This is the moment we have all been waiting for. Nigeria‘s most anticipated election, the season Nigerians will perform their civic duties to vote in their preferred/qualified candidate.
With Nigeria’s most important election only three days away, it is critical that all stakeholders take the necessary steps to ensure a successful and peaceful election.
Here are some preparation tips for the upcoming election:
Polling Unit
Know your polling unit: It is critical to know your polling unit because this is where you will vote. Check your voter’s card or go to the Independent National Electoral Commission (INEC) website to find your polling unit.
Check your voter registration status. Make sure you’re registered to vote and your name is on the voter list. You can check the status of your voter registration by visiting the INEC website.
Candidates
It is critical to learn about the candidates running for office as well as their platforms. Investigate their track record, promises, and future plans if elected. This will allow you to make an informed decision when voting.
Before going to vote, learn your candidate’s political party and its logo.
Abenol a platform for nation building that connects tech-savvy and educated Nigerians to the grassroots; urged Nigerians to not only vote for a presidential candidate but be involved in all of the elections.
“There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given,” Abenol said.
“It is how you exert the control you have over the government, push back bad leadership etc. if the state of Nigeria concerns you so much, you will not leave your card lying around on the day of the election, you will infact come out and vote.”
There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given. pic.twitter.com/OsRMtGJpmG
Understand the election rules, including the voting process, time, and location.
Knowing the rules will ensure that you understand what is expected of you and that you do not break any rules inadvertently.
Plan your waka well
Plan ahead of time for transportation to and from the polling place. Make sure you have enough time to get to the polling place and that you have enough resources, such as food, water, and money.
Inform your loved ones about your plans.
Security
Be aware of any security threats in your area and take the necessary precautions. Avoid high-risk areas and report any suspicious activity to the appropriate authorities.
Protect yourself, do not go towards any riot or sponsor it. If you have a security dog feel free to take it along but but it on a leash and do not let it attack anyone.
Do not wear any political outfit!
The federal government may have deployed security personnel to protect cities, but will they be present at all polling places? Protect yourself by using “The N-Alert App” to report any suspicious or violent behavior.
‘The N-Alert App’ is a mobile app that allows you to report any type of crime and receive a quick response because it is routed directly to the command center.
The app is very simple to use, so please encourage anyone you know who is voting to download it and it is available for download on both iOS and Android.
Secure your votes
Don’t just vote and go home. Go early to your polling unit, make sure the electoral materials have not been tampered with and after voting, make sure that your votes are not stolen. Make sure that the electoral officer uploads your vote.
It is easy for your polling unit to be attacked, for your votes to stolen or rendered void if there is no one to stop them. Stay back and make sure that the right thing is done.
“Go early and stay until the votes in your unit have been submitted. Don’t just vote and go home, stay to protect your vote. This will help keep the officials accountable and make election violence less likely,” Laju Iren tweeted.
To summarize, all stakeholders must work together to prepare for Nigeria’s election in three days. We can ensure a successful, peaceful, and transparent election that reflects the will of the people if we follow these guidelines. Let us all work together to make this election a success.
Eating out can be expensive either it is at a big or small restaurant. Buying groceries frequently takes a chunk of your money.
Sometimes we try to count our money to calculate how much we spent; especially when our wallets are slim and our bank accounts are not smiling.
How can we reduce our spending? What can we do to eat healthy while maintaining a budget?
Eating healthy on a budget is not impossible. One of the ways to achieve it is to have a garden and grow your food.
Growing your food might seem extreme or overly expensive. No need to fear, you can start small.
As small as spring onions or pepper then work your way up to other agricultural produce.
Eating on a budget; how to
Growing your own fruits and vegetables is a great way to save money and have fresh produce at your fingertips if you have the space.
Having a steady supply of fresh produce at home can help you save money at the grocery store.
What should you plant?
You can start with the things you usually use; like ginger, spring onions, cabbage or even tomatoes. Take a look at the tools you have and watch videos that will help you decide what to start with, how to plant and when to plant.
How to plant
Watch videos and read articles on how to plant and how to maintain your garden.
Where to plant?
Start on a small scale. Many fruits, vegetables, and herbs can be grown in pots on patios or balconies especially if you don’t have a yard.
Snapchat, Twitter, and other social media sites may be sanctioned by the Federal Government over the display of porn and nudity on the Nigerian cyberspace. This is as the National Information Technology Development Agency (NITDA) released the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries (online platforms).
Part of the order included in the code is that -Snapchat, Twitter, TikTok, and other social media must ensure the removal, disabling, or blocking of access to any non-consensual content, which displays partial or full nudity, sexual acts, deep fake, or revenge porn within 24 hours.
The code mandated the social media platforms to “act expeditiously to remove, disable, or block access to non-consensual content that exposes a person’s private areas, full or partial nudity, sexual act, or revenge porn, where such content is targeted to harass, disrepute, or intimidate an individual. A Platform must acknowledge the receipt of the complaint and take down the content within 24 hours.”
Other things require of Snapchat, Twitter, and other social media platforms
The Code of Practice also directs these platforms to take down any unlawful content upon receiving a notice from a user, or an authorised government agency.
The platforms were also asked to exercise due diligence to ensure that no unlawful content is uploaded to their platform.
Aside from asking each online platform to have a country representative, who will interface with the Nigerian authorities, it also requires any platform with over 100,000 Nigerian users to have an office in Nigeria.
Other conditions include registering with the Corporate Affairs Commission as a legal entity, complying with tax obligations, abiding by regulatory and legal demands, and providing information about users on-demand, among others.
BizWatch Nigeria, however, understands that the Code of Practice recently published by the NITDA was designed to safeguard the fundamental human rights of Nigerians and non-Nigerians living in Nigeria, and to regulate interactions on the online platform.
World Bank, in its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, disclosed that the number of Nigerians that would plunge into poverty by the end of this year would hit 95.1 million.
While warning that many non-poor Nigerians are only one small shock away from falling into poverty, the Washington-based lender lamented that since President Muhammadu Buhari was first elected into the office of president of Nigeria in 2015, there has been no improvement in the poverty crisis in the country.
According to World Bank, poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.
Quoting its economists -Jonathan Lain and Jakob Engel, World Bank said rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.
“Nigeria’s aspiration to lift all of its people out of poverty by 2030 presents a serious challenge. Even before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people.
“The global pandemic, rising inflation, and ongoing uncertainty related to the war in Ukraine – combined with relentless population growth – have made Nigeria’s poverty-reduction goals more challenging than ever,” the economists were quoted.
Can Buhari truly lift Nigerians out of poverty?
With the factors identified by the World Bank economists, Buhari’s aspiration to lift Nigerians out of poverty has no doubt been met with a major blow.
It would be recalled that in June last year, the President inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.
This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.
The president was quoted in a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, as saying, “If India can lift 271 million people out of poverty between 2006 and 2016, Nigeria can surely lift 100 million out of poverty in 10 years.
“Fortunately, we have already started but we need to unlock the challenges of slow implementation, inappropriate targeting, and absence of adequate resources.”
For travellers, and for others seeking dollar to naira in exchange for one thing or the other, they are likely to experience stricter access to it considering the country’s external reserves that hit a seven-month low after falling to $38.57 billion as of May 25, 2022.
According to figures obtained from the Central Bank of Nigeria (CBN) on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01 billion and $38.39 billion on October 10 and 8, 2021 respectively.
However, as a result of the dollar to naira scarcity, banks are extending the waiting period to access forex for foreign trips, thereby denying travellers with urgent trips access to apply for Personal Travel Allowance or the Business Travel Allowance requests.
The banks have also been reducing the amount a customer can spend on the cards in dollar terms.
Explaining Ecobank Nigeria’s current stand on retail forex transactions for international school fees, accommodation and upkeep payments as well as PTA/BTA requests, the financial institution’s Head, Consumer Banking, Korede Demola-Adeniyi said, “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep.
According to him, part of the process involved a review of all documents to ensure compliance with regulatory requirements.
“In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation,’ he added.
Like Ecobank, Access Bank stated: “All requests are reviewed to ensure that they meet regulatory requirements. In addition, due to limited forex availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfill requests for school fees, upkeep, and rent payment.
“However, for PTA/BTA, we request that you submit your application 14 days before your proposed travel date to allow disbursement within the timeline.”
In response to economic challenges created by the global pandemic and the Russia-Ukraine conflict, Africa Finance Corporation (AFC) is launching a US$2billion facility to support recovery and resilience in Africa.
AFC has committed to funding up to 50% of the new African Economic Resilience Facility and mobilising the remainder through the Corporation’s network of international partners and investors. The facility will be announced at the AFC Live Infrastructure Solutions Summit today.
The facility will be disbursed through loans from AFC to selected commercial banks, regional development banks and central banks in various African countries, providing them with much needed hard currency liquidity to finance trade and other economic activities in their jurisdictions.
These institutions will be able to leverage AFC’s proven access to global funding to receive financing at competitive rates.
Speaking on the rationale behind the launch, Head of Treasury and Financial Institutions, Banji Fehintola, said: “The COVID-19 pandemic set back Africa’s economic growth trajectory and widened the trade financing gap, while the Russia-Ukraine conflict has added a further set of challenges negatively impacting growth prospects across the continent.
“We are determined to play a leading role in helping the continent’s recovery and resilience, not only though the work we do in bridging Africa’s infrastructure gap, but also through targeted interventions such as this US$2billion economic resilience facility.”
Applications for the African Economic Resilience Facility will open this month through AFC’s website.
Through this funding intervention, AFC will accelerate its developmental impact in Africa, helping to drive the continent to a new phase of growth that is focused on maximum resource value capture and domestic job creation.
Over the last 15 years, AFC has built experience mobilising global capital for critical infrastructure projects in Africa.
The Corporation’s recent bond issues include a US$750million 7-year Eurobond issued in 2021 at AFC’s lowest yield to date. The Corporation also established an independent asset management arm, AFC Capital Partners, with plans to raise US$2 billion to fund climate adaptation infrastructure projects in Africa.
To commemorate International Women’s Day 2022, themed “Break The Bias” BizWatch Nigeria presents Twitter Spaces conversation on Wednesday, March 9th 2022 tagged “Break The Bias: Is Nigeria Ready For A Female President?”
International Women’s Day is marked every year to celebrate women all around the world, eradicate gender bias and fight for gender equality. Clearly, we have a long way to go to achieve gender equality.
BizWatch Nigeria to mark this year’s International Women’s Day will have a Twitter Spaces Conversation by 7 pm (WAT) to provide solutions to gender bias and to discuss the following;
Gender bias
Issues in society
Empowering young girls and women
Gender equality and equity
Women in business and leadership
The role of the female gender in restoring Nigeria
Is Nigeria ready for a female president?
