Category: Daily Trust

The Nigerian Export-Import Bank (NEXIM) has declared an operating profit of N30.47 billion for 2024, more than double the N13.75 billion recorded in the previous year.

The bank also secured a Bbb+ rating from Agusto and Co., a leading credit rating agency, which said the grade reflected NEXIM’s satisfactory financial condition and strong capacity to meet obligations compared with other development finance institutions.

Managing Director of the Bank, Mr. Abba Bello, said the performance was as a result of intensified interventions in the non-oil export sector.

‘We disbursed over N495 billion to support Nigerian exporters, and this has led to the creation and sustenance of more than 36,000 direct and indirect jobs,’ he said.

He added that NEXIM’s loan book grew significantly in key areas such as manufacturing, agriculture, solid minerals, and services, sectors the Federal Government has identified as critical to its diversification agenda.

Bello further noted that the bank was driving initiatives such as the Regional Sealink Project, a public-private partnership aimed at improving maritime logistics across West and Central Africa.

‘We are also promoting factoring services to expand export financing options for SMEs, while our Joint Project Preparation Fund with Afreximbank is enhancing the bankability of projects,’ he explained.

He added that NEXIM was developing tailored financing schemes for the mining sector, including contract mining, equipment leasing, and buyers’ credit, to unlock export potential and boost foreign exchange inflows.

Seplat Energy Plc, leading Nigerian independent energy company, has recorded unprecedented growth since it was founded by acquiring divested assets, unlocking value from them, improving efficiency and safety performance of the assets, whilst driving the entire growth process with a world-class and resilient people (workforce).

Similarly, the company stated that it had raised more than $4bn in debt to develop and grow operations whilst continuing to maintain a low leverage threshold of below 1.5x through the cycle.

Roger Brown, Chief Executive Officer, Seplat Energy Plc, who spoke at the 2025 Africa Energy Week (AEW) Conference and Exhibition in Cape Town, South Africa during a Fireside Chat titled ‘Assets Acquisition Success Strategies: Seplat Energy’, said the company has successfully integrated major acquisitions in the last decade, each time improving efficiency and safety performance, while at the same time reducing routine emissions.

It would be recalled that Seplat Energy Offshore Limited acquired the Mobil Producing Nigeria Unlimited.

Speaking on its most recent acquisition of Mobil Producing Nigeria Unlimited assets, Brown said the goal had been to move quickly to re-engage wells and facilities – resulting in the delivery of immediate results; investing early in integrity and reliability – thus reducing downtime while setting a foundation for future growth; and integrating not isn’t just systems, but people.

‘We found strong cultural alignment with our new colleagues, and that’s been key to seamless performance. We’ve welcomed their expertise and insights and the entire Group is benefiting from them,’ Brown hinted.

According to the Seplat CEO, by combining Seplat’s onshore experience with decades of offshore know-how from new colleagues, the company has built a stronger operation from day one, which is already delivering higher cash flow.

‘The recent reserves upgrade shows we have acquired a high-quality asset with significant production potential in both oil and gas, and much of this is within easy reach, close to export infrastructure that we control. We are confident we can increase production and that aligns with the Government’s target to increase liquids production to 3.0 MMbbl, and to increase gas production for both domestic energy and export markets,’ he added.

Eleanor Adaralegbe, Chief Financial Officer, Seplat Energy Plc, who spoke during a panel discussion titled ‘Financing Upstream Projects for Domestic Energy Security’, said since inception, the company has continued to blaze the trail with a highly successful capital raising history.

According to him, the company had raised more than $4bn in debt to develop and grow operations whilst continuing to maintain a low leverage threshold of below 1.5x through the cycle.

On the various financing options the company had leveraged since inception, Adaralegbe identified the Initial Public Offer (IPO), Revolving Credit Facility (RCF), Bonds, Advance Payment Facility, as well as other financings like taking over the $110m RBL, which is currently being refinanced (on Eland acquisition of 2019; and putting in place a $320m project financing for ANOH, Seplat’s 50/50 JV with the Nigerian Gas Infrastructure Company (a 100% wholly owned subsidiary of NNPC).

