Exciting Times Ahead! I recently visited the construction site of the Lagos-Calabar Coastal Highway in Oke-Ipare, Ondo State, where the project was recently flagged off. The contractor is mobilizing, and it's clear that Ondo State is on the cusp of a new wave of development. I'll be sharing my on-site experience on my YouTube channel this Monday, so stay tuned for an exclusive update! If you haven't already, please subscribe to my channel to stay up-to-date on this massive transformative project.
Later today I'll dropping my ride through experience through the shores of Lagos to ondo
FIRST LADY LAUNCHES N1 BILLION GRANT FOR 18,500 NIGERIAN WOMEN ENTREPRENEURS IN SOKOTO
The First Lady of Nigeria, Senator Oluremi Tinubu, CON, has officially launched a major economic empowerment programme for women, funded by a N1 billion grant from the Tony Elumelu Foundation.
The initiative, a collaboration between the Renewed Hope Initiative (RHI) and the Tony Elumelu Foundation, aims to directly support 18,500 women traders and small-scale business owners across all 36 states and the Federal Capital Territory (FCT).
During the launch event in Sokoto State, the First Lady represented by Wife of the Executive Governor of Sokoto State Dr. Fatima Ahmed Aliyu, emphasized that the programme is designed to bolster the entrepreneurial spirit of Nigerian women. “This is not a loan. It is a grant and a seed of renewed hope to help you recapitalize your existing businesses,” she stated. “It is my firm belief that when you empower a woman, you empower a household, a community, and indeed, a nation.”
Under the programme, 500 pre-selected women from each state and the FCT will receive a direct grant of N50,000 each to strengthen and grow their small businesses. Dr Fatima presented the first grants to some of the 500 beneficiaries from Sokoto State at the event on behalf of First Lady of the Federal Republic of Nigeria.
The First Lady expressed profound gratitude to the Tony Elumelu Foundation for its significant contribution, urging that “this act of generosity inspire many more across our nation.”
She also thanked the Governor of Sokoto State, His Excellency Ahmed Aliyu Sokoto, and his wife, Her Excellency Hajiya Fatima Ahmed Aliyu, for their support in facilitating the programmes of the Renewed Hope Initiative.
The event witnessed by dignitaries across board including wife of the State Deputy Governor, concluded with the formal flag-off of the empowerment programme, which is expected to provide a significant economic boost to thousands of women-led businesses nationwide.
Nigeria’s foreign exchange (FX) reserves rose to $41 billion on August 19 – the highest in four years.
The current record marks the highest level recorded since December 3, 2021, according to data obtained from the Central Bank of Nigeria (CBN).
TheCable Index analysis showed that the foreign reserves steadily climbed by 3.69 percent from $39.54 billion reported on August 1 to $41 billion on August 19.
The upward trajectory was maintained throughout the month as the reserves rose from $39.54 billion on August 1 to $39.99 billion on August 6.
On August 12, TheCable Index observed that Nigeria’s FX reserves had moved to $40.64 billion, and on Monday, there was an increase of 0.79 percent to $40.96 billion.
Olayemi Cardoso, governor of the CBN, had always stressed efforts by the bank to sustain growth in the FX reserves.
At the end of the monetary policy committee meeting, on July 22, Cardoso said the country was witnessing “sustained stability in the foreign exchange market”.
Cardoso also said there were increased capital inflows, improved crude oil production, rising non-oil exports, and reduced imports.
The CBN governor added that gross external reserves rose to $40.11 billion as of July 18, providing about 9.5 months of import cover.
Tinubu Overhauls NTA Leadership, Appoints Rotimi Pedro as New DG
President Bola Ahmed Tinubu has announced a major shake-up at the Nigerian Television Authority (NTA), replacing the current management team with new leadership.
Veteran media executive Rotimi Richard Pedro has been appointed as the new Director-General of the state broadcaster. Other key appointments include Katsina State’s Karimah Bello as Executive Director of Marketing, Stella Din from Plateau State as Executive Director of News, and Sophia Issa Mohammed from Adamawa State as Managing Director of NTA Enterprises Limited.
Pedro a Lagos native is an accomplished media entrepreneur and consultant with nearly three decades of leadership experience in broadcasting, sports rights, and marketing communications across Africa, the UK, and the Middle East.
A trained entertainment and intellectual property lawyer, he also holds an MSc in Investment Management & Finance from City University Business School, London. In 1995, he founded Optima Sports Management International (OSMI), which became one of Africa’s leading sports content providers, distributing premium events such as the English Premier League, UEFA Champions League, FIFA World Cup, and CAF competitions to audiences in more than 40 countries.
His career includes leading roles at Bloomberg Television Africa, Rapid Blue Format, and consultancy work for FIFA, UEFA, Fremantle Media, and the African Union of Broadcasters. Notably, he helped the AUB secure exclusive pan-African free-to-air media rights for all CAF competitions.
Industry analysts credit Pedro with building commercially viable broadcast platforms, boosting sponsorship revenues, and delivering world-class content to African audiences.
His appointment marks one of the most significant leadership changes at NTA in recent years and signals the Federal Government’s intention to modernise the broadcaster and reposition it in an increasingly competitive media market. His appointment marks one of the most significant leadership changes at NTA in recent years and signals the Federal Government’s intention to modernise the broadcaster and reposition it in an increasingly competitive media market.
The Federal Government has released funds for the disbursement of N5.12 billion in pension arrears to 90,689 Defined Benefit Scheme pensioners under the Pension Transitional Arrangement Directorate.
