Category: Nigerian Tribune

The Nigerian equities market began the new month on a positive note, extending its bullish momentum as renewed investor interest lifted the benchmark index.

At the close of trading on Wednesday, the All-Share Index (ASI) rose by 0.19 per cent to 142,979.45 basis points, pushing the year-to-date return to 38.91 per cent.

Market capitalisation of equities on the Nigerian Exchange (NGX) also advanced by N170 billion to settle at N90.75 trillion.

Analysts said the broad-based gains signalled sustained buying interest in financial and consumer names, particularly GTCO, which rose 2.1 per cent, MTN Nigeria, which added 0.5 per cent, and Aradel Holdings, which gained 0.1 per cent, helping drive the ASI higher.

The upbeat sentiment was reflected in market breadth, which closed positive as 34 stocks gained against 25 losers, indicating sustained optimism over earnings expectations and macroeconomic fundamentals.

In the performance board, PZ Cussons went up by 10.0 per cent and Eterna appreciated by 9.9 per cent, topping the gainers’ chart, alongside Champion Breweries, Tantalizer, and AIICO Insurance.

On the flip side, RT Briscoe was down by 9.9 per cent; Thomas Wyatt declined 9.8 per cent; Sovereign Insurance, International Energy Insurance, and Berger Paints all led the laggards team.

Sectoral performance was largely upbeat, with Insurance, Consumer Goods, Banking and Oil and Gas closing in the green by 0.42 per cent, 0.35 per cent, 0.17 per cent and 0.12 per cent, respectively. The Commodities index edged higher by 0.01 per cent, while Industrial Goods remained flat, shedding just 0.02 per cent.

Trading activity surged significantly, underscoring renewed liquidity inflows. Total deals increased by 16.68 per cent to 32,682, while trading volume spiked 402.5 per cent to 6.23 billion units. The value of transactions also jumped 82.57 per cent to N54.45 billion. Cornerstone Insurance dominated the charts as the most traded stock, accounting for 5.45 billion units valued at N25.06 billion.

With October now underway, analysts project that sentiment could remain buoyant if macroeconomic reforms continue to attract both domestic and offshore inflows.

The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has called on West African countries to accelerate the integration of their capital markets, describing it as a crucial step toward mobilising large-scale investment for regional development.

Speaking in Abuja, Thursday at the Experts Meeting on the Validation of the WASRA Charter and Recognition of the West Africa Securities Regulators Association (WASRA) as the regulatory body for cross-border securities in ECOWAS, Agama, who also chairs WASRA, said the initiative marks ‘a watershed moment’ in the region’s financial history.

He noted that West Africa faces pressing challenges, including infrastructure gaps, climate adaptation, digital transformation and job creation, which require financing far beyond the capacity of individual national markets.

‘An integrated regional capital market is no longer a luxury; it is a necessity,’ he stated.

Agama lamented the slow pace of regional integration, stressing that Africa’s infrastructure financing gap exceeds $100 billion annually, while West Africa alone requires tens of billions to modernise transport corridors, upgrade energy systems and expand digital infrastructure.

Without integrated markets, he warned, governments and businesses would remain constrained by limited fiscal space and costly borrowing.

Drawing lessons from the European Union and ASEAN, he argued that harmonised regulations and investor confidence are essential to unlocking capital flows across borders.

‘Potential means little without decisive action,’ Agama said, highlighting opportunities in agriculture, digital innovation, fintech, and youth empowerment that could benefit from pooled regional capital.

He outlined WASRA’s mandate to drive integration through harmonised regulation, mutual assistance, and common projects. ‘Integration is not only about policy declarations; it is about practical collaboration and shared initiatives that deliver results,’ he stressed, urging ECOWAS finance ministers to demonstrate the political will required.

Nigeria’s Finance Minister, Mr. Wale Edun, represented by Mr. Hassan Adamu Jibrin, described the WASRA Charter validation as a critical step toward harmonised regulation and sustainable market development in the sub-region.

Similarly, ECOWAS Commission’s Acting Director for the Private Sector, Mr. Peter Oluonye, emphasised that breaking down barriers to capital movement through common standards, interlinked trading systems and unified governance frameworks was vital to financing the region’s economic aspirations.

The Nigerian Export-Import Bank (NEXIM) has reported an impressive N30.47 billion operating profit for the year ended 2024, a significant increase from N13.75 billion in the previous year.

Also, NEXIM Bank has been assigned a Bbb+ rating by leading credit rating agency Agusto and Co. Limited, affirming its satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions (DFIs) in Nigeria.

