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Lagos–Calabar Coastal Highway Secures $1.2 Billion UAE-Backed Financing Boost

Nigeria has secured fresh momentum for one of its most ambitious infrastructure projects as the Federal Government announced the successful arrangement of approximately $1.2 billion in financing backed by the United Arab Emirates for the Lagos–Calabar Coastal Highway. The development underscores growing international confidence in Nigeria’s infrastructure drive and provides renewed assurance that construction on the landmark coastal road will continue without disruption.

The announcement was made in a statement from the Presidency on Friday and reported by Bloomberg. According to the disclosure, the newly secured funding will be deployed to support construction work on a 56-kilometre stretch of the highway, a critical segment of the broader project that is expected to redefine transport and logistics along Nigeria’s Atlantic coastline.

When fully completed, the Lagos–Calabar Coastal Highway is projected to run for about 700 kilometres, cutting across several coastal states and linking major commercial, industrial, and tourism hubs in southern Nigeria. The road is envisioned as a high-capacity transport corridor that will ease congestion, reduce travel times, and open up new economic opportunities for coastal communities.

Federal Government’s position

President Bola Tinubu described the financing agreement as a major milestone that guarantees continuity on the project at a time when Nigeria is aggressively seeking to close its infrastructure deficit.

“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” the President said in the statement. He added that the administration remains committed to deploying innovative and diversified financing structures to deliver large-scale infrastructure across the country, without placing excessive strain on public finances.

The President’s remarks align with the Tinubu administration’s broader strategy of leveraging foreign capital, multilateral institutions, and private-sector partnerships to accelerate economic development and modernise Nigeria’s transport network.

Context and financing structure

The latest $1.2 billion facility builds on earlier funding secured for the same project, highlighting its scale and phased execution model. In July, Nigeria had arranged an additional $747 million in financing for another section of the coastal highway, signalling steady progress in mobilising capital for different segments of the road.

That earlier transaction was led by Deutsche Bank, which acted as Global Coordinator and Lead Arranger. The loan syndicate included a mix of international and regional financial institutions, such as First Abu Dhabi Bank, African Export-Import Bank, ECOWAS Bank for Investment and Development, Nexent Bank N.V. (formerly Credit Europe Bank N.V.), and Zenith Bank Plc.

Notably, the facility was fully underwritten by First Abu Dhabi Bank, with risk cover provided by the Islamic Corporation for the Insurance of Investment and Export Credit. This structure reflects increasing Gulf participation in Nigeria’s infrastructure financing landscape, as Middle Eastern lenders and insurers deepen their exposure to African growth projects.

Construction progress and technical standards

Construction of the highway is being handled by Hitech Construction, whose Managing Director, Dany Abboud, recently confirmed that more than 70% of the funded section has already been completed. He also highlighted the use of Continuously Reinforced Concrete Pavement (CRCP) technology, noting that it offers superior durability, lower lifecycle costs, and reduced maintenance compared to conventional asphalt roads.

According to Abboud, adopting CRCP sets a new benchmark for road construction in Nigeria and is expected to deliver long-term value for money, especially for a high-traffic coastal corridor exposed to harsh weather conditions.

Why it matters

The latest UAE-backed financing significantly strengthens funding certainty for one of Nigeria’s largest road projects and sends a positive signal to global investors about the country’s infrastructure programme. Beyond construction, the Lagos–Calabar Coastal Highway is expected to have far-reaching economic impacts—boosting trade logistics, stimulating tourism, supporting coastal real estate development, and enhancing regional integration among southern states.

For the Tinubu administration, the project also represents a flagship symbol of its commitment to growth-enabling infrastructure. If delivered on schedule and to specification, the highway could become a critical artery for Nigeria’s blue economy ambitions and a cornerstone of long-term economic transformation along the Atlantic corridor.

Clinoscope Services Sells 515.3 Million Neimeth Shares After Strong Bull Run

Neimeth International Pharmaceuticals Plc has disclosed that its major shareholder, Clinoscope Services Limited, has divested a significant portion of its holdings following the company’s sharp rally on the Nigerian Exchange. The transaction, valued at approximately N3.12 billion, involved the sale of more than half a billion ordinary shares and comes after Neimeth delivered one of the strongest year-to-date performances on the local bourse in 2025.

According to a notification published on the Nigerian Exchange Limited, Clinoscope Services Limited sold a total of 515,300,515 ordinary shares of Neimeth at an average price of N6.05 per share. The disposal followed months of heightened investor interest in the pharmaceutical stock, which had surged on the back of improving fundamentals and renewed optimism around the company’s turnaround prospects.

The filing shows that the transaction was executed in two tranches. In the first tranche, completed on September 17, 2025, Clinoscope sold 15,300,515 shares at N6.10 per unit. This was followed by a much larger second tranche on December 19, 2025, during which 500,000,000 shares were sold at N6.00 per unit. Together, the two transactions amounted to proceeds of roughly N3.117 billion.