This is contained in a statement issued on Monday in Abuja by the Head of Corporate Communications of PTAD, Mr Olugbenga Ajayi.
Ajayi said that the directorate had finalised the disbursement of the money.
Ajayi said that the 90,689 pensioners across the four pension departments reaffirm their dedication and commitment to pensioners’ welfare.
The Nigeria Customs Service, the Nigeria Immigration Service, and the Prisons Pension Department (CIPPD) pensioners are 8,626 and received N276,032 for one month of arrears; the Police Pension Department pensioners are 9,681 and received N619,584 for two months as arrears.
The Civil Service Pension Department pensioners are 12,773 and received N408,736 for one month arrears, and the Parastatals Pension Department pensioners are 59,609 and received N3,814,976 for two months arrears.
He said that the payment reaffirms the administration’s commitment to ensuring that pensioners receive their due entitlements in line with the Renewed Hope Agenda of President Bola Tinubu.
After a turbulent two years of currency swings with high foreign exchange losses and ballooning finance costs, many Nigerian companies are back in the black.
The naira’s relative stability in 2025 has slashed foreign exchange losses even delivering FX gains for some pushing headline profits higher in the first half of the year.
But profits alone do not tell the whole story. The real test of financial strength lies in the cash a business generates from its day-to-day operations.
This year, most of the listed companies are not just reporting improved profit they are producing exceptional net cash flow from operating activities, the lifeblood that funds expansion, pays down debt, and supports shareholder payouts.
Nairametrics’ analysis of the financial statements of five heavyweights MTN Nigeria, Dangote Cement, Seplat Energy, Nestlé Nigeria, and BUA Cement confirms this trend.
This year, most of the listed companies are not just reporting improved profit they are producing exceptional net cash flow from operating activities, the lifeblood that funds expansion, pays down debt, and supports shareholder payouts.
Nairametrics’ analysis of the financial statements of five heavyweights MTN Nigeria, Dangote Cement, Seplat Energy, Nestlé Nigeria, and BUA Cement confirms this trend.
These companies pulled in a combined N2.922 trillion in net cash flow from operating activities in just the first half of the year up 140% from the same period in 2024 and even 14% higher than their full-year 2024 figure.
Over the same period, their bottom line swung sharply into the black, with combined profit after tax hitting N1.21 trillion a dramatic turnaround from the N403 billion loss recorded a year earlier.
With the increased cash flow, analysts believe these companies are better positioned to fund expansion projects, reduce debt burdens, or reward shareholders through dividends.
More importantly, they note that stronger cash generation tends to boost a company’s intrinsic value and market appeal, potentially attracting fresh investor interest and driving share price appreciation.
From the ICT sector, MTN Nigeria generated N956 billion in net cash flow from operating activities in the first half of 2025, well above its N415 billion profit for the period.
This strong cash performance was driven by a surge in revenue, helping MTN sustain profits of N622 billion in the first half of 2025.
It marks a sharp rebound from the heavy FX translation losses and macroeconomic pressures experienced in 2024, with the turnaround gaining momentum from Q4 last year.
Analysts attribute the recovery to the naira’s rally, easing inflationary pressures, tariff hikes, and effective pricing strategies.
MTN’s Q2 2025 results have also strengthened its balance sheet, reducing negative equity from N458 billion at the end of 2024 to just N42.51 billion by mid-year.
Analysts at CardinalStone say the telco is well positioned to resume dividend payments in 2025, and with an operating cash flow per share yield of 9.8%, this could further enhance investor returns and boost its market appeal.”
From the industrials space, Dangote Cement delivered N874 billion in net cash flow from operating activities in H1 2025, more than double the N412 billion generated in the same period last year.
Unlike MTN Nigeria, which swung from losses in 2024, the cement giant has maintained steady profitability, with net income rising to N521 billion in the first half of 2025.
The strong performance was boosted by strong profit, high interest expenses, lower inventory levels, and a reduction in prepayments and other current assets, which freed up liquidity.
Market watchers believe that with this level of cash generation, Dangote Cement has additional flexibility to fund expansion projects, pay down debt, and sustain dividend payments.
On Seplat Energy, looking at the accounting profit of N42 billion in H1 2025, weighed down by hefty tax liabilities one might think the performance was modest.
But the cash flow story tells a very different tale: the company generated a remarkable N755 billion in net cash flow from operating activities, driven by strong profit before tax and an depletion, depreciation, and amortisation (DD&A) charge of over N518.9 billion, compared to N109.99 billion in H1 2024.
Roger Brown, Chief Executive Officer of Seplat Energy Plc, said the company is well placed to weather the recent macro volatility.
“Strong revenues and a focus on costs delivered significant positive cash flows, will enable us to further reduce net leverage, continue our strong quarterly dividend track record, and pay down an additional $100 million of debt,” he stated.
Seplat remains a dividend-paying company, offering a yield of 4.55% notably lower than its impressive operating cash flow per share yield of 24%.
This wide gap highlights the company’s capacity to not only sustain payouts but also retain ample liquidity for debt reduction and reinvestment, strengthening its long-term appeal to investors.
From the FMCG group, Nestlé Nigeria posted a modest profit of N50.57 billion in H1 2025, a significant recovery from the deep N177 billion loss recorded a year earlier.
But the real standout was cash flow from operating activities, which swung sharply into positive territory at N187.6 billion, compared to a negative N27.65 billion in H1 2024.
Analysts note that this cash turnaround reflects improved profits. An operating cash flow yield of 13% suggests strong cash-generating capacity relative to its market value.
