NGX Group market capitalisation soars 37.7% to N141.75tn

The Nigerian Exchange Group has recorded a 37.7 per cent growth in market capitalisation, rising to N141.75tn as of September 2025 from N102.94tn in the same period of 2024.

This performance reflects growing investor confidence and the Group’s continued focus on innovation, technology, and sustainability under the leadership of its Group Managing Director and Chief Executive Officer, Temi Popoola, who said the growth demonstrates that the strength of Nigeria’s capital markets cannot be separated from the strength of the communities they serve.

“For us at NGX Group, building strong capital markets goes hand in hand with building strong communities, because inclusive growth and social well-being are the true foundations of a resilient economy,” he said.

In line with this vision, NGX Group has deepened its commitment to social impact through its flagship initiative, Project BLOOM (Bringing Life to Our Overlooked Minors). The programme, implemented in partnership with the Lagos State Government and the Health Emergency Initiative, has reached over 200 children and 180 caregivers in underserved communities like Ajegunle and Yaba, providing therapeutic food, medical care, and nutrition education.

The Group also continues to drive market inclusivity through digital innovation. Its e-offering platform, NGX Invest, has enabled corporates to raise over N2tn in capital, making public offers and rights issues more accessible to retail investors nationwide.

Beyond social and digital transformation, NGX Group has advanced its sustainability agenda through the Nzero initiative, which helps listed companies measure, report, and reduce carbon emissions in line with global sustainability standards.

Popoola noted that the Group’s focus on environmental, social, and governance principles has strengthened market transparency and long-term investor confidence.

He said, “Our vision is to create markets that thrive in harmony with society and the environment. We are judged not just by the wealth we help create but by how widely that wealth is shared and how sustainably it is generated.”

The NGX boss added that through initiatives like Project BLOOM and NGX Invest, the Group aims to bridge the gap between market performance and social development, reinforcing its position as both a driver of capital formation and a catalyst for community transformation.

Manufacturers record fragile growth as credit drops N7.72tn

MAN logo manufacturers Association of Nigeria

Manufacturers Association of Nigeria has stated that credit to the manufacturing sector decreased by 9.5 per cent to N7.72tn as of March 2025, down from N8.53tn in December 2024, amid a fragile recovery that requires urgent policy intervention to sustain.

The association, which released its findings in the Third Quarter 2025 Manufacturers CEO’s Confidence Index report in Lagos on Tuesday, said the decline in credit, high energy costs, and foreign exchange liquidity constraints continued to weigh on the performance of the real sector despite modest gains in output and business confidence.

Director General of MAN, Segun Ajayi-Kadir, said the sector’s resilience remained fragile as key constraints persisted. “High lending rates averaging 36.6 per cent, declining credit access of N7.72tn, and rising unsold inventories of N1.04tn continue to limit manufacturing performance,” he said.

Ajayi-Kadir stated that though capacity utilisation improved to 61.3 per cent in the first half of 2025, from 57.6 per cent in the second half of 2024, the gains were modest and could easily be eroded without decisive policy action.

“Our data show that the manufacturing sector is beginning to find its footing after a long period of turbulence. However, this recovery is fragile and could easily falter if we do not receive deliberate, industry-friendly interventions,” he said.

He urged the Federal Government to prioritise measures that would reduce energy costs, strengthen foreign exchange liquidity, and expand access to affordable credit to accelerate industrial growth.

According to MAN, manufacturing value added fell sharply to $25.36bn in 2024 from $55.9bn in 2023, as competitiveness weakened under soaring exchange rates, inflation, and interest rates. The association said manufactured exports rose to N803.8bn in Q2 2025, up from N294.4bn in Q1, showing some resilience despite macroeconomic headwinds.

The report also indicated that 18,935 jobs were lost in the first half of 2025, compared to 10,891 in the second half of 2024, as firms grappled with high input costs and foreign exchange scarcity.

MAN further noted that while the Manufacturers CEO’s Confidence Index recorded a modest rise from 50.3 points in Q2 2025 to 50.7 points in Q3 2025, the improvement was not enough to lift overall business conditions above the 50-point neutral threshold.

