Peso breaches 62.8 per dollar to hit new record low

The Philippine peso opened the new trading week at a fresh record low, breaching the 62.8-per-dollar level as a stronger greenback continued to weigh on the currency.

The peso opened at 62.75 per dollar on Monday before weakening to an intraday low of 62.865 during the morning trade, surpassing the previous record of 62.775 set on Sept. 7.

In addition, the move came as the dollar held steady against major peers, with investors weighing the prospect of interest-rate moves by the US Federal Reserve and Bank of Japan in a pivotal week for global monetary policy.

Last week, the Philippine peso sank deeper into the 62-per-dollar territory, capping the week at a new record low as lingering inflation fears amid a prolonged conflict in the Middle East continued to prop up the greenback.

On Friday, the Bankers Association of the Philippines’ data showed the local currency lost 14.5 centavos from its prior closing to finish at 62.68 versus the dollar, which surpassed the previous all-time low close of 62.625 set on Sept. 8.

Chinese firm to set up power, energy equipment industrial park in Nigeria

Major Chinese power and energy equipment manufacturer, TBEA Co. Ltd has indicated commitment to establish a power and energy equipment industrial park in Nigeria, in a major highlight of ongoing efforts by the Federal Government to attract long-term investments into the sector.

Founded in 1949, TBEA is a leading manufacturer of power transformers, electrical equipment and development of transmission and renewable energy projects.

At a high-level meeting at TBEA’s Beijing headquarters during a working visit by the Minister of Power, Mr Joseph Tegbe, the parties agreed on establishing the industrial park. Tegbe is on a working visit to engage original equipment manufacturers and technical partners of the Presidential Power Initiative.

The proposed park is expected to position Nigeria as a manufacturing and export hub for critical power-sector equipment, moving the country beyond imports toward local production, while creating jobs and building a base of indigenous suppliers.

Tegbe described TBEA as a long-term strategic development partner rather than simply a contractor, and reaffirmed Federal Government’s drive to attract investors who bring technology transfer and local capacity alongside capital.

Alongside the new park, TBEA renewed its commitment to accelerate delivery of ongoing transmission and distribution projects across the country, including works expected to unlock more than 2,000MW of stranded capacity for consumers and strengthen bulk power supply to the Federal Capital Territory.

Tegbe also underscored the need for faster completion of Presidential Power Initiative works, calling for extension of planned grid infrastructure to the East-West corridor.

He said the government remains committed to ensuring that contracted and substantially developed projects be brought to completion so Nigerians can begin realizing their benefit.

The engagement also explored the feasibility of electric-vehicle charging infrastructure in Nigeria, opening a new front for investment as the country’s grid modernizes around renewable energy and storage technologies.

As part of the visit, Tegbe had strategic meeting with Sinomach Group and China Machinery Engineering Corporation (CMEC), two of the largest contractors in Nigeria’s generation and transmission programme.

He reiterated the need for accelerated completion schedules on all ongoing PPI projects and for a shift from conventional engineering, procurement and construction (EPC) contracts to a full-scope partnership.

Under the expanded model proposed by Tegbe, Chinese partners would move beyond building assets to co-investing in them- bringing capital, technology and technical expertise to generation, transmission, hydropower and associated industrial investment.

Building on CMEC’s established footprint in Nigeria, Tegbe set out the Ministry’s expectations that this partnership should deliver faster project completion, additional wheeling capacity and blended financing structures.

He also visited China National Electric Engineering Corporation (CNEEC) to advance EPC cooperation on Nigeria’s transmission network, the segment of the value chain where bottlenecks most directly translate into load-shedding for homes and industry.

Giving practical expression to the Ministry’s commitment to transmission expansion, the delegation witnessed a factory acceptance test for high-voltage cables and related transmission materials at Hengfei Cable’s Changsha Industrial Park. The test confirms that equipment destined for Nigerian transmission projects meets the required technical standards before shipment, a step that shortens installation timelines and reduces the risk of delays once materials arrive in-country.

