This is the moment we have all been waiting for. Nigeria‘s most anticipated election, the season Nigerians will perform their civic duties to vote in their preferred/qualified candidate.
With Nigeria’s most important election only three days away, it is critical that all stakeholders take the necessary steps to ensure a successful and peaceful election.
Here are some preparation tips for the upcoming election:
Polling Unit
Know your polling unit: It is critical to know your polling unit because this is where you will vote. Check your voter’s card or go to the Independent National Electoral Commission (INEC) website to find your polling unit.
Check your voter registration status. Make sure you’re registered to vote and your name is on the voter list. You can check the status of your voter registration by visiting the INEC website.
Candidates
It is critical to learn about the candidates running for office as well as their platforms. Investigate their track record, promises, and future plans if elected. This will allow you to make an informed decision when voting.
Before going to vote, learn your candidate’s political party and its logo.
Abenol a platform for nation building that connects tech-savvy and educated Nigerians to the grassroots; urged Nigerians to not only vote for a presidential candidate but be involved in all of the elections.
“There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given,” Abenol said.
“It is how you exert the control you have over the government, push back bad leadership etc. if the state of Nigeria concerns you so much, you will not leave your card lying around on the day of the election, you will infact come out and vote.”
There are many people seeking to represent you at various levels of government not just the presidency. Each position is of equal importance and the same attention to detail should be given. pic.twitter.com/OsRMtGJpmG
Understand the election rules, including the voting process, time, and location.
Knowing the rules will ensure that you understand what is expected of you and that you do not break any rules inadvertently.
Plan your waka well
Plan ahead of time for transportation to and from the polling place. Make sure you have enough time to get to the polling place and that you have enough resources, such as food, water, and money.
Inform your loved ones about your plans.
Security
Be aware of any security threats in your area and take the necessary precautions. Avoid high-risk areas and report any suspicious activity to the appropriate authorities.
Protect yourself, do not go towards any riot or sponsor it. If you have a security dog feel free to take it along but but it on a leash and do not let it attack anyone.
Do not wear any political outfit!
The federal government may have deployed security personnel to protect cities, but will they be present at all polling places? Protect yourself by using “The N-Alert App” to report any suspicious or violent behavior.
‘The N-Alert App’ is a mobile app that allows you to report any type of crime and receive a quick response because it is routed directly to the command center.
The app is very simple to use, so please encourage anyone you know who is voting to download it and it is available for download on both iOS and Android.
Secure your votes
Don’t just vote and go home. Go early to your polling unit, make sure the electoral materials have not been tampered with and after voting, make sure that your votes are not stolen. Make sure that the electoral officer uploads your vote.
It is easy for your polling unit to be attacked, for your votes to stolen or rendered void if there is no one to stop them. Stay back and make sure that the right thing is done.
“Go early and stay until the votes in your unit have been submitted. Don’t just vote and go home, stay to protect your vote. This will help keep the officials accountable and make election violence less likely,” Laju Iren tweeted.
To summarize, all stakeholders must work together to prepare for Nigeria’s election in three days. We can ensure a successful, peaceful, and transparent election that reflects the will of the people if we follow these guidelines. Let us all work together to make this election a success.
Eating 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.
Snapchat, Twitter, and other social media sites may be sanctioned by the Federal Government over the display of porn and nudity on the Nigerian cyberspace. This is as the National Information Technology Development Agency (NITDA) released the Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries (online platforms).
Part of the order included in the code is that -Snapchat, Twitter, TikTok, and other social media must ensure the removal, disabling, or blocking of access to any non-consensual content, which displays partial or full nudity, sexual acts, deep fake, or revenge porn within 24 hours.
The code mandated the social media platforms to “act expeditiously to remove, disable, or block access to non-consensual content that exposes a person’s private areas, full or partial nudity, sexual act, or revenge porn, where such content is targeted to harass, disrepute, or intimidate an individual. A Platform must acknowledge the receipt of the complaint and take down the content within 24 hours.”
Other things require of Snapchat, Twitter, and other social media platforms
The Code of Practice also directs these platforms to take down any unlawful content upon receiving a notice from a user, or an authorised government agency.
The platforms were also asked to exercise due diligence to ensure that no unlawful content is uploaded to their platform.
Aside from asking each online platform to have a country representative, who will interface with the Nigerian authorities, it also requires any platform with over 100,000 Nigerian users to have an office in Nigeria.
Other conditions include registering with the Corporate Affairs Commission as a legal entity, complying with tax obligations, abiding by regulatory and legal demands, and providing information about users on-demand, among others.
BizWatch Nigeria, however, understands that the Code of Practice recently published by the NITDA was designed to safeguard the fundamental human rights of Nigerians and non-Nigerians living in Nigeria, and to regulate interactions on the online platform.
World Bank, in its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, disclosed that the number of Nigerians that would plunge into poverty by the end of this year would hit 95.1 million.
While warning that many non-poor Nigerians are only one small shock away from falling into poverty, the Washington-based lender lamented that since President Muhammadu Buhari was first elected into the office of president of Nigeria in 2015, there has been no improvement in the poverty crisis in the country.
According to World Bank, poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.
Quoting its economists -Jonathan Lain and Jakob Engel, World Bank said rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.
“Nigeria’s aspiration to lift all of its people out of poverty by 2030 presents a serious challenge. Even before COVID-19, four in 10 Nigerians lived below the national poverty line – some 80 million people.
“The global pandemic, rising inflation, and ongoing uncertainty related to the war in Ukraine – combined with relentless population growth – have made Nigeria’s poverty-reduction goals more challenging than ever,” the economists were quoted.
Can Buhari truly lift Nigerians out of poverty?
With the factors identified by the World Bank economists, Buhari’s aspiration to lift Nigerians out of poverty has no doubt been met with a major blow.
It would be recalled that in June last year, the President inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.
This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.
The president was quoted in a statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, as saying, “If India can lift 271 million people out of poverty between 2006 and 2016, Nigeria can surely lift 100 million out of poverty in 10 years.
“Fortunately, we have already started but we need to unlock the challenges of slow implementation, inappropriate targeting, and absence of adequate resources.”
For travellers, and for others seeking dollar to naira in exchange for one thing or the other, they are likely to experience stricter access to it considering the country’s external reserves that hit a seven-month low after falling to $38.57 billion as of May 25, 2022.
According to figures obtained from the Central Bank of Nigeria (CBN) on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.01 billion and $38.39 billion on October 10 and 8, 2021 respectively.
However, as a result of the dollar to naira scarcity, banks are extending the waiting period to access forex for foreign trips, thereby denying travellers with urgent trips access to apply for Personal Travel Allowance or the Business Travel Allowance requests.
The banks have also been reducing the amount a customer can spend on the cards in dollar terms.
Explaining Ecobank Nigeria’s current stand on retail forex transactions for international school fees, accommodation and upkeep payments as well as PTA/BTA requests, the financial institution’s Head, Consumer Banking, Korede Demola-Adeniyi said, “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep.
According to him, part of the process involved a review of all documents to ensure compliance with regulatory requirements.
“In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation,’ he added.
Like Ecobank, Access Bank stated: “All requests are reviewed to ensure that they meet regulatory requirements. In addition, due to limited forex availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfill requests for school fees, upkeep, and rent payment.
“However, for PTA/BTA, we request that you submit your application 14 days before your proposed travel date to allow disbursement within the timeline.”
In response to economic challenges created by the global pandemic and the Russia-Ukraine conflict, Africa Finance Corporation (AFC) is launching a US$2billion facility to support recovery and resilience in Africa.
AFC has committed to funding up to 50% of the new African Economic Resilience Facility and mobilising the remainder through the Corporation’s network of international partners and investors. The facility will be announced at the AFC Live Infrastructure Solutions Summit today.
The facility will be disbursed through loans from AFC to selected commercial banks, regional development banks and central banks in various African countries, providing them with much needed hard currency liquidity to finance trade and other economic activities in their jurisdictions.
These institutions will be able to leverage AFC’s proven access to global funding to receive financing at competitive rates.
Speaking on the rationale behind the launch, Head of Treasury and Financial Institutions, Banji Fehintola, said: “The COVID-19 pandemic set back Africa’s economic growth trajectory and widened the trade financing gap, while the Russia-Ukraine conflict has added a further set of challenges negatively impacting growth prospects across the continent.
“We are determined to play a leading role in helping the continent’s recovery and resilience, not only though the work we do in bridging Africa’s infrastructure gap, but also through targeted interventions such as this US$2billion economic resilience facility.”
Applications for the African Economic Resilience Facility will open this month through AFC’s website.
Through this funding intervention, AFC will accelerate its developmental impact in Africa, helping to drive the continent to a new phase of growth that is focused on maximum resource value capture and domestic job creation.
Over the last 15 years, AFC has built experience mobilising global capital for critical infrastructure projects in Africa.
The Corporation’s recent bond issues include a US$750million 7-year Eurobond issued in 2021 at AFC’s lowest yield to date. The Corporation also established an independent asset management arm, AFC Capital Partners, with plans to raise US$2 billion to fund climate adaptation infrastructure projects in Africa.
To commemorate International Women’s Day 2022, themed “Break The Bias” BizWatch Nigeria presents Twitter Spaces conversation on Wednesday, March 9th 2022 tagged “Break The Bias: Is Nigeria Ready For A Female President?”
International Women’s Day is marked every year to celebrate women all around the world, eradicate gender bias and fight for gender equality. Clearly, we have a long way to go to achieve gender equality.
BizWatch Nigeria to mark this year’s International Women’s Day will have a Twitter Spaces Conversation by 7 pm (WAT) to provide solutions to gender bias and to discuss the following;
Gender bias
Issues in society
Empowering young girls and women
Gender equality and equity
Women in business and leadership
The role of the female gender in restoring Nigeria
Is Nigeria ready for a female president?
The rejected gender bills
Under representation of women in politics and government
The aim of this event is to celebrate women, eliminate gender bias and educate people on gender equality.
The speakers for the event are: Hansatu Adegbite, the Executive Director of WiMBIZ, Seyo Body-Lawson; a renowned entrepreneur and photographer, Gbemi Aleke; a Deputy Director of Account Management and Strategy at TBWA Lagos and Betty Abah; a seasoned journalist, women and children’s right activist and the Director of CEE-HOPE. The Twitter Spaces conversation will be hosted by Adepeju Aina, a content creator at BizWatch Nigeria.
Join our conversation on Twitter as we provide solutions to gender equality and as we break the bias!
The Nigerian National Petroleum Company (NNPC) said that a total of ₦249.3 billion for October 2021 domestic crude oil sales by six multinational oil companies operating in the upstream sector will be paid in January 2022.
