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Nigeria power crisis persists despite $3.6bn World Bank funding

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya | June 2, 2026

Key Points

  • Nigeria received about $3.653bn in World Bank-backed power sector financing between 2001 and 2024
  • Funding targeted transmission upgrades, rural electrification, reforms, and renewable energy expansion
  • Electricity supply remains unstable with frequent grid collapses and heavy generator dependence

Main Story

Nigeria’s persistent electricity crisis continues despite the injection of about $3.653bn in World Bank-backed financing into the power sector over the past 24 years, according to data compiled from World Bank project records between 2001 and 2024.

The funding, tracked across multiple intervention programmes, was directed at transmission rehabilitation, sector reform, rural electrification, renewable energy deployment, and broader efforts to stabilise the country’s electricity market. However, supply constraints, weak grid performance, and chronic outages have remained largely unresolved.

Key programmes included the $100m Transmission Development Project in 2001, $172m National Energy Development Project in 2005, and $400m Nigeria Electricity and Gas Improvement Project in 2009. Subsequent interventions included the $486m Nigeria Electricity Transmission Project and $350m Nigeria Electrification Project in 2018, followed by the $750m Power Sector Recovery Programme in 2020.

Despite these interventions, Nigeria continues to experience frequent national grid collapses and low generation reliability, forcing households and businesses to rely heavily on petrol and diesel generators for daily power needs.

The funding is part of a broader portfolio of support from the World Bank aimed at improving access, strengthening transmission infrastructure, and attracting private investment into Nigeria’s electricity market. Yet implementation gaps and structural inefficiencies have continued to limit outcomes.

The situation is compounded by liquidity constraints in the power market, gas supply shortages, vandalism of transmission assets, and policy inconsistency across successive administrations. These challenges have slowed the sector’s ability to translate capital inflows into reliable electricity delivery.

More recently, attention has shifted toward decentralised energy solutions. Newer World Bank-supported programmes such as the Distributed Access through Renewable Energy Scale-up initiative and the Sustainable Power and Irrigation for Nigeria project are focused on expanding solar-based electricity access in underserved communities.

In a restructuring update cited on its website, the World Bank also confirmed adjustments to Nigeria’s Power Sector Recovery Performance-Based Operation, including early closure of the programme and cancellation of undisbursed funds.

“The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7m equivalent, and no further disbursements will be made under the programme following approval of this restructuring,” the World Bank stated.

The Issues

Nigeria’s electricity sector continues to face a structural mismatch between capital investment and operational performance. Despite multi-billion-dollar inflows, transmission bottlenecks remain one of the most persistent constraints, limiting the evacuation of generated power to end users.

Liquidity shortages across the electricity value chain have also weakened the financial sustainability of distribution companies, resulting in poor service delivery and delayed infrastructure upgrades. This has created a cycle where revenue shortfalls restrict reinvestment, further degrading reliability.

In addition, gas supply instability and recurrent vandalism of critical infrastructure have continued to undermine generation and transmission efficiency. These challenges have persisted even as reform programmes attempt to stabilise the market framework.

What’s Being Said

“The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7m equivalent, and no further disbursements will be made under the programme following approval of this restructuring,” the World Bank stated.

Energy analysts note that while sustained external financing has expanded infrastructure on paper, execution gaps and governance challenges have prevented measurable improvements in grid reliability and consumer supply outcomes.

What’s Next

  • Nigeria’s power sector reform agenda is expected to continue under newer renewable-focused World Bank programmes
  • Ongoing distributed energy projects are likely to expand solar mini-grid deployment in rural areas through 2026
  • Further restructuring or review of legacy power financing arrangements may emerge as reform milestones remain unmet

Bottom Line

The Bottom Line: Nigeria’s power crisis underscores a deeper structural failure in translating large-scale development financing into reliable electricity delivery. While funding has expanded across transmission and reform programmes, persistent operational and governance constraints continue to prevent meaningful improvement in supply stability.

Naira Strengthens as Rising FX Reserves Support Stability

Naira Strengthens as Rising FX Reserves Support Stability

By
Boluwatife Oshadiya
-

By BizWatch Nigeria Finance Desk | June 2, 2026, 10:00 AM

Key Points

  • The naira appreciated to ₦1,366.80 per dollar at the official market
  • Nigeria’s external reserves climbed to $49.58 billion at the end of May
  • Strong oil receipts and CBN interventions continue to support the currency

Main Story

The naira strengthened against major foreign currencies on Monday as growing proceeds from Nigeria’s hydrocarbon exports boosted external reserves and improved foreign exchange liquidity.

Data released by the Central Bank of Nigeria (CBN) showed that the official exchange rate closed at ₦1,366.80 per U.S. dollar, improving from ₦1,373.24 recorded at the previous session.

The local currency traded within a relatively narrow range of ₦1,360 to ₦1,374.50 during the session, indicating reduced pressure on foreign exchange demand.

The British pound closed at ₦1,832.61, while the euro settled at ₦1,586.54. The Japanese yen ended the session at ₦8.55, according to official CBN data.

In the parallel market, the naira also gained ground, strengthening to ₦1,375 per dollar as confidence improved across both official and informal market segments.

The currency’s performance coincides with a rise in Nigeria’s gross external reserves, which reached $49.58 billion at the end of May. Analysts attribute the improvement largely to stronger crude oil export earnings and sustained foreign exchange inflows.

Global oil prices also surged after geopolitical tensions in the Middle East intensified following Iran’s decision to suspend negotiations with the United States. Brent crude approached $95 per barrel while West Texas Intermediate climbed above $91 per barrel, raising expectations of stronger oil revenues for major exporters such as Nigeria.

The Issues

Nigeria’s foreign exchange market has faced prolonged volatility in recent years due to limited dollar supply, capital outflows and fluctuating oil production. The recent improvement in reserves and exchange rate stability suggests ongoing reforms by the CBN may be beginning to yield results, although sustained oil revenues remain critical to maintaining momentum.

What’s Being Said

“Growing external reserves provide a stronger buffer for the Central Bank to support exchange-rate stability,” analysts at Broad Street investment firms said.

Independent economists have also noted that higher global oil prices could improve Nigeria’s foreign exchange earnings if production levels remain stable.

What’s Next

  • Investors will monitor further movements in global oil prices amid Middle East tensions.
  • The CBN is expected to continue targeted interventions to maintain market stability.
  • Reserve levels and oil export receipts will remain key indicators for the naira’s outlook.

The Bottom Line:

The naira’s latest gains underscore the importance of strong reserve buffers and higher oil revenues in supporting currency stability. Sustaining these gains will depend on continued foreign exchange inflows and Nigeria’s ability to maintain crude oil production and exports.

University of Port Harcourt to graduate 8,156 students at 36th combined convocation

University of Port Harcourt to graduate 8,156 students at 36th combined convocation

By
Kehinde Victor
-

Key points

  • The University of Port Harcourt will graduate a total of 8,156 students during its upcoming 36th combined convocation ceremony.
  • Out of the total graduating pool, 120 students are set to receive first class honors degrees.
  • The academic breakdown comprises 5,822 first degree recipients, 510 postgraduate diplomas, 1,386 masters degrees, and 438 doctoral degrees.
  • UNIPORT is currently executing a 10.7-megawatt solar hybrid power project in partnership with the Rural Electrification Agency.
  • The institution has expanded its academic offerings by establishing three new faculties to align with emerging global trends.

Main Story

The University of Port Harcourt (UNIPORT) says it will graduate a total of 8,156 students during its 36th combined convocation ceremony.

The Vice Chancellor, Prof. Owunari Georgewill, disclosed this on Monday in Port Harcourt while briefing journalists on activities planned for the ceremony.

He said 120 of the graduating students will finish with first class degrees.

According to him, the convocation will feature the award of first degrees, diplomas, postgraduate diplomas, higher degrees and prizes on Friday.

Georgewill stated that out of the total 8,156 graduands, 5,822 are first degree recipients, while 510 will receive postgraduate diplomas.

He added that 1,386 students will be awarded master’s degrees, while 438 will receive doctoral degrees.

The vice chancellor reiterated the university’s commitment to academic excellence, character development and service to society.

He said UNIPORT remained focused on advancing knowledge, encouraging innovation and contributing to positive societal transformation.

Georgewill noted that the institution had recorded significant progress in infrastructure development, academic expansion, research and student support over the past five years.

He said the progress was supported by interventions from the Federal Government, the Tertiary Education Trust Fund and other development partners.

He also listed completed and ongoing projects, including an innovation hub, lecture theatres and the South-South Zonal Multipurpose Laboratory.

He said the university, in collaboration with the Rural Electrification Agency, was implementing a 10.7-megawatt solar hybrid power project.

Georgewill added that several academic programmes had received accreditation, leading to increased admission quotas across faculties.

He said the university had established new faculties, including Computing, Allied Health Sciences, and Media and Communication.

He also disclosed that about 1,000 students were currently benefiting from scholarship schemes supported by 13 benefactors.

The Issues

  • Securing continuous federal and external funding interventions to complete large-scale ongoing infrastructural developments like the regional laboratory.
  • Managing the rapid integration of clean energy and solar grid infrastructure to adequately power both the campus and surrounding areas.
  • Expanding educational access and financial aid opportunities for students through a wider network of academic benefactors.

What’s Being Said

  • Outlining the arrival of new green transportation technologies on campus to advance environmental goals, Prof. Owunari Georgewill stated: “The university recently received electric tricycles to promote clean energy and environmentally friendly transportation on campus.”
  • Enumerating the updated support networks and advanced learning facilities developed for the student body, Georgewill noted: “We now have modern library, advanced laboratories, sports facilities, health centres, counselling units and an entrepreneurship centre,”
  • Explaining the broader community impacts of the institutional renewable energy grid transition, he said: “The project will provide stable electricity to the university, the teaching hospital and surrounding communities,”
  • Detailing how their interdisciplinary additions fit into modern educational frameworks and local labor requirements, he added: “These faculties align with emerging global trends and local development needs while expanding opportunities for interdisciplinary learning,”
  • Highlighting the underlying institutional philosophy driving their student welfare and financial aid initiatives, the vice chancellor concluded: “The initiative reflects UNIPORT’s commitment to inclusiveness and access to quality education,”

What’s Next

  • The institution will officially award first degrees, diplomas, higher degrees, and various prizes during the convocation event on Friday.
  • Management will continue the construction and installation phases of the ongoing South-South Zonal Multipurpose Laboratory.
  • The university will work alongside the Rural Electrification Agency to advance the implementation of its 10.7-megawatt solar hybrid project.

