ARM breaks into Nigeria’s top 10 equity funds

Stock marketARM Aggressive Growth Fund broke into Nigeria’s top 10 equity mutual funds in August, replacing FCMBAM Equity Fund, as returns among the funds ranked seventh to 10th.

Their returns ranged from 46.64 per cent to 52.90 per cent. ARM’s fund ranked eighth with a 52.10 per cent year-to-date return, according to data from the Securities and Exchange Commission.

The fund was not among the top 10 in July, when FCMBAM Equity Fund occupied ninth position with a 47.27 per cent return.

ARM Aggressive Growth Fund, managed by ARM Investment Managers, had N17.92bn in assets and 12,991 unitholders as of 28 August

CardinalStone Equity Fund led the second tier of the ranking in seventh place, although its position dropped from fifth in July.

The fund returned 52.90 per cent year-to-date in August. It was managed by CardinalStone Asset Management and had N12.30bn in assets with 3,237 unitholders.

AXA Mansard Equity Income Fund ranked ninth after moving up from 10th place in July.

Its year-to-date return stood at 47.41 per cent, while assets under management were N3.60bn and the fund had 2,899 unitholders.

Meristem Equity Market Fund fell to 10th position from eighth in July, despite delivering a 46.64 per cent return.

The fund, managed by Meristem Wealth Management, had N9.57bn in assets and 2,436 unitholders.

The reshuffling shows how closely matched the performance of funds around the lower end of the top 10 has become.

FCMBAM Equity Fund, which dropped out of the ranking, posted a 46.53 per cent return in August, only slightly below Meristem’s 46.64 per cent.

Across the broader equity mutual fund market, assets declined to N230.50bn in August from N241.38bn in July.

The number of unitholders, however, increased to 127,837 from 121,316, suggesting that the decline in assets was not accompanied by a fall in investor participation.

Nigeria’s petrol exports surge sixfold, near N1tn

Nigeria’s petrol exports surge sixfold, near N1tnNigeria earned N998.50bn from petrol exports, known as motor spirit (ordinary) or Premium Motor Spirit, in the first six months of 2026. Analysts say the Dangote Petroleum Refinery’s ramp-up and the war in Iran turned a commodity that once topped the import bill into one of the country’s leading exports.

The National Bureau of Statistics’ trade statistics report, released in the second quarter of 2026, showed that N621.72bn of earnings came from African trading partners.

In Q2 2026, PMS ranked seventh among Nigeria’s top exports with N546.02bn, a 2.02 per cent share of total exports. Crude oil led with N12.91tn (47.79 per cent), followed by kerosene-type jet fuel at N2.94tn, natural gas at N2.82tn, urea at N2.12tn, other petroleum gases at N1.89tn and gas oil at N1.32tn.

Nigeria’s fuel export story was different a year earlier. PMS did not rank among the top exports in Q1 2025 but featured among the top imports, as Nigeria spent N1.76tn buying the product. It resurfaced on the export list in Q2 2025 with earnings of N85.83bn, meaning Q2 2026 receipts were more than six times higher.

In separate interviews with The PUNCH, experts explained how Dangote Refinery eased the need to import PMS and powered the export drive. Investment research analyst Abeeblahi Rufai said the limited exports in Q1 2025 reflected a lack of surplus product.

Rufai said, “The limited PMS exports in Q1’25 reflected the absence of an exportable refined product surplus. Nigeria remained a heavy importer of petrol, spending N1.76trn on PMS imports in the quarter, which indicates that domestic demand was still absorbing Dangote Refinery’s output.”

He noted that outages and maintenance at the refinery’s Residue Fluid Catalytic Cracking unit also constrained gasoline production. An RFCC unit is an advanced secondary conversion unit in an oil refinery that breaks down extremely heavy, low-value residual oils into high-value products like gasoline, diesel, and liquefied petroleum gas.

The analyst added that domestic supply obligations under the naira-for-crude arrangement and political pressure to prioritise the local market further limited export opportunities.

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He explained that the export surge that followed had two causes: the ramp-up of the Dangote Refinery and the impact of the Iran war on global refined-product availability.

According to the analyst, African countries had depended heavily on refined products from suppliers in the Middle East, Asia and Europe. These included the United Arab Emirates through ADNOC, Saudi Arabia through Saudi Aramco, Oman and India, which supplied East African markets such as Kenya and Tanzania.

