NIGERIA NEWS
Midnight fire razes Gombe timber market, mosque
A midnight fire has ravaged the Gombe timber market, also known as ‘Kasuwar Katako’, located at the Railway station in the Gombe State capital.
The fire, which started about 8.00pm on Monday, destroyed numerous timbers, stores, shops, and gutted a nearby mosque. Firefighters from the Gombe State University (GSU), Federal Fire Service personnel and private water tanker operators intervened to bring the blaze under control after 30 minutes of intense burning. As at press time, the extent of the damage and the exact number of stores affected by the fire were yet to be determined.
Meanwhile, Governor Muhammad Yahaya, has expressed deep sorrow over the tragedy. The governor, through his media aide, Isma’il Misilli, described the incident as painful and distressing, noting that the scale of destruction was a huge setback to hardworking men and women who depend on the market for their daily sustenance.
He directed the State Emergency Management Agency (SEMA) and other relevant agencies to immediately move in, conduct a thorough assessment and investigation into the cause of the fire, and provide urgent relief and support to cushion the impact on victims.
While sympathising with the victims, Governor Yahaya called on those affected to remain calm, assuring them that government would take necessary steps to mitigate their losses and strengthen preventive measures to avert future occurrences.
He also reiterated his administration’s resolve to establish a state-of-the-art fire office, fully equipped to complement existing fire-fighting facilities across the state, in line with his commitment to protect lives, property and investments.
“Yahaya extended his heartfelt sympathy to affected shop owners, traders and all individuals who suffered losses as a result of the inferno.
“He extended his heartfelt sympathy to affected shop owners, traders and all individuals who suffered losses as a result of the inferno, assuring them that the government stands firmly with them at this difficult moment.
“The governor prayed God for continued protection over Gombe State, its people and their means of livelihood, and for comfort and strength for all those affected by this unfortunate incident,” Misilli added.
Former Attorney-General of the Federation, Abubakar Malami, mhas released excerpts of the Justice Ayo Salami judicial commission of inquiry report which he says indict the chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede.
In a statement issued on Tuesday by Mohammed Bello Doka, his media aide, Malami said chapter nine of the Salami report shows a clear conflict of interest that makes the EFCC chairman’s continued involvement in matters relating to him untenable.
Malami said the Salami judicial commission of inquiry was established under his supervision to investigate allegations of corruption and abuse of office within the EFCC.
He said the current EFCC chairman served as secretary to the commission at the time.
According to the statement, chapter nine of the report examined the conduct and responsibilities of senior EFCC officials and created personal and professional exposure for individuals now exercising prosecutorial authority over Malami.
Malami said the EFCC’s actions against him could not be reasonably interpreted as neutral law enforcement but amounted to a personal vendetta rooted in unresolved issues arising from the report.
He said the law on recusal is settled and is based on the test of reasonable apprehension of bias rather than proof of actual malice.
Malami said any reasonable observer aware of the circumstances surrounding chapter nine of the Salami report would conclude that he cannot receive an impartial investigation under the current leadership of the EFCC.
The former AGF accused the commission of violating his fundamental rights through unlawful restrictions on liberty and denial of fair hearing.
He also alleged a sustained trial by media through selective leaks and public commentary aimed at securing public condemnation before judicial determination.
Malami said the pattern of conduct by the EFCC reflects an attempt to criminalise lawful policy decisions taken while he was in office.
He said he is willing to submit himself to a neutral and independent investigative process and to face trial only before a court of competent jurisdiction.
Malami demanded the immediate recusal of the EFCC chairman from all matters relating to him.
“This is not a personal dispute; it is a constitutional issue. If the EFCC is allowed to function as an instrument for the settlement of personal scores and grievances, then the rule of law itself is imperilled.
“Abubakar Malami, SAN, will continue to insist on justice according to law and due process, not persecution by power,” the statement said.
President Bola Tinubu has held a crucial closed-door meeting with leaders of organised labour as tensions rise over a planned nationwide protest by workers.
The engagement took place late Tuesday night at the State House in Abuja, amid growing concerns over unresolved labour demands and economic pressure on Nigerians.
