The Nigerian stock market experienced a significant boost on Tuesday, with the main equity index rising 0.8 percent, adding N472 billion in value. The surge was primarily driven by the Nigerian Communications Commission's approval of a 50 percent tariff increase, which sparked heightened interest in MTN Nigeria's shares.

MTN Nigeria, a telecommunications giant and the country's second-largest company by market capitalization, saw its stock jump 10 percent to close at N256.3. This performance was particularly notable, as the company represents 8.5 percent of the market's total value.

The insurance sector emerged as the top performer among market indexes, with the NGX Insurance index improving by 1 percent. Universal Insurance and Royal Exchange Insurance were key contributors to this sector's gains.

Market dynamics revealed a mixed trading environment. While 29 stocks gained ground, 28 experienced losses, indicating a balanced yet cautious investor sentiment. The all-share index climbed to 103,138, with market capitalization reaching N63.3 trillion.

Top Performers:

1. MTN Nigeria: +10% (N256.3)

2. SCOA: +9.93% (N2.99)

3. Omatek: +9.88% (N0.89)

4. Universal Insurance: +8.70% (N0.75)

5. CAP: +8.52% (N47.75)

Notable Declines:

1. National Sports Lottery: -9.88% (N0.73)

2. Abbey Building Society: -9.09% (N3.30)

3. Sunu Assurance: -8.21% (N6.15)

4. Deap Capital: -7.08% (N1.05)

5. C&I Leasing: -6.80% (N4.10)

Investment analysts at United Capital advised investors to proceed with caution, emphasizing the importance of focusing on stocks with strong fundamentals and potential corporate actions.

Year-to-date, the market index has marginally increased by 0.2 percent, reflecting the ongoing volatility and potential opportunities in the Nigerian stock market.​​​​​​​​​​​​​​​​

The Nigeria Labour Congress (NLC) has criticized the federal government and telecommunications companies for approving a 50% increase in telecom tariffs, describing the move as an attack on Nigerians’ welfare amid the country’s worsening economic conditions.

Speaking at the Labour House in Abuja on Wednesday, NLC President Joe Ajaero condemned the tariff hike, calling it a blatant disregard for the struggles of ordinary Nigerians. While acknowledging the impact of inflation on the economy, Ajaero stated that the approved rate of increase was excessive and unjustified.

Ajaero also criticized members of the National Assembly for failing to stand with the majority of Nigerians on policies that exacerbate economic hardship. He demanded the immediate suspension of the tariff hike, which was approved by the Nigerian Communications Commission (NCC).

“The Nigeria Labour Congress expresses its unequivocal condemnation of the Federal Government’s approval of a 50% increase in telecom tariffs. This decision, made at a time when Nigerian workers and citizens are enduring unprecedented economic hardship, is a clear assault on their welfare and an abandonment of the people to corporate greed,” Ajaero said.

Highlighting the burden the tariff hike would place on workers, Ajaero explained that telecommunications are essential for daily communication, work, and access to information. For a worker earning the minimum wage of ₦70,000, the cost of telecom services would rise from ₦7,000 to ₦10,500 monthly—equivalent to 15% of their salary.

“This hike shows how easily the government prioritizes corporate profits over citizens’ welfare,” Ajaero said. “It is appalling that this increase was approved within a month, while it took nearly a year for the government to implement the recent minimum wage despite skyrocketing inflation.”

He questioned when the government and the National Assembly would take meaningful action to protect the interests of ordinary Nigerians instead of wealthy corporations.

The NLC president criticized the lack of consultation with key stakeholders before the tariff hike was announced and called for immediate dialogue to reassess the increase. He emphasized that while the NLC is not against a review of telecom tariffs, the current rate of increase is unacceptable.

“We are open to discussions on the need for a review, but the approved 50% hike is unreasonable. We urge the government, NCC, and National Assembly to suspend the implementation and initiate a dialogue to arrive at a more humane adjustment,” Ajaero stated.