The rejected gender bills
Under representation of women in politics and government
The aim of this event is to celebrate women, eliminate gender bias and educate people on gender equality.
The speakers for the event are: Hansatu Adegbite, the Executive Director of WiMBIZ, Seyo Body-Lawson; a renowned entrepreneur and photographer, Gbemi Aleke; a Deputy Director of Account Management and Strategy at TBWA Lagos and Betty Abah; a seasoned journalist, women and children’s right activist and the Director of CEE-HOPE. The Twitter Spaces conversation will be hosted by Adepeju Aina, a content creator at BizWatch Nigeria.
Join our conversation on Twitter as we provide solutions to gender equality and as we break the bias!
The Nigerian National Petroleum Company (NNPC) said that a total of ₦249.3 billion for October 2021 domestic crude oil sales by six multinational oil companies operating in the upstream sector will be paid in January 2022.
The NNPC made this known in its latest report on Nigeria’s crude oil export and domestic crude oil sales in the month of October 2021.
This came as the oil firm revealed that it would also deduct ₦270.83 billion from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee meeting in January next year.
It said the ₦270.83 billion was its November 2021 value shortfall. The NNPC posts value shortfalls as a result of what it spends on the monthly subsidy of Premium Motor Spirit, popularly called petrol.
On oil sales, the oil company explained in the report that while the October 2021 crude oil exports of 50,000 barrels under the Production Sharing Contract, valued at $4.18 million was payable in November 2021, the October 2021 domestic crude oil payment expected in January 2022 from the six firms is ₦249.3 billion.
The company further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.
Oil firms
It outlined the firms from where the funds were being expected to include Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC), MidWestern, Pillar and First Exploration and Production.
It said CNL would be paying for 2.268 million barrels of domestic crude valued at ₦73.85 billion, while MPN would remit ₦123.22 billion for 3.8 million barrels of domestic crude oil.
The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at ₦26.966 billion and ₦3.25 billion, respectively.
For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.
The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at ₦249.3 billion.
“This value shortfall consists of ₦220,110,853,427.56 for November and ₦50,720,290,429.00 deferred for recovery in December 2021 FAAC Report.”
The Federal Government has signed a memorandum of understanding (MoU) with Developing Africa Group from UK, to establish the first in Africa first intellectual property rights (IPR) commercialization project in Nigeria.
The Head of Press and Public Relations of the Ministry of industry, Trade and Investment, Ibrahim Haruna disclosed the information.
The Minister of Industry, Trade and Investment,, Adeniyi Adebayo, was quoted as saying that the MoU would enable the group to use IPR as a means of resolving some of the issues and challenges facing Nigeria as well as provide jobs and trade services.
According to the minister, the pilot project was structured for a period of three years.
“This is to address some of the issues surrounding unemployment and allow rural communities in Nigeria to start attracting commercial interests,” he said.
“Since trademarks are crucial to the promotion of trade and economic development, and Nigeria happens to be one of the strong regional hubs of trade in Africa being the continent’s biggest economy.
“It is no surprise that it has attracted the world’s IP governing body in Abuja, as Nigeria hosted one of the only two World Intellectual Property Office’s (WIPO) external offices in Africa.
“Africa in general and Nigeria in particular, faces an enormous challenge of industrialisation and unemployment generation given the significant population growth.
“The African Development Bank estimates that youth unemployment is twice as high as that of adults and that young people account for approximately 60 per cent of the continent’s jobless population.
“The problem is only set to become more acute given estimates that some 12 million young people on the continent enter the job market each year.”
The minister advised the group to collaborate with the WIPO Office in Nigeria to accomplish the goals.
The chairperson of the group, Jamila Ahmadu-Suka, assured that the use of the IPR would introduce a several technology-based projects in the country.
The Nigerian National Petroleum Company (NNPC) has stated that the pipeline fire at Iyana-Odo/Baruwa axis of Lagos will not unsettle the supply of petroleum products across the country.
NNPC’s Group Managing Director, Mele Kyari, stated this on Friday during a visit to the scene of the incident.
The collapse of an electricity transmission tower on the pipeline on Friday resulted in the fire.
The NNPC GMD, who was represented by Isiyaku Abdullahi, managing director, Pipelines and Products Marketing Company (PPMC) Ltd, stated that the fire incident affected a portion of system 2B pipeline within the area, noting that the visit was to ascertain the extent of the incident.
“We want to assure Nigerians that this incident will not affect the supply and distribution of petroleum products across the country,” he said.
Kyari staed further that official of the national oil company were working with the Lagos government and other relevant authorities to permanently put out the fire.
Confirming the incident earlier on Friday, Ibrahim Farinloye, acting coordinator, south-west zonal office of the National Emergency Management Agency (NEMA), said sparks from the collapsed tower led to the fire outbreak.
“The electricity cable collapse led to sparks and the sparks got to spilled petrol around the area which led to the pipeline fire and a subsequent explosion,” he said.
“The pipeline corridor has been known to have spillage often due to activities of vandals.”
The incident caused power outage in parts of Lagos State.
The House of Representatives (reps) on Tuesday passed a 2022 budget of ₦17.126 trillion which is higher than the ₦16.391 trillion sum presented by President Muhammadu Buhari.
The Senate is also expected to pass the appropriation bill on Tuesday.
While the major capital, recurrent, debt service, statutory transfers remain untouched, the House made provision for an increase by ₦400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.
In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.
The lawmakers also made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.
The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.
The Nigerian National Petroleum Company Ltd. (NNPC) says it will continue to work tirelessly to ensure sufficient supply of petrol to every part of the country during and beyond the forthcoming festive period.
Group General Manager, Group Public Affairs Division, NNPC, Garba Muhammad, made this known in a statement in Abuja.
Muhammad expressed appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol.
“The NNPC is once again giving Nigerians strong assurance that we have product sufficiency that will last far beyond the festive period.
“Indeed, our stock has risen from a reserve of 1.7 billion litres to over two billion litres within the last one month,” he said.
Muhammad, therefore, urged Nigerians not to engage in panic buying, but to fully enjoy the spirit of the festive season.
While appreciating Nigerians for their understanding and support, he promised that NNPC will not relent, in always ensuring sufficient supply of petrol.
Nigeria’s Headline inflation decreased by 0.59 percent to 15.40 percent in November, the National Bureau of Statistics (NBS) has revealed.
Statistician-General of the Federation, Simon Harry, who made the announcement on Wednesday in Abuja during a media conference, also stated that the rebasing of the nation’s economy would take place in 2022 after completing the National Agricultural Sample Census (NASC).
According to him, there has been a consistent decrease in the inflation rate in the last eight months and the figure for November is a decrease from the 15.99 percent recorded in October.
“With this, it means that the declining trend for about eight months portends a positive signal given the favourable economic conditions, the rate of inflation in Nigeria would come down to a bearable level.”
Harry said that on a month-on-month basis, the headline index increased by 1.08 percent in November, which was 0.10 percent higher than the 0.98 percent recorded in October.
The urban inflation rate increased by 15.92 percent (year-on-year) in November from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November from 14.33 percent in November 2020.
On a month-on-month basis, however, the urban index rose by 1.12 percent in November, up by 0.10 percent from the 1.02 percent recorded in October, while the rural index also rose by 1.04 percent in November, up by 0.09 percent from the 0.95 percent rate recorded in October.
He also said that the composite food index rose by 17.21 percent in November compared to 18.30 percent in November 2020.
According to him, the rise in the food index was caused by increases in prices of bread and cereals, fish, food product such as potatoes, yam, and other tubers, oil and fats, milk, cheese and eggs, and coffee, tea, and cocoa.
However, on a month-on-month basis, the food sub-index increased by 1.07 percent in November, up by 0.16 percent points from 0.91 percent recorded in October.
Also, the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.85 percent in November, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.
He added that on a month-on-month basis, the core sub-index increased by 1.26 percent in November.
“This was down by 0.46 percent when compared with 0.80 percent recorded in October.
“The highest increases were recorded in prices of gas, liquid fuel, other services such as garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelry, clocks, and watches.
“Others are passenger transport by air, pharmaceutical products, appliances, articles, and products for personal care, cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.”
The Nigerian Communications Commission (NCC) says it has successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the Fifth Generation (5G) network in the country.
Dr. Ikechukwu Adinde, NCC’s spokesman explained that the simulated auction held on Friday in Abuja was preparatory to the main auction scheduled to take place on Monday.
He said the conduct of the simulation exercise was in line with the requirements stipulated in the Information Memorandum (IM) for the 3.5 GHz spectrum auction.
The IM is a document that defines the process for the licensing of the 3.5 GHz spectrum band earlier published on the commission’s website at the inception of the auction process.
“Using the Ascending Clock Auction System for the mock session, the three qualified bidders for the 3.5 GHz spectrum, namely MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, participated in the software-based simulated auction exercise,” the statement said.
“Following the successful mock auction, the stage is set for the commission to license two slots in the 3.5 GHz spectrum band expected to be picked by successful bidders at the end of the Main Auction on Monday, December 13, 2021.
“The auction on Monday will mark a turning point in Nigeria’s determination to harness the benefits of 5G for the nation’s socio-economic growth as the concrete roll-out of 5G commences in 2022.”
Chairman of NCC Board of Commissioners, Professor Adeolu Akande; the Executive Vice Chairman and Chief Executive Officer of the commission, Professor Umar Danbatta; Executive Commissioner (Technical Services), Ubale Maska, and the Executive Commissioner (Stakeholder Management), Adeleke Adewolu, were among those who witnessed the exercise.
Others include representatives from the bidding companies, senior management staff from relevant departments of the commission, technical consultants, software consultants, legal consultants, and other external observers.
In a brief remark at the mock auction, Danbatta said the commission had taken all necessary steps to ensure due diligence on the credibility of the consultants and to safeguard the integrity of the software solution being used to carry out the implementation of the national assignment.
“This is consistent with the open, credible transparent, and fair manner by which the commission is known to have conducted previous auction processes, which have been locally and globally applauded,” Danbatta was quoted as saying in the statement.
In order to ensure a fail-proof process, Adinde said the NCC also carried out a simulation of the manual process of the auction, aside from the electronic mock.
He explained that this was to make bidders familiar with the manual auction in case of any circumstances on the main action day that may warrant a need to switch to the manual auction.
“It is pertinent to note that the two forms- electronic and manual- are clearly stated in the IM and they follow the same process,” the statement added.
“Representatives of the bidding companies, the commission, the consultants, and other observers at the mock auction expressed satisfaction with the conduct of the simulation exercise, which also provided an opportunity for the commission to perfect the auction process ahead of the main auction.
“The commission had commenced the process for the auction of the 5G spectrum in the last quarter of the 2021 and had, since then, carried out a number of activities ahead of the main auction.”
