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Vice President Kashim Shettima has called on Nigerians to safeguard and respect the multibillion-dollar investment of Africa’s richest man, Aliko Dangote, describing the Dangote Refinery as a national asset critical to the country’s economic future.

Speaking on Monday at the opening of the 2025 Nigerian Economic Summit in Abuja, Shettima hailed Dangote as ‘an institution’ and a pillar of Nigeria’s development, warning that the nation’s treatment of its foremost investor sends a message to the rest of the world.

His remarks come on the heels of last week’s strike by members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over the alleged sack of about 800 unionised employees at the refinery. The industrial action was suspended following the intervention of the Minister of Labour and Employment, Muhammad Dingyadi, and the National Security Adviser, Nuhu Ribadu.

Shettima said the $20 billion, 650,000-barrel-per-day refinery-one of the largest in the world-was a vital component of Nigeria’s quest for energy security, job creation, and global competitiveness.

‘Aliko Dangote is not an individual; he’s an institution, and a leading light in Nigeria’s economic parliament,’ Shettima said.

‘How we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, in Amazon, or in Google, he probably might be worth $70 to $80 billion by now.

‘But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and defend the interests of this great Nigeria.’

The vice president also urged labour unions and the organised private sector to exercise restraint and patriotism in resolving disputes, warning that reckless actions could jeopardise national progress.

‘I wish to call for caution, retrospection, and a deeper sense of patriotism from both labour and the organised private sector in defining and improving the relationship between labour and industry,’ he said.

‘It’s not about holding the whole nation to ransom because of a minor labour dispute. Nigeria is greater than PENGASSAN. Nigeria is greater than each and every one of us.’

American tech entrepreneur and billionaire Brooklyn Earick has withdrawn his £4.5billion takeover bid for Tottenham Hotspur after the club’s owners, the Lewis family, made it clear they would not sell under any circumstances.

His proposal reportedly included £3.3billion for the acquisition of the club and an additional £1.2billion earmarked for transfers, player wages, and agents’ fees.

Although Tottenham’s owners, ENIC and the Lewis family, had previously ‘unequivocally rejected’ the initial offer, a stance confirmed in a Stock Exchange statement, further discussions were held last week between Earick and the club’s representatives.

However, after it became clear that a sale was not on the cards under any conditions, Earick formally withdrew his bid.

In a statement filed with the Stock Exchange, Earick said:

‘Further to the announcement made by the Board of Tottenham Hotspur Limited on 26 September 2025, I confirm that I do not intend to make a firm offer for the company.’

The statement also noted that Earick and his consortium reserve the right to acquire shares in the company in future, keeping the door open for potential investment opportunities.

Posting on social media, Earick added:

‘It’s been a privilege engaging with Tottenham Hotspur and the Lewis family’s representatives over the past few months. I have great respect for the club, its leadership, and its supporters, and wish them nothing but success.’

Earick’s withdrawal marks the third failed approach for the north London club since the departure of former executive chairman Daniel Levy in September.

Previous bids from Amanda Staveley’s PCP International Finance and Firehawk Holdings Limited, led by Dr. Roger Kennedy and Wing-Fai Ng, were also rejected.

Jerry Adams, the executive chairman, Kaduna State Internal Revenue Services (KADIRS) has said that the remarkable increase in tax compliance is the direct result of the leadership style of Governor Uba Sani.

He disclosed this on Monday at the KADIRS headquarters in Kaduna while hosting a delegation from the Fiscal Responsibility Commission on a collaborative visit aimed at strengthening institutional ties and promoting synergy between both agencies.

Adams acknowledged KADIRS’ critical role in monitoring revenue growth in Kaduna.

In his remarks, Sani Rabiu Bako, Executive Chairman of the Kaduna State Fiscal Responsibility Commission, commended KADIRS as a key revenue-generating institution, highlighting its strong performance.

