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FG backs DHQ as coup rumour sparks political firestorm

President Bola Ahmed TinubuThe Federal Government, on Sunday, broke its silence over reports of an alleged failed coup to topple the administration of President Bola Tinubu.

The Minister of Information and National Orientation, Mohammed Idris, in an interview with The PUNCH on Sunday, said the government had faith in the military and had no reason to doubt the position of the Defence Headquarters, which on Saturday dismissed the report of a coup as fake.

On Saturday, in a statement by the Director of Defence Information, Brig. Gen. Tukur Gusau, the military had denied a news report by Sahara Reporters, linking the detention of 16 military officers to a failed coup.

The online newspaper had linked the alleged coup to the cancellation of Nigeria’s 65th Independence Day by the Federal Government.

Dismissing the report, however, in an official statement on Saturday, Gusau condemned the report, saying it was “intended to cause unnecessary tension and distrust among the populace.”

Gusau said the cancellation of the October 1 anniversary parade was “purely administrative,” explaining that it was meant to allow President Tinubu to attend a bilateral meeting abroad and enable troops to sustain ongoing operations against insurgency and banditry.

While declaring that “Democracy is forever,” Gusau said, “The ongoing investigation involving the 16 officers is a routine internal process aimed at ensuring discipline and professionalism is maintained within the ranks. An investigative panel has been duly constituted, and its findings would be made public.”

When contacted on Sunday for the Federal Government’s position on the development, the information minister responded that it was “a military affair”.

“The Federal Government has no reason to doubt the military on what it has said,” the minister said. “The Federal Government believes that the Armed Forces of Nigeria is committed to ensuring the territorial integrity of the country and also strengthening its fight against insecurity.

“The Federal Government commends the military, and it will continue to support them in their task of ensuring the security of Nigeria.”

However, the opposition parties in the country are calling on the Federal Government and the military authorities to come clean and ensure transparency.

Speaking with The PUNCH on Sunday, the National Publicity Secretary of the New Nigeria People’s Party, Ladipo Johnson, said Nigerians deserved to know the truth about the alleged coup plot and the nature of the charges against the detained officers.

“They should let us know what actually happened. We have to know the charges and whether they are facing court-martial or not.

“So, we will know with time whether the military was lying to us or whether the news of soldiers planning a coup is true. Whichever way, we ought to know. That is part of the due process,” he said.

Similarly, the Interim National Publicity Secretary of the Labour Party, Tony Akeni, said it was concerning that the military is “speaking with two mouths.”

“If it is as severe as we tend to think, then we ought to be cautious in making comments. Because, first, the military is speaking with two mouths.

“Secondly, they said those in detention are there because of some disciplinary measures. Yet, we have sources within the rank and file saying there indeed was an issue of that nature (coup),” he said.

He appealed to the military to “be courageous, according to the oath of their service, to bring the actual facts to the public so that innocent lives do not suffer.”

Also weighing in, the National Coordinator of the Obidient Movement Worldwide, Dr Yunusa Tanko, said it was important to verify the authenticity of the alleged coup story before drawing conclusions.

“First of all, you need to establish the truth of the matter before you can suggest punitive measures. There are people already insinuating that this particular statement is planted news by the government in power in order to gain traction,” he noted, adding that public discontent over the government’s performance may have fueled the rumour.

“People are hungry and tired of being manipulated. So, we are not surprised the anger has gone to that particular level even in the military,” Tanko added.

In its Saturday statement, the military reaffirmed its commitment to Nigeria’s democratic institutions and urged Nigerians to disregard rumours of instability.

“The Armed Forces of Nigeria remain firmly loyal to the Constitution and the Federal Government under the leadership of the Commander-in-Chief of the Armed Forces, President Bola Tinubu. Democracy is forever,” Gusau stated.

Meanwhile, the pan-Yoruba socio-political organisation, Afenifere, has warned against any attempt to truncate Nigeria’s democratic process, declaring that a military takeover would spell doom for the country.

The group also reaffirmed its support for President Tinubu’s administration, urging Nigerians to resist any unconstitutional change of government.

Speaking in an interview with The PUNCH in Ibadan, Oyo State, Afenifere’s National Publicity Secretary, Jare Ajayi, said a military coup would set the country back by decades.

He said, “The constitution clearly stated that government cannot be changed except through constitutional means.”

Ajayi urged ambitious officers not to embark on any “calamitous mission,” and warned those inciting such an act to desist, describing a coup as “an ill wind.”

He noted that although the situation in the country might appear challenging, military rule was not the solution.

“The current administration under President Bola Tinubu is trying its best to re-engineer Nigeria. It is hoped that very soon, relief would be had in many areas in which people appear to be feeling some pinches.

“It is a known fact that many military putsches were not informed by patriotism but by selfish interests. At the moment, there is no justification for changing the government in Nigeria by force,” he insisted.

Ajayi added, “It is heartwarming to hear the spokesman for the military, General Gusau, declaring that there is no coup, and that some military officers who were arrested are being investigated.”

