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- Biz & Economy
- November 3, 2025
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Drinks & Mics S2EP9: FATF impact on Nigeria, Rate Cuts, Nigeria’s Sports Business
In this episode, host Tunji and co-host Arnold Dublin Green sit down with two brilliant minds, Gbemisola Abudu, founder and executive director of the BMGA Foundation, and Olabode Afolayan, a chartered accountant and commodity trader, to discuss the latest trends driving Nigeria’s economy and shaping the future of business in the country. Tunji begins the […] The post Drinks & Mics S2EP9: FATF impact on Nigeria, Rate Cuts, Nigeria’s Sports Business appeared first on Nairametrics.
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- November 3, 2025
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Cheapest EU work visas for 2026: Germany, Spain top the list
While several European countries have recently increased visa application fees, a few EU nations still offer affordable pathways that make it easier for skilled workers, remote professionals, and digital nomads to live and work legally across the continent. The post Cheapest EU work visas for 2026: Germany, Spain top the list appeared first on Nairametrics.
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- November 3, 2025
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It’s not true – Presidency clears air on Tinubu’s visit to White House Tuesday
The Presidency has dismissed reports claiming that President Bola Tinubu will visit the White House on Tuesday to meet with United States Vice President J.D. Vance. Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, in a post on X on Monday described the report as false and misleading. The clarification comes
It’s not true – Presidency clears air on Tinubu’s visit to White House Tuesday
The Presidency has dismissed reports claiming that President Bola Tinubu will visit the White House on Tuesday to meet with United States Vice President J.D. Vance.
Temitope Ajayi, Senior Special Assistant to the President on Media and Publicity, in a post on X on Monday described the report as false and misleading.
The clarification comes after President Donald Trump threatened possible military action against Nigeria if nothing is done quickly about an alleged persecution and killing of Christians in Nigeria.
DAILY POST reported that Trump also had recently designated Nigeria as a country of particular concern.
The US President cited what he described as ongoing violence against Christians and failure of the government to protect religious minorities.
However, the Nigerian government strongly denied persecution of any religious groups in Nigeria.
Reacting to a report about Tinubu’s impending visit to to the White House, Presidency described the publication as fuelling unnecessary speculation and uninformed commentary about the President’s diplomatic schedule.
Ajayi clarified that if President Tinubu were to visit the White House, such a meeting would be with the U.S. President, not the Vice President.
He wrote: “There is a Sahara Reporters story that President Tinubu is going to the US on Tuesday to see US Vice President J.D Vance. That story is not true. I can see that the fake news by Sahara has become the basis for some uninformed commentaries since yesterday. If President Tinubu is going to the White House, he won’t be going to see a Vice President.”
It’s not true – Presidency clears air on Tinubu’s visit to White House Tuesday
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- November 3, 2025
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Subsidy Savings Fueling Defections to APC, Group Alleges
Subsidy Savings Fueling Defections to APC, Group Alleges
Sunday Okobi
The Convener of Activate Nigeria for Good Governance (ANGG), Ken Agala, has faulted President Bola Ahmed Tinubu’s handling of fuel subsidy savings, alleging that the funds are being used as tools of political patronage rather than instruments of economic relief for suffering Nigerians. Agala in statement issued and made available to journalists yesterday alleged that Tinubu’s approach has worsened poverty levels across the country, contrasting sharply with former President Goodluck Jonathan’s 2012 model, where savings from a partial subsidy removal were transparently managed under the Subsidy Reinvestment and Empowerment Programme (SURE-P) led by technocrat Christopher Kolade, who was laid to rest a few days ago.
According to him, “Under Jonathan, every naira saved from partial subsidy removal could be traced. Kolade chaired the SURE-P with integrity, ensuring funds went into tangible projects that benefited Nigerians. “Tinubu’s approach, however, has turned subsidy savings into a tool for political patronage, strengthening loyalty among governors rather than relieving citizens’ hardships.”
The activist added that since the subsidy was removed in May 2023, the federal government and states have received unprecedented revenues through the Federation Account Allocation Committee (FAAC).
“Civil society estimates indicate that state governors and the FCT Minister have collectively received about N14 trillion in ‘subsidy savings’ between mid-2023 and mid-2024,” he stated, arguing that this direct access to funds has fueled defections to the ruling All Progressives Congress (APC).