Recognizing that reliable electricity is only valuable when it powers productive activity, Tegbe invited Chinese corporations to invest in strategic sectors that are both major consumers of power and drivers of economic growth: steel, automotive manufacturing, digital infrastructure and data centres, cold-chain logistics and sugar processing.

He proposed a structured Nigeria-China industrial cooperation platform to originate, screen and develop bankable projects aligned with Nigeria’s industrialization priorities, ensuring that new generation and transmission capacity is matched by anchor industrial demand, creating jobs and improving the commercial viability of the power sector itself.

Olawepo-Hashim: INEC can’t stop me from 2027 presidential race

Accord chieftain Dr. Gbenga Olawepo-Hashim, has declared that no administrative action by the Independent National Electoral Commission (INEC) can extinguish his candidacy for the 2027 presidential election.

Hashim was reacting to his exclusion from the final list of presidential candidates published by INEC at the weekend.

In a statement in Abuja, yesterday, Hashim described the development as a matter that remains subject to judicial determination, insisting that he remains the duly nominated presidential candidate of the Accord.

‘I am the candidate of the Accord. No one can exclude me from the 2027 presidential election. The court will do justice,’ he said.

Hashim said Nigeria’s constitutional democracy does not confer on INEC an overriding power of ‘finality’ over disputes concerning who emerges as a political party’s candidate.

According to him, the adjudicatory powers vested in the courts exist precisely to prevent administrative decisions from becoming instruments of impunity or a means of foreclosing legitimate political rights.

‘Our democracy does not give INEC any right of finality over who stands as the candidate of a political party. Where there is a dispute over the emergence or exclusion of a candidate, the adjudicatory functions of the courts are provided precisely to prevent impunity and to ensure that no administrative process becomes a pre-planned mechanism for keeping particular candidates off the ballot.

‘We have seen this before. In the last Osun governorship election, the courts intervened in circumstances where candidates initially excluded from INEC’s processes were subsequently restored to the ballot. That is why nobody should assume that an administrative publication by INEC is the final word in a matter that is before the courts.’

Hashim has taken the matter before the Federal High Court in Abuja, seeking, among other reliefs, an order compelling the Accord to recognise him as its presidential candidate and transmit his name to INEC. The case has been heard and reserved for judgment.

His case is based on his contention that he was the winner of Accord’s presidential primary conducted on May 30, after paying the prescribed nomination fee, with the exercise monitored by INEC officials.

Hashim said his legal battle, therefore, goes beyond his personal political ambition, describing it as a test of the integrity of political party primaries, internal democracy and the constitutional right of Nigerians to freely choose their preferred presidential candidate.

He called on his supporters and Nigerians who believe in democratic choice to remain calm, assuring them that he would continue to pursue the matter through constitutional and legal means.

‘We will not be intimidated, we will not be distracted and we will not surrender a legitimate democratic right because somebody has published a list.

‘The court will speak, and when it does, we will abide by the judgment.’

The Accord had disputed Hashim claim, saying he did not conduct any presidential primary and could not have had a presidential candidate.

The party added that the nomination fee paid by Hashim after nomination had closed, was returned to him.

During its National Executive Committee (NEC) meeting hosted by Osun State Governor Ademola Adeleke in July, the NEC of Accord reaffirmed that the party had no presidential candidate.

’I’ll be president, make you proud’ – Natasha Osawaru promises grandfather

Edo State lawmaker and wife of music star 2Baba, Natasha Osawaru, has vowed to become Nigeria’s President.

Osawaru, who posted on Instagram, made the pledge during her grandfather’s birthday celebration, Chief Gabriel Igbinedion, the Esama of the Benin Kingdom.

In a video from the event, Osawaru is seen addressing the elder statesman directly, promising to ascend to the nation’s highest office and make him proud.

‘I promise you, I will be the President of this country and make you very proud,’ she said.

The declaration drew cheers from guests at the ceremony and has since generated buzz on social media, with many noting her growing political profile since her election to the Edo State House of Assembly.

Bago rewards Qur’an contest winners with Hajj seats, N5m each

Niger State Governor Mohammed Umaru Bago has awarded each winner from the six categories of the 41st Niger State Qur’an recitation competition a Hajj seat and N5 million.