Speaking on financing challenges and what Seplat Energy had done to overcome them, she said: ‘Corporates are always looking to access low-cost financing for development and growth, more so, Nigerian energy companies, as Nigerian banks have a high USD cost of borrowing. As such, we knew that we had to become a first mover and shape our credit profile to appeal to a wider group of banks and investors. We are the first and only dual listed Nigerian oil and gas company.’

The Central Bank of Nigeria (CBN) has announced a phased operational overhaul of the Nigerian Fixed Income Market in a deliberate move to deepen transparency and efficiency in the financial ecosystem.

Acting Director of the Financial Markets Department at the CBN, Okey Umeano, in a memo, stated that the first phase of the reform will see the apex bank take full control of both the settlement process and trading platform for fixed income transactions starting from November this year.

The initiative, he added, forms part of broader financial market reforms, is designed to enhance regulatory oversight and strengthen the market’s role in supporting monetary policy transmission and economic growth.’This transition will enable the CBN to assume direct responsibility for the management of the trading platform and handle end-to-end settlement activities under the Bank’s established settlement system for financial market transactions,’ the statement read. The CBN emphasized that the objective of this phase is to ‘strengthen market integrity, streamline operations, and establish a unified regulatory framework that ensures end-to-end visibility and supervisory oversight of fixed income transactions.’To ensure minimal disruption and a smooth transition, the implementation will be executed in stages, with active collaboration from key stakeholders, including the Financial Markets Dealers Association (FMDA). Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a on a fixed schedule.

Meanwhile, Nigeria’s broad money supply surged to N119.52 trillion in August 2025, representing an increase from N117.4 trillion recorded in June 2025.

The August figures reflect a year-on-year rise from N107 trillion in August 2024, demonstrating the persistent expansion of liquidity in the financial system despite concerns over inflationary pressures and exchange rate volatility.

A former President of the Nigeria Labour Congress (NLC), Adams Oshiomhole, on Friday criticised the leadership and members of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over their recent action against Dangote Refinery.

Oshiomhole specifically described the recent union’s strike action which was suspended on Wednesday as ‘ill-considered’, arguing that new private sector investors like Dangote should be given time to stabilise before facing intense labour action.

The former governor of Edo State, who stated this when he appeared on Arise News, maintained that the union was supposed to have faced Dangote Refinery alone if at all it must fight rather than shutting other establishments.

Daily Trust reports that both PENGASSAN and Dangote Refinery have been at loggerheads following the unionisation of some employees working with the refinery. The company had subsequently sacked over 800 of its employees, and replaced them with foreign nationals from Indian, according to PENGASSAN, a development both unions in the oil sector frowned at.

While the company premised its decision on alleged sabotage, the union maintained that Dangote Refinery flouted Labour laws, International Labour Organizations (ILO) conventions and the Nigerian constitution.

Specifically, the development triggered a rapid response from PENGASSAN, whose members shut down export terminals, blocked vessel loading, and locked offices across oil and gas facilities.

After marathon negotiations involving the federal government, labour leaders, and security agencies, a communique was signed on Wednesday morning at about 2:30 am where Dangote Group agreed to re-fix sacked employees.

However, reacting to the development on Friday, the former NLC President noted that the oil union’s decision to shut down facilities of the Nigerian National Petroleum Company Limited (NNPCL) and other firms because of issues at Dangote was ‘ill-considered’.

He said, ‘In pursuing war, you have to recognise that the tools you deploy must not hurt innocent people, like the tomato sellers who cannot get fuel to move their goods because there is a quarrel between one refinery and one union.

‘An employer has to exist, mature and be strong enough to guarantee good-paying jobs. If you cripple a business before it even finds its feet, you are also destroying the jobs you claim to protect,’ he said during the interview monitored by our Correspondent.

Oshiomhole, who is also a Senator in the 10th Assembly, said while the unions have the right to defend workers, they must do so in ways that do not create wider economic hardship.

The lawmaker, while affirming that the right to unionise is fundamental, called for caution and balance, insisting that their recent move was hasty and unfair to other workers.

He added, ‘I think that in seeking to protect a particular set of workers, you do not then risk the jobs of several other workers. When you are pursuing a dispute, the tools you deploy must be such that they do not undermine other people’s jobs.

