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Afreximbank to establish pan-African gold bank

AFREXIMBANKThe African Export–Import Bank and the Central Bank of Egypt have signed a Memorandum of Understanding for the  African Gold Bank in Egypt.

This was disclosed in a statement on Tuesday, indicating that the MoU would formalise gold value chains, strengthen central bank reserves and reduce Africa’s reliance on foreign refining and trading hubs.

The PUNCH reports that gold prices hit a series of record highs this year as investors turned to precious metals as stores of value amid uncertainties caused by economic and geopolitical tensions.

The statement revealed that the landmark MoU was signed by the Governor of the Central Bank of Egypt, Mr Hassan Abdalla, and the President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, during a ceremony held at the Central Bank of Egypt

Commenting on the agreement, Abdalla emphasised that the initiative serves as a foundation that could progressively expand into a pan-African framework that would engage African governments, central banks, and market participants.

He underscored Egypt’s steadfast commitment to driving initiatives that promote economic integration across Africa, noting that the selection of Egypt as a potential hub, subject to the outcome of the study and subsequent approvals, reflects the African institutions’ confidence in its readiness to foster continental mega projects.

With its strategic geographic location at the crossroads of Africa, the Middle East, and Europe, Egypt is well-positioned to serve as a natural hub for regional gold trade and financial innovation.

Speaking at the signing ceremony, Elombi affirmed the joint commitment of both institutions to collaborating closely, aligning efforts and resources to promote financial stability, and contributing to sustainable economic prosperity across Africa

Elombi said, “Today’s ceremony may appear simple, yet it has tremendous economic consequences for our continent. We make a bold declaration that Africa’s gold must serve African people. This MoU, which is part of Afreximbank’s vision to make Africa’s resources benefit Africans, creates an African Gold Bank that will help us to begin to fundamentally alter the way we extract, refine, manage, value, store, and trade our gold resources, with the primary aim of retaining value on the continent.

“By effectively building up the gold stock, as other major economies have done, we enhance the continent’s resilience, minimise vulnerability to external shocks, improve currency stability and convertibility, and create wealth within the continent.”

Egypt added that the establishment of the Gold Bank programme is in line with its vision to expand strategic partnerships and strengthen mutual collaboration with African states across diverse fields, as well as Afreximbank’s focus on promoting and accelerating value addition and strategic mineral processing.

The partnership also builds on a shared vision between the CBE and Afreximbank to support domestic manufacturing, enhance sustainable development, and deepen regional financial and trade integration, fostering a robust and advanced African economic ecosystem.

Under the MoU, the two institutions will collaborate on commissioning a feasibility study to assess the technical, commercial, and regulatory requirements for developing an integrated Gold Bank ecosystem in a designated free zone in Egypt, with the participation of African countries. This includes the establishment of an internationally accredited refinery, secure vaulting facilities, and associated financial and trading services.

The initiative also targets the expansion of its scope across the continent and the engagement of governments, central banks, mining companies, and industry stakeholders to strengthen institutional collaboration, harmonise best practices, and facilitate the sustainable trade of gold and related services across Africa.

admin by — December 31, 2025 in Business 0
Oil output averages 1.46mbpd, below OPEC benchmark

NUPRCNigeria produced a total of 443.25 million barrels of crude oil between January and October 2025, according to crude oil and condensate production data from the Nigerian Upstream Petroleum Regulatory Commission.

According to the NUPRC report, this translates to an average of about 1.46 million barrels per day. Despite intermittent improvements, the output level meant that Africa’s largest oil producer remained below its 1.5 million barrels per day crude oil quota set by the Organisation of Petroleum Exporting Countries, achieving about 97 per cent of the quota during the 10-month period.

A breakdown of the figures shows that January recorded the highest crude oil production during the period at 47.70 million barrels, while February was the weakest month at 41.02 million barrels.

Output recovered in March and April and remained relatively strong through May, June, and July before easing in August and September. Crude oil production in October stood at 43.44 million barrels.

In addition to crude oil, Nigeria produced 60.55 million barrels of condensate between January and October. This comprised 17.38 million barrels of blended condensate and 43.17 million barrels of unblended condensate, reflecting the growing role of condensates in supporting overall oil output.

