Preparing For Nigeria’s Biggest Election

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September 12, 2022

First Aquagrico Farms To Build Nigeria's Largest Farmer's Market

Eating on a budget seems like a hard task in Nigeria especially with the rate of inflation and trying to avoid eating rice everyday.

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.

Coleman Technical Industries Limited Quotes Additional Commercial Papers On FMDQ Exchange

Snapchat, Twitter May Be Sanctioned Over Display Of Porn And Nudity

By

Damilare Famuyiwa

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June 15, 2022

Snapchat, Twitter May Be Sanctioned Over Display Of Porn And Nudity

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.”

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.

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World Bank: Poor Nigerians To Hit 95.1m By End Of 2022

By

Damilare Famuyiwa

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June 2, 2022

World Bank: Poor Nigerians To Hit 95.1m By End Of 2022

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.”

World Bank To Review Poverty Index Over Inflation

Dollar To Naira: This Is Why Banks Are Restricting Access To Forex

By

Damilare Famuyiwa

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May 30, 2022

Dollar To Naira Exchange Rate Today (Thur. July. 13, 2023)

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.”

EXPLAINER: How Nigerian Creators Can Benefit From $8.2bn IP Market

Africa Finance Corporation Launches US$2bn Facility To Support Economic Recovery & Resilience In Africa

By

Boluwatife Oshadiya

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May 14, 2022

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.

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#IWD2022: Is Nigeria Ready For A Female President?

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March 8, 2022

Break The Bias: Is Nigeria Ready For A Female President?

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.

Follow this link https://twitter.com/i/spaces/1mrGmaNrdvgGy to join the conversation on Twitter by 7 pm (WAT).

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!

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6 Multinational Oil Companies To Pay ₦249.3b In January – NNPC

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December 31, 2021

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.”

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Nigeria, Developing Africa Group Sign MoU On Creation Of Intellectual Property Commercialisation Project

By

Victor Okeh

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December 26, 2021

Nigeria, Developing Africa Group Sign MoU On Creation Of Intellectual Property Commercialisation Project

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.

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“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.

Pipeline Explosion Won’t Disrupt Flow Of Petroleum Products- NNPC

By

Victor Okeh

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December 25, 2021

NNPC Says Fuel Scarcity Will End Next Week

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.

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“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.

Reps Approve ₦17.126trn As Budget For 2022

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December 22, 2021

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.

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NNPC Assures On Availability Of Petroleum Products During Yuletide

By

BWN

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December 17, 2021

Why We Further Increase Petrol Prices -Marketers

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.

“We wish you all happy celebrations,” he said.

AfDB Board Approves $170M For Investment In Nigeria’s Digital, Creative Start-ups

Nigeria’s Headline Inflation Decreased In Nov. To 15.40% – NBS

By

David Oputah

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December 16, 2021

Crude Oil, Natural Gas Tops Nigeria's Exported Commodities In Q4, 2020 - NBS

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.

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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.”

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NCC Conducts Mock Session For 5G

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December 11, 2021

"MTN, Mafab To Roll Out 5G Services From August 24" - NCC

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.”

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Fuel May Sell Above N340/litre – Marketers

By

Victor Okeh

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December 1, 2021

Marketers Express Concerns Petrol May Sell Above N340/litre

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.

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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, Six Million Electricity Consumers On Estimated Billing

By

Ife Ogunfuwa

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September 1, 2021

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.

Investing in boy-child development will curb domestic violence, says former NBA chairman

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May 17, 2026

Key points

Former NBA Abuja Chairman Afam Okeke stated that raising the boy-child intentionally is critical to reducing gender-based and domestic violence in Nigeria.
Okeke made the remarks during an interview in Abuja to mark the 2026 International Day of the Boy-Child, celebrated annually on May 16.
This year’s theme, ‘Flourish and Thrive: Investing in Boys for Stronger Families and Communities’, focuses on mentorship and emotional well-being.
The legal practitioner criticized cultural inclinations that assume boys are naturally resilient, leading to societal neglect of their specific challenges.
He called for teaching boys emotional intelligence, domestic responsibility, and respect for women to build a gender-balanced society.

Main Story

The former Chairman of the Nigerian Bar Association Abuja branch, Afam Okeke, has stated that raising the boy-child into a responsible adult man will help curb gender and domestic violence in the country.

Okeke disclosed this in an interview with the News Agency of Nigeria on Saturday in Abuja in commemoration of the 2026 International Day of the Boy-Child. He noted that the challenges of domestic, sexual, and social violence will become easier to handle if the boy-child is fully involved through proper guidance, support, and empowerment.

The legal practitioner explained that society has traditionally perceived the boy-child as being strong and resilient, thereby paying little or no attention to issues affecting male children.

He stated that there is an urgent need to address emotional mentorship, value-based upbringing, and basic household skills so that boys can become true partners in their future homes.

Okeke added that teaching boys to safely express and regulate their emotions builds better mental health, reduces aggression, and helps replace cultural habits of dominance with fairness and accountability.

The Issues

Persistent cultural stereotypes create a systemic blind spot, causing families and policymakers to ignore the emotional vulnerabilities and mental health struggles unique to young males.
The lack of structured mentorship programs for boys leaves a vacuum that exposes them to negative societal influences, peer pressure, and aggressive behaviors.
Traditional gender roles in homes continue to limit the domestic training of boys, hindering the development of shared responsibility in adult relationships.

What’s Being Said

“Beyond academics and success, there is a growing need to address emotional and health mentorship, and value based upbringing of the boy-child,” Afam Okeke stated.
“Strength is not just physical; it is also emotional intelligence, discipline and character,” Okeke added during the interview.
“As a society, we must be intentional about raising boys who are confident, responsible, respectful, and equipped to lead with integrity,” he emphasized.
“We perceive the boy-child as being strong and resilient, thereby paying little or no attention to issues affecting male children,” the former NBA chairman noted.
“The future we desire begins with the boys we raise today,” he concluded.

What’s Next

Non-governmental organizations and gender advocates are expected to launch new community initiatives targeting value-based upbringing and peer mentorship for boys.
Civil society groups will likely increase pressure on schools to incorporate emotional intelligence and life skills training into their extracurricular frameworks.
Community leaders will be encouraged to create safe spaces where young males can discuss mental health challenges and seek psychological support without stigma.

Bottom Line

Addressing Nigeria’s domestic violence crisis requires a fundamental shift toward the intentional upbringing of young males, moving past harmful stereotypes to cultivate emotional intelligence and mutual respect from childhood.

NEMA Warns Public After Suspected Hackers Breach Official Website

LCCI urges consolidation of economic reforms as inflation strains manufacturing sector

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May 17, 2026

Key points

The Lagos Chamber of Commerce and Industry (LCCI) has urged the government to consolidate macroeconomic reforms to relieve under-pressure manufacturers and MSMEs.
National Bureau of Statistics data showed Nigeria’s headline inflation rate rose marginally to 15.69 per cent in April from 15.38 per cent in March.
Month-on-month inflation moderated from 4.18 per cent to 2.13 per cent, indicating a gradual easing in the pace of price increases.
The higher rural inflation rate of 16.36 per cent was attributed to ongoing supply chain disruptions and insecurity in food-producing regions.
LCCI suggested that Nigeria prioritize domestic urea production and crude supply to local refineries to counter global shocks from the Middle East crisis.

Main Story

The Lagos Chamber of Commerce and Industry has urged the government to consolidate its ongoing macroeconomic reforms as inflation continues to weigh heavily on manufacturers, small businesses, traders, and consumers.

The Director-General of the chamber, Dr Chinyere Almona, gave the advice in a statement issued in Lagos while reacting to the latest inflation figures released by the National Bureau of Statistics.

Almona reported that Nigeria’s headline inflation rate had risen marginally to 15.69 per cent in April from the 15.38 per cent recorded in March.

The report indicated that despite the marginal increase in headline inflation, a sharp moderation in month-on-month inflation from 4.18 per cent to 2.13 per cent signaled a gradual easing in the pace of price increases.

Almona noted that while annual inflation had declined significantly from the 26.82 per cent recorded in April 2025, businesses and households were yet to experience meaningful relief.

She added that durable price stability would require stronger coordination between fiscal and monetary authorities, alongside targeted strategies to boost local crude production and scale up domestic urea manufacturing to secure food supply chains.

