the sector.

The Minister of Power, Adebayo Adelabu, made the disclosure in Abuja at the Expert Forum on ‘Uninterrupted Power: The Industrial Imperative’ organised by the Nigeria Economic Summit Group, where he outlined ongoing reforms under the Federal Government’s Renewed Hope Agenda to make the power sector sustainable and commercially viable.

According to him, the bond approval forms part of a broader financial stabilisation plan designed to address legacy liabilities that have hindered investment and liquidity across the electricity value chain.

“To stabilise the market, Mr President has approved a N4tn bond to clear verified GenCo and gas supply debts. Alongside this, a targeted subsidy framework is being developed to protect vulnerable households and ensure a sustainable path toward full commercialisation and a viable industry.”

He explained that the Federal Government is pursuing a comprehensive, multi-pronged approach to reposition the sector for “sustainability, efficiency, and growth”, spanning legislation, policy reform, infrastructure development, energy transition, and local content expansion.

The minister further stated that the government’s tariff policy reforms have begun to yield positive results, noting that through tariff policy reforms which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries.

He revealed that sector revenue had grown substantially in the last year, adding, “Industry revenue has increased by 70 per cent to N1.7tn in 2024 compared to the previous year, and the revenue is expected to exceed N2tn for 2025.”

While highlighting the government’s commitment to ensuring a stable electricity market, he emphasised that the debt clearance would provide relief to GenCos and gas suppliers whose unpaid invoices have long crippled generation capacity and operational efficiency.

The minister also assured stakeholders that ongoing efforts in infrastructure development, including the Presidential Power Initiative, are targeted at expanding generation and transmission capacity across the country.

He urged participants to support the Federal Government’s ongoing reforms, expressing optimism that collaboration with the private sector and development partners will accelerate Nigeria’s journey toward a stable, reliable, and industrially competitive power sector.

In the area of infrastructure development, Adelabu explained that the Federal Government had introduced targeted national programmes aimed at accelerating the viability, expansion, and modernisation of the national grid.

“Under the phase zero of the Presidential Power Initiative, we enhanced transmission capacity, grid stability, and overall system reliability, with over 700 megawatts of additional transmission capacity already achieved. Under Presidential Power Initiative Phase One, contracts have been signed with Siemens Energy, CMEC, Elswedy Electric, and Power China. Financing arrangements are underway to support implementation. Phase one is planned to add 7000 MW of operational capacity to the grid,” he said.

In parallel to the grid expansion, Adelabu stressed that generation capacity is being expanded through the rehabilitation of existing NIPP plants to unlock about 345 MW, alongside the successful integration of the 700 MW Zungeru Hydropower Plant into the grid.

by Dan Poster — October 7, 2025 in Business 0

Ecobank Nigeria upgrades mobile app

Ecobank Nigeria has announced the launch of its upgraded mobile app targeted at delivering a faster, smarter, and simpler banking experience for its customers.

Disclosing this in a statement on Monday, the bank said that the upgrade reflected its commitment to digital innovation and financial empowerment.

The newly enhanced mobile app features a modern design and improved functionalities, including advanced facial recognition, seamless bill payments, airtime top-ups, and QR code payments, all tailored to make banking more convenient for customers on the go.

The Managing Director of Ecobank Nigeria, Bolaji Lawal, said, “These new features make smart banking effortless for our customers using their smartphones. The new mobile app leverages digital technology to offer real convenience, security, and flexibility, enabling individuals to manage their finances with ease.”

Also speaking, Executive Director, Commercial and Consumer Banking, Ecobank Nigeria, Kola Adeleke, explained, “The upgraded app comes with account opening, cardless onboarding, end-to-end card management for card request, activation, PIN change, block and unblock account, end-to-end profile management, dormant account reactivation and live monitoring of foreign exchange rates.”

He added, “This app is not just a digital tool; it represents how we want to engage with our customers. Our goal is to make banking faster, smarter, and simpler for our customers.”

The upgraded Ecobank Mobile App is now available for download on both the App Store and Google Play Store.

by Dan Poster — October 7, 2025 in Business 0

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