A notorious drug trafficker Nwobodo Chidiebere Basil, previously convicted of dealing in 30.10kg methamphetamine in 2023, has again been arrested by operatives of the National Drug Law Enforcement Agency (NDLEA).
This followed the seizure of 75 parcels of cocaine weighing 1.50 kilograms concealed in sachets of cold-water starch heading to the United Kingdom at the export shed of the Murtala Muhammed International Airport (MMIA), Ikeja, Lagos.
Director, Media and Advocacy NDLEA Headquarters, Abuja, Mr. Femi Babafemi, broke the news yesterday.
Babafemi said in a statement that three cargo agents – Jubrin Firdausi Hassana; Kuku Daniel Oluwasegun; and Igwe Chioma Jane – involved in the deal were arrested on December 20, this year, before further investigations unravelled 37-year-old Basil as the mastermind.
He said he was arrested in a follow up on December 21 at a relaxation centre in Ikeja where he went on a date with his girlfriend.
“The agency’s criminal database revealed that Nwobodo had been arrested in May 2023 in connection with the seizure of 30.10kg methamphetamine concealed in powdered custard containers as part of a consolidated cargo going to London, United Kingdom at the export shed of the Lagos airport.
“He was subsequently arraigned at a Federal High Court in charge number: FHC/L/337C/2023, convicted and sentenced to five years’ imprisonment with an option of a fine of N7million, along with one-month community service, with effect from December 4, 2023. He paid the fine and soon after returned to the same crime,” Babafemi said.
Also, he said NDLEA operatives on December 22 set ablaze tons of skunk, a strain of cannabis and wooden warehouses in Ara forest, Ara-Ekiti where 638 kilograms of same psychoactive substance were recovered.
He said no fewer than 1,205 blocks of compressed cannabis sativa, weighing 883.1kg were recovered from three Toyota Camry vehicles intercepted by the agency’s operatives on patrol on Igara-Auchi Road, Edo State last December.
The statement reads: “In Cross River State, raids conducted on December 21 at Agoi-Ibami community, Yakurr Local Government Area, led to the arrest of three suspects and seizure of various quantities of skunk. They include Freedom Jonah Akpama, 27, with 671kg; David Itam David, 30, with 89kg; and Nelson Arikpo Osam, 26, with 148kg.
‘‘In another operation, Joy Oisamaye, 42 was arrested with 38kg skunk by operatives on patrol on Abaji-Abuja Expressway on December 22 on her way from Otua in Owan East Local Government Area, Edo State.
“While NDLEA operatives in Lagos arrested a female suspect Ajoke Dauda with 45.5kg skunk on Christmas day at Agbara, on Badagry Expressway, another suspect Oluwasegun Felix was nabbed with 18.5kg of same substance at Itoga, Badagry, the previous day. In Takum, Taraba State, two other suspects – Emmanuel Danladi, 39, and John Onoja, 41, – were nabbed with 48kg of same substance on December 23 and 24.
“In Gombe State, a 65-year-old driver Sada’u Mohammed was arrested while conveying 300 ampoules of pentazocine injection, and 27,900 pills of tramadol, and other opioids, on the Gombe-Biu highway, heading to Biu in Borno State.”
“Meanwhile, a 47-year-old businessman Ignatius Egbochie (alias Brown), wanted in connection with the seizure of 56 parcels of Loud, a strain of cannabis, weighing 26kg at the Tin Can seaport in Lagos, has been arrested by NDLEA operatives. The illicit drug consignment was seized on December 10 during a joint examination of a container by NDLEA, Customs and other security agencies. A follow up by NDLEA operatives on December 19 led to the arrest of Ignatius in Apapa.
Chairman/Chief Executive Officer of NDLEA, Brig.-Gen. Mohamed Buba Marwa (rtd), acknowledged their commitment and enjoined them as well as their colleagues to remain extra vigilant throughout the yuletide and in the new year.
The Police Command in Gombe State has said gunmen killed two persons and kidnapped four in an attack on Pindiga Community in Akko Local Government Area of the state.
The Command’s Spokesperson, DSP Buhari Abdullahi, in a statement in Abuja, said the attack happened at 3.30a.m. yesterday.
Abdullahi stated that unidentified armed men invaded the residence of the victims along Pindiga–Kashere Road, where they shot 31-year-old Yusuf Mohammed and 28-year-old Faiza Mohammed and abducted 16-year-old Zainab Mohammed Yusuf, all of the same address.
He said the gunmen proceeded to the residence of one Alhaji Yayaji Abdullahi, where they abducted his wife and two children.
Abdullahi said the two gunshot victims were rushed to the Cottage Hospital, Pindiga, where they were confirmed dead by a medical doctor.
He said following this development, tactical and intelligence-led operations had been intensified.