The retail price of Premium Motor Spirit, popularly known as petrol, may be sold above the projected N340/litre in February 2022 once the Federal Government stops its subsidy on the commodity, oil marketers said on Tuesday.
Findings show that both independent and major oil marketers were perfecting plans to begin PMS importation soon as the government ends the subsidy regime.
They have raised concern over the unstable condition in foreign exchange rates and how this would affect petrol price in the coming year.
The Nigerian National Petroleum Company Limited has been the sole importer of petrol into Nigeria for about four years. The inability of marketers to effectively access the United States dollar for the purpose of importing refined crude oil forced them to stop.
The Group Managing Director of NNPC, Mele Kyari, last week, announced at a World Bank event in Abuja that beginning from February 2022, the price of petrol would range between N320 and N340 per litre by which time the Federal Government have removed the subsidy.
He stated that Nigeria would cease to subsidize the commodity in the first quarter of next year, adding that subsidy would have been removed this year but was suspended owing to certain conditions.
According to PUNCH, some marketers on Tuesday stated that the cost of petrol would be above the amount projected, which is between N320 – N340/litres if there was no improvement in the foreign exchange rate.
According to Dealers under the aegis of Independent Petroleum Marketers Association of Nigeria and Petroleum Products Retail Outlets owners Association of Nigeria stated their readiness to import petrol, however, also noted the cost of the commodity would be high in February.
IPMAN and PETROAN members own bulk of the filling stations across the country and currently make purchases from depots before selling to final consumers at their various retail outlets.
“Yes, if there is no subsidy, some marketers can import, but the only thing is that it will be costly. The price will be higher than the projected cost because of the exchange rate,” the National Vice President, IPMAN, Abubakar Maigandi, stated.
He added, “The challenge of accessing forex will definitely affect imports because over 90 per cent of petrol that will be consumed across the country will depend on importation. Also this is because the refineries are not functioning.”
The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, also stated that the foreign exchange rate would determine the cost of petrol from next year after subsidy removal.
He said, “If the Federal Government says there is no going back on subsidy removal this time round, which is a challenge that has dragged on for about 30 years, then it means that they are going to liberalise the market.
“By liberalising the market it will now help independent and major marketers to be able to freely import petroleum products from any source so that products will be available in Nigeria.”
He added, “However, it is pertinent to note the forces of demand and supply will determine the price of the commodity in Nigeria. So literally, whatever the dollar rate is in the international and local markets will pose the actual challenge to marketers
“The issue of black market and official exchange rates is a serious challenge that we foresee. But we believe that the Federal Government is doing something by meeting with the bureau d’change operators on this, so that whatever is obtainable at the banks is what you get in the open market.”
On whether the forex issue could lead to a higher price than the projected N340/litre, Chinedu replied, “Aside from the adverse effects of the removal of subsidy on the wellbeing of Nigerians, we will, of course, see a price that is higher than what they project.
“The price will be higher. It will be higher because the dollar to a large extent determines the price of petroleum products. If the dollar goes up, the price of petrol will increase, and vice versa.”
The President PETROAN, Billy Gillis-Harry, confirmed the position of IPMAN, as he, however, explained that members of his association were ready to import the commodity.
He said, “At PETROAN we already have a vehicle that is in place to start importation petroleum products, gas and other products. We encourage the government to completely remove subsidy.
On the possibility of higher pump price than the projected N340/litre, Gillis-Harry said, “That is why we said that every single thing about petroleum products should be premised on the forces of the market.
“The forces of demand and supply should determine the price.”
The spokesperson of NNPC, Garba-Deen Muhammad, told our correspondent that the issue of petrol pricing was not the function of the oil firm.
“Price issues are policy matters. NNPC does not fix price, it has no mandate. It operates in the sector as a business concern governed by CAMA Laws,” he stated.
Despite interventions and funding channeled to the distribution of prepaid meters across the country, about six million electricity consumers are still being given estimated billing.
A report by the Nigerian Electricity Regulatory Commission (NERC) in January this year had put the number of meters contracted through the Meter Asset Providers scheme (MAPS) and National Mass Metering Programme (NMMP) at 7,588,972, indicating that over 7.5 million customers will be needing prepaid meters had the time.
However, The PUNCH gathered from the Federal Ministry of Power on Tuesday that the deployment of meters through the NMMP had risen to 750,000.
A combination of meter deployment by both schemes showed that about 1.26 million meters had been deployed out of the over 7.5 million unmetered customers captured by the NERC.
Operators in the sector explained that the deployment of meters this year was basically through the NMMP, as the MAP scheme was not fast in meter provision.
The National Mass Metering Programme, funded by the Central Bank of Nigeria, was instituted in September 2020 to increase the rate of metering through the provision of free meters.
The Meter Asset Providers scheme, on the other hand, took effect on April 3, 2018, introducing meter providers as a new set of service providers in the Nigeria Electricity Supply Industry.
This came as power distributors told our correspondent that meters provided under Phase Zero of the NMMP had so far been deployed to customers.
They stated that many Discos currently lacked meters as only a few were on ground for distribution to the over six million unmetered power users nationwide.
“Under Phase Zero, they (government) had a particular number that they gave to each Disco and the target was to provide about one million meters,” an official with the Association of Nigerian Electricity Distributors, who pleaded not to be named as he was not authorised to speak on the matter, said.
The official added, “Ikeja Disco received over 100,000 meters; Ibadan Disco also got over 100,000 meters; while some others got about 90,000 meters, as the allocations were based on the Disco.”
Explaining how the free meters under Phase Zero of the NMMP were acquired, the ANED official stated that the government worked with meter manufacturers to know their respective capacities.
Governor Babajide Sanwo-Olu has officially flagged off the return of the monthly environmental sanitation exercise, with the first session scheduled for Saturday, April 25, 2026.
New Schedule: The exercise will take place on the last Saturday of every month from 6:30 AM to 8:30 AM.
No Movement Restrictions: In compliance with a 2015 Federal High Court ruling, the state will not enforce a “stay-at-home” order or restrict human movement during the sanitation hours.
Focus on Flooding: The initiative specifically targets the clearance of drainage channels to prevent road failure and persistent flooding caused by indiscriminate waste disposal.
MAIN STORY
Nearly a decade after its suspension, the monthly environmental sanitation exercise is returning to Lagos. Governor Babajide Sanwo-Olu announced the move during a stakeholders’ engagement on Saturday, framing the reintroduction as a “defining moment” for the state’s public health.
The governor emphasized that the exercise is not a political tool but a civic necessity driven by the mounting waste challenges facing the megacity.
A critical shift in this new iteration is the absence of movement restrictions. Recalling the 2016 cancellation by the previous administration following a legal challenge, Sanwo-Olu noted that while the state respects the court’s ruling on freedom of movement, the “responsibility to maintain a clean environment remains unchanged.”
The government aims to move from punitive enforcement to voluntary participation, urging Community Development Associations (CDAs) and market leaders to lead the efforts in their respective neighborhoods.
Commissioner for the Environment and Water Resources, Tokunbo Wahab, revealed that the decision followed over a year of consultations. He highlighted that Lagos is transitioning to a circular waste management model, where refuse is treated as a resource for energy and compost rather than a burden for landfills. Officials warned that clogged gutters are currently the primary cause of road deterioration, as stagnant water undermines even the most durable infrastructure.
WHAT’S BEING SAID
“It is not about politics… it is about our collective responsibility to keep our environment clean, healthy and safe,” stated Governor Babajide Sanwo-Olu.
On infrastructure: “You cannot repair roads sustainably when the drainage meant to protect them is clogged with waste every day.”
Tokunbo Wahab (Commissioner) added: “We are moving away from the old system where waste is simply collected and dumped… Waste will now be seen as a resource.”
WHAT’S NEXT
The Ministry of the Environment will launch a massive sensitization drive through April to educate residents on the 6:30 AM start time and the voluntary nature of the exercise.
The Lagos Waste Management Authority is expected to deploy additional compactor trucks on the last Saturday of April to ensure that all waste collected from drainage channels is evacuated immediately.
Market leaders will synchronize their existing Thursday morning sanitation discipline with the new monthly Saturday schedule to ensure commercial corridors are cleared.
BOTTOM LINE
The Bottom Line is that Lagos is attempting to reclaim its “culture of cleanliness” without the controversial lockdowns of the past. By setting the exercise for the early morning (6:30 AM) and removing movement barriers, Sanwo-Olu is betting that residents will prioritize their health and road infrastructure over individual convenience, aiming to solve the 13,000-tonne daily waste crisis through community-led action.
Nigerian Navy Ship (NNS) SOROH destroyed a reactivated illegal refinery site in the Okolomade Community, Rivers State.
Personnel discovered that previously dismantled infrastructure had been reconstructed, including ovens and storage tanks.
In a separate operation, NNS Victory intercepted 3,950 litres of stolen petroleum products at the Nigerian Ports Authority (NPA) area in Calabar.
The operations were conducted under Operation DELTA SENTINEL, following directives from Vice Adm. Idi Abbas to intensify the crackdown on economic sabotage.
MAIN STORY
The Nigerian Navy has recorded fresh successes in its ongoing campaign against crude oil theft and illegal bunkering. In Rivers State, an Anti-Crude Oil Theft (Anti-COT) team deployed to Abua-Odual Local Government Area discovered that a dismantled illegal refining site had been surreptitiously rebuilt.
Upon arrival, naval personnel found newly acquired metal components and reconstructed ovens containing approximately 3,000 litres of suspected illegally refined Automotive Gas Oil (AGO).
The Navy immediately destroyed the infrastructure, including the connected pipes and hoses, to prevent further operations. Meanwhile, in Cross River State, the Navy intercepted a major siphoning operation at the Calabar port. Credible intelligence suggested that perpetrators were siphoning fuel directly from berthed vessels. A patrol team traced the stolen products to a nearby trailer park, where they recovered 3,950 litres of AGO stored in drums and jerrycans.
Director of Naval Information, Capt. Abiodun Folorunsho, confirmed that the suspects fled the scene upon sighting the naval team. The recovered products have been evacuated to the naval base for further action. Folorunsho reiterated that the Navy remains committed to an “intelligence-driven” strategy to secure Nigeria’s maritime domain and protect the national economy from sabotage.
WHAT’S BEING SAID
“The dismantled refining oven had been reconstructed… newly acquired metal components used for illegal refining were destroyed,” stated Capt. Abiodun Folorunsho.
On the Calabar interception: “The naval patrol team swiftly deployed… and traced the illegally siphoned products to a trailer park within the port facility.”
The Navy emphasized that these successes align with the directive of Vice Adm. Idi Abbas to “intensify operations against crude oil theft and other maritime crimes.”
WHAT’S NEXT
Security agencies at the Calabar port are expected to review surveillance footage from the trailer park to identify the suspects who fled.
