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Market Stability: Edun Promises Fair Tax Policy as NGX Lists N100bn Real Estate Fund

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In honor of the listing of the Ministry of Finance Incorporated (MOFI) Real Estate Investment Fund (MREIF) Series 2, the Nigerian Exchange (NGX) invited Mr. Wale Edun, Minister of Finance and Coordinating Minister for the Economy, on Tuesday at the Closing Gong Ceremony. The IPO emphasized how important the capital market is to the country’s development and to raising money to close Nigeria’s housing shortage.

The event took place in the midst of cautious investor sentiment as the stock market navigates a number of challenges, including year-end portfolio adjustments, profit-taking by institutional investors, the proposed adoption of the Capital Gains Tax (CGT), and the ongoing diplomatic dispute between the US and Nigeria. Even if market liquidity is still high, analysts predict that maintaining investor confidence will depend on how the government strikes a compromise between fiscal goals and market stability.

The capital market continues to be a major force behind wealth creation and inclusive growth, according to Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group.

He called on the government to enact the Capital Gains Tax in a way that maintains investor trust.

Popoola stated, “The capital market is not only a platform for drawing investment but also a tool for creating wealth for Nigerians.” “Policies like the Capital Gains Tax must strike a balance between investor confidence, market expansion, and government income goals. NGX is still dedicated to mobilizing private resources for long-term impact in support of the Renewed Hope Agenda.

In response, Edun informed investors that the government was aware of their worries about the Capital Gains Tax and will continue to communicate openly with market participants to guarantee equitable and growth-oriented results.

He stated, “We have taken note of the concerns regarding the Capital Gains Tax and will continue to engage with the capital market to ensure decisions deliver optimal outcomes for both Nigerians and the market.” “At N100 per unit, MREIF enables common Nigerians to engage in investment and savings, utilizing local resources to expand our economy, particularly in the housing sector.”

The minister emphasized that the government’s economic strategy is centered on developing easily accessible investment options that empower residents while bolstering important industries like housing, which directly multiplies the expansion of infrastructure and the creation of jobs.

The listing, according to NGX Chairman Ahonsi Unuigbe, is “a defining step toward transforming Nigeria into a leading economy that ensures shared prosperity for all Nigerians.”

In a similar spirit, NGX CEO Jude Chiemeka emphasized MREIF’s capacity to provide workable answers to Nigeria’s housing problems.

“We are addressing the country’s housing deficit while creating opportunities for long-term investment and wealth creation by channeling private capital into housing,” he stated.

Doctor Armstrong According to Ume Takang, Managing Director and CEO of MOFI, MREIF is a significant advancement in public-private partnership, providing affordable, long-term mortgage financing that can enable millions of people to become homes.

He stated, “MREIF offers sustainable financing to stimulate local economies across the housing value chain.”

With more than 1,000 mortgages already disbursed, MREIF has become a model for inclusive economic growth, showing how institutional capital can drive both social advancement and financial stability. NGX’s status as a center for capital formation and a collaborator in accomplishing the government’s development goals is further solidified by the fund’s listing.

Damagum-Led PDP Accuses APC of Plots, Defies Wike’s Camp on National Convention

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The Peoples Democratic Party (PDP) national working committee (NWC), headed by Umar Damagum, has declared that the national convention scheduled for November 15 and 16 in Ibadan, the capital of Oyo, will proceed as scheduled.

Debo Ologunagba, the secretary of the national convention’s media and communication subcommittee and PDP spokesperson, revealed this in a statement on Wednesday.

He advised party members to ignore false assertions made by those who spread false information.

According to Ologunagba, the All Progressives Congress (APC) “recruited those spreading rumors of the convention postponement in its failed attempt to stop the PDP national convention.”

“We are aware of the APC’s plans to undermine the opposition and establish a one-party state in the nation; this plan will be legally opposed,” Ologunagba declared.

“To ensure a successful National Convention in Ibadan as scheduled, the Party and the NCOC will continue to work diligently around the clock.”

Ologunagba’s declaration coincides with contradictory judicial decisions that have both stopped and allowed the national convention to proceed.

The PDP was prevented from convening the election convention by an Abuja federal high court.

However, a state high court in Oyo ordered the PDP and Damagum to carry out the event on November 4.

The party was prevented from conducting the convention on November 11 by a different judge at the federal high court in Abuja.

Additionally, the judge prohibited the Independent National Electoral Commission (INEC) from overseeing, keeping an eye on, or acknowledging the convention’s results.

