Stocks hit record high as market cap reaches N163tn

Capital MarketThe Nigerian equities market maintained a strong bullish momentum on Wednesday, as trading activities closed on a positive note across major market indicators, lifting the All-Share Index to an all-time peak.

The benchmark All-Share Index advanced by 0.23 per cent to settle at 251,191.02 basis points, up from 250,614.66 points recorded in the previous session.

Consequently, the total market capitalisation expanded by over N374bn to close at N163.06tn, compared to N162.68tn reported on Tuesday. This upward trajectory reflects sustained investor interest and key portfolio realignments across blue-chip counters and high-yield instruments.

A broader assessment of market trends over the trading week highlights an uninterrupted upward movement from Thursday, September 17, when the All-Share Index stood at 246,315.38 points with a capitalisation of N159.89tn.

Across the five-day trading period, the market index averaged 249,616.48 points, recording its lowest level at 246,315.38 points before peaking at Wednesday’s high of 251,191.02 points.

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Market sentiment has remained resilient despite macro-environmental factors, including the Central Bank of Nigeria retaining its benchmark Monetary Policy Rate at 23.00 per cent.

Sectoral performance across the local bourse showed broad-based gains led by banking, insurance, and consumer goods stocks, which offset modest pullbacks in heavy industrial counters. The NGX Banking Index climbed to 2,748.63 points from 2,725.39 points, driven by investor demand in tier-one and tier-two lenders.

Similarly, the NGX Insurance Index gained ground to close at 1,093.23 points, up from 1,081.54 points on Tuesday. The NGX Consumer Goods Index advanced to 4,092.56 points, while the NGX Oil and Gas Index nudged higher to 6,014.43 points.

On the other hand, the NGX Industrial Goods Index slipped to 10,463.54 points from 10,479.35 points, impacted by slight price depreciation in major cement producers.

In the banking and financial services sector, investor demand remained robust across both Premium and Main Board listings. Zenith Bank Plc experienced an upward shift, closing 2.27 per cent higher at N135.00 after trading over 32.85 million shares across 3,102 deals.

Access Holdings Plc and First HoldCo Plc also recorded positive performance, appreciating by 1.16 per cent to N30.50 and 1.35 per cent to N165.00, respectively. Guaranty Trust Holding Company Plc saw steady trading to close at N137.50, while Fidelity Bank Plc dominated execution volume in the sector, exchanging over 170.71 million shares.

Eterna Plc emerged as the top gainer, rising by 10.00 per cent to close at N38.50 per share. Thomas Wyatt Nigeria Plc followed closely with a 9.88 per cent gain to settle at N2.78, while Critical Minerals Financing Corporation Plc appreciated by 9.76 per cent to N2.70. Haldane McCall Plc and Omatek Ventures Plc also posted notable gains of 9.70 per cent and 9.63 per cent, closing at N3.28 and N1.48, respectively.

Other high-performing equities included John Holt Plc, Sovereign Trust Insurance Plc, Nigerian Aviation Handling Company Plc, and Honeywell Flour Mill Plc.

Conversely, Caverton Offshore Support Group Plc topped the losers list after dropping 9.09 per cent to close at N4.00 per share. University Press Plc recorded a 9.00 per cent decline to settle at N4.55, while Coronation Insurance Plc lost 6.30 per cent to close at N2.23.

Veritas Kapital Assurance Plc declined by 5.45 per cent to N1.04, and United Capital Plc shed 5.00 per cent to end the session at N17.10. Profit-taking activities were also witnessed in C&I Leasing Plc, Africa Prudential Plc, and NPF Microfinance Bank Plc.

Overall, investors exchanged a total of 1.59 billion shares valued across 49,736 deals. Transactions on the Main Board constituted the vast majority of volume, accounting for 31,617 trades and over 1.46 billion shares.

Market analysts expect the overall positive sentiment in the equities market to persist in near-term sessions, anchored by strong corporate fundamentals and targeted institutional buying.

TotalEnergies, AMNI approve $800m Ima Gas project

TotalEnergiesThe Federal Government has secured a final investment decision on a gas discovery that remained undeveloped for more than five decades and has finally moved towards production, with TotalEnergies and Nigerian independent AMNI International taking the Final Investment Decision on the $800m Ima Gas Project.