‘Freedom of association is not just a constitutional right, it is a God-given right. But with that freedom comes responsibility, both the employer and employee must exercise their rights in a way that is fair.’

He adde, ‘I suddenly witnessed long queues at filling stations and people came to me to ask, ‘why are we not at work today, what has happened to the oil industry?’ And the reason was that PENGASSAN had decided that NNPC be shut down, several other companies shut down, all because of a problem in one refinery.’

Referencing his reign as President of NLC, Oshiomhole maintained that when there is a dispute, a specific employer should be targeted, not all the employers in the sector.

‘We had a big battle with Union Bank of Nigeria over their policy on married couples working together. But even when we had the capacity to shut down all the banks, we didn’t. We recognised that the alleged offence of Union Bank could not be said to apply to others,’ he recalled.

Rohingya Muslims pleaded with the international community at the first United Nations high-level meeting on the plight of the ethnic minority to prevent the mass killings taking place in Myanmar and to help those in the persecuted group lead normal lives.

‘This is a historic occasion for Myanmar, but this is long overdue,’ Wai Wai Nu, the Rohingya founder and executive director of the Women´s Peace Network-Myanmar, told ministers and ambassadors from many of the U.N.´s 193-member nations in the General Assembly Hall.

The Rohingya and other minorities in Myanmar have suffered decades of displacement, oppression and violence, while seeing no action in response to determinations that they are victims of genocide, she said. ‘That cycle must end today,’ Wai Wai Nu said.

Buddhist-majority Myanmar has long considered the Rohingya Muslim minority to be ‘Bengalis’ from Bangladesh, even though their families have lived in the country for generations. Nearly all have been denied citizenship since 1982.

In August 2017, attacks by a Rohingya insurgent group on Myanmar security personnel triggered a brutal campaign by the military that drove at least 740,000 Rohingya to Bangladesh. The military is accused of mass rape, killings and burning villages, and the scale of its operation led to accusations of ethnic cleansing and genocide from the international community, including the U.N.

U.N. refugee chief Filippo Grandi, who recently visited Myanmar, told the high-level meeting on Tuesday that Bangladesh is now hosting close to 1.2 million Rohingya refugees, and since fighting reignited in Rakhine in 2024 between the military and the Arakan Army, an additional 150,000 have sought safety in the neighbouring country.

(Left Foot Forward)

The Arakan Army, the well-armed military wing of the Rakhine ethnic minority, which seeks autonomy, now controls almost all of Rakhine state, Grandi said, and the situation of the Rohingya there has not improved.

They still face discrimination, the burning of their villages, exclusion from work, a ban on moving freely, restricted education and health care and the threat of arrest, he said. ‘They are subjected to forced labour and forced recruitment,’ and ‘their lives are defined every day by racism and fear,’ Grandi said.

Rofik Huson, founder of the Arakan Youth Peace Network, told the assembly that despite decades of persecution, the Rohingya´s ‘deepest wish’ is to live in their ancestral homeland, Myanmar, in peace and security.

Maung Sawyeddollah, founder of the Rohingya Student Network, speaking in an impassioned voice, said that without self-determination for the Rohingya and international protection in Rakhine, there can be no lasting peace. ‘The U.N. must mobilize resources to empower Rohingya,’ he told world leaders.

UTICA Capital Limited has unveiled a N20 billion closed-ended venture capital fund aimed at reducing the N200b fund gap in Nigeria’s film industry.

The venture capital is registered with and approved by the Securities and Exchange Commission (SEC) of Nigeria.

At the launching of the initial N5 billion tranche of Series 1 of the Utica Film Fund, the firm’s Chairman, Dr Adesegun Akin-Olugbade stressed that the fund was not released for charity but to strengthen the competitiveness of the country’s film industry at the global level. ‘This is not charity. This is smart investing backed by rigorous due diligence, strong governance and a diversified portfolio strategy.

‘Nollywood is more than entertainment. It is a cultural powerhouse industry and one of Nigeria’s greatest exports to the world. Every day, over 35 million people consume Nollywood content,’ he said.

He lamented that the country’s film industry has suffered underfunding, stressing that the newly launched fund would open doors for investors to invest in the film industry.