The meeting comes at a critical moment, with the Nigeria Labour Congress (NLC) threatening mass protests across the country.
Labour leaders have accused the Federal Government of failing to fully honour earlier agreements on workers’ welfare, wage-related issues, and measures to ease the rising cost of living.
In a statement released Tuesday night, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed that top government officials and governors were part of the discussions.
“President Bola Ahmed Tinubu met with the leadership of the NLC, along with the chairman of Progressive Governors Forum, Hope Uzodimma, Governor of Edo State, Monday Okpebholo and Governor of Kebbi State, Dr Nasir Idris and the Minister of State Labour, Honourable Nkeiruka Onyejeocha,” the statement partly read.
According to the statement, the Nigeria Labour Congress was represented by its national leadership at the high-level meeting.
“The chairman of the NLC, Comrade Joe Ajaero, led the labour leaders to the meeting on Tuesday night at the State House, Abuja,” it added.
The engagement followed days of heightened rhetoric from organised labour. The NLC had warned that it would mobilise workers for nationwide protests if the government failed to act on key demands.
These include concrete relief measures to cushion the impact of recent economic reforms, improved wages, and urgent intervention to address the worsening socio-economic conditions faced by workers and their families.
Labour leaders have repeatedly expressed frustration over what they describe as delays in implementing agreements reached during previous negotiations with the Federal Government.
They warned that continued inaction could lead to widespread industrial action and street protests in major cities across the country.
As of the time of filing this report, details of the discussions remain unclear. Neither the Federal Government nor the NLC leadership has issued an official statement on the outcome of the meeting or whether it has altered plans for the proposed protest.
The Nigerian Exchange (NGX) closed marginally higher on Tuesday, buoyed by a sharp increase in trading volume and value largely driven by Access Corp Plc. Investors in the shares of the Tier 1 lender exchanged 385.834 million units valued N7.72 billion in 1,372 deals.
But the stock price remained unchanged at N20.00 per share.
At the end of the session, total transactions stood at 1.026 billion shares exchanged in 23,701 deals, with a market value of N21.83 billion. Compared with the previous trading day, volume rose by 85.52%, while traded value increased by 64.48%. However, the number of deals dropped by 18.01%.
The NGX’s key performance indicators of All Share Index (ASI) and the market capitalisation inched up by 0.01%, closing at 149,459.11 points (+21.23 basis points) and N95.28 trillion respectively.
Banking, consumer stocks drove turnover and value
Trading activity was dominated by banking and consumer goods stocks, as investors focused on high-liquidity stocks. Access Holdings led the activity chart while Sterling Financial Holdings, FCMB Group, and First HoldCo also attracted strong institutional interest.
A total of 129 listed equities participated in trading, ending the session.
In terms of gainers and losers a total of 31 stocks recorded gains led by Aluminium Extrusion Industries, which surged by the maximum 10% to close at N9.35, while 26 stocks recorded losses led by Haldane McCall with the steepest decline, shedding 9.93% to close at N3.72 per share.
Guinness Nigeria followed closely with a 9.98% rally to N263.40 as investors returned to select consumer stocks. MeCure Industries and Multiverse Mining & Exploration also posted near-limit gains of 9.95% each, closing at N45.85 and N12.15, respectively.
On the losing side, LivingTrust Mortgage Bank and Veritas Kapital Assurance both fell by 9.09% to N3.50 and N1.60, while Linkage Assurance also closed lower at N1.65, reflecting profit-taking pressure.
