APC reveals major opposition parties backing Tinubu re-election

APC reveals major opposition parties backing Tinubu re-election The National Chairman of the All Progressives Congress, APC, Professor Nentawe Yilwatda has claimed that some opposition parties, including the Peoples Democratic Party, PDP, are backing President Bola Tinubu’s re-election bid ahead of the 2027 general elections.

Yilwatda made the claim on Tuesday in Abuja after meeting with Tinubu alongside the Director-General of the APC Presidential Campaign Council, Abdul’aziz Yari.

The meeting was to brief the president on preparations for the APC’s presidential campaign ahead of the 2027 elections.

The APC chairman listed the PDP, the All Progressives Grand Alliance, APGA and the Accord Party as opposition parties supporting Tinubu’s second-term ambition.

“If you look at what the party is doing now, the opposition parties are with us. All political parties that have defeated us in any election are with us; PDP is with us, APGA is with us, Accord is with us.

“These are the only political parties that have defeated us, except Allied People’s Movement, and they are all with us in this campaign,” Yilwatda said.

However, the PDP has rejected claims of its support for Tinubu’s re-election, insisting that the party remains opposed to the APC-led Federal Government and its policies.

In a statement, the opposition party dismissed reports attributed to the Minister of the Federal Capital Territory, Nyesom Wike, suggesting that PDP candidates should dismantle their political structures and support Tinubu’s re-election.

The PDP described the reported call as an attempt to misrepresent the position of its genuine members, accusing some individuals within the opposition of working in favour of the ruling party.

“The true and principled members of the Peoples Democratic Party are not part of the shameless, self-serving support for the APC-led Federal Government and its destructive policies,” the statement said.

The party argued that the primary responsibility of the opposition was to offer Nigerians an alternative to the ruling government, rather than support its continued stay in power.

It added that any proposed alliance among opposition parties should be directed towards strengthening the opposition rather than collaborating with the APC.

“If at all opposition parties are to have an alliance, it will be amongst themselves, not with the governing party,” the PDP stated.

The party also criticised the proposed “rainbow coalition,” describing it as a threat to electoral democracy and warning that such an arrangement could undermine political competition in the country.

The PDP urged its members to remain committed to the party while awaiting the outcome of its case at the Court of Appeal, which it said had already been heard.

Fuel subsidy: ‘Tinubu is Pharaoh of Egypt, not Moses’ – SDP’s Adebayo

Fuel subsidy: 'Tinubu is Pharaoh of Egypt, not Moses' - SDP's AdebayoThe Social Democratic Party, SDP, presidential candidate, Adewole Adebayo has dismissed President Bola Tinubu’s position on the fuel subsidy regime.

Adebayo described Tinubu as the Pharaoh of Egypt and not Moses that can lead Nigeria into the promised land.

He was reacting to Tinubu’s remark that his administration will never return to Egypt on the issue of fuel subsidy.

Featuring on Arise Television’s Morning Show on Wednesday, Adebayo said Tinubu’s comment is not relevant to the SDP.

He said: “The idea of going back to Egypt is not relevant to us, I don’t think that Tinubu is addressing us in that regard because he has no answer to our own.

“And if you want to go biblical or Quranic now, Tinubu is the Pharaoh and not Moses because if you want to be a Moses you will have manner for the people, have kindness for the people, and when Moses was taking Israelites out of Egypt he ensured that he took them out of desert and provided manner for them, he took care of them very well.

“You can see that the policies of the President are looking like that of Pharaoh where you take care of yourself and neglect the needs of the people, you don’t allow them to express their God-given qualities.”

He insisted that Nigerians are trying to move from the All Progressives Congress, APC, into the “promised land.”

Adebayo said the SDP had a better chance of taking Nigerians into the promised land.

“If you look at it at the end of the day, what Nigerians are trying to do is basically to move away from APC and go to the promised land.

“I think SDP has a better chance of taking them there,” he added.

Broda Shaggi sheds tears as he returns to social media months after being shot

Broda ShaggiNigerian content creator, Broda Shaggi has finally returned to social media months after his sudden disappearance.

 the skit maker has been absent online since March 2026, after he was shot while filming at Sango Ota Bridge, Ogun State.

Confirming the news, the Lagos State police command explained that the incident was officially reported by a private hospital he was first rushed to in the Alakuko area of the state.

The report, which surfaced online on March 13, has left netizens, especially his fans worried about his well-being and whereabouts.