To resist the hike, Ajaero warned of the possibility of a nationwide boycott of telecommunications services. He urged Nigerian workers and citizens to prepare for collective action, including protests and service boycotts, to force the government to reverse the decision.

“This fight is for our dignity, our rights, and our survival. The Nigeria Labour Congress will continue to defend the interests of workers and the masses. We must reject policies that deepen poverty and inequality. Together, we will resist this injustice and demand that the government put the welfare of its citizens above corporate interests,” Ajaero concluded.

Beatrice Ekweremadu, wife of former Deputy Senate President Ike Ekweremadu, has been released from a UK prison and has returned to Nigeria.

A family source confirmed to the BBC on Wednesday that Beatrice returned to the country three months ago following her incarceration.

In March 2023, Beatrice, her husband Ike, and a medical doctor, Obinna Obeta, were convicted under the UK’s Modern Slavery Act of 2015 for conspiring to traffic a young Nigerian man for organ harvesting. This landmark case was the first conviction under the legislation.

On May 5, 2023, the court sentenced Ike Ekweremadu to nine years and eight months in prison, Beatrice to four years and six months, and Obeta to 10 years.

Delivering the judgment, Jeremy Johnson ruled that Beatrice would serve half of her sentence in custody, with the remainder to be served under license. The court also considered the period she spent under electronically monitored curfew and remand when calculating her prison term.

The Ekweremadus were found guilty of arranging for a young Nigerian man to travel to the UK in February 2022 with the intent of harvesting his kidney for their ailing daughter, Sonia. The man, who had reportedly been promised a job in the UK, alerted authorities in May 2022, claiming he had been brought to the country for an organ transplant.

Beatrice’s release and return to Nigeria come as her husband continues to serve his prison sentence in the UK.

Hamas' tight grip on Gaza complicates plan for lasting peace

In neighbourhoods levelled by 15 months of war with Israel, Hamas officials are overseeing the clearance of rubble in the wake of Sunday's ceasefire. The group's gunmen are guarding aid convoys on Gaza's dusty roads, and its blue-uniformed police once again patrol city streets, sending a clear message: Hamas remains in charge.

Israeli officials have described a parade of jubilant Hamas fighters that celebrated the ceasefire on Sunday in front of cheering crowds as a carefully orchestrated attempt to exaggerate the Palestinian militant group's strength.

But, in the days since the ceasefire took effect, Gaza's Hamas-run administration has moved quickly to reimpose security, to curb looting, and to start restoring basic services to parts of the enclave, swathes of which have been reduced to wasteland by the Israeli offensive.

Reuters spoke to more than a dozen residents, officials, regional diplomats and security experts who said that, despite Israel's vow to destroy it, Hamas remains deeply entrenched in Gaza and its hold on power represents a challenge to implementing a permanent ceasefire.

The Islamist group not only controls Gaza's security forces, but its administrators run ministries and government agencies, paying salaries for employees and coordinating with international NGOs, they said.

On Tuesday, its police and gunmen – who for months were kept off the streets by Israeli airstrikes – were stationed in neighbourhoods through the Strip.

"We want to prevent any kind of security vacuum," said Ismail Al-Thawabta, director of the Hamas-run Gaza government media office. He said that some 700 police were protecting aid convoys and not a single truck had been looted since Sunday – a contrast to the massive theft of food by criminal gangs during the conflict.

A spokesperson for the United Nations in Geneva confirmed on Tuesday there had been no reports of looting or attacks on aid workers since the ceasefire took effect.

In recent weeks, Israeli airstrikes have targeted lower-ranking administrators in Gaza, in an apparent bid to break Hamas' grip on government. Israel had already eliminated Hamas' leadership, including political chief Ismail Haniyeh and the architects of the Oct. 7 attack, Yahya Sinwar and Mohammed Deif.

Despite the losses, Al-Thawabta said the Hamas-run administration continued to function. "Currently, we have 18,000 employees working daily to provide services to citizens," he said.

