Category: Daily Trust

The MD/CEO of the Nigerian Independent System Operator (NISO) Engr. Abdu Bello Mohammed, has stated that rising inflation, unemployment, and declining purchasing power have eroded the capacity of many Nigerians to pay higher electricity tariffs.

Speaking during the 5th Annual Conference of the Power Correspondents Association of Nigeria (PCAN), he stated that millions of households in Nigeria still lack access to reliable electricity and for many, connection to the grid does not guarantee supply, and for others, the cost of energy remains beyond reach.

He stressed that energy poverty is not just about a lack of connection but the inability to afford sufficient power for daily life and productive enterprise.

He, however, said without cost-reflective tariffs, power utility companies cannot recover costs as investors cannot commit capital and electricity infrastructure will continue to deteriorate. ‘The real question, therefore, is not whether we should have cost-reflective tariffs, but how to achieve them in a way that preserves affordability and protects the most vulnerable among us.

‘Finding that balance requires thoughtful, multidimensional strategies. First, we must embrace targeted subsidy mechanisms that reach the truly vulnerable, rather than blanket subsidies that distort market signals and sustain inefficiency. Properly designed lifeline tariffs and data-driven welfare-linked rebates can provide real protection for low-income consumers while allowing the market to function efficiently,’ he said.

On his part, the Chairman, Power Correspondents Association of Nigeria (PCAN), Obas Esiedesa, said more than a decade after the privatization of the power sector, balancing tariff remains a formidable challenge.

‘The industry is still weighed down by an estimated N6trb debt owed by the federal government to power generation companies.

‘A massive liquidity gap across the value chain, gas supply shortages, aging and weak transmission infrastructure, and rising foreign exchange costs that threaten investments and operations. While operators demand cost-reflective tariffs as a condition for viability, millions of Nigerians continue to live in darkness or rely on expensive self-generation,’ he said.

The UK’s Foreign, Commonwealth and Development Office (FCDO) has advised British citizens against traveling to 21 states in Nigeria.

‘Insecurity is increasing across Nigeria. Kidnapping, violent crime, and intercommunal violence occur throughout all regions,’ the advisory, updated October 21, read.

The FCDO said the advisory remained current as of Sunday.

In the North-East, the FCDO advised against all travel to Borno, Yobe, Adamawa, and Gombe, citing a risk of retaliatory attacks due to regular ongoing military operations. The office, however, advised British citizens to embark on only essential travels to Bauchi State.

‘There is a high and increasing threat from Boko Haram or Islamic State West Africa, particularly around transport hubs, religious areas and large gatherings.

‘Humanitarian personnel, vehicles, supplies and infrastructure can be targeted by terrorists and criminals,’ the advisory read.

In the North-West, frequent banditry and violent attacks, a high threat of kidnap, and incidents of inter-communal violence saw the FCDO advice against all travel to Katsina and Zamfara.

The office advised against all but essential travel to Kaduna, Kebbi, Jigawa, and Sokoto.

In the North-Central, the FCDO warned against non-essential travel to Niger, Kogi, Plateau, Taraba.

Abuja, the nation’s capital city, also drew concern. The FCDO noted that ‘violent crime, often involving firearms, has increased and spread from the outer suburbs to more central, wealthier areas of the city’ and also pointed to protests ‘which can turn violent’.

In the South-East, the office cautioned against non-essential travel to Abia, Anambra, Imo, citing active secessionist groups, and non-riverine areas of Delta, Bayelsa and Rivers.

In Lagos, the FCDO warned against high levels of crime, ‘particularly on the mainland’, naming street crime as a significant risk.

A separate comprehensive travel advisor expanded on broader risks British citizens could face in Nigeria.

The FCDO warned against withdrawing cash from ATMs at night due to a spike in criminal activity, and advised nationals against increasing financial scams across romance and work opportunities.

‘If you’re considering fertility treatment in Nigeria, be cautious. There have been a number of staged fake births (commonly called ‘miracle babies’) where visitors are falsely led to believe they have given birth,’ the advisory read, adding that the UK has restricted overseas adoption of children from Nigeria.

