Category: Business Day

History museums preserve the stories of civilisations, leaders, and cultural shifts that shaped the modern world.

From Europe to Asia, Africa to Latin America, several museums stand out for their scale, unique collections, and historical importance. Each holds artefacts that continue to connect people to the past in ways no textbook can.

Here are seven history museums recognised for their global significance according to the collector.

1. British Museum – London, United Kingdom

Founded in 1753, the British Museum became the first national public museum in the world. Today, its collection contains more than eight million objects drawn from all continents. The museum attracts over six million visitors annually.

Its holdings include artefacts from ancient Egypt, Greece, Rome, and Anglo-Saxon England. Among its most notable items are the Rosetta Stone, the Parthenon sculptures, and early Mesopotamian artefacts that provide insight into the origins of writing, law, and governance.

2. Pergamon Museum – Berlin, Germany

Opened in 1930, the Pergamon Museum is renowned for its full-scale reconstructions of ancient monuments. Located on Berlin’s Museum Island, it houses the Ishtar Gate of Babylon, the Market Gate of Miletus, and the Pergamon Altar.

The museum is undergoing major renovations expected to continue until 2027. Once complete, it will reopen with expanded galleries and updated presentations of ancient Greek, Roman, and Middle Eastern architecture.

3. Grand Egyptian Museum – Cairo, Egypt

The Grand Egyptian Museum, located near the Giza pyramids, is set to become the largest archaeological museum in the world. Its official opening is scheduled for late 2025.

The museum will display the entire collection from the tomb of Tutankhamun for the first time. More than 5,000 items belonging to the young pharaoh will be exhibited, alongside thousands of other artefacts spanning Egypt’s dynastic periods. Its scale positions it as a central hub for research and education on ancient Egypt.

4. Topkapi Palace Museum – Istanbul, Trkiye

For nearly four centuries, Topkapi Palace served as the administrative centre of the Ottoman Empire. Converted into a museum in 1924, it presents court life, political history, and religious heritage through its extensive collections.

Highlights include imperial costumes, weapons, manuscripts, and sacred relics. Visitors can also explore sections of the Harem, once home to the sultan’s family and a key centre of political influence.

5. National Museum of Anthropology – Mexico City, Mexico

Established in 1964, the National Museum of Anthropology remains Mexico’s most visited museum. Its modernist design houses significant artefacts from pre-Columbian civilisations.

The museum’s galleries feature Aztec, Maya, and other Mesoamerican cultures. The iconic Aztec Sun Stone, giant Olmec heads, and full-scale reconstructions of ceremonial temples are among its main attractions. The institution plays a key role in preserving Mexico’s indigenous history and cultural identity.

6. Acropolis Museum – Athens, Greece

Opened in 2009, the Acropolis Museum was built at the foot of the Acropolis hill to display artefacts from the site. Its design allows direct visual connection to the Parthenon above.

The museum’s Parthenon Gallery replicates the temple’s original layout, allowing sculptures to be viewed in context. Glass floors in parts of the building reveal excavated ruins, linking visitors to Athens’ layered history.

7. Museum of Qin Terracotta Warriors and Horses – Xi’an, China

Discovered in 1974, the Terracotta Army is one of the most significant archaeological finds of the 20th century. The museum preserves the thousands of life-sized warriors and horses created to guard the tomb of Qin Shi Huang, China’s first emperor.

Each figure is unique, reflecting individual characteristics believed to represent real soldiers of the Qin dynasty. The museum continues to be a major site of excavation and study.

Garba Shehu, former spokesman to late former President Muhammadu Buhari, has dismissed claims by former President Goodluck Jonathan, that Buhari was nominated as mediator by the insurgent group, Boko Haram.

Shehu, who responded on his official X handle, advised Jonathan to look for another story to tell Nigerians if he wants to be ‘President in 2027’.

Shehu declared that the late President himself had denied a similar story in 2014 that he was nominated to meditate between the terrorist group and the federal government.

Recall that former President Jonathan had at the launch of the book written by Lucky Irabor, a former Chief of Defence Staff, said the dreaded Islamic terrorists once nominated the late President as their mediator.

‘We are compelled to make a response to a terrible statement made on the late President Muhammadu Buhari by his predecessor in office, President Goodluck Ebele Jonathan, to the effect that Boko Haram had nominated him to represent them in a dialogue with government.

‘If this is a campaign statement towards his bid for the presidency in 2027, we want to say to him that ‘Mr. Jonathan, you are making a false start.’

Shehu said, ‘Muhammed Yusuf or Abubakar Shekau, the deceased leaders of the Boko Haram terrorist group, never nominated Muhammadu Buhari for any such role. In fact, Shekau routinely denounced and threatened Buhari, and their ideologies were in direct opposition.’

He also recalled that in 2014, Muhammadu Buhari escaped a bomb attack on his life by Boko Haram in Kaduna, in which his personal staff suffered various degrees of injury.

According to him, ‘Buhari’s campaigns focused on fighting Boko Haram and restoring security to Nigeria whenever he became president, putting him in direct opposition to the terrorist group’s leader.’