However, returning to social media in an emotional video shared on his Instagram page late Tuesday evening, Broda Shaggi said the incident happened on March 9.

Describing it as “a day in my life I wished never happened”, he showed a short video of him being rushed to the hospital with a gunshot injury and blood stains.

He said he would be sharing the details of the shooting with the general public on Wednesday.

Troops secure release of kidnapped civilian in Plateau

Troops secure release of kidnapped civilian in PlateauTroops of Operation Enduring Peace (OPEP) have secured the release of an abducted civilian in Plateau State.

The victim was reportedly abducted along Cubana Street in Bassa Local Government Area of the state.

Security analyst Zagazola Makama, in a post on X on Tuesday, quoted security sources as saying the incident occurred at about 10:05 p.m. on October 18, 2026, prompting troops from Sectors 1 and 3 to launch a search-and-rescue operation.

According to the report, the troops conducted search operations in Dutsen Kura, Rafin Bauna and Rafiki communities to locate the victim and track down the abductors.

However, the troops did not make contact with the fleeing suspects during the operation.

The security sources added that the victim was later released following sustained pressure mounted on the abductors by the troops.

The rescued civilian was subsequently reunited with his family, while efforts were ongoing to track down and apprehend the fleeing suspects.

The sources added that security operations would be sustained to prevent further incidents and improve safety in the area.

NCC warns device dealers over non-compliance, threatens network restrictions

NCC warns device dealers over non-compliance, threatens network restrictionsThe Nigerian Communications Commission (NCC) has warned manufacturers, importers, distributors and dealers of SIM-enabled devices to comply with its type approval and device verification requirements or risk having non-compliant devices restricted from accessing Nigerian mobile telecommunications networks.

The Commission said it was strengthening the monitoring and enforcement of existing regulations through technology-enabled verification to ensure that devices imported, sold and used in Nigeria meet applicable standards.

The NCC disclosed this in a notice signed by the Director of Public Affairs, Nnenna Ukoha, reminding Original Equipment Manufacturers (OEMs), Original Device Manufacturers (ODMs), importers, distributors, dealers and retailers of their statutory obligations under the Nigerian Communications Act 2003, the Type Approval Regulations 2024 and the Type Approval Business Rules 2024.

According to the Commission, all device models intended for importation, assembly, distribution or sale in Nigeria must obtain the required NCC Type Approval, as stipulated in Section 132 of the Nigerian Communications Act 2003 and Regulation 4 of the Type Approval Regulations 2024.

It also directed OEMs, ODMs, importers and other responsible suppliers to ensure that the International Mobile Equipment Identity (IMEI) information of individual devices is submitted through the approved compliance process for verification before sale and distribution.

The Commission urged distributors, dealers and retailers to verify that devices already in their stock meet the applicable type approval and verification requirements, advising them to work with their suppliers to resolve any outstanding compliance issues.

It added that new imports must also satisfy the requirements before being introduced into the Nigerian market.

The NCC said it had engaged OEMs, ODMs, importers and relevant industry associations as part of its participatory regulatory approach.

It, however, encouraged businesses that had not participated in the engagements or were uncertain about the compliance process to seek guidance through its approved onboarding and support channels.

The Commission explained that the automated type approval compliance process would strengthen its oversight of devices entering Nigeria and improve its ability to identify potential irregularities in their importation and distribution.

It added that the initiative, being implemented in collaboration with the Nigeria Customs Service, would support the reconciliation of import records, compliance with applicable duties and fair competition among businesses.

The NCC warned that, upon full implementation, devices that fail to meet the applicable requirements could be restricted from accessing Nigerian mobile telecommunications networks in line with the approved enforcement framework.

The Commission reaffirmed its commitment to working with industry stakeholders to facilitate compliance, protect consumers and promote a fair and sustainable market for communications devices.

Mbah, Umahi, Olukoyede to headline NUJ Press Week Grand Finale in Enugu

Mbah, Umahi, Olukoyede to headline NUJ Press Week Grand Finale in EnuguGovernor of Enugu State, Peter Mbah; Minister of Works, David Umahi; and Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, are among the prominent dignitaries expected at the grand finale of the 2026 Press Week of the Nigeria Union of Journalists (NUJ), Enugu Correspondents’ Chapel, on Thursday, October 22.

The grand finale, scheduled to hold at the NUJ Press Centre, Enugu, will feature discussions on responsible journalism, democratic development and the media’s role in the fight against corruption, with Mbah expected as the Chief Guest of Honour.

