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Education crisis persists because FG neglects sector — ASUU

ASUU President, Chris Piwuna. Credit: ASUUThe President of the Academic Staff Union of Universities, Prof. Chris Piwuna, has said the Federal Government does not prioritise education because its officials do not consider the sector’s problems as national concerns requiring collective responsibility.

Piwuna, who spoke during The Toyin Falola Interviews on Sunday, in a virtual conversation titled “A Conversation with the ASUU President,” said the indifference of key government officials towards the education sector has made it difficult to achieve sustainable reforms.

According to him, members of the Federal Executive Council often view education challenges as the sole responsibility of the Minister of Education.

In recent years, the union has often justified industrial action as prompted by government proposals that it views as a “total departure” from the agreed terms of the 2009 FGN–ASUU Agreement, as well as unresolved issues such as outstanding promotion arrears, withheld deductions, and inadequate funding and renovation of public universities.

“Members of the government, the ministers, and chief executives do not see the problem of education as a problem that affects them.

“When ASUU declares a strike, the Minister of Finance sees it as the Minister of Education’s problem; the Minister of Science and Technology sees it the same way.

“But if the Minister of Finance understood that the country’s economic growth depends on a knowledgeable workforce, he would take the Minister of Education’s problem as his own. The same applies to other ministries,” Piwuna said.

He added that the Federal Government’s response to education issues was further hindered by ideological differences and corruption.

“We in ASUU see education as a public good, but those in government treat it as a capitalist venture, something only important if it generates profit.

“Many of them now suggest that TETFund should begin funding private universities. Even the last Chief of Staff to the President, who never did that while in government, is now a Pro-Chancellor advocating it. Self-interest and contract inflation have replaced public service. That is why TETFund has become a marketplace,” he said.

The host, a historian and scholar, Prof. Toyin Falola, gave an overview of ASUU’s historical struggles with the Federal Government and the recurring industrial actions that have crippled academic calendars for decades.

Other panellists included Prof. Francis Egbokhare of the University of Ibadan; economist Prof. Sherrifdeen Tella; Nigeria Labour Congress President, Joe Ajaero; and a journalist with The PUNCH, Grace Edema.

Prof. Egbokhare said Nigeria’s university system is plagued by poor leadership, infrastructural decay, and weak accountability structures.

“What is happening is a failure of leadership, especially within governing councils,” he said.

“You look around our universities and see poorly constructed buildings in an era when sustainable design should be standard. We must fix leadership selection and integrity issues within our universities. We cannot complain about the system and still be part of its problems.”

He further argued that funding should not be the only focus, noting that universities could generate more income if government ministries patronised them for consultancy, research, and training services.

“It’s not just about money but about funding models. If government agencies engage universities for research and consultancy, more resources would circulate within the system,” he said.

On his part, NLC President, Joe Ajaero, urged the government and ASUU to adopt a holistic approach to solving the education crisis.

“It has been tough and hard for ASUU leaders. But beyond autonomy, we must also address the state of primary and secondary education,” Ajaero said.

An economist, Prof. Sherrifdeen Tella, said that the disregard for research in Nigeria has contributed to the country’s underdevelopment.

“When farmers plant good seeds that yield better harvests, it’s due to research by academics. Unfortunately, the system has neglected research for too long,” he noted.

Speaking on the ongoing ASUU National Executive Council meeting in Taraba State, Piwuna said discussions on the union’s negotiations with the Federal Government were nearing conclusion.

“The terms of the agreement are shaping up, and in the next week or two, we’ll make a definite statement.

“But what the government is offering us as salaries is unacceptable, and we are ready to go to any length to fight it. Our salaries are nothing to write home about.

“All the billionaires have private universities; none of them support public universities. We have reached out to them — even under the last administration — but nothing came of it,” he said.

Piwuna added that Nigeria’s current academic conditions are pushing lecturers to survival mode, leaving little room for innovation or endowments.

“Some of our colleagues sleep in their offices with their families because of poor living conditions.