‘Our films travel across borders, shape perceptions of Africa and provide livelihoods for millions. Yet, for too long, this industry has been underfunded, relying on personal savings, informal loans and small scale investors.

‘The Utica film fund changes that with a structured, SEC approved, professionally managed vehicle, we are creating a channel for institutional investors and high net worth individuals to participate in the growth of Nollywood and to earn competitive risk adjusted returns while doing so,’ he said.

The firm’s Managing Director, Ola Belgore said with a ten-year investment horizon, the fund is structured to invest in high-growth opportunities across the entire film value chain including production, distribution, streaming, infrastructure, and licensing.

He added that the possible return on investment through this fund stands at a net internal rate of return of 58.2 percent over the life of the fund, with an average gross IRR of 89.4 percent.

‘U-Film offers attractive returns. The projected multiple returns on invested capital stand at approximately 4.5 times over the life of the fund. Importantly, Utica Capital will invest alongside our partners, ensuring our interests remain fully aligned with yours,’ he said.

The National Agency for Food and Drug Administration and Control (NAFDAC) has begun the destruction of 80 containers filled with expired, counterfeit, unregistered, and banned pharmaceutical and consumer products valued at an estimated N15 billion in Oyo State.

The large-scale operation took place on Thursday at the Moniya Dump Site along Akinyele Road, Ibadan, Oyo State.

Among the goods destroyed were well-known dangerous substances, including Analgin, Cocodamol, Codeine-containing cough syrups, Tramadol, Oxytocin, and various vaccines.

Addressing the gathering, Director-General of NAFDAC, Professor Mojisola Christianah Adeyeye, stressed the agency’s commitment to ensuring that all regulated products, ranging from medicines and vaccines to cosmetics and packaged water, meet the highest standards of safety and efficacy.

‘Protecting Nigerians from the dangers posed by fake and expired drugs is at the heart of NAFDAC’s mission. We have stringent licensing and enforcement frameworks to keep harmful products off the shelves and out of people’s homes,’ Adeyeye said.

According to her, many of these products had been seized during raids, highlighting the widespread circulation of unsafe medicines.

Armed bandits on Wednesday night abducted two serving councillors and killed an Islamic cleric in Tsauni, a community on the outskirts of Gusau, the capital of Zamfara State.

The councillors, who represent Gidan Goga and Tsibiri wards in Maradun Local Government Area, were kidnapped around 8.05pm shortly after performing the Maghrib (sunset) prayer.

The victims were reportedly seized near a police outpost while relaxing with others at a local tea joint.

Confirming the incident, the Chairman of Maradun LGA, Hon. Sanusi Gama Giwa, said the councillors were members of his council.

He expressed concern that the abduction occurred in the vicinity of a police station.

‘It happened right in front of a police station where officers are usually present. The bandits even collected phones from the police officers without resistance. They didn’t harm anyone,’ he said.

According to Giwa, the armed men initially came in search of a specific individual from Kaura village.

Upon failing to find their target, they abducted six men from the tea joint. Three of them were later released, while the bandits continued with the two councillors and an Imam.

However, Daily Trust has gathered from a separate source that the abducted Imam was later killed, and his body was discovered on a nearby farm.

He was buried on Thursday according to Islamic rites in the Chediya Uku area of Gusau town.

Tsauni community, the scene of the abduction, is known for hosting Internally Displaced Persons (IDPs) fleeing persistent bandit attacks in Zamfara’s rural communities.

When contacted, the spokesperson of the Zamfara State Police Command, DSP Yazid Abubakar, confirmed the abduction and said security operatives had been deployed for a rescue operation.

‘We are doing everything within our power to rescue the victims and bring the perpetrators to justice. We urge residents to provide useful information that can aid our efforts,’ he stated.

However, DSP Abubakar refuted claims that the abduction occurred directly in front of a police station, contrary to the LGA chairman’s statement.

‘Our findings show the incident took place about two kilometres from the nearest police station, near a forested area.

‘The terrain is difficult, with poor road conditions that delayed immediate reinforcement.

‘The claim that the bandits disarmed officers at a station without resistance is simply not true and reflects a personal opinion rather than fact.’

As of the time of filing this report, the kidnappers had not made any contact with the victims’ families or issued any ransom demands.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, has called on government agencies and the private sector to boost their patronage of Made in Nigeria products.

