The Nigerian Exchange closed last week on a positive note, gaining N1.54tn as the All-Share Index rose by 1.63 per cent despite a decline in trading volume. Financial services stocks dominated activity, followed by ICT and oil and gas, reflecting selective investor interest across key sectors. Analysts said the market’s resilience, supported by strong sector participation and new listings, signalled sustained investor confidence amid mixed performances across indices and equities. TEMITOPE AINA writes.

Investors on the floor of the Nigerian Exchange Limited traded a total of 4.373 billion shares valued at N97.783 bn in 110,736 deals last week, reflecting a slowdown compared with the preceding week when 6.617 billion shares worth N113.224 bn were exchanged in 109,590 deals. Despite the lower volume, the market recorded significant gains, as the All-Share Index and Market Capitalisation appreciated by 1.63 per cent and 1.64 per cent to close the week at 149,433.26 points and N95.264 tn, respectively.

The Financial Services Industry led market activity in terms of volume, accounting for 2.252 billion shares valued at N47.204 bn traded in 44,808 deals. This represented 51.49 per cent of total equity turnover by volume and 48.27 per cent by value. The Information and Communication Technology sector followed with 1.118 billion shares worth N13.148 bn in 10,413 deals, while the Oil & Gas Industry recorded a turnover of 233.891 million shares valued at N4.726 bn in 7,515 deals.

Trading in the top three equities, E-Tranzact International Plc, Access Holdings Plc and FCMB Group Plc, accounted for 1.921 billion shares worth N22.218 bn in 9,558 deals, representing 43.93 per cent and 22.72 per cent of total turnover by volume and value, respectively.

Market breadth closed mixed, with 49 equities appreciating in price, lower than the 55 recorded in the previous week, while 41 equities depreciated, higher than the 29 recorded earlier. Fifty-seven equities remained unchanged, compared with 63 in the preceding week. Most indices closed higher, although the Banking, AFR Div. Yield, MERI Growth, MERI Value, Oil and Gas, Sovereign Bond and Commodity Indices declined by between 0.12 per cent and 2.02 per cent.

In the corporate space, Chapel Hill Denham Management Limited listed an additional 140,100,000 units of its Series 11 Nigeria Infrastructure Debt Fund at N109.50 per unit under its N200 bn Issuance Programme. With the listing on Wednesday, 10 December 2025, total outstanding units of the fund on the NGX increased from 1,056,257,953 to 1,196,357,953 units. Analysts said the expanded fund would enhance investor access to infrastructure-focused instruments and improve liquidity in the fixed-income market.

Market analysts noted that although turnover declined week-on-week, the overall gains point to renewed investor confidence, particularly in the Financial Services and ICT sectors. They added that the rise in the All-Share Index and Market Capitalisation underscores the resilience of the equities market despite mixed sectoral performances.

United Bank for Africa has announced strategic appointments to its executive board, effective 1 January 2026.

In a statement made available to The PUNCH on Sunday, it was indicated that the appointments followed the completion of tenure by four long-serving Executive Directors.

The retirements, which take effect on 1 January 2026, include Deputy Managing Director Mr. Muyiwa Akinyemi and Executive Directors Mrs. Abiola Bawuah, Mr. Alex Alozie, and Mrs. Sola Yomi-Ajayi.

To replace the retiring directors, the UBA Board has approved the appointment of three new Executive Directors—Mr. Emmanuel Lamptey, Mr. Tosin Adewuyi, and Mr. Chidi Okpala—effective 1 January 2026, subject to regulatory approval by the Central Bank of Nigeria.

Lamptey, appointed Executive Director, Digital Banking, is said to bring 25 years of multinational and cross-functional experience spanning retail and corporate banking, asset management, securities brokerage, pensions, insurance, and microfinance, with operations across more than 30 African countries.

He is an alumnus of Harvard Business School, a Fellow of the Association of Chartered Certified Accountants (UK), and holds a Bachelor of Commerce degree from the University of Cape Coast, Ghana.