For investors, this is significant it means that even though there’s no direct income through dividend payouts, the company retains substantial liquidity to fund expansion, reduce debt, or potentially pay future dividends.
BUA Cement, another major player in the sector, posted N150 billion in net cash flow from operating activities in H1 2025, up sharply from N62.6 billion in the same period last year.
The performance was underpinned by a more than twofold increase in pre-tax profit N215 billion, 435% higher than H1 2024 profit
However, unlike some of its peers, BUA Cement’s cash flow from operating activities was lower than its profit after tax (PAT) of N181 billion.
This divergence suggests that while the company reported strong accounting profits, less cash was generated from its core operations during the period.
Such a gap may point to higher working capital requirements, slower receivables collection, or other operational cash flow pressures.
Overall, while each company’s circumstances differ from MTN’s balance sheet revival to Seplat’s cash-rich energy play and Nestlé’s quiet turnaround the common thread is clear: in 2025, operational cash flow has become the truest indicator of corporate resilience in Nigeria’s recovering economy.
For investors, this wave of cash generation could signal a golden window for strategic positioning whether through dividend rebounds, capital gains, or exposure to companies poised to reinvest aggressively for growth.
The second half of the year will reveal whether these cash windfalls are sustainable, but for now, Nigerian corporates are proving that profits are only part of the story, and the real action is in the cash register.
Nigeria’s external reserves have climbed to an eight-month high of $40.15 billion, according to Central Bank of Nigeria (CBN) data, marking a 1.5% increase from $39.54 billion on August 1, 2025. The last time reserves were at this level was on January 20, 2025.
The naira has maintained relative stability across official and parallel markets:
•Official market (NFEM): ₦1,533.56/$ as of Friday, marginally weaker by 1.61% from Monday’s ₦1,531.95, but still up 0.5% year-to-date.
•Parallel market: Steady at ₦1,560/$ through the week, appreciating 6.4% year-to-date from ₦1,660 at the start of 2025.
The reserve build-up of $2.2 billion in July represents the largest monthly gain since July 2024. Analysts attribute this to:
•Increased offshore investor inflows •Reduced FX demand due to lower import activity •Improved macroeconomic stability and investor confidence
Reserves now cover 11.9 months of imports (8.2 months including services), providing the CBN with greater flexibility to sustain FX market interventions and keep the naira stable.
Market outlook suggests continued reserve growth, supported by persistent foreign inflows and anticipated external borrowings, with the naira projected to close 2025 within the ₦1,490–₦1,520/$ range.
These gains reflect President Bola Ahmed Tinubu’s Renewed Hope Agenda in action, reinforcing currency stability, investor confidence, and macroeconomic resilience.
— Kamorudeen Yusuf Personal Assistant on Special Duties to the President Federal Republic of Nigeria
I've been seeing my brother @Dawisu push some highly sectional and divisive narratives on projects by this administration in the North. They've mostly been far off from the truth. President Tinubu prioritises every region and interregional projects for national development.
Do you know that President @officialABAT has approved a ₦1.5 trillion ($1 billion) light rail project for Kano Metropolitan?
The Kano Metropolitan light rail project is currently being prepared for procurement. This bold step will modernise urban transport, ease congestion, create jobs, and boost local commerce.
Watch the Chairman of the House Committee on Appropriations, Hon. Bichi (APC-Kano), speak about various infrastructure projects in the North of Nigeria under President Bola Tinubu.
“It is not true that the President is not prioritising the northern part of the country,” he said.
This is Renewed Hope in action, driving real impact in Northern Nigeria. #PBAT4Nigeria
#NaWetinPBATdeyDo
~ Otega #TheTiger Ogra
@officialABAT @NGRPresident @NigeriaGov
I've been seeing my brother @Dawisu push some highly sectional and divisive narratives on projects by this administration in the North. They've mostly been far off from the truth. President Tinubu prioritises every region and interregional projects for national development.
The Federal Government has begun supporting light rail projects in Kano and Kaduna to improve public transportation and drive economic growth in northern Nigeria.
According to the Minister of Information, Mohammed Idris (@mohammedidrisHM), and Minister of Transportation, Saidu Alkali, the initiative—announced during a 2-day interactive session organised by the Sir Ahmadu Bello Foundation—is being supported through the Ministry of Finance Incorporated (MOFI).
Key highlights: •Kaduna-Kano railway modernisation project is 53% completed •Kano-Maradi railway is 61% completed •A 61 km section of the Port Harcourt–Maiduguri rail has been completed and put into use
HM Alkali also provided an update on the Renewed Hope Cities (RHC) housing project: •3,112 housing units completed in Abuja •1,500 units + 500-unit estate completed in Kano •250-unit estates completed in Sokoto, Gombe, Yobe, Katsina, Nasarawa, and Benue
The combined projects are expected to: •Create over 250,000 jobs with workers earning an average of ₦150,000/month •Attract ₦70 billion in private investment •Stimulate local building material hubs
This development aligns with President Bola Tinubu’s Renewed Hope Agenda, advancing infrastructure and job creation across northern Nigeria.
— Kamorudeen Yusuf Personal Assistant on Special Duties to the President Federal Republic of Nigeria
FG Disburses Over ₦20 Billion to PHCs in Northern Nigeria, Executes 274 Projects in Tertiary Hospitals
The Federal Government has disbursed over ₦20 billion to 4,362 Primary Health Care Centres (PHCs) across Northern Nigeria in the last two years, according to the Coordinating Minister of Health, Prof. Muhammad Ali Pate (@muhammadpate).
