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The Centre for Promotion of Private Enterprise (CPPE) is warning that the recent threat of possible military action against Nigeria by the United States president, Donald Trump, could damage investor confidence, trigger capital threat, and destabilise the country’s financial markets.

The private sector think tank said on Monday that although the decision appeared to be based on ‘incomplete intelligence and misjudged assumptions, its source – the President of the United States – magnifies its potential impact.

According to the organisation, the pronouncement has already generated ‘economic, diplomatic, and perceptional consequences’ capable of undermining Nigeria’s image as a stable investment destination. CPPE warned that such rhetoric could lead to foreign direct investment (FDI) declines, portfolio outflows, and rising risk premiums on Nigerian assets.

Muda Yusuf, CPPE’s director and chief executive officer, said, ‘The U.S. President’s threat of military intervention in Nigeria is unwarranted, counterproductive, and economically destabilising.’

Already, the skies are beginning to turn grey. BusinessDay reported on Tuesday that Nigeria’s stocks fell by 0.25 percent to N247bn loss at the end of Monday’s trading.

‘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,’ BusinessDay said.

The naira also depreciated by one percent against the dollar in the official foreign exchange market following the negative sentiment fuelled by Trump’s threat. Nigeria’s national currency lost N14.61 against the dollar, closing at N1,436.34 at the Nigerian Foreign Exchange Market (NFEM) on Monday, compared to N1,421.73/ dollar it quoted on Friday.

‘The mere threat of military action by a global superpower has inflicted significant reputational damage on Nigeria’s image as a safe and viable investment destination,’ CPPE’s brief stated.

To mitigate the potential economic fallout, CPPE urged the Federal Government to engage in high-level diplomatic discussions with the U.S. government to clarify facts and de-escalate tensions.

It also recommended strengthening strategic communication to reassure both domestic and international investors of Nigeria’s stability, while continuing reforms in governance and macroeconomic management to enhance resilience against external shocks.

‘The constructive path forward lies in diplomacy, partnership, and shared commitment to peace, development, and mutual respect for sovereignty,’ Yusuf said.

Ransomware attacks against global retailers are becoming more expensive and more complex, with median ransom demands doubling to $2 million this year as companies continue to battle unseen vulnerabilities across their systems, according to a new report by cybersecurity firm Sophos.

The Sophos State of Ransomware in Retail 2025 report, released on Tuesday, reveals that 58 percent of retailers hit by ransomware ended up paying to regain access to their data, the second-highest payment rate in five years.

The findings underscore how cybercriminals are tightening their grip on one of the world’s most data-rich sectors, exploiting weaknesses that many companies did not even know existed.

Nearly half of all ransomware incidents in retail, 46 percent were traced back to unknown security gaps, making this the most common root cause of attacks. Another 30 percent stemmed from known but unpatched vulnerabilities, marking the third consecutive year that poor vulnerability management has ranked among the top technical causes.

Sophos’ research paints a picture of an industry that is improving its detection capabilities but still struggling to get ahead of fast-evolving threat actors.

‘Retailers globally are facing a more complex threat landscape where adversaries are constantly exploiting existing vulnerabilities, most frequently in remote access and internet-facing networking equipment. With ransom demands reaching new highs, the need to implement comprehensive security strategies is even more apparent,’ said Chester Wisniewski, global field CISO at Sophos.

The Sophos X-Ops team observed close to 90 distinct ransomware or extortion groups targeting retailers in the past year, including Akira, Cl0p, Qilin, PLAY, and Lynx. Beyond ransomware, account compromise and business email compromise attacks have emerged as top-tier risks for retail organizations, many of which operate sprawling digital infrastructures to manage logistics, supply chains, and customer engagement.

Even as attackers grow more aggressive, the retail industry has shown signs of resilience. The share of attacks that resulted in data encryption dropped to 48 percent, a five-year low, suggesting that many organizations are improving at detecting and halting intrusions before they escalate. Similarly, the average ransom payment, while rising slightly to $1 million from $950,000 in 2024, remains roughly half of the average demand, indicating a stronger negotiating stance and greater reliance on expert guidance during crises.