Similarly, Afenifere’s National Organising Secretary, Abagun Kole Omololu, in a separate statement on Sunday, condemned any plot or attempt to overthrow the government, saying Nigeria’s growing democracy must not be truncated.

Dan Poster by — October 20, 2025 in General News 0
PSC reinstates sanctioned officers after reviewing disciplinary cases

The Police Service Commission has reinstated several police officers who were previously sanctioned, following a comprehensive review of disciplinary cases.

In a statement on Sunday, the PSC spokesperson, Ikechukwu Ani, said the commission reviewed 24 appeals and one pending disciplinary matter during its plenary session.

He explained that the decisions were taken to uphold fairness and justice in the administration of police discipline.

Among those reinstated was ACP Ejiofor Obiageli, who was compulsorily retired after an incident on September 8, 2023, at Old Netim Division, Akamkpa, Cross River State.

“The commission approved her reinstatement from the date of her compulsory retirement and directed that she be properly placed to be at par with her mates,” Ani said.

He added that ACP Muhammad Yunusa was freed from a punishment of severe reprimand, while the rank of CSP Ihekandu  Okwuonu was restored and he was reinstated, subject to his date of retirement.

“SP Clement Awoyemi also got the commission’s approval for the adjustment of his date of reinstatement, while ASPs Bamiselu Oluwaseun, Ahmed Monday, and Imoohi Doora were all reinstated,” Ani stated.

The commission also dismissed petitions against Deputy Inspector-General of Police  Bzigu Dali, describing allegations of falsified records against him as frivolous.

“The commission noted that as the exclusive body on police discipline, the warning letter issued to the officer, which did not emanate from the commission, was null and void. It also quashed the reversal of his date of birth from April 10, 1967, to April 10, 1966, which was done via a signal,” the statement added.

The PSC Chairman, DIG Hashimu Argungu (retd.), promised that the commission would continue to ensure justice in all disciplinary cases, noting that officers cleared of wrongdoing should not have their careers stalled by administrative lapses.

“The commission will henceforth ensure that pending disciplinary matters are treated with dispatch so that those found culpable are made to face the consequences, while those exonerated are freed to continue with their career progression,” Argungu said.

“The commission will not at any time impede the career progression of any officer who is not found guilty of any misdemeanour.”

Ani also disclosed that, at the commencement of its second plenary meeting on Thursday, the commission approved the promotion of several deserving officers, including the appointment of a new Deputy Inspector-General of Police and the elevation of one Commissioner of Police to the rank of Assistant Inspector-General.

Among those promoted were SP Omenihu Obinna, Commander, Anti-Cult Unit, Abia State Command; DSP Bankole Olajide Joseph, Commander, Bank Guard, Lagos State Command; and several others confirmed as Assistant Superintendents of Police, including Ede Stella Ukamaka of the Police Hospital, Awka, Anambra State; Omeife Bethrand Emeka of 45 PMF, Force Headquarters, Abuja; and Nnamdi Nwoba, O/C Surveillance, Ubakala Division, Abia State Command.

ASP Adeyemi Adeola, Chief of Staff to the Chairman of a Lagos State Task Force, was also promoted to the rank of DSP.

The reinstatements and promotions, Ani noted, are part of the commission’s broader efforts to restore confidence in its disciplinary processes and correct administrative injustices within the Nigeria Police Force.

Over the years, several officers have petitioned the PSC over what they described as wrongful sanctions, arbitrary punishments, and flawed disciplinary proceedings.

Dan Poster by — October 20, 2025 in General News 0
Maths, English remain compulsory for O’Level students – FG

The Federal Government has clarified that English Language and Mathematics remain compulsory subjects for all students registering for their O’Level examinations, despite the recent review of tertiary admission requirements.

In a statement issued on Sunday, the Federal Ministry of Education said the new policy on streamlined admission criteria does not exempt any candidate from registering or sitting for the two core subjects.

The clarification, signed by the Director of Press and Public Relations, Boriowo Folasade, followed widespread misinterpretations of the newly introduced O’Level admission framework.

Earlier on Tuesday, Boriowo had announced that senior secondary school students in the arts and humanities would no longer be required to present a credit in Mathematics for tertiary admissions. She explained that the reform became necessary to widen access to higher education after years of restricted opportunities that denied many qualified candidates admission.

According to her, while over two million candidates sit for the Unified Tertiary Matriculation Examination annually, only about 700,000 gain admission — a gap the new policy seeks to address.

However, the announcement sparked controversy among educationists, some of whom warned that the policy could encourage complacency among students and lower academic standards.

In the latest clarification, the ministry stressed that the reform does not remove the requirement for students to register and sit for Mathematics and English Language in their Senior School Certificate Examinations.

The Minister of Education, Dr. Tunji Alausa, said the reform aims to promote flexibility, inclusiveness, and fairness in tertiary admissions, ensuring that capable students are not denied access because of deficiencies in subjects unrelated to their chosen fields of study.

