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The Economic Times Nigeria, 21 Niafounke Close, Off Aminu Kano Crescent, Wuse ll, Abuja (2025)

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21 Niafounke Close, Off Aminu Kano Crescent, Wuse Ll

19/09/2025

PHOTOS: President Bola Ahmed Tinubu pays courtesy visit to the former first lady of Nigeria, Hajia Aisha Buhari at the Muhammadu Buhari Family House in Kaduna on 19/09/2025.Photo State House.

18/09/2025

BREAKING: Governor Siminalayi Fubara supporters hold mini rally outside the gate of Rivers State Government House as they await the arrival of the Rivers Governor to the state.

18/09/2025

PHOTO: Shoprite Stores Shut Down In Ibadan, Ilorin As Shelves Run Empty In Lagos, Abuja

18/09/2025

BREAKING: FG disburses N330 billion to vulnerable Nigerians - Wale Edun

The Federal Government has disbursed N330 billion in cash transfers to poor and vulnerable Nigerians through the National Social Safety-Net Coordinating Office (NASSCO).

“We are pleased to report that the social protection programme put in place as a safety net to help people cope with the rising price level is now firmly back on track," the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said.

He spoke on Wednesday in Abuja at a meeting of the Special Presidential Panel on the Social Investment Programme.

“About 19.7 million poor and vulnerable households, representing more than 70 million individuals, are captured in the National Social Register.

“The cash transfers, funded from the 800 million dollars World Bank facility, were disbursed to 15 million households.

“So far, 8.5 million households have received at least one tranche of N25,000, while some have received two or three payments.

“The remaining seven million households will be paid before the end of the year,” he said.

The minister said that the programme is anchored on a robust and sustainable system with beneficiaries verified through their National Identity Numbers (NIN) and payments made digitally via bank accounts or mobile wallets.

17/09/2025

STATEMENT BY HIS EXCELLENCY, BOLA AHMED TINUBU, PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA, ON THE CESSATION OF THE STATE OF EMERGENCY IN RIVERS STATE

My Fellow countrymen and, in particular, the good people of Rivers State.

I am happy to address you today on the state of emergency declaration in Rivers State. You will recall that on 18th March, 2025, I proclaimed a state of emergency in the state. In my proclamation address, I highlighted the reasons for the declaration. The summary of it for context is that there was a total paralysis of governance in Rivers State, which had led to the Governor of Rivers State and the House of Assembly being unable to work together. Critical economic assets of the State, including oil pipelines, were being vandalised. The State House of Assembly was crisis-ridden, such that members of the House were divided into two groups. Four members worked with the Governor, while 27 members opposed the Governor. The latter group supported the Speaker. As a result, the Governor could not present any Appropriation Bill to the House, to enable him to access funds to run Rivers State's affairs. That serious constitutional impasse brought governance in the State to a standstill. Even the Supreme Court, in one of its judgments in a series of cases filed by the Executive and the Legislative arms of Rivers State against each other, held that there was no government in Rivers State. My intervention and that of other well-meaning Nigerians to resolve the conflict proved abortive as both sides stuck rigidly to their positions to the detriment of peace and development of the State.

It therefore became painfully inevitable that to arrest the drift towards anarchy in Rivers State, I was obligated to invoke the powers conferred on me by Section 305 of the 1999 Constitution, as amended, to proclaim the state of emergency. The Offices of the Governor, Deputy Governor, and elected members of the State House of Assembly were suspended for six months in the first instance. The six months expire today, September 17th, 2025.

I thank the National Assembly, which, after critically evaluating the justification for the proclamation, took steps immediately, as required by the Constitution, to approve the declaration in the interest of peace and order in Rivers State. I also thank our traditional rulers and the good people of Rivers State for their support from the date of the declaration of the state of emergency until now.