While Umahi will deliver the guest lecture, Olukoyede will deliver the keynote address at the event, which is expected to attract media professionals, government officials, political leaders, security chiefs and other stakeholders.

The Chairman and the Secretary of the Press Week Organising Committee, Comrades Emmanuel Ugwueze and Damian Duruiheoma, respectively, disclosed this in a statement announcing the activities and programme for the celebration.

The committee said Umahi and Olukoyede were selected in recognition of their respective roles in public service, particularly the minister’s efforts in road infrastructure development and the EFCC chairman’s leadership of the country’s anti-corruption campaign.

“While His Excellency David Umahi, the Honourable Minister of Works, is making visible efforts towards the rehabilitation and revitalisation of several roads across the country, the EFCC Chairman, Mr Olukoyede, has also introduced reforms aimed at strengthening the operations of the anti-graft commission,” the statement said.

The event will be chaired by a former Enugu State Attorney-General and Commissioner for Justice, Chief Anthony Ani, SAN.

Umahi will speak on the theme, “Strengthening Democracy Through Responsible Journalism: 2027 Polls in Focus,” while Olukoyede will address the sub-theme, “The Role of the Media and Other Critical Stakeholders in Sustaining the Fight Against Corruption.”

The grand finale will also feature the recognition of distinguished individuals who have made remarkable contributions in their respective fields.

Among those expected to be honoured at the event are the Deputy National Chairman (South) of the All Progressives Congress (APC), Barrister Ben Nwoye; the Executive Director of the Projects Development Institute (PRODA), Enugu, Dr Peter Okwudilichukwu Ogbobe and the Enugu State Commissioner of Police, CP Mamman Bitrus Giwa.

Others are the Commissioner representing Enugu State at the Federal Character Commission, Mr Peter Eze; General Manager of Rangers International Football Club, Mr Amobi Ezeaku; and medical expert, Dr Celestine Chijioke Ugwuoke, among others.

The grand finale will climax a series of activities organised by the Chapel to mark the 2026 Press Week, which commenced on Sunday, October 18, with a thanksgiving service at the Christian Victory Prayer Ministry, also known as Precious Church, in Enugu.

The thanksgiving service provided an opportunity for members to commit the Chapel, its leadership, members and the entire Press Week programme to God.

The activities continued on Monday, October 19, with the Chapel’s participation in a radio programme on Solid 100.9 FM, Enugu, where journalists discussed the Press Week and its planned activities alongside representatives of PRODA.

On Tuesday, October 20, the Chapel is scheduled to engage the PRODA team in a novelty football match at the Rangers Training Pitch, Independence Layout, Enugu, as part of activities designed to promote camaraderie, unity and stronger institutional relationships.

The programme will continue on Wednesday, October 21, with a visit to a motherless babies’ home, where members are expected to demonstrate the Chapel’s commitment to humanitarian service and care for vulnerable children.

The organising committee said the activities were designed to combine professional engagement, spiritual reflection, sportsmanship and humanitarian outreach, while providing a platform for journalists and other stakeholders to reflect on the responsibilities of the media ahead of the 2027 general elections.

The committee expressed optimism that the grand finale would provide an opportunity for meaningful conversations on democratic accountability, ethical journalism and the need for stronger collaboration between the media, government and other institutions in tackling corruption.

It called on invited dignitaries, media professionals and other stakeholders to attend the grand finale and contribute to discussions on strengthening democracy and promoting responsible journalism in Nigeria.

Inflation to decline to 15.6% in 2026 – Report

Inflation easesNigeria’s annual-average inflation is projected to decline significantly to 15.6 per cent in 2026 before easing further to 14.7 per cent in 2027, according to the latest economic assessment by the International Monetary Fund.

This expected slowdown marks a noticeable deceleration from the elevated 23.0 per cent average inflation recorded in 2025.

Economic analysts at Coronation Research highlight that key macro stabilisation measures are actively contributing to this cooling trend. Specifically, increased exchange rate stability alongside growing domestic refining capacity is playing central roles in moderating persistent domestic price pressures across supply chains.

Despite this encouraging downward trajectory, persistent risks could temper the speed of relief for businesses and consumers.

In its evaluation of the macroeconomic environment, Coronation Research noted, “Exchange rate stability and increased domestic refining capacity could help moderate price pressures. However, higher energy and fertiliser costs, alongside election-related spending, may slow the pace of disinflation”.

