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Profit Taking Triggers N311bn Loss in Nigerian Stock Market

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Due to profit-taking in medium- and large-capitalized stocks, the equities market saw a negative performance on Tuesday, with indices falling by 0.33 percent.

This came following a bullish run for four straight sessions.

In comparison to Monday’s N93.969 trillion, market capitalization dropped by N311 billion, or 0.33 percent, to close at N93.658 trillion.

Additionally, the All-Share Index settled at 146,940.29 after losing 487.66 points, or 0.33 percent.

Consequently, the market breadth closed negative, with 34 losers compared to 21 gains, and the year-to-date return dropped to 42.76 percent.

Transcorp Hotel dropped by 9.95% to settle at N155.60 per share, while Eterna and Austinlaz led the losers’ table by 10% each, finishing at N31.95 and N2.07, respectively.

UACN lost 9.09 percent, closing the session at N88 per share, while Ikeja Hotel fell 9.65 percent, closing at N28.10.

Conversely, Learn Africa ended the session at N6.30, leading the gainers’ table by 9.57%.

Mecure finished at N32.40, trailing by 8.72%, while Deap Capital Management increased by 7.50%, reaching N1.72 a share.

RT Briscoe increased by 5.96 percent to close at N3.20 per share, while International Energy Insurance increased by 6.52 percent to close at N2.45.

With 1.03 billion shares traded, or N7.50 billion, Etranzact concluded with the highest volume and value. (NAN).

House Committee Orders Banks to Submit All Requested Deduction Documents Within 4 Days

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Commercial banks operating in Nigeria have been given four days to submit all requested documentation regarding their charges by an Ad-hoc Committee of the House of Representatives that is looking into the deduction of taxes and other charges from the earnings of civil and public servants as well as multiple bank charges on customer accounts in Nigeria.

Additionally, the House probe panel rejected the representation of any bank CEO without a properly signed authorization letter to the panel and demanded that the CEOs of major financial organizations attend at the investigative session.

In a statement made at the start of the House panel session on Tuesday in Abuja, House Committee Chairman Hon. Kelechi Nwogu stated that the House investigative panel’s mandate is to make sure that all bank deductions of charges on customers’ accounts are appropriately used and fined.

He added that the Ministry of Finance, the Office of the Accountant-General of the Federation (OAGF), the Economic and Financial Crimes Commission (EFCC), and Nigerian commercial banks were invited to participate in the probe by the House Committee.

During the probe, members of the House Committee claimed that commercial banks were illegally taking money out of the bank accounts of public employees, civil officials, and other clients without providing remittances.

The chairman of the House Committee and a few members who objected to the CEOs of GT Bank, Zenith Bank, Access Bank, and other commercial banks being represented cannot hold water because they maintained that they must consistently appear before the panel.

“You cannot appear here without an identity,” he declared. We are not alone here. The people who elected us to parliament have given us this mandate.

“We have decided to meet on Wednesday of next week. All required paperwork must be sent in by Monday at the latest.

“After reviewing all the paperwork, we’ll put you under oath.”

If we ask you back and you tell us the same story, it won’t be good. Any bank that does not submit the required documentation by Monday will be sanctioned, as per our deadline.

According to the House Committee Chairman, every effort is being made by the House panel to determine the reason behind the commercial banks’ fraudulent charges on their clients’ accounts.

During the hearing, several panelists, including Hon. Chidi Mark Obeta and Hon. Engr. Dominic Okafor, spoke in favor of the requirement that bank CEOs consistently appear before the panel.

New Actors Guild President Abubakar Yakubu Taken Into Custody

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Abubakar Yakubu, the recently elected President of the Actors Guild of Nigeria (AGN), is said to have been involved in a deadly car accident in Surulere, Lagos.

Recall that Yakubu defeated Regina Daniels’ mother, Rita Daniels, by a slim margin of 116 to 113, with three votes deemed fraudulent.

A person died as a result of the incident, according to initial reports.

According to Sahara Reporters, while the accident’s circumstances are being investigated, Yakubu has been placed under police custody at the Barracks Police Station in Lagos’ Surulere neighborhood.

Authorities have not yet issued a formal statement outlining the crash’s cause or the results of their continuing investigations.

More to come…

Adamawa Boils: Protests Trail Alleged Military Killing of Women in Lamurde Clash

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On Tuesday, new demonstrations broke out in Adamawa State’s Numan Local Government Area (LGA), calling for justice for women who were allegedly killed by Nigerian Army soldiers during operations to reestablish peace in the nearby Lamurde LGA.

