2027: I never promised Tinubu I would join APC – Wike

2027: I never promised Tinubu I would join APC – WikeMinister of the Federal Capital Territory, FCT, Nyesom Wike, has disclosed that he never promised President Bola Tinubu that he would join the All Progressives Congress, APC.

Wike explained that he only promised to support Tinubu’s reelection bid.

The minister, who spoke on Arise Television’s Prime Time show, on Tuesday night, said, “I told them I would support the President right from the start.

“I never told Mr. President I will join APC. Go and ask him. If I want to join APC, it’s not people like Hope who will tell me to join APC.

“In fact, he is lucky I’m not in APC because I wouldn’t put up with that kind of nonsense he’s doing in APC.”

2027: InterSociety threatens int’l sanctions against Soludo, Alia, four other govs

The International Society for Civil Liberties and Rule of Law, InterSociety, has threatened to pursue international sanctions, including possible travel restrictions to Europe and the Americas, against six Nigerian governors whom it accused of promoting political intolerance and undermining opposition activities ahead of the 2027 elections.

The organisation named Anambra Governor Charles Soludo, Hyacinth Alia of Benue, Monday Okpebholo of Edo; Francis Nwifuru of Ebonyi, Peter Mbah of Enugu and Hope Uzodimma of Imo State.

In a statement issued in Enugu on Tuesday, InterSociety alleged that the governors and their loyalists had been involved in political exclusion, intimidation of opposition figures, abuse of state power and the shrinking of civic space.

It described the development as an emerging “axis of political intolerance” across parts of the South-East, South-South and North-Central, particularly against the Nigerian Democratic Congress (NDC) and its presidential candidate, Peter Obi.

Illicit funds: CAC moves to expose real owners behind Nigerian companies

Illicit funds: CAC moves to expose real owners behind Nigerian companiesThe Corporate Affairs Commission, CAC has revealed plans to expose the real owners behind Nigerian companies.

Hussaini Ishaq Magaji, Registrar-General of the CAC, made the disclosure at an engagement with journalists on Tuesday in Abuja.

According to him, there are legal owners of Nigerian companies and real individuals behind the corporate structure.

He said there is an urgent need for the public to know the real human beings behind corporate entities under its beneficial ownership disclosure framework.

He added that the move would help track illicit financial inflows within the country’s corporate ecosystem.

“In simple terms, there may be a legal owner on paper and the real person behind the corporate structure.

“We want to know the human being behind the corporate structure. And that is why beneficial ownership disclosure is not merely a bureaucratic requirement,” Magaji said.

ASUU begins indefinite strike at three Lagos State universities

ASUU begins indefinite strike at three Lagos State universitiesThe Academic Staff Union of Universities, ASUU, has commenced an indefinite strike across three universities owned by the Lagos State Government over the alleged failure of the state to address the union’s demands.

The institutions affected are Lagos State University, LASU, Lagos State University of Education, LASUED, and Lagos State University of Science and Technology, LASUSTECH.

The ASUU Joint Campus Group for the three institutions announced the industrial action in a statement on Tuesday, following the expiration of a 14-day ultimatum issued to the Lagos State Government on August 31 without an agreement being reached.

According to the union, a final warning issued on September 10 also failed to result in negotiations with the government, while the September 13 deadline elapsed without any dialogue taking place.

ASUU is demanding the domestication and implementation across the three institutions of relevant provisions contained in the December 2025 agreement reached between the union and the Federal Government.

Among the demands are the implementation of the Consolidated Academic Tools Allowance, CATA, and welfare-related provisions covering serving and retired academic staff.

The union said it arrived at the decision “with a heavy heart”, acknowledging that the industrial action could affect the academic calendar and members of the wider university community.

It urged students to remain calm, peaceful and law-abiding as efforts to resolve the dispute continue.

ASUU also acknowledged the concerns of parents and guardians who may be worried about the possible disruption of their children’s education.

The union clarified that the strike was not targeted at the managements of the three universities, commending them for their efforts towards domesticating the agreement.