The project, located on Oil Mining Leases 112 and 117 offshore near Bonny Island, Rivers State, is expected to produce 350 million standard cubic feet of gas per day at plateau and supply about one-third of the gas required for the Nigeria LNG Train 7 expansion.

The government described the FID announced on Wednesday as another major milestone in its efforts to turn Nigeria’s huge gas resources into productive assets capable of supporting industrialisation, job creation and economic growth. TotalEnergies, however, put its investment in the project at more than $600m.

President Bola Tinubu, while reacting to the development in a statement on Wednesday, stated that his administration had signed a series of presidential directives and executive orders aimed at reducing the cost and time required to develop oil and gas projects, while providing greater certainty for investors.

“Since assuming office, I have signed a series of Presidential Directives and Executive Orders to make investment in Nigeria more competitive, reduce the cost and time required to develop projects, provide greater certainty to investors and ensure that our natural resources deliver greater value to our people.

“One of those reforms introduced specific incentives to unlock onshore and shallow-water gas projects that had remained undeveloped for years. Today, we are seeing the result. AMNI International and TotalEnergies have taken an $800 million Final Investment Decision to develop the Ima Gas Field, discovered in 1973 and left underground for more than 50 years.,” Tinubu stated.

The Ima field was discovered in 1973 but remained undeveloped for more than 50 years. The FID now provides the financial and commercial basis for its development, with first gas expected in 2028.

TotalEnergies, which is the operator with a 40 per cent interest, said AMNI holds the remaining 60 per cent. The field will be developed with a single offshore platform connected through a 22-kilometre pipeline to Nigeria LNG.

Speaking at the FID signing ceremony in Abuja on Wednesday, TotalEnergies Exploration and Production Nigeria Managing Director, Mathieu Bouyer, described the decision as the culmination of a long partnership between the two companies.

“Today we mark the final investment decision for the Ima Gas development project, and it’s with a lot of emotion that I’m standing before you today because that has been a long journey, a long story, across decades now, we can say. It’s a defining moment for Ima Gas, for the partnership with AMNI International and for TotalEnergies.

“The FID confirms that technically, commercially, legally, and regulatory, we are all set and all geared to invest in a new adventure, a new project in full trust and full confidence. It’s a big project; it’s more than $600 million of investment and a clear vote of confidence in Nigeria and its oil and gas industry, and in its true confidence also in the potential of the oil and gas people of this country.”

Bouyer said the project had benefited from reforms introduced by the Federal Government, particularly measures targeting the non-associated gas sector.

“This decision also reflects the progress made in Nigeria’s investment environment. I would particularly like to recognise the leadership of His Excellency, President Bola Ahmed Tinubu, that enabled and made it possible through a certain number of reforms, including the executive orders that were issued two years ago, and one specifically on the non-associated gas sector,” he said.

He added that the project would be developed with significant Nigerian participation, with the four major project packages to be handled by local contractors.

“The Nigerian content is, therefore, central to Ima, and all of the four main packages here will be handled by local Nigerian contractors, and it will be done from Nigeria by Nigerians,” Bouyer said.

“The mission is simple. It’s not only an investment in energy infrastructure. It’s an investment in Nigerian companies, Nigerian talent, and Nigerian long-term value and industrial capabilities.”

He said more than 60 per cent of the work done locally would be carried out by workers from communities around the project, while the development would also provide opportunities for employment, contracting and technical skills development.

TotalEnergies said the project had been designed as a low-emissions development, with the offshore platform powered from shore and operated without permanent offshore power generation. It will also have no routine flaring and permanent methane detection and monitoring systems.

AMNI Chairman and Chief Executive Officer, Tunde Afolabi, said the FID represented the fulfilment of a commitment made by both companies when they signed Heads of Terms in Houston in May 2024.

“Today is much more than the signing and approval of an investment. It represents the fulfilment of a commitment. It represents confidence in Nigeria. It represents the power of partnership,” Afolabi said.

He said the project demonstrated that Nigeria could still attract long-term capital when the right conditions were created. “Capital is disciplined. Capital has choices. And major energy companies today have investment opportunities competing for funding across many parts of the world.

“Therefore, when companies take an FID in Nigeria, it sends an important signal. It says that opportunities in this country can still be identified, structured, financed and developed successfully. But we should never take that confidence for granted.”

