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Abeokuta residents stage peaceful protest to demand release of abducted Oyo pupils and teachers

By
Kehinde Victor
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Key points

  • Residents of Abeokuta staged a peaceful protest calling for the immediate release of abducted school children and teachers in Oyo State.
  • The demonstration followed the abduction of 39 pupils and seven teachers from three schools in the Oriire Local Government Area in May.
  • Protesters gathered at the Panseke skating ground carrying placards demanding an end to systemic kidnapping.
  • Entrepreneurs and local business owners stated that the worsening security situation has severely disrupted regional commerce and travel.
  • Security personnel from the police and NSCDC were strategically deployed across the state to maintain public order.

Main Story

Residents of Abeokuta on Monday staged a peaceful protest calling on authorities to ensure the immediate release of school children and teachers abducted in Oyo State.

The protesters, including youths, traders, mothers and other residents, gathered at the Panseke skating ground carrying placards with inscriptions such as “Bring back our kidnapped children” and “Help us stop kidnapping.”

The demonstration followed the abduction of 39 pupils and seven teachers from three schools in the Oriire Local Government Area of Oyo State in May.

Speaking on behalf of the protesters, Pastor Juwon Owolabi said the incident had left residents in fear and uncertainty.

He said insecurity had made it difficult for businesses and daily activities to thrive, and urged the government to deploy all necessary resources to secure the release of the victims and protect communities.

He also called on Nigerians to unite and peacefully demand stronger action against insecurity.

An entrepreneur, Mrs Ada Comfort, said the worsening security situation had disrupted her business operations, adding that fear of travel had affected her ability to meet customer demands.

She expressed sympathy for the abducted children and their families, describing their situation as heartbreaking.

A nursing mother, Mrs Precious Jonathan, said she joined the protest to advocate for a safer future for her children.

She said she often thought about the abducted children, especially during difficult weather conditions, and appealed to the government to prioritise citizens’ safety and welfare.

A businessman, Mr Ayodeji Ojo, urged security agencies to intensify efforts to rescue the victims and called for temporary closure of schools in vulnerable areas until security improves.

Security personnel, including officers of the police and the NSCDC, were deployed across Abeokuta to maintain order during the protest.

The Issues

  • Securing the immediate release of 39 pupils and seven teachers abducted from Oriire schools.
  • Mitigating business disruptions and trade stagnation caused by regional transport fears and insecurity.
  • Evaluating the strategic necessity of a temporary shutdown of academic institutions in highly vulnerable zones.

What’s Being Said

  • Outlining how pervasive regional security failures stifle local market productivity and personal movement, Pastor Juwon Owolabi stressed that “businesses and daily activities cannot flourish in an insecure environment,”
  • Expressing structural distress over the immediate operational challenges confronting domestic trade networks, Mrs Ada Comfort said “the worsening security situation had disrupted her business activities.”
  • Characterizing the psychological reality of families managing the trauma of missing dependents, Comfort described their ordeal as “heartbreaking.”
  • Highlighting maternal anxieties regarding the environmental hazards endured by captive children, Mrs Precious Jonathan said she joined the protest because she “desired a safer future for her children.”

What’s Next

  • Security agencies will face sustained pressure to intensify intelligence and operational tracking to rescue the 46 captives.
  • Government authorities will consider policy demands regarding enhanced anti-kidnapping legislation and potential temporary school closures in vulnerable corridors.
  • Police and NSCDC units will maintain strategic deployments across key public areas to preserve civil order.

Bottom Line

Demanding the immediate rescue of 39 pupils and seven teachers abducted in neighboring Oyo State, Abeokuta residents shut down the Panseke skating ground in a peaceful demonstration, warning that rising insecurity has paralyzed local commerce and demanding that the government prioritize public safety.

Adebayo dismisses Tinubu’s economic achievements as ‘Paper Gains’

Customs urged to halt Grimaldi container sale as Expert alleges $600m revenue loss to Nigeria

By
BWN
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Key points

  • Trade consultant alleges Nigeria may have lost over $600 million in customs duties and VAT through the unlawful disposal of shipping containers over three decades.
  • Nigeria Customs Service urged to suspend Grimaldi Agency Nigeria’s planned sale of 2,500 empty containers pending a comprehensive audit.
  • Allegations raise fresh concerns over customs compliance, revenue leakages, and the use of foreign currency in domestic transactions.

Main story

Fresh concerns have emerged over potential revenue leakages in Nigeria’s maritime sector following allegations that the country may have lost more than $600 million in customs duties and value-added tax (VAT) through the sale of empty shipping containers by foreign shipping lines operating in the country.

The allegations were made by the Principal Consultant of International Trade Advisory Services, Okey Ibeke, who called on the Nigeria Customs Service (NCS) to immediately suspend the planned sale of over 2,500 empty containers by Grimaldi Agency Nigeria pending a comprehensive investigation.

Speaking at a meeting with members of the Shipping Correspondents Association of Nigeria (SCAN) in Lagos, Ibeke argued that the proposed sale raises critical questions about compliance with customs regulations and the Federal Government’s efforts to curb the dollarisation of local transactions.

According to reports, Grimaldi plans to sell its empty containers to members of the public at $2,000 for a 40-foot container and $1,600 for a 20-foot container, with payments expected to be made in United States dollars through domiciliary accounts.

Ibeke contended that the issue extends beyond the pricing mechanism, arguing that the containers entered Nigeria under a temporary import regime and cannot be legally sold locally without first being converted to permanent imports through customs procedures.

He explained that under the Nigeria Customs Service Act 2023 and existing Temporary Import Guidelines, shipping containers brought into the country under temporary admission must either be re-exported or formally converted through a process that includes customs valuation, payment of applicable duties, taxes and levies, and the issuance of official release approvals by the Customs Service.

According to him, failure to complete these procedures before disposal amounts to a breach of customs regulations and potentially deprives the government of significant revenue.

Using current customs tariff calculations, Ibeke estimated that government revenue losses from duties and taxes could range between $350 and $400 per container. Based on Grimaldi’s proposed disposal of 2,500 containers, he said the potential revenue loss could approach $1 million from a single transaction.

He further claimed that if similar practices had occurred across the shipping industry over the past three decades, involving an estimated 250,000 containers, cumulative losses to the government could exceed $375 million in duties and taxes, translating to more than ₦600 billion at current exchange rates.

The consultant noted that Nigeria’s longstanding trade imbalance contributes to the problem, as vessels arrive with import cargoes but often depart with large numbers of empty containers due to limited containerised exports. This, he argued, creates incentives for shipping companies to dispose of empty containers locally rather than incur the high costs of repatriating them abroad.

The issues

The controversy touches on several critical issues within Nigeria’s maritime and trade ecosystem.

At the centre of the debate is whether shipping lines have complied with customs requirements governing temporary imports and whether government agencies have effectively monitored the movement, conversion or disposal of empty containers over the years.

The matter also raises concerns about potential revenue leakages at a time when the Federal Government is seeking to boost non-oil revenue and improve fiscal sustainability.

Another dimension relates to the continued use of foreign currency in domestic transactions. Industry stakeholders argue that requiring payments in dollars may conflict with ongoing efforts by monetary authorities to strengthen the naira and discourage dollar-denominated local transactions.

The allegations also revive longstanding complaints from importers and freight forwarders regarding container deposits, demurrage charges, detention fees and other shipping-related costs that are often billed in foreign currency.

What’s being said

Ibeke has urged the Nigeria Customs Service to suspend all ongoing and planned container sales by Grimaldi and other shipping lines until a comprehensive audit is conducted.

He called for a system-wide investigation covering shipping companies and their agents operating in Nigerian ports, with a reconciliation of customs records, port exit data and container movements to determine whether containers were properly re-exported, legally converted or unlawfully disposed of.

The trade consultant also advocated the recovery of all unpaid duties, taxes, levies and penalties from operators found to have breached customs regulations.

According to him, enforcing compliance is necessary not only to protect government revenue but also to ensure fairness and transparency within the maritime sector.

What’s next

Attention is now expected to shift to the Nigeria Customs Service and other maritime regulators, including the Nigerian Ports Authority and the Nigerian Shippers’ Council, to determine whether investigations will be initiated into the allegations.