The Hamas-run municipalities had begun on Sunday clearing the rubble from some roads to allow vehicles to pass, while workers repaired pipes and infrastructure to restore running water to neighbourhoods. On Tuesday, dozens of heavy trucks ferried debris from destroyed buildings along the enclave's dusty main arteries.

Israeli Prime Minister Benjamin Netanyahu has not articulated a vision for Gaza's postwar future beyond insisting the Islamist group can play no role and stating that the Palestinian Authority – a body set up under the Oslo peace accords three decades ago that partially administers the occupied West Bank - also cannot be trusted under its current leadership. The Israeli government did not respond to Reuters' questions.

Joost Hiltermann, of the International Crisis Group, said Hamas' firm grip on Gaza presented Israel with a dilemma.

"Israel has a choice, to continue fighting in the future and killing people - and that hasn't worked in the past 15 months - or it can allow an arrangement where the Palestinian Authority takes control with Hamas' acquiescence," Hiltermann said.

Hamas' military capability is hard to assess because its rocket arsenal remains hidden and many of its best trained fighters may have been killed, Hiltermann said, but it remains by far the dominant armed group in Gaza: "Nobody is talking about the PA taking over Gaza without Hamas' consent."

While senior Hamas officials have expressed support for a unity government, Mahmoud Abbas, the head of the Palestinian Authority and a longtime adversary of Hamas, has not given his assent. Abbas's office and the Palestinian Authority did not respond to a request for comment.

FRESH NEGOTIATIONS

Under the terms of the ceasefire, Israel must withdraw its troops from central Gaza and permit the return of Palestinians to the north during an initial six-week phase, in which some hostages will be released. Starting from the 16th day of the ceasefire, the two sides should negotiate a second phase, expected to include a permanent ceasefire and the complete withdrawal of Israeli troops.

Reconstruction, expected to cost billions of dollars and last for years, would only begin in a third and final phase.

The deal has divided opinion in Israel. While there was widespread celebration of the return of the first three hostages on Sunday, many Israelis want to see Hamas destroyed for its Oct. 7, 2023 attack on Israel in which 1,200 people were killed and more than 250 taken hostage.

Even before the ceasefire took effect, members of Netanyahu’s cabinet said they favoured returning to war to remove Hamas from power, once hostages have returned home. Three far-right ministers resigned.

"There is no future of peace, stability and security for both sides if Hamas stays in power in the Gaza Strip," Foreign Minister Gideon Saar said on Sunday.

A spokesman for Hamas' armed wing, Abu Ubaida, told Reuters the militant group would honour the terms of the ceasefire and urged Israel to do the same.

Fifteen months of war have left Gaza a wasteland of rubble, bombed-out buildings and makeshift encampments, with hundreds of thousands of desperate people sheltering from the winter cold and living on whatever aid can reach them. More than 46,000 people have been killed, according to Palestinian health authorities.

The ceasefire deal calls for 600 trucks of aid per day to reach Gaza. Al-Thawabta, the spokesman for the Hamas-run administration, said it was liaising with UN bodies and international relief organizations about security for aid routes and warehouses, but the agencies were handling the distribution of aid.

A U.N. damage assessment released this month showed that just clearing away the more than 50 million tonnes of rubble left in the aftermath of Israel's bombardment could take 21 years and cost up to $1.2 billion.

On Sunday, as Hamas' security forces paraded on the streets, some residents had expressed pride that it had survived the onslaught.

"Name me one country that could withstand Israel's war-machine for 15 months," said Salah Abu Rezik, a 58-year-old factory worker. He praised Hamas for helping to distribute aid to hungry Gazans during the conflict and trying to enforce a measure of security.

"Hamas is an idea and you can't kill an idea," Abu Rezik said, predicting the group would rebuild.

Others voiced anger that Hamas' Oct. 7, 2023 attack had brought destruction to Gaza.

"We had homes and hotels and restaurants. We had a life. Today we have nothing, so what kind of a victory is this?" said Ameen, 30, a Gaza City civil engineer, displaced in Khan Younis. "When the war stops, Hamas must not rule Gaza alone."