“Consequently, hunters and local vigilante groups were mobilised, while concerted efforts are ongoing to rescue the abducted victims and apprehend the perpetrators of this heinous crime”
Gov.ernor Inuwa Yahaya has condemned the murder, describing the attack as barbaric, cruel and utterly unacceptable.
He said: “This dastardly act is a direct assault on our collective conscience and a painful test of our resolve to protect lives and property.
“The Government and people of Gombe State share in the grief and anguish of the affected families and the entire Pindiga community,” he stated.
The governor assured that the crime would not go unchecked, adding that the Nigeria Police and other security agencies had started intensive investigations into the incident.
The governor directed that resources be deployed in tracking the perpetrators, and rescue the abducted victims unharmed, according to the News Aagency of Nigeria (NAN).
Former Managing Director of Daar Communication, Don Pedro Obaseki, who was attacked, stripped naked and paraded through the streets of Benin City, has stated the reasons he was attacked.
Obaseki spoke shortly after he was released from police custody where he was detained.
He was attacked at Uwa Primary School where he went to play football.
In a viral video, Pedro Obaseki, a cousin to former Governor Godwin Obaseki, was dragged out of the football pitch by the thugs who tagged him an Oghionba (enemy of the Oba).
He was beaten, stripped naked and taken to the Palace of the Oba of Benin.
Pedro was made to kneel.
Some Palace Chiefs who addressed the suspected thugs spoke in Bini language.
They said the Oba was going to the Holy Arousa church for a thanksgiving service to mark the end of the Igue festival.
One of hem said; “Today is Thanksgiving day at the Holy Arousa. We don’t want any trouble. If there is anybody that counted himself as enemy of the Oba, allow him and see how he will end up.”
The Chiefs later took him in despite protest by the thugs and called the police to take him in.
However, the Obaseki family stromed the Oba Market Police station after they received information that the police got orders not to release him.
He was released about 7pm.
Speaking after his release, Obaseki said he was attacked because of the comments he made at a ‘Meet and Greet’ session of the former Edo governor.
He recalled the statement to be ‘Ivbiedohia gha to kpere’ (May all Edos live long) instead of Oba gha to kpere (Long live the King).
Pedro Obaseki said the Oba would not live long if Edo did not live long.
On his part, the former Edo governor condemned what he termed violent attack and abduction of his cousin at gun point by thugs.
Obaseki described the incident as a violation of rights and a reckless disregard for the rule of law.
In a statement, Obaseki said: “I strongly condemn the violent attack, maiming and abduction of my cousin, Dr. Pedro Obaseki, by armed thugs who are said to be acting under instructions of the palace of the Oba of Benin.
“I call on security agencies to immediately investigate this matter thoroughly and transparently, identify those responsible for this barbaric act and ensure they are held accountable in accordance with the law. A situation where thugs and non-state actors appear to freely take the law into their own hands on behalf of high-profile individuals and those in positions of authority can only result in one outcome, a degeneration into a state of anarchy, which will do no one no good.
“I urge human rights organisations, civil society groups, and all well-meaning Nigerians to lend their voices and speak out firmly against this injustice and gross violation of human rights.”
Igbede community in Odo-Owa area of Oke-Ero Local Government of Kwara State has accused a former Chief of Naval Staff Rear Admiral Samuel Afolayan of encroaching on some portions of land.
The community said the retired Naval chief tampered with their terms of agreement and encroached on some portions of its land and urged the state government, law enforcement agents and Olosi of Osi to come to their assistance.
They threatened to drag the former Naval Chief to court should he continue with his attempt to take over their land.
But, the former Naval chief, who is the Asiwaju of Osi, Ekiti Local Government Area of the state, dismissed claims that he was using military personnel to intimidate residents, stressing that he had no intention of encroaching on the land belonging to his neighbours.
Also, the President, Osi Welfare Association, Dr. Olu Takeet, restated that Osi does not share a boundary with Igbede, insisting that its only recognised boundary is with Ilofa community.
According to the duo, the priority of the Osi community is peace, safety, and the protection of livelihoods, especially at a time insecurity remains a major concern in the state.
Earlier, while addressing reporters in Ilorin, National Secretary, Odo-Owa Welfare Association, Michael O. Sunday, accused Afolayan of using military personnel to scare them.
Sunday said: “We, the Oke-Esi compound, Kajola in Odo-Owa, who are the legitimate owners of the land in contention, gave the fenced portion of the land to SAIGBO Industries Limited, owned by the late Samuel Ibikule Agboola. The portion was unambiguously delineated as it was duly marked, fenced, gated and built-in line with the agreed terms.
“Over time the portion was sold and transferred to the former Chief of Naval Staff. Over time he tampered with the agreement and started a expansionist trip into areas beyond the agreed portion. His attention was drawn to the trespass.
