Benue govt suspends Muslim Pilgrims Board bosses

Benue govt suspends Muslim Pilgrims Board bosses Benue State Government has suspended the Chairman and the Executive Secretary of the State Muslim Pilgrims Welfare Board over allegations of Hajj slot manipulation and financial mismanagement.

The decision was reached by the State Executive Council, which also approved the appointment of Ahmed Adamu as the acting chairman and Adamu Babi as the acting Executive Secretary.

The acting officials are expected to manage the board’s affairs while investigations into the allegations are ongoing.

The development was disclosed in a statement issued on Monday by the Commissioner for Information and Orientation, Solomon Iorpev.

According to the statement, the suspension of both officials took effect on September 21, 2026, and would last for three months.

“The suspensions follow petitions alleging misuse of the allocation of Hajj slots and mismanagement of funds.

“The petition against the Executive Secretary also alleges irregularities in the distribution of government palliatives.

“If found to be true, the allegations would amount to serious misconduct, contrary to the principles of public service, accountability, transparency and probity,” the statement read.

Iorpev explained that the suspension was necessary to facilitate an impartial and comprehensive investigation while preventing possible interference with the process.

He stressed that the decision should not be interpreted as a declaration of guilt against the suspended officials.

The affected officers were also instructed to immediately hand over all government property in their possession to the newly appointed acting officials.

“The Benue State Government, under the leadership of Governor Hyacinth Alia, reaffirms its commitment to transparency, accountability and the proper management of public resources, particularly those connected to the welfare of intending pilgrims in the state,” the statement added.

Suspects who raped underage children won’t escape prosecution – Abia govt

Suspects who raped underage children won’t escape prosecution – Abia govtAbia State government has vowed to prosecute the perpetrators who defiled and raped five minors and one adult in the state.

It said that a 10-year-old girl who survived the rape has undergone surgery at the state’s Nchedo Sexual Assault Referral Centre.

The state government also promised that the suspect who physically assaulted a pregnant woman in the state recently would not escape the wrath of the law.

Abia State Commissioner for Information, Okey Kanu, made this known at Government House, Umuahia, on Monday while addressing journalists on the outcome of this week’s Executive Council meeting presided over by Governor Alex Otti.

He disclosed that seven GBV and SGBV cases, comprising six cases of sexual violence and one case of domestic violence, were recently recorded in the state.

According to him, the cases involved five minors aged between 10 and 14 years and two adult women aged between 25 and 40 years.

He said the reported cases involved alleged defilement, rape and domestic violence against a pregnant woman.

Kanu added that the Nchedo Sexual Assault Referral Centre provided medical and other support services to survivors, including medical intervention and surgery for a 10-year-old survivor who sustained severe vaginal bleeding.

The commissioner said the cases had been documented for appropriate protection, investigation, referral and legal processes, assuring that the state government remained committed to ensuring that perpetrators of gender-based violence were brought to justice.

“This administration is committed to ensuring that perpetrators of gender-based violence are brought to justice, no matter what it takes,” Kanu said.

Kanu further said this year’s World Igbo Day, which will be hosted by Abia State, would be used to unite Ndigbo and lay wreaths for fallen Igbo legends.

Operation intelligence-driven – Dikko on killing of 18 bandits in Katsina

Operation intelligence-driven – Dikko on killing of 18 bandits in Katsina Katsina State Governor, Dikko Radda, has commended the military, Department of State Services (DSS) and local vigilantes for foiling a planned mass kidnapping in Bakori Local Government Area and neutralising 18 armed bandits.

The operation took place at about 1am on Monday, September 21, 2026, at Gidan Iyado in Kakumi Ward, according to the state Ministry of Internal Security and Home Affairs.

The ministry said the joint operation involved hunters, members of the Community Watch Corps and local vigilante groups, who ambushed the bandits following intelligence about a planned mass abduction for ransom.

The state Commissioner for Internal Security and Home Affairs, Nasir Mua’su, said the operation was intelligence-driven and targeted a group allegedly terrorising Kakumi Ward and neighbouring communities.

