Archive November 12, 2025

NEXIM Bank Backs Bill To Raise Share Capital To ₦1trn

The Nigerian Export-Import Bank (NEXIM) on Wednesday expressed strong support for a proposed bill seeking to increase its share capital from ₦50 billion to ₦1 trillion, while also advocating for the removal of the Central Bank of Nigeria from its governing board.

Speaking at a one-day public hearing organized by the Senate Committee on Banking, Insurance and Other Financial Institutions, the Managing Director/Chief Executive Officer of NEXIM Bank, Abba Bello, said the current share capital of ₦50 billion, equivalent to about $33 million is grossly inadequate to support the bank’s mandate and align it with modern banking realities.

According to him, “The current capitalization limits the bank’s operational capacity and competitiveness. Raising it to 1 trillion naira will strengthen NEXIM’s ability to finance exports and support Nigeria’s participation in global trade.”

On the proposed reconstitution of the bank’s board, Bello backed the amendment seeking to exclude the CBN, noting that the apex bank already performs regulatory functions and should not serve as both a regulator and board member of a financial institution.

READ ALSO: Poverty Not Our Milestone, We’ll Come Out Of It — Tinubu

Several other stakeholders in the financial sector also supported the ₦1 trillion recapitalization plan including representatives from the National Insurance Commission (NAICOM), the President of the Capital Market Academics of Nigeria, Professor Uche Uwaleke and the Bank Directors Association of Nigeria (BDAN), who called for stronger collaboration within the banking and insurance sectors.

The Nigeria Deposit Insurance Corporation (NDIC), however, proposed that it should be represented on NEXIM’s board to ensure adequate oversight and protection of stakeholders’ interests.

Stakeholders also made presentations on a separate bill seeking to repeal the National Insurance Commission Act and replace it with the proposed Insurance Regulatory Commission Bill, 2025, aimed at strengthening the regulatory framework for the insurance industry.

Toyota opens US battery plant, confirms $10bn investment plan

Toyota Motor Corporation has begun production at its $13.9bn North Carolina battery plant as it ramps up hybrid production and confirms plans to invest $10bn over five years in United States manufacturing.

The Tokyo, Japan-based carmaker announced the developments on Wednesday.

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It first introduced the plan in December 2021 to produce batteries for its hybrid and electric vehicles (EVs). Batteries from the plant are set to power hybrid versions of the Camry, Corolla Cross, RAV4, and a yet-to-be-announced, all-electric, three-row-battery vehicle. The plant is producing hybrid batteries for factories in Kentucky and a Mazda and Toyota joint venture in Alabama.

“Over the next five years, we are planning an additional investment of $10bn in the US to further grow our manufacturing capabilities, bringing our total investment in this country to over $60bn,” said Ted Ogawa, president of Toyota Motor North America.

Toyota’s 11th US factory, on a 1,850-acre (749-hectare) site, will be able to produce 30 gigawatt-hours of energy annually at full capacity and house 14 battery production lines for plug-in hybrids and full EVs. It will eventually employ 5,000 workers.

Last month in Japan, US President Donald Trump said Toyota planned a $10bn investment in the United States.

“Go out and buy a Toyota,” said Trump, who has been critical of Japanese and other auto imports and has imposed hefty tariffs on imported vehicles.

Toyota has been one of the slowest carmakers to move to full EVs, but has rapidly moved to convert its best-selling vehicles to hybrids.

“We know there is no single path to progress”, Ogawa said on Wednesday.

“That’s why we remain committed to our multi-pathway approach, offering fuel-efficient gas engines, hybrids, plug-in hybrids, battery electronics and fuel cell electronics.”

Other car companies like Volkswagen have said they will add more hybrids as the Trump administration has rescinded EV tax credits and eliminated penalties that incentivised EV sales.

US Transportation Secretary Sean Duffy said at the event that the administration plans to soon propose to ease fuel economy standards, saying prior rules were too aggressive.

Duffy in January signed an order to direct the National Highway Traffic Safety Administration to rescind fuel economy standards issued under former US President Joe Biden, a Democrat, for the 2022-2031 model years that had aimed to drastically reduce fuel use for cars and trucks.

Auger-Aliassime overcomes ‘weird start’ to beat Shelton

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Felix Auger-Aliassime put a “weird start” aside to beat Ben Shelton and register his first victory of this year’s ATP Finals.

Canada’s Auger-Aliassime came back from a mixed first set to beat the big-serving American 4-6 7-6 (9-7) 7-5 in Turin.

The 25-year-old was increasingly impressive on serve and showed no signs of the calf problem that hampered him in his opening group-match loss to Jannik Sinner.

