Asianet Pakistan Private Limited

Can you discuss your experience in the Franco-Nigerian Chamber of Commerce and how it has influenced your professional network?

My involvement with the Franco-Nigerian Chamber of Commerce and Industry has been instrumental in gaining deeper insights into bilateral economic opportunities. It’s allowed to engagine with key stakeholders across industries and foster collaborations that support the development of both Nigerian and French businesses. Heading the most active bilateral chamber of commerce in Nigeria offers the opportunity to support the development of collaboration between our two countries across multiple industries and use the instrument of the chamber to bring solutions and connections where and when needed.

In your experience, what are the biggest challenges in the supply chain for energy services, and how does your organisation address them?

Supply chain disruptions are a significant challenge in the energy sector. From material shortages to logistical issues, the industry must be resilient. At SPIE, we’ve adopted a proactive approach by diversifying our supply chain, maintaining strategic partnerships, and leveraging digital tools to streamline operations. We also invest in local talent and resources, which enhances our operational flexibility.

How do you evaluate and implement emerging technologies in your company’s operational strategies?

We evaluate emerging technologies based on their potential to improve efficiency, safety, cost and sustainability. Our approach is rigorous, after conducting feasibility studies, we run pilot projects to assess real-world applic;ations. If successful, we scale these technologies across our operations. This process has allowed us to integrate innovations like AI-driven solutions and digital maintenance strategies into our workflows.

How does SPIE navigate the complex regulatory landscape of the energy sector across different countries?

The energy sector is highly regulated, and navigating these frameworks requires both global expertise and local knowledge. We work closely with local governments and regulatory bodies to ensure compliance while advocating for policies that support innovation and sustainability across borders. By maintaining transparency and fostering open communication, we’ve been able to operate smoothly across multiple jurisdictions.

How is SPIE adapting to the increasing emphasis on sustainability and environmental responsibility in energy production?

At SPIE Global Services Energy, sustainability is at the forefront of our strategy. We’ve adopted advanced technologies that optimise energy efficiency and reduce carbon emissions across our operations. We actively support clients in their energy transition goals by offering tailored solutions that integrate renewable energy sources and improve environmental performance.

Our commitment is evident in our investments in sustainable practices, which are now central to our operational models as well as our growth strategy, which largely focuses on offshore winds as well as solar energy.

The global shift toward renewable energy is seen as a challenge by many players; how do you envision the future role of traditional energy companies in evolving?

Traditional energy companies will play a crucial role in the global energy transition. While renewables are growing rapidly, fossil fuels will continue to be a major part of the energy mix for the foreseeable future. Companies like SPIE are positioning themselves by embracing new technologies, reducing their carbon footprint, and fully integrating renewable energy into their portfolios. The transition will be led by the industry and we are a key player in enabling and supporting it.

With your experience at TotalEnergies, how do you see the balance between maintaining traditional energy sources and transitioning to renewable energy?

I believe the transition to renewables will be a phased approach. Traditional energy remains vital for meeting current global demand, but the industry is investing heavily in renewable technologies and energy efficiency solutions to drive a sustainable future. The transition will allow the sector to adopt cleaner technologies while gradually shifting toward low-carbon energy sources.

What operational challenges have you encountered in the exploration and production sectors, and how have you addressed them?

The energy sector presents numerous challenges, from fluctuating market prices to geopolitical instabilities. In exploration and production, our main hurdles have been ensuring operational efficiency and performance while managing environmental risks. We address these by leveraging digitalisation and advanced monitoring systems that allow us to be proactive rather than reactive. Safety is also a top priority, and we’ve implemented stringent protocols to minimise disruptions and maximize output while ensuring the safety of our workforce and those operating around us.

How do you foster innovation and growth within your teams?

At SPIE Global Services Energy, we encourage a culture of continuous learning and experimentation. We’ve created a robust internal structure that promotes cross-functional collaboration, and we invest heavily in training programs and partnerships with startups to keep our teams agile and forward-thinking. We also focus on mentorship and leadership development to train talent capable of driving the company’s growth.