Shehu noted that ‘contrary to the news making the rounds in those years that the radical Islamist extremist -Boko Haram had nominated General Muhammadu Buhari as the mediator between them and the Federal Government of Nigeria in the proposed peace talk, the retired Military General denied knowledge of his nomination.’

Shehu recalled a statement issued by the then National Secretary of the Congress for Progressive Change (CPC), Buba Galadima, where he stated that ‘Buhari, the national leader of the CPC said he was not aware of the appointment: ‘As at 10pm yesterday (Thursday) when I spoke with him, he said he has not even heard about it,’ Galadima said.

‘Continuing, the party secretary told reporters that ‘he (Buhari) said the whole thing to him, is just speculation. And since nobody has contacted him as a person for him to even know who is behind what, and what the motives of the whole exercise are, he would not speak to the press.’

‘He revealed that Buhari, the 2011 presidential candidate of the CPC, further told him that as an elder statesman and a patriotic Nigerian, he will continue to pray until peace and tranquillity return to Nigeria.’

‘What led to the misleading information was that a faction of the terrorist group, possibly sponsored by Buhari’s opponents, staged a press conference in Maiduguri, Borno State, through a certain Abu Mohammed Ibn Abdulaziz, who claimed to be the Boko Haram commander in charge of Southern and Northern Borno, saying that the sect would prefer the former military leader, General Muhammadu Buhari, ex-Yobe State governor and the then Senator, now late Bukar Abba Ibrahim, first Nigerian Minister of Petroleum, Shettima Ali Monguno, also late, Chairman of the Presidential Committee on Insecurity in the North-East, Ambassador Gaji Gatimari, and other prominent members of the Borno Emirate to mediate between them and the federal government.

‘Abdulaziz was roundly condemned by the leaders of Boko Haram who claimed that he had ‘no mandate of their leader, Imam Abubakar Shekau.’

‘Speaking on to the issue, the then CPC national publicity secretary, Mr. Rotimi Fashekun, now late, lambasted President Goodluck Jonathan and the ruling Peoples Democratic Party (PDP) for latching on Buhari’s alleged nomination for political reasons.

Fashekun described Buhari’s purported nomination as ‘the latest gambit in the desire of this organically corrupt PDP-led Federal Government in diverting the attention of the unsuspecting Nigerian public from the on-going massive looting of their common patrimony.’

Hip-hop mogul Sean ‘Diddy’ Combs has been sentenced to 50 months in prison after being convicted on two counts of transporting individuals across state lines for prostitution.

The sentence, handed down by Judge Arun Subramanian, was less than the 11-year term prosecutors had sought but more than the 14 months Combs’s defense team requested.

The sentencing follows a series of high-profile legal battles and public accusations against Combs. The initial federal indictment in May 2024 detailed a series of allegations, including sex trafficking, racketeering, and other sex-related crimes.

The accusations stemmed from a lawsuit filed by his former girlfriend, singer Casandra ‘Cassie’ Ventura, in November 2023. Ventura’s lawsuit, which was settled out of court, accused Combs of a decade of abuse, including physical and sexual assault.

During the trial, prosecutors presented a surveillance video from 2016, which showed Combs assaulting Ventura in a hotel hallway. This footage, widely circulated online, became a key piece of evidence. In July, a jury acquitted Combs of the most serious charges, including sex trafficking and racketeering, but found him guilty of the lesser charges related to transporting individuals for prostitution.

During the emotional, day-long hearing, both sides presented their arguments. Combs’s legal team, led by attorney Nicole Westmoreland, argued for a lighter sentence, portraying him as a ‘changed man’ and a ‘social justice crusader’ who had already served over a year in custody. They presented letters from his six adult children, who pleaded for leniency, emphasising his positive impact on the Black community.

Conversely, prosecutor Christy Slavik argued for a longer sentence, stating that Combs showed a lack of genuine remorse and believed he was ‘above the law.’ She pointed to his pre-sentencing plans to book speaking engagements, which she described as the ‘height of hubris.’ Ventura also submitted a powerful victim impact statement, describing the years of abuse she endured and urging the judge to consider the ‘many lives that Sean Combs has upended.’ She said she continues to suffer from nightmares and flashbacks.

Ultimately, Judge Subramanian handed down the 50-month sentence, which is just over four years, citing the seriousness of the convictions while also acknowledging the time Combs had already spent in custody.

Iyiola Omisore, former deputy governor of Osun, has declared his intention to contest the 2026 governorship election in the state on the platform of the All Progressives Congress (APC).

Omisore made the announcement on Saturday via his official X handle, adding that a formal declaration will hold on October 7, 2025, at the APC secretariat in Osogbo, the state capital.

The event, themed ‘Fix the Broken, Restore Our Dreams’, will mark the beginning of what he described as the ‘Osun Rescue Mission 2026’. Omisore, who represented Osun east senatorial district from 2003 to 2011, said his ambition is rooted in restoring hope and strengthening governance in the state.

‘This is not just my mission, it is a collective one. I believe strongly that together, we can restore hope, strengthen governance, and deliver a brighter future for every son and daughter of Osun,’ he wrote.