Key market indicators
- ASI: Up 0.01% to 149,459.11 points
- Market Capitalisation: Up 0.01% to N95.28 trillion
- Deals: Down 18.01% to 23,701 deals
- Volume: Up 85.52% to 1.03 billion shares
- Value: Up 64.48% to N21.83 billion
- Market Breadth: Positive, with 31 gainers against 26 losers
- Year-to-Date Market Return: +45.21%
Top 5 Gainers
- ALEX: Up +10.00% to N9.35 from N8.50
- GUINNESS: Up +9.98% to N263.40 from N239.50
- MULTIVERSE: Up +9.95% to N12.15 from N11.05
- MECURE: Up +9.95% to N45.85 from N41.70
- SOVRENINS: Up +9.89% to N4.11 from N3.74
Bottom 5 Losers
- HMCALL: Down −9.93% to N3.72 from N4.13
- LIVINGTRUST: Down −9.09% to N3.50 from N3.85
- VERITASKAP: Down −9.09% to N1.60 from N1.76
- LINKASSURE: Down −5.71% to N1.65 from N1.75
- CHAMPION: Down −5.63% to N13.40 from N14.20
Biggest Volumes
- ACCESSCORP: Traded 385.83 million shares, valued at N7.72 billion
- CHAMPION: Traded 111.78 million shares, valued at N817.82 million
- STERLINGNG: Traded 85.49 million shares, valued at N589.88 million
- FCMB: Traded 74.69 million shares, valued at N791.47 million
- FIRSTHOLDCO: Traded 51.92 million shares, valued at N1.83 billion
Performance across sector indices
The NGX Insurance Index rose by +0.36%, while the Consumer Goods Index advanced by +0.21%, extending its impressive year-to-date gain beyond 100%.
The NGX Pension and Premium indices also closed slightly higher. However, the NGX Top 30 Index dipped by -0.08%, and the Main Board Index edged down by -0.01%.
With liquidity remaining strong and investors rotating into fundamentally sound and high-volume stocks, market sentiment is expected to stay cautiously optimistic in the near term, even as selective profit-taking persists.
At least five soldiers have been killed following an attack by a suspected suicide bomber in Pulka, near Gwoza Local Government Area of Borno State.
The incident reportedly occurred in the early hours of Sunday, according to security sources and local media reports.
As of the time of filing this report, the Nigerian Army has yet to issue an official statement on the attack.
A security source familiar with the incident disclosed that the assailant successfully evaded security checks and made his way to a military checkpoint in the area.
The bomber was said to have spent the night concealed behind sandbags at the location before carrying out the attack the following morning.
According to the source, the suspect infiltrated the area under the cover of darkness and remained hidden until soldiers assigned to man the axis arrived at daybreak.
“He made his way from Mandara Mountain and spent the night at a military sandbag and waited until morning when soldiers who were manning the axis arrived.
“The terrorist approached the soldiers and detonated the bomb that was strapped to his body, killing five soldiers and himself at the spot,” the source said.
Further details revealed that the bomber allegedly came from the Mandara Hills, a rugged terrain along the Nigeria-Cameroon border that has been used in the past by insurgents as a hideout and transit route.
The attack underscores ongoing security challenges in parts of Borno State, despite sustained military operations against insurgent groups in the region.
Residents and security watchers say the latest incident highlights the continued threat posed by suicide bombers and the need for heightened vigilance around military formations and checkpoints.
Linus Aleke in Abuja
The Nigeria Police Force (NPF) yesterday announced the arrest of nine suspected gunrunners and drug traffickers, while also dismantling several criminal networks linked to violent crimes across the country.
The Force Public Relations Officer, CSP Benjamin Hundeyin, who announced the arrest while addressing journalists in Abuja, said the suspects were apprehended by the Force Intelligence Department–Intelligence Response Team (FID-IRT) following coordinated, intelligence-led operations covering seven major cases in different parts of Nigeria.
He added that the operations also led to the recovery of a substantial cache of firearms, ammunition, and illicit drugs.
According to him, those arrested include Adamu Zaki Babangida, suspected of criminal conspiracy, arms trafficking, and unlawful possession of prohibi-
ted firearms; Daudume Bayina, arrested for alleged involvement in arms dealing; and Chibuke Nnaji and Joshua Izang, also known as Buffalo, both apprehended for unlawful possession of prohibited firearms.
Others are John Magah and Ishaya Stephen, alleged to be suppliers of arms; Ifeanyi Egbeke, arrested in connection with illegal drug distribution; Salisu Mohammed, po-pularly known as Mande Dawa, accused of criminal conspiracy, arms trafficking, and unlawful possession of prohibited firearms; and Uchenna Ikpe, who was arrested with 24 bags of Indian hemp.