Combined crude oil and condensate production during the period amounted to 503.79 million barrels, equivalent to an average total oil production of about 1.66 million barrels per day.

However, this performance fell short of the Federal Government’s 2025 budget oil production benchmark of over two million barrels per day, which covers both crude oil and condensate.

At an average of 1.66 million barrels per day, Nigeria underperformed the budget target by about 340,000 barrels per day, representing a shortfall of roughly 17 per cent, despite condensate volumes boosting headline production.

Data from the commission show that average daily oil production in October stood at 1.60 million barrels per day, comprising 1.40 million barrels per day of crude oil and about 196,000 barrels per day of condensate. This placed Nigeria’s crude oil output for the month at 93 per cent of its OPEC allocation.

The continued gap between actual production and both OPEC and budget benchmarks has implications for government revenue and foreign exchange earnings, as crude oil exports remain a major source of fiscal funding.

While the Federal Government has pledged to raise oil output through improved security, reduced crude theft, and infrastructure rehabilitation, the January to October figures indicate that structural and operational challenges continue to constrain Nigeria’s oil production, even as condensate output provides some support to overall volumes.

For the 2026 fiscal year, the Federal Government is projecting about N60.97tn in oil revenue, lower than the earnings anticipated in the 2025 budget, reflecting more conservative assumptions on crude oil prices and production.

The projection is based on an analysis and the calculation of data contained in the 2026 Appropriation Bill presented to a joint session of the National Assembly in Abuja by President Bola Tinubu recently.

According to the President, the 2026 revenue estimate is anchored on a benchmark crude oil price of $64.85 per barrel, daily production of 1.84 million barrels, and an average exchange rate of N1,400 to the dollar.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said repeatedly that Nigeria can achieve the production of three million barrels of oil per day in 2025.

“When we came, we barely did a million barrels. Today, we are doing 1.8 mbpd, and we can do more. And those who are responsible for this are more local. And that’s why I’m saying that look, we need to come together and continue on this trajectory. Let’s finish the journey that we have made together. From a million barrels, we have achieved an 80 per cent addition.

“I want to see how we can do 2.5 to three million barrels this year. And we can do it,” Lokpobiri said earlier in the year. However, this has not been achieved as of the time of this report.

Meanwhile, the newly appointed Chief Executive of the Nigerian Upstream Petroleum, Mrs Oritsemeyiwa Eyesan, has pledged to reposition Nigeria’s upstream oil and gas sector, boost investments, and raise oil and gas production.

Eyesan formally assumed office on Tuesday, December 23, 2025, following a handover from the immediate past Chief Executive, Gbenga Komolafe. According to a statement, the new chief executive outlined her vision during her first town hall meeting with management and staff of the commission.

admin by — December 31, 2025 in Business 0
FX reserves to hit $51bn by 2026 — CBN

Governor of the Central Bank of Nigeria, Olayemi CardosoThe Central Bank of Nigeria predicts external reserves will climb to $51.04bn in 2026, up from $45bn in 2025.

This projection was contained in the Macroeconomic Outlook for Nigeria, 2026, titled ‘Consolidating Macroeconomic Stability Amid Global Uncertainty’, published by the CBN on Tuesday.

The PUNCH reported that Nigeria’s external reserves as of Monday, 29 December 2025, stood at $45.45bn, following days of steady accretion.

“The external reserves are projected at $51.04bn in 2026, compared with $45.01bn in 2025. The external reserves are expected to be boosted by reduced pressure in the FX market based on the anticipated rise in oil earnings, sovereign bond issuance, and diaspora remittance inflows.

“Additionally, Dangote refinery’s expansion of its nameplate capacity to 700,000 bpd from 650,000 bpd in 2025 and eventually to 1.4 million bpd in the medium term would further support the growth in external reserves,” the report read.

In the FX market, the apex bank noted that reforms are expected to further enhance efficiency and transparency, narrow the premium between the Nigerian Foreign Exchange Market and Bureau de Change rates, and sustain exchange rate stability. In addition, improved domestic oil refining capacity is expected to reduce foreign exchange demand for fuel imports.

On inflation, the CBN anticipates that headline inflation will decelerate further to 12.94 per cent in 2026, driven by a combination of factors, and is expected to come down to 10.75 per cent in 2027.