Prior to the sale, Clinoscope Services Limited was one of Neimeth’s most influential shareholders. The company’s audited full-year 2024 financial statements, released in May 2025, showed that Clinoscope held 1,068,276,375 shares, representing a 25% equity stake in the pharmaceutical firm. Following the latest divestment, Clinoscope’s shareholding has been reduced to 552,975,860 shares, translating to a revised ownership stake of about 12.94%.

The timing of the sale has drawn market attention, coming after a remarkable rally in Neimeth’s share price earlier in the year. The stock delivered a year-to-date return of approximately 162% in 2025, placing it among the best-performing healthcare equities on the NGX. Much of this rally was driven by improved earnings momentum, corporate actions aimed at strengthening the balance sheet, and speculative interest as investors positioned for a longer-term recovery.

However, the second half of the year has been marked by some price consolidation. From the beginning of July 2025 to the close of trading on December 23, Neimeth’s shares declined by about 8.12%, slipping from N7.20 to around N6.00. Despite this pullback, the stock remains firmly in positive territory for the year, reflecting the scale of gains recorded in the first half.

Some market participants interpret Clinoscope’s partial exit as profit-taking rather than a vote of no confidence in the company’s prospects. With the share price still up significantly year-to-date, the N6.00 level is being viewed by some investors as a potential accumulation zone, especially if earnings momentum is sustained and broader market sentiment remains supportive. Optimistic traders are already eyeing a possible move above the N8.00 mark over the medium term, although this will depend on execution and market conditions.

On the fundamentals side, Neimeth’s recent financial performance has provided a stronger basis for investor confidence. For the nine-month period ended 2025, the company posted revenue of N5.0 billion, up from N3.09 billion in the corresponding period of the previous year. Pharmaceutical sales accounted for the bulk of this figure at N4.8 billion, while animal health products contributed N166.2 million. Notably, all revenue was generated within Nigeria, underscoring the firm’s domestic market focus.

Rising input costs pushed the cost of sales up to N2.5 billion, but this was more than offset by revenue growth, allowing gross profit to expand to N2.4 billion from N1.4 billion previously. Other income of N312.3 million further boosted performance, lifting operating profit to N1.6 billion—more than double the prior-year figure—despite higher operating expenses. After finance costs of N1.3 billion, profit before tax stood at N339.7 million.

The balance sheet also showed signs of improvement, with total assets increasing to N13.3 billion and shareholders’ equity rising to N1.9 billion. At its Annual General Meeting held on June 23, 2025, shareholders approved a resolution authorising directors to raise up to N20 billion through share issuance, a move aimed at strengthening the company’s capital base and supporting future expansion.

That approval helped fuel investor enthusiasm earlier in the year, driving Neimeth’s shares up by over 110% in its strongest monthly performance and pushing first-half gains to more than 185%, with the stock peaking at N6.55. However, bearish momentum emerged from July, leading to the recent pullback.

Overall, Clinoscope’s share sale appears to mark a turning point after Neimeth’s explosive rally, highlighting the delicate balance between profit-taking and longer-term confidence as investors reassess valuations following an extraordinary run.

Sanwo-Olu: Tax Reforms Will Shield Small Businesses and Protect the Poor

Lagos State Governor Babajide Sanwo-Olu has reassured Nigerians that the ongoing federal tax reforms are designed to protect small businesses and low-income earners, not to burden the poor or tilt the system in favour of the wealthy. According to the governor, the reforms aim to correct long-standing inefficiencies in Nigeria’s tax framework and create a fairer, more transparent system that works for everyone.

Sanwo-Olu gave this assurance on Tuesday at the Lagos Tax Reform Summit held in Ikeja, just days ahead of the planned implementation of Nigeria’s new Tax Act, which is scheduled to take effect on January 1, 2026. The reforms have sparked public debate in recent weeks, with some stakeholders calling for a pause in implementation amid allegations that sections of the tax laws passed by the National Assembly were altered in the final gazetted copies.

Addressing these concerns directly, the governor acknowledged that apprehension among citizens and business owners was understandable, especially in an economy already grappling with inflationary pressures and high operating costs. However, he insisted that fears about the reforms disproportionately hurting the poor were misplaced.

“I know some people fear that these reforms will hurt the poor and favour the wealthy. That is simply not true,” Sanwo-Olu said. “The goal of the new tax law is simple: protect small businesses, ensure that the wealthy meet their obligations, close revenue leakages, and bring more people fairly into the tax system.”

He described the reforms as a necessary intervention to fix a tax structure that has been inefficient and fragmented for decades. In his view, the new framework focuses less on raising tax rates and more on improving compliance, eliminating duplication, and widening the tax net in a balanced way.

Sanwo-Olu also praised Bola Ahmed Tinubu for championing the reforms at the federal level, describing the effort as a bold and courageous move. He noted that meaningful reform is rarely painless, but stressed that the country is already beginning to see signs of progress.

“These changes are not easy, but the hardest part is already giving way to real progress,” the governor said. “It takes experience and confidence to fix a system that has been broken for too long, and I commend President Tinubu for taking that step.”

Reaffirming Lagos State’s alignment with the federal agenda, Sanwo-Olu pledged the state’s full cooperation in implementing a harmonised tax system that promotes economic growth, fairness, and predictability. He emphasized that Lagos, as Nigeria’s commercial nerve centre, has a strong interest in ensuring that tax reforms encourage enterprise rather than stifle it.