What trends do you see shaping the future of the oil and gas industry, and how is SPIE positioned to adapt?

The energy sector is undergoing profound changes. Decarbonization, digital transformation, and the shift toward renewables are major trends that will shape the future. SPIE Global Services Energy is positioned to adapt by offering hybrid solutions that combine traditional and renewable energy services. We’ve also expanded our digital offerings, helping clients improve operational efficiency and reduce emissions through real-time data analytics and automation. In a constantly evolving environment, we are clearly part of the solution, helping our clients be ahead of the curve.

How do you approach risk management when it comes to energy projects?

Energy projects inherently come with uncertainties. At SPIE, we follow a comprehensive risk management strategy in line with the ISO 31000 that involves thorough risk assessments at each project stage, constant monitoring, and the implementation of mitigation plans. We also collaborate closely with our clients to ensure that all stakeholders are aligned on risk-related matters, which allows us to address uncertainties proactively.

What are some key lessons you’ve learnt from your role as chairman of the board at Lycée Français Louis Pasteur?

Serving as chairman of the board at Lycée Français Louis Pasteur has been a great honour. It has taught me the importance of adaptability and the value of building a community-focused vision. Education is a powerful tool in shaping future generations, and I’ve learned that fostering an inclusive environment where both students and educators can thrive is key to long-term success. We can be collectively very proud of our achievements and especially of the recently completed construction project that makes LFLP one of the most functional and beautiful schools on the continent.

From your experience, how can the private sector better support educational initiatives in host communities?

We operate in an environment where it is left to the private sector to play a significant role in education. It is both a big responsibility and a great opportunity. At SPIE, we support educational initiatives through scholarships, vocational training programs, and partnerships with educational institutes at different levels. By investing in education, we’re contributing to the development of the next generation of professionals who will shape the future of the energy industry. It is also a way for us to detect talents and train them to high standards adapted to our operations. As a matter of fact, we inaugurated our very own training center in Port-Harcourt in 2021, offering a wide range of technical training and certification in areas close to our core businesses.

We leverage this training centre to offer vocational training to the communities in our area of operations in order to build local capacity and increase gender inclusion (we have a strict 50/50 gender diversity policy for our community training). This is also a way for us to be more competitive commercially, as we have access to skilled local resources available to join our workforce.

What are your future goals, both for SPIE Global Services Energy and personally as a leader in the industry?

For SPIE Global Services Energy, our goal is to be the go-to leader in energy transition by continuously improving our service offerings and sustainability practices. Personally, I am committed to driving innovations in the industry and mentoring the next generation of leaders. My focus is on fostering a corporate culture that is adaptable and resilient, preparing the company to navigate the changes ahead.

How do fluctuations in global oil prices impact your strategic decisions at SPIE?

Fluctuations in global commodity prices directly impact the business of our clients. It is our responsibility to support them and help them navigate these uncertainties. Accordingly, we’ve developed a flexible business model that allows us to adjust to these fluctuations without compromising on long-term goals. Helping our clients diversify their portfolio with renewables and energy services helps mitigate the risks associated with volatile commodity prices.

Finally, how do you foresee the role of global service providers evolving in the energy landscape over the next decade?

In the next decade, global service providers will need to evolve by offering more integrated and sustainable solutions. At SPIE, we are expanding our capabilities to include services that support both traditional and renewable energy. This involves investing in technology, upskilling our workforce, and strengthening our presence in emerging markets where the energy demand is growing.

Peace has finally returned to the Akwa Ibom State chapter of the National Association of Small Scale Industrialists (NASSI) after a protracted leadership crisis that lasted for years.

Iniobong Ekong, commissioner for trade and investment, brokered the truce during a meeting with the warring factions in Uyo, the state capital

At the meeting, which lasted for more than four hours, Ekong stressed that a strong and vibrant NASSI was key to the success of Governor Umo Eno’s ARISE Agenda on entrepreneurship and small business growth.