According to data from the National Bureau of Statistics, inflation has been falling for consecutive months, supported by the base-year effect.

As of November, headline inflation had dropped to 14.45 per cent, relative to the October 2025 headline inflation rate of 16.05 per cent. However, the NBS said the Consumer Price Index rose to 130.5 points in November 2025 from 128.9 points in October, reflecting a 1.6-point increase month-on-month.

The CBN stated, “Inflation is expected to continue its downward trend in 2026. The inflation outlook is predicated on continued stability in the foreign exchange and energy markets, the lagged effect of previous rate hikes, and improved policy coordination. Headline inflation is projected to further decelerate to 12.94 per cent in 2026 from 21.26 per cent estimated for 2025. The anticipated moderation would be driven by declining food and premium motor spirit prices. The expected deceleration in PMS prices would be driven by increasing competition within the midstream segment of the oil industry.

“Furthermore, the anticipated faster decline in food prices is expected to drive the slower pace of inflation. This would be on account of the expected increase in food supply following the launch of various agriculture sector-based policies, improved security in major food-producing regions, and favourable weather conditions.”

The CBN also added that in the transition phase, monetary policy will be flexible to balance price stability and growth objectives. Hence, the Monetary Policy Rate, the Cash Reserve Ratio and other instruments would be adjusted appropriately to manage the growth in money supply and attain a non-accelerating inflation growth path.

On projected monetary conditions in 2026, the CBN said they are expected to be relatively loose in view of the macroeconomic stability observed in 2025, as inflation and exchange rate risks continue to subside.

“In line with its price stability mandate, the Bank will deploy appropriate tools to anchor expectations, foster financial stability, and promote confidence in the economy. The trajectory of monetary aggregates in 2026 is expected to be influenced by external conditions and fiscal operations. Changes in the naira value of foreign currency deposits, arising from exchange rate movements, will continue to influence monetary aggregates. Nevertheless, the Bank’s policy stance, complemented by measures to stabilise the foreign exchange market, is expected to moderate the growth rate of monetary aggregates in 2026,” the bank said.

On the fiscal front, the apex bank noted that the outlook for 2026 is broadly positive, buoyed by sustained improvements in domestic crude oil production and the phased implementation of the Nigeria Tax Act, 2025, which is expected to strengthen non-oil revenue mobilisation.

“However, downside risks persist. A sustained decline in global oil prices below the budget benchmark and an unexpected reduction in oil production could undermine projected oil revenues. Elevated debt service obligations, extra-budgetary spending, and a potential rise in statutory transfers due to pre-election spending could further constrain the fiscal space. The fiscal outlook for 2026 is vulnerable to various risk factors. Notably, a budget risk could crystallise if crude oil prices and domestic production fall below benchmarks, thereby dampening the optimism about oil revenue contribution (57.01 per cent) to the total revenue outcome in 2026.

“Although crude oil production is expected to ramp up in the near term, the domestic oil sector remains sensitive to global shocks. The expectation of a strong non-oil revenue performance in 2026 is hinged on the successful implementation of the Nigeria Tax Act, 2025, and the sustenance of the ongoing tax effort. However, low tax awareness and compliance levels, as well as gaps in tax administration systems, remain significant risks to tax revenue projections,” the bank noted.

In the financial sector, the CBN expressed concerns about rising non-performing loans and their impact on banks, saying, “Rising NPLs pose a direct threat to banks’ profitability, credit availability, and overall risk-bearing capacity. This underscores the need to sustain measures to ensure that worsening NPLs do not weaken banks’ balance sheets, impair asset quality, and trigger systemic contagion. Although recent gains in capital adequacy and liquidity ratios provide a buffer, these indicators remain susceptible to unforeseen macroeconomic shocks.

“An increase in credit losses or foreign exchange illiquidity could erode capital reserves, breach prudential thresholds, and strain liquidity coverage. These conditions could disrupt financial intermediation, diminish market confidence, and amplify vulnerabilities across the banking sector.”

admin by — December 31, 2025 in Business 0
GTCO to raise N10bn through private placement

GTCOGuaranty Trust Holding Company Plc has secured approvals from the Central Bank of Nigeria and the Securities and Exchange Commission to undertake a private placement of its ordinary shares worth N10bn, the company announced on Tuesday.