‘If you bring a child who is not biologically related to you into the UK without following the legal procedures, you could face prosecution and the child may not be eligible for British citizenship.’

In addition, the advisory noted that there have been deaths and cases of serious illness caused by alcoholic drinks containing methanol in Nigeria.

‘Avoid drinking unlicensed products,’ the advisory warned, adding that it is not possible to identify methanol in alcoholic drinks by taste or smell.

The document also alerted citizens to dangers of drowner swimming off the country’s coast due to rip tides and undertows.

Terror deaths decline by 81% – Presidency

Meanwhile, the Presidency said the Nigeria has recorded an 81 per cent reduction in terror-related deaths since 2015.

It attributed the decline to improved counter-insurgency operations and stronger collaboration between security agencies and affected communities.

In a statement posted on its official X account on Sunday, the Presidency said more than 13,000 terrorists have been neutralised in the past year, while over 124,000 fighters and their dependents have surrendered to authorities.

It added that more than 2.1 million internally displaced persons (IDPs) have returned home, with reconstruction efforts ongoing in previously affected communities under the Federal Government’s Resettlement Scheme for Persons Impacted by Conflict.

‘Since 2023, the Federal Government of Nigeria, through enhanced inter-agency cooperation, has vigorously pursued, arrested, eliminated, or successfully convicted terrorists and insurgents, especially those responsible for some of the most heinous attacks on Nigerian territory,’ the statement read.

Troops of Operation HADIN KAI (OPHK), Joint Task Force North East, have rescued 86 victims abducted by suspected Boko Haram/ISWAP insurgents and arrested 29 logistics suppliers of the terrorists in Borno State.

In a statement on Monday, Sani Uba, the media information officer for OPHK, said soldiers from the 135 special forces battalion under Sector 2 responded to reports of abductions along the Buratai-Kamuya road.

The troops encountered Boko Haram/ISWAP terrorists at Dutse Kura on Sunday, engaging them in combat before pursuing the insurgents to Mangari.

‘The troops thwarted the attack, pursued the terrorists towards Mangari, and overpowered them in a follow-up encounter near a camp, forcing the insurgents to flee in disarray.’ ‘A search of the area led to the discovery of 11 makeshift terrorists’ structures and the rescue of 86 kidnapped victims comprising men, women, and children.

‘Items recovered include one AK-47 rifle, five magazines with 73 rounds, four PKT ammunition belts, five civilian vehicles, five motorcycles, eight bicycles, and two logistics tricycles.

‘The terrorists’ camp was destroyed in situ after clearance operations. In a related operation, troops deployed at Mangada, arrested 29 terrorist logistics suppliers enroute Chilaria with several items.

‘Recovered items include two pickup vans and a tricycle loaded with Premium Motor Spirit, about 1,000 litres of petrol in jerricans, four gallons of engine oil, two new gun truck tyres, huge cache of medical consumables, and large quantities of foodstuffs and provisions.

‘All operations were conducted successfully with no casualty on the part of our own troops. The Military High Command commended the gallantry and professionalism of the troops while charging Operation HADIN KAI to sustain operations to deny terrorists freedom of action across the North East theatre’ he said.

Kogi State has recorded a remarkable leap in its healthcare readiness, climbing from the 18th position in 2023 and 2024 to the 10th position in the 2025 SBM Health Preparedness Index (HPI) released in November 2025.

The SBM Health Preparedness Index assesses the capacity of Nigeria’s 36 states to effectively respond to health emergencies and deliver quality healthcare services. The annual report draws data from credible national and international institutions including the National Bureau of Statistics (NBS), World Health Organisation (WHO), The Lancet, Nigeria Demographic and Health Survey (NDHS), BudgIT, The Cable, the Faculty of Medical Sciences of Radboud University, and the Global Data Lab.

The index evaluates key indicators such as budgetary commitments, human resource capacity, and health outcomes, using the most recent available data.