At a time the matter got the attention of the Kwara State House of Assembly. Oral and documented facts were taken from us and other stakeholders to buttress our position. The final report never saw the light of the day.
“Interestingly, the Rear Admiral recently with a renewed onslaught wildly on mass clearing of land beyond what was duly transferred to him legally.
“The military chief has been using the soldiers to scare us the owners of the land from this place to perfect his grip on the land.
“The fact remains that the portion of land in contention belongs to Oke-Ero Local Government as defined by the gazette of the Kwara State government. As a matter of fact, Odo-Owa and Osi in Oke-Ero and Ekiti councils of the state have no land dispute, except the recent orchestration by the former Naval chief.
“As it stands, the former Chief of Naval Staff’s bulldozer is clearing and destroying farmlands and valued economic trees and crops, even in areas belonging to Igbede community in Odo-Owa, employing the soldiers to perfect this dispossession.
“Apart from the incalculable loss of means of livelihoods suffered by us the legal owners of the land, we live in fear of the threat from the land-grabbing exploits of the retired military chief.”
Troops of the Joint Task Force Faruruwa rescued an abducted person on the Kano–Katsina border yesterday.
The Army said the victim, Rabiu Halilu, 38, sustained a gunshot wound on his leg during captivity and was evacuated to the JTF Faruruwa Medical Centre, for treatment.
The troops also recovered three motorcycles abandoned by the fleeing bandits and many cattle believed to have been rustled by the bandits.
Some of the motorcycles were stained with blood, the Army said.
Soldiers operating around Yankwada, acting on a tip-off about the movement of the bandits from Daurawa, Kira, Katsina State, advanced towards the Kano axis wHere they were engaged in a gunfight.
Spokesman of the 3 Brigade Nigerian Army, Kano, Major Zubair Babatunde, said the troops got knowledge of the bandits’ movement about 1:00 am yesterday.
“Then the troops operating from the Forward Operating Base (FOB) Yankwada mobilised a patrol to the fringes of the Kano–Katsina border to intercept the suspected bandits.
“On arrival at Ungwan Dogo/Ungwan Tudu, the troops made contact with the armed bandits and engaged them in a fierce gun battle,’’
he said.
“The bandits were overpowered and forced to withdraw in disarray towards Matazu Local Government Area of Katsina State.
“During the encounter, one kidnap victim, identified as 38-year-old Rabiu Alhaji Halilu, was rescued by the troops.
“The troops remain on high alert, intensifying patrols in the area to prevent further criminal activities and ensure sustained security in border communities,” Babatunde said.
Nigerians have been urged to show love to one another and embracing peaceful coexistence during the festive season and the New Year.
The lawmaker representing Amuwo-Odofin Federal Constituency in the House of Representatives, Mr. George Olawande Adegeye, gave the advice in his Christmas and New Year’s message to residents of the constituency.
Mr. Adegeye noted that the people should imbibe the spirit of Christmas which promotes love, unity, and compassion.
They should also live harmoniously and shun violence, hatred, and hostility.
He emphasised that peaceful coexistence remains essential for community development and progress, the lawmaker said his achievements in office, goes beyond legislative and oversight responsibilities as he has facilitated several people-oriented interventions across the constituency.
They included the distribution of free school bags to pupils, provision of transformers to communities, free JAMB forms for prospective students, construction of boreholes, as well as empowerment programmes for widows and youths.
Mr. Adegeye, who reaffirmed his dedication to improving the welfare of his constituents and assured them of continued quality representation, advised residents to remain calm, law-abiding, and security conscious throughout the festive period
He urged them to observe safety precautions to ensure a peaceful and hitch-free celebration.
The lawmaker wished the people of Amuwo-Odofin a prosperous new year.
Investors who relied on dollar funds to hedge against inflation and naira-induced losses missed their targets this year. The weaker naira, which for years had incentivized a rush into dollar funds, appreciated instead. Many investors who entered the dollar fund market at N1,655/$1 at the beginning of the year are now losing at least N165/$1 due to the exchange-rate differential, with the naira trading at N1,490/$1. Meanwhile, high inflation—a key driver for dollar fund demand—also eased sharply, falling from 34.60 per cent in November 2024 to 14.50 per cent in November 2025. The biggest beneficiaries have been naira-denominated assets, strengthened by a firmer local currency and lower inflation. As a result, savvy investors are now exiting dollar funds in favour of naira assets to maximize yields and protect their wealth from value erosion, writes Assistant Editor COLLINS NWEZE
Investors are always in search of higher-yielding assets capable of delivering their target returns. Yet, such assets are rarely free of risk and uncertainty. Stanley Ben-Okoafor, a Nigerian investor based in the Netherlands, understood this reality well. For years, he adhered strictly to a diversified investment strategy, mindful of the age-old principle—often the first lesson taught to novice investors—that one should never put all their eggs in one basket.