The NNPC made this known in its latest report on Nigeria’s crude oil export and domestic crude oil sales in the month of October 2021.
This came as the oil firm revealed that it would also deduct ₦270.83 billion from what would be shared by the three tiers of government during the Federal Accounts Allocation Committee meeting in January next year.
It said the ₦270.83 billion was its November 2021 value shortfall. The NNPC posts value shortfalls as a result of what it spends on the monthly subsidy of Premium Motor Spirit, popularly called petrol.
On oil sales, the oil company explained in the report that while the October 2021 crude oil exports of 50,000 barrels under the Production Sharing Contract, valued at $4.18 million was payable in November 2021, the October 2021 domestic crude oil payment expected in January 2022 from the six firms is ₦249.3 billion.
The company further noted that the October 2021 domestic crude oil payable in January 2022 by the NNPC was in line with the 90 days payment terms, adding that the six firms were its Joint Venture partners.
Oil firms
It outlined the firms from where the funds were being expected to include Chevron Nigeria Limited (CNL), Mobil Producing Nigeria (MPN), Shell Petroleum Development Company (SPDC), MidWestern, Pillar and First Exploration and Production.
It said CNL would be paying for 2.268 million barrels of domestic crude valued at ₦73.85 billion, while MPN would remit ₦123.22 billion for 3.8 million barrels of domestic crude oil.
The SPDC and MidWestern would be paying for 828,556 and 100,000 barrels of domestic crude oil valued at ₦26.966 billion and ₦3.25 billion, respectively.
For Pillar and First E&P, the firms would pay for 20,000 and 649,677 barrels of domestic crude oil valued at N650.91m and N21.36bn, respectively.
The report put the total volume of domestic crude oil payable by the firms in January 2022 at 7.666 million barrels, while the value of the commodity was put at ₦249.3 billion.
“This value shortfall consists of ₦220,110,853,427.56 for November and ₦50,720,290,429.00 deferred for recovery in December 2021 FAAC Report.”
The Federal Government has signed a memorandum of understanding (MoU) with Developing Africa Group from UK, to establish the first in Africa first intellectual property rights (IPR) commercialization project in Nigeria.
The Head of Press and Public Relations of the Ministry of industry, Trade and Investment, Ibrahim Haruna disclosed the information.
The Minister of Industry, Trade and Investment,, Adeniyi Adebayo, was quoted as saying that the MoU would enable the group to use IPR as a means of resolving some of the issues and challenges facing Nigeria as well as provide jobs and trade services.
According to the minister, the pilot project was structured for a period of three years.
“This is to address some of the issues surrounding unemployment and allow rural communities in Nigeria to start attracting commercial interests,” he said.
“Since trademarks are crucial to the promotion of trade and economic development, and Nigeria happens to be one of the strong regional hubs of trade in Africa being the continent’s biggest economy.
“It is no surprise that it has attracted the world’s IP governing body in Abuja, as Nigeria hosted one of the only two World Intellectual Property Office’s (WIPO) external offices in Africa.
“Africa in general and Nigeria in particular, faces an enormous challenge of industrialisation and unemployment generation given the significant population growth.
“The African Development Bank estimates that youth unemployment is twice as high as that of adults and that young people account for approximately 60 per cent of the continent’s jobless population.
“The problem is only set to become more acute given estimates that some 12 million young people on the continent enter the job market each year.”
The minister advised the group to collaborate with the WIPO Office in Nigeria to accomplish the goals.
The chairperson of the group, Jamila Ahmadu-Suka, assured that the use of the IPR would introduce a several technology-based projects in the country.
The Nigerian National Petroleum Company (NNPC) has stated that the pipeline fire at Iyana-Odo/Baruwa axis of Lagos will not unsettle the supply of petroleum products across the country.
NNPC’s Group Managing Director, Mele Kyari, stated this on Friday during a visit to the scene of the incident.
The collapse of an electricity transmission tower on the pipeline on Friday resulted in the fire.
The NNPC GMD, who was represented by Isiyaku Abdullahi, managing director, Pipelines and Products Marketing Company (PPMC) Ltd, stated that the fire incident affected a portion of system 2B pipeline within the area, noting that the visit was to ascertain the extent of the incident.
“We want to assure Nigerians that this incident will not affect the supply and distribution of petroleum products across the country,” he said.
Kyari staed further that official of the national oil company were working with the Lagos government and other relevant authorities to permanently put out the fire.
Confirming the incident earlier on Friday, Ibrahim Farinloye, acting coordinator, south-west zonal office of the National Emergency Management Agency (NEMA), said sparks from the collapsed tower led to the fire outbreak.
“The electricity cable collapse led to sparks and the sparks got to spilled petrol around the area which led to the pipeline fire and a subsequent explosion,” he said.
“The pipeline corridor has been known to have spillage often due to activities of vandals.”
The incident caused power outage in parts of Lagos State.
The House of Representatives (reps) on Tuesday passed a 2022 budget of ₦17.126 trillion which is higher than the ₦16.391 trillion sum presented by President Muhammadu Buhari.
The Senate is also expected to pass the appropriation bill on Tuesday.
While the major capital, recurrent, debt service, statutory transfers remain untouched, the House made provision for an increase by ₦400 billion for agencies that came forward with financial reports which were not captured in the proposed budget, such as INEC, Ministries of Humanitarian Affairs, the National Assembly, and more.
In passing the bill, the House increased the benchmark price for crude from $57 to $62 per barrel, from which a proposed increase in revenue is expected.
The lawmakers also made provision for 10 percent of monies recovered by EFCC and the National Financial Intelligence Unit to be utilised by the agencies for their operations, to strengthen their fight against corruption.
The budget deficit was increased by N98 billion to accommodate some other requests of national importance which have not been captured in the budget estimates and which could not be covered by the revenue increase.
The Nigerian National Petroleum Company Ltd. (NNPC) says it will continue to work tirelessly to ensure sufficient supply of petrol to every part of the country during and beyond the forthcoming festive period.
Group General Manager, Group Public Affairs Division, NNPC, Garba Muhammad, made this known in a statement in Abuja.
Muhammad expressed appreciation to Nigerians for always heeding its advisories not to engage in panic buying of petrol.
“The NNPC is once again giving Nigerians strong assurance that we have product sufficiency that will last far beyond the festive period.
“Indeed, our stock has risen from a reserve of 1.7 billion litres to over two billion litres within the last one month,” he said.
Muhammad, therefore, urged Nigerians not to engage in panic buying, but to fully enjoy the spirit of the festive season.
While appreciating Nigerians for their understanding and support, he promised that NNPC will not relent, in always ensuring sufficient supply of petrol.
Nigeria’s Headline inflation decreased by 0.59 percent to 15.40 percent in November, the National Bureau of Statistics (NBS) has revealed.
Statistician-General of the Federation, Simon Harry, who made the announcement on Wednesday in Abuja during a media conference, also stated that the rebasing of the nation’s economy would take place in 2022 after completing the National Agricultural Sample Census (NASC).
According to him, there has been a consistent decrease in the inflation rate in the last eight months and the figure for November is a decrease from the 15.99 percent recorded in October.
“With this, it means that the declining trend for about eight months portends a positive signal given the favourable economic conditions, the rate of inflation in Nigeria would come down to a bearable level.”
Harry said that on a month-on-month basis, the headline index increased by 1.08 percent in November, which was 0.10 percent higher than the 0.98 percent recorded in October.
The urban inflation rate increased by 15.92 percent (year-on-year) in November from 15.47 percent recorded in November 2020, while the rural inflation rate increased by 14.89 percent in November from 14.33 percent in November 2020.
On a month-on-month basis, however, the urban index rose by 1.12 percent in November, up by 0.10 percent from the 1.02 percent recorded in October, while the rural index also rose by 1.04 percent in November, up by 0.09 percent from the 0.95 percent rate recorded in October.
He also said that the composite food index rose by 17.21 percent in November compared to 18.30 percent in November 2020.
According to him, the rise in the food index was caused by increases in prices of bread and cereals, fish, food product such as potatoes, yam, and other tubers, oil and fats, milk, cheese and eggs, and coffee, tea, and cocoa.
However, on a month-on-month basis, the food sub-index increased by 1.07 percent in November, up by 0.16 percent points from 0.91 percent recorded in October.
Also, the “All items less farm produce’’ or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.85 percent in November, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.
He added that on a month-on-month basis, the core sub-index increased by 1.26 percent in November.
“This was down by 0.46 percent when compared with 0.80 percent recorded in October.
“The highest increases were recorded in prices of gas, liquid fuel, other services such as garments, vehicle spare parts, passenger transport by road, non-durable household goods, jewelry, clocks, and watches.
“Others are passenger transport by air, pharmaceutical products, appliances, articles, and products for personal care, cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.”
The Nigerian Communications Commission (NCC) says it has successfully carried out a mock session for the 3.5 gigahertz (GHz) spectrum auction for the deployment of the Fifth Generation (5G) network in the country.
Dr. Ikechukwu Adinde, NCC’s spokesman explained that the simulated auction held on Friday in Abuja was preparatory to the main auction scheduled to take place on Monday.
He said the conduct of the simulation exercise was in line with the requirements stipulated in the Information Memorandum (IM) for the 3.5 GHz spectrum auction.
The IM is a document that defines the process for the licensing of the 3.5 GHz spectrum band earlier published on the commission’s website at the inception of the auction process.
“Using the Ascending Clock Auction System for the mock session, the three qualified bidders for the 3.5 GHz spectrum, namely MTN Nigeria, Mafab Communications Ltd, and Airtel Networks Ltd, participated in the software-based simulated auction exercise,” the statement said.
“Following the successful mock auction, the stage is set for the commission to license two slots in the 3.5 GHz spectrum band expected to be picked by successful bidders at the end of the Main Auction on Monday, December 13, 2021.
“The auction on Monday will mark a turning point in Nigeria’s determination to harness the benefits of 5G for the nation’s socio-economic growth as the concrete roll-out of 5G commences in 2022.”
Chairman of NCC Board of Commissioners, Professor Adeolu Akande; the Executive Vice Chairman and Chief Executive Officer of the commission, Professor Umar Danbatta; Executive Commissioner (Technical Services), Ubale Maska, and the Executive Commissioner (Stakeholder Management), Adeleke Adewolu, were among those who witnessed the exercise.
Others include representatives from the bidding companies, senior management staff from relevant departments of the commission, technical consultants, software consultants, legal consultants, and other external observers.