Although no state in the country met the 30 percent national target for health preparedness, Kogi’s advancement represents a significant step forward in its healthcare reform journey. The improvement reflects the Ododo administration’s sustained investments in healthcare infrastructure, personnel development, and community-based health delivery.

Speaking on the development, the Coordinating Commissioner for Health, Dr. Abdilazeez Adeiza Adams, described the improvement as ‘a testament to the strategic leadership of Governor Ahmed Usman Ododo and the dedication of the health workforce in Kogi State.’

He assured that the State Government remains ‘fully committed to strengthening the health system to achieve universal health coverage, enhance emergency response capacity, and surpass national benchmarks in the coming years’.

‘This is an encouraging development, but we are not relenting. We are scaling up investments in primary healthcare, training more professionals, and expanding access to quality medical services across all local government areas. Our ultimate goal is to make Kogi a model of resilience and efficiency in Nigeria’s health sector,’ Dr. Adams said.

Also commenting on the report, the State Commissioner for Information and Communications, Hon. Kingsley Femi Fanwo, said Kogi State continues to shine in healthcare delivery under the leadership of Governor Ahmed Usman Ododo.

‘This is a positive response to the challenge posed to the Coordinating Commissioner for Health, Dr. Abdilazeez Adeiza Adams, to move Kogi up from the 18th position she occupied in 2023 and 2024. The Ministry has done the needful, and now the Governor has further challenged the Health Team to push Kogi even higher,’ he stated.

Hon. Fanwo added that the development reflects the tangible outcomes of the administration’s people-centered policies.

‘Our investment in health is paying off. This is the real measure of development, when governance directly improves lives and strengthens our health sector capacity’, he asserted.

Opposition leader Issa Tchiroma Bakary has issued a 48-hour ultimatum to Cameroonian authorities, demanding the immediate release of all people arrested during and after the country’s disputed presidential election held on October 12.

Tchiroma, who contested the election and claims he was the rightful winner despite official results declaring President Paul Biya victorious, made the demand in a video circulated on social media on Sunday.

He insisted that he would not back down until his people, especially women and children, allegedly detained without cause, were granted freedom.

‘I will never lower my stance until my people are free,’ Tchiroma said in the video, accusing security forces of unjust arrests during post-election protests. The election, which saw 92-year-old Biya declared the winner by the Constitutional Court, has sparked widespread unrest across the country.

Biya, who has ruled Cameroon for 43 years, was sworn in for a record eighth term, extending his presidency for another seven years.

The United Nations has reported that at least 48 people lost their lives in the post-election violence, with many believed to have been shot by police during clashes with protesters.

United States President Donald Trump should drop his threat of military action in Nigeria and ensure that America’s security and humanitarian concerns encompass citizens of all religious faiths, the International Crisis Group (ICG) has urged.

In its latest Nigeria report, the global conflict-research and peace-building organization said Trump’s warning of an operation to stop ‘mass slaughter’ of Christians in Nigeria is misinformed, and that such an operation could aggravate ongoing crises.

According to the ICG, ‘reports that seek to reduce Nigeria’s security situation to a single story of widespread persecution and mass slaughter of Christians, all over Nigeria, misinterpret the complexity of violence and interfaith relations in the country.’

The group observes that while Nigeria’s overall security situation has deteriorated in recent decades, ‘it would be hard to credibly argue that Christians are at greater risk than other Nigerians.’

Citing studies by the Armed Conflict Location and Event Data Project (ACLED), ICG asserts that ‘killings motivated explicitly by religious extremism or intolerance account for only a part of overall fatalities across the country.’

Also citing statements by ethnic and political leaders in Benue and Plateau states, the organization explains that killings in Nigeria are more often ‘motivated by ethnic or material considerations, rather than religious differences.’

The ICG report argues that the ‘epicentres’ of violence currently include the North East and North West zones, where ‘the majority religion is Islam, and most of the victims have, by all appearances, been Muslims.’ It says in the predominantly-Christian South East zone, the killers and the victims are mostly Christians.