Afolabi said reaching FID was only the beginning, adding that the partners must now focus on safe execution, cost and schedule discipline, environmental responsibility, Nigerian content and engagement with host communities.

The Nigerian Upstream Petroleum Regulatory Commission Chief Executive, Mrs Oritsemeyiwa Eyesan, said the project demonstrated the impact of recent government reforms on investment decisions.

“His Excellency has taken very, very bold steps. Five years ago, three years ago, four years ago, we could not have conceived that today we would be sitting here to celebrate a project if he had not done what he did. Those executive orders are really why we are standing here,” she said.

Eyesan pledged that the upstream regulator would continue to remove obstacles facing investors. “As the chief regulator in the industry, we will enable business. We will unclog obstacles. We might not do it overnight, but rest assured that we will do it,” she said.

The FID makes Ima the fourth major gas development to move into execution as Nigeria seeks to increase gas production and strengthen supplies to the domestic and export markets.

The project will be particularly important to Nigeria LNG, whose Train 7 expansion is expected to raise liquefaction capacity from 22 million tonnes per annum to 30 million tonnes. TotalEnergies said Ima would provide about one-third of the gas required for the expansion.

 

Power generation hits 5,403MW, nears record peak

Nigeria’s total available electricity generation rose to 5,403.3 megawatts on Tuesday, coming within about 399MW of the country’s all-time generation peak of 5,801.84MW recorded in March 2025.

The latest figure was contained in the Daily Load Allocation Table released by the National Control Centre of the Transmission Company of Nigeria for September 22, 2026. The table showed that 4,379.07MW of the available generation was allocated for delivery to electricity distribution companies across the country.

The development comes as the Federal Government continues efforts to increase generation and improve the transmission network, with the Minister of Power, Joseph Tegbe, saying the sector had recorded generation and transmission levels above 5,000MW in recent weeks.

The 5,403.3MW available generation recorded on Tuesday represents about 93 per cent of the 5,801.84MW all-time peak generation milestone listed by the Nigerian grid operator.

According to the electricity grid milestones data from the system operator, the 5,801.84MW peak was attained at 9:15 pm on March 4, 2025. The milestone remains the highest instantaneous generation level recorded on the Nigerian electricity grid.

The latest generation figure also exceeds the 5,330MW generation peak disclosed by Tegbe as having been recorded during August and September 2026. The minister had said operational reports showed that generation and transmission had risen above 5,000MW in the weeks preceding his 100-day media briefing, compared with a generation range of between 3,700MW and 4,700MW before June.

However, the 5,403.3MW figure represents available generation in the load allocation schedule and should not be treated as the same measurement as the all-time instantaneous peak of 5,801.84MW.

The National Control Centre allocated 4,379.07MW to the DisCos, while 1,024.18MW was classified under exempted loads and other system requirements.

Of the allocation to the distribution companies, Abuja Electricity Distribution Company received the highest allocation at 700MW, representing 15.20 per cent under the Nigerian Electricity Regulatory Commission percentage allocation.

Ikeja Electricity Distribution Company followed with 581MW, representing 15.01 per cent, while Ibadan DisCo received 550MW, equivalent to 11.93 per cent. Benin DisCo was allocated 531MW, with an 8.04 per cent NERC percentage.

Other allocations included 519MW for Eko DisCo, 512MW for Enugu DisCo, 466MW for Port Harcourt DisCo, 161MW for Kano DisCo, 155MW for Kaduna DisCo, 134MW for Jos DisCo and 70MW for Yola DisCo.

The remaining 1,024.18MW in the table was not available for direct allocation to DisCos. It included 108.07MW for power stations and auxiliary consumption, 367.87MW for transmission losses and substation services, as well as supplies covered by bilateral and international arrangements, including allocations to Niger and local industrial consumers.

Nigeria has an installed generation capacity of 13,014.40MW, according to the NigGrid electricity grid milestones data. However, the grid’s highest recorded generation of 5,801.84MW remains substantially below the installed capacity.

The gap reflects the long-standing challenge of converting Nigeria’s installed generation assets into sustained electricity production. NERC’s sector data has similarly shown that generation output fluctuates according to factors including the operational availability of generating units, grid demand and the availability of fuel.

 

 

Tegbe had said the Federal Government’s diagnosis of the electricity sector found constraints across the entire value chain, including gas supply, generation, transmission and distribution.