Sophos also noted that recovery costs, excluding ransom payments, fell by 40 percent year-on-year to $1.65 million, the lowest level in three years. However, backup reliability is declining: only 62 percent of retailers were able to restore data from backups after an attack, the weakest recovery rate since 2021.

Limited in-house expertise remains another major challenge, cited as a contributing factor in 45 percent of incidents. Without the right mix of skills, threat monitoring, and response capabilities, many retail organizations still find themselves outpaced by adversaries who continuously refine their tactics.

‘Successful security programs are about managing risk through visibility. Organizations that pair strong asset management and patching with managed detection and response services prevent more and recover faster,’ Wisniewski said.

Despite the mounting financial pressure, Sophos’ findings suggest that many retailers are now investing more strategically in cyber defense, prioritizing visibility, patch management, and around-the-clock threat monitoring to reduce exposure. But as attackers diversify their tactics, including a rise in extortion-only schemes where data is stolen but not encrypted, the battle between retail and ransomware groups is far from over.

Sophos gathered data for its 2025 report from 361 retail IT and cybersecurity leaders across 16 countries. All respondents had experienced ransomware attacks in the past 12 months, highlighting just how pervasive the threat has become for the global retail sector.

Ada Chukwudozie, board chairman of Keystone Bank Limited, has once again demonstrated her passion for youth empowerment and innovation as she rewarded outstanding young scientists and ‘Girls in Tech’ innovators in the country.

As part of her commitment to youth advancement, Lady Chukwudozie, last week presented cash prizes to the winners of the Young Scientists and Girls in Tech categories at the 7th Energy, Science, Technology, and Innovation Conference and Exhibitions (FAPSCON 2025) held at the Chukwuemeka Odumegwu Ojukwu University (COOU), Igbariam Campus, Anambra State.

The gesture, she noted, aligns with Keystone Bank’s long-standing commitment to promoting education, innovation, and gender inclusion in technology.

The conference brought together academics, policymakers, entrepreneurs, and students to deliberate on the theme: ‘Leveraging Indigenous Technology and Recalibrating National Priorities for Achievable Tech Innovations and SDGs in Nigeria.’

In her inspiring keynote address, Chukwudozie charged Nigerian youths to take bold steps in driving homegrown innovation capable of transforming the nation’s economy.

She emphasised that the future of Nigeria’s technological advancement lies in indigenous creativity, resilience, and the courage to challenge global standards.

According to her ‘The world is rapidly evolving, and Nigeria must not be left behind. We have brilliant minds and immense natural resources. When our young innovators embrace creativity and focus on solutions rooted in local realities, we can redefine our economic destiny.

‘Innovation is not about waiting for others to show the way; it is about thinking differently, daring to try, and believing that what we have here in Nigeria is enough to create world-class solutions. We must stop the culture of dependency and start building confidence in our local capacity.

‘Every great nation began by believing in itself – and that belief must begin with you, the young people of this nation,’ she said.

‘To every young woman here, your dreams are valid. The future of technology belongs not just to men, but to every determined woman who dares to innovate.

‘We must continue to challenge the stereotype that science and technology are for men alone. Women bring creativity, compassion, and balance to innovation. When women lead in technology, the impact is deeper and more sustainable. So, rise, take your place, and let your brilliance light the path for others,’ she added.

The event also featured notable personalities, including Kate Azuka Omenugha, vice chancellor of COOU, who served as chief host; Ifedi Godfrey Nwaejim, CEO of Treasures Suites and Conference, Abuja, who chaired the session; Chinedu Nwoye, deputy chief of staff; Chidi Nwafor, who delivered a thought-provoking guest lecture.

Participants commended Chukwudozie and Keystone Bank for their consistent investment in human capital development and innovation-driven initiatives.

Germany’s diplomatic and business outreach in Nigeria is expanding into the creative industries, with a focus on film production, intellectual property protection, royalty management, animation, and access to film equipment.

