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Sterling Bank, Coronation Insurance, Nascon top stock pick this week

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Nigerian stocks reported a modest gain last week, appreciating by 0.3 per cent as the market only ran limited trading sessions on account of the public holidays commemorating Eid el Adha celebrations.

The advance was largely driven by increased demand for oil and gas stocks.

The main equity index has returned 60.9 per cent year to date, with just five months gone in 2026.

“From a technical standpoint, the market’s 10-day RSI moderated further to 71.47pts (vs. 78.93pts in the prior week), indicating that while the market remains in overbought territory, momentum has continued to ease, thereby reducing the intensity of previous overheating concerns and creates room for fresh buying interest to emerge,” said analysts at Meristem Securities in their outlook for the week.

PREMIUM TIMES has assembled some stocks with sound fundamentals, adopting rigorous approaches to save you the risk of picking equities at random for investment.

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The pick, a product of an analytical market watch, offers a guide to entering the market and taking strategic positions, with the expectation that selected stocks will record reasonable price appreciation with the passage of time.

This is not a buy, sell or hold recommendation but a stock investment guide. You may need to involve your financial advisor before taking investment decisions.

Sterling Bank

Sterling Bank tops this week’s pick on the basis of its strong fundamentals and for trading below its intrinsic value. The financial institution’s net profit ratio (NPR) is 16.4 per cent, while the price-to-earnings (PE) ratio is 5.1x. Its RSI is 53.4.

Coronation Insurance

Coronation Insurance makes the selection by virtue of its strong fundamentals. The NPR of the underwriter is 9.2 per cent, while the PE ratio is 9x. Its relative strength index (RSI) is 49.3.

Nascon Allied Industries

Nascon appears on the pick on the basis of its robust fundamentals. The NPR of the company is 22 per cent, while the PE ratio is 17.7x. The RSI is 66.1.

Aradel Holdings

Aradel makes the selection on the basis of its strong fundamentals. The NPR of the energy firm is 57.5 per cent, while the PE ratio is 21.5x. Its RSI is 67.8.

MTN Nigeria

MTN Nigeria makes the cut by virtue of its strong fundamentals. The NPR of the telco is 23.7x, while the PE ratio is 12.9. The RSI is 53.3.

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Nwabueze defends Made-in-Nigeria office, posts documents after ICPC ‘fake agency’ claim

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George Nwabueze, accused by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) of promoting a fake federal agency, has defended the status of the National Brands Development and Made-in-Nigeria Special Project Office.

He posted documents he said showed that the initiative was linked to the Office of the Secretary to the Government of the Federation (OSGF).

Nwabueze, who describes himself as the National Coordinator and Executive Director of the project office, has continued to reject the ICPC’s allegation that the organisation was operating without government authorisation.

The documents shared by Nwabueze on LinkedIn include a purported appointment letter dated October 3, 2025, from the Office of the Permanent Secretary, Political and Economic Affairs Office of the OSGF, as well as an earlier letter dated July 19, 2010, which he presented as evidence that the Made-in-Nigeria initiative had existed for years.

PREMIUM TIMES could not independently verify the authenticity of the documents.

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The development comes days after the ICPC said President Bola Tinubu ordered the immediate arrest of Nwabueze, whom the commission identified as the promoter of the alleged fake office.

The president also ordered the suspension of three permanent secretaries: M.S. Danjuma, Nadungu Gagare and Richard P. Pheelangwah, following the discovery of the office, according to the ICPC.

The Commission said the organisation had been allocated space within the OSGF premises without presidential authorisation and alleged that some senior public servants had collaborated with its activities.

Nwabueze’s appointment letter

In one of the documents posted by Nwabueze and reviewed by PREMIUM TIMES, on the letterhead of the Office of the Secretary to the Government of the Federation, conveyed what it described as the approval of his appointment as National Coordinator/Executive Director of the Made-in-Nigeria Project Office.

The letter, dated October 3, 2025, is referenced OSGF/MIN/59310/II/205 and addressed to “George Buchi Nwabueze, National Coordinator, Made in Nigeria Project Office, OSGF, Three Arms Zone, Abuja.”

It states that his appointment was for five years, beginning from July 2025, and was renewable.

The document says the appointment followed an assessment of Nwabueze’s “commitment, contribution, and capacity” to deliver the mandate of the Special Project Office.

It also lists his responsibilities as supervising programmes, projects, and policies; overseeing regional and state coordinators across the 36 states; and organising exhibitions, trade expos, economic summits, and other initiatives to promote indigenous products and services.

A second page of the document states that the project was to use temporary office space in Room B53, Ground Floor, within the OSGF complex “for the time being” to facilitate effective coordination.

It further states that the appointment was at the pleasure of the Secretary to the Government of the Federation and aligned with the objectives of the Made-in-Nigeria initiative under the Renewed Hope Agenda.

The letter bears the name and signature of Nadungu Gagare, identified as the Permanent Secretary of the Political and Economic Affairs Office.

The appointment letter is significant because the ICPC’s allegation centres partly on whether the project office had official authorisation to operate within the OSGF.

However, PREMIUM TIMES has not independently established the authenticity of the document.

Screenshots of the purported 2025 proposal seeking Special Project status for the Made-in-Nigeria initiative, posted by George Nwabueze on his LinkedIn profile.
Screenshots of the purported 2025 proposal seeking Special Project status for the Made-in-Nigeria initiative, posted by George Nwabueze on his LinkedIn profile.