High input expenses and local food insecurity continue to present direct risks to overall household welfare, threatening to constrain how effectively macro disinflation translates into immediate improvements in daily living standards.

Looking ahead, the IMF projects Nigeria’s gross domestic product to grow by 4.2 per cent in 2026 and 4.3 per cent in 2027, driven by continued foreign exchange reforms and strong performance in the non-oil sector.

Analysts from Coronation Asset Management broadly backed these projections, pointing out that their internal estimate for 2027 annual average inflation sits very close to the multilateral lender’s forecast at 14.56 per cent. “While structural headwinds remain, the ongoing economic policy reforms and expanded refining operations provide a strong foundation for steady, long-term price moderation”, an analyst said.

In recent years, Nigeria has grappled with elevated price pressures, fuelled by macroeconomic imbalances, foreign exchange volatility, and external supply chain disruptions. Following a period of aggressive policy interventions, including foreign exchange market adjustments and structural economic reforms aimed at stimulating non-oil production, the focus has shifted toward restoring price stability and stabilising the local currency.

The latest October 2026 World Economic Outlook update by the International Monetary Fund and companion analyses from Coronation Research offer an updated projection on the country’s macroeconomic path.

After headline annual-average inflation climbed to an estimated 23.0 per cent in 2025, persistent tight monetary policy, combined with a gradually stabilising foreign exchange regime, has begun easing price pressures across major consumer categories.

“Increased local refining capacity has further aimed to reduce energy import dependency and temper transportation fuel costs. However, lingering supply risks, higher agricultural input costs, and fiscal pressures continue to pose potential risks to the broader disinflation trend”, the report added.

SEC targets 10-fold growth in investment funds

SECNigeria has unveiled a 10-year capital market roadmap aimed at mobilising domestic and foreign investment, expanding private-sector access to financing and supporting its ambition to build a $1tn economy by 2030.

The Nigeria Capital Market Masterplan 2.0, covering 2026 to 2036, was launched alongside a National Savings Plan in Abuja on Monday. The initiatives are designed to deepen the country’s financial markets, channel savings into productive investments and strengthen Nigeria’s position as a regional financial hub.

The details were contained in a statement by the Securities and Exchange Commission Nigeria. It outlined the masterplan’s targets and proposed reforms, developed with technical support from FSD Africa and funding from the United Kingdom Government.

Under the roadmap, Africa’s most populous nation aims to increase collective investment scheme assets under management from $5.6bn to $56bn over the next decade, representing a tenfold increase. It also targets an increase in annual diaspora investment channelled into capital markets from $4bn to $10bn and a rise in the proportion of institutional investment portfolios allocated to non-sovereign assets from about 40 per cent to 50 per cent.

The plan further seeks to increase corporate bonds from 100 to 500 and cross-border listings from five to 40 over the period.

Speaking at the launch, the Director-General of the SEC, Dr Emomotimi Agama, described the masterplan as a framework for expanding the capital market to the scale required to finance Nigeria’s economic ambitions.

“Every great economy has, at its heart, a capital market that turns the savings of ordinary people into the factories, roads, homes and businesses that create jobs. Nigeria has the people, the enterprise and the ambition. What we are now building is a market to match them,” Agama stated.

He explained that the decision to launch the masterplan alongside the National Savings Plan was intended to strengthen the connection between domestic savings and investment, reducing the country’s dependence on external sources of capital.

“Savings are the raw material of investment, and a nation that saves through its own capital market builds with its own resources,” the SEC director-general added.

The initiatives are intended to direct more long-term financing towards infrastructure, energy, small and medium-sized enterprises, climate resilience, financial inclusion and job creation.

To achieve these objectives, the masterplan proposes reforms to make it easier for businesses and state governments to raise funds through the capital market, broaden participation by retail and diaspora investors, attract more foreign institutional investors and expand sustainable finance.

It also provides for the development of digital and tokenised assets, alongside measures to improve market regulation, infrastructure and institutional capacity.

The roadmap is organised around five pillars covering regulatory clarity and enforcement, modernisation of market infrastructure, expansion of issuers and financial instruments, diversification of the investor base, and strengthening of institutional and professional capacity. Each pillar is supported by an implementation framework setting out responsibilities, timelines and performance measures.

The masterplan builds on an earlier capital market development programme that recorded an overall activity completion rate of 63 per cent. While the previous plan supported several reforms, financial inclusion, regional integration, sustainable finance and the mobilisation of capital towards priority sectors were identified as areas requiring further progress.