“The streamlining ensures that deserving students are not denied access to higher education due to credit deficiencies in subjects that are not directly relevant to their chosen fields of study,” Alausa said.

He added that the new framework aligns with global best practices and seeks to correct imbalances in the previous admission system.

While the updated guidelines allow tertiary institutions to admit candidates into certain programmes where credit passes in either Mathematics or English are not compulsory, all students must still register for and sit both subjects.

“The adjustment only affects admission criteria for specific programmes, not the requirement to take the subjects,” the ministry emphasised.

“All students must continue to take both subjects as part of their Senior School Certificate Examinations, as they remain vital components of a sound educational foundation,” the statement partly read.

The ministry reaffirmed that the reform supports the Federal Government’s broader goal of equitable access, inclusivity, and human capital development, while upholding quality and integrity in the education system.

It also urged students, parents, and other stakeholders to rely solely on the ministry’s official communication channels and verified social media platforms for accurate updates on education reforms and policy changes.

Dan Poster by — October 20, 2025 in General News 0
$42.37bn under-remittance: FG extends NNPCL probe to Dec 2024

The Federal Government, through the Federal Accounts Allocation Committee, has extended the ongoing probe and reconciliation of payments made by revenue-generating agencies, including the Nigerian National Petroleum Company Limited, to December 2024, following unresolved discrepancies in remittances.

This comes as the company has submitted its response on an alleged revenue under remittance of $42.37bn, an equivalent of N12.91tn, to the federation account between 2011 and 2017.

According to documents from the October 2025 meeting of the Federation Account Allocation Committee, obtained by The PUNCH on Sunday, the extension was approved after the sub-committee in charge of the monthly reconciliation meetings reported that several outstanding payments were yet to be fully reconciled.

“Members should note that the above outstanding amounts are still being reconciled at the monthly reconciliation meetings between the agencies and the sub-committee.

Furthermore, the outstanding payments from the Revenue Generating Agencies before June 2023 were referred to the Stakeholders Alignment Committee,” the document stated.

It was further revealed that outstanding payments by the agencies before June 2023 have been referred to the Stakeholders Alignment Committee for deeper scrutiny.

To ensure accurate reporting and eliminate discrepancies, the NNPCL has been mandated to provide its actual remittance figures to replace previously submitted estimates.

“Also, the second phase of the reconciliation extended the period to December 2024, and NNPCL was mandated to provide its actual figure to replace the estimates. The Sub-Committee awaits the outcome of the report of the Technical Reconciliation Committee meeting conveyed by the Ministry of Finance,” the document added.

The sub-committee also noted that it is awaiting the outcome of the report from the Technical Reconciliation Committee convened by the Federal Ministry of Finance to harmonise submissions from all relevant agencies.

The amount yet to be reconciled includes N1.02tn and $137.84m in unreconciled revenue from key revenue-generating agencies, including the NNPCL, the Nigerian Upstream Petroleum Regulatory Commission, and the Federal Inland Revenue Service.

A breakdown of the figures indicated that while no dollar remittance gap was recorded under the NNPCL category, the company and NUPRC jointly had N733.19bn outstanding. Another N296.25bn was attributed to discrepancies between the FIRS and NNPCL, while $69.03m and $68.02m were traced to unresolved balances involving FIRS, NNPCL, CBN, and NUPRC.

The extended probe follows months of revenue disputes between the NNPCL and government fiscal authorities over unremitted earnings.

The document also revealed that the government has begun reviewing the NNPCL response to allegations of under-remitting $42.37bn (about N12.9tn) to the Federation Account between 2011 and 2017.

The review follows findings by Periscope Consulting, a firm engaged by the Nigeria Governors’ Forum, which had earlier accused the state oil company of withholding crude oil proceeds and other statutory revenues due to the Federation Account during the period.

According to the report titled “Update on NNPC’s Alleged Under Remittances to the Federation Account of $42,373,896,555.00”, the company had earlier requested a two-month grace period to respond to findings by Periscope Consulting, a firm engaged by the Nigeria Governors’ Forum to investigate alleged revenue shortfalls between 2011 and 2017.

“During the Sub-Committee’s meeting, NNPCL reported that it had submitted its response on October 10, 2025, as requested. The ad hoc committee set up to examine the issue was mandated to study the submission and report back. This assignment is still a work in progress,” the FAAC document stated.

The situation has been compounded by NNPCL’s failure to remit any interim dividends into the Federation Account this year.

FAAC records show that the oil firm was expected to contribute N271.18bn monthly, translating to N2.17tn year-to-date, but no payments have been made so far, creating a significant shortfall in the government’s revenue projections.

The extended probe aligns with recent warnings from the World Bank, which accused NNPCL of failing to fully remit oil revenues to the Federation Account, thereby undermining fiscal transparency and macroeconomic stability.