The Issues

Elevated rural inflation rates continue to signal deep-seated supply chain deficiencies, weak rural distribution networks, and persistent insecurity across vital agrarian zones.
Drastically weakened consumer purchasing power and high operating costs prevent domestic manufacturers from capitalising fully on the cooling month-on-month inflationary pace.
Escallating geopolitical conflicts in the Middle East threaten the domestic agricultural sector by disrupting international urea supplies, making local fertilizer independence an urgent priority.

What’s Being Said

“The chamber observes that inflation continues to weigh heavily on manufacturers, MSMEs, traders and consumers, through rising costs of food, transportation, energy and logistics,” Dr Chinyere Almona said.
“The higher rural inflation rate of 16.36 per cent also highlights ongoing supply chain disruptions, insecurity in food-producing areas and weak distribution infrastructure,” Almona added in the statement.
“The LCCI reiterates that durable price stability can only be achieved through productivity-driven reforms, improved infrastructure, enhanced food security and a more business-friendly operating environment,” she emphasized.
“We need an indigenous plan to boost crude production and increase crude supply to local refineries, in order to reduce fuel import bills,” the Director-General noted regarding energy security.

What’s Next

Fiscal authorities are expected to come under pressure to deploy infrastructure interventions aimed at reducing logistics and transport costs for agricultural produce.
The central bank and finance ministry will likely seek closer policy alignment to stabilize the foreign exchange market and anchor long-term inflation expectations.
Industrial planners will look into strategies to reposition the oil and gas industry to scale up domestic refining and secure gas supply partnerships with international markets.

Bottom Line

The marginal rise in headline inflation to 15.69 per cent highlights the stubborn nature of structural costs in Nigeria, prompting organized private sector leaders to demand structural, productivity-driven policies to cement the broader downward trend.

EU targets global energy partnerships to counter volatile fossil fuel markets

NGX All-Share Index hits 250,330.92 points as investors gain N3.35 trillion

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May 17, 2026

Key points

The Nigerian Exchange Limited All-Share Index advanced by 2.27 per cent to close the week at 250,330.92 points.
Total market capitalization rose by 2.13 per cent, closing at N160.444 trillion with equity investors gaining N3.350 trillion.
Financial Services dominated trading activity, contributing 61.43 per cent of the total equity turnover volume.
FBN Holdings Plc, United Bank for Africa Plc, and Chams Holding Company Plc emerged as the top three heavily traded equities.
Market breadth finished positive as 74 equities advanced against 24 stocks that depreciated during the week’s trading.

Main Story

The Nigerian Exchange Limited All-Share Index and market capitalisation have risen by 2.27 per cent and 2.13 per cent, respectively, to close the week at 250,330.92 points and N160.444 trillion.

The performance report indicated that this compares with 244,775.83 points and N157.094 trillion recorded in the previous week. Analysis of market performance showed that investors gained N3.350 trillion as the market recorded three bullish sessions and two bearish sessions during the week, driven by strong buying interest in banking and technology shares.

The exchange reported that investors traded a total of 7.772 billion shares worth N374.040 billion in 402,945 deals on the floor of the Exchange.

This volume represents an increase against the 7.075 billion shares valued at N324.351 billion traded in 474,436 deals the previous week.

The Financial Services Industry dominated the activity chart with 4.774 billion shares valued at N196.352 billion, followed closely by the ICT and Services sectors, while the overall market breadth strengthened significantly with 74 equities advancing against 24 decliners.

The Issues

Despite the broad equity market rally, investors trimmed exposure to downstream equities, dragging the NGX Oil and Gas Index down by 1.19 per cent.
Market participation remains highly concentrated, with just three equities accounting for over 28 per cent of total turnover volume, exposing the wider exchange to liquidity imbalances.
The drop in the total number of deals executed, even as total volume and value rose, indicates that institutional block trading overshadowed retail investor engagement.

What’s Being Said

The NGX market report stated that “all other indices closed higher except the NGX Oil and Gas Index, NGX Sovereign Bond Index and NGX Commodity Index, which declined by 1.19 per cent, 0.08 per cent and 0.80 per cent, respectively.”
“The Financial Services Industry dominated the activity chart with 4.774 billion shares valued at N196.352 billion traded in 153,515 deals,” the exchange noted regarding sectoral performance.
The report confirmed that “trading in the top three equities, First HoldCo Plc, United Bank for Africa Plc and CHAMS Holding Company Plc, accounted for 2.195 billion shares worth N99.820 billion in 30,056 transactions.”
“A total of 74 equities advanced during the week, higher than 69 recorded in the previous week,” the stock exchange statistics highlighted.

What’s Next

Portfolio managers will monitor the sustainability of the banking sector rally as tier-one lenders continue to navigate recapitalization plans.
The local bourse expects to see a rebalancing of portfolios at the turn of the new week as investors lock in profits from top gainers like Berger Paints and SCOA Nigeria.
Regulatory authorities will track commodity trading volumes to reverse the marginal slide observed in the NGX Commodity Index.

Bottom Line

A robust institutional appetite for financial and tech stocks has pushed the NGX All-Share Index to 250,330.92 points, injecting N3.35 trillion into equity portfolios despite isolated profit-taking in the oil and gas sector.

Federal Government welcomes S&P sovereign credit rating upgrade to ‘B’

President Tinubu assures diaspora community of restoring Nigeria’s global standing

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May 17, 2026

Key points

President Bola Tinubu met with the Nigerian community in Kigali, Rwanda, promising to restore Nigeria’s international reputation.
The President stated that domestic economic reforms are working and the national economy is becoming bright and stable.
Ahead of policy adjustments, Tinubu instructed the Charge d’Affaires in Rwanda to address localized diaspora concerns with administrative bodies.
The Chairman of the Association of Nigerians in Rwanda highlighted critical operational gaps, including the lack of a passport processing office in Kigali.
Sports executive Masai Ujiri expressed interest in mobilizing private investment to modernise Nigeria’s sports infrastructure.

Main Story

President Bola Tinubu has assured Nigerians residing in Rwanda of his administration’s commitment to restoring Nigeria’s global standing.

Presidential Spokesperson Bayo Onanuga disclosed this in a statement following an interactive session held in Kigali on Friday with academics, professionals, entrepreneurs, and students.

The President stated that his government would confront obstacles limiting citizens from achieving their aspirations both at home and across diaspora communities worldwide.

The report indicated that the President defended his administration’s ongoing economic interventions, noting that the reforms were yielding positive results in spite of initial implementation challenges.

Tinubu added that Nigeria would continue to be governed with transparency, fairness, and national interest above sectional considerations.

Responding to operational difficulties raised by the diaspora leadership, the President directed Nigeria’s Charge d’Affaires in Rwanda, Ibrahim Zanna, to coordinate with the Nigerians in Diaspora Commission to address visa and passport renewal constraints.

The Issues

The lack of a functional passport processing office at the Nigerian High Commission in Kigali forces citizens to travel long distances for renewals, creating severe documentation bottlenecks.
Aligning high-level diplomatic optimism with the everyday consular realities of the diaspora remains difficult due to bureaucratic delays in domestic agency feedback loops.
Mobilizing private capital for domestic sectors, such as sports infrastructure, requires robust legal frameworks to convert international diaspora interest into actual project executions.

What’s Being Said

“I thank you for being good ambassadors, and we are proud of what you are doing,” President Bola Tinubu said during the interactive forum.
“Our reforms are working, and the economy is bright and stable. We owe every Nigerian an enabling environment to break barriers and lead in all spheres,” Tinubu stated.
“The Green-White-Green flag means so much to all of us. None of us controls where we are born. Only God has that prerogative,” the President added.
Chairman of the Association of Nigerians in Rwanda, Umar Wali, noted that the community faces challenges “over visa processing and passport renewal difficulties facing Nigerians in Rwanda.”
Wali explained that “the Nigerian High Commission in Kigali currently lacked a functional passport processing office.”

What’s Next

The Nigerian High Commission in Kigali will collaborate with immigration authorities to establish a framework for localized passport issuance.
The Nigerians in Diaspora Commission will step up structural tracking of professional databases to map skill distribution among highly educated expatriates.
Sports ministry officials are expected to initiate exploratory talks with private investors regarding commercial infrastructure upgrades.

Bottom Line

President Tinubu’s engagement in Kigali highlights a dual focus on leveraging elite diaspora partnerships for national development while facing immediate pressure to fix basic consular infrastructure gaps abroad.

