The Nigeria Customs Service, Ports and Terminal Multiservice Limited, on Tuesday, handed over N29.4bn worth of cocaine to the National Drug Law Enforcement Agency.

Addressing journalists at the command during the handover ceremony, the Customs Area Controller in charge of the command, Joe Anani, said that the contraband was discovered in an empty container that came from Sierra Leone.

According to him, on 7th October 2025, the terminal operator brought to the attention of the command that, in the process of disinfecting 39 empty containers brought into the country for the loading of export consignments, it discovered some suspicious items in a 20ft container with registration number GCNU1332851.

He stressed that the preliminary investigation, relying on the history of the container’s movement obtained from the terminal operator, showed that the container was loaded on a vessel as an empty container at the last port of call, which was Freetown in Sierra Leone.

He explained that the command immediately conducted a joint examination on the container with sister government agencies, including the NDLEA, Department of State Services, Police Anti-Bomb Squad, among others.

“A total of 50 packages containing 20 parcels each were found inside the container. Rapid tests conducted on the substances found in the container tested positive for cocaine, and it was jointly weighed with officers of the NCS and NDLEA.

“The total weight of the substance was found to be 1000kg (1 tonne). The duty-paid value of the cocaine stands at N29.4bn. Furthermore, all other containers jointly examined by all other port agencies were empty,” he said.

The CAC added that no arrest was made as there was no consignee for the container arriving in Nigeria since it did not come as an import. “The terminal operators brought it empty to be used for the conveyance of export goods,” he stressed.

Anani emphasised that the seizure marks the first illicit drug seizure in PTML’s history and is one of the most mysterious cocaine interceptions in the service’s record.

“Secondly, these illicit drugs did not come into the country as an import consignment. The container where the seizure was made was brought in by the terminal operator for export use. The discovery was first made by the PTML Terminal, which alerted us to the unusual packages laden in a purported empty container from Sierra Leone,” Anani said.

He highlighted that the seizure further underscores the cooperation and collaboration the command enjoys with the terminal operator and other sister agencies, including the NDLEA, the Police, DSS, and others.

Anani commended the PTML Terminal for promptly reporting the infraction and for its continued cooperation with security agencies throughout the investigation.

The PTML Customs boss reaffirmed his commitment to collaborating with all port agencies to safeguard the nation’s ports and ensure the integrity of export trade.

He warned port users and stakeholders that the command will continually be a no-go area for items prohibited from import and export, and shall continue to uncover them in the course of its duties.

Speaking after receiving the contraband, the Strategic Commander, NDLEA, Tincan Port Command, Daniel Onyishi, thanked the officers of the NCS and NDLEA for their quick response.

“It is really mysterious because, in the security balance, on our duty, tour, and experience, we have not had such a thing. But the investigation has already commenced, and we are working on that,” he said.

He vowed that the NDLEA would do everything within its powers to unravel the source of the contraband. “And I know that, based on the things we have put in place, we are going to unravel, to the extent, the source and how it came to this spot,” Onyishi said.

PTML Command of the NCS is one of the frontline commands of the service tasked with import duties, cargo clearance, enforcement of trade regulation (including anti-smuggling), and facilitation of legitimate trade. The Command has been used as a pilot/flagship zone for some of the NCS’s major reforms, especially digital systems and trade-facilitation measures.

The Federal Government has reaffirmed its commitment to the Cape Town Convention by strengthening its implementation framework and improving Nigeria’s compliance rating to 75.5 per cent.

Nigeria’s compliance rating with the Convention rose from 70.5 per cent to 75.5 per cent, reflecting significant progress under the administration of President Bola Tinubu.

Speaking at the event themed “Maximising Benefits of the Cape Town Convention, African Event”, held in Abuja, the Director of Human Resources and Administration at the NCAA, Anastasia Gbem, who represented the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, said the gathering was not just another item on the aviation calendar but “a strategic convention of minds and institutions committed to deepening Africa’s participation in and benefit from the Global Aviation Financial Framework established under the Cape Town Convention and its aircraft protocol, the promise and power of the Cape Town Convention.”

She noted that, since its inception more than two decades ago, the Convention “has transformed the landscape of aircraft financing and leasing by creating a predictable, transparent, and enforceable legal regime that reduces credit risks and enhances access to capital.”

According to her, the CTC represents “a beacon of opportunity that signals to investors and financiers that our legal system is progressively reliable. Our legal system is dependable, our markets are stable, and our governments are committed to best practices in aviation asset management and protection.”