Bako, who commended KADIRS for its role in advancing the Governor’s agenda, requested the submission of regular monthly allocation reports to strengthen compliance monitoring across MDAs. He also offered condolences over the recent passing of a KADIRS staff member.

Notable attendees included Muhammad Lawal, Executive Director of Revenue Operations; Ishaku Hakimi Mazangona, Director of Area Revenue Office Coordination; unit heads; and representatives from the Kaduna State Fiscal Responsibility Commission.

The naira on Monday recorded a marginal loss against the dollar across foreign exchange (FX) markets, following a decline in weekly inflows.

Data from the Central Bank of Nigeria (CBN) showed that after trading, the naira closed at N1,470.26 per dollar, representing a 0.3 percent depreciation from N1,465.67 quoted on Friday at the Nigerian Foreign Exchange Market (NFEM).

At the parallel market, also known as the black market, the local currency weakened by N25, with the dollar quoted at N1,485 on Monday compared to N1,460 at the close of trading on Friday.

Activity levels also moderated slightly at the NFEM window, where total FX inflows stood at $835.60 million, lower than the $1.18 billion recorded in the previous week, according to a report by Coronation Merchant Bank.

By composition, foreign portfolio investors (FPIs) contributed the largest share of inflows at $259.11 million (31 percent), followed by exporters at 20.3 percent, foreign direct investments at 19.9 percent, non-bank corporates at 8.9 percent, the CBN at 14.89 percent, and other sources at 12.2 percent.

Despite the decline in inflows, Nigeria’s gross external reserves recorded a slight uptick, rising by 0.36 percent week-on-week, or $150.99 million, to $42.41 billion.

Analysts at Coronation Research said, ‘We expect the naira to maintain its positive trajectory across FX segments this week, underpinned by CBN support and foreign inflows, barring any external domestic or global shocks.’

Last week, the naira strengthened across both the official and parallel markets, supported by sustained CBN interventions and steady foreign inflows. At the NFEM window, the local currency appreciated by 1.02 percent week-on-week to close at N1,465.68 per dollar, while in the parallel market, it advanced by 2.75 percent to N1,455 per dollar.

Consequently, the gap between the two markets narrowed to -N10.68, representing a 0.73 percent premium on the official market rate, from N14.34 a week earlier, as speculative activities eased amid the typical seasonal demand surge associated with the start of a new academic year and the end of the summer holiday period.

The Independent National Electoral Commission (INEC) has hosted a joint delegation from the National Election Board of Ethiopia (NEBE) and the Coalition of Ethiopian Civil Society Organisations for Elections (CECOE) as part of an experience-sharing visit aimed at strengthening democratic governance and institutional collaboration between Nigeria and Ethiopia.

Welcoming the delegation in Abuja on Monday, Mahmood Yakubu, INEC chairman said the visit marked a milestone in inter-African cooperation on electoral management, noting that both Nigeria and Ethiopia share many similarities – from diverse populations to federal governance structures.

‘Our two countries are multi-ethnic, multi-religious, and federal in nature. In terms of population, Nigeria and Ethiopia together account for a quarter of Africa’s population,’ he stated.

‘In election management, both NEBE and INEC share similar constitutional responsibilities – from conducting elections to voter education and the regulation of political parties.’

Yakubu explained that the week-long visit would feature nine technical sessions covering strategic election planning, technology deployment in voter registration, inclusivity for displaced persons, stakeholder engagement, and the role of media and civil society in elections.

He added that the Ethiopian delegation would also observe Nigeria’s ongoing voter registration exercise in the Federal Capital Territory ahead of the 2026 Area Council elections, describing it as an opportunity for ‘real-life observation and interaction with officials and stakeholders.’

The INEC chairman also acknowledged the German Agency for International Development (GIZ) for facilitating the engagement, adding that two GIZ officials joined the Ethiopian team.