“The reforms championed by the Federal Government are not about increasing tax burdens,” he explained. “They are about fixing inefficiencies, eliminating multiple taxation, and rebuilding trust in the tax system. Lagos will continue to work closely with federal authorities to ensure a tax environment that is fair, predictable, and beneficial to all.”

The summit, themed “The Lagos Implementation Road Map – From Reforms to Results: Creating a Tax Environment that Works for All,” was jointly organised by the Office of the Special Adviser on Taxation and Revenue and the Lagos State Treasury Office. It brought together policymakers, regulators, business leaders, and other stakeholders to discuss how federal tax policies can be effectively translated into people-centred outcomes at the state level.

Special Adviser on Taxation and Revenue, Mr. Abdulkabir Ogungbo, revealed that Lagos has already set up a state-level committee to work closely with the Presidential Committee on Fiscal Policy and Tax Reforms. This collaboration has involved extensive consultations with ministries, revenue agencies, financial institutions, transport operators, and local governments to ensure broad-based buy-in.

Similarly, Commissioner for Finance, Mr. Abayomi Oluyomi, stressed that synergy between federal and state governments would be critical to the success of the reforms. He noted that improved tax efficiency would directly impact governments’ ability to fund infrastructure, deliver public services, and improve living standards.

On his part, Chairman of the Lagos State Internal Revenue Service, Mr. Ayodele Subair, said the new framework would simplify tax obligations for small and medium-sized enterprises, protect low-income earners, and reduce compliance costs. He added that Lagos is embedding the principles of the federal reforms into its governance processes in line with the state’s THEMES Plus development agenda.

Delivering the keynote address, Mr. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reform, said the reforms are designed to unify Nigeria’s tax system, enhance transparency, and restore taxpayer confidence nationwide.

While concerns remain, including warnings from some analysts about the potential impact of provisions such as higher capital gains tax and new levies, Lagos State officials insist that the overarching goal of the reforms is long-term economic sustainability. According to Sanwo-Olu, effective implementation and continuous stakeholder engagement will be key to ensuring that the reforms deliver growth without leaving vulnerable citizens behind.

How to Invest in Nigeria Based on Your Financial Goals

One of the most common questions Nigerian investors ask is simple but powerful: “I have some spare money—what should I invest in?” The instinct to look for the “best” investment is understandable, especially in an environment shaped by inflation, currency volatility, and uneven growth. But the more useful question is not what to buy—it is why you are investing in the first place.

Smart investing in Nigeria, or anywhere else, starts with objective-based investing. This approach recognises that no investment is inherently superior to another. What matters is how well an investment aligns with your financial goals, risk tolerance, time horizon, and need for liquidity. An asset that is perfect for one person may be entirely wrong for another.

Below are common investor scenarios in Nigeria and practical guidance on what may fit each situation. This is not investment advice, but a framework to help you think clearly about matching goals to instruments.

Investing Based on Economic Outlook

If you believe Nigeria’s economy will significantly improve over time, equities become attractive. Buying Nigerian shares before a broad economic upswing allows you to participate in future growth at relatively lower prices. While you can buy individual stocks directly, collective investment vehicles such as mutual funds, unit trusts, and ETFs offer instant diversification and professional management. These products reduce single-stock risk and are often more cost-effective for long-term investors. Ensure that any fund or product you choose is approved by the Securities and Exchange Commission (SEC) Nigeria and listed on recognised platforms such as the Nigerian Exchange.

If, however, you believe the economy will stagnate or grow slowly, capital preservation becomes more important than aggressive growth. In this case, Nigerian money market funds are often a better fit. These funds invest in short-term instruments such as bank fixed deposits and commercial papers, offering relatively stable returns with lower risk than equities. Bank-issued instruments are generally safer, with deposits insured by the Nigeria Deposit Insurance Corporation up to ₦5 million per bank, though returns may be lower than those from non-bank issuers.

If your outlook is more pessimistic and you expect conditions to worsen, timing and currency exposure matter. Nigerian dollar-denominated bonds may offer better yields in the future as issuers raise coupons to attract investors. If you want immediate exposure, USD money market funds allow you to convert naira to dollars and earn in foreign currency, reducing local currency risk. Always confirm whether returns and redemptions are paid in dollars.

Matching Investments to Life Needs

Money needed for a specific, near-term obligation—such as rent due next year—should not be exposed to risk. Funds like this belong in bank fixed deposits or money market funds, prioritising the return of capital rather than the return on capital. The same conservative logic applies to retirees, particularly those above 70. At this stage, portfolios should lean heavily toward FGN Savings Bonds and bank deposits, with only a small allocation to high-dividend equities. Annuities from strong insurance companies may also provide predictable income.

For business owners and professionals, it is important to understand that a business itself is not a retirement plan. Your business generates income, but retirement security comes from consistently investing part of that income elsewhere. Setting aside even 10% of profits into a Retirement Savings Account (RSA) or diversified unit trust creates a long-term safety net that compounds independently of your business risks.

