Author: The Nation

  • Firms demand N1.76b judgment-debt from Shoprite

    Firms demand N1.76b judgment-debt from Shoprite

    Retail Supermarkets Nigeria Limited (RSNL) (ShopRite) is facing legal action over a judgment debt of N1.76 billion following its failure to fully comply with a court-approved settlement in favour of African Retail Tabloid Limited (ARTL) and UEL Global Resources Limited (UEL), according to a demand letter issued by their legal representatives.

    The letter, dated November 7, 2025, was addressed to the Managing Director of RSNL and follows a consent judgment delivered by Justice A. Lewis-Allagoa of the Federal High Court in Lagos in favour of ARTL and UEL.

    The parties had sought to settle ARTL’s petition seeking the winding up of RSNL over an alleged debt of N440 million and UEL’s summary judgment claim of N1.33 billion.

    Under the terms of the consent judgment, RSNL (ShopRite) is required to pay a combined sum of N1,765,991,433.23, structured in thirteen instalments.

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    The repayment schedule began with N400 million due on July 17, 2025, and concludes with a final instalment of approximately N66 million on January 18, 2026.

    All payments are to be made directly into the creditors’ designated Zenith Bank accounts.

    The judgment also stipulates that in the event of default, the entire outstanding balance becomes immediately due, accruing interest at 20 per cent per quarter until fully repaid.

    Creditors are empowered to enforce the settlement through all necessary legal mechanisms following the winding-up petition.

    The legal representatives stated in the demand letter that RSNL (ShopRite) has failed to comply with the terms of the judgment, triggering the default clause.

    The Consent Judgment, jointly presented to the court by the legal teams of both parties, was formally adopted on July 22, 2025, and became binding.

    A.P. Ewaoyenikan and H.T. Abdulsalem represented ARTL, while N. Ogunsakin represented RSNL.

    The Settlement Agreement resolves both the winding-up petition and the summary judgment claim, bringing the long-standing financial dispute to a conclusion.

    However, following the RNSL’s failure to pay in accordance with the Settlement Agreement and Court Order, another proceeding may be instituted to enforce the court-approved settlement.

  • Closing schools over abduction means caving in to terrorists, PDP tells Govt

    Closing schools over abduction means caving in to terrorists, PDP tells Govt

    • Stop politicising kidnap victims’ pains, ex-lawmakers warn party

    The Peoples Democratic Party (PDP) has told the Federal Government that closing schools as a solution to the abductions of school children by bandits amounts to surrendering to the machinations of terrorist groups.

    PDP’s National Publicity Secretary Tanimu Turaki, who was accompanied by the leader of a faction of the party, Ini Ememobong, said this while addressing reporters yesterday in Abuja.

    The PDP chieftains said rather than close schools, the government should develop a comprehensive plan to combat the menace.

    They urged the government to avoid what he called a simplistic approach of closing schools in a bid to prevent further kidnappings and to score cheap political points.

    The PDP chieftains said the government should also seek local and foreign assistance in combating the activities of terror groups, adding that the PDP would be willing to help the government if it asks for such assistance.

    Ememobong said: “…If the schools are closed, the goal of the terrorists would have been inadvertently achieved.

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    “…We charge the Federal Government to immediately fund and implement the National Policy on Safety, Security and Violence-Free Schools anchored on community intelligence and quick security response, capable of anticipating and contending with attacks on schools. Insecurity in schools will be a big disincentivisation for education in the country, especially in Northern Nigeria.”

    But the National Forum of Former Legislators (NFFL) warned the PDP against turning the nation’s security challenges, particularly the recurring school kidnappings, into tools for political attacks.

    In a statement by its National Coordinator, Nnana Igbokwe, the forum expressed disappointment over recent remarks credited to the PDP on the Federal Government’s handling of abductions in parts of the country.

    The statement said: “It is unfortunate that the PDP could turn an issue as sensitive as kidnapping into a political tool of attack just to score cheap political points.

    “What is expected of any consciously reasoning citizen or responsible organisation is to proffer advice or meaningful solutions on how this cankerworm can be tamed.”

