Economy and Finance

The naira continued to face pressure against the US dollar, selling at ₦1,326.5192/$1 at the official foreign exchange market on Friday, according to data from the Central Bank of Nigeria. Meanwhile, Nigeria’s fixed-income market ended the week on a firmer footing, with Treasury bill and Federal Government bond yields declining amid strong demand at primary auctions and renewed offshore interest in longer-dated securities.

Dangote Petroleum Refinery raised its petrol gantry price from ₦1,265 to ₦1,350 per litre, effective today. This marks the fourth upward review since August 21, when the price stood at ₦1,165 per litre. Separately, Nigeria’s mobile telecommunications market is approaching 200 million active subscriptions, with industry data putting teledensity at approximately 90 per cent.

Politics and 2027 Election

Internal tensions are rising within the ruling All Progressives Congress (APC), as influential party blocs moved against Governor Nyesom Wike’s “Rainbow Coalition,” arguing that its multi-party candidate strategy could confuse voters and reduce President Bola Tinubu’s re-election chances.

Ogun State Governor Dapo Abiodun said state governors, rather than the President, should explain how additional revenue from the petrol subsidy removal is being spent, noting that the end of the subsidy had significantly increased allocations to state governments. The African Democratic Congress (ADC) called on INEC to publish a nationwide timetable for the production, distribution and collection of Permanent Voter Cards (PVCs).

Security and Insecurity

Four police officers and seven civilians were killed in a fresh attack by suspected armed bandits in the Ayilamo community of Logo Local Government Area, Benue State. The attackers reportedly invaded the Tombo area of Ayilamo in the early hours of Friday, shooting indiscriminately. Governor Hyacinth Alia condemned the attack and directed security agencies to intensify efforts to identify and arrest the perpetrators.

In Imo State, a banker was shot dead while attempting to resist kidnappers who attacked a family at the Federal University of Technology, Owerri (FUTO). Two female students were abducted during the incident. The Nigerian Army also reported the arrest of a terrorist kingpin and a logistics supplier as part of its ongoing onslaught against insecurity.

Other Top Stories

The Academic Staff Union of Universities (ASUU) threatened to resume its suspended nationwide strike without further notice if the Federal Government and state governments fail to urgently address outstanding issues affecting university lecturers, including unpaid salaries.

An Islamic cleric, Malam Musa Lukwa, was stabbed shortly after leading Juma’at prayers at his mosque in the Mabera area of Sokoto metropolis. The cleric was allegedly attacked twice in the neck by a young man among the worshippers, causing panic in the area.

The Lagos State Police Command summoned officers accused of assaulting a man, Olugbenga Adeleke, after a video of his complaint went viral on social media. Adeleke alleged he was assaulted, unlawfully detained and extorted by policemen attached to Ebenezer Police Station, Alagbado/Ojokoro.

The National Assembly ordered the suspension of parliamentary relations with South Africa over xenophobic attacks on Nigerians. The Nigerian Civil Aviation Authority fined RwandAir ₦15 million over consumer protection-related infractions, specifically for failing to resolve a passenger’s baggage complaint within the stipulated timeframe.