In a brief remark at the mock auction, Danbatta said the commission had taken all necessary steps to ensure due diligence on the credibility of the consultants and to safeguard the integrity of the software solution being used to carry out the implementation of the national assignment.
“This is consistent with the open, credible transparent, and fair manner by which the commission is known to have conducted previous auction processes, which have been locally and globally applauded,” Danbatta was quoted as saying in the statement.
In order to ensure a fail-proof process, Adinde said the NCC also carried out a simulation of the manual process of the auction, aside from the electronic mock.
He explained that this was to make bidders familiar with the manual auction in case of any circumstances on the main action day that may warrant a need to switch to the manual auction.
“It is pertinent to note that the two forms- electronic and manual- are clearly stated in the IM and they follow the same process,” the statement added.
“Representatives of the bidding companies, the commission, the consultants, and other observers at the mock auction expressed satisfaction with the conduct of the simulation exercise, which also provided an opportunity for the commission to perfect the auction process ahead of the main auction.
“The commission had commenced the process for the auction of the 5G spectrum in the last quarter of the 2021 and had, since then, carried out a number of activities ahead of the main auction.”
The retail price of Premium Motor Spirit, popularly known as petrol, may be sold above the projected N340/litre in February 2022 once the Federal Government stops its subsidy on the commodity, oil marketers said on Tuesday.
Findings show that both independent and major oil marketers were perfecting plans to begin PMS importation soon as the government ends the subsidy regime.
They have raised concern over the unstable condition in foreign exchange rates and how this would affect petrol price in the coming year.
The Nigerian National Petroleum Company Limited has been the sole importer of petrol into Nigeria for about four years. The inability of marketers to effectively access the United States dollar for the purpose of importing refined crude oil forced them to stop.
The Group Managing Director of NNPC, Mele Kyari, last week, announced at a World Bank event in Abuja that beginning from February 2022, the price of petrol would range between N320 and N340 per litre by which time the Federal Government have removed the subsidy.
He stated that Nigeria would cease to subsidize the commodity in the first quarter of next year, adding that subsidy would have been removed this year but was suspended owing to certain conditions.
According to PUNCH, some marketers on Tuesday stated that the cost of petrol would be above the amount projected, which is between N320 – N340/litres if there was no improvement in the foreign exchange rate.
According to Dealers under the aegis of Independent Petroleum Marketers Association of Nigeria and Petroleum Products Retail Outlets owners Association of Nigeria stated their readiness to import petrol, however, also noted the cost of the commodity would be high in February.
IPMAN and PETROAN members own bulk of the filling stations across the country and currently make purchases from depots before selling to final consumers at their various retail outlets.
“Yes, if there is no subsidy, some marketers can import, but the only thing is that it will be costly. The price will be higher than the projected cost because of the exchange rate,” the National Vice President, IPMAN, Abubakar Maigandi, stated.
He added, “The challenge of accessing forex will definitely affect imports because over 90 per cent of petrol that will be consumed across the country will depend on importation. Also this is because the refineries are not functioning.”
The National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, also stated that the foreign exchange rate would determine the cost of petrol from next year after subsidy removal.
He said, “If the Federal Government says there is no going back on subsidy removal this time round, which is a challenge that has dragged on for about 30 years, then it means that they are going to liberalise the market.
“By liberalising the market it will now help independent and major marketers to be able to freely import petroleum products from any source so that products will be available in Nigeria.”
He added, “However, it is pertinent to note the forces of demand and supply will determine the price of the commodity in Nigeria. So literally, whatever the dollar rate is in the international and local markets will pose the actual challenge to marketers
“The issue of black market and official exchange rates is a serious challenge that we foresee. But we believe that the Federal Government is doing something by meeting with the bureau d’change operators on this, so that whatever is obtainable at the banks is what you get in the open market.”
On whether the forex issue could lead to a higher price than the projected N340/litre, Chinedu replied, “Aside from the adverse effects of the removal of subsidy on the wellbeing of Nigerians, we will, of course, see a price that is higher than what they project.
“The price will be higher. It will be higher because the dollar to a large extent determines the price of petroleum products. If the dollar goes up, the price of petrol will increase, and vice versa.”
The President PETROAN, Billy Gillis-Harry, confirmed the position of IPMAN, as he, however, explained that members of his association were ready to import the commodity.
He said, “At PETROAN we already have a vehicle that is in place to start importation petroleum products, gas and other products. We encourage the government to completely remove subsidy.
On the possibility of higher pump price than the projected N340/litre, Gillis-Harry said, “That is why we said that every single thing about petroleum products should be premised on the forces of the market.
“The forces of demand and supply should determine the price.”
The spokesperson of NNPC, Garba-Deen Muhammad, told our correspondent that the issue of petrol pricing was not the function of the oil firm.
“Price issues are policy matters. NNPC does not fix price, it has no mandate. It operates in the sector as a business concern governed by CAMA Laws,” he stated.
Despite interventions and funding channeled to the distribution of prepaid meters across the country, about six million electricity consumers are still being given estimated billing.
A report by the Nigerian Electricity Regulatory Commission (NERC) in January this year had put the number of meters contracted through the Meter Asset Providers scheme (MAPS) and National Mass Metering Programme (NMMP) at 7,588,972, indicating that over 7.5 million customers will be needing prepaid meters had the time.
However, The PUNCH gathered from the Federal Ministry of Power on Tuesday that the deployment of meters through the NMMP had risen to 750,000.
A combination of meter deployment by both schemes showed that about 1.26 million meters had been deployed out of the over 7.5 million unmetered customers captured by the NERC.
Operators in the sector explained that the deployment of meters this year was basically through the NMMP, as the MAP scheme was not fast in meter provision.
The National Mass Metering Programme, funded by the Central Bank of Nigeria, was instituted in September 2020 to increase the rate of metering through the provision of free meters.
The Meter Asset Providers scheme, on the other hand, took effect on April 3, 2018, introducing meter providers as a new set of service providers in the Nigeria Electricity Supply Industry.
This came as power distributors told our correspondent that meters provided under Phase Zero of the NMMP had so far been deployed to customers.
They stated that many Discos currently lacked meters as only a few were on ground for distribution to the over six million unmetered power users nationwide.
“Under Phase Zero, they (government) had a particular number that they gave to each Disco and the target was to provide about one million meters,” an official with the Association of Nigerian Electricity Distributors, who pleaded not to be named as he was not authorised to speak on the matter, said.
The official added, “Ikeja Disco received over 100,000 meters; Ibadan Disco also got over 100,000 meters; while some others got about 90,000 meters, as the allocations were based on the Disco.”
Explaining how the free meters under Phase Zero of the NMMP were acquired, the ANED official stated that the government worked with meter manufacturers to know their respective capacities.
Finance Minister Taiwo Oyedele says monthly FAAC allocations have risen above N2tn.
He attributed the increase to fuel subsidy removal and FX unification.
FAAC disbursement reached a record N2.8tn in June 2026.
Oyedele urged states to invest revenues in productivity, infrastructure and human capital.
He called for a review of allocation formulas covering the 774 LGAs.
The 2026 National Council on Finance and Economic Development retreat is expected to propose reforms on revenue mobilisation, debt sustainability and resource allocation.
Main Story
The Federal Government’s economic reforms have increased monthly allocations from the Federation Account to more than N2tn, up from an average of about N300bn under previous administrations, the Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said.
Oyedele disclosed this on Monday in Owerri while declaring open the 2026 National Council on Finance and Economic Development retreat, themed “Strengthening Fiscal Federalism for Equity, Sustainable Development and Economic Resilience in a Volatile Global Economy.”
The minister attributed the increase in distributable revenue to key decisions by President Bola Tinubu’s administration, particularly the removal of fuel subsidy and unification of the foreign exchange market. He said the reforms contributed to a record N2.8tn FAAC disbursement in June 2026.
Oyedele said the increased revenue had improved the ability of states to meet their salary obligations, noting that many states had struggled to pay workers under previous revenue conditions. However, he cautioned that higher allocations alone would not translate into prosperity without investments in local productivity, infrastructure, human capital and essential public services.
He urged state and local governments to reduce their dependence on monthly allocations by expanding internally generated revenue and developing their economies to attract investment and create jobs.
The minister also called for an urgent review of the revenue allocation formula to promote equity across the country’s 774 local government areas, while advocating stronger fiscal responsibility and debt sustainability frameworks.
Oyedele said the Federal Government had also expanded interventions aimed at cushioning the impact of its economic reforms, including cash transfers to 15 million vulnerable households and the NG-CARES programme.
The Issues
The rise in FAAC allocations provides additional fiscal space for the three tiers of government but also raises questions about how effectively states and local governments will convert increased revenues into sustainable economic development.
The continued dependence of many states on federation allocations remains a structural concern, particularly amid volatile global economic conditions. Improving internally generated revenue, strengthening accountability and ensuring productive use of public funds remain critical to sustaining the gains from the reforms.
What’s Being Said
Prof. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy
“Ultimately, the federation cannot share its way into prosperity.”
Oyedele urged states to transform into economic platforms capable of attracting investment, supporting businesses and creating jobs rather than relying primarily on monthly allocations.
Gov. Hope Uzodimma, represented by Deputy Governor Chinyere Ekomaru
Uzodimma commended the Federal Government’s fiscal reforms but stressed the need for stronger revenue mobilisation and equitable resource allocation.
“Allocations must be equitable and must be built with resilience through diversification and prudent management of available resources.”
What’s Next
The three-day retreat is expected to generate recommendations on revenue mobilisation, fiscal responsibility, debt sustainability, economic diversification and improved resource allocation.
Stakeholders from the Revenue Mobilisation Allocation and Fiscal Commission, Office of the Accountant-General of the Federation, state Ministries of Finance, Central Bank of Nigeria and NNPC Ltd. are expected to contribute to the discussions.
Bottom Line
The sharp increase in FAAC distributions gives Nigeria’s states and local governments more resources to fund public services and development. But the Federal Government is warning that sustained prosperity will depend not on sharing more revenue, but on using the additional funds to expand productivity, strengthen local economies, attract investment and build long-term fiscal resilience.
Federal Government introduces a 70:30 contractor-government profit-oil reset
New greenfield projects must reach Final Investment Decision by December 31
Government also offers production tax credits of up to $3 or $4.50 per barrel for qualifying oil projects
Main Story
The Federal Government has introduced a profit-oil reset that gives contractors a 70% share and the government 30% for qualifying new deep offshore developments, even where older production in the same contract area has reached a higher government share, The provision is contained in the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, signed by President Bola Tinubu on August 6, 2026, and gazetted by the Federal Government.