    The NFFL accused the opposition party of exploiting national distress, warning that such rhetoric risks escalating tensions and undermining ongoing efforts to tackle criminality.

    It urged the PDP to demonstrate restraint and patriotism by avoiding actions that “toy with the emotions of Nigerians” at a time many families are traumatised.

  • NRC reaffirms commitment to transparency, accountability

    NRC reaffirms commitment to transparency, accountability

    The management of the Nigerian Railway Corporation (NRC) has restated its commitment to building a culture of integrity, transparency, and accountability within the corporation’s workplace.

    The NRC Managing Director, Dr. Kayode Opeifa, gave the assurance at the weekend during the inauguration of the newly reconstituted Anti-Corruption and Transparency Unit (ACTU) at the corporation.

    “Today marks another strong step in our collective journey to building a culture of integrity, transparency and accountability within our corporation. I appreciate the presence and support of the Independent Corrupt Practices and other related Offences Commission (ICPC), especially our Resident Anti-Corruption Commissioner, whose partnership continues to strengthen our internal governance structure,” Opeifa said.

    The NRC managing director noted that as the corporation’s operational footprint expanded, so did the need for strong ethical standards and internal controls.

    He said the NRC was experiencing a new phase of growth, modernisation, and increased public engagement.

    Opeifa, who was excited at the inauguration of the reconstituted agency, said the unit would serve as the corporation’s watchdog that must continue to meet the highest standards in service delivery, procurement processes, financial management, staff conduct, and general corporate governance.

    According to him, ACTU is not just a statutory requirement, it is a strategic instrument for preventing corruption, promoting transparency, and strengthening public confidence I the operations of all Ministries, Departments, and Agencies’ (MDAs).

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    Olaifa urged the ACTU members to promote ethical values and transparency across all departments, drive compliance with extant rules, regulations, and operational guidelines, ensure timely reporting of violations and gaps where such exists, champion awareness activities that enlightens staff about anti-corruption obligations and work closely, respectfully and professionally with ICPC at all times.

    “The management will provide a work environment where accountability thrives and where every officer understands that corruption, misconduct, and unethical behaviours have no place in the NRC of today,” Opeifa added.

    The ICPC Chairman, Dr. Musa Adamu Aliyu, said ACTU, which has evolved into a government-recognised anti-corruption platform, functions as internal mechanisms to identify and address systemic weaknesses while ensuring compliance with ethical standards across MDAs.

    Aliyu, who was represented by the Resident Anti-Corruption Commissioner, Mr Chukwurah Alexander, who was equally represented by Dr. Florence Barry, said ACTU was initiated by the ICPC in collaboration with the Office of the Head of the Civil Service of the Federation (OHCSF).

    He urged the new members to refrain from any actions that could compromise their position or the strategic role entrusted to them.

    In her acceptance speech, the ACTU NRC Chairman, Mrs. Clara Ndibe, assured the ICPC that the unit would enhance public confidence and contribute to a stronger, more transparent corporation.

  • 38 Kwara abductees rescued

    38 Kwara abductees rescued

    • 51 Niger pupils return home
    • I won’t relent, says Tinubu

    Thirty-eight worshippers abducted last week from Christ Apostolic Church (CAC), Eruku, Kwara State, have been freed, following days of intensified security operations.

    President Bola Ahmed Tinubu, who confirmed the development in a post on his verified X handle, @officialABAT, reaffirmed his administration’s commitment to securing every Nigerian.

    He said he had closely monitored the rescue efforts and coordinated the security response after cancelling his scheduled trip to the G20 Summit in Johannesburg, South Africa.

    “You will recall that I cancelled my trip to the G20 Summit in South Africa to enable me to coordinate the security efforts at home.

    “Thanks to the efforts of our security forces over the last few days, all the 38 worshippers abducted in Eruku, Kwara State, have been rescued,” the President said.

    President Tinubu also disclosed that 51 pupils abducted from a Catholic school in Niger State had reunited with their families.

    He said he had remained in constant communication with operational commanders and was tracking nationwide security updates.