CSP Hundeyin disclosed that the operations resulted in the seizure of two AK-47 rifles, three pump-action rifles, two single-barrel guns, two Beretta pistols, four locally fabricated revolver rifles, six live cartridges, four magazines, 35 rounds of live ammunition of various calibres, and 24 bags of Indian hemp.
He further revealed that large quantities of controlled pharmaceutical drugs were also recovered.
He stated that investigations showed some of the suspects were long-standing arms suppliers to bandits operating along border communities in Adamawa, Kaduna, Zamfara, and other parts of the North-West.
Others, he said, were involved in the distribution of illicit drugs to criminal gangs responsible for violence and insecurity in several states.
The police spokesperson further noted that ongoing investigations have uncovered operational links between gunrunning, drug trafficking, and kidnapping syndicates, adding that some of the suspects confessed to supplying weapons and drugs to criminal groups over an extended period.
He assured that the Nigeria Police Force remains committed to intensifying intelligence-driven operations to disrupt criminal supply chains, apprehend perpetrators, and enhance public safety nationwide, while the suspects will be charged to court upon the conclusion of investigations.
NDIC begins payment to depositors
By Babajide Komolafe and Emma Ujah
The Central Bank of Nigeria (CBN) has revoked the operational licences of Aso Savings and Loans Plc and Union Homes Savings and Loans Plc, citing persistent violations of regulatory requirements and failure to meet prudential standards governing mortgage banks in Nigeria. The CBN’s decision was part of its ongoing efforts to strengthen the mortgage sub-sector and ensure greater compliance with financial regulations.
In a statement, the Acting Director of the Corporate Communications Department at CBN, Mrs. Hakama Sidi Ali, said the revocation of licences followed significant breaches of the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Revised Guidelines for Mortgage Banks in Nigeria. Both banks were found to be undercapitalised, with share capital below the minimum requirement for their licence categories, insufficient assets to meet liabilities, and failure to comply with several CBN directives.
The CBN emphasized that its actions were necessary to safeguard the financial system and protect depositors. “The CBN remains committed to its core mandate of ensuring financial system stability,” the statement read. This move signals the regulator’s zero-tolerance approach to non-compliance and its determination to rebuild confidence in Nigeria’s mortgage sector.
Following the licence revocation, the Nigeria Deposit Insurance Corporation (NDIC) has begun the liquidation process of both banks. The NDIC will pay insured depositors up to ¦ 2 million, per depositor, in line with the provisions of the Banks and Other Financial Institutions Act. Depositors with balances exceeding ¦ 2 million will receive the insured portion, while the remainder will be settled as liquidation dividends after the sale of assets and recovery of outstanding debts.
The NDIC stated that the payment of insured deposits has already begun, with depositors’ claims being processed through either online or in-person verification. For online claims, depositors are instructed to visit the NDIC claims portal, while those opting for physical verification can visit the closed banks’ branches from December 16 to 30, 2025.
To expedite the payment process, the NDIC has urged depositors to provide proof of account ownership, valid identification, and details of their alternate bank accounts, including Bank Verification Numbers (BVN). The corporation also advised depositors to enable transaction alerts to receive notifications of their payments.
The NDIC will prioritize the settlement of depositors’ claims before addressing creditors’ claims as required by law.
The post CBN revokes licences of Aso Savings, Union Homes appeared first on Vanguard News.
NIGERIA NEWS
Tinubu, Labour leaders hold closed-door talks over planned insecurity protest – Tribune Online
In a last-minute move to placate the Nigeria Labour Congress (NLC) to shelve its planned protests against the rising insecurity situation across the country, the Minister of State for Labour and Employment, Nkeiruka Onyejeocha, led the President of the Organised Labour, Comrade Joe Ajaero, to a meeting with President Bola Tinubu on Tuesday night.
Present at the meeting held behind closed doors at the State House were Imo State Governor and Chairman of the Progressive Governors Forum, Senator Hope Uzodimma; his Edo state counterpart, Senator Monday Okpebholo and Kebbi state governor, Governor Nasir Idris.
Asked by journalists on his mission to the State House, the NLC President said he came for a dialogue.