Rufai said the Dangote Refinery’s proximity to African markets gave it a logistical edge, as shorter shipping distances cut freight and logistics costs.

Explaining how the Iran war catalysed the fuel export surge, he said, “The Iran war of H1’26 was a second catalyst. Disruptions to energy flows via the Middle East, including the closure of the Strait of Hormuz, have constrained supplies to key Asian and European markets, prompting some countries to curb refined-product exports.”

He said sanctions limited Russia’s ability to fill the gap, while Ukrainian attacks on its refining infrastructure reduced the availability of its products. This tightened global refined-product markets and raised demand for supplies from refineries outside the conflict area.

“In this respect, Dangote became an emerging alternative source of PMS to the African markets. Its geographic proximity also lowered the logistics premium compared with supplies from Europe and the Middle East, making Nigerian-origin refined products more attractive to regional buyers,” Rufai said.

Similarly, a Senior Analyst at CardinalStone Securities, Tomiwa Adeniji, said Nigeria’s decades-long reliance on imported fuel, despite being a crude producer, reflected inadequate refining capacity and low utilisation.

She said the country’s refining capacity had moved from about 400,000 barrels per day at roughly one per cent utilisation before the Dangote Refinery began operations to 1.1 million barrels per day at about 62 per cent utilisation.

Adeniji said the refinery began PMS production in September 2024, but low capacity utilisation during its ramp-up constrained availability. “Nigeria has now transitioned to being a net exporter of refined petroleum products,” Adeniji said.

An economist and Chief Executive Officer of Economic Associates, Dr Ayo Teriba, affirmed that the trend followed the refinery’s initial focus on the domestic market.

“Dangote Refinery started with import substitution. So you find that it is now supplying at least more than 50 per cent of local requirements. It is now therefore easing the need to import PMS and in the medium term eliminates importation of PMS,” Teriba said.

He said the refinery then began exporting PMS, diesel and aviation fuel, all of which Nigeria previously imported. “Such that an item that had dominated our import list is now beginning to diminish in our import list and is now emerging as a dominant commodity in our export story,” Teriba said.

Teriba said the energy and petroleum resources refining story was evolving and would not differ across PMS, diesel, aviation fuel and urea.

The surge may expand further as the Federal Government deepens oil exploration to increase supply, which in turn feeds the refineries. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, said policies under President Bola Tinubu had increased local participation in Nigeria’s hydrocarbon production. He spoke to journalists in Abuja on Monday.

Lokpobiri said indigenous companies now account for 60 per cent of oil production, against the 80 to 90 per cent once held by international oil companies. “Before now, it used to be 90 per cent IOCs. Right now, we have 60 per cent indigenous companies accounting for the production we have in Nigeria. That means 60 per cent retention of value in the country,” Lokpobiri said.

He said the international oil companies had not left Nigeria but had divested from onshore, swamp and shallow-water assets to focus on deep offshore operations, with Nigerian firms taking over the divested assets.

The minister said active drilling rigs had risen from between 10 and 14 to over 65, and that the country aims to produce at least three million barrels of crude oil per day in the coming years.

Money market rates ease as liquidity climbs to N7.45tn

CBNMoney market rates declined on Wednesday as increased liquidity in the banking system pushed short-term funding costs lower.

The development followed the Central Bank of Nigeria’s 350-basis-point cut in its policy rate to 23 per cent and the adjustment of the standing deposit facility floor to 20 per cent.

AIICO Capital Limited said the overnight policy rate fell by one percentage point to 21 per cent, while the overnight lending rate declined by 51 basis points to 21.76 per cent.

The average Treasury bill rate also fell to 18.38 per cent.

Banking system liquidity rose 7.92 per cent to N7.45tn from N6.91 trillion, marking the fourth consecutive weekly increase. Liquidity has now risen by 95.30 per cent since the beginning of the year.

The increase was supported by a N2.27tn inflow from matured Open Market Operation bills, alongside higher utilisation of the Standing Deposit Facility, which reached N7.34tn.

The liquidity build-up came as banks also participated heavily in the midweek Treasury bills auction, where subscriptions exceeded N4.2tn against allotments of less than N500bn.

Nigerian Interbank Offered Rates reflected the stronger liquidity position, with the overnight rate falling 123 basis points to 20.93 per cent.

The Open Repo rate also declined by 100 basis points to 21 per cent, while the overnight rate in the money market fell by 51 basis points to 21.76 per cent, according to market data.