“Upon assuming office, the diagnosis we undertook at the onset revealed constraints at every segment of the electricity value chain. Gas supply to power stations was limited by damaged pipelines and commercial terms that discouraged investment,” the minister stated.

He added that the generation fleet was heavily dependent on thermal plants, while ageing equipment, deferred maintenance and stalled projects had affected the ability of available capacity to reach consumers.

“Our generation fleet was heavily dependent on thermal plants, with ageing equipment, deferred maintenance, stalled projects and capacity unable to reach consumers. The sector diagnosis revealed payment of only 27 per cent of generation companies’ bills, undermining their ability to maintain plants and pay gas suppliers,” Tegbe stated.

The minister also disclosed that the 375MW Alaoji open-cycle power plant had been restored to the national grid after being offline for three years.

He said transformers commissioned at Apapa, Ijora, Alausa and Lekki in Lagos had unlocked 672MW of transmission capacity, while a 300MVA transformer at Katampe, Abuja, unlocked another 240MW.

The latest 5,403.3MW figure therefore represents another period of relatively high generation for the national grid, but it remains about 398.54MW short of the 5,801.84MW all-time peak. It could be recalled that power generation fell below 3,000MW in the first quarter of 2026 due to gas constraints

Access Bank redeems $500m Eurobond at maturity

Access Bank PlcAccess Bank Plc, the flagship banking subsidiary of Access Holdings Plc, has redeemed its $500m senior unsecured Eurobond that matured on 21 September 2026.

The bank said the repayment was funded entirely from its own foreign-currency liquidity, in line with its asset-liability management framework and the maturity profile established when the bond was issued.

The Eurobond was issued in September 2021 with a five-year tenor and a 6.125 per cent coupon rate.

Access Bank said it made all semi-annual coupon payments on the bond as they fell due throughout the five-year period.

The redemption discharges the bank’s obligations under the Eurobond and marks the maturity of one of its major international debt instruments.

According to the bank, the repayment was incorporated into its liquidity management framework and will have no adverse impact on its operations or regulatory liquidity requirements.

Managing Director and Chief Executive Officer of Access Bank, Roosevelt Ogbonna, said the redemption demonstrated the bank’s funding and liquidity management capacity.

“Meeting this maturity from our own balance sheet affirms the strength of our funding position and the discipline with which we manage our capital and liquidity,” Ogbonna said.

The repayment also comes as Nigerian banks continue to manage foreign-currency funding obligations amid tighter requirements around liquidity, capital and balance-sheet management.

Access Bank said it would continue to maintain a diversified funding base to support growth across its markets.

The bank’s parent company, Access Holdings, said the transaction underscores the group’s approach to balance-sheet management and meeting its obligations to investors.

The $500 million bond was a senior unsecured obligation, meaning it was not backed by specific collateral and ranked as a senior claim against the issuing bank.

With the maturity now settled, Access Bank has removed the $500 million principal obligation from its outstanding Eurobond liabilities, experts said.

Court nullifies Babazango’s ADC candidacy, recognises Bashir for Yola federal constituency

Court nullifies Babazango’s ADC candidacy, recognises Bashir for Yola federal constituencyThe Federal High Court in Abuja has recognised Abubakar Bashir as the winner of the African Democratic Congress (ADC) primary for the Yola North/Yola South/Girei Federal Constituency of Adamawa State.

The court also nullified the nomination of the incumbent lawmaker, Abubakar Babazango, as the ADC candidate for the constituency in the 2027 general elections.

Justice Chigozie S. Onah gave the judgment on September 17, 2026, in a suit filed by Bashir against the ADC, the Independent National Electoral Commission (INEC) and Babazango.

The case followed a dispute over the outcome of the ADC primary held on May 21, 2026, and the party’s subsequent decision to submit Babazango as its candidate.

Results from the primary showed that Bashir won with 33,931 votes. He defeated six other aspirants, including Zayyad Tumba, who scored 16,266 votes, and Yusuf Garba, who received 14,611 votes.

Abubakar Mohammed polled 10,035 votes, Abubakar Gabdo scored 8,022, Abdulaziz Abubakar got 4,501, while Babazango came last with 4,359 votes.

Babazango had defected from the All Progressives Congress (APC) to the ADC and was seeking to retain his seat in the House of Representatives.