At a press conference at the German Embassy Monday, on the sidelines of the African International Film Festival (AFRIFF), Daniel Krull the newly appointed German Consul General, introduced a delegation of German companies to Nigerian filmmakers and producers. The event highlights a deliberate strategy to build economic ties through private-sector collaboration, addressing challenges like financing, piracy, and market access.

Krull sees untapped potential, particularly in IT, but the delegation’s visit marks an entry into film. ‘These companies are always looking for IT talent, and I know Nigeria has many of these talents. And these companies are eager to extend their talent pool, and I’m looking to receive the next company in late November. And I’m very hopeful that this will become a new strong pillar of German-Nigerian relations, with a particular focus on Lagos and the surrounding states.’

The film delegation, hosted on the sidelines of AFRIFF’s opening, includes companies in production, legal services for royalties and IP protection, Animation, and equipment manufacturers. Krull described it as ‘the very first reach-out of this industry to Nigeria.’ The group met with Nigerian stakeholders to explore cooperation on production quality and volume.

‘Today, I just received a delegation of German companies in the movie sector, a very interesting group of companies ranging from production companies, companies that offer legal services for royalty management and intellectual property protection, equipment rental companies, and so forth,’ Krull said. ‘As you may know, the German industry is an important provider to the sector when it comes to equipment, and so I think there are very interesting opportunities for Nigerian and German businesses ahead.’

This initiative builds on Germany’s established interest in African cinema. Krull noted multiple festivals in Germany, including recent events in Berlin and the traditional one in Frankfurt with its Golden Award, plus longstanding programs in Cologne and Hamburg.

Cultural diplomacy complements these efforts. Krull highlighted the upcoming opening of the Museum of West African Arts (MOWAA) in Benin City, funded with around 6 million euros from Germany. The official launch is set for next Tuesday, following a pre-opening weekend, featuring the exhibition ‘Nigerian Imaginaries,’ previously shown at the Venice Biennale. ‘Culturally, we are looking forward to the opening of the Museum of West African Arts in Benin City. The German Ambassador, Anne Gnther, will assist in this opening.’

In responses to questions, Krull emphasised a hands-off approach, prioritising private enterprise over government-led initiatives. On challenges in Nigeria’s film sector, he said: ‘The creative, the movie industry in particular, is mostly driven by private enterprise, and I think that is the way it should be. And so, it’s not an exercise for a foreign country to advise on how to develop the sector.’

He advocated co-productions and bottom-up partnerships. ‘We also have production companies that are interested in seeing if they can expand their co-production here in Nigeria to come here to Nigeria and produce in Nigeria like they do in other countries in West Africa. On whether there is an official partnership with the Nigerian government on this programme. I have a strong view that you don’t start with two governments agreeing to go together. You need a bottom-up approach where actors, companies, producers, and artists start cooperating. When you have a critical mass together, then you might add an agreement that could facilitate the already ongoing cooperation.’

Addressing potential barriers, Krull downplayed language and cultural hurdles. ‘On navigating language and cultural differences. There is no big language barrier because in many productions the common language is English. So German companies are used to working in this context.’

The delegation’s companies provided concrete examples of this strategy. Manuel Meya, founder of Cinetica, a Munich-based equipment manufacturer founded in 2020 and market-ready since 2023, introduced the NU.TRON camera movement system. It operates without power, sets up in seven minutes with two people, and allows seamless camera movement within a five-meter diameter.

‘What we would like to do in Nigeria is to make it accessible to all of the creative people in Nigeria who want to work with professional equipment, not only professional cameras, but also professional support systems like grip systems, like our NU.TRON, etc. What we’d like to do in the first place is to build strong partnerships with local companies, like studios, rental companies, creative hubs, etc.,’ Meya said.

According to Meya, expansion for NU.TRON starts in Lagos but targets nationwide access.

Acromex, a German firm established in 2007, founded by Aldor Nini focuses on IP enforcement, anti-piracy, and digital monetisation.