However, in January this year, the lure of higher yields led him to abandon that long-standing discipline. Seeking better returns, Ben-Okoafor instructed his banks to liquidate his naira-denominated investments, including savings and fixed deposits, and convert the proceeds into dollars. His equity holdings were also sold, with the proceeds similarly converted. In total, he committed $100,000 to dollar investments at an exchange rate of N1,655 to the dollar.
While the investment yielded a return of 7.5 per cent in dollar terms, much of that gain was eroded by movements in the foreign-exchange market, particularly the strengthening of the naira. “The naira’s appreciation to N1,490/$1 at my exit point meant I lost N165 on every dollar,” he explained. “That significantly reduced my take-home return from the investment.”
At present, the naira trades at around N1,490/$1 in the parallel market and N1,460/$1 at the official window, creating a premium of N30/$1. Many dollar investors, including Ben-Okoafor, typically exit at the parallel market rate. The currency’s recent appreciation has been attributed to increased foreign-exchange inflows and improved transparency in the FX market.
Ben-Okoafor’s experience mirrors that of millions of Nigerians who shifted funds from naira assets into dollar-denominated investments this year, only to see the value of their portfolios eroded. The sharp naira depreciation that previously justified such strategies failed to materialise. Instead, the currency posted notable gains at both the official and parallel markets, alongside a marked slowdown in inflation. Predictably, this triggered a wave of portfolio realignments in Nigeria’s investment landscape. Savvy investors began divesting from dollar funds—which had once dominated as high-yield instruments—and reallocating capital into naira assets, now emerging as the preferred choice.
Michael Steven-Aku, one of the investors who recently switched from dollar funds back to naira-denominated assets, offered insights into the forces reshaping the market. “After eight consecutive months decline in inflation rate to 14.45 per cent in November 2025, according to the latest Consumer Price Index report from the National Bureau of Statistics (NBS), the naira has stabilised and the appeal of holding dollar as a hedge by investors also reduced. With naira trading at N1,490/$1, investors are moving away from dollar hoarding and back into naira-denominated investments to avoid currency fluctuation risks,” he explained.
Likewise, Obiageli Maduka, a Lagos-based entrepreneur and avid investor in dollar funds, said she recently had a rethink. According to her, dollar-denominated assets no longer provide the level of protection they once did against inflation-induced capital erosion. “I lost interest in investing in dollar funds. In January 2025, I invested $50,000 in dollar funds at the exchange rate of N1,655/$. Today, the naira exchanges at N1,490/$ and large part of the 7.5 per cent yield was wiped out by negative N165/$1 exchange rate differential,” she disclosed.
Maduka explained that her friends that made similar investments in naira-based Money Market Fund had a better deal. “A close friend of mine invested N60 million in Money Market Fund and has constantly earned above 19 per cent monthly yield or over N1 million monthly returns on investment,” she said.
Maurice Stevenson, an Abuja-based investment banker, explained that the investment climate in 2025 was extremely difficult for dollar fund investors because of significant naira rebound and drop in inflation figures. “These two developments meant that unlike in the previous years when dollar fund investors earned interest on their funds, and still earned extra from positive exchange rate differential due to weaker naira, they had to contend with a stronger naira and negative exchange rate differential at the exit point this year,” he said.
In practical terms, the inflation rate dropping from 34.60 per cent in November 2024 to 14.50 per cent in November 2025 means that the prices of goods and services dropped by 19.5 per cent between November 2024 and November 2025. That means a bag of onions that cost N100,000 in November 2022 dropped by N20,100 in November 2025 to cost N79,900.
Findings showed that when the supply of goods and services outpaces demand, buyers become unwilling to pay higher prices, resulting in a decline in prices. Similarly, a contraction in money supply, especially when not matched by an increase in output or productivity in the economy, can also exert downward pressure on prices. As inflation eases, millions of Nigerians who invested in high-yield interest funds have seen their wealth grow in real terms. With their funds gradually gaining value, these investors are better positioned to meet their daily financial obligations.
Investors show interest in equities
High returns in equities also reignited investor interest in naira-denominated assets. Despite a tight monetary policy environment, Nigeria’s equity market delivered substantial wealth to investors this year. From index heavyweights and old-economy stocks to turnaround plays and previously overlooked names, the market offered bountiful yields across a broad spectrum of listed companies.
By December 22, 2025, no fewer than 40 companies listed on the Nigerian Exchange Limited (NGX) had returned over 100 per cent to investors—an outcome that sharply contrasted with the cautious sentiment that prevailed at the start of the year. Although the NGX All-Share Index (ASI) recorded a strong year-to-date gain of 48.12 per cent, the scale of outperformance by select stocks underscored how exceptional equity returns were in 2025.