Alternatives, Risk, and Reality Checks

Illiquid or informal investments—such as transport businesses or trading ventures—require active involvement. If you cannot supervise daily operations, debt-style investments may be safer than equity participation. Real estate can be a solid hedge against inflation if liquidity is not a concern, but only when title and location are clear and verified.

High-risk assets like Bitcoin appeal to investors willing to accept volatility and the possibility of loss. These instruments are speculative, not substitutes for structured investing, and should only be considered with money you can afford to lose.

For those seeking absolute simplicity and peace of mind, holding foreign currency in insured offshore instruments offers stability, albeit with lower returns. Sometimes, peace is the real return.

Final Thought

The most important principle to remember is this: you invest to meet objectives, not just to chase returns. When your goals are clear, your investment choices become easier—and smarter. Always speak with a qualified investment professional before making decisions, and let your personal circumstances, not market noise, guide your strategy.

The IUX Trading Advantage: Ultra-Low Spreads, Fast Execution, and Smart Tools Built for Every Trader

Ultra-competitive spreads, lightning-fast execution, and a flexible trading environment are increasingly shaping how traders choose brokers in today’s markets. Against this backdrop, IUX is positioning itself as a compelling option for traders seeking efficiency, transparency, and performance across forex, gold, stocks, and crypto CFDs. From beginners testing their first strategies to high-frequency traders running hundreds of positions a month, IUX’s value proposition is built around reducing friction and giving traders greater control over cost and risk.

At the core of the IUX advantage is ultra-low spread trading. Tight spreads directly lower transaction costs, which can significantly influence long-term profitability. This is especially true for active traders who execute dozens or even hundreds of trades. Consider gold trading (XAUUSD), where spreads can vary widely across brokers. While many platforms quote spreads around 30 points, IUX offers spreads as low as 14 points. Over time, that difference compounds. Using the same strategy, lot size, and risk parameters, the reduced cost per trade can materially boost net returns. In fact, over several hundred trades, the savings from tighter spreads alone can be the difference between modest growth and a portfolio that doubles in size. For scalpers and high-frequency traders who depend on precision, this cost efficiency is a major competitive edge.

Execution speed is the second pillar of IUX’s offering. In fast-moving markets such as gold or cryptocurrencies like Bitcoin, even small delays can lead to slippage that erodes profits. IUX’s trading infrastructure is designed to minimise latency by leveraging robust liquidity providers and efficient order routing. Faster execution means traders are more likely to be filled at their intended prices, protecting carefully planned entries and exits. For strategies that rely on quick reactions to volatility, execution speed is not a luxury—it is essential.

Beyond cost and speed, IUX distinguishes itself through flexible CFD trading features that support smarter risk management. Traders can hedge stock market exposure by combining long positions in equities with short CFDs during periods of uncertainty. This approach allows portfolios to remain invested while reducing downside risk. IUX enhances this flexibility with swap-free options and long holding periods on stock CFDs, making it practical to maintain hedges without the burden of overnight financing costs. For traders navigating volatile or uncertain market cycles, these tools provide an added layer of protection.

Leverage is another area where IUX aims to educate rather than intimidate. With leverage available up to 1:3000, the platform offers flexibility rather than forcing excessive risk. High leverage, when misunderstood, can be dangerous. However, when combined with disciplined position sizing and clear risk limits, it becomes a tool for capital efficiency. IUX emphasises that mindset, money management, and strategy matter far more than the headline leverage number. Used responsibly, leverage allows traders to allocate capital more strategically without overexposing their accounts.

Trust and regulation also play a central role in IUX’s appeal. The broker operates under the oversight of the Australian Securities and Investments Commission (ASIC), one of the world’s most respected Tier-1 regulators. ASIC regulation provides traders with added confidence around fund segregation, transparency, and fair trading practices. In an industry where credibility matters, strong regulatory backing reassures both new and experienced traders.

For beginners, IUX focuses on accessibility and clarity. Account setup is straightforward, minimum deposits are kept low, and pricing structures are transparent. New traders benefit from competitive spreads on major currency pairs, swap-free options for longer-term positions, and educational support delivered through IUX Affiliates and Introducing Brokers. Multilingual customer support available 24/5 ensures that help is accessible when it matters most, especially in fast markets.

Ultimately, the IUX trading advantage lies in how its features work together. Ultra-low spreads reduce costs, fast execution protects strategy integrity, flexible CFDs enable hedging and diversification, and strong regulation underpins trust. Whether trading forex during the London session, managing gold positions in volatile markets, or hedging equities with CFDs, IUX provides an environment designed to support informed decision-making rather than hype.

As traders increasingly focus on efficiency and risk control in 2025, platforms that combine low costs, speed, and transparency are likely to stand out. IUX’s approach reflects this shift, offering tools that serve not just aggressive growth goals, but also long-term, disciplined trading success.

AI Trading Apps Gain Ground as Nigerians Look for an Edge in the Forex Market

Artificial intelligence–powered trading apps are rapidly reshaping how Nigerians participate in the foreign exchange market. Across major cities such as Lagos, Abuja, and Port Harcourt, traders are moving away from fragmented tools and improvised strategies toward streamlined mobile platforms that promise clarity, speed, and structure. For many, the appeal is simple: in a fast-moving market where time, power supply, and internet access are not always guaranteed, AI offers a way to trade smarter without being glued to a screen all day.