“The operation was intelligence-driven. Acting on credible information about planned mass abduction for ransom by the criminal group, our forces laid ambush using operational assets and engaged the bandits.”

The commissioner identified the alleged leader of the group as Alhaji Musa Duki, a former school headmaster who reportedly became a bandit kingpin operating from Mununu Forest in Faskari Local Government Area.

Security forces recovered one G3 rifle, two AK-47 rifles, 14 rounds of 7.62mm ammunition and three motorcycles during the operation.

They also recovered two cows and 94 sheep believed to have been rustled by the criminals.

Mua’su said Governor Radda praised the security personnel for their gallantry and assured residents that operations would continue to dismantle the criminal network.

“A sustained covert operation is ongoing to track and neutralize the kingpin and dismantle his network completely. We will not relent until every forest and hideout is cleared.”

He added that the military and DSS were working to identify other members of the network, locate their hideouts and prevent further kidnapping attacks in Bakori, Faskari and neighbouring communities.

The state government described the operation as a major breakthrough in its ongoing efforts to tackle banditry and protect communities across Katsina State.

Benue NBA urges Alia to sign retirement age bill for magistrates, law officers

Benue NBA urges Alia to sign retirement age bill for magistrates, law officersThe Nigerian Bar Association, NBA, branches in Makurdi, Gboko and Otukpo have appealed to Benue State Governor Hyacinth Alia to approve legislation seeking to extend the retirement age of magistrates and law officers in the state Ministry of Justice.

The branches said the bill, which was passed by the Benue State House of Assembly on May 6, 2026, would help preserve the expertise of experienced legal practitioners within the state’s justice system.

Chairman of the Makurdi NBA Branch, Joseph Mtemdoo Gbagyo, made the appeal while speaking on behalf of the three branches at the opening of the 2026/2027 Benue State Judiciary Legal Year at the High Court Complex in Makurdi.

The event was held under the theme: “The Nigerian Judiciary at a Crossroads: Innovations, Accountability and Public Trust.”

SEC moves to tighten online forex trading rules

SECThe Securities and Exchange Commission is set to use a dedicated forum at the 2026 Lagos Finance Summit to engage stakeholders on its proposed rules for online forex trading and contracts for differences.

The Regulation Forum, scheduled to be held during the summit from October 14 to 16 at the Landmark Event Centre, Victoria Island, Lagos, is expected to bring together forex brokers, introducing brokers, CBN-licensed banks, technology providers, legal practitioners and traders.

The Head of Marketing and Promotion at the Lagos Finance Summit, Musa Kabul, in a statement on Monday, said the proposed rules are aimed at strengthening regulation of Nigeria’s retail forex and CFD market through higher capital requirements, tighter operational standards and enhanced protection of customers’ funds.

Under the draft framework, market-making forex brokers would be required to maintain a minimum paid-up capital of N3bn, while straight-through-processing and electronic communication network brokers would face a N2bn threshold

Technology and platform providers serving the market would also be subject to a proposed minimum capital requirement of N5bn.

Kabul said the forum would provide market participants with an opportunity to examine the proposals and contribute to the regulatory process.

“The Regulation Forum will provide a platform for market participants to examine the proposed rules, raise their concerns and make recommendations that can contribute to the development of an effective regulatory framework,” Kabul said.

The draft rules, published by the SEC on September 1 following the enactment of the Investments and Securities Act 2025, have not yet taken effect and remain subject to stakeholder consultations and consideration by the Commission.

Another key proposal is the segregation of client funds, with brokers required to keep customers’ money in separate accounts with banks licensed by the Central Bank of Nigeria.

The SEC is also proposing greater oversight of offshore trading platforms that target Nigerian residents, potentially extending the Commission’s regulatory reach beyond locally based operators.

For existing operators, the proposed framework would provide three months to apply for registration and six months to comply with the new requirements once the rules become effective.

Kabul said the proposed capital requirements could have significant implications for existing operators and prospective entrants into Nigeria’s retail forex and CFD market.