Treasury bills also recorded strong buying interest in the secondary market, with yields declining across maturities.

The average T-bill yield dropped by 43 basis points to 18.38 per cent, according to AIICO Capital.

Analysts expect short-term rates to remain under downward pressure as surplus liquidity persists in the banking system.

AIICO Capital expects overnight rates to move closer to the 20 per cent deposit facility floor, given the N7.45tn liquidity surplus.

However, market participants said the size of the next OMO auction would be important in determining how quickly the excess liquidity is absorbed.

UAC sells 43% DP World stake to TGI member

UAC of Nigeria PlcUAC of Nigeria Plc has announced an agreement to sell its entire 43 per cent shareholding in DP World Logistics Limited, formerly known as MDS Logistics Limited, to 22 Plus Invest Limited, a member of the Tropical General Investments Group.

This was contained in an official filing submitted to the Nigerian Exchange Limited on Thursday, signed by the Company Secretary and Group General Counsel of UAC of Nigeria Plc, Ayomipo Wey.

The company noted that the completion of the transaction remains subject to obtaining the requisite regulatory approvals.

Commenting on the transaction, the Group Managing Director of UAC of Nigeria Plc, Fola Aiyesimoju, said, “UAC has worked closely with DP World’s management to support the significant growth and expansion of the Company over the years.

“We believe TGI, following completion of the proposed transaction, will be a strong long-term partner for DP World, its management and employees, bringing deep market knowledge and a strong track record of building businesses in Nigeria. We look forward to seeing the Company continue to grow and strengthen its contribution to Nigeria’s logistics sector.”

Similarly, the Vice Chairman of TGI Group, Farouk Gumel, highlighted that the strategic acquisition aligns with their shared ambition to reshape trade and supply chain operations across Africa by combining DP World’s global reach with TGI’s extensive distribution strength.

Appointment bazaar: ADC fumes as Mbah appoints Enugu Reps candidate as aide

Appointment bazaar: ADC fumes as Mbah appoints Enugu Reps candidate as aideThe African Democratic Congress, ADC, in Enugu State has criticised Governor Peter Mbah over the appointment of one of its House of Representatives candidates, Hon. Chinedu Onyeagba, as an aide.

Onyeagba, the ADC candidate for Aninri/Awgu/Oji River Federal Constituency, was among 101 aides recently appointed by Mbah.

The appointments were contained in a public service announcement signed by the Secretary to the State Government, Prof. Chidiebere Onyia.

According to Onyia, the appointments comprised seven Special Advisers, six Senior Special Assistants and 88 Special Assistants, all of which took immediate effect.

However, in a statement on Wednesday, the ADC Caretaker Secretary in Enugu State, Comrade Adolphus Ude, commended Onyeagba for rejecting the appointment.

Ude also questioned the timing of the appointments and expressed concern over their potential financial implications for the state.

“Someone does not ask somebody returning from the market to help him buy something, but the person going to the market.

“Governor Mbah is returning from the market. His reign is coming to an end. He knows that the people of Enugu State no longer want him. Who are those going to vote for him in 2027? Is it those that he demolished their properties at Ogige Market Nsukka or Old Park Enugu, Holy Ghost Enugu or Gariki?

“He knows that people in Enugu can no longer bear his policies, particularly his ruthless and inhuman taxation policies. Even if he appoints all the Nollywood actors and actresses, and other celebrities in Nigeria as aides, he will still lose re-election,” Ude said.

He alleged that the latest appointments were linked to what he described as Mbah’s concern over the 2027 governorship election and his declining political support in the state.

Ude also argued that the appointments would increase the state’s recurrent expenditure and reduce funds available for infrastructure development.

“Enugu ADC condemns the recent appointment of 101 aides by Governor Peter Mbah at the twilight of his current administration. The latest appointments were announced three weeks after the appointment of 23 aides by the Governor.

“It means that in less than one month, the Governor of Enugu State has appointed 124 aides. This appointment bazaar going on in Enugu State calls for concern.

“The appointment of 124 aides with multiple communication and media portfolios and vague advisory roles when the current Peter Mbah administration is winding-up is sheer executive recklessness.

“Beyond political strategy, there is no rationale whatsoever for this quantum of appointments. The Governor is only interested in regaining his dwindling political influence and mobilising grassroots support across sectors for his re-election and nothing more,” he said.

The ADC official further claimed that salaries and allowances for the aides could place additional pressure on the state treasury.