It called on traditional rulers, religious leaders, alumni associations, civil society groups and other stakeholders to support its position and help facilitate a resolution.

ASUU said it had exercised considerable restraint and made repeated attempts to engage the Lagos State Government through dialogue.

However, it accused the state government of failing to take action on the outstanding issues, noting that neighbouring states had already implemented similar agreements.

The union further stated that its national leadership had endorsed the industrial action and supported the steps that culminated in the commencement of the strike.

ASUU said the strike would remain in force until the Lagos State Government engages the union and signs, domesticates and fully implements the relevant provisions of the December 2025 agreement.

“The Union remains entirely committed to constructive dialogue and to the swift restoration of normal academic activities as soon as these outstanding issues are addressed,” ASUU said.

NDLEA intercepts drugs worth N2bn, secures convictions of 248 suspects in Delta

NDLEA intercepts drugs worth N2bn, secures convictions of 248 suspects in DeltaDelta State Command of the National Drug Law Enforcement Agency, NDLEA, said it seized 2.446497 tonnes of illicit drugs worth an estimated N2 billion between July 2025 and September 2026 in the state.

NDLEA Commander, Halilu Hamidu, disclosed this on Tuesday, September 15, 2026, while briefing newsmen on the achievements of the command during the period under review.

Hamidu said the command also secured the conviction of 248 suspects during the period, while 223 cases were pending before the courts.

According to him, the drugs recovered across all its operations are worth an estimated N2 billion.

“The seized 2.446497 tonnes of solid drugs included 1.387751 tonnes of Cannabis sativa, 81.023 kilogrammes of cannabis seeds, 0.1511 kilogramme of cocaine, 0.0317 kilogramme of heroin, 0.8906 kilogramme of methamphetamine.

“Others are 2.303 kilogrammes of Molly, 666.295 kilogrammes of tramadol, 16.113 kilogrammes of Swinol/Rohypnol, 52.940 kilogrammes of diazepam/bromazepam, 5,190.8 kilogrammes of Exol-5, 0.7395 kilogramme of Cocodamol and 47.560 kilogrammes of laughing gas, also known as nitrous oxide,” he said.

He further stated that 1,304.630 litres of liquid drug exhibits, including 819.327 litres of codeine, 14.310 litres of pentazocine injection, 0.013 litres of diazepam injection, 0.403 litres of tramadol injection and 54.993 litres of a mixture of cannabis and dry gin, were also seized during the period.

He described the raid on a warehouse at Oko Market, Asaba, where illicit substances with an estimated street value of over N150 million were recovered, as one of the major operations of the command.

The NDLEA boss in the state also disclosed that three trucks loaded with codeine and psychotropic substances, with estimated street values of N150 million and N100 million, respectively, were intercepted.

He explained that two commercial buses were also intercepted along the Onitsha-Asaba Expressway with different illicit psychotropic drugs valued at over N300 million.

He said the agency destroyed 35.2 hectares of Cannabis sativa farmland across the state.

Hamidu listed other achievements of the command during the period to include the counselling of 693 drug-dependent persons, comprising 463 males and 230 females.

He, however, assured that the command was working hard to stop drug traffickers from using Delta State as a route or a place to store, cultivate and distribute illicit drugs.

Lagos Assembly passes 2026 Budget Amendment Bill, approves N200bn bond

Lagos Assembly passes 2026 Budget Amendment Bill, approves N200bn bondLagos State House of Assembly has passed the 2026 Appropriation (Amendment) Bill into law, paving the way for the reordering of budgetary priorities and faster implementation of major capital projects across the state.

The passage followed the consideration of a letter from Governor Babajide Sanwo-Olu requesting the Assembly’s approval to reorder priorities contained in the state’s 2026 budget.

The letter, read before the lawmakers by the Clerk of the House, Mrs Adenike Oshinowo, was referred by the Speaker, Mudashiru Obasa, to the Committee on Economic Planning and Budget for consideration.