Ajayi-Kadir said, “The 0.4-point uptick in the MCCI is significant because it marks the second consecutive quarterly rise, signalling a cautiously improving perception among manufacturers. However, all current indices remain below 50 points, showing that the underlying challenges persist.”

He attributed the slight improvement to “a continuous disinflation trend and a more stable exchange rate”, but warned that high energy costs and disruptions in gas supply had constrained output in several subsectors.

MAN President, Francis Meshioye, in his remarks, described the modest rebound as evidence of “a gradual recovery”, but said the sector still faced “binding constraints” that must be addressed urgently.

Meshioye said, “The manufacturing sector is gradually inching towards recovery, as seen in the consistent increase in the index in Q2 and Q3. However, the top five manufacturing challenges outlined in the report demand urgent government attention to sustain this trend.”

He stressed the need for a private sector–driven industrial policy anchored on the proposed Nigeria First Policy and the forthcoming National Industrial Policy, to ensure alignment between policy intent and industrial realities.

The MAN chief also called on the Central Bank of Nigeria to deepen its recent rate cut, saying, “The time has come for the apex bank to introduce a bolder reduction that can meaningfully lower the cost of credit and stimulate real sector investment. Growth cannot thrive where capital remains prohibitively expensive.”

The association identified key improvements across six groups: Plastics & Rubber, Electrical & Electronics, Food & Beverages, Chemical & Pharmaceuticals, Textile & Footwear, and Basic Metal & Steel. These groups benefited from local raw material sourcing, stable polypropylene supply, fibre optic expansion, and easing foreign exchange pressure.

However, four other groups recorded declines due to high energy costs, gas supply disruptions, illegal logging, limited government patronage, and the influx of imported products.

Ajayi-Kadir concluded that sustaining the sector’s fragile rebound would require coordinated fiscal and monetary actions.

“Currency stability is more than a macroeconomic metric; it is a reflection of national resolve,” he said. “To secure the gains of stabilisation and accelerate prosperity, Nigeria must make manufacturing the nucleus of its growth strategy.”

Director of MAN Research and Economic Policy Division, Dr Oluwasegun Osidipe, presented the MAN Think Tank report alongside the MCCI. He urged the government to fast-track the implementation of industrial policies, tighten pipeline security to boost oil output, expand local refining capacity, and ensure disciplined tax enforcement ahead of the January 2026 tax reforms.

Pressure mounts on Governor Lawal as APC gains ground in Zamfara

Zamfara State Governor, Dauda Lawal is coming under growing political pressure following a fresh wave of defections from the Peoples Democratic Party, PDP, to the All Progressives Congress, APC, which has further weakened his base ahead of the 2027 general election.

Reliable sources in Government House, Gusau, told DAILY POST that the governor is expected to embark on a series of high-level consultations in Abuja as part of efforts to contain the crisis within his party and reassert control.

Observers believe Lawal’s Abuja consultations are part of wider efforts to manage the crisis and negotiate political protection as the APC consolidates its growing dominance in Zamfara State.

The defections, which have unsettled the ruling PDP in the state, involve key political figures, including lawmakers, ward leaders, and former aides, who accuse the governor of poor performance, neglect of party loyalists, and failure to deliver on campaign promises.

On Tuesday, Hon. Maharazu Salisu, representing Maradun II Constituency in the Zamfara State House of Assembly, officially joined the APC at the party’s state secretariat in Gusau.

His defection, along with those of five PDP ward leaders, marks another major setback for the governor, whose influence within the party continues to wane.

Lawal’s political challenges worsened last week after a PDP candidate he reportedly supported with over ₦4 billion during a by-election also defected to the APC, citing disillusionment with the administration’s performance and growing public dissatisfaction.

The APC currently controls 13 of the 24 seats in the Zamfara State House of Assembly, while reports indicate that seven more PDP lawmakers may soon cross over — a development that could leave Lawal with only four loyal members and expose him to impeachment risks.