In his remarks, Tesfaye Neway, deputy chairman of NEBE, commended INEC’s leadership for its openness and innovation in election management, particularly in the use of technology, stakeholder engagement, and civic education.

‘Under your leadership, Nigeria’s INEC has become one of Africa’s most respected electoral institutions,’ he said. ‘We are eager to learn from your innovations and experiences as we continue to modernize our own systems.’

Neway noted that both countries face common challenges such as misinformation, electoral violence, and voter apathy, adding that sustained cooperation and peer learning were vital to deepening democracy across Africa.

Also speaking, Abera Hailemariam, executive director of CECOE, said the visit would help Ethiopian civil society organizations draw lessons from Nigeria’s experience in voter education, election monitoring, and civic participation, especially in multilingual and diverse contexts.

‘We are a young organization established in 2018, and we have drawn a lot of inspiration from African institutions like INEC,’ he said. ‘This visit will guide how we strengthen our engagement, especially in adopting technology and enhancing election observation.’

Hailemariam emphasized CECOE’s interest in understanding how Nigerian civil society groups collaborate with electoral authorities, noting that such partnerships are essential for credible and peaceful elections.

The visit, supported by the United Nations and GIZ, is expected to foster deeper institutional linkages between INEC and NEBE, promoting knowledge exchange, democratic resilience, and regional cooperation in election management across Africa.

Bimbo Roberts Folayan, convenor of the Nigerian Diaspora Direct Investment Summit (NDDIS), has revealed philanthropic funders offered deals ranging from $1 million to $500 million in grants for small businesses and state-led projects at the last diaspora summit in March.

He noted this recently in a video interview, where he highlighted that NDDIS has played a key role in encouraging Nigerians abroad to establish businesses back home, as remittances totalled over $20.9 billion in 2023, (nearly four times) Nigeria’s foreign direct investment.

He however expressed frustration at the slow response from Nigerian states. ‘Since we started, we’ve mobilised and encouraged many diasporans to set up businesses in Nigeria,’ he noted. ‘They’re taking new technologies, ideas, and business models back home. It’s been very successful, but the government still doesn’t fully understand the importance of this.’

‘It took us so much to convince some states to bring forward projects; this is free money,’ he said. ‘We managed to get Bauchi and Katsina States involved, and we’re hoping to mobilise a minimum of $200 million into Nigeria before the end of the year.’

Folayan, also regarded as a repected elder statesman within the UK-based Nigerian community described the diaspora community as ‘a powerful bridge to investors’ ,and urged the government to deepen its collaboration with citizens living overseas.

He strongly believes that the Nigerian diaspora has a critical role in driving economic growth and attracting investment into the country.

On diaspora engagement and foreign investment

Folayan also emphasised that diaspora engagement and foreign investment represents an untapped resource for development.

‘The government in Nigeria needs to engage more with the diaspora because of the power that the diaspora holds,’ he said. ‘When you look at the economic situation and what the diaspora has been doing for years setting up initiatives, returning with new ideas and technologies this is where the real investors are.

He added that initiatives like the NDDIS have helped change the government’s mindset towards viewing the diaspora as an extra resourcs for nation-building. ‘We are like children abroad; you don’t need to do much, you just need to engage and connect us with what you want for Nigeria,’ he explained.

On the absence of ambassadors and diplomatic engagement

Folayan criticised the prolonged delay in appointing Nigerian ambassadors and high commissioners, describing it as a major gap in the country’s foreign engagement.

‘It’s very confusing even the High Commission doesn’t understand why,’ he lamented. ‘It shows that the government doesn’t fully grasp the importance of foreign engagement. There’s a huge disconnect between our missions, the community, and investors.’

He stressed that without substantive ambassadors in place, ongoing diaspora investment efforts risk losing momentum.

‘Unless proper ambassadors are appointed before the end of the year, much of the work people like us are doing will not amount to much,’ he warned.