Adewuyi, the new Executive Director, Corporate Banking, has over 25 years of experience across Sub-Saharan Africa, including more than 15 years in senior management and FCA- and CBN-approved roles in London and Lagos. He has driven senior client engagement across a broad corporate and sovereign clientele.

Adewuyi is a Fellow of the Association of Chartered Certified Accountants (FCCA) and holds a BA (Hons) in Economics and Accounting from the University of Manchester. He is an honorary member of the Chartered Institute of Bankers of Nigeria and an alumnus of The Wharton School.

Okpala will serve as Executive Director, UBA Nigeria. Prior to his appointment, he served as Executive Director for Payments, Group Integration, and Strategy at Heirs Holdings, where he provided leadership across the Group’s payments businesses while overseeing strategic investments in technology and healthcare.

Okpala has more than 20 years of banking experience and holds a BSc in Finance, an MBA in Banking and Finance, and an MSc in Leadership and Strategy from London Business School, where he is a Sloan Fellow.

Commenting on the new appointments, Group Chairman Tony Elumelu said: “I congratulate the incoming Executive Directors on their appointments. The Board is confident that they will bring the experience, depth, and execution capability needed to build on the solid foundation laid by their predecessors and to propel UBA into its next phase of growth.”

Elumelu also expressed appreciation to the retiring executives, saying: “I extend my sincere gratitude to our retiring Executive Directors for their years of dedicated service and unwavering commitment. Each has played a significant role in UBA’s growth and success. On behalf of the Board, I thank them for their contributions and commend the impact they have made. They remain cherished members of the UBA family and enduring ambassadors of our values.”

Africa’s global bank also announced other Group Executive Management appointments, including that of Mr. Vikrant Bhansali as Group Executive, International Banking. Before his appointment, Bhansali served as Chief Executive Officer of United Bank for Africa Plc in Dubai, where he led the bank’s Middle East operations and strategic expansion across the region. With more than 25 years of international banking experience spanning Sub-Saharan Africa, the United Kingdom, the Middle East, North Africa, and India, he brings deep expertise in cross-border financial services and emerging markets.

Mr. Joel Owoade, who has been approved as Group Chief Risk Officer, brings over two decades of experience in the financial services industry, with a strong background in credit risk management, strategic planning, and regulatory compliance. He holds an MSc in Banking and Finance from the University of Ibadan, Nigeria, and qualified as a member of the Institute of Chartered Accountants of Nigeria in 1991. He also serves as Vice President of the Chartered Risk Management Institute of Nigeria. His academic background and professional qualifications have equipped him with a deep understanding of the financial landscape, enabling him to make significant contributions to the institutions he has served.

Mr. Samuel Ocheho, appointed Group Executive, Treasury and Financial Institutions, is a seasoned financial markets executive with over 27 years of experience spanning banking, trading, and investment management. Throughout his distinguished career, Ocheho has successfully led diverse financial portfolios and large teams across Nigeria and West Africa. His expertise covers liquidity management, fixed income, derivatives, and foreign exchange. Renowned for his results-driven leadership, he has consistently delivered exceptional performance, driving revenue growth, shaping market behaviours, and sustaining operational excellence.

UBA operates in 20 African countries, as well as the United Kingdom, the United States, France, and the United Arab Emirates. The bank provides retail, commercial, and institutional banking services and is a leader in financial inclusion and technology-driven banking solutions.

UBA is one of the largest employers in the African financial sector, with 30,000 employees across the Group and more than 50 million customers globally.

Barring any last-minute change, MRS and other partners of the Dangote Petroleum Refinery are set to begin selling petrol at N739 per litre.

This comes two days after the refinery slashed its petrol gantry price from N828 to N699 per litre. Speaking at a press briefing at the Lekki refinery on Sunday, the President of the Dangote Group, Alhaji Aliko Dangote, said he was aware that despite lower gantry prices, some filling stations often choose to keep pump prices high, thereby sabotaging his efforts.

According to him, MRS would commence the sale of petrol at N739 per litre from Tuesday, while other partners would follow. Dangote alleged that some officials had met with certain marketers and encouraged them to keep prices high in order to frustrate the price reduction, stressing that he would fight to enforce the new price regime.