He expressed the hope that the peace would be sustained to enable the association to benefit from the credit facilities intended to boost small businesses in the state.

Speaking also, Solomon Vongfa, the National President of NASSI, commended the commissioner for being a ‘peacemaker’ whose maturity and commitment restored harmony to the association.

Meanwhile, tree planting has been described as a sustainable solution to the environmental challenges confronting the state. Kufreabasi Edidem, deputy speaker of the state House of Assembly, stated this during an open forum on environmental issues organised by the Niger Delta Development Commission (NDDC) in Uyo.

Edidem, who also chairs the House Committee on NDDC and Regional Development, said tree planting was a simple but powerful practice that every citizen can embrace to restore ecological balance.

‘We will continue to align with the Akwa Ibom State House of Assembly to make laws that promote a cleaner, safer, and more sustainable environment,’ he said.

‘Everyone can cause a change from their little corner for a better environment.’

He commended Chiedu Evie, Chairman of NDDC, for inaugurating new projects across the region since assuming office, and applauded the commission’s effort in bringing together diverse stakeholders, including government agencies, academia, civil society, communities, and schools, to reawaken the culture of tree planting..

Continental Civil, a leading Nigerian engineering and construction company, and Qshelter, a premium real estate services firm, have announced the groundbreaking of Lagos 2004 Estate, a transformative residential development poised to redefine urban living in Lagos. Inspired by the iconic 1004 Estate in Victoria Island, this modern replica project combines innovative design, strategic accessibility, and flexible financing to deliver sustainable, community-oriented housing.

Strategic Location Meets Modern Convenience

Strategically positioned along Monastery Road near Novare Mall, Lagos 2004 Estate offers residents exceptional connectivity with just a 23-minute drive to Victoria Island via the Coastal Road. This prime location combines suburban tranquility with urban accessibility, making it an ideal choice for discerning homebuyers both locally and in the Diaspora.

Breaking Down Barriers to Homeownership

Recognising the financing challenges facing prospective homeowners, Lagos 2004 Estate offers innovative payment solutions designed to make quality housing accessible:

Flexible Payment Plans: 50% initial deposit with the remaining balance due upon delivery

Long-term Mortgages: 20-year financing options with competitive single-digit interest rates

Government-backed Programmes: Access to 6% rates through the National Housing Fund and 9.75% through the MREIF programme

Customised Solutions: Tailored payment structures to meet individual financial circumstances

A Legacy Reimagined for Modern Living

Drawing inspiration from Lagos’s iconic 1004 Estate, this development combines prestige with contemporary design principles. Lagos 2004 Estate will feature state-of-the-art infrastructure, comprehensive security systems, and community-focused amenities that foster neighbourly connections while maintaining modern lifestyle standards.

‘Lagos 2004 Estate represents more than a housing development; it’s our commitment to building sustainable, thriving communities that honour the prestige of the original 1004 Estate while addressing the evolving needs of today’s urban residents,’ said Dare Makinde, Chief Commercial Officer of Qshelter.

Makinde further emphasised Qshelter’s comprehensive approach: ‘Our role extends far beyond traditional sales and marketing. We’re committed to ensuring a seamless homeownership journey through affordable financing solutions and exceptional customer service that supports buyers from initial inquiry through move-in and beyond.’

Proven Expertise, Exceptional Results

This partnership brings together two industry leaders with demonstrated track records:

About Continental Civil – Continental Civil stands as Nigeria’s foremost construction company, currently serving as lead developer for the Renewed Hope Cities and Estates initiative. The company’s portfolio includes:

2,800 housing units under construction in Karsana, Abuja

1,000 housing units in Janguza, Kano (60% complete)

Partnership with Nigerian Army Properties Limited on a 120-hectare development in Asokoro Extension, Abuja, delivering nearly 2,000 residential units and service plots for the Army officers, men and general public

About Qshelter – Qshelter operates as Nigeria’s leading digital real estate platform, connecting homebuyers with verified properties and affordable financing options. The company specialises in serving both domestic and Diaspora Nigerian markets through transparent, professional service delivery.

