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China and South Africa attract the negative spotlight of global markets

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. What this implies

Jameel Ahmad, Global Head of Currency Strategy & Market Research at FXTM, comments on the start of the new trading week.

It’s been an interesting start to the new trading week with a number of different markets across the globe suffering weakness.

Headlines range from Chinese stocks getting slammed lower as trading resumed from a week-long holiday, the Euro retreating on the news that the European Commission has expressed concerns about the Italian budget deficit, and the South African Rand declining as much as 1% on reports that South African Finance Minister Nhlanhla Nene has asked President Cyril Ramaphosa to release him from his position.

Other risks include the Oil markets behaving sensitively to the headlines that the United States might grant some waivers to Iranian Oil sanctions and attention remaining on Brazil following the first round of the Brazilian election.

Let’s also not forget that a number of emerging market currencies across the APAC region resumed their position of pointing lower to begin the new week, while these same currencies might also face risks from developments that the Chinese Yuan has fallen to its lowest level against the Dollar in nearly two months.

All in all the early part of Monday has already showed that the combination of different themes and financial risks for markets could mean that this week is a nervous one for traders.

The largest takeaway due to its standing as the second largest economy in the world will be the movements in Chinese markets today. The latest round of selling in China can’t be dismissed and has resulted in Chinese stocks suffering their worst start to October in a decade.

While some of today’s losses in China can be attributed to the market playing “catch-up” to being absent from trading due to a week-long public holiday last week, it can’t be understated that Chinese markets as a whole are under tremendous pressure.

The Shanghai Composite Index has lost 23.28% year-to-date at time of writing, which is double the losses seen in the German DAX during the same period at 11.15%.

Away from the brutal headlines that the Shanghai Composite Index lost 3.7% on Monday, the implications that this has on other equity markets across the globe will be what traders are watching next. We have seen a trend in the past where weakness in China has resonated on other global markets, and we did encounter selling throughout the Asian region to begin the week.

The trend of weakness in China has come in spite of the PBoC cutting the RRR requirement for the fourth time in 2018 over the weekend. I wouldn’t say that the latest monetary policy action from the PBoC is the reason behind the selling in China, but it has opened up suggestions that policymakers might be concerned over signs of slowing momentum for the Chinese economy.

These concerns can also be seen in the offshore Chinese Yuan, with the USDCNH advancing above 6.90 for the first time in nearly two months.

If the Yuan continues to ease from this point, it does paint a picture of more possible pain for emerging markets across the globe this week.

The initial selling reaction in the South African Rand on reports that its Finance Minister has asked to be sacked will encourage investor caution that South Africa could be in store for another round of political risk.

Of course, South Africa is no stranger to political headlines but the initial concern could be that the reaction to the Rand to a possible replacement of its finance minister could be similar to what sparked a severe sell-off back in March 2017.

When you consider that the removal of respected Finance Minister Pravin Gordhan all the way back in March 2017 was part of a wider cabinet reshuffle of the unpopular ex-President Jacob Zuma you can’t really compare the news of then and today so closely. I would instead monitor to see how this report develops before becoming concerned that another Rand slump could be upon us due to internal political risk.

The South African economic calendar for this week is mostly thin in volume when it comes to tier-one releases until Manufacturing Production numbers on Thursday, where economists will be closely looking for signs that the economy could exit its first technical recession since 2009.

Away from political developments, I would look to see if the Rand reacts to any global uncertainties, specifically the sharp sell-off in Chinese markets and whether this spreads into other emerging markets.

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Energy

Gov Mbah Revamps, Upgrades Nigergas after 30-year Dormancy

REPORT by ORJI ISRAEL

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Nigergas by Peter Mbah --
Governor Peter Mbah unveiling the newly revived Nigergas plant in Enugu

… Plant to create 5,000 jobs, produce 100 cubic metres of oxygen, 45 cubic metres of acetylene per hour

… Nitrogen, argon gas; carbon dioxide, CNG Stations in the pipeline

… Dr. Uduji: Mbah, Nehemiah of our time, rebuilding broken walls

…Kanayo O. Kanayo: Security is working in Enugu

Nigergas by Peter Mbah ----
The Nigergas Company

Governor of Enugu State, Dr. Peter Mbah, on Thursday, unveiled Nigergas Company Limited, revamped and upgraded by his administration after over three decades of dormancy.