At the heart of this shift is a growing demand for consistency. Nigerian traders, particularly newcomers, are no longer satisfied with juggling separate apps for charts, news, education, and risk management. Instead, they are gravitating toward all-in-one mobile solutions that combine these functions into a single workflow. AI sits at the center of this evolution, scanning markets, filtering noise, and translating complex data into clear, actionable insights that fit into busy daily routines.

For traders who balance studies, full-time jobs, or business commitments, AI features are especially valuable. These tools continuously analyse thousands of price movements across major currency pairs, commodities like gold, and key indices. Rather than overwhelming users with endless signals, well-designed apps prioritise relevance, pushing alerts only when specific conditions align. In an environment where power outages or unstable connections can disrupt trading plans, receiving the right alert at the right moment can make a meaningful difference.

A typical AI-enabled trading day begins with a concise dashboard overview. Traders see the broader market bias on higher timeframes, alongside shorter-term opportunities that may emerge during key sessions such as the London open or the New York overlap. Before any order is placed, built-in risk prompts encourage discipline. If spreads widen or market liquidity thins, the app may suggest reducing position size. When correlations across instruments rise, it warns that overall exposure could be creeping too high. These guardrails help traders stick to predefined rules rather than acting on impulse.

Several core functions stand out as particularly useful in the Nigerian context. Price action scanners identify breakouts, pullbacks, and divergences, ensuring that clean setups are not missed. Session-aware alerts keep attention focused on periods with deeper liquidity and more reliable price behaviour. Integrated risk tools calculate position size automatically and flag stop-loss levels that are too tight for current volatility. Perhaps most importantly, education is embedded directly into the charts, with brief explanations showing why an alert was triggered. Over time, this turns every trade into a learning opportunity.

AI also supports better entries and exits by highlighting zones where supply or demand has repeatedly held. When price revisits these areas during an active session, the app signals a potential trade and suggests where the idea would be invalidated. On the exit side, it tracks reward-to-risk ratios and alerts users when targets are reached or when momentum begins to fade, encouraging partial profit-taking instead of emotional decision-making.

However, these tools are not a shortcut to guaranteed profits. Overreliance on AI is one of the most common mistakes among new users. Alerts indicate probability, not certainty, and treating every signal as a compulsory trade often leads to overtrading. Ignoring liquidity conditions or constantly switching strategies after a few losses can also undermine results. The most successful users tend to adopt a measured approach, sticking to a small watchlist, using fixed percentage risk, and reviewing performance consistently over time.

Improved funding options and broader mobile broadband coverage are further supporting adoption. Smoother deposits and withdrawals through regulated channels reduce friction, while backup power solutions make mobile trading more practical. Together, these improvements allow AI-guided plans to function effectively without constant desk time.

Looking ahead, the popularity of AI trading apps in Nigeria is unlikely to fade. A young, tech-savvy population, rising smartphone penetration, and sustained interest in digital finance all point toward continued growth. Over the next year, traders can expect more refined session-specific alerts, volatility-aware risk tools, and simple performance reports that emphasise rule compliance over hype.

Ultimately, the edge these apps provide is not magic—it is structure. By reducing friction, highlighting cleaner setups, and reinforcing discipline, AI trading platforms help Nigerian traders focus on process rather than emotion. With a clear plan, firm risk rules, and regular review, these tools can support a more stable and sustainable path through the forex market.

Guinness, AustinLaz Power Christmas Eve Rally as All-Share Index Climbs to N97.8 Trillion

The Nigerian equities market closed Christmas Eve on a positive note, as renewed buying interest in select large- and mid-cap stocks lifted overall sentiment. Trading on Tuesday, December 24, 2025, ended with the benchmark All-Share Index (ASI) posting modest gains, supported by a sharp increase in market activity and strong performances from consumer goods and hospitality stocks.

Data from the Nigerian Exchange Group showed that the All-Share Index advanced by 185.7 points to settle at 153,539.8, representing a 0.12% increase from the previous session’s close of 153,354.1. Although the gain was relatively mild, it marked an encouraging end to trading ahead of the Christmas holiday and reinforced the market’s strong year-to-date performance.

One of the most striking features of the session was the surge in trading volume. Investors exchanged approximately 1.7 billion shares, a significant jump from the 677 million shares recorded in the prior session. This spike in turnover suggested heightened portfolio adjustments and bargain-hunting activities as investors repositioned ahead of the year-end.

Market capitalization edges higher

As a result of the positive close, total equity market capitalization inched up to N97.8 trillion, compared with N97.7 trillion previously. The day’s trades were executed across 19,372 deals, reflecting broad participation despite the holiday-shortened trading week.

On the gainers’ table, Guinness Nigeria emerged as the top performer, rallying by 9.98% to close at N318.60. The stock benefited from strong demand, as investors reacted positively to its fundamentals and ongoing recovery in the consumer goods sector. Closely following was Austin Laz, which gained 9.97% to close at N3.20, extending its recent upward momentum.