After the primary, Bashir alleged that efforts were being made to alter the result and replace his name with that of Babazango.

Mohammed Daud, speaking for Bashir’s campaign council, had raised concerns over a list circulating online which allegedly showed Babazango as the winner.

“It has come to our shock and dismay that a purported list currently circulating online suggests that another aspirant, who scored the lowest number of votes during the primary election, was submitted to the national headquarters as the winner,” the statement read.

The ADC denied the allegation, saying there was no plan to manipulate the result.

Bashir later approached the court, challenging Babazango’s nomination. He asked the court to determine whether the primary was conducted in accordance with the Electoral Act, the ADC Constitution and the party’s guidelines.

He also argued that his name could not legally be replaced by an aspirant who did not win the primary.

In its judgment, the court ruled in Bashir’s favour, finding that the process through which Babazango was accepted and published as the winner did not comply with the ADC Constitution and its guidelines.

Justice Onah referred to Section 12 of the ADC Guidelines for the Conduct of Primary Elections, which allows a declared winner to be replaced only if the winner dies or withdraws from the race.

The court found that neither of those conditions applied to Bashir.

The judgment stated: “It follows, as a necessary consequence, that the acceptance and publication of the name of the 3rd Defendant as the winner of the said primary election, having been founded upon a process which this Court has found to be inconsistent with the Constitution and the Guidelines of the 1st Defendant, cannot be sustained.”

The court therefore nullified Babazango’s nomination and directed INEC not to recognise him as the ADC candidate for the constituency in the 2027 election.

Babazango was also barred from presenting himself as the ADC candidate for the seat.

The court directed INEC to recognise Bashir as the winner of the May 21 primary and as the ADC candidate for the House of Representatives seat.

The ADC was also ordered to recognise Bashir as its duly elected candidate.

Justice Onah further held that the party was required to comply with the Electoral Act 2026 and its own guidelines when conducting its nomination process.

The court said the ADC could not lawfully nominate anyone other than Bashir as the winner of the primary and its candidate for the constituency.

Bashir had asked the court to award him N25 million in litigation costs. However, the judge rejected the request, saying solicitors’ fees could not be awarded in the manner sought. Instead, the court awarded N1 million in costs against the ADC and another N1 million against Babazango.

2027: Peter Obi, Kwankwaso send conflicting messages on fuel subsidy

2027: Peter Obi, Kwankwaso send conflicting messages on fuel subsidyOn Tuesday, Rabiu Kwankwaso, the vice-presidential candidate of the Nigeria Democratic Congress, NDC, said that a Peter Obi-led administration would bring back fuel subsidies in a modified form.

Kwankwaso, a former Kano State governor, stated this in an interview with Arise TV on Tuesday.

DAILY POST reports that the NDC running mate was discussing the fuel subsidy policy of the President Bola Tinubu-led administration and the positions of presidential candidates ahead of the 2027 election.

Both Obi and Kwankwaso have criticised the current administration’s handling of fuel pricing and agreed that Nigerians need relief from high pump prices.

However, they appear to differ on a key question: whether the subsidy should return.

Recall that Obi, the NDC presidential candidate and former Anambra State governor, has consistently defended the removal of fuel subsidy.

DAILY POST reports that his position, as reflected in his 2023 manifesto and subsequent interviews, is that the subsidy should have been removed in a structured and phased manner.

According to Obi, the government should have first tackled corruption and established a transparent pricing framework with operators in the downstream petroleum sector.

Also speaking recently at the Nigerian Bar Association conference in Port Harcourt in August 2026, Obi rejected calls for a return to the old subsidy regime.

“I subscribe and maintain that you need to remove subsidy. Mismanagement of the proceeds shouldn’t be the reason for not removing it,” he said.

The NDC presidential candidate also argued that the savings should have been invested in critical sectors such as healthcare, education and agriculture, while also strengthening the country’s sovereign wealth fund.

Obi further claimed that the government recovered trillions of naira from subsidy removal but failed to transparently channel the funds into productive investments that would cushion the impact on Nigerians.

On the contrary, DAILY POST reports that Kwankwaso is approaching the issue from a different direction.

In an exclusive interview with Arise News on Tuesday, the NDC vice-presidential candidate said an Obi-led government would bring back subsidy, although not in the form previously operated.