Speaking at a Government–Citizens Engagement Session organised by the Sir Ahmadu Bello Memorial Foundation in Kaduna, the Minister also revealed that 274 health projects have been completed across 35 tertiary hospitals in the region, serving over 4.5 million outpatients and 1.6 million inpatients.
These interventions are part of the Basic Health Care Provision Fund (BHCPF), Nigeria’s flagship health financing reform. Established by the National Health Act of 2014, the BHCPF aims to improve access to quality and affordable healthcare, especially for vulnerable populations.
Since its full rollout, the BHCPF has: •Disbursed ₦45 billion by November 2024, with an additional ₦32.88 billion approved by March 2025 •Reached over 7,000 PHCs across the country •Funded infrastructure upgrades, medical supply purchases, and essential service delivery
The Federal Government’s ongoing commitment under President Bola Tinubu continues to transform Nigeria’s healthcare delivery, ensuring more equitable outcomes nationwide and building a strong foundation for Universal Health Coverage (UHC).
— Kamorudeen Yusuf Personal Assistant on Special Duties to the President Federal Republic of Nigeria
The Executive Board of the International Monetary Fund (IMF) has concluded the 2025 Article IV Consultation with Nigeria, praising the country’s monetary and fiscal authorities for successfully implementing significant reforms over the past two years.
The IMF team also welcomed the related gains in macroeconomic stability and resilience.
A statement issued in Washington, DC, on July 2, 2025, noted that the Central Bank of Nigeria was appropriately maintaining a tight monetary policy stance, which should continue until disinflation becomes entrenched.
The IMF recognised measures to strengthen the banking system, including the ongoing recapitalisation process. They welcomed the CBN’s efforts to enhance financial inclusion and promote capital market growth, while emphasising the need to adopt a robust risk-based supervision for mortgage and consumer lending schemes and the fintech and crypto sectors.
The IMF team also commended the efforts to strengthen the AML/CFT framework and stressed the importance of resolving remaining weaknesses to exit the FATF grey list as soon as possible. They applauded discontinuing deficit monetisation and ongoing efforts to strengthen central bank governance to set the institutional foundation for inflation targeting.
According to the statement, the Directors also lauded the steps taken by the authorities to build reserves and bolster market confidence. They praised the Bank’s reforms in the foreign exchange market that supported price discovery and liquidity. They called for the implementation of a robust foreign exchange intervention framework focused on containing excess volatility, emphasising that the exchange rate is an important shock absorber.
“The Nigerian authorities have implemented major reforms over the past two years, improving macroeconomic stability and enhancing resilience. The authorities have removed costly fuel subsidies, stopped monetary financing of the fiscal deficit and improved the functioning of the foreign exchange market. Investor confidence has strengthened, helping Nigeria successfully tap the Eurobond market and leading to a resumption of portfolio inflows.
“Growth accelerated to 3.4 per cent in 2024, driven mainly by increased hydrocarbon output and the vibrant services sector. Agriculture remained subdued, owing to security challenges and sliding productivity,” the statement added.
The Article IV Report also projected that Real GDP will grow by 3.4 per cent in 2025, supported by the new domestic refinery, higher oil production, and a strong services sector. Amid a complex and uncertain external environment, medium-term growth is expected to remain around 3½ per cent, supported by domestic reform gains.
The IMF further observed that gross and net international reserves rose in 2024, supported by a strong current account surplus and better portfolio inflows, adding that Reforms to the FX market and foreign exchange interventions had stabilised the naira.
The report further noted that Naira stabilisation and improvements in food production reduced inflation to 23.7 per cent year-on-year in April 2025, down from a 31 per cent annual average in 2024, according to the back-casted rebased CPI index released by the Nigerian Bureau of Statistics.
It was noted that inflation should decline further in the medium term with continued tight macroeconomic policies and a projected easing of retail fuel prices.
The Article IV report stated that Fiscal performance improved in 2024, adding that revenues benefited from naira depreciation, enhanced revenue administration, and higher grants, which more than offset rising interest and overhead spending.
The report also noted that downside risks have increased with heightened global uncertainty. A further decline in oil prices or an increase in financing costs would adversely affect growth, fiscal and external positions, undermine financial stability, and exacerbate exchange rate pressures. A deterioration of security could impact growth and food insecurity.
While observing that the gains had yet to benefit all Nigerians, coupled with heightened economic uncertainty and significant downside risks, the IMF Directors emphasised the importance of agile policymaking to safeguard and enhance macroeconomic stability, create enabling conditions to boost growth, and reduce poverty. They also urged the phasing out of existing capital flow management measures in a properly timed and sequenced manner.
The Report also called for a neutral fiscal stance to safeguard macroeconomic stabilisation, prioritising investments that support growth. They also urged the accelerated delivery of cash transfers to help the poor.
Meanwhile, the IMF Directors commended the authorities for advancing the tax reform bill, which is a significant step towards boosting revenue mobilisation and creating fiscal space for development spending while maintaining debt sustainability.
To lift Nigeria’s growth outlook, improve food security, and reduce fragility, the report highlighted the importance of tackling security, red tape, agricultural productivity, infrastructure gaps, including boosting electricity supply, as well as improved health and education spending, and making the economy more resilient to climate events.
They noted that addressing structural impediments to private credit extension is also needed to support growth. The Directors noted the Fund’s capacity development support for the authorities’ reform efforts and emphasized that improving data quality is essential for effective, evidence-based policymaking.
Tinubu establishes Credit Guarantee Company with N100 billion initial capital, appoints board
President Bola Ahmed Tinubu has established the National Credit Guarantee Company Limited (NCGC) and approved the appointment of its board and management team.