Other notable gainers included International Breweries, which rose by 9.85% to N14.50, Transcorp Hotels, up 9.83% to N170.90, and Aluminum Extrusion Industries (ALEX), which added 9.73% to settle at N16.35. Together, these stocks provided strong upward support to the index.

Losers trail amid mixed sentiment

Despite the generally positive tone, some stocks closed in negative territory. Legend Internet led the losers’ chart, shedding 9.26% to close at N4.90, while AXA Mansard Insurance declined by 7.14% to N13.00. Jaiz Bank dropped 5.45% to N4.51, MTN Nigeria lost 5.21% to close at N504.00, and NEM Insurance slipped 4.74% to N24.10.

Activity and value leaders

In terms of trading activity, Abbey Mortgage Bank dominated the volume chart, accounting for an overwhelming 1.12 billion shares traded during the session. Sterling Financial Holdings followed with 127 million shares, while Custodian Investment traded 115 million shares. First HoldCo and Access Holdings rounded out the top five by volume, with 40.8 million and 38.1 million shares traded, respectively.

By transaction value, Abbey Mortgage also led the market, recording trades worth N7 billion. Custodian Investment followed with N4.4 billion, while First HoldCo posted N2.18 billion. Zenith Bank and GTCO completed the top five by value, with trades worth N2.13 billion and N2.05 billion, respectively.

SWOOTs and FUGAZ performance

Stocks with market capitalisation above one trillion naira (SWOOTs) reflected a broadly bullish tone. Transcorp Hotels jumped 9.83%, Nigerian Breweries gained 1.28%, and BUA Cement advanced 0.57%. However, MTN Nigeria declined 5.21%, Lafarge Africa dipped 0.74%, and Dangote Cement eased marginally by 0.16%.

Among the banking heavyweights known as FUGAZ stocks, UBA climbed 6.6%, First HoldCo surged 5.37%, Zenith Bank edged up 0.8%, and GTCO gained 0.74%, while Access Holdings closed flat.

Market outlook

With the All-Share Index now firmly above the 153,500 level and year-to-date returns at an impressive 49.17%, analysts believe bullish momentum could persist if buying interest remains broad-based. Sustained inflows into large- and mid-cap stocks may push the market closer to the 155,000-point threshold in the near term, as investors maintain a cautiously optimistic outlook heading into the final trading days of the year.

Crypto Thefts Surge to $3.4 Billion in 2025 as North Korea Dominates Global Attacks

The global cryptocurrency industry endured one of its most challenging years in 2025, as digital asset thefts surged to more than $3.4 billion, underscoring persistent vulnerabilities in the rapidly evolving ecosystem. A new report by Chainalysis reveals that while the total number of attacks did not rise dramatically, the scale and financial impact of individual breaches increased sharply, reshaping the risk profile of the crypto market.

According to the report, the amount stolen in 2025 represents a 54% year-on-year jump from the $2.2 billion lost to hacks in 2024. This increase reflects a clear shift toward fewer but far more destructive incidents, with a handful of high-profile breaches accounting for the majority of losses recorded during the year. Analysts say this trend signals growing systemic risks, particularly for large exchanges and custodial platforms that hold vast pools of customer assets.

Fewer attacks, bigger losses

Chainalysis estimates that more than $3.4 billion worth of cryptocurrency was stolen between January and early December 2025. A single incident alone made a dramatic contribution to that figure: the February breach of Bybit, which resulted in losses estimated at about $1.5 billion. The attack now stands as the largest individual crypto theft ever recorded and was the primary driver behind the sharp rise in annual losses.

Beyond the headline numbers, the report highlights a structural change in how crypto thefts are carried out. Over the past three years, personal wallet compromises have become an increasingly important vector for attackers. Their share of total stolen value rose from just 7.3% in 2022 to 44% in 2024. In 2025, personal wallet breaches would have accounted for roughly 37% of losses if not for the outsized impact of the Bybit hack, which skewed overall figures.

The data further show that crypto thefts in 2025 were highly outlier-driven. For the first time on record, the ratio between the largest hack and the median theft exceeded 1,000 times, surpassing even the extremes seen during the 2021 bull market. The top three hacks alone were responsible for 69% of all losses linked to crypto services this year, highlighting how a small number of catastrophic failures can dominate industry-wide outcomes.

North Korea’s growing dominance

One of the most striking findings of the report is the continued dominance of North Korea as a nation-state threat actor in the crypto space. Despite a decline in the number of confirmed attacks attributed to the country, the financial value of its operations rose sharply. Chainalysis estimates that hackers linked to the Democratic People’s Republic of Korea (DPRK) stole at least $2.02 billion in cryptocurrency in 2025, representing a 51% increase from 2024.

These attacks accounted for a record 76% of all service-related compromises during the year. Cumulatively, the lower-bound estimate of crypto assets stolen by DPRK-linked actors has now reached $6.75 billion, reinforcing concerns among regulators and security experts that digital assets remain a critical funding channel for the isolated state.