“We are bringing subsidy in our own way,” Kwankwaso said.

The former Kano governor also faulted President Bola Tinubu’s decision to remove the subsidy on May 29, 2023, arguing that the policy was implemented without adequate preparations.

According to him, the decision contributed to what he described as a “total mess economically.”

Kwankwaso acknowledged that the major contenders in the 2023 presidential election had campaigned on eventually removing the subsidy.

Kwankwaso said the government should encourage and support the expansion of both private and public refineries to ensure that petroleum products are produced locally and supplied at lower prices.

“If individuals in this country can build refineries, I see no reason why government under certain circumstances will not build refineries,” he said.

He added that the objective would be to do “whatever it takes to put the price of oil down.”

The comments have raised questions about how the NDC would reconcile the positions of its presidential and vice-presidential candidates.

While Obi has maintained that Nigeria should not return to the old subsidy regime, Kwankwaso has openly spoken about bringing subsidy back “in our own way.”

Although both men have criticised the manner in which the subsidy was removed and have argued that Nigerians should not continue to bear the full burden of high fuel prices, their approaches differ mainly on the mechanism.

For Obi, the emphasis is on maintaining subsidy removal, preventing waste and corruption, and using the savings to improve public services and the economy.

For Kwankwaso, government intervention should include supporting domestic refining and introducing measures that would bring fuel prices down, including subsidy in a new form.

Obi, Kwankwaso may clash over leadership if elected – economist

Speaking to DAILY POST about the development, Chief Economist of ARKK Economics & Data Limited, Dr Samson Simon, expressed concern that a potential Peter Obi-Rabiu Kwankwaso administration could face personality and leadership clashes if elected in 2027.

Simon said Kwankwaso’s age and longer experience in politics could create tension with Obi, whom he described as not being primarily a politician but a former bank chairman.

He said the two opposition leaders needed to resolve their differences and agree on common policies before the election.

“For Peter Obi and his running mate, I am beginning to be concerned. Kwankwaso is older and he has been in politics longer than Peter Obi. And Peter Obi is not primarily a politician; he was a bank chairman,” he said.

“I’m afraid that if they get to power, they may have a clash of personality and Kwankwaso might feel too big to take instructions from Peter Obi.

“They need to sit down together. They can’t be singing discordant tunes. They have to sit down and agree on a policy.

“I think Kwankwaso should defer to Obi as the head of the ticket, even if he doesn’t agree. That’s one thing about leadership. The thing about power is not about age,” he added.

Obi, Kwankwaso must harmonise positions on fuel subsidy – Analyst

For his part, a political analyst and communication expert at Peaceland University, Enugu, Nduka Odo, said the disagreement between Peter Obi and Rabiu Kwankwaso over fuel subsidy shows the need for the opposition ticket to harmonise its economic policies ahead of the 2027 election.

Odo told DAILY POST in a chat that although both politicians could have different views on economic management, they must present Nigerians with a clear and coherent position on fuel subsidy.

“You cannot be running on the same ticket and be sending different signals on an issue as sensitive as fuel subsidy,” he said.

According to him, the issue should not be reduced to political rhetoric, as the policy has direct implications for the cost of living and the broader economy.

“They need to sit down, look at the figures and agree on a position that is economically sustainable and politically clear to Nigerians,” Odo said.

He added that Obi and Kwankwaso should explain what they intend to do differently and how their proposed approach to fuel subsidy would affect ordinary Nigerians.

Electricity: Nigeria’s power generation hits 5,403.3MW peak

Electricity: Nigeria’s power generation hits 5,403.3MW peakNigeria’s power sector recorded a total available generation of 5,403.3 megawatts on Tuesday, September 22, 2026, according to the Daily Load Allocation Table released by the National Control Centre, NCC.

According to the report, out of the total generation, 4,379.07MW was successfully delivered to various electricity distribution companies (DisCos) across the country.

The figures revealed that Abuja DisCo received the highest load share at 700MW (15.20% NERC percentage), followed closely by Ikeja DisCo with 581MW (15.01%), Ibadan DisCo with 550MW (11.93%), and Benin DisCo with 531MW (8.04%).

