Finance

CFG Africa Launches ₦1 Billion Ethical Fund as Low-Risk Foundation for 2026 Investment Portfolios

Group Chief Executive Officer, Babajide Lawani, outlines strategy focused on risk management, ethics, and client partnership

CFG Africa has unveiled the ₦1 billion CFG Ethical Fund, positioning the Sharia-compliant investment vehicle as a low-risk anchor for institutional and retail portfolios preparing for the uncertainties of the 2026 financial year. The launch took place at the Client Engagement Forum 2025, a high-level investor gathering held on Friday, November 21, 2025, at The Wheatbaker Hotel in Ikoyi, Lagos.

The event, themed “2026 in Focus — Opportunities for Growth, Navigating Uncharted Terrains,” brought together market leaders and institutional investors to examine risk-adjusted investment opportunities in a year expected to test global markets with elevated geopolitical risks, inflation pressures, and a slower liquidity cycle. Against that backdrop, the Ethical Fund was presented as a strategic diversification product designed to deliver steady income while adhering to ethical and Sharia financial principles.

Anchoring Portfolio Stability Through Ethical Finance

The CFG Ethical Fund is a Securities and Exchange Commission (SEC)-regulated, open-ended unit trust scheme with a unit price of ₦1,000. The fund targets stable, low-risk returns through allocation to Sukuk, fixed-income instruments, and ethically screened equities, allowing investors to diversify across defensive assets that comply with Islamic finance rules.

The fund is structured with CFG Asset Management Limited as the Fund Manager, AVA Trustees Limited as Trustee, Rand Merchant Bank Nigeria as Custodian, CardinalStone Registrars Limited as Registrar, and One17 Capital serving as the Sharia Adviser. This multi-expert governance framework is intended to strengthen transparency, ensure full compliance, and enhance investor confidence.

CFG Africa noted that the Ethical Fund is guided by strict ethical screening rules, excluding interest-based instruments and prohibited sectors while prioritizing companies and issuers that demonstrate responsible governance, transparency, and social impact. By combining Sukuk with a mix of fixed income and compliant equities, the fund seeks to reduce portfolio risk while providing a stable income profile aligned with ethical investing standards.

Integrated Strategy Anchored on Research and Risk Management

Speaking at the launch, Babajide Lawani, Group Managing Director/CEO of CFG Africa, explained that the firm’s investment philosophy is rooted in client partnership, risk management, and deep market intelligence. He described CFG Africa as an organization “built for collaboration,” enabling clients to access integrated advisory support across asset management, capital markets, and enterprise growth.

“We are quite market-powered,” Lawani said. “We deliver competitive returns to all of our clients anchored around risk management, driven by thorough research. Our structure allows us to go beyond transactional services and provide sustained strategic guidance.”

He stressed that CFG Africa intends to play a catalytic role in supporting large-scale enterprise development in key sectors such as real estate, healthcare, and defence, while also advising clients on capital raising, expansion strategy, and asset allocation. According to Lawani, the Ethical Fund reflects growing investor appetite for low-volatility structures, especially in periods of uncertainty.

Institutional Collaboration and Governance Strength

The presence of senior executives from partner institutions reinforced the collaborative model behind the CFG Ethical Fund. Industry leaders from Rand Merchant Bank, One17 Capital, CardinalStone Registrars, and AVA Trustees attended the unveiling, alongside analysts and portfolio managers who discussed trends in ethical finance and the rising appeal of Sharia-compliant investments in Africa.

The fund’s governance structure aligns with CFG Africa’s conservative investment approach, which prioritizes capital preservation before profit. The group said its portfolio philosophy favors government securities, high-grade commercial paper, and placements with rated financial institutions, especially when markets present elevated volatility.

About CFG Africa

CFG Africa is a diversified investment banking group advancing innovative financial solutions across brokerage, asset management, and fiduciary services. The group operates through three integrated subsidiaries — CFG Asset Management, CFG Maynard, and CFG Africa Trustees — enabling seamless solutions across the investment value chain. Its client base includes corporates, institutions, high-net-worth individuals, and developers seeking structured financial advisory and secured investment vehicles.

The launch of the ₦1 billion CFG Ethical Fund underscores the company’s conviction that ethical finance will play a growing role in portfolio allocation strategies as investors seek predictable returns, transparency, and risk-managed exposure going into 2026.

UN Cuts 2026 Humanitarian Appeal to $23 Billion as Global Crises Hit Record Levels

The United Nations has sharply reduced its humanitarian funding appeal for 2026 to $23 billion, slashing its request by almost half compared to the previous year, as global donor support continues to decline despite unprecedented humanitarian needs. The new figure represents the immediate priority under the $33 billion Global Humanitarian Overview (GHO) 2026, which outlines the UN’s plan to deliver lifesaving assistance to millions affected by conflict, climate disasters, epidemics, mass displacement, and food insecurity.

The appeal was announced on Monday during the formal launch of the GHO, the UN’s flagship annual humanitarian assessment and funding document. This year’s appeal reflects a strategic shift driven by a worsening funding environment and intensifying global crises that have left aid organizations under severe operational strain.