Responding to concerns about lower ad rates in Nigeria, Nini outlined diaspora-focused tactics. ‘To increase the price for ads, what you have to do is to provide more qualified content on the platform so even the Google sales team can sell ads in a better way. But you also have a large diaspora in the world. In order to get this audience and to get to this diaspora, you need very specific marketing campaigns. And this is what we are specialised in,’ He said.

With operations in countries like Albania in Europe, which are generating 99 percent of their revenue from YouTube from people outside of Albania. Nini and his team are bringing this strategy to Nigeria to have the diaspora generate more money for the local content producers.

Krull, who took office in Lagos in early August after four years as Germany’s ambassador to Ghana, outlined the consulate’s role in facilitating these connections. ‘Our main objective as the Consulate is to be a facilitator for people to meet from Germany and Nigeria. We are currently processing more than 10,000 visas per year. We hope to be able to speed up with new counters and additional personnel also in the near future, including external service providers for specific visa categories.’

The 14th edition of the Africa International Film Festival (AFRIFF) officially opened on November 2, 2025, with premiere of much anticipated film ‘3 Cold Dishes’.

The opening ceremony combined glamour, artistry, and heartfelt tributes.

Held at Mikano in Victoria Island, Lagos, the opening night featured a star-studded red carpet and the exclusive screening of the much-anticipated film ‘3 Cold Dishes’ at the Royal Box, Cube 65, located within the same venue.

This year’s edition of AFRIFF is themed ‘Rhythms of the Continent: The Afrobeats Film Movement,’ celebrating the connection between African music and cinema.

The opening night was a showcase of Nollywood excellence, attended by industry veterans, global filmmakers, dignitaries, and cultural icons.

The red carpet glittered with appearances from a variety of A-list personalities including:

Osas Ighodaro, Rita Dominic, Waje, Kunle Remi, Segun Arinze, Michelle Dede, Omowunmi Dada, Mike Afolarin, Denrele Edun, Salami Rotimi, Ruth Kadiri, Nikos Living, Tunde Onakoya, Asurf Oluseyi, Wale Ojo, and more.

The evening’s proceedings were hosted by celebrated comedian and actor Bovi, who kept the audience entertained with his trademark humor and charm.

A emotional highlight of the evening was the tribute to the late Herbert Wigwe, whose enduring legacy of excellence, leadership, and philanthropy continues to inspire.

A moving tribute video was played in his honor, followed by the presentation of the Herbert Wigwe Award for Excellence. The award was presented to Sheriff Oborevwori, the Governor of Delta State, and received on his behalf by Monday Onyeme, the Deputy Governor.

The presentation carried an even more poignant note as Wigwe’s father personally took the stage to present the award.

Representing Kashim Shettima, the Vice President of Nigeria, was Hannatu Musa Musawa, the Minister of Art, Culture, and the Creative Economy, who also received the Herbert Wigwe Award for Excellence on his behalf.

In a gesture, the Minister presented a framed art portrait of Chioma Ude, AFRIFF’s Founder and CEO, in recognition of her visionary contribution to the growth of African cinema.

Internationally acclaimed actor and filmmaker David Oyelowo, accompanied by his wife Jessica Oyelowo, was also honored with an Award for Excellence for his remarkable contributions to global storytelling and representation of Africa on the world stage.

The evening culminated in the screening of 3 Cold Dishes, the festival’s official opening film.

Directed by Asurf Oluseyi and co-executive produced by Burna Boy and Osas Ighodaro, the film tells the powerful story of three women from Nigeria, Benin, and Côte d’Ivoire who, after surviving human trafficking, reunite years later to exact justice.

The screening drew resounding applause, setting the tone for a week of compelling storytelling and artistic brilliance.

Since its founding by Chioma Ude in 2010, AFRIFF has become one of the most important platforms for African filmmakers, providing a space for discovery, collaboration, and global exchange.

This year’s edition introduces the AFRIFF Film and Content Market (AFCM), an innovative marketplace designed to connect filmmakers, investors, distributors, and digital content creators across the continent.