Under the order, an approved Profit Oil Reset applies only to the eligible new project, allowing its profit-oil sliding scale to restart at 70:30 in favour of the contractor. Existing production in the same contract area will retain its applicable profit-oil ratio.
The incentive is restricted to greenfield crude oil or non-associated gas projects for which a Final Investment Decision had not been taken when the order commenced.
Qualifying projects must take FID on or before December 31, 2029, although extensions may be granted where force majeure prevents compliance with the deadline.
The order also requires eligible developments to be ring-fenced for cost recovery and tax purposes. Once a reset is approved, the government and contractor must execute an addendum to the relevant Production Sharing Contract within 30 days.
Beyond the profit-oil reset, the government introduced a Standard Production Tax Credit of up to $3 per barrel for qualifying oil projects with producible reserves of up to 400 million barrels, while projects with higher reserves can receive up to $4.50 per barrel.
For qualifying deep offshore gas projects, the tax credit is up to $1 per thousand standard cubic feet for projects with lower hydrocarbon liquids content and up to $0.50 per thousand cubic feet for projects with higher liquids content.
What’s Being Said
Professor Emeritus of Petroleum Economics, Wumi Iledare, welcomed the investment objective but said the incentives should be assessed against the value they create for Nigeria.
“The more important petroleum economics question is: How much incremental value will the tax remission create for Nigeria relative to the economic rent and government revenue forgone? That is the test that should guide our assessment of DOEO 2026.” Wumi Iledare, Professor Emeritus of Petroleum Economics.
Iledare said an incentive should generate additional investment and value rather than simply transfer economic rent from government to projects that would have proceeded without the concession.
What’s Next
The Nigeria Revenue Service is expected to publish implementation guidelines within 45 days, covering applications, economic valuation, computation, monitoring and ring-fencing
Qualifying projects must meet the FID deadline of December 31, 2029, subject to approved extensions for force majeure
Government and approved contractors must execute the required Production Sharing Contract addendum within 30 days of a Profit Oil Reset approval
The Bottom Line:
The 70:30 reset materially improves the fiscal terms available to new deep offshore developments by preventing mature production in an existing contract area from automatically determining the economics of a new project. The policy’s success, however, will depend on whether the improved terms generate genuinely additional investment and production rather than simply reducing government revenue from projects that would have proceeded anyway.
Headline inflation falls to 15.43 per cent in July from 15.91 per cent in June
Month-on-month inflation declines to 1.57 per cent from 1.66 per cent in June
Food inflation rises to 20.31 per cent year-on-year, driven by higher prices of key food items
Main Story
Nigeria’s headline inflation rate declined to 15.43 per cent in July 2026 from 15.91 per cent in June, according to the latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS).
The NBS said the July headline inflation rate decreased by 0.48 percentage points compared with the June 2026 rate, indicating a slower annual increase in the average price level.
On a month-on-month basis, headline inflation stood at 1.57 per cent in July, down from 1.66 per cent in June. The bureau said the decline means the average price level increased at a slower rate during the month.
“This means that in July 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in June 2026,” the National Bureau of Statistics said.
Despite the decline in headline inflation, food prices continued to exert pressure on consumers. Food inflation rose to 20.31 per cent year-on-year in July, although the rate remained below the 26.20 per cent recorded in July 2025.
The NBS attributed the movement in food prices to changes in the average prices of several food items, including crayfish, fresh pepper, fresh onions, carrots, rice, water yam, fresh tomatoes, garri, plantain, beef, eggs, guinea corn, ginger and plantain flour.
On a month-on-month basis, food inflation increased to 5.56 per cent in July from 3.75 per cent in June, representing a 1.82 percentage-point increase.
At the state level, Adamawa recorded the highest month-on-month food inflation at 17.02 per cent, followed by Lagos at 13.48 per cent and Borno at 13.26 per cent. Jigawa, Kebbi and Bauchi recorded declines of 3.68 per cent, 3.67 per cent and 1.85 per cent, respectively.
For year-on-year food inflation, Adamawa recorded the highest rate at 51.36 per cent, followed by Katsina at 30.84 per cent and Zamfara at 30.65 per cent.
What’s Being Said
“On a month-on-month basis, the Headline inflation rate in July 2026 was 1.57%, which was 0.09% lower than the rate recorded in June 2026 (1.66%),” the National Bureau of Statistics said.
The available source material does not include a response from an independent economist, analyst or private-sector stakeholder.
What’s Next
The July CPI figures provide the latest official inflation reading for policymakers, businesses and consumers as they assess price movements across the economy.
The next monthly CPI release from the National Bureau of Statistics will provide the subsequent update on headline and food inflation, including whether the July moderation in headline inflation continues.
Bottom Line
The Bottom Line: Nigeria’s headline inflation rate eased in July, signalling a slower pace of overall price increases. However, the sharp month-on-month rise in food inflation shows that the moderation in headline inflation has not translated into broad relief from food-price pressures.
Ferrari’s first production electric car, the Luce, sells for $40 million at auction in California
Proceeds from the sale will support future educational initiatives through the Ferrari Foundation
The Luce is expected to deliver a 329-mile range and accelerate from 0 to 100 km/h in 2.5 seconds
Main Story
Ferrari’s first production electric car, the Luce, has sold for $40 million at an RM Sotheby’s auction in Monterey, California, despite criticism surrounding its launch, The 2026 Ferrari Luce “Tailor Made” was sold over the weekend as “Chassis 0”, the first production model of the Luce programme. Ferrari described the auction as an “unrepeatable opportunity” to acquire the vehicle.
According to GB News, Ferrari said proceeds from the auction would be donated to future educational initiatives through the Ferrari Foundation.
The vehicle, built to United States specifications, will return to Ferrari’s headquarters in Maranello, Italy, before being delivered to its anonymous buyer in the first quarter of 2027.
The car features an exclusive Madreperla Semi-Gloss exterior finish developed specifically for the vehicle, while its interior was produced through Ferrari’s Tailor Made programme using Le Mans metallic leather in Perla.
Ferrari also fitted the vehicle with a dedicated plaque identifying it as “Chassis 0”, reflecting its status as the first production chassis of the Luce programme.
The Luce was designed by Sir Jony Ive in collaboration with Marc Newson and their LoveFrom collective. The model is expected to have an electric range of 329 miles, a 0–100 km/h acceleration time of 2.5 seconds and maximum total power output of 1,050 cv.
It will use a 122 kWh battery, four electric motors and a bespoke technical platform. Prices for standard Luce models are expected to start at €550,000, or about £470,000.
What’s Being Said
Ferrari described the “Chassis 0” as “one of the most complete and significant expressions” of its Tailor Made programme.
Former Ferrari Chairman Luca di Montezemolo, however, criticised the company’s move into electric vehicles, saying the Luce “risked the destruction of a legend.”
What’s Next
Ferrari is expected to deliver the auctioned Luce to its anonymous buyer in the first quarter of 2027
The Luce programme will move toward wider production following the sale of its first production chassis
The Bottom Line:
The $40 million sale gives Ferrari’s first electric model an extraordinary debut in the collector-car market, despite the controversy surrounding the shift from its traditional combustion-engine identity. The auction price also dwarfs the expected starting price of €550,000 for standard Luce models, underscoring the premium attached to the historic “Chassis 0” designation.
GTCO’s interest income rises 506% to N467 billion in Q1 2026 from N77.04 billion in Q1 2020
Guaranty Trust Bank doubles its quarterly international spending limit on naira cards to $40,000
GTCO reports N302.89 billion profit before tax as its loan book rises to N3.17 trillion
Main Story
Guaranty Trust Holding Company Plc’s interest income rose 506% to N467 billion in the first quarter of 2026 from N77.04 billion in the corresponding period of 2020, The Q1 2026 figure also represents a 17.5% increase from the N397.4 billion recorded in the first quarter of 2025, reflecting stronger earnings from loans, placements and other interest-generating assets.
GTCO’s net interest income increased to N356.29 billion in Q1 2026 from N64.28 billion in Q1 2020. Interest income from loans rose 24.8%, while interest earned on cash equivalents and placements increased 30.5%.
The group’s net loan book also grew 1.3% to N3.17 trillion, as higher interest rates supported stronger returns from lending and fixed income investments.
A Lagos based finance analyst, Dibor Akaghane, attributed the stronger interest-income environment to changes in bank lending and credit assessment since the COVID-19 pandemic.
“Right now, depositors who earn salaries can obtain easy loans sometimes three times their earnings from their banks. It was not so in 2020. Banks have strengthened their due diligence ever since and earned huge revenues from interest income,” Akaghane said.
The Central Bank of Nigeria’s Monetary Policy Rate stood at 13.5% in the first quarter of 2020. By February 2026, the rate had been reduced by 50 basis points from 27% to 26.5%.
Meanwhile, Guaranty Trust Bank has doubled the quarterly international spending limit on its naira cards from $20,000 to $40,000.
The higher limit allows eligible customers to spend more on international transactions, including flights, hotel bookings, tuition, medical expenses and online purchases.
What’s Being Said
Akaghane said the expansion of bank lending and stronger credit assessment have contributed to the growth in interest income since the pandemic.
GTCO’s Q1 2026 results showed gross earnings of N571.42 billion and profit before tax of N302.89 billion, Profit after tax declined 15.42% to N218.13 billion, largely due to higher tax liabilities.
What’s Next
GTCO’s lending and investment income will remain a key indicator of how high-interest-rate conditions affect bank earnings
Eligible Guaranty Trust Bank customers can now access the higher $40,000 quarterly international spending limit on naira cards
The Bottom Line
GTCO’s sharp rise in interest income highlights how Nigeria’s post-pandemic high-interest-rate environment has reshaped bank earnings. The simultaneous increase in Guaranty Trust Bank’s international card limit also signals a more accommodating approach to foreign-currency spending as market conditions improve.
West Africa - Flags of the 15 West African countries - Isolated (cut out) - Black background
By Boluwatife Oshadiya | August 17, 2026
Key Points
Nigeria leads West Africa with a projected nominal GDP of $377.37 billion in 2026, far ahead of the next largest economies, according to IMF-based Worldometer projections
Ghana and Côte d’Ivoire follow as the region’s second and third largest economies, with projected GDPs of $118.29 billion and $112.11 billion respectively
Resource-driven economies including Senegal, Mali, Burkina Faso and Guinea round out the top seven, supported by gold, oil and gas, cocoa, and bauxite
Real GDP growth rates vary widely, with Guinea projected near 8.7 percent and Côte d’Ivoire at around 6.2 percent, while Senegal faces a slower 2.2 percent pace
Diversification beyond commodities into services, manufacturing, telecoms and digital sectors remains a key differentiator among the region’s largest economies
Main Story
West Africa continues to stand out as one of Africa’s most dynamic economic regions, driven by large markets, natural resources, a youthful population and expanding digital activity. Gross Domestic Product remains the standard measure of economic size, and IMF World Economic Outlook projections for 2026 (as compiled by Worldometer) show a clear hierarchy among the sub-region’s largest economies in nominal terms.