Dan Poster by — November 10, 2025 in General News 0
Five banks’ top bosses pocket bulk of N644bn pay

Nigerian-Banks-Logo-1Top 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.

Dan Poster by — November 10, 2025 in Business 0
National Payment Stack completes first live transaction

NIBSS-logoThe first live transaction has been completed on the National Payment Stack, marking a shift in Nigeria’s digital payment landscape and a replacement for the current NIBSS Instant Payment platform.

According to a statement from the Nigeria Inter-Bank Settlement System on Sunday, the transaction took place on Friday, November 7, 2025, at exactly 11:56 a.m. between PalmPay and Wema Bank.

The  National Payment Stack, a payment infrastructure, is aimed at redefining digital payments in Africa and builds on the introduction of NIBSS Instant Payments.

The first transaction, which was said to have been completed in milliseconds with instant settlement, demonstrated the robustness, scalability and transformative potential of the NPS, a national infrastructure powered by the Nigeria Inter-Bank Settlement System to unify, modernise and future-proof digital payments in Nigeria.

“Developed as a next-generation payment infrastructure, the NPS embodies NIBSS’s commitment to speed, innovation, interoperability and security; all crucial pillars in supporting Nigeria’s digital economy. Built on an advanced architecture, NPS enables speed, instant, reliable, and high-volume payment processing; interoperability, seamless integration across banks, fintechs, and other payment institutions; security, reinforced with digital signatures and multi-layer authentication for enhanced data protection; cross-border capability, extending Nigeria’s reach in regional and global transactions; and innovation, enabling the creation of new financial products and digital services for individuals and businesses.”

“The NPS is the new engine driving Nigeria’s next phase of payment innovation. Built on the ISO 20022 international standard for financial messaging, this global framework improves data richness, interoperability, and regulatory compliance, aligning Nigeria’s payment infrastructure with the Central Bank of Nigeria’s directive mandating ISO 20022 adoption for all electronic financial transactions,” said the NIBSS in its statement.

This strategic migration ensures continued compatibility with international systems, promotes greater transparency, and establishes the payments foundation for the development of Nigeria’s Digital Public Infrastructure, which is a critical enabler of the nation’s digital economy.

The new national payment infrastructure is described as an extension of the legacy of innovation that began over a decade ago with the introduction of NIBSS Instant Payments, Africa’s first real-time account-based digital payment solution.

Speaking during the NPS launch in June 2025, Managing Director/Chief Executive Officer of NIBSS, Mr Premier Oiwoh, emphasised that, “The National Payment Stack is a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.”

NIBSS went on to extend special recognition to PalmPay and Wema Bank for being the trailblazers of the achievement and to all participating financial institutions and partners for their continued collaboration and shared commitment in realising this vision.

“As integration continues across the ecosystem, NIBSS encourages all banks, fintechs and other payment service providers to complete their onboarding to the NPS to deliver faster, safer and more inclusive digital payment experiences for Nigerians,” NIBSS added.

Dan Poster by — November 10, 2025 in Business 0
CBN’s $1 Trn Mirage: Why Nigeria’s Real Sector Holds the Missing Key

