By Tony Obiechina, Abuja

The Securities and Exchange Commission (SEC) has announced that the Nigerian capital market will officially transition to a T+2 settlement cycle for equities transactions from Friday, November 28, 2025, in a move designed to align with global best practices and enhance market efficiency.

The Commission disclosed this in a statement on Thursday by Efe Ebelo, head of External Relations. The statement noted that the transition from the current T+3 (trade date plus three days) settlement cycle is now at the implementation stage following months of preparation and stakeholder testing. According to the SEC, the “migration is expected to significantly enhance the Nigerian Capital Market by allowing investors quicker access to funds, thereby enhancing overall market liquidity and reducing counterparty risk exposure, thereby fostering a more stable and resilient market environment”.The Commission added that “As the central counterparty, CSCS Plc has dedicated considerable effort and resources to ensure seamless operational and technical readiness throughout the transition”.“Extensive testing with market participants has been successfully conducted without any reported issues, reflecting high confidence in the market’s preparedness for this landmark change”, it disclosed.Under the new system, all trades executed on Friday, November 28, 2025, will settle on Tuesday, December 2, 2025, while transactions carried out before that date will continue to follow the existing T+3 schedule. This means that trades executed on Thursday, November 27, will also settle on December 2, coinciding with the first batch of T+2 settlements.The SEC reaffirmed its commitment to building a modern, efficient, and transparent capital market, adding that it will continue to engage stakeholders to drive further improvements and strengthen Nigeria’s position as an attractive investment destination.

By Johnson Eyiangho, Laide Akinboade and Mike Odiakose, Abuja

The Peoples Democratic Party’s (PDP) lingering leadership crisis deepened yesterday despite efforts by the party’s Board of Trustees (BoT) to reconcile warring factions, as its High-Powered Reconciliation Committee formally submitted its report amid growing divisions over the planned November 15–16 national convention in Ibadan.

The six-member committee, inaugurated on November 5 and led by Amb. Hassan Adamu, submitted six copies of its report with annexures to BoT Chairman, Amb. Adolphus Wabara, in Abuja.Presenting the report, the committee’s Secretary, Chief Mike Oghiadomhe, said they met with key stakeholders including the Minister of the Federal Capital Territory, Nyesom Wike; PDP National Chairman, Ambassador Umar Damagum; suspended National Secretary, Senator Samuel Anyanwu; the PDP Governors’ Forum; and former Senate President, Dr. Bukola Saraki.According to Oghiadomhe, “We deliberated on all the findings from our engagements and came up with observations and recommendations aimed at providing a road map for sustainable and progressive party administration.”Committee Chairman Adamu described the assignment as “difficult but necessary,” saying the report provides guidance to ensure a free and fair convention.However, despite the reconciliation effort, divisions persist over whether the convention should go ahead in light of conflicting court rulings. While the Federal High Court in Abuja restrained the PDP from proceeding, a High Court in Oyo State granted an order permitting the event.Reacting after receiving the report, BoT Chairman Wabara maintained that the convention would hold as planned, insisting that all organs of the party — including the Governors’ Forum, National Working Committee (NWC), and BoT — had agreed on the exercise.He said, “All the organs of the party had agreed to go to the convention. However, if the courts stop us, we are a law-abiding party and will obey the last order as the case may be.”Wabara blamed the crisis on “self-inflicted problems and selfish political interests,” saying some members want the party weakened now to control it ahead of 2031.In contrast, former Senate President Bukola Saraki urged the party to suspend the Ibadan convention to avoid worsening the crisis. Meeting with the BoT reconciliation team earlier in the week, Saraki advised the PDP to set up a caretaker committee within 48 hours to stabilize the party.He warned that proceeding with the convention “amid conflicting legal rulings” would undermine confidence and could render outcomes invalid. “Political matters are best resolved around the table, not in the courts,” Saraki said, describing the current approach as a “waste of effort.”Meanwhile, the faction of the party loyal to FCT Minister Nyesom Wike has called for a boycott of the convention. Addressing journalists in Abuja, its factional chairman, Mohammed Abdul-Rahman, said members should “stay away” from the Ibadan event in obedience to the Abuja court’s restraining order.He stated, “We are law-abiding citizens. We will not participate in an exercise stopped by a competent court. Our delegates across the federation have been instructed to stay away from the purported national convention.”With the party split between factions loyal to Damagum, Anyanwu, and Wike — and senior figures like Saraki calling for a pause — the PDP’s path toward unity remains uncertain, even as its BoT hopes the reconciliation report will provide a roadmap for peace.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has stated that the proposed implementation of the 15 per cent of valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.According to a statement posted on its X handle yesterday, the Director, Public Affairs Department, NMDPRA, George Ene-Ita, said, “It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.

”President Bola Tinubu has approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.“The Authority wishes to use this opportunity to advice against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement read.