The private placement, detailed in a notice filed with the Nigerian Exchange Limited, will involve the allotment of 125 million ordinary shares at N80 per share, with each share having a nominal value of 50 kobo. It is scheduled to close on December 31, 2025, subject to the fulfilment of all regulatory conditions, GTCO said.

“The board has authorised the company to embark on a private placement to raise N10bn by the allotment of 125 million ordinary shares of 50 kobo each,” the company said in a statement signed by Erhi Obebeduo, Group General Counsel.

GTCO explained that the private placement is being undertaken pursuant to Section 7.1 of the Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria.

It follows a shareholders’ resolution passed at the 2024 Annual General Meeting, which authorised the Board to establish a capital raising programme of up to $750m or its equivalent through various instruments and methods, including private placements.

The move comes after GTCO’s banking subsidiary, Guaranty Trust Bank Limited, surpassed the CBN’s new minimum capital requirement for commercial banks with international authorisation, increasing its capital to N504.04bn.

“The professional parties involved will use their respective reasonable endeavours to procure a placee for the private placement shares. The Private Placement is not being underwritten,” the statement added.

GTCO’s Board said the exercise is aimed at strengthening the holding company’s capital base and supporting its ongoing strategic objectives.

admin by — December 31, 2025 in Business 0
Air Peace Clarifies Barbados Incident, Dismisses Claims of Passenger Abandonment

We Didn't Abandon Passengers in Barbados, Visa Issues Caused Delays, Air Peace Clarifies – Arise News
Air Peace Limited has categorically refuted a recent publication alleging that the airline sold tickets to Jamaica and subsequently “dumped” passengers in Barbados, describing the report as false, misleading, and a misrepresentation of the facts.
The airline states unequivocally that all tickets were sold in full compliance with international airline sales practices and applicable aviation regulations. At no time did Air Peace engage in deceptive practices or mislead passengers regarding their itineraries.
During routine pre-departure profiling and documentation checks at the Murtala Muhammed International Airport, Lagos, it was discovered that some passengers lacked the requisite transit visas to travel through Antigua en route to their final destinations, including Jamaica, Trinidad and Tobago. In strict adherence to regulatory requirements, Air Peace promptly offered the affected passengers a full refund of their tickets.
While some passengers accepted the refund option, others voluntarily requested to be rerouted through Barbados, noting that Nigerian passport holders do not require transit visas when travelling through Barbados to Jamaica and other destinations. Acting solely on these voluntary requests, Air Peace facilitated the rerouting. In total, 42 passengers expressly opted to have their tickets rerouted through Barbados. No passenger was forced, coerced, or compelled to travel to Barbados.
Due to an unforeseen operational delay, the passengers arrived in Barbados later than scheduled and missed their onward connections. Regrettably, the onward tickets purchased by the passengers were not honoured by the airline they intended to continue their journey with, leaving them stranded in Barbados.
Additionally, some passengers who attempted to secure hotel accommodation using credit cards had their transactions declined, resulting in the absence of confirmed lodging. Barbados immigration authorities also raised concerns about certain passengers whose return tickets indicated a departure date of 31 December 2025, implying an extended stay without clear evidence of means or arrangements.
These issues fell squarely within the purview of the Barbados immigration authorities, who exercised their sovereign responsibility to assess each passenger individually on a case-by-case basis—an area beyond Air Peace’s control or obligation.
It is noteworthy that 67 passengers from the same group were granted entry into Barbados and allowed to continue their journeys, while 25 passengers were denied entry based on the concerns identified by immigration authorities.
Air Peace reiterates that it did not abandon, dump, or deliberately inconvenience any passenger. Throughout the process, the airline acted responsibly and in good faith by offering refunds, facilitating voluntary rerouting at passengers’ request, providing on-ground assistance, and ensuring the safe return of affected passengers.
The airline remains steadfast in its commitment to professionalism, regulatory compliance, and customer care. Air Peace also urges responsible journalism and encourages media organisations to verify facts with relevant stakeholders before publishing reports that may misinform the public.