Highlighting the growing adoption of the treaty across the continent, she stated that “today, 28 African countries have ratified the Convention, reflecting a continental recognition that the CTC is not just a legal instrument; it is a catalyst for aviation growth, economic transformation, and connectivity across Africa.”

Gbem announced Nigeria’s progress, saying, “Nigeria’s Cape Town Convention Compliance Core has risen from 70.5 per cent to 75.5 per cent following the signing and operationalisation of the irrevocable deregistration and export request authorisation procedure and practice direction. This improvement reflects our government’s unwavering commitment to implementing the Convention in both substance and practice.”

With this milestone, she said, “Nigeria strengthens its position as a regional leader in aviation law reform and financing, signalling to lessors, financiers, and investors that Nigeria is open for business on globally accepted terms.”

She, however, stressed that “no country advances in isolation”, urging African nations to harmonise their implementation strategies for greater impact. “The full potential of the Cape Town Convention can only be realised when African states collectively embrace its principles, harmonise implementation, and ensure the national legal system supports its efficient operation,” she added.

On the next steps, she said, “Our goal must extend beyond compliance to optimisation, leveraging the CTC as a tool for sustainable aviation growth. The Convention’s implementation should directly translate into lowering financial costs for African airlines, easier access to modern aircraft and equipment, improved investor confidence, and enhanced safety and operational efficiency.”

She emphasised the need for governments to ensure “consistent enforcement of obligations and stakeholders’ education”, while urging operators to “uphold transparency and responsible financial practices”.

Commending partners such as the Aviation Working Group and AFCAC, Gbem said, “The Cape Town Convention offers Africa not just an opportunity to access aircraft more affordably, but a framework to build trust, stability, and sustainability in our continent’s aviation ecosystem. Let us leave this event with a renewed commitment to deepen compliance, strengthen our institutions, and ensure that the benefits of this Convention translate into real economic growth for our nations and our people. Nigeria stands ready to continue leading, learning, and partnering in this shared vision of a connected, competitive, and progressive African aviation ecosystem.”

Also speaking, the Director of Operations, Licensing and Training at the NCAA, Donald Spiff, representing the Acting Director-General of the NCAA, Chris Najomo, noted that “a convention recognises the need for the acquisition and use of mobile equipment, thereby ensuring that interests in mobile equipment are recognised and protected universally.”

He, however, pointed out that “Nigeria has been confronted with the lingering problem of poor compliance ratings with the Convention, which led to the country being blacklisted by the African Aviation Working Group.”

Spiff recalled that under the current administration, “The Honourable Minister Festus Keyamo’s government, in line with his five-point agenda for the aviation sector under the present administration led by His Excellency President Tinubu, signed the Cape Town Convention Practice Directions on 12 September 2024.”

He described the Practice Directions as “a tool of application and guidance in the adjudication of aircraft financing and related matters by the Federal High Courts, in line with the provisions of the Cape Town Convention, a development that significantly increased Nigeria’s compliance rating to 75.5 per cent.”

According to him, “The event will challenge legal minds to grapple with the complex legal issues arising from the Convention. It shall simulate scenarios which mirror ambiguities and generate questions that a judicial system may face in the interpretation of the Convention, to be presented before Honourable Judges of the Federal High Court for determination.”

Spiff further emphasised that “it is also important to recognise that the success of the Cape Town Convention in Nigeria is tied to regional and global collaboration.”

In his remarks, the Permanent Secretary of the Ministry of Aviation and Aerospace Development, Dr Ibrahim Kana, said the Federal Government remains committed to supporting Nigeria’s aviation ecosystem and ensuring its sustainability.

“What we are doing here today is actually supporting the aviation ecosystem of our country. Indeed, we are very much aware of the struggle and effort put in by the private sector to ensure that the aviation industry remains afloat in our country,” Kana stated.

He assured that the government under President Tinubu “is determined, as he has always said, that Nigeria is ready for business. Nigeria is open for business.”

He added, “Therefore, Nigeria being a signatory to this treaty, we are more than happy to implement it to its fullest. Moreover, we have a minister who is a senior advocate of Nigeria and a lawyer of international repute. It is our responsibility to follow this treaty from beginning to end.”

Bearish trading on the Nigerian Exchange Limited on Tuesday took another dimension as the All-Share Index crashed by 5.01 per cent, in what some analysts described as the worst decline since 2010, to close at 141,327.30 points.