Industry stakeholders will also be watching closely to see whether Grimaldi proceeds with the proposed sale or whether regulatory intervention alters the planned transaction.

Should an audit be conducted, it could potentially trigger wider scrutiny of container disposal practices involving major international shipping lines operating in Nigerian ports.

The outcome may also influence future policies governing temporary imports, container management and foreign currency transactions within the maritime industry.

Bottom line

The allegations surrounding Grimaldi’s proposed container sale have opened a broader conversation about customs compliance, revenue protection and regulatory oversight within Nigeria’s maritime sector. While the claims remain allegations pending official verification, they underscore the need for greater transparency in container management and stronger enforcement of customs procedures to prevent potential revenue leakages in one of the country’s most strategic economic sectors.

Interswitch Group founder, Mitchell Elegbe, rejoins global jury for 2026 EY World Entrepreneur of the Year Awards grand finale in Monaco for the 3rd consecutive year

Adebayo dismisses Tinubu’s economic achievements as ‘Paper Gains’

By
Leonard Offiong
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President Bola Tinubu
President Bola Tinubu

Key Points

  • SDP presidential candidate Adewole Adebayo says Nigerians have not benefited from the economic gains touted by the Tinubu administration.
  • He argues that rising poverty, unemployment and declining purchasing power contradict official claims of economic progress.
  • Adebayo attributes improvements in government revenue and foreign reserves largely to naira devaluation and increased borrowing.
  • He insists that economic policies should be measured by their impact on citizens’ daily lives rather than by macroeconomic statistics.

Main Story

The presidential candidate of the Social Democratic Party (SDP) in the 2027 general election, Adewole Adebayo, has dismissed claims of economic progress under President Bola Tinubu, arguing that the administration’s celebrated macroeconomic gains have failed to improve the living conditions of ordinary Nigerians.

Speaking during a television interview to mark the third anniversary of the Tinubu administration, Adebayo said economic performance should be assessed through the realities confronting citizens rather than through official figures and government narratives.

According to him, while public officials continue to point to positive economic indicators, most Nigerians are facing worsening economic hardship characterised by rising living costs, shrinking purchasing power, unemployment and deepening poverty.

The SDP standard-bearer maintained that any economy that is genuinely improving would be felt by citizens across various sectors, including farmers, traders, workers, industrialists and consumers.

The Issues

Adebayo questioned the ruling All Progressives Congress (APC)’s continued attribution of current economic challenges to inherited problems, noting that the party has remained in power since 2015.

He argued that the economic conditions inherited by President Tinubu in 2023 were themselves products of eight years of APC governance, making it difficult for the party to distance itself from the outcomes.

The Ondo prince further accused the administration of creating what he described as an “illusion of progress” through currency devaluation and heavy borrowing.

According to him, increases in government revenue and foreign reserves frequently cited by officials do not necessarily indicate genuine economic growth, but are largely consequences of naira depreciation and debt accumulation.

He also argued that official economic indicators fail to reflect the realities confronting households and businesses, citing rising unemployment, worsening poverty and declining purchasing power despite reports of GDP growth and moderating inflation.

Adebayo further criticised the government’s foreign exchange policies, saying they have increased the cost of executing projects awarded before the naira’s depreciation and placed additional financial pressure on state governments and businesses.

He also expressed concerns over the administration’s borrowing strategy, arguing that much of the growth in Nigeria’s foreign reserves is linked to loans rather than productive economic expansion.

What’s Being Said

“No one’s life is better off except those who are in government. When all economic policies crystallise, they are reflected in what people pay for food, rent, transportation, healthcare and education. In all of these objective indicators, no one’s life is better off than before,” Adebayo said.

“The economy belongs to all of us. If it is working, everybody will know it is working. Farmers, industrialists, traders, workers and consumers will feel it,” he stated.

“The same political party and largely the same political actors produced the situation they now describe as terrible. Nigerians voted for them twice and those conditions emerged under their watch,” Adebayo argued.

“What they suffer from is what economists call the illusion of money. The devaluation of the naira creates the appearance that more money is coming in, but the reality is that the money has lost purchasing power,” he stated.

“The average Nigerian wants to know whether he can buy food tomorrow. That is the true test of economic policy,” Adebayo highlighted.

“They have engaged in heavy borrowing since coming into office, and a significant portion of the reserves being celebrated is already spoken for,” he said.

“The president and the country are better served by an honest assessment of the economy than by defensive arguments that do not reflect what Nigerians are experiencing,” Adebayo submitted.

What’s Next

Adebayo’s remarks add to the growing debate over the impact of the Tinubu administration’s economic reforms, particularly the removal of fuel subsidies and the liberalisation of the foreign exchange market.

While government officials continue to defend the reforms as necessary steps toward long-term economic stability, critics maintain that the policies have significantly increased the cost of living and worsened economic hardship for many Nigerians.

The SDP candidate insisted that government policies should ultimately be judged by tangible improvements in citizens’ welfare rather than by macroeconomic indicators alone.

Bottom Line

Adebayo believes the Tinubu administration’s reported economic gains have yet to translate into meaningful improvements in the lives of ordinary Nigerians. He argues that until citizens experience better living standards, increased purchasing power and reduced economic hardship, official claims of success will remain disconnected from realities on the ground.

NNPC Ltd records N481 billion Profit After Tax for April 2026

By
Kehinde Victor
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Keypoints

  • NNPC Ltd. recorded N481 billion Profit After Tax for April 2026, marking a sharp jump from N276 billion posted in March.
  • Monthly oil revenue hit N4.971 trillion, representing a 79.23 per cent increase compared to the previous month.
  • Crude oil and condensate production rose by 7.69 per cent to reach 1.68 million barrels per day.
  • Cumulative statutory payments made by the national oil company from January to April 2026 stood at N3.714 trillion.
  • Major midstream milestones included the successful completion of the OB3 River Niger Crossing project.

Main Story

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reported a Profit After Tax (PAT) of N481 billion for April 2026.

The company disclosed this in its April Monthly Report Summary released via its official X handle.

It said the figure represents a significant increase from the N276 billion recorded in March 2026.

NNPC Ltd. also reported that crude oil and condensate production rose to 1.68 million barrels per day (mmbopd) in April, marking a 7.69 percent increase from March levels.

It added that revenue from crude oil sales stood at N4.971 trillion, up from N2.77 trillion in March, representing a 79.23 percent increase.

Gas production remained largely stable at 7,730 million standard cubic feet per day (mmscf/d), compared to 7,731 mmscf/d in March.

The company said cumulative statutory payments from January to April 2026 amounted to N3.714 trillion.

It highlighted the completion of the OB3 River Niger Crossing project as one of its key milestones during the period.

NNPC Ltd. also noted continued progress on the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project, aimed at facilitating early gas delivery to Abuja in 2026.

The company said its ongoing initiatives are focused on strengthening Nigeria’s energy infrastructure and improving operational performance.

The Issues

  • Accelerating pipeline construction and installation activities along the AKK mainline to meet target deadlines.
  • Transitioning from completed river crossings into full commercial distribution to supply regional gas markets.
  • Maintaining operational momentum to preserve the sharp monthly jumps in corporate oil revenues and profit margins.

What’s Being Said

  • Outlining the primary midstream construction milestones achieved during the monthly operational review cycle, the company highlighted the successful completion of the OB3 River Niger Crossing project as one of its major milestone during the period.
  • Explaining the ultimate infrastructural goal of the ongoing works across the northern pipeline corridor, the report noted continued progress on construction and installation activities along the Ajaokuta-Kaduna-Kano (AKK) Gas pipeline mainline, aimed at achieving early gas delivery to Abuja in 2026.
  • Detailing the underlying financial and technical motivations directing the company’s capital allocation choices, the report further outlined its strategic initiatives undertaken during the month aimed at strengthening Nigeria’s energy infrastructure to enhance operational performances.

What’s Next

  • Technical teams will advance construction and installation activities along the main pipeline corridor to deliver early gas to Abuja in 2026.
  • NNPC Ltd. will monitor production metrics to sustain daily crude and condensate output above the 1.68 million barrels threshold.
  • Finance officials will track subsequent monthly disclosures via digital handles to evaluate corporate revenue trends against statutory payment targets.