He urged party members and citizens to attend the event and support his vision for the state.

Renowned Pan-Africanist and public intellectual, Professor Patrick Loch Otieno Lumumba, has issued a scathing critique of Africa’s persistent underdevelopment, questioning the continent’s ability to benefit from the African Continental Free Trade Area (AfCFTA) in the absence of robust manufacturing and stable electricity. Delivering the keynote address at Nigeria’s 65th Independence Day celebration hosted by Covenant Church in Lagos, Lumumba warned that Africa’s economic dreams risk becoming illusions unless leaders urgently tackle the continent’s energy and industrialisation crisis.

Lumumba, widely regarded for his fiery rhetoric on African unity and governance, told the audience that free trade without production is meaningless. ‘We speak of the Africa Continental Free Trade Area, but I ask you, what shall we trade among ourselves if we do not manufacture?’ he said. ‘How shall we be competitive when the very foundation of modern civilisation electricity is epileptic not only in Nigeria but across Africa?’

The Kenyan lawyer and former director of the Kenya Anti-Corruption Commission drew thunderous applause as he lamented Africa’s inability to provide stable power despite decades of investment and promises. ‘To provide stable power is not rocket science,’ he stressed. ‘Yet in our hotels, in our homes, in our industries, within an hour the lights go off. Who cursed us? Who bewitched us that we cannot supply our people with the basics of modern living?’

Nigeria, Africa’s largest economy and most populous nation, has long grappled with a power crisis that cripples productivity, inflates costs for businesses, and undermines quality of life. Despite generating more than 13,000 megawatts of electricity on paper, the country rarely distributes more than 4,000 to 5,000 megawatts to its 200 million citizens. Frequent blackouts force companies and households to rely on costly generators, while government after government has pledged reforms that rarely translate into results. Lumumba’s speech framed Nigeria’s plight as emblematic of the wider African problem.

‘Our tragedy,’ he argued, ‘is not lack of knowledge, but lack of will, lack of courage, and lack of leadership committed to Africa’s transformation.’ He reminded his listeners that other nations once at the same developmental stage have leapfrogged into industrial powers by prioritising energy and manufacturing. ‘When Asia was rising, she knew that without electricity, there is no industry, and without industry, there is no prosperity,’ he said. ‘Africa must wake up from her slumber, for the world will not wait for us.’

The professor further posed a series of questions that highlighted the contradictions in Africa’s current path. ‘If Africa cannot produce and manufacture at scale, what exactly will we trade under AfCFTA? Why has electricity a simple cornerstone of industrialisation remained unstable across Africa despite decades of promises and resources? Who benefits from keeping Africa in perpetual dependence and underdevelopment? Can we truly achieve economic liberation without first achieving energy independence?’

For many in the audience, Lumumba’s challenge resonated with Nigeria’s independence anniversary, a day meant to reflect on the nation’s journey since 1960. While Nigeria has achieved political sovereignty, its economic aspirations remain hampered by structural weaknesses. Lumumba urged Nigerians and Africans at large to see independence not merely as the lowering of colonial flags but as the pursuit of true self-sufficiency. ‘Sixty-five years of independence must mean more than annual celebrations. It must mean interrogating why Africa’s children still seek opportunities abroad, why our industries remain dormant, and why our power supply flickers like a candle in the wind,’ he said. Observers noted that his remarks touched on a sensitive but critical debate surrounding AfCFTA, which came into effect in 2021 with the goal of creating the world’s largest single market. While policymakers have hailed it as a historic step for economic integration, critics argue that without industrial capacity, Africa risks merely trading in raw materials and finished goods from abroad. Lumumba echoed these concerns, insisting that Africa cannot become competitive globally if it continues to import basic goods that it should be producing.

‘In the 21st century, we cannot be a continent that exports cocoa and imports chocolate, that exports crude oil and imports petrol, that exports cotton and imports shirts,’ he said. ‘That is not trade, that is dependency disguised as progress.’

The outspoken academic also appealed directly to Africa’s youth, describing them as the generation that must break the cycle of underdevelopment. ‘Young Africans must demand accountability. They must ask their leaders not only what they promise, but what they deliver. They must insist that electricity flows, that factories rise, that jobs are created, and that Africa manufactures, not merely consumes,’ he said.

As his speech concluded, Lumumba’s words drew both standing ovations and sober reflection from attendees. Many agreed that the questions he raised went beyond Nigeria’s Independence Day and touched the heart of Africa’s struggle for genuine development. ‘The future of AfCFTA, the future of Africa’s dignity, rests not in our rhetoric, but in our resolve to fix the fundamentals,’ he declared. ‘Without energy, there is no industry. Without industry, there is no wealth. Without wealth, there is no power. And without power, Africa shall remain a giant in chains.’

His remarks have since sparked debates on social media, with commentators praising his courage to call out Africa’s leadership failures. Others urged policymakers to heed his warning and move swiftly to resolve the continent’s electricity challenges as a prerequisite for meaningful economic growth.