Funding Collapse Forces UN to Focus on Those ‘Closest to Death’

In unveiling the 2026 appeal, the UN said it will now focus resources on 87 million people facing the most immediate threats to life. However, the GHO identifies 135 million people across 50 countries who are in urgent need of assistance—a staggering indication of the scale of humanitarian emergencies globally.

“This appeal sets out where we need to focus our collective energy first: life by life,” said Tom Fletcher, the UN’s Under-Secretary-General for Humanitarian Affairs. He warned that steep reductions in donor funding mean the UN must make “brutal decisions” about who receives aid and who will be left without support.

Fletcher described the frontline reality facing humanitarian teams: overstretched personnel, underfunded operations, and mounting insecurity in high-risk conflict zones. “We are forced into tough, tough choices. We are overstretched, underfunded, and under attack. We drive the ambulance toward the fire, on your behalf. But now we are being asked to put the fire out—with almost no water in the tank—while being shot at,” he said.

The UN’s retreat is seen as both financial and moral, occurring at a time when global humanitarian needs have reached record levels. From Gaza to Sudan, Syria, Haiti, Myanmar and the Sahel, conflict and state collapse have triggered mass displacement, chronic hunger, and the collapse of health systems. Climate-driven disasters like floods, cyclones, droughts and crop failures are further intensifying vulnerability.

Historic Shortfall in 2025 Sparks Urgent Reassessment

The dramatic reduction follows a disastrous funding year. The UN originally sought $47 billion for 2025 but later cut back its target after worsening shortfalls from key Western donors, including the United States and Germany. Ultimately, the UN received only $12 billion in 2025—the lowest level of humanitarian funding in a decade.

The consequences were severe: programmes designed to protect women and girls were cut, hundreds of humanitarian organizations shut down, and over 380 aid workers were killed, marking the deadliest year on record for humanitarian staff. Fletcher highlighted that the scale of violence against aid workers has fundamentally changed the operating environment for aid agencies.

Where the Funding Will Go: Gaza, Sudan, and Syria Lead Needs

The 2026 appeal prioritizes three of the world’s most devastating humanitarian emergencies:

Occupied Palestinian Territories (Gaza): $4.1 billion
Nearly all 2.3 million residents of Gaza depend on humanitarian assistance following two years of continuous conflict, mass civilian casualties, and infrastructure collapse.
Sudan: $2.9 billion inside the country; $2 billion for refugees abroad
Sudan now faces one of the fastest-growing humanitarian crises globally. More than 20 million people are displaced internally, while 7 million have fled across borders.
Syria: $2.8 billion
A regional appeal covering 8.6 million people struggling with food shortages, economic collapse, and unresolved conflict after nearly 14 years of war.

These three emergencies alone account for almost half of the UN’s total appeal, highlighting the overwhelming pressure on humanitarian systems in the Middle East and Northeast Africa.

Millions Will Still Go Without Aid

Despite the new appeal, the UN warns that its plan cannot reach millions who urgently need help due to financing limits. Aid agencies say that underfunding is directly linked to rising hunger and overstretched health systems, with famine conditions reported in parts of Sudan and Gaza in 2025.

The ripple effects extend beyond the UN. The International Organization for Migration (IOM) has also slashed its 2026 appeal to $4.7 billion, down from $8.2 billion in 2025, reducing its target population from 101 million people to 41 million. As of the launch, IOM had secured only $1.3 billion, forcing the organization to lay off thousands of staff this year.

U.S. Share of Aid Funding Falls Sharply

The United States remains the largest donor, but its share of UN humanitarian funding dropped from more than one-third of total support in recent years to 15.6% in 2025, according to UN figures. The decline reflects major budget shifts in Washington and a growing reluctance among Western governments to maintain large overseas aid commitments during domestic economic pressure.

UN Calls for Stronger Protection of Humanitarian Workers

In addition to funding, the UN is urging countries to enhance protection for humanitarian personnel working in conflict zones, warning that without stronger security guarantees, global aid operations are at risk of collapse.

Humanitarian experts emphasize that shrinking budgets will deepen global instability, allowing conflicts and crises to expand unchecked. “The world is entering an era where needs are exploding, and funding is shrinking. That gap is measured in human lives,” one senior aid official said during the launch.

Nigeria’s PiCNG Initiative Draws Over $2 Billion in Private Investment Within Two Years – Ahmed

Nigeria’s Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PiCNG) has rapidly emerged as one of the country’s most ambitious clean mobility programmes, attracting more than $2 billion in private sector investment in its first two years of operation. The programme, launched as part of the Federal Government’s drive to shift the transport sector towards cleaner and more affordable fuels, has helped breathe new life into a CNG market that was previously dormant.

The Executive Chairman and CEO of PiCNG, Ismaeel Ahmed, revealed the investment figures during an event held in Abuja to unveil a suite of new CNG technologies produced by Alfa Design Nigeria Limited. Represented by PiCNG’s Chief Compliance Officer, Zayyanu Tambari, the CEO stressed that the initiative has transformed Nigeria’s natural gas landscape in just 24 months.

According to Ahmed, the CNG sector had virtually no meaningful investment or commercial presence prior to 2023, with few companies willing to commit capital to a market that lacked infrastructure, regulation, and clear government direction. The creation of PiCNG changed that outlook dramatically.