The Bank noted that while the company was corporatised in 2021 to operate as a commercial entity, it still retains monopolistic control over crude oil sales and foreign exchange inflows, leading to persistent gaps between reported earnings and actual remittances.

“NNPCL has remained a key source of revenue leakages,” the World Bank stated, urging the government to “strengthen oversight, ensure full disclosure of oil proceeds, and improve transparency in federation revenue management.”

The institution said the state-owned company has only been remitting 50 per cent of revenue gains from the removal of the Premium Motor Spirit subsidy to the Federation Account.

It said out of the N1.1tn revenue from crude sales and other income in 2024, the NNPCL only remitted N600bn, leaving a deficit of N500bn unaccounted for.

“Despite the subsidy being fully removed in October 2024, NNPCL started transferring the revenue gains to the Federation only in January 2025. Since then, it has been remitting only 50 per cent of these gains, using the rest to offset past arrears,” the World Bank stated.

Since assuming office, the NNPCL Group Chief Executive Officer, Bayo Ojulari, has consistently pledged to entrench transparency, efficiency, and accountability in the company’s operations.

He has repeatedly assured Nigerians and the global investment community that the company’s books would be transparent and that its dealings with the Federation Account would be fully compliant with fiscal rules.

However, despite these assurances, legacy issues from previous years, particularly allegations of under-remittance running into tens of billions of dollars, continue to cloud the company’s transparency drive.

Dan Poster by — October 20, 2025 in Business 0
Over 310m litres of petrol ready for loading – Dangote

Aliko DangoteAs the petrol price hike persists over the weekend, the Dangote refinery has challenged marketers to bring their trucks for fuel loading, boasting that it has over 310 million litres of premium motor spirit (petrol) in its ranks.

The Vice President of the Dangote Group, Devakumar Edwin, stated this Friday during a tour of the refinery.

According to him, marketers are allowed to bring any trucks for loading at the gantry, as the refinery had enough fuel for the local market and for export.

Edwin said some marketers might have raised the price of petrol in their filling stations, thinking the Dangote refinery was not supplying the product at the moment.

“So, this one is again a campaign to try to say the prices will go up. I can go and try to increase my filling station price; maybe Dangote is not supplying. Bring your tankers. We will load. Any number of tankers you bring, we’ll load. It’s a challenge I’m throwing today. No one can come and tell me I’m not loading. We can load any number of tankers you bring. So, you can see whether I have the capacity to produce or not.

We have more than 310 million litres as of now,” he stressed.

On why the refinery reduced its fuel intake, Edwin maintained, “When the prices are a bit low, we buy a lot. When our stocks are going down, we buy a lot. But at the same time, if your inventory of crude is very high, nobody would like to lock so much money into their tanks, because it’s money locked in the form of crude oil. So, we reduce our inflow, which is what happened.”

He stated that this had nothing to do with the factory working or not working.

“They said we have problems. No factory works 100 per cent every day without a problem. But if there is a problem, whether it is going to affect your final production or not is a key issue. So, normally all these major businesses have what we call turnaround maintenance.

“That is why they go for once in two years or three years; a new refinery like this will go for once in five years. So, if there are problems which will affect the production, we take a turnaround maintenance. Take, for example, our fertiliser, which took a turnaround maintenance sometime last year. So, at that time, your product outflow definitely comes down.

“But here, as I was explaining, I have more than 310 million litres of PMS as of today inside my tanks, apart from the production which is coming out every day,” he emphasised.

Edwin insisted that the refinery has a capacity to supply the 100 per cent requirement of diesel, PMS, and aviation fuel needed in Nigeria and still exports almost 50 per cent of its production overseas.

“It’s a very large refinery. You can go and check with any engineer in the refining business: a 650,000-barrel refinery producing 94 per cent lighter product. Only 6 per cent comes as a carbon black feedstock, which is a heavier product. It’s not like our old Nigerian refineries, where a lot of low pour fuel oil, heavy fuel oil and all come in.

“This is 94 per cent of either PMS or AGO or JetA1. Our production of lighter products is very large, much, much more than Nigeria’s requirements. And we are producing. You went inside today. You saw the refinery working, and you can come and see our stock position,” he stated.

The PUNCH reports that the sudden jump in petrol prices from about N865 per litre to almost N1,000 has left many Nigerians confused, especially as the two main factors that determine the price, crude oil and the exchange rate, have both been stable lately.

Our correspondent observed that the naira, which exchanged for around N1,700 to a dollar in the first quarter of this year, now trades around N1,470. Likewise, crude oil, which once sold above $80 per barrel earlier in the year, is now around $60.

According to data from energy intelligence firm Kpler, crude oil prices fell sharply last week, with Brent dropping below $60 per barrel for the first time since May after US President Donald Trump threatened higher tariffs on Chinese goods. Although the president later backtracked, the brief episode rattled the market, exposing its fragility to economic shocks.

The PUNCH reports that the timing of that fall coincided with a sudden increase in petrol prices by depot owners and the Dangote refinery, deepening confusion among consumers who are already struggling with high costs of living.