At 65, Nigeria stands at a crossroads celebrating the progress of nationhood while confronting the realities of persistent underdevelopment. Lumumba’s message at Covenant Church was clear: Africa’s future cannot be outsourced, and its destiny will only be secured when it builds the infrastructure, industries, and energy systems necessary to sustain prosperity.

Growing up in Lagos, Victor Agboli wondered why, during rainy seasons, malaria cases surged across his community, and while some families fell sick repeatedly, others seemed largely unaffected.

‘I noticed things like whether households used mosquito nets, had stagnant water nearby, or disinfected their rooms,’ he recalls. ‘Looking back, those were my first attempts at causal inference. I was connecting patterns in lifestyle to health outcomes without knowing what statistics was.’

That early curiosity set the foundation for a career now rooted in advanced biostatistics, where Agboli, a second-year Ph.D. student at the University of Florida, applies mathematical rigor to solve pressing health problems.

Building foundations across continents

Agboli’s academic path reflects both resilience and ambition. He earned his bachelor’s degree in mathematics and statistics from the University of Lagos, where a strong theoretical training came with the reality of limited data infrastructure.

‘We could prove theorems and derive equations, but often we didn’t have the real-world data to test them,’ he said.

A move to Atlanta for his master’s in mathematics at Georgia State University changed that. There, he gained exposure to large-scale U.S. health databases for the first time, finally seeing how statistical theory could inform public health practice.

‘It was the first time I could directly connect what I had learned in classrooms in Nigeria to real data, cancer registries, vaccination rates, and health surveys. It showed me the power of statistics in shaping decisions,’ he explains.

Working with companies like GSK and Bamboo, a Nigerian fintech startup, gave him firsthand exposure to how data can be harnessed to solve practical problems, from assessing risk in financial portfolios to improving customer experiences.

He also began to see gaps: areas where poor data practices or weak statistical foundations led to inefficiencies, missed opportunities, or even systemic vulnerabilities. Those realisation strengthened his commitment to becoming a practitioner, someone who could advance statistical knowledge while also ensuring its responsible application in industry.

‘I’ve always seen statistics as more than numbers,’ he says. ‘It’s about making sense of complexity, telling stories from data, and ultimately guiding decisions that affect people’s lives.’

Today at the University of Florida, Agboli is pursuing his PhD with a focus on methodological research in biostatistics.

His research explores advanced statistical methods for high-dimensional data, tackling challenges that arise in today’s era of big data and machine learning.

Working at the Malcolm Randall VA Medical Center in Gainesville. His role includes analysing clinical trial data, developing statistical models for studies on post-traumatic stress disorder (PTSD) and sleep disorders, and drafting analysis plans for multimillion-dollar grant proposals.

‘Each stage of my journey shaped me differently, from theory in Lagos to applied data in Atlanta to developing new methods in Florida,’ he reflects. ‘Together, they made me the kind of researcher who values rigor but never loses sight of practical, human impact.’

The human side of data

Agboli’s work at the VA brings him close to one of the most vulnerable populations in the U.S.: veterans living with traumatic brain injuries, PTSD, and chronic sleep disorders.

His role, though statistical, is deeply tied to patient outcomes. ‘Behind every dataset are real people,’ he said. ‘When I analyse data on sleep quality or brain imaging, I remind myself that the numbers represent someone’s parent, child, or neighbor.’

One of his most fulfilling projects has been a clinical trial exploring the use of transcutaneous vagus nerve stimulation (tVNS) as a treatment for veterans struggling with sleep.

‘Sleep might sound basic, but for veterans with PTSD, it’s a daily struggle,’ Agboli said. ‘This non-invasive intervention offers a safer path to rest and recovery. My job was to design and analyse the data so that the results are reliable and meaningful.’

The research, he explains, has the potential to transform veterans’ quality of life. ‘If evidence can prevent wasted funds and save lives, that’s the difference I want to make,’ he said.

Mentorship beyond borders

Beyond research, Agboli is equally passionate about teaching and mentorship. He believes that the future of statistics and data science in Africa depends on creating pathways for young scholars.

‘Nigeria is full of talent,’ he said, ‘but many students don’t have the resources or opportunities to fully explore their potential in mathematics and data-driven fields.’

‘For undergraduates, I use everyday examples, like weather forecasts and the probability of carrying an umbrella. For graduate students, I connect theory directly to health research,’ he said. ‘My goal is for students to stop seeing statistics as just formulas and start seeing them as a way of thinking critically about the world.’

Looking ahead, Agboli hopes to expand his work beyond the U.S. ‘My long-term vision is to bring robust biostatistical methods to developing countries where data systems are still fragile,’ he said.

In an industry as dynamic as Nollywood, where hundreds, and sometimes thousands, of films are produced annually, one brand is emerging as a game-changer in the industry. Boxonia Blueprint, a Nigerian film production company led by Wingonia Ikpi – a seasoned film producer and director, is not only reshaping how African stories are told in cinema but also setting new standards for what the world can expect from Nollywood.