“As of 2023, when this programme started, the CNG sector was virtually non-existent. Today, we have attracted over $1.8 billion in investments, and we have rounded that figure up to $2 billion in private sector commitment,” he said. Ahmed described the progress as proof that well-designed policy can unlock dormant opportunities in the energy sector.

The Abuja showcase highlighted several indigenous and international companies now involved in Nigeria’s growing CNG ecosystem. Exhibits included CNG conversion kits developed by Mijo AutoGas, CNG cylinders manufactured by EKC International, a CNG Mother Station created by CIMC ENRIC, and an Optical Gas Imaging Camera from Opgal Optronics, used to detect gas leaks and improve safety standards.

Targets for 2027 and Economic Impact

Looking ahead, Ahmed stated that PiCNG is now targeting $5 billion in total investments by 2027, describing the milestone as both realistic and modest given the interest currently shown by private companies in manufacturing, distribution, and gas technology services. He suggested future investment could move into “double-digit figures” as the ecosystem matures and more players enter the market.

The initiative is also driving significant job creation. Ahmed noted that PiCNG has already generated over 80,000 direct jobs, ranging from mechanical technicians and fuel-system engineers to logistics workers and safety personnel. Using a conservative ratio of indirect to direct jobs—estimated at four to one—the programme may have helped create hundreds of thousands of additional employment opportunities across the value chain. By 2027, PiCNG expects to reach 300,000 direct jobs, positioning the CNG sector as a major economic pillar.

Rapid Expansion of CNG Infrastructure

A major focus of the initiative has been building infrastructure needed to support CNG adoption. When President Bola Tinubu announced the programme in 2023, Nigeria had only seven CNG conversion centres nationwide. Today, that figure has increased to 369 centres, with more being commissioned almost every day. The government has set an ambitious target of 3,000 centres by 2027, and Ahmed believes the target may be surpassed if the current growth trajectory holds.

Refuelling capacity has expanded just as quickly. In 2023, the country had only 20 CNG refuelling stations. Currently, more than 68 licensed stations are operational and an additional 150 stations are under construction. By 2027, PiCNG expects to facilitate the rollout of 2,000 to 2,500 retail outlets dedicated to CNG distribution.

Government Push and Policy Direction

The PiCNG programme is central to Nigeria’s effort to reconfigure its energy mix, reduce dependency on imported petrol and diesel, and promote a gas-based economy. The initiative aligns closely with the government’s industrial policy framework, which emphasizes a transition strategy built on “Gas, Green and Growth”, leveraging Nigeria’s abundant gas reserves.

In November, Vice-President Kashim Shettima urged domestic car manufacturers to ramp up production of CNG-compatible vehicles, as well as electric mobility solutions, to meet rising demand for cleaner transport options. He said the automotive sector remains a vital engine for technology transfer, job creation, and economic diversification under the federal government’s industrialization strategy.

As the CNG market gains momentum and more companies seek opportunities in gas conversion technology, storage manufacturing, and fuelling infrastructure, the PiCNG initiative appears to be setting the foundation for a new era in Nigeria’s transport economy. If current trends continue, Nigeria could position itself as a leading CNG hub in Africa—reducing emissions, lowering transport costs, and unlocking billions of dollars in industrial growth along the way.

Gold Prices Expected to Climb 15–30% in 2026 as Safe-Haven Demand Surges — World Gold Council

Gold is poised for another year of strong gains in 2026, with the World Gold Council (WGC) projecting that prices could rise by 15% to 30% amid sustained investor demand and growing global economic uncertainty. The outlook reinforces the precious metal’s renewed role as a strategic hedge for investors navigating volatile financial markets.

The forecast follows an extraordinary year for gold in 2025, during which the commodity delivered one of its strongest performances in modern history. Gold reached over 50 record-high price levels, generating returns exceeding 60% over the 12-month period. A combination of weakening U.S. dollar fundamentals, intensified geopolitical risk, rising safe-haven demand, and persistent inflation helped push prices well beyond traditional expectations.

In the latest outlook report, the WGC said that macroeconomic uncertainty—accentuated by falling global bond yields, geopolitical tensions, and continued shifts in monetary policy—will likely remain the chief driver of investment sentiment toward gold. The Council noted that both institutional investors and central banks increased their allocations to gold in 2025, reinforcing a multi-year trend that reflects gold’s growing appeal as a stabilizing reserve asset.

According to the WGC, the most bullish scenario for 2026 will emerge if global economic growth slows significantly and major central banks begin easing monetary policy at an accelerated pace. Under such circumstances, the resulting decline in yields could further erode confidence in risk-heavy assets, triggering another sharp flight toward safety.

“The combination of falling yields, elevated geopolitical stress and a pronounced flight-to-safety would create exceptionally strong tailwinds for gold,” the report stated, adding that under these conditions the metal could rally 15% to 30% from current levels.

Macro Climate to Shape 2026 Performance

The Council emphasized that current gold valuations have already priced in consensus expectations: moderate economic slowdown, persistent geopolitical strains, and uneven monetary policy responses across major economies. If these trends simply continue without worsening, gold may trade within a relative price band, experiencing more limited gains.