Crisis Group notes that the government’s support for the religious rights of all citizens, though guaranteed by Nigeria’s constitution, has been ‘flawed,’ causing Christians and Muslims to protest hindrances to their religious freedom. In some states, people have been lynched or jailed on accusations of blasphemy.

The ICG cautions that US airstrikes to ‘protect Christians’ may not achieve their intended goal, as such actions, along with aid cuts, could exacerbate Nigeria’s security and humanitarian challenges, stir public anti-American sentiments, and undermine local efforts at improving interfaith relations.

However, the organization urges the President Bola Tinubu administration to ‘summon utmost political will and marshal greater resources’ to decisively dismantle armed groups across the country.

It also calls on the government to boost the capacity of security forces so they can protect citizens effectively, hasten reform of the livestock sector to curb long associated conflicts, and strengthen Nigeria’s communication with international actors, including by filling ambassadorial posts worldwide, vacant since 2023.

To sustain international efforts towards ending mass killings, Crisis Group urges the US government to step up engagements with the Nigerian government through various existing channels, from high-level bilateral summits to the US-Nigeria Binational Commission.

An EFCC witness, Mshelia Arhyel Bata, in the alleged money laundering trial of former Gov. Yahaya Bello of Kogi, on Monday, re-affirmed that fund withdrawals by the state government did not breach any banking law.

Bata stated this while being cross-examined by the ex-governor’s counsel, Joseph Daudu, SAN, before Justice Emeka Nwite of the Federal High Court in Abuja.

He also admitted that Bello’s name did not appear as beneficiary in the account statements presented as evidence in court.

Bata, a Compliance Officer with Zenith Bank, testified as 4th prosecution witness (PW-4).

The prosecution had concentrated on withdrawals by Abdulsalam Hudu.

Under cross-examination, Daudu drew the witness’ attention to certain withdrawals by Umar Comfort Olufunke, which he said the prosecution did not mention while being led in evidence-in-chief.

The PW-4 told the court that Olufunke’s withdrawals, in multiples of N10 million, were between December 2017 and April 2018, with beneficiaries being various hotels in Kogi.

The witness also confirmed withdrawals by Alhassan Omakoji between November 2021 and December 2022, which he admitted, did not exceed N10 million per withdrawal.

He said the withdrawals were in line with the limits set by the Central Bank of Nigeria (CBN).

He equally admitted that he was not aware of any law that regulates how Kogi Government spends its money or allocation.

‘Confirm as compliant officer that when multiples of cheques of N10 million are presented, the customers are merely adhering to the withdrawal limits set by the CBN?’ Daudu asked?

‘Yes my lord, the N10 million on the cheque is the maximum allowed threshold on cash withdrawal set by CBN,’ he said.

When asked if Bello’s name appeared as beneficiary on Exhibit 22 which he (Daudu) and lawyer to the prosecution, Kemi Pinheiro, SAN, had taken him through, Bata said: ‘No, my lord, the name, Yahaya Bello, does not appear as beneficiary.’

When asked if there is any law that regulates how the state government spends its money, the witness said: ‘I am not aware of any law that regulates how Kogi State Government spends its money or allocation in its account.’

He said apart from the beneficiaries like the hotels mentioned in the account statements, there was no way he could know what the state’s transactions were meant for.

Justice Nwite then discharged the witness after Pinheiro informed that there was no re-examination.

The witness had, at the last hearing, confirmed that the former governor was neither a signatory to nor connected with any of the accounts presented as evidence.

He admitted that, going through Exhibit 22A, from pages 24 to 413, Bello was not also listed on any of the documents as a beneficiary of any transaction.

The anti-graft agency also called its 5th prosecution witness (PW-5), Jesutoni Akoni, a compliance officer with Ecobank Plc, who was led in evidence by another prosecution counsel, Chukwudi Enebeli, SAN.

The witness tendered a summon letter written to Ecobank, which was admitted in evidence.