Some individual performances were particularly striking. NCR Nigeria posted a staggering 1,354 per cent rally, redefining what was possible on the local bourse within a single calendar year. Beta Glass advanced by 470.11 per cent, Mutual Benefits Assurance rose 408.20 per cent, Champion Breweries gained 339.63 per cent, while Eunisell Interlinked climbed 315.15 per cent, among others.
Several investors who participated in the rally shared their experiences. Kingsley Nwadike, an entrepreneur, said he moved funds from his savings deposit account into the equities market—a decision that paid off handsomely. “I had kept my funds in a savings account for decades because of the ease of access,” he said. “But the interest earned could not even beat inflation. I decided to move my funds into equities, where I earned a 28 per cent year-to-date return.”
Another investor, Akpan Okon, said he is better off than those who left their funds in savings accounts and bore the brunt of inflation. “Even now, there are pockets of value in the equity market worth exploiting,” he noted. “Several listed companies have long-term internal returns on equity that point to positive total returns over time.”
Commenting on the broader market dynamics, Managing Director of Afrinvest West Africa Limited, Ike Chioke, said improved currency stability, stronger-than-expected corporate earnings and consistent dividend payments encouraged investors to rotate back into equities, particularly stocks trading below their intrinsic value. He added that overall market participation strengthened steadily throughout the year, with sustained bullish sentiment occasionally interrupted by profit-taking. According to him, reform-driven developments, policy implementation and rising investor awareness collectively drove higher trading volumes across the market.
Understanding dollar investments
Investor interest in dollar funds surged after the Central Bank of Nigeria (CBN) liberalised dollar investments through a new foreign-exchange policy that allows investors to transfer dollar cash deposits from one domiciliary account to another. Under the policy, daily transfers are capped at $10,000. Previously, dollar-denominated investments were largely restricted to individuals with offshore dollar inflows, effectively limiting participation to a narrow segment of investors. The policy shift broadened access, enabling more Nigerians to invest in dollar assets using funds held in their domiciliary accounts.
Several asset managers and investment banks now facilitate dollar funds and fixed-income investments. Notable among them are Chapel Hill Denham Advisory Limited, FCMB Capital Markets Limited, Stanbic IBTC Asset Management Limited, Vetiva Advisory Services Limited, Coronation Merchant Bank Limited, Meristem Capital Limited and Afrinvest Asset Management Limited.
Afrinvest Asset Management Limited, for instance, introduced an open-ended mutual dollar fund offering returns of about 10 per cent per annum. The fund delivers significantly higher returns compared to funds kept in domiciliary accounts in Nigeria or current accounts in Europe and the United States. The Afrinvest Dollar Fund was designed to support income generation, capital preservation and portfolio diversification over the short to medium term. It targets superior returns and pays dividends twice yearly. Investors can participate with a minimum investment of $1,000.
Similarly, Stanbic IBTC Asset Management launched the Stanbic IBTC Dollar Fund to provide currency diversification, income generation and stable growth in U.S. dollars. In a note to investors, the firm said the fund will allocate a minimum of 70 per cent of its portfolio to high-quality Eurobonds, up to 25 per cent to short-term U.S. dollar deposits, and a maximum of 10 per cent to U.S. dollar-denominated equities approved and registered by the Securities and Exchange Commission of Nigeria. The fund manager advised that investors must transfer a minimum of $1,000 for the initial investment and at least $500 for subsequent top-ups, either through the bank’s mobile application or by visiting a bank branch to initiate the transfer. “When you fund your investment, you can earn extra money by referring friends and family. You can also add to your investment over time and withdraw at your convenience. If you have questions or need assistance, please reach out. We are here to help you get started,” the company said.
The fund also promised competitive dollar returns, controlled risk exposure and seamless access to funds through its Super Apps. It reiterated that investors could hedge against inflation by earning in dollars, noting that the new foreign-exchange guidelines permit the transfer of dollar cash deposits between domiciliary accounts, subject to a daily limit of $10,000.
An investment analyst and Chief Executive Officer of Nairametrics Financial Advocates Limited, Ugochukwu Obi-Chukwu, explained that dollarisation largely stems from fear that inflation will continue to erode the value of the naira. According to him, many investors overlook the fact that sustained demand for dollars contributes to exchange-rate depreciation. “There is a sense of urgency that even the government shares. The government itself dollarises. When public assets are privatised, they are sold in dollars. At the seaports, fees are also denominated or converted in dollars. Government machinery is essentially dollarised, and other segments of the economy simply follow,” he said.
Meanwhile, Chief Business Officer of Countryside Investment Limited, Michael Akpan, highlighted the risks associated with keeping idle funds. While encouraging Nigerians to invest rather than leave money dormant, Akpan noted that one of the harsh realities of inflation spikes is the steady erosion of purchasing power.