Investors also recorded a daily loss of N4.64tn following sell-offs in bellwether stocks such as Dangote Cement (-10.00 per cent), MTN Nigeria (-10.00 per cent), BUA Cement (-10.00 per cent), Aradel (-9.67 per cent), and Guaranty Trust Holding Company (-7.69 per cent).

The market capitalisation stood at N89.88tn, falling below the N90tn mark.

At the close of trading, only four stocks escaped the bloodbath to emerge as gainers. They were NCR (Nigeria) Plc, which gained 9.82 per cent to close at N21.25; Berger Paints, which rose by 2.56 per cent to end the day’s trading at N36.00; and FCMB Group stocks, which appreciated by 0.96 per cent to N10.50. Managing to squeeze into the gainers’ chart was AXA Mansard Insurance, up by 0.25 per cent to close at N12.10 per share.

Leading the losers’ chart were Academy, Custodian, Dangote Cement, DeapCap, Oando, Transcorp, Veritas Kapital, MTN Nigeria, and BUA Cement, which all recorded the maximum daily loss of 10 per cent in their share prices. The total number of losers at the close of trading stood at 61 stocks.

Trading metrics showed total volume traded increased by 80.03 per cent to 656.95 million units, while total value traded rose by 158.86 per cent to N29.39bn.

The shares of FBN HoldCo emerged as the most actively traded by volume, accounting for 68.3 million units (10.4 per cent of total volume traded), while Geregu topped the value chart with trades worth N4.4bn (15.0 per cent of total value).

On the sectoral front, losses deepened, with Industrial leading the decline at -8.55 per cent, followed by Banking (-7.27 per cent), Oil & Gas (-4.65 per cent), Insurance (-4.33 per cent), Consumer Goods (-2.20 per cent), and Commodities (-2.07 per cent).

Investment house CardinalStone, in its daily report, stated: “In today’s trading session, the Nigerian equities market recorded its steepest decline since 2010, as the NGX All-Share Index plunged 5.01 per cent to close at 141,327.30 points.”

The Nigerian Exchange continued with its bearish trading on Monday as sustained profit-taking dragged the NGX All-Share Index down by 0.50 per cent to 148,781.90 points.

Market capitalisation also dipped by 0.50 per cent to N94.53tn, resulting in a N471.99bn loss to investors. The decline pushed the year-to-date return to 44.55 per cent.

The bearish trading was driven by sell-offs in Linkage Assurance (-10 per cent), NAHCO (-9.95 per cent), Guaranty Trust Holding Company (-0.59 per cent), and others.

Market sentiment was also bearish, with market breadth printing at 0.33x, as 40 laggards, led by Linkage Assurance (-10.00 per cent), outpaced 13 gainers, which were led by Aso Savings (+10.00 per cent), Cornerstone Insurance (+8.70 per cent), and Fidelity Bank (+4.81 per cent).

Trading activity slowed significantly as volume traded declined by 30.9 per cent to 364.35 million units and value traded fell by 26.2 per cent to N11.35bn. Despite the weaker liquidity, deal count rose by 32.18 per cent to 32,564 trades, a trend which Cowry Asset Management Limited said is consistent with increased retail participation via smaller trade sizes.

AccessCorp led the volume chart with 22.8 million units (6.3 per cent of total volume) traded, while Dangote Cement led the value chart with N2.15bn (19.0 per cent of total value) worth of trades.

On the sectoral front, the bears ruled as insurance (-4.24 per cent) and consumer goods (-1.32 per cent) indices bled, dragged by sell-offs in AIICO (-9.89 per cent) and INTBREW (-8.33 per cent), respectively.

Declines in United Bank for Africa (-4.88 per cent) and Cutix (-6.06 per cent) impacted the banking (-0.65 per cent) and industrial goods (-0.01 per cent) indices, respectively. The commodity and oil and gas indices closed flat.

Cowry Asset Management Limited, in its daily market report, revealed that “the trading dynamics reflected reduced investor appetite. The confluence of weakened volume, lower values, and fragmented trading underscores cautious positioning as market participants continue de-risking strategies in response to challenging macroeconomic conditions.”

Petroleum marketers may be on the verge of shelving petrol importation in the near term following a fresh cut in the ex-depot price of the product by the Dangote Petroleum Refinery, which slashed its gantry price by 49 per litre last Friday.