Over the course of the week, AFRIFF 2025 will feature film screenings, masterclasses, panel discussions, and networking sessions – all geared toward amplifying African creativity and strengthening the continent’s presence in the global entertainment industry. AFRIFF 2025 runs from November 2 to 8, 2025, at various venues across Lagos.

Filmhouse Group, Africa’s leading media and entertainment company, has reaffirmed its commitment to the continent’s creative economy through its continued partnership with the Africa International Film Festival (AFRIFF).

The 2025 edition, running from Sunday, November 2 to Friday, November 7, 2025, kicked off with the highly anticipated screening of 3 Cold Dishes.

Building on a longstanding collaboration, Filmhouse Group continues to serve as the official cinema and distribution partner for AFRIFF.

The partnership underscores the company’s role in shaping Nigeria’s film infrastructure, championing African-led productions, and strengthening industry access across borders through its exhibition, distribution, and production arms – Filmhouse Cinemas, FilmOne Entertainment, and FilmOne Studios.

‘AFRIFF continues to be a vital platform for celebrating the evolution of African storytelling,’ said Kene Okwuosa, Group CEO, Filmhouse Group.

‘Our collaboration reflects our shared vision of building a self-sustaining film ecosystem that empowers creators, drives investment, and connects African stories to the world.’

Throughout the week-long festival, Filmhouse executives will participate in high-level panels and workshops focused on film financing, co-production, distribution, and emerging technologies.

‘AFRIFF was born out of the belief that Africa’s stories deserve the same global stage, reverence, and investment as any other. Every partnership we forge – like ours with Filmhouse – strengthens that dream.

‘Together, we’re not just showcasing films; we’re shaping futures, amplifying voices, and preserving the soul of African storytelling,’ said Chioma Ude, Founder and Executive Director, Africa International Film Festival (AFRIFF).

As part of its festival presence, Filmhouse will host industry mixers and brand experiences including the Filmhouse Group Lounge.

This year’s partnership reaffirms Filmhouse Group’s role as a catalyst for creativity, collaboration, and economic impact within Africa’s evolving film ecosystem.

As the global energy transition accelerates, Africa, especially Nigeria, stands at a pivotal crossroads. The continent, long known for its wealth of natural resources, now has a once-in-a-generation opportunity to convert that endowment into economic power, by building local industries for renewable energy and clean technologies.

A new report by Sustainable Energy for All (SEforALL), ‘Fostering Industrial Hubs for Energy Transition Technologies in Africa’, highlights how Africa can harness this global shift to achieve inclusive industrialisation, job creation, and sustainable growth.

Drawing on lessons from G20 nations, the report outlined a roadmap for building energy-transition industrial hubs that can transform the continent’s economic landscape.

For Nigeria, the continent’s largest economy, the report signals both urgency and opportunity. With deliberate policy action, the country can transform from an importer of energy technologies into a regional producer, capturing value, creating jobs, and positioning itself at the heart of Africa’s clean energy future.

‘Climate action and industrialisation must go hand in hand’

The SEforALL report situates Africa’s green industrialisation within a global context of shifting trade and technology. It noted that in 2024, G20 countries traded over $420 billion worth of solar modules, batteries, and electric vehicles, representing nearly 75 percent of global trade in these technologies.

However, the report warned that supply chains for these technologies remain highly concentrated. Over 90 percent of G20 imports of cobalt ores and concentrates came from the Democratic Republic of Congo in 2023, while 61 percent of graphite was sourced from China and 82 percent of lithium from Australia.

‘The message is increasingly loud and clear,’ the report stated. ‘Climate action and industrialisation must go hand in hand, requiring stronger collaboration to ensure that supply chains are diversified and benefits more equitably distributed.’

For Africa, this linkage between energy transition and industrialisation is both a challenge and an opening. As global powers seek to secure raw materials and manufacturing capacity, the continent can move beyond the ‘pit-to-port paradigm’ of extraction to build industries that add value locally.