The Bank’s growth underscores its financial resilience and operational efficiency.

Established to promote Nigeria’s non-oil exports and support import-substituting businesses, NEXIM is fully owned by the Federal Government of Nigeria, through equal shareholding by the Central Bank of Nigeria (CBN) and the Ministry of Finance Incorporated (MOFI).

The Bank has maintained strong liquidity and capital adequacy ratios, with notable growth in its loan book and equity instruments.

Key sectors supported include manufacturing, agriculture, solid minerals, and services.

According to Managing Director Mr. Abba Bello, NEXIM has intensified its intervention in the non-oil export sector, disbursing over N495 billion, which has led to the creation and sustenance of over 36,000 direct and indirect jobs.

Key initiatives currently being driven by the Bank include: ‘The Regional Sealink Project: A public-private partnership aimed at improving maritime logistics across West and Central Africa. Promotion of Factoring Services: Providing alternative export financing options for SMEs.

‘Joint Project Preparation Fund (JPPF): Launched in partnership with Afreximbank to enhance the bankability of export projects.’

Additionally, NEXIM is developing tailored financing schemes for the mining sector, including Contract Mining, Equipment Leasing, and Buyers’ Credit/ECA Financing, designed to unlock export potential and boost foreign exchange earnings.

NEXIM Bank said it remains committed to building local processing capacity and advancing Nigeria’s position in global trade by moving up the commodity value chain and enhancing non-oil export revenue.

President Bola Tinubu has said that the cancellation of Nigeria’s 65th Independence Day military parade gave him the opportunity to rest well and enjoy a ‘nice breakfast’ on Wednesday.

The Federal Government had earlier announced the cancellation of the parade scheduled for October 1.

In a statement released on Monday by the Office of the Secretary to the Government of the Federation, signed by the Director of Information and Public Relations, Segun Imohiosen, it was explained that the decision ‘is in no way a diminishment of the significance of this milestone anniversary.’

ALSO READ: We’re focused on football development in Anambra – ANSFA Chairman, Iloenyosi

Speaking at the unveiling of the renovated Wole Soyinka Centre for Culture and Creative Arts, formerly known as the National Arts Theatre in Lagos, Tinubu said the cancellation gave him a break from the ‘monotony’ of the usual military parade.

‘I’m more than grateful for tonight. I enjoyed the evening. Happy 65th Independence Anniversary. This has broken the monotony of military march-past, parade and everything.

‘By cancelling this programme, I was able to have a good sleep, have a nice breakfast and wait for this evening. And the evening is well spent,’ he said.

Tinubu arrived at the venue at about 6:24 p.m. for the reopening ceremony of the monument, which was funded and overseen by the Central Bank of Nigeria (CBN) in collaboration with the Bankers’ Committee.

The president had in July renamed the edifice after Nobel Laureate, Professor Wole Soyinka, describing him as ‘one of the greatest assets of the world, Africa and Nigeria.’

‘So, it couldn’t have been anything else and I know definitely you (referring to Soyinka) will not disobey this president. I said it has to be Wole Soyinka Centre,’ Tinubu added.

The unveiling was attended by the First Lady, Senator Oluremi Tinubu; Lagos State Governor, Babajide Sanwo-Olu; Senate President Godswill Akpabio; Deputy Senate President Barau Jibrin; Speaker Tajudeen Abbas; Deputy Speaker Benjamin Kalu; the Emir of Kano, Muhammadu Sanusi II; and Wole Soyinka himself, who was the host of the occasion.

As FG brokers truce over dispute

THE Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has announced the suspension of its nationwide strike against the Dangote Petroleum Refinery, stressing that the action was taken strictly out of respect for the Federal Government and its institutions involved in the conciliation process.

Addressing newsmen in Abuja, PENGASSAN President, Comrade Festus Osifo, made it clear that the union was dissatisfied with the terms of the agreement brokered between the parties, particularly as it failed to address their key demand, which is the immediate reinstatement of over 800 Nigerian workers allegedly sacked by the refinery.

He warned that the union would not hesitate to resume the suspended strike without notice if the Dangote management defaults on its commitments.

The Federal Government had, on Tuesday, brokered a truce between PENGASSAN and the management of Dangote Petroleum Refinery.

The truce was contained in a communiqué issued and signed by the Minister of Labour and Employment, Dr Muhammad Maigari-Dingyadi, at the end of a two-day conciliation meeting and made available to newsmen on Wednesday in Abuja.