However, the WGC cautioned that 2025 demonstrated the speed at which unexpected shocks can reshape global markets. A sudden escalation of conflict, banking sector pressure, or broad financial instability could trigger a surge in safe-haven demand, pushing gold higher than baseline forecasts.

In contrast, there are scenarios that could place downward pressure on gold. The report highlighted the possibility that U.S. economic conditions could improve more rapidly if President Donald Trump’s administration succeeds in implementing growth-focused policies without triggering inflation. A stronger U.S. dollar traditionally suppresses gold prices since the commodity is priced in dollars on global markets. Lower geopolitical tension could also reduce investors’ appetite for refuge assets.

Historic Price Levels and Investor Behavior

Gold’s spectacular rise in 2025 reached a major milestone in October when spot prices surpassed $4,000 per ounce for the first time. The surge marked a dramatic shift in global asset strategy, as gold outperformed equities across multiple regions and sectors over a multi-decade horizon.

The upward trend has been reinforced by significant central bank purchases, as governments diversify away from dollar-denominated assets. The WGC noted that this shift is being driven by structural changes in the global financial system, including currency realignments, new sanctions regimes, and the need for reserve stability.

Independent market analysis shows that between September 2024 and September 2025, gold prices climbed 42.8%, breaking through the $3,650 benchmark before moving past $3,800 in October. Analysts attribute the sustained rally to weakening dollar conditions, stubborn inflation, and the escalation of geopolitical risk in regions critical to global energy supply.

Gold’s Role in Portfolios Remains Central

According to the WGC, the crucial factor supporting gold’s sustained relevance remains its status as a reliable portfolio diversifier. As advanced and emerging markets struggle with uneven growth trajectories, debt concerns, and unpredictable policy shifts, gold offers investors a rare combination of liquidity, stability, and low correlation to traditional risk assets.

If current monetary and geopolitical conditions persist—or worsen—market participants may again seek out gold in 2026 as a shield against uncertainty, potentially extending the metal’s historic rally into a second year.

Netflix to Buy Warner Bros. in Landmark $82.7 Billion Takeover, Reshaping Global Entertainment

Netflix has reached an agreement to acquire Warner Bros. from Warner Bros. Discovery in a transformative $82.7 billion cash-and-stock deal, marking one of the biggest mergers in entertainment history and signaling a dramatic power shift in Hollywood.

Both companies confirmed the agreement on Friday, ending months of speculation about a potential acquisition that would place one of Hollywood’s oldest studios under the control of the world’s largest streaming platform.

Deal Structure

Under the terms of the arrangement, Warner Bros. Discovery shareholders will receive $23.25 in cash and $4.50 in Netflix stock per share, valuing Warner Bros. at about $72 billion in equity.

The transaction is subject to the previously announced spinoff of Warner Bros. Discovery’s Global Networks division into a separate publicly listed company, Discovery Global, expected to be completed in Q3 2026.

If fully approved, the deal will make Netflix the owner of a major Hollywood studio for the first time—an extraordinary evolution for a company that began as a DVD-by-mail service.

Legacy Studio Meets Streaming Giant

Warner Bros., established in the 1920s, brings with it some of the most iconic film and TV properties ever created, including Casablanca, The Wizard of Oz, Harry Potter, Friends, The Sopranos, and the entire DC Universe. HBO and HBO Max will also fall under Netflix’s control after the deal closes.

Netflix says it plans to grow its U.S. production footprint and leverage Warner Bros.’ century-old studio infrastructure to strengthen and scale its global original content offerings.

Executives from both companies called the deal a pivotal moment for the industry.

What They Said

Netflix co-CEO Ted Sarandos stated:

“Our mission has always been to entertain the world. By combining Warner Bros.’ incredible library—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with Netflix hits like Stranger Things, Squid Game, and KPop Demon Hunters, we can deliver even more of what audiences love and help define the next century of storytelling.”

Netflix co-CEO Greg Peters added:

“This acquisition strengthens our offering and accelerates our business for decades. With Warner Bros.’ creative excellence and our global reach, we can introduce these worlds to an even broader audience, bring more fans to our platform, and create lasting value for shareholders.”

Why It Matters

The acquisition comes at a turbulent time for the entertainment industry:

Traditional TV networks are losing subscribers at record rates.
Streaming services continue to face increased competition and rising production costs.
Warner Bros. Discovery is restructuring its business after steep declines in cable revenue.

The merger will undergo intense regulatory examination in the U.S. and internationally, given that a combined Netflix–Warner Bros. entity would hold enormous influence over both streaming and premium scripted entertainment. Antitrust concerns are expected to be a major focus.

The approval process—along with shareholder voting and the Discovery Global spinoff—is expected to take 12 to 18 months.

Advisors and Next Steps

Netflix is being advised by Moelis & Company, while Warner Bros. Discovery is working with Allen & Company, J.P. Morgan, and Evercore.

Although both companies say cost efficiencies will emerge over time, specific details on restructuring or changes within Warner Bros. have not yet been disclosed.

If the deal closes, it will mark one of the biggest entertainment mergers ever and cement Netflix’s position at the center of global media power.