NO RIVALS

Since 2007, when Hamas drove out the Palestinian Authority dominated by the rival faction Fatah after a brief civil war, it has crushed opposition in Gaza. Supported by funds from Iran, it built a feared security apparatus and a military organization based around a vast network of tunnels - much of which Israel says it destroyed during the war.

The Palestinian Authority still pays the wages of thousands of government employees in Gaza involved in health and education, who report to ministries in the West Bank, and it provides support to many families of Palestinians killed or jailed by Israel. While the Authority says it is the only body with the legitimacy to govern post-war Gaza, it has no presence in the enclave and little popular support, polls show.

Israel has floated tentative ideas for post-war Gaza, including coopting local clan leaders - a number of whom were immediately assassinated by Hamas - or using members of Gazan civil society with no militant ties to run the enclave. But none has gained any traction.

Key donors, including the United Arab Emirates and U.S. President Donald Trump's new administration, have stressed that Hamas - which is designated as a terrorist organization by many Western countries - cannot remain in power in Gaza after the war.

Diplomats have been discussing models involving international peacekeepers, including one that would see the United Arab Emirates and the United States, along with other nations, temporarily overseeing governance, security and reconstruction of Gaza until a reformed Palestinian Authority is able to take charge.

Another model, supported by Egypt, would see a joint committee made up of both Fatah and Hamas run Gaza under the supervision of the Palestinian Authority.

Michael Milshtein, a former Israeli military intelligence officer now at the Moshe Dayan Center for Middle Eastern and African Studies in Tel Aviv, described Hamas’ public willingness to discuss a unity government as "cosmetic".

"As long as they are behind the scenes, handling matters, they don't care that there will be a committee as a front," he said.

On Monday, shortly after taking office, Trump expressed skepticism about the Gaza ceasefire deal, when asked if he was confident that all three phases of the agreement would be implemented. He didn't elaborate further.

A spokesperson for the Trump camp did not respond to a request for comment.

Reuters

If, by the end of his tenure, Bola Tinubu did not activate a socio-political orientation programme, he would have become the first president since 1983 to buck the trend. Civilian and military presidents have had one “ethical revolution” project or the other; so far, it is unclear whether Tinubu will sustain the trend. To clarify things a bit, two of the leaders we have had since 1983 (Ernest Shonekan, August–November 1993; Abdusalami Abubakar, June 1998 – May 1999) are exceptions. That is because their short-lived respective administrations were largely transitory. They had neither the time nor the stability to first entrench themselves and then attempt to define a national moral vision.

Leaders (political or not) usually promise their tenure will be a time of moral renewal, a reformation of values on which the political economy would be planked. Shehu Shagari’s “Ethical Revolution” was thus not the beginning of such aspirations, only its formalisation. That was the first time a Nigerian leader would propose reforming society’s values and attitudes through bureaucracies rather than the traditional channels of family, religion, and social groups. It is not hard to see where Shagari was coming from and what drove him toward such aspirations. The decade before him, Nigeria had gone through a civil war. No matter who you are before a war, you never remain the same after it. No one witnesses a war without having the edges of their humanity tweaked by the ugliness.

Following the ravaged days of war were the years of the oil windfall. Nigeria earned such astounding revenue from oil but unfortunately lacked visionary leaders. Those who gunned their way into power had no lofty agenda other than power as an end in itself. Thus began Nigeria’s Age of Waste, when superficialities supplanted substance. Nigeria not only frittered good money away, but we also effectively became a mono-economy and a consumocracy—people consuming everything yet producing nothing. Nigeria’s political economy was forever changed, and the imprudence of that era still haunts us.

Even if Shagari had lasted in power, his Ethical Revolution would still have failed to resolve the problems of our national character it tried to address. His government was not only morally compromised, but the character defect had also become ingrained.

