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  The National Drug Law Enforcement Agency (NDLEA) has intercepted illicit drug consignments worth more than N5 billion at seaports in Lagos and Rivers States and destroyed 20,234 kilograms of cannabis in Osun State. Femi Babafemi, Director of Media and Advocacy at the NDLEA, disclosed this in a statement issued on Sunday, October 4, 2026. The seizures and arrests covered a series of operations conducted between September 27 and October 2, including activities at the Murtala Muhammed International Airport, Lagos seaports and several states across the country. N5 Billion port drug seizures Some of the biggest seizures were recorded at the Apapa and Tincan Island ports in Lagos, as well as Onne Port in Rivers State. At Apapa Port on September 3, officers recovered 161 parcels of Thai Loud weighing 124kg and valued at N372 million from a container shipped from Bangkok, Thailand. At Tincan Island Port on September 29, operatives recovered 2,595 parcels of Canadian Loud weighing 1,297.5...

  The N17.51 trillion allotted was about 2.7 times the cumulative N6.4 trillion initially offered, but large repayments during the month meant that a significant portion of the liquidity absorbed through new sales had first been returned to the financial system through maturing OMO bills. Maturities offset 62% of OMO Sales: Five OMO maturities worth approximately N10.89 trillion were recorded during September, equivalent to roughly 62% of the N17.51 trillion in gross sales. This left the CBN with net liquidity absorption of about N6.62 trillion, or 38% of the total amount sold. The CBN repaid N62 billion on September 7, followed by N3.07 trillion on September 8. Another N3.06 trillion matured on September 15, while N2.27 trillion was repaid on September 22. The final major maturity came on September 29, when N2.433 trillion was returned to the financial system. Against these repayments, the CBN recorded OMO sales of N2.88 trillion, N4.40 trillion, N3.29 trillion, N2.255 trillion an...

  The Group of Seven nations and their partners plan to release as much as 100 million barrels of emergency crude oil and diesel stocks to ease tight fuel supplies and bring down elevated diesel prices. French President Emmanuel Macron announced the agreement on Friday, October 2, saying the release would be coordinated through the International Energy Agency (IEA) over the next four months, with diesel supplies taking priority in the initial phase. The agreement follows pressure from the administration of US President Donald Trump, which had pushed European countries to accelerate releases from their emergency fuel reserves as diesel prices climbed. G7 priorities diesel reserve release Under the agreement, a significant volume of diesel is expected to be released within the first 20 days, while the IEA could consider further drawdowns if supply conditions remain tight. Part of the planned 100 million barrels will also come from stocks that countries had already committed under an ...

  Nigerian equities closed September 2026 firmly in positive territory, with the benchmark NGX All-Share Index (ASI) rising 2.87% over the month to close at 251,211.67 points from 244,199.39 points at the end of August, as market capitalisation expanded by N5.37 trillion, or 3.40%, to close at approximately N163.10 trillion from N157.74 trillion. The rally was led by a dramatic surge in Oil & Gas stocks, even as the broader gains were highly uneven across sectors, with two of the five conventional equity-sector indices closing the month lower. The month’s rally marked the second positive monthly close in third quarter (Q3) of 2026 after the market recovered in July from June brutal correction but closed slightly lower in the month of August. At the end of August, the ASI declined to 244,199.39 points, down from 245,283.68 points at the end of July, a decline of 1,084.29 points or 0.44%. Similarly, the market capitalisation settled at N157.74 trillion, compared with N158.33 tri...

  Nigeria’s pension fund assets expanded by N3.8 trillion in the first eight months of 2026, rising from N28.04 trillion in January to a record N31.8 trillion as of August 31, 2026. This is according to the latest data from the National Pension Commission (PenCom), and obtained by Nairametrics. The unaudited report shows that the industry’s assets under management grew by 13.41% year-to-date , highlighting the continued expansion of the contributory pension scheme despite prevailing macroeconomic challenges. On a monthly basis, pension assets increased by N289.4 billion, or 0.92%, from N31.5 trillion recorded in July 2026. The report also showed that total Retirement Savings Account (RSA) membership stood at 11,391,008 contributors as of August 2026. Federal Government securities remain largest asset class PenCom’s data showed that pension fund investments remained heavily concentrated in Federal Government securities, which accounted for N17.80 trillion of total assets. The asset ...