    Reiterating his determination, the President declared: “Let me be clear: I will not relent. Every Nigerian, in every state, has the right to safety, and under my watch, we will secure this nation and protect our people.”

    He commended security forces for their sacrifices and assured that the government would further strengthen intelligence gathering, rapid-response capability and inter-agency coordination in the fight against terrorism, banditry and other violent threats.

    The rescue in Kwara and the partial recovery of the abducted Niger pupils came amid growing anxiety over recent abductions in the Northwest and Northcentral regions.

    The President had, in response, ordered reinforcements, escalated counter-terrorism operations and enhanced aerial surveillance.

    Kwara governor: we are excited, thankful

    Kwara State Governor AbdulRahman AbdulRazaq, in a statement by his spokesman, Rafiu Ajakaye, confirmed that all 38 abductees from CAC Eruku had regained freedom.

    “After many days of hard work by security forces and government representatives, we are excited to announce the freedom of 38 persons who were recently abducted in an attack on Christ Apostolic Church (CAC) Eruku.

    “The abductees were freed today,” the statement reads.

    The governor expressed “immense gratitude” to President Tinubu for his personal involvement, which he said played a major role in the successful rescue.

    51 pupils reunite with families in Niger

    The Bishop of the Catholic Diocese of Kontagora, Rev. Bulus Dauwa Yohanna, said 51 pupils of St. Mary’s Catholic Primary and Secondary Schools, Papiri, escaped from their abductors and were safely back with their families.

    He said some parents visited the school to report that their children had found their way home, while others were confirmed during visits by school staff to affected communities.

    Providing details of the school population, the Bishop said the primary section has 430 pupils – 377 boarders and 53 non-boarders.

    “Aside from the 51 pupils that escaped and have returned home, we have 141 pupils who were not carried away.

    “As it stands now, we have 236 pupils, another three children who belong to our staff, 14 secondary pupils, making a total of 253 children, including 12 staff members, with the abductors,” he said.

    Rev. Yohanna, who is also Chairman of the Niger State chapter of the Christian Association of Nigeria (CAN), urged Nigerians to remain prayerful.

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    “While we received the news of the return of these 51 children with some sigh of relief, I urge you all to continue your prayers for the safe return of the remaining victims,” he said, and assured that the church is working with security agencies, community leaders and government officials toward their rescue.

    Bago: It was no mass abduction

    Niger State Governor Mohammed Bago disputed reports that the school attack was a straightforward case of abduction.

    According to him, the situation should be viewed as a case of missing persons rather than kidnapped pupils.

    “There was a scare, sporadic gunshots, and the children ran because they were targeted,” the governor explained in a television interview.

    “From the Google imagery, there was no mass movement of people, but people running up and down.”

    He confirmed that some of the children had returned home and assured that efforts were underway to locate the others.

    The governor appealed for calm and promised that security agencies would leave no stone unturned to ensure the safe return of all pupils.

    Pope calls for their release

    Pope Leo XIV called for the immediate release of the abducted pupils and staff of the Catholic school.

    Speaking at the end of Mass at St. Peter’s Square in the Vatican yesterday, the Pontiff expressed deep sorrow over the incident.

    “I feel great sorrow, especially for the many girls and boys who have been abducted and for their anguished families,” he said.

    He made a “heartfelt appeal for the immediate release of the hostages” and urged relevant authorities to take “appropriate and timely decisions” for their safe return.

    DHQ probes withdrawal of troops

    The Defence Headquarters (DHQ) reassured Nigerians that the military is mobilising all available resources to secure the release of the pupils abducted in Kebbi and Niger States and to bring the perpetrators to justice.

    In a statement by the Director of Defence, Media Operations, Maj.-Gen. Michael Onoja, the DHQ said the military was fully engaged in ongoing rescue missions.

    “Our thoughts remain with the pupils, their families, and the communities affected by this incident,” the statement noted.

    The DHQ also said it had begun investigating claims that troops stationed at the Kebbi school were withdrawn 30 minutes before the attack, as alleged by the governor.