“Even if interest or the return you are getting on your investment is below inflation rate, doing nothing will make you worse off. By investing in equities, money market, treasury bills or dollar funds, you are likely to reduce the impact of inflation on your funds,” he stated.
Akpan explained that even where inflation is running far ahead of returns, that should not deter investors’ commitment. “Assuming you earn between 10 to 20 per cent returns, it means you have been able to cut down your actual cost of living by at least 10 per cent. In real terms, your exposure to inflation is moderated by the extra income from investing, which is better than just taking inflation 100 per cent,” he said.
He added, “The options available are equity investment, treasury bills/commercial papers, federal government bonds/corporate bonds, federal government savings bond and dollar funds. Equity investment is the buying and selling of stocks listed on the Nigerian Exchange and NASD OTC market. Treasury bills are issued by the CBN on behalf of the federal government; commercial papers are issued by corporate bodies to meet short term obligations. The federal government of Nigeria bonds/corporate bonds are issued by the federal government and corporate bodies, respectively, to meet capital projects.”
Views from other stakeholders
CBN Governor, Olayemi Cardoso, said that despite persistent geopolitical tensions, supply-chain realignments, rising protectionism and other global headwinds, a softer U.S. dollar and easing global inflation present clear advantages for Nigeria and other emerging markets. According to him, many African currencies that were previously under intense pressure are now beginning to stabilise. He noted that with improved economic management and the implementation of domestic reforms, Sub-Saharan Africa is projected to record growth of 3.8 per cent in 2025 and 4.4 per cent in 2026, according to World Bank estimates. “Nigeria, Ethiopia and Côte d’Ivoire are leading this continental recovery, demonstrating the impact of decisive reforms, credible institutions and focused policy direction,” Cardoso said. “This type of resilience is never automatic; it is the outcome of difficult, disciplined choices—choices we too have had to make.”
The CBN governor added that the significant and steady decline in inflation is helping to restore real purchasing power for households and businesses. He said the trend also underscores disciplined policy execution and signals Nigeria’s return to orthodox monetary policy management. “We continue with determination to bring inflation down further. The current double-digit rate cannot be acceptable. Price stability is the foundation of sustainable growth. Our transition to an inflation targeting framework is gaining traction. We have improved data analytics, strengthened communication, and ended monetary financing of fiscal deficits. These actions have strengthened monetary policy transmission and anchored expectations,” he said. Cardoso also emphasised that a functional, transparent and liquid fixed-income market is critical for effective monetary policy transmission and the mobilisation of long-term domestic savings.
Echoing this view, a member of the CBN-led Monetary Policy Committee, Aloysius Ordu, said the naira has demonstrated relative stability, largely due to the CBN’s implementation of market-reflective exchange-rate policies. “These measures have helped narrow the gap between official and parallel market rates, enhanced investor confidence and promoted transparency in the foreign-exchange market,” he said. “The CBN’s continued efforts to strengthen market liquidity and maintain exchange-rate stability are essential to sustaining external sector resilience.”
President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, attributed recent naira stability to a surge in foreign portfolio investment (FPI) inflows and the rise in external reserves to about $45.23 billion as of late December 2025. He further noted that the deployment of the Electronic Foreign Exchange Management System (EFEMS), powered by Bloomberg BMatch, has transformed FX trading by enforcing mandatory order submission, enabling real-time regulatory visibility and improving price discovery.
Meanwhile, the International Monetary Fund (IMF) cautioned that dollarisation of the economy could be difficult to reverse. As a partially dollarised economy, Nigeria operates with a dollar bias in international trade, financial invoicing and, more recently, as a store of value. In its report titled Digital Money and Central Bank Balance Sheets, the IMF warned that once an economy becomes accustomed to a bi-monetary system, reversal is challenging—even after the original triggers, such as high inflation and exchange-rate volatility, have been addressed. “The optimal choice between domestic currency and the dollar depends on the monetary framework and the relative benefits each offers as they coexist,” the IMF noted.
The IMF further explained that in highly dollarised economies like Nigeria, exchange rates are extensively used for price indexation, resulting in high real dollarisation and near-complete pass-through from currency depreciation to inflation. For many stakeholders, this underscores the need to assess investment decisions not only in terms of nominal returns, but also with regard to capital safety and long-term wealth sustainability.
The Federal High Court in Lagos has set aside the proceedings conducted on November 21 in a suit between Collins Onyeweama and another against Techno Oil Limited and others, along with all orders made on that date, for constituting a flagrant breach of the respondents’ right to fair hearing.
Justice Ayokunle Faji, who also recused himself, held that the interim orders granted on November 21 were obtained through the suppression of material facts.
The ruling followed a motion ex-parte filed by the petitioners seeking global Mareva injunctions against the third and fourth respondents on the alleged suspicion that the first respondent’s assets were being relocated.