The report notes that North Korean hackers typically conduct fewer attacks than other criminal groups, but each operation tends to be far more lucrative. Their targets often include major exchanges, custodians, and Web3 firms with deep liquidity and complex operational structures. Chainalysis also highlights the group’s increasing reliance on sophisticated social engineering techniques, such as embedding IT workers within crypto companies or impersonating recruiters, investors, and acquisition partners to gain privileged access.

Once funds are stolen, DPRK-linked actors follow distinctive laundering patterns. Rather than moving assets in large, easily traceable tranches, they typically break transactions into smaller amounts, with more than 60% of transfers falling below $500,000. They also show a strong preference for Chinese-language money laundering networks, cross-chain bridges, and mixing services, while largely avoiding lending protocols, peer-to-peer exchanges, and even some KYC-free platforms commonly used by other cybercriminals.

What you should know

The crypto industry was shaken early in 2025 when Bybit disclosed that it had suffered a “sophisticated attack” resulting in the theft of Ethereum valued at about $1.4 billion from one of its offline wallets. The breach surpassed previous high-profile incidents, including the $624 million Ronin Network hack and the $611 million Poly Network exploit, according to data from Rekt, a platform that tracks Web3 and crypto-related breaches.

Overall, the 2025 figures reinforce a sobering reality: while security practices across the industry have improved in some areas—such as decentralised finance protocols—the stakes of failure are now far higher. As attackers become more selective and better resourced, the crypto sector faces mounting pressure to strengthen governance, internal controls, and cross-border cooperation to prevent a small number of devastating attacks from destabilising the broader market.

Gold Breaks $4,500 as Precious Metals Rally to Historic Highs

Global commodity markets witnessed a historic moment on Wednesday as gold surged past the $4,500-per-ounce threshold for the first time ever, underscoring a powerful rally across precious metals. The milestone reflects a potent mix of geopolitical anxiety, shifting monetary policy expectations, and sustained investor demand for safe-haven assets.

Spot gold climbed nearly 1% in early trading to hit an intraday record above $4,525 an ounce before paring gains to trade little changed later in the session. The advance marked a third consecutive day of gains and capped one of the strongest bull runs in the metal’s modern trading history. Analysts say the move above $4,500 is as much psychological as it is fundamental, reinforcing gold’s role as a hedge against uncertainty.

The rally was fueled by escalating geopolitical tensions in Venezuela, following fresh U.S. sanctions targeting oil tankers linked to the country’s exports, as well as mounting expectations that the Federal Reserve will begin cutting interest rates in 2026. Lower borrowing costs typically reduce the opportunity cost of holding non-yielding assets like gold, making the metal more attractive to investors.

Best annual performance in decades

Gold is now up nearly 70% year-to-date, putting it on course for its strongest annual performance since 1979. Silver has delivered an even more dramatic rally, soaring almost 150% in 2025, while platinum has also recorded triple-digit gains. Market participants point to a rare convergence of macroeconomic, geopolitical, and structural factors driving the surge.

A key pillar of support has been aggressive central bank buying and steady inflows into exchange-traded funds. According to the World Gold Council, holdings in gold-backed ETFs have increased in every month of 2025 except May, highlighting consistent institutional demand. State Street’s SPDR Gold Trust, the world’s largest gold ETF, has expanded its holdings by more than 20% this year alone.

Gold’s resilience has also impressed traders. After retreating briefly from an October peak of $4,381 an ounce, prices rebounded swiftly, signaling strong underlying demand. Investment bank Goldman Sachs has forecast that gold could climb as high as $4,900 an ounce in 2026, with analysts warning that risks remain skewed to the upside should geopolitical tensions worsen or monetary easing accelerate.

Silver’s spectacular surge

Silver has outshone gold in percentage terms, breaking through $70 an ounce earlier in the week and climbing as high as $72.70, a new all-time high. The metal’s rally has been turbocharged by speculative inflows, lingering supply disruptions, and the aftershocks of a historic short squeeze in October.

Despite significant inflows of silver into London vaults, much of the world’s available supply remains concentrated in New York. Traders are closely watching a U.S. Commerce Department investigation into critical mineral imports, which could result in tariffs or restrictions and further tighten supply. These uncertainties have added fresh momentum to silver’s already explosive run.

Platinum joins the record-breaking spree

Platinum also extended its winning streak, jumping as much as 4% to surpass $2,300 an ounce for the first time since data tracking began in 1987. The metal has now risen for 10 consecutive sessions, its longest rally since 2017, and is up roughly 150% for the year—its largest annual increase on record.

Widely used in automotive catalytic converters and jewelry, platinum has benefited from tight global supplies and production disruptions in South Africa, one of the world’s largest producers. Analysts warn that the platinum market is heading for a third consecutive annual deficit, a dynamic that could keep prices elevated well into 2026.

Signs of overheating, but momentum intact

Technical indicators suggest the market may be entering overbought territory. Gold’s 14-day relative strength index (RSI) climbed to around 81, while silver’s RSI hovered near 82—well above the 70 threshold typically associated with stretched valuations. Still, many analysts argue that strong fundamentals and persistent uncertainty justify higher prices in the near term.