Son of the Soil: Nollywood’s Next Landmark Achievement

With Son of the Soil (SOTS), one of Boxonia Blueprint’s most ambitious and groundbreaking production projects yet, set for release this year, 2025, the company led the production of the film in Nigeria, working with UK-based stunt and action powerhouse Action Xtreme to execute large-scale action sequences and world-class stunt choreography. Once completed, the project was handed over to Nile Entertainment for distribution in Africa.

Recently, at the prestigious Black Star International Film Festival in Ghana, Son of the Soil (SOTS) earned major recognition, winning the award for Best International Showcase, Best Director, and Best Overall Film.

With its ambitious storytelling, global execution, and commitment to the company’s mission – ‘to tell audacious, authentic, and exportable African stories to local and international audiences’- Son of the Soil is positioned to become a defining milestone for Nollywood, showcasing Boxonia Blueprint’s vision to revolutionise African film production.

At the heart of this global action is Taye Arimoro, Nollywood’s rising leading man and one of Boxonia Blueprint’s six signed talents. His performance embodies the company’s dual strategy of crafting compelling stories while building African stars with undeniable global potential.

The Lost Days: A Foundation of Global Resonance

Before Son of the Soil, the founder of Boxonia Blueprint, Wingonia Ikpi, gained major recognition through her directorial debut with The Lost Days – a gripping drama that stars Boxonia Blueprint’s own talents, Durotimi Okutagidi and Cynthia Clarke, and was produced by veteran filmmakers Steve Gukas and Dotun Olakunri. The gripping drama swiftly climbed to the #1 spot on Prime Video in Nigeria within four days of its release. For Ikpi, the milestone serves as more than just a chart-topping success; it is proof that when authentic African narratives are delivered with world-class execution, they resonate deeply with both Nigerian audiences and viewers worldwide.

This milestone proved that African narratives, when executed with excellence, not only resonate with Nigerian audiences but also command global attention. The Lost Days further underscores Wingonia Ikpi’s commitment to delivering authentic African storytelling with global resonance through Boxonia Blueprint.

Nolly Babes: Honouring Nollywood’s Golden Era

Following the founder’s directorial debut with The Lost Days, and ahead of the October release for Son of the Soil (SOTS), Boxonia Blueprint is also set to unveil Nolly Babes – a daring ode to Nollywood’s golden era. Produced by Wingonia Ikpi and directed by Anu Bamidele, the film blends nostalgia with fresh storytelling, celebrating the roots of Nollywood while reimagining its future for audiences across Africa and the world.

The Blueprint for the Future of African Storytelling

‘At Boxonia Blueprint, the success of our projects is rooted in a structure built on transparency, global resonance, and global impact, guided by a simple truth – African stories deserve to travel the world. Every film we make is a bridge – exporting African stories, nurturing exceptional talent, and pushing Nollywood to the global stage, proving that Nollywood is not only prolific, but truly premium’, said Wingonia Ikpi, Founder of Boxonia Blueprint.’

Shaping Stars, Exporting Culture

Beyond film production, Boxonia Blueprint is cultivating a roster of distinctive talents who represent the diversity and ambition of modern Nollywood: Taye Arimoro – Nollywood’s quintessential leading man in the making, Cynthia Clarke – The IT Girl redefining screen presence with elegance and ambition, Durotimi Okutagidi – ‘Your friendly neighborhood villain ‘ whose layered performances set him apart, Miss Ezeani – The Chameleon of Characters, Chuks Joseph – The Action Romeo, balancing soft romance with adrenaline-fueled roles, blending humor with elegance and depth, and Victory Eyong – The Spark, Gen Z’s rising starlet poised for global recognition.

This dual strategy – merging boundary-pushing storytelling with carefully curated star power, captures Boxonia Blueprint’s mission to export African culture and cinematic excellence worldwide.

A Cultural Force in Nollywood

More than a production house, Boxonia Blueprint is emerging as a cultural force, a standard-bearer for a Nollywood that is not only prolific but indisputably premium, reshaping the industry one groundbreaking project at a time.

Global markets navigated the risks of a US government shutdown this week, while in Nigeria, the Central Bank of Nigeria (CBN) announced a significant phased reform to take direct control of the settlement and trading platforms fixed income and FX products starting in November 2025, a move aimed at enhancing transparency and oversight.

US Government Shutdown

The U.S. entered its first shutdown in six years due to a budget standoff, primarily over healthcare funding (Obamacare subsidies).

From an economic perspective, a prolonged shutdown poses significant risks.

‘ It could erode consumer confidence, drag on the US’ near-term growth, and raise questions around the country’s fiscal credibility. More concerns also loom on the labor market, as temporary discharges from work could turn into lasting job cuts, extending the damage beyond the immediate disruption,’ analysts at Meristem said.

While equity markets have been calm so far, the market wrapped up the week on a positive note as the SandP500 advanced to 6,748.81pts, ‘banking on a swift resolution, an extended dispute could spark volatility across healthcare, defense, and tourism sectors, most exposed to federal spending.’

Ghana’s inflation fell to a single digit of 9.4%, its lowest in four years

Ghana’s Consumer Price Index (CPI) eased to 9.40 percent in September 2025, down from 11.50 percent in August. This is the ninth consecutive month of disinflation, indicating a steady improvement in price stability, despite inflation still being slightly above the Bank of Ghana’s 8.00 percent medium-term target range.