Gov Diri Distances Self from Pressure to Make Deputy Join APC

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Bayelsa State Governor Douye Diri has stated that he will not compel his deputy, Lawrence Ewhrudjakpo, to join the All Progressives Congress (APC).

Diri reportedly resigned from the Peoples Democratic Party (PDP) on October 15 and formally joined the APC on November 3.

Remember that in order to stop the state House of Assembly from impeaching him for refusing to join the APC, his deputy had already requested a court injunction.

Speaking at the State Executive Council meeting on Wednesday at Government House in Yenagoa, where Ewhrudjakpo was present, Diri stated that, as a matter of principle, he prefers discussion over confrontation.

He claims that although it is difficult for them to be members of opposing political parties, continued talks with his deputy are producing fruitful outcomes.

Following their conversations, the governor disclosed that Ewhrudjakpo’s case in the Federal High Court in Abuja to stop a supposed impeachment plan had been dropped.

He urged the state’s citizens to embrace unity and view politics as a tool for advancing progress rather than sowing discord.

“Let me discuss a topic that has been the focus of media conjecture. I want to persuade individuals to see my point of view rather than coerce them into joining the APC. I may be in charge today, but not tomorrow.

In reality, it is challenging for the governor to support one side while the deputy supports another. But we’ll keep talking, and tomorrow we might wind up at the same party.

“The politics must not be heated. In Bayelsa State, we have had enough of bloodshed. We are one and we are brothers. He stated that politics should be used to advance the state rather than to incite conflict.

Government Driver Arrested After Theft of Deputy Governor’s Vehicle in Kano

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A Toyota Hilux that was taken from the Office of the Deputy Governor has been found by the Kano State Police Command, and a suspect in the theft has been taken into custody.

Recall that an unidentified auto thief broke into the Kano Government House early on Monday morning and stole a Toyota Hilux van that was part of the deputy governor’s convoy, resulting in a significant security breach.

According to sources who spoke to Daily Nigerian, the suspect entered by Gate 4 at around five in the morning and left through the main gate without being stopped by security personnel.

However, a police report revealed that the car was located and retrieved in the early hours of Wednesday after security personnel conducted a quick and well-coordinated operation.

The suspect, who was identified as a permanent and pensionable driver employed by the Deputy Governor’s office, was captured and is now helping investigators with the continuing investigation.

Ibrahim Shu’aibu, the deputy governor’s press secretary, characterized the incident as “a clear breach of trust by the arrested driver” in a statement released on Wednesday.

The statement stated, “The Deputy Governor’s Office commends the prompt response and professionalism displayed by the Police and other security agencies involved in the recovery effort.”

The state administration reassured the public in the statement that it was still dedicated to protecting people and property inside and outside of administration House.

‘No Media House Has Been Closed or Threatened’ – FG Statement

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Mohammed Idris, Minister of Information and National Orientation, has stated that no media outlets have been intimidated, shut down, or suppressed by the current administration.

Idris claimed that this is because of the administration’s deliberate adherence to the constitutional values of press freedom during a speech on Wednesday at the 2025 All Nigeria Editors Conference (ANEC), which was hosted at the State House in Abuja.

The first time a sitting Nigerian leader had personally attended the Guild’s annual meeting, he called President Bola Tinubu’s attendance a historic occasion.

He claimed that the gesture demonstrated how much the administration values the media as a crucial component of democracy.

“It is important to note that this government has not threatened, gagged, or shut down any radio or television station for expressing dissent,” he stated. This is a deliberate commitment to the constitutional values of press freedom rather than an accident.

The Minister pointed out that President Tinubu’s own democratic credentials, which stem from his history of resistance to dictatorship, were reflected in this degree of tolerance and respect for dissenting views.

“The same tenacity and effort that characterize Nigerian media are personified in President Tinubu. He has resisted the forces of injustice just like you have. He is aware that an active, independent media is the cornerstone of a genuine, long-lasting democracy rather than the government’s enemy,” he continued.

Idris claimed that the President’s bravery in previous conflicts, such as his opposition to the unlawful withholding of monies from Lagos State’s local councils while serving as governor, showed the same spirit that propels his present national reform initiatives.

“President Tinubu is guiding our country through difficult but essential reforms to create a more prosperous Nigeria with unflinching determination. The unification of the naira and the elimination of the oil subsidy are just two examples of the tough choices made. The minister continued, “Now we shift to a more equitable tax system intended to finance infrastructure, healthcare, and education.

The administration welcomes constructive criticism as part of democratic participation, he added, adding that the government’s continuing changes were guided by the same ideals of transparency and inclusion that define its relationship with the media.