The turmoil comes after the Adamawa State Government imposed a 24-hour curfew in Lamurde on Monday due to an increase in ethnic conflicts between the Bachama and Chobo groups.

A group of ladies reportedly held a demonstration in Lamurde, accusing the military of a biased and delayed involvement that allegedly favored the Chobo community, causing the crisis to take a tragic turn.

The women apparently tried to stop army moves into the unstable area while carrying leaves and were unarmed.

According to sources, the military opened fire on the crowd during the altercation, killing four women instantly and three more later in the hospital, bringing the total number of civilian deaths to seven.

Numan General Hospital is currently treating eleven additional victims who suffered varying degrees of injuries; the number of casualties is anticipated to increase.

The Nigerian Army claimed that the deaths were caused by inexperienced local militias mishandling weapons, despite the demonstrators’ insistence that the army was to blame.

The Adamawa State Government responded by enforcing a 24-hour curfew in Lamurde and using security personnel to ensure adherence.

Some of the women’s corpses were transported to Lamurde for burial.

Humwapwa Nanso, Bwalason Samson, and Wisdom Christopher were among the demonstrators who said that security personnel’s slow response caused the violence to worsen.

“Uniformed personnel killed our women, leaving us with grief in our hearts,” Nanso stated. Since everyone has the right to life under the Nigerian Constitution, we ladies urge the government to defend our rights.

“I have never seen military personnel go down on their knees, aim at unarmed women at close range, and fire bullets so rapidly,” Samson continued. “Those who shot this bullet I am holding stopped the car, stopped the truck.” Five of the more than 20 people who were immediately shot were dead. We were just carrying leaves; nobody had any weapons.

New Director-General Appointed for Northern States Governors’ Forum

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Ezekiel Gomos has been appointed Director-General of the Forum’s Secretariat by the Northern States Governors’ Forum (NSGF), which is led by Muhammadu Inuwa Yahaya, the Governor of Gombe State.

According to reports, his nomination is consistent with the Forum’s reaffirmed commitment to bolstering its institutional capabilities and enhancing cooperation among the 19 northern governments in tackling the urgent issues facing the region.

The Forum claims that establishing the office of Director-General is a calculated move in the direction of repositioning the Secretariat as a more efficient center for long-term development planning, collective action, and policy coordination.

Gomos is a skilled development economist and policy specialist with a remarkable career encompassing public service, governance reform, private-sector development, and human capital improvement. He was formerly Secretary to the Plateau State Government.

His background includes prominent positions at influential organizations including the West African Examinations Council (WAEC) and the New Nigeria Development Company (NNDC).

He has also served as Head of Faculty and Lead Consultant at the Jos Business School (JBS), a center for policy discussion, leadership development, and entrepreneurship.

Mr. Gomos has been a resource person at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, for about twenty years. He has helped train senior executives in policy, strategy, and national development throughout Nigeria.

The new DG holds graduate and postgraduate degrees from the University of East Anglia in the United Kingdom and Ahmadu Bello University in Zaria. The Hubert Humphrey Fellowship at the University of Minnesota, the British Chevening Scholarship, and the UNDP Fellowship at the ILO Training Center in Turin are just a few of the esteemed international scholarships he has received.

Gomos has participated in senior executive programs at Durham University Business School, the University of Chicago Booth School of Business, and Harvard Kennedy School.

Gomos was tasked by Governor Inuwa Yahaya, who presented the appointment letter, to use his vast experience in institutional development, strategic leadership, and policy management to build the NSGF Secretariat into a strong platform for regional economic cooperation, collective security coordination, and sustainable development throughout the North.

The NSGF Chairman expressed optimism that the appointment will herald in a new age of enhanced coordination, deeper collaboration, and more cohesive regional answers to the most pressing issues facing the North.

ECOWAS Lawmakers Applaud Nigeria’s Swift Action Against Benin Coup Attempt

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The ECOWAS Parliament has expressed gratitude and supported President Bola Ahmed Tinubu’s quick action to bring democracy back to the Benin Republic.

While announcing the resolution of the regional bloc’s parliament, Barau Jibrin, the Deputy Speaker of the ECOWAS Parliament and Deputy President of Nigeria’s Senate, stated that Nigeria acted in the best interests of peace and stability in West Africa.