The likelihood of this move became clearer on Monday as major and retail marketers, in separate interviews with The PUNCH, admitted that the latest price adjustment has significantly altered the dynamics of fuel supply and competition in the downstream market.

The latest price cut also comes amid the Federal Government’s 15 per cent import tariff on refined fuel, a policy that is expected to further widen the price gap between imported petrol and locally refined products, in favour of the latter.

The industry operators told The PUNCH that the move could make petrol imports increasingly unviable, as marketers would struggle to match Dangote’s lower prices and remain profitable.

However, some marketers cautioned that importation remains a vital part of Nigeria’s fuel supply chain, warning that any attempt to halt imports could trigger product shortages across the country.

Last week, the latest price data from Petroleumprice.ng showed that Dangote Refinery reduced its gantry price of Premium Motor Spirit (petrol) by N49 per litre.

The refinery now sells petrol at N828 per litre, down from N877, representing a 5.6 per cent decrease, marking the refinery’s second major adjustment in three months as it responds to market realities and efforts to stabilise domestic supply.

Reacting to this, the Executive Secretary of the Major Oil Marketers Association of Nigeria, Clement Isong, said the latest pricing by Dangote Petroleum Refinery could make fuel imports unviable in the short term.

“It would stop imports now, definitely, since imports are higher than Dangote’s price. That is the logical thing, isn’t it?” Isong told The PUNCH.

He noted that Dangote, like any private refiner, has the discretion to price its products as it sees fit, often referencing import parity pricing, the cost of bringing fuel into Nigeria from abroad.

He explained that import parity is not a fixed price but a range, noting that the cost of bringing petrol into the country varies depending on the source.

“Dangote, barring any regulatory intervention by the authority, can price his product any way he wants. And that’s what he has been doing. He has his reasons for pricing it the way he does, probably for market reasons. But under normal circumstances, it is not unusual that he will have an eye on import parity prices. Import parity means the cost at which products are brought into the country. Now, import parity is not one price. Import parity is a range of prices. So first of all, whether I am buying from Northwestern Europe or I am buying from offshore Togo, gives me different prices. And I can have different prices from those two markets on the same day.

“What we do is for references; you use either Argus pricing or S&P pricing to give you an idea of what the price is. But when you go to the market, you might buy something more expensive or cheaper. Now, if you, depending on the volume that you are bringing in, can get significant reductions, discounts, or premiums. If I bring it into a facility that has a sizable draft. Draft means you can take a big vessel. And then the tanks inside are also big. I can benefit significantly from lower prices related to freight costs.

“Similarly, if I take it in smaller parcels to smaller facilities where the draft is not so deep and where the central tank is not so big, I can be buying it at a higher price. What we call in the business a premium. So, what we publish, we try to explain. These are the assumptions. People can also bring it in cheaper, or people can bring it in more expensive. People who are going to Pinnacle, for instance.”

Isong also noted that economies of scale, vessel size, and storage capacity can significantly affect landing cost, adding that these assumptions are always reflected transparently in MEMAN’s published documents.

“People who are going to Port Harcourt. The biggest you can take there is 20,000 metric tonnes. Whereas for us, we can take 40,000 metric tonnes in Apapa. So, it’s cheaper for us. Yes. So, that’s what we are trying to explain in our documents.

“That this is based on those parameters that we have there. If we use those parameters, we are trying to be as transparent as possible. If you use those parameters, then this is the landing cost. So, people can bring it in at a cheaper price. People can bring it in more.

On Dangote’s recent gantry pricing, Isong said the refinery is not adjusting prices daily, but keeps an eye on trends and the 30-day average price. He added that while some marketers may still bring in petrol cheaper than the reference price, most imports are more expensive, making Dangote’s pricing a strong competitive benchmark in the domestic market.

“Dangote himself has to decide which landing cost he wants to choose. If you look at that document, November 7th, you will see that, for some reason, the price went up on that day, which is different from the 30-day average.

“Dangote will not put his price every day, but he will keep his eye on that 30-day average. His spot price means if I buy it today, now, at this amount, this is what it will come to. The 30-day average means that if I had bought it, the average would have been cheaper. It was cheaper before. Yes. Now the price is going up.

“Dangote himself will not move his price daily. The price has stayed. The gantry price is N828. It has not moved. If the price continues to move up, then he will do well to raise his price. Otherwise, he’s leaving money on the table. That’s a concept that means that he’s not optimising his margin. Which doesn’t make sense for any businessman. If you use the last N823, that is correct. Yes, sir. Dangote’s price is still higher than the import price.