When Nigerians were expecting a reduction in petrol prices, the figures surged last week Monday.

The Independent Petroleum Marketers Association of Nigeria has blamed depot owners for the hike, which has climbed to between N930 and N950 per litre in most parts of the country.

Following the increase, filling stations across Lagos, Ogun and Abuja raised their pump prices to match the new regime.

The Nigerian National Petroleum Company Limited retail outlets raised the petrol price to N928 per litre. But it reduced this to N920 over the weekend.

The NNPC spokesperson, Andy Odeh, told The PUNCH that the adjustment was a direct result of higher depot prices.

Dangote partners, MRS and Heyden, sold petrol at N925 and N923 per litre, respectively.

It was learnt that the refinery had also raised its petrol gantry price to about N870 per litre, up from N820.

Dan Poster by — October 20, 2025 in Business 0
Great Nigeria Insurance rebounds with N2bn profit

Great Nigeria Insurance PlcGreat Nigeria Insurance Plc has reversed the loss of N736m in 2022 to post a profit after tax worth N2bn at the end of 2023.

The financial performance of the insurance firm was disclosed at its 53rd Annual General Meeting held in Lagos recently.

Speaking on the floor of the AGM, the chairman of GNI, Bade Aluko, said that the company had reported a significant financial turnaround for the year 2023, driven largely by exceptional investment income and sector-wide resilience despite severe national economic conditions.

In the year under review, the firm transitioned to the International Financial Reporting Standard 17. The 2022 transiting figure for Insurance Revenue stood at N2.6bn, but it dropped in 2023 by 3.8 per cent to N2.5bn.

The Insurance Service Expense for 2023 stood at N2bn, rising from N1.5bn in the previous year.

In the current reporting year, the company’s Net Investment Income stood at N4.6bn, higher than N1.3bn, indicating a 254 per cent surge in Investment Income. Profit After Tax jumped to N2bn from a loss of N736m in 2022.

Net investment income was highlighted as a key driver of this success, with the report noting, “In the current reporting year, the company’s Net Investment Income stood at N4.6bn as against the 2022 figure, which was N1.9bn.”

The chairman acknowledged the broader macroeconomic context, saying, “Our organisation gallantly thrived through the avalanche of economic woes that swept businesses globally and locally since the unfortunate throes of the pandemic and the Russia/Ukraine war. The ripple effects of the pandemic from 2019, regurgitating all through into 2023, and the harsh economic realities in Nigeria stemming from the reforms of the current administration may have had smattering effects on our operations, but, as has been reflected in our books, we have emerged profitable regardless.”

Looking ahead, Aluko outlined the powerful forces expected to shape the future of the Nigerian insurance industry.

He said, “The future of Nigeria’s insurance industry will likely be shaped by four powerful forces: regulatory upgrades (like IFRS 17), economic reforms, technology adoption, creating both challenges and big opportunities, and the newly signed Nigerian Insurance Industry Reform Act 2025.

“It is expected that IFRS 17 will change the dynamics of insurance performance reporting going forward. The takeaway will be greater transparency and investor confidence. By standardising key assurance measures and reporting performance, IFRS 17 should boost investor trust, attract foreign capital, and help the market compare companies more easily,” he observed.

On NIIRA 2025, the chairman said, “The newly signed NIIRA 2025 has several radical reforms that are mainly targeted at boosting confidence and trust in the insurance industry in Nigeria and ultimately gaining geometrical penetration if keenly executed.” The act “also provided a robust system that will guarantee the financial safety of the insured in case of insolvency while creating a formidable bulwark against insolvency for the insurer.”

He maintained that despite the positive reforms, the industry continues to face significant headwinds stemming from the broader economy: “There are still challenges that could slow growth in the near future if not properly and timely mitigated presently.”

Aluko reassured the shareholders that GNI was committed to sustaining resilience in the face of the market dynamics.

“Great Nigeria Insurance Plc. remains committed to a rigorous pursuit of excellence in our operations as an insurance company. We have maintained a rare display of courage and resilience thus far, and we will continue to give it all it takes to ensure we keep thriving in all our business expressions,” he concluded.

GNI is undergoing a mandatory takeover by Insurance Resourcery and Consultancy Services Limited. Under this arrangement, the company will acquire 500,000,000 ordinary shares in Great Nigeria Insurance Plc at N1.30 per share in accordance with the provisions of Part XII Section 143 (2) of the Investments and Securities Act 2025.

Dan Poster by — October 20, 2025 in Business 0
Financial stocks power N1.27tn rally on NGX

NGX Group BuildingThe Nigerian Exchange Limited closed last week on a positive note as investors gained N1.27tn, pushing the market capitalisation to N94.56tn. The All-Share Index rose by 1.35 per cent to 148,977.64 points, driven largely by gains in financial stocks, Temitope Aina writes

The Nigerian Exchange Limited recorded a significant rebound in trading activities last week, as investors gained about N1.27tn in market value, driven largely by strong demand for financial stocks and renewed investor confidence across key sectors.