Bottom Line

Marking a major milestone in academic expansion and infrastructure development, the University of Port Harcourt is set to graduate 8,156 students at its 36th combined convocation following significant campus updates, including three new faculties, a 10.7-megawatt solar hybrid power project, and clean energy transport initiatives.

Federal government collaborates with WIPO, expands IP protection and commercialization

Nigerian capital market transitions to T+1 settlement cycle, enhances efficiency, global competitiveness

By
Kehinde Victor
-
Capital Market Goes Green Ahead Of 2022 Corporate Earnings

Key points

  • The Nigerian capital market has officially transitioned to a T+1 settlement cycle effective from June 1, reducing transaction completion timelines to one business day.
  • The transition was collaboratively driven by the Nigerian Exchange Ltd., Central Securities Clearing System Plc, and the Securities and Exchange Commission Nigeria.
  • Implementing a shorter settlement cycle lowers counterparty risk, boosts market liquidity, and strengthens the overall resilience of the financial ecosystem.
  • Markets operating under the T+1 regime currently account for approximately 60 per cent of total global market capitalization.
  • Future capital market reforms will expand focus beyond equities to encompass private markets, fixed income, and digital assets.

Main Story

The capital market has taken a major step forward with the implementation of a T+1 settlement cycle, a reform expected to make trading faster, more efficient and more aligned with global standards.

The new system, which became effective from June 1, ensures that investors’ transactions are now completed within one business day, compared to the previous two-day settlement period.

The transition was driven by key market institutions, including the Nigerian Exchange Ltd. (NGX), the Central Securities Clearing System Plc (CSCS), the Securities and Exchange Commission (SEC) Nigeria, and other stakeholders in the financial ecosystem.

Speaking at the T+1 settlement cycle transition ceremony organised by CSCS in Lagos on Monday, its Managing Director, Mr Shehu Shantali, said the reform would improve market efficiency and boost investor confidence.

He said the initiative, themed “Advancing Market Efficiency and Global Competitiveness,” would also reduce counterparty risk by shortening the time between trade execution and settlement.

Shantali noted that the transition reflected decades of capital market reforms, moving from manual processes and physical share certificates to a fully electronic system.

He recalled that before the establishment of CSCS in 1997, settlement cycles could take between three and six months.

He said the introduction of CSCS operations in April 1997 reduced settlement time to T+5 and eliminated physical share certificates.

Subsequent reforms led to a T+3 cycle in March 2000 and later T+2 in November 2025, before the latest move to T+1.

Shantali commended the SEC and its Director-General, Dr Emomotimi Agama, as well as other market institutions for their roles in achieving the milestone.

SEC Director-General, Dr Agama, said the transition would reduce settlement risks, improve liquidity and strengthen investor confidence.

He noted that major markets such as the United States, Canada and Mexico adopted T+1 in 2024, while India implemented phased reforms between 2022 and 2023.

According to him, markets operating T+1 now account for about 60 percent of global market capitalisation.

Chairman of NGX Group, Dr Umaru Kwairanga, also congratulated market operators, describing the reform as a step toward a more competitive financial system.

He said efforts would continue to deepen market participation and make investing more seamless for both local and international investors.

Chairman of CSCS, Mr Temi Popoola, commended stakeholders for their collaboration and said ongoing reforms would focus on strengthening trading infrastructure, data systems and operational processes to support increased market activity.

The Issues

  • Upgrading operational infrastructure, data systems, and trading processes to support increased transactional activity under tight timelines.
  • Aligning local trading practices with advanced global markets that migrated to accelerated settlement frameworks earlier.
  • Managing the transition pressure on financial system operators who must process trade executions and funding decisions in one day.

What’s Being Said

  • Announcing the official operational activation of the accelerated market clearing regime, Dr Emomotimi Agama stated: “The T+1 settlement cycle is now live, and with it, a new era has begun,”.

What’s Next

  • Institutional and retail investors will begin accessing their funds and reinvesting capital on the shorter one-day business timeline.
  • Capital market authorities will continue efforts to deepen participation and make investing more accessible for local and international investors.
  • Reformers will expand attention beyond standard equities to include fixed income, private markets, and digital assets.

Bottom Line

Nigeria’s capital market has officially launched its T+1 settlement cycle, reducing transaction times to a single business day in a coordinated institutional move driven by the SEC, NGX, and CSCS to boost liquidity, mitigate counterparty risk, and align domestic trading infrastructure with global standards.

Supreme Court dismisses appeal seeking Providus Bank, Unity Bank merger dissolution

Abia NMA issues 24 hour ultimatum to government, security agencies for release of abducted doctor

By
Kehinde Victor
-

Key points

  • The Nigerian Medical Association, Abia Branch, has issued a 24 hour ultimatum for the immediate release of Dr Bonaventure Aguocha.
  • Failure to secure his release will trigger a total and indefinite strike in the state starting from Tuesday, June 2.
  • The renowned orthopaedic surgeon was abducted on May 24 while returning to Umuahia from Imo State.
  • The association noted that medical practitioners have increasingly become targets of assaults, harassment, intimidation, and abduction.
  • The communique called on the Department of State Services, Inspector General of Police, and state governors to intensify rescue efforts.

Main Story

The Nigerian Medical Association (NMA), Abia State branch, has issued a 24-hour ultimatum to security agencies and the governments of Abia and Imo States to secure the immediate release of its member, Dr Bonaventure Aguocha.

The ultimatum was contained in a communique issued after an Emergency General Meeting and jointly signed by the Chairman, Dr Ezenwa Ezuruike, and Secretary, Dr Clement Ifenkoronye. The document was made available to the News Agency of Nigeria (NAN) in Umuahia on Monday.

The association warned that failure to secure the doctor’s release would result in a total and indefinite strike in Abia State from 8 a.m. on Tuesday, June 2.

It said the meeting was convened to address the continued captivity of Dr Aguocha, who was abducted on May 24 while travelling from Imo State to Umuahia.

The NMA described him as a respected orthopaedic surgeon, teacher, mentor and former Abia NMA Chairman, noting that he had rendered selfless service in both states.

It said the incident reflected a disturbing pattern of attacks on medical professionals, citing the unresolved 2020 abduction of a former Chief Medical Director of Abia State University Teaching Hospital, Prof. Uwadinachi Iweha.

The association called on the Department of State Services, the Inspector-General of Police, and Commissioners of Police in Abia and Imo to intensify efforts to secure his release.

It also urged the governors of both states to deploy all necessary resources and influence to ensure his prompt freedom.

The congress appealed to the Federal Government, state governments, security agencies, traditional rulers, community leaders and Nigerians to support efforts to rescue the doctor.

It warned that failure to act within the ultimatum period would further undermine healthcare workers’ confidence in government and could negatively affect healthcare delivery in both states.

The Issues

  • Protecting medical practitioners from becoming routine targets of assault, harassment, intimidation, and kidnapping by criminal elements.
  • Overcoming the erosion of healthcare workers’ confidence in the government’s capacity to guarantee basic operational safety.
  • Managing the systemic impact on healthcare delivery across two states when physicians are forced to down tools in protest.

What’s Being Said

  • Outlining the vulnerability of physicians who face security threats despite working under poor domestic service conditions, the communiqué stated: “Doctors have increasingly become targets of assaults, harassment, intimidation and abduction by criminal elements, in spite their commitment to providing quality healthcare under challenging conditions of poor motivation and remuneration,”

What’s Next

  • The association will commence a total and indefinite strike from 8a.m. on Tuesday, June 2, if the physician is not released.
  • Security agencies including the DSS and state police commands are expected to scale up active rescue efforts.
  • Community leaders, traditional rulers, and well-meaning Nigerians will be engaged to join institutional efforts to secure the surgeon’s freedom.

Bottom Line

Protesting a pattern of targeted criminal attacks against medical workers, the Abia State Branch of the NMA has threatened to launch a total and indefinite strike beginning June 2 unless state governments and security agencies secure the immediate release of abducted orthopaedic surgeon Dr Bonaventure Aguocha.

Nigeria’s private sector growth hits nine-month high in may

Federal government collaborates with WIPO, expands IP protection and commercialization

By
Kehinde Victor
-

Key points

  • The Federal Government announced that collaboration with WIPO will expand intellectual property protection, commercialization, and access to opportunities for businesses and innovators.
  • Nigeria’s first comprehensive intellectual property policy was approved by the Federal Executive Council in November 2025 and launched in December 2025.
  • Minister Jumoke Oduwole inaugurated WIPO’s first sub-Saharan African office, describing it as a landmark achievement and a reflection of confidence in Nigeria.
  • An agreement between SMEDAN and WIPO has been finalized for signing in Geneva in July to help SMEs use intellectual property as a business tool.
  • WIPO pledged direct support to help commercialize local research findings and assist the creative economy, including musicians and filmmakers.

Main Story

The Federal Government says its collaboration with the World Intellectual Property Organisation (WIPO) will strengthen intellectual property protection, improve commercialisation, and expand access to opportunities for Nigerian businesses and innovators.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, disclosed this at a stakeholders’ roundtable held in Abuja on Monday, themed “Innovation-Driven Intellectual Property: Value Creation, Protection, and Commercialisation.”

She said the administration of President Bola Tinubu had prioritised intellectual property as a key driver of economic development, describing the engagement as an important milestone for Nigeria’s innovation ecosystem.