According to reports, ECOWAS had earlier proclaimed a state of emergency throughout West Africa.

Omar Touray, the president of the ECOWAS Commission, made the statement on December 9, 2025, during the 55th ministerial session of the Mediation and Security Council in Abuja.

Touray stressed that these incidents highlight the critical need for more funding for community security as well as in-depth consideration of the subregion’s democratic future.

According to Touray, the events underscore the “urgent need to invest in the security of our community and the imperative of serious introspection on the future of our democracy.”

The proclamation comes after increased unrest, which included a failed coup attempt in Benin a few days prior.

Elections are a “major trigger of instability” in the area, according to Touray.

“We have continued to witness political practices that violate these principles despite our community’s best efforts to establish constitutional convergence principles and to have a support program for elections in our region to safeguard our democratic credentials and stability,” he stated.

“As we continue to witness the devastating impact of terrorist groups along our borders with them, we also need to negotiate with our neighbors, the Alliance of Sahel States (AES), particularly the terms of our security cooperation,” he continued.

Remi Tinubu Sparks Backlash for Comments Toward Patience Jonathan

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During her chieftaincy installation as “Yeye Asiwaju Gbogbo Ile Oodua” in Ile-Ife, Osun State, on Sunday, First Lady Senator Oluremi Tinubu made a remark intended at Patience, the wife of former President Goodluck Jonathan. This comment has drawn criticism.

During her acceptance speech, Mrs. Tinubu acknowledged dignitaries and spoke to the former First Lady, who was seated among the guests, in a widely shared video on social media.

Oluremi Tinubu, dressed in white ceremonial garb, interrupted her welcome to speak directly to Mrs. Jonathan. This action swiftly caused Nigerians on X (previously Twitter) to express disgust.

“Your Eminence, the Sultan and all the other Obas,” the First Lady stated in the widely shared video. I’m grateful, Mama P. Will you not smile? I’m greeting you, Mama P. I sincerely appreciate you being there.

“But I said I wanted to greet our royal fathers who have come to honour Ooni and, by extension, me; everybody said I should just leave protocols,” she remarked, thanking the traditional elders as she wrapped up her greetings. Now the Oloris can take a seat. I express my gratitude to the royal fathers who traveled great distances, and even a representative from my mother’s side is present. Thank you, everyone. I am delighted and honored that there aren’t many lengthy speeches today.
Netizens viewed the exchange as inappropriately casual or as lighthearted banter that wasn’t appropriate for the installation ceremony’s solemnity.

“Her status may appear to have changed, but her innate mannerism remains as uncouth and as classless as it has always been,” responded a user on X going by the name Tochukwu.

Wendu, another member on X, commented, “This woman is uncouth.” She wouldn’t normally qualify as an elite, but based on the characters in APC, she is regrettably among the more “refined.”

“Oh, I’m not disappointed,” he added. Even before she was appointed first lady, she was like this. Thus, it is not shocking. The fact that she hasn’t been in the public eye for much of this period is more dramatic. Nigeria has a wealthy population but few elites. Nothing sets them apart from the typical Nigerian other than their wealth.

One Tobi wrote on Facebook, “Having this family as a figure is the worst thing to ever happen to this nation.”

“You called the King of your mother’s Nation as the representative?” commented a user going by the handle Mesiri. neglected to give him the customary salute? Disgraceful.

“I wonder what about her did the Redeemed church find appealing enough to choose her as a pastor. Is it merely her wealth or her spiritual life? Another X user, Robustlife, declared, “I am starting to look at some churches differently.”

Conversely, a member on X who went by Kelez remarked, “We must not make issues out of nothing because she’s Tinubu.” The way it came out may be crass, but the goal should be the most essential thing and not necessarily an insult, in my opinion. This is just a nice, informal conversation to let Mama Peace relax or grin.+

Rivers Governor Fubara Poised to Dump PDP for APC

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According to people close to the Government House, Rivers State Governor Siminalayi Fubara is expected to announce his switch from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC).

The political action follows Fubara’s recent reconciliation with his estranged political godfather and predecessor, Nyesom Wike, who is currently the Federal Capital Territory (FCT) Minister.

The pro-Wike members of the Rivers State House of Assembly attempted to impeach Governor Fubara as the political crisis, which started at the end of 2023, quickly worsened. An arson attack on a portion of the State House of Assembly complex occurred in October 2023 during the height of the crisis.