Bottom Line

Driven by a 7.69 per cent increase in daily crude production that pushed oil revenues to N4.971 trillion, NNPC Ltd. recorded a massive N481 billion Profit After Tax for April 2026 while successfully completing the OB3 River Niger Crossing to advance early gas delivery to Abuja.

Indiscriminate recording of officers threatens security efforts, IGP warns

Teachers in Oyo State begin indefinite strike over kidnapping of colleagues and pupils

By
Kehinde Victor
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Oyo State Govt

Key points

  • Teachers in public primary and secondary schools across Oyo State began an indefinite strike on Monday.
  • The industrial action protests the abduction of teachers and pupils from three schools in Oriire Local Government Area.
  • Armed men attacked the schools on May 15, abducting victims and killing two persons.
  • Full compliance with the strike order was recorded across the capital city of Ibadan and other major zones of the state.
  • Only candidates sitting for the ongoing WASSCE and teachers assigned to invigilation duties were permitted onto school premises.

Main Story

Teachers in public primary and secondary schools across Oyo State on Monday commenced an indefinite strike to protest the abduction of teachers and pupils from schools in Oriire Local Government Area of the state.

Reports indicate that armed men attacked Community Grammar School and L.A. Primary School in Ahoro-Esinle, as well as Baptist Nursery and Primary School in Yawota near Ogbomoso on May 15, killing two persons and abducting several pupils and teachers.

Following the incident, the Oyo State wing of the Nigeria Union of Teachers (NUT) directed teachers to embark on an indefinite strike beginning June 1.

A News Agency of Nigeria (NAN) correspondent who monitored the situation in Ibadan reported full compliance with the directive across public schools.

Some of the schools visited included Anglican Junior Secondary School, Orita-Mefa; St. Patrick Secondary School, Bashorun; St. Louis Grammar School, Mokola; Oba Akinbiyi Model School; and St. Brigid’s School, Mokola.

Many students who arrived at school as early as 7:45 a.m. were turned back and asked to return home.

NAN also observed that only candidates sitting for the ongoing West African Senior School Certificate Examination (WASSCE) and teachers involved in invigilation duties were allowed into school premises.

The strike was also observed in other parts of the state, including Oyo, Ogbomoso, Iseyin, Saki, Eruwa and Igboora in the Ibarapa zone, where public schools remained closed in compliance with the directive.

The Issues

  • Securing the immediate release of abducted pupils and teachers taken during the violent school incursions.
  • Managing complete structural shutdowns of public primary and secondary institutions across multiple regional zones.
  • Minimizing long-term instructional delays for secondary students while maintaining strict safety blockades.

What’s Being Said

  • Expressing shared professional commitment toward the missing victims and explaining the immediate workplace absence, Mrs Yemisi Alao told NAN: “We are all complying in solidarity with the affected teachers, pupils and their families. We pray that the abducted victims will regain their freedom and return home safely,”
  • Outlining the proactive informational directives sent out to institutional actors to minimize logistical confusion at school gates, Mrs Tayo Olutayo said: “Only WAEC candidates and teachers involved in the examination process are expected to be in school,”

What’s Next

  • Public schools will continue their indefinite closures across Oyo State as long as the NUT directive remains active.
  • Examination officers will maintain limited school access exclusively for students completing their ongoing WASSCE papers.
  • State security tracking will face pressure to locate the missing victims from Oriire Local Government Area.

Bottom Line Following a directive from the NUT, public school teachers across Oyo State have shut down classrooms in full compliance with an indefinite strike to protest the May 15 armed assault and abduction of pupils and staff in Oriire, freezing regular school operations while granting entry only to active WASSCE candidates and invigilators.

Senegal nominates Birame Diop for ECOWAS President

NGX Top 10 gainers in May 2026 as ASI hits 250,000 Milestone

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya | June 1, 2026

Key Points

  • Nigerian Exchange’s top 10 performers in May 2026 delivered returns from 80.55% (Berger Paints) to 37.10% (Learn Africa), led by mid- and small-cap names amid slowing broad market gains.
  • All-Share Index rose 3.35% to close at 250,385.7 points, crossing the 250,000 milestone for the first time, with market capitalisation reaching N160.5 trillion.
  • Strong company-specific fundamentals, earnings beats, dividends, and corporate actions drove outperformance in sectors including paints, healthcare, agro-processing, and real estate.
  • Trading volume exceeded 18 billion shares as investor appetite for high-growth opportunities persisted despite moderation from April’s 20.36% surge.
  • Year-to-date leaders like SCOA Nigeria (365.49%) highlight sustained momentum in select equities.

Main Story

The Nigerian Exchange (NGX) maintained its positive trajectory in May 2026, with the All-Share Index (ASI) posting a 3.35% monthly gain to close at 250,385.7 points — its slowest advance of the year but enough to push the benchmark past the historic 250,000-point level for the first time. The index added 8,107.9 points during the month, lifting total market capitalisation to N160.5 trillion as investors exchanged more than 18 billion shares.

While large-cap heavyweights such as Dangote Cement (up 21.65%) provided stability, the real outperformers were mid- and small-cap stocks, which claimed all 10 spots in the monthly gainers list with returns ranging from 37.10% to 80.55%. This shift underscores growing investor confidence in fundamentally strong smaller companies delivering robust earnings growth and shareholder returns amid a maturing bull market.

Berger Paints Plc topped the list with an impressive 80.55% month-to-date gain, climbing from N81.75 to N147.60. The paints manufacturer delivered its strongest monthly run on record, supported by a 116.43% year-on-year increase in FY2025 pretax profit to N2.4 billion and a 48% rise in Q1 2026 pretax profit to N693.1 million. Investors also responded positively to a final dividend of N1.25 per 50 kobo share for FY2025, up from N1.00 previously.

International Energy Insurance followed closely with a 64.36% gain, advancing from N2.75 to N4.52 on over 52 million shares traded. Q1 2026 results showed premiums of N889.4 million and expanded investment income.

FTN Cocoa Processors secured third place with a 62.73% surge. The agro-processor turned around its performance, narrowing FY2025 pretax losses significantly and posting strong Q1 2026 pretax profit of N954.3 million on nearly doubled sales.

Associated Bus Company rose 58.65% to N8.25, benefiting from improved Q1 revenue and a return to dividend payments. Zichis Agro Allied Industries gained 51.52%, exploding over 1,723% from its January listing price after a massive 690% pretax profit jump in Q1.

Mecure Industries (50.87%), SCOA Nigeria (45.92%), UPDC REIT (44.67%), Fidson Healthcare (38.30%), and Learn Africa (37.10%) rounded out the list, each propelled by earnings growth, dividends, rights issues, management changes, or insider buying.

For instance, Learn Africa saw its Chairman, Chief Emeke Iwerebon, acquire 1,143,059 shares at N10.85 on May 19, injecting confidence. The company reported improved FY2025 pretax profit of N1.16 billion.

Fidson Healthcare completed a successful N21 billion rights issue, while UPDC REIT appointed a new fund manager and improved distributions. SCOA and Mecure delivered strong profit recoveries and higher dividends.

The Issues

May’s performance highlights a maturing Nigerian equity market where alpha generation increasingly shifts toward companies with strong balance sheets, earnings visibility, and sector tailwinds rather than broad index momentum. Mid- and small-caps have outperformed as investors hunt for undervalued growth stories in a high-interest-rate environment that continues to pressure larger, more leveraged names.

Key structural factors include ongoing economic reforms, gradual disinflation expectations, and corporate actions such as recapitalisation and rights issues that strengthen capital bases. However, challenges persist: sustained high monetary policy rates, forex volatility remnants, and uneven sectoral recovery mean not all small-caps succeed—only those with proven execution do.

The concentration of gains in healthcare, agro-allied, consumer, and real estate-linked stocks reflects resilience in defensive and domestic-demand-driven sectors. Broader market participation remains healthy, but liquidity and volatility in smaller names require careful risk management. Year-to-date, the market’s strength (with some stocks up hundreds of percent) raises questions about sustainability as valuations expand.

What’s Being Said

Analysts and market participants have noted the shift toward quality mid-caps. One expert observed that “the pillars for sustained market resilience appear firmer” due to projected GDP growth, moderating inflation, and policy support, favouring selective equity investment.