Eighth seed Auger-Aliassime’s victory means Italy’s Sinner will qualify for the semi-finals if he beats Alexander Zverev later on Wednesday.

Auger-Aliassime quickly found himself 4-1 down in the first set, with Shelton putting the serve and volley to good use, but he broke back as his opponent served for the set.

However, a poor service game handed the initiative – and the opener – to fifth seed Shelton.

Shelton had the only break point of the second set but an increasingly confident Auger-Aliassime saved it, before clinching the tie-breaker on a wild double fault from Shelton.

A tight third set was also decided on the Shelton serve, with Auger-Aliassime converting his third match point.

“He was playing much better than me at the start,” Auger-Aliassime said.

In the doubles, British pair Joe Salisbury and Neal Skupski beat Henry Patten and Harri Heliovaara to move within touching distance of the semi-finals.

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Jennifer Aniston reveals the saddest thing about losing Matthew Perry

Jennifer Aniston has spoken about the most tragic part of Matthew Perry’s death, two years on from when he was found in his Los Angeles home after a long battle with addiction

Jennifer Aniston has opened up about the heartbreak of losing her Friends co-star and long time friend Matthew Perry, and the detail she finds the mist tragic in the wake of his death.

The 55-year-old actress, famed for her role as Rachel Green on Friends, spoke about Chandler Bing actor Matthew’s death and the impact it still has on her and the rest of the Friends cast. Matthew died two years ago in October 2023, but his shocking death still has an impact on his friends, co-stars and fans today.

“It was so alarming and shocking, yet not shocking,” Jennifer said. “We always said, ‘I hope I never get that phone call.’”

She added in her interview with Elle magazine: “We miss him. He’s missed. He was a brilliant human being and an extraordinary talent, loved deeply, and wanted happiness more than anything. It makes me sad that he never really achieved that, because he deserved it.”

Elsewhere in her interview, Jennifer also shared some thoughts on her Friends character, Rachel Green, admitting she has a lot of similarities to her but came from very different beginnings. When asked which role she thinks represents her the most, she said: “I would probably say Rachel, except my family had no money growing up, and she did.”

Matthew, who famously played Chandler Bing on the hit sitcom, was found dead at his Los Angeles home, aged 54. The actor’s cause of death was ruled as the “acute effects of ketamine” and subsequent drowning in his hot tub. Jennifer’s comments come after other interviews where she has spoken openly about the pain of losing Matthew and watching him struggle with addiction even before his death.

She told Vanity Fair: “We [the cast of Friends] did everything we could when we could. But it almost felt like we’d been mourning Matthew for a long time because his battle with that disease was a really hard one for him to fight. As hard as it was for all of us and for the fans, there’s a part of me that thinks this is better. I’m glad that he’s out of pain.”

Jennifer and Matthew’s friendship stretched back decades, and actually started years before Friends started filming. In his 2022 memoir Friends, Lovers, and the Big Terrible Thing, Matthew revealed he had harboured a crush on his co-star early on, and even asked her out before the show began.

Although she turned him down, the two remained close. Matthew often credited Jennifer for being the one who “reached out the most” during his darkest days.

At the height of his substance abuse, Jennifer confronted him on set, telling him, “We know you’re drinking.” Matthew later told Diane Sawyer that it was a “scary moment,” but one that ultimately helped him realise he needed help.

“I’m really grateful to her for that,” he added. Since Matthew’s death, Jennifer has continued to speak warmly about her late co-star. In a Variety interview, she shared that their final exchange was a light-hearted one.

She explained: “He was happy. He was healthy. He had quit smoking. He was getting in shape. He was happy — that’s all I know. I was literally texting with him that morning. Funny Matty. He was not in pain. He wasn’t struggling.”

Read the full story Jennifer Aniston Has No Regrets by Claire Stern Milch on elle.com

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Stokes must ‘respect’ views of ex-players – Vaughan

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England captain Ben Stokes must “respect” the views of former players says ex-skipper Michael Vaughan, after Stokes described some of his critics as “has-beens”.

Vaughan, former captain Graham Gooch and legendary all-rounder Lord Botham have been among those to question England’s preparation for first Ashes Test next week.

Speaking on Wednesday morning, Stokes defended the decision to have a solitary warm-up match – an in-house game against England Lions – saying “we can’t prepare how the has-beens maybe prepared”.

Writing in the Telegraph, Vaughan said: “England have to accept that there will be scrutiny.

“Just because the ‘has-beens’ have a different view does not mean these are not valid comments. England should respect those views.