The disclosure was contained in a statement released by the Presidency on Thursday.
As part of the rollout, Tinubu appointed former Speaker of the House of Representatives, Rt. Hon. Yakubu Dogara, as Chairman of the NCGC Board, while Mr. Bonaventure Okhaimo will serve as the Managing Director and Chief Executive Officer.
The new institution, backed by an initial capital of N100 billion, is designed to de-risk lending and expand access to finance for Micro, Small and Medium Enterprises (MSMEs), small corporates, manufacturers, consumers, and large businesses across Nigeria.
“President Bola Ahmed Tinubu has approved the establishment of the National Credit Guarantee Company Limited (NCGC), a transformative institution designed to de-risk lending and boost access to finance for Micro, Small and Medium Enterprises (MSMEs), Small Corporates, Manufacturers, Consumers and Large Enterprises across Nigeria,” the statement read in part.
It added, “President Tinubu has further approved the constitution of the Board and Management of NCGC with the appointment of Rt. Hon. Yakubu Dogara as Chairman of the Board and Mr. Bonaventure Okhaimo as the Managing Director/Chief Executive Officer.”
The statement noted that the move aligns with the President’s 2025 New Year message, where he promised to unlock credit access and stimulate inclusive economic growth.
Other key appointments include Mrs. Tinoula Aigwedo as Executive Director of Strategy and Operations; Dr. Ezekiel Oseni as Executive Director, Risk Management; and Ms. Yeside Kazeem, an experienced actuarial expert, as an Independent Non-Executive Director.
More insights President Tinubu also named representatives of key financial institutions and stakeholders as Non-Executive Board Members.
These include Mr. Aminu Sadiq-Umar (MD, Nigeria Sovereign Investment Authority), Dr. Olasupo Olusi (MD/CEO, Bank of Industry), Mr. Uzoma Nwagba (MD, Nigeria Consumer Credit Corporation), and Mrs. Oluwakemi Owonubi (representative of the Ministry of Finance Incorporated).
The company’s N100 billion initial capital is provided by a consortium consisting of the Ministry of Finance Incorporated (MOFI), the Nigeria Sovereign Investment Authority (NSIA), the Bank of Industry (BOI), and the Nigeria Consumer Credit Corporation (CrediCorp). In addition, the World Bank Group is offering technical assistance to the new company, leveraging its global experience with similar institutions. According to the statement, the NCGC will play a critical role in strengthening confidence in the financial system, supporting underbanked demographics such as women and youth, promoting industrialization, and generating employment opportunities. It is part of broader efforts by the Tinubu administration to reform the credit landscape and improve standards of living across the country.
in the case of Anibaba v Dana Airlines Limited delivered in January 2025 has clarified that foreign currency judgment debt must be converted to Naira at the exchange rate obtainable at the date of judgment of the trial Court which in this case was 30 January 2018.
“Even if the 2018 exchange rate supported by the Supreme Court is applied, the judgment debt will just be under N30.7 billion payable by G.Cappa Plc (who delayed delivery of possession of the apartments from 2005 till June 2018, when possession was eventually delivered) with contribution from the bank.
“Consequently, the bank has applied to the Court for a clarification and inquiry into the proper interpretation of the judgment and the computation of the actual quantum properly and lawfully payable by G.Cappa and the bank.
“The Court has accordingly ordered Sagecom to maintain status quo pending the determination of pending motions and restrained Sagecom and all persons from publishing any material in the media as the matter is still pending in court,” it added.
It therefore stated that a publication by an online media contained and some other persons contained false information and was wrong, unlawful and constituted a contempt of court.
“It is unfortunate that the above clear position and injunctive order made by the Court since 7th May 2025 was not adhered to. Fidelity Bank remains very strong and profitable financial institution and amongst the most capitalised bank in Nigeria today with international operations.
“The bank is under no bankruptcy and has always been in a position to discharge its proper and lawful obligations and wishes to assure its depositors, customers, investors and the general public that the bank is in a strong financial position as shown in its Q1 2025 financial results which is available to the public.
“Meanwhile, the bank is taking all necessary steps to apprehend and prosecute any persons or platform directly or indirectly responsible for this wicked, malicious and sponsored publication aimed at embarrassing the bank and causing panic to its stakeholders,” it added.
Meanwhile, in a statement by the Acting Director, Corporate Communications, CBN, Mrs. Hakama Sidi Ali, the CBN stated that its attention was drawn to certain publications and social media reports “containing misleading information regarding the operations of a regulated financial institution.”
It added: “The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.”
The central bank affirmed that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision.
“These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system. We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” it added.
However, in a separate statement made available to THISDAY, the bank further emphasised that the court did not at any time award the amount that was reported by some online media, adding that the amount could only be determined at the end of proceedings.
“The bank is a solid financial institution capable of paying its proper and lawful debt as may be determined by the Court at any point in time,” it added.
The stock price of Fidelity Bank yesterday, dropped by 3.8 per cent or N0.80 per share to close at N20 per share from N20.80 per share the stock closed for trading last Friday. The lender’s stock reached N21 per share last week, amid declaring impressive first quarter ended March 31, 2025, results to the investing public.
Fidelity Bank Plc has demonstrated remarkable financial resilience, solidifying its position as one of Nigeria’s leading financial institutions.
Recent reports highlight the bank’s impressive growth trajectory, including its re-entry into the N1 trillion market capitalisation club and a 167.8 percent increase in profit before tax (PBT) to N105.8 billion in the first quarter of 2025.