At the close of trading on Friday, the All-Share Index and market capitalisation appreciated by 1.35 per cent and 1.36 per cent to settle at 148,977.64 points and N94.561tn, respectively, compared to the previous week’s 146,998.63 points and N93.291tn.

Market data from the Exchange showed that a total turnover of 2.422bn shares worth N76.618bn was traded in 126,591 deals during the week, as against 2.286bn shares valued at N90.280bn exchanged in 138,177 deals the previous week.

The Financial Services Industry (measured by volume) dominated the activity chart, accounting for 1.662bn shares valued at N32.565bn traded in 56,253 deals. This represented 68.65 per cent and 42.50 per cent of the total equity turnover volume and value, respectively.

Following closely was the ICT industry, which recorded 184.884m shares worth N8.662bn in 11,500 deals, while the services industry occupied the third position with 154.537m shares valued at N1.066bn exchanged in 5,975 deals.

Trading in the top three equities, Consolidated Hallmark Holdings Plc, Fidelity Bank Plc, and Access Holdings Plc, accounted for 618.549m shares valued at N9.220bn in 9,277 deals, contributing 25.54 per cent and 12.03 per cent to the total equity turnover volume and value, respectively.

Also, a total of 202,526 units of Exchange Traded Products valued at N24.917m were traded this week in 556 deals, in contrast to 147,745 units valued at N24.075m transacted last week in 372 deals.

Similarly, investors traded a total of 448,601 units of bonds valued at N381.846m in 46 deals, compared to 984,209 units worth N883.357m traded in 28 deals in the preceding week.

A review of the sectoral performance indicated that all other indices finished higher with the exception of the Consumer Goods, Banking, AFR Bank Value, AFR Div Yield, MERI Growth, NGX MERI Value, and Growth Indices, which declined 0.19 per cent, 0.13 per cent, 0.51 per cent, 0.93 per cent, 0.97 per cent, 0.68 per cent, and 2.08 per cent, respectively.

Market breadth closed positive, with 52 equities appreciating in price during the week, higher than the 51 equities recorded in the previous week. 41 equities depreciated, the same number as in the previous week, while 53 equities remained unchanged, lower than the 55 equities recorded earlier.

According to data released by the Exchange, Sovereign Trust Insurance Plc emerged as the week’s top gainer, rising 11.21 per cent from N3.21 per share to close at N3.57 per share. The company was followed by Royal Exchange Plc, which appreciated 11.11 per cent, moving from N2.16 to N2.40 per share.

Eunisell Interlinked Plc also saw significant investor interest, gaining 10 per cent to close the week at N48.40 per share from N44.00, while SFS Real Estate Investment Trust rose 9.88 per cent to close at N418.75 from N381.10.

Omatek Ventures Plc appreciated 9.49 per cent, rising from N1.37 to N1.50 per share, while Transcorp Power Plc climbed 8.92 per cent, closing at N342.00 per share compared to N314.00 at the start of the week.

Stanbic IBTC Holdings Plc gained 8.26 per cent to close at N118.00 from N109.00, while Universal Insurance Plc advanced by 8.11 per cent, moving from N1.11 to N1.20 per share.

Vitafoam Nigeria Plc appreciated 7.41 per cent to close the week at N87.00 per share, up from N81.00, while Prestige Assurance Plc rounded off the list of top ten gainers with a 6.51 per cent increase, closing at N1.80 per share compared to N1.69 at the beginning of the week.

On the flip side, Tripple Gee and Company Plc led the decliners’ chart, shedding 18.84 per cent to close at N4.91 per share from N6.05. Academy Press Plc followed closely, losing 17.92 per cent to close at N7.88 per share, down from N9.60, after marking an ex-dividend of 15 kobo per share and a one-for-five bonus.

Regency Assurance Plc also recorded a loss of 13.94 per cent, closing at N1.42 per share from N1.65, while LivingTrust Mortgage Bank Plc declined 13.46 per cent to N4.50 from N5.20 per share.

Industrial & Medical Gases Nigeria Plc dropped 9.87 per cent to close at N32.40 per share from N35.95, and Sunu Assurances Nigeria Plc depreciated 9.01 per cent to N5.25 per share from N5.77.

UAC of Nigeria Plc also posted a decline of 8.53 per cent, falling from N72.70 to N66.50 per share, while Austin Laz & Company Plc shed 7.94 per cent to close at N2.90 from N3.15.

Ellah Lakes Plc lost 7.20 per cent to close at N13.40 per share from N14.44, while Chams Holding Company Plc completed the list of top decliners with a 6.98 per cent drop, closing at N4.00 per share from N4.30.

Meanwhile, the Exchange also announced regulatory updates, including the delisting of Smart Products Nigeria Plc and the migration of Juli Plc to the Growth Board. According to a market bulletin referenced NGXREG/IRD/MB76/25/10/08, the delisting of Smart Products followed its failure to meet the required criteria for migration after the closure of the ASEM Board, while Juli Plc successfully transitioned to the Growth Board effective Monday, October 13, 2025.