I am not unaware that there were a few voices of dissent against the proclamation, which led to their instituting over 40 cases in the courts in Abuja, Port Harcourt, and Yenagoa, to invalidate the declaration. That is the way it should be in a democratic setting. Some cases are still pending in the courts as of today. But what needs to be said is that the power to declare a state of emergency is an inbuilt constitutional tool to address situations of actual or threatened breakdown of public order and public safety, which require extraordinary measures to return the State to peace, order and security. Considered objectively, we had reached that situation of total breakdown of public order and public safety in Rivers State, as shown in the judgment of the Supreme Court on the disputes between the Executive and the Legislative arm of Rivers State. It would have been a colossal failure on my part as President not to have made that proclamation.

As a stakeholder in democratic governance, I believe that the need for a harmonious existence and relationship between the executive and the legislature is key to a successful government, whether at the state or national level. The people who voted us into power expect to reap the fruits of democracy. However, that expectation will remain unrealizable in an atmosphere of violence, anarchy, and insecurity borne by misguided political activism and Machiavellian manipulations among the stakeholders.

I am happy today that, from the intelligence available to me, there is a groundswell of a new spirit of understanding, a robust readiness, and potent enthusiasm on the part of all the stakeholders in Rivers State for an immediate return to democratic governance. This is undoubtedly a welcome development for me and a remarkable achievement for us. I therefore do not see why the state of emergency should exist a day longer than the six months I had pronounced at the beginning of it.

It therefore gives me great pleasure to declare that the emergency in Rivers State of Nigeria shall end with effect from midnight today. The Governor, His Excellency Siminalayi Fubara, the deputy governor, Her Excellency Ngozi Nma Odu, and members of the Rivers State House of Assembly and the speaker, Martins Amaewhule, will resume work in their offices from 18 September 2025.

I take this opportunity to remind the Governors and the Houses of Assembly of all the States of our country to continue to appreciate that it is only in an atmosphere of peace, order, and good government that we can deliver the dividends of democracy to our people. I implore all of you to let this realisation drive your actions at all times.

I thank you all.

Long live the Federal Republic of Nigeria.

Source: Facebook | Bayo Onanuga

16/09/2025

PHOTOS: President Tinubu returns to Abuja: He was welcomed by Senate President Godswill Akpabio, Governor Abdullahi Sule, Chief of staff, Femi Gbajabiamila and Coordinating Minister of the Economy, Wale Edun

14/09/2025

Sanusi Blasts Nigeria’s “Lousy Leadership”, Warns Against Excessive Borrowing, Bleak Future Without Reform

Emir of Kano, Muhammadu Sanusi II, has delivered another searing verdict on Nigeria’s political elite, declaring that the country has been trapped in a cycle of “lousy leadership” for decades.

At the second Kano International Poetry Festival (KAPFEST), organised by the Poetic Wednesdays Initiative in Kano, the outspoken monarch tore into Nigeria’s ruling class, accusing them of wasting precious decades on petty debates and reckless governance while the rest of the world races ahead.

“You rise and fall with the quality of your leadership, and Nigeria has had lousy leadership for a long time,” Sanusi said pointedly. “Everywhere you look—from the legislature to the public square—you see leaders quarrelling over irrelevant things. While other nations are tackling climate change and artificial intelligence, we are still arguing over tribe and religion. These are the same tired conversations we were having in the 1960s.”

A Nation at Crossroads

Sanusi’s words cut into Nigeria’s deepest wounds: a rich nation crippled by poor choices. From corruption and mismanagement to misplaced priorities, his message was unmistakable—Nigeria’s biggest crisis is not lack of resources, but lack of vision and competence at the top.

He challenged young Nigerians to step up and reclaim the future from a political class that has repeatedly failed them. According to him, with determination, the youth can “retire those who have been managing the country poorly” and usher in a new era of governance.

Subsidy, Debt and Economic Reality

Sanusi, a former Central Bank Governor, also weighed in on the controversial removal of fuel subsidy by President Bola Tinubu. While acknowledging the hardship Nigerians face, he insisted the policy was inevitable to prevent total economic collapse.