The consultation process could therefore shape how the final rules address capital requirements, registration, customer-fund protection and the treatment of offshore platforms serving Nigerian traders.

The Regulation Forum is expected to produce a written industry response to the SEC, giving participants an avenue to submit concerns and recommendations on the proposed framework.

 

Dangote refinery gains edge as fuel import costs rise

Dangote refinery, petrolOil marketers are lifting more petroleum products from the Dangote Petroleum Refinery as the estimated cost of importing petrol and diesel into Nigeria rises above the refinery’s selling prices, while fresh cargoes continue to move through the country’s coastal supply chain.

According to the latest Energy Bulletin of the Major Energies Marketers Association of Nigeria, Dangote’s gantry price for Premium Motor Spirit (petrol) stood at N1,350 per litre as of September 17, 2026, compared with an estimated import parity price of between N1,364.02 and N1,365.02 per litre into tank at the NPSC/ASPM jetty in Apapa on the spot market.

The seven-day average import parity price was higher at N1,371.92 per litre, indicating that importing petrol was about N14 and N22 per litre more expensive than lifting the product from Dangote on the respective benchmarks.

Petrol landed cost was N1,420 as of September 14 before retreating to N1,365 a few days later.

The price gap was also reflected in automotive gas oil, commonly known as diesel. Dangote’s gantry price was N1,850 per litre, while the estimated landed cost was N1,933.56 per litre on the spot market and N1,934.91 per litre on a seven-day average.

The coastal price of PMS from Dangote was listed at N1,330 per litre, while its AGO coastal price stood at $1,580.75 per metric tonne.

The development comes as fresh petroleum product cargoes continue to move through Nigeria’s coastal supply chain, with vessels carrying petrol, diesel, aviation fuel and butane recorded across Lagos, Warri and Port Harcourt.

The latest tanker position report monitored by Petroleumprice.ng showed that 219,000 metric tonnes of petroleum products were recorded across the three locations between September 14 and 20.

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The report showed that many of the vessels were loaded at the Dangote refinery, while others were supplied from different sources.

In Lagos, the 20,000MT Um Balwa, carrying AGO for PPMC, arrived on September 9 and berthed at New Oil on September 17. The vessel was loaded at the Dangote Refinery and was awaiting clearance to commence discharge.

Another vessel, Ashabi, carrying 15,000MT of Jet A1 and 10,000MT of AGO for Ardova and CITA, berthed at Bulk Oil on September 20 after loading at the Dangote plant in Lekki Free Zone, Lagos.

Also, SL Aremu, carrying 26,500MT of Jet A1 for Sahara, berthed at the Sahara depot on September 18 after loading at Dangote.

Matrix Energy was listed as the receiver of two PMS cargoes aboard Matrix Pride. One carried 20,000MT and was scheduled for Wosbab, while another 25,000MT cargo was scheduled for NOJ Apapa on September 22. The source has yet to be confirmed.

In Warri, Rain Oil received 15,000MT of PMS aboard Bora, which berthed at its depot on September 16. The vessel was loaded at NY Maria, with discharge ongoing as of the time of this report.

Another 15,000MT AGO cargo aboard Stellar for Rain Oil berthed at Cybernetics on September 17. The vessel was loaded at the Dangote refinery and was discharging at the time of the report.

Rain Oil was also listed as the receiver of 15,000MT of PMS aboard Princess Oge, which berthed at Parker on September 19 after loading at NY Maria.

In Port Harcourt, Zonda, carrying 20,000MT of AGO for Pivot Energy, was listed as loading at the Dangote plant but had yet to arrive for discharge at Liquid Bulk.

The tanker movements suggest that Dangote-refined products are continuing to form a significant part of the coastal supply chain, even as some marketers receive products from other sources.

MEMAN’s data also showed that aviation turbine kerosene (jet fuel) gantry price was listed at $1,646.75 per metric tonne, while the estimated landed cost stood at N1,867.01 per litre on the spot market. The refinery’s coastal price for ATK was $1,616.75 per metric tonne.