“But if you look at the spot, that tells you that the product is trending higher. The price is going higher. So under normal circumstances, if it continues to move in that direction, then Dangote’s price is likely to go up. But he won’t move his price up and down every day.

“The spot market goes up and down every day. Every day. That is why we put the average, because the everyday movement is too volatile. It’s not good for the market. So even the amount you’re looking at, some people can bring it in cheaper than us. But most people bring it in more expensive.

“There are two jetties that can bring in products at a higher volume than we can in the country. Everybody else is lower. That is why we are a good average to look at. We have the parameters. What we try to explain, how we arrive at our costing. So if you can get a cheaper, say, finance cost, then your product will be cheaper. If your finance cost is higher, your product will be more expensive.”

The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, however, cautioned that halting petrol importation could trigger scarcity across the country, noting that local refining capacity is still insufficient to meet national demand.

Harris explained that imported products currently complement the 30 to 35 per cent local production from facilities such as the Dangote Petroleum Refinery.

“Well, first of all, the products that are imported are augmenting the 30 to 35 per cent in country production that we have been enjoying. So if import stops, the chances of product unavailability will increase. Because as of today, if you look at the index of production, you would certainly know that Dangote’s production is not in any way satisfying local consumption,” he told The PUNCH on Monday.

He confirmed that PETROAN members are already purchasing products from Dangote Refinery but expressed concern over loading delays. “We are buying products from Dangote. He is reducing prices, but our members are complaining that they haven’t been able to load what they have paid for,” Harris said.

The PETROAN boss urged the Federal Government to review the 15 per cent import tariff on refined fuel downwards to ensure sustained availability of petrol in the market. “You have the data on what imported petrol is brought into the country; that should tell the play of issues in the sector,” he added.

Reacting to suggestions that Dangote’s price cuts were aimed at outpacing fuel importers, Harris said the move was not surprising, describing it as a natural outcome of market competition.

“Well, it has been the strategy he has been using, so it is nothing new. When the hunter learns to shoot well, the bird also learn to fly properly.  We would get to a point where all of these would stabilise. Let’s hope that the import tariff will encourage production in the country,” he quipped.

He, however, expressed optimism that the market would eventually stabilise, adding that importation would not end completely despite Dangote’s pricing advantage. “We would get to a point where all of these would stabilise. Let’s hope that the import tariff will encourage production in-country,” he said, insisting that “Imports cannot stop.”

Meanwhile, Nigeria’s average import parity price for Premium Motor Spirit, popularly known as petrol, has remained steady at 824.10 per litre over the past 30 days, according to new data from the Major Energies Marketers Association of Nigeria.

The figure, contained in MEMAN’s November 7 Energy Bulletin, represents the actual cost of importing petrol into the country, factoring in global crude prices, foreign exchange rates, and logistics charges.

According to the bulletin, the benchmark import price, compiled by S&P Global Commodity Insights, reflects key cost drivers, including a naira-dollar exchange rate of N1,470.09/$, freight at 25 per cent, insurance at three per cent, port levies, and a 0.5 per cent surcharge from the Nigerian Maritime Administration and Safety Agency.

The data disclosed that the average import parity price of petrol over the past 30 days stood at N824.10 per litre, representing a 1.2 per cent decline compared to the previous month. The figure, compiled by S&P Global Commodity Insights, serves as the benchmark for determining the deregulated cost of petrol imports into Nigeria.

At the ports, the spot landing price of the product was estimated at N830.80 per litre at the Nigerian Ports Authority, reflecting a 0.5 per cent increase, while a near-identical price of N830.82 per litre was recorded at the New Oil and Gas Free Zone, which saw a 0.4 per cent uptick. These figures include port discharge fees and other statutory levies.

In contrast, the Dangote Petroleum Refinery reduced its gantry price to N828 per litre, marking a 5.6 per cent drop from previous levels.  At the retail end, petrol prices currently range between N850 and N950 per litre, depending on location and marketer.

This represents a three to five per cent reduction from previous levels and comes just ahead of the implementation of the proposed 15 per cent import duty scheduled to take effect later in November.

FMDQ Group Plc has commemorated the 8th edition of its prestigious GOLD Awards, continuing its long-standing tradition of recognising excellence in the Nigerian financial markets.