Setting New Standards for Nigerian Real Estate

Lagos 2004 Estate represents a new paradigm in Nigerian residential development – one that prioritises community building, financial accessibility, and sustainable urban planning. This model development aims to establish benchmarks for future residential projects across Nigeria.

For additional information about Lagos 2004 Estate, investment opportunities, or to schedule a site visit, please contact the development team using the information provided below.

Sterling Financial Holdings Company PLC (Sterling Holdco), the parent company of The Alternative Bank, Sterling Bank, SterlingFI, and a number of other novel business solutions, has witnessed a very positive response to its public offer, as investors rally for a stake in the company’s future.

The public offer, launched on September 17, 2025, has quickly become one of the most talked-about opportunities in the Nigerian financial market, with analysts predicting that the offer will prove to be amongst the most lucrative in the sector’s investment landscape.

The Sterling Public Offer has sparked widespread interest, with market experts noting that the price, which is about 6% below its current trading price, presents an attractive entry point for both institutional and retail investors. The offer is set to close soon, but the rapid pace of interest has led many to speculate that the full subscription has already been reached or even exceeded much earlier than expected.

According to leading financial analysts, Sterling Holdco’s strategic expansion plans, solid market position, and innovative financial products have positioned it as a major contender in Nigeria’s banking sector. The public offer is widely regarded as an exciting proposition for investors looking to capitalise on a company with strong fundamentals and an ambitious growth trajectory. With a price point set at a discount to current trading prices, the offer is seen as a compelling opportunity for both long-term and short-term investors.

Sterling Holdco has consistently demonstrated a commitment to innovation and sustainable growth. One of the most compelling indicators of the company’s underlying strength is the impressive growth of its share price. In the past year, the Holding company’s share price has grown steadily from N4.00 to nearly N8.00 per share. This increase in the company’s stock price speaks volumes about the underlying value and confidence in its business model, leadership, and growth trajectory.

Sterling Holdco, known for its strategic ownership of two banks, a wealth management company, and a number of innovative consumer businesses, is seeking to raise additional capital through the issuance of 12.58 billion ordinary shares at N7.00 per share. The proceeds from the public offer will be strategically deployed to further strengthen Holdco’s capital base and fund its growth initiatives over the next 36 months.

Sterling Financial Holdings Company PLC (Sterling HoldCo) is a leading Nigerian financial services group committed to enriching lives through innovation and impact with a diversified portfolio that includes Sterling Bank Limited, The Alternative Bank Limited, SterlingFI Wealth Management among others. As a HoldCo, Sterling provides strategic direction, governance, and resources across its subsidiaries, enabling each to focus on its core mandate while benefiting from group-wide expertise, technology, and oversight.

With a heritage of trust built over six decades, Sterling HoldCo is committed to financial innovation, advancing inclusion, and shaping sustainable growth in Nigeria’s economy. The group champions customer-focused solutions and socially responsible initiatives while creating value for shareholders, employees, and the communities it serves, and continues to pioneer offerings across its core businesses in banking, payments, and technology-driven financial services.

President Bola Tinubu has approved the appointment of new heads for three key Federal Government agencies.

This is contained in a statement issued on Tuesday in Abuja by Segun Imohiosen, Director of Information and Public Relations, Office of the Secretary to the Government.

Tinubu appointed Bello Bawa Bwari as Director-General of the National Biosafety Management Agency, for an initial four-year term, effective from Sept. 18, 2025.

The President also appointed Aminu Junaidu as Chairman of the Investment and Security Tribunal, for a five-year term, beginning on Sept. 18, 2025.

Similarly, Olayiwola Nurudeen Awakan was appointed Director-General of the Nigerian Tourism Development Corporation, for an initial four-year term, effective from Sept. 2, 2025.

Imohiosen stated that the appointments underscored Tinubu’s resolve to strengthen key sectors and institutions in the country.