The meeting, which was held on Monday and Tuesday, brought together the National Security Adviser (NSA), Ministers of Finance, Budget and Economic Planning, and State for Petroleum (Gas), alongside the DSS, NIA, NNPCL, NMDPRA, NUPRC and labour leaders.

However, PENGASSAN President said: ‘We are not happy with the terms of the agreement because it did not capture our main demand of recalling the 800 sacked Nigerians. But out of respect for government institutions, for the National Security Adviser, the DSS, the Chief Reconciliator of the Federation, and ministers who worked tirelessly into the early hours of the morning to mediate, we decided to suspend the action. However, let me be clear: if Dangote fails to keep its part, we will resume immediately, without any warning.’

The union leader expressed deep reservations about the sincerity of the refinery management, saying PENGASSAN has ‘mutual suspicion’ that Dangote will attempt to renege on the deal. ‘We know that Dangote does not play by the rules or respect agreements. We believe and suspect that some of the promises extracted during the negotiations will not be honoured. But because we respect due process and institutions of government, we will give them that benefit of doubt. Yet, any breach will be met with severe and immediate response,’ he said.

Responding to widespread allegations that the union’s insistence on reinstating the 800 sacked workers was driven by a desire to secure check-off dues, Osifo dismissed the claims as ‘laughable and mischievous.’ According to him, the salaries of the affected workers are meagre compared to the earnings of PENGASSAN members in other multinational oil companies, making such accusations baseless.

‘So we clearly ask, is it because of check-off dues that PENGASSAN went on strike? The salaries being paid to these 800 members, if you add them all together, are less than what 20 of our members earn in companies like Chevron, TotalEnergies, or ExxonMobil. Their check-off dues are not even up to the check-off dues of our least-paid members elsewhere. So why should we be chasing this because of dues? It is actually about the freedom of association and the welfare of our members, because when we enter organisations, we improve conditions of service, and that is why workers subscribe to us,’ he explained.

Osifo further argued that PENGASSAN had a long record of defending workers’ rights without stifling the companies where its members operate, citing the example of Shell, TotalEnergies, and ExxonMobil which have thrived despite having thousands of PENGASSAN members. ‘At one time, Shell had over 10,000 of our members, and they invested more than $200 billion in Nigeria. Did we kill Shell? Instead, we assisted Shell, TotalEnergies, and ExxonMobil to grow. We are not out to kill Dangote Refinery, which has barely invested $20 billion. That narrative is false,’ he said.

He stressed that the oil and gas workforce has carried the burden of Nigeria’s economy for decades, providing over 90 percent of the nation’s foreign exchange earnings. ‘We know who we are and what we stand for. We are patriots who love this country more than any single individual, and that is why, despite our reservations, we chose to suspend this strike in deference to government efforts,’ Osifo maintained.

While thanking the government officials and agencies that intervened in the dispute, he reiterated PENGASSAN’s vigilance. ‘We will be monitoring closely. Any slip, any breach, any part of this agreement that is not kept, we will not issue further notice. We will not give any warning. We will resume the suspended industrial action immediately. That is our resolution,’ he warned.

Osifo concluded by affirming that PENGASSAN’s struggle is not against progress but against injustice, and that the union will remain steadfast in defending the rights and welfare of its members, no matter whose interest is at stake.

It will be recalled that the conciliation was convened after PENGASSAN directed its members to stop gas supply and withdraw services from the refinery.

The union had accused the company of terminating the employment of more than 800 of its members, which triggered the industrial action.

Dangote Refinery, however, explained that the disengagement of workers was due to an ongoing restructuring exercise in the company.

According to the communiqué, the meeting resolved that unionisation is a fundamental right of workers under Nigerian law and must be respected by the company.

It was further agreed that the management of Dangote Group should immediately begin the redeployment of the affected workers into other subsidiaries within the group without any loss of pay.

The meeting also resolved that no worker would be victimised for participating in the dispute between PENGASSAN and the company.

PENGASSAN in turn agreed to commence the process of calling off its strike, while both parties pledged to implement the resolutions in good faith.

Captain Bunmi Gindeh of the National Safety Investigation Bureau (NSIB), has emerged the president of the National Association of Air Pilots and Engineers (NAAPE) beating his rival, Francis Igwe, an aircraft engineer with the Nigerian Civil Aviation Authority (NCAA).

ýThe election took place on Friday, September 27th I. Uyo, the Akwa Ibom State capital, with Gindeh polling 51 polling while Igwe got 17 votes.

ýMudi Muhammad, an aircraft engineer at Arik Air, emerged the national deputy president. He had no opponent. While Adewale Adenugba won a second time as the first trustee.