Oduwole explained that discussions at the meeting focused on emerging sectors such as deep technology, as well as ways to strengthen intellectual property systems to support broad-based economic growth.

She added that the ministry recognised opportunities across the creative, technology, manufacturing and science sectors.

The minister also said the inauguration of WIPO’s first sub-Saharan African office in Nigeria marked a significant achievement and reflected global confidence in the country’s innovation potential.

She noted that the Federal Executive Council approved Nigeria’s first comprehensive intellectual property policy in November 2025, with implementation beginning in January 2026.

According to her, the policy was developed through collaboration among about 10 ministries, departments and agencies, with input from stakeholders in the creative, technology and agricultural sectors.

Oduwole said intellectual property protection was accessible to both large corporations and small businesses, and commended the private sector for supporting the policy’s validation and implementation.

She added that an agreement between the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and WIPO had been concluded and would be signed in Geneva.

WIPO Director-General, Daren Tang, said intellectual property remained a key tool for protecting the innovations and creativity of Nigerian entrepreneurs and creators.

He said the new WIPO Nigeria Office would bring intellectual property services closer to grassroots innovators and businesses.

Tang added that Nigeria’s National Intellectual Property Strategy, approved in 2025, required strong implementation to effectively benefit innovators, entrepreneurs and other stakeholders.

The Issues

  • Coordinating effective policy implementation among about 10 distinct ministries, departments, and agencies.
  • Transitioning intellectual property from a purely technical concept into an accessible daily business tool for small and medium enterprises.
  • Ensuring grassroots innovators and local businesses can successfully commercialize research findings and ideas generated in laboratories.

What’s Being Said

  • Detailing the multi-faceted history of technical support provided by the international body, Dr Jumoke Oduwole stated: “Over the last several years, our collaboration has spanned policy development, institutional strengthening, capacity building, innovation support, judicial training, enforcement initiatives, and digital transformation.”
  • Outlining how the upcoming operational partnership will unlock economic development across local business ecosystems, Oduwole noted: “The partnership will expand intellectual property awareness, training, access to finance and commercialisation opportunities, helping to drive prosperity across the Nigerian economy.”
  • Explaining the collaborative plans to bridge the gap between academic theory and active market product placement, Mr Daren Tang remarked: “WIPO will support efforts to commercialise research findings, innovations and ideas generated in laboratories, institutions and local businesses,”

What’s Next

  • WIPO, the Federal Government, and relevant small and medium enterprises will sign an agreement in Geneva in July to strengthen intellectual property adoption.
  • Implementation committees will continue driving the national strategy with active representation from the creative, technology, and agricultural sectors.
  • The newly established WIPO Nigeria Office will deploy intellectual property services closer to grassroots innovators across the country.

Bottom Line To accelerate economic growth across emerging sectors, the federal government is strengthening its ties with WIPO following the launch of Nigeria’s first comprehensive intellectual property policy, establishing a landmark sub-Saharan office and finalizing a July agreement in Geneva to help local innovators and SMEs access financing and commercialize their ideas.

Oil Prices rise as US-Iran tensions renew supply fears

Lagos State Police command dismisses bandit invasion reports

By
Kehinde Victor
-

Key points

  • The Police command in Lagos State has dismissed social media reports alleging armed bandit invasions in Ibeju-Lekki, Imota, Oke-Afo, and other areas as false.
  • Authorities confirmed the viral posts were completely unfounded and designed to create panic and anxiety among residents.
  • A false alarm linked to the reports led to the tragic death of a 24-year-old commercial motorcyclist who was mistaken for a bandit.
  • Police operatives have arrested 15 suspects in connection with the fatal assault and are currently investigating the incident.
  • The Commissioner of Police appealed to residents to remain calm, vigilant, and go about their lawful activities without fear.

Main Story

The Police Command in Lagos State has dismissed reports circulating on social media alleging that armed bandits invaded communities in Ibeju-Lekki, Imota, Oke-Afo and other parts of the state, describing the claims as false and misleading.

The command said the viral posts were unfounded and intended to create fear, panic and anxiety among residents.

The Police Public Relations Officer, SP Abimbola Adebisi, stated this in a release issued on Monday in Lagos.

She said there was no security breach, invasion or coordinated attack on any school or community in the affected areas or elsewhere in the state.

Adebisi reassured residents that schools across Lagos remained safe and that security agencies had maintained adequate surveillance across communities.

However, she confirmed that the false alarm had already led to a tragic incident.

According to her, a 24-year-old commercial motorcyclist, Kulaha Ayuba, was allegedly mistaken for a bandit and killed by youths acting on unverified reports.

She said 15 suspects had been arrested in connection with the incident and were currently under investigation, adding that anyone found culpable would face prosecution.

Adebisi urged residents to disregard the viral posts and avoid sharing unverified information from social media.

She warned that individuals responsible for spreading false or inciting information would be investigated and prosecuted.

The spokesperson also quoted the Commissioner of Police, Mr Fatai Tijani, as appealing to residents to remain calm, vigilant and law-abiding.

She advised the public to report suspicious activities through police stations or official emergency channels.

The Issues

  • Mitigating the deliberate spread of unverified online data capable of triggering public alarm, ethnic tension, and violence.
  • Curbing fatal mob violence and unlawful actions by youths reacting to unverified neighborhood updates.
  • Maintaining adequate physical surveillance and reassurance across schools and communities to counter online panic.

What’s Being Said

  • Describing the violent outcome of the security rumor mill on an innocent resident, SP Abimbola Adebisi said: “The victim was attacked and fatally assaulted, while his motorcycle was reportedly stolen.”
  • Explaining the final discovery of the deceased driver after the mob action, Adebisi noted: “His body was subsequently discovered in a swamp within the community,”
  • Outlining the direct directive issued by leadership to help calm down community anxieties, the spokesperson stated: “He urged residents to go about their lawful activities without fear,”

What’s Next

  • Command investigators will complete the interrogation of the 15 arrested suspects to prosecute those found culpable under the law.
  • Cybercrime units will investigate the digital channels used to originate and deliberately circulate the false security alarms.
  • Strategic security teams will sustain heightened presence and surveillance across Ibeju-Lekki, Imota, and Oke-Afo to maintain public order.

Bottom Line Denouncing viral panic as entirely manufactured, the Lagos State Police Command has declared reports of bandit invasions across local government areas false, while launching a murder investigation after the misinformation incited a fatal mob attack on a local commercial motorcyclist.

Nigeria’s private sector growth hits nine-month high in may

Nigeria’s assets under management reach N10 trillion, driven by market reforms

By
Kehinde Victor
-
SEC

Key points

  • Nigeria’s Assets Under Management increased significantly from N3.2 trillion to N10 trillion within a two year period.
  • Total domestic and foreign portfolio investments on the Nigerian Exchange Ltd. reached N1.803 trillion in April 2026.
  • The overall market contribution to Nigeria’s Gross Domestic Product increased to 33 per cent in 2025.
  • The transition to a faster T+1 settlement cycle will place operational pressure on smaller firms to automate back-office processes.
  • The Securities and Exchange Commission will officially launch the Nigerian Capital Market Master Plan 2.0 between June and July.

Main Story

Nigeria’s Assets Under Management (AUM) have risen significantly from N3.2 trillion to N10 trillion within the past two years, according to the Securities and Exchange Commission (SEC).

The Director-General of the SEC, Dr Emomotimi Agama, disclosed this on Monday in Lagos during an event marking Nigeria’s transition to the T+1 settlement cycle.

He said the growth reflected increased investor confidence and the positive impact of ongoing reforms in the Nigerian capital market.

Agama noted that the market had recorded several historic milestones in recent months, including strong growth in market capitalisation.

He said domestic and foreign portfolio investments on the Nigerian Exchange Ltd. (NGX) rose to N1.803 trillion in April 2026.

He described the figures as unprecedented and a clear sign of the market’s strengthening performance.

According to him, the capital market’s contribution to Nigeria’s Gross Domestic Product rose to 33 percent in 2025.

He also stated that market capitalisation increased by 125 percent, rising from about N55 trillion in April 2024.

Agama added that foreign participation in Nigerian equities rose from 9.9 percent in 2023 to 22.2 percent in 2025, describing it as a significant recovery.

He said despite the strong performance, there was still room for further improvement.

The SEC Director-General also said the transition to the T+1 settlement cycle would enhance efficiency, improve liquidity and strengthen Nigeria’s position in global markets.

He noted that the shorter settlement cycle would place pressure on smaller operators to upgrade systems, automate processes and strengthen back-office operations.

Agama stressed that trade confirmations, reconciliations and funding decisions must now be completed more quickly under the new regime.

He added that the entire capital market ecosystem must adapt to a faster and more efficient settlement structure.

He also announced that the SEC would launch the Nigerian Capital Market Master Plan 2.0 between June and July.

The Issues

  • Upgrading smaller market participants who rely on legacy setups and manual workflows to avoid settlement delays.
  • Closing the existing structural gaps in foreign equity investment despite the recent meaningful recovery trends.
  • Managing the heightened systemic pressure placed on trade confirmations and funding decisions under the shorter settlement timeline.

What’s Being Said

  • Highlighting the rapid expansion of managed funds alongside historic milestones, Dr Emomotimi Agama stated: “The Nigerian capital market has recorded historic milestones. Within two years, the nation’s AUM grew from N3.2 trillion to N10 trillion.”
  • Detailing a specific period of aggressive expansion within the domestic exchange, Agama noted: “In February 2026 alone, market capitalisation expanded by N17.6 trillion, representing the highest single-month gain in the market’s history,”
  • Outlining the macro transaction volumes recorded over the initial third of the year compared to previous metrics, he added: “For the first four months of 2026, total market transactions reached N5.952 trillion, more than double the N2.714 trillion recorded in 2025,”
  • Contextualizing the ongoing strategic role of the newly adopted trade cycle in narrowing global investment disparities, he observed: “However, there is still significant room to close the gap, and T+1 is one of the most important tools available to achieve that,”

What’s Next

  • Capital market operators will automate their workflows to comply with the swift demands of the T+1 settlement environment.
  • The regulatory commission will complete its final preparations to launch the Nigerian Capital Market Master Plan 2.0 between June and July.
  • Registrars, stockbrokers, and custodians will accelerate their trade confirmation and reconciliation timelines to eliminate delays.