    “Regarding the allegation made by the Executive Governor of Kebbi State that the terrorists struck 30 minutes after troops were withdrawn from the school, the Defence Headquarters is aware of this claim.

    “In line with our standard procedure, a thorough review is currently underway to ascertain the circumstances surrounding troop deployment and movements in the area at the time of the incident,” the statement said.

    It added that rescuing the abducted pupils remains a top priority, and troops are “actively on the ground pursuing actionable intelligence.”

    Niger Reps, Senators pledge support

    The Niger State caucus in the National Assembly condemned the incident and said no child in the state must be left at the mercy of terror.

    It called for urgent collaborative efforts to ensure the safe return of all abducted pupils.

    In a statement by Senators Mohammed Musa, Abubakar Bello and Peter Jiya, and members of the House of Representatives from the state, the caucus warned that the situation mirrors the broader national security crisis.

    “As representatives of the good people of Niger State… we strongly condemn this criminal attack and reaffirm our collective resolve to work with security agencies to ensure the safe and immediate rescue of the abducted pupils,” the statement said.

    The lawmakers demanded enhanced security presence in flashpoint areas, improved intelligence gathering, rapid-response strategies, and deeper inter-agency collaboration.

    They also called for strong Federal Government support for the efforts of Governor Bago in restoring normalcy.

    Troops arrest notorious kidnapper in Taraba

    In a separate development, troops of the 6 Brigade, Nigerian Army, under Sector 3 Operation Whirl Stroke (OPWS), arrested a notorious kidnapper, Umar Geyi, in Jandei-Kulamu, Wukari Local Government Area of Taraba State.

    The suspect was arrested on November 22, following credible intelligence, according to a statement by the Brigade’s spokesperson, Lieutenant Umar Muhammad.

    Geyi, who had been on the wanted list of security agencies, is believed to be a key member of a kidnapping syndicate responsible for multiple attacks in the area.

    He is linked to the abduction of one Alhaji Jano, a Fulani resident of Jandei-Kulala, on November 13.

    “Geyi was arrested after troops intercepted him during a phone conversation in which he confirmed the victim was still being held and demanded a ransom of N20 million,” the statement said.

    The suspect is currently in custody, undergoing interrogation aimed at locating the victim and dismantling the network.

  • Section 1 of Lagos-Calabar Coastal Highway ready for public use Dec 12

    Section 1 of Lagos-Calabar Coastal Highway ready for public use Dec 12

    The Federal Government has set aside December 12 to December 17 to open Section 1 of the Lagos-Calabar Coastal Highway for public use.

    Works Minister Dave Umahi gave the assurance in Lagos during a review of outstanding work on that section of the 700km Lagos-Calabar Coastal Highway yesterday.

    Section 1 of the highway, spanning 47.47 kilometres, has six lanes and two carriageways.

    Umahi said: “We also set aside April next year to have Section 1 and half of Section 2 fully completed and commissioned.”

    He said that the contractor handling the project, Hitech Construction Company Ltd., had achieved more than 80 per cent of the reinforced concrete pavement.

    “We are very grateful to God Almighty for his mercies, and to the President and to the contractor.

    “If we are to pay for everything they have done, it will be very difficult to have this job done because there are places we didn’t envisage that we were going to be removing pits up to a depth of 20 metres.

    “They had to do that because they are partners in progress for the development of the country.

    “We have just about three kilometres to complete the entire sand filling from Ahmadu Bello Way to Eleko Junction, and we are excited at the work and the quality of what has been done,” Umahi said.

    The Controller of Works in Lagos, Mr. Olufemi Dare, praised the contractor for high quality of work.

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    He told the minister: “It may interest you to know that the building standing is the palace of this community, and you saved this building, and they are extremely happy.”

    The Managing Director of Hitech Construction Company Ltd., Mr Dany Abboud, said that the company would still backfill from Chainage 34 to Chainage 37.

    “Dredging is ongoing, we are on track to deliver.

    “We are monitoring the settlement in the swampy areas and the water body areas due to the change of alignment,” he said.