Following the reactivation in Okolomade, the Navy will increase the frequency of drone surveillance over “hotspot” communities to catch reconstruction efforts early.
The 3,950 litres of AGO recovered in Calabar will be handed over to relevant regulatory authorities for disposal or return to the original owners.
BOTTOM LINE
The Bottom Line is that the Nigerian Navy is fighting a “game of whack-a-mole” as illegal refiners attempt to rebuild dismantled sites. By shifting toward intelligence-led interceptions at major ports like Calabar and destroying reconstructed ovens in the creeks, Operation DELTA SENTINEL is making the logistics of oil theft increasingly difficult and expensive for criminals.
U.S. President Donald Trump calls on global powers to deploy naval vessels to keep the Strait of Hormuz open amid escalating Middle East tensions
The strategic waterway carries more than 20 million barrels of oil daily, roughly one-fifth of global consumption
Rising threats to shipping after U.S.–Israeli strikes on Iranian targets have intensified fears of disruption to global energy supply
Main Story
U.S. President Donald Trump on Saturday urged allied nations to send naval forces to help secure the Strait of Hormuz, one of the world’s most critical oil transit routes, as tensions in the Middle East threaten global energy supplies and maritime trade.
In a statement posted on his social media platform Truth Social, Trump said several major economies affected by the growing instability in the Gulf should contribute military assets alongside the United States to ensure that commercial shipping continues uninterrupted.
The call comes after a series of attacks on tankers and mounting threats to maritime traffic following escalating hostilities involving Iran, Israel, and the United States.
“Many countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe,” Trump wrote.
He specifically named China, France, Japan, South Korea, and the United Kingdom as countries that should help safeguard the route, describing the disruption as an “artificial constraint” on global energy markets.
The White House reinforced the message hours later in a post on X, quoting the president: “One way or the other, we will soon get the Hormuz Strait OPEN, SAFE, and FREE!”
The Strait of Hormuz, located between Iran and Oman, is widely regarded as the most important energy chokepoint in the world. According to international energy data and shipping analysts, more than 20 million barrels of crude oil and petroleum products pass through the narrow waterway each day, representing roughly 20 percent of global oil consumption.
Any disruption to the route has immediate consequences for global oil markets. Energy prices have already shown signs of volatility in recent weeks as traders respond to the risk of supply disruptions.
The tensions follow joint U.S. and Israeli strikes in late February targeting Iranian military infrastructure, which Washington said were aimed at weakening Iran’s missile and drone capabilities. Tehran has since retaliated with missile launches and drone attacks across the region, while also warning it could disrupt shipping through the Strait of Hormuz.
Shipping companies and insurers have begun reassessing risk levels in the Gulf, with some vessels reportedly diverting routes or delaying transits through the strait.
What’s Being Said
“Many countries … will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe,” Donald Trump, President of the United States.
“One way or the other, we will soon get the Hormuz Strait OPEN, SAFE, and FREE,” White House statement quoting President Donald Trump.
“Any prolonged disruption in the Strait of Hormuz would send shockwaves through global energy markets and could trigger a sharp spike in oil prices,” said Helima Croft, Head of Global Commodity Strategy, RBC Capital Markets.
What’s Next
Naval deployments by the United States and potential allies could increase in the coming days if threats to shipping intensify.
Oil markets are expected to remain volatile as traders monitor security developments in the Gulf region.
Diplomatic channels between Western powers and Iran may intensify in an effort to prevent a broader regional conflict and ensure the continued flow of energy supplies through the Strait of Hormuz.
FAAC distributes ₦1.894 trillion February revenue to federal, state and local governments
Federal Government receives ₦675.088 billion, states get ₦651.525 billion
Gross statutory and VAT revenues decline compared with January collections
Main Story
Nigeria’s Federation Account Allocation Committee (FAAC) has distributed a total of ₦1.894 trillion as February 2026 revenue to the Federal Government, state governments and local government councils, according to an official communiqué issued after the committee’s latest meeting in Abuja.
The distribution was confirmed in a statement released by Bawa Mokwa, Director of Press and Public Relations in the Office of the Accountant-General of the Federation. The total distributable amount comprised ₦1.274 trillion in statutory revenue and ₦619.119 billion from Value Added Tax (VAT) collections.
According to the communiqué, the Federal Government received ₦675.088 billion, while state governments collectively received ₦651.525 billion. Nigeria’s 774 local government councils received ₦456.467 billion from the allocation. In addition, ₦110.949 billion representing the 13% derivation revenue from mineral resources was distributed to oil-producing states.
Before deductions, total revenue available for distribution stood at ₦2.230 trillion. From this amount, ₦77.302 billion was deducted as cost of collection, while ₦259.078 billion was set aside for transfers, refunds and savings.
A breakdown of the statutory revenue component shows that the Federal Government received ₦613.174 billion, states received ₦311.010 billion, and local government councils received ₦239.776 billion.
From the ₦619.119 billion VAT pool, the Federal Government received ₦61.912 billion, while states received ₦340.515 billion and local governments received ₦216.692 billion.
The FAAC communiqué also revealed a significant decline in key revenue sources compared with the previous month.
Gross statutory revenue for February stood at ₦1.561 trillion, representing a drop of ₦395.138 billion from the ₦1.957 trillion recorded in January 2026. Similarly, gross VAT revenue fell sharply to ₦668.450 billion, compared with ₦1.083 trillion recorded in January.
Revenue streams including Petroleum Profit Tax (PPT), Hydrocarbon Tax, Companies Income Tax, Capital Gains Tax, Stamp Duties and VAT all declined during the period. However, oil and gas royalties and excise duties recorded notable increases, while receipts from import duties and the Common External Tariff (CET) also rose marginally.
What’s Being Said
“The revenue distribution reflects the statutory formula for sharing federally collected revenues among the three tiers of government,” the Office of the Accountant-General said in the official communiqué.
Public finance analysts say fluctuations in monthly FAAC allocations are common due to changes in oil revenue, tax receipts and foreign trade duties.
What’s Next
State governments will incorporate the allocations into March budgetary spending and salary payments
Fiscal authorities will continue to monitor oil production levels and tax collections, which significantly influence FAAC revenues
Upcoming federal revenue reforms and tax policy changes could reshape revenue distribution patterns in future allocations
The Bottom Line: FAAC allocations remain the financial backbone of Nigeria’s public sector, and the recent decline in tax and VAT collections highlights the government’s continued vulnerability to fluctuations in oil earnings and macroeconomic conditions.
Meta reportedly weighing layoffs that could affect up to 20% of employees
Job cuts linked to rising AI infrastructure investment and efficiency drive
Company says reports are “speculative” as internal discussions continue
Main Story
Meta Platforms Inc. is considering a sweeping round of layoffs that could affect 20% or more of its global workforce, according to a report by Reuters citing sources familiar with internal discussions at the company.
The potential restructuring comes as the social media giant accelerates investment in artificial intelligence infrastructure and advanced research, while simultaneously pushing for greater operational efficiency across its global operations.
A spokesperson for the company, Andy Stone, dismissed the report as premature, saying the claims were based on hypothetical internal planning rather than a confirmed corporate decision.
“This is speculative reporting about theoretical approaches,” Stone said in response to questions about the potential workforce reductions.
Meta employed nearly 79,000 people as of December 31, according to its most recent regulatory filings. If layoffs of the reported scale were implemented, it would represent the largest workforce reduction at the company since its major restructuring efforts in 2022 and 2023.
Those earlier job cuts were part of a corporate overhaul led by CEO Mark Zuckerberg, who described the period as Meta’s “year of efficiency.”
In November 2022, Meta laid off approximately 11,000 employees, about 13% of its workforce at the time. The company followed that move with another round of 10,000 job cuts in early 2023 as part of a broader cost-reduction strategy.
More recently, Zuckerberg announced in January 2025 that Meta would eliminate around 5% of its workforce, targeting employees identified as the company’s lowest performers.
Industry analysts say the potential new layoffs reflect the company’s aggressive push into generative AI and next-generation computing infrastructure.
Meta has reportedly offered compensation packages worth hundreds of millions of dollars over four years to recruit leading AI researchers for a new “superintelligence” research initiative.
The company has also announced plans to invest as much as $600 billion in data-centre infrastructure by 2028 as part of its long-term artificial intelligence strategy.
What’s Being Said
“AI is fundamentally changing how technology companies operate, and firms are restructuring teams to reflect that shift,” a technology sector analyst at a global investment bank said.
“Projects that once required large teams can increasingly be handled by smaller groups equipped with advanced AI tools,” the analyst added.
What’s Next
Meta is expected to continue expanding its AI research teams and computing infrastructure
Any confirmed layoffs would likely be announced in phases across global operations
Investors will monitor the company’s AI investment strategy and operating cost trajectory in upcoming earnings releases
The Bottom Line: Meta’s potential workforce restructuring underscores a growing reality across the tech industry — companies are investing heavily in artificial intelligence while simultaneously reducing traditional workforce structures.
Nigerian Exchange posts 27.5% year-to-date return after 10 weeks of trading
Market capitalisation climbs to ₦127.36 trillion, gaining ₦923 billion week-on-week
Premier Paints, Conoil and BUA Cement lead weekly rally on strong buying interest
Main Story
Nigeria’s equities market extended its bullish momentum last week as the Nigerian Exchange (NGX) delivered a 27.5% year-to-date return, with investors continuing to rotate funds into fundamentally strong stocks across the local bourse.
Trading data shows the NGX All-Share Index (ASI) rose 0.73% week-on-week to close at 198,407.30 points, pushing the total market capitalisation to ₦127.36 trillion, compared with ₦126.47 trillion recorded in the previous week.
The gain represents an increase of roughly ₦923 billion in market value, according to a market report released by Lagos-based investment firm Cowry Asset Management Limited.
Despite the upward movement in the benchmark index, market breadth remained negative. A total of 34 stocks recorded gains, while 61 declined, suggesting that a limited number of large-capitalisation stocks drove the broader market rally.
Investor activity also slowed during the week. Market statistics show the number of deals, trading volume and value traded declined by 14.19%, 10.45% and 7.36% respectively on a week-on-week basis.
By the close of trading, investors exchanged 3.31 billion shares worth ₦164.67 billion across 318,640 deals, slightly lower than the previous week’s trading levels.
Sector performance was mixed. The banking, insurance and commodity indices declined by 1.04%, 4.59% and 0.48%, respectively. Meanwhile, the consumer goods, oil and gas and industrial indices advanced by 0.63%, 1.50% and 5.73%, reflecting renewed interest in manufacturing and energy-linked stocks.
At the company level, Premier Paints Plc led the gainers’ chart with a 32.9% increase, followed by Conoil Plc (+20.9%), BUA Cement Plc (+20.0%), Fidson Healthcare Plc (+19.0%), and Omatek Ventures Plc (+18.2%).