On Berger Paints specifically, analysts pointed to “the combination of robust earnings growth and strong dividend expectations” as triggers for renewed buying interest.

Regarding smaller companies, commentary around the market emphasises that “mid- and small-cap stocks surged in 2026,” with top performers boosting significant market value through earnings delivery.

Company executives have highlighted operational improvements. For Learn Africa, the insider purchase by the Chairman signals internal confidence in the educational publishing recovery. Similar sentiments around earnings beats and expansion plans were echoed in filings for Fidson, Mecure, and others.

What’s Next

The NGX is expected to see continued corporate earnings releases for Q2 2026, with the next Monetary Policy Committee (MPC) meeting anticipated to influence rate expectations and investor sentiment. Several companies in the top 10 have annual general meetings scheduled in coming months where further dividend policies and strategic updates may be announced.

Analysts project selective opportunities in 2026, with potential for 40%+ market growth in optimistic scenarios driven by reforms. Investors will watch for additional recapitalisation-driven activity, new listings, and macro data releases on inflation and reserves. Profit-taking in top performers after strong runs could create entry points, while sustained positive monthly closes may attract more foreign portfolio inflows.

The Bottom Line:

May 2026’s top gainers list confirms that Nigeria’s equity market is rewarding companies that deliver tangible earnings growth, shareholder returns, and credible corporate actions — particularly in mid- and small-cap segments. While the broader index advance moderated, the outperformance of these 10 stocks demonstrates that fundamental strength and timely catalysts can generate exceptional returns even in a cooling macro rally. For sophisticated investors, this environment favours disciplined stock selection over passive index exposure, with opportunities likely to persist for businesses navigating Nigeria’s evolving economic landscape effectively. The milestone breach of 250,000 points underscores the market’s underlying resilience heading into the second half of 2026.

Interswitch Group founder, Mitchell Elegbe, rejoins global jury for 2026 EY World Entrepreneur of the Year Awards grand finale in Monaco for the 3rd consecutive year

Indiscriminate recording of officers threatens security efforts, IGP warns

By
Leonard Offiong
-

Key Points

  • IGP Olatunji Disu has cautioned against the indiscriminate recording and circulation of police-related videos.
  • He warned that unverified or manipulated content could undermine security operations and demoralise officers.
  • The police chief reaffirmed the Force’s commitment to accountability, transparency and human rights.
  • He urged the public to avoid recycling old videos capable of spreading misinformation and panic.
  • The Crime Correspondents Association of Nigeria called for stronger collaboration between the media and the police.

Main Story

The Inspector-General of Police, Olatunji Disu, has cautioned content creators, social media users and members of the public against the indiscriminate recording and circulation of police-related videos, warning that such actions could undermine security operations and affect the morale of officers.

Speaking during an interactive session with Crime Correspondents in Abuja on Sunday, the IGP expressed concern over the growing trend of recording police officers during routine and sensitive operations and posting the footage online without proper context.

According to him, while accountability remains essential in a democratic society, public engagement involving police officers must be conducted responsibly to avoid disrupting operations or exposing officers to unnecessary risks.

Disu noted that police personnel continue to make significant sacrifices in the line of duty and should not be subjected to actions capable of discouraging them from carrying out their responsibilities.

The Issues

The police chief warned that the circulation of old, edited or manipulated videos falsely presented as recent incidents poses a serious threat to public trust and national security.

He said such content often fuels misinformation, heightens public anxiety and creates false narratives capable of undermining ongoing security efforts.

Disu further highlighted the demanding nature of modern policing, noting that officers routinely work under difficult conditions and extended operational pressures while striving to maintain public safety across the country.

He added that while the Force remains committed to addressing cases of misconduct, officers carrying out lawful duties must also be protected from harassment, misinformation and unfair public attacks.

What’s Being Said

“Yes, accountability is important, and we remain committed to transparency. However, recordings and public engagements involving police officers must be done responsibly and should not be used to harass officers or undermine operational effectiveness,” Disu said.

“Police officers operate under extremely challenging conditions, often risking their lives to protect citizens and maintain public safety. It is important that public conduct and media coverage do not discourage officers who are committed to doing the right thing,” Disu stated.

“We urge members of the public and social media users to refrain from recycling old or manipulated videos capable of creating panic or undermining national security efforts. Such actions are harmful to the country’s image and stability,” Disu noted.

“We have consistently demonstrated our commitment to ending impunity within the Force, and we will continue to address complaints against personnel professionally and decisively. At the same time, officers carrying out lawful duties must also be protected from harassment and deliberate misinformation,” Disu added.

Earlier, Chairman of the Crime Correspondents Association of Nigeria, Festus Fifen, called for stronger collaboration between the media and the police.

“There is a need for timely access to credible information during security incidents to prevent misinformation and speculation,” Fifen stated.

What’s Next

The Inspector-General assured Nigerians that the Force would continue to strengthen engagement with the media as part of efforts to enhance public trust, improve transparency and ensure effective communication on security-related matters.

He also reiterated the commitment of the Nigeria Police Force to maintaining professional standards, safeguarding human rights and holding erring officers accountable through established disciplinary procedures.

Bottom Line

While reaffirming the Nigeria Police Force’s commitment to accountability and transparency, the IGP is urging the public to exercise responsibility when recording and sharing police-related content, warning that misinformation and indiscriminate circulation of sensitive footage could undermine security operations and public confidence.

Senegal nominates Birame Diop for ECOWAS President

By
Kehinde Victor
-

Key points

  • The Senegalese government has nominated retired Air Force General and current Minister of the Armed Forces, Birame Diop, for the position of ECOWAS President.
  • President Bassirou Diomaye Faye named Diop for the presidency of the Commission ahead of the July 2026 Summit of ECOWAS Heads of State and Government for approval.
  • Diop previously served as Military Adviser to the United Nations Secretary-General at the Department of Peace Operations.
  • The ECOWAS Authority of Heads of State and Government previously approved the allocation of the ECOWAS President position to Senegal.
  • At the same time, the position of ECOWAS Vice President was allocated to Nigeria, while Liberia is scheduled to succeed Senegal in 2030.

Main Story

Senegal has nominated Birame Diop, a retired air force general and current Minister of the Armed Forces, as its candidate for the position of President of the ECOWAS Commission.

The nomination was contained in a statement issued by Senegal’s Ministry of African Integration, Foreign Affairs and Senegalese Abroad, and made available to the News Agency of Nigeria (NAN) on Monday.

It stated that President Bassirou Faye had selected Diop ahead of the ECOWAS Heads of State and Government Summit scheduled for July 2026, where his candidature is expected to be considered for approval.

The statement noted that if confirmed, Diop would bring a combination of operational experience, diplomatic skill and institutional knowledge to the role.

It added that his nomination reflected Senegal’s intention to contribute a leader with strong credentials in governance, security, peacebuilding and regional integration.

General Birame Diop has served in several senior military and government positions, including Chief of the General Staff of the Armed Forces, Chief of the President’s Military Staff, and Chief of Staff of the Air Force.

He previously served as Military Adviser to the United Nations Secretary-General in the Department of Peace Operations, where he contributed to policies on conflict prevention, peacekeeping and international security.

He has also worked with the Africa Centre for Strategic Studies as a facilitator and lecturer, training senior African civilian and military officials on security and development issues.

Diop has been involved in security sector reform initiatives across Africa, including the drafting of National Defence and Security Policies under UN and European Union frameworks.

The 65-year-old nominee is an alumnus of the Royal Air School in Morocco, the Air University in the United States, and the École de Guerre in Paris, and is currently engaged in academic work in diplomacy and international relations.

The Issues

  • Steering the sub-regional bloc through unprecedented security, political, economic, and institutional challenges.
  • Implementing inclusive security sector reforms and participatory governance models across volatile member states.
  • Restructuring the statutory allocations of commission roles and judicial seats as current tenures expire this year.

What’s Being Said

  • Outlining how the nominee’s security background can directly address current sub-regional crises, the Senegalese government stated: “This candidature reflects Senegal’s desire to place at the disposal of our sub-regional community a figure of great merit, recognised for his leadership, his integrity, his command experience, and his profound knowledge of issues of peace, security, governance and regional integration.”
  • Expressing confidence in the candidate’s core diplomatic alignment with the foundational values of the sub-regional group, the statement noted: “Senegal expresses its confidence in Diop’s capacity to serve the ideals and objectives of ECOWAS with competence, impartiality and dedication, for the benefit of all the peoples of the region.”