“President Tinubu’s administration has shown that it believes in you via deeds, not just words. “We encourage you to participate, offer constructive criticism, and report with the accountability that this historical moment requires,” he told the editors.

Defence Minister: ‘We Stand Firm in Protecting Our Naval Officers’ Amid Wike Dispute

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Mohammed Badaru, the Minister of Defense, has reiterated the Federal Government’s dedication to protecting all military personnel carrying out legitimate tasks throughout the nation.

In advance of the 2026 Armed Forces Remembrance Day event, Badaru reportedly made the assurance on Wednesday while speaking to reporters at a ministerial press briefing at the National Defence College in Abuja.

His remarks follow an altercation on Tuesday between Federal Capital Territory Minister Nyesom Wike and a naval officer, Lieutenant A. M. Yerima, regarding the development of a contested piece of land in Abuja that is purportedly connected to Vice Admiral Zubairu Gambo, a former Chief of Naval Staff.

In response to inquiries regarding the altercation, the Defense Minister emphasized that the armed forces would not desert any officer who behaved within the bounds of legal authority while also stating that the ministry was already examining the incident.

“Well, we will always protect our officers on lawful duty at the Ministry and in fact the Armed Forces,” Badaru stated.

“We are investigating this matter, and we guarantee that any law-abiding officer will receive excellent protection. He is doing his job, and he is doing it very well, so we won’t let anything happen to him.

The remarks coincide with public indignation over a widely shared video that captured the FCT Minister in a furious altercation with a navy officer at a building site in Abuja’s Gaduwa District.

In the video, Wike asserted that no one was above the law, regardless of position, and accused the police of illegally preventing him from entering the property.

However, the officer said that he was following orders from higher up, which led to an argument that has since split the public.

Tinubu Secures Senate Approval for N1.15 Trillion Loan to Address 2025 Budget Deficit

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President Bola Tinubu’s request to collect N1.15 trillion from the domestic debt market to make up the unfunded portion of the 2025 budget deficit has been approved by the Senate.

The Senate Committee on Local and Foreign Debt’s report was approved during a plenary session on Wednesday.

The committee pointed out that the 2025 Appropriations Act calls for a total spending of N59.99 trillion, which is N5.25 trillion more than the Executive’s original N54.74 trillion proposal.

A total budget deficit of N14.10 trillion resulted from this expansion, of which N12.95 trillion had already been approved for borrowing, leaving an unpaid debt of almost N1.15 trillion (N1,147,462,863,321).

Tinubu publicly requested the new N1.15 trillion borrowing on November 4.

According to him, it would ensure that government projects and programs under the 2025 fiscal plan are fully implemented and close the funding deficit.

In a related development, Senator Abdul Ningi’s resolution was approved, instructing the Senate Committee on Appropriations to increase oversight to guarantee that the borrowed monies are appropriately implemented and used exclusively for their intended purposes.

Wike Imposes Mobile Phone Ban on AGIS and Land Staff Following Altercation with Naval Officer in Abuja

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Civil servants and labor activists are outraged by Federal Capital Territory Minister Nyesom Wike’s controversial prohibition on cell phone use by employees of the Department of Land Administration and Abuja Geographic Information Systems (AGIS).

According to an official memo seen by SaharaReporters, starting on Wednesday, November 12, 2025, officers on Salary Grade Level 14 and below are not allowed to bring their cell phones into the office.

The ban is a component of a new office policy intended to “maintain discipline and information security” within the organization, according to a memo sent by AGIS Head Chijioke Nwankwoeze.

“Mobile phone use within the office premises shall be prohibited for all officers on Salary Grade Level (SGL) 14 and below,” the statement stated in part. Employees who are impacted are no longer allowed to use cell phones on the property.

According to reports, all employees of the Department of Land Administration and AGIS who work in the Federal Capital Territory Administration (FCTA) complex are covered by the memo.

The order was given less than a day after footage of Wike’s furious altercation with a military officer over a contested property in Abuja went viral on WhatsApp and other social media platforms, according to sources within AGIS who spoke with SaharaReporters.

One senior staff member claimed that the minister was incensed at the extent to which the video spread among government employees.

The minister was incensed that staff members were sharing the videos. It seemed like sabotage to him. He is expressing his rage with this phone ban, the person said.

The altercation, which happened in Abuja’s Gaduwa District, garnered national attention after Wike was spotted accusing a naval officer of unlawfully guarding a construction site purportedly connected to a former chief of naval staff.

An unidentified civil servant characterized the order as unworkable and ineffective. For official communications, the majority of us use our phones. Without them, how can we function efficiently?” he questioned.