ýOther elective positions were financial secretary, won by Edwin Udoh, Publicity Secretary, won by Blessing Ahmadu, Michael Nicholas won the position of second trustee.

ýSpeaking after emerging victorious, Gindeh expressed appreciation to the outgoing administration, saying they worked very hard to achieve a lot. ‘I must commend my predecessor, Abednego Galadima, for taking the initiative to set up a training institute. It was an amazing idea and we will work very hard to utilise that facility to meet with international standards. He performed well and we owe him a lot of gratitude,’ he said.

On how his campaign played out, he said: ‘There was an intensive campaign before now but we went to all the various chapters and spoke to them on why they should vote for us. We are a team. It wasn’t just me, the deputy president was the engine room of my campaign and I appreciate the work he put in.

ý’During the campaign, we talked about the welfare of our members and we would be pushing for standardised contracts across board like we have abroad. We are also going to advocate for safety for our members. We will also improve our secretariat so that it can be up to date.

ýý’One of the issues that came up during the campaign was that pilots would not have the time to carry out union functions but the beautiful thing which I have learned is to delegate responsibilities to my team. We would get more done that way. I was in the NCAA but was seconded to the NSIB, so my chapter is the NSIB. The public service rule is very clear on that,’ he said.

ýýMohammed who emerged as his deputy, expressed happiness, saying he is excited to work with someone whom he has always wanted to work with. ‘I want to work with Capt. Gimdeh because he has a big vision for NAAPE. The outgoing leadership has done their best and we are grateful to them. We are going to build on the foundation they have laid You can see that we don’t have anything pilots in the association but he has said that his goal is to bring in more pilots,’ he said.

ýIgwe, who conceded defeat, congratulated Gindeh and pledged to work to ensure that the association remains united. While the immediate past President, Galadima urged the newly elected administration to work for the unity of the association.

Oyo State Governor, Seyi Makinde, has raised the salaries of 67 security guards at the Ladoke Akintola University of Technology (LAUTECH) Teaching Hospital from N18,800 to N80,000 following their emotional appeal during his visit to the facility.

During an interactive session at the hospital recently, one of the guards narrated their struggles.

He also spoke about their poor welfare and the hardship of catering for families on the meagre pay.

‘We have been here before Otunba Alao Akala, and before the work of this place is completed. We are not staff but indigenes of Oyo State. Please help us; we are suffering. I have a family and three children; my age is fast running out. Please help us, your excellency,’ the security guard said, breaking down in tears.

The governor, after asking about their earnings, was told they received N18,800 monthly.

A hospital representative explained that the guards were not on the hospital’s payroll but were outsourced, with the outsourcing company receiving N27,000 per guard.

Makinde then announced that the 67 guards would be converted to ad-hoc workers and placed on a new monthly salary of N80,000 beginning in October.

He said, ‘I can solve the problem right away by saying that all 67 should be converted directly to ad-hoc workers, and you will get N80,000 every month from the first of October.’

A former member of the House of Representatives and chieftain of the Peoples Democratic Party (PDP), Hon. Abiodun Awoleye, has declared that Oyo Governor, Seyi Makinde, has the political strength and leadership qualities to lead the PDP in reclaiming the presidency from President Bola Tinubu in 2027.

Speaking with journalists at his Bashorun residence in Ibadan during Nigeria’s 65th Independence anniversary celebration, Awoleye described Makinde as a ‘humble politician, dependable grassroots mobiliser, and administrator with uncommon capacity.’

‘Governor Makinde has shown rare political will and administrative strength. I strongly believe he has what it takes to reposition our great party and ensure we take back power at the national level,’ Awoleye said.

The PDP chieftain added that Makinde’s success in uniting the Oyo State chapter of the party and running an inclusive government was proof of his ability to restructure the PDP at the national level.

His remarks echoed Makinde’s own declaration at the recent PDP State Congress in Ibadan, where the governor assured party members that the ‘era of violent, parallel congresses was over,’ stressing that the model of peace and internal democracy established in Oyo would be replicated nationally.

Awoleye further praised Makinde’s governance record, particularly his consistency in paying salaries, pensions, and gratuities, describing it as a stabilising force amid Nigeria’s economic hardship.

‘Even the late Alaafin of Oyo once remarked that he was amazed at how Governor Makinde has managed governance seamlessly without owing workers a single month,’ he recalled.