The committee presented the prizes at the event, organised by the Niger State Qur’anic Recitation Competition Committee and held in Bida. All other participants received a consolation prize of N1 million each.

Hassana Muhammad Husseini of Suleja Local Government Area emerged as the overall female winner, while Shamsudeen Awwal of Shiroro Local Government Area took the male category title.

Bago praised the organisers for encouraging young people to be resourceful to themselves and society, saying his administration would continue to support programmes that promote both Islamic and Western education and pledged ongoing scholarships for the youth.

He also urged parents to enrol their children in school so they can grow disciplined and contribute to national development.

The Etsu Nupe and Chairman of the Niger State Council of Traditional Rulers, Alhaji Yahaya Abubakar, thanked the organisers and the governor for their support.

He encouraged Muslim parents not to hesitate in sending their children to Islamic schools so they can better understand their religion and become advocates of peace.

Acting Chairman of the competition committee, Muhammad Ciroma, said the annual event promotes memorisation of the Qur’an, which he described as the heritage and pride of Muslims, disclosing that 134 participants from the state’s eight emirates took part.

The winners will represent Niger State at the national competition in Jigawa in November.

The Guest speaker, Imam Idris Muhammad and Niger State Coordinator of the Qur’anic Recitation Committee, Malam Idris Muhammad, stressed the need for Muslims to recite the Qur’an regularly and live by its teachings as the faith’s guiding principle.

Chinese millionaire fugitive arrested in Pattaya, has fake Thai ID

A Chinese millionaire arrested in Pattaya for illegally acquiring Thai citizenship is also wanted in China for alleged assault three decades ago.

Zhishan Zhu was taken into custody from his house in tambon Nong Prue on Saturday. He is wanted in China on a charge of assault in Taizhou City in Zhejiang province on Jan 19, 1990, according to Provincial Police Region 2 and provincial administrative officials.

The suspect allegedly fled China to Thailand and paid a 50,000-baht bribe to get a Thai ID card in Phop Phra district of Tak.

As a Thai man known as Suchart, he worked as a tour guide and then ran a tour service business. Later he moved to Pattaya, married a Chinese woman and they had twins who have Thai nationality.

Mr Zhishan has been in Thailand for more than three decades. He owns 17 properties worth more than 100 million baht in Chon Buri, has many cars and motorcycles and is associated with many companies, according to police.

His Thai citizenship and house registration have been revoked. His two children will also lose their Thai citizenship. He faces extradition to China.

Ondo strengthens justice system, raises legal standards – Aiyedatiwa

The Ondo State Government has stepped up efforts to reform and strengthen the state’s justice system through judicial expansion, capacity building, improved infrastructure and enhanced protection of public assets.

Governor Lucky Aiyedatiwa stated this on Monday at the Post-NBA Conference Knowledge-Cascading and Interactive Session organised by the State Ministry of Justice in Akure, stressing that the administration remained committed to making the rule of law the foundation of governance.

Speaking on the theme, ‘Raising the Bar,’ Aiyedatiwa said the increase in the number of High Court judges from 24 to 35 was a historic step aimed at reducing workload, clearing case backlogs and improving justice delivery.

He said six judges were appointed in October 2024, while the process for appointing five additional judges had commenced.

The governor also disclosed that 44 additional lawyers had been employed into the state’s legal service, comprising 20 in 2024 and 24 in 2026, while the remuneration of magistrates had been reviewed.

He added that the government had established an Anti-Land Grabbing Task Force to protect property rights and curb unlawful acquisition and dispossession of land, while also investing in judicial infrastructure, including the ultra-modern Judiciary Complex in Akure and renovation of courts in Okitipupa.

Aiyedatiwa said amendments to the Ondo State Law Commission Law, 2001 and the Ondo State Office of the Public Defender Law, 2024, passed by the House of Assembly in May 2026, were aimed at strengthening law reform and improving access to justice, particularly for indigent and vulnerable citizens.

He said the true test of justice-sector reform was the experience of ordinary citizens, asking whether the poor could obtain justice, victims could get timely redress, defendants could receive fair hearing and businesses could rely on the rule of law.