What’s Next

  • The nomination of General Birame Diop will be presented for formal approval at the upcoming Summit of ECOWAS Heads of State and Government in July 2026.
  • Nigeria will prepare to assume the statutory position of ECOWAS Vice President, while Liberia stands positioned to succeed Senegal in the year 2030.
  • Newly allocated positions for regional commissioners and judges from Sierra Leone, Ivory Coast, Benin, Gambia, and Togo will begin transitioning into office as current terms end this year.

Bottom Line

Senegal has formally nominated its current Minister of the Armed Forces and former UN Military Adviser, General Birame Diop, to become the next ECOWAS President, positioning the 65-year-old security expert to guide the sub-regional bloc through severe political and institutional crises ahead of the formal heads of state summit in July 2026.

Berger Paints leads as Nigerian Stocks deliver strong may returns

Goge Africa launches Cultural Dialogue and Diplomacy Series to project African heritage

By
Kehinde Victor
-

Key points

  • Goge Africa has announced the inauguration of a Cultural Dialogue and Diplomacy Series to promote African culture as a strategic tool for diplomacy, tourism development, and economic growth.
  • The initiative is being convened in collaboration with the Nigerian Institute of International Affairs and the Centre for Black and African Arts and Civilisation.
  • The first edition of the series is scheduled to be unveiled on July 2, 2026, under the theme, “Eyo, Culture and Soft Power — Driving Diplomacy, Integration and Economic Growth.”
  • The platform marks an evolution from traditional cultural storytelling to direct policy engagement.
  • The inaugural programme will feature a high-level dialogue, a diplomatic roundtable involving more than 20 consular missions, and a documentary premiere.

Main Story

Goge Africa has announced the inauguration of a Cultural Dialogue and Diplomacy Series aimed at promoting African culture as a tool for diplomacy, tourism development and economic growth.

The announcement was made in a statement by the Co-founder of Goge Africa, Nneka Isaac-Moses, on Monday in Lagos.

She said the initiative marks a new phase in the organisation’s over 25-year effort to document and promote African heritage across the continent.

Isaac-Moses explained that the series is being organised in collaboration with the Nigerian Institute of International Affairs (NIIA) and the Centre for Black and African Arts and Civilisation (CBAAC), with support from the Lagos State Government and the Federal Ministry of Art, Culture, Tourism and Creative Economy.

She said the platform represents a shift from cultural storytelling to policy engagement, where culture can contribute to discussions on diplomacy, trade, tourism and development.

The first edition of the series is scheduled for July 2, 2026, with the theme “Eyo, Culture and Soft Power — Driving Diplomacy, Integration and Economic Growth.”

According to her, the initiative will use the Eyo tradition as a lens to explore how culture can support diplomacy, integration and economic development.

She added that the programme will become an annual platform focusing on different African cultural themes, cities and traditions while promoting partnerships, cultural exchange and investment opportunities.

Isaac-Moses said the event will feature the premiere of a documentary titled “Eyo: Culture, Memory and Power,” a high-level dialogue on culture and soft power, and a diplomatic roundtable involving more than 20 consular missions.

It will also include a cultural exhibition and the inauguration of “The Dialogue Journal,” a publication focused on cultural diplomacy and thought leadership.

Director-General of the NIIA, Prof. Eghosa Osaghae, said culture has become an increasingly important tool in international relations and engagement.

Goge Africa, founded in 1999 by Isaac and Nneka Moses, is a pan-African tourism and cultural programme dedicated to promoting African heritage.

The Issues

  • Transitioning from passive cultural documentation into active rooms where trade is negotiated and policy is made.
  • Effectively leveraging traditional symbols like the Eyo festival to drive regional integration and soft power diplomacy.
  • Sustaining an annual, pan-African framework that continually unifies cross-continental tourism and investment partnerships.

What’s Being Said

  • Recalling the long operational history of the media outfit in documenting grassroots heritage, Nneka Isaac-Moses stated: “For over twenty-five years, we carried the camera.”
  • Emphasizing the limits of purely historical preservation without structural integration into modern statecraft, she noted: “We went to the villages, the palaces, the festivals, the sacred spaces. We documented everything we could but documentation alone is not enough.”
  • Defining the strategic target of the newly inaugurated series in inserting heritage into executive and commercial decision-making spaces, Isaac-Moses added: “Culture must enter the rooms where policy is made, where trade is negotiated, where perception is shaped. That is what this series is designed to do,”
  • Explaining why the national research community is partnering to back the project as a modern diplomatic asset, the Director-General of NIIA, Prof. Eghosa Osaghae, remarked: “Culture, how nations tell their stories, project their values, and engage with one another, has become a defining instrument of diplomacy. That is why NIIA is proud to host and co-convene this Series,”

What’s Next

  • Organizers will prepare to officially unveil the first edition of the series in Lagos on July 2, 2026.
  • Goge Africa and its partners will host more than 20 consular missions during the scheduled high-level diplomatic roundtable.
  • The platform will officially publish and launch its new thought-leadership publication, “The Dialogue Journal.”

Bottom Line

Moving beyond 25 years of pure documentation, Goge Africa has partnered with the NIIA and CBAAC to launch an annual Cultural Dialogue and Diplomacy Series, kicking off on July 2, 2026, to utilize the iconic Eyo tradition as a soft-power tool for trade, policy engagement, and continental economic growth.

Africa CDC confirms recovery of Ebola frontline workers in DRC

Interswitch Group founder, Mitchell Elegbe, rejoins global jury for 2026 EY World Entrepreneur of the Year Awards grand finale in Monaco for the 3rd consecutive year

By
BWN
-

Mitchell Elegbe, Founder and Group Managing Director/CEO of Interswitch Group, has again been re-appointed as the only entrepreneur from Africa on the global jury of the 2026 Ernst & Young (EY) World Entrepreneur of the Year Awards, which takes place annually in June in Monte Carlo, Monaco, for the third consecutive year, following his inaugural jury duties at the 2024 awards.

According to EY, the World Entrepreneur of the Year Hall of Fame is an elite corps of men and women who have been recognized for their exceptional entrepreneurial achievements. For 40 years, since 1986, EY has been celebrating ingenuity through the Entrepreneur of the Year program.

“The program has recognized more than 10,000 outstanding entrepreneurs for their vision, innovation, courage, and leadership in building and growing successful businesses, businesses that influence the way people live, the products and services we depend on, and the economic vibrancy of our local communities and global markets.”

In June of 2023, Elegbe, alongside 48 other accomplished entrepreneurs from 45 countries across the world were inducted into the 2023 WEOY Hall of Fame, with Interswitch’s Elegbe holding the unique distinction of being the only black and African global finalist and inductee into the coveted hall of fame, as well as the only entrepreneur in the 40-year history of the awards to have won in both the emerging and master categories at various times in their region (West Africa).

For the 2026 edition of the global awards, Elegbe has been re-invited by EY’s global leadership to join the global jury being 1 of 9 former finalists who form the judging committee for the 2026 global awards of the initiative, holding annually in Monte Carlo, Monaco. The 2026 jury is made up of accomplished entrepreneurs, all former regional winners drawn from Australia, Brazil, Germany, Hong Kong & China, Nigeria (Elegbe), Singapore, The United Kingdom, and The USA.

Mitchell Elegbe is widely regarded as one of the pivotal architects of Nigeria’s payment innovation revolution and has gained acclaim globally for his contributions as an exceptional African entrepreneur, who has contributed in no small measure to the economic development of Nigeria and Africa as a whole, having distinguished himself in business leadership and technology development.

A multiple award-winning professional and a renowned business leader in the Information Technology and Financial Services industry, he has won several awards, some of which include Harvard Business School Association (Nigeria) Leadership Award in the General Management Category; African Banker Awards 2019 as the African Banker Icon; CNBC/Forbes All African Business Leader (AABLA) Awards for West Africa as well as Financial Technology (Fintech) Africa Awards, Payments and Transfer category in 2016, among other deserving recognitions.