He warned that increased recurrent expenditure could make the state more vulnerable to a decline in allocations from the Federation Account and potentially force the government to borrow to meet its overhead obligations.

“Already, under Mbah, the debt of Enugu State surged by over 128 percent, climbing from N82.5 billion he inherited in May 2023 to N188.42 billion by early 2026. One could imagine what will happen in the near future when the state borrows to pay the newly appointed aides of the Governor,” Ude said.

America won’t allow Tinubu rig 2027 polls in Nigeria – US firm

America won’t allow Tinubu rig 2027 polls in Nigeria – US firmA United States-based political advisory and lobbying firm, Von Batten-Montague-York, has said that the United States will not allow Nigeria’s President Bola Tinubu to rig the 2027 general elections.

Von Batten-Montague-York made the assertion in a post on its verified X handle on Thursday.

The firm also alleged that, regardless of political leaning, there is a growing consensus that the Nigerian government and its leader, President Bola Tinubu, represent a bastion of corruption.

According to the firm, Tinubu appointed an individual whom the US Department of Justice said had embezzled billions from Nigeria’s treasury during a previous administration to serve as Nigeria’s current minister in charge of the nation’s budget.

“The US cannot afford to allow President Tinubu to rig the upcoming Nigerian election.

“This level of lawlessness in the Nigerian government puts Nigeria on a path similar to those seen in Niger, Mali and Burkina Faso.

“Free and fair elections in Nigeria are essential to protecting US interests in Nigeria and the broader region,” the firm tweeted.

Federal University Dutse gets NUC approval for 30 new programmes

Federal University Dutse gets NUC approval for 30 new programmesThe National Universities Commission (NUC) has approved the commencement of the Faculty of Law and 30 new academic programmes at the Federal University Dutse (FUD), beginning from the 2026/2027 academic session.

The approval was contained in a letter dated September 11, 2026, with reference number NUC/AP/F33/VOL.II/15, signed by the Director of Academic Planning, NUC, Abubakar M. Girei, and addressed to the Vice-Chancellor of the university, Professor Ahmad Mohammed Gumel.

Among the newly approved programmes are LLB Common and Islamic Law, BSc Artificial Intelligence, BSc Data Science, BSc Information Systems, Medical Laboratory Science, Community Health, Human Nutrition and Dietetics, Physiotherapy, Radiography and Optometry.

Others include Parasitology and Entomology, Environmental Standards, Water, Sanitation and Hygiene, Applied Geology and Remote Sensing, as well as several education programmes, including Physics, Biology, Mathematics, Educational Management, Early Childhood Education, Adult Education, Arabic and English.

The commission also approved postgraduate programmes in Forestry and Wildlife, Accounting, Treasury and Finance, Banking and Finance, and Information Technology, alongside Master’s programmes in Banking and Finance and Accounting and Finance.

Reacting to the development, the Vice-Chancellor, Professor Ahmad Mohammed Gumel, described the approval as a significant milestone in the university’s efforts to expand its academic programmes.

Professor Gumel said the new programmes were introduced to respond to emerging educational and manpower needs, particularly in technology, science, education and health-related fields.

He added that the expansion would provide students with relevant knowledge and practical skills needed to meet changing industry demands and address contemporary societal challenges.

According to him, the initiative is also aimed at producing graduates who are adequately prepared for the workforce and capable of contributing meaningfully to national development.

El-Rufai laments silence of friends, ex-colleagues amid his legal, political troubles

El-Rufai laments silence of friends, ex-colleagues amid his legal, political troublesFormer Kaduna State governor, Nasir El-Rufai, has said he stood by his former colleagues, friends and family members at a “considerable personal cost.”

El-Rufai said that despite standing by them during their difficulties, some of his former colleagues, friends and family members have now gone silent amid his current legal and political travail.

In a statement titled “My Relationships and the Aftermath,” dated September 23, 2026, El-Rufai said he had always been guided by his Islamic faith, Arewa upbringing, personal values and conscience.

He said his support for people was never based on expectations of praise, gratitude or reciprocity, stressing that those were choices he made freely and remained responsible for.

El-Rufai acknowledged that some people may now choose to speak, remain silent, deny relationships or “try rewriting history.”

He said, “Some people have mentioned that they are worried about the quiet behaviour of some colleagues, friends and family members whom I used to support or have close ties with publicly.

“My own opinion about this is pretty straightforward, and I’m going to share it now.