Mbah said Nigergas had so far created direct employment for over one hundred skilled and semi-skilled workers, and would further create over 5,000 indirect jobs across distribution, fabrication, transport and supplies chain.

He stressed that the revival of Nigergas company, which was established in 1962 as part of Dr. Michael Okpara’s after decades of abandonment, was another proof of his administration’s commitment to reviving state-owned moribund assets and grow Enugu State’s economy from $4.4bn to $30bn.

“What we have revived and unveiled today is not simply metal and a network of pipes; it is the restoration of purpose, dignity and productivity to a site that once symbolised Eastern Nigeria’s industrial promise.

“When we speak of the goal to grow our GDP from $4.4bn to $30bn, it is not mere posturing. It is rooted in the conviction that Enugu can become a truly diversified, self-reliant economy, if we muster the will to do things differently to launch us to the future we dream of,” he stated.

On Nigergas’ rehabilitation model, capacity, and expansion plan, Mbah said, “we approved a full rehabilitation scheme and a management model that blends public ownership with private-sector performance discipline.

“The intention was clear: retain public ownership, but run the facility on modern, accountable, commercially viable lines.

“So, today, Nigergas returns to production with modernised equipment and clear technical specifications designed to meet immediate healthcare and industry needs.

The Nigergas

“The plant’s installed capacity has been upgraded to produce significant volumes of medical and industrial gases, ensuring steady local supply and reducing dependence on distant, expensive suppliers.

“Crucially, the plant will supply liquid oxygen, medical and industrial oxygen, and acetylene gas to our hospitals, welders, agro-processors and manufacturers, improving clinical outcomes and reducing production costs for businesses that are the backbone of local livelihoods.

“The new plant has a capacity to produce 100 cubic metres of oxygen per hour; and 45 cubic metres of acetylene per hour.

“We will soon bring on stream these additional products: nitrogen; argon gas; carbon dioxide; and CNG stations,” he said.

He maintained that Nigergas’ revival would guarantee access to reliable medical oxygen saves lives, on-demand industrial gases to lower operating costs, speeds turnaround and keeps workshops and factories turning.

“These improvements ripple outward: increased industrial activity strengthens our revenue base, and deepens opportunities for MSMEs,” he said.

He commended the Managing Director of the Enugu State Investment Authority, and the Commissioner for Trade, Investment and Industry, Dr. Sam Ogbu-Nwobod; the engineering firm, Ten Gas Development Ltd (a division of INDEV GROUP and the community leaders of Emene for their roles in resurrecting Nigergas.

speaking, Dr. Ogbu-Nwobodo expressed joy that although the firm established by Dr. Okpara Administration in partnership with Siad Machine Impianti was abandoned for over three decades due to mismanagement, misappropriation of revenue, abuse of company resources, nepotism, and weak corporate governance, Governor Mbah had restored the lost dreams.

The Managing Director, Ten Gas Development Ltd., Chief Chike Madueke, noted that the restored Nigergas would provide training and thousands of employments for the youths of the state.

The Chairman, Enugu State Traditional Rulers Council, Igwe Samuel Asadu; community leader and health consultant, Dr. Joy Uduji; Chairman of Enugu East LGA, Pastor Beloved Dan Anike and a businessman, Engr. George Ndubeze Ugwu, also commended Mbah for not only breathing life into dead state-owned assets, but for also building infrastructure that make lives better and enable businesses to thrive.

The Nigergas

“You are the Nehemiah of our time. Like Nehemiah, who came and supervised the rebuilding of the walls of Jerusalem, you have also come to rebuild Enugu State,” Dr. Uduji said.

Speaking, Nollywood veteran actor and movie produce, Kanayo O. Kanayo, said, “It is not praise-singing, security is working here because when I come to make movies here, we usually stay out late into the night at Nike, and we are safe.”