Nigeria remains West Africa’s dominant economy by a wide margin. Its projected 2026 nominal GDP of $377.37 billion reflects the scale of its population, oil and gas production, financial services, telecommunications, agriculture, manufacturing and entertainment industries. Non-oil sectors have grown in importance even as crude oil continues to generate significant export earnings. The country faces ongoing inflationary pressures, exchange-rate adjustments and fiscal constraints, yet its diversified base keeps it well ahead of regional peers. IMF staff project real GDP growth of about 4.1 percent in 2026.
Ghana holds second place with a projected GDP of $118.29 billion. Gold mining, cocoa exports, petroleum production, financial services, tourism and a developing technology ecosystem underpin its position. Infrastructure investment and digital innovation have supported longer-term prospects. Although the country has undergone debt restructuring in recent years, IMF projections point to sustained growth near 4.8 percent in 2026. Ghana’s economy is also expected to rank among Africa’s top ten by size.
Côte d’Ivoire ranks third at a projected $112.11 billion. As the world’s largest cocoa producer, the country has diversified into manufacturing, construction, logistics, banking and agribusiness. Abidjan functions as a major commercial hub for Francophone West Africa. Consistent investment and relative political stability have underpinned one of the region’s stronger growth rates, projected at around 6.2 percent in 2026 by the IMF. Medium-term prospects remain favourable under the country’s national development plans and ongoing hydrocarbon and mining expansion.
Senegal follows with a projected GDP of $40.47 billion. Infrastructure development, agriculture, tourism, services and new offshore oil and gas projects have driven expansion over the past decade. The Sangomar oil field and Greater Tortue Ahmeyim gas project have begun contributing to output and exports. Government efforts to improve the business environment have attracted investment, and Dakar remains a leading commercial centre. Growth is projected to moderate to about 2.2 percent in 2026 after a stronger hydrocarbon-driven performance in the preceding year.
Mali ranks fifth at a projected $33.85 billion. Agriculture, particularly cotton, employs a large share of the population, while gold mining supplies substantial export earnings and government revenue. Security and political challenges persist, yet the economy has shown resilience. IMF projections point to real growth near 5.5 percent in 2026, supported by mining recovery and agricultural activity.
Burkina Faso holds sixth position with a projected GDP of $32.51 billion. Agriculture, livestock and gold mining form the core of economic activity. Security concerns have constrained investment in some areas, but mining exports and agricultural production continue to support output. Growth is projected in the range of 4.8–4.9 percent in 2026, subject to security and external price risks.
Guinea completes the list at a projected $29.93 billion. Vast mineral wealth, especially the world’s largest bauxite reserves, underpins its ranking. Mining dominates economic output, with ongoing investment in transport infrastructure and mineral processing. Agriculture provides livelihoods for much of the population. Strong growth is projected, with IMF figures near 8.7 percent in 2026, driven by bauxite exports and the ramp-up of the Simandou iron-ore project.
The Issues
The ranking highlights both the region’s scale and its structural constraints. Commodity dependence remains widespread. Oil and gas in Nigeria and Senegal, gold in Mali and Burkina Faso, cocoa in Côte d’Ivoire and Ghana, and bauxite and iron ore in Guinea generate the bulk of foreign exchange in several cases. This leaves economies exposed to price volatility and external shocks, including those linked to global energy markets.
Security challenges in the Sahel continue to weigh on Mali and Burkina Faso, affecting investment, transport corridors and agricultural productivity. Fiscal pressures, high debt levels in some countries, and the need for deeper diversification into manufacturing, services and digital activity are recurring themes. Population growth and youth employment demands require faster, more inclusive expansion than commodity cycles alone can deliver. Infrastructure gaps, limited value addition in extractive sectors and climate risks further complicate the medium-term outlook across the region.
Countries that have broadened their economic base beyond single commodities and sustained policy reforms generally show greater resilience. Nigeria’s large non-oil sector, Ghana’s mix of mining, cocoa and services, and Côte d’Ivoire’s manufacturing and logistics diversification illustrate this pattern.
What’s Being Said
IMF assessments of Nigeria note that strong reforms over recent years have produced improved macroeconomic outcomes and built resilience, even as inflation and food insecurity remain concerns for many households. Growth is projected at 4.1 percent in 2026.
In Ghana, official statements have highlighted the country’s rising GDP placing it among Africa’s larger economies. President John Dramani Mahama has referenced the scale of the economy in the context of continental rankings.
For Côte d’Ivoire, IMF reviews describe the economy as resilient, with growth expected to moderate only modestly in 2026 amid global uncertainty, supported by household consumption, investment and expansion in hydrocarbons and mining. Authorities continue to emphasise progress toward upper-middle-income status under the national development plan.
Analysts and regional reports from the African Development Bank point to West Africa’s overall growth momentum, projected near 4.6–4.7 percent in 2026, driven by private investment, infrastructure and resource sectors, while cautioning on geopolitical, debt and security risks.
What’s Next
IMF and national projections will be updated through the remainder of 2026 and into 2027 as commodity prices, security conditions and reform implementation evolve. Nigeria’s continued focus on macroeconomic stabilisation, revenue mobilisation and non-oil growth will be closely watched, alongside the January 2027 electoral cycle.
Côte d’Ivoire’s 2026–2030 National Development Plan and hydrocarbon ramp-up are expected to support growth averaging above 6 percent in the medium term. Senegal’s oil and gas production is set to mature further, though fiscal management of energy subsidies and diversification efforts will shape outcomes. Guinea’s Simandou project and state efforts to increase local value addition in bauxite are positioned to drive elevated growth rates.
Regional integration under ECOWAS and the African Continental Free Trade Area, together with infrastructure corridors and digital economy expansion, will influence how these seven economies convert size into broader development gains. Upcoming data releases from national statistical offices, IMF Article IV consultations and African Development Bank outlooks will provide further clarity.
The Bottom Line: West Africa’s largest economies by GDP demonstrate the region’s substantial scale and growth potential, yet size alone does not guarantee resilience or rising living standards. The countries that sustain diversification, strengthen institutions and manage security and fiscal risks effectively are best placed to translate 2026 rankings into lasting economic strength.
UEFA to Allow Limited Number of Spectators Watch Champions League Games in Stadium
By Boluwatife Oshadiya | August 17, 2026
Key Points
Arsenal, Barcelona, Bayern Munich, Real Madrid and Paris Saint-Germain enter the 2026/27 Champions League among the leading contenders
Paris Saint-Germain begin their title defence after winning the 2025/26 competition against Arsenal
UEFA has scheduled the league-phase draw for August 27, with matches beginning September 8
Main Story
Arsenal, Barcelona, Bayern Munich, Real Madrid and Paris Saint-Germain are among the leading contenders for the 2026/27 UEFA Champions League, with the competition set to begin its league phase in September.
Paris Saint-Germain enter the new campaign as defending champions after beating Arsenal in the 2025/26 final. Arsenal, meanwhile, return to the competition after finishing runners-up and will be seeking another opportunity to win their first Champions League title.
Arsenal’s recent European progress makes them one of the teams to watch. The side, managed by Mikel Arteta, is expected to rely on key players including Martin Ødegaard, Bukayo Saka and Declan Rice as it balances domestic ambitions with another European campaign.
Barcelona also enter the competition with significant attacking and midfield talent after strong performances under Hansi Flick. Their challenge will be to translate domestic success into a deeper Champions League run after years without a European title.
Bayern Munich remain one of Europe’s most consistent clubs. The German side has regularly reached the latter stages of the competition and will look to Harry Kane and a squad strengthened across several areas to challenge for another European title.
Real Madrid remain the competition’s most successful club, with 15 European Cup titles, according to UEFA. The Spanish giants will again be among the favourites, with Kylian Mbappé, Vinícius Júnior and Jude Bellingham expected to lead their attack.
Paris Saint-Germain will attempt to build on their breakthrough European success. After securing their first Champions League title in 2025 and retaining the trophy in 2026, the French club will be targeting a third consecutive triumph.
What’s Being Said
The supplied material identifies the five clubs as leading contenders but does not contain attributable statements from club officials, managers, players or independent analysts. No quotes have therefore been added.
What’s Next
The 2026/27 Champions League league-phase draw is scheduled for August 27, 2026. The league phase will then begin from September 8–10, with eight matchdays scheduled through January 27, 2027.
The knockout phase play-offs are scheduled for February 2027, followed by the round of 16 in March, quarter-finals in April and semi-finals in April and May.
The Champions League final is scheduled for June 5, 2027, at the Estadio Metropolitano in Madrid.
Bottom Line
The Bottom Line: PSG begin the campaign with the strongest recent European record, but Arsenal, Barcelona, Bayern Munich and Real Madrid have the squad depth and European pedigree to challenge for the trophy. The new campaign will ultimately test whether PSG can extend their dominance or whether one of Europe’s established powers can reclaim the title.
Liquidity surplus fell to ₦3.57 trillion after Treasury bills and OMO settlements drained funds from the banking system
Average funding cost rose eight basis points week-on-week to 22.13%
Overnight lending rate climbed 15 basis points to 22.25% despite a sizeable liquidity buffer
Main Story
Money market liquidity tightened as Treasury bills and open market operation (OMO) settlements drained funds from Nigeria’s financial system, pushing the average funding cost higher to 22.13%.
According to Cowry Asset Limited, the intermarket credit balance fell from an opening surplus of ₦4.35 trillion to ₦3.57 trillion after ₦1.45 trillion in Treasury bills debits and ₦2.60 trillion in OMO settlements.
The outflows were partly offset by approximately ₦2.48 trillion in OMO maturities, leaving the banking system with a substantial liquidity surplus. Some banks also accessed ₦15.80 billion from the Central Bank of Nigeria’s (CBN) Standing Lending Facility to meet short-term funding requirements.
Despite the liquidity buffer, very short-term funding conditions tightened. The overnight lending rate rose 15 basis points to 22.25% at the close of trading on Friday, while the open repo rate remained unchanged at 22.00%.
Cowry Asset Limited reported that system liquidity opened at ₦4.07 trillion and peaked at ₦6.81 trillion, supported by OMO maturities and strong bank placements at the CBN’s Standing Deposit Facility window.