“I was told that the marketers have met with (some officials) and were told to make sure that the price is maintained high. But this price we are going to introduce, we are going to start with MRS stations most likely on Tuesday in Lagos; that N970 per litre, you won’t see it again. We have also asked members of IPMAN to come now.

We have asked anybody who can buy 10 trucks to come and buy 10 trucks at N699.

“We are going to use whatever resources that we have to make sure that we crash the price down. We will get these sales; maybe it will take us a week to 10 days. But first of all, within a week to 10 days, we will be able to deliver. For this December and January, we don’t want people to sell petrol for more than N740 nationwide. Those who want to keep the price to sabotage the government, we will fight as much as we can to make sure that these prices are down. That’s not the price. If you have money to come and buy, you can pick up petrol at N699,” he said.

Dangote said transporting petrol from the refinery costs no more than N15 per litre, questioning why pump prices would rise as high as N900 per litre. He also accused the Nigerian Midstream and Downstream Petroleum Regulatory Authority of issuing 47 import licences to bring in more than seven billion litres of petrol in the first quarter of 2026, a move he said was killing local investments.

“Freight within Lagos is N10 or N15, maximum. So if it’s N10 to N15, everything is going to cost you N715. Why do you want to sell at N900? People should get the real price. I cannot come now and take the hit. Did we make money? No, we didn’t make money. But as we speak now, even our tanks are full because the NMDPRA has issued reckless licences. And we have to now go and complain to the government.

“They normally issue licences in the middle of the month. So, they are now ready to issue licences for about 7.5 billion litres for the first quarter of 2026, despite the fact that we have guaranteed to supply enough quantity.

“If you are talking about monopoly, did we stop anybody? They issued 47 licences. Let those people come and put up a refinery here, or let them go and buy even NNPC’s and operate them. If it’s profitable, they should go and do that now. NNPC was the only business that was bringing in fuel before.

“Now, we are the only one and one of the few modular refineries that are producing. Those modular refineries, I can tell you for nothing that they are almost on the verge of collapse. None of them is making a dime,” he added.

The billionaire businessman assured Nigerians that the N739 per litre price would be enforced, beginning with MRS stations on Tuesday. “Starting from Tuesday, MRS will start selling petrol at N739/litre. Definitely, we will enforce that low price. We will make sure that it’s implemented. If you have your truck, you can come here and buy it. We are selling at N699. The N699 includes the percentage of NMDPRA. So what actually comes out to us is about N389 or so,” he stated.

Contacted for his reaction, the NMDPRA spokesman, George Ene-Ita, said, “For now, no comment.”

Haelsoft Digital Limited has been named one of Nigeria’s Top 100 Fastest Growing SMEs for 2025 by BusinessDay, spotlighting the company’s rapid expansion in digital services and technology training.

Founder and CEO Michael Onyeka Ezeadichie, who also launched Inside Haelsoft and Haelsoft EdTech, has spent over a decade delivering software development, digital consulting, and online education solutions. Ezeadichie said the company’s growth stems from identifying gaps in digital skills and readiness.

“We began as a digital services company,” he said, “but the market quickly showed that the bigger gap was in skills, structures, and digital readiness. Our growth has largely come from responding to those gaps.”

Haelsoft’s EdTech arm now offers courses in software development, cybersecurity, UI/UX design, digital marketing, and data science, addressing rising employer demand for practical digital competence.

In 2025, the firm partnered with Heligande to provide advisory support to family-owned businesses, focusing on digital adoption, operational restructuring, and strategy execution.

“Many companies recognize the need to transform,” Ezeadichie said, “but the real challenge is knowing where to begin and how to sustain the process. That is where our work with Heligande became important.”

Receiving the BusinessDay award on December 4, 2025, Ezeadichie described it as a benchmark rather than a celebration.

“For us, the award is simply data, it tells us we are moving in the right direction, but it also tells us how much more work is ahead,” he said.

Haelsoft’s recognition highlights the growing role of technology-driven SMEs in Nigeria’s digital economy and the impact of founders with strong technical backgrounds in driving growth.