Nwabueze traces the project to 2010

In another document shared on Sunday, Nwabueze sought to trace the initiative back to 2010.

The letter, dated July 19, 2010, is addressed to “Buchi George”, then described as Executive Director of The Hats Centre in Owerri, Imo State.

It acknowledges receipt of a proposal dated July 16, 2010, seeking endorsement for a “Made in Naija” project planned to take place in Ireland as part of activities marking Nigeria’s 50th anniversary.

The letter, referenced NIG@ 50/S.7/C,3/45, states that the proposal should be forwarded to the Nigerian High Commission in Ireland for possible consideration.

Nwabueze relied on the document to argue that the Made-in-Nigeria initiative predates the current controversy by more than a decade.

“History and facts, from Made in Naija since 15th June 2010 to the Made in Nigeria project office,” he wrote in a LinkedIn post accompanying the document.

He questioned how a programme he claimed had existed for 16 years could suddenly be described as a fictitious government body.

PREMIUM TIMES could not independently confirm the authenticity or present status of the 2010 letter.

Nwabueze had also earlier posted another document dated April 17, 2025, proposing to grant the Made-in-Nigeria initiative the status of a special project.

The document was signed by Gagare and addressed to the Secretary to the Government of the Federation.

It said the initiative had been promoting Nigerian products and services locally and internationally and had organised economic forums and trade exhibitions.

Screenshot of the 2010 letter purportedly issued by the Office of the Secretary to the Government of the Federation and posted by George Nwabueze on his LinkedIn profile, concerning the endorsement of a “Made in Naija” project.
Screenshot of the 2010 letter purportedly issued by the Office of the Secretary to the Government of the Federation and posted by George Nwabueze on his LinkedIn profile, concerning the endorsement of a “Made in Naija” project.

It also listed potential benefits of granting the project special status, including job creation, economic growth, poverty reduction, increased domestic production, and reduced dependence on imported goods.

However, the document revealed that the project’s activities would undergo review, along with an examination of its operational modalities, to ensure clarity and effectiveness.

That detail leaves an important question over the precise administrative status of the initiative at the time Nwabueze was appointed.

Government engagements under scrutiny

Nwabueze’s defence comes against the backdrop of records showing that the organisation had established contacts with government institutions before the ICPC’s disclosure.

As PREMIUM TIMES previously reported, government records showed engagements involving the project in Abia and Anambra.

The organisation had also presented itself on its website as a strategic initiative of the OSGF, with a national coordinator, zonal directors, state coordinators and representatives in the United States and China.

Its website described the project as responsible for promoting Nigerian products, supporting small and medium enterprises, attracting investment, and organising trade fairs and economic forums.

ALSO READ: UPDATED: Tinubu suspends three permanent secretaries over fresh fake agency, orders alleged promoter’s arrest

The website also identified Nwabueze as its National Coordinator and Executive Director.

Those claims became significant after the ICPC said the office was operating without presidential authorisation.

The controversy, therefore, goes beyond whether Nwabueze was appointed to a position bearing the name of a Made-in-Nigeria project.

It raises questions about the legal and administrative status of the office, who authorised its activities, how it secured space within the OSGF premises and the extent to which public officials interacted with it.

Lingering Concerns

Nwabueze’s documents provide his account of the organisation’s history and his relationship with the OSGF, but they have not settled the dispute over its status.

The ICPC has maintained that the office was one of the fictitious government structures uncovered during its investigation into the alleged Presidential Foreign Intervention Promotion Council.

The commission said Nwabueze was the promoter of the organisation and alleged that it operated with the backing of some public servants.

Nwabueze, however, has rejected the description and insists that the organisation is a project office under the OSGF.

The conflicting accounts now place greater importance on the outcome of the ICPC investigation.


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Police Arrest of Five Suspected Telecommunication Vandals, Recovery of Truckload of Suspected Stolen Iron Rods

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BY SUNDAY SAMUEL—The Lagos State Police Command has arrested five (5) suspected telecommunication vandals and recovered a truckload of suspected stolen iron rods in the Ibeju-Lekki axis of the State, as part of its intensified efforts to curb the vandalism and theft of critical infrastructure across Lagos.

The suspects, namely Mohammed Shaibu, ‘m’, 26 years; Musa Zakari, ‘m’, 29 years; Abdullahi Bala, ‘m’, 22 years; Salisu Musa, ‘m’, 18 years; and Yahuza Bala, ‘m’, 20 years, were allegedly caught stealing iron poles meant for the construction of telecommunication masts. They were subsequently arrested while conveying the allegedly stolen iron rods in a truck.

The suspects are currently in Police custody, while the case is being investigated at the State Criminal Investigation Department (SCID), Yaba. Discreet investigation is ongoing to apprehend other fleeing suspects and unravel the full extent of their activities.

The Command appreciates the 81 Division, Nigerian Army, for its robust synergy and cooperation, which contributed significantly to the successful operation and arrest of the suspects.

The Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips, has reiterated the Command’s resolve to protect critical infrastructure and bring perpetrators of vandalism to justice. He also urged residents to promptly provide credible information on suspicious activities within their communities.

Members of the public are encouraged to report emergencies and suspicious activities through the Lagos State Police Command emergency lines: 07061019374, 08065154338, 08063299264, 08039344870, 08080193432 (Marine), and 09168630929.

The post Police Arrest of Five Suspected Telecommunication Vandals, Recovery of Truckload of Suspected Stolen Iron Rods appeared first on Business Today NG.

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