NGX Sustains Rebound as ASI Rises 0.10% Amid Mixed Market Sentiment

The Nigerian equities market extended its recovery trend on Thursday, December 4, 2025, closing on a modestly positive note despite mixed trading sentiment across the broader market. The rebound, which began earlier in the week, continued to reflect renewed investor appetite for fundamentally strong counters, particularly in the banking and consumer goods segments.

At the close of trading, the benchmark All Share Index (ASI) increased by 0.10%, climbing to 145,476.15 points from the previous 145,323.87 points. In tandem with the higher index level, the total market capitalization recorded a value gain of ₦97 billion, rising from ₦92.63 trillion to ₦92.73 trillion. The positive outcome extends a recovery that began on Tuesday, when the market added more than ₦252 billion amid renewed interest in tier-one banking stocks and demand for select consumer goods equities.

Despite the upward movement in the index, the market remained characterized by mixed sentiment. At the close of the session, 22 stocks advanced while 27 declined, indicating that gains were concentrated in a few active counters rather than being broad-based. The disparity reflects ongoing investor caution triggered by prevailing macroeconomic conditions, including interest rate uncertainty and tight liquidity conditions.

Trading volume fell significantly during the session, highlighting a more conservative positioning by market participants. The total number of shares traded declined by 14.15%, moderating to 1.93 billion units. Similarly, the value of transactions dipped by 8.47% to ₦19.19 billion, even though the total number of deals rose sharply by 8.63% to 23,369. This trading pattern indicates smaller average deal sizes despite increased trading activity, reflecting risk management strategies among institutional investors and portfolio managers.

Still, the year-to-date market performance remains one of the strongest in Africa for 2025. With Thursday’s gain, the ASI’s Year-to-Date (YTD) return improved to 41.34%, up from 41.16% recorded in the previous session. Total market capitalization has equally expanded by 47.74% YTD, underscoring the resilience of the Nigerian equities market despite periods of volatility driven by policy headlines, earnings season reactions, and shifts in foreign portfolio positioning.

Market Leaders: UACN, ETI, Mansard and FTN Cocoa Lift Sentiment

Positive sentiment was supported by impressive moves in several mid-cap and large-cap names. UACN led the top gainers’ chart, rallying +10% to close at ₦88.00, up from ₦80.00. The stock benefited from renewed optimism following strong institutional demand and positioning ahead of earnings expectations.

Blue-chip banking stocks remained active and supported the index. GTCO gained 1.15% to close at ₦88.00, Zenith Bank advanced 0.83% to ₦60.50, and Wema Bank posted a robust 3.28% increase to ₦18.90.

Within the industrial and energy segments, Nigerian Breweries advanced 2.79%, closing at ₦70.00, while Oando added 1.28% to end at ₦39.50.

Other strong performers on the day included:

Regal Insurance: +10% to ₦1.01
Morison: +9.94% to ₦3.54
ETI: +8.53% to ₦36.90
AXA Mansard: +7.75% to ₦13.90
Wapic Insurance: +8.47% to ₦2.56

Market Breadth Negative Despite Index Gain

However, the trading session was far from uniformly positive. The market breadth closed negative, as 27 equities recorded losses, highlighting the uneven nature of the session’s recovery. Among the worst performers were:

Ella Lakes: -10% to ₦13.14
Eunsell: -10% to ₦72.90
Transcorp Hotels: -9.95% to ₦157.50
Omatek: -9.23% to ₦1.18
Guinea Insurance: -8.46% to ₦1.19

The losses indicate persistent investor caution, particularly among counters with weaker fundamentals, lower liquidity profiles, or those perceived as overheated following recent rallies.

Trading Activity Dominated by ETranzact

The day’s trading activity was heavily concentrated in ETranzact Plc, which accounted for the overwhelming majority of daily volume. The fintech stock traded 1.58 billion units valued at ₦6.37 billion, significantly ahead of other actively traded equity names.

Other leading volume drivers included:

Fidelity Bank: 31.01 million units valued at ₦589.30 million
GTCO: 28.28 million units valued at ₦2.49 billion
ETI: 21.88 million units valued at ₦744.26 million
AccessCorp: 17.70 million units valued at ₦368.87 million

Outlook

The continued rebound in the NGX shows that investor confidence is stabilizing after weeks of profit-taking and cautious repositioning. While mixed sentiment remains, the market’s performance so far this year underscores its relative strength compared with other African exchanges. A combination of strong corporate earnings, attractive valuations in the banking sector, and renewed interest in defensive consumer names could support a gradual recovery into the final trading weeks of 2025.

NGX Expands Market Offerings With Introduction of Commercial Paper Listings

The Nigerian Exchange Limited (NGX) has deepened Nigeria’s capital market landscape with the formal introduction of commercial paper (CP) listings on its platform. The initiative, approved by the Securities and Exchange Commission (SEC), allows corporate issuers to list and trade both conventional and non-interest commercial papers directly on the Exchange, reflecting the NGX’s broader ambition to expand its product suite and enhance the efficiency of Nigeria’s financial markets.

The introduction of commercial paper listings establishes a structured and transparent window for short-term debt instruments, offering corporates a market-driven alternative to traditional bank lending while providing investors with reliable short-term investment opportunities. This development further positions NGX as a multi-asset marketplace, enabling seamless access to equities, fixed income securities, derivatives, exchange-traded funds (ETFs), and now short-term debt instruments.