Sources disclosed that the governor held a late-night meeting with some lawmakers on Monday, where he expressed concern over the defections and their possible implications for his political future.

According to one source, the governor admitted he might “explore international options” if forced out, referencing properties he reportedly owns in London, Dubai, the United States, and Germany.

Meanwhile, the Northern APC Stakeholders Forum has cautioned the party’s leadership against admitting Lawal into the APC, warning that his performance record could harm the party’s image in the region.

In a statement signed by its National Coordinator, Alhaji Mubarak Liman, the forum accused Lawal of presiding over one of Zamfara’s most difficult periods marked by insecurity and infrastructural decline.

“Governor Dauda Lawal has failed in critical areas of governance — security, infrastructure, and welfare. Welcoming him into the APC would be counterproductive for the party in Zamfara and the North-West,” the statement read.

The group added that the steady stream of defections from the PDP reflects the governor’s declining popularity and waning grassroots support.

PDP condemns humiliation of teachers by Kwara SUBEB chairman

Kwara State main opposition party, the Peoples Democratic Party, (PDP) has strongly condemned the incident at the Government Day Secondary School, Amule, where the Executive Chairman of the Kwara State Universal Basic Education Board (KWASUBEB), Professor Raheem Adaramaja, allagedly humiliated teachers.

He was said to have forced teachers, including the school Vice Principal, to sweep the school premises in the full glare of students during a supposed inspection visit.

According to credible eyewitnesses, Adaramaja, allegedly accused the teachers of keeping an unkempt environment, and ordered them to pick up dirts within the school premises, despite explanations that the students had just returned from break time.

A statement by the State Publicity Secretary of the party, Olusegun Olusola Adewara, viewed Adaramaja’s action “not as an enforcement of discipline, but as a severe abuse of office and a public degradation of our dedicated educational professionals who are operating under harsh working environments.”

The party asked Governor Abdulrahman Abdulrazaq if this is the new standard for the teaching profession in Kwara.

“To have a Professor who himself was a teacher before access to public office, strip teachers of their dignity and compel them to perform tasks that belong to labourers, all in the presence of the students they are meant to inspire.

“This act, coming from Adaramaja stands as a symbol of arrogance, insensitivity, and moral bankruptcy,” the party noted.

The party called on the Nigeria Union of Teachers (NUT), to immediately rise in defense of their members and ensure that the dignity of teachers is never again trampled upon by power-intoxicated government officials.

“Adaramaja must immediately issue an unreserved public apology to the teachers of Government Day Secondary School, Amule, and the entire teaching community in Kwara State for his shameless act.

“We also call on Governor Abdulrahman to publicly condemn this action and sanction the SUBEB Chairman if truly Governor is not in the know of this so that the dignity of civil servants is protected in Kwara State,” the party added.

In a reaction, chairman of the Nigeria Union of Teachers, NUT, Ilorin East branch, Comrade Saka Saafi Adanla, sympathized with the management and staff of the school over the unfortunate incident during the subeb chairman’s visit to the school on Monday.

“I want to express my deepest sympathy and solidarity with you over the unfortunate incident that occurred during the SUBEB Chairman’s visit to your school.

“The humiliation and disrespect meted out to you by the chairman is totally unacceptable and uncalled for. I assure you that the State Leadership of NUT Kwara State Wing is fully aware of the situation and is working tirelessly to address this issue.

“We condemn this behaviour in the strongest terms and demand an apology from the SUBEB Chairman.

“Please be assured that we are on top of the situation and will ensure that your rights and dignity are protected,” the branch Union chairman stated.

Reps proposes creation of additional local government areas in Benue

The House of Representatives has proposed a bill seeking to amend the Constitution of the Federal Republic of Nigeria to allow for the creation of additional Local Government Areas ,LGAs, in Benue State.

The bill has passed second reading in the House of Representatives.

The bill, recorded as HB2527, is sponsored by Rep. David Ogewu of the Oju/Obi Federal Constituency (APC).

It came up for second reading on Tuesday, October 28, where it scaled through after extensive debate on its general principles.