“Throughout my life, I’ve tried to do my best for my co-workers and friends, my family, and people everywhere, based on my Islamic beliefs, my roots in Arewa, my personal values and, most importantly, my conscience.

“Over the years, I have supported people and stood up for causes I believed in, even when things were tough and it cost me a lot personally.

“I did it not because I expected praise, thanks or anything in return, but because I thought it was the right thing to do. Those were decisions I made on my own, and I am still responsible for them.

“In the same way, the people I have supported are now free to make their own decisions since the situation has changed. Some may speak; others may remain silent.

“Some people might even refuse to acknowledge our relationship or attempt to rewrite the past. What I’ve learned during tough times, like the last few months, might make me quietly think again about some relationships and what people who look up to me expect from them.”

Don’t fund pilgrimages with stolen money — Sultan tells politicians

Don’t fund pilgrimages with stolen money — Sultan tells politiciansThe Sultan of Sokoto, Alhaji Sa’ad Abubakar III, has cautioned politicians and public office holders against sponsoring pilgrims to Mecca and Jerusalem with stolen public funds.

The Sultan spoke on Wednesday in Abuja at the opening ceremony of a stakeholders’ meeting organised by the Nigeria Inter-Religious Council, NIREC, themed “Shared Sacred Flourishing in Nigeria.”

He said using corrupt funds to finance religious activities could not be justified by the spiritual purpose of such activities.

“You cannot steal money and send people to Jerusalem or Mecca with corrupt funds and think God will accept your deeds.

“God is not corrupt, so you cannot use corrupt money for Hajj or anything else,” he said.

Abubakar also urged religious leaders to work with anti-corruption agencies in tackling corruption and promoting accountability.

He called on the Economic and Financial Crimes Commission, EFCC, to carry out its duties without political interference.

The Sultan further urged religious leaders to promote mutual understanding between Christians and Muslims, saying stronger interfaith relations were necessary for peaceful coexistence.

He also cautioned clerics against making inflammatory statements, particularly during election periods, and urged them to pray for national leaders rather than use religious platforms to cause division.

Many critics of Kano Gov Yusuf facing arbitrary arrests, detention, threats – Amnesty

Many critics of Kano Gov Yusuf facing arbitrary arrests, detention, threats – AmnestyAmnesty International has condemned what it described as an increasing crackdown on freedom of expression in Kano State, alleging that critics of Governor Abba Kabir Yusuf are being subjected to arbitrary arrests, detention, threats and intimidation.

The organisation said in a statement that several people had been arrested or “invited” by security agencies over comments or social media posts critical of the state government.

It alleged that some of those arrested were subjected to what it called “sham trials” and hurriedly sentenced on what it described as questionable charges.

“The rising tide of repression prevailing in Kano is increasingly creating a toxic climate of fear and endangering people’s right to freedom of expression,” Amnesty said.

The organisation said the case of Abba Ibrahim Kofar Nasarawa, also known as Aiha K Nass, was particularly concerning, alleging that he had remained in detention since August.

“Also still in arbitrary detention is Alhaji Murtala Muhammad Dawanau, simply for a comment on a Facebook post. Fatima Dayyabu was arbitrarily arrested, arraigned and fined for criticism,” it said.

Amnesty also named Maryam Usman, popularly known as Golden Queen, Muhammad Ahmad, Hafsat Muhammad Sauwama Kauwama, Khadija Garba Kadnass, Ismail Hassan Hussain Lajin Dala and Isa Zanna Isa among those it said had been subjected to the alleged crackdown.

It further said Zaidu Magaji had been subjected to “outrageous threats and intimidation”.

“These arrests are indicative of the constant harassment of opposition politicians and their supporters, and severe stifling of freedom of expression in Kano State,” Amnesty said.

The organisation said security agencies should not be used to intimidate people who criticise elected officials.

“It is perfectly within the right of the people to criticise the President or a governor. No one is above criticism, no matter his status. Arresting critics is unacceptable in a free society,” it said.

Amnesty called on the Kano State Government and security agencies to respect citizens’ rights to freedom of expression and association.

The Kano State Government had previously rejected similar allegations by Amnesty as “misleading, unfounded, and a gross misrepresentation of facts”, saying security agencies act on petitions and allegations of offences such as cyberbullying, defamation and incitement.

Amnesty’s wider 2026 assessment of Nigeria has also documented arrests and detention of journalists and others over dissenting expression, including cases involving social media posts.