Then came the supposed tough guy, Muhammadu Buhari, who introduced War Against Indiscipline. His was not going to a revolution of ethics by persuasion but through chastisement. Still, he failed. WAI was kicked out with Buhari. Good riddance, the nation thought. Then came Ibrahim Babangida with Mass Mobilization for Self Reliance, Social Justice, and Economic Recovery. The programme rehashed the same ideals as earlier ones: eschew wastefulness, value productivity, uphold truth and integrity, and above all, place the Nigerian identity at the crux of competing self-identifications. Of all the socio-political orientation programmes, this lasted the longest. That is not because its character reformation agenda succeeded; MAMSER mutated into the National Orientation Agency.

When Sani Abacha came into power, he introduced his version that, even by its very name, Not in Our Character, denies the reality of Nigeria’s social character. Every vice that was purportedly not in our character and which we were expected to denounce was, in fact, the substance of our character. Not in Our Character died before Abacha. When Olusegun Obasanjo got into power, he launched the Heart of Africa project that modified the reformation agenda from changing our manners to an outward projection of values. The national ethos he aimed to create was no longer just for intramural purposes but also to announce us as a relaunched economy, full of a young, dynamic, and resourceful population ready to engage in creative pursuits. It was the start of a new millennium, and the Obasanjo era, the beginning of the Fourth Republic, were the heady days of optimism.

Unfortunately, what started as a well-placed faith in the promise of new beginnings gradually gave way to a disillusionment that diseased the heart of Africa. Obasanjo had neither the personal discipline nor leadership integrity to advance his envisioned Nigerian ideal. His successors, Umaru Yar’Adua and Goodluck Jonathan, maintained the tradition by launching Rebranding Nigeria, (and which gave us the catchy slogan, Good People, Great Nation). Their vision barely survived the troubled days of the Yar’Adua Presidency. By the time Jonathan got into power, Rebranding Nigeria had become past tense.

Buhari’s second coming saw a re-launch of his old WAI gimmick, Change Begins With Me, but without soldiers ‘bulala’ to drive compliance. That programme did not survive the hypocrisy of the Buhari Presidency. After spending so much campaign time promising they would bring change to Nigeria, Change Begins With Me tried to push that responsibility back to the people who had looked up to them to set personal examples. It would perhaps have been easier to persuade the public to moral reform if Buhari himself had not been funded to power—and supported all through—by degenerate beings whose public life violently antagonised the ethos of change. Nobody could take Buhari seriously for too long. In any case, it was not long before both the project and its proponent (the major one being Lai Muhammed) fell into disrepute on account of their lack of character.

Tinubu got into power already weighed by many burdens, some of which had to do with the economic climate of 2023. Nigerians had just gone through one of the most enervating policies—the naira redesign project—that left everyone impoverished and sore. To speak of any ethical revolution in that context was to be more tone-deaf than Shagari whose project was activated when the enervated public had written him off as corrupt. Tinubu faced the unresolvable crisis of his legitimacy, and the unfavourable perception of his moral character has so far regulated his relationship with the public. While Buhari could posture anti-corruption by valorising poverty before his talakawa mentality followers, whose only desire in this world is to see the affluent humbled, Tinubu’s luxury life brooks no such pretence. He once publicly boasted that he is richer than a whole state in the country—a pretty bold claim for a man to whom you cannot trace any productivity.

Tinubu’s precedents also make it hard for him to speak against corruption or urge us to higher ideals. With which mouth will a man who cannot elaborate his pedigree, personal and professional, exhort anyone to virtue? The few times he tried to mention the platitude of “anti-corruption”, he came across as funny-laughable and funny-ridiculous. So far, the only intervention he has made in terms of defining a Nigerian character was to change the national anthem. That decision speaks more to his head being buried between the laps of nostalgia for a Nigeria long gone than a vision of a future to which we can all aspire. As I said before, and still certain of, the 2027 election will test Tinubu’s commitment to a Nigeria where people remain an indissoluble nation even though “tribes and tongue” differ.