He added that the President urged the appointees to apply their expertise towards advancing the growth and development of their agencies for national progress.

Nigeria’s maritime sector, a critical pillar of its economic blueprint, is currently being stifled not by a lack of vision but by a widening gap between policy and practice.

This was the consensus at BusinessDay’s 2025 Maritime Conference on Tuesday in Lagos, where experienced stakeholders gathered under a single roof to proffer solutions to the maritime industry problems.

Many stressed that the nation’s aspiration to become a global maritime hub is being undermined by three systemic failures: weak implementation of progressive policies, crippling infrastructure deficits and a persistent lack of technological synergy.

Recently, the Ministry of Marine and Blue Economy, led by Adegboyega Oyetola, introduced an ambitious 10-year policy aimed at moving the economy towards global competitiveness, targeting an annual growth target of seven percent and 100,000 new jobs each year.

Experts say that is only the first step and must be supported by action.

Technology and synergy

Nigeria’s ports are suffering from decades-old problems primarily due to old facilities and infrastructure that cannot accommodate present demand or meet current global standards.

One of the goals of the marine policy is to change this narrative. Experts say though the modernisation of port operations hinges on digitalisation, its deployment is constrained by internal friction.

Gbotolorun Ayodele, general manager, ICT at the Nigerian Ports Authority (NPA), noted that for this to work, there must be synergy.

‘Ports need synergy to achieve the required deployment of technology,’ he said, naming the National Single Window (NSW) and the Port Community System (PCS) as the two primary drivers.

The PCS, a digital platform that connects the various public and private stakeholders within the port ecosystem, serves as a foundational component that feeds into the broader NSW, an initiative that creates a single electronic point of entry for all regulatory and trade-related information for imports, exports, and transit goods

Ayodele noted that while initial emphasis was on revenue, ‘the real game changer is if we’re able to implement the port community system and NSW.’ He listed ‘synergy, information sharing, integration and resistance’ as primary challenges that ‘need to be broken,’ alongside ‘monetary and budgetary constraints.’

Congestion, need for rail

Experts warned that without fixing the evacuation infrastructure, digital gains would be meaningless.

Uche Increase, managing Director, NOKIP NIG LTD, cautioned that while Nigeria has progressive policies, the poor infrastructure and a weak policy implementation continue to undermine progress. He noted that without an efficient inland transport system, particularly rail and road connectivity, the country’s ports will remain congested.

‘Infrastructures like rail connectivity are very essential, because for any port to operate optimally, a rail system is critical.’ He urged the federal government to become involved in logistics planning as much as it prioritises urban development.

‘Let us stay away from overconcentration on river ports. Let’s look at the moribund and deep seaports.’ He advised the federal government to open up deep seaports at Abi and Ogun State.

Echefu Ukattah, head, Maritime Practice, Olaniwun Ajayi LP, represented by Oluwafikayo Ogunrinde, also said that infrastructure development must integrate local populations.

‘When local communities are integrated into policy frameworks, it ensures smoother operation of ports,’ he said.

Standardisation, cost predictability

The current state of fragmented practices severely impacts the cost and ease of doing business, stakeholders said.

Kingsley Igwe, registrar, Council for Regulation of Freight Forwarding in Nigeria (CRFFN), pointed out that anything in the supply chain ‘directly affects the cost of things in the market.’

He flagged lack of standardisation, stating that customs services are not uniform across the country.

‘The procedure in the Apapa is not the same at PTML and TinCan,’ he said ‘There is a need to adopt a uniform pricing mechanism that will determine how much would be needed to clear cargo and other logistics costs.’

Igwe advocated for a system that provides predictability. ‘If I am to import 10 container cargoes, I should be able to predict ahead of time how much it will cost, as it is practised in other places of the world.’

Sustainability, safety

Industry players at the conference called for a review of outdated laws to address modern issues such as environmental sustainability and security.