He is also a Bishop Desmond Tutu Fellow of the African Leadership Institute, an Endeavor Entrepreneur and also a member of the Board of Endeavor in Nigeria.

Mitchell Elegbe founded Interswitch in 2002 to provide a solution to problems associated with payments in Nigeria and has since led the company to consolidated growth as a leading payment and digital commerce company that helps to build and manage payment infrastructure and provides robust technology-based solutions to individuals, financial institutions, and governments across Africa.

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

Plateau spends over N16bn on pensions in three years

By
Kehinde Victor
-

Key points

  • Plateau State Government has spent over N16 billion on pensions and gratuities in three years.
  • Governor Caleb Mutfwang said the payments are part of efforts to clear long-standing arrears dating back to previous administrations.
  • The state requires approximately N60 billion to fully settle its outstanding liabilities to retirees.
  • The current disbursements cover pension obligations spanning from the tenure of former Governor Joshua Dariye to date.
  • Governor Mutfwang announced these fiscal updates during a special thanksgiving service held in Jos.

Main Story

Governor Caleb Mutfwang of Plateau State has said the government has spent more than N16 billion on pensions and gratuities for retirees within the last three years.

The governor disclosed this during a special thanksgiving service held on Sunday in Jos to mark three years of his administration. He explained that his administration remained committed to addressing long-standing pension arrears inherited from previous governments, noting that the payments covered obligations dating back to the administration of former Governor Joshua Dariye.

He added that the state was gradually working through outstanding liabilities to retirees across different administrations to systematically clear the backlogs.

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.

Governor Mutfwang stated that based on current estimates, about N60 billion would still be required to fully clear all outstanding pension and gratuity obligations in the state.

He noted that his administration’s goal was to restore dignity to retirees and ensure they received their entitlements. In his closing remarks, he thanked residents for their continuous support and called for unity across the state, urging citizens to work together in support of ongoing reforms.

The Issues

  • Securing an additional N60 billion to completely liquidate inherited pension and gratuity liabilities.
  • Resolving systemic backlogs of unpaid retirement benefits accumulated across multiple historical state administrations.
  • Balancing heavy debt service obligations for retirees with broader ongoing state reforms and developmental programs.

What’s Being Said

  • Disclosing the exact cumulative expenditure deployed by the executive team to handle retirement welfare since assuming office, Governor Caleb Mutfwang stated: “Between May 2023 when we took over the government and April 2026, we have spent N16 billion on pension and gratuity,”
  • Detailing the long-term historical scope of the financial backlogs being addressed by the treasury, Mutfwang noted: “We are gradually clearing the arrears of pension and gratuity right from the administration of Joshua Dariye till date,”
  • Outlining his primary governance motivation regarding the socio-economic welfare of senior citizens within the state, he added: “My desire is to put a smile on the faces of all Plateau citizens and by God’s grace we will do that,”

What’s Next

  • State finance officials will look to structure additional funding mechanisms to address the remaining N60 billion pension deficit.
  • The administration will continue its gradual, phased payments to retirees whose entitlements span previous political dispensations.
  • Public institutions will advance broader governance and fiscal reforms under the governor’s unified call for state solidarity.

Bottom Line

Plateau State has disbursed over N16 billion between May 2023 and April 2026 to clear historical pension backlogs stretching back to the Joshua Dariye era, though Governor Caleb Mutfwang warns that an additional N60 billion is still critically required to fully wipe out the state’s retirement liabilities.

Africa CDC confirms recovery of Ebola frontline workers in DRC

Berger Paints leads as Nigerian Stocks deliver strong may returns

By
Boluwatife Oshadiya
-
Stock Exchange Closes Trading Week With N30bn Gain

By Boluwatife Oshadiya | June 1, 2026

Key Points

  • Berger Paints emerged as the Nigerian Exchange’s best-performing stock in May with an 80.55% gain
  • Mid-cap and small-cap companies dominated the top 10 performers despite slower market-wide growth
  • The NGX All-Share Index advanced 3.35% to a record 250,385.7 points, pushing market capitalisation to N160.5 trillion

Main Story

Investors in select Nigerian equities recorded substantial gains in May 2026, with Berger Paints Plc leading the Nigerian Exchange’s top-performing stocks after delivering an 80.55% monthly return.

The strong performance came as the broader market extended its bullish run, although at a slower pace. The NGX All-Share Index rose by 3.35% during the month to close at a historic 250,385.7 points, surpassing the 250,000-point mark for the first time. Total market capitalisation also climbed to N160.5 trillion.

While heavyweight stocks such as Dangote Cement supported overall market performance, investor attention shifted toward smaller and mid-sized companies that posted outsized gains.

Berger Paints topped the ranking after its share price surged from N81.75 to N147.60. The rally followed improved earnings performance, with the company reporting a 116.43% increase in full-year 2025 pre-tax profit to N2.4 billion and a 48% rise in first-quarter 2026 profit to N693.1 million. The company also announced a final dividend of N1.25 per share, up from N1.00 in the previous year.

International Energy Insurance ranked second with a 64.36% gain, while FTN Cocoa Processors secured third place after advancing 62.73%. Associated Bus Company and Zichis Agro Allied Industries completed the top five, posting returns of 58.65% and 51.52%, respectively.

Other notable performers included Mecure Industries, SCOA Nigeria, UPDC REIT, Fidson Healthcare and Learn Africa, all of which recorded gains exceeding 37% during the month.

Market analysts attributed much of the rally to stronger corporate earnings, dividend announcements and renewed investor appetite for growth-oriented stocks amid improving economic sentiment.

What’s Being Said

“The sustained positive performance across several sectors reflects growing investor confidence in companies delivering strong earnings growth and shareholder value,” analysts at the Nigerian Exchange noted in recent market commentary.

“Investors are increasingly rewarding companies with strong fundamentals, dividend consistency and clear growth strategies, particularly within healthcare, manufacturing and agriculture,” said Ayodeji Ebo, Managing Director of Optimus by Afrinvest.

What’s Next

  • Investors will closely monitor second-quarter earnings releases beginning in July for signs that current momentum can be sustained
  • Market participants are expected to assess the impact of monetary policy decisions on equity valuations and investor flows
  • Companies that delivered strong first-quarter results are likely to remain in focus as institutional investors reposition portfolios for the second half of 2026

Bottom Line

The Bottom Line: May’s strongest performers highlight a growing shift in investor interest beyond traditional blue-chip stocks. While the broader market’s pace of growth moderated, strong corporate earnings, dividend payouts and improving business performance continue to create opportunities in selected mid-cap and small-cap equities.

NNPC Ltd posts N481bn april profit as revenue surges

African deposit funds back AfDB financial reform drive

By
Kehinde Victor
-

KEY POINTS

  • African deposit and investment funds endorsed AfDB’s push to reform the continent’s financial architecture and reduce external financing dependence.
  • Stakeholders said the initiative would strengthen domestic resource mobilisation and expand institutional investor participation.
  • Participants highlighted Africa’s large savings base as a key source of untapped development finance.

MAIN STORY
African deposit and investment funds have endorsed the African Development Bank Group’s initiative aimed at reshaping the continent’s financial architecture and reducing reliance on external financing sources.

The endorsement was made during a session of the African Forum of Deposit Funds held on the sidelines of the 2026 AfDB Annual Meetings in Brazzaville.

The session focused on the role of institutional investors in the New African Financial Architecture for Development (NAFAD), an initiative led by AfDB President Sidi Ould Tah.

Managing Director of the Niger Deposit and Investment Fund, Assoumane Mourjatou, said the initiative would strengthen Africa’s development financing capacity by improving the mobilisation of domestic savings.

She said it would also expand participation of institutional investors and reduce dependence on foreign capital.

“I welcome the African Development Bank’s initiative, which seeks to strengthen African development financing mechanisms through better mobilisation of domestic resources,” she said.

She added that it would enable African countries to access larger pools of capital for development needs.

NAFAD was adopted by African financial institutions under the Abidjan Consensus in April and later endorsed by African leaders at the African Union summit in Addis Ababa.

The framework is designed to channel domestic savings into development projects while strengthening financial institutions and reducing fragmentation within Africa’s financial system.

The AfDB estimates that Africa faces an annual development financing gap of more than 400 billion dollars, despite holding about four trillion dollars in managed savings across pension funds, sovereign wealth funds, insurance firms and other institutions.