CBN's $1 Trn Mirage: Why Nigeria's Real Sector Holds the Missing Key
When the Central Bank of Nigeria (CBN) recently declared that the country was on course to becoming a $1 trillion economy through ongoing banking reforms, the statement was met with cautious optimism. To many, it sounded like a long-awaited promise of prosperity as a declaration that Nigeria’s economic renewal is finally underway. But behind the projection lies a critical question, if banking reforms alone drive the kind of broad-based, sustainable growth required to make Nigeria a trillion-dollar economy?
The truth, according to several experts and economic data, is that banking reforms though necessary are insufficient. The structure of the Nigerian economy is still too fragile, the real sector too weak, and the policy framework too inconsistent to sustain such lofty growth. Without targeted reforms that strengthen production, industry, and exports, the trillion-dollar dream risks remaining what one economist aptly described as a “mirage.”
Tilewa Adebajo, Chief Executive Officer of CFG Advisory, did not mince words when he addressed the subject on ARISE NEWS earlier this year. “We said Nigeria already has the potential of a $1 trillion economy. But $1 trillion economy is a mirage. We shouldn’t go there again,” he said. “If you do not have your policies in place, you cannot reach that $1 trillion economy.”
Adebajo’s caution strikes at the heart of the matter, saying potential is not performance. Nigeria has abundant human and natural resources, but poor policy implementation, weak governance, and persistent inflation continue to choke productivity and investment.
According to Adebajo, reforms alone cannot drive growth. “Reforms on themselves cannot be the solution or answer to growing the economy,” he explained. For him, the CBN’s focus on financial sector restructuring must be complemented by microeconomic solutions such as job creation, poverty alleviation, and social intervention policies that ease the hardship of ordinary Nigerians.
“There has to now be a human face,” he emphasized. Economic transformation, he argues, must not only be about GDP numbers but about improving the quality of life for millions trapped in poverty.
While the CBN’s recapitalisation directive aims to strengthen the banking system and attract foreign capital, many industry players insist that banking strength is meaningless without productive outlets for credit. The Group Managing Director of UBA Plc, Oliver Alawuba, made this clear at the Annual Conference of the Finance Correspondents Association of Nigeria (FICAN).
He stated that achieving the $1 trillion economy target “requires not just incremental growth, but structural shifts in how we approach banking, financial innovation, and sectoral development.”
For Alawuba, the real sector in agriculture, manufacturing, and services must become the true engine of growth.
“A vibrant real sector will drive employment, foster innovation, and strengthen the overall economy by reducing dependency on the oil sector,” he said.
Recapitalization alone, he noted, “is not enough; it must be followed by focused lending to strategic areas that promise the highest economic returns.”
This sentiment reflects a broader consensus among economists that credit must flow to where value is created. Yet, Nigerian banks often prefer the comfort of investing in risk-free government securities over financing industrial or agricultural expansion. The result is a financial system that thrives on paper profits but contributes little to real economic output.
Indeed, Nigeria’s real sector has remained under pressure for years. Manufacturing’s share of GDP still hovers around 10 to 12 percent, hampered by erratic power supply, high logistics costs, and dependence on imported inputs. Agriculture, employing over one-third of the population, remains largely subsistence-based and technologically backward. Small and Medium Enterprises (SMEs), which make up 90 percent of businesses and contribute 48 percent of GDP, continue to struggle with limited access to affordable, long-term credit.
Alawuba suggests that this is where the banking recapitalisation drive must meet fintech innovation. By creating products specifically tailored to SMEs such as flexible loan packages, digital lending tools, and market access platforms which banks can unlock exponential growth. He argues that the future of Nigeria’s economy depends on “the strategic alignment of policy, investment, technology, and, most importantly, our collective will to innovate and grow.”
However, achieving this alignment requires more than monetary engineering; it demands a complete rethink of fiscal and industrial policy. As Isa Omagu of the Bank of Industry (BoI) explained during the same forum, “The economy stands on both the monetary and fiscal sides; we need both sides to work together.” While the monetary side stabilizes prices, fiscal authorities must “come in on the issue of governance.” Nigeria’s biggest economic problem, he said, is simple: “We are not producing enough, and we cannot continue to consume imported goods and expect the economy to be robust.”
Omagu’s statement underscores the country’s most pressing contradiction as a consumption-driven economy that produces little of what it consumes. He called for deeper investment in agriculture, infrastructure, and services to minimize importation and reduce pressure on the foreign exchange market. “We cannot achieve a $1 trillion economy without focusing or boosting our production capacity,” he warned.
The Deputy Director of the Banking Examination Department at the Nigeria Deposit Insurance Corporation (NDIC), Emeka Udechukwu, echoed a similar concern. He warned that “without a vibrant real sector, the economy might not grow fast enough to hit the $1 trillion target.” He argued that while the CBN’s loan-to-deposit ratio policy was designed to compel banks to lend more to the productive sector, “fundamental infrastructural deficits” and policy inconsistencies have undermined its impact. “If there is challenge in the real sector of any economy, that economy is already challenged,” he said. “We have to go back to the real sector and do what we are supposed to do.”
This diagnosis aligns with what many analysts have long argued that Nigeria’s economic problem is not lack of money but lack of production. Trillions of naira circulate within the financial system, yet they rarely translate into new factories, expanded farms, or exportable goods. A $1 trillion GDP projection, therefore, may reflect currency devaluation or statistical rebasing more than genuine productivity gains.