Global electricity demand surges by 4.3% amid accelerating electrification

NEMA warns public after suspected hackers breach official website

By

Boluwatife Oshadiya

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May 16, 2026

By Boluwatife Oshadiya

Key Points

The National Emergency Management Agency (NEMA) confirmed that its official website was breached by suspected hackers.
The agency said technical teams are working to secure the platform and restore normal operations.
Nigerians have been warned to ignore suspicious messages, fake announcements, or fraudulent requests linked to the compromised website.
The incident adds to growing concerns over cybersecurity threats targeting public institutions in Nigeria.

Main Story

The National Emergency Management Agency (NEMA) has alerted Nigerians to an unauthorized breach of its official website, warning members of the public to avoid engaging with suspicious content or financial solicitations that may emerge from the compromised platform.

In a statement issued on May 15, 2026, the emergency management agency disclosed that suspected hackers gained unauthorized access to its digital platform, prompting an immediate technical response aimed at containing the breach and restoring normal operations.

According to the agency, efforts are currently underway to secure the website, investigate the nature of the attack, and strengthen its cybersecurity infrastructure against future threats.

NEMA advised the public to exercise caution while interacting with information connected to its website during the recovery period.

“The general public is strongly advised to disregard any suspicious content, misleading information, unauthorized announcements, or fraudulent solicitations for money that may appear on the compromised website or be circulated through related channels,” the agency stated.

The agency also apologised for any inconvenience caused by the incident and assured Nigerians that the situation is being addressed with urgency.

The development comes at a time when cyberattacks on government institutions, businesses, and critical public infrastructure are becoming increasingly common globally. In Nigeria, public agencies have faced growing pressure to improve digital security systems as more government services migrate online.

Cybersecurity analysts have repeatedly warned that attacks targeting official websites can expose sensitive information, disrupt public communication channels, and create opportunities for online fraudsters to exploit unsuspecting citizens.

What’s Being Said

NEMA said it remains committed to restoring full functionality to its website while ensuring the security of its digital platforms.

“The Agency regrets any inconvenience this situation may cause and assures the public that efforts are ongoing to resolve the issue promptly and strengthen the security of its digital platforms,” the statement added.

Although the agency did not disclose the extent of the breach or whether sensitive data was compromised, officials indicated that technical teams are actively investigating the incident.

What’s Next

NEMA is expected to complete a forensic review of the breach to determine how the attackers gained access to the platform and whether any internal systems or public data were affected.

The agency may also implement additional cybersecurity safeguards, including tighter access controls, enhanced monitoring systems, and stronger digital authentication protocols to prevent future incidents.

Industry observers expect the incident to renew conversations around cybersecurity readiness within Nigeria’s public sector, particularly as government agencies continue expanding their digital operations.

Bottom Line

The breach of NEMA’s official website highlights the growing cybersecurity risks facing public institutions in Nigeria’s expanding digital ecosystem. While the agency works to restore and secure its platform, the incident serves as another reminder of the need for stronger cyber defence systems across government infrastructure.

EU targets global energy partnerships to counter volatile fossil fuel markets

EU targets global energy partnerships to counter volatile fossil fuel markets

By

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May 16, 2026

Key points

The European Union has called for an accelerated global energy transition to counter the strategic and economic costs of fossil fuel dependency.
Speaking at an ECOSOC special meeting, EU Ambassador Renaud Savignat emphasized that global electricity demand in 2025 grew 2.5 times faster than overall energy demand.
The EU is leveraging its Global Gateway strategy to invest €2 billion into 27 critical energy interconnection projects across Latin America and the Caribbean.
The diplomatic push aligns with domestic implementation of AccelerateEU, an emergency toolbox launched to tackle energy price spikes caused by the Middle East crisis.
Ongoing Just Energy Transition Partnerships are actively supporting nationally-led clean energy development in South Africa, Indonesia, Viet Nam, and Senegal.

Main Story

The European Union has called on international partners to dramatically accelerate the clean energy transition to protect global development from volatile fossil fuel markets.

Addressing the UN Economic and Social Council (ECOSOC) special meeting in New York, EU Ambassador to ECOSOC Renaud Savignat stated that structural dependence on fossil fuels had come at a very high economic and strategic cost, deepening poverty and straining national budgets.

The ambassador noted that the rapid expansion of clean energy had created a historic opportunity to reinforce global energy security, citing data from 2025 showing that global electricity demand had expanded at 2.5 times the pace of overall energy needs.

The report indicated that the EU was aggressively scaling up its international energy diplomacy alongside its domestic crisis response frameworks.

Savignat highlighted that the European Commission had recently deployed its AccelerateEU emergency package to counter severe price shocks arising from the conflict in the Middle East and the closure of the Strait of Hormuz.

He added that the EU was actively extending its sustainability goals abroad through the Global Gateway initiative, which had mobilized billions in funding for infrastructure development across Africa, Southeast Asia, and Latin America.

The Issues

Escalating geopolitical tensions in the Middle East have driven up the EU’s fossil fuel import spending, highlighting the extreme vulnerability of regions heavily reliant on traditional energy corridors.
Managing immediate consumer relief while keeping long-term decarbonization goals on track remains a delicate balancing act for governments facing severe near-term fiscal pressures.
Translating high-level international financial commitments into rapid, localized infrastructure development across emerging economies continues to face execution and supply chain hurdles.

What’s Being Said

“The message from this crisis is that fossil fuel dependency comes at a very high economic and strategic cost,” Ambassador Renaud Savignat stated during the ECOSOC plenary session.
The EU delegation emphasized that “the structural response must therefore be to accelerate the energy transition, and this means scaling up homegrown renewable and low-carbon energy.”
Regarding international investment frameworks, the delegation noted that “through Global Gateway, the EU is investing in regional interconnections and resilient energy infrastructure.”
Commenting on domestic action, European Commission President Ursula von der Leyen recently affirmed that “the choices we make today will shape our ability to face the challenges of today and the crises of tomorrow.”

What’s Next

The European Commission will finalize its upcoming EU Electrification Action Plan to establish definitive targets for industrial, transport, and building sectors.
Member states will coordinate closely to utilize underground gas storages and manage emergency oil stock releases ahead of seasonal peak demands.
International climate finance coordinators will evaluate progress on existing Just Energy Transition Partnerships ahead of upcoming multilateral investment summits.

Bottom Line

The European Union is leveraging the global energy crisis to drive a synchronized international transition toward localized, low-carbon power grids, framing the shift away from fossil fuels as both a geopolitical and economic imperative.

Global electricity demand surges by 4.3% amid accelerating electrification

Global electricity demand surges by 4.3% amid accelerating electrification

By

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May 16, 2026

Key points

Global electricity demand increased by 4.3% in 2024, a significant acceleration from the 2.5% growth recorded in 2023.
China led global consumption growth, expanding its electricity use by 7% or more than 550 TWh.
Clean energy, led by solar PV and nuclear power, accounted for over 80% of the total growth in global electricity generation.
Global electric vehicle sales rose by more than 25% to exceed 17 million units, making up over 20% of all car sales.
European heat pump sales suffered a record 21% decline, contrasting with a 15% increase in the United States.

Main Story

The International Energy Agency has reported that global electricity demand increased by 4.3% in 2024, marking a significant acceleration from the 2.5% growth recorded in 2023.

The agency noted that total consumption grew by 1,080 TWh, a volume nearly double the annual average of the past ten years. This significant uptick was driven primarily by rapid electrification across various sectors, severe heatwaves prompting extreme cooling demands, and the rapid expansion of the data center industry.

The report indicated that China remained the primary driver of this global expansion, accounting for over half of the consumption growth with a 7% localized increase.

Concurrently, advanced economies experienced a robust reversal from their 2023 contractions, expanding by 230 TWh under the leadership of the United States. To meet this soaring demand, global renewable capacity additions surged by 25% to an estimated 700 GW.

The agency added that clean energy and nuclear power collectively expanded to cover two-fifths of total global electricity generation, signaling a progressive shift in the international power mix.

The Issues

High electricity prices relative to natural gas and fluctuating policy incentives triggered a record collapse in European heat pump adoption, threatening regional building decarbonization targets.
Wind energy capacity expansion slowed to an 8% growth rate, its lowest in two decades, as developers across the globe grappled with prolonged permitting timelines and supply chain bottlenecks.
Nuclear power technology deployment remains highly concentrated, with all nine global reactor construction starts in 2024 utilizing exclusively Chinese or Russian designs.