This is just as she endorsed the Nord automobile brand, calling on Nigerians to embrace the auto manufacturer.

The Minister spoke on October 1st 2025 when she visited the Nord automobile assembly plant inside the University of Lagos, UNILAG, to pick up her newly acquired Nord Demir SUV.

The Minister was received by the representative of the Vice Chancellor of UNILAG, Deputy Vice Chancellor, Academic and Research. Prof. Bola Oboh, as well as the Chairman of Nord Automobiles, Mr. Oluwatobi Ajayi.

Speaking at the occasion, the Minister said: ‘With the Africa Continental free trade zone agreement, you should be able to scale your industrialization and your production, across Nigeria, you have two assembly plants, here and Epe, and your capacity is more than enough to meet increasing demand of Nigerians and I am glad that you told me that.

‘You have corporate clients, four of the top ten companies in the Nigeria Stock Exchange, we are going to be encouraging the private sector and all Nigerians to patronize Made in Nigeria products, this is a proudly Made in Nigeria product, right here at the University of Lagos where I am a product of.

‘As a ministry, we are committed to supporting your sector, and Mr. President has prioritised Nigeria First’.

Also speaking, the representative of the UNILAG VC, Prof Oboh said, ‘We are happy with the initiative of the federal government led by President Bola Ahmed Tinubu, that made in Nigeria goods should be patronized.

‘In UNILAG, we are proud that not only do we have this assembly plant, which is also producing electric vehicles, we are proud because we are a Green campus, we have Green buses, and Nord is also about to launch their green vehicles. Our students intern here on a regular basis’.

The Nord Automobile Chairman, Mr. Oluwatobi Ajayi while appreciating the Minister for the support, said, ‘I am happy to say that you are a customer, or user or driver that I will always tell people about, our own Minister of Trade, Industry and Investment, of my own country, drives a Nord vehicle. I am very happy about this.’

He equally thanked UNILAG for the partnership, which, according to him, ‘has transformed into one of the most important parts of the company. It has been an amazing decision for us.’

Nord Automobiles assembles a range of automobiles, including sedans, pickups, sports utility Vehicles and buses as well as electric vehicles and tricycles.

I’m seeing loads of fancy graphics on our Independence all over the internet. 65 years ago, the day the colonial flags came down and ours went up, signalling our independence. But are we truly independent?

With all the American, British, and Chinese curricula used to raise our children, leading to the mass export of our young, are we independent?

With the heavy dependence on Western non-state actors as policy consultants, plugged into our policy development framework, are we independent?

With the constant dependence on Western healthcare systems by the elites who prioritize their health over the citizens who may never know the road to the closest airport, are we independent?

With an economy fully dependent on foreign exchange, are we independent?

With the abandonment of our natural seeds, and an aggressive push for foreign-patented hybrid and GMO seeds that will create a life-long dependency on the West for staple food, are we independent?

With the constant running after international loans, conditioned on the promotion of Western policies and agendas in Nigeria, are we independent?

With the deliberate underfunding of our universities, making foreign schools the inevitable choice for the elite, are we independent?

With local research underfunded and full dependency on international donor funding to advance the trade and policies of the donors – policies that negatively impact our society – are we independent?

With media narratives on Africa largely shaped by Western outlets, while our own journalists are made to echo those same voices, destroying our image home and abroad, are we independent?

With our mineral wealth flowing abroad to power foreign industries, while our youths remain unemployed at home, are we independent?

With our foreign-trained technocrats designing policies to please global institutions rather than serve local realities, are we independent?

With our land turned into experimental fields for Western agribusiness giants, while our farmers lose control of the very seeds of life, are we independent?

With our borders open to import what we can grow, while shutting out what we can create, are we independent?

With a middle class reduced to survival mode through brain drain and economic strangulation, are we independent?

Independent but desiring independence. Sovereign, yet bound by loans and foreign policies injected into our systems ourselves.

Our independence cannot be measured by the lowering of a flag in 1960, but by our ability to stand, to think, to feed, to heal, and to govern ourselves on our own terms. True independence means food sovereignty, policy sovereignty, economic sovereignty, and cultural sovereignty.