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Oyedele dismisses claims linking market sell-off to Trump’s remarks on Nigeria
Oyedele dismisses claims linking market sell-off to Trump’s remarks on Nigeria
Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Mr. Taiwo Oyedele, has dismissed claims that the recent decline in the Nigerian capital market was triggered by foreign investors reacting to comments made by former U.S. President Donald Trump about Nigeria.
Speaking on Channels Television, Oyedele explained that the fluctuations on the Nigerian Exchange (NGX) were part of normal market corrections and not a response to political statements or external controversies.
“The capital market is always an up-and-down situation,” he said. “Even after the sell-off yesterday, returns are still about 40 per cent — and in dollar terms, about 50 per cent. This remains one of the best-performing markets globally. There is no market where things continue to go up forever.”
Oyedele noted that the recent dip followed a period of extended rallies, describing it as a “temporary and expected adjustment” rather than a crisis. He said profit-taking by investors after prolonged gains was a common trend and should not be mistaken for panic or politically motivated action.
“After a long run of gains and a few days of declines, people began attributing it to two things — the capital gains tax and Trump’s issue with Nigeria over the genocide comment. Both are incorrect,” he clarified.
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The tax policy chief stressed that there was no evidence of capital flight or major sell-offs by foreign portfolio investors, adding that Nigerian investors were unlikely to react to such external remarks.
“If any investors were to react, they would be foreign investors. But where would Nigerian investors take their money to? There’s no indication of mass exits,” he said.
Oyedele maintained that Nigeria’s capital market remains resilient and fundamentally strong, with movements driven largely by economic realities and investor sentiment, not global political rhetoric.
He cautioned against “wrongly attributing” market movements to unrelated issues, saying such narratives could create unnecessary fear and distort investor perception.
Trump’s controversial remarks, posted on Truth Social on November 2, accused Nigeria of failing to protect Christians from persecution and warned of a possible “fast, vicious, and sweet” U.S. response — comments that drew diplomatic backlash.
Despite the uproar, Oyedele assured that Nigeria’s market fundamentals remain solid, and that the government is focused on stabilizing the economy and implementing fiscal reforms to sustain long-term growth.
Earlier, it was reported that the NGX All-Share Index fell by 5.01 per cent on Tuesday, resulting in a ₦4.6 trillion loss in market capitalization. Analysts linked the downturn to investor unease over Nigeria’s recent designation by the U.S. as a “country of particular concern” and uncertainty surrounding the proposed 30 per cent Capital Gains Tax (CGT) set to take effect in January 2026.
Oyedele dismisses claims linking market sell-off to Trump’s remarks on Nigeria
News
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
Senate President Godswill Obot Akpabio has instituted a ₦200 billion defamation lawsuit against Senator Natasha Akpoti-Uduaghan, accusing her of spreading malicious sexual harassment allegations that he says have severely damaged his public image.
According to documents filed before the High Court of the Federal Capital Territory, Abuja, Akpabio is seeking substantial damages, public retractions, and nationwide broadcast apologies. He argues that Senator Akpoti-Uduaghan’s televised, radio, and online interviews portrayed him as a sexual predator who abused his office for personal gratification—claims he insists subjected him to widespread ridicule and reputational harm.
The lawsuit includes a comprehensive statement of claims and a list of witnesses. Akpabio is also asking the court to compel the removal of all online materials containing the disputed allegations and to order repeated public apologies across major media outlets.
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A court order issued on 6 November 2025 granted permission for substituted service through the Clerk of the National Assembly after initial attempts to reach Senator Akpoti-Uduaghan directly were unsuccessful. The case is now moving forward and is expected to become one of the most closely watched political legal battles in Nigeria.
Responding on 5 December 2025, Senator Natasha Akpoti-Uduaghan confirmed receipt of the suit and expressed readiness to defend her allegations before a competent court. She stated that she had previously been prevented from presenting a petition before the Senate Committee on Ethics and Privileges due to claims that a related case was already in court—an action she believes protected the Senate President from legislative scrutiny.
In a strongly worded response, the Kogi Central senator maintained that the court proceedings will finally provide the platform to substantiate her claims. She reiterated her stance that she experienced sexual harassment and that her refusal to comply with the alleged advances prompted sustained political retaliation.
“See you in court, Godswill Akpabio,” she declared.
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
News
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
The Nigeria Labour Congress (NLC) has warned that it will no longer remain passive as criminal gangs intensify violent attacks across the country, declaring its readiness to hold a national day of mourning and mobilise nationwide protests over the escalating insecurity in Nigeria.
Speaking at the opening of the NLC’s National Executive Council (NEC) meeting in Lagos, NLC President Joe Ajaero said the country was “under siege,” condemning the latest school kidnapping and the reported withdrawal of security personnel before the attack. He demanded a full investigation to expose any possible compromise within the nation’s security architecture.
“The NLC cannot stand idly by and allow criminals to take over our country—never again. We want to know who ordered the withdrawal of security operatives from that school. We will not allow kidnappers and bandits to overrun our nation,” Ajaero said.
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He stressed that the labour movement would soon announce details of the planned protests and national mourning, insisting the lives of teachers, students and workers were in grave danger. “It is getting out of hand. We can no longer bear this,” he added.
Ajaero also revealed that the NLC had withdrawn its representatives from the Labour Party, accusing them of pursuing personal interests rather than representing workers.
Human rights lawyer Femi Falana, SAN, who addressed the meeting, warned that the country was in “serious trouble” over rising kidnappings and attacks. He rejected calls for foreign military intervention, cautioning that such a move would undermine Nigeria’s sovereignty.
Falana criticised recent statements by former U.S. President Donald Trump, describing them as unacceptable. He urged President Bola Tinubu to take decisive action to protect citizens, saying: “We want to let the world know that we are not a conquered people.”
He called on labour unions, civil society organisations and Nigerians to prepare to resist any further decline in national security.
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
News
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Former British Prime Minister Boris Johnson has praised UK Conservative Party leader Kemi Badenoch, describing her as a “future Prime Minister of the United Kingdom” during his visit to Nigeria for the Imo State Economic Summit 2025.
Speaking in Owerri, Imo State, on Thursday, Johnson commended Governor Hope Uzodimma for his efforts to boost economic development and improve security, noting that he felt “perfectly safe” despite earlier warnings about Nigeria’s security situation.
Johnson highlighted the state government’s push to deliver 24-hour electricity, stressing that reliable power and clean, sustainable energy are essential for economic growth as the world moves into an Artificial Intelligence (AI)-driven future.
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He also emphasized the strong historical and economic ties between Nigeria and the United Kingdom, praising the exchange of goods, services, and highly skilled professionals between both countries.
In a humorous remark that sparked applause, Johnson said: “We send you former UK prime ministers, and you send us future UK prime ministers in the form of Kemi Badenoch.”
The summit, attended by Vice President Kashim Shettima, former UN Secretary-General Ban Ki-moon, business mogul Aliko Dangote, and other top government and private-sector leaders, focused on strategies to accelerate Imo State’s economic transformation.
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
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