What’s Being Said

The IEA noted that “China accounted for the largest share of electricity consumption growth, but increases were seen globally” during the 2024 calendar year.
“For the first time ever, power generation from renewables and nuclear covered two-fifths of total global generation in 2024,” the report stated.
Regarding solar expansion, the agency emphasized that “global generation from solar PV has been doubling approximately every three years since 2016.”
In the heat pump segment, the report highlighted that “in 2024, heat pumps outsold natural gas furnaces by 30%, the largest gap ever recorded” in the United States.

What’s Next

Energy regulators will need to address grid capacity limitations as electric vehicles and data centers continue to outpace broader industrial power demand.
European policy frameworks are expected to undergo reviews to stabilize renewable energy additions outside major markets like Germany, Italy, and Spain.
The nuclear sector will see continued Chinese dominance, with the country currently managing nearly half of the 70 GW of total global nuclear capacity under construction.

Bottom Line

The global energy landscape has entered a hyper-electrified phase, forcing grid infrastructures to scale rapidly as solar PV and nuclear energy become the primary anchors for surging industrial and residential power needs.

Nigeria begins 30-day visa-free entry for Rwandan nationals

Federal Government welcomes S&P sovereign credit rating upgrade to ‘B’

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May 16, 2026

Key points

S&P Global Ratings has upgraded Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook.
The upgrade follows similar positive rating adjustments made in 2025 by Fitch Ratings and Moody’s Ratings.
S&P cited improvements in Nigeria’s external position, stronger balance of payments, increased oil production, and expanding domestic refining capacity.
The government reiterated its commitment to a market-driven economy and its stance against reintroducing fuel subsidies.
The rating improvement is projected to enhance Nigeria’s ability to secure international financing on more favorable terms.

Main Story

The Federal Government has welcomed the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook.

Finance Minister Taiwo Oyedele disclosed the development in a statement issued on Friday, noting that the upgrade followed positive rating actions in 2025 by Fitch Ratings and Moody’s Ratings.

According to the government, these independent assessments affirmed that the macroeconomic reforms undertaken under the leadership of President Bola Ahmed Tinubu were yielding measurable results.

Oyedele stated that S&P had highlighted specific improvements in Nigeria’s external position, stronger balance of payments dynamics, increased oil production, and expanding domestic refining and export capacity.

He noted that the agency had also recognized ongoing fiscal reforms aimed at broadening the tax base, improving public revenue mobilization, and strengthening debt sustainability.

The Finance Minister added that Nigeria’s debt-to-revenue ratio had improved significantly since 2023 and was projected to decline further as these reforms matured, signaling regained macroeconomic credibility to global investors.

The Issues

Despite the credit rating upgrade, the government faces immediate pressure to address substantial domestic economic hurdles, including persistent inflationary pressures and food security.
Maintaining fiscal discipline depends heavily on sustaining unpopular reforms, such as the total removal of fuel subsidies, which previously created significant distortions but cushioned short-term consumer costs.
Translating improved macroeconomic indicators and international investor confidence into tangible, inclusive economic prosperity and decent job opportunities for ordinary citizens remains a core challenge.

What’s Being Said

“The Federal Government welcomes the decision by S&P Global Ratings to upgrade Nigeria’s sovereign credit rating from ‘B-’ to ‘B’ with a Stable Outlook,” said Taiwo Oyedele.
“These independent assessments collectively affirm that the difficult but necessary reforms undertaken under the leadership of President Bola Ahmed Tinubu, GCFR, are yielding measurable results and laying the foundation for a more stable, transparent, and resilient economy,” Oyedele stated.
“We have maintained our position against the reintroduction of inefficient fuel subsidies which historically created significant fiscal distortions, incentivised smuggling, weakened foreign exchange liquidity, and diverted scarce public resources away from critical national priorities,” the Minister emphasized.
“While these positive ratings developments are encouraging, we recognise that the work ahead remains substantial,” Oyedele added.

What’s Next

The upgrade is expected to position Nigeria to attract new foreign direct investment and secure international financing on more favorable borrowing terms.
The Federal, State, and Local Governments will continue to implement targeted fiscal reforms to broaden the tax base and enhance revenue collection tracking.
Economic managers will focus resources on mitigating domestic inflation and stabilization measures to support food security across the country.

Bottom Line

S&P’s upgrade of Nigeria to a ‘B’ rating validates the country’s aggressive macroeconomic adjustments, shifting its international outlook toward stability despite the ongoing domestic strain of inflation.

Nigeria begins 30-day visa-free entry for Rwandan nationals

AfDB approves $200 million financing facility for Nigeria’s Bank of Industry

By

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May 16, 2026

Key points

The African Development Bank (AfDB) approved a $200 million financing facility for the Bank of Industry (BOI) to support key growth sectors.
The funding targets infrastructure, transport, agro-food processing, health, pharmaceuticals, and green industrialization.
At least 30% of the facility is earmarked for small and medium-sized enterprises (SMEs), prioritizing women-owned and youth-led businesses.
The package includes a $650,000 technical assistance grant from FAPA and support from the Affirmative Finance Action for Women in Africa (AFAWA).
The facility follows BOI’s successful repayment of a previous $100 million line of credit to the AfDB in 2025.

Main Story

The Board of Directors of the African Development Bank Group has approved a $200 million financing facility for the Bank of Industry (BOI), to expand access to long-term financing for enterprises operating in key growth sectors of the Nigerian economy.

The facility will drive Nigeria’s industrial transformation by providing medium- to long-term funding for businesses in critical sectors including infrastructure and transport, agro-food processing, health and pharmaceuticals, and green industrialization.

The financing prioritizes the growth and development of small and medium-sized enterprises (SMEs), especially those owned by women and led by youth, with at least 30% of the proceeds expected to benefit Nigerian SMEs.

The intervention will also support climate-resilient and low-carbon investments, including renewable energy, energy-efficient industrial processes, climate-smart agriculture, and sustainable infrastructure solutions.

This facility builds on BOI’s long-standing partnership with the African Development Bank, following the successful repayment of a previous $100 million line of credit in 2025.

The Issues

Commercial banks in Nigeria remain structurally constrained from providing the patient, long-term capital required for deep industrial transformation and infrastructure development.
Women-owned and youth-led enterprises face persistent funding gaps due to rigid collateral requirements and structural lending biases in the traditional financial market.
Transitioning domestic manufacturing to climate-resilient and low-carbon processes requires specialized technical capacity alongside direct capital injection.

What’s Being Said

“Nigeria’s industrial transformation requires more patient, long-term capital than the market is structured to provide,” said Abdul Kamara, Director General for Nigeria, African Development Bank Group.
“Development finance institutions exist precisely to bridge this gap by stepping in when commercial banks may be constrained in meeting the market demand for long-term investment capital,” Kamara added.
“This approval directs capital to work in areas where it matters most, supporting SMEs, women entrepreneurs, and young business owners driving Nigeria’s industrial growth and economic diversification,” he stated.
“This facility builds on BOI’s long-standing partnership with the African Development Bank, following the successful repayment of a previous $100 million line of credit in 2025,” noted Olasupo Olusi, Managing Director/Chief Executive Officer of BOI.
“We appreciate the Bank’s continued confidence in BOI’s mandate and institutional capacity, and we remain committed to ensuring that this financing delivers tangible economic opportunities, job creation, and inclusive growth across Nigeria,” Olusi emphasized.

What’s Next

The BOI will begin deploying the $200 million facility into long-term loans for qualified enterprises in the transport, agro-processing, and pharma sectors.
Implementation of the $650,000 FAPA technical assistance grant will commence to upgrade ESG practices and impact measurement systems within the BOI.
Special credit lines under the AFAWA framework will be rolled out to ease market and value-chain access for women-led businesses.

Bottom Line

The African Development Bank is stepping in to provide the patient capital that commercial lenders cannot, using the Bank of Industry to route $200 million into import substitution, green industry, and targeted SME growth.

Trump says U.S., Nigerian forces killed senior ISIS commander in joint operation

NAPTIP secures life sentences for two security guards over serial rape of minor in Abuja

By

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May 16, 2026

Key points:

The National Agency for the Prohibition of Trafficking in Persons has secured life imprisonment for two security guards convicted of serial rape of a six-year-old girl in Abuja.
The Federal Capital Territory High Court in Apo sentenced James Sule (30) and Adamu Yau (25) under the Violence Against Persons (Prohibition) Act.
A third suspect, identified as Mohammed, remains at large as investigations continue.