“We came for consultation with the President, and we are finished, so we have to go back to our meeting and then continue tomorrow. (Wednesday). By tomorrow, we will get the outcome.”
Pressed further to clarify if the NLC would shelve today’s protest based on persuasion by President Tinubu, Comrade Ajaero insisted that he would need to engage other leaders of the organised labour.
“If I’m insisting, I’m not insisting, I will communicate to you. It is not an organisation that one person rules. Let’s go back now. You have a meeting of level and the governor’s forum. We’ll go back to the drawing board and digest all that, Mr. President said to us, and move forward from there.”
Also speaking with State House Correspondents, the Imo State Governor spoke in same vein, submitting that further consultations were ongoing.
He said:” Consultation is going on. We were dialoguing like His Excellency (referring to NLC President) said, at the end of the day, you will know what you are supposed to know and what you want to know.
“Of course, we are here to serve the country, both the labour, the government and the governed . We are all working to serve the nation.”
Minister of Labour, however, described the deliberation with President Tinubu as fruitful.
She said:” Members of NLC wanted to see Mr. President, and they’ve seen Mr. President, and of course, you know, they are happy they’ve seen Mr. President, and they’ve heard first hand that at least the President has driven the economy out of the woods, so it’s very good news ”
READ MORE FROM: NIGERIAN TRIBUNE
NIGERIA NEWS
Malumfashi LGA Chairman Allegedly Leads Armed Group to Rescue 10 Kidnap Victims — Akelicious
The Chairman of Malumfashi Local Government Area, Muntari Abdullahi, has allegedly led a group of armed men described as bandits to rescue 10 kidnapped victims, in an operation said to have been backed by the Katsina State Government.
According to sources, the controversial rescue took place under unclear circumstances, raising questions about the identity of those involved and the role of government authorities in the operation. While the victims were reportedly freed unharmed, details surrounding the engagement, including how the abductors were confronted and whether any arrests were made, remain sketchy.
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One person has been killed, while another sustained injuries in a lone fatal motorcycle accident that occurred on Tuesday night in Jagilegbo area of Ifetedo, Osun State.
The fatal crash according to a First Incident Report issued by Agnes Ogungbemi, the Spokesperson occured at about 9:45 p.m. along the township route.
According to the report, “two adult males were involved in the incident, which involved a single unregistered motorcycle.
“The motorcycle, a black TVS model, was said to have been travelling at high speed before the crash occurred and overspeeding was the possible cause of the accident.
“One of the riders died at the scene, while the second victim sustained head injuries and bruises.
“The injured victim was promptly rescued and taken to a general hospital for medical treatment and the corpse of the deceased was deposited at Divine Haven Morgue in Ondo.”
Confirming the incident, the Osun State Sector Commander of the FRSC, CC Leye Adegboyega, warned road users against excessive speeding.
He also advised motorists to ensure their vehicles are properly registered and stressed that adherence to traffic regulations would help reduce road accidents.
Abia State government has assured members of the Abia State Tricycle Operators Union, ASTOPU, that the electric buses being introduced in the State will not drive them away from jobs, but will complement transport services in the State.
Commissioner for Transport, Chimezie Ukaegbu disclosed this on Tuesday, at Aba Town Hall during the 2025 ASTOPU reward and empowerment ceremony.
He assured that under the watch of Governor Alex Otti, tricycle operators would continue to do their operations, considering their contributions to the state’s revenue.
Ukaegbu also said that tricycle operators in Abia state, especially those in Aba, have shown great support to the state government and advised them to prioritise their security and safety by avoiding alcoholism.
He promised that his Ministry, in partnership with the office of the Senior Special Assistant to the Governor on Transportation, would continue to protect them and urged ASTOPU executives to maintain visionary leadership.
Also speaking, the Senior Special Assistant to the Governor on Transportation, Obioma Nwaogbe said that Tricycle operators are benefitting from the State government’s infrastructure.
Earlier in his address, the Chairman of ASTOPU, Victor Azubuike said the executive arm of the union organised the event to reward 164 tricycle operators who returned forgotten items to their office for their original owners to reclaim, and to encourage good conduct among the transporters.