A $27 Billion Market Opportunity

According to SEforALL, Africa’s renewable energy ambitions already point to an emerging market of significant scale. ‘For Sub-Saharan Africa, total renewables capacity in the power sector is expected to triple to 165 GW by 2030, with nearly 40 GW of solar PV,’ the report says.

This expansion represents ‘a $27 billion market opportunity in the solar PV sector alone between 2025 and 2030, including modules and balance of system components.’ Demand for lithium-based batteries is also forecast to reach 10 GWh by 2030, generating a market opportunity of $10-15 billion annually.

The report observes that Africa imported more than $12 billion in finished energy-transition products between 2022 and 2024 – with South Africa, Nigeria, and Kenya among the largest importers. ‘If current trends continue and domestic manufacturing capacities remain underdeveloped, import costs will escalate,’ it warned.

SEforALL argued that this rising demand, coupled with strong resource endowments, creates a foundation for local manufacturing. ‘Strategically investing in tailored localisation strategies for energy-transition technologies is not only a socioeconomic opportunity, it is also a future-proofing strategy,’ it concluded.

Building hubs for green manufacturing

The report called for the creation of industrialisation hubs for energy-transition technologies, combining national action with regional and international collaboration. It identifies three key domains of focus: industrial policy, infrastructure, and partnerships.

‘Advancing industrialisation hubs in Africa for energy-transition technologies requires a coordinated, whole-of-government strategy,’ it said. Such an approach should align ministries of trade, investment, mining, energy, and skills development around a shared industrial mission.

Citing South Africa’s new Renewable Energy Masterplan (SAREM), the report describes a model Nigeria could adapt. ‘SAREM exemplifies a comprehensive industrial policy framework aimed at localising renewable energy value chains, fostering inclusive economic growth, and facilitating a just energy transition,’ the document explains.

Between 2014 and 2024, South Africa imported over R180 billion (about $10 billion) worth of renewable energy materials. ‘SAREM aims to address this by promoting the establishment of industrial hubs and Special Economic Zones focused on renewable energy,’ the report noted. By 2030, the plan targets an addition of 5 GW per year of renewable capacity and over 25,000 jobs.

For Nigeria, a similar roadmap could be developed under its Energy Transition Plan to link domestic renewable targets with local production of solar modules, inverters, and battery storage systems.

‘The manufacturing sector is critical for employment generation’

SEforALL underscores that industrialisation is key to inclusive development. ‘The manufacturing sector is particularly critical for employment generation, as well as economic transformation,’ it says. Yet manufacturing value added in Sub-Saharan Africa has stagnated at about 11 percent of GDP for two decades.

By 2030, ‘half of all new entrants into the global labour force will come from Sub-Saharan Africa, requiring the creation of up to 15 million new jobs annually,’ the report observes. Green manufacturing could absorb much of this workforce.

The employment potential of renewable manufacturing is especially strong in solar energy. SEforALL estimates nearly 4 million person-years of labour in solar PV manufacturing between 2024 and 2050 – equivalent to 146,000 full-time jobs annually.

It concluded: ‘Renewables manufacturing can support job creation objectives with over 146,000 jobs annually in solar PV assembly alone.’

Trade integration and value chain development

The SEforALL report highlights trade policy as a cornerstone of Africa’s green industrialisation. ‘Clean energy supply chains are deeply trade-dependent,’ it notes. Strategic trade measures – including calibrated tariffs, regional trade integration, and investment incentives – can unlock domestic manufacturing potential.

The report calls for deeper implementation of the African Continental Free Trade Area (AfCFTA) to build regional value chains. ‘Africa needs both regional and intercontinental trade agreements to build market linkages for intermediate and finished goods,’ it stressed.

Intra-African merchandise trade currently accounts for just 13.7 percent of total trade, compared to 22 percent in ASEAN and 58 percent in the European Union. According to SEforALL, ‘Every 10 percent increase in regional trade in intermediary products correlates with a nearly 4 percent increase in manufacturing employment.’