The moderation was largely driven by a sharp slowdown in food inflation, which eased to 11.0 percent from 14.80 percent in the prior month, alongside a deceleration in non-food inflation to 8.20 percent from 8.70 percent.

CBN takes control of fixed income trading

In Nigeria, the Central Bank of Nigeria (CBN) announced its phased reform of the Nigerian Fixed Income Market, a move aimed at deepening transparency, boosting efficiency, and reinforcing regulatory oversight.

The restructuring, set to begin in November 2025, will see the Apex bank take direct control of both the settlement process and the trading platform for fixed-income transactions and foreign exchange (FX) products.

The rollout is set to be gradual to avoid market disruptions, beginning with a User Acceptance Testing (UAT) in October 2025, followed by a pilot phase that runs in parallel with the existing system. The full migration of settlement processes is slated for November 3rd, while a CBN-managed trading platform for key market participants will go live by 1st of December.

NNPC to supply 82mb of crude oil to Dangote

The NNPC Ltd. signed a two-year crude supply agreement with the Dangote Refinery for its 650,000 bpd facility. A total of 82 million barrels will be supplied by October 2025, with 60 percent settled in naira.

This Naira-denominated deal is expected to ease pressure on foreign reserves and support the local currency. Ultimately, the steady domestic supply aims to enhance energy security, help moderate pump prices, and dampen imported inflation.

PenCom Overhauls Capital Rules for PFAs and PFCs

The National Pension Commission (PenCom) has revised capital requirements for PFAs and PFCs, linking them directly to the size of Assets Under Management (AUM). This action, which mandates new capital levels (e.g., NGN20 billion for most PFAs), aims to strengthen systemic stability, mitigate risks, and drive consolidation in the pension industry by the compliance deadline of December 31, 2026.

Local Market

NGX on course to 40% ytd performance

The Nigerian equities market stayed positive for the fourth consecutive week, as the NGX-ASI rose by 1.02 percent week-on-week to close at 143,584.04pts, bringing the year-to-date gains to 39.50 percent.

This was driven by oilandgas sector of the bourse, which saw a 5.68 percent increase this week. Some of the companies that drove the market this week are Aradel and Eternal Oil. Followed closely was the bank index, which gained 1.17 percent due to strong demand for Fidelity and Sterling.

Bullish week for fixed-income

The fixed income market was bullish throughout the week, driven by improved liquidity following a CRR adjustment. Average yields across Treasury bills eased from 17.84 percent to 17.76 percent, while FGN bonds moderated from 16.38 percent to 16.33 percent. Demand was concentrated in long-dated bills and mid-tenor bonds as investors sought to lock in higher rates, despite some profit-taking in the short-dated papers.

Liquidity will be further supported by N8.58 trillion in upcoming maturities for the fourth quarter of 2024.

The Eurobond market was also stable, with the average price edging up to $99.81. Modest gains were seen across mid- and long-curve instruments, reflecting positive domestic macroeconomic sentiment, which resulted in a 9 basis point reduction in the average Eurobond yield to USD7.76 percent

The Nigerian Exchange (NGX) began trading on June 5, 1961, just seven months after Nigeria gained independence on October 1, 1960.

Although the market was incorporated in September 1960, formal trading did not begin until the enactment of the Lagos Stock Exchange Act No. 14 of 1961. At inception, the market opened with just three equities, six Federal Government bonds, and ten industrial loans.

By 1974, when the exchange was renamed the Nigerian Stock Exchange, the number of listed equities had grown to 36. This figure peaked at 217 in 2010 before declining to the current 148.

Today, 26 equities listed on the NGX predate Nigeria’s independence. This tally excludes companies such as Flour Mills of Nigeria, which delisted in early 2025, and United Bank for Africa, incorporated in 1961. It also excludes Sterling Holdco, whose roots trace back to Nigeria’s first merchant bank, NAL Merchant Bank, founded in 1960.

Among these 26 pioneer companies, there are six financial services firms, six industrial goods companies, four consumer goods players, three conglomerates, and one services company.

African Alliance Insurance

African Alliance Insurance (AFRINSURE) was incorporated on May 9, 1960, becoming the first indigenous life assurance company in Nigeria. Founded by Shafi Edu, Talabi Braithwaite, and M.E.R Okorodudu, AFRINSURE listed on the NGX in September 2009.

In 2005, the company co-founded PAL Pensions in a joint venture with FSDH. As of September 2025, Leadway Holdings has acquired PAL Pensions. However, AFRINSURE shares remain suspended from trading due to missed regulatory filings since 2023.

Berger Paints

Berger Paints was established in 1959 as British Paints (West Africa), initially importing paints from Newcastle, England. In 1962, it built its first factory in Nigeria.

Following the 1973 indigenisation decree, 60 percent of its shares were listed on the exchange. In H1 2025, Berger Paints posted its best half-year performance, with revenue of N6.2 billion and net income of N945.8 million, reflecting a 15 percent profit margin.