  • Tinubu orders withdrawal of policemen from VIP duties

    Tinubu orders withdrawal of policemen from VIP duties

    • President to IG: redeploy them to core policing
    • Okays recruitment of 30,000

    President Bola Ahmed Tinubu yesterday ordered the withdrawal of policemen attached to Very Important Persons (VIPs).

    He directed that they be redeployed to perform core policing functions in communities.

    The measure, it was learnt, is part of broader effort to boost police presence in underserved communities, particularly in remote areas where police stations are inadequately staffed.

    There have been reports that a quarter of the police personnel strength is doing guard duties to VIPs.

    He also approved the recruitment of 30,000 additional men into the force.

    He said the federal and state governments have been working together to upgrade police training facilities nationwide.

    The committee on this assignment is headed by Enugu State Governor Dr. Peter Mbah.

    Tinubu gave the order during a high-level security meeting yesterday at the State House, Abuja. In attendance were Service chiefs, head of the secret police and the Inspector-General of Police (IGP).

    They are Chief of Army Staff (COAS) Lt.-Gen. Waidi Shaibu; Chief of Air Staff (CAS) Air Marshal Sunday Kelvin Aneke; IGP Kayode Egbetokun and Department of State Service (DSS) Director-General Tosin Ajayi.

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    According to a statement by his Special Adviser on Information and Strategy Bayo Onanuga, the President emphasised that VIPs requiring protective services would henceforth obtain such support from the Nigeria Security and Civil Defence Corps (NSCDC), which will provide the armed personnel needed for their security.

    The statement reads: “In view of the current security challenges facing the country, President Tinubu is desirous of boosting police presence in all communities.

    “To support this shift, the President has approved the recruitment of 30,000 additional personnel and is working with state governments to upgrade training facilities nationwide.

    “The new deployment strategy is expected to strengthen frontline policing as the government intensifies efforts to address rising security threats across the country.”

  • Fed Govt assures 21-month delivery of Lekki Deep Seaport–Epe road

    Fed Govt assures 21-month delivery of Lekki Deep Seaport–Epe road

    The 25-kilometre access road linking Lekki Deep Seaport to Epe and Ijebu-Ode will be delivered within its 21-month schedule, the Federal Government has said.

    The government described the project as highly viable and fully on course.

    Works Minister Dave Umahi, who gave the assurance yesterday during an inspection of the project in Lagos,  expressed confidence in the capacity and track record of China Harbour Engineering Company (CHEC), the contractor handling the project.

    He said that CHEC won the contract through a competitive bidding process, citing its construction of the Lekki Deep Seaport, Keffi–Makurdi Super Highway and the ongoing Makurdi–Enugu Road.

    Umahi said: “The project is 50 kilometres in total – 25km by two carriageways, six lanes with major bridges of about 3.5 kilometres and 2.4 kilometres.

    “I believe strongly that China Harbour will complete this job within 21 months,” he said.

    The minister said the government had already paid 30 per cent of the project cost, while the contractor would source the remaining 70 per cent under an Engineering, Procurement, Construction and Finance (EPC+F) arrangement.

    According to him, the loan would be repaid through tolling on the corridor, once completed.

    The minister said that feasibility studies had confirmed the viability of the project.

    He said: “China Harbour will have the right of first refusal when government begins the process of operation and maintenance. We have done the traffic counts and this road can pay for itself.”

    Umahi said the financing approach had strong and transparency safeguards.

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    He noted that Section 1 of the Lagos–Calabar Coastal Highway was oversubscribed by 100 million dollars when presented to international lenders led by the Dutch Development Bank.

    Umahi said: “They told us the project was undervalued. International funders are meticulous; they do not disburse without going to site.

    “With the involvement of the Debt Management Office, Ministry of Finance and the attorney-general, there is little room for anything other than due process.”

    On the total cost of the access road project, the minister said he would release details after final adjustments to both the dollar and naira components.

    On challenges being addressed, Umahi said discussions were ongoing with China Harbour, Dangote Group and Lagos State Government to redesign a section of the project where a three-kilometre bridge might be replaced with backfilling across a non-flowing lagoon.