 

The Federal Executive Council has approved three major Public-Private Partnership projects valued at over N6.43tn, signaling another significant wave of private-sector investment into Nigeria’s infrastructure landscape.

The projects — two deep seaports and a 460-megawatt hydropower plant — form the second batch of PPP initiatives cleared by the Council within one month, underscoring President Bola Tinubu’s push for private capital as a driver of growth under the Renewed Hope Agenda.

The approvals were announced in a statement released by the Director-General of the Infrastructure Concession Regulatory Commission, Jobson Ewalefoh, on Friday.

He said the deals represent one of the strongest signals yet that the government’s reform agenda is yielding measurable impact

The statement read, “The Federal Executive Council has approved three transformative Public-Private Partnership (PPP) projects, confirming an injection of over N6.43tn (approximately $4.29bn) in private capital into the Nigerian economy. These approvals underscore the practical impact of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises private-sector-led infrastructure delivery as a catalyst for national growth, economic competitiveness, and job creation.”

He explained that improved policy clarity, economic liberalisation, and strengthened regulatory institutions have boosted investor confidence, enabling the Federal Government to unlock billions of dollars in long-term investments.

The newly approved projects constitute the second batch of seven PPP initiatives endorsed by the Council in the last month, all under the regulatory guidance of the Infrastructure Concession Regulatory Commission.

The new projects include the $2.27bn Bakassi Deep Seaport, the $1.14bn Port of Ondo Deep Seaport, and the $878.1m Katsina-Ala Hydropower Plant, all to be fully financed, developed, and operated by private investors.

Ewalefoh said the projects reaffirm the Tinubu administration’s resolve to deploy PPPs to accelerate economic competitiveness, enhance trade, and expand Nigeria’s renewable-energy footprint.

He explained that the Bakassi Deep Seaport, a greenfield development, would create a new maritime gateway for the North-Central and North-East and serve as a major hub for West and Central Africa.

“These are decisive, multi-sectoral investment portfolios that directly address national needs. The approval of the two deep-seaport projects alone, totalling over $3.4bn in private capital, will fundamentally optimise our maritime trade routes and decongest existing port facilities.

“The Bakassi Deep Seaport is a greenfield development designed to accommodate larger vessels and integrate an industrial cluster and Free Trade Zone, creating thousands of jobs and positioning Nigeria as a first-choice maritime destination.

“The approval of the two deep-seaport projects alone, totalling over $3.4bn, will fundamentally optimise our maritime trade routes and decongest existing port facilities,” he said.

He added that the Port of Ondo Deep Seaport is expected to open up the South-West’s solid minerals and agro-allied value chains while positioning Ondo State as a new logistics and export corridor.

On the hydropower project, he said, “The 460MW Katsina-Ala Hydropower Plant is a monumental greenfield project that will help address Nigeria’s persistent electricity deficit while unlocking vast renewable-energy potential.

“This $878 million investment will supply essential base-load power to the national grid and stimulate immense economic activity across the region. It is a strategic commitment to a cleaner, more reliable, and more sustainable energy future for our country.”

The latest approvals follow the clearance of three PPP projects earlier in November — the Product Authentication and Tracking System, the V-PASS contactless biometric verification platform, and the Port Harcourt International Airport concession — which attracted an additional $230.9m in private capital.

With the approvals announced on Thursday, the total number of PPP projects endorsed in 2025 has now exceeded 13, spanning maritime, health, aviation, power, and industrial sectors.

Other PPP projects approved this year include the MediPool initiative under the Health Ministry; the Maritime Electronic Management System of NIMASA; the Ikere Gorge 6MW Hydropower Plant; the Borokiri Coastal Fisheries Terminal; the Farin Ruwa 20MW Hydropower Project; and the concession for Enugu International Airport.

Ewalefoh commended President Tinubu for what he described as “consistent support” for the ICRC, noting that the President’s push to strengthen regulatory institutions has repositioned the Commission as the engine room for PPP development.

“These consistent approvals reflect Mr President’s trust in the ICRC’s mandate and further empower us to deliver even greater value to the nation,” he said.