By midday in London, spot gold was trading around $4,495 an ounce, silver hovered above $72, and platinum held firm above $2,300. Palladium, however, gave up earlier gains, lagging behind its precious-metal peers.

What you should know

Earlier in December, the World Gold Council projected that gold could rise a further 15–30% in 2026, extending its multi-year bull run. In 2025 alone, gold recorded more than 50 all-time highs and delivered returns exceeding 60%, driven by geopolitical instability, a weakening U.S. dollar, and strong momentum trading.

The report noted that institutional and retail investors, alongside central banks, significantly increased their exposure to gold as they sought diversification, inflation protection, and long-term stability. With global uncertainty showing little sign of easing, precious metals appear poised to remain at the center of investor attention heading into the new year.

Ekiti Sets the Pace as First State to Domesticate Nigeria Tax Administration Act

Ekiti State has taken a landmark step in Nigeria’s ongoing fiscal reforms by becoming the first subnational government to domesticate the Nigeria Tax Administration Act (NTAA), reinforcing its commitment to modern, transparent, and efficient revenue administration. The move positions the state at the forefront of tax governance reform and signals a broader shift toward harmonised tax practices across the federation.

Governor Biodun Oyebanji formalised this transition on Wednesday with the signing into law of the Ekiti State Revenue Administration Law, 2025. The signing ceremony, held at the Executive Council Chamber in Ado-Ekiti, marked a double milestone for the state, as the governor also assented to the 2026 Appropriation Bill, tagged the “Budget of Sustainable Governance,” with a total size of N415.57 billion.

According to the state government, the newly enacted revenue law domesticated the NTAA at the subnational level, aligning Ekiti’s tax administration framework with national standards and ongoing federal tax reforms. By doing so, Ekiti has effectively set a template for other states seeking to streamline their tax systems, reduce leakages, and improve compliance.

Key highlights of the new revenue law

The Ekiti State Revenue Administration Law, 2025, repeals the Ekiti State Board of Internal Revenue Law of 2019, replacing it with a more robust and technology-driven framework. One of the most significant changes introduced by the law is the transition to a fully digital tax system. All tax payments, billing, and receipting processes in the state are now strictly electronic, eliminating cash-based transactions that have historically encouraged leakages and inefficiencies.

Under the new framework, the Ekiti State Internal Revenue Service (EKIRS) is established as the sole authority for revenue collection, effectively curbing the activities of unauthorised consultants and third-party collectors. This centralisation is expected to improve accountability and ensure that revenues due to the state flow directly into government coffers.

The law also empowers EKIRS with prosecutorial authority, allowing it to enforce compliance through administrative penalties and legal action against defaulters. In addition, Ekiti has adopted the harmonised list of taxes approved by the Joint Revenue Board, providing clarity and certainty for businesses operating within the state and reducing the risk of multiple taxation.

Speaking at the ceremony, Governor Oyebanji said the reforms were aimed at building trust between the government and taxpayers. “From today, Ekiti adopts a strictly electronic payment system. This will eradicate leakages and ensure that all payments go directly into the state’s coffers,” he stated, adding that transparency and fairness would remain central to the administration’s fiscal philosophy.

The Executive Secretary of the Joint Revenue Board, Segun Adesokan, commended Ekiti for fulfilling a commitment made during the Board’s retreat in Ikogosi last September. He described the move as historic, noting that Ekiti is the first state to domesticate the NTAA. Adesokan expressed optimism that other states would follow suit, paving the way for a more professional, autonomous, and efficient subnational revenue system nationwide.

The 2026 fiscal outlook

Alongside the tax reform, Governor Oyebanji also signed the 2026 budget into law. The N415.57 billion spending plan reflects a balanced fiscal strategy, with 53 per cent allocated to recurrent expenditure and 47 per cent dedicated to capital projects. According to the governor, the budget prioritises the completion of ongoing projects, while also strengthening critical sectors such as infrastructure and agriculture to drive inclusive growth.

He explained that the improved revenue administration framework would play a key role in funding development initiatives without placing undue burden on residents or businesses. The ceremony was attended by top state officials, including Deputy Governor Monisade Afuye and Speaker of the Ekiti State House of Assembly Adeoye Aribasoye, highlighting broad political support for the reforms.

What you should know

The Nigeria Tax Administration Act is a cornerstone of the Federal Government’s 2025 tax reform agenda. It introduces a unified procedural framework for tax assessment, collection, and enforcement across all tiers of government, replacing fragmented legacy laws. The Act is scheduled to take effect from January 2026.

Despite its objectives, some provisions of the NTAA have generated debate among stakeholders, particularly in emerging sectors. Players in the cryptocurrency industry, for instance, have raised concerns over proposed taxation of digital asset transactions. The Act introduces stringent compliance requirements for Virtual Asset Service Providers, including mandatory registration, extended KYC data retention, and compulsory reporting of large or suspicious transactions to tax authorities and the Nigerian Financial Intelligence Unit.

By domesticating the NTAA early, Ekiti State has not only aligned itself with national reforms but also sent a clear signal of its readiness to embrace modern tax governance and sustainable fiscal management.

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