According to him, “Governors now shift allegiance not out of ideology, but because of access to federal allocations and subsidy savings which are determining political loyalty,
“The Socio-Economic Rights and Accountability Project (SERAP) in a statement released by its Deputy Director, Kolawole Oluwadare, accused governors of spending subsidy money frivolously. SERAP noted that federal and state government allocations increased by 79 percent from pre-subsidy removal levels, yet the benefits have been largely restricted to government officials while poverty continues to rise. “Also, adding to the critique, Ibrahim Yusuf, chairman of the Gombe Network of Civil Society (GONET) and Team Lead of the Advocacy Centre for Development (AC4D), said the policy, introduced in 2023 with promises of channeling savings into infrastructure and social services, ‘has failed to deliver visible benefits, particularly in the North-east.”
Agala noted further that: “Nigerians are poorer today than before the subsidy removal.
“The National Bureau of Statistics (NBS) and independent poverty monitors report that the number of Nigerians living below the poverty line rose from about 104 million in 2023 to 129 million in 2024, marking a 24 percent increase within a year.
“Inflation has surged to its highest level in decades, with food inflation climbing above 35 per cent and transport costs tripling in some regions.”
Agala contrasted Tinubu’s handling with the Jonathan administration’s SURE-P initiative, “which followed a partial subsidy removal of about 32 per cent in 2012. Under Kolade’s leadership, the recovered funds were transparently managed and channeled into visible projects. Under Jonathan, Nigerians could point to roads, healthcare facilities, and empowerment programmes funded by SURE-P. Today, no one can show where Tinubu’s subsidy savings have gone.
The Niger Delta philanthropist, therefore, urged the National Assembly, anti-corruption bodies, and civil society to demand full disclosure on how the subsidy savings have been used, insisting that “the people have a right to know what their suffering is funding.”
Sunday Okobi The Convener of Activate Nigeria for Good Governance (ANGG), Ken Agala, has faulted President Bola Ahmed Tinubu’s handling of fuel subsidy savings, alleging that the funds are being
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- November 3, 2025
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Trump: IPOB started claim of Christian genocide in Nigeria in 2016 – Daniel Bwala
The Presidency on Monday disclosed that the Indigenous People of Biafra, IPOB, started the alleged “hoax” of Christian genocide in Nigeria in 2016. President Bola Tinubu’s spokesman, Daniel Bwala, disclosed this during an interview on TVC’s Your View. This comes as President Donald Trump of the United States, US, has designated Nigeria as a Country
Trump: IPOB started claim of Christian genocide in Nigeria in 2016 – Daniel Bwala
The Presidency on Monday disclosed that the Indigenous People of Biafra, IPOB, started the alleged “hoax” of Christian genocide in Nigeria in 2016.
President Bola Tinubu’s spokesman, Daniel Bwala, disclosed this during an interview on TVC’s Your View.
This comes as President Donald Trump of the United States, US, has designated Nigeria as a Country of Particular Concern over reports of genocide against Christians.
However, Bwala said: “Since that IPOB started this thing as far back as 2016, amplifying the false narrative that there is a genocide against the Christians in Nigeria.
Those that are killed are more of the Islamic faith than of the Christian faith. And government will be irresponsible if all we sit down, we’ll be talking about how many are killed Christians, how many are killed Muslims.
That’s why we’ve maintained consistently the position that it is criminal elements, and we are joining and forcing a common force so we can find them; we don’t profile the killing.
Now, those who profile the killing actually are the people who have an agenda against the Nigerian state. And this whole hoax of Christian genocide started from IPOB.
There was an investigative report that was conducted last week. I think Arise News mirrored that in their Stories Trending, which says that IPOB started this thing as far back as 2016, amplifying the false narrative that there is a genocide against the Christians in Nigeria.
Unfortunately, that fake news, that falsehood, made it to the ears of senators in the United States, like Senator Ted Cruz and Representative Randy Moore, and the rest of them. This is the kind of quagmire that we have found ourselves in.
But dialogue helps in deepening the conversation and identifying the problem. First, we and the American government have a lot of things that we have shared interests in.