Moving the motion for the bill’s second reading, Rep. Ogewu said the proposed amendment would enhance grassroots governance by bringing government closer to the people.

He noted that Benue, with its vast landmass and growing population, requires more local councils for equitable development and efficient administration.

The motion was seconded by Rt. Hon. Chinedu Ogar, representing Ezza South/Ikwo Federal Constituency, who supported the initiative as a step toward deepening democracy and improving service delivery in rural communities.

Rep. Ogewu expressed optimism that once passed into law, the bill would pave the way for the creation of additional LGAs in Benue, particularly within his constituency.

He also recalled that at the close of his second term in 2007, Senator George Akume, then Governor of Benue State, had made similar but unsuccessful efforts to create more local government areas to enhance administrative efficiency.

The bill has now been referred to the House Committee on Constitutional Review for further legislative action.

NEMA receives 153 Nigerians rescued from Chad

Murtala Muhammed International Airport, LagosThe National Emergency Management Agency, in collaboration with the International Organisation for Migration and other partners, has received 153 Nigerians repatriated from Chad.

The returnees arrived at the Cargo Terminal of the Murtala Muhammed International Airport, Lagos, at about 12:15 p.m. on Monday, aboard an ASKY Airlines flight with registration number CAS-AC, NEMA announced in a post on its X handle on Tuesday.

The agency said the returnees were brought back under the Assisted Voluntary Return programme, facilitated by the IOM in partnership with the Federal Government.

According to NEMA, the group comprised 105 adults (63 males and 42 females), 45 children (25 males and 20 females), and three infants (all females).

“Upon arrival, officers of the Nigeria Immigration Service conducted biometric registration and documentation to ensure accurate profiling and facilitate their smooth reintegration into the country,” the agency stated.

NEMA noted that in line with the Federal Government’s commitment to ensuring the safe, dignified, and humane return of citizens, the returnees were provided with immediate humanitarian assistance, including food and potable water, medical care, ambulance services, luggage handling, logistics support, and counselling.

The exercise, according to the agency, was jointly coordinated by NEMA, the IOM, the National Commission for Refugees, Migrants and Internally Displaced Persons, and other relevant stakeholders.

“The seamless and well-organised reception reflects the government’s ongoing efforts to prioritise the welfare and dignity of Nigerians returning from abroad,” NEMA added.

Over the years, NEMA, in partnership with IOM and other agencies, has facilitated the voluntary return and reintegration of thousands of Nigerians stranded in different countries.

Ex-Imo NUJ boss tackles govt for allegedly shielding criminals

nujA former Chairman of the Nigeria Union of Journalists, Imo State Council, Ben Osuagwu, has alleged that the administration of Senator Hope Uzodimma is allegedly overlooking individuals involved in criminal activities at the state Environmental Transformation Commission.

He alleged that the government might have inadvertently armed these individuals to engage in looting and other malicious activities under the guise of environmental sanitation, targeting vulnerable citizens, including widows and the poor.

In a statement made available to South-East Punch, Osuagwu urged the state government to apprehend and prosecute those responsible for the recent looting at the Toronto Market in Owerri, where ENTRACO operatives allegedly broke into shops and stalls, stealing groceries and other goods.

Osuagwu emphasized, “It is imperative that the government initiates the process of imprisoning these ENTRACO personnel who have turned to armed criminals, looting the goods of widows and the poor under the pretext of maintaining environmental sanitation.

“The government should, as a matter of urgency, arrest all individuals involved in the looting of goods belonging to poor traders at the Toronto Market.

The manner in which these government-sanctioned criminals broke into locked shops and stalls, making away with goods including money, handsets, grinding machines, and bags of rice, is utterly absurd.”

“All elements involved in this act of lawlessness must be swiftly rounded up and handed over to law enforcement agencies to put an end to this menace.”

He stressed that no responsible government would tolerate such egregious acts of lawlessness.

Osuagwu demanded that the government intervene immediately, directing these criminal elements to return the stolen goods and money to the rightful owners within 24 hours.

He expressed dismay that the stolen items might have been taken to the families of these individuals, who would then claim ignorance of their children’s actions, and reiterated that the goods, including every item, must be returned.