Reflecting on the administration’s economic reforms, Folayan acknowledged that the reforms are long-term in nature, but immediate relief is needed through local governments and stronger diaspora collaboration.

He called for men and women within the diaspora to work directly with the government to support implementation and monitoring, and reaffirmed his commitment to fostering stronger diaspora participation in Nigeria’s development.

‘The diaspora is the engine of growth,’ he said. ‘When properly engaged, we can help drive investment, innovation and positive change for our country.’

Renaissance Africa Energy Company Limited, operator of Nigeria’s largest upstream oil and gas joint venture, has unveiled its pan-African operational strategy at the just concluded Africa Energy Week (AEW), signalling a new phase of regional expansion and leadership in the energy sector.

Speaking during a dedicated session at the conference, Tony Attah, the company’s Managing Director and Chief Executive Officer, described Renaissance as a transformational force in Africa’s energy landscape.

‘We are Renaissance, not just in name, but in purpose,’ Attah said. ‘Our ambition is to catalyse a new beginning for Africa, one that delivers energy security and industrialisation through sustainable practices.’

Renaissance, formerly The Shell Petroleum Development Company of Nigeria Limited (SPDC), is a wholly owned subsidiary of Renaissance Africa Energy Holding Company, and operator of the NNPC/Renaissance/TotalEnergies/AENR Joint Venture with assets spread across 18 oil mining leases in Nigeria’s Niger Delta.

Attah described the acquisition of the shares of Shell in the former SPDC by Renaissance’s parent company, as a bold move. ‘Acquiring SPDC was seen as ambitious, but we executed it with clarity and conviction. Today, Renaissance stands as the new face of Africa’s energy.’

Speaking earlier on the sidelines of the AEW conference, Layi Fatona, Chairman of Renaissance, described the vision of the company as Afrocentric with a commitment to continental leadership.

‘Our vision is clear on becoming Africa’s leading energy company enabling energy security and industrialisation in a sustainable manner,’ Fatona said, adding: ‘We are not just out to participate in Africa’s energy future, we are out to shape it. Our strategy begins in Nigeria but is designed for scale across the continent.’

Foreign investors may think twice before picking Nigeria over other frontier markets when its 30 percent capital gains tax, the highest among its peers, takes effect in January 2026.

Through the introduction of the new capital gains tax, Nigeria could earn up to N1 trillion annually. But the move has already begun unsettling both investors and issuers.

Capital gains taxes apply when investments such as stocks, bonds, and digital assets are sold at a profit. Under the reform, Nigeria will introduce a rate of up to 30 percent on foreign equity investors, and 25 percent for reinvestments in local fixed-income or non-equity assets, the highest among frontier markets.

Victor Athe, partner, Tax and Strategy Services, said the policy could have unintended consequences.

‘Indeed, there is a risk that the tax hike may dampen foreign investor appetite, as higher CGT reduces investors’ net take on equity sales. Investors who are speculative or short-term-focused may have to sell off and lock in gains before the new rates take effect.

‘From a macroeconomic context, Nigeria is seeking to boost tax revenues amid fiscal pressures, currency reforms, and subsidy removals. A sharp pullback in foreign investments could undermine liquidity and increase volatility. The move fits into the government’s broader push to expand the non-oil tax base, but the risk is that it may send mixed signals to foreign investors at a time when the country is seeking foreign direct investments (FDIs) and portfolio inflows to support the naira and deepen financial markets,’ Athe said.

Bukola Bankole, partner and corporate finance expert at TNP, said the decision to raise capital gains tax on foreign equity investors to 30 percent ‘sends a strong fiscal message but risks unsettling the renewed confidence returning to the market.’

‘The NGX has gained momentum on improved sentiment and stronger corporate results, and this policy shift could interrupt that recovery,’ she said. ‘For offshore investors already contending with FX volatility and repatriation delays, the higher tax changes the post-return picture in a way that may slow new inflows.’

Bankole noted that at 30 percent, Nigeria would rank among the highest-taxed frontier markets.