FirstBank, UNILAG champion business ethics, SME support

First Bank logoFirstBank Nigeria Limited and the University of Lagos have reaffirmed their joint commitment to driving academic research, ethical leadership, and structured support for small and medium-sized enterprises across the country.

The institutions demonstrated this partnership at the FirstBank Samuel Asabia Professorial Chair in Business Ethics Public Lecture, held recently at the George Ade Ajayi Auditorium, UNILAG, where industry leaders and scholars convened to advocate for business ethics that extend from corporate boardrooms directly to everyday micro-enterprises.

Speaking on the theme, ‘Ethical Paradoxes, Small Businesses, and the Informal Economy: Lessons for Tax Compliance and Accountability,’ the Group Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, highlighted that the informal sector contributes approximately 42.5 per cent to Nigeria’s Gross Domestic Product.

Representing the Vice Chancellor of UNILAG, Prof. Folasade Ogunsola, the Deputy Vice Chancellor, Prof. Mathew Ilori, commended FirstBank’s enduring endowment initiative, assuring that the university remains committed to fostering an academic environment that yields actionable solutions for both formal and informal business sectors.

Delivering the inaugural lecture, the Chair in Business Ethics at UNILAG, Prof. Kenneth Amaeshi, urged governments and policymakers to accord greater recognition to the informal sector, describing it as the primary engine driving job creation and economic growth in Nigeria.

He noted that while large corporate entities like banks and capital market firms dominate public attention and receive government bailouts during crises, they account for only a tiny fraction of direct employment compared with the micro-enterprises that make up the everyday economy.

“Informal sector key for job creation, economic growth,” Amaeshi stated, emphasising that the taken-for-granted invisible economy of ordinary citizens forms the true majority economy where most Nigerians earn their livelihood.

He explained that despite the glamour of large businesses and their ability to generate massive wealth, their capacity to create direct employment opportunities remains significantly lower than that of small businesses operating across urban and rural communities.

Amaeshi said, “If you take First Bank, for example, First Bank has about 30,000 employees directly, or between 50,000 and 60,000. So there are about 30 banks in Nigeria. If you assign all of them the same number of employees as First Bank, we are looking at about 600,000 direct jobs. But we have about 200 million people in Nigeria, and if the banks are only employing about 600,000, then you can imagine where most of us are.”

The Don noted that while formalisation of the informal economy is a welcome development that could help small enterprises access finance, technical assistance, and structured support systems, attempts to homogenise the sector through rigid taxation often create severe friction.

He stressed that small business owners are not inherently opposed to contributing to national development, but they are often discouraged by the perceived lack of transparency and accountability regarding how tax revenues are utilised by government authorities.

“Nigerians do not actually hate tax. Most of the small business owners are cognisant of their tax responsibilities, but taxpayers’ concerns about how taxes are used point to one thing: tax accountability matters. If you want more money from us, show us how you spend money,” Amaeshi said.

On his part, Alebiosu noted that the sector operates largely on personal trust and reputation rather than formal regulatory frameworks, making it essential to address the paradox of promoting ethical conduct without placing undue sustainability burdens on struggling small enterprises.

“The informal sector provides livelihoods, employment and entrepreneurial opportunities for millions of Nigerians. From traders and artisans to farmers and small business owners, these enterprises are an important part of our economic ecosystem. Yet, many operate within challenging environments characterised by limited access to finance, infrastructure, capacity and formal business structures. Despite this, the sector contributes significantly to Nigeria’s gross domestic product and remains, for many households, the first and sometimes only source of income,” Alebiosu stated.

He added, “At FirstBank, we believe that ethics and sustainability should not be viewed as competing priorities, but rather that ethical business is sustainable. Integrity builds trust. Transparency strengthens relationships. Responsible practices enhance resilience. And businesses that earn the confidence of their customers, employees, partners and financial institutions are better positioned to grow.”

The FirstBank boss highlighted that the Samuel Asabia Chair is one of ten permanently restricted endowments funded by the financial institution across federal universities in Nigeria’s six geopolitical zones to drive academic research and build ethical leadership.