Other distribution companies also received their respective allocations under NERC guidelines, including Eko with 519MW, Enugu with 512MW, Port Harcourt with 466MW, Kano with 161MW, Kaduna with 155MW, Jos with 134MW, and Yola with 70MW.

Meanwhile, a subtotal of 1,024.18MW was categorised under exempted loads, covering power stations and auxiliary consumption (108.07MW), transmission losses and substation services (367.87MW), as well as various bilateral and international supplies, including allocations to Niger and local industrial consumers.

Recall that the Minister of Power, Joseph Tegbe, attributed improved electricity supply in the country to the restoration of the 375MW Alaoji power plant after three years offline, as well as other efforts by President Bola Ahmed Tinubu’s administration.

Ogun police begins documentation of SPY personnel

Ogun police begins documentation of SPY personnelOgun State Police Command has commenced a documentation and verification exercise for all Supernumerary Police, SPY, personnel operating in the state.

The exercise, according to the Command, will run from September 23 to October 7, 2026.

This was contained in a statement issued on Wednesday by the Police Public Relations Officer, DSP Oluseyi Babaseyi.

He said the exercise was aimed at strengthening the proper documentation, verification and oversight of SPY personnel in the state.

He said all organisations with SPY personnel are directed to ensure that their personnel report for the exercise.

“Accordingly, all organisations with SPY personnel are directed to ensure that their personnel report to the Police Public Relations Department, Ogun State Police Command Headquarters, Eleweran, Abeokuta.

“They are required to come with their training certificates and photocopies, warrant cards or certificates of ‘To Whom It May Concern’, recent passport photographs in approved uniform, and other relevant documents,” he stated.

The Command described the exercise as proactive, adding that it would ensure effective monitoring and accountability of SPY operations in Ogun State.

Petrol price beyond Tinubu’s control – Lokpobiri

Petrol price beyond Tinubu’s control – LokpobiriThe Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said President Bola Tinubu’s administration does not have the power to reduce the price of petrol because the downstream oil sector has been fully deregulated.

Speaking on Channels Television’s Politics Today on Tuesday, Lokpobiri said petrol pricing is determined by global market forces, not by the federal government.

According to him, “The Bola Tinubu government doesn’t have any power to reduce or increase the price of petrol. It is completely deregulated in line with global best standards.”

He explained that crude oil and refined petroleum products are traded globally, meaning Nigeria cannot fix prices without returning to the fuel subsidy regime.

“Crude oil and refined products are a global business. Nigeria doesn’t exist in isolation. You cannot arbitrarily reduce prices unless you want to roll back to subsidy,” he said.

Lokpobiri made the comments while responding to former Vice President Atiku Abubakar’s call for a production subsidy that would make locally refined petrol cheaper for Nigerians.

He dismissed the proposal.

According to him, Atiku had no legal basis, no fiscal basis, no financial basis.

The minister also rejected the argument that petrol should be significantly cheaper because it is refined locally at the Dangote Refinery.

He said locally produced crude is still sold to refineries at international market prices, making global pricing unavoidable.

“They sell crude to the refinery at the same global price,” he said.

However, he argued that Nigerians are still benefiting from local refining through improved fuel availability and lower prices compared to some other countries.

“We already benefit. That’s why our price is lower than that of the U.S.,” Lokpobiri said.

He noted that even the United States, one of the world’s largest oil producers with extensive refining capacity, sells fuel at prices higher than Nigeria’s average pump price.

FG working to announce new minimum wage – Shoretire

FG working to announce new minimum wage – ShoretireThe Federal Government is working to announce a new national minimum wage to alleviate the economic hardship faced by Nigerian workers.

Permanent Secretary, Federal Ministry of Labour and Employment, Dr Kamil Shoretire, made this disclosure on Tuesday in Abuja at a capacity-building workshop organised for labour correspondents.

Shoretire confirmed that consultations were underway to set an official date for negotiations.

“We are yet to announce the timetable for that, but background discussions are already ongoing.

“When it’s time to get the press involved in what has been proposed and what is being negotiated, it will be revealed to you,” he said.

According to him, the government was also engaging workers in sectors where disputes over salaries and allowances remained unresolved.

This followed intense pressure from organised labour groups to review the current N70,000 national minimum wage approved by the Federal Government in 2024.

The workers are also requesting an increase to N500,000 and an immediate wage award.

They equally demanded a reduction in the petrol price to N500 per litre.