On the losing side, SCOA Nigeria Plc (-34.1%), FTG Insure Plc (-20.8%), Sovereign Trust Insurance Plc (-20.7%), Alexandria Engineering Plc (-18.7%), and LivingTrust Mortgage Bank Plc (-17.4%) recorded the steepest declines as investors booked profits in previously appreciated stocks.
What’s Being Said
“The market continues to show resilience as investors selectively accumulate fundamentally sound stocks with growth potential,” analysts at Cowry Asset Management Limited said in a weekly market note.
“However, the negative market breadth indicates that the rally remains narrow, driven by a limited number of large-cap stocks rather than broad-based participation,” the firm added.
Market operators also noted that trading activity has become more cautious as investors track macroeconomic signals, corporate earnings expectations and monetary policy developments.
What’s Next
Investors are expected to monitor upcoming corporate earnings releases and dividend announcements from listed companies
Analysts will track macroeconomic indicators including inflation data and interest-rate expectations that could influence equity valuations
Portfolio rebalancing and profit-taking may continue as the market approaches the 200,000-point psychological threshold on the NGX ASI
The Bottom Line: Nigeria’s equity market remains one of the strongest-performing frontier markets in 2026 so far, but the narrow breadth of the rally suggests investors are concentrating capital in a limited set of large and fundamentally strong companies.
Market Rally: The NGX All-Share Index (ASI) rose 0.73% to close the week at 198,407.30, with market capitalization hitting N127.361 trillion.
Wealth Creation: Investors gained N924 billion in market value over the five-day trading period.
Sector Performance: The Industrial Goods sector led the gains with a 5.73% surge, followed by Oil and Gas at 1.50%.
Top Movers: BUA Cement Plc and Conoil Plc were among the top price gainers, while Access Holdings Plc dominated the volume activity chart.
MAIN STORY: INDUSTRIAL GAINS DRIVE MARKET UPWARD
The Nigerian Exchange (NGX) maintained its bullish momentum this week, pushing the All-Share Index closer to the 200,000-point psychological milestone. Market capitalization saw a significant lift to N127.361 trillion, up from the previous week’s N126.437 trillion. This growth was primarily anchored by large-cap stocks in the industrial and energy sectors, which offset a broader trend where 61 equities declined in price.
Activity was concentrated heavily in the Financial Services Industry, which accounted for over 65% of the total equity volume. Access Holdings and First Holdco were among the most liquid stocks, reflecting continued investor confidence in the banking sector’s recapitalization phase. Despite the overall index rise, trading volume was slightly lower this week, with 3.321 billion shares changing hands compared to 3.695 billion in the preceding week.
In the corporate space, the Exchange notified investors of the Linkage Assurance Plc rights issue. The company is offering 12.3 billion ordinary shares at N1.32 per share to existing shareholders. This move is part of a broader trend of insurance and financial firms strengthening their capital bases to meet new regulatory and economic demands.
WHAT’S NEXT
Linkage Assurance Rights Issue: Trading in the rights issue, which opened on Wednesday, will continue as shareholders decide on the two-for-three share offer.
Quarterly Earnings Releases: Investors are anticipating early Q1 2026 earnings reports from major industrial and banking firms, which could dictate market direction for late March.
Inflation Data Impact: Market participants are closely watching the National Bureau of Statistics (NBS) for the mid-month inflation report to assess potential Central Bank interest rate adjustments.
BOTTOM LINE
The Bottom Line is that the Nigerian market remains resilient, driven by the strong performance of heavyweight industrial stocks like BUA Cement. While the number of declining stocks outweighed gainers this week, the sheer volume of wealth added to market capitalization (N924 billion) suggests that institutional investors are doubling down on “Blue Chip” equities as a hedge against broader economic
Minister of Works David Umahi conducted an inspection of ongoing federal road projects in Afikpo, Ebonyi State, emphasizing their role in President Tinubu’s broader national transport agenda.
A key section of the project, valued at ₦454 billion, spans 125.5 kilometers and serves as a critical link to the Lagos–Calabar Coastal Highway.
The Federal Government has already released 30% of the funding for this section, which utilizes an Engineering, Procurement, Construction, and Finance (EPC+F) model.
Construction has transitioned entirely to reinforced concrete pavement, a technology the Minister guarantees will extend road lifespans to 100 years.
MAIN STORY
The Federal Government’s ambition to create a seamless transport loop across Nigeria reached a milestone this Saturday as Minister of Works David Umahi inspected the Ebonyi axis of the trans-regional highway system.
The road, which begins inCalabar, traverses Ndibe Beach, Afikpo, Amasiri, and Onueke, is designed to eventually link agricultural and industrial zones in the Southeast directly to Abuja and the Lagos–Calabar Coastal Highway.
A focal point of the inspection was the 1.5-kilometer bridge at Ndibe Beach. The Minister expressed satisfaction with the use of a “sophisticated launching system,” where cranes move from pier to pier to position beams, significantly accelerating the construction of the superstructure. This bridge is expected to be a game-changer for riverine communities, providing an easy route into Cross River State and fostering regional trade.
Umahi reaffirmed the administration’s “Concrete Revolution” policy. By moving away from asphalt and adopting concrete pavement, the Ministry aims to eliminate the cycle of frequent road failures. “Use of concrete for road construction has come to stay,” Umahi stated, noting that the material’s durability is essential for the heavy-duty traffic expected on these major economic corridors.
WHAT’S BEING SAID
“This road project will connect to Lagos–Calabar Coastal Highway, creating a continuous route that will significantly improve transportation,” stated Sen. David Umahi, Minister of Works.
On the choice of materials: “We have fully adopted concrete pavement… the material is more durable and can last up to 100 years.”
Regarding the Ndibe Beach bridge: “The bridge, when completed, will bring easy transportation route for riverine communities connecting easily to Cross River State.”
WHAT’S NEXT
Dual Carriageway Procurement: While the current phase focuses on the first carriageway, the Ministry is preparing to procure the second carriageway to complete the dualization of the corridor.
Onueke Concrete Plant: Contractors have been directed to establish an additional concrete production plant at Onueke to create multiple construction fronts and speed up delivery.
36-Month Timeline: The official completion period for Section 1 remains 36 months, though the Minister hinted that the current pace could see the project finished earlier.
BOTTOM LINE
The Bottom Line is that the Ebonyi road projects are not isolated local works but are the “connective tissue” of a 465-kilometer legacy corridor. By prioritizing concrete technology and securing 30% mobilization, the Tinubu administration is attempting to build a high-durability transport network that links the deep-sea ports of the south to the political and commercial heart of the north.
Choosing the right course to study is very important for students. The world is changing fast, and many new careers are appearing. To succeed in the future, students need to study courses that offer good job opportunities and high salaries.
Below are five courses that are expected to offer high-paying jobs in 2026 and beyond.
1. Computer Science and Artificial Intelligence (AI)
Technology is growing very fast, and many companies need people who understand computers and artificial intelligence. Students who study computer science learn programming, software development, and problem-solving skills.
AI and data science are also becoming very important in many industries like banking, healthcare, and business.
Graduates can work as software developers, data scientists, AI specialists, or cybersecurity experts. These jobs often pay very well and have strong career growth.
2. Digital Marketing and E-Commerce
Today, many businesses sell their products online. Because of this, digital marketing has become a very important skill.
Students who study digital marketing learn how to promote businesses on social media, websites, and search engines. They also learn how to run online advertisements and understand customer behavior.
Graduates can work as digital marketers, social media managers, SEO specialists, or e-commerce managers.
3. Healthcare and Biotechnology
Healthcare is one of the most important industries in the world. As the population grows, the demand for doctors, nurses, and medical researchers also increases.
Biotechnology is another growing field that focuses on medical research, drug development, and new medical technology.
Students who study this field can work as doctors, nurses, biomedical researchers, or pharmaceutical experts. These careers offer good salaries and long-term job security.
4. Renewable Energy and Environmental Studies
The world is now focusing on clean energy and protecting the environment. Because of this, renewable energy is becoming a very important field.
Students in this course learn about solar energy, wind energy, and environmental protection.
Graduates can work with energy companies, environmental organizations, or government agencies. These careers are important for the future of the planet and can also be very profitable.
5. Finance, Investment, and Business Analytics
Every business needs people who understand money and business strategy. Courses in finance and business analytics teach students how to manage money and analyze business data.
Students learn about investments, financial planning, and market trends.
Graduates can become financial analysts, investment bankers, or business consultants, which are jobs that often pay high salaries.
Bottom line
Choosing the right course can help students build a successful future. Courses like computer science, digital marketing, healthcare, renewable energy, and finance are expected to offer strong career opportunities in 2026. Students should choose courses that match their interests, skills, and future goals. With the right education and hard work, they can enjoy good jobs and successful careers.
ARCO Worldwide Services Limited has become Nigeria’s first authorized reseller for DJI Enterprise, the global leader in civilian drone technology.
The partnership provides direct domestic access to advanced Matrice and Mavic enterprise series drones for critical infrastructure and security monitoring.
ARCO is one of the few indigenous firms holding dual certification from the Nigerian Civil Aviation Authority (NCAA) and the Office of the National Security Adviser (ONSA).
The collaboration aims to eliminate the procurement of unverified drone equipment by offering manufacturer warranties and certified maintenance.
MAIN STORY
Nigeria’s security and industrial surveillance capabilities have received a significant technological boost. ARCO Worldwide Services Limited, a subsidiary of ARCO Group Plc., has officially partnered with DJI Enterprise to serve as the nation’s primary hub for standardized drone adoption.
Managing Director Okosubide Mozimo stated on Tuesday that this partnership is a “defining moment” that allows public and private sectors to deploy high-precision technology for border surveillance and the protection of oil and gas assets.
The move addresses a long-standing gap in the local market: the prevalence of unverified or “grey market” hardware. Chief Operating Officer Ann Temidara emphasized that buying through an authorized channel ensures agencies receive genuine equipment compliant with Nigerian law, backed by manufacturer warranties and certified maintenance. This is particularly critical for the energy sector, where drones are used to monitor pipelines against theft and vandalism, as well as in agriculture and construction for high-precision mapping.
Securing the partnership involved a rigorous vetting process by DJI. Business Development Executive David Ofoluwa noted that the achievement is the result of focused efforts to streamline access to world-class technology in a “compliant and supported way.” As an ISO 9001:2015 certified company, ARCO’s new role as a reseller combined with its NCAA and ONSA licenses ensures that all drone deployments meet strict national security standards.
WHAT’S BEING SAID
“This partnership marks a defining milestone for our company and for the Nigerian drone ecosystem as a whole,” said Okosubide Mozimo, Managing Director.
Ann Temidara (COO) highlighted the risk mitigation: “When an agency buys from us, they are not just getting a box, they are getting… the assurance that their equipment is genuine.”