Main story

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has confirmed the conviction and life imprisonment of two security guards, James Sule (30) and Adamu Yau (25), for the serial rape of a six-year-old girl in Abuja.

According to a statement issued by NAPTIP spokesperson, Vincent Adekoye, the judgment was delivered by Justice S.M. Mayana of the Federal Capital Territory High Court 46, Apo, Abuja, following prosecution by the agency.

The court sentenced both men to life imprisonment without the option of a fine under the provisions of the Violence Against Persons (Prohibition) Act.

The convicts, who were arraigned in 2023, were found guilty of repeatedly abusing the minor over a six-year period, beginning in 2016 when she was six years old.

Court records and testimony revealed that the abuse allegedly began when one of the convicts, then a family security guard, exploited access to the victim’s home in Abuja. The abuse reportedly continued in secrecy over several years, accompanied by threats of violence against the victim and her family.

The prosecution presented five witnesses, including the victim’s mother, and tendered seven exhibits, including a medical report confirming sexual abuse.

A third suspect identified as Mohammed, said to have participated in the crimes, is currently at large.

The issues

The case highlights persistent concerns over child sexual abuse, exploitation of domestic trust relationships, and gaps in background checks for household and private security workers.

It also underscores the challenge of delayed reporting, as the victim endured abuse for years before disclosure, a pattern often linked to fear, intimidation, and trauma in sexual violence cases.

Stakeholders continue to emphasize the importance of robust child protection systems, community education, and rigorous vetting processes for individuals working in sensitive domestic roles.

What’s being said

The Director-General of the National Agency for the Prohibition of Trafficking in Persons, Binta Adamu-Bello, described the judgment as a strong warning to offenders and a step toward justice for survivors of sexual and gender-based violence.

She commended the judiciary for what she called a landmark ruling and urged Nigerians to conduct proper background checks before employing domestic workers, security personnel, and caregivers.

According to her, the conviction reflects strengthened enforcement of the Violence Against Persons Act and renewed efforts to protect vulnerable groups.

The victim’s mother also expressed gratitude to NAPTIP and all supporting agencies for ensuring justice in the case.

What’s next

The third suspect remains at large, and security and investigative agencies are expected to continue efforts to apprehend him.

NAPTIP is also expected to intensify public awareness campaigns on child protection and sexual abuse prevention, particularly within residential communities.

The case may further influence policy discussions around stricter screening procedures for domestic and private security employment.

Bottom line

The life imprisonment of two security guards by a Federal Capital Territory High Court marks a major conviction in a disturbing child sexual abuse case prosecuted by the National Agency for the Prohibition of Trafficking in Persons, reinforcing ongoing efforts to strengthen justice for survivors and deter sexual violence in Nigeria.

AfDB approves $200m facility to boost Nigeria’s industrial growth via bank of industry

Lagos raises alarm over sand scarcity as indiscriminate dredging threatens economy

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May 16, 2026

Environmental regulation and infrastructure

Keypoints

The Lagos State Government warned that indiscriminate dredging has caused a severe scarcity and high cost of sand, threatening construction and food security.
Developers in Lekki-Ajah are now forced to pump sand from locations as far as Ikorodu, covering distances of up to 10 to 12 kilometres due to localized depletion.
The Ministry of Waterfront Infrastructure Development is strictly regulating dredging licences while demanding accurate data on daily extraction volumes.
Aggressive dredging is disrupting marine habitats, forcing local fishermen to travel farther and driving up the market cost of fish.
Heavy-duty dredging equipment has caused severe infrastructural damage to roads in coastal communities such as Ibese in Ikorodu.

Main Story

The Lagos State Government has raised fresh concerns over the growing dangers associated with indiscriminate dredging activities across the state, warning that the increasing scarcity and high cost of sand could trigger wider economic, environmental, and food security challenges if urgent measures are not taken.

The Commissioner for Waterfront Infrastructure Development, Dayo Bush Alebiosu, disclosed this while presenting his Ministry’s account of stewardship in the last two years to journalists at the annual ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.

According to the Commissioner, while dredging remains essential for development and land reclamation projects, the growing desperation for sand across Lagos is already exposing the dangers of over-exploitation of the state’s waterways and coastal resources.

Alebiosu noted that developers carrying out reclamation projects in the Lekki-Ajah axis now source sand from communities as far as Ikorodu, sometimes pumping sand across distances of up to 10 to 12 kilometres due to depletion in closer locations. He warned that this development points to mounting pressure on available sand deposits across the state and underscores the urgent need for accurate data and stricter regulation of dredging activities.

The Issues

The depletion of nearshore sand reserves forces developers to implement complex, long-distance pumping logistics, significantly inflating the baseline cost of real estate and public infrastructure delivery.
Ecological degradation from aggressive dredging disrupts benthic microorganisms, directly undermining the artisanal fishing industry and inflating food prices in local markets.
Regulatory enforcement is undermined by local collaborators who permit illegal operators, including foreign nationals, to exploit community waterfronts for immediate economic gain.

What’s Being Said

“If you are reclaiming land in Ajah and you now have to pump sand from Ikorodu, it means the sand resources within Ajah are gradually running out,” Dayo Bush Alebiosu stated.
“We need proper data. We need to know how many people are dredging, how much sand is being dredged daily, and what is left within those areas,” the Commissioner emphasized.
“Whenever dredging disturbs aquatic life, fishermen are forced to work harder, and naturally, the cost of fish goes up,” Alebiosu added regarding food security.
“We cannot continue blaming foreigners alone. We must ask ourselves how they got there in the first place. They definitely have the connivance of some locals,” he noted.

What’s Next

The Ministry of Waterfront Infrastructure Development, alongside the Ministry of Environment and Physical Planning, will intensify continuous enforcement and monitoring operations against illegal sites.
Government agencies will deploy stricter data-tracking mechanisms to audit active dredging operators, daily extraction metrics, and remaining aggregate volumes.
Waterfront communities like Ibese are expected to see increased community policing and whistleblowing coordination to prevent further heavy-duty equipment damage to public roads.

Bottom Line

Lagos State is tightening its grip on maritime extraction, signaling that unrestricted sand mining will no longer be tolerated as localized depletion threatens to stall the construction sector and compromise coastal food supplies.

INEC confirms submission of membership registers by all 22 political parties

INEC confirms submission of membership registers by all 22 political parties

By

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May 16, 2026

Key points:

The Independent National Electoral Commission says all 22 registered political parties have submitted their membership registers in compliance with the Electoral Act 2026.
The submissions followed an extension granted by the commission after concerns raised by political parties over the original timeline.
INEC says it will begin verification of the registers as part of preparations for the 2027 general elections.

Main story

The Independent National Electoral Commission (INEC) has announced that all 22 registered political parties in Nigeria have successfully submitted their membership registers in line with the provisions of the Electoral Act 2026.

The commission disclosed this in a statement issued on Thursday by the Chairman of its Information and Voter Education Committee, Mohammed Kudu Haruna.

According to INEC, the submissions were completed on May 8, 2026, two days ahead of the extended deadline approved by the commission following complaints from political parties regarding the original timetable for the 2027 general elections.

The commission explained that the extension was granted after a meeting held with political parties on March 24, 2026, where stakeholders expressed concerns over the timeline contained in the revised schedule of activities for the elections.

INEC subsequently adjusted the deadline for the submission of party membership registers from April 21 to May 10, 2026, to align with Section 77(4) of the Electoral Act 2026 and the actual dates fixed by parties for their primary elections.

The commission also approved the conduct of party primaries between April 23 and May 30, 2026, while requiring parties to submit their registers at least 21 days before their respective primaries.

The issues

The submission and verification of party membership registers are critical components of Nigeria’s electoral process, particularly in ensuring compliance with legal requirements governing political party primaries.

Electoral stakeholders have repeatedly raised concerns over transparency in party membership records, internal democracy, and adherence to election timelines ahead of major polls.

INEC’s decision to extend the deadline reflects ongoing efforts to balance strict legal compliance with practical realities faced by political parties during preparations for the 2027 elections.

The verification process is also expected to play a key role in preventing disputes over party primaries and candidate eligibility.

What’s being said

The Independent National Electoral Commission said all registered political parties complied with the submission requirement within the approved timeframe.