Bottom Line

Driven by regulatory reforms that pushed capital market contributions to 33 per cent of national GDP, Nigeria’s Assets Under Management expanded to N10 trillion within two years as the SEC implements a swift T+1 settlement cycle and prepares to launch its Capital Market Master Plan 2.0.

Naira gains as external reserves climb above $49 Billion

Supreme Court dismisses appeal seeking Providus Bank, Unity Bank merger dissolution

By
Kehinde Victor
-

Key points

  • The Supreme Court has dismissed an appeal seeking to dissolve the merger between Providus Bank Limited and Unity Bank Plc for lacking in merit.
  • A five-member panel of the apex court, led by Justice Tijani Abubakar, unanimously upheld the previous judgement of the Court of Appeal.
  • The court invoked Section 22 of the Supreme Court Act to directly sanction the merger and transfer all assets, liabilities, and undertakings to Providus Bank Limited.
  • The apex court approved the adoption of a new corporate name, Providus-Unity Bank Limited, for the enlarged financial entity.
  • The judgment brings a conclusive end to the litigation, with the court awarding a cost of N10 million each against the appellants in favor of the 10 respondents.

Main Story

The Supreme Court on Monday dismissed an appeal seeking the dissolution of the merger between Providus Bank Limited and Unity Bank Plc.

A five-member panel of the apex court, in a unanimous judgment delivered by Justice Tijani Abubakar, held that the appeal lacked merit and therefore affirmed the decision of the Court of Appeal.

The appellants, Suleiman Abubakar and Mohammed Goni Modu, who are customers and shareholders of the banks, had challenged the lower court’s ruling in a case marked SC/CV/132/2026.

They listed Providus Bank, Unity Bank, PAC Capital Limited, Vetiva Advisory Services Limited, Lighthouse Capital Limited, Planet Capital Limited, the Corporate Affairs Commission, the Federal Competition and Consumer Protection Commission, the Securities and Exchange Commission, and the Central Bank of Nigeria as respondents.

The dispute arose from a proposed merger between Providus Bank and Unity Bank, initiated as part of efforts to meet the Central Bank of Nigeria’s recapitalisation requirements.

Records showed that the banks had approached the Federal High Court in July 2025 for approval to convene separate meetings of shareholders and directors to consider the merger plan.

Following court approval, both institutions held meetings and approved the scheme, which was subsequently sanctioned by the trial court.

Dissatisfied with the process, the appellants, who were later joined as interested parties, sought to halt and dissolve the merger, arguing against its implementation.

However, the Court of Appeal dismissed their case on March 6 and ordered accelerated hearing of the substantive matter at the trial court, with costs awarded against them.

The Supreme Court upheld that position, affirming that the appeal was unmeritorious.

The apex court also awarded costs of N10 million each in favour of the respondents.

The Issues

  • Resolving legal attempts by minority shareholders and customers to truncate a sanctioned multi-bank consolidation scheme.
  • Executing the clean structural transfer of all real properties, liabilities, and commercial undertakings between consolidating financial entities.
  • Enforcing the complete dissolution of an existing banking board of directors without winding up the operational institution.

What’s Being Said

  • Reacting to the apex court verdict, counsel to Unity Bank Plc, Chief Damian Dodo, SAN, alongside Reuben Atabo, SAN, described the ruling as a historic decision that had finally settled all disputes relating to the merger.
  • Explaining how the final judicial intervention removed every legal barrier blocking the completion of the bank consolidation, Dodo stated: “What the Supreme Court has done by this judgement is to bring closure to the merger between Providus Bank and Unity Bank.”
  • Outlining the trajectory of the litigation through the various layers of the judiciary before the final determination, Dodo noted: “Some persons went to the Federal High Court and attempted to truncate the merger, and the matter progressed through the Court of Appeal to the Supreme Court.”
  • Concluding on the absolute finality of the apex court’s ruling regarding the commercial unity of the corporate entities, he remarked: “Today, that chapter has been conclusively closed,”

What’s Next

  • The financial institutions will oversee the comprehensive transfer of all assets, liabilities, and undertakings to the expanding entity.
  • Officials must ensure that the court-ordered asset and real property transfers are completed within 10 days of the sanction of the scheme.
  • Management will execute the approved share conversion arrangement of N3.18 per share or 18 Providus Bank shares of 50 kobo each for every 17 Unity Bank shares held.

Bottom Line

The Supreme Court has conclusively cleared all legal obstacles to the banking consolidation between Providus Bank and Unity Bank by dismissing a shareholder appeal, directly sanctioning the merger under Section 22 of the Supreme Court Act, and ordering the transition into the newly formed Providus-Unity Bank Limited.

Oil Prices rise as US-Iran tensions renew supply fears

Oil Prices rise as US-Iran tensions renew supply fears

By
Boluwatife Oshadiya
-
OPEC+ Maintains Monthly Crude Oil Output Increase At 400,000bpd

By Boluwatife Oshadiya | June 2, 2026

Key Points

  • Brent crude rose nearly 3% to $93.89 per barrel following renewed US-Iran hostilities
  • Military exchanges heightened concerns over disruptions to key oil transit routes in the Middle East
  • Investors remain focused on geopolitical risks despite ongoing diplomatic discussions

Main Story

Global oil prices moved higher on Monday after fresh military exchanges between the United States and Iran intensified concerns over potential disruptions to crude supply routes across the Middle East.

Brent crude, the international oil benchmark, climbed 2.9% to $93.89 per barrel, while West Texas Intermediate (WTI) rose 3.4% to $90.19 per barrel during early trading.

The gains followed a series of military operations over the weekend. The United States Central Command (CENTCOM) confirmed strikes on Iranian radar and drone command facilities in Goruk and on Qeshm Island after what it described as aggressive Iranian actions, including the reported downing of a US MQ-1 drone operating over international waters.

According to CENTCOM, US forces targeted air defence systems, a ground control station, and attack drones believed to pose threats to maritime traffic in the region.

Iran subsequently responded through its Islamic Revolutionary Guard Corps (IRGC), which claimed responsibility for strikes on a US air base allegedly linked to operations against communications infrastructure in southern Iran.

The latest developments have renewed concerns over the security of oil production and transportation routes, particularly around the Strait of Hormuz, through which a significant portion of global crude exports passes.

Markets were also watching developments in Lebanon, where clashes involving Israeli forces and Hezbollah continued despite an existing ceasefire agreement, adding another layer of geopolitical uncertainty to an already fragile region.

What’s Being Said

“The measured and deliberate strikes occurred on Saturday and Sunday in response to aggressive Iranian actions,” CENTCOM said in an official statement following the military operation.

“Any further attacks would trigger a response different in scale and nature,” the IRGC said in a statement carried by Iran’s state-linked media following its retaliatory strike.

Meanwhile, Donald Trump said Iran remained interested in reaching an agreement with Washington, expressing confidence that ongoing negotiations could deliver a favourable outcome.

What’s Next

  • Investors will monitor developments in US-Iran negotiations for signs of de-escalation
  • Shipping activity through the Strait of Hormuz remains a key focus for energy markets
  • Markets are expected to react quickly to any disruption involving major oil infrastructure or export routes
  • Traders will also watch economic data from China for signals on global oil demand growth

Bottom Line

The Bottom Line: Oil markets remain caught between geopolitical risk and weakening demand signals. While diplomatic efforts could ease supply concerns, any further escalation involving the United States, Iran, or key regional actors could quickly push crude prices higher again.

Terminal operators face space adjustments as Lagos port modernisation  begins amid operational concerns

Nigeria’s private sector growth hits nine-month high in may

By
Boluwatife Oshadiya
-
The adoption of a single foreign exchange rate for public and private sector transactions by the Central Bank of Nigeria (CBN), FMDQ and banks has boosted monthly turnover by 94 per cent.
The adoption of a single foreign exchange rate for public and private sector transactions by the Central Bank of Nigeria (CBN), FMDQ and banks has boosted monthly turnover by 94 per cent.

By Boluwatife Oshadiya | June 2, 2026

Key Points

  • Stanbic IBTC PMI rose to 54.1 in May from 52.4 in April, the highest reading in nine months
  • Stronger customer demand and new product launches boosted output and new orders
  • Inflation pressures remained elevated, though cost increases softened from April levels

Main Story

Nigeria’s private sector recorded its strongest performance in nine months in May as business activity accelerated on the back of stronger customer demand and increased new orders, according to the latest Stanbic IBTC Purchasing Managers’ Index (PMI) compiled by S&P Global.

The headline PMI rose to 54.1 in May from 52.4 in April, marking the fourth consecutive month of expansion and the strongest improvement in business conditions since August 2025. A PMI reading above 50 indicates growth in private sector activity.

The report showed that output and new orders expanded at faster rates during the month, reaching seven-month and nine-month highs respectively. Businesses attributed the improvement to stronger consumer demand, new product introductions, and broader economic activity across major sectors.

Companies responded by increasing purchasing activity and building inventories in anticipation of future demand. Improved supplier performance, better road conditions, and quicker payments also contributed to faster delivery times.

Despite the stronger growth momentum, employment gains remained modest. Businesses also reported rising backlogs due to payment delays, power supply challenges, and shortages of critical materials.

Input costs continued to increase, largely driven by higher fuel prices linked to tensions in the Middle East. However, both input cost inflation and output price inflation eased compared with April, suggesting some moderation in pricing pressures.

According to data from the National Bureau of Statistics, Nigeria’s economy expanded by 3.89% year-on-year in the first quarter of 2026, supported primarily by agriculture, manufacturing, trade, finance, construction, and information and communication sectors.