Fidelity Bank also recorded a 64.2 percent year-on-year increase in gross earnings to N315.4 billion in Q1 2025. The bank’s total deposits surged to N6.6 trillion, driven by a 21.4 percent increase in foreign currency deposits in the review period. These figures highlighted its ability to attract and retain capital, ensuring liquidity and operational efficiency.
The board and management of the bank recently indicated that they aim to conclude the final phase of its recapitalisation programme this year, ahead of the 2026 deadline set by the Central Bank of Nigeria (CBN).
Addressing shareholders at the annual general meeting of the bank, Chairman, Fidelity Bank Plc, Mr. Mustafa Chike-Obi, had said the bank’s stakeholders were all pleased with the success of the first stage of the capital-raise exercise.
“The oversubscription of 237.9 per cent in the public offer and 137.7 per cent in the rights issue is a testament to the strength of our brand and the confidence the investing public has in us. Equipped with this vote of trust, we will proceed swiftly and conclude the second tier of our capital-raise exercise,” Chike-Obi had said.
The Central Bank of Nigeria, CBN has reassured Nigerians and the public of stable banking sector operations.
In a press statement e-signed and released to the Trek Africa Newspaper by the Acting Director, Corporate Communications, CBN, Hakama Sidi Ali stated that, “The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.”
According to the statement, “The CBN wishes to categorically reassure the public, depositors, and stakeholders that the institutions, the institution referenced in these reports is held to stringent regulatory Nigerian banking sector remains resilient, safe, and sound. Like all other regulated requirements, and there is no cause for concern regarding the safety of depositors’ funds.”
“The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.”
“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.”
“The CBN remains dedicated to fostering a secure banking environment where depositors strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial can be fully confident in the safety of their funds. It will continue to monitor and adapt system.”
Nigeria Secures $5.5 Billion Health Investments, Launches Pharmaceutical Training Academy
Under the leadership of President Bola Ahmed Tinubu, Nigeria has secured $5.5 billion in private sector funding for 22 new large-scale health sector manufacturing projects. According to the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, the Federal Government has also partnered with the Empower School of Health (Geneva) to establish the Empower Academy Nigeria — Africa’s foremost pharmaceutical manufacturing training institute.
This development follows Nigeria’s recent success in securing €1 billion from the European Investment Bank (EIB) and $1 billion from Afreximbank to support health sector value chain localization.
Empower Academy Nigeria will:
- Focus on training a world-class workforce for pharmaceutical manufacturing.
- Support local production of pharmaceutical excipients, APIs, inhalers, extended-release medications, dermatological patches, and more.
- Train and upskill up to 2,000 Nigerian professionals annually.
-Offer certification courses in collaboration with Africa CDC, WHO, UNITAR, and the International Federation of Pharmacists (FIP).
- Feature cutting-edge equipment and facilities for training in process engineering, regulatory compliance, quality control, and environmental monitoring.
According to the Coordinating Minister (@muhammadpate), this initiative marks a historic step in Nigeria’s drive for health sector self-sufficiency and global best practice adoption.
@Fmohnigeria
— Yusuf, Personal Assistant on Special Duties to President Bola Ahmed Tinubu
Earlier today at the Presidential Villa, the vice president received a comprehensive briefing on preparations for the 2025 Hajj operations from the Board of the National Hajj Commission of Nigeria.
The Commission is set to commence the 2025 Hajj operations with the airlift of pilgrims to Saudi Arabia starting from May 9, 2025.
In my remarks, I charged the Commission to ensure that all hands are on deck to guarantee the success of the Hajj exercise.
All necessary measures must be taken to ensure the success of the 2025 Hajj. We owe it to all Nigerians and our pilgrims to provide a smooth and spiritually fulfilling experience.
The Lagos State Government has recorded a major transportation milestone, announcing that the Blue Line Rail has transported over two million passengers since its launch, while state-operated BRT buses move an average of 42,000 commuters daily.
This was disclosed by the Commissioner for Transportation, Mr. Oluwaseun Osiyemi, during the 2025 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa. The briefing marked the second anniversary of Governor Babajide Sanwo-Olu’s second term and highlighted achievements under the THEMES+ agenda.
Osiyemi noted that the Lagos State Transport Policy, introduced in May 2024, is now being fully implemented, with a focus on inclusivity, safety, affordability, and sustainability.
Providing updates on rail infrastructure, the Commissioner revealed that Phase 1 of the Blue Line Rail, which runs from Marina to Mile 2, has already served over two million passengers. Construction of Phase 2, extending the line to Okokomaiko, is in progress.
He added that Phase 1 of the Red Line Rail, linking Agbado to Oyingbo, is now operational with eight stations and new rolling stock, while Phase 2—which will connect to the Blue Line at the National Theatre—is also underway.
In the area of road-based transport, Osiyemi disclosed that state-owned BRT buses have transported more than 60 million commuters since 2019, with daily ridership now surpassing 40,000. New buses are set to be deployed, and several Quality Bus Corridors are under construction. The newly commissioned Abule Egba Bus Terminal is also expected to improve transit services in that corridor.
The Commissioner also highlighted developments in water transport. Fifteen locally-built Omibus ferries have been launched, and the Ijegun Egba Terminal is now operational. The OMI EKO project, in collaboration with the French Development Agency (AFD), is set to deliver 25 terminals and 78 electric ferries. In the past year alone, ferry services have catered to over 280,000 passengers, with 12 boats upgraded to meet safety standards.
On traffic and road infrastructure, Osiyemi announced the completion of 49 junction improvement projects, with major works ongoing at Ikorodu, Iju, and the Allen-Opebi-Toyin axis. Enhancements also include solar-powered traffic signals, 67.9 kilometers of road markings, new medians, laybys, and nearly 4,000 parking slots.