So this is how you start a diplomacy conversation, find areas where you both agree, and then you realize that the areas you disagree are not as much as the areas you agree, and you’ll find a solution to it.”
Trump: IPOB started claim of Christian genocide in Nigeria in 2016 – Daniel Bwala
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- November 3, 2025
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Genocide in Nigeria: Misunderstanding will be clarified when Trump, Tinubu meet – Presidency
President Bola Tinubu’s Special Adviser on Policy Communication, Daniel Bwala, has hinted that there might be a misunderstanding of comments made by United States President Donald Trump regarding the alleged genocide in Nigeria. Bwala said that when Trump and Tinubu meet, the misunderstanding would eventually be clarified. The presidential spokesman, who had disclosed the news
Genocide in Nigeria: Misunderstanding will be clarified when Trump, Tinubu meet – Presidency
President Bola Tinubu’s Special Adviser on Policy Communication, Daniel Bwala, has hinted that there might be a misunderstanding of comments made by United States President Donald Trump regarding the alleged genocide in Nigeria.
Bwala said that when Trump and Tinubu meet, the misunderstanding would eventually be clarified.
The presidential spokesman, who had disclosed the news of a planned meeting between Tinubu and Trump, insisted that there was no genocide in Nigeria.
Speaking with BBC World Service on Sunday, Bwala assured that Nigeria will partner with the international community to tackle insecurity in the country.
He said: “I believe there’s been a misunderstanding of President Donald Trump’s recent remarks. When the leaders eventually meet, I am confident they will have the opportunity to clarify these issues.
There is no genocide taking place in Nigeria; rather, the nation faces serious security challenges that have affected people across all faiths, including Christians.
During President Trump’s first administration, his executive action facilitated the sale of arms to Nigeria to strengthen our fight against insurgency.
Nigeria remains a sovereign nation, and while collaboration with international partners in addressing insecurity is welcome, any form of intervention must respect our sovereignty.
It would not be diplomatically appropriate for the United States to take unilateral action without engagement and consent from the Nigerian government.”
Genocide in Nigeria: Misunderstanding will be clarified when Trump, Tinubu meet – Presidency
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- November 3, 2025
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With New Capital, FCMB Promises Higher Shareholder Value
With New Capital, FCMB Promises Higher Shareholder Value
FCMB Group Plc, a leading financial services group, has said that its recent fundraising from the capital market will be directed towards enhancing returns for its shareholders.
With a focus on delivering stronger and more sustainable returns by 2027, the bank has reassured investors that the inflow of new capital will not diminish returns but sustain the momentum of higher returns and valuation that keeps its stock in demand.
The group, on October 2, launched a new public share sale of N160 billion to bolster its banking arm, First City Monument Bank, in response to the Central Bank of Nigeria’s (CBN) fresh N500 billion minimum capital requirement for international banks. By optimising shareholder value and implementing effective risk management strategies, FCMB strives to mitigate exposure to macroeconomic shocks.
In addition to leveraging technology to reduce operating expenses and enhance profit margins, the bank plans to expand its operations across West Africa, where it believes the risks are lower and the returns higher. “There are opportunities in several West African countries.
Ours is technology. We are doing our research outside Africa. Our trade flows within West Africa creates more trading opportunities,” said Group Chief Executive of FCMB Group, Ladi Balogun,
FCMB reported a return on average equity (ROAE) of 20.60 per cent in the first half of 2025, an increase from 12.80 per cent in December 2024. The previous public offer of N144.55 billion saw strong demand, with a 33 per cent oversubscription, attracting 42,800 investors, 92 per cent of whom utilised digital platforms to participate. This success not only highlights investor confidence in FCMB’s growth potential but also reflects the effectiveness of its digital innovations.
The bank’s commitment to converting assets into profits has led to a favourable portfolio appeal. Earnings per share (EPS) has grown from N0.14 in 2019 to N3.74 projected by year-end 2025. This highlights the company’s strong historical performance and sustained earnings momentum. Similarly, dividend per share grew from N0.14 in 2019 to N0.55 in 2024, representing a 31.4 per cent CAGR. This underscores the group’s consistent track record of rewarding shareholders while retaining sufficient capital to fund future growth. Additionally, between January and September 2025, the lender’s stock price rose by 16 per cent, showcasing significant appreciation. FCMB’s proactive digital strategies contributed to an impressive profit of N79.2 billion in the first half of 2025, a 23.2 per cent rise from N64.21 billion in the first half of 2024. The interest income from loans also saw a substantial increase, up 70.31 per cent to N458.41 billion, compared to N269.16 billion in June 2024.