Nigeria has increasingly turned to PPPs to expand its ageing infrastructure stock amid tight public revenues and rising fiscal pressures. The model allows private investors to finance, build, and operate major assets — particularly in ports, airports, and power — with returns tied to user fees or long-term concessions.

The strategy is crucial for Nigeria’s growth trajectory, with the country requiring an estimated $100bn annually in infrastructure spending to close its deficit.

It also confirms the administration’s intent to shift heavy infrastructure financing to the private sector while improving regulatory oversight to attract long-term capital.

The recent pump price slash of petrol by Dangote refinery is in line with the company’s commitment to maintaining competitive domestic fuel prices despite global volatility and ongoing smuggling along Nigeria’s borders.

The management reduced its petrol gantry price from N828 to N699 per litre, a move industry observers say could influence retail fuel pricing across Nigeria.

The adjustment, effective from 11 December 2025, which represents a reduction of N129 per litre, or approximately 15.58 per cent, according to real-time market data from Petroleumprice.ng.

The recent price cut marks the 20th price adjustment by the refinery within the current year.

The reduction follows remarks by Dangote Petroleum Refinery Chairman Aliko Dangote during a closed-door meeting with President Bola Tinubu on 6 December, in which he reaffirmed the company’s commitment to maintaining competitive domestic fuel prices despite global volatility and ongoing smuggling along Nigeria’s borders.

“Prices are going down. The reason why prices have to go down is that we have to also compete with imports,” Dangote said. He added that while smuggling has declined, it remains a challenge, noting that petrol in Nigeria is “about 55 per cent lower than the price of our neighbouring countries.”

Dangote emphasised that the refinery’s petroleum products, including diesel and petrol, “will continue to be sold in the market at a very reasonable price,” and stressed that the operation is a long-term investment. “We are not here to make our $20 billion back quickly; it’s a long-term investment,” he said.

The latest adjustment by Dangote has prompted ripple effects across private depots, with Petroleumprice.ng reporting reductions at several locations. Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic reduced by N3, and TechnoOil implemented a sharper decrease of N15. Other depots, including A.A. Rano, NIPCO, and Aiteo, also made marginal adjustments in response to the new Dangote pricing template.

 

The National Agency for Food and Drug Administration and Control, on Thursday, destroyed unwholesome and substandard products worth over N5bn in Nasarawa State.

Our correspondent gathered that the unwholesome and substandard products, which were seized from Nasarawa, Benue, Kogi, Niger, and Plateau states of the North-Central region, were destroyed at the Angwan Rere dumpsite in Lafia, Nasarawa State.

Speaking at the event, the Director-General of NAFDAC, Prof. Mojisola Adeyeye, stated that the fake products were confiscated by the agency’s personnel during outine monitoring exercises.

The DG, who was represented at the event by the North-Central Zonal Director of the agency, Kenneth Azikiwe, said the exercise was aimed at preventing such dangerous products from re-entering into the markets and causing harm.

She listed some of the seized products as fake drugs, falsified medical devices, unsafe cosmetics, fake detergents and expired chemicals.

“Some of these products were intentionally hoarded, concealed, deliberately revalidated after their expiration date, maliciously positioned and displayed for sale by some unscrupulous merchants of death for unsuspecting Nigerians.

“Also up for destruction today are damaged and expired products voluntarily handed over to us by some well-meaning and God-fearing businessmen and women.”

The DG gave the assurance that NAFDAC would continue to ensure that only the right quality products are available for sale and consumption in the country.

She appealed to members of the public to provide the agency with useful information on the activities of those either selling fake products or producing substandard products that constitute threats to human life.

In his goodwill message on behalf of the state government, the Nasarawa State Commissioner for Security and Safety Matters, Usman Baba, commended NAFDAC for sanitising the state and ensuring that only genuine products are sold for human consumption.

The House of Representatives on Thursday took initial legislative steps to strengthen transparency and accountability in the operations of the Central Bank of Nigeria, following the second reading of a bill seeking comprehensive amendments to the Central Bank of Nigeria Act, 1991.