‘For foreign portfolio investors, that matters, especially when comparable markets in Africa and Asia offer effective rates mostly between zero and 20 percent, alongside greater policy predictability. The issue isn’t the tax itself but its timing and the signal it sends. Investors make long-term decisions based on stability, and sudden changes like this tend to create hesitation just when confidence is improving.’

She added that the tax rise also runs counter to recent monetary signals. ‘The Central Bank of Nigeria (CBN)’s modest rate cut was seen as a shift toward supporting growth and credit expansion, while the tax hike tightens post-return yields. Without better alignment between fiscal and monetary policy, mixed messages like this risk dampening investor enthusiasm just as liquidity is returning.

‘In isolation, the hike may bring short-term revenue, but without broader reforms that strengthen FX stability and deepen market trust, it could end up costing more in lost confidence than it raises in tax. In Nigeria’s capital market, confidence remains the most valuable currency.’

Akinbamidele Akintola, chief commercial officer at retail tech firm Alerzo, questioned the logic of the move. ‘Will foreign portfolio investors be forced to pay this tax? If they are, then Nigeria just made itself even less attractive compared to every other frontier market out there,’ he said. ‘Imagine a foreign investor weighing where to park capital: on one side, Kenya exempts listed equities from capital gains tax altogether; on the other, Nigeria now imposes a 25 percent haircut at the exit door. Why would you choose Nigeria?’

Akintola, a former head of sub-Saharan Africa equity and fixed income sales at Stanbic IBTC, warned that the implications could be severe. ‘Foreign participation will fall. Liquidity will dry up. Bid-ask spreads will widen. Valuations will compress. Long-term holders will be punished because inflation isn’t recognised in the cost base. And the overall perception of Nigeria as a place to invest will slide even further.’

He suggested that the government consider ‘smarter ways’ to achieve its revenue goals. ‘If the government really wants to deepen the equity market, there are better tools. Incentivise long-term holding by offering tax credits or reward reinvestment into priority sectors. Give pension funds and asset managers clearer rules on equity allocation. Strengthen the regulatory framework so investors feel protected. In short, use carrots, not sticks. Right now, Nigeria needs every drop of foreign and local capital it can get. Putting up a 25 percent barrier at the exit door is the exact opposite of what we should be doing.’

At the 31st Nigerian Economic Summit (NES #31), Abubakar Atiku Bagudu, minister of Budget and Economic Planning, acknowledged the need for stability and coherence in policymaking. ‘The government recognises the need for stable policies, consistent regulations, and an improved business environment to boost investor confidence and reduce uncertainty,’ he said.

Bagudu noted that the administration is working to streamline regulatory frameworks and enhance predictability. ‘Our policy responses in the fiscal sector, as outlined in the Four Tax Reform Acts, are aimed at strengthening revenue mobilisation for sustainable growth. We have been prioritising monetary and fiscal coordination to stabilise macroeconomic parameters. Our revenue diversification strategy includes boosting non-oil revenue, supporting manufacturing, and driving digital transformation,’ he said.

Despite government reassurances, market participants remain cautious. With the Nigerian Exchange (NGX) up about 40 percent this year, analysts warn that the new tax could moderate the rally through short-term sell-offs.

Temi Popoola, group managing director and chief executive officer of NGX Group, said: ‘Reforms of this scale raise important questions for issuers and investors alike. Our priority is to ensure the capital market remains attractive and forward-looking. By creating forums like this, we provide clarity, enable dialogue, and help the market adapt to fiscal changes in ways that support long-term growth.’

At the same event, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, said the reform was structured to protect retail investors, noting that a N150 million annual exemption threshold would exclude 99.9 percent of individual investors from the capital gains tax.

The Tax Reform Act is designed not to stifle investment but to create a fair, transparent, and sustainable tax environment,’ he said.