Last week’s market performance, analysts noted, reflected growing investor appetite for financial sector equities amid expectations of improved third-quarter earnings results and moderate inflationary pressures. They added that the N1.27tn rise in market capitalisation signals renewed optimism as investors position for dividend yields and possible policy stability ahead of the year-end trading season.

Dan Poster by — October 20, 2025 in Business 0
NAFDAC Urges Stakeholders To Address Nigeria’s Vaccine Manufacturing Hurdles

The Director General of the National Agency for Food and Drug Administration and Control, NAFDAC, Prof. Mojisola Adeyeye, has challenged manufacturers of pharmaceutical products in the country to take the necessary investment decisions that will facilitate the production of human vaccines in Nigeria.
She warned that Nigeria should not wait for another pandemic before it gets prepared and avoid being caught unawares, as witnessed during COVID-19, when the country depended on international donors to survive the scourge.
As was contained in a press release by Sayo Akintola
Resident Media Consultant NAFDAC, the DG explained,
“When I came to NAFDAC, we had the Registration and Regulatory Affairs Directorate, which was in charge of registration of all NAFDAC-regulated products, meaning the registration of food, drugs, cosmetics, medical devices, herbal medicines, vaccines, veterinary products, pesticides, and other finished chemicals was under one Director, which made the system susceptible to ineffectiveness and corruption”
“I first carved out the Food Registration and Regulatory Affairs Directorate, and what was left over was still huge. Adding that if you want good governance and leadership, you must have governable units, governable groups. One Director overseeing seven regulated products will not achieve the necessary efficiency. “
“That was why we knew that we had to separate vaccines and medical devices from the Drug Registration and Regulatory Affairs Directorate.
NAFDAC became Maturity Level 3 in 2022 for medicines and imported vaccines. For NAFDAC to be benchmarked for vaccines, biologics and medical devices, she explained that we had to have a separate Directorate headed by a director to ensure that we align with international best practices, and we are operating at the same level as advanced countries of the world.
She disclosed that the Agency had to separate Vaccines, Biologics, and Medical Devices in November 2024 to form one directorate, following the Head of Service of the Federations assessment, evaluation, and sanction, to ensure that it would be a viable Directorate with operating units. “
The DG expressed the hope that the nation would manufacture vaccines before she leaves office, saying that It will be exciting news for me, because during the pandemic we were too dependent on foreign countries. We couldnt get any vaccines unless from outside the country.
That was when the preparedness for epidemics became a reality for us.
She stated that the Agency now has guidelines for emergency preparedness for epidemics and pandemics. Still, she warned that if theres another pandemic now and Nigeria is not yet manufacturing human vaccines, despite having manufactured veterinary vaccines since 1924, the country will again be at the mercy of other countries.
During the pandemic, we ran up and down to see whether we could start manufacturing vaccines, but things did not work out, she said, adding that we must decide as a country that we will not be too dependent on others. We will manufacture our own.
 According to her, there has been a movement to do that, but this has not come to reality. Thats why I pray that before my tenure is over, we will be manufacturing vaccines.
According to her, any country that wants to manufacture vaccines that will be pre-qualified by the WHO must have a regulatory system with at least Maturity Level 3 status. She added that the fact that we now have ML3 for medicines and imported vaccines in 2022 brought us to the discussion of manufacturing vaccines.
She explained that, as a country, we had to fulfil the requirements of nine modules in the WHO Global Benchmarking Tool, one of which is Licensing Establishments for the Pharmacy Council of Nigeria (PCN), and NAFDAC had the remaining eight.
She pointed out that the ML3 we achieved was for seven of the eight, emphasizing that we have not been benchmarked for locally manufactured vaccines.
Prof. Adeyeye noted that NAFDAC is the only National Regulatory Agency (NRA) in sub-Saharan Africa that has an in-house laboratory for vaccines, biologics, and medical devices.
She said the South African Health Products Regulatory Authority (SAHPRA) has a laboratory for vaccines but contracted it out to private operators.
We are working towards getting our ML3 for locally manufactured vaccines. We already have ML3 for medicines and imported vaccines since 2022.
 WHO came last year, they saw everything that we have as a regulatory agency on indicators for vaccine Lot Release; we have almost satisfied everything except that the country must manufacture vaccines because its when we manufacture vaccines that we can do local facility inspections.
She said NAFDAC has been conducting Lot Release testing on imported vaccines in her lab for years, adding that the WHO wants to know that we can also effectively monitor locally manufactured ones.
 This is where we are as a country, and I pray that within a short time, we will be able to manufacture our own vaccines.
Speaking in the same vein, Mrs. Khadijah Ade-Abolade, Director of Vaccines, Biologics, and Medical Devices Registration and Regulatory Affairs, stated that the federal government is playing a strategic role to ensure that local vaccine manufacturing takes off in the country.
She stated that the policy has been established, and support is being provided to ensure that vaccine manufacturing takes off in Nigeria.
According to her, the important thing is the regulatory framework, which is already established by NAFDAC and is well-functioning for imported vaccines, and which will also be applied to local vaccines when manufacturing starts in the country.
All the required regulatory functions for the regulation of vaccines are already available. We have our market authorisation, which is the registration that we do; the Inspectorate arm of the Agency conducts regulatory inspections.
We have Clinical trial oversight, which is crucial for vaccine regulation, as well as Post-Market Surveillance and Pharmacovigilance, because we need to monitor the safety and efficacy of our vaccines.
Mrs. Ade-Abolade maintained that the regulatory system for local vaccine manufacture is already well established in the country, stressing that We are just waiting for the manufacturing operations to start by the manufacturers.
“The Director General further emphasized that we have the capability to manufacture vaccines.
The country can start with Fill and Finish while planning on the greenfield.
We have sound scientists. We have our President Bola Ahmed Tinubu, GCFR, who is encouraging local manufacturing as part of the Renewed Hope Agenda. Now is the time to get it done.”
Dan Poster by — October 20, 2025 in General News 0
Professionalism, Ethical Conduct, Non Negotiable – SEC Tells Stockbrokers 