The governor urged government lawyers to see themselves as custodians of justice and professional advisers, rather than merely employees, while calling for continuous training in emerging areas such as artificial intelligence, alternative dispute resolution, data protection, commercial law and technology.

Earlier, the Attorney-General and Commissioner for Justice, Dr Kayode Ajulo, said the ministry was being repositioned into a stronger, modern and more formidable institution capable of protecting the legal and economic interests of the state.

Ajulo said the ministry had strengthened the use of Alternative Dispute Resolution (ADR), particularly in disputes involving government agencies, to achieve faster resolution, recover public assets and reduce litigation costs.

He said the ministry had also tightened scrutiny of government contracts, agreements and memoranda of understanding, including verification of the identity, capacity and authority of persons seeking to execute agreements on behalf of companies.

According to him, the measure followed instances where unauthorised persons had attempted to bind companies in agreements with the state government, stressing that such safeguards were necessary to protect public funds and government property.

Ajulo also said the ministry was contributing to legislative development, including reforms targeting land grabbing, while declaring that Ondo State would maintain a firm position against corruption and the diversion of public resources.

He stressed that public office was a trust and not an avenue for private enrichment, saying, ‘Public resources must not be diverted for private gain. Processes must not be manipulated to favour friends, associates or political allies.’

The Attorney-General called for greater investment in the Ministry of Justice and Judiciary, particularly in manpower, technology, legal research, case management, court facilities and professional training, noting that the legal profession must adapt to developments in artificial intelligence, digital evidence, cybercrime and data protection.

Ajulo said the essence of the programme was to ensure that knowledge acquired at professional conferences translated into institutional improvement.

He declared that ‘Knowledge must travel. Knowledge must be shared. Knowledge must become institutional intelligence. And institutional intelligence must ultimately become results.’

Doma United open five-point gap in NPFL

Doma United maintained their perfect start to the 2026/27 Nigeria Premier Football League season on Matchday Three, beating nine-time champions Enyimba 2-0 to sit five points clear at the summit.

Sadiq Rilwan opened the scoring in the 32nd minute at the Pantami Stadium, Gombe, before Fantami Yusuf added a second in the 76th. The result gave Doma nine points from three matches, with five goals scored and none conceded, and made it three in three league appearances for Rilwan. Enyimba remain without a point after two league outings, having also lost 2-1 to Niger Tornadoes in their opener.

Barau FC moved second on seven points after fighting back to beat Ranchers Bees 3-1 at home. Ahmadu Liman’s 29th -minute opener was cancelled out by Ranchers’ Mohammed Rabiu Zulkifilu in the 80th , but Kennedy Otunuya restored Barau’s lead in the 93rd minute and Sugau Aliyu converted a penalty a minute later. Zulkifilu’s goal was his fourth of the season, following a hat-trick in Ranchers’ earlier 4-0 win over Abia Warriors.

Bendel Insurance climbed to third with six points after a 4-2 win over Kun Khalifat in Benin City. Alex Oweilayefa, Suraju Lawal and a Chinedu Nwosu brace put Insurance 4-0 up before Kun Khalifat replied through Uchechukwu Onuoha’s penalty and Oghenetega Ebetomame. Kun Khalifat sit 14th on two points.

Sporting Lagos won the Lagos derby 3-0 against Inter Lagos, with goals from Sodiq Ayoade, Aliyu Baba and Valentine Ogwu. Inter Lagos remain bottom after three straight defeats.

Kwara United claimed their first win of the season, beating Katsina United 3-0 through Ali Ferinyaro, Tosin Olawale and Issa Gata to move up to fourth.

Abia Warriors and Ikorodu City shared the points in a 2-2 draw, Emeka Obioma scoring twice for the hosts against goals from Ilechukwu Junior and Akorede Adeoye.

The Niger Tornadoes-Plateau United fixture was suspended in the 84th minute at 1-1, with the remaining minutes to be completed. Rivers United, Ikorodu City, Rangers and Shooting Stars each have games in hand because of continental commitments.