A Strategic Shift for Nigeria’s Capital Market

The launch underscores a major milestone in NGX’s strategic plan to diversify investment products and align the market with global best practices. In recent years, corporates in Nigeria have increasingly relied on commercial paper issuances to fund working capital requirements, mostly through private placements. Listing these instruments directly on the Exchange creates improved visibility, enhances regulatory oversight, and broadens the pool of potential investors.

By standardizing the listing and trading of CPs, NGX is reinforcing the role of the capital market as a credible funding hub for businesses seeking efficient access to short-term finance. This aligns with ongoing economic reforms aimed at strengthening domestic capital formation and reducing the private sector’s dependence on bank financing, which often comes with higher borrowing costs.

“The introduction of Commercial Paper listings is a pivotal step in our strategy to position NGX as a comprehensive capital-markets infrastructure that accelerates capital formation across Africa,” said Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group. He described the rollout as a major enhancement to the Exchange’s efforts to build a transparent, technology-driven, and inclusive market structure that supports sustainable economic growth.

Enhancing Transparency and Market Confidence

Commercial papers are short-term, unsecured debt instruments issued by companies to meet immediate liquidity needs and operational expenses. They are typically issued at a discount and redeemed at face value upon maturity, which usually falls within 270 days. Because CPs are unsecured, the issuer’s creditworthiness plays a critical role in pricing and investor demand.

NGX’s listing framework introduces standardized disclosures and reporting requirements that strengthen transparency and give investors greater confidence in evaluating short-term corporate debt. This approach is expected to improve liquidity in the market and widen participation among institutional and retail investors seeking lower-risk, short-duration instruments.

According to Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, the Exchange is committed to broadening the range of financing solutions available to the private sector. “This platform enhances transparency in the debt market and supports corporates seeking efficient access to funding outside traditional banking channels, while offering investors credible short-term investment options,” he said. Chiemeka noted that NGX will continue working with intermediaries and corporates to deepen liquidity and expand investor participation.

Building Strong Oversight for a Growing Market

Market regulators have emphasized that investor protection and disclosure will remain central to the evolution of the commercial paper segment. Olufemi Shobanjo, CEO of NGX Regulation Limited, stated that strengthened oversight standards will be applied to promote accountability and maintain confidence in the market. He added that regulatory integrity is essential to supporting long-term market deepening and attracting sustained investment flows.

Creating a One-Stop Capital Market Hub

With the addition of commercial paper listings, NGX now provides a unified environment spanning multiple asset classes—from equities and bonds to ETFs, derivatives, and short-term debt instruments. This integration reinforces the Exchange’s vision of becoming Africa’s preferred capital market destination and a one-stop platform for issuers and investors.

NGX’s history as a premier African securities exchange dates back to 1960, and the institution has evolved into a modern, technology-driven marketplace connecting local and global investors to diverse asset opportunities. Through its listing venue, secondary market operations, data products, and licensing services, NGX continues to expand access to capital for African enterprises and support economic development.

The introduction of commercial paper listings represents another step toward a deeper, more diversified, and globally competitive Nigerian capital market—one that empowers corporates with innovative financing tools while widening the spectrum of investment opportunities for market participants.

FEC Approves 2026–2028 Medium-Term Expenditure Framework, Projects N34.33 Trillion Revenue

The Federal Executive Council (FEC) has approved Nigeria’s 2026–2028 Medium-Term Expenditure Framework (MTEF), a critical fiscal blueprint that will guide the country’s economic planning over the next three years. The MTEF sets out the Federal Government’s revenue projections, macroeconomic assumptions, and expenditure priorities, providing a foundation for annual budget preparations.

The approval was granted during the FEC meeting held on Wednesday at the State House in Abuja, and presided over by President Bola Ahmed Tinubu. Following the meeting, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, briefed State House correspondents on the framework’s key parameters and projections.

Revenue Outlook for 2026

According to Bagudu, the Federal Government expects to mobilize a total of N34.33 trillion in revenue in 2026. This projection includes N4.98 trillion expected from government-owned enterprises (GOEs), marking an effort to deepen earnings from public institutions and reduce the government’s heavy reliance on statutory allocations from the Federation Account.

The revenue outlook reflects a downward revision from earlier projections for the 2026 fiscal year. Bagudu explained that the new estimate is N6.55 trillion lower than previous figures, noting that federal allocations are expected to decline by N9.4 trillion, representing a 16% reduction compared to the 2025 budget projections. This suggests that the Federal Government will be working within a more constrained fiscal space, driven by tightening global financial conditions, volatile oil markets, and rising domestic obligations.

The minister also disclosed that statutory transfers for the period are projected to reach around N3 trillion, covering constitutionally mandated allocations to key national institutions and special funds.

Macroeconomic Assumptions: Oil Benchmarks, Exchange Rate

At the core of the MTEF are the macroeconomic variables that drive Nigeria’s revenue performance, particularly crude oil production, oil price benchmarks, and exchange rate assumptions. The FEC has adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, reflecting ambitious expectations for improved security in oil-producing regions, better compliance with OPEC quotas, and ongoing investments in the upstream sector.