As of the time of publication, the Federal Capital Territory Administration has not responded to the public outcry over the contentious policy with an official statement or explanation.

View the following directive:

 

Igbo Organization Commends FG on Ekweremadu’s Return from UK

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Goodluck Ibem, President General of the Coalition of South East Youth Leaders, has supported the Federal Government’s decision to make former Deputy Senate President Ike Ekweremadu complete his prison term in Nigeria.

After trying to transport a 21-year-old street seller from Lagos to Britain for a kidney transplant for his daughter Sonia, Ekweremadu was found guilty of organ trafficking in the UK.

Under the UK Modern Slavery Act, he was given a sentence of nine years and eight months in May 2023 and is still incarcerated; his wife, Beatrice, was given a term of four years and six months and was freed early in 2025.

Dr. Obinna Obeta, a medical intermediary, received a ten-year sentence.
Regarding the most recent developments in Ekweremadu’s case, Nigeria’s Minister of Foreign Affairs’ spokesperson, Alkasim AbdulKadir, told Arise News on Tuesday that the Federal Government was in talks with the UK for Ekweremadu’s transfer to a Nigerian

“We fully support the initiative to enable Senator Ekweremadu’s transfer to Nigeria to serve the balance of his prison sentence in our country’s correctional facilities.”

“The Federal Government’s commitment to safeguard the interests of its citizens, regardless of the circumstances surrounding their predicament, is demonstrated by the ongoing discussions and high-level meetings held with UK authorities by a Nigerian delegation that includes the Attorney General and the Minister of Foreign Affairs.

“As Senator Ekweremadu works to reintegrate into society after serving his sentence, we believe this endeavor reflects a compassionate approach, rooted in the values of justice and rehabilitation.”

The South-East zone presented a case for the respectful handling of situations involving notable individuals who have made substantial contributions to the advancement of society, while acknowledging that it was not opposed to the necessity of a fair procedure.

“We urge the UK authorities to fully cooperate with the Nigerian government regarding this proposal,” Ibem stated. In addition to advancing justice, mutual understanding and diplomatic interaction will promote goodwill among our countries.

“An appeal for prisoner exchange for him to serve the remainder of his term in Nigeria was tabled before the United Kingdom authorities,” he stated.

A Nigerian team reportedly met with representatives from the UK Ministry of Justice, including Attorney General and Minister of Justice Lateef Adegbite and Minister of Foreign Affairs Yusuf Tuggar. Acting High Commissioner Mohammed Maidugu later welcomed the team to the Nigerian High Commission in London.

In a Tuesday interview, Ibem urged UK authorities to fully cooperate and commended the Tinubu government for demonstrating empathy in the Ekweremadu case.

“The Coalition of South East Youth Leaders, the premier socio-political youth organization in the South East geopolitical zone, wishes to express its unwavering support and commendation for President Bola Tinubu’s recent diplomatic efforts concerning the case of our esteemed leader, former Deputy Senate President Ike Ekweremadu,” Ibem stated.

“We have faith that President Tinubu and his government will handle this delicate matter with the seriousness it requires. The Coalition of South East Youth Leaders is still hopeful that these talks will result in a solution that serves the interests of all parties.

“We urge all parties involved to maintain open lines of communication and cooperate in order to reach a prompt conclusion. Senator Ike Ekweremadu should be given the chance to complete his term near home, where he can rely on his family’s support.

Ohanaeze Ndigbo has not discussed it, according to Dr. Ezechi Chukwu, the organization’s spokesperson. Thus, no answer at this time.

Keyamo: CTC Offers Investors Insights into Africa’s Legal Reliability and Market Stability

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According to Festus Keyamo, SAN, Minister of Aviation and Aerospace Development, the Cape Town Convention (CTC) offers investors and financiers a glimmer of hope that African legal systems are trustworthy with stable markets and that governments are dedicated to best practices in aviation asset management and protection.

Additionally, the issuance of a Federal High Court Practice Direction to direct Nigeria’s application of the Cape Town Convention in 2024 resulted in a notable improvement in the country’s Cape Town Convention Compliance Index, rising from 49 percent to 75.5 percent in just one year, placing Nigeria among the high-compliance nations worldwide “and demonstrated our government’s commitment to the rule of law and to transparency in aviation transactions,” according to Capt. Chris Najomo, Director General of the Nigerian Civil Aviation Authority NCAA.

At the 2025 Africa-Wide Cape Town Convention (CTC) Conference in Abuja on Tuesday, the two gave speeches.