MATCHDAY THREE RESULTS:

Doma United 2-0 Enyimba

Barau FC 3-1 Ranchers Bees

Bendel Insurance 4-2 Kun Khalifat

Inter Lagos 0-3 Sporting Lagos

Abia Warriors 2-2 Ikorodu City

Kwara United 3-0 Katsina United

Nwifuru to kinsmen: stop selling ancestral lands, graves

Ebonyi State Governor Francis Nwifuru has warned the people of Izhi Nnodo clan against the indiscriminate sale of ancestral lands, family compounds and burial grounds.

He said such practices could make them strangers in their own homeland.

Nwifuru issued the warning at the weekend in Amagu, the ancestral home of Izhi Nnodo, during the grand finale of the Ojiji Izhi New Yam Festival.

He also cautioned against the erosion of indigenous values in the name of religion, modernity or political expediency.

The governor said ancestral land was not merely a commodity but represented the history, identity and collective memory of the people, urging families to preserve inherited properties for generations yet unborn.

‘I have seen situations where people sell not only family lands but even the burial grounds and ancestral compounds of their fathers, grandfathers and great-grandfathers.

‘Such actions are regrettable because they disregard the sacrifices and struggles through which our ancestors secured these lands,’ Nwifuru said in his Izhi dialect.

He appealed to elders, traditional rulers, youths and religious leaders to protect the cultural heritage of the clan, stressing that the people must distinguish between legitimate cultural traditions and practices that violate religious or moral principles.

Nwifuru said religion and culture should not be unnecessarily conflated, noting that legitimate traditions promoting unity, respect for elders, communal responsibility and peaceful coexistence should not be discarded merely because of religious convictions.

‘Many have confused religion for tradition and have failed to locate the difference between the two. There is sharp demarcation between the two and they do not conflict and clash in their operations,’ he said.

The governor identified respect for elders, dignity of labour, hard work, peace, unity and communalism as some of the core values that historically defined the Izhi people.

He also warned against allowing political disagreements to tear the clan apart ahead of the 2027 elections, saying political contests should not destroy ancestral bonds or communal relationships.

Nwifuru said those seeking elective positions under opposition platforms were free to exercise their democratic rights but urged them to pursue their ambitions peacefully and in the interest of the people.

He equally cautioned against what he described as the use of social media to provoke political crises, insisting that legitimate grievances should be addressed through appropriate channels.

‘People should not leverage social media to castigate our leaders and deny our sincere performances all in the name of politics,’ he said.

Defending his administration’s record, Nwifuru said Ebonyi had witnessed significant infrastructure development under his administration, particularly in the road sector.

‘We have completed more than 500 kilometres of roads across the 13 LGAs. We have done roads connecting other states with span bridges,’ he said.

He urged the people to support the All Progressives Congress in the 2027 elections, expressing confidence that the party would secure victory across the state.

The governor said the administration’s political objective was to consolidate its development agenda and deliver electoral victories for APC candidates from the presidency to the governorship, Senate, House of Representatives and State House of Assembly.

Chairman of the Ojiji Izhi cultural event, Edward Nkwegu, said the festival remained a platform for transmitting the values of good morals, sincerity, industry, justice, equity and fairness handed down by the ancestors.

Nkwegu lamented the increasing erosion of traditional values among youths, attributing part of the development to modernity and Western influences.

10 countries without their own currency

Meanwhile, the reasons vary. Some turned to foreign currencies after severe economic crises, while others adopted them because of long-standing political, financial, or geographic ties.

For instance, for tiny island nations, to use an established currency can be more practical than maintaining an independent monetary system.

Therefore, the International Monetary Fund (IMF) classifies 15 economies under ‘no separate legal tender,’ including countries that use the US dollar, euro, or another foreign currency.

In this article, Tribune Online highlights ten countries that do not have their own currency.

El Salvador – US dollar

El Salvador is one of the world’s most prominent examples of dollarization. It adopted the US dollar as legal tender in 2001, replacing the colón after years of economic difficulties.

Although the decision was aimed at improving monetary stability and reducing exchange-rate risks. However, the arrangement also means the country cannot independently adjust its currency or set monetary policy in response to domestic economic conditions.