The proposed legislation, co-sponsored by the House Leader, Prof Julius Ihonvbere, and Lagos lawmaker, Jesse Onakalausi, received unanimous support during plenary.

Titled “A Bill for an Act to Amend the Central Bank of Nigeria Act, 1991, to allow for proper day-to-day operations, professional oversight and enhance checks and balances, and for other matters connected thereto, 2025,” the bill responds to mounting concerns about gaps in governance and oversight at the apex bank—issues that gained national prominence following recent controversies surrounding monetary policy decisions, foreign exchange management, and the 2022 currency redesign.

Nigeria’s central banking framework has long been criticised for its weak corporate governance structure, particularly the concentration of operational and oversight powers in the office of the CBN Governor.

This fusion, analysts argue, contributed to years of opacity in policy formulation, excessive discretion in foreign exchange administration, and insufficient checks on fiscal financing through Ways and Means advances. These concerns set the backdrop for the latest legislative push.

Explaining the rationale behind the bill, Onakalausi said it arose from an urgent need to reinforce governance, autonomy, transparency, and accountability within the apex bank, “In light of recent national and global economic realities.”

Addressing lawmakers on the general principles of the proposed amendments, he emphasised the overarching responsibility of the central bank, noting that, “The CBN plays a central role in stabilising the financial system, ensuring monetary credibility, safeguarding price stability, and promoting public confidence in the Nigerian economy.”

However, he observed that recent developments have exposed deep-seated weaknesses. According to him, “Developments in recent years – ranging from governance concerns, foreign exchange distortions, monetary policy inconsistency, weak oversight mechanisms, to the challenges witnessed around currency redesign and policy communication – have exposed structural gaps in the principal Act.”

A key objective of the bill, Onakalausi said, is restoring sound corporate governance. He argued that in most jurisdictions, the Governor manages day-to-day operations while the Board provides oversight—an arrangement that ensures institutional balance.

While stressing that “Both roles are meant to be separate to avoid conflict of interest,” he noted that “The current CBN Act merges the positions of Governor and Board Chairman, creating an avoidable concentration of power. This bill separates these roles to ensure professional oversight without interference in day-to-day operations.”

Onakalausi added that the bill seeks to strengthen monetary policy independence and bring Nigeria’s regulatory architecture in line with global standards. “This bill restructures the MPC to improve expertise, independence, and transparency, aligning Nigeria with best practices seen in economies such as the United Kingdom, South Africa, the European Union, and Brazil.”

He also highlighted concerns over the historic misuse of Ways and Means financing. “It prevents fiscal abuse as Section 38 (Ways and Means Advances) has historically been one of the most abused provisions under the CBN Act.

“This bill introduces a clear limit – 10% of the previous year’s actual revenue – to prevent inflationary financing of government deficits and ensure fiscal responsibility,” he said.

Additional provisions of the bill focus on safeguarding the naira and improving transparency in foreign exchange management.  It also introduces “A 90-day notice, impact assessments, mandatory National Assembly briefing before major monetary actions like redesign or demonetisation,” ensuring that sudden policy shocks are avoided.

While acknowledging the need for central bank autonomy, Onakalausi maintained that such independence must be accompanied by strong oversight mechanisms.

The bill proposes new reporting standards that will require the apex bank to submit its annual audited accounts within two months, provide quarterly reports on monetary policy decisions, and maintain a publicly accessible website containing all its publications.

Other key amendments include revising Section 6 to read: “A professional Chairman separate from the Governor, experienced in economics, banking, finance, or public financial institutions.” Section 8 is also amended to state: “Governor and Deputy Governors to serve a single six-year term.”

To promote continuity and reduce political interference, the draft legislation provides that “Two Deputy Governors must be drawn from internal Directors for institutional continuity.”

The reconstituted Monetary Policy Committee will consist of the Governor, four Deputy Governors, two board members, and four external experts who, according to the bill, “Must be independent and cannot hold public office.”

If passed, the bill would mark one of the most far-reaching reforms of the CBN Act since its enactment, with implications for governance, monetary policy, and the broader financial system.