For Liquefied Petroleum Gas, Dangote’s gantry price was N925,000 per metric tonne. The association said its import parity calculations were based on Platts assessments for gasoline, diesel and jet fuel, freight from Lomé to Apapa, a 32 per cent annual finance charge for 30 days, Nigerian Ports Authority dues, NIMASA levies and other statutory costs.

The calculations assumed cargo sizes of 30,000MT for PMS and AGO and 15,000MT for ATK.

MEMAN stated that its estimated import parity cost into tank was calculated at the NPSC/ASPM jetty in Apapa using data from the Central Bank of Nigeria, Reuters and Trade Economics.

The seven-day average exchange rate used in the latest calculations was N1,328.65 to the dollar, while Brent crude averaged $105.50 per barrel. West Texas Intermediate averaged $100.96, while Nigeria’s Bonny Light closed at $122.92 per barrel over the period.

All Dangote gantry prices published by MEMAN include charges payable to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, according to the bulletin.

The continuing movement of fresh cargoes comes amid changes in the economics of importing petroleum products, with marketers having to weigh prevailing international prices, exchange rates, freight and other landing costs against locally refined supplies.

Our correspondent observed on Monday that some filling stations along the Lagos-Ibadan highway had reduced their petrol pump prices below N1,400 per litre, selling the product at around N1,370 and N1,390.

Bulls dominate NGX as investors gain N228bn

Bulls dominate NGX as investors gain N228bnThe Nigerian equities market maintained a positive stance on Monday as trading activities closed with moderate gains across key indices. The Central Bank of Nigeria maintained its Monetary Policy Rate at 26.50 per cent. The NGX All-Share Index gained 352.24 points or 0.14 per cent to close at 250,156.80 points, up from 249,804.56 points recorded on Friday.

Correspondingly, total equity market capitalisation appreciated by N228.25bn to settle at N162.39tn compared to N162.16tn recorded in the previous session. The index reached a high of 250,156.80 points and a low of 244,304.51 points, bringing the period’s average index point to 247,074.61.

Overall trading activity saw investors execute 68,506 deals comprising 574.12 million shares across equities boards. Sectoral performance reflected broad-based interest across key market segments. The NGX Premium Index advanced 0.29 per cent to 31,714.33 points, while the NGX 30 Index gained 0.12 per cent to 9,207.58 points. Sectoral indices showed gains in the NGX Banking Index, which grew 0.68 per cent to 2,658.95 points, the NGX Insurance Index rising 0.33 per cent to 1,102.93 points, and the NGX Industrial Index adding 0.47 per cent to close at 10,354.72 points.

The NGX Consumer Goods Index also nudged upward by 0.32 per cent to 4,082.39 points. On the downside, the NGX Oil/Gas Index shed 0.40 per cent to 6,008.86 points, while the NGX Lotus Islamic Index slipped 0.44 per cent to 23,532.30 points.

On price movement, 39 equities advanced against 26 decliners. SUNU Assurances Nigeria Plc, NASCON Allied Industries Plc, Omatek Ventures Plc, and Thomas Wyatt Nigeria Plc led the gainers chart, each appreciating by 10.00 per cent to close at N3.08, N176.00, N1.32, and N2.53 respectively. They were followed by Critical Minerals Financing Corp Plc with a 9.80 per cent gain to N2.24, Fortis Global Insurance Plc up 9.70 per cent to N1.81, and UPDC Plc up 9.68 per cent to N3.40.

Other notable gainers included Neimeth International Pharmaceuticals Plc gaining 8.96 per cent to N7.30, Transnational Corporation Plc advancing 6.78 per cent to N37.00, Oando Plc rising 4.85 per cent to N35.65, and Guaranty Trust Holding Company Plc gaining 3.00 per cent to N133.90.