The EFCC lawyer also sought to tender a statement of account of Moses Ailetu companies with certificate of identification, from Jan. 1 to Jan. 31, 2016.

Daudu did not oppose it and it was admitted as exhibit.

Enebeli told the witness to identify the different columns in the statement, which he did.

He was told to confirm cash deposits by the company, which were between N3 million and N20 million, and totalling N57 million.

Akoni, while being cross-examined by Daudu, equally confirmed that former Gov. Bello was not a beneficiary of the said deposits.

‘Confirm that any of the deposits you identified carries the name of Yahaya Bello,’ Daudu asked.

‘None of them carries the name, Yahaya Bello,’ she said.

Akoni also admitted that it was not possible to discern the source of funds from the face of the documents.

The prosecution, thereafter, introduced its PW-6, Mohammed Hassan, who was also on subpoena from Keystone Bank.

Stock market was hit by a significant downturn in November’s first trading week as investors lost a whooping N2.8 trillion at the Nigerian Exchange Limited (NGX).

The market endured a bearish trading week, losing in all five trading sessions, November 3 to November 7.

This came on the heels of the US President Donald Trump’s military invasion threat on Nigeria which sparked jitters across the market and triggered a sell-off.

Trump had, penultimate Friday, flagged Nigeria as a ‘Country of Particular Concern,’ and followed up with an invasion threat on Saturday. The US President vowed to cut off all US aid to the nation if the government fails to act fast on the alleged genocide against Christians.

And ahead of trading this new week, there are fears that the US President’s fiery comments might raise the risk premium on Nigerian assets while threatening to erode recent gains achieved by the nation’s reforms.

On Monday, the first trading day after the weekend’s threat by Trump, the NGX All-Share Index and Market Capitalization dropped from Friday’s highs of 154,126.46 points and N97.829 trillion respectively to 153,739.11 points and N97.582 trillion.

The record dip in Nigeria’s stock market in the first trading day in November impacted its returns year-to-date (YtD) which stood lower at +49.37 percent

At the closing of the trading on Monday, the All-Share Index (ASI) declined by 0.25% to close at 153,739.11 points, wiping out about N244.9 billion in market value.

The downturn was driven by selloffs in medium and large-cap stocks across the banking, oil and gas, and consumer goods sectors.

Market capitalization fell from N97.8 trillion to N97.5 trillion, reflecting renewed investor caution after a strong rally in October.

The trend continued on Tuesday, November 4, 2025, as investors lost N611.96bn in five hours. On Wednesday, market also closed on a negative note with investors losing N1.31trn.

Investors shed N347.75bn at the close of trading on Thursday. And on Friday, equities market closed in the red zone as investors lost N318.78bn

During the week, a total turnover of 3.575 billion shares worth N107.011 billion in 146,429 deals was traded by investors on the floor of the Exchange, in contrast to a total of 7.479 billion shares valued at N145.429 billion that exchanged hands last week in 159,487 deals.

The Financial Services Industry (measured by volume) led the activity chart with 2.946 billion shares valued at N65.904 billion traded in 62,817 deals; thus contributing 82.39% and 61.59% to the total equity turnover volume and value respectively.

The Services Industry followed with 147.325 million shares worth N1.511 billion in 7,656 deals.

In third place was the Consumer Goods Industry, with a turnover of 147.307 million shares worth N11.195 billion in 18,644 deals.

Trading in the top three equities, namely Fidelity Bank Plc, FCMB Group Plc, and Aso Savings and Loans Plc (measured by volume), accounted for 1.288 billion shares worth N19.300 billion in 11,536 deals, contributing 36.03% and 18.08% to the total equity turnover volume and value respectively.

Twenty (20) equities appreciated in price during the week, lower than twenty-nine (29) equities in the previous week. Seventy-five (75) equities depreciated in price, higher than seventy (70) equities in the previous week, while fifty-one (51) equities remained unchanged, higher than forty-seven (47) recorded in the previous week.