“Subsidising consumption was never sustainable,” he argued. “It kept European refineries open while draining Nigeria’s treasury. Beyond a point, government revenue wasn’t enough to pay subsidy, and we began borrowing to fund it. That was a highway to bankruptcy.”

The emir warned that if the billions squandered on subsidy since 2012 had been channelled into building refineries, Nigeria would not be in its current energy crisis.

Equally troubling, he said, is the country’s mounting debt profile, describing it as reckless and dangerous. “The way governments borrow and squander resources will have devastating effects on the economy in the years to come,” he cautioned.

Poetry in a Time of Crisis

Ironically, Sanusi made these remarks at a poetry festival themed “Poetry in a Time of Crisis”—a setting that underscored his message. Organisers of the festival, led by Creative Director Nasiba Babale, said the event was aimed at showing how poets and artists can use their voices to advocate peace in a region battling insecurity and socio-economic decline.

But on Saturday, it was Sanusi’s voice that resonated loudest, piercing through the poetic metaphors to deliver an unfiltered diagnosis of Nigeria’s failures and a rallying cry for a future led by competent, visionary leaders.

OPINION: Initial Public Offering ( IPO ) Trends in Nigeria (2005–2025)By Auwalu Salihu Fada, PRM,salihu.auwal@yahoo.com,...

14/09/2025

OPINION: Initial Public Offering ( IPO ) Trends in Nigeria (2005–2025)

By Auwalu Salihu Fada, PRM,[email protected], September 11, 2025

Initial Public Offerings (IPOs) in Nigeria have undergone significant fluctuations over the past two decades, reflecting the interplay of economic cycles, regulatory environments, and investor sentiment.

Between 2005 and 2025, four distinct phases emerged, each shaped by unique macroeconomic and institutional drivers.

2005–2010: The Golden Era of IPOs

The period between 2005 and 2010 is widely regarded as Nigeria’s golden era for IPO activity, recording 22 listings with a public participation rate of 12.3%.

Key offerings included GTBank and Transcorp, both of which attracted strong retail and institutional demand.

This surge was fueled by banking sector consolidation following the 2004 recapitalization policy, pension reforms under the Pension Reform Act of 2004, and growing public trust in the Nigerian capital market (Nigerian Exchange Group [NGX], 2010).

Liquidity in the financial system and rising oil revenues created a favorable environment for equity issuance.

2011–2015: Declining Momentum
From 2011 to 2015, the market witnessed a sharp decline to nine IPOs, with public participation dropping to 9.4%.

Notable in this era was the listing of Jaiz Bank, Nigeria’s first non-interest bank, in 2012.

However, macroeconomic instability—including falling oil prices from 2014—currency depreciation, and policy uncertainty discouraged both issuers and investors (National Bureau of Statistics [NBS], 2015).

The global financial crisis aftershocks and local banking crises further eroded market confidence.

2016–2020: Market Stagnation

IPO activity reached its lowest point between 2016 and 2020, with only five offerings and a participation rate of 6.8%.

MTN Nigeria’s listing in 2019—structured as a private placement—stood out as a landmark event, though it limited retail investor access (Bloomberg, 2019).

The period was characterized by recession in 2016, persistent foreign exchange volatility, and tighter regulatory scrutiny.

These factors deterred public listings in favor of private capital raising.

2021–2025: Signs of Recovery
Between 2021 and 2025, IPOs showed a mild recovery, with four major listings and public participation rebounding to 11.2%.

Noteworthy were BUA Cement and NGX Group, both of which leveraged strong corporate fundamentals and investor appetite for diversified holdings (Reuters, 2023).

The rebound was aided by the adoption of digital platforms for subscription processes, improved telecommunications sector performance, and renewed confidence in the market’s governance structures.

Despite global inflationary pressures, Nigeria’s capital market benefited from policy efforts to deepen financial inclusion and attract foreign portfolio investment.