According to the commission, the submitted registers will undergo verification processes in accordance with the Electoral Act 2026.

INEC reiterated its commitment to conducting “free, fair, credible and inclusive elections” as preparations for the 2027 general elections continue.

What’s next

The commission is expected to commence detailed verification of the submitted membership registers to ensure compliance with electoral laws and party regulations.

Political parties are also expected to proceed with their primary elections within the approved timeline ahead of candidate nominations for the 2027 polls.

Observers say INEC’s management of the verification and primary election process will be closely monitored as the country gradually moves into the next election cycle.

Bottom line

The successful submission of membership registers by all 22 political parties marks another major milestone in preparations for Nigeria’s 2027 general elections.

With the deadline met and verification set to begin, attention will now shift to party primaries and INEC’s broader efforts to ensure a credible electoral process.

Trump says U.S., Nigerian forces killed senior ISIS commander in joint operation

Trump says U.S., Nigerian forces killed senior ISIS commander in joint operation

By

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May 16, 2026

Key points:

U.S. President Donald Trump says American and Nigerian forces carried out a joint operation that eliminated a senior ISIS commander.
The target, identified as Abu-Bilal al-Minuki, was described by Trump as the second-in-command of ISIS and one of the world’s most active terrorists.
The operation highlights growing security cooperation between the United States and Nigeria in counterterrorism efforts.

Main story

U.S. President Donald Trump has announced that American forces, working alongside the Nigerian Armed Forces, carried out a joint military operation that reportedly eliminated a senior ISIS leader identified as Abu-Bilal al-Minuki.

In a statement released on Thursday night, Trump described the operation as “meticulously planned” and “very complex,” praising both U.S. and Nigerian forces for what he called a flawless execution.

“Tonight, at my direction, brave American forces and the Armed Forces of Nigeria flawlessly executed a meticulously planned and very complex mission to eliminate the most active terrorist in the world from the battlefield,” Trump stated.

He identified the slain militant as Abu-Bilal al-Minuki, whom he described as the second-in-command of ISIS.

The U.S. president said the operation marked a significant achievement in ongoing international counterterrorism efforts, though further operational details were not immediately disclosed.

Nigerian authorities had yet to issue a detailed independent statement on the operation at the time of filing this report.

The issues

The reported operation comes amid continued efforts by Nigeria and international partners to combat insurgency and extremist violence across parts of West Africa and the Sahel region.

Nigeria has faced prolonged security challenges linked to terrorist groups, including factions affiliated with ISIS and Boko Haram, particularly in the North-East.

Security analysts say international military cooperation has become increasingly important in intelligence sharing, surveillance operations and targeted counterterrorism missions.

The development also reflects growing defence collaboration between Nigeria and the United States in tackling transnational extremist threats.

What’s being said

President Donald Trump commended both American and Nigerian forces for the operation, describing Abu-Bilal al-Minuki as one of the most dangerous terrorists globally.

According to Trump, the mission was carried out under his direct authorisation and successfully removed a major ISIS figure from the battlefield.

While official operational details remain limited, the announcement has drawn attention to the expanding role of joint international operations in counterterrorism campaigns across Africa.

What’s next

Security agencies in both Nigeria and the United States are expected to provide additional details regarding the operation, including its location, intelligence background and broader security implications.

Counterterrorism analysts say the reported killing could disrupt extremist networks linked to ISIS in the region, although concerns remain about possible retaliatory attacks and continued insurgent activities.

The operation may also strengthen future military and intelligence cooperation between Nigeria and its international allies.

Bottom line

President Donald Trump says a joint U.S.-Nigeria military operation has eliminated a senior ISIS commander, marking a significant development in international counterterrorism efforts.

The announcement underscores Nigeria’s continuing role in regional security operations and highlights the growing importance of global cooperation against extremist threats.

Nigeria begins 30-day visa-free entry for Rwandan nationals

Nigeria begins 30-day visa-free entry for Rwandan nationals

By

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May 16, 2026

Key points:

The Nigeria Immigration Service has commenced implementation of a 30-day visa exemption policy for Rwandan nationals.
The policy follows President Bola Ahmed Tinubu’s announcement during the Africa CEO Forum in Kigali and reciprocates Rwanda’s visa-free arrangement for Nigerians.
Nigerian authorities say the initiative is aimed at strengthening bilateral ties, promoting tourism, and enhancing intra-African mobility and economic cooperation.

Main story

The Nigeria Immigration Service (NIS) has announced the immediate implementation of a 30-day visa exemption policy for citizens of Rwanda entering Nigeria.

The directive follows the announcement made by President Bola Ahmed Tinubu during the Africa CEO Forum held in Kigali, Rwanda, where he disclosed Nigeria’s decision to reciprocate Rwanda’s visa-free entry arrangement for Nigerian citizens.

According to a statement issued by the Service Public Relations Officer of the NIS, Akinsola Akinlabi, all international entry points, including airports, land borders and seaports, have been directed to commence immediate enforcement of the policy.

Under the arrangement, Rwandan nationals will be permitted to enter Nigeria without a visa for up to 30 days for lawful purposes such as tourism, business and official engagements.

However, the immigration authorities clarified that individuals intending to stay beyond the approved duration must obtain the appropriate visa through a Nigerian Embassy, High Commission, or the Nigeria e-Visa platform.

The issues

The visa exemption policy reflects ongoing efforts by African countries to strengthen regional integration, ease travel restrictions and encourage economic cooperation across the continent.

Analysts say such bilateral arrangements are increasingly becoming important tools for promoting trade, tourism, investment and people-to-people exchanges under broader African integration frameworks.

The development also aligns with continental aspirations under the African Continental Free Trade Area (AfCFTA), which seeks to enhance mobility and economic collaboration among African nations.

What’s being said

The Nigeria Immigration Service said the initiative demonstrates the growing diplomatic relationship between Nigeria and Rwanda.

According to the Service, the policy is expected to support intra-African mobility, tourism and economic cooperation while strengthening bilateral ties between both countries.

The agency also reiterated its commitment to ensuring safe, orderly and lawful migration in line with international best practices and the Renewed Hope Agenda of President Bola Ahmed Tinubu.

What’s next

Immigration authorities are expected to monitor the implementation of the visa exemption policy across Nigeria’s entry points to ensure smooth compliance.

The arrangement may also pave the way for broader discussions on regional travel facilitation and additional bilateral agreements between Nigeria and other African countries.

Stakeholders in the tourism and business sectors are likely to watch closely for potential increases in travel, trade and investment exchanges between both nations.

Bottom line

Nigeria’s decision to grant 30-day visa-free entry to Rwandan nationals marks another step toward strengthening African integration and diplomatic cooperation.

The policy is expected to improve mobility, deepen bilateral relations and encourage greater economic and cultural exchange between Nigeria and Rwanda.

Desmond Elliot Reveals Motive Behind Fourth-Term Push

Why Football Dominates the Sports Betting Market in South Africa

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Partners Posts

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May 16, 2026

major league soccer — US Major League Soccer Set to Resume July 8

In South Africa, football has a natural edge in betting because it already sits close to daily life. It is watched often, discussed often, and followed across both local and international competitions. When one sport already owns that much attention, it usually becomes the easiest sport to bet on as well.

Industry reports also show that football is the biggest sport in sports betting globally, which fits what the South African market looks like in practice.

Local Football Keeps The Sport Close To Home

The local game matters here because local football keeps the sport visible and familiar. It gives fans clubs, rivalries, and storylines that feel close to home, not distant. A betting market grows more easily when the sport is not only popular, but local as well.

Big Tournaments Create Huge Spikes

Big football tournaments make the picture even clearer. 3.6 million people watched the Nigeria vs South Africa AFCON semi-final on SuperSport. It was the channel’s biggest audience. Many people in South Africa also watched the EURO 2024. Those numbers matter because betting follows attention. When millions are watching one match, the betting market around that match becomes naturally larger, busier, and more active.

Viewing Habits Make Football Easy To Bet On

Football is easy to follow today. You can watch on TV, see scores on your phone, or stream games in apps. MultiChoice said Showmax Premier League is made for mobile and football fans in Africa, where many people have smartphones. Research on online sports betting also shows that mobile use and live wagering are major growth drivers. In simple terms, football is easy to carry around. That helps betting because the sport stays close to the user throughout the day.