“They are coming from legends of the game who can’t play any more because they are too old, but that doesn’t mean they don’t desperately want England to win.

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England’s three-day warm-up against their development side begins on Thursday. The first Test against Australia starts eight days later on 21 November.

Stokes’ side have been training in Perth this week and their approach is similar to their preparations for their five previous overseas tours under Stokes and coach Brendon McCullum. England have won the first Test of those series on each occasion.

But it differs from many previous Ashes tours, when England played several warm-up games. Botham said it “borders on arrogance”, Vaughan called it a “huge risk” and Gooch labelled it “glorified practice”.

Stokes responded by saying “cricket has changed so much” and pointed to the busier calendar, plus the fact the ongoing Australian domestic season would have impacted the quality of opponents, as reasons not to have an extended build-up.

“There are quite a few factors that go into why we can’t prepare how the has-beens maybe prepared in the past,” he said.

‘Ben isn’t being disrespectful’

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England are seeking their first victory on Australian soil since 2010-11, with many believing Stokes’ side have the best chance of success since that trip.

Former England assistant Paul Farbrace dismissed the idea Stokes was being “disrespectful” and said his words were a message to his squad to block out the outside noise.

“All Ben Stokes is saying, forget the noise, forget everything that is going on,” Farbrace told BBC Sport.

“It doesn’t matter if it is an English great or an Australian great, let them have their say, it doesn’t really matter.

“Ben isn’t being disrespectful.

“He is very respectful of all of the greats that have gone before. Don’t worry about the way Ben has said it.”

Farbrace was part of the management for the 2017-18 tour when England played four warm-up matches against local sides and lost the Test series 4-0.

He said the hierarchy reflected afterwards that they would have been better served with a build-up similar to the one scheduled this year.

He added: “Don’t be kidded by thinking this England team aren’t prepared.

“I get the former players’ thoughts but let’s get behind our team.

“Let’s do something that is typically un-English and support our team rather than giving them a kicking before the series has even started.”

Former captain David Gower, a team-mate of Botham and Gooch, was part of England’s victorious 1986-87 tour – their only other win in Australia since the 1970s.

“I hate to say it, somewhere in between is the right solution,” Gower told BBC Radio 5 Live.

“I wouldn’t advocate you play three whole games. Sometimes that works and sometimes it doesn’t.

“These days they don’t worry about it in the same way, back themselves somehow to say ‘tomorrow is a Test match put the on-switch up and all of the burners on’.

“The whole thing is about peaking at that moment.

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Mutfwang Presents ₦914.8bn 2026 Budget, Seeks Lawmakers’ Support To Deepen Peace In Plateau

Governor Caleb Mutfwang of Plateau State has presented a total budget estimate of ₦914,863,422,871 for the 2026 fiscal year to the Plateau State House of Assembly.

While presenting the appropriation bill before the House on Wednesday, he urged the lawmakers to support the government’s drive toward sustained peace, unity, and inclusive development.

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Mutfwang expressed appreciation to the Speaker,Gabriel Dewan, and other members of the assembly for their cooperation and legislative backing in delivering impactful governance across the state.

“In service to our people, I salute your courage, forthrightness, and resilience. It is my earnest hope that the unity and collaboration demonstrated by the executive, legislature, and judiciary in building a peaceful and prosperous Plateau will continue to bear lasting fruit,” the governor stated.

He explained that the 2026 budget, tagged “Budget of Consolidation and Shared Prosperity,” was designed to consolidate ongoing reforms, strengthen peacebuilding initiatives, and drive economic transformation through prudent resource management and infrastructure expansion.

Governor Caleb Mutfwang urged the lawmakers to support the government’s drive toward sustained peace, unity, and inclusive development.

According to him, the proposed budget comprises ₦384,521,877,420 for recurrent expenditure and ₦530,341,545,451 for capital expenditure, representing the administration’s commitment to prioritising development projects that directly impact the lives of citizens.

He added that the focus areas for 2026 include security stabilisation, agricultural revitalisation, education, healthcare improvement, youth empowerment, infrastructure rehabilitation, and economic diversification.

Governor Mutfwang reaffirmed his administration’s resolve to ensure fiscal discipline, transparency, and accountability in the implementation of the budget to achieve tangible results.

“Our administration remains committed to using every kobo of public funds to improve the welfare of our people. We will continue to work with all arms of government to restore Plateau’s glory as the Home of Peace and Tourism,” he said.

The governor further noted that the presentation fulfills the provisions of Section 121 (1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), which mandates state governors to lay the annual budget before their respective legislatures.