The minister, who was represented by Mrs. Anastasia Gbem of the NCAA, stated that 28 African nations have ratified the Convention, indicating a continental recognition that the CTC is not only a legal instrument but also a catalyst for aviation growth, economic transformation, and connectivity throughout Africa. The minister pointed out that for Africa, where the cost of capital continues to be one of the most significant barriers to fleet expansion and maintenance, the CTC presents a beacon of signals to investors.

Regarding Nigeria’s dedication and advancement, Keyamo stated that the nation’s aviation industry is still developing with an unwavering determination to conform to international norms.

“With the signing and implementation of the Irrevocable Deregistration and Export Request Authorization (IDERA) procedure and Practice Direction, Nigeria’s Cape Town Convention compliance score increased from 70.5% to 75.5%.

“This enhancement demonstrates our government’s steadfast dedication to putting the Convention into practice and in its entirety.” With this accomplishment, Nigeria solidifies its position as a regional leader in aviation law reform and financing, indicating to investors, financiers, and lessors that Nigeria is willing to do business on terms that are recognized throughout the world.

In order to realize the full potential of the CTC, he advocated for regional cooperation.

“We acknowledge that no nation progresses in isolation, even as we applaud Nigeria’s accomplishments. Only until African governments embrace the ideals of the Cape Town Convention, standardize its implementation, and make sure that national legal systems support its effective operation will it reach its full potential. This incident is crucial because of this.

“You will interact with specialists over the course of the next two days who will impart knowledge derived from international best practices on declarations, national law alignment, the functions of courts and civil aviation authorities, and the significance of uniformity in interpretation and enforcement.”

The minister emphasized that these talks will improve continental cohesion in addition to strengthening individual national systems, giving Africa a powerful voice in the global aviation financing ecosystem.

“Our objective must gradually go beyond compliance to optimization, using the CTC as a tool for sustainable aviation growth.”

Keyamo, for example, said that the Convention’s adoption should directly result in reduced financing costs for African airlines, easier access to contemporary aircraft and equipment, increased investor confidence, and improved operational efficiency and safety.

He stated that in order to accomplish this, industry players must maintain transparency and ethical financial practices, and governments must make sure that duties are consistently enforced and stakeholders are educated.

He praised the AWG and AFCAC for their ongoing collaboration in assisting African nations in their pursuit of complete and successful CTC implementation.

Speaking through Mr. Spiff Donald, the NCAA DG stated that Nigeria views the CTC as both a legal requirement and a means of advancement.

“The Convention is the cornerstone of our plan to draw in investment, foster investor trust, and harmonize our aviation legal framework with international norms.

There is more to this progress than just numbers. In order to offer financiers and operators the confidence to conduct business in Nigeria, it is necessary to create a stable, predictable, and investor-friendly climate.

Additionally, it reflects the attitude of cooperation that permeates our aviation industry. I have to thank all of our partners for their commitment to reaching these milestones, including the Ministry, courts, airlines, and legal community.

“We must acknowledge that there is still work to be done even as we celebrate progress. The complete and efficient application of the Cape Town Convention is what gives it its actual worth. Coordination between legislators, industry players, and regulators is necessary for this. Additionally, it necessitates a common understanding of the treaty’s obligations and advantages.

Mr. Jeffrey Wood of the Aviation Working Group expressed gratitude to the participants for their dedication to developing the African aviation ecosystem and assured them that their discussions will be productive, significant, and revolutionary for the continent’s aviation future.

“I’ve never traveled to Nigeria for this assignment before. I’ll talk about the things we’ve done together over the last 25 years, including what you described last year.

However, finding a treaty with a national reality requires critical international thought, and I believe this gathering will do that. People always view things from their own and their country’s point of view, but we should have a broader view.

The Federal Ministry of Aviation and Aerospace Development, NCAA, the African Civil Aviation Commission (AFCAC), and the Aviation Working Group (AWG) collaborated to organize the two-day event. Dr. Kana, the ministry’s permanent secretary, stated that the Cape Town Convention provides Africa with a framework to develop trust, stability, and sustainability in the continent’s aviation ecosystem in addition to a chance to access aircraft at a lower cost.

“Let’s come away from this gathering with a renewed resolve to improve compliance, fortify our institutions, and make sure that the advantages of this convention transfer into actual economic progress for our countries and people.

“Nigeria is prepared to keep leading, learning, and collaborating in the common goal of an integrated, competitive, forward-thinking African aviation ecosystem. As stated, Nigeria is prepared for business, and it is our duty as a government to guarantee that the aviation sector continues to be our continental dream.