The application was brought without any hearing notice to the respondents or their counsel, despite the fact that all parties to the suit were already duly represented by counsel.
Aggrieved by the interim orders, counsel to the various respondents filed separate applications seeking to set aside the November 21 orders on grounds of breach of fair hearing and lack of jurisdiction.
Prof. Kemi Pinheiro (SAN), with Chukwudi Enebeli (SAN), Ogbonna Chukwumerije, and Kazeem Afolabi appeared for the first, third, fifth, and sixth respondents, while Nnaemeka Amaechina announced appearance for the second and fourth respondents.
Oluwole Afolabi (SAN) and O.F. Fatomi appeared for the first, third, and seventh parties seeking to be bound (interveners).
Ifeanyi Ekopo, holding the brief of Tochukwu Maduka (SAN), appeared for the fourth, fifth, and sixth parties seeking to be bound.
Justice Faji agreed with the submissions of senior counsel representing the first, third, fifth, and sixth respondents, as well as counsel to the second and fourth respondents, that the petitioners suppressed material facts in securing the ex parte orders.
The court observed that Exhibit 25, which formed the foundation of the petitioners’ ex parte application, had earlier been annexed to a motion on notice filed about two months before the November 21 proceedings.
However, during the hearing of the Mareva application, petitioners’ counsel, Mr. Ade Adedeji (SAN), and Mr. Bidemi Ademola-Bello (SAN), represented to the court that the facts relied upon had only recently come to the petitioners’ knowledge.
Justice Faji held that had the court been properly informed of the earlier filing, the ex parte application would not have been granted.
Consequently, the court nullified the proceedings and all orders made on November 21, 2025, for violating the respondents’ constitutional right to a fair hearing.
To preserve the integrity of the judicial process and maintain public confidence in the administration of justice, Justice Faji further announced his decision to recuse himself from further handling of the case.
He explained that the applicable test was how a reasonable and informed observer would perceive the circumstances surrounding the breach of fair hearing.
Accordingly, the court ordered that the case file be transmitted to the Chief Judge of the Federal High Court for reassignment to another judge of the Lagos Division.
The association said its position was informed by the alleged lapses the sector recorded in the outgoing year.
The NMA said the sector, in 2025, recorded a weak policy focus, persistent workforce crises and poor financing.
It noted that the lapses have continued to undermine healthcare delivery across the board.
In a year-end review of the Federal Government’s health sector performance, the Lagos Chairman of the association, Dr. Saheed Babajide Kehinde, described the performance of the sector as “highly unfortunate, unacceptable and disappointing”.
He blamed the government for the alleged lack of clear priorities by the Federal Ministry of Health and Social Welfare as well as the insufficient political attention to healthcare delivery.
In a statement yesterday, the Lagos NMA chairman said 2025 witnessed an absence of decisive interventions to address the worsening “Japa syndrome,” the mass emigration of healthcare professionals, alongside poor remuneration, weak welfare packages and inadequate training opportunities for health workers.
Kehinde noted that industrial disputes dominated much of the year, with the Federal Government struggling to manage recurring strikes by health sector unions and professional bodies.
The disruptions, he said, repeatedly denied the citizens access to essential healthcare services.
Kehinde also faulted the ministry’s perceived emphasis on data collection, research and engagement with international partners, arguing that this focus was at the expense of strengthening the core healthcare delivery system, particularly at the primary healthcare level.
Nigeria’s health indices remained troubling in 2025, the Lagos NMA chairman said, citing poor progress towards Universal Health Coverage (UHC), low health insurance penetration and the rising cost of healthcare services. High prices of drugs, consumables, medical equipment and diagnostic services have continued to place care beyond the reach of many Nigerians.
Other persistent challenges highlighted in the review include poor budgetary allocation to the health sector, low healthcare financing, unreliable power supply to health institutions and weak attention to primary healthcare, which is meant to serve as the foundation of the country’s health system.
Kehinde acknowledged modest gains in health infrastructure development, particularly in hospital buildings, but stressed that physical structures alone cannot deliver quality healthcare without adequate staffing, equipment, power supply and sustainable financing.
Looking ahead, the NMA Lagos chairman outlined a comprehensive reform agenda it believes should define the federal government’s health priorities in 2026.
Top of the list is the introduction of better living wages and improved remuneration for healthcare workers, alongside enhanced welfare packages aimed at retaining skilled professionals in the country.
To curb the “Japa syndrome,” the union leader proposed a mix of incentives, including affordable housing and car loans, regular training and retraining, clear career progression pathways, access to modern equipment, overseas training opportunities and more worker-friendly policies. He also called for a halt to assaults on healthcare workers and demanded non-taxable call duty allowances.
