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Asian markets track Wall St record as Hong Kong, Shanghai stabilise

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Mainland and Hong Kong markets advanced after China's central bank released details of a facility allowing stock-buyers to access liquidity. Photo: STRINGER / AFP Source: AFP

Asian markets tracked a record day on Wall Street Thursday, with Shanghai and Hong Kong supported by a Chinese central bank move to boost liquidity for major stock-buyers.

The yen sat around two-month lows after taking a hit in the wake of minutes showing Federal Reserve decision-makers were split on last month’s bumper interest rate cut while a top official sparked questions about how many more could be in the pipeline.

Chinese investors were settling down after a volatile start to the week that saw mainland and Hong Kong markets whipsaw as the euphoria over last month’s stimulus was dampened by a news conference that failed to unveil more measures or give details on those already announced.

Traders welcomed news that the People’s Bank of China had released details of a “swap facility” that will allow “qualified securities, funds and insurance companies” to access more than $70 billion in liquidity to purchase equities.

The move, one of a number of measures announced last month, helped Shanghai rise more than one percent at one point, having dived more than six percent Wednesday — its worst day in more than four years.

Hong Kong was up more than two percent, building on the previous day’s advance that followed a more than nine percent plunge, its heftiest in 16 years.

Dealers are now keenly awaiting a Saturday news conference on fiscal policy by the finance ministry, though observers warned the bar would be high for Finance Minister Lan Fo’an if he is to get the recent market rally back on track.

The gains led a rally across Asia, which came after the Dow and S&P 500 chalked up fresh records on Wall Street thanks to a burst in tech giants including Amazon and Apple.

Tokyo was boosted by a drop in the yen fuelled by minutes from the Fed’s September meeting, where it cut rates by 50 basis points but officials were split on the decision.

They showed that while the move was ultimately supported by 11-1, some “noted that there had been a plausible case for a 25 basis point rate cut at the previous meeting”.

“Some participants observed that they would have preferred a 25 basis point reduction of the target range at this meeting, and a few others indicated that they could have supported such a decision,” the minutes said.

Meanwhile, San Francisco Fed President Mary Daly said she had backed the big cut in order to “recalibrate” monetary policy and added that “two more cuts this year, or one more cut this year, really spans the range of what is likely in my mind, given my projection for the economy”.

But she warned the bank would remain “data-dependent”.

Focus now turns to the release of consumer price inflation later in the day and wholesale prices on Friday.

Key figures around 0230 GMT

Shanghai – Composite: UP 0.8 percent at 3,286.30

Hong Kong – Hang Seng Index: UP 2.3 percent at 21,105.19

Tokyo – Nikkei 225: UP 0.3 percent at 39,395.05 (break)

West Texas Intermediate: UP 0.4 percent at $73.55 per barrel

Brent North Sea Crude: UP 0.4 percent at $76.88 per barrel

Dollar/yen: DOWN at 149.16 yen from 149.35 yen on Wednesday

Euro/dollar: UP at $1.0942 from $1.0940

Pound/dollar: UP at $1.3071 from $1.3062

Euro/pound: DOWN at 83.70 pence from 83.72 pence

New York – Dow: UP 1.0 percent at 42,512.00 (close)

London – FTSE 100: UP 0.7 percent at 8,243.74 (close)

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Soludo takes over Onitsha main market as IPOB declares compulsory sit-at-home

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The Governor of Anambra State, Prof Chukwuma Soludo has announced that his government will take over the running of Onitsha Main Market.

The governor had last Monday visited the market and also announced a one week closure over the continued adherence to sit at home protest by traders in the market.

The closure had generated a lot of tension, leading to protests by the traders, while the governor stuck to his gone, insisting that the market will remain closed for one week. He also held a meeting with the leaders of the market yesterday, where he presented them with two options.

Though it was a closed door meeting, which held at the Light House, Awka, a source in the meeting told THISDAY that the traders chose to open their shops on Monday, against an earlier option of demolishing and remodelling the market.

The source said: “The governor gave them two options. The first included; they will resume full trading activities on Mondays, mark attendance as required, while he regenerate and reorganise the market, demolish all illegal structures and plazas and create proper spaces and car parks. The second includes; To continue with Sit-at-Home on Mondays and risk the demolition of the market and use two-years for its reconstruction to restore it to its original master plan.

“The governor told them that restoring parking facilities in Main Market is an emergency, and any illegal structure erected at the park would be demolished soonest.”

It was gathered that the traders choose the first option, which will involve them opening on Monday, and giving the governor the go ahead to remove illegal structures to make way for wider roads in the market and restoring its packing space.

During the meeting, the governor told the traders that a committee will be set up to rectify all occupants of shops in the market, and that this will commence work soon, insisting that the government needs to know those who are trading in its market.

The governor was also said to have rejected a plea for the market to be opened on Saturday, insisting it can only be opened on Monday, when their compliance will again be re-accessed.

“The traders agreed to the terms, and will on Monday reopen the market to recommence business,” the source said.