Osuagwu concluded that if the traders were operating in unauthorized areas, the law should take its course, but under no circumstances should government-armed individuals break into shops and steal goods.

This incident, according to him, was not isolated to the Toronto Market but occurred in all markets in Owerri Municipal and its environs, necessitating an immediate intervention.

However, when called on phone for reaction the Chief Press Secretary to Imo State governor, Hope Uzodimma, Mr. OguwuikeNwachukwu declined comments saying

“Idon’t want to meddle into the issue. I don’t want to react on the matter please. Who is he to meddle in the activities of the government?”

Court orders forfeiture of drug trafficker’s Lekki duplex

Federal High Court, LagosJustice Alexander Owoeye of the Federal High Court in Lagos has ordered the final forfeiture of a four-bedroom duplex with two sitting rooms and boys’ quarters in Lekki to the Federal Government after finding that it was used for illegal drug activities.

The judge, on Tuesday, ordered that the property located at Block 11, House 2, Mobolaji Johnson Estate, Lekki Phase 1, be permanently forfeited to the Federal Government following an application filed by counsel for the National Drug Law Enforcement Agency, Mr. Buhari Abdulahi.

Abdulahi told the court that the property belonged to a suspected drug baron currently resides in Canada, and was used as an operational base for trafficking Canadian Loud — a high-grade strain of cannabis sativa — into Nigeria.

“The property served as the operational base for Adebanjo’s illicit drug activities,” the NDLEA counsel said. “He purchased the house and used it to coordinate the storage, distribution, and sale of hard drugs smuggled into Nigeria from Canada.”

He informed the court that an interim forfeiture order had earlier been granted on March 20, 2024, and that, in compliance with the court’s directive, details of the property were published in the Daily Sun of May 20, 2024, and in the Vanguard of August 1, 2025, inviting any interested parties to contest the forfeiture.

“Despite the publications and adequate notice, no person or entity came forward to lay claim to the property or provide any explanation,” Abdulahi said, urging the court to grant a final forfeiture order.

He added that the application was brought under the NDLEA Act, which empowers the court to confiscate assets used in committing drug-related offences.

After reviewing the submissions and supporting documents, Justice Owoeye granted the final forfeiture order, describing the property and items within it as “instruments used in committing drug offences.”

“Having carefully examined the affidavit evidence and the unchallenged application by the NDLEA, this court hereby orders the final forfeiture of the property to the Federal Government of Nigeria,” the judge ruled.

According to an affidavit filed by Deputy Commander of Narcotics, Nasir Garba Bungudu, attached to the NDLEA’s Lagos Strategic Command, the agency had received intelligence in 2023 about a drug trafficking network smuggling Canadian Loud from Canada into Nigeria.

He said investigations traced the syndicate’s base to the Lekki property, which served as a warehouse and coordination centre for storage, financing, and distribution of the illicit drugs.

He said following weeks of surveillance, NDLEA operatives conducted a raid on February 5, 2023, during which they recovered 1.088 kilograms of Canadian Loud and arrested five suspects: Tijani Hakeem, Eric Makuo, Adaobi Fortune, Ahmed Jubril, and Ekwejunor Oritsematosan.

“Our investigation confirmed that the property was purchased and maintained with proceeds of drug trafficking,” Bungudu stated. “It was the central hub for the syndicate’s criminal operations.”

Four of the suspects were later convicted in Charge No. FHC/L/122C/2023 — FRN v. Tijani Oladapo Hakeem & 3 Ors after pleading guilty to drug trafficking charges.

The fifth suspect, Ekwejunor Oritsematosan, is still facing trial alongside Femaffix Global Services Limited in Charge No. FHC/L/501C/2023 for offences linked to the same cartel.

NDLEA investigators also established that Adebanjo, identified as the ringleader, purchased the Lekki property to house his associates and manage the syndicate’s operations, allegedly using a firm to launder proceeds from the illicit trade.

“Since the property was sealed, neither Adebanjo — who remains at large — nor any representative has come forward to claim ownership or offer any explanation,” Bungudu added.