David Ofoluwa described the milestone as the result of a “focused effort to streamline access to world-class drone technology.”
WHAT’S NEXT
Public Sector Deployment: Several government agencies are expected to begin transitioning their surveillance fleets to verified DJI Enterprise hardware through ARCO in the second quarter of 2026.
Maintenance Centers: ARCO is set to establish certified DJI maintenance hubs to provide local repair and calibration services, reducing downtime for critical security operations.
Training Initiatives: New specialized training programs for pilots in the oil and gas sector are planned to ensure operators maximize the utility of the Matrice series’ thermal and mapping sensors.
BOTTOM LINE
The Bottom Line is that Nigeria is moving from a fragmented drone market to a regulated, manufacturer-supported ecosystem. By securing the first DJI Enterprise partnership, ARCO Worldwide is providing the “technical backbone” necessary for the energy and security sectors to protect critical infrastructure with genuine, high-performance technology.
NUPRC Chief Executive Oritsemeyiwa Eyesan has officially ended the era of “dormant” oil prospecting licences, enforcing the “Drill or Drop” provision of the Petroleum Industry Act (PIA).
Under Section 94 of the PIA, operators must now either commence exploration and development or relinquish their licences to the government.
The commission is currently managing the 2025 Licensing Round, which offers 50 oil blocks and has already attracted significant investor appetite.
Nigeria and Sierra Leone are exploring a bilateral energy partnership, with Sierra Leonean officials seeking to adopt Nigeria’s regulatory framework for their own hydrocarbon sector.
MAIN STORY
In a strategic shift to boost national production, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is aggressively enforcing transparency and performance standards. Speaking during a visit from the Petroleum Directorate of Sierra Leone in Abuja on Friday, Commission Chief Executive Mrs. Oritsemeyiwa Eyesan noted that the industry is no longer a place for “asset hoarding.”
Historically, some operators held prospecting licences for up to 20 years without conducting meaningful work. “We have moved from that era to drill or drop,” Eyesan stated, explaining that this policy has significantly cleared the “uncertainty” that previously hindered new investments. By returning dormant assets to the national portfolio, the NUPRC has created a steady pipeline for more frequent—potentially annual—bid rounds.
To maintain the integrity of the 2025 Licensing Round, the NUPRC has partnered with a reputable international audit firm to validate the bidding system. This “extra layer of validation” is designed to ensure that the 50 blocks currently on offer—including 15 onshore, 19 shallow-water, and 15 frontier basins—are awarded based on merit and technical capacity.
WHAT’S BEING SAID
“The PIA cured the problem of uncertainties… we now have more assets in the basket which has given us the impetus for annual bid rounds,” stated Oritsemeyiwa Eyesan, NUPRC Chief Executive.
Foday Mansaray (DG, Petroleum Directorate of Sierra Leone) remarked: “We are here to learn from Nigeria, our big brothers in the industry. We are a small country… but very ambitious.”
Regarding the 50 blocks: “The figure [of applicants] is quite impressive… a demonstration that there is indeed a very good appetite.”
WHAT’S NEXT
Bilateral MoU: Nigeria and Sierra Leone are expected to move toward signing a formal Memorandum of Understanding to share technical expertise and regulatory best practices.
Licensing Timeline: The technical and commercial bidding phases of the 2025 round will proceed through the second quarter, with final awards anticipated by July 2026.
Audit Results: The findings of the external audit on the licensing system will be made public shortly to further bolster international investor confidence.
BOTTOM LINE
The Bottom Line is that Nigeria is using the PIA to transform from a passive regulator into an active market manager. By strictly enforcing “Drill or Drop,” Eyesan is signaling that the government prioritizes immediate exploration over long-term speculation, aiming to hit the national target of 3 million barrels per day (mbpd) by 2030.
Interswitch Group, one of Africa’s leading integrated payments and digital commerce companies, has reaffirmed its commitment to advancing a seamless and inclusive financial ecosystem across the continent at the recently concluded Inclusive Fintech Forum 2026, which held at the Kigali Convention Centre, in Rwanda from 10 -12 March 2026.
Speaking during a high-level session themed “Financial Centres & the Future of Cross-Border Capital” Akeem Lawal, Managing Director, Payments Processing & Switching (Interswitch Purepay), highlighted the critical factors shaping the next phase of financial integration across Africa. He noted that while rapid advancements in digital technology have made it possible for capital to move across borders at unprecedented speed, the ultimate destination and impact of such capital flows are determined by trust, robust infrastructure, and strategic collaboration.
According to Lawal, as Africa’s economies continue to digitize and integrate, stakeholders must prioritize building resilient payment systems and fostering partnerships that enhance transparency, interoperability, and shared prosperity. He emphasized that sustainable growth in cross-border financial flows will depend not only on technological innovation but also on the collective ability of institutions to inspire confidence and enable seamless transactions at scale.
Throughout the forum’s engagements, Interswitch, as one of Africa’s leading and pioneering digital technology enablers reiterated its long-standing vision of fostering a prosperous and interconnected Africa. The company continues to champion the development of a secure, technologically advanced digital payments ecosystem designed to connect and empower individuals, businesses, governments, and communities across the continent.
Participation at the Inclusive Fintech Forum underscores Interswitch’s strategic focus on driving thought leadership, strengthening regional collaboration, and supporting initiatives that accelerate financial inclusion and economic resilience.
As Africa navigates the evolving landscape of digital finance and cross-border commerce, Interswitch remains committed to delivering innovative solutions and partnerships that unlock opportunities for growth and shared value creation.
About Interswitch
Interswitch is an Africa-focused integrated digital payments and commerce company that facilitates the electronic circulation of money and the exchange of value between individuals and organizations on a timely and consistent basis. Through its extensive suite of payment solutions and platforms, the company continues to play a pivotal role in shaping the continent’s financial services landscape.
From inflated panel specs to hidden ROI timelines — Sunit Arya, head of the renewable energy vertical at Simba Solar and project division, gives BizWatch an unfiltered look at what Nigerian businesses must know before going solar.
BizWatch Executive Lounge | March 14, 2026
Walk into the Lagos headquarters of Simba Solar on any given weekday and you will notice something unusual: the air conditioning is humming, the lights are on, and the entire facility is running on 100 per cent solar – not a single generator growling in the background, not even battery backups. That is an intentional statement.
Sunit Arya, who leads the renewable energy vertical and project division at Simba Solar, is the kind of executive who would rather show you results than sell you a dream. In a wide-ranging conversation with BizWatch, he peeled back the curtain on Nigeria’s solar industry – its real growth trajectory, the financial models quietly reshaping how SMEs access clean energy, the safety incidents nobody wants to own, and the single most common mistake businesses make when going solar.
What follows is what the glossy brochures will not tell you.
Three Decades in Power — And Why Solar Became Inevitable
Simba is not a startup chasing a trend. The group has been operating in Nigeria for close to 40 years, and its power business stretches back nearly three decades, starting with battery inverters long before solar panels became a household conversation.
“Nigeria is a power-deficient market,”Arya says plainly. He describes Lagos, the city he now calls home, as a place where even residents in well-established neighbourhoods run most of their power consumption through diesel generators – that has taken the conversation beyond efficiency to convenience. For him, that is not a crisis. It is an opportunity the country has barely scratched.
The falling global cost of solar components sealed the argument. Solar is now, in his words, ‘affordable, viable, and environmentally friendly’ – the trifecta that makes it the logical answer for a country still searching for a lasting solution to its energy poverty.
Is Solar Actually Taking Off? The Honest Answer
Ask most solar executives whether adoption is growing and you will get a chorus of enthusiasm. Arya is more measured. “It’s picking up very fast – not picked up,” he says “particularly in the last one year”, drawing a distinction that matters for anyone making a business decision today.
He credits two forces for the momentum that does exist: a more informed public and a government push through the Rural Electrification Agency (REA), which has been steering institutional attention toward solar. Compared to five years ago, he argues, the education gap has narrowed considerably.
The bottleneck? Money. It is a capital expenditure for both organisations and residences. Not just the cost of solar itself, but the structure of how Nigerians are expected to pay for it. “Solar is still picking up, not picked up. The major reason is the financial gap in the system,” Arya says.
Real ROI: What Nobody Tells SMEs Upfront
The number that stops most businesses at the door is the upfront capital cost. Arya does not pretend otherwise. But he frames it differently: the question is not whether solar is expensive, but how long it takes to pay for itself through potential savings on diesel and electric utility bills.
For a building like Simba’s own facility operating on daytime hours, running heavy appliances including air conditioning entirely on solar – the return on investment comes within two to three years when measured against what they would otherwise spend on grid power and diesel. For industrial clients running battery backup systems, that window extends to five to six years. It is longer, Arya acknowledges, but the calculus shifts when you factor in uninterrupted power and reduced emissions.
An on-grid solution, one without battery storage – designed purely for daytime operations, offers the fastest payback and the lowest entry cost. It is, he suggests, the starting point most businesses overlook.
Breaking the Lump-Sum Barrier: Financing Models Quietly Changing the Market
Naira pressure, import duties, and the sheer weight of upfront capital have historically kept solar out of reach for most Nigerian SMEs. Simba has been working to close that gap through financial partnerships that allow customers to pay in equal monthly instalments rather than a single lump sum.
For larger institutional clients, the company offers Power Purchase Agreement models – energy as a service, where the customer essentially pays for electricity consumed rather than the infrastructure generating it. It eliminates the capital outlay entirely.
The results so far are promising but honest. By Arya’s own estimation, roughly 20 to 30 percent of Simba’s business revenue currently flows through financing arrangements, meaning the remaining 70 percent of customers are still paying outright. The gap is real, and he does not dress it up.
“Banks cannot finance everyone,” he says. “There is always a risk for them. And the cost of financing in Nigeria is too high.” Until affordable green capital becomes widely accessible, financing will remain a partial solution at best.
The Safety Crisis: What Happened at That Bank Building
One of the most sobering moments in the conversation comes when Arya brings up the fire at a major bank building, which he came across in the news – reportedly linked to a battery inverter and solar installation. It is the kind of incident that can set an entire industry back years.
His response is not defensive. “If the technology is right, there is no issue,” he says. The problem, in his diagnosis, is not solar, it is the chain of decisions that leads to substandard components being installed by undertrained hands with no ongoing maintenance plan.
At Simba with over 250 engineers in-house entrusted with standardisation alone, every component in their ecosystem – panels, inverters, and batteries carries TUV, UL and IEC certifications, the international standards that require rigorous testing under extreme conditions including fire resistance. Their installation team operates with Standard Operational Procedures (SOPs) and checklists – documented, step-by-step protocols that every engineer must follow on site, supported by checklists that ensure nothing is missed, from cable sizing to final commissioning.