Chellarams

Founded by Kishinchand Chellaram in 1923, the company was incorporated in Nigeria in 1947 and listed on the NGX in 1977. Originally a textile merchant, Chellarams expanded into department stores in 1947.

Over time, it moved into industrial chemical production, winding down its consumer goods division. Today, its subsidiaries include Chelltek Industries, Dynamic Industries, and United Technical and Allied Services.

Coronation Insurance

Incorporated in 1958 as the West African Provincial Insurance Company (WAPIC), Coronation Insurance listed on the NGX in August 1990. The company rebranded in 2020, reflecting its affiliation with major shareholders Coronation Capital and Coronation Asset Management.

It is now controlled by Aigboje Aig-Imoukhuede, Chairman of Access Holdings Plc.

First Holdco

First Holdco traces its roots to the British Bank of West Africa, established in 1894. Following acquisitions and name changes, it became First Bank of Nigeria in 1979. The bank listed on the NGX in 1991, adopted a holding structure as FBN Holdings in 2012, and rebranded as First Holdco in 2025.

As of June 2025, First Holdco is Nigeria’s fourth-largest banking group by assets, with total assets of N27.2 trillion.

Guinea Insurance

Guinea Insurance began as the insurance department of British West African Corporation (BEWAC) in 1948 before being incorporated in 1958 as a non-life insurance company.

Initially foreign-owned, with foreigners holding 51 percent, the 1976 indigenisation decree increased Nigerian ownership to 60 percent. Though its exact listing date is unclear, the decree likely necessitated its NGX debut.

Guinness Nigeria

Guinness Nigeria was incorporated on April 29, 1950, though the brand had been sold in Nigeria earlier by UAC. Initially an importer, the company established the first Guinness brewery outside Ireland and Britain in Ikeja, Lagos, in 1962 through a joint venture with UAC.

Guinness Nigeria listed on the NGX in 1965 with about 1,200 shareholders. Today, it is majority-owned by the Tolaram Group, which licenses the Guinness brand from Diageo Plc. It is Nigeria’s second-largest alcoholic beverage company.

Industrial and Medical Gases Nigeria

Founded in 1959 by the British Oxygen Company as Industrial Gases Limited, the company began operations in 1960 and listed on the exchange in 1979.

It became BOC Gases Nigeria Plc in 1997 and later fell under Linde Group after its acquisition of BOC Holdings in 2006. In 2020, Theophilus Danjuma’s TY Holdings acquired Linde’s 60 percent stake. The company rebranded as Industrial and Medical Gases Nigeria in 2021.

Lafarge Africa

Lafarge Africa’s origins lie in West Africa Portland Cement (WAPCO), a joint venture established in 1959 between Blue Circle, UAC Nigeria, and the Western Region Government. WAPCO commenced operations in 1961 at its Ewekoro plant and was listed on the NGX in 1979.

Blue Circle, later acquired by Lafarge in 2001, was a key UK cement supplier to Nigeria. Lafarge subsequently acquired Ashaka Cement in 2014 and UNICEM in 2015, consolidating its market dominance.

May and Baker Nigeria

May and Baker Nigeria was established in 1944 as the country’s first pharmaceutical company. Initially importing drugs, it opened its factory in 1976 and listed on the NGX in 1994.

Meyer Paints

Originally Hagemeyer Paints in the 1940s, Meyer was incorporated in 1960 and listed on the NGX in 1979.

During the 1990s, Dunlop was its controlling shareholder under the name DN Meyer. After Dunlop’s 2003 divestment, the company rebranded as Meyer Plc in 2010.

Morison Industries

Incorporated in 1955, Morison Industries had operated since 1947 as an agent for foreign manufacturers. It became one of Nigeria’s earliest producers of disinfectants, sanitisers, and methylated spirit.

Following the 1976 indigenisation decree, 60 percent of its foreign shareholding was sold to Nigerians. By FY 2024, however, the company had accumulated losses of N916 million, raising concerns about its viability.

NCR (Nigeria)

Incorporated in 1949 as National Cash Register (West Africa), the company was renamed NCR (Nigeria) Limited in 1974 and listed on the NGX in 1979.

It underwent multiple rebrandings, eventually adopting the name NCR (Nigeria) Plc in 1996. The company introduced Nigeria’s first ATM in 1989 and is currently 61.76 percent owned by NCR Voyix Corporation of Atlanta, Georgia, making it the only American-owned company on the NGX.

Neimeth International Pharmaceuticals

Founded as Pfizer Nigeria in 1957, the company established its first factory in Aba in 1962 and listed on the NGX in 1979.

In 1997, its management bought out Pfizer’s stake and renamed the company Neimeth in honor of Robert Neimeth, a former Pfizer country manager. Today, Neimeth derives most of its revenue from proprietary drugs developed in-house.

Nigerian Breweries

Established in 1946 through a joint venture of UAC, John Holt, CFAO, and UTC, Nigerian Breweries partnered with Heineken as its technical partner. Its Iganmu plant produced the first STAR Lager in 1949.

By 1960, it expanded its product portfolio with Gulder, Roses, Schweppes, and Heineken, listing on the NGX in 1973. Today, it is Nigeria’s largest brewer by assets and sales.