Felicia Mogo, president of the African Marine Environment Sustainability Initiative, noted that Nigeria ‘needs to review maritime policies to meet the current market needs of the sector’ and in alignment with the goals of the International Maritime Organisation (IMO).

She noted decarbonisation as a key sustainability strategy, urging that outdated policies ‘should be modernised to include frameworks that ensure sustainability.’

On security and safety, Sunday Umoren, secretary general, Abuja MoU on Port State Control, disclosed that the major problem of security is ‘raising freight rates.’

Partnerships

The unanimous agreement was that nothing would be possible without collaborative efforts from all stakeholders.

Patricia Igwebuike, commissioner for Transport in Anambra State, stated that her office is also contributing to this effort. ‘Most of the imports into the eastern parts of Nigeria come through Anambra State. We recognise the poor condition of our roads. Everyone must work together to ensure that Onitsha River complements the other ports in Nigeria,’ she explained.

President Bola Ahmed Tinubu has insisted that the painful economic reforms introduced under his administration are beginning to yield results, declaring in his Independence Day broadcast that ‘the worst is over.’

Speaking on Wednesday to mark the nation’s 65th anniversary of independence, the President said the government’s decision to scrap fuel subsidies and unify exchange rates had stabilised the economy, boosted revenue and created a pathway to sustainable growth.

‘Yesterday’s pains are giving way to relief,’ Tinubu told the nation in his third independence address since assuming office in May 2023. ‘I salute your endurance, support and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.’

According to him, Nigeria’s economy grew by 4.23 per cent in the second quarter of 2025 – its fastest pace in four years and above International Monetary Fund projections. Inflation has also eased to 20.12 per cent, the lowest level in three years. The President further cited a record surge in non-oil revenue, improved foreign reserves and a booming stock market as signs of renewed investor confidence.

While acknowledging the hardships many Nigerians have faced as a result of rising living costs, Tinubu argued that the reforms were unavoidable. ‘The alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,’ he said.

He pledged that the gains from the reforms would increasingly be felt in households through improved public services, investment in infrastructure, and better support for vulnerable citizens.

‘The accurate measure of our success will not be limited to economic statistics alone,’ he noted, ‘but rather in the food on our families’ tables, the quality of education our children receive, the electricity in our homes, and the security in our communities.’

President Bola Ahmed Tinubu, on Wednesday, October 1st, during Nigeria’s 65th Independence anniversary national broadcast, said his administration has achieved 12 economic milestones in just over two years of sweeping reforms.

The president, who assumed office in May 2023, said his government inherited a near-collapsed economy caused by decades of fiscal policy distortions and misalignment that had impaired real growth.

But he insisted that the ‘painful but necessary decisions’ of subsidy removal, foreign exchange unification, and fiscal tightening have begun to yield measurable gains.

‘Less than three years later, the seeds of those difficult but necessary decisions are bearing fruit,’ Tinubu said. ‘The worst is over, I say. Yesterday’s pains are giving way to relief.’

Here are the 12 economic milestones the president listed in his address.

Record-breaking non-oil revenue

Nigeria attained ‘A record-breaking increase in non-oil revenue, achieving the 2025 target by August, with over ?20 trillion. In September 2025 alone, we raised ?3.65 trillion, 411% higher than the amount raised in May 2023,’ Tinubu said.

Fiscal health restored

The president noted that the debt service-to-revenue ratio, once a staggering 97%, has now dropped ‘to below 50%. He also confirmed that the government has paid down the infamous ‘Ways and Means’ advances that threatened our economic stability and triggered inflation, while savings from subsidy removal have been channelled into education, healthcare, and infrastructure.

Stronger external reserves

‘Our external reserves increased to $42.03 billion this September-the highest since 2019,’ Tinubu announced, describing it as a buffer that has strengthened investor confidence.

Higher tax-to-GDP ratio

The country’s tax-to-GDP ratio rose from under 10% to 13.5%, with a new law expected in January 2026. ‘The tax law is not about increasing the burden on existing taxpayers but about expanding the base. and providing tax relief to low-income earners,’ the president clarified.

