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Tinubu Pledges Infrastructure Renewal Across Key Economic Sectors

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By Laide Akinboade, Abuja

President Bola Tinubu yesterday reiterated his administration’s determination to renew infrastructural development across the key sectors of Nigeria’s economy.Tinubu stated this at the reopening ceremony of International Conference Center (ICC) in Abuja.

He listed the key sectors as transportation, health care, education, energy and urban development.
Tinubu said modern infrastructure is the backbone of a thriving economy in an inclusive and progressive society and ICC is part of the country’s larger vision to become a hub for regional diplomacy, continental trade discussions, global partnership and many more.
He appealed to the Federal Capital Territory (FCT) Minister, Nyeeom Wike to continue with the good work he is doing and to ignore all “Busybodies and distractors”.
According to him, “I am greatly honoured and happy to be here to reopen this International Conference Centre as part of our determined efforts to change the way we do things, to reflect us as people of quality, people of character, people of determination, people of great spirit. That is who we are and I am glad that you, Nyesom Wike, are reflecting that.”Don’t pay attention to the busybodies and bystanders. Whatever they say, continue to do your good work. You are a transformational leader; you have the foresight, the vision and the determination to succeed. Thank you very much”.Tinubu recalled, “When I attended the Economic Community of West African States (ECOWAS), Parliament here, it was a very dirty, disorganised, uninhabitable environment. Aside from the sidetalk, I had with the Senate President; I turned to Wike and said this conference centre is not reflecting who we are. Have we sunk this low? He said no but bear with us, we will do whatever we can do to transform the place. You won’t come back to find it in a dilapidated state and today I am very happy.”Whatever might be wrong today is a sign of the good thing that we are correcting, we are reflecting, renewing our hope and believing in ourselves in what we can do, what we can be – a great nation on earth.”Through the Renewed Hope Agenda, we are determined to renew infrastructure across the key sectors of this country – transportation, health care, education, energy and urban development.”Because you understand that modern infrastructure is the backbone of a thriving economy in an inclusive and progressive society. The International Conference Centre is part of our country’s larger vision to become a hub for regional diplomacy, continental trade discussions, global partnership and many more thoughtful, well outlined goals that reflect our ‘Nigeria First’.”You must obey what the landlord said – you want to use this place, you must pay for it”.The Senate President Godswill Akpabio in his goodwill message lamented the condition the center was in 2024, which he called a ‘monumental embarrassment’.”We came last year to inaugurate the first sitting of the ECOWAS Parliament. Parliamentarians came from all parts of West Africa. It was a monumental embarrassment. We managed to get a small generator working. This place was dark. This place was in a total state of disrepair.The Senate President who commended the FCT Minister for the transformation and said the National Assembly is proud of him.Wike Renames International Conference Centre after TinubuThe Minister of the Federal Capital Territory, Nyesom Wike has renamed the Abuja International Conference Centre as the Bola Tinubu International Conference Centre.The Minister also disclosed that other halls in the facility had been renamed after Vice President Kashim Shettima, Senate President Godswill Akpabio, House of Representatives Speaker, Tajudeen Abbas, and Chief Justice of Nigeria, Kekere-Ekun.“Today, this Bola Ahmed Tinubu International Conference Centre can stand any other International Conference Centre. And in doing that, because the National Assembly has also supported us, I have told you that as we were inspecting the project, at the back, we have two halls. We have to remember those who have also supported the FCT. The National Assembly is one such arm of government.“So we have named one hall Tajudeen Abbas hall, we have named Godswill Akpabio hall, and your Vice President, we have named one of these halls after the Vice President, and then the CJN, we have also named one of the halls after the CJN. And these are the three arms of the government, working together.“So I just said since it is a property under you, and the building is under you, then, it should have small names on those halls, but it should be under the Bola Ahmed Tinubu International Conference Centre,” he said.“It is important for the public to understand and to know why today, this is called the Bola Ahmed Tinubu International Conference Centre. This Conference Centre was built in 1991 under the military government. Since that time, nothing has happened to this International Conference Centre.Wike also ascribed the completion of the rehabilitated conference centre to the leadership of President Tinubu, stating, “Within eight months Mr President, this is what we have. And I agree that without your leadership, it wouldn’t have been possible.”The Minister also stated that any ministries or government agencies willing to use the Conference Centre will be made to pay going forward, to ensure the proper maintenance of the ICC.“How do we sustain this? I want to let everybody know, whether you’re a Ministry, whether you’re an agency, you want to use this, you have to pay something. That’s the only way it can be sustained. Nothing like my brother, my sister is going to have a wedding. If you want to use a place like this, such a beautiful place, then you must drop something,” he said.

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SEC Begins T+2 Settlement Cycle in Capital Market Nov. 28

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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.

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PDP BoT Receives Reconciliation Report amid Conflicting Court Orders

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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.

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FG Bows to Pressure, Halts 15 Per Cent Petrol Import Duty

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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.

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