What’s Being Said

“Private sector activity in Nigeria improved to its best level in nine months, with the headline PMI rising to an impressive 54.1 points in May from 52.4 points in April,” said Muyiwa Oni.

“This impressive business condition was primarily due to accelerated expansion in both output and new orders as evidence pointed to improving customer demand and the launch of new products,” Oni added.

S&P Global noted that firms remained optimistic about future output growth, supported by expansion plans, new product development, and increased investment in marketing activities.

What’s Next

  • Businesses will continue monitoring fuel costs and broader inflation trends in the second half of 2026
  • Analysts expect non-oil sector activity to remain supported by infrastructure spending and investment attraction initiatives
  • Stanbic IBTC forecasts crude oil production to average 1.7 million barrels per day in 2026
  • Market participants will watch future PMI readings for confirmation that growth momentum is becoming more broad-based

Bottom Line

The Bottom Line: Nigeria’s private sector is showing stronger resilience despite persistent inflationary pressures and infrastructure constraints. The latest PMI reading suggests demand is recovering, but sustaining that momentum will require greater stability in energy costs, power supply, and broader macroeconomic conditions.

Terminal operators face space adjustments as Lagos port modernisation  begins amid operational concerns

Naira gains as external reserves climb above $49 Billion

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 2, 2026

Key Points

  • Naira closed May at ₦1,373.25/$1 in the official market, strengthening slightly from April
  • Nigeria’s gross external reserves rose above $49 billion amid stronger FX inflows and investor participation
  • Narrowing gap between official and parallel market rates signals improving foreign exchange market stability

Main Story

Nigeria’s currency opened June on a firmer footing as rising foreign exchange reserves and renewed foreign investor participation continued to support stability in the foreign exchange market.

Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closed May at ₦1,373.25 per dollar, improving from ₦1,374.94 per dollar recorded at the end of April. In the parallel market, the currency also strengthened by ₦5 to ₦1,390 per dollar from ₦1,395 per dollar the previous week.

The improvement narrowed the gap between the official and parallel market rates to ₦16.75 per dollar from ₦19.54 per dollar, a development analysts view as a positive signal for market confidence and price discovery.

The gains came as Nigeria’s gross external reserves continued their upward trajectory, rising by more than $451 million week-on-week to approximately $49.34 billion. Recent Central Bank of Nigeria data also showed reserves approaching the $50 billion mark, supported by oil export earnings, improved remittance inflows, and renewed foreign portfolio investments.

Market participants have also linked improved liquidity conditions to the Central Bank of Nigeria’s revised foreign exchange guidelines, which are aimed at improving transparency, broadening participation, and allowing greater market flexibility.

Meanwhile, global oil prices retreated sharply last week. Brent crude fell 9.86% week-on-week to $94.87 per barrel from $105.25 as easing tensions between the United States and Iran reduced immediate concerns over disruptions to global oil supply routes.

Reports of diplomatic progress between Washington and Tehran, alongside signs of stabilisation in shipping activities through the Strait of Hormuz, helped calm markets and ease fears of prolonged supply interruptions.

What’s Being Said

“Gross external reserves remained robust at $49.49 billion as of May 15, 2026, compared with $48.35 billion at the end of March 2026, sufficient to cover 9.04 months of imports for goods and services,” said Olayemi Cardoso during the latest Monetary Policy Committee briefing.

Analysts said stronger reserve buffers are helping to reinforce investor confidence and provide support for exchange rate stability amid ongoing economic reforms.

Energy market analysts also noted that while oil prices have eased, geopolitical risks remain elevated and could quickly reverse current price trends if diplomatic negotiations deteriorate.

What’s Next

  • Investors will continue monitoring Nigeria’s external reserves for a possible move above the $50 billion threshold
  • Market attention remains focused on implementation of the revised foreign exchange framework and its impact on liquidity
  • Oil traders are expected to closely track developments in US-Iran negotiations and shipping activity through the Strait of Hormuz
  • Future crude price movements will remain a key determinant of Nigeria’s foreign exchange earnings and reserve growth

Bottom Line

The Bottom Line: Nigeria’s foreign exchange market is showing signs of improved stability as reserves strengthen and the gap between official and parallel market rates narrows. However, sustaining the naira’s recent gains will depend heavily on continued capital inflows, reserve accumulation, and the durability of global oil market conditions.

Terminal operators face space adjustments as Lagos port modernisation  begins amid operational concerns

CBN reshuffles deputy governors in leadership overhaul

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 2, 2026

Key Points

  • CBN redeploys all four Deputy Governors in a broad leadership reshuffle effective June 1, 2026
  • Changes affect Economic Policy, Corporate Services, Operations, and Financial System Stability directorates
  • Move comes amid ongoing reforms to strengthen policy coordination and institutional efficiency

Main Story

The Central Bank of Nigeria (CBN) has carried out a sweeping redeployment of its four Deputy Governors in a management shake-up aimed at strengthening leadership coordination and improving operational efficiency across key directorates.

The changes, which took effect on June 1, 2026, were confirmed through an updated organisational profile on the apex bank’s official website.

Under the new arrangement, Deputy Governor for Economic Policy, Dr Muhammad Abdullahi, has been reassigned to the Corporate Services Directorate. He has been replaced in the Economic Policy role by Mr Philip Ikeazor.

The restructuring also saw Ms Emem Usoro moved from Corporate Services to the Operations Directorate, while Mr Lamido Yuguda was transferred from Operations to the Financial System Stability Directorate.

The redeployment effectively reshapes leadership across four of the most strategic arms of the CBN, which oversee monetary policy design, banking supervision, institutional management, and currency and payment system operations.

Although the CBN did not provide an official explanation for the changes, the exercise is widely viewed as part of broader efforts to align leadership structure with ongoing financial sector reforms and macroeconomic stabilisation priorities.

The Economic Policy Directorate plays a central role in inflation analysis, monetary policy formulation, and macroeconomic forecasting, while Corporate Services handles internal administration and institutional coordination.

The Operations Directorate oversees currency management and payment systems, and the Financial System Stability Directorate monitors systemic risk across Nigeria’s banking sector.

What’s Being Said

The CBN has not issued an official statement detailing the rationale behind the redeployment beyond the updated organisational listing.

However, the restructuring comes at a time when the apex bank is intensifying reforms aimed at strengthening regulatory oversight, improving policy execution, and stabilising the financial system amid inflationary pressures and currency management challenges.

Earlier in 2026, President Bola Tinubu nominated former Securities and Exchange Commission Director-General, Lamido Yuguda, as Deputy Governor of the CBN, a move seen as part of wider institutional strengthening within the financial regulatory architecture.

What’s Next

  • The new leadership structure is expected to be reflected in upcoming Monetary Policy Committee deliberations in the coming months
  • Further internal realignments within CBN departments may follow as reforms to payment systems and banking supervision deepen
  • The bank’s policy direction will be closely monitored ahead of the next inflation and interest rate review cycle

Bottom Line

The Bottom Line: The leadership reshuffle reflects the CBN’s ongoing effort to recalibrate its internal structure amid sustained macroeconomic pressure. While not officially framed as reform-driven, the timing suggests a strategic alignment of key policy and stability functions as Nigeria’s financial system faces heightened inflation and currency management challenges.

NNPC Ltd posts N481bn april profit as revenue surges

CBN targets ₦2.83tn cash recovery, 50 million new bank users by 2028

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya| July 29, 2026

Key Points

  • CBN aims to reduce cash outside the banking system to below 40% of currency in circulation by 2028
  • The target could return about ₦2.83tn into the formal financial system based on current figures
  • The apex bank also plans to onboard 50 million additional Nigerians into formal financial services

Main Story

The Central Bank of Nigeria (CBN) has unveiled an ambitious strategy to bring approximately ₦2.83tn currently held outside the banking system into formal financial channels while expanding financial inclusion to 95 per cent by 2028.

The initiative forms part of the Nigeria Payments System Vision 2028 (PSV 2028), launched in Abuja by CBN Governor, Olayemi Cardoso, as the apex bank seeks to deepen digital payments, reduce dependence on cash transactions, and strengthen confidence in Nigeria’s financial system.

According to the latest CBN money and credit statistics, currency outside banks stood at ₦5.08tn in April 2026, representing more than 90 per cent of the ₦5.65tn in total currency circulating within the economy.

Cardoso said the bank intends to reduce that figure to less than 40 per cent by 2028. Based on current data, achieving that goal would return roughly ₦2.83tn into the banking system, improving liquidity, monetary policy effectiveness, and access to credit across the economy.

“Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” said Cardoso.

The governor also disclosed plans to increase financial inclusion to 95 per cent within three years, a move expected to bring an estimated 50 million additional Nigerians—particularly market women, farmers, and young people—into the formal banking and digital payments ecosystem.

The launch comes ahead of Nigeria’s 2027 general elections, a period that has historically generated concerns about increased cash circulation, vote-buying, and election-related spending pressures.

The Issues

The announcement highlights a longstanding challenge within Nigeria’s financial system. Despite years of financial inclusion initiatives, a significant portion of cash remains outside formal banking channels, limiting the effectiveness of monetary policy and reducing the banking sector’s capacity to support economic growth.

The development also comes as members of the CBN’s Monetary Policy Committee have warned that increased political spending ahead of the 2027 elections could complicate inflation management efforts and reverse recent disinflation gains.

What’s Being Said

“Cash should no longer be king. We need to build trust and ensure that people have no doubt that they are dealing with a strong and reliable payments system,” said Cardoso.

“Efficient payment infrastructure lowers transaction costs, improves business productivity, and enables firms of all sizes to participate competitively in the digital economy,” said Dr. Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate.