Baring his mind on service delivery in the sector, the chairman urged the government to make healthcare more accessible, affordable and qualitative by expanding the University Hospital College (UHC) in Ibadan, reforming health insurance policies and reducing the cost of care through lower tariffs on medical equipment and consumables, as well as price control measures on essential drugs.
The association also renewed its call for the implementation of the extended retirement age for healthcare workers, stronger prioritisation of primary healthcare and deeper collaboration between government and private hospitals to reduce mortality and improve access.
Other recommendations include improving power supply to health institutions, reviewing health sector budgetary allocation from about six per cent to the 15 per cent target set under the Abuja Declaration, and ensuring transparency and efficiency in the use of health funds.
Dr. Kehinde also urged the Minister of Health to adopt a more inclusive and respectful approach to industrial relations, noting that unresolved strikes, such as those involving the National Association of Resident Doctors (NARD), have had severe consequences for patients.
He also advocated the establishment of specialist hospitals across the six geopolitical zones, including infectious disease centres, and improved security and working conditions to reduce burnout and mental stress among healthcare workers.
The 2025 review underscored long-standing structural challenges in Nigeria’s health sector and sets a clear benchmark for performance in 2026.
For the federal government, health experts say the coming year will be a defining test of its willingness to move beyond policy rhetoric and deliver concrete reforms that place healthcare workers and patients at the centre of national development.
Sterling Bank was the headline sponsor of the Africa Fashion Week Nigeria x Made By Nigerians Festival 2025 (AFWN x MBN Fest 2025), in a strategic move aimed at unlocking Nigeria’s creative sector valued at $4.7 billion.
The two-day event brought together Africa’s top designers and over 250 emerging fashion and trade entrepreneurs, providing a high-impact platform for Nigerian brands to showcase their creations, connect with local and international audiences and expand their commercial reach.
The AFWN x MBN Fest 2025 took place at a pivotal time when fashion ranked among ithe fastest growing segments of the Nigerian creative economy.
The fair spotlighted emerging designers with three to seven years of industry experience, increasing their visibility and strengthening opportunities for global market entry.
This year’s edition also served as a Made By Nigerians-powered retail fair, enabling entrepreneurs to sell directly to thousands of visitors while building long-term brand recognition.
Chief Marketing Officer, Sterling Bank, Don Okpako said Sterling Bank remains a financial partner of choice for entrepreneurs whose ideas and enterprises are reshaping Nigeria’s growth narrative.
According to him, in addition to its “HEART” focus areas- health, education, agriculture, renewable energy and transportation, the bank has maintained consistent investment in the creative economy, supporting platforms that create jobs, strengthen communities and drive international recognition for Nigerian talent.
He said: “Entrepreneurship has always shaped Nigeria’s progress. At Sterling, our role is to enable the people creating the value that moves this nation forward. Our partnership with the AFWN x MBN Fest 2025 reflects that commitment and we are proud to support the businesses driving creativity, growth and opportunity”.
He emphasized fashion’s increasing role in youth employment and national visibility, noting that the partnership was both timely and strategic.
Chief Project Officer, Made By Nigerians, Chidimma Okoli, said the collaboration advances the organisation’s mission to empower Nigerian creators with access to markets, tools and visibility that support sustainable growth.
According to her, as a platform committed to local production and expanding commercial pathways for homegrown brands, MBN continues to function as a springboard for designers and small businesses ready to scale.
She described the collaboration as a significant step in strengthening Nigeria’s creative exports.
She said: “The AFWN x MBN Fest 2025 created access where many entrepreneurs previously faced barriers. It gave Nigerian brands a space to be seen, connect with buyers and grow with confidence in a market that rewards authenticity and innovation”.
She further noted that the fair aligns with MBN’s broader goal of creating measurable economic opportunity for entrepreneurs shaping Nigeria’s cultural and commercial identity.
She pointed out that, founded to scale African design, Africa Fashion Week Nigeria has grown into a respected platform that nurtures creativity, drives innovation and expands global exposure for designers across the continent.
She said: “Each edition introduces new voices to the runway while unlocking mentorship, training and commercial partnerships for young designers”.
Founder and Executive Director, Africa Fashion Week Nigeria and London, Queen Ronke Ademiluyi-Ogunwusi shared her optimism for the 2025 edition.
She said: “AFWN was created to help African designers scale and this partnership strengthens that purpose even further. Working with Sterling Bank and MBN increases the visibility, training and commercial support available to talents ready for global demand”.
She added that the 2025 edition stands among the most inclusive and commercially impactful showcases to date.
She pointed out that Sterling Bank’s collaboration with AFWN and MBN set the foundation for a strong end-of-year showcase of African creativity, entrepreneurship and ambition.
She said the partnership highlighted the next generation of fashion innovators while strengthening Nigeria’s position in the global creative marketplace