He attributed prompt and uninterrupted payments of workers’ salaries, gratuity, and pensions by Makinde as a catalyst for the socio-economic stability and steady economic growth in the state, calling the governor a genius whose approach to governance amid nationwide economic challenges should be understudied for national rebirth.

He described Makinde as a man with a deep sense of creative mind for problem-solving and expressed his admiration for his crisis management skills, calling on party faithful to continue to remember the governor in their personal day-to-day prayers.

In another development, the various speakers at Awoleye’s birthday celebration noted that the former lawmaker’s confidence in Makinde’s ability to restructure the party aligns with the governor’s promise of a more cohesive, disciplined, and forward-looking PDP capable of leading Nigeria back to economic recovery and national stability.

The Ibadan North PDP Chairman, Ademiyiwa Mustapha, who led both the local government and ward executives to the celebration, described Awoleye as a peaceful person with an impressive political pedigree.

He urged members of the party to remain steadfast, maintain genuine intentions towards one another, and work together in unity for the overall progress of the PDP.

In his final remarks, Hon. Awoleye revealed that he shares the same birthday with Alhaja Mutiat Ladoja, former First Lady of the state, while his own wife shares the same birthday with the new Olubadan of Ibadan, His Imperial Majesty, Oba Rashidi Adewolu Ladoja Arusa I.

He described this coincidence as a source of personal joy and connection to Ibadan’s royal and political heritage.

Also speaking, a party elder, Pastor Gbenro, described the occasion as a ‘tripartite celebration’ since it coincided with Nigeria’s 65th Independence anniversary.

He recalled Awoleye’s role as the caretaker chairman who helped install the PDP in Ogun State, describing it as ‘a pride for Ibadan North.’

Hon. Awoleye remains one of the most grounded politicians with vast experience in politics and governance.

‘He is humble, accessible, and a blessing to this generation,’ Gbenro said, offering prayers for the celebrant and his family.

Other speakers at the event praised Awoleye’s political journey and character. A fellow party chieftain described him as ‘a straightforward person and dependable grassroots mobilizer that many young politicians look up to as a role model.’

The PDP Youth Leader in Ibadan North noted that he had never regretted looking up to Awoleye, calling him ‘a foremost politician with exceptional humility.’

Party members, however, expressed optimism about the PDP’s future both in Ibadan North, Oyo State, and Nigeria come 2027.

The National Hajj Commission of Nigeria (NAHCON) has reaffirmed its commitment to national cohesion and supporting government efforts to build a better country.

This was contained in a statement on Wednesday in Abuja by Aminu Kabir of the NAHCON Information and Publication Division.

Kabir said the Chairman and Chief Executive Officer of the Commission, Prof. Abdullahi Usman, gave the assurance in his Independence Day message to the government and people of Nigeria.

Usman described the day as a reminder of the sacrifices of Nigeria’s founding fathers who fought for freedom, dignity, and unity. He noted that 65 years after independence, the country continues to show resilience and the collective will to overcome challenges while holding on to the hope of a more prosperous future.

‘As an institution saddled with the sacred mandate of coordinating the spiritual journey of Nigerian Muslims to the Holy Land, NAHCON remains committed to upholding transparency, accountability, and service excellence in the discharge of its responsibilities. We will continue to align our efforts with national values of unity, peace, and progress,’ he said.

The Chairman also urged Nigerians to pray for peace, stability, and prosperity, and encouraged citizens to embrace patriotism, brotherhood, and sacrifice in their daily lives.

‘On this special occasion, I congratulate every Nigerian and wish our dear country continued progress. Together, we can build the Nigeria of our dreams,’ he added.

Senator Sunday Marshall Katung, who represents the people of Kaduna South Senatorial District, has debunked rumours circulating on social media about his alleged defection from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

In a statement issued by his media office and signed by his Special Adviser on Media and Communications, Midat Joseph, and made available to newsmen in Kaduna on Thursday, the Senator clarified:

‘We wish to state unequivocally and for the record that, as of today, Senator Sunday Marshall Katung is a committed member of the Peoples Democratic Party (PDP).’

The statement further noted that he was elected on the platform of the PDP and remains dedicated to upholding the mandate given to him by the people of Kaduna South Senatorial District.

While acknowledging that the political landscape is dynamic, the statement stressed that any decision of such magnitude would be communicated officially and transparently by the Senator himself, not through clandestine speculation.

‘The current rumours are needless distractions from the Senator’s primary focus, which is effective representation, legislative excellence, and attracting developmental projects to Kaduna South Senatorial District.’

The statement therefore urged the media, constituents, and the general public to disregard the unfounded speculations.