Trade surplus achieved

For the first time in years, Nigeria is consistently exporting more than it imports. ‘We have recorded a trade surplus for five consecutive quarters. Nigeria’s trade surplus increased by 44.3% in Q2 2025 to N7.46 trillion ($4.74 billion), the largest in about three years,’ Tinubu stated. Non-oil exports now account for 48% of trade compared to oil’s 52%.

Oil sector recovery

Oil output has climbed back to 1.68 million barrels per day from barely 1 million in May 2023. Nigeria also refined petrol locally for the first time in four decades and became ‘the continent’s leading exporter of aviation fuel.’

Naira stability

After years of volatility, Tinubu said, ‘The Naira has stabilised from the turbulence and volatility witnessed in 2023 and 2024. The gap between the official rate and the unofficial market has reduced substantially, following FX reforms and fresh capital and remittance inflows.’

Social investment for the poor

Under renewed social safety nets, ‘N330 billion has been disbursed to eight million households, many of whom have received either one or two out of the three tranches of N25,000 each,’ the president confirmed.

Solid minerals boom

Coal mining, which had declined by 22% in Q1, surged by 57.5% in Q2 2025, making solid minerals one of Nigeria’s fastest-growing sectors.

Infrastructure expansion

Tinubu said transport infrastructure is expanding rapidly: ‘Rail and water transport grew by over 40% and 27%, respectively. The 284-kilometre Kano-Katsina-Maradi Standard Gauge rail project and the Kaduna-Kano rail line are nearing completion, while the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway are progressing.’

Improved investor confidence

According to the president, Sovereign credit rating agencies have upgraded their outlook for Nigeria, recognising our improved economic fundamentals. ‘Our stock market is experiencing an unprecedented boom, rising from an all-share index of 55,000 points in May 2023 to 142,000 points as of September 26, 2025,’ he said.

Interest rate cut

Tinubu highlighted a monetary policy shift: ‘At its last MPC meeting, the Central Bank slashed interest rates for the first time in five years, expressing confidence in our country’s macroeconomic stability.’

South Africa has been plunged into shock following the death of Nathi Mthethwa, its ambassador to France, who was found dead in Paris after what French authorities described as a fall from a high-rise hotel.

French daily Le Parisien reported that the 58-year-old diplomat is believed to have jumped from the 22nd floor of the Hyatt Regency Hotel in the French capital. The Paris prosecutor’s office confirmed that Mthethwa’s wife had raised the alarm after receiving a ‘worrying message’ from him on Monday evening, prompting her to report him missing.

A room registered in his name was later found in the hotel. According to investigators, its security window had been forced open. The circumstances of his death remain unclear, and French prosecutors have opened an inquiry. A duty magistrate was dispatched to the scene on Monday night, while the city’s Brigade for the Repression of Personal Crime, part of the judicial police, has taken over the investigation.

Ronald Lamola, South Africa’s foreign minister, described Mthethwa as a ‘distinguished servant of the nation,’ saying his death was not only a personal tragedy but ‘a national loss’ that would be felt within the diplomatic community.

Mthethwa had been appointed ambassador to Paris in December 2023 and also served as South Africa’s permanent delegate to UNESCO. His political career stretched back decades: he chaired parliament’s committee on mines and energy from 2004 to 2008, later becoming police minister, and subsequently sports, arts, and culture minister.

He was a prominent figure within the African National Congress (ANC), the party that brought an end to apartheid under Nelson Mandela in 1994. He was also known as a close ally of former president Jacob Zuma and was implicated in the state capture inquiry, which investigated systemic corruption during Zuma’s administration.

News of his sudden death has rippled through South Africa’s political and diplomatic circles. Mthethwa was widely regarded as a seasoned politician, and while his career was not without controversy, he remained a central figure in the ANC and in government for over two decades.

The details surrounding his final hours remain uncertain. French investigators have yet to confirm whether foul play was involved, stressing that all lines of inquiry remain open.