NCR (Nigeria) Plc. recorded the biggest share price increase in percentage, gaining 20.94% followed by Eunisell Interlinked Plc, which increased its share price by 20.17% in the process.

Union Dicon Salt Plc also increased its share price by 9.93%.

On the flip side, Sovereign Trust Insurance Plc recorded the biggest decline in share prices by percentage, shedding 28.21% followed by C and I Leasing Plc, which shed 20.16% of its share prices.

Skyway Aviation Handling Company Plc also knocked off 18.99% of its share price.

The performance underscores continued investor concerns over market volatility, macroeconomic uncertainty and profit-taking activities across multiple sectors.

NGX records N4.64 billion new bond listing

Meanwhile, the NGX recorded a surge in capital market activity with the listing of the N4.64 billion infrastructure bond issued by Elektron Finance SPV Plc.

The 22.00% Series 1 Senior Guaranteed Fixed Rate Infrastructure Bond, listed on Monday, November 3, 2025, represents the first tranche under its N200 billion Bond Issuance Programme.

The 15-year bond, maturing in July 2040, carries a fixed coupon rate of 22% per annum, making it one of the most attractive long-term debt instruments currently traded on the NGX.

The issue was structured as a senior guaranteed bond, backed by the Infrastructure Credit Guarantee Company Plc (InfraCredit) and co-obligated by Victoria Island Power Limited.

The strong credit enhancement from InfraCredit has positioned the instrument as a low-risk, high-yield asset for institutional investors seeking stable returns amid volatile market conditions.

According to the NGX, the bonds listed at par value of N1,000 per unit will make semi-annual coupon payments on January 7 and July 7, commencing in July 2025.

Amortised redemption payments will begin 36 months after issuance, continuing until maturity in July 2040, ensuring disciplined repayment throughout the tenor.

The bond attracted strong institutional participation, reflecting renewed investor confidence in Nigeria’s growing infrastructure-backed debt market.

Vetiva Advisory Services Limited acted as the lead issuing house, supported by Anchoria Advisory Services, ARM Capital, CardinalStone Partners, FBNQuest Merchant Bank, and Iron Global Markets Limited as joint issuing houses.

Anchoria Securities Limited, Vetiva Securities Limited, and ARM Securities Limited served as joint stockbrokers, while Custodian Trustees Limited and Veritas Registrars Limited acted as the bond trustee and registrar, respectively.

Market analysts note that the listing of Elektron Finance’s Series 1 bond underscores the increasing importance of long-tenor corporate instruments in bridging Nigeria’s infrastructure financing gap.

With a robust 22% annual yield and InfraCredit’s guarantee, the bond provides a safe and rewarding investment alternative for pension funds, insurance firms, and asset managers.

MTN Nigeria share value drops by 8.3%

In a related development, MTN Nigeria Plc (Ticker: MTNN) lost 8.3% of its market value as investors trimmed shares held in the telecom company ahead of the interim dividend qualification date.

Sell pressures on the telecommunication company stock reduced its market value to N10.014 trillion, according to data obtained from the Nigerian Exchange.

The telecom company opened the trading session last week at N520.1 per share, its highest value in 52-week, but closed at N477, down by 8.3% week on week.

In 9M-2025, MTN Nigeria returned to profitability, achieving a 245% growth in profit after tax to N687 billion versus N474 billion loss after tax in the equivalent period in 2024.

Following its robust earnings performance in the period, its board of directors announced an interim dividend of N5 per 2 kobo ordinary share. The interim dividend will be paid to shareholders whose names appear in the Register of Members as at the close of business on 20 November 2025.

On 28 November 2025, dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 20 November 2025, according to MTN Nigeria.

MTNN last paid a dividend two years ago, on the back of a negative equity position. However, the significantly improved earnings profile stopped the company’s dividend holiday.

According to separate analysts’ views, the interim dividend signals MTN is on track to maintain a robust payout ratio.

Daily Trust reports that analysts have expressed concern over the threat by Trump despite being allegedly driven by negative narratives about the insecurity in Nigeria.