    He also noted delays caused by a shrine located on the corridor, but said that the setback would not hinder progress.

    “I have removed shrines in many places. If the people do not remove this one, I will come and remove it myself,” he said.

    A representative of engineers on the project, Mr Oyeneye Damola, said the project, which began in September, was designed as a three-lane dual carriageway constructed on Continuously Reinforced Concrete Pavement (CRCP).

    He said that all identified environmental and technical challenges had been factored into the project design.

    Mr. Musa Saidu, Director of Bridges and Design at the Federal Ministry of Works, said his team was addressing concerns around gas pipelines supplying the Dangote Refinery and the Lekki Free Zone.

    He expressed confidence that issues involving community stakeholders would also be resolved.

    The Managing Director of China Harbour, Mr. Jason Wang, gave the assurance that the company would deliver a high-quality project “without excuses”.

  • FIRS warns against politicising tax administration

    FIRS warns against politicising tax administration

    The Federal Inland Revenue Service (FIRS) has warned against politicisation of tax administration.

    It called on stakeholders to seek adequate knowledge of issues to avoid coming to wrong conclusion.

    The agency stated that it had noted former Vice President Atiku Abubakar’s recent comments regarding the appointment of Xpress Payments as one of the channels used in the Treasury Single Account (TSA) revenue collection system.

    “His assertions are incorrect, misleading, and risk unnecessarily politicising a purely administrative and technical process. For clarity, the FIRS does not operate any exclusive or single-gateway revenue-collection arrangement, and no private entity has been granted a monopoly over government revenues,” FIRS stated.

    According to the agency, it currently utilises a multi-channel, multi-payment solution service provider (PSSP) collection framework, which includes several long-established platforms, such as Quickteller, Remita, Etranzact, Flutterwave and XpressPay

    FIRS stated: “These PSSPs are part of an expanded, transparent, and competitive ecosystem designed to make tax payment easier and more efficient for Nigerians across the country.

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    “Also, PSSPs are not collection agents and do not earn a processing fee per payment, nor a percentage of revenues.

    “Crucially, all revenues collected through these channels go directly into the Federation Account, without diversion, intermediaries, or private control. No PSSP has access to, or custody of, government funds”.

    FIRS outlined key features of the TSA collection framework to include opening up of the scheme to multiple PSSPs, improved efficiency, job creation and market expansion and transparent onboarding process.

    According to the agency, the system had been deliberately broadened to give taxpayers more options and eliminate the dominance of any single provider.

    FIRS noted that a streamlined monitoring and reporting process ensures greater accountability and enhances national revenue performance, adding that by enabling more PSSPs to participate, the system supports innovation, competition, and employment within the financial technology sector.

    It pointed out that all PSSPs are admitted through a transparent, open, and verifiable procedure that ensures fairness and equal opportunity.

    “The ongoing national tax reform, led by the Presidential Committee on Fiscal Policy and Tax Reforms, is a cornerstone of Nigeria’s economic modernisation. It is grounded in transparency, efficiency, and broad stakeholder engagement. This reform cannot and should not be dragged into partisan controversy.

    “We therefore urge Mr. Atiku Abubakar and other political actors to refrain from mischaracterising routine administrative processes for political gain. Nigeria’s tax system is too important to be subjected to misinformation or unnecessary alarm.

    “The FIRS remains fully committed to professionalism, transparency, and the continued strengthening of national revenue systems for the benefit of all Nigerians,” FIRS stated.

  • CBN to cut benchmark interest rate in boost to businesses

    CBN to cut benchmark interest rate in boost to businesses

    The Central Bank of Nigeria (CBN) is expected to cut the benchmark interest rate by at least 50 basis points, in continuation of the apex bank’s cautious monetary easing stance.

    With a stable naira and rising foreign exchange (forex) reserves, the gradual reduction in benchmark lending rate could translate to direct gains for businesses and consumers through reduced costs and relative pricing.

    The Monetary Policy Committee (MPC), the highest policy-making organ of the apex bank, begins a crucial two-day meeting today with decision on the basic interest rate as the main agenda.