Enforcement and driver education have also seen progress. Automatic Number Plate Recognition (ANPR) cameras have recorded over 470,000 traffic violations.
The Vehicle Inspection Service (VIS) issued over one million roadworthiness certificates, while the Lagos State Drivers’ Institute (LASDRI) trained more than 32,000 drivers.
The Lagos State Traffic Management Authority (LASTMA) also trained over 800 personnel, evacuated more than 100 broken-down vehicles, and revitalized its school safety advocacy program across 59 schools.
The Central Bank of Nigeria (@cenbank ) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
VP Shettima Flags Off Construction of Special Agro-Industrial Processing Zone in Kaduna
Vice President @KashimSM today led the groundbreaking ceremony for Phase 1 of the Special Agro-Industrial Processing Zone (SAPZ) in Kaduna — a flagship project of President @officialABAT’s administration aimed at transforming Nigeria’s agriculture sector and creating sustainable jobs.
Describing the SAPZ as a “presidential priority project,” the Vice President said the initiative will tackle key challenges in the agricultural value chain, drive private-sector investment, and empower youth across the country.
The Kaduna SAPZ is one of eight across Nigeria being developed with support from the African Development Bank, Islamic Development Bank, and IFAD. The zones are designed to integrate farmers with processors, reduce post-harvest losses, and expand economic opportunities in rural communities.
Governor @ubasanius hailed the initiative as a game-changer for Kaduna’s economy, while @AfDB_Group President Dr. @akin_adesina commended the state’s leadership and commitment to agricultural industrialisation.
The VP emphasized, “We are not just breaking ground — we are building a future where agriculture feeds our people, empowers our youth, and drives national prosperity.”
The Ministry of Foreign Affairs wishes to categorically refute the false claims circulating online, alleging that Nigeria has been included in a list of countries facing an entry ban into Saudi Arabia from April 13, 2025.
The Saudi Arabian authorities have officially denied the validity of this viral memo, which falsely claims that several countries, including Nigeria, Egypt, India, Pakistan, and others, would be subject to visa restrictions and an entry ban. The Saudi Tourism Centre has confirmed that no such directive exists, and that the only official travel guidelines currently in place pertain to the Hajj pilgrimage.
For clarity, the only restriction applies to tourist visa holders during the Hajj season. Individuals holding a tourist visa are not permitted to perform Hajj, enter, or stay in Makkah between April 29 and June 11, 2025 (corresponding to 01 Thul Quda to 14 Thul Hijjah 1446 AH). The Hajj visa remains the sole authorized entry permit for pilgrims during this period.
The Ministry urges the public to disregard the misleading document and to always verify travel information from official sources before taking action. Spreading unverified information can cause unnecessary confusion and disrupt travel plans. For accurate and up-to-date information, travelers are advised to consult official Saudi government sources, the Nigerian Ministry of Foreign Affairs, or accredited diplomatic channels.
Alkasim Abdulkadir Special Assistant on Media and Communications Strategy to the Honorable Minister of Foreign Affairs
BIRTHDAY MESSAGE TO THE PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA, HIS EXCELLENCY PRESIDENT BOLA AHMED TINUBU, GCFR BY THE FIRST LADY OF THE FEDERAL REPUBLIC OF NIGERIA, HER EXCELLENCY, SENATOR OLUREMI TINUBU, CON ON 29TH MARCH, 2025
I rejoice and thank God Almighty for His faithfulness in your life, over the years. I celebrate your courage, strength and resilience that have all contributed to who we both are today. May you live long, in divine health, joy, peace and prosperity.
Happy Birthday Mr. President…My Knight in Shining Armor
Her Excellency Senator Oluremi Tinubu, CON @SenRemiTinubu First Lady of the Federal Republic of Nigeria
About 1000 Nigerians rescued in Libyan detention centers this year alone, Over 15.000 rescued in the last couple of years by the federal govt and @IOM_Nigeria.Avoid dangerous pathways like Libya Not worth it at all!Pls see press statement issued by @nidcom_gov
… Mbah has remembered us after 40 years – Ologo residents_
Governor Peter Mbah today flagged off the construction of 141 urban roads across 13 zones of the state capital, insisting residents of the city and Enugu State deserved nothing but the best.
The beneficiary zones are Abakpa, Achara Layout, Asata, Awkunanaw, Coal Camp, Independence Loyout, New Haven, Old GRA, Thinkers Corner, Trans-Ekulu, and Uwani.
Performing the symbolic flag-off at Ologo under Coal Camp Zone Enugu North LGA and Monaque Avenue in Awkunanaw Zone, Enugu South LGA, Mbah explained that the roads were part of his administration’s vision to eradicate poverty, grow Enugu State’s economy to $30bn and make the state a premier destination for investment, business, tourism, and for living.
“For me, this is not about putting a black pavement on our roads. What I see is empowering our women and making sure that we create a platform for them to generate wealth. Do not forget that our commitment is to eradicate poverty, and we know that we cannot just wish the eradication of poverty into existence. We need to do the necessary things required by government to ensure that we have zero hunger. We know what critical infrastructure like roads do for our communities.
“We know that it will ensure that those that are doing business have more patronage, and even those living here will no longer have to spend so much on transportation because the cost of transportation will reduce. If a Keke (commercial tricycle) man that is supposed to carry you knows he will drive on a good road, he will charge you less. What that does is that it provides you more disposable income and thereby chasing poverty away from our community,” he stated.