The country’s overreliance on oil further complicates the path to sustainable growth. Data from the National Bureau of Statistics (NBS) shows that in the last quarter of 2023, crude oil accounted for over 81 percent of total exports, while non-oil exports amounted to just around N1 trillion. Even though non-oil exports grew by 38.5 percent in early 2024, their value remains meagre for an economy seeking diversification.
Nigeria’s non-oil export base including manufactured goods, agricultural products, and services remains underdeveloped. Experts argue that to escape this trap, Nigeria must learn from Asian success stories like Singapore and Vietnam, where industrialization, export-oriented manufacturing, and human capital investment transformed poor economies into global competitors.
Singapore, for instance, transitioned from high unemployment and poor infrastructure in the 1960s to one of the world’s richest nations through massive investment in education, manufacturing, and technology. Its top exports today include integrated circuits and machinery products that drive global industries. Similarly, Vietnam evolved from an agrarian, war-torn economy to a manufacturing hub exporting electronics, textiles, and footwear worth over $370 billion in 2022. Nigeria, by contrast, has watched its GDP fall from $400 billion in 2013 to around $250 billion by 2023.
Both countries demonstrate that industrialization, not financial speculation, drives long-term growth. As Uchenna Uzo, a marketing professor at Lagos Business School, put it, “Manufacturing and local production are the key things that can set Nigeria apart.” He added that Nigeria can also attract diaspora investment if it builds the right infrastructure and policy stability.
The lesson is clear; a trillion-dollar economy cannot be decreed from monetary policy statements or achieved through banking reforms alone. It must be earned through production, value addition, and innovation. Nigeria’s manufacturing base must expand, its agricultural productivity must rise, and its infrastructure such as power, transport, and logistics must be modernized.
Banking reforms should therefore serve as an enabler, not a substitute, for real sector development. The CBN’s recapitalization drive, while commendable, must be tied to sectoral targets. Banks that expand credit to manufacturing, agriculture, or export-oriented businesses should enjoy regulatory incentives, while speculative investments in non-productive assets should be discouraged.
Equally important is the need to tame inflation and stabilize the currency. As Adebajo noted, Nigeria can only sustain GDP growth of 8-10 percent if inflation is kept below 12 percent. Persistent inflation erodes purchasing power, deters investment, and undermines long-term planning. Without macroeconomic stability, even the best-intentioned reforms will falter.
Furthermore, there must be a coordinated industrial policy that aligns monetary, fiscal, and trade objectives. For instance, while the CBN seeks to strengthen the naira, the fiscal authorities must simultaneously support local manufacturers through tax incentives, infrastructure investment, and export facilitation. Import restrictions, when necessary, should be strategically designed to protect emerging industries without stifling competition.
Nigeria’s SME ecosystem also deserves targeted support. As the Bank of Industry’s Omagu and UBA’s Alawuba both emphasized, SMEs are the backbone of employment and innovation. Yet, they are often the most credit-starved. Government-backed credit guarantees, venture funds, and fintech-driven micro-lending could bridge this gap, helping small enterprises become the foundation of Nigeria’s industrial base.
Equally, agricultural transformation must move beyond subsistence farming to agro-industrialisation such as processing, packaging, and exporting value-added products rather than raw materials. This approach will not only increase farmers’ incomes but also create jobs and reduce pressure on foreign exchange demand. A focus on value chain development from farm to factory to market will ensure that the benefits of growth reach ordinary citizens.
At a time when 133 million Nigerians are multidimensionally poor, according to NBS data, the urgency for real sector reforms cannot be overstated. An economy that depends overwhelmingly on oil exports, consumes more than it produces, and imports most of its essential goods cannot claim to be on the path to a trillion dollars in any meaningful sense.
The government’s projection of achieving a $1 trillion economy by 2030 could still be attainable but only if the country embarks on deep structural reforms. These include ensuring reliable power supply, revamping transport infrastructure, tackling corruption that inflates project costs, and improving governance and policy consistency.
Nigeria must also invest aggressively in education and skills development, following the example of countries like Singapore, which turned human capital into its greatest economic asset. A young, skilled population can drive innovation, entrepreneurship, and technological adoption which is the real levers of modern economic power.
The road to a trillion-dollar economy will not be paved by balance sheets and banking reforms alone. It will be built by factories, farms, and entrepreneurs. It will depend on a nation’s ability to produce, innovate, and trade competitively. It will require a deliberate shift from policy announcements to policy execution, where government actions translate into measurable outcomes for citizens.
Nigeria’s trillion-dollar dream is achievable, but not on the current trajectory. Without revitalizing the real sector, ensuring macroeconomic stability, and investing in people and production, the CBN’s optimism risks sounding like rhetoric detached from reality. Banking reforms may stabilize the system, but only real sector reforms can sustain growth.
In the end, Nigeria’s economic destiny will not be determined in banking halls but in the fields, factories, and workshops where real value is created. The trillion-dollar economy will not come from financial statements, it will come from the sweat of productive Nigerians who, if properly empowered, can transform potential into prosperity.
Blaise, a journalist and PR professional writes from Lagos, can be reached via: blaise.udunze@gmail.com
Dan Poster by — November 10, 2025 in Business 0
NSCDC officer admits to N1.7m fraud