The Securities and Exchange Commisison has urged stockbrokers to uphold the highest level of professionalism and ethical conduct at all times in a bid to ensure a fair and transparent market.

Director General of the SEC, Dr. Emomotimi Agama who stated this weekend during the 29th annual conference of the Chartered Institute of Stockbrokers in Abuja, said investors must have full confidence that the intermediaries who manage their wealth are guided by the highest standards of honesty and competence.

Agama said the theme of this year’s conference: “Capital Markets in a Digital, Ethical, Sustainable Era: Pathways for Economic Transformation” is timely as it speaks directly to the global transition where technology drives innovation, where ethics anchor trust, and where sustainability defines the future of finance.

“These three dimensions—digitalization, ethics, and sustainability—are not separate pillars; they form the foundation of a modern, inclusive, and resilient capital markets.

“Across the world, capital markets are being reshaped by technological innovation. The digital era has introduced new possibilities—from online trading platforms and digital assets to data analytics, blockchain, and artificial intelligence. These innovations are changing how we raise capital, how we invest, and how we supervise.

The SEC Boss stated that the Commission has embraced this transformation as an opportunity to enhance efficiency, transparency, and investor protection adding that ongoing efforts to strengthen market surveillance systems, automate regulatory processes, and introduce risk-based supervision frameworks are all aimed at positioning the Nigerian capital market for the realities of a digital economy.

He said, “We are also actively engaging with stakeholders: including the Chartered Institute of Stockbrokers, to deepen digital literacy and capacity-building across the market. As technology evolves, so must our skills, our ethics, and our shared commitment to fairness and professionalism.

“No amount of innovation can replace the foundational importance of ethics. A truly transformative capital market must be builton integrity, transparency, and accountability.

He said the CIS has remained a key partner in this regard, setting professional standards and upholding the code of ethics that define the stockbroking profession.

“As regulators, we continue to emphasize that professionalism and ethical conduct are non-negotiable. Investors must have full confidence that the intermediaries who manage their wealth are guided by the highest standards of honesty and competence.

“Together, the SEC and the CIS must continue to strengthen ethics education, continuous professional development, and disciplinary frameworks to ensure that the market remains a place of trust”. He added.

Dan Poster by — October 20, 2025 in Business 0
APC only political party in Nigeria – Gov Uzodimma

Chairman of the All Progressives Congress Governors’ Forum and Governor of Imo State, Hope Uzodinma, says the All Progressives Congress, APC, remains the only party in Nigeria.

Uzodimma made this statement on Friday during a meeting of APC stakeholders in Birnin Kebbi, the Kebbi State capital, stressing the country is on the path to renewed prosperity under the reform agenda of President Bola Ahmed Tinubu.

According to him, the positive impact of the reforms was already becoming evident across the country.

“With President Tinubu’s Renewed Hope Agenda, Nigeria is gradually becoming rich and prosperous again.

“The reforms are geared towards reconstructing, rehabilitating, and rebuilding a new Nigeria that works for everyone,” he added.

He extolled the President’s bold decision to remove fuel subsidy, noting that it had significantly increased revenue available to the three tiers of government.

The Chairman of the All Progressives Congress Governors’ Forum also lauded the administration’s youth empowerment drive, particularly the initiative to empower 1,000 youths from each of the 8,809 electoral wards across the country, describing it as a sustainable pathway to poverty eradication.

The governor also expressed delight over the presence of prominent Kebbi politicians, including Senators Adamu Aliero and Atiku Bagudu, at the meeting, saying their unity signified progress and political maturity in the state.

Dan Poster by — October 18, 2025 in Politics 0