However, for budgeting purposes, a more conservative production estimate of 1.8 mbpd will be applied to ensure prudent fiscal planning in case of output disruptions or unexpected market fluctuations.

Additionally, the council approved an oil price benchmark of $64 per barrel, a figure informed by geopolitical risks, global demand forecasts, and supply dynamics among major producers. The exchange rate for 2026 has been benchmarked at N1,512 per US dollar, a significant indicator that reflects the Federal Government’s outlook on currency movements, capital flows, and political and economic developments ahead of the 2027 general elections.

Bagudu emphasized that all fiscal parameters were derived from extensive macroeconomic analysis by the Budget Office of the Federation and other relevant agencies. Cabinet members also reviewed the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets spending limits for MDAs and ensures consistency with the government’s fiscal consolidation objectives.

Legislative Backing and Debt Strategy

The MTEF approval comes months after the Senate endorsed the 2025–2027 MTEF and Fiscal Strategy Paper (FSP), which provided the framework for the 2025 budget proposal of N47.9 trillion. Alongside that approval, the Senate also endorsed the Federal Government’s external borrowing plan of $21.5 billion, presented by President Tinubu to support budget financing and strategic development projects.

These loans form part of the broader fiscal strategy aimed at stabilizing public finances and supporting critical investments in infrastructure, energy, defense, agriculture, and human capital development.

During his 2025 budget presentation, President Tinubu stated that his administration expects inflation to ease from 34.6% to 15% by the end of 2025, supported by tighter monetary policy and supply-side reforms. He also projected that the naira would strengthen from approximately N1,700 per US dollar to N1,500, reflecting expectations of improved foreign exchange liquidity and reforms in currency management.

Exchange Rate Projections and Market Outlook

Meanwhile, in its latest macroeconomic outlook, Standard Bank projected that the naira could close at approximately N1,458.8 per dollar by December 2025. This projection is slightly stronger than the Federal Government’s assumptions and signals relative optimism from the banking sector about the trajectory of exchange rate stabilization.

With the approval of the MTEF, the Federal Government now has a clear fiscal pathway for the medium term. The next stage will be the presentation of the 2026 budget to the National Assembly, where the assumptions and expenditure priorities outlined in the framework will translate into concrete fiscal policy decisions.

Nigeria’s Equities Market Rebounds as Renewed Demand for DANGCEM Lifts NGX by 1.20%

Nigeria’s equities market staged a strong recovery on Tuesday, December 2, 2025, reversing the losses recorded during the previous trading session and signaling renewed investor appetite for heavyweight counters. The rebound was driven largely by significant buying interest in Dangote Cement (DANGCEM), which helped propel the Nigerian Exchange (NGX) All-Share Index (ASI) upward by 1.20%, closing at 144,928.36 points. Market capitalization similarly expanded by 1.41% to settle at N92.38 trillion, reflecting improved market confidence at the start of the week.

This rally also boosted the year-to-date (YTD) performance of the market, with returns rising to 40.81%, up from 39.14% the previous day, underscoring the NGX’s resilience despite recent volatility. The positive sentiment was led by gains in key blue-chip stocks including Dangote Cement, NCR, and International Breweries, whose strong performance helped offset losses seen in Ikeja Hotels, Legend, and LivingTrust.

Market activity, however, painted a mixed picture. While the value of transactions surged impressively—rising 112.64%—the total volume of shares traded dropped sharply by 58.65%, suggesting that although fewer shares changed hands, the trades executed were concentrated in high-value stocks. This pattern indicates selective positioning by institutional and high-net-worth investors rather than broad-based market participation.

AccessCorp dominated the activity chart with 310.25 million units traded, maintaining its position as the most actively traded stock of the session. On the value side, SEPLAT took the lead with trades worth N22.48 billion, reflecting sustained interest in energy-sector equities.

Market Summary

ASI: Up 1.20% to 144,928.36 points
YTD Performance: 40.81%
Market Capitalization: Up 1.41% to N92.376 trillion
Volume Traded: 606.25 million shares
Value Traded: N39.690 billion

Top 5 Gainers

Dangote Cement (DANGCEM): +9.99% to N588.00
NCR: +9.98% to N66.10
International Breweries (INTBREW): +9.66% to N11.35
Livestock Feeds: +8.33% to N6.50
DAAR Communications: +8.14% to N0.93

Top 5 Losers

Ikeja Hotel: –9.92% to N28.60
Legend: –9.91% to N5.00
LivingTrust: –9.78% to N3.23
WAPIC: –6.72% to N2.36
FTN Cocoa: –5.10% to N4.65

Sectoral Performance

The session’s performance was broadly positive, led by:

Industrial Goods: +4.30% (boosted by strong demand for DANGCEM)
Consumer Goods: +1.08%
Banking: +0.19%
Insurance: +0.16%
Oil & Gas: +0.02%

The industrial sector dominated due to heavy bargain-hunting in Dangote Cement, which alone added significant upward pressure on the broader market indices.