According to a statement on Monday, the awards are held annually to acknowledge market participants who have played a pivotal role in fostering the growth and development of FMDQ’s markets.

The 2025 edition recognised stakeholders whose contributions advanced FMDQ’s markets between October 2024 and September 2025. Winners were celebrated through FMDQ’s website, social media platforms, and other select media outlets.

It said this year’s awards reaffirm FMDQ Group’s commitment to honouring stakeholders across its financial market infrastructure value chain, including the Exchange, Central Counterparty, Depository, and Private Markets.

Their participation has significantly shaped the markets and contributed to the development of the Nigerian economy.

Since its inception in 2018, the FMDQ GOLD Awards have become one of Nigeria’s most anticipated annual financial market events, uniting participants in a shared spirit of excellence while fostering collaboration and celebrating outstanding achievements.

Commenting on the awards, Group Chairman, FMDQ Group Plc, Dr Jibril Aku, stated: “The 2025 FMDQ GOLD Awards are not just a recognition of excellence; they showcase the resilience of our markets and the innovation of our stakeholders.

“Despite changing economic conditions, market participants have consistently demonstrated adaptability and impact – showing that Nigeria’s financial markets can drive sustainable transformation and progress.”

In her congratulatory message, Group Chief Operating Officer, FMDQ Group Plc, Tumi Sekoni, stated, “This year’s edition, presented through a special publication, continues FMDQ’s proud tradition of honouring the outstanding contributions of market participants and stakeholders, whose dedication continues to drive growth, enhance transparency, and build greater resilience across our markets and industry.”

In alignment with its governance principles and commitment to credibility, the prestigious 2025 FMDQ GOLD Awards were presented following a rigorous verification process conducted by Ernst & Young, ensuring the integrity of the Awards’ process and outcomes. The GOLD Awards comprise five broad categories: FMDQ Primary Market Awards, FMDQ Secondary Market Awards, FMDQ Members’ & Clients’ Choice Awards, FMDQ Leadership Award, and FMDQ Recognition Award.

A total of twenty-five awards were presented, with two subsidiaries of the Stanbic IBTC Group—Stanbic IBTC Capital Limited and Stanbic IBTC Bank Limited—recognised as winners of the Primary Market Champion Award (FMDQ Capital Markets Securities Origination) and the Secondary Market Champion Award (FMDQ Dealing Member of the Year), respectively.

While the Primary and Secondary Markets Awards are data-driven, the FMDQ Members’ & Clients’ Choice Awards provide the opportunity for Members and Clients of FMDQ Securities Exchange Limited to nominate and vote for active participants across the fixed income and currencies markets.

The Leadership Award (FMDQ Capital Market Catalyst), in recognition of an entity’s potential to significantly impact the Nigerian capital markets, facilitate access to capital, value transfer, and deliver effective and efficient risk management, was presented to the Federal Government of Nigeria, represented by the Securities and Exchange Commission for the launch of the Investments & Securities Act 2025 which marks a landmark reform for the Nigerian capital markets. This will strengthen regulatory oversight, foster investor confidence, and align market practices with global standards to drive capital formation.

The award for Financial Services Regulator Market Transformation Initiative was given to the National Pension Commission (“PenCom”) for the PenCom Reform Programme. This programme has repositioned the Nigerian pension industry for greater resilience, transparency, and market impact.

Through the release of this year’s Awards edition, FMDQ Group reinforces its mission to build robust and globally competitive financial markets that serve as catalysts for economic development and national prosperity.

Guided by its GOLD Agenda, the group remains steadfast in promoting initiatives that foster transparency, inclusivity, and innovation across Nigeria’s financial landscape. Full details and highlights of the 2025 FMDQ GOLD Awards are available on the FMDQ website and shared across the Group’s media channels.

FMDQ Group is Africa’s first fully integrated financial market infrastructure group. It offers a wide range of services for financial markets, including registration, listing, trading, clearing, settlement, and custody of securities, as well as data and information services. These services cover debt, derivatives, and equity markets through its subsidiaries: FMDQ Securities Exchange Limited, FMDQ Clear Limited, FMDQ Depository Limited, and FMDQ Private Markets Limited.

Top executives in banks cornered the largest slice of the N644bn staff compensation as of the first half of the year,

According to the half-year reports of Zenith Bank, Access Holdings, Guaranty Trust Holding Company, Stanbic IBTC and United Bank for Africa, filed with the Nigerian Exchange Limited, total personnel expenses rose from N493.19bn in June 2024 to N644.01bn in June 2025.