    Most analysts indicated that the apex bank would hold the benchmark interest rate, the Monetary Policy Rate (MPR), unchanged at 27.50 per cent, in preference for a more discernible consumer prices’ trend.

    The MPC, headed by the Governor of the CBN, traditionally provides monetary policies and benchmarks, which determine the direction of the financial services sector, and the economy to a large extent.

    Economic intelligence reports and think tanks, which had previously correctly tracked the apex bank’s position, yesterday were unanimous that the MPC could continue its policy easing stance, given the improvements in macroeconomic environment.

    The MPC had at its September 2025 meeting cut the Monetary Policy Rate (MPR) by 50 basis points from 27.50 per cent to 27.00 per cent, its first rate cut in five years.

     Analysts said the apex bank could reduce the MPR to between 26.50 per cent and 26.00 per cent citing the continuing disinflationary trend, stability in the forex market, rising foreign reserves and stronger inflows from foreign investors.

    The National Bureau of Statistics (NBS) reported that headline inflation recorded a sharp decline of 196 basis points from 18.02 per cent in September 2025 to 16.05 per cent in October 2025, the seventh consecutive decline in a sustained disinflationary trend that started since April 2025.

    Experts generally expected the disinflationary trend to continue, despite traditional uptick in food purchases and other activities during the December festive period and the gradual ending of the harvest period. Inflation rate is projected to close the year around 14.00 per cent.

    The naira opens today at N1, 457.38 per dollar. Gross foreign reserves rose by $476.43 million to close weekend at $44.12 billion, eighteenth consecutive weekly increase.

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    Economic intelligence reports and think tanks that were surveyed included Cordros Capital, Coronation Capital, Afrinvest West Africa, GTI Capital Group, Arthur Steven Asset Management, FSDH Group and SCM Capital among others.

    Afrinvest stated that macroeconomic outlook supports a dovish call and further cut in the MPR.

    “Given minimal risks ahead, especially following the suspension of the proposed 15.0 per cent tariff on petrol and diesel imports, we expect the positive inflation dynamics, relative forex stability, and firm Gross Domestic Product (GDP) growth expectation, Afrinvest projection for third quarter 2025 of between 3.8 and 4.3 per cent, to support a dovish call at the MPC meeting scheduled for between 24 and 25 November,” Afrinvest stated.

    Cordros Capital stated that the current macroeconomic dynamics provide enough basis for a more expansive cut of up to 100 basis points.

    “For us, recent developments suggest scope for a slightly deeper round of easing than the 50 basis points cut delivered in September. Globally, financial conditions have eased further following another US Fed rate cut in October, while geopolitical tensions have remained contained. Additionally, the recent US–China trade agreements have helped reduce uncertainty. Domestically, inflation has decelerated more sharply, and forex liquidity has remained robust, with the naira showing strength on the back of the aforementioned. Given a more favourable macroeconomic backdrop, we expect the MPC to adopt a firmer easing bias and lower the Monetary Policy Rate (MPR) by 100 basis points to 26.00 per cent, while keeping other parameters constant,” Cordros Capital stated.

    Analysts said they expected the naira to remain stable as forex liquidity remains robust.

    “We expect the healthy forex reserves, favourable current account position, and firmer global monetary easing to reinforce foreign investor sentiment and stimulate forex market inflows,” Cordros Capital added.

    Cordros Capital pointed out that while the cautious rate cut in September was on the background of the restrained environment, the balance of risks has shifted meaningfully since then.

    “For us, a more favourable global backdrop, faster domestic disinflation, and sustained naira appreciation collectively strengthen the case for a more decisive monetary easing stance. Given these improvements, we believe the MPC is now in a stronger position to extend the easing cycle and could opt for a 100 basis points cut in the MPR to support growth while still keeping its inflation goals in focus. This would bring the MPR to 26.00 per cent by year-end. On the other hand, we expect all other policy parameters to be retained, reflecting the Committee’s preference for a measured and orderly recalibration of monetary conditions,” Cordros Capital stressed.

    Arthur Steven Asset Management said rate cut call was underpinned by continued disinflation and relative exchange-rate stability, noting that a further rate reduction could enhance market liquidity and support investor confidence.