Conversely, price decliners were led by The Okomu Oil Palm Company Plc, which suffered a maximum loss of 10.00 per cent to close at N1,276.20. Custodian Investment Plc depreciated by 9.13 per cent to N68.15, while Sovereign Trust Insurance Plc lost 8.64 per cent to settle at N2.01. Haldane McCall Plc dropped 8.33 per cent to N3.30, and Ellah Lakes Plc fell 5.39 per cent to N7.90.

Additional decliners included First Holdco Plc losing 5.44 per cent to N160.00, International Breweries Plc dropping 3.50 per cent to N9.65, Aradel Holdings Plc dipping 1.29 per cent to N1,530.00, and United Bank for Africa Plc dropping 0.79 per cent to N44.20.

Trading volume in the equities segment was driven by the Financial Services sector, where Mutual Benefits Assurance Plc generated significant activity with 53.58 million shares traded. Sterling Financial Holdings Company Plc followed with 44.23 million shares, while Guaranty Trust Holding Company Plc saw 25.85 million shares exchanged. AIICO Insurance Plc recorded 24.38 million shares, and Access Holdings Plc traded 22.66 million shares.

In other trading boards, Exchange Traded Funds recorded 1,207 deals for 570,463 units. Stanbic IBTC ETF 30 and The SIAMLETP Pension ETF 40 led the ETF gainers with 10.00 per cent appreciations to close at N1,397.55 and N3,194.40 respectively, while Greenwich Alpha ETF rose 8.70 per cent to N804.69. In the fixed-income segment, debt securities recorded 8 deals totaling 70,098 units, highlighted by trades in Federal Government and corporate bond instruments.

CBNNigeria’s banking system liquidity plunged by N3.86tn on Thursday after the Central Bank of Nigeria conducted a fresh open market operation, tightening cash conditions across the financial system.

System liquidity fell 65.53 per cent to N2.03tn from N5.89tn, according to market data cited by AIICO Capital Limited in an investor note.

The sharp decline followed the CBN’s offer of N1tn in OMO bills, which absorbed a significant amount of excess cash from banks.

Despite the liquidity squeeze, the Nigerian Overnight Financing Rate remained unchanged at 22.00 per cent, while the policy rate was also maintained at 22.00 per cent.

However, the overnight interbank lending rate increased slightly to 22.30 per cent from 22.19 per cent, indicating some upward pressure on the cost of short-term funds as banks adjusted to tighter liquidity conditions.

AIICO Capital said the movement showed that money market rates had remained relatively stable despite the substantial reduction in available banking system cash.

The liquidity position could come under further pressure in the near term, although a N57.42bn coupon payment expected to enter the financial system may provide some relief, according to Herwood Securities Limited.

“We expect short-term borrowing costs to stay close to the central bank’s 22.00 percent target, but with the cash buffer now down to N2.03 trillion, the risk is that rates drift higher,” AIICO Capital said.

The investment firm said the direction of money market rates would depend largely on the size of the next OMO auction and the amount of liquidity returned to banks through government payments and other system inflows.

Meanwhile, treasury bill yields continued to rise in the secondary market as investors demanded higher returns.

The average treasury bill rate increased to 18.81 per cent from 18.77 per cent, reflecting continued selling pressure and repricing across the short-term fixed-income market.

The latest liquidity movement also highlights a significant change in banking system cash conditions compared with the beginning of the year.

According to AIICO Capital, banks are now holding 46.81 per cent less liquidity than they had at the start of 2026, while the overnight lending rate is 0.45 percentage points lower and treasury bill yields are 1.81 percentage points higher.

The combination of declining system liquidity and rising treasury bill yields suggests that monetary conditions remain restrictive, even though the key policy and overnight financing rates have remained broadly anchored around 22 per cent, according to financial analysts.

Disclose beneficiaries of foreign scholarship programme –  PDP to Ebonyi Govt

Disclose beneficiaries of foreign scholarship programme –  PDP to Ebonyi GovtThe Peoples Democratic Party, PDP, Governorship Campaign Council in Ebonyi State has demanded full disclosure of the financial details and beneficiaries of the state government’s foreign and local postgraduate scholarship programme.