Ecuador – US dollar

Ecuador abandoned its sucre in 2000 after a major financial and economic crisis and adopted the US dollar as legal tender. The move represented a dramatic shift in the country’s monetary system.

Dollarization removed the risk of a sudden collapse in the domestic currency and helped stabilize prices over time. The trade-off is that Ecuador has no independent currency with which to respond to economic shocks.

Panama – US dollar

Panama has one of the world’s longest-standing dollar-based monetary systems. The US dollar is legal tender, while the country also has the balboa, which is used mainly in coin form.

This makes Panama a slightly unusual case, being classified by the IMF as having no separate legal tender, even though Balboa coins remain part of its monetary system. The US dollar notes dominate everyday cash transactions.

Timor-Leste – US dollar

Timor-Leste uses the US dollar as its official currency rather than operating a separate national currency. The country adopted dollarization after independence as part of its effort to establish a stable monetary and financial system.

The country also issues centavo coins, but these operate alongside the US dollar rather than constituting an independent currency. The arrangement gives Timor-Leste access to a widely recognised currency while limiting its control over monetary policy.

Marshall Islands – US dollar

The Marshall Islands also uses the US dollar as its official currency. The Pacific island country retained the currency after independence and continues to maintain close economic and institutional ties with the United States.

The IMF identifies the Marshall Islands, Micronesia and Palau as Pacific island economies that continued using the US dollar after becoming independent. For these small economies, using an established currency can simplify international payments and reduce the costs of operating a separate monetary system.

Federated States of Micronesia – US dollar

The Federated States of Micronesia also uses the US dollar as its official currency. Like the Marshall Islands, it maintained the dollar after independence instead of introducing a separate national currency.

The arrangement removes the need to manage an independent exchange rate. However, it also means Micronesia has little room to conduct monetary policy independently because the currency is issued by the United States.

Palau – US dollar

Palau is another Pacific island country that uses the US dollar. The country became independent in 1994 but retained the dollar through its close relationship with the United States.

According to the IMF, Palau, the Marshall Islands and Micronesia all use the US dollar as their official currency. For small economies with strong external links, this can provide monetary continuity and make international transactions more straightforward.

Montenegro – Euro

Montenegro does not issue a separate national currency and uses the euro instead. It began using the euro after previously relying on the German mark and continued with the currency after becoming independent.

Montenegro is not a member of the European Union or the euro area. The European Central Bank notes that Montenegro uses the euro without a formal monetary agreement with the EU.

The benefit is currency stability and easier transactions with European economies. The downside is that Montenegro cannot set an independent monetary policy or control the euro’s interest-rate environment.

Kosovo – Euro

Kosovo is another European country without a separate national currency. It uses the euro and, like Montenegro, does so without a formal monetary agreement with the European Union.

The European Central Bank says both Kosovo and Montenegro have used the euro since 2002 and do not issue a domestic currency. The decision has helped provide monetary stability, although Kosovo has no direct control over euro-area monetary policy.

Liechtenstein – Swiss franc

Liechtenstein takes a different route from the other countries on this list. Instead of the dollar or euro, it uses the Swiss franc as its official currency.

The tiny European state has exceptionally close economic ties with neighboring Switzerland, making the Swiss franc a practical choice. Its monetary arrangement allows Liechtenstein to benefit from an established and stable currency without maintaining a completely separate national monetary system.

Why give up their own currencies?

Giving up a national currency really looks unusual, but the decision often has a clear economic rationale. Because, a country facing severe inflation or currency instability may adopt a stronger foreign currency to restore confidence and reduce exchange-rate uncertainty.

For very small economies, maintaining a central bank, issuing banknotes and coins, managing foreign reserves and operating an independent monetary policy can be expensive relative to the size of the economy.

The IMF described a system with no separate legal tender as one in which another country’s currency is used as legal tender or countries share a common legal tender through a monetary union. Such arrangements involve giving up independent control of monetary policy.

That trade-off is at the heart of the decision. Countries may gain greater currency stability, simpler international transactions and lower exchange-rate risk, but they lose the ability to devalue their currency, or independently adjust monetary policy during economic downturns.