The governor explained that the 141 roads had been organised into 17 lots to ensure completion in the next three months, assuring that funds had been provided, while due diligence was done on the contractors to ensure that the jobs were awarded to capable hands only.
Meanwhile, a resident of Ologo, Chief Chris Okaka and President-General of Amechi-Uwani, Chief Ifeanyi Nnaji, hailed Mbah for remembering Ologo and Monaque Avenue neighbourhoods after over forty years of neglect by successive governments.
“For the past forty years, nobody has done this road. We went house to house to collect money to do one other side of the drainage. After doing one side, we could not do the other because everyone was complaining of hardship.
“But I told them that Peter Mbah was coming and he would do it. Your Excellency, today you are here to do the road. We have said that by 2027, any other poster we see here, we will tear it off. You are going for your second term.”
Likewise, the Council Chairman of Enugu North, Hon. Ibenaku Onoh, and his Enugu South counterpart, Hon. Caleb Ani, said the governor’s ward-based development had made things easier for the 17 local government councils.
“Therefore, we will hold down the grassroots politics for you by following your example in prioritising everything that affects the people. At the right time, the people of Enugu State will reward you with more support,” Ono stated.
The Commissioner for Works and Infrastructure, Engr. Gerald Otiji, and the Special Adviser to the Governor on Project Development and Implementation, promised intensive supervision in addition to all necessary steps taken during project preparation to ensure the delivery of quality jobs.
The contractors, on their part, also assured the governor of quality and timely project delivery, having passed the stringent procurement processes and conditions set by his administration.
The people of Eha-Amufu, a border town in the Isi-Uzo local government area of Enugu State, have dismissed as untrue alleged recent mass killings and arson in their communities.
This is even as one Mrs Amarachi Nnaji, a rape victim, dismissed claims of her death, stating that while the incident was tragic, she is recovering and rebuilding her life.
Some indigenes and leaders of the community spoke to journalists who were on a fact-finding mission to the area regarding recent viral videos of protests and counter-protests by groups of women over alleged recent mass killings and widespread arson in Eha-Amufu communities.
The president-general of Mgbuji Eha-Amufu, Donatus Odoh, who spoke to journalists, however, confirmed past mass attacks on the communities of Eha-Amufu by suspected herders before the coming of Peter Mbah’s administration, especially in 2022 when the community was sacked, leaving so many people dead.
“So, on the issue of the protest being done last week or so, based on the supposed killing of 100 or 200 persons in Eha-Amufu recently, as I saw in one video being circulated, none of that happened. I do not know where people are getting their information from.
“Nothing happened here in Mgbuji, Eha-Amufu, two weeks ago. However, an incident occurred in another autonomous community in February. There was one Igwurube Ndubuisi Donatus who was killed, but I cannot give details of what happened to him because I was not there. The way you heard it was the same way I got the information,” he said.
He also said that although the rape victim was from another community in Eha-Amufu, he was involved in arranging her medical treatment following the government’s intervention, saying she was not dead as claimed during the protest.
“I saw a woman being driven on a bike returning from the market the other day. She was healthy,” Odoh emphasised.
Another community leader, Chief Richard Ogenyi, said that for isolated incidents, security had continued to improve since the 2022 attack through the interventions of the state and local governments under Governor Mbah and the Council chairman, Barr. Obiora Obeagu.
He insisted that there were no such ongoing attacks and mass killings as portrayed by protesters on social media recently.
“From my view, they protested against the herder’s invasion of our place and their inability to farm like before because, as you can see, this place you are seeing now is called Orie Ogbete or Orie Uzo Ugbo Mgbuji. It was a lively place before the herders drove us away in 2022.
“So, how I view what happened one or two weeks ago as an independent person is that what the women did was good because it will create awareness.
“But the truth is that there was an element of politics in the protest, and I am not happy about it because they would have focused on the main issue.
“So, I am surprised to hear that many people numbering in the hundreds were killed in Eha-Amufu. After the incident of 2022, we have not witnessed such a number of killings being circulated.
“Since Obiora Obeagu’s second term and Governor Mbah’s administration, we have witnessed a lot of security improvement, and insecurity has dropped drastically. As for the recent protest on ongoing mass killings, none happened in Mgbuji here where I come from, apart from the damaging of crops by the herdsmen,” he stated.
Also, speaking with journalists, the council chairman, Obeagu, strongly refuted the story of any recent killings in Eha-Amufu communities, except that of an undergraduate.
He noted that the Mbah administration had continued implementing security and infrastructural measures since coming into office in 2023, ensuring that what happened in 2022 did not repeat itself.
He blamed bad politics and deliberate lies and misinformation for the protest.
“So, when people tell you it was a spontaneous protest, it was not. It was orchestrated and very well planned. In one of the clips I watched, a man was in the background like a hype man, trying to hype the situation. I heard him say that last week, 200 people were killed, and this week, 100 people were killed. Yet he did not show the burnt houses; nobody showed any images, and the things they discussed were graphic. People try to throw up things, but when you see them, you will know that they are things that happened two to three years ago. I saw a woman discussing what they did to her husband and herself in the last four years.
“In summary, we have challenges and problems, and we are dealing with them. If it was what happened in Eha-Amufu recently, there’s nothing like mass killings, nothing like the burning of houses by herders; it did not happen. Feel free to go into the town and ask questions. Tell them to take you to the place where all those things happened. I can bet nobody will show you one,” he said emphatically.
Travel › Lagos-Calabar Coastal Road: Contractor Begins Mobilization In Ondo by Estello(op): 5:06am On Sep 21, 2025