 

admin by — December 31, 2025 in News 0
Zenith Pensions Custodian Limited (ZPC) Partners with Greatlife Changers Foundation to Support 400 Widows This Festive Season

​Zenith Pensions Custodian Limited (ZPC), one of Nigeria’s leading Pension Fund Custodian, is proud to announce the successful execution of its 2025 Corporate Social Responsibility (CSR) initiative. In a heart-led partnership with the Greatlife Changers Foundation, the organization donated essential raw food materials and festive gifts to over 400 widows to ensure they had a joyful Christmas celebration.
The event, which took place on the 20th of December, 2025, in the AGPC Auditorium at 1 Bakare Avenue, Palmgrove, Lagos addressed the immediate needs of one of society’s most vulnerable groups, providing “joy boxes” containing rice and other cooking condiments. Beyond the material donations, the event served as a platform for emotional support and community bonding, ensuring that these women feel valued and celebrated during the festive season.
The team oversaw the distribution of the items and engaged with the beneficiaries. The Managing Director, Mr. Peters Eledu, emphasized: “Our 2025 CSR strategy is rooted in the belief that corporate success is hollow without community impact. For us at ZPC, this isn’t just about charity; it’s about acknowledging the resilience of these widows and ensuring they experience warmth and dignity this festive season.”
The President, Great Life Changers Foundation, Bishop Chioma Grace Dauji expressed deep gratitude, noting that the collaboration significantly scaled their ability to reach those in need. For many of the beneficiaries, the partnership provided the only festive support they would receive in the year.
​The partnership with Greatlife Changers Foundation underscores ZPC’s commitment to social equity and its tradition of giving back to the Nigerian community. As a subsidiary of Zenith Bank Plc, ZPC continues to lead by example, proving that the nation’s most preferred pension fund custodian is also one of its most compassionate.
admin by — December 31, 2025 in News 0
Kano LG chairmen back Kwankwaso, Gov Yusuf’s defection to APC

Chairmen of 31 local government areas in Kano State have declared their support for calls urging the leader of the New Nigeria People’s Party (NNPP), Senator Rabiu Musa Kwankwaso and the Kano State Governor, Abba Kabir Yusuf to defect to the All Progressives Congress (APC).

The position followed a series of stakeholders’ meetings held across the local government areas between Sunday and Monday during which the chairmen presented their views on the political future of the party in the state.

Information gathered indicates that 31 local government areas endorsed a defection from the NNPP to the APC. However, chairmen of two local government areas; Kura and Tsanyawa expressed their decision to remain in the NNPP alongside its leader, Senator Rabiu Musa Kwankwaso, reaffirming their loyalty to the party’s ideals.

Meanwhile, as of the time of filing this report, 11 local government areas had yet to publicly declare their positions on the matter.

Kano State has a total of 44 local government areas, and attention remains on the remaining local government chairmen who are yet to state their positions as the political situation continues to attract widespread public interest across the state.

admin by — December 30, 2025 in Uncategorized 0
NNPP sacks Kano party chairman

Executive members of the New Nigeria Peoples Party, NNPP,  in Gargari Ward, Dawakin Tofa Local Government Area of Kano State, have removed and expelled the state party chairman, Hashimu Dungurawa, from the party, barely two weeks after his re-election.

A resolution signed by 27 ward executives said the decision was taken during the ward’s second executive meeting, led by the Ward Chairman, Shuaibu Hassan, with the secretary, Yahaya Saidu Dungurawa, in attendance.

According to the resolution, Dungurawa was removed over allegations of causing division within the party, fueling internal crises, failing to pay party dues, and making abusive comments against the Kano State Governor.

The executives said his alleged actions were unacceptable and harmful to the image, unity, and progress of the NNPP.

They stated that the decision followed the party’s constitution and was aimed at maintaining discipline, unity, and internal harmony within the party.

The ward leadership said copies of the resolution had been sent to the party’s local government, state, and national offices for further action.

“The decision had been communicated to the party’s national leader, Senator Rabiu Musa Kwankwaso, and the Kano State Governor, Alhaji Abba Kabir Yusuf”.

The ward executives said the move was meant to warn party members who abuse their positions and act as if they are above party rules.