NSCDCA Deputy Superintendent of the Nigeria Security and Civil Defence Corps, Sani Yakubu, has pleaded guilty to a three-count charge of criminal breach of trust and misappropriation of funds totaling N1.7 m.

The Independent Corrupt Practices and Other Related Offences Commission arraigned Yakubu before Justice Isiaka of the Kaduna State High Court 12 on November 4, 2025 according to a statement by the ICPC spokesperson, Demola Bakare.

Yakubu was accused of diverting funds belonging to one Mrs. Vennica Idoko, which he allegedly received on her behalf while acting in his official capacity as an NSCDC officer.

The statement read partly, “According to the charge sheet, the ICPC accused the defendant of dishonestly misappropriating the sum of N1,720,000 entrusted to him in the course of his duty. The offences contravene Sections 294, 300, and 86 of the Penal Code Law of Kaduna State.”

The commission added that the defendant, “while serving as an officer of the NSCDC, dishonestly misappropriated the sum of N1,720,000 belonging to Mrs. Vennica Idoko, being money officially received by him on her behalf.”

During the proceedings, Yakubu reportedly broke down in tears as he admitted to the offence and pleaded guilty to all three counts.

Following his plea, Justice Isiaka adjourned the matter to November 12, 2025, for judgment and sentencing.

Reacting to the development, Bakare, who is also the Director of Public Enlightenment and Education at the ICPC, said the Commission remained committed to holding public officials accountable for corruption and abuse of trust.

He warned that any public servant who exploits their position for personal gain would face the full weight of the law.

“This case serves as a reminder that corruption, in whatever form or amount, undermines public confidence in government institutions and will not be tolerated,” Bakare added.

Dan Poster by — November 8, 2025 in General News 0
Neimeth grows operating profit to N5.01bn

Neimeth PharmaceuticalsNeimeth International Pharmaceuticals Plc has reported a 120 per cent surge in revenue and profitability for the nine months of January to September 2025.