Sincerely, I am relieved that he has avoided posturing an ethical revolution in a country where people are struggling with his impoverishing policies. Nigeria does not need to add another jeun jeun national project. Still, whatever the moral and managerial deficiencies of Tinubu, our society needs a defined moral vision that will drive social reformation. We need a leader with charisma and integrity to compel the better angels of beings and drive us to do great things. Despite all their ethical revolution agenda, our previous leaders serially failed in this quest largely because they would/could not muster the force of will that has made great leaders push their nations from the brink into prosperity and progress. Our current leader? I am not sure he will be any different.

Punch

On Monday, an unnamed group of Northern Nigerians led by Jamilu Majia and Adams Funtua organised a luncheon to celebrate Donald Trump’s inauguration as the 47th President of the United States.

Majia, a musician, composed and released a music video in November 2024 to drum up support for Trump during the build-up to the presidential election.

In the music video posted on his TikTok page, he extolled Trump and urged Americans to vote for his return to the White House.

In the music video, children hold American flags and wear customised vests while singing about Trump.

However, the luncheon video he posted on his TikTok to celebrate Trump’s inauguration sparked mixed reactions and raised questions among netizens.

He posted the viral video with the caption, “Congratulations, President #Trump Inaugural Luncheon in Nigeria.”

A video from the gathering continues to trend online.

The one-minute, thirty-one-second video showcases jubilant Hausa participants singing in their native language, clapping, and expressing joy in honour of the occasion.

Analysis

The video featured attendees dressed in traditional Hausa attire, a dignitaries’ table adorned with juice, Coke, and water, and a banner in the background that read, “Congratulations, Mr. President. Trump’s inauguration.”

Set amidst vibrant decorations, the celebration included traditional Nigerian cuisine, such as jollof rice and suya, creating a lively atmosphere filled with cultural pride and festivity.

A special song was composed for Mr Trump in Hausa, accompanied by English subtitles. In the video, which had sparked discussions about the global interest in American politics, attendees stood, clapped, and danced enthusiastically to the song.

A woman and children were also seen at the front of the dignitaries’ table, singing, clapping, and dancing in unison with the celebratory crowd.

The song’s lyrics praised Trump’s boldness and commitment, describing him as a great leader chosen by God.

They sang, “In God, we trust Africa; in God, we trust America. Oh! Hail Donald Trump, the American President. Oh! Hail Donald Trump, America. We’re all in support. Donald Trump is the President. The great leader, Trump, may God uplift your dignity.

“God chose you, made you, and protected you. Always take care of your supporters. America loves you. Oh, hail Donald Trump. Africa is also praising you, Asia is praising you, the Middle East is praising you, and Latin America is praising you. Everyone supports you, and everyone believes in you, Donald Trump.”

Not the first time

This newspaper gathered that it was not the first time Nigerians celebrated Trump in election-related matters. They celebrated him after he won the presidential election in November 2024.

More so, in November 2020, a rally was held in Onitsha, Anambra State, to drum support for the 78-year-old when he sought a reelection. During the event, a group organised a pro-Trump rally to mobilise support for him.

The group, consisting primarily of women and youths, marched through the streets while singing victory songs for Trump, whom they believed deserved another term in office.

Dressed in white and blue uniforms, they waved the United States flag alongside banners and placards bearing inscriptions such as “Make America Great Again” and “President Trump: America needs a man like you.”

Trump tweeted about the rally, captioning it: “A parade for me in Nigeria, a great honour!”

However, Trump of the Republican Party lost his re-election bid to the immediate past President Joe Biden of the Democratic Party.

This newspaper earlier reported that two prominent Nigerians, William Kumuyi, founder of the Deeper Christian Life Ministry, and renowned gospel artiste Nathaniel Bassey, ministered during Trump’s inauguration.

Kumuyi led a prayer session at President Trump’s Inaugural Prayer and Praise Convocation on Sunday in Washington, D.C., while Bassey performed at the inaugural prayer breakfast. The prayer breakfast is a non-political, faith-based event held every four years before the swearing-in of a new administration.

PT