NIGERIA IN BRIEF: Bandits attack Kwara, Farmers scale back, US military in Nigeria and other stories

Bandits attack Kwara, kill 40 including soldiers

In a blood-soaked siege that has shattered the peace of Kwara State, at least 40 people including Nigerian soldiers and forest guards were killed Tuesday night when bandits overran the Woro and Nuku communities in Kaiama. The coordinated assault saw a massive force of gunmen overwhelm local defenses under the cover of darkness, turning the rural settlements into a battlefield. With the death toll still rising as recovery teams search the surrounding bush, the massacre marks a chilling escalation in the region’s security crisis.

Military forces and forest guards have now cordoned off the area, launching emergency operations to reclaim the territory. This brazen attack on uniformed personnel suggests that criminal groups are no longer just raiding for loot, but are actively fighting to seize control of the state’s forest reserves. As the government struggles to contain the spillover of violence from neighboring states, terrified residents are fleeing their homes, fearing that this “Gateway to the North” has become the latest front in a widening war.

Farmers scale back on food production as losses pile

Nigeria’s food security drive is hitting a brick wall as farmers, battered by the “Great Loss of 2025,” are downing tools and shrinking their fields to survive. What was meant to be a year of recovery is instead becoming a strategic retreat, with producers abandoning nutrient-hungry staples and high-risk investments to avoid a total financial wipeout.

The shift is most visible in the current dry-season cycle, where the once-bustling fields are being traded for low-maintenance crops or left fallow as farmers pivot to new industries entirely. With input costs skyrocketing and confidence at an all-time low, the move signals a looming supply crunch that could send food prices into a fresh tailspin, leaving the nation’s “Green Revolution” on life support

First Holdco wipes out losses as rally restores pre-dip valuation

Buy orders for First Holdco Plc surged on the Lagos trading floor on Wednesday, sending the stock to its daily maximum limit as investors rallied behind billionaire chairman Femi Otedola’s assurance of a company-wide reset.

By noon, First Holdco shares had climbed N4.40, or 9.92 percent, to N48.75, locking in the Nigerian Exchange Limited’s (NGX) roughly 10 percent daily price cap. The rally followed a similar limit-up performance in early trading on Tuesday, marking a swift reversal from the recent earnings-driven sell-off.

The rebound has pushed the stock back above the N45 level it traded at before the sell-off, suggesting that the market has largely priced in the company’s profit crash. Investors now appear to view the decline not as a sign of weakness but as a necessary reset following First Holdco’s decision to take a one-off N748.13 billion impairment charge to clean up its balance sheet.

Otedola reinforced that narrative in a statement on his official X handle, describing the restructuring as disruptive but essential. “We must pull things apart, remove old faulty foundations and build a new experience for all our stakeholders,” he said, adding that the process marked “a new beginning” for the group.

Market sources say buying interest has been so strong that stockbrokers are struggling to meet demand. “Orders to buy First Holdco have been overwhelming, to the extent that many daily orders are not being met,” an informed source told BusinessDay.

The renewed investor confidence underscores growing faith in Otedola’s restructuring strategy, with the stock’s rapid recovery reflecting expectations of stronger governance, improved transparency and long-term growth at First Holdco.

Naira mutual funds surge 140% as dollar bets cool

Naira-denominated mutual funds surged by 140 percent to N5.48 trillion in one year, signaling a massive investor pivot toward local currency assets as confidence in the Naira rebounds. According to KPMG’s 2025 Banking Industry Customer Experience Survey, this explosive growth dwarfed the modest 12 percent rise in dollar funds, marking a definitive shift away from the traditional flight to foreign currency.

Insecurity: US deploys military team to Nigeria

The United States has deployed a specialized military team to Nigeria to provide “unique capabilities” in the ongoing fight against jihadist groups following high-level security negotiations between Washington and Abuja. This strategic escalation, confirmed by AFRICOM, builds on recent U.S. airstrikes and aims to bolster regional stability through enhanced intelligence and tactical collaboration.

Athekame Kenneth is a politics, economy, and finance reporter whose work is anchored in sharp investigative storytelling. He brings analytical depth to every piece, drawing on a strong academic foundation that includes a degree in Economics, an MBA in International Trade, and a minor in Petroleum Economics from Lagos State University, Ojo. His reporting blends rigorous research with a keen eye for hidden truths, delivering stories that illuminate power, policy, and the forces shaping everyday lives.

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