Football Is Easy To Understand, But Hard To Predict

That balance is important. Football is simple enough for casual fans to follow. Football is easy to watch but hard to guess, and that’s what makes it fun. One goal changes everything. A favorite can struggle. A late equalizer can flip the whole story. That mix of familiarity and uncertainty is very good for betting interest. It keeps the sport open to both experienced followers and people placing lighter, occasional bets.

There Are More Markets Around A Football Match

Another reason football dominates is variety. One match can support many different betting angles. There is the result, of course, but also goals, both teams to score, halftime outcomes, cards, corners, player props, and live in-play options. That gives football a wider betting menu than many other sports. A broad menu matters because it serves different kinds of users at once. Some want simple picks. Others want something more detailed. Football can offer both.

Fan Culture Keeps The Conversation Going

Football is not only watched. People talk about it all week. They discuss teams, coaches, injuries, transfers, and league standings. In South Africa, this includes local clubs, Bafana Bafana, AFCON, and major European leagues. Betting activity benefits from that kind of conversation because it keeps interest warm between matches. A sport that lives in daily talk tends to stay strong in the betting market too.

The Schedule Helps More Than People Realize

Some sports are huge when they arrive, but do not appear often enough to dominate betting over time. Football is different. Its schedule is dense. A user can move from a PSL match to the Premier League, then to UEFA competition, then to AFCON qualifiers or international football. The season rarely feels empty. That regularity matters because betting platforms tend to grow around routine, not only around big events. Football supplies a routine better than most sports.

Broad Access Helps The Sport Stay On Top

Distribution matters too. DStv, SuperSport, and Showmax have all leaned into football rights and football packaging in South Africa and across Africa. MultiChoice’s pricing and product language in 2024 also made football a key part of more affordable packages. The easier it is for fans to watch football regularly, the easier it is for football to hold its place at the top of the betting market. Access feeds familiarity, and familiarity feeds activity.

Football Has Both Local Emotion And Global Pull

Football does both very well. They can move from a neighborhood rivalry to a Champions League night without changing sports. That creates a much larger emotional map than most sports can offer. For betting, that is powerful. It means the sport does not lose momentum when one competition ends, because another one is already waiting.

Other Sports Matter, But Football Has More Layers

Cricket and rugby are important in South Africa, and big events in both sports draw serious audiences. MultiChoice’s reporting showed strong numbers for the Cricket World Cup and major rugby events as well. But football still has more layers working in its favor at once: more leagues, more weekly matches, more club loyalties, more international crossover, and stronger everyday conversation. That combination makes it harder for any rival sport to match football’s betting volume over time.

Court Slams Plaintiff With ₦1m Fine Over Delays in Jonathan 2027 Eligibility Suit

Court Slams Plaintiff With ₦1m Fine Over Delays in Jonathan 2027 Eligibility Suit

By

Leonard Offiong

-

May 15, 2026

2023 Election: Jonathan Urges Politicians To Avoid Violence

Key points

A Federal High Court in Abuja fined a plaintiff ₦1 million over delays in a suit seeking to stop former President Goodluck Jonathan from contesting the 2027 presidential election.
Justice Peter Lifu criticised the conduct of the plaintiff, Johnmary Jideobi, and his lawyer, Ndubuisi Ukpai, describing their handling of the case as “unacceptable.”
The court observed that key defendants, including INEC and the Attorney General of the Federation, had not been served months after the suit was filed.
Jonathan’s lawyer accused the plaintiff of showing disrespect to the court and abandoning the case after initiating it.
The matter has been adjourned until May 18, 2026, for hearing of all pending applications and the substantive suit.

Main story

The Federal High Court in Abuja has imposed a ₦1 million fine on a plaintiff seeking to bar former President Goodluck Jonathan from participating in the 2027 presidential election, following repeated procedural delays and failures to properly prosecute the case.

Delivering ruling on Friday, Justice Peter Lifu faulted the conduct of the plaintiff, Johnmary Jideobi, and his counsel, Ndubuisi Ukpai, over what the court described as prolonged negligence and lack of diligence in handling the politically sensitive matter.

The court ruled that the ₦1 million cost be paid to Jonathan, who is listed as the first defendant in the suit.

Justice Lifu stressed that political cases require accelerated hearing in line with judicial policy and electoral timelines, warning that unnecessary delays undermine the administration of justice.

The judge particularly expressed concern that although the suit was filed on October 6, 2025, critical parties including the Independent National Electoral Commission and the Attorney General of the Federation had still not been served with originating court processes more than six months later.

What’s being said

In his ruling, Justice Lifu said:

“I have carefully and painstakingly considered all the submissions and prayers of the learned counsel in this matter. As this court has earlier ruled and ordered, this case has a character of politics. I have taken judicial notice of the timetable of the Independent National Electoral Commission (INEC).

“The duty of this court is to ensure that political cases are given accelerated hearing and disposed of expeditiously.”

The judge further condemned the delays that stalled proceedings, stating:

“This case is for hearing today and the hearing has been frustrated or aborted due to the tardiness of the plaintiff who is a lawyer by training and calling. Hearing cannot go on now. Consequently, I hold that punishment should lie where the fault is.”

Counsel to the former president, Chief Chris Uche, SAN, also criticised the plaintiff’s conduct before the court.

“The plaintiff thinks he can hold the court and other parties to ransom, and stayback in the comfort of his house and drag all of us to court,” he said.

“They think the courts are toothless bulldog and the dignity of the court must be protected my lord.”

The issues

At the centre of the controversy is a legal challenge seeking to prevent Jonathan from contesting the 2027 presidential election — a case that has already attracted political and constitutional interest.

However, the proceedings have become overshadowed by concerns over procedural incompetence and alleged abuse of court process after repeated failures by the plaintiff to serve necessary parties and appear in court.

The judge noted that Jonathan’s legal team only became aware of the suit through media reports before independently filing responses and preliminary objections.

The Attorney General of the Federation’s counsel, J.D. Esho, also informed the court that her office had not received the plaintiff’s originating summons, while INEC reportedly only received hearing notices without the substantive court filings.

The repeated absence of the plaintiff and his lawyer further intensified concerns over whether the suit was being diligently pursued.

What’s next

Justice Lifu has granted the plaintiff a short window to serve all pending court documents on INEC and the Attorney General of the Federation.

Both defendants have been directed to file their responses before May 18, 2026, when the matter will return to court for definite hearing of all pending applications and the substantive suit.

The next hearing is expected to determine whether the case will proceed on its merits or face additional procedural hurdles.

Bottom line

What began as a politically significant suit challenging Goodluck Jonathan’s potential 2027 presidential ambition has now shifted focus to questions surrounding legal diligence, courtroom conduct and procedural compliance.

With the court openly expressing frustration over delays and imposing financial sanctions on the plaintiff, the case is increasingly becoming as much about judicial discipline as it is about electoral eligibility.

Desmond Elliot Reveals Motive Behind Fourth-Term Push

By

Leonard Offiong

-

May 15, 2026

Key points

Desmond Elliot says his decision to seek a fourth term in the Lagos State House of Assembly is driven by his ambition to become a principal officer.
The Surulere Constituency I lawmaker urged supporters to resist political intimidation ahead of the APC primary election.
Reports indicate influential APC stakeholders aligned with Femi Gbajabiamila are backing Barakat Odunuga-Bakare against Elliot.
Elliot publicly apologised to Gbajabiamila over alleged political misunderstandings linked to the Lagos Assembly leadership crisis.
The lawmaker insists he remains committed to party unity and constituency development.

Main story

Lagos State lawmaker Desmond Elliot has broken his silence on the controversy surrounding his fourth-term ambition, revealing that his desire to secure a principal leadership role in the Lagos State House of Assembly is a major factor behind his decision to seek re-election.

Speaking during a campaign meeting with constituents on Friday, the three-term legislator appealed for grassroots support ahead of the All Progressives Congress primary election scheduled for May 21.

A viral video circulating on X captured Elliot addressing supporters amid growing reports of internal resistance to his re-election bid within the ruling APC.

Political permutations within the party suggest that prominent APC figures, including allies of Gbajabiamila, are reportedly supporting Barakat Odunuga-Bakare — a former aide to Lagos State Governor Babajide Sanwo-Olu — to challenge Elliot for the Surulere Constituency I ticket ahead of the 2027 Lagos State House of Assembly election.

What’s being said

“The question is, ‘what am I looking for in the fourth term that I am being intimidated to step down’. Don’t accept it, you have invested so much in me. There is a high chance that I will become a principal officer.”, Elliot told supporters.

