General News
Nigeria Sinks Below Zimbabwe Stock Valuations

Nigeria’s Islamist insurgency, tumbling oil revenue and a looming presidential election have turned the nation’s stocks into Africa’s biggest laggards, according to Bloomberg.
The country’s main equity index lost 25 percent this quarter after tumbling to a 22-month low, the continent’s largest retreat.
The Nigerian measure dropped to 8.1 times estimated earnings Dec. 11 in Lagos, falling below Zimbabwe for the first time since Bloomberg started tracking the southern African nation in 2010.
Bloomberg reported that tension in Africa’s largest economy is escalating before polls in February pitting southern Christian President Goodluck Jonathan against former military ruler Muhammadu Buhari, a northern Muslim, with attacks by the Islamist militant group Boko Haram killing at least 450 people in November.
Crude’s plunge below $65 a barrel has deepened the rout as Nigeria needs a price of $126 to balance its budget, more than any other major developing-nation producer bar Venezuela and Bahrain, according to Deutsche Bank AG.
“The government situation is somewhat chaotic,” Mark Mobius, who oversees about $40 billion as the executive chairman of Templeton Emerging Markets Group, said by phone from Bangkok on Dec. 9.
“You’re going to get a lot of hesitation on the part of investors” until after the polls, he said.
The Nigerian Stock Exchange All Share Index decreased 3.5 percent to 31,062.03, the lowest level since January 2013. The gauge has dropped 28 percent from this year’s high in July.
It is the fourth-biggest fall among 93 stock gauges tracked by Bloomberg worldwide this quarter through Dec. 11.
The last time Nigeria held general elections in 2011, stocks declined 1 percent in the six months before the April poll to end the year 16 percent down.
Jonathan’s victory triggered riots across the north that killed more than 800 people and led to the burning of churches, mosques and homes and was challenged by the runner-up.
Investors are more concerned this year as increased attacks by Boko Haram “make these elections particularly fraught,”
Nnamdi Obasi, a senior analyst for West Africa at Brussels-based International Crisis Group, a conflict resolution organization, said in a report last month.
Consumer and energy shares have been among the biggest drags on the benchmark index. Dangote Cement Plc, controlled by the continent’s richest man, Aliko Dangote, has dropped 28 percent this year.
The stock makes up about a quarter of the gauge’s $62 billion market capitalization. FBN Holdings Plc, owner of the country’s biggest lender, fell 47 percent amid higher capital requirements.
The estimated price-to-earnings ratio for Nigeria is the lowest of nine of the largest markets in sub-Saharan Africa and compares with 8.14 times for the main measure of the stock exchange in Zimbabwe, where a decade-long recession that began in 2000 reduced the size of the economy by half.
Kenya’s Nairobi All Share Index is valued at 11.4, while Russia’s Micex Index is at 4.6 times estimated earnings as the economy teeters on recession amid international sanctions against the world’s biggest energy exporter. Brazil’s Ibovespa Index is valued at 10.3, while the MSCI Frontier Markets Index measures 9.1.
The selloff in some consumer stocks and banks has been extreme even after accounting for a more difficult business environment amid lower oil prices, Joseph Rohm, who helps manage about $2 billion in Africa for Investec Asset Management, said by phone from Cape Town Dec. 10. “It’s a better environment now for stock-pickers with a long-term horizon.”
Nigerian securities will rebound in 2015 if the political environment improves, Mobius said. The $1.8 billion Templeton Frontier Markets Fund hasn’t reduced its exposure to Nigeria during the recent downturn, he said.
The latest data from Nigeria’s stock exchange show foreign investors have been net sellers of the nation’s shares and bonds on the whole. They pulled $273 million from the country in October, the most since February when central bank Governor Lamido Sanusi was suspended.
Oliver Bell, a money manager at T. Rowe Price Group Inc. in London, said last month that the firm’s Africa and Middle East fund has cut holdings of Nigerian shares to the lowest level since the fund’s inception in 2007, even as he predicts the country’s long-term investment case will stay intact.
“We’re not seeing this as a buying opportunity at all,” David Wickham, director of frontier and emerging-market equity at HSBC Global Asset Management, which has $850 million in frontier market shares, said by phone from London Dec. 10.
“It’s a pretty challenging period. Most investors, unless they’re extremely contrarian, will sit back and wait.”
While Jonathan will probably win the elections, he is weakened by Boko Haram’s Islamist attacks along with his administration’s failure to curtail corruption and by senior party member defections to the opposition, Sebastian Spio- Garbrah, managing director at New York-based consultancy DaMina Advisors LLP, said last month.
Nigeria’s economy, which relies on oil for more than 90 percent of exports and 70 percent of government revenue, is getting buffeted by Brent crude’s more than 40 percent plunge since June to the lowest level in more than five years.
The finance ministry, which had projected 6.35 percent economic growth in 2015, may reduce that forecast by about one percentage point next week, spokesman Paul Nwabuikwu said by phone Dec. 10 from the capital, Abuja.
The central bank raised interest rates to a record 13 percent last month in a bid to stem capital outflows and defend the local currency, which dropped to a record low against the dollar on Dec. 2 and is heading for its biggest annual decline since 2008. The naira weakened 0.3 percent to 181.82 per dollar as of 9:50 a.m. in Lagos, extending losses this quarter to 9.9 percent.
“In the next 30 years, it’s a fantastic place to be,” said HSBC’s Wickham. “Right now, it’s a different story.”
General News
ARN Rejects Medical Bill over Attempt to ‘Scrap’ Profession