What’s Next

  • The CBN will begin implementing the five pillars of PSV 2028, including digital inclusion, payment infrastructure, cybersecurity, innovation, and cross-border payments
  • Financial institutions, fintech firms, and telecom operators are expected to align operations with the framework over the next three years
  • Progress toward the 95 per cent financial inclusion target will be monitored through periodic assessments leading up to 2028

Bottom Line

The Bottom Line: The CBN’s latest payments strategy signals a renewed push to formalise Nigeria’s largely cash-driven economy. If successfully implemented, the initiative could strengthen financial inclusion, improve monetary policy effectiveness, and reduce the risks associated with large volumes of cash circulating outside the banking system, particularly ahead of the 2027 elections.

NNPC Ltd posts N481bn april profit as revenue surges

While Nigeria Celebrates, 46 People Are Still in the Bush

By
Columnist
-

When the news first broke that armed bandits had invaded schools in Oriire Local Government Area of Oyo State and abducted dozens of pupils, teachers and school administrators, there was outrage. Social media timelines were flooded with anger. Politicians issued statements. Security agencies promised action. Newsrooms pushed breaking alerts. Nigerians, at least briefly, paid attention.

Then, as we often do, we moved on.

Another week has arrived. New controversies emerged. New trends occupied our timelines. New political dramas demanded our attention. Children’s Day came and went with colourful celebrations, speeches about the future, and photographs of smiling children in uniforms. Eid al-Adha arrived with prayers, family gatherings, and messages of sacrifice and gratitude. In Ogun State, the grandeur of Ojude Oba once again captured national attention, filling social media feeds with elegance, culture and celebration.

Yet somewhere in a forest, 39 schoolchildren, six teachers and their principal remain in captivity. That contrast should disturb us.

It should disturb us that while schools organised Children’s Day activities, some children spent Children’s Day wondering whether they would survive another night. It should disturb us that while families gathered to celebrate Eid, other families stared helplessly at videos of their loved ones pleading for rescue from kidnappers. It should disturb us that while an entire nation found time to celebrate festivals and political victories, dozens of innocent Nigerians remained trapped in the bush, uncertain if they would ever return home.

The most painful part is not even the kidnapping itself. As terrible as the crime is, Nigeria has unfortunately become familiar with such horrors. The most painful part is how quickly we have learned to absorb these tragedies and continue as if they are ordinary inconveniences rather than national emergencies.

Societies do not collapse simply because bad things happen. Societies begin to decay when people stop being shocked by bad things. When abnormal becomes normal, when outrage becomes fatigue, and when human suffering becomes background noise, something fundamental is lost.

The children and teachers abducted in Oriire are not forgotten because their families have forgotten them. They are forgotten because the rest of us have become distracted.

But they are still there.

They are still sleeping in the open. They are still enduring rain and cold. Their parents are still waiting. Their families are still praying. Their classmates are still asking questions. Their communities are still living in fear.

And until they return home safely, celebration should not completely drown out concern.

Nigeria can celebrate Eid. Nigeria can celebrate Children’s Day. Nigeria can celebrate culture, politics, football and festivals. Life must continue. But life continuing should never mean conscience disappearing – perhaps, until the next incident. There is God ooooo!

WARD ROUNDS

Cooking Gas Surges

The National Bureau of Statistics says the average cost of refilling a 5kg cooking gas cylinder has climbed to N8,706. At this point, inflation is no longer something Nigerians read about in reports; it is something they negotiate with every day in markets, fuel stations and kitchens. The average household is being forced to make increasingly difficult choices between nutrition, transportation and other basic necessities.

Cooking gas was once promoted as the cleaner and safer alternative to firewood and charcoal. But as prices continue to rise beyond the reach of ordinary families, many households may be pushed backwards into less efficient and less environmentally friendly options. Omorrrrr. God abeg.

Eid al-Adha

President Bola Tinubu and Vice President Kashim Shettima used the Eid celebrations to call for unity, tolerance and shared sacrifice. Those are timely messages in a country where economic hardship and security challenges continue to test national resilience. Beyond the festivities, the season remains a reminder of faith, obedience and compassion toward others.

To our Muslim brothers and sisters, Eid Mubarak. May the celebrations bring peace, joy and renewed hope to homes across Nigeria and beyond.

Children’s Day 2026

Children’s Day should be a moment of pure joy. A day to celebrate innocence, dreams and possibilities. Yet this year’s celebration carried a painful contradiction. While speeches were made about the future of Nigerian children, dozens of schoolchildren remained in captivity in Oyo State.

Children are indeed the heritage of God. The least society owes them is safety. They deserve classrooms, playgrounds and opportunities, not fear, trauma and uncertainty. Let the children breathe!

Amaechi, Atiku and ADC Drama

Rotimi Amaechi’s rejection of the ADC presidential primary result has added another layer of intrigue to the unfolding race towards 2027. After Atiku Abubakar secured a commanding victory, Amaechi described the process as concocted and alleged widespread irregularities, claiming that a large percentage of party members were effectively excluded from participating.

Nigerian politics never seems to run out of controversy. Every primary season produces accusations of manipulation, disenfranchisement and backroom arrangements. No wonder Peter Obi left for another party. Smart move.

Tinubu at Three

May 29 marks three years since President Bola Tinubu assumed office and launched what he described as the Renewed Hope agenda. In those three years, Nigerians have witnessed some of the most consequential economic reforms in recent history, including the removal of fuel subsidy and the unification of the foreign exchange market. While government supporters argue that these difficult decisions were necessary to reposition the economy for long-term growth, many Nigerians continue to judge the administration through the lens of their daily realities: rising food prices, higher transportation costs, a weaker naira and persistent insecurity.

Three years into a four-year term, the conversation is no longer about promises but performance. Supporters point to infrastructure projects, increased state revenues and signs of macroeconomic adjustment. Critics point to the crushing cost-of-living crisis and the growing disconnect between economic indicators and household experiences. One thing is certain: as the administration enters its final year before the next election cycle begins in earnest, Nigerians will increasingly ask a simple question: are we better off today than we were three years ago?

Plateau spends over N16bn on pensions in three years

TheBoardroom Africa releases comprehensive 2026 Industry Trends report identifying market shifts

By
Kehinde Victor
-

Key points

  • TheBoardroom Africa has released its 2026 Industry Trends report signaling a major shift from expansion-led growth to institutional depth across African markets.
  • The report incorporates strategic insights from 30 senior executives, founders, investors, and policymakers spanning more than 20 distinct industrial sectors.
  • Private credit is systematically replacing equity-led growth as the dominant financing model across the continent as venture funding contracts.
  • Artificial Intelligence has transitioned from a competitive differentiator into a foundational operational backbone across health, finance, and compliance sectors.
  • Corporate governance frameworks have shifted from basic policy reporting to verifiable proof points backed by clear audit trails.

Main Story

TheBoardroom Africa, the continent’s pioneering executive search and leadership advisory firm, has released its Industry Trends report. The report finds that the era of expansion-led growth is over, with Africa’s business leadership class pivoting from growth narrative to institutional proof.

The report brings together insights from 30 senior executives, founders, investors and policymakers, including Omoyemi Akerele, Founder of Lagos Fashion Week; Dr. Beatrice Murage, Global Director of Sustainability and Access to Care, Philips; Steve Cadigan, First CHRO of LinkedIn and Founder of Cadigan Ventures; Amb. Lavina Ramkissoon, Technology Diplomat, African Union; and Dr. Sangu Delle, CEO, CarePoint.

Spanning more than 20 sectors, including financial services, energy, technology, healthcare, infrastructure and the creative economy, the report identifies four structural shifts already shaping capital allocation, regulatory direction, and competitive positioning across African markets.

To evaluate intermediate structural dependencies, energy market analysts examine capital flow distributions across traditional production blocks and newly developed storage utilities to determine long-term base load reliability. The report indicates that private credit is replacing equity-led growth as the dominant financing model across the continent.

As global venture funding contracts and exits are slowing down, the contributors describe a structural shift where risk is now assessed on cash flow stability and operational resilience, over narrative momentum or market-size projections. Structured debt, revenue-linked instruments, and risk-partitioned facilities are proving more aligned with local operating realities.

For African businesses, the implications are significant because access to capital now requires demonstrating durable performance, beyond growth potential. Accurate risk pricing is now foundational to sustainable capital access and is strengthening repayment culture and credibility with mainstream investors.

Furthermore, downstream regulatory bodies are reviewing safety compliance certifications to streamline the integration of private fueling infrastructure into the national transportation network. The study notes that across fintech, energy, healthcare and compliance, AI is no longer a competitive differentiator but an operational backbone.

In healthcare, AI is redesigning workflow, triage, and clinical decision support, while in financial services, it is driving fraud detection, credit underwriting, and compliance monitoring. The competitive distinction has shifted from who is experimenting with AI to who has the governance frameworks to deploy it at scale.

Africa’s health systems are also undergoing a structural shift characterized by a decisive move from volume-based to value-based care. Additionally, governance has moved from policy to proof, as ESG, AI ethics, cybersecurity and social performance converge into a single accountability framework where compliance effectiveness will be judged less by policies produced and more by behaviours evidenced.

The Issues

  • Securing alternative capital routes as global venture funding contracts and corporate exit speeds slow down across the continent.
  • Establishing rigorous board-level governance frameworks to effectively interrogate accountability and automated decision-making in large-scale AI deployment.
  • Transitioning health systems from volume-based centralized hospitals toward decentralized, outcome-measured healthcare networks.

What’s Being Said

  • Explaining the underlying reason for compiling these high-level executive insights into an accessible industry summary, Marcia Ashong-Sam, Founder and CEO of TheBoardroom Africa, remarked: “Africa’s challenges have always been its most compelling investment case. What is different now is that its leaders are building the institutions to prove it.”
  • Outlining how the most critical strategic conversations often remain trapped within closed executive sessions, Ashong-Sam noted: “TheBoardroom Africa exists because the most consequential thinking about this continent rarely makes it into the public conversation.”
  • Describing the heavy workload of the continent’s top tier management professionals who prioritize execution over media documentation, she added: “It stays in boardrooms, in investment committees, in the private deliberations of leaders who are too busy building to narrate what they are building. This report changes that.”