Trading Volume Leaders

AccessCorp: 310 million shares
Zenith Bank: 40.33 million shares
Fidelity Bank: 38.17 million shares
FCMB: 21.139 million shares
GTCO: 20.810 million shares

Trading Value Leaders

AccessCorp: N6.42 billion
Zenith Bank: N2.42 billion
GTCO: N1.80 billion
Aradel: N632.44 million
MTNN: N664.35 million

Market Outlook

The market’s recovery reflects strengthening investor sentiment as funds rotate into high-cap stocks perceived as more stable amid economic uncertainty. The strong performance of heavyweight counters, particularly Dangote Cement and International Breweries, signals targeted accumulation by institutional investors looking to position ahead of year-end portfolio adjustments.

However, the sharp decline in market volume suggests underlying caution. While value traded rose substantially, the concentration in a few large-ticket equities indicates that investors are selectively picking opportunities rather than engaging in broad-based risk-taking. Analysts expect this trend to persist in the near term as investors balance optimism about corporate earnings with concerns about macroeconomic pressures, inflation, and exchange rate volatility.

Overall, the market appears poised for a cautiously bullish close to the year, provided stability persists in key sectors and liquidity continues to rotate into fundamentally strong stocks.

Atiku Calls for Independent Inquiry Into N17.5 Trillion Pipeline Security Expenditure

Former Vice President Atiku Abubakar has demanded an immediate, transparent, and independent investigation into the staggering N17.5 trillion reportedly spent by the President Bola Ahmed Tinubu administration on pipeline security and related costs within a single fiscal year.

Atiku described the expenditure as unprecedented, deeply troubling, and a “moral indictment” on the federal government, warning that such a vast outlay—coming at a time of widespread economic hardship—raises fundamental questions about accountability and governance.

In a statement issued by the Atiku Media Office on Sunday night, the former Vice President noted that the expenditure figure, as reflected in the Nigerian National Petroleum Company Limited’s (NNPCL) 2024 audited financial statements, exceeds Nigeria’s total spending on fuel subsidy for more than a decade. According to him, this scale of expenditure makes the report one of the most significant financial controversies in Nigeria’s recent history.

A Spending Pattern That Raises Concerns

Atiku emphasized that the N17.5 trillion allocation dwarfs the N18 trillion spent on fuel subsidy over a 12-year period—an intervention that, in his words, directly cushioned economic pressure for millions of Nigerians by stabilising transportation costs and keeping food prices within reach. By contrast, he argued, the current administration has committed nearly the same amount in one year to pipeline security—an area that has long been plagued by opacity, overlapping contracts, and political patronage.

He described the development as alarming, alleging that the bulk of the funds appears to have been channeled to companies and individuals with close political ties to President Tinubu. The statement characterised the expenditure as “one of the most brazen financial scandals in our nation’s history,” adding that such spending cannot be justified under any fiscally responsible framework, especially amid declining living standards and a weakened currency.

Allegations of Opaqueness and Cronyism

According to the statement, the administration’s elimination of petrol subsidy—presented as a bold step toward fiscal responsibility—has now been overshadowed by what Atiku called “grand larceny dressed as public expenditure.”

He argued that while Nigerians now purchase petrol at over N1,000 per litre in several states, the NNPCL recorded massive expenditures under categories such as “energy-security costs” and “under-recovery”—terms he said remain vague and insufficiently explained to the public.

Citing NNPCL’s audited figures, Atiku pointed out that:

N7.13 trillion was spent on energy-security costs; and
N8.67 trillion was spent on under-recovery within the same financial year.

These amounts, he said, are deeply questionable given the administration’s repeated insistence that petrol subsidy has been fully removed.

Atiku stressed that Nigerians deserve full disclosure, not only to ascertain the legitimacy of these allocations but also to determine whether the expenditures align with national priorities during a period of severe inflation, rising food insecurity, and weakening consumer purchasing power.

Context From NNPCL’s Financial Performance

The controversy emerges against the backdrop of strong financial reporting by the NNPCL. In its recently released audited financial statement for the year ended 2024, the national oil company posted:

N45.1 trillion in revenue, representing an 88% year-on-year increase; and
N5.4 trillion in Profit After Tax, a 64% jump from 2023.

The figures reflect consistent growth, as NNPCL recorded a net profit of N3.297 trillion in 2023—a 28% increase from the N2.548 trillion posted in 2022.

However, Atiku argues that these profit figures do not in any way reduce the need for scrutiny, especially when expenditure items of such magnitude appear inconsistent with the government’s stated fiscal direction.

A Call for Accountability

Atiku insisted that the only way to restore public trust is through an independent probe conducted by credible, neutral institutions. He emphasized that such an inquiry must not be handled by individuals or bodies with political or institutional ties to the Tinubu administration.

He maintained that Nigerians have the right to know who received the contracts, how much was paid to each contractor, what specific services were delivered, and whether the spending aligns with global benchmarks for pipeline surveillance and energy infrastructure protection.

Without such transparency, Atiku warned, the allegations surrounding the N17.5 trillion expenditure could further erode investor confidence, damage Nigeria’s global reputation, and worsen the already fragile economic environment.

The issue is likely to intensify national debates around public finance management, subsidy removal, and the governance of Nigeria’s petroleum resources as the country heads into another fiscal cycle.

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