Deputy Managing Director of Deposit and Investment Fund, Gabon, Angélique Bouka, said deposit funds play a key role in transforming idle savings into productive investments.

“A country’s sovereignty begins with its ability to mobilise national savings for its priority investments,” she said.

Managing Director of CDG Capital, Mehdi Bouriss, said deposit funds often invest in areas that traditional financiers overlook, including local government projects and strategic sectors.

Director of Financial Management Control at the Deposit and Consignment Fund, Tunisia, Mohamed Salem, said efforts were underway to mobilise diaspora savings for development purposes.

He said diaspora funds could support projects that drive economic transformation and long-term growth.

Participants at the forum stressed the importance of strong legal and regulatory frameworks to ensure deposit funds operate independently and effectively.

They also called for safeguards to limit political interference and reduce investment risks in managing public savings.

The session brought together representatives from several African countries seeking to establish or strengthen deposit funds, alongside existing institutional investors.

It also served as a platform for sharing experiences and best practices across Africa’s investment and asset management ecosystem.

Executive Director for Mobilisation, Partnerships and Communication at the French Development Agency, Adama Mariko, moderated the discussion.

The AfDB Annual Meetings ran from May 25 to May 29.

WHAT’S BEING SAID
“I welcome the African Development Bank’s initiative, which seeks to strengthen African development financing mechanisms through better mobilisation of domestic resources,” said Managing Director of the Niger Deposit and Investment Fund, Assoumane Mourjatou.

“A country’s sovereignty begins with its ability to mobilise national savings for its priority investments,” said Deputy Managing Director of Deposit and Investment Fund, Gabon, Angélique Bouka.

“These institutions support financing for local authorities and strategic sectors that struggle to attract private capital,” said Managing Director of CDG Capital, Mehdi Bouriss.

WHAT’S NEXT

  • African countries are expected to expand or establish new deposit funds under the NAFAD framework.
  • Policy discussions will continue on improving regulatory frameworks for institutional investors.
  • Efforts to mobilise diaspora savings for development projects are expected to scale up.

BOTTOM LINE
The Bottom Line: Africa’s financial reform agenda is increasingly shifting toward mobilising domestic savings rather than external borrowing. The success of NAFAD will depend on how effectively institutional capital is channelled into productive development investments.

Cross River unveils ‘rethinking our collective destiny’ for Carnival Calabar 2026

Africa CDC confirms recovery of Ebola frontline workers in DRC

By
Kehinde Victor
-
CDC Africa Validates Tanzania's COVID-19 Test Kits
CDC Africa Validates Tanzania's COVID-19 Test Kits

KEY POINTS

  • Africa CDC said four frontline health workers in Ituri, DRC, who were affected by Ebola, have fully recovered and been discharged.
  • The agency described the recovery as a key milestone in ongoing outbreak response efforts.
  • WHO said the Ebola outbreak in DRC and Uganda was declared a PHEIC under International Health Regulations procedures.

MAIN STORY
The Africa Centres for Disease Control and Prevention (Africa CDC) has said that four frontline health workers affected by Ebola in Ituri, Democratic Republic of Congo (DRC), have fully recovered and received their discharge certificates.

The agency announced this in a post on its official X account on Sunday, describing the development as a positive milestone in ongoing response efforts against the outbreak.

According to Africa CDC, the recovery of the health workers represents an important moment for teams and communities involved in efforts to stop Ebola transmission and reduce fatalities.

“It is a powerful moment for the response teams and communities working to stop transmission and save lives,” the statement said.

The agency also reaffirmed its continued support for the DRC and its partners as they work to contain the outbreak and strengthen response systems. Meanwhile, the World Health Organization (WHO) said the declaration of a Public Health Emergency of International Concern (PHEIC) over the Ebola outbreak in the DRC and Uganda followed established procedures under the International Health Regulations (IHR).

WHO Director-General, Dr Tedros Ghebreyesus, told the 79th World Health Assembly in Geneva that the decision was made under Article 12 of the IHR due to rising concerns about the scale of the outbreak.

“On May 18, I declared a Public Health Emergency of International Concern for an Ebola outbreak in DRC and Uganda,” he said.

He added that this was the first time a WHO Director-General had declared a PHEIC before convening an Emergency Committee.

“It was done under Article 12 of the IHR after consulting both health ministers, due to concerns over the scale and speed of the epidemic,” Ghebreyesus said.

The Emergency Committee is expected to meet to review the situation and issue temporary recommendations as the outbreak continues to evolve.

THE ISSUES
The Ebola outbreak in parts of Central and East Africa has raised renewed concerns over cross-border transmission risks, emergency preparedness, and the capacity of health systems to respond rapidly to epidemic escalation. Health authorities continue to monitor developments as response coordination intensifies.

WHAT’S BEING SAID
“It is a powerful moment for the response teams and communities working to stop transmission and save lives,” said Africa CDC.

“On May 18, I declared a Public Health Emergency of International Concern for an Ebola outbreak in DRC and Uganda,” said WHO Director-General Dr Tedros Ghebreyesus.

“It was done under Article 12 of the IHR after consulting both health ministers, due to concerns over the scale and speed of the epidemic,” said WHO Director-General Dr Tedros Ghebreyesus.

WHAT’S NEXT

  • The WHO Emergency Committee is expected to convene to assess the outbreak and issue recommendations.
  • Africa CDC is expected to continue coordination with DRC authorities and regional partners.
  • Surveillance and containment efforts are expected to intensify across affected zones.

BOTTOM LINE
The Bottom Line: While the recovery of frontline health workers signals progress in the response, health authorities warn that the Ebola outbreak remains active. Coordinated international and regional action will be critical to preventing further spread.

Experts call for stronger financial systems in Africa

AfDB president calls for stronger African financial cooperation

By
Kehinde Victor
-

KEY POINTS

  • AfDB President Sidi Ould Tah said Africa’s development depends on stronger regional financial cooperation and risk-sharing mechanisms.
  • He said Africa must shift from fragmented financing to a coordinated financial system across national and regional levels.
  • He highlighted industrialisation, value addition and digitalisation as key priorities for transformation.

MAIN STORY
The President of the African Development Bank (AfDB), Sidi Ould Tah, has called for stronger financial cooperation across Africa, saying the continent must adopt more coordinated systems to support long-term development.

Tah made the remarks while speaking to journalists at the end of the 2026 AfDB Annual Meetings in Brazzaville, Republic of Congo.

He said Africa’s current reliance on fragmented funding arrangements and public sector financing is no longer adequate to meet rising infrastructure and industrialisation demands.

According to him, the continent needs a more connected financial structure that brings together institutions across national, regional and continental levels.

Tah explained that the proposed system is built around coordination, shared responsibility and risk distribution among African financial institutions, rather than the creation of new bodies.

He said it would link development banks, commercial lenders, guarantee institutions, pension funds, stock exchanges and central banks into a more unified framework, and that institutions closest to projects would play a greater role in decision-making and implementation under the new structure.

Tah also said the African Development Bank Board has approved steps toward implementing the framework under the Abidjan Consensus, stressing the need for African economies to shift from exporting raw materials to building domestic industries that generate higher value.

He cited mineral exports as an example, noting that African countries often sell raw commodities cheaply while importing processed goods at significantly higher costs.

Tah said the bank is supporting initiatives in vocational training, technical education and small business development to strengthen human capital, adding that digitalisation would help formalise informal economic activity and improve productivity across the continent.

THE ISSUES
The discussions reflect ongoing concerns about Africa’s fragmented financial systems, limited coordination between institutions, and dependence on external financing. Experts noted that without stronger integration and risk-sharing mechanisms, the continent may struggle to close its infrastructure and industrialisation gaps.

WHAT’S BEING SAID
“The new African Financial Architecture was specifically designed to avoid a disconnect from realities on the ground,” said AfDB President Sidi Ould Tah.

“The objective is to improve coordination and enable African institutions to respond more effectively to development challenges,” said AfDB President Sidi Ould Tah.

“The African Development Bank has been mandated to move quickly from concept to implementation,” said AfDB President Sidi Ould Tah.