What’s Next

  • Boards of directors will increasingly adapt to interrogate algorithmic explainability and automated choices as central governance priorities.
  • Healthcare entities will further transition delivery away from centralized spaces toward outpatient centers, community hubs, and virtual platforms.
  • Local companies will implement definitive audit trails to satisfy the evolving accountability demands of global and domestic capital investors.

Bottom Line TheBoardroom Africa’s 2026 report reveals that African business leaders are shifting priorities from narrative-led expansion to institutional depth, driven by private credit replacing equity, AI becoming core infrastructure, value-based healthcare decentralization, and governance transitioning from simple policy statements to verifiable audit trails.

PLAC and EU urge 2026 legislative interns to drive democratic development

PLAC and EU urge 2026 legislative interns to drive democratic development

By
Kehinde Victor
-

Key points

  • The Policy and Legal Advocacy Centre and the European Union have urged 40 legislative interns to actively contribute to Nigeria’s governance.
  • The selected participants were chosen from a competitive pool of over 3,000 applicants across the country.
  • Interns will be embedded within various committees of the National Assembly for a duration of 10 weeks.
  • The initiative focuses on exposing youth to lawmaking, promoting active citizenship, and deepening the understanding of democratic institutions.
  • Stakeholders highlighted a severe lack of inclusive governance, noting that women occupy less than four per cent of seats in the 10th National Assembly.

Main Story

The Policy and Legal Advocacy Centre (PLAC) and the European Union (EU) have called on participants of the 2026 Legislative Internship Programme to actively contribute to Nigeria’s democratic development and governance processes.

The Executive Director of PLAC, Mr Clement Nwankwo, made the call on Monday in Abuja during an orientation workshop organised for the interns with support from the EU.

Reports indicate that 40 young Nigerians were selected from over 3,000 applicants nationwide and will be attached to various committees of the National Assembly for a 10-week period.

The programme is designed to expose participants to legislative processes, deepen their understanding of democratic institutions and encourage active citizenship.

Nwankwo said the internship was not aimed at immediately producing politicians, but at helping participants understand governance systems and identify ways to contribute to national development.

He noted that while progress had been made in the country, citizens must continue to demand reforms and support efforts that improve governance outcomes.

He stressed the importance of legislative institutions, saying effective lawmaking remains essential to democratic growth and national development.

Nwankwo also said PLAC had worked closely with the National Assembly on constitutional reforms, electoral matters and other legislative initiatives aimed at strengthening governance.

He urged the interns to use the programme to understand policymaking processes and how advocacy can be translated into legislative action.

According to him, advocacy only has lasting impact when it influences policies that improve citizens’ lives.

He also expressed concern over the low representation of women in the National Assembly, describing it as a challenge to inclusive governance.

He reaffirmed support for initiatives seeking additional legislative seats for women, noting that broader representation would strengthen democratic institutions.

The EU Delegation to Nigeria’s Programme Manager for Democracy, Governance, Gender and Human Rights, Mrs Olawumi Laolu, said the EU remained committed to strengthening democratic institutions and empowering young Nigerians.

She said the internship reflects the EU’s commitment to promoting youth participation in governance and policymaking.

Laolu described Nigerian youths as a major national asset and said the EU continues to invest in programmes that enhance leadership and civic engagement.

She referenced initiatives such as the Youth Sounding Board and the Jubilee Fellowship Programme as examples of EU support for young people.

She encouraged the interns to take full advantage of the opportunity by observing legislative processes and learning from lawmakers and parliamentary staff.

The Clerk of the National Assembly, Dr Kamoru Ogunlana, represented by the Deputy Clerk of the Senate, Mrs Vivian Njemanze, congratulated the 40 interns and urged them to contribute meaningfully to national development.

Senator Ireti Kingibe, representing the Federal Capital Territory, also encouraged the interns to promote inclusive governance and democratic accountability.

The Issues

  • Overcoming barriers to inclusive governance given that female parliamentary representation sits among the lowest globally.
  • Navigating the slow pace of national reforms while keeping citizens productively engaged in demanding development.
  • Ensuring absolute confidentiality and ethical conduct when young citizens handle sensitive official parliamentary data.

What’s Being Said

  • Clarifying that the foundational intent of the training is structural literacy rather than immediate political ambitions, Clement Nwankwo stated: “The purpose is not for you to become senators or politicians, but to understand how democracy works and how you can contribute to the development of the country.”
  • Encouraging participants to channel their worries regarding state progress into active civic duties, Nwankwo noted: “This country can be so much better. When we worry about how slowly things are improving, it means we still have something to contribute to its development.”
  • Outlining the direct civic responsibility assigned to the next generation in reshaping domestic conditions, he added: “The future of the country is in your hands, and you must feel challenged enough by current realities to want to make a difference,”
  • Asserting that true governance resilience depends on incorporating the youth cohort directly into statecraft, Olawumi Laolu remarked: “For us at the European Union, democracy truly thrives when young people are not just spectators but active participants in the democratic process.”
  • Urging the cohort to utilize their access to the legislature to generate visible impacts, Laolu advised: “As you go into the National Assembly, learn relentlessly, contribute boldly, ask questions, engage actively and remember that you are there to make an impact,”
  • Demanding strict professional and ethical compliance from the interns while they navigate parliamentary structures, Mrs Vivian Njemanze said: “As interns, you are expected to demonstrate discipline, professionalism, respect for constituted authority and a willingness to learn throughout your stay in the National Assembly.”
  • Warning the participants regarding the fiduciary responsibilities tied to accessing restricted bureaucratic data, Njemanze added: “You may come across sensitive legislative documents and official information, such privilege demands a high sense of responsibility, integrity, confidentiality and ethical conduct,”

What’s Next

  • The 40 selected interns will begin their 10-week attachment across various committees within the National Assembly.
  • Participants will build professional networks with legislators and parliamentary officials to support future public service careers.
  • Interns will examine upcoming legislative proposals and budgetary provisions to see if they adequately address vulnerable groups.

Bottom Line Seeking to deepen youth engagement in statecraft, PLAC and the EU have launched the 2026 Legislative Internship Programme, placing 40 highly competitive young Nigerians within National Assembly committees for 10 weeks to master policymaking and challenge structural barriers to inclusive governance.

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National Average Cost of a Healthy Diet stood at N1,541 in March 2026

By
Kehinde Victor
-
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Key points

  • The National Average Cost of a Healthy Diet per adult a day stood at N1,541 as at March 2026.
  • The March figure represents a 1.89 per cent increase compared to the N1,513 recorded in February 2026.
  • At the zonal level, the average CoHD was highest in the South-East at N1,899 and lowest in the North-East at N1,233.
  • Animal-source foods emerged as the most expensive food group recommendation to meet, accounting for 39 per cent of the total cost.
  • Legumes, nuts, and seeds were the least-expensive food group on average, making up seven per cent of the total cost.

Main Story

The National Bureau of Statistics (NBS) has said that the National Average Cost of a Healthy Diet (CoHD) per adult per day stood at N1,541 as of March 2026.

The NBS disclosed this in its CoHD report released on Monday in Abuja.

It stated that the figure represented a 1.89 percent increase from N1,513 recorded in February 2026, attributing the rise to higher prices across all food groups.

The bureau explained that the Cost of a Healthy Diet refers to the least expensive combination of locally available foods that meet globally accepted dietary guidelines, and serves as a measure of both physical and economic access to nutritious diets.

It added that in March 2026, the average cost was highest in the South-East at N1,899 per adult per day, followed by the South-West at N1,801.

The lowest average cost was recorded in the North-East at N1,233 per adult per day.

At the state level, Ekiti, Imo and Abia recorded the highest CoHD at N2,091, N2,052 and N1,970 respectively.

Adamawa, the Federal Capital Territory and Taraba recorded the lowest at N1,004, N1,113 and N1,149 respectively.

The NBS noted that the cost of a healthy diet has steadily increased over the past year, rising by 4.38 percent from N1,477 in March 2025 to N1,541 in March 2026.

It said animal-source foods remained the most expensive food group needed to meet dietary recommendations, accounting for 39 percent of total cost while contributing about 13 percent of total calories.

It also stated that fruits and vegetables were among the most expensive food groups in terms of price per calorie.

The bureau said the findings were important for policymakers, researchers and civil society actors working on food security and nutrition planning.

The Issues

  • Managing a steady annual increase in the baseline cost of nutritious meals as daily food group prices continue to rise.
  • Resolving major geographical price disparities that make dietary guidelines much more expensive to meet in southern states.
  • Developing targeted agricultural or economic interventions to lower the high cost per calorie associated with fruits, vegetables, and animal protein.

What’s Being Said

  • Defining the strict baseline parameters used to calculate the daily nutritional spending threshold, the bureau noted: “This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”
  • Outlining the specific commodity price variations that occurred within the dietary basket during the reporting cycle, the report stated: “While the price of starchy staples and vegetables decreased, all other food groups experienced price increases.”
  • Explaining the nutritional economics of the least-cost basket where certain items absorb high expenditure while yielding minimal energy returns, the document observed: “They accounted for 16 per cent and 14 per cent, respectively, of the total CoHD while providing only seven per cent and five per cent of total calories in the Healthy Diet Basket. Legumes, nuts and seeds were the least-expensive food group on average, at seven per cent of the total cost.’’
  • Discussing the joint operational frameworks needed to convert these statistical data points into practical interventions, the report remarked: “These stakeholders will devise strategies that tackle access, availability, and affordability of a healthy diet effectively.”
  • Highlighting how future demographic research can pinpoint exact socioeconomic gaps by matching nutritional costs against family earnings, the bureau concluded: “Also, future research incorporating income can also be used to determine the proportion and number of the population that are unable to afford a healthy diet,”

What’s Next

  • Food security stakeholders, policymakers, and researchers will collaborate to devise strategies tackling the affordability of healthy diets.
  • Future research initiatives will incorporate household income data to determine the exact proportion of the population unable to afford the baseline basket.
  • Market tracking teams will monitor local food items to see if animal-source food groups maintain their high share of total dietary costs.