The group’s diversified operational platforms, cutting across banking, consumer finance, and investment banking, demonstrate robust profit growth as it continues to build a comprehensive ecosystem linking individuals, businesses and markets.
Following the federal government’s vision for a $1 trillion economy by 2030, the CBN has raised the minimum capital requirement for commercial banks with international licenses to N500 billion to fortify the banking sector against macroeconomic challenges.
FCMB Group Plc, a leading financial services group, has said that its recent fundraising from the capital market will be directed towards enhancing returns for its shareholders. With a focus
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- November 3, 2025
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Alleged Christian genocide: Nigerians divided over U.S. military threat
Nigeria has been thrown into a heated debate after U.S. President Donald Trump threatened military action over what he described as an alleged Christian genocide in parts of the country. The post Alleged Christian genocide: Nigerians divided over U.S. military threat appeared first on Nairametrics.
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- November 3, 2025
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Fuel import duty: Marketers warn 15% levy threatens operations
Oil marketers have described the recent introduction of 15% import duty on petrol and diesel by the Federal Government as very challenging and would lead to an increase in the price of petroleum products. The post Fuel import duty: Marketers warn 15% levy threatens operations appeared first on Nairametrics.
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- November 3, 2025
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How Obama plotted my 2015 election defeat – Jonathan
Former President Goodluck Jonathan, has alleged that ex-US President, Barack Obama, plotted his defeat in 2015. Jonathan made this allegation in his new book, ‘My Transition Hours’ due to launch on Tuesday. He said Obama displayed an unusual level of bias during the 2015 elections, describing him as overbearing and ‘condescending’ in his message to
How Obama plotted my 2015 election defeat – Jonathan
Former President Goodluck Jonathan, has alleged that ex-US President, Barack Obama, plotted his defeat in 2015.
Jonathan made this allegation in his new book, ‘My Transition Hours’ due to launch on Tuesday.
He said Obama displayed an unusual level of bias during the 2015 elections, describing him as overbearing and ‘condescending’ in his message to Nigerians ahead of the 2015 general election.
According to Jonathan, “On March 23, 2015, President Obama himself took the unusual step of releasing a video message directly to Nigerians all but telling them how to vote.”
Giving the details in the book, Jonathan said, “In that video, Obama urged Nigerians to open the ‘next chapter’ by their votes.
“Those who understood subliminal language deciphered that he was prodding the electorate to vote for the opposition to form a new government.”
According to Premium Times, which obtained a copy of the book hours before its unveiling in Abuja on Tuesday, Jonathan had kept the book secret in order to avoid excerpts of it being published ahead of its formal launch.
DAILY POST recalls that Jonathan lost the 2015 elections to the late President Muhammadu Buhari, marking the first time an incumbent president would lose reelection.
He assumed office in 2010 following the death of President Umaru Yar’Adua, getting his own mandate of four years at the 2011 presidential election.
“The message was so condescending, it was as if Nigerians did not know what to do and needed an Obama to direct them,” Jonathan said of the video message.
He lampooned Obama, who was American president from 2009 until 2017, for saying all Nigerians must be able to cast their votes without intimidation or fear, but was reluctant to allow the Nigerian security forces drive Boko Haram insurgents away from the Nigerian territories they had been occupying in order to free Nigerian citizens there ahead of elections.
Jonathan also took a harsh aim at former US Secretary of State, John Kerry, saying the diplomat was nonchalant in his attitude towards his government, despite all efforts to make him understand that the decision to postpone election was in the overall interest of Nigeria.
“How can the U.S. Secretary of State know what is more important for Nigeria than Nigeria’s own government? How could they have expected us to conduct elections when Boko Haram controlled part of the North East and were killing and maiming Nigerians?
“Not even the assurance of the sanctity of May 29, 2015 handover date could calm them down. In Nigeria, the Constitution is very clear: No President can extend his tenure by one day,” Jonathan said.
How Obama plotted my 2015 election defeat – Jonathan
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