Chief Emmanuel Igwe, spokesperson to the PDP governorship candidate, Chief Dr Ifeanyi Chukwuma Odii, made the demand while speaking with newsmen on Sunday, following the reported departure of another batch of Ebonyi scholarship beneficiaries for the United Kingdom.

Igwe said while the initiative could contribute to human-capital development, the programme should be subjected to full public scrutiny because it is funded with taxpayers’ money.

He challenged the Ebonyi State government to publish the names of all beneficiaries, their universities, courses of study, tuition fees, accommodation costs, allowances and the total amount paid for each student.

“Let the government publish the names of the beneficiaries, the schools they attend, the courses they are studying and the exact amount paid to each institution. Ebonyians have the right to know how much public money is being committed to this programme,” Igwe said.

The spokesperson also questioned the widely circulated financial figures surrounding the scholarship programme, asking the government to provide a comprehensive breakdown rather than relying on aggregate figures.

Available reports indicate that the state government says the programme targets 1,000 beneficiaries — 300 for overseas postgraduate studies and 700 for postgraduate studies within Nigeria.

The Chairman of the Ebonyi State Scholarship Board, Chief Chaka Nweze, repeated those figures in June 2026.

The 2026 Ebonyi budget also reportedly provided N20 billion for scholarships, comprising N15 billion for foreign scholarships and N5 billion for local scholarships.

Igwe said those figures make it even more important for the government to provide citizens with a detailed account of expenditure.

He asked: “If the government says it is sponsoring 300 students abroad and 700 locally, where are the names? Which universities are they attending? What are the tuition fees? How much is being spent on accommodation and living allowances? How much has actually been released and to whom?”

According to him, the issue is not opposition to educating Ebonyi youths but the demand for transparency, accountability and value for money.

He further alleged that the scholarship programme could be vulnerable to abuse if complete records were not made public, while stressing that any allegation of financial misconduct should ultimately be tested against documentary evidence.

Igwe also dismissed suggestions that criticism of the programme amounted to opposition to human-capital development.

“Education is an investment. Nobody should oppose investment in the education of Ebonyi youths. But because it is public money, every naira must be accounted for,” he said.

The PDP spokesman said the departure of another group of scholars for Britain should therefore be an opportunity for the state government to publish comprehensive records and put the controversy over the programme to rest.

Reports published earlier this year stated that 98 beneficiaries constituted the second phase of the overseas postgraduate programme, with the government saying the scholarship covers tuition, accommodation and living expenses.

Igwe maintained that the government could easily settle the questions being raised by making the relevant documents publicly available.

“If the programme is transparent and everything is above board, publish the records and let Ebonyians see them. That is the simplest way to answer every question,” he said.

He added that Ifeanyi Chukwuma Odii supports investments that develop Ebonyi’s human capital but believes such programmes must operate under strict transparency and accountability.

Makinde’s presidential ambition escape strategy to evade probe — Oyo APC

The Oyo State chapter of the All Progressives Congress, APC, has described the presidential ambition of Governor Seyi Makinde of the state as an escape strategy to evade probe.

APC made this declaration in a statement signed by its Publicity Secretary, Wasiu Sadare.

The governor is expected to finish his second-term tenure in May next year.

Sadare, in the latest statement issued on behalf of the APC, explained that the governor decided to run for the highest office in the country in order to create an avenue for him to escape from the country before May 29, 2027.

He said that Makinde was making all efforts to evade justice in view of many alleged cases of graft and abuse of office hanging on his neck.

The APC spokesman also alleged that the governor was planning to leave the country in January next year.

Sadare, in the statement, also alleged that the governor was contesting in order to deceive many Nigerians.

“Meanwhile, we can authoritatively inform the whole world that Makinde is only out to hoodwink Nigerians, distract the anti-graft agencies which are on his cases and also secure an escape route from the country anytime from January 1, 2027.

“We are working on the details of his plans even as relevant security agents are already on red alert because he (Makinde) will be made to answer for all his atrocities since he was sworn in as governor in May 2019.”