The latest movement indicates that the volume of liquidity in the system remains substantial, but government securities transactions and central bank operations are influencing how readily banks can access funds in the short-term market.
What’s Being Said
The liquidity outflows were partly offset by approximately ₦2.48 trillion in OMO maturities, leaving the system with a still-sizeable surplus. — Cowry Asset Limited
What’s Next
The money market will remain sensitive to upcoming Treasury bills and OMO transactions, as further debits or maturities could influence the amount of liquidity available to banks.
Funding rates will also remain a key indicator of short-term market conditions, particularly if the CBN continues to use open market operations to manage excess liquidity.
Bottom Line
The Bottom Line: Nigeria’s money market still has a sizeable liquidity surplus, but the latest rise in funding costs shows that aggregate liquidity is not translating into uniformly cheaper short-term funding. Treasury securities settlements and CBN liquidity operations remain important drivers of market pricing.
TAJBank’s profit before tax rises 74% year on year to N31.562 billion in 2025
Total assets increase to N1.34 trillion from N953 billion
The bank’s board approves a 20-kobo dividend per share at its 2026 Annual General Meeting
Main Story
TAJBank Limited’s profit before tax rose 74% year-on-year to N31.562 billion in 2025, from N18.166 billion recorded in the previous financial year, The non interest bank’s total assets also increased to N1.34 trillion from N953 billion in 2024, while total equity rose 144% to N149 billion from N61.250 billion, according to the bank’s 2025 audited financial statements, TAJBank Managing Director and Chief Executive Officer, Hamid Joda, disclosed the figures in a statement issued in Abuja on Monday.
Joda attributed the stronger financial performance to the management’s adoption of what he described as a Prudential Financial approach, saying it was helping to strengthen investor confidence in the bank.
“I am using this opportunity to thank the shareholders and to assure them that their funds are secured and will continue to yield sustainable good returns every year,” Joda said, The bank’s board also approved a 20-kobo dividend per share at its 2026 virtual Annual General Meeting, according to the statement.
TAJBank Chairman, Tanko Gwamna, said the dividend was approved in recognition of shareholders’ contribution to the bank’s growth.
“The Board rewarded the shareholders for their contributions to the growth of TAJBank as we have been doing over the years,” Gwamna said.
The bank said it was recently rated by regulatory authorities as the largest player in Nigeria’s non interest banking subsector based on total assets and gross earnings in its approved half year 2025 financial statements.
What’s Being Said
Joda said the bank remained committed to rewarding shareholders as it pursues sustainable growth.
TAJBank Executive Director, Sheriff Idi, also thanked shareholders for their confidence in the management and said the bank would continue to prioritise their interests.
What’s Next
TAJBank will continue implementing its growth strategy as it seeks to strengthen its position in Nigeria’s non-interest banking market
The bank will maintain its focus on shareholder returns following the approval of the 20-kobo dividend per share
The Bottom Line:
TAJBank’s 2025 results show strong growth across profitability, assets and equity, strengthening its position in Nigeria’s non-interest banking sector. The combination of higher earnings and a shareholder dividend signals an effort to translate the bank’s expansion into tangible investor returns.
Apple agrees to change how third party apps request consent for personalised advertising on its devices
Germany’s competition authority makes Apple’s commitments legally binding after raising concerns over unequal treatment of third party apps
App publishers will gain more flexibility to combine Apple’s consent prompts with data protection requests
Main Story
Apple will change its app data consent rules after Germany’s competition authority raised concerns that its framework could give Apple’s own services more favourable treatment than third-party apps, Germany’s Bundeskartellamt said on Monday that Apple had offered commitments to address the concerns, which the authority has now made binding, bringing the competition proceeding to an end.
The authority said Apple’s App Tracking Transparency Framework requires third party app providers to obtain additional consent through an Apple defined prompt for certain forms of cross-company data use. It said the rules did not apply in the same way to Apple’s own offerings.
Under the commitments, Apple will bring consent prompts for its own offerings and third party apps more closely into line. It will also remove potentially discouraging symbols and wording from predefined consent requests for third-party providers.
App publishers will have greater freedom to combine Apple’s consent request with those required under data protection law, or connect the requests in a way that is clear to users.
Bundeskartellamt President Andreas Mundt said the changes were necessary to address the authority’s competition concerns while maintaining users’ ability to make informed choices.
“Apple will now align the consent requests much more closely and give third-party app providers more freedom to combine the necessary requests in a sensible way.” Andreas Mundt, President, Bundeskartellamt.
The authority said its investigation focused on competition law rather than enforcement of data protection law.
What’s Being Said
Mundt said the regulator was not seeking to increase consent rates for personalised advertising.
“We want to ensure that users can make a free and informed decision.” Andreas Mundt, President, Bundeskartellamt.
The regulator said users who reject personalised advertising should have the same opportunity to make a free and informed decision as those who consent to the use of their data.
What’s Next
Apple will implement the binding commitments covering consent prompts and third-party app providers
App publishers will gain greater flexibility in presenting Apple’s consent requests alongside legally required data-protection requests
The Bottom Line:
The ruling changes how Apple applies its consent framework to third party apps in Germany, narrowing the regulatory concern around preferential treatment within its ecosystem. The decision also gives app publishers greater control over how consent requests are presented while keeping the focus on informed user choice.
President Bola Tinubu says the Port Harcourt, Warri and Kaduna refineries will return to operation.
His position differs from former President Olusegun Obasanjo, who has repeatedly questioned the viability of government-owned refineries.
Obasanjo favours private-sector participation in the management of major government assets.
Energy expert Dan Kunle urged the Federal Government to privatise the refineries, arguing that continued rehabilitation may not make them profitable.
Main Story
President Bola Tinubu has expressed confidence that Nigeria’s state-owned Port Harcourt, Warri and Kaduna refineries will return to operation, rejecting concerns that the facilities may never become viable.
Tinubu stated his position when he received the Executive President of the Nigeria Union of Petroleum and Natural Gas Workers, Salimon Oladiti, and members of the union at the Presidential Villa, Abuja.
The President said the government was working on the structural and economic fundamentals required to make the refineries functional and profitable.
Tinubu also said he had accepted responsibility for the assets and liabilities inherited from previous administrations and was determined to make the facilities work for the benefit of Nigerians.
His position, however, contrasts with that of former President Olusegun Obasanjo, who has repeatedly argued that the Nigerian National Petroleum Company Limited cannot successfully operate the government-owned refineries.
Obasanjo has advocated a public-private partnership model, citing the success of the Nigerian Liquefied Natural Gas arrangement, where the private sector holds a majority stake. He also recalled attempts during his administration to bring Shell and other private investors into the management of the refineries.
According to Obasanjo, Shell had rejected proposals to take an equity stake or operate the facilities, citing factors including the relatively small size of the refineries, poor maintenance and corruption surrounding their operations.
He further recalled that Aliko Dangote had offered $750 million for a 51 per cent stake in two of the refineries, but said the transaction was subsequently reversed by the administration of former President Umaru Musa Yar’Adua.
Obasanjo also questioned the amount of public money reportedly spent on refinery rehabilitation, saying he learnt that about $16 billion had been spent on the facilities.
Dangote has similarly expressed scepticism about the government’s approach, particularly the continued use of turnaround maintenance on ageing facilities. He compared the approach to modernising an old car, arguing that upgrading old infrastructure could create new technical challenges.
Energy expert Dan Kunle also opposed further government investment in the old refineries, arguing that the facilities should be privatised. He questioned the information being presented to the President by refinery managers and maintained that previous administrations had repeatedly attempted and failed to make the plants profitable.
Kunle challenged the government to construct a new refinery alongside one of the existing plants and compare their operational performance, arguing that the newer facility would demonstrate the limitations of the old plants.
However, the Port Harcourt Refinery Host Community Bulk Petroleum Retailers Association backed Tinubu’s position. The association said the refinery’s revival could create jobs, stimulate businesses, strengthen local capacity and improve energy security in Rivers State. It estimated that more than 200,000 people depend directly or indirectly on the refinery and related economic activities.
The association also supported the proposed technical equity partnership between NNPC and Chinese companies for the restart and expansion of the refinery, while calling for reliable crude supply, efficient management, proper maintenance and technical competence.
The Issues
Whether the ageing refineries can become commercially profitable after years of rehabilitation.
The enormous public expenditure already committed to their rehabilitation.
Questions about maintenance, technical competence and management.
The availability of reliable crude feedstock for sustained operations.
Whether government ownership or private-sector participation offers the better operating model.
Accountability for previous expenditure on refinery rehabilitation.
The economic consequences of keeping the facilities idle, particularly for workers, businesses and host communities.
What’s Being Said
President Bola Tinubu:
Tinubu said the refineries would return to operation and that he had accepted responsibility for fixing the inherited assets and liabilities. He stressed that the objective was not merely to produce smoke and flames but to ensure that the refineries become profitable and deliver value to Nigerians.
Olusegun Obasanjo, Former President:
Obasanjo argued that public-private partnerships provide a better model for managing major government assets and maintained that the NNPC should not be entrusted with running the refineries.
Dan Kunle, Energy Expert:
Kunle argued that the government should privatise the refineries rather than continue spending public funds on them, saying previous attempts to revive the facilities had failed to make them profitable.
HOSCOM:
The Port Harcourt refinery host community association backed Tinubu’s efforts, saying a fully operational refinery would create jobs, stimulate businesses and strengthen energy security in Rivers State.
What’s Next
The major test for the Tinubu administration will be whether the Port Harcourt, Warri and Kaduna refineries can move from rehabilitation and restart announcements to sustained and commercially viable production.
The government will also need to demonstrate that the facilities can secure reliable crude supply, operate efficiently and generate sufficient economic value to justify continued public investment.
Bottom Line
President Tinubu is betting that Nigeria’s long-troubled state-owned refineries can be revived and made commercially viable, despite strong opposition from former President Obasanjo, energy experts and other stakeholders. The debate ultimately centres on whether continued rehabilitation can deliver sustainable value or whether privatisation and private-sector management offer a more viable path for the facilities.
Airtel Africa shares gain 177.53% year-to-date on the Nigerian Exchange
Cowry Asset Management sets an N8,820 target price
Airtel Africa plans to list Airtel Money on the London Stock Exchange in 2026
Main Story
Airtel Africa shares have gained 177.53% year-to-date on the Nigerian Exchange, as analysts diverge on the stock’s valuation ahead of the planned Airtel Money IPO, The telecoms company closed at N6,300 per share on Friday, its latest 52-week high, giving Airtel Africa a market capitalisation of N23.676 trillion based on 3.758 billion outstanding shares.