But his most pointed observation is aimed beyond an individual company: “When such an incident happens, it ruins the technology.” Every bad installation, every cut corner, every uncertified panel is a problem for the entire sector. Standardisation, he argues, is not just good global business practice. It is existential and– government is also working with various organisations to achieve that goal beyond self-regulation.
The Dirty Secret About Undersized Panels — and Dangerous Batteries
Arya reveals a secret the market does not advertise: a solar panel labelled as 500 watts may actually be delivering 400. Panel undersizing is a documented problem in Nigeria’s market, being perpetuated by unscrupulous elements and it leads to systems that underperform, frustrate customers, and unfairly tarnish the technology’s reputation. “So, people should recognise the brands,” he cautioned.
More alarming is the proliferation of secondary-cell lithium batteries – cheaper, unverified cells assembled into battery packs that carry real fire risk. “If you buy a secondary cell lithium battery, it is very dangerous,” Arya says bluntly.
The pattern he describes is a race to the bottom: a customer, understandably cautious about cost, pressures a vendor to go cheaper. The vendor, rather than educating the customer on why cheaper means dangerous, complies. The system underperforms or, worse, fails catastrophically. And the customer walks away convinced that solar simply does not work.
“Solar is a technical product,” he says. “It is the responsibility of players like us to educate customers. We are not a sales company. To be honest, we position ourselves as more of technical.”
Training 300 Women Entrepreneurs — and Building the Next Generation of Solar Installers
Upstairs from the showroom floor, Simba has built a training centre. It is open not just to company partners but to anyone who wants to learn the industry. Under the Simba Elite Programme, the company actively recruits young people looking to enter solar, offering hands-on practical training.
In Borno State, the company has gone a step further, training approximately 300 women entrepreneurs not just in solar theory but in installation, and equipping them with starter solar kits. The goal is not charity. It is workforce creation. These women are trained, certified, and ready to operate as solar installers in their communities. It is one of the more quietly ambitious workforce development initiatives currently running in the sector.
After-Sales: The Part That Separates Good Companies From Bad Ones
A solar system that fails silently is a liability. Arya is aware that after-sales support is where many solar providers fall apart, and it is an area where Simba has invested deliberately.
Customers receive training on maintenance. AMC (Annual Maintenance Contract) options are available.
It is the kind of infrastructure that raises the bar for what solar customers should expect and what they should ask about before they sign anything.
The company operates a dedicated 24-hour call centre, seven days a week, linked to a Customer Relationship Management (CRM) system, a centralised platform that logs every complaint and automatically routes it to the nearest Simba service centre, regardless of whether the customer is based in Lagos or Kano. No complaint falls through the cracks based on geography. For products under warranty, on-site service is free, with a resolution turnaround target of 24 to 48 hours.
Advice for Any SME Considering Solar Right Now
Arya’s parting advice to SMEs is strikingly practical and, in context, a little unusual coming from someone trying to sell solar: involve your technical person first, not your commercial person.
The most common error he sees is businesses approaching solar as a commodity purchase, negotiating on price before understanding what they actually need. “Many people think that if my consumption is 100 kilowatts, I need 100 kilowatts of solar. It never happens,” he explains. Proper sizing requires an energy audit, a load analysis, and a customised design. Skipping those steps leads directly to underperforming systems and disillusioned customers.
This is precisely where Simba’s in-house design team comes in. Before any order is released, the team visits the site, conducts an energy audit, and uses proprietary software to model the optimal system for that specific client’s consumption profile and hours of operation. “We do optimal cable sizing – we provide a complete turnkey kind of solution to our customers individually.” Every customer gets a customised solution, not an off-the-shelf package. “We tell them specifically: this system is made for this capacity, with this kind of backup,” Arya says. “We guarantee that.”
His final word: if a vendor is not asking questions about your consumption before quoting you, that is your first red flag.
About Sunit Arya
Sunit Arya is a techno-commercial leader and renewable energy expert with over 23 years of experience in the global energy sector. He currently leads solar energy initiatives at Simba Group in Nigeria, focusing on expanding sustainable power solutions.
Throughout his career, Arya has held senior leadership roles, including Board Chairman & CEO of MGP-Mera Gao Power and Founder of DeyHaat, where he championed rural electrification through innovative microgrid models. His expertise spans international trade, strategic partnerships, and large-scale project management across markets in Asia, Africa, and the Middle East. He is a graduate of the National Institute of Technology Hamirpur and is recognized for his contributions to accelerating the global energy transition.
Dufil Prima Foods opens nominations for the 18th edition of the Indomie Heroes Awards.
Eligibility expanded to include children aged 0–16 years.
Early submission window aims to increase participation nationwide before the June 2026 deadline.
Main story
Dufil Prima Foods, makers of the popular Indomie Instant Noodles, has announced the opening of nominations for the 18th edition of the Indomie Heroes Awards, a national initiative aimed at recognising children whose actions demonstrate bravery, compassion and creativity.
The annual programme identifies and celebrates outstanding Nigerian children whose contributions positively impact their communities and inspire others across the country.
Organisers said this year’s edition introduces new measures designed to broaden participation and strengthen the programme’s impact.
One of the major updates is the expansion of eligibility to include children aged between zero and 16 years, extending the previous age limit of 15.
Another change is the early opening of nominations, which is intended to give parents, guardians, teachers and community leaders across Nigeria more time to submit entries before the June 2026 deadline.
The awards programme remains one of the country’s most prominent platforms for celebrating young individuals whose actions embody courage, empathy and leadership.
The Issues
Children across Nigeria often carry out remarkable acts of bravery, kindness and innovation that go unnoticed at the national level.
Initiatives such as the Indomie Heroes Awards aim to highlight these actions while promoting positive values among young people and encouraging communities to nurture leadership and responsibility among children.
What’s being said
Group Corporate Communications and Events Manager at Dufil Prima Foods, Temitope Ashiwaju, said the programme reflects the organisation’s belief that courage can be demonstrated at any age.
“By expanding eligibility and opening nominations earlier, we are creating greater opportunity for communities to spotlight inspiring young Nigerians whose actions serve as a beacon of hope for the nation,” he said.
What’s next
After the submission deadline in June 2026, entries will undergo a screening and adjudication process conducted by a panel of judges.
Successful nominees will be recognised at the grand awards ceremony scheduled for October 2026.
Bottom line
The 18th edition of the Indomie Heroes Awards seeks to spotlight courageous Nigerian children and encourage communities nationwide to recognise and celebrate young changemakers shaping a brighter future.
Senate plans to pass the ₦58.47 trillion 2026 Appropriation Bill on March 31.
Committees to continue budget defence and harmonisation during Sallah recess.
Budget proposal focuses on economic stability, infrastructure, security and social investment.
Main story
The Nigerian Senate has set March 31 as the target date for the passage of the ₦58.47 trillion 2026 Appropriation Bill following a brief adjournment of plenary for the Sallah break.
Senate leadership indicated that standing committees will continue working during the recess to conclude ongoing budget defence sessions and align their reports with the Senate Committee on Appropriations.
The move is part of efforts to ensure that all legislative processes relating to the budget are completed before lawmakers reconvene at the end of the recess.
The budget proposal, presented earlier by Bola Ahmed Tinubu to a joint session of the National Assembly, outlines government priorities centred on economic stability, infrastructure expansion, improved security, and social investment programmes.
Following the presentation, the Senate passed the bill for first and second readings, paving the way for detailed scrutiny by relevant committees.
The issues
Timely passage of the national budget remains a critical issue in Nigeria’s fiscal management, as delays often affect government planning, project execution, and overall economic stability.
Legislators have increasingly emphasised early budget passage in recent years to ensure smoother implementation of government programmes and capital projects.
What’s being said
President of the Senate, Godswill Akpabio, said the Senate leadership is working to ensure that the budget is passed immediately after the legislative break.
“I hope the Leader will put pressure on the Committee on Appropriations to harmonise the report of the 2026 Appropriation Bill by that date,” he said.
“This is so that when we resume, we can try our best to pass the budget without requiring further concurrence or harmonisation.”
Akpabio added that coordination between both chambers of the National Assembly is key to achieving the timeline.
“The House of Representatives has already adjourned to conclude budget processes and will also reconvene on March 31. On that day, we hope to pass the national budget in tandem with the Senate,” he said.
What’s next
The Senate Committee on Appropriations is expected to complete the harmonisation of committee reports and prepare the final document for consideration when lawmakers reconvene on March 31.
Bottom line
The Senate’s plan to pass the 2026 budget by March 31 signals an effort by the National Assembly to maintain a predictable fiscal calendar and accelerate the implementation of government development priorities.
Presco Plc announces $200 million investment in Abia’s oil palm industry.
Project will develop over 14,000 hectares of plantation across three communities.
Investment expected to create more than 5,000 jobs and boost Abia’s GDP.
Main story
Presco Plc has unveiled plans to invest $200 million in the development of the oil palm sector in Abia State as part of efforts to expand agro-industrial activities and strengthen agricultural value chains in the region.
The proposed project will involve the establishment of large-scale oil palm plantations covering approximately 14,086 hectares within a 20,000-hectare concession located in Ozuitem, Abam, and Ulonna communities.
The investment plan was disclosed during a meeting between the company’s management team and Alex Otti in Nvosi, Isiala Ngwa South Local Government Area.
Officials said the initiative would support agricultural development and create employment opportunities through plantation operations, palm oil processing, logistics, and other related services.
The project is also expected to stimulate rural economic activities, strengthen small and medium enterprises, and attract downstream industries that depend on palm oil derivatives.
Industry stakeholders at the meeting noted that the development aligns with Abia State’s broader strategy to revitalise agriculture and position the state as a leading hub for oil palm production.
The issues
Nigeria’s oil palm industry, once a global leader, has struggled with declining production and limited investment over the decades.
Experts say revitalising the sector requires large-scale investments, improved plantation management, and stronger collaboration between government and private investors.
Land acquisition, community engagement, and infrastructure development also remain key considerations for large agricultural projects.
What’s being said
Chairman of Presco Plc, Olakanmi Sarumi, said the investment aims to build a mutually beneficial partnership with the Abia State Government and local communities.
“Our task from His Excellency and the state is to establish a mutually beneficial relationship, facilitate land acquisition for Presco Plc, and provide security support to realise this development,” he said.
Sarumi added that the project would generate employment and contribute significantly to the state’s economic growth.
“Our investment will add multi-billion naira annually to Abia State’s Gross Domestic Product through agricultural output, tax revenues, and multiplier effects across SMEs and local value chains,” he said.
Group Managing Director of Afrinvest, Ike Chioke, said the visit followed earlier discussions held in the first quarter of 2025 under the state’s public-private partnership framework.