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Transport

August24news Publisher, Ajagbe, Set to Present Best Driver and Best Conductor of The Year Awards

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Publisher, August24news.com, Mr. Ajagbe Adeyemi Teslim
Publisher, August24news.com, Mr. Ajagbe Adeyemi Teslim

As part of efforts to sanitize and project the image of the transportation system in Lagos State and ability to reward good deeds and eliminate the bad eggs among the drivers and conductors in the state, Lagos-based frontline journalist and publisher of Nigerian Online Newspaper, August24news.com, Mr. Ajagbe Adeyemi Teslim is set to present the best driver and best conductor awards to deserving professionals in the state.

The competition is expected to start in January 2026 and end by December 2026 and it has been designed to be a yearly competition after the maiden edition.

The parameters and measures put in place to pick the Best Driver and Best Conductor in the state is through commuters’ commendations, score cards, online voting system by the general public, public opinions and other relevant methods.

Many drivers and conductors in Lagos State are known for their lackadastical attitudes, but there are still good ones among them, which is the reason we want to reward the good ones among them so that the wrong ones will emulate from the rewarded ones.

Speaking at a press conference in Lagos, the convener of the Award and Publisher of August24news.com, Mr. Ajagbe Adeyemi Teslim highlighted some of the marks expected in every drivers and conductors before winning the awards.

He said they must possess good characters, good dress sense, good driving skills, saying that drivers and conductors must charge their passengers reasonable transport fares, possess good communication skills and relate well with their passengers, they should avoid stoping at undesignated bus-stops, avoid handling our naira with care because the way they are mishandling our naira is one of the reason why our currency is fading and changing faces.

In addition, he said that they should avoid bribing officials of the Lagos State Traffic Management Authority (LASTMA) and other road transport officials because they want to have their ways, they must receive and welcome their passengers with smiles and greetings, avoid pushing and roughhandly their passengers into and outside the bus, they must not smoke and drink before or while on duity.

He said they should be able to help passengers with free ride if the person pleads with them and they should not fight passengers whose fare is not completed, they must not make calls while driving, they should sit properly and avoid hanging on the bus, avoid picking passengers at unapproved bus stops and his or her bus must be in good condition before plying Lagos roads.

On what would be the benefits of the winner, Ajagbe stated that the winner will go home with over dozen gifts which include, a brand new bus, a brand new private car, a duplex,  free 20 liters of fuel daily for a month, twenty four million naira cash, brand ambassador contract, driving contract, tour of 10 notable places in the state, courtesy visit to 10 dignitaries in Lagos State, automatic employment for two of his children in Lagos State, 24 different native and English attires from a popular designer, 24 new tyres, an award plaque, conductor and driver bet, a befitting gala night and Letter of commendation from the Lagos State Government, adding that the best conductor will also get whatever the driver gets.

When asked about what prompted the idea, the publisher said that he had witnessed many ugly incidents among Lagos drivers and conductors, which he said made him think of a way to change the narrative and to rebrand the profession.

According to him, “we want to put them on the watch, we want to set an agenda for them, we want to curb thier lakadastical act and non-challantant attitude such as drinking and smoking while on duty as well as reward the best among them, eradicate the bad ones and also encourage others so that they can be emulated.

He added that there is no agency that monitors thier activities in the state, claiming that what the National Union of Road Transport Workers (NURTW) and local governments does is just to collect fees and levies from them.

Speaking further, he said; “I have witnessed a situation where drivers and conductors beat passengers because of a mere 10 naira change during argument.

“I have witnessed, where drivers and conductors abused and insulted passengers which led to trauma. I have seen where a passenger was stranded, trekked home and even begged for transport fares simply because a wicked conductors took his change away. I have seen where people where properly dressed, clean and neat, unfortunately a public bus tore and dirty thier cloth. These are people who are set for their daily jobs, going for job interviews and attending social gathering.

He said that on numerous occasions, he had seen situations where conductors and drivers returned lost phones, gadgets, loads and even bags of money to their passengers, saying that “we must not shy away from the truth or be economical with the truth, the good ones are still living and must also be recognized and rewarded.”