Nigerian Enamelware

Incorporated in 1960, Nigerian Enamelware listed on the NGX in 1979. The company produces a range of kitchen utensils.

For FY ending April 30, 2025, it returned to profitability with a net income of N15.5 million, compared with a N2.6 billion loss the previous year.

Nigerian Exchange Group

Incorporated on September 15, 1960, as the Lagos Stock Exchange, it commenced trading in June 1961. In 2021, the exchange was demutualised and reorganised into a for-profit group structure.

PZ Cussons Nigeria

Paterson Zochonis (PZ Cussons) began operations in Nigeria in 1899 but was incorporated locally in 1948. In the 1950s, it set up a soap factory in Aba.

PZ listed on the NGX in 1972 and raised its floated shares to 60 percent in 1977. In 1973, it began producing Thermocool refrigerators, later rebranded as Haier Thermocool in 2001.

RT Briscoe

Incorporated in 1957 and listed in 1974, RT Briscoe operates across automobiles, industrial equipment, power, and real estate. It distributes Toyota, Ford, Manitou Forklifts, and Elgi Compressors in Nigeria.

Royal Exchange

Royal Exchange began operations in 1918, initially through Barclays Bank DCO, before becoming a full branch of Royal Exchange Assurance, London, in 1921.

For decades, it was Nigeria’s sole insurance provider, shaping the local industry. It listed on the NGX in 1990 and in 2007 merged with African Prudential Insurance and Phoenix of Nigeria Assurance. In 2008, it reorganized as a holding company with interests in insurance, funds management, finance, and banking.

Thomas Wyatt

Incorporated in 1948, Thomas Wyatt became Nigeria’s first paper conversion and printing company. Listed in 1978, it operates two factories in Kaduna and Port Harcourt, producing iconic brands like the ‘Olympic Exercise Book.’

TotalEnergies Marketing Nigeria

TotalEnergies entered Nigeria in 1956 as Total Oil Products, opening its first Yaba petrol station. It rebranded as Total Nigeria in 1967 and merged with Elf Oil in 2001 to form TotalFinaElf Nigeria before reverting to Total Nigeria in 2003. In 2021, it adopted its current name.

UAC Nigeria

Tracing its roots to the Royal Niger Company of 1879, UAC Nigeria adopted its current name in the 1920s. UAC Motors was incorporated in 1931.

Unilever once held a 40 percent stake but divested when UAC listed on the NGX in 1991. Today, UAC operates through UAC Foods, Livestock Feeds, Grand Cereals, CAP Plc, UAC Restaurants (Mr Biggs), and MDS Logistics.

Unilever Nigeria

Unilever Nigeria Plc, one of Nigeria’s oldest consumer goods companies, began as Lever Brothers (West Africa) Ltd in 1923. It opened its first factory in 1925 and later expanded into brands such as Omo, Royco, Blue Band, and Lipton.

Listed since 1973, the company strengthened its local supply chain through backward integration. Following a 1995 merger with Unilever Nigeria Limited, it became majority-owned by Unilever and rebranded in 2001.

Wema Bank

Founded in 1945 as Agbonmagbe Bank Limited, Wema Bank was acquired by the Western Nigeria Marketing Board and rebranded in 1969. Today, it is Nigeria’s longest-surviving indigenous bank.

Listed on the NGX in 1990 under the symbol WEMABANK, the bank is now the country’s 12th-largest by assets.

A Federal High Court sitting in Warri, Delta State, has ordered the Nigeria Police Force to suspend its ongoing nationwide enforcement of the tinted glass permit, a move that has sparked relief and jubilation among motorists across the country.

The order, issued in suit No. FHC/WR/CS/103/2025, was delivered by the court in a case filed by lawyer John Aikpokpo-Martins against the Inspector General of Police (IGP) and the Nigeria Police Force.

The suit challenges the legality of the ongoing enforcement drive, which has seen vehicles seized and motorists detained in several states.

The decision came just hours after police officers in Delta impounded the vehicle of a judicial officer, despite a similar pending lawsuit filed by the Nigerian Bar Association (NBA) last month seeking to halt the exercise.

News of the ruling sparked widespread celebration on social media, with many Nigerians accusing the police of showing ‘insensitivity’ by enforcing the policy amid the country’s harsh economic realities.

Some motorists also decried the difficulty of completing the registration process via the official portal, possap.gov.ng, describing it as unreliable and exploitative. Others alleged that the exercise was a disguised tool for extortion and harassment by officers on the road.

However, a section of Nigerians backed the enforcement, arguing that tinted permits remain a vital security measure against kidnapping and armed robbery.

The NBA, in its suit, argued that the renewed enforcement of the tinted permit violates citizens’ fundamental rights to privacy, dignity, and freedom of movement, noting that the regulation is rooted in a 1991 military decree that contradicts the 1999 Constitution.

Despite the pending legal challenge, the police proceeded with nationwide enforcement, citing the Motor Vehicles (Prohibition of Tinted Glass) Act, 2004, as their legal backing.

According to police, the measure helps curb crime and enhance public safety.