The report also underscores the need to reconcile global trade rules with the industrialisation goals of developing countries. ‘There is an urgent need to promote dialogue on reconciling international trade regulations with climate action, particularly in the context of industrialisation goals of developing countries,’ it said.

Technology and research gaps

Access to clean technology and innovation capacity remains one of Africa’s biggest obstacles. SEforALL points out that G20 countries owned about 91 percent of all patents in environmental technologies filed between 2000 and 2021, with China, Japan, the United States, Korea, and Germany accounting for the bulk.

‘The development of industrialisation hubs for minerals beneficiation and clean energy manufacturing requires access to technology, skilled labour, and innovation ecosystems,’ the report stated.

It urges stronger North-South and South-South collaboration to bridge this technology gap. ‘The G20 could serve as a key forum to facilitate partnerships and engagement to address key barriers and strengthen technology access and local innovation systems in developing countries,’ it added.

Skills and workforce development

The report emphasises that building green industries also requires human capital. ‘For the energy transition to contribute to employment in Africa, the workforce needs to be trained with adequate technical and non-technical skills and be ready to take the occupations that will be required,’ it said.

It calls for targeted interventions in curriculum updates, industry-academia partnerships, and regional skills certification frameworks. ‘Governments play a pivotal role in creating an enabling environment for skills development,’ SEforALL noted, adding that public funding for vocational training and workforce inclusion will be crucial.

A call to action

The SEforALL report concludes with a clear appeal: Africa must act now to align industrial policy, investment, and regional cooperation if it is to capture the economic gains of the clean energy transition.

‘The opportunity for African countries to build domestic value chains for energy-transition technologies depends on several factors, including resource endowment, existing production capacities, soft and hard infrastructure, and an enabling policy and regulatory environment,’ it stated.

Caverton Offshore Support Group Plc (Caverton) has released its unaudited results for the third quarter (Q3) ended September 30, 2025. In the result at the Nigerian Exchange Limited (NGX), the company reported Loss Before Tax (LBT) of N4.6 billion as against LBT of N41.6 billion in Q3 2024.

Caverton is Nigeria’s leading provider of marine, aviation, and logistics services to local and international oil and gas companies. In the review period, the company’s revenue decreased to N20.5 billion, from a high of N34.2 billion in Q3 2024.

Caverton reported Q3’25 gross profit of N10.9 billion as against N9.4 billion in Q3’2024. Operating profit excluding finance cost decreased in Q3’25 to N9.8 billion as against operating loss of N34.9 billion in Q3’2024.

The company’s negative Earnings Per Share (EPS) decreased to N1.38 in Q3’25 from a high of N12.42 in Q3’2024. This year, the stock price has risen by 117.67 percent according to trading data as at November 3 when the stock closed at N5.05 per share.

Commenting on the results, Olabode Makanjuola, Group CEO, Caverton Offshore Support Group Plc noted that the Q32025 performance underscores the strength of Caverton’s business fundamentals and the positive trajectory of its turnaround strategy.

‘While we acknowledge the current loss position, the significant reduction in pre-tax losses and strong operating profit demonstrate the effectiveness of our strategic initiatives to stabilise operations, enhance cost efficiency, and strengthen earnings quality. Our focus remains on repositioning Caverton for long-term, sustainable growth,’ said Makanjuola.

Despite industry headwinds, Caverton remains confident in its long-term prospects. The company believes that its proactive management strategies, new business initiatives, and strengthened governance framework will enhance business continuity, improve margins, and support the return to profitability in the near term.

Nigeria’s agricultural sector is set for a major boost as the federal government announced that a $500 million World Bank loan facility will accelerate growth and investment across the nation’s agricultural value chains.

Abubakar Kyari, minister of Agriculture and Food Security, said the intervention would drive sustainable agribusiness development and support President Bola Tinubu’s Renewed Hope Agenda for food security, job creation, and rural industrialisation.

Kyari disclosed this during a courtesy visit by a World Bank delegation led by Hardwick Ichale, head, Agriculture Value Chains for Growth (AGROW Project), at the ministry’s headquarters in Abuja.