Association of Radiographers of Nigeria (ARN) has rejected the Medical and Dental Practitioners Act (Repeal and Re-enactment) Bill 2026 currently before the National Assembly, describing it as a targeted and calculated existential assault on their profession.

According to the body the legislative attempt will erode the profession of radiography and transfer its statutory responsibilities to the Medical and Dental Council of Nigeria.
Dr Musa Dembele, president of the association, gave the warning while addressing a press conference at the Kano NUJ Press Centre on Saturday.
He said, “The Medical and Dental Practitioners Act (Repeal and Re-enactment) Bill, 2026 (HB 2695) is not a reform but a targeted, calculated, and existential assault on the profession of radiography.”
He also described the bill as an attempt to introduce a “jurisdictional override” intended to dismantle the Radiographers Registration Board of Nigeria.
“This is a legislative execution of a profession that has served Nigeria for over 50 years,” he said.
Dembele pointed to Section 8(1) of the bill, which grants the Medical and Dental Council of Nigeria exclusive authority, describing it as “a legislative nuclear weapon” that strips the Radiographers Registration Board of Nigeria of its mandate.
The association also accused the bill of “conceptual theft” by redefining radiology in a way that erases radiography as an independent scientific discipline.
“The bill seeks to legally erase radiography as an independent profession and subjugate radiographers to the disciplinary authority of a council composed of individuals with no expertise in radiographic science,” the association said.
On financial matters, the association accused the bill of promoting “extortion as regulation,” noting that it mandates that 70 per cent of practising fees be shared with the Nigerian Medical Association.
“This reveals the true motive — financial colonisation,” Dembele said.
The association also raised concerns over HB 2699, the Radiographers Registration Board of Nigeria Amendment Bill, which it said seeks to weaken the board from within.
It described the inclusion of medical doctors on the board as “a fundamental violation of the doctrine of professional self-regulation” and warned against excessive ministerial control that could politicise regulation.
The association stressed that globally, radiography regulation is profession-led, citing examples from the United Kingdom, Canada, and Australia, and noted that Nigeria cannot afford to adopt a substandard model that contradicts established international norms.
The association therefore called on the National Assembly to protect the integrity of the Nigerian healthcare system by rejecting the bill in its entirety.
It also called for a stakeholders’ summit to develop a harmonised regulatory framework that respects the co-equal status of all health professions, as obtained in the United Kingdom, Canada, and Australia.
“The association aligns with the position of the Joint Health Sector Unions, medical laboratory scientists, physiotherapists, and other critical stakeholders who have also rejected similar legislative attempts,” he added.
General News
Zarttech Reflects on Its Role in Changing Global Perceptions of Africa

Zarttech extends a sincere apology to individuals and partners who may have been affected during the course of its operations. The company recognizes that its journey included challenges and acknowledges the importance of accountability, respect, and transparency toward everyone who was part of its story.