The new roadmap also seeks to strengthen Nigeria’s position within Africa’s financial system through closer cooperation with other markets, cross-border fundraising and listing arrangements, and alignment with initiatives under the African Continental Free Trade Area.

NewGold Issuer reports $2.55m profit

NGXNewGold Issuer Limited Pty Ltd has published its quarterly unaudited financial statements for the period ended 30 September 2026, delivering a total comprehensive income of $2.55m (N3.83bn or ZAR 42.27m).

The financial disclosure, submitted to the Nigerian Exchange Group on Tuesday and issued pursuant to Listing Rules 12.20 and section 88 of the Securities Act of 2005, reflects its financial operational performance for the second quarter.

The quarterly report officially highlights the legal framework of its release, stating, “The above abridged financial statements are issued pursuant to Listing Rules 12.20 and section 88 of the Securities Act of 2005”.

The document was formally signed and submitted for and on behalf of NewGold by Shivan Sookdew.

Over the course of the period, the company recorded total revenue and gross income of $4.03m (ZAR 66.63m), while net finance income added $156,747 (ZAR 2.59m) to overall receipts.

The entity’s financial position was significantly influenced by valuation shifts, recording a negative fair value adjustment on bullion investments of $377.27m (ZAR 6.24bn).

However, this impact was fully counterbalanced by an identical positive fair value adjustment of $377.27m on debentures, maintaining profit before tax at $3.50m (ZAR 57.91m) before accounting for tax expenses of $944,593 (ZAR 15.64m). As a result of robust operating activities, cash generated by operations totalled $3.83m (ZAR 63.44m), helping boost total cash and cash equivalents to $5.38m (ZAR 88.11m) by the close of the period on 30 September 2026.

JPMorgan lodges N50bn with CBN for banking licence

cbnJPMorgan Chase & Co has deposited N50bn with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Africa’s largest economy.

The deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria, Bloomberg reported on Tuesday.

However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.

People familiar with the process, who asked not to be identified because the matter is private, said the deposit was one of the final regulatory requirements for the licence. They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.

The report read, “JPMorgan Chase & Co. deposited 50 billion naira ($38 million) with the Central Bank of Nigeria as it moves closer to securing a banking license in Africa’s most populous nation, according to people familiar with the matter.

“The deposit, one of the final regulatory requirements for obtaining approval, signals the largest US lender’s readiness to launch a merchant-banking operation in Nigeria should its application be approved, said the people who asked not to be identified because the process is private.”

The report added that JPMorgan declined to comment on the development, while a CBN spokesman did not immediately respond to a request for comment, according to Bloomberg.

The proposed entry would mark a significant expansion of the bank’s presence in Nigeria, where it has advised governments and companies on Eurobond issuances and other financial transactions for years, largely through its representative office in Lagos.

A merchant banking licence would enable the lender to broaden its financial services in the country, particularly in corporate banking, lending, trade finance and payments.

Under Nigerian banking regulations, licence applicants are required to place capital in a designated account with the CBN as part of the approval process. The requirement is intended to demonstrate that an applicant has sufficient funds to support its proposed operations.

The N50bn deposit therefore represents an important step in JPMorgan’s attempt to move beyond its existing representative-office structure. Final approval, however, remains at the discretion of the apex bank.

The development comes as international financial institutions seek to deepen their participation in Africa’s banking and investment markets, where demand for trade financing, corporate credit and cross-border payment services continues to create opportunities.

JPMorgan’s proposed Nigerian operation also forms part of its wider expansion strategy across the continent. The New York-based lender is seeking a larger share of business involving companies, governments and investors operating in African markets.

Nigeria is a major destination for such services because of its large economy, extensive corporate sector and role in regional trade. A licensed presence could give JPMorgan a broader platform to serve Nigerian businesses and institutions, although the scope of its eventual operations will depend on the licence granted by the CBN.

The bank has also strengthened its investment-banking leadership across Africa in recent months.

It appointed Edward Bell to lead investment banking in sub-Saharan Africa, while Sailepu Montet was named head of its Kenya office and Michael Ahonzo Avou was appointed to oversee operations in Ivory Coast.

JPMorgan’s proposed entry into Nigeria comes against the backdrop of the country’s evolving banking regulatory environment, with the CBN overseeing capital requirements, licensing and other prudential rules designed to safeguard the financial system.