Eventually, the Federal Government had to step in to resolve the disagreement. Fubara, his deputy Ngozi Odu, and all elected members of the House of Assembly were suspended for the first six months following President Bola Tinubu’s declaration of a State of Emergency in Rivers in March 2025.

Ibok Ekwe Ibas, a former Chief of Naval Staff, served as the state’s only administrator until the suspension was lifted in September 2025.

The Whistler reports that sources speculate that Fubara’s impending defection could be seen as an effort to align himself with the federal power structure and seek political refuge, especially since his political base within the split PDP may have been severely undermined during the power struggle.

After gaining the support of then-Governor Wike, Fubara, the former Accountant General of Rivers State (2020), won the PDP primary for governorship in May 2022. He went on to defeat Tonye Cole, the APC candidate, by more than 300,000 votes to win the governorship in March 2023.

Fubara reportedly met with President Tinubu behind closed doors on Monday evening at the Presidential Villa.

Onanuga: Intervention in Benin Republic Proves Tinubu’s Democratic Commitment

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According to Bayo Onanuga, President Bola Tinubu’s Special Advisor on Information and Strategy, Nigeria’s military action in the Benin Republic is evidence of the President’s unwavering commitment to upholding democracy and bolstering national security.

During a monitored interview on Arise Television on Monday, Onanuga made the claim.

He claimed that Nigeria’s reaction to the attempted coup in Benin last week was prompt, well-coordinated, and absolutely done at the Beninese government’s request.

“What transpired today and on Sunday just demonstrated this government’s dedication to defending democracy, not only in Nigeria but also among our neighbors.

“And you have also seen that our security personnel, the armed forces, the air force, and the ground troops are up to the task of helping to protect this country,” he remarked, referring to the release of the Papiri children.

He claims that when the coup attempt started, President Patrice Talon specifically asked Nigeria for assistance.

“The Benin government, led by President Talon, sent Nigeria two notifications in short succession. The first was that Nigeria needed to dispatch fighter jets to assist them in overthrowing the coup plotters. They then asked for ground forces once more, he added.

The presidential aide added that Tinubu’s long-standing pledge to protect democratic government throughout West Africa and ECOWAS regulations were both in line with the intervention.

Breaking: President Tinubu Requests Senate Nod for Troop Deployment to Benin Republic

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In a letter to the Senate, President Bola Ahmed Tinubu asked for approval to send Nigerian troops to the Benin Republic.

According to reports, Senate President Godswill Akpabio revealed this in a letter during plenary on Tuesday.

According to Tinubu, the deployment is for a peace mission in reaction to Benin’s ongoing coup attempt.

The President clarified that the deployment was made in response to President Patrice Talon’s request for assistance in the wake of the most recent failed coup attempt.

The deployment complies with the Economic Community of West African States (ECOWAS) regional bloc’s protocol.

In consultation with the Nigeria Defence Council, Tinubu also mentioned section 30 sub-5 of the country’s constitution.

The request was forwarded by the Senate to the committee of the whole for prompt consideration.

Nigeria had already intervened by air after the Benin Republic’s unlawful violation.
As previously reported, a source in the 10th Senate disclosed that before sending forces to engage in battle in another nation, President Tinubu must confer with parliamentarians for approval for a minimum of 14 days.

The source, who talked with Vanguard, revealed this in response to assertions made in some quarters that the President had to request Senate approval 24 hours before to or following the deployment of soldiers.

Nigeria’s reaction to the attempted coup, according to the presidency, was an example of President Bola Tinubu’s leadership in advancing peace and constitutional order throughout West Africa.

After some soldiers working under the “Military Committee for Refoundation,” under the command of Lt. Col. Pascal Tigri, momentarily took control of the state television station in Cotonou on Sunday and declared the overthrow of President Patrice Talon’s administration, troops were sent to Benin.

However, President Tinubu’s use of fighter jets and troops stationed in the neighboring nation prevented the coup.

Section 5(5) of Nigeria’s 1999 Constitution, which deals with the President’s authority to send armed forces outside of Nigeria for limited combat duty due to impending national security threats, was cited by the source to explain the circumstances that led to Tinubu’s intervention in the Benin coup. This clause requires Senate approval within 14 days of actual combat, with the Senate having seven days to approve or deny, ensuring executive power balance with legislative oversight.

The source, who wished to remain anonymous, claimed that the Constitution highlights checks and balances on military deployment by emphasizing that the President may act after consulting with the National Defense Council but must promptly notify the Senate for ratification.