“On the 21st of May (primary election), stand your ground, come out in your large numbers to vote for me, and I will emerge victorious.”, he said.

The lawmaker also referenced Psalm 121 while expressing confidence in navigating the internal political battle, declaring:

“One with God is the majority.”

During an appearance on TVC’s Your View, Elliot also addressed his relationship with Gbajabiamila, publicly apologising for any misunderstanding that may have occurred in the course of political engagements.

“I’m not saying, oh, yes, media will come out, oh yes, Desmond begs again. Yes, because he’s my egbon. And I grew up learning everything I knew in politics through him,” he said.

The issues

Elliot’s fourth-term ambition has reignited conversations around internal power struggles within the Lagos APC, particularly following the recent leadership crisis in the Lagos State House of Assembly.

The crisis reportedly strained relationships among influential political blocs in the state, with Gbajabiamila previously disclosing that President Bola Tinubu confronted him over intelligence reports allegedly linking Elliot to moves surrounding the Assembly’s speakership tussle.

Although Elliot denied involvement at the time, the controversy appears to have deepened political divisions ahead of the next electoral cycle.

His public apology to Gbajabiamila is widely seen as an attempt to ease tensions and reaffirm loyalty within the party hierarchy as political alignments intensify.

What’s next

Attention is now shifting to the APC primary election scheduled for May 21, where Elliot is expected to face mounting opposition from rival interests within the party.

The outcome of the contest could significantly shape the political balance within Surulere Constituency I and determine Elliot’s chances of advancing his ambition to secure a principal office position in the Assembly.

Political observers are also watching closely to see whether reconciliation efforts between Elliot and influential party stakeholders will alter the dynamics of the race.

Bottom line

Desmond Elliot’s push for a fourth term has evolved beyond a routine re-election campaign into a broader test of influence, loyalty and political survival within the Lagos APC.

While the lawmaker maintains that his ambition is rooted in experience and leadership aspirations, the resistance emerging from within his party underscores the growing intensity of intra-party power negotiations ahead of 2027.

FIFA 2026 World Cup song “Dai Dai” featuring Shakira and Burna Boy debuts

By

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May 15, 2026

Key points

The official FIFA 2026 World Cup song, titled “Dai Dai,” was released on Thursday, May 14.
The track is a collaboration between Colombian artist Shakira and Nigerian singer Burna Boy.
The song features a blend of Afrobeats, dance-pop, world beats, and reggaetón.
Shakira is set to co-headline the World Cup final halftime show alongside Madonna and BTS.
The 2026 tournament begins June 11 at Estadio Azteca and concludes July 19 at the New York New Jersey Stadium.

Main Story

The official FIFA 2026 World Cup song,helmed by Colombian superstar Shakira and Nigerian sensation Burna Boy has arrived on Thursday (May 14).

Coined “Dai Dai,” the nearly four-minute track seamlessly blends both musical worlds, bringing to life a catchy tune powered by Afrobeats, dance-pop, world beats and reggaetón. Lyrically, the song keeps true to the spirit of soccer, sending a motivational and uplifting message to athletes and fans alike.

“Dai Dai” marks the second time Shakira has been tapped for an official FIFA World Cup song following “Waka, Waka (This Time for Africa)” recorded for the 2010 World Cup.

The new track pays homage to football legends such as Maradona, Cristiano Ronaldo, and Messi, while shouting out participating nations including Brazil, the United States, and Nigeria.

The tournament is scheduled to kick off in June across Mexico, Canada, and the United States, culminating in a final match in New Jersey.

The Issues

Blending distinct genres like Afrobeats and Latin reggaetón requires a delicate production balance to appeal to a diverse global audience without losing the cultural essence of either artist.
The song faces the high bar of following “Waka Waka,” which remains one of the most successful sports anthems in history, spending 42 weeks at No. 1 on the Latin Digital Song Sales chart.
Co-headlining a halftime show with major acts like Madonna and BTS presents a logistical and creative challenge to ensure each global fanbase is represented during the final.

What’s Being Said

“You knew from the day you were born/ That here in this place you belong/ You’ve been this brave all along/ What broke you once, made you strong,” Shakira sings at the top of the track.
“Go follow your desire/ Where there’s a will, there’s a way,” chants Burna Boy.
FIFA confirmed that the final will take place at MetLife Stadium, which “has been renamed the New York New Jersey Stadium for the games.”
The song is described as “bringing to life a catchy tune powered by Afrobeats, dance-pop, world beats and reggaetón.”

What’s Next

The song is expected to debut on global music charts next week as streaming numbers surge following the official announcement.
Rehearsals for the World Cup final halftime show featuring Shakira, Madonna, and BTS will likely begin as the tournament approaches its July conclusion.
FIFA will release the official music video for “Dai Dai,” expected to feature highlights of football legends and the 48 participating teams.

Bottom Line

With “Dai Dai,” FIFA is leaning into the global popularity of Afrobeats and Latin pop to create a cross-continental anthem that bridges the gap between traditional football strongholds and the emerging soccer market in North America.

CoComelon: The Movie unveils voice cast and February 2027 release date

PenCom grants PFAs regulatory waiver for investment in Dangote Refinery IPO

By

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May 15, 2026

Key points

The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) a one-off regulatory forbearance for the proposed Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) IPO.
The waiver specifically covers requirements regarding existence, profitability, and dividend history outlined in Section 6.2.7.1 (iii) of the investment regulations.
The circular, dated May 13, 2026, took immediate effect following an assessment of the refinery’s strategic economic importance and financial fundamentals.
PFAs must still adhere to internal investment policies, risk management frameworks, and fiduciary duties to retirees.
PenCom emphasized that this dispensation is exceptional, case-specific, and does not set a precedent for future IPOs.

Main Story

The National Pension Commission (PenCom) has granted Pension Fund Administrators (PFAs) a one-off regulatory forbearance to enable investment of pension assets in the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP).

In a circular dated May 13, 2026 and signed by PenCom Director, Surveillance Department, A.M. Saleem, the commission noted that the move followed a review of a request for special dispensation despite existing regulatory limitations.

The decision clears a major regulatory hurdle that could have limited pension fund participation in the offering, given that the refinery may not yet satisfy conventional track-record requirements.

The commission specifically waived the requirements relating to existence, profitability, and dividend history contained in Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets.

PenCom stated that the decision followed a careful assessment of the refinery’s strategic economic importance, financial fundamentals, growth prospects, and broader impact on the Nigerian economy.

The commission also took into account the record of Dangote Industries Limited, the refinery’s majority shareholder. However, it stressed that the waiver would not override other regulatory safeguards governing pension investments.

The Issues

Regulatory requirements for “existence, profitability, and dividend history” are standard safeguards intended to protect retiree funds from high-risk, unproven ventures.
The exception for a single entity raises questions about the long-term consistency of investment regulations and the potential for other major corporations to seek similar waivers.
PFAs face the challenge of balancing this “strategic investment opportunity” with their primary fiduciary duty to ensure the safety and liquidity of pension assets for contributors.

What’s Being Said

“The Commission has carefully evaluated the strategic investment opportunity and the economic impact of the proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE (DPRP) on the pension industry and the wider economy,” the circular read.
“The commission hereby grant a special dispensation from Section 6.2.7.1 (iii) of the Revised Regulation on Investment of Pension Fund Assets,” PenCom stated.
“This dispensation involves waiving the applicable existence, profitability, and dividend requirements without prejudice to other extant regulatory safeguards,” the circular added.
“The regulatory forbearance granted under this Circular is exceptional, one-off, and strictly case-specific to the Initial Public Offering of Dangote Petroleum Refinery & Petrochemicals FZE. It shall not constitute an automatic precedent for future Initial Public Offerings or other investment transactions,” PenCom emphasized.

What’s Next

PFAs will now begin internal evaluations and risk assessments to determine the volume of pension assets to be allocated to the Dangote Refinery IPO.
The capital market expects a significant surge in institutional participation following this regulatory clearance, potentially making it one of the largest IPOs in Nigerian history.
Financial analysts will monitor the refinery’s performance closely to see if it delivers the “growth potential” cited by PenCom as justification for the waiver.

Bottom Line

By waiving established profitability and track-record rules, PenCom has paved the way for billions of naira in pension funds to flow into the Dangote Refinery IPO, treating the project as a unique national economic asset rather than a standard commercial offering.

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