Zenith Bank Plc’s detailed employee earnings distribution shows a significant number of staff in the highest ranges. As of June 2025, about 5,579 out of 10,520 employees earned N9,000,001 and above. Others were below that range, with the least being 114 employees who earned between N300,001 and N2m.

Zenith Bank Plc reported that key management compensation, excluding certain benefits, for the half-year period stood at N6.50bn, while total personnel expenses for the group rose to N134.57bn from N115.90bn in the previous year. Personnel expenses at Zenith Bank included salaries and wages, other staff costs (productivity expenses, medical expenses, and professional staff subscriptions), and pension contributions.

Guaranty Trust Holding Company Plc reported total key management personnel compensation of N9.19bn, including N7.49bn from the increase in Share Appreciation Rights. The share appreciation scheme is a cash-settled, share-based compensation plan managed by a special purpose vehicle, Guaranty Trust Bank Staff Investment Trust. The scheme was introduced as a compensation plan for the bank’s qualifying personnel to enhance employee retention by offering the shares acquired by the SPV to qualifying members of staff at the prevailing net book value of the bank.

GTCO’s data revealed that the highest number of its staff (1,404) earned between N4,530,001 and N5,930,000, followed by 1,001 earning the lowest range, N720,001–N1,400,000 per annum. Those earning N9m and above were about 1,000. In the period under review, the bank’s employee headcount increased slightly to 5,864 from 5,827 as of June 2024. Personnel expenses went up by 31.08 per cent to N54.39bn from N41.50bn.

The increase in GTCO’s personnel costs may be traced to the 40 per cent increase in staff salaries introduced in response to the high cost of living, according to TechCabal.

For Access Holdings Plc, the highest number of employees (2,928 out of 9,820) earned N17,950,001–N21,940,000 per annum, followed by 2,118 employees who got between N11,360,001 and N14,950,000, then 1,994 employees, who earned N7,489,001–N8,760,000. The group didn’t have anyone earning less than N900,000. The lowest earners at Access Holdings were 30 employees, and they were paid N900,001–N1,990,000 a year.

Personnel costs rose by 44.29 per cent to N229.21bn, just as the number of employees also increased to 9,820 from 8,009 as of June 2024. Compensation for key management personnel declined to N655m from N765m in June 2024.

Stanbic IBTC Holdings Plc, which has the lowest number of employees as of June 2025 (3,304) of the five reviewed financial groups, didn’t have any employee earning below N3m. Its lowest-paid staff were seven as of June 2025, and they earned between N3,000,001 and N4,000,000. The majority of its employees (2,979) earned N6m and above annually.

Key management compensation comprising salaries and other short-term benefits, post-employment benefits and the value of share options and rights expensed stood at N2.87bn, down from N3.35bn in the corresponding period.

At UBA, compensation for employees (including executive directors) increased to N172.21bn from N133.86bn, indicating a 28.65 per cent rise in this expense line. The majority of UBA employees (5,001 out of 10,393) earned N9m and above, excluding pension contributions.

This was followed by 3,067 employees who earned N6,500,001–N7,800,000 annually. The lowest earners at UBA were 493 employees who got N300,001–N2,000,000, and there was a significant reduction in the number of employees in this category compared to last year, when it was 1,181.

UBA’s data tell a story of salary increases between last year and the current financial year.

Combined, these financial groups have expanded their workforce as of half-year 2025, driving personnel costs up by about 30.58 per cent compared to the previous year, from N493.19bn in June 2024 to N644.01bn in June 2025.

Combined staff strength across GTCO, Zenith Bank, UBA, Access Holdings, and Stanbic IBTC rose to 39,903 employees in 2025, up from 35,284 in 2024, marking a 13 per cent increase.

Access Bank led the pack with the highest personnel spend at N229.21bn, followed by UBA (N172.21bn) and Zenith Bank (N134.57bn). GTCO’s wage bill climbed to N54.39bn, while Stanbic IBTC posted N53.63bn.

Among the banks, Zenith Bank and Access Bank showed the steepest rise in headcount, expanding by 29 per cent and 23 per cent, respectively. GTCO maintained relative stability with a modest increase from 5,827 to 5,864 employees.

The growth in staff numbers and compensation underscores the sector’s ongoing expansion despite macroeconomic pressures.