‘While the standard rate is 30 percent, a reduced 25 percent CGT will apply when proceeds from share sales are reinvested in fixed-income securities or other non-equity assets, whereas reinvestments into Nigerian companies, listed or unlisted, remain exempt. This is meant to channel more capital into productive equity that drives company growth, creates jobs, and supports long-term market sustainability.’

Oyedele, chairman of Nigeria’s Presidential Tax Reforms Committee that introduced the higher capital gains tax, dismissed complaints that it hurts foreign investors and argued that they can reclaim tax credits in their home countries.

‘We are challenging them to show us how it makes them worse off,’ Oyedele said, referring to the new law. ‘We know they are not worse off, they just want the better end of everything,’ he said, adding: ‘The country you pay the capital gain tax is where you earn it from. When you now go to your home country, they credit you.’

Foreign investors accounted for 21 percent of total transactions in the stock market in the eight months through August, with total trades of N1.45 trillion ($989 million), according to a monthly report prepared by the Lagos-based Nigerian Exchange Group Plc.

But foreign investors can only get credit for the amount paid in Nigeria ‘if there is a double taxation agreement between Nigeria and their country, and if it gives Nigeria a right to tax disposals of shares,’ said Russell Eastaugh, Africa tax lead at South Africa-based consultancy Regan van Rooy. ‘There is a significant risk that investors will now find investing in the stock market less attractive.’

The Super Eagles of Nigeria have reportedly arrived in Polokwane, South Africa, ahead of their crucial 2026 FIFA World Cup qualifier against Lesotho on Friday.

Head coach Eric Chelle and his technical staff settled in on Monday, as players began arriving from their respective clubs across Europe and Asia via Johannesburg.

Training will commence on Tuesday morning at the nearby New Peter Mokaba Stadium, the venue for Friday’s decisive Group C clash.

Nigeria will face Lesotho in Matchday 9 of the 2026 World Cup qualifiers on Friday, October 10, 2025, at the New Peter Mokaba Stadium in Polokwane.

Chelle has announced a 23-man squad for the double-header against Lesotho and Benin Republic, featuring star striker Victor Osimhen, winger Ademola Lookman, and 21 others.

The Super Eagles currently sit third in Group C with 11 points, trailing group leaders Benin Republic and South Africa by three points.

A victory in Polokwane is crucial to reigniting their qualification hopes for the 2026 FIFA World Cup, which will be co-hosted by the United States, Canada, and Mexico.

The Economic and Financial Crimes Commission (EFCC) on Monday, arraigned Oguibe Nkwachukwu, an accountant, and his company, Wifamapp Royalty Global Limited, for allegedly stealing ?200 million belonging to his former employer, Travelstar Web Logistics Limited.

The defendants were brought before R.A. Oshodi, Justice of the Lagos State High Court, Ikeja, on a 13-count charge bordering on stealing and dishonest conversion of funds.

According to the EFCC, Nkwachukwu, while serving as an accountant at Travelstar Web Logistics Limited, allegedly diverted several sums of money entrusted to him by the company for personal use.

One of the counts stated that he ‘dishonestly converted to his own use the sum of $36,000, property of Travelstar Web Logistics Limited,’ in violation of Sections 280(1)(b), (2)(f), and 287 of the Criminal Law of Lagos State, 2015.

Another count alleged that between January and July 2018, he converted an additional $156,000 belonging to the same company while acting as its accountant.

Nkwachukwu pleaded not guilty to all charges when they were read to him.

Prosecution counsel, A.A. Usman, subsequently requested a trial date and urged the court to remand the defendant at a correctional facility pending trial.

However, defence counsel, Kelvin C. Uzozie, informed the court that a bail application had been filed on behalf of his client and prayed that he be held in the EFCC’s custody instead.

Oshodi adjourned the case until October 17, 2025, for a hearing on the bail application and ordered that the defendant be remanded at the Kirikiri Correctional Centre in Lagos.