He emphasised that the scholarship produced under the Chair must extend beyond corporate boardrooms to benefit market stalls, workshops, and agricultural enterprises across the informal economy.

The Vice Chancellor reaffirmed the university’s total support for the FirstBank Samuel Asabia Professorial Chair in Business Ethics, assuring that UNILAG would continue to provide the enabling academic environment required to maximise the impact of the endowment.

She expressed confidence that the insights generated through the Chair’s public lectures and research outputs would yield actionable solutions to advance ethical standards across both the formal and informal sectors of the Nigerian economy.

Financial, oil gains push NGX to N158.4tn

NGXThe Nigerian Exchange posted an upbeat session on Tuesday as aggressive buying in heavyweight financial and energy equities lifted the market capitalisation by N650bn to close at N158.40tn, up from N157.75tn recorded in the previous trading session.

The benchmark All-Share Index similarly gained momentum, rising by 2,081.41 points to settle at 244,304.51 points, the highest level recorded since the market hit a weekly low of 242,223.10 points on September 9. Trading volume hit a robust 520.65 million shares valued across 71,977 deals, driven by sustained institutional appetite for growth-oriented tickers.

Sectoral performance reflected broad-based bullish sentiments across key tracks. The NGX Premium Index appreciated to 30,275.09 points, while the NGX 30 Index closed higher at 8,989.03 points. Increased momentum in energy counters elevated the NGX Oil and Gas Index to 6,035.23 points, accompanied by steady appreciation in the NGX Consumer Goods Index to 4,081.31 points and the NGX Banking Index to 2,548.00 points.

Dampening the overall gain were minor pullbacks in the NGX Insurance Index, which dipped to 1,051.62 points, and the NGX Industrial Index, which slid to 9,936.57 points. Investors continued to price in macroeconomic headwinds as the Central Bank of Nigeria retained its Monetary Policy Rate at 26.50 per cent.

On the gainers’ chart, Nigerian Exchange Group Plc led the pack with a 9.95 per cent jump to close at N179.00 per share.

Aradel Holdings Plc followed closely, adding N136.00 to end the session at N1,550.00 per share, representing a 9.62 per cent gain. Sovereign Trust Insurance Plc advanced by 9.50 per cent to N1.96, McNichols Consolidated Plc rose by 9.09 per cent to N4.80, and International Breweries Plc climbed 8.50 per cent to N10.85 per share.

Conversely, Ecobank Transnational Incorporated topped the losers’ chart after shedding 10.00 per cent to close at N66.60 per share. Trans-Nationwide Express Plc declined by 9.93 per cent to N2.45, AVA Capital Plc lost 9.90 per cent to finish at N4.55, and PZ Cussons Nigeria Plc contracted by 9.52 per cent to N75.10 per share. Heavyweight manufacturer BUA Cement Plc also dropped 2.91 per cent to end at N270.00 per share.

Activity in the Exchange-Traded Funds and Fixed Income segments recorded moderate participation. In the ETF category, SIAML Pension ETF 40 rallied by 9.69 per cent to close at N2,190.00 per share, while Lotus Halal Equity ETF appreciated by 7.55 per cent to N129.46 per share. In the debt market, investors traded 12,012 units of bonds across five deals, highlighted by a 1.00 per cent price decline in the 17.121 per cent FGS JUN 2028 bond to N99.00 per unit.

Creditville acquires N1.7m Chams HoldCo shares

Creditville acquires N1.7m Chams HoldCo sharesCreditville Nigeria Limited has expanded its stake in Chams Holding Company Plc through the acquisition of 500,000 ordinary shares valued at N1.71m.

The development was disclosed in an official corporate notification released to the Nigerian Exchange Limited and signed by the Company Secretary, Oluwaseun Osuji, under the corporate mandate of “Providing Intelligent Business Solutions.”

According to the regulatory filing, the transaction took place on September 9, 2026, with the shares acquired at a unit price of N3.42.