Justice Owoeye consequently ruled that the property and all items within it be permanently forfeited to the Federal Government as assets derived from, or used in, the commission of drug offences.

“The court is satisfied that due process has been followed,” Justice Owoeye declared. “Accordingly, the property and its contents are hereby forfeited to the Federal Government of Nigeria.”

S4C applauds Nigeria’s FATF grey list exit

Spaces for Change has congratulated the Federal Republic of Nigeria on its removal from the Financial Action Task Force grey list, describing the milestone as a major achievement in strengthening the integrity of the country’s financial system.

The announcement was made at the FATF plenary session held in Paris, France, in October 2025, where Nigeria was delisted from the grey list alongside Burkina Faso, South Africa, and Mozambique.

Delisting from the FATF grey list indicates that these countries have successfully addressed identified deficiencies in their anti-money laundering and countering the financing of terrorism frameworks. Their progress was monitored and reviewed by the International Cooperation Review Group.

According to S4C, Nigeria’s removal from the list demonstrates its commitment to technical compliance and operational effectiveness in combating money laundering and terrorist financing.

Prior to Nigeria and Burkina Faso’s exit, Spaces for Change had been actively involved in supporting the implementation of FATF Recommendations in both countries, particularly relating to the non-profit sector.

S4C’s advocacy focused on building capacity for non-profit organisations, key agencies, and regulators conducting national terrorism financing risk assessments, thereby strengthening compliance with FATF Recommendation 8.

The organisation also conducted targeted outreaches, facilitated multi-stakeholder dialogues, and provided technical assistance to relevant agencies to implement reform measures aimed at preventing the misuse of non-profits for terrorism financing.

In 2022, Nigeria took further steps to remove non-profits from the list of obliged reporting entities and from the list of designated non-financial professions and businesses under the national AML/CFT framework.

Executive Director of Spaces for Change, Victoria Ibezim-Ohaeri, said Nigeria’s positive compliance rating reinforces past progress and reflects the success of coordinated reform efforts.

“We are happy to witness the country’s positive compliance rating, with Nigeria becoming the only West African country to secure a fully compliant rating on FATF Recommendation 8,” she said in a statement.

Ibezim-Ohaeri added that the delisting demonstrates Nigeria’s ongoing commitment to implementing effective measures to combat money laundering and terrorism financing while maintaining an enabling environment for non-profits.

The organisation reaffirmed its commitment to ensuring that countermeasures introduced across the subregion do not limit civil society operations or restrict civic freedoms.

BUA Cement reports N289.9bn profit

Abdulsamad RabiuBUA Cement Plc has reported a profit after tax of N289.9bn for the nine months ended September 30, 2025, representing a 492 per cent increase from the N48.97bn recorded in the same period of 2024.

The unaudited financial statements of the cement manufacturer filed with the Nigerian Exchange Limited on Tuesday showed that the performance was driven by higher revenue and significant foreign exchange gains.

Revenue for the period rose 47 per cent to N858.73bn from N583.41bn in the corresponding period of 2024. The company’s gross profit also surged to N429.26bn from N180.81bn, reflecting an operational performance despite higher distribution expenses.

Further analysis of the result revealed that finance costs increased to N56.09bn from N32.03bn in the same period last year due to higher borrowing costs. However, the impact was cushioned by net exchange gains of N21.63bn, compared to a loss of N57.44bn a year earlier.

Profit before tax stood at N338.57bn, up from N61.75bn in 2024, while earnings per share jumped to 855.93 kobo from 144.61 kobo.

On the balance sheet side, BUA Cement’s total assets rose to N1.63tn in the period under review, compared to N1.57tn recorded as of December 2024, driven largely by growth in cash reserves and inventories. Retained earnings also increased significantly to N396.13bn from N175.70bn, underscoring the company’s strong profitability.

The PUNCH reported that BUA Cement Plc has reported a significant improvement in its financial performance for the half year ended June 30, 2025, with group revenue rising 59 per cent to N580.3bn from N363.9bn posted in the corresponding period of 2024.