At its core, Zarttech was founded with a mission to bridge the global tech talent gap by connecting diverse IT professionals with opportunities around the world. The company sought to remove barriers that often prevent talented individuals from accessing global work, while promoting fairness and reducing bias in the technology recruitment process.
Through its work, Zarttech contributed to a broader shift in how Africa is perceived in the global technology ecosystem. By highlighting the expertise, creativity, and potential of African developers and technology professionals, the company helped bring greater visibility to the continent’s growing pool of world-class talent.
Zarttech’s mission centered on creating opportunities that connected businesses with skilled professionals across Africa, Europe, and South America while demonstrating that innovation and excellence in technology know no geographic boundaries.
Beyond its business activities, Zarttech also supported initiatives aimed at empowering women in technology across Africa through training and education programs, reinforcing its belief that inclusive access to opportunity can help shape a more equitable global tech industry.
While the company’s chapter has come to an end, the impact of the conversations it helped spark about African talent, global collaboration, and opportunity without borders continues to be part of a larger movement transforming the global technology landscape.
General News
NCDMB secures lead local content role at African Energy Week 2026

Nigerian Content Development and Monitoring Board (NCDMB) has been named a Local Content Partner at African Energy Week (AEW) 2026, in a move that positions the agency as a key driver of indigenous capacity building in Africa’s energy sector.

NCDMB
The event, scheduled to hold from October 12 to 16 in Cape Town, South Africa, will give the NCDMB a high‑profile platform to showcase Nigeria’s local content framework, industrial projects and investment opportunities to global investors and policymakers.
The NCDMB, a parastatal regulatory agency under the Federal Ministry of Petroleum Resources, has increasingly anchored its interventions on skills development, infrastructure and industrialisation.
In March 2026, the board launched a 12‑month pipeline engineering training programme for 33 young engineers in Port Harcourt, in partnership with Renaissance Africa Energy and MJD Oilfield Services.
The programme focuses on pipeline pigging, corrosion control and integrity management, aligning the workforce with major government infrastructure projects such as the Ajaokuta‑Kaduna‑Kano Gas Pipeline.
On infrastructure, the NCDMB is advancing construction of a 204‑room Radisson‑managed hotel and conference centre in Yenagoa, Bayelsa State, expected to be commissioned in December 2026. Located adjacent to the Nigerian Content Tower, the facility is designed to support industry collaboration, conferences and business meetings within the local content ecosystem.
The board has also commissioned a Clinical Skills and Simulation Laboratory at Bayelsa Medical University, enhancing healthcare training and service delivery in host communities through modern simulation technology.
Industrial expansion remains a core pillar of the NCDMB’s strategy. Under the Nigerian Oil and Gas Parks Scheme, pilot parks in Odukpani, Cross River State, and Emeyal‑1, Bayelsa State, are nearing completion and are projected to generate about 2,000 jobs each.
These shared‑services industrial hubs are designed to localise manufacturing, reduce project costs and enable indigenous companies to scale up production along the upstream and midstream value chains.
From a financing and policy standpoint, the NCDMB is deploying multiple funding mechanisms, including a 100‑million‑dollar equity investment scheme, a 500‑million‑dollar intervention fund and a 20‑million‑dollar initiative targeted at women‑owned enterprises in the oil and gas sector.
Recent enforcement measures, such as tighter expatriate quota controls and mandatory compliance certification for operators, signal a shift toward deeper localisation, greater transparency and stronger investor confidence in Nigeria’s energy industry.
Speaking on the significance of the board’s role at AEW 2026, the Executive Chairman of the African Energy Chamber, NJ Ayuk, said the NCDMB’s participation underscores Africa’s commitment to building domestic capacity and retaining value within the continent.
“Local content is not just policy – it is the foundation for sustainable growth, job creation and energy security across African markets,” Ayuk noted.
As African Energy Week 2026 gathers global investors, policymakers and energy operators, the inclusion of the NCDMB as a Local Content Partner highlights the growing importance of in‑country value creation. With focused sessions on skills development, technology transfer and industrialisation, the forum is expected to generate concrete partnerships and commitments that can help build resilient, competitive and investment‑ready energy ecosystems across Africa, with Nigeria positioned at the centre of the regional value chain.
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