Governor Alex Otti welcomed the proposal, noting that the project reflects the agricultural vision pioneered by former Eastern Region Premier Michael Okpara.
“I’m happy that you went back to the days of Dr Michael Okpara, who set up farm settlements, including the Ulonna settlement,” he said.
What’s next
The Abia State Government and Presco Plc are expected to proceed with drafting and signing a Memorandum of Understanding to formalise the partnership and commence project implementation.
The government has also pledged to facilitate land acquisition and ensure fair compensation for host communities.
Bottom line
The planned $200 million investment in Abia’s oil palm sector could revive large-scale agricultural production, create thousands of jobs, and strengthen the state’s economy through agro-industrial growth.
EFCC hands over $225,895 and ₦62.79 million recovered from fraud cases to victims from the United States and South Africa.
International law enforcement representatives witness restitution ceremony in Abuja.
Anti-graft agency reiterates commitment to cross-border cooperation in fighting financial crimes.
Main story
The Economic and Financial Crimes Commission (EFCC) has returned a total of $225,895 and ₦62.79 million recovered from fraud-related cases to victims from the United States and South Africa.
The restitution ceremony took place in Abuja and was presided over by the Secretary to the Commission, Mohammed Hammajoda, alongside representatives of the affected countries.
Officials present at the event included Mike Fukuda of the Federal Bureau of Investigation, and Lindi Mminele, who received the funds on behalf of victims.
According to the commission, the recovered funds were returned to individuals and corporate entities affected by internet fraud and related financial crimes.
The EFCC emphasised that the restitution forms part of its broader mandate to ensure that proceeds of crime are recovered and returned to their rightful owners, regardless of nationality.
The issues
Financial fraud, particularly internet-based scams, continues to pose a major global challenge, affecting individuals, businesses, and governments across borders.
Law enforcement agencies worldwide have increasingly emphasised collaboration and intelligence sharing as key strategies to combat transnational financial crimes and ensure that victims are compensated.
What’s being said
Hammajoda described corruption as a global problem that requires collective action by law enforcement agencies across countries.
“Corruption is like a cancer that eats into every fabric of our lives. It is cross-border in nature; therefore, we must join hands collectively to defeat it,” he said.
He also reiterated the EFCC’s commitment to returning recovered assets to victims.
“Whatever we recover, we return to the victims, whether individuals, corporate organisations, governments or international victims,” he said.
Mminele commended the EFCC for its efforts in ensuring justice for victims and strengthening international cooperation against financial crimes.
“I would like to express my gratitude for the good work the EFCC has been doing. South Africa has witnessed that what the Commission is doing is real,” she said.
Fukuda also praised the anti-graft agency for its commitment to restitution and collaboration in combating cross-border fraud.
What’s next
The EFCC is expected to deepen collaboration with international law enforcement agencies in asset recovery, intelligence sharing, and the prosecution of transnational financial crimes.
Bottom line
The restitution of recovered funds to foreign victims underscores Nigeria’s growing commitment to global cooperation in tackling financial crimes and ensuring that fraud victims receive justice.
Climate expert advocates balanced energy transition combining gas and renewable energy.
Nigeria’s vast gas reserves identified as a strategic asset for industrial growth and decarbonisation.
Policymakers urged to design regulatory frameworks that link climate action with economic transformation.
Main story
The Director-General of the National Council on Climate Change, Omotenioye Majekodunmi, has called for a pragmatic and balanced approach to energy transition to support Africa’s industrial development while advancing global climate goals.
She made the call at the Green Conference 2026 held in Lagos, where stakeholders discussed strategies for achieving sustainable growth and climate resilience across the continent.
Majekodunmi emphasised that Africa’s transition to cleaner energy must recognise the complementary roles of natural gas, renewable energy, and emerging low-carbon technologies.
According to her, Nigeria’s significant natural gas reserves present an opportunity to support industrial expansion while gradually transitioning to cleaner energy sources. She noted that responsible development and decarbonisation of these resources could help align economic growth with global climate commitments.
The conference, themed “Decarbonising Africa: Pathway to Climate Finance, Sustainable Growth and Green Economy,” brought together policymakers, investors, and climate experts to explore pathways for financing Africa’s transition to a low-carbon economy.
The issues
African countries face the challenge of balancing economic development with global pressure to reduce carbon emissions. While the continent contributes a relatively small share of global emissions, it remains highly vulnerable to the impacts of climate change.
Limited access to energy, infrastructure gaps, and financing constraints have also complicated efforts to transition to cleaner energy systems while sustaining economic growth and industrialisation.
What’s being said
Majekodunmi said Nigeria’s transition strategy focuses on an energy mix that leverages different energy sources to achieve both economic and environmental objectives.
“In Nigeria, this approach is reflected in what I like to describe as an ‘Energy Mix Plan’ – a transition strategy that recognises the complementary roles of gas, renewables, and emerging low-carbon technologies,” she said.
She added that Africa must approach the global energy transition from a position of strategic leadership rather than apology.
“Nigeria alone holds more than 600 trillion cubic feet of proven gas reserves – resources that, if responsibly developed and decarbonised, can support industrial growth while contributing to global climate objectives,” she said.
Majekodunmi also urged policymakers to design regulatory frameworks that position the energy transition as a driver of industrial transformation.
“The future is not simply gas or renewables. The future is decarbonised gas working alongside renewable energy systems,” she added.
What’s next
Stakeholders are expected to continue discussions on financing mechanisms, regulatory reforms, and investment strategies needed to accelerate Africa’s transition to a low-carbon economy while supporting economic development.
Bottom line
Experts say Africa’s path to a sustainable future lies in a balanced energy transition that combines natural gas, renewable energy, and emerging technologies to power industrial growth while meeting global climate commitments.
NDPC cautions content creators against filming unsuspecting citizens and sharing footage online.
Commission says such actions may violate the Nigeria Data Protection Act and the Constitution of the Federal Republic of Nigeria 1999.
Social media platforms directed to strengthen enforcement of community guidelines to prevent abuse.
Main story:
The Nigeria Data Protection Commission (NDPC) has warned content creators to respect the privacy rights of citizens, cautioning that capturing and sharing images or videos of unsuspecting individuals on social media could amount to a breach of Nigeria’s data protection laws.
In a press statement issued on March 13, 2026, the Commission said its attention had been drawn to the growing trend of individuals filming members of the public without their consent and posting such footage online for entertainment purposes.
The Commission noted that these actions infringe on citizens’ right to informational self-determination, which is guaranteed under Section 37 of the Constitution of the Federal Republic of Nigeria 1999 and reinforced by the provisions of the Nigeria Data Protection Act.
According to the NDPC, the case of a content creator who reportedly films unsuspecting people along roadsides in Lagos State as part of a “reality show” highlights a disturbing pattern of privacy violations carried out in the name of online entertainment.
The Commission explained that processing images or personal data of individuals in such circumstances requires their consent, except where the data processor can demonstrate a lawful basis under existing data protection regulations.
The Issues
The NDPC said preliminary findings indicate that filming and distributing images of unsuspecting members of the public does not serve any legitimate public interest. It further noted that the individuals involved in such recordings typically have no reasonable expectation that their images would be captured and shared with a global online audience by unknown persons.
The development underscores growing concerns about digital rights protection as social media content creation expands across Nigeria.
What’s next
The Commission said it will closely monitor the activities of digital platforms and content creators, adding that it would not hesitate to impose sanctions where platform owners fail to respond promptly to complaints involving unlawful data processing.
Bottom line:
The NDPC’s warning signals a stricter regulatory stance on digital privacy in Nigeria, placing greater responsibility on both content creators and social media platforms to ensure that online entertainment does not come at the expense of citizens’ fundamental privacy rights.
President Bola Tinubu directs acquisition of additional military equipment to strengthen counter-terrorism operations.
Troops under Operation HADIN KAI repel ISWAP attack in Yobe, killing over 20 insurgents.
Nigeria Police Force holds pull-out parade for former Inspector-General Kayode Egbetokun.
Main story
President Bola Tinubu has approved the acquisition of additional military hardware as part of renewed efforts to strengthen Nigeria’s counter-terrorism operations amid a resurgence of insurgent attacks in parts of the country.
The decision followed a two-hour security meeting between the President and top military and intelligence chiefs at the Presidential Villa in Abuja, where strategies were reviewed to address recent assaults on military formations, particularly in the North-East.
The meeting came shortly after renewed insurgent attacks that reportedly led to the overrunning of more than three military bases within a week. Security leaders briefed the President on the evolving security situation and measures already taken to counter the activities of insurgent groups.
In a related development, troops of the Joint Task Force under Operation HADIN KAI successfully repelled coordinated attacks by fighters linked to the Islamic State West Africa Province in Yobe State, killing more than 20 insurgents.
The attempted assault targeted troops stationed in Goniri under Sector 2 of the operation between the night of March 9 and the early hours of March 10, 2026. Military authorities said surveillance systems detected the insurgents as they advanced from multiple directions in an apparent attempt to encircle the military position.
The meeting also marked the first high-level security briefing attended by the new Inspector-General of Police, Tunji Disu, who recently assumed office.
The issues
Nigeria’s security forces are facing renewed pressure from insurgent groups operating in the North-East, particularly Boko Haram and ISWAP.
Recent attacks on military bases and communities in Borno State, including incidents in Ngoshe, Konduga, Marte, Jakana, and Mainok, have raised concerns about the evolving tactics of insurgent groups and the vulnerability of forward operating bases.
The military has also suffered casualties, including the loss of commanding officers in charge of strategic positions, highlighting the intensity of ongoing engagements.
What’s being said
Minister of Defence Christopher Musa said the meeting allowed service chiefs to brief the President on developments across operational theatres.
“The meeting was essentially for the services to brief Mr President on the current situation on the ground. You know, there have been a series of attacks and the security forces have risen to the occasion,” he said.
Musa acknowledged the recent attacks but maintained that Nigerian forces were recording significant gains in ongoing operations.
“Our appeal to Nigerians is not to get tired or discouraged,” he said.
Meanwhile, the new Inspector-General of Police, Tunji Disu, praised his predecessor during the ceremonial pull-out parade for former IGP Kayode Egbetokun.
Disu said Egbetokun laid the foundation for professional policing and demonstrated leadership while serving in various roles.
Egbetokun, in his farewell remarks, expressed appreciation for the opportunity to serve the country and emphasised that progress made during his tenure formed part of a continuing institutional journey within the Nigeria Police Force.
What’s next
Security agencies are expected to intensify operations against insurgent groups while implementing revised strategies discussed during the presidential security meeting. The federal government is also expected to accelerate the procurement of military equipment to strengthen frontline operations.
Bottom line
The Federal Government’s decision to approve new military hardware and review counter-terrorism strategies underscores growing efforts to confront renewed insurgent threats while sustaining military pressure on extremist groups in the North-East.