Meanwhile, secessionist group, Indigenous People of Biafra (IPOB) has declared what it called Biafra-wide solidarity lockdown which is to hold on Monday in solidarity with Onitsha traders and to demand for Mazi Nnamdi Kanu’s immediate release.

A press release by the group’s publicity secretary, Mr Emma Powerful said the total shutdown across Biafraland is a direct, peaceful, and unified response to the shutting down of Onitsha Main Market for one week by Soludo.

The release said: “We remind Governor Soludo and his Abuja sponsors that the Monday sit-at-home originated as a peaceful protest demanding the unconditional release of Mazi Nnamdi Kanu, the very cause that has galvanized global attention to Biafra’s quest for self-determination.

“Attempts to twist this into “economic sabotage” or “criminality” will fail. The markets thrived during Christmas Mondays without incident, proving that voluntary compliance stems from genuine solidarity, not fear. Soludo’s escalation only exposes his desperation to provoke confrontation at a time when Biafra’s international profile is rising and diplomatic efforts are gaining traction.

“On Monday, February 2, 2026, we call on all Biafrans traders, transporters, banks, schools, civil servants, and every sector across Anambra, Abia, Imo, Enugu, Ebonyi, and beyond to observe this solidarity strike peacefully.

“Remain indoors, refrain from all commercial and public activities, and demonstrate to the world our disciplined resolve. This is not about disruption for its own sake; it is about standing with Onitsha traders who are being punished for demanding justice, and reaffirming that no governor can coerce free citizens into abandoning their rights or their solidarity.”

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BUA Chairman Is My Ex-Husband – Tinubu’s Minister Opens Up On Past Secret With Abdul Samad Rabiu

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Nigeria’s Minister of Art, Culture and the Creative Economy, Hannatu Musawa has opened up about her former marriage to BUA Group chairman Abdul Samad Rabiu, describing it as a meaningful and life-shaping experience.

In a conversation on the MIC On Podcast with Channels Television journalist Seun Okinbaloye, Musawa reflected on her bond with Rabiu, saying their connection has remained strong despite their separation.

She explained that their relationship has evolved into one grounded in family ties, mutual respect, and continued support.

Musawa shared that although they are no longer married, they remain close and involved in each other’s lives.

She also pointed out the lasting connection between their families, noting that her daughter, Khadija, was named after Rabiu’s grandmother, showing the enduring link between them.

The minister described her time with Rabiu as one of the most memorable periods of her life.

She stated that there is no bitterness between them and that she will continue to support him in his endeavors, maintaining respect and care for their shared history.

She said: “We love each other because you love your family, obviously. But Samad is my brother. He’s my family. That’s what he is. And I’m his sister and his family, too. The marriage of the greatest experiences I’ve ever had.

“He is my ex-husband, but we are still family. We juggle coming from a background where, once you’re joined together, you continue to participate in each other’s lives. And so, we were married, and now we are just family.

“My daughter Khadija was named after Samad’s grandmother.

“We continue to share a deep respect and a love, and more than anything, support for each other. I’ll continue to be his greatest cheerleader.”

Abdul Samad Rabiu leads BUA Group, a Nigerian conglomerate with investments in cement, sugar, and other industries, and is regarded as one of the country’s leading business figures.

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LIRS reiterates January 31st deadline for employers’ Annual Tax returns filing

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The Lagos State Internal Revenue Service (LIRS) has reiterated the statutory deadline of 31st January 2026 for all employers of labour in Lagos State to fulfil their statutory obligation to file their annual tax returns for the 2025 financial year.

In a statement issued on Thursday, January 19, the Executive Chairman of LIRS, Dr Ayodele Subair, reminded employers that the obligation to file annual returns is in accordance with the provisions of the Nigeria Tax Administration Act 2025 (NTAA).

Dr Subair explained that employers are required to file detailed returns on emoluments and compensation paid to their employees, as well as payments made to their service providers, vendors and consultants, and to ensure that all applicable taxes due for the year 2025 are fully remitted. He emphasised that filing of annual returns is a mandatory legal obligation, and warned that failure to comply will result in statutory sanctions, including administrative penalties, as prescribed under the new tax law.

According to Section 14 of the Nigeria Tax Administration Act 2025 (NTAA), employers are required to file detailed annual returns of all emoluments paid to employees, including taxes deducted and remitted to relevant tax authorities. Such returns must be filed and submitted not later than January 31 each year.

Dr Subair stated

“Employers must prioritise the timely filing of their annual income tax returns. Compliance should be part of our everyday business practice. Early and accurate filing not only ensures adherence to the law as required by the Nigerian Constitution, but also supports effective revenue tracking, which is important to Lagos State’s fiscal planning and sustainability.”

He further noted that in Lagos State, electronic filing via the LIRS eTax platform remains the only approved and acceptable mode of filing, as manual submissions have been completely phased out. This measure, he said, is aimed at simplifying and standardising tax administration processes in the State.

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