According to the minister, the World Bank’s broader $14 billion six-year Agri-Connect initiative will target gaps in smallholder farming and strengthen links between farmers, processors, markets, and financial institutions.

‘This facility will support farmer aggregation, expand market linkages, and integrate micro, small, and medium-scale enterprises (MSMEs) into key agricultural value chains,’ Kyari said. ‘We expect stronger value chains, higher agro-processing capacity, and improved rural livelihoods.’

The initiative, he explained, complements ongoing government programmes such as the Special Agro-Industrial Processing Zones (SAPZs), which are designed to attract private sector investment and promote youth and women participation in agribusiness.

Kyari emphasised the importance of transparency, accountability, and organised farmer participation to ensure effective use of the funds and measurable outcomes.

In his remarks, Ichale said the AGROW Project would focus on high-impact value chains including rice, maize, soybean, and cassava, with a strong emphasis on productivity, inclusion, and commercialisation.

‘The key purpose is to enable farmers to see farming as a business,’ Ichale stated, noting that the initiative aims to unlock opportunities for job creation and private sector expansion within Nigeria’s agribusiness landscape.

The project is expected to enhance the competitiveness of Nigeria’s agricultural sector, boost export potential, and attract both local and international private investments in agro-processing and logistics infrastructure.

Apple has released iOS 26.1, its first major update following iOS 26, which focuses less on flashy new features and more on smoothing out performance, tightening security, and improving day-to-day usability.

The update was made available on November 3, 2025, roughly a month after iOS 26’s launch, and it is compatible with the iPhone 11 and newer models (including the second-generation iPhone SE).

Supported devices, such as iPhone 11 or newer supported devices can now update to iOS 26.1 and which includes a bundle of performance enhancements, major security patches, and smarter usability improvements.

For organisations managing lots of devices, installing the update also helps ensure a consistent, more secure environment across devices. Users can install it by going to Settings, then General, and Software Update. There is a need to back up your data and plug in your device, as it is a large download.

The update also spans across Apple’s ecosystem, which includes iPad, Mac, Watch, and Apple TV, because some of the fixes apply to shared system components.

One of the early complaints with iOS 26 was the new ‘Liquid Glass’ interface style, which some users found too light, transparent, and low-contrast. With iOS 26.1, Apple gives users a toggle between clear (the original transparent look), tinted (which adds more opacity for better contrast).

This can be found in Settings, then Display and Brightness then Liquid Glass. The change affects lock screen, notifications, and search bars. If you need even more visual relief, the accessibility settings offer reduced transparency and increased contrast.

This update addresses several small yet irritating issues in daily phone use, as you can now turn off the swipe-to-open Camera from the lock screen (under Settings, then Camera, then Lock Screen Swipe to Open Camera), which is a feature that was causing unwanted photos and battery drain.

Alarms and timers now require a deliberate swipe to turn off, reducing accidental dismissals. iPad users also get smoother multitasking with improved Slide Over.

The update also includes enhanced tools for those who record, translate, or work with media, such as for external USB microphones, as you now get gain control directly on the iPhone and a choice of where to save your recordings, which is helpful for podcasting, voice-overs, or music.

Live Translation expands to include more languages (Chinese, Japanese, Korean, Italian). When used with AirPods, cross-language conversations get smoother.

In Apple Music, MiniPlayer now supports swiping to switch songs faster, and AutoMix playlists get improved AirPlay support. The Fitness app now also supports manual workout logging.

For younger users between the ages of 13 to 17, Apple now turns on by default features like Communication Safety and Web Content Filters, which block access to adult websites and filter explicit message content without requiring manual activation.

Roughly 50 critical bugs have been patched. Examples include a fix for the mail app loading remote content when privacy settings forbade it, and a memory-access vulnerability that allowed some apps to over-reach.

For users in regions where privacy and data misuse are growing concerns (such as Nigeria, Kenya, South Africa, and Ghana), this update is particularly meaningful.