The strong rally has made Airtel Africa the most valuable listed company on the Nigerian Exchange, ahead of Dangote Cement, MTN Nigeria and BUA Foods, according to the source data.
Cowry Asset Management Limited has placed an N8,820 target price on the stock, representing about 40% potential upside from its N6,300 reference price. The firm recommends investors buy the shares and has forecast earnings per share of N101.20, Cowry also identified N7,245 as a potential exit level and advised investors to maintain a stop loss at N5,355 per share.
CardinalStone Securities Limited, however, has taken a more cautious position, placing Airtel Africa on HOLD with a 12 month target price of N6,422.10, up from its previous target of N5,818.43.
The differing recommendations come as Airtel Africa prepares for the proposed listing of its mobile money business, Airtel Money, on the London Stock Exchange in 2026, subject to regulatory approvals and favourable market conditions.
Airtel Africa said the proposed London listing would provide access to a broader international investor base and support the long term value creation potential of Airtel Money.
What’s Being Said
“We believe that the standalone listing of the business could narrow the conglomerate discount value.” CardinalStone Securities Limited.
CardinalStone said the Airtel Money IPO could reduce the conglomerate discount and provide greater funding flexibility for scaling the mobile money business.
The firm also raised its 2026/27 revenue forecast to $7.83 billion from $7.75 billion following Airtel Africa’s first quarter results.
What’s Next
Airtel Africa plans to pursue the Airtel Money listing on the London Stock Exchange before the end of 2026, subject to regulatory approvals and market conditions
Investors will monitor whether Airtel Africa’s earnings growth and the proposed separation of Airtel Money support further share-price appreciation
The Bottom Line:
Airtel Africa’s 178% year to date rally has created a clear valuation divide among analysts, with Cowry projecting substantial upside while CardinalStone sees limited near-term appreciation. The proposed Airtel Money IPO remains the key potential catalyst for unlocking additional value from the group’s mobile-money business.
Treasury bill benchmark yield rises 30 basis points week-on-week to 18.53%
Investors subscribe ₦4.41 trillion for ₦700 billion Treasury bill offer
364-day bill stop rate climbs 24 basis points to 17.59% ahead of inflation data
Main Story
Nigerian Treasury bill yields rose last week as fixed-income investors repositioned portfolios ahead of the latest inflation data and fresh primary market supply.
The secondary Treasury bill market closed with a bearish bias, with yields rising across short-, medium- and long-term maturities. The average benchmark yield increased by 30 basis points week-on-week to 18.53%.
Investor positioning was influenced by expectations surrounding the inflation report and recent developments in the primary market. Analysts expect headline inflation to moderate further, citing macroeconomic changes including exchange-rate stability.
At the Central Bank of Nigeria (CBN) Treasury bill auction, investors submitted ₦4.414 trillion in subscriptions for ₦700 billion offered across the 91-day, 182-day and 364-day tenors. Total allotments reached ₦1.46 trillion, more than twice the initial offer.
Demand was strongest for the 364-day instrument, which attracted ₦4.19 trillion in subscriptions and received ₦1.26 trillion in allotments. Its stop rate consequently increased by 24 basis points to 17.59%.
The stop rates for the 91-day and 182-day bills remained unchanged at 16.30% and 16.50%, respectively.
Trading data showed yields increased by eight basis points in the short segment, 55 basis points in the mid segment and 45 basis points in the long segment on Friday.
The strong demand for the longer-dated bill indicates continued investor appetite for higher-duration instruments, although the increased stop rate suggests investors are demanding additional compensation for duration and reinvestment risks.
Activity in the Open Market Operations (OMO) bills segment also improved following the CBN’s revised participation framework.
What’s Being Said
Market participants are positioning around the inflation outlook, while the strong subscription levels at the Treasury bill auction point to sustained demand for Nigerian government securities. Analysts cited in the market report expect inflation to moderate further, partly supported by exchange-rate stability.
What’s Next
The release of the latest Consumer Price Index (CPI) data is expected to provide a clearer direction for fixed-income investors.
Investors will also monitor pricing at subsequent Treasury bill auctions to assess whether the repricing seen in the 364-day tenor will extend across the curve.
Bottom Line
The Bottom Line: Nigerian fixed-income investors remain willing to commit substantial funds to Treasury bills, but the rise in longer-tenor yields shows that demand is increasingly being matched by higher return expectations. The inflation print will be important in determining whether the recent upward repricing becomes a broader market trend.
Edo State House of Assembly Speaker, Blessing Agbebaku, has resigned.
His resignation came amid moves by some lawmakers to impeach him.
His media aide, Ivy Adodo-Ebojele, confirmed the development on Facebook.
The circumstances surrounding his resignation have not been fully disclosed.
The resignation has triggered a fresh leadership crisis in the Edo Assembly.
Lawmakers are expected to determine a new Speaker.
Main Story
The Speaker of the Edo State House of Assembly, Blessing Agbebaku, has resigned from his position amid moves by some lawmakers to impeach him.
Agbebaku stepped down on Monday, according to a confirmation by his media aide, Ivy Adodo-Ebojele.
Adodo-Ebojele announced the development on Facebook, stating: “EDO ASSEMBLY SPEAKER RT HON CHIEF BLESSING AGBEBAKU RESIGNS.”
She added that further details on the circumstances surrounding the Speaker’s resignation would be made public later.
Agbebaku’s resignation has plunged the Edo State House of Assembly into a fresh leadership crisis, with lawmakers expected to begin moves to select his successor.
The development comes amid reported disagreements within the Assembly and attempts by some lawmakers to remove the Speaker from office.
Further details on the reasons for his resignation and the next steps by the lawmakers are expected to emerge.
The Issues
The circumstances behind Agbebaku’s resignation remain unclear.
The reported impeachment move suggests divisions among lawmakers.
The Assembly must now address the leadership vacuum created by the Speaker’s departure.
The process of selecting a new Speaker could further expose existing political divisions within the legislature.
The stability and effectiveness of the Assembly may depend on how quickly the leadership crisis is resolved.
What’s Being Said
Ivy Adodo-Ebojele, Media Aide to Blessing Agbebaku:
She confirmed the Speaker’s resignation and said further details about the circumstances surrounding his exit would be made public.
Blessing Agbebaku:
No direct statement from the former Speaker was contained in the initial report.
What’s Next
Members of the Edo State House of Assembly are expected to determine a new Speaker following Agbebaku’s resignation. Further developments are also expected regarding the reported impeachment moves and the circumstances that led to his departure.
Bottom Line
Blessing Agbebaku’s resignation has created a fresh leadership vacuum in the Edo State House of Assembly, coming at a time when some lawmakers were reportedly pushing for his impeachment. Attention will now shift to the Assembly’s choice of a new Speaker and whether the change will resolve or deepen the ongoing political tensions.
The Nigerian Wrestling Federation (NWF) plans to establish a training camp at Iowa State University in the US.
The camp is part of preparations for the 2026 World Wrestling Championships in Astana, Kazakhstan.
The championships are scheduled for October 24 to November 1, 2026.
Nigerian wrestlers based in the US, including athletes studying there, are expected to participate.
Home-based wrestlers with valid US visas will also join the camp.
The programme will provide an opportunity to identify Nigerian-born wrestlers and emerging talents eligible to represent Nigeria.
Women’s Wrestling coach Purity Akuh welcomed the initiative, saying it would expose athletes to world-class facilities, coaches and competition.
Main Story
The Nigerian Wrestling Federation (NWF) has announced plans to establish a training camp at Iowa State University in the United States as part of preparations for the 2026 World Wrestling Championships in Astana, Kazakhstan.
The federation disclosed this in a statement issued in Abuja, saying its President, Bashir Adeniyi, had approved the establishment of the camp ahead of the championships scheduled for October 24 to November 1.
According to the NWF, the initiative is designed to bring together Nigerian wrestlers based in different parts of the US to train collectively and improve their preparation for the global competition.
Some of Nigeria’s top wrestlers currently studying in the US are expected to benefit from the programme, while home-based athletes with valid US visas will also participate.
The federation said the camp would not be restricted to established national team athletes, as new talents willing to join the national wrestling team would also be given an opportunity to participate.
It added that Nigerian-born athletes living in the US who are eligible and willing to represent the country would be allowed to join the programme. The initiative is expected to help the federation identify and integrate talented wrestlers of Nigerian descent into the national team structure.
Reacting to the development, Nigeria’s Women’s Wrestling coach, Purity Akuh, commended the federation for establishing the camp.
Akuh said the initiative would expose Nigerian wrestlers to world-class facilities, high-level competition and experienced athletes and coaches, which could improve their preparation ahead of the World Championships.
The Issues
Adequate preparation is critical for Nigeria’s wrestlers ahead of a major international championship.
Nigerian athletes based abroad may require structured platforms to remain connected to the national team.
Access to high-quality training facilities and international coaching can improve athletes’ competitiveness.
Identifying Nigerian-born talent abroad could strengthen the depth of the national wrestling team.
The federation will need to ensure that athletes selected for the camp receive adequate logistical and technical support.
What’s Being Said
Bashir Adeniyi, NWF President:
Adeniyi approved the establishment of the Iowa training camp as part of the federation’s preparations for the World Wrestling Championships in Kazakhstan.
Purity Akuh, Nigeria Women’s Wrestling Coach:
Akuh welcomed the initiative, saying the camp would expose Nigerian wrestlers to world-class facilities, high-level competition and some of the best athletes and coaches in the sport.
What’s Next
The NWF is expected to finalise arrangements for the Iowa training camp and bring together eligible Nigerian wrestlers based in the US alongside selected home-based athletes.
The camp will also provide an opportunity to scout Nigerian-born wrestlers who could strengthen the national team ahead of the October 24–November 1 World Championships in Astana.
Bottom Line
The proposed Iowa training camp represents a strategic move by the NWF to strengthen Nigeria’s preparation for the 2026 World Wrestling Championships while creating a pathway for Nigerian wrestlers in the US and emerging talents to contribute to the national team.
Meta partners with the Federal Government to launch AI Academy Nigeria under the 3MTT and NCAIR programmes
Ten startups will be shortlisted for an AI Startup Pitchathon, with two winners receiving $5,000 each and $2,000 in Meta advertising credits
The programme will offer AI skills development, a six-week developer bootcamp and opportunities for Nigerian startups to pitch internationally
Main Story
Meta has partnered with the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), 3 Million Technical Talent (3MTT), the National Centre for Artificial Intelligence and Robotics (NCAIR) and Robotics and Artificial Intelligence Nigeria (RAIN) to launch AI Academy Nigeria.