According to its interim financial results filed with the Nigerian Exchange Limited, Neimeth’s revenue grew to N5.01bn from N3.09bn in the corresponding period of 2024, a 62 per cent jump.

Increased sales revenue also led to a 71 per cent increase in gross profit, which stood at N2.49bn. The growth in operating profit before finance costs is even more remarkable, reaching N1.66bn.

Despite the phenomenal growth in sales revenue, the company was able to manage costs. Marketing and distribution expenses grew only by 6 per cent from N412.7m to N437.4m. The company’s administrative costs grew by 67 per cent despite a high inflationary trend and high cost of foreign exchange during the business period.

However, a 198 per cent rise in finance costs from N442.7m to N1.3bn negatively affected the bottom line. Despite these high financing impediments, net profit for the period grew by nine per cent to N339.8m compared to N310.4m in the prior year.

The company’s balance sheet indicates continued growth. During the review period, total assets of Neimeth grew to N13.35bn, an increase from N11.99bn at the end of December 2024. Total liabilities also increased to N11.35bn from N10.34bn.

Consequently, net assets improved by 21 per cent to N1.99bn, up from N1.65bn at the start of the period, reflecting the profit generated during the year.

The company’s equity base was strengthened by its profitability during the period. Starting with an opening equity of N1.65bn, the addition of the N339.8m profit for the period brought the total equity to N1.99bn as of 30 September 2025. Earnings Per Share for the period stood at 7.95 kobo, up from 7.27 kobo in the prior year.

Following the steps of its performance in operations and profitability, Neimeth International Pharmaceuticals Plc’s share price has seen a major rebound in 2025 as investors reassessed the company on the basis of emerging results.

Dan Poster by — November 8, 2025 in Business 0
Labour, economists fault 15% petrol duty as anti-people policy

PetrolThe new 15 per cent import duty on petrol approved by President Bola Tinubu has triggered concern among Nigerians, with analysts and labour union officials warning on Friday that the measure could drive fuel prices higher and worsen the nation’s cost-of-living crisis, describing it as anti-people.

The directive, contained in an October 21 letter to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, orders the immediate enforcement of the new tariff.

Early government projections show that the duty could increase the landing cost of petrol by about N99.72 per litre, pushing pump prices in Lagos to around N964.72. For millions of Nigerians already struggling with high food prices, transportation costs, and unstable electricity, another rise in fuel prices could make daily life even harder.

The government says the duty is part of broader efforts to boost revenue, but critics who spoke with Saturday PUNCH argue that it will hit low-income earners the hardest and deepen inflation in a country where fuel costs influence nearly every part of the economy.

Former Chief Economist of Zenith Bank, Marcel Okeke, said the tariff could set off a new wave of cost-push inflation where rising input costs lead to higher prices across the economy.

“What we’ll likely see from this 15 per cent duty is inflation driven by costs. The government says it wants to protect local refiners, but the truth is, we have almost none. Only Dangote has managed to survive, and even he has complained of sabotage,” Okeke said.

He argued that the government should focus on incentivising local refining rather than penalising importers. “For a crude-rich nation like Nigeria, continuing to import petrol is an economic anomaly. It drains foreign exchange, weakens the naira, and keeps domestic prices tied to global oil volatility,” he said.

“We should be creating an environment where local refiners thrive through incentives, tax relief, and better infrastructure, not by imposing duties that distort the market.”

Assistant Secretary-General of the Nigeria Labour Congress, Chris Onyeka, described the new duty as “anti-people” and accused the government of using protectionist rhetoric to justify a policy that ultimately favours the Dangote Refinery.

While the $20bn Dangote Refinery is Nigeria’s only large-scale operational refinery, the country also has several state-owned plants under rehabilitation and a few small modular refineries in limited operation.

“Many people don’t understand what is going on. They say they want to protect domestic refineries. From who?” Onyeka asked.