Economist, Dr. Muda Yusuf had said the comment by Trump ‘risks undermining the country’s image as a stable investment destination, unsettling financial markets, and eroding confidence among both domestic and international investors.’

According to him, market volatility would likely intensify as investors reassess Nigeria’s risk profile. He stated that Nigeria should expect falling stock market valuations; rising country risk premiums and insurance costs and higher sovereign bond yields.

A market analyst, Adebayo Adeleke, said though the threat may likely play a major role in the downturn recorded last week, the Nigerian market is no longer foreign investors’ dominated.

Analysts say the negative trend might persist due to sell-offs experienced in recent times.

‘Amid persistent sell- pressure and a -2.6x market breadth, we expect sustained negative sentiment in the near term,’ say analysts at AIICO Capital.

Adeleke, who is the former General Secretary of Independent Shareholders Association of Nigeria (ISAN), said, ‘The market came down because there are more sellers than buyers. When more people are willing to sell than people willing to buy, then the price will crash.

‘However, it’s an abnormal time for prices to actually crash at the NGX. Why? This is because we are just in the earning season. Companies are just reporting their third quarter earnings with the deadline of 30th of October. If there is anything at all this is the time the market should gather momentum and give positive rise in terms of appreciation to shareholders.

‘So, you can’t rule it away from the economic and political uncertainty if the threat of Trump should materialise. But I think the market is not a place where people just jump out because somebody is coughing somewhere in the corner of the world. Things just don’t happen at the speed of light.

‘I believe that it has played a very dominant role, that’s the so-called Trump’s threat perspective, in what we have seen in the market.’

He, however, said that in the long run, Nigeria’s market is no longer dominated by foreign investors.

‘The kind of collapse that we saw around April, 2008 when our market was about 72 per cent dominated by foreign investors is not likely to happen now. This market is solidly in the hands of Nigerian investors and some institutional investors within Nigeria.

‘So, we are not likely to see any serious damage in terms of the overall market index,’ he said.

He projected that there will be a reversal of the losses during the new trading week.

‘We may see the reversal this week latest by Wednesday. People will look at those assets again and begin to reprise them and there is likely going to be a major correction by the middle of this week,’ the expert said.

Staff of the Federal Capital Territory Internal Revenue Service (FCT-IRS) have honoured the Acting Executive Chairman, Mr. Michael Ango, at an event themed ‘A Night with Ango,’ in recognition of his visionary and exemplary leadership.

They described him as a reform-minded leader who has continued to steer the Service toward excellence, institutional growth, and improved staff welfare. The event, organised by the staff of the Service at the weekend, was an evening of appreciation and goodwill in recognition of Mr. Ango’s commitment to staff development, administrative transparency, and the ongoing transformation of the organisation into a model revenue institution.

In his remarks, Mr. Ango expressed deep gratitude to the staff for the honour, noting that he was pleasantly surprised by the turnout and the warm reception.

The Kano State High Court No. 2, sitting in the Audu Bako Secretariat, has sentenced a man, Jamilu Tukur, to 20 years’ imprisonment after finding him guilty of armed robbery and snatching a woman’s mobile phone along Zoo Road in Kano.

Tukur was first arraigned in 2021 for robbing one Bilkisu Haruna, whom he allegedly attacked and threatened with a knife before stealing her phone.

During the court proceedings, the prosecution counsel, Barrister Hafsat Kabir Sunusi, presented five witnesses to support the government’s case, while the defence counsel, Barrister Nasir Ibrahim, represented the accused.

After reviewing the evidence and listening to both sides, Justice Yusuf Ubale Muhammad found Tukur guilty and sentenced him to 20 years in prison, in addition to a fine of N50,000.

The court directed the Department of State Services (DSS) and the Nigeria Police Force to arrest Tukur’s alleged accomplice, Usman Aliyu, who reportedly escaped from the Goron Dutse Juvenile Correctional Centre after tying up the wardens on duty.