“I have not seen when conductors give passengers free ride out of the 365 days in a year. Some of them are not friendly with their customers, they should be able to give back to the society or their passengers and they should be ready to partake in CSR. Anyone who does this will win the award of the year,” he said

When asked what his organisation stands to benefit from the awards, Ajagbe told newsmen that his target are numerous because “we want the best for Lagos State and Nigeria as a whole. We want them to be responsible and accountable to their passengers and the general public. We want commuters to get value for their money, We want them to be good ambassadors because foreigners and the international communities see their practice.

“We want to set an agenda for them, we want to change the narrative, we want to change the public orientation that public bus drivers and conductors are respected people and not bad people as people see them.

“Some of them are always the cause of accidents on our roads due to their lakadastical attitude. We want the government to put them on a good pedestal. We want them to put a stop to their hooliganism and fighting during the cause of their business.

“The NURTW and the local governments are levies collectors. We want the state government to mandate drivers and conductors to start wearing uniforms and have numbers to identify the erring ones among them,” he stated.  

Speaking on the measure and yardstick to pick the best driver and best conductor among the thousands in the business, Ajagbe stated that members of the public will engage in voting after evaluating all the requirements.  

The drivers and the conductors will also appeal to their passengers to vote for them via hard copy forms, sms text code and online voting.

Ajagbe said that all commercial buses drivers and conductors in Lagos State are eligible to participate in the competition because it is free, adding that no payment is required to participate in the competition once he or she is a registered member of the union in a specific garage attached to a route in Lagos State.

When asked if the project will fly and accepted by members of the public and even get sponsors, Ajagbe said that 90 percent of Lagosians ply public busses on a daily, weekly, monthly and yearly basis to their various destination and they must have had one or two experiences with some of these drivers and conductors and they will be willing to share their positive or negative thoughts.

He stressed that the job is taking a new look and dimensions, particularly when it’s coming with rewards and that sponsors are always keen to assist creative ideas and concepts like this.

“We would work in hand with the Lagos state government, the state Ministry of Transportation, Lagos State Branch of the NURTW State, local government branch and Unit Chairmen, drivers and conductors association and other relevant agencies attached to transport business in Lagos state”. Ajagbe added.

Ajagbe revealed that the whooping sum of one billion naira (1.000,000,000) is proposed for the project and then called on the Lagos state government, the ministry of Transportation, corporate bodies, well meaning Nigerians to key into the idea and response promptly to the proposal sent to them as he can be contacted through; [email protected] for sponsorship and partnership to produce the best Driver and Best Conductor in Lagos State.

Commenting on the project, is former LAGOS State commissioner for Transportation, Hon. Dr. Muiz Banire (SAN) stated that it is a laudable project that will add honour to the work of the commercial bus drivers and conductors in Lagos State as he kindly appealed to sponsors to fully support the project.

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Finance

Tinubu Launches Personal Income Tax Calculator to Improve Compliance, Fairness

By ORJI ISRAEL

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Bola Ahmed Tinubu
President Bola Tinubu

President Bola Tinubu has launched a Personal Income Tax Calculator to help Nigerians work out their tax obligations under the new tax law.

The tool is expected to make compliance easier and improve transparency in the system.

In a post on his X page, the president said the calculator shows how the recent reforms protect low-income earners while ensuring fairness.

“A fair tax system must never punish poverty or weigh down the most vulnerable. With the new tax laws I recently signed, taking effect from January 2026, we have lifted this burden and created a path of equity, fairness, and true redistribution in our economy,” Tinubu said.

Some months ago, he signed four major tax bills into law to bring Nigeria’s scattered tax system under one framework. These include the Nigeria Tax Administration Law, which sets out a uniform process for tax administration across federal, state, and local governments; the Nigeria Revenue Service (Establishment) Bill, which replaces the current Federal Inland Revenue Service Act with a stronger, more independent revenue agency; and the Nigeria Revenue Service (NRS) and Joint Revenue Board (Establishment) Bill, which creates a formal structure for cooperation between revenue bodies at all levels.

The introduction of the tax calculator, together with these reforms, is expected to reduce confusion for both individuals and businesses, while also making it easier for them to meet their obligations and contribute to national growth.

Tinubu added that the reforms are part of building renewed hope for the economy and urged Nigerians to trust in the country’s future for themselves and their families.

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