Conclusion
Overall, Nigeria’s IPO trends from 2005 to 2025 reflect cyclical booms and contractions, shaped by domestic policy choices, global commodity prices, and regulatory environments.

While the 2005–2010 period remains unmatched in scale, recent signs of revival suggest that targeted reforms, stable macroeconomic conditions, and enhanced investor protection could sustain IPO growth in the coming decade.

References

Bloomberg. (2019). MTN Nigeria lists shares on Nigerian Stock Exchange.

National Bureau of Statistics (NBS). (2015). Capital market survey report. Abuja: NBS.

Nigerian Exchange Group (NGX). (2010). Annual listings report. Lagos: NGX.

Reuters. (2023). Nigeria’s BUA Cement and NGX Group attract strong investor demand.

Written By Auwalu Salihu Fada

12/09/2025

JUST IN: From January 1, 2026, Nigerians and non-residents will not be able to open or operate a bank account without a Tax Identification number (Tax ID).

11/09/2025

Crude Oil Losses Drop To 16-Year-Low As NUPRC Releases Latest Report
..Daily Losses Contained At 9,600 Barrels

Nigeria’s upstream oil sector is witnessing a dramatic turnaround, with crude oil losses from theft and metering issues dropping to their lowest levels in nearly 16 years.

In July 2025, daily losses stood at 9,600 barrels per day (bpd), the lowest figure since 2009 when losses dropped to all-time low of 8,500 bpd.

This is based on trends of crude oil losses year-to-date July 2025, released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

This progress marks a major leap forward in the Commission's relentless drive to eliminate all forms of crude losses across Nigeria's oilfields and pipelines.

Between January and July 2025, crude oil losses were contained at 2.04 million barrels, averaging 9,600 barrels per day over the seven-month period. This marks a clear departure from the high-loss years that have long plagued the industry.

By comparison, the entire 2024 calendar year recorded 4.1 million barrels lost at a daily average of 11,300 barrels. Remarkably, in just the first seven months of 2025, losses were cut by 50.2%, with only 2.04 million barrels lost over the period.

The figures for the period ending July 2025 also represent a dramatic 94.57% drop in crude oil losses compared to the full year of 2021, when Nigeria lost a staggering 37.6 million barrels at a daily average of 102,900 barrels.

So far in 2025, only 2.04 million barrels have been lost, which is a reduction of 35.56 million barrels compared to the 37.6 million barrels lost in 2021, underscoring the scale of progress made in just four years.

Crude oil losses in 2021 were the highest recorded in nearly 23 years, making it the peak year between 2002 and July 2025.

Since the implementation of the Petroleum Industry Act in 2021, Nigeria has recorded steady progress in reducing crude oil losses. In 2021, losses stood at 37.6 million barrels, averaging 102,900 barrels per day. By 2022, this dropped to 20.9 million barrels at a daily average of 57,200 barrels.

The downward trend continued in 2023, with losses reduced to 4.3 million barrels at 11,900 barrels per day. Even more progress was made in 2024, as losses were further contained to 4.1 million barrels, averaging 11,300 barrels per day.

The Commission has adopted a balanced mix of kinetic and non-kinetic strategies in tackling oil losses. On the kinetic front, the Commission has continued to collaborate closely with security agencies, operators and communities.

On the non-kinetic front, NUPRC has implemented strategic regulatory measures to close systemic loopholes. One key initiative is the metering audit across upstream facilities to ensure accurate measurement of production and exports.

To further strengthen control, the NUPRC under the leadership of Engineer Gbenga Komolafe approved 37 new crude oil evacuation routes to combat oil theft.

11/09/2025

VIDEO: Speech by WTO DG, Professor Ngozi Okonjo Iweala at 66th Annual Conference of The Nigerian Economic Society (NES).

11/09/2025

VIDEO - A New Dawn: Forging a path to Economic Resilience and Prosperity. An acceptance speech by the newly elected Council President, Nigerian Economic Society (NES), Dr. Baba Yusuf Musa.

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