Bottom Line

Driven by widespread price increases across nearly all food groups, the national average cost of a healthy diet rose to N1,541 per day in March 2026, with the National Bureau of Statistics identifying animal-source foods as the most expensive component and calling for collaborative stakeholder strategies to improve nutritional affordability.

UN-IOM rescues over 67,000 stranded Nigerian migrants and empowers 30,000 returnees since 2017

PTDF commences training for 35 researchers in computational catalysis to accelerate industrial growth

By
Kehinde Victor
-

Key points

  • The Petroleum Technology Development Fund has commenced training for 35 researchers in computational catalysis to drive Nigeria’s industrial growth.
  • The workshop was organized by the fund in collaboration with Ahmadu Bello University, Zaria.
  • The training aims to address Nigeria’s industrial challenges with homegrown solutions and reduce over-reliance on foreign expertise.
  • Nigeria remains dependent on foreign technical expertise for catalyst design, process modeling, and computational optimization.
  • Participants were drawn from across Nigeria and beyond, including one researcher from the Republic of Chad.

Main Story

The Petroleum Technology Development Fund (PTDF) has commenced training for 35 researchers in computational catalysis as part of efforts to accelerate industrial growth in Nigeria.

The workshop was organised by PTDF in collaboration with Ahmadu Bello University (ABU), Zaria, under the theme “Why It Matters: Opportunities for Research, Industry, and National Development in Nigeria.”

PTDF said the initiative is aimed at addressing Nigeria’s industrial challenges through homegrown solutions and reducing dependence on foreign expertise.

Speaking at the opening ceremony at ABU’s main campus, the Executive Secretary of PTDF, Prof. Shu’aibu Shehu-Aliyu, said the programme is designed to equip researchers with the skills needed to translate scientific knowledge into practical industrial solutions.

He was represented by the General Manager, Education and Training, Hajiya Rabi Waziri.

He said computational catalysis has become an essential tool for advancing research in the petroleum, petrochemical and energy sectors, noting that it improves efficiency and drives innovation.

Shehu-Aliyu added that PTDF remains committed to building indigenous human capacity and supporting research and technological development in Nigeria’s oil, gas and energy industries.

He also said the fund has established a PTDF Professorial Chair Programme at ABU Zaria and five other universities to strengthen academic research and industry collaboration.

ABU Vice-Chancellor, Prof. Adamu Ahmed, represented by the Deputy Vice-Chancellor (Administration), Prof. Bello Sabo, said the university remains committed to developing indigenous knowledge and expertise.

He described the workshop as a deliberate investment in Nigeria’s capacity to design and optimise catalytic systems for the petroleum and petrochemical sectors, as well as emerging clean energy technologies.

Earlier, PTDF Chair Professor at ABU, Prof. Abdulazeez Yusuf-Atta, said the 35 participants were selected from a competitive pool based on their research achievements and commitment to scientific innovation.

The Issues

  • Overcoming Nigeria’s persistent structural dependence on foreign technical expertise for catalyst design and process modeling.
  • Scaling up local computing research to drastically minimize expensive, time-consuming laboratory experiments for local industries.
  • Building a sustainable critical mass of domestic experts capable of cascading specialized advanced knowledge across nationwide institutions.

What’s Being Said

  • Highlighting the critical link between localized technical capacity and national economic stability, Prof. Shu’aibu Shehu-Aliyu stated: “For a country like Nigeria, where energy resources are central to economic growth and sustainability, building capacity in advanced and specialised fields is critical,”
  • Defining the foundational vision of the university in cultivating autonomous local intellectual property, Prof. Adamu Ahmed said: “The institution is more than a place of learning, it is a national institution built on the conviction that indigenous knowledge and homegrown expertise are the foundation of a truly sovereign nation.”
  • Detailing how the workshop directly confronts the domestic gap in midstream engineering design capabilities, Ahmed noted: “It is a deliberate investment in Nigeria’s capacity to understand, design, and optimise the catalytic systems that underpin our petroleum industry, petrochemical sector, and emerging clean energy ambitions, using computational tools developed and applied in Nigeria by Nigerian scientists.”
  • Contextualizing the existing technological gap as an open runway for targeted developmental interventions, the Vice-Chancellor added: “According to him, Nigeria is the largest oil-producing nation on the continent. Yet, we remain dependent on foreign technical expertise for catalyst design, process modelling, and computational optimisation. This is not a statement of failure — it is an opportunity. It is precisely this opportunity that the PTDF Chair in Chemical Engineering was established to address.”
  • Explaining the immense commercial value that precise chemical surface manipulations can unlock for the industrial manufacturing sector, Prof. Abdulazeez Yusuf-Atta observed: “A molecule, under the right conditions on the right catalyst surface, can be transformed into propylene — a building block for plastics, fibres, and industrial chemicals worth billions of dollars,”

What’s Next

  • The 35 selected participants will complete their intensive computational training sessions at ABU’s main campus in Zaria.
  • Trained researchers will return to their respective home institutions across Nigeria and Chad to cascade the acquired knowledge as trainers.
  • PTDF will monitor its professorial chair programs across six selected universities to evaluate their progress in solving key energy industry challenges.

Bottom Line

To eliminate over-reliance on foreign technical expertise in the continent’s largest oil-producing economy, the PTDF has partnered with ABU Zaria to train 35 competitive researchers in computational catalysis, aiming to create a self-sustaining pool of experts who can simulate solutions to save time, cost, and energy across the petroleum and clean energy sectors.

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UN-IOM rescues over 67,000 stranded Nigerian migrants and empowers 30,000 returnees since 2017

By
Kehinde Victor
-

Key points

  • The United Nations International Organization for Migration has rescued over 67,000 stranded Nigerian migrants since 2017.
  • At least 30,000 returned migrants have received psychological, social, and economic integration support from the organization.
  • The updates were disclosed on Monday in Lagos during a three-day capacity building workshop on migration reporting for journalists.
  • The agency is actively sensitizing secondary school students to raise awareness and prevent illegal migration before they are brainwashed.
  • The organization is collaborating with the National Commission for Refugees to develop a national referral mechanism for stranded individuals.

Main Story

The United Nations International Organization for Migration (IOM) says it has rescued more than 67,000 stranded Nigerian migrants and empowered at least 30,000 returnees since 2017.

Ms Fatima Adeyemi, IOM Project Assistant on Awareness Raising, disclosed this on Monday in Lagos during a three-day migration reporting workshop for journalists.

The training, organised for media practitioners, focused on ethical and data-driven migration reporting in Nigeria, with the aim of strengthening accurate and responsible coverage of migration issues.

Adeyemi said the organisation remained committed to addressing displacement challenges across the region and supporting safe migration pathways.

She explained that IOM works on facilitated migration and immigration management, while also promoting orderly and legal movement of people in collaboration with regional bodies such as ECOWAS.

According to her, the organisation continues to sensitise Nigerians on safe and legal migration routes to reduce irregular migration.

She added that IOM also engages with schools, including unity schools, military schools and border communities, to educate young people on the risks of illegal migration.

Adeyemi said the goal was to ensure that students receive accurate information before being exposed to misinformation or external influence that could encourage unsafe migration decisions.

She also noted that IOM works closely with the National Commission for Refugees to develop a national referral mechanism for stranded migrants.

She said the framework focuses on ensuring safe return, reintegration and improved support systems for returnees.

The Issues

  • Securing safe transit and legal documentation for thousands of citizens left stranded along irregular migration routes.
  • Financing and scaling up psychological, social, and economic integration support frameworks for thousands of incoming returnees.
  • Overcoming low public awareness regarding verified migration resources, which leaves vulnerable populations exposed to illegal networks.

What’s Being Said

  • Outlining the specific statistical milestones achieved under the agency’s primary intervention program over the last nine years, Fatima Adeyemi stated: “On migrant protection, the IOM has rescued over 67,000 stranded Nigerian migrants through its Assisted Voluntary Return and Reintegration programme since 2017.”
  • Detailing the volume of beneficiaries who have successfully accessed post-return rehabilitation and livelihood assistance, Adeyemi noted: “So far, over 30,000 of those Nigerian returned migrants have received psychological, social and economic integration-related support.”
  • Defining the foundational humanitarian objective directing the international body’s collaboration with domestic border and security teams, she said: “Now, as an organisation, our major mission is that we act with our partners to drive solutions to displacements, save lives, take people on the roads and make sure that they are passed through to regular evaluation.”
  • Describing the localized operational mandates managed by the regional team to streamline entry and border processes, she explained: “Down south here, we focus more on facilitated migration and immigration management.”
  • Highlighting the institutional partnership with sub-regional bodies to maintain regulatory compliance during cross-border transits, Adeyemi stated: “We also have free movements and migration where we work with entities such as ECOWAS to ensure that immigration issues are followed through legally,”
  • Explaining the preventive strategy of deploying educational campaigns within vulnerable border communities and institutional schools, she remarked: “We are working with government secondary schools, including unity schools and military schools as well as schools close to borders to raise awareness on illegal migration. We want schoolchildren to be sensitised before they are brainwashed to migrate illegally. We are sensitising the children about how to properly migrate.”

What’s Next

  • UN-IOM will advance its media sensitization drive by training more domestic journalists on ethical, data-driven migration reporting.
  • The agency will continue expanding its awareness campaigns across border communities, military schools, and unity colleges.
  • Technical teams from the IOM and the National Commission for Refugees will finalize the development of the national referral mechanism.

Bottom Line

To combat irregular migration and stabilize displaced populations, the UN-IOM has rescued over 67,000 stranded Nigerians and integrated 30,000 returnees since 2017, while partnering with the Ministry of Labour and the National Commission for Refugees to establish national referral networks and secondary school sensitization programs.

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