According to a statement issued by the partners on Monday, the initiative is designed to strengthen Nigeria’s artificial intelligence talent pipeline and support the development of the country’s AI innovation ecosystem.
The programme will provide developers, startups, students and early-career professionals with practical AI training, technical learning and startup support.
AI Academy Nigeria will operate through three tracks: AI Skills Development, an AI Startup Pitchathon and a six-week Developer Bootcamp. The programme is intended to move participants beyond theoretical knowledge by supporting the development of functional AI products and solutions.
The AI Startup Pitchathon will target early-stage Nigerian startups using Meta’s AI technologies to develop solutions to real-world problems. Applications close on August 21, 2026, with 10 startups expected to be shortlisted to pitch at GITEX Nigeria on September 3.
The two winning startups will each receive $5,000 in cash funding and $2,000 in Meta advertising credits. They will also receive an all-expenses-paid opportunity to represent Nigeria at Meta’s AI Summit in Istanbul, Türkiye, scheduled for November 23–24, 2026.
What’s Being Said
“Through this partnership, we are equipping developers, entrepreneurs, and young professionals with practical AI skills while creating pathways for innovation and globally competitive startups,” Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy, said.
Tijani said the initiative reflects the government’s commitment to developing Nigeria’s AI ecosystem through public-private partnerships and positioning the country as a leader in Africa’s digital economy.
“Nigeria is home to some of Africa’s most dynamic AI talent. What many founders and developers need is greater access to practical training, funding and platforms to build impactful solutions,” Sade Dada, Head of Public Policy, Anglophone West Africa at Meta, said.
Dr. Olushola Ayoola, Founder and Chief Executive Officer of RAIN, said the partnership demonstrates the importance of coordination between government, technology companies and local innovation organisations in expanding Nigeria’s AI capabilities.
What’s Next
Applications for the AI Startup Pitchathon close on August 21, 2026
Ten startups will be shortlisted to pitch at GITEX Nigeria on September 3, 2026
The two winning startups will represent Nigeria at Meta’s AI Summit in Istanbul on November 23–24, 2026
The Bottom Line:
AI Academy Nigeria moves the conversation around artificial intelligence from skills acquisition towards commercialisation by combining training, startup exposure, funding and international market access. For Nigeria, the effectiveness of the initiative will ultimately depend on whether participants can convert these opportunities into sustainable products, businesses and globally competitive AI solutions.
Leadway Assurance has introduced a whole-of-life insurance product for families.
The plan covers policyholders and eligible dependants while providing living benefits.
Policyholders may access part of their cover for critical illness and major life goals.
Leadway says the product responds to changing family structures and financial responsibilities.
Main Story
Leadway Assurance has launched the Leadway Lifetime Plan, a whole-of-life insurance product designed to provide financial protection for families across generations.
Executive Director, Technical and Operations, Leadway Assurance, Olufunmilayo Amanwa, unveiled the product in Lagos.
Amanwa said the plan was developed in response to the growing financial responsibilities of Nigerians who support children, spouses, ageing parents and other relatives.
She said the traditional nuclear family structure no longer reflected the financial realities of many households, with some individuals supporting several generations simultaneously.
According to her, the new product combines lifelong protection with benefits that policyholders can access during their lifetime.
Amanwa said eligible policyholders and their spouses could, after five years of full premium payments and subject to the policy terms, access up to 50 per cent of their current sum assured following diagnosis of a covered critical illness.
She said the benefit was intended to provide financial support when serious illness places pressure on household income and savings.
The plan also allows eligible policyholders to access up to 50 per cent of the policy value for significant life goals after the premium payment period plus five years, subject to applicable conditions.
Mrs Rosetta Aryeetey, Head of Life Underwriting and Life Business at Leadway Assurance, said the product was developed after the company examined the changing needs of its customers.
She said customers increasingly required insurance products that could provide financial support during their lifetime rather than only paying benefits after death.
Aryeetey said the plan combines multi-life protection, living benefits, long-term value and flexibility to address different stages of customers’ financial lives.
She also highlighted the Escalation of Sum Assured option, which allows policyholders to increase their benefits by a fixed percentage as their financial needs change.
According to her, the feature enables customers to adjust their protection as their financial circumstances evolve.
Aryeetey said the Lifetime Plan differs from Leadway’s existing Family Benefit Plan because it combines multi-generational protection with financial benefits accessible during the policyholder’s lifetime.
She said the product was part of Leadway’s efforts to help families strengthen financial resilience and maintain stability while planning for the future.
The Issues
The product targets Nigerians with financial responsibilities extending beyond their immediate households and seeks to provide protection for multiple generations.
What’s Being Said
“The Leadway Lifetime Plan was built around this reality. It gives policyholders a way to extend continuous protection to the extended family.” – Olufunmilayo Amanwa, Executive Director, Technical and Operations, Leadway Assurance.
“The starting point for the Leadway Lifetime Plan was the customer. We looked closely at how families are structured today, how financial responsibilities are shared and the challenges customers face when they are responsible for several generations at the same time.” – Rosetta Aryeetey, Head, Life Underwriting and Life Business, Leadway Assurance.
What’s Next
Leadway Assurance will offer the Lifetime Plan as part of its life insurance solutions, with features allowing eligible customers to access benefits during their lifetime and adjust their level of protection.
Bottom Line
Leadway says the Lifetime Plan is designed to match the changing financial realities of Nigerian families by combining long-term protection with benefits that policyholders can use during their lifetime.
PTAD says N3.8 billion in pension arrears has been paid to 30,356 DBS pensioners.
The payments followed a review of outstanding pension entitlements.
Beneficiaries are drawn from three pension departments under PTAD.
The directorate says it remains committed to timely and transparent payments.
Main Story
The Pension Transitional Arrangement Directorate (PTAD) has paid N3.8 billion in outstanding pension arrears to 30,356 pensioners under the Defined Benefit Scheme (DBS).
PTAD Head of Corporate Communications, Olugbenga Ajayi, disclosed this in a statement on Friday in Abuja.
He said the beneficiaries were pensioners under the Parastatals Pension Department (PaPD), Defunct and Transferred Agencies Pension Department (DTAPD), and Tertiary, Education and Health Pension Department (TEHPD).
According to Ajayi, the payments followed the Back-End Computation (BEC) Review Exercise carried out by PTAD.
He said the exercise was designed to review pension computations and resolve complaints concerning outstanding entitlements owed to DBS pensioners.
Ajayi said the latest payment reflected the directorate’s efforts to clear verified pension obligations and improve the welfare of pensioners under its mandate.
He quoted PTAD Executive Secretary, Tolulope Odunaiya, as appreciating the beneficiaries for their cooperation during the review exercise.
Odunaiya also reaffirmed PTAD’s commitment to ensuring that verified pension entitlements were paid in a timely, transparent and accountable manner.
She said the payment was consistent with the commitment of President Bola Tinubu’s administration to addressing pension-related challenges and strengthening pension administration under the DBS.
The Issues
The payment follows PTAD’s review of pension computations and outstanding entitlements arising from complaints by DBS pensioners.
What’s Being Said
“The payment reflects the commitment of the present administration to addressing pension-related issues and strengthening pension administration under the Defined Benefit Scheme.” – Tolulope Odunaiya, Executive Secretary, PTAD.
What’s Next
PTAD says it will continue efforts to ensure timely and transparent payment of verified pension entitlements under the DBS.
Bottom Line
The N3.8 billion payment is part of PTAD’s efforts to settle verified pension arrears and address outstanding obligations to DBS pensioners.
CIS says recapitalisation should mark a new phase for insurance companies.
Insurers are advised to pursue profitable business instead of rapid expansion.
Investors should focus on financial performance and other fundamentals.
Stronger balance sheets should support innovation and wider insurance coverage.
Main Story
The Chartered Institute of Stockbrokers (CIS) has urged insurance companies that recently completed recapitalisation to focus on building sustainable businesses rather than rushing to expand.
Dr Benneth Eze, Head of Research and Development at CIS, gave the advice in an interview with the News Agency of Nigeria (NAN) in Lagos.
Eze said the additional capital should be deployed carefully to protect shareholders’ funds and strengthen the long-term performance of the companies.
He said insurers needed to place greater emphasis on disciplined underwriting, efficient claims management, sound operations and returns that reflected the risks taken.
Rather than measuring success by the amount of business written, Eze said companies should concentrate on securing profitable business that could support sustainable growth.
He also urged boards and management teams to be transparent with shareholders about how the new funds were being invested and the returns expected from them.
According to him, investors should not assume that a successful recapitalisation automatically makes an insurance company a good investment.
He advised them to examine factors including earnings quality, return on equity, solvency, asset quality, liquidity, underwriting results, corporate governance, dividend sustainability and valuation.
Eze said insurance companies should also use the stronger capital base to improve their technology, workforce, data capabilities and distribution networks.
He noted that the real assessment of the recapitalisation would come from the companies’ financial performance over the next few reporting periods.
He said insurers would need to demonstrate that the new capital was translating into stronger underwriting results, sustainable profits, competitive returns and improved claims management.
Eze also encouraged companies to use their financial strength to develop insurance products that address the actual risks faced by households and businesses.
The Issues
The recapitalisation has strengthened insurers’ capital positions, but the next challenge is ensuring that the funds generate sustainable returns rather than simply supporting larger business volumes.
What’s Being Said
“My advice to recapitalised insurance firms would be simple: do not treat recapitalisation as the destination; treat it as the beginning of the next phase of the industry.” – Dr Benneth Eze, Head of Research and Development, CIS.
“Regulatory compliance is only the minimum standard.” – Dr Benneth Eze, Head of Research and Development, CIS.
What’s Next
Insurance companies are expected to demonstrate through future financial results whether the additional capital is improving profitability, underwriting performance, returns and claims outcomes.
Bottom Line
CIS says the true measure of recapitalisation will be whether insurers can convert stronger capital positions into profitable, well-managed businesses that deliver lasting value to shareholders and greater protection to customers.
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Week 8 Pool Results 2026: Football pools results for this week 8 2026 are published on this website immediately after full-time confirmation of live score results. We also publish the outcome of postponed matches by the football pools panel at half-time as decided by the football pools. This week’s Week 8 pool Results are made available in partnership with Bizwatch Nigeria.
WEEK: 8; SEASON: UK 2026/2027; DATE: 22-August-2026
Key points
Finance Minister Taiwo Oyedele says monthly FAAC allocations have risen above N2tn.
He attributed the increase to fuel subsidy removal and FX unification.
FAAC disbursement...