  Eight listed consumer goods companies recorded a combined N70.1 billion in royalties, technical fees, licence fees and management charges in H1 2026, based on their financial statement disclosures. The fees reflect the cost of using global brands, production know-how, technical expertise, and other support provided by multinational partners.Financial statements reviewed by Nairametrics Research show that the N70.1 billion recorded in H1 2026 was only slightly higher than the N69.7 billion recorded in the same period of 2025. The analysis focuses on listed consumer goods companies with December year-ends, so their H1 2026 results cover the same six-month reporting period, making the comparison more consistent. Fees to group and related parties reach N70.1 billion Across the eight companies reviewed, fees to group rose by N333 million in H1 2026, increasing from N69.7 billion in H1 2025 to N70.1 billion. Nestlé Nigeria has the largest fees, recording N23.2 billion on general licens...

  Sterling Financial Holdings Company Plc (“Sterling Financial” or “the Group”) has commenced its approved share capital reconstruction, consolidating every ten existing ordinary shares into one new ordinary share. Following the expansion of its equity base and balance sheet, the exercise is designed to improve capital structure efficiency, support strategic growth and strengthen the Group’s positioning with institutional and retail investors. Sterling Financial enters this phase following a first half in which profit after tax grew 20.4 percent to ₦50.3 billion on gross earnings of ₦279.6 billion. Total assets reached ₦4.67 trillion, while shareholders’ funds increased 27.8 percent to ₦547.7 billion, supported by the Group’s capital raise. The reconstruction forms part of its approach to optimising its share structure as it pursues sustainable earnings growth and stronger returns. To implement the exercise, trading in the Group’s shares on the Nigerian Exchange Limited (NGX) was t...

  A.P. Moller Capital today announced that, through its Africa Infrastructure Fund I (“ AIF I ”), and Impala Energy Holdings (“ Impala ”), it has entered into an agreement under which a consortium led by Ardova Plc (“ Ardova ”) and including Diadem Energy (“Diadem”) will acquire Powergas Global Investments Nigeria Limited and Powergas Ebedei Limited (“ PEL ”), together known as “ Powergas ”, one of Africa’s largest Compressed Natural Gas producers and virtual pipeline distributors. Ardova Plc is a Nigerian integrated energy and infrastructure company with a nationwide footprint across retail fuels, liquefied petroleum gas, shipping, aviation fuel, lubricants and logistics. The transaction adds a natural gas platform to Ardova’s established petroleum products and LPG businesses. Powergas was founded in 2013 by the Clean Energy Group, which pioneered its model of taking natural gas beyond the pipeline, supplying natural gas to industrial and power customers through compression facili...

  TotalEnergies (40%, operator), together with its partner AMNI (60%), have taken the Final Investment Decision (FID) for the development of the Ima gas field, straddling the OML 112 and 117 offshore licenses in Nigeria. Located in shallow waters close to Bonny Island, Ima gas field will be developed with a single platform, connected through a 22 km pipeline to Nigeria LNG (15%, TotalEnergies). Production start-up is expected in 2028, with a plateau of 350 million cubic feet per day (representing over 60,000 barrels of oil equivalent per day). Once on stream, the Ima field will supply about one-third of the gas required for the ongoing Nigeria LNG Train 7 expansion project, which will increase the liquefaction plant capacity from 22 million tons per annum (Mtpa) to 30 Mtpa. Ima is a low-cost and low-emissions development, with a simplified platform design, electric power supply from shore, no flaring, and permanent methane detection and monitoring. Also Read Eight Years On, OPay Ke...

  From helping graduates build livelihoods to making payments easier for major businesses, OPay’s eight-year journey is reflected in the everyday stories of Nigerians who rely on its solutions. At a busy market in Sokoto, a customer walks up to an agent, makes a transfer and waits for confirmation. For Alhaji Ibrahim Alabi, moments like this have become part of his everyday life. But behind the simple transaction is a much bigger story. A graduate who could not find a job, Alabi turned to agency banking as a way to earn a living. Today, his OPay agency business around Kara Market has become his source of income and a means of building a future. “ I was graduate without job. So, with the help of this agent banking, I could be able to achieve a normal life. I was able to build up a future, ” he said. His story captures what eight years of OPay in Nigeria means beyond technology and transactions: the opportunity for people to work, serve their communities and build livelihoods. Across...