“Public refineries are not working, and Dangote Refinery itself operates within an export processing zone and is not bound by Nigerian laws. If we’re talking about public refineries, those are dead. Or do they mean the small, illegal refineries in the creeks?”

The labour leader claimed the policy was designed to give Dangote an unfair advantage in the domestic market.

“Dangote uses cheap Nigerian labour, refines locally, sells in naira, and saves on logistics. Yet imported petrol, refined abroad at higher costs, still lands cheaper. So who exactly are we protecting?” he asked.

Onyeka warned that the duty would inevitably be passed on to consumers, compounding inflation and increasing hardship.

“Once importers pay duties, they add it to their cost, and the burden shifts to ordinary Nigerians,” he said. “There’s no real alternative; gas is expensive, electricity is unreliable, and the fallback is firewood. That’s not how to build a modern economy.”

He also accused the administration of paving the way for a monopoly. “Dangote did it with sugar and salt, and now it’s the same story with fuel. We warned that once his refinery becomes operational, public refineries would be sidelined, and that’s what’s happening now,” he said.

Dan Poster by — November 8, 2025 in Business 0
NGX deepens market inclusion, transparency in Islamic finance

Jude ChiemekaThe Nigerian Exchange Limited is on a mission to enhance market inclusion and transparency within the Islamic finance sector.

This, according to a press statement sent to PUNCH Online by the NGX on Friday, reaffirming its leadership position at the recently concluded 7th African International Conference on Islamic Finance.

At the conference, the statement quoted the Group Chairman of the Nigerian Exchange Group, Umaru Kwairanga, as emphasising the pivotal role of the NGX’s Non-Interest Finance Board in achieving these objectives.

“Our commitment to broadening market participation is unwavering. Through our Non-Interest Finance Board, we are dedicated to expanding access to Sharia-compliant financial instruments that attract investors who value transparency, inclusivity, and sustainability”, Kwairanga said.

The two-day conference, held in Lagos from November 4 to 5, 2025, was organised by the Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission, brought together policymakers, regulators, development partners, and market participants.

The discussions centered around vital policy reforms, innovative product development, and strategies aimed at unlocking liquidity across Africa’s Islamic finance markets.

With over N1.3tn listed Sukuk, the NGX is well-positioned to capitalise on the growing appetite for ethical investment.

The Chief Executive Officer of NGX, Jude Chiemeka, commented on the strategic significance of non-interest finance, stating, “Our Non-Interest Finance Board represents more than just a platform; it embodies our commitment to unlocking ethical capital and ensuring sustainable development. By embracing innovation and building strategic partnerships, we are setting the stage for inclusive growth.”

The conference also highlighted discussions led by Vice President Kashim Shettima, represented by his Special Adviser to the President on Economic Matters, Dr. Tope Fasua.

He remarked, “Islamic finance is a credible mechanism for fostering equitable prosperity and sustainable development, and broader adoption across African economies is essential.”

As Nigeria’s non-interest capital market continues to expand, significant strides have been made, including sovereign Sukuk issuances that have raised over N1.4tn to fund various national projects.

This underscores Nigeria’s growing influence in shaping the future of Islamic finance across Africa.

In conclusion, with the goals of enhancing market inclusion and ensuring transparent operations in the Islamic finance sector, the NGX is paving the way for a robust financial ecosystem that promotes ethical and sustainable investments across the continent.

NGX earlier announced the declaration of an interim dividend of N1.00 per ordinary share of 50 kobo each, following the approval of its unaudited financial statements for the third quarter ended September 30, 2025.

The decision was reached at the meeting of the Group’s Board of Directors held on Wednesday, October 29, 2025.

The NGX Group Plc is the holding company for a diversified portfolio of businesses operating across the financial market ecosystem in Nigeria.

It is the successor entity to the erstwhile Nigerian Stock Exchange (NSE), which demutualised in March 2021.