The corporate filing formally categorised Creditville Nigeria Limited as a “Related Party to a Non-Executive Director (Mr Michael Uwakwe)” of the holding firm.

Chams HoldCo noted that the disclosure was submitted as an “INITIAL NOTIFICATION” in full compliance with capital market regulations governing insider trading transparency for publicly listed entities in Nigeria.

Chams Holding Company Plc is a major identity management and technology solutions provider in Nigeria. The recent insider acquisition shows that board-associated leadership remains confident in the company’s long-term growth and market performance.

Prudential Zenith Life Insurance exceeds new NAICOM Capital requirement by ₦22.1 bn, as Nigeria’s Insurance sector enters new era of reform

: As Nigeria’s insurance industry completes one of its most significant regulatory transformations in decades, Prudential Zenith Life Insurance (PZL) has confirmed it has met and exceeded the National Insurance Commission’s (NAICOM) new minimum capital requirement for life insurers by ₦22.1 billion 191% above the regulatory threshold, and among the most capitalized positions amongst life insurer operating under NAICOM’s newly issued licenses.
The milestone comes as NAICOM’s recapitalisation exercise under the Nigerian Insurance Industry Reform Act (NIIRA) which reshapes the industry’s competitive landscape, raising the bar for financial resilience and paving the way for a new generation of operating licenses. PZL received its new licence on August 5th, 2026 among the first cohort of forty-three insurers to be recertified.
The exercise is widely seen as a turning point for the sector, designed to restore public trust and position Nigeria’s insurers to underwrite larger, more complex risks.
PZL’s surplus adds to a broader run of financial strength: the company posted a Profit After Tax of ₦3.2 billion in FY2025 and has become one of the most capitalised life insurers in Nigeria, backed by Prudential plc following its 100% acquisition of the business in September 2024.
For customers, the achievement translates into concrete reassurance. It means PZL is well positioned to pay claims and honour long-term commitments even as the industry consolidates around fewer, stronger players. It also underpins
continued investment in new products, digital services and customer experience, and supports the company’s ambition to extend insurance protection to more individuals, families and businesses across Nigeria in a market where insurance penetration remains among the lowest in Africa.
Afolabi Lawal, Executive Director and Chief Financial Officer, Prudential Zenith Life Insurance, said: “As Nigeria’s insurance sector enters this new phase of regulatory reform, capital strength is what separates insurers that can be trusted for the long term from those that cannot. Exceeding NAICOM’s new requirement by ₦22.1 billion gives our customers real confidence that we will be there when they need us most, and gives us the platform to keep investing in this market.”
As part of Prudential plc, a leading insurer and asset manager in Asia and Africa, Prudential Zenith Life Insurance combines global expertise with local insight to provide simple, accessible health and financial protection for individuals, families and businesses in Nigeria.
Prudential Zenith Life is a fully owned subsidiary of Prudential plc, following Prudential plc’s acquisition of a 100% shareholding as of September 26th, 2024. It has become one of the most capitalised companies in the Nigerian insurance industry. With a Profit After Tax of ₦3.2 billion in FY 2025, Prudential Zenith Life offers a wide range of individual products, including savings and investment-linked products, endowment plans, and protection plans
designed to meet the needs of individuals and their families. For corporate clients, the company provides Group Life, Key-Man Assurance, Credit Life, School Fees Protection, and Mortgage Protection, ensuring comprehensive coverage for the welfare of clients’ employees and families.
Prudential provides life and health insurance and asset management in Greater China, ASEAN, India, and Africa. Prudential’s mission is to be the most trusted partner and protector for this generation and generations to come, by providing simple and accessible financial and health solutions. The business has dual primary listings on the Stock
Exchange of Hong Kong (HKEX: 2378) and the London Stock Exchange (LSE: PRU). It also has a secondary listing on the Singapore Stock Exchange (SGX: K6S) and a listing on the New York Stock Exchange (NYSE: PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for
trading in the Shenzhen-Hong Kong Stock Connect programme and the Shanghai-Hong Kong Stock Connect programme.
Prudential is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.