    Analysts said sectors such as consumer goods stand to benefit from a lower interest-rate environment and may deliver stronger earnings in fourth quarter 2025.

    FSDH said the fall in inflation rate reinforced the case for a gradual policy easing cycle, provided forex stability and supply-side gains are sustained into fourth quarter.

    Analysts said lower interest rates could lower borrowing costs, with ripple effects across the economy.

  • Firm challenges police involvement in land dispute

    Firm challenges police involvement in land dispute

    A fresh legal battle has commenced at the Federal High Court in Lagos as Adamakin Investment and Works Limited and its Managing Director, Mr Akinfolabi Akindele, have sued the Inspector-General of Police (IGP) over police interference in a long-running land ownership dispute.

    Other defendants are the Commissioner of Police, IGP Monitoring Team; a police officer, Supol Akiola Ibrahim, and Emkay Holdings Limited.

    The plaintiffs, in their originating summons filed on November 20, are asking the court to determine whether the statutory investigative powers of the police can be used to intervene in matters strictly relating to civil land ownership, especially one backed by longstanding judicial decisions dating as far back as 1912.

    Akindele, who deposed to an affidavit in support of the suit, explained that he is the lawful attorney to the trustees of the estate of Madam Iyalode Efunroye Tinubu, the 19th-century Lagos matriarch whose vast landed properties across Lagos and Ogun States have been subjects of multiple judgments.

    He said his role includes administering and protecting the estate’s property interests as the Chairman of Adamakin Investment.

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    According to him, the land at the centre of the dispute, located at 10 Alhaji Wasiu Street, Industrial Estate, Amuwo Odofin, Lagos, falls squarely within lands historically granted to Madam Tinubu in 1834 by Chief Balo Origbaja of the Oloto family.

    The affidavit lists the original customary transaction, which included cowries, kolanuts, livestock, and other traditional payments, and references the 1912 Supreme Court judgment affirming the Tinubu family’s ownership.

    Akindele argued that Emkay Holdings Limited, the fourth defendant, occupied the land illegally, as there is no record that it acquired the property from the Tinubu family.

    He stated that when he attempted to enforce the judgment by marking the building, he sought assistance from the police to maintain peace, a move he said was lawful.

    However, the fourth defendant allegedly petitioned the police, accusing him of trespass and wrongful execution of judgment.

    He noted that although the firm presented a certificate of occupancy issued by the Lagos State Government, the plaintiffs opted for an amicable settlement through the Lagos Multi-Door Courthouse, and the fourth defendant even initiated pre-action protocols in accordance with High Court rules.

    “While awaiting the next meeting for settlement,” Akindele said, “my office was invaded by the third defendant, Supol Akiola Ibrahim, and I was arrested and confronted with criminal allegations.”

    He added that he presented the police with various judgments, some of which had also been considered in earlier investigations by senior police officers, including a report from the Assistant Inspector General (AIG) of Police, Zone 2, which supported his claims.

    Akindele maintained that land ownership questions fall strictly within the jurisdiction of the courts, not the police.

    He faulted he fourth defendant’s recourse to police action while settlement processes were ongoing.

    He further alleged that the conduct of the police officers involved “creates an atmosphere where a transparent and unbiased investigation is impossible,” insisting that the matter is civil in nature and not one that should attract criminal allegations.

    Through their originating summons, the plaintiffs are seeking several declarations, including that the police must exercise investigative powers strictly in line with the Constitution and the Nigeria Police Act 2020; the police cannot use their powers to pursue vendettas or intervene in matters involving the interpretation of court judgments; complaints relating to land ownership fall under the domain of the judiciary, not law enforcement agencies; and any continued police actions in relation to the matter amount to unconstitutional overreach and usurpation of judicial powers.

    They are also seeking an order of perpetual injunction restraining the police or their agents from arresting, inviting, or harassing them over the disputed land.

    The plaintiffs attached several documents, including earlier court judgments, police reports, correspondence exchanged during settlement efforts, and their title documents.