Dan Poster by — November 8, 2025 in Business 0
PDP crisis: Devil using some members – Damagum

The acting National Chairman of the Peoples Democratic Party, PDP, Umar Damagum, has disclosed that the devil is using members of the party to cause crisis.

Damagum disclosed this when he met with PDP state chairmen in Abuja, led by their forum chairman, Tony Aziegbemi (Edo) and forum secretary, Edward Masha (Kaduna).

The state chairmen had visited Damagum to pledge their loyalty to him.

Speaking, Damagum reminded those causing trouble in the PDP that there is karma.

He said: “I also want to use this opportunity to call on our colleagues that the devil is using, to see wisdom in casting the devil in them because treachery, especially to an institution that has made you what you are today, will not heal. You may be lucky now, but there is a law of Karma.

“What goes around comes around. I think it is not late to see the need to do justice to this party that has given you all.

“Sometimes, when I resort to the ways of God, people think it is weakness. We exist because God exists.

We owe everything that we do to him. He is watching us. He will judge us by our behavior. I will leave this on this note. They say a word is enough for us.”

Dan Poster by — November 7, 2025 in Politics 0
Court stops anti-migrant group from harassing foreigners in South Africa

Court gavelThe Gauteng Division of the High Court in Johannesburg has restrained the anti-migrant group, Operation Dudula, and its leaders, Zandile Dabula and Dan Radebe, from intimidating, harassing, or assaulting foreign nationals.

Justice Leicester Adams, who delivered the judgment, declared that the group’s actions against migrants were unlawful and unconstitutional.

The court further interdicted Operation Dudula and its members from demanding that any private person produce a passport or identity document to prove their right to reside in South Africa.

The judgment was handed down electronically by circulation to the parties’ representatives by email on Tuesday.

The judgment also bars the group from interfering with the access of foreign nationals to healthcare services, disrupting the operations of schools, or harassing learners, teachers, and parents.

Justice Adams directed relevant government agencies to enforce the ruling, affirming the constitutionally guaranteed rights of migrants.

The verdict followed an application by Kopanang Africa Against Xenophobia and others seeking interdictory and declaratory relief against Operation Dudula and the South African government.

The applicants argued that only immigration and police officers are legally empowered to request identification documents.

Applicants in the case include KAAX, the South African Informal Traders Forum, Inner City Federation, and Abahlali Basemjondolo Movement SA, while respondents are Operation Dudula, the Government of the Republic of South Africa, and 11 others.

The applicants also sought an order restraining Operation Dudula from engaging in unlawful conduct, hate speech, or any acts that amount to taking the law into its own hands.

The court consequently prohibited the group from making public statements that constitute hate speech on the grounds of nationality, social origin, or ethnicity, whether at gatherings, on social media, or elsewhere.

Operation Dudula was further barred from unlawfully evicting foreign nationals, removing them from their trading stalls, or interfering with their employment in shops and businesses.

The order also forbids the group from inciting or encouraging others to carry out such prohibited acts.

The list of respondents includes the Government of South Africa, the Minister of Police, the National Commissioner of Police, and the Ministers of Home Affairs.

Others are Justice and Correctional Services, Health, and Basic Education, the MECs for Health and Education in Gauteng, Zandile Dabula, Dan Radebe, and the South African Human Rights Commission.

The judgment, delivered electronically via email in November, also directed the South African government to implement the National Action Plan to Combat Racism, Racial Discrimination, Xenophobia and Related Intolerance.

It urged authorities to establish an early warning and rapid response mechanism to address threats of xenophobic hate speech and hate crimes.

The government was also ordered to collate and publish disaggregated data on xenophobic hate speech and hate crimes, including prosecutions and convictions.

Justice Adams reaffirmed that only immigration and police officers are authorised to request identification documents from individuals, and that no private person has such powers unless expressly permitted by law.

He added that, in enforcing Section 41 of the Immigration Act 13 of 2002, searches should be limited to public places and not extended to private homes, workplaces, or schools.

Officers, he said, must hold a reasonable suspicion before requesting anyone’s identity status.

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