They reaffirmed their loyalty to the NNPP national leadership under Kwankwaso and pledged continued support for Governor Abba Kabir Yusuf, while stressing their commitment to peace, unity, and the growth of the party.

admin by — December 30, 2025 in News 0
Anthony Joshua: Ogun govt provides update on boxer’s health after accident in Nigeria

World boxing champion, Anthony Joshua is recovering in hospital after a road accident on the Lagos-Ibadan Expressway.
The crash happened around midday and involved a Toyota Lexus jeep carrying Joshua and three other people.

Two passengers died in the accident. They were identified as Ayodele Kelvin Olu, 36, a Nigerian-British citizen, and Gami Sina, 36, a British citizen.

The Ogun State Government confirmed the incident and sent condolences to the families of the victims in a statement signed by the Special Adviser on Information and Strategy, Hon. Kayode Akinmade.

“Upon receiving information about the accident, Ogun State Governor, Prince Dapo Abiodun, visited the hospital where Joshua was receiving treatment.”

“He was later joined by Lagos State Governor, Mr. Babajide Sanwo-Olu. Both governors remained at the hospital for several hours to oversee the situation and ensure that appropriate medical care was provided.”

Speaking further, Governor Abiodun said he personally followed Joshua’s treatment after getting the report.

“As soon as I was informed, I headed straight to the hospital and was later joined by the Lagos State Governor, Babajide Sanwo-Olu. We both took charge of the situation, oversaw Anthony Joshua’s care, and remained at the hospital for over seven hours,” he said.

Other top officials who visited the hospital included the Inspector-General of Police, Mr. Kayode Egbetokun, and the Director-General of the National Sports Commission, Mr. Bukola Olopade.

President Bola Ahmed Tinubu was fully briefed on the incident.

Government sources said the President spoke separately with Anthony Joshua, his mother, and Governor Abiodun, offering his sympathy and condolences.

The British High Commission was also informed. Its Deputy Head of Mission, Mr. Simon Field, visited the hospital and met with Joshua and the two governors, while the families of the deceased were contacted through the Mission.

The Ogun State Government said Joshua is in a stable condition and receiving proper medical care.

“We are comfortable with the doctors and the quality of care at the hospital, and we appreciate the medical team for their professionalism,” Governor Abiodun said.

Authorities have ordered a full investigation into the cause of the accident, with findings to be made public later. The state government said it would continue to give updates as necessary.

Quoting President Tinubu, Governor Abiodun added, “This immense tragedy has cast a deep shadow over this season. These are very difficult moments, and we must stand firm, united, and encourage one another as brothers and sisters with a shared destiny.”

admin by — December 30, 2025 in News 0
NDLEA uncovers warehouse, recovers 347kg Cannabis Sativa in Ogun

The National Drug Law Enforcement Agency, NDLEA, in Ogun State has uncovered a warehouse used for the storage of illicit substances, along with a haul of Cannabis Sativa concealed inside a Honda Ridgeline pickup vehicle in the Rounder area of Abeokuta.

The command’s Public Relations Officer, Haris Musa, said in a statement obtained by DAILY POST on Monday that the discovery was made at about 10:00 pm on Sunday.

Musa revealed that the operation also led to the arrest of a 49-year-old man, identified as Fatokun Rahmon, with a total of 347 kilograms of Cannabis Sativa recovered.

He said, “Acting on actionable intelligence, operatives of the Command, on December 28, 2025, at about 10 pm, conducted a targeted operation at the Rounder, Abeokuta, Ogun State, where a warehouse used for the storage of illicit substances was uncovered.

“During the operation, operatives discovered a haul of Cannabis Sativa concealed inside a Honda Ridgeline pickup vehicle.

“The operation culminated in the arrest of one Fatokun Rahmon, 49 years of age, while a total of 347 kilograms of Cannabis Sativa were recovered.”

While reiterating the command’s unwavering commitment to suppressing illicit drug trafficking within the state, Musa noted that the interception highlights the operational alertness, intelligence-driven strategy, and relentless enforcement posture of the command, even as the year drew to a close.

Musa asserted that the command remains steadfast in sustaining this tempo as part of its mandate to curb the menace of drug abuse and illicit trafficking.

admin by — December 30, 2025 in News 0