WHAT’S NEXT

  • The AfDB is expected to begin implementation of the African Financial Architecture for Development framework.
  • Member institutions will align on coordination and risk-sharing mechanisms across regions.
  • Further engagement is expected on industrialisation and value addition strategies.

BOTTOM LINE
The Bottom Line: Africa’s development agenda is shifting toward deeper financial integration and institutional coordination. The AfDB says the success of this shift will depend on how effectively African institutions collaborate to mobilise and deploy capital at scale.

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

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

By
Ibe Wada
-

Main story

Terminal operators at the Lagos ports may be required to temporarily adjust or cede portions of their operational space as the Federal Government commences large-scale reconstruction and modernisation projects aimed at upgrading critical port infrastructure.

An industry investigation by Shipping Position Daily, indicates that the Lagos port rehabilitation programme, estimated to cost over $1 billion, will be executed alongside ongoing cargo operations, meaning construction activities will take place within active terminal environments rather than through full port shutdowns.

This approach is expected to trigger logistical adjustments, including possible reorganisation of yard space, relocation of stacking areas, and restricted access to sections of terminals as contractors carry out major civil works.

Stakeholders familiar with the development say such arrangements are common in brownfield port redevelopment projects, where upgrades must be implemented without halting commercial operations.

The reconstruction is part of broader reforms aimed at improving cargo handling efficiency, reducing congestion, enhancing vessel turnaround time, and strengthening Nigeria’s competitiveness in regional maritime trade.

However, concerns are emerging within the industry over the operational implications for terminal operators, who may have to work within reduced space and manage increased congestion during the transition period.

Despite these concerns, some operators say they have yet to receive formal communication on the extent of any operational adjustments.

The Group Head of Corporate Communications at SIFAX Group, Muyiwa Akande, said the company had not received any official memo regarding changes to operational space linked to the modernisation project.

“For now, we have not been informed. No memo has been sent to that effect. So we will continue to carry out our operations as usual,” he said.

Similarly, the General Manager of PTML Terminal, Tunde Keshinro, declined detailed comment but indicated that current operations were not expected to be affected at this stage.

The issues

  • Nigeria’s Lagos ports have long suffered from congestion, ageing infrastructure, and inefficient cargo evacuation systems, making them a priority for government-led modernisation.
  • However, upgrading active ports presents a structural challenge: reconstruction must occur in already congested environments where cargo handling cannot stop.
  • This creates a delicate balance between maintaining trade flow and executing major infrastructure upgrades.

Key concerns raised by stakeholders include:

  • Reduced operational yard space during construction phases
  • Potential delays in cargo clearance and vessel turnaround
  • Increased coordination demands between operators and government agencies
  • Risk of congestion spillover within already strained port access routes

Industry observers note that while such disruptions are temporary, their impact could be significant if not carefully managed.

What’s being said

Stakeholders familiar with the project say temporary operational adjustments are standard practice in live port redevelopment globally, especially in brownfield environments where ports cannot be closed.

They argue that although terminal operators may face short-term constraints, the long-term benefits of improved efficiency, deeper berths, and modernised cargo systems outweigh the disruptions.

Some operators, however, stress the importance of early communication and coordination to prevent operational uncertainty.

They note that lack of formal notice could complicate planning, especially in areas such as yard allocation, equipment deployment, and cargo scheduling.

What’s next

The Federal Government is expected to continue consultations with terminal operators and relevant maritime agencies as the modernisation project advances.

Phased implementation is anticipated, with construction activities likely structured to minimise disruption while ensuring continuity of cargo operations.

Attention is also expected to shift toward broader port reforms, including possible development focus on eastern ports such as Warri and Port Harcourt to ease pressure on Lagos facilities.

Further updates on operational guidelines, timelines, and stakeholder coordination are expected as implementation progresses.

Bottom line

The Lagos port modernisation programme marks a major infrastructure push aimed at repositioning Nigeria’s maritime sector, but it comes with short-term operational trade-offs for terminal operators. While temporary space adjustments and logistical disruptions appear inevitable, the success of the project will depend on how effectively authorities manage  communication, coordination, and continuity of trade during the transition period.

Experts call for stronger financial systems in Africa

Experts call for stronger financial systems in Africa

By
Kehinde Victor
-

KEY POINTS

  • Experts at the AfDB 2026 Annual Meetings said stronger financial systems are needed to mobilise development finance in Africa.
  • Speakers highlighted financial integration, domestic capital markets and macroeconomic stability as key drivers of growth.
  • Panelists said Africa’s challenge is less about resources and more about effective mobilisation and deployment of capital.

MAIN STORY
Experts have said that Africa’s economic transformation depends on stronger and more integrated financial systems capable of mobilising development finance at scale.

The position was shared at a high-level knowledge event held during the African Development Bank (AfDB) Group’s 2026 Annual Meetings in Brazzaville, Republic of the Congo.

The session, themed “Strengthening and Consolidating Africa’s Financial Systems and Agency in the Changing World,” brought together central bankers, regulators, development finance leaders and legal experts from across Africa and beyond.

AfDB Vice President for Finance and Chief Financial Officer, Hassatou N’Sele, said Africa requires stronger financial systems that can mobilise domestic resources more effectively for development needs.

She said deeper financial integration and stronger institutions would be necessary to attract long-term investment into the continent.

Governor of the Japan Bank for International Cooperation (JBIC), Nobumitsu Hayashi, said lessons from Asia showed that financial integration supported by strong capital markets and local currency financing systems had been critical to sustained growth.

He said, “We are doing a lot of financial integration because it is the real driver of sustained economic growth within Asian countries.”

First Deputy Governor of the Central Bank of the Democratic Republic of Congo, Dieudonné Alimasi, said improving confidence in local currencies would require macroeconomic stability and stronger financial inclusion.

He added that exchange rate stability and digital financial expansion would help widen access to banking services across Africa.

Deputy Governor of the Bank of Central African States (BEAC), Michel Dzombala, said central banks play a key role in supporting regional financial development and improving capital mobilisation.

Managing Director of the African Guarantee and Economic Cooperation Fund (FAGACE), Ngueto Yambaye, said African institutions need stronger collaboration to reduce perceived investment risks.

He said existing guarantee mechanisms still cover only a small share of the continent’s financing needs.

Chief Executive Officer of African Trade and Investment Development Insurance (ATIDI), Manuel Moses, said Africa has significant untapped financial resources that can be better mobilised for development.

He described the African Development Bank’s New African Financial Architecture for Development (NAFAD) as a framework designed to organise and deploy African capital more effectively.

He added that the initiative could help close Africa’s estimated 400 billion dollar annual development financing gap.

Co-Chair of the US-Africa Practice at DLA Piper, Kalidou Gadio, said regulatory and legal barriers must be addressed to improve investment flows into Africa.

He said deeper and more unified financial markets would be required to attract larger volumes of capital.

Chief of Business Development at the Arab Bank for Economic Development in Africa (BADEA), Cedrick Motetcho, said stronger institutional partnerships are necessary to improve financing efficiency.

He said collaboration would help institutions respond faster to development needs.

Carlos Lopes, Honorary Professor at the Nelson Mandela School of Public Governance, said African governments must align macroeconomic policies with long-term development objectives.

He said pension funds and domestic institutional investors should play a larger role in financing structural transformation.

Participants agreed that Africa’s key challenge is not a shortage of resources but the need to mobilise and deploy existing capital more effectively.

THE ISSUES
The discussions highlighted ongoing concerns around financial fragmentation in Africa, limited capital market depth and weak investor confidence. Speakers emphasised that without stronger integration and institutional reforms, the continent may struggle to attract the scale of investment needed for long-term development.

WHAT’S BEING SAID
“We are doing a lot of financial integration because it is the real driver of sustained economic growth within Asian countries,” said Governor of the Japan Bank for International Cooperation, Nobumitsu Hayashi.

WHAT’S NEXT

  • Further policy discussions are expected on implementing Africa’s financial integration agenda.
  • Development finance institutions are expected to explore frameworks for expanding local currency financing.
  • Stakeholders may push for stronger participation of pension funds and institutional investors in infrastructure financing.

BOTTOM LINE
The Bottom Line: Africa’s development agenda increasingly depends on deeper financial integration and stronger institutions. Experts say the continent already has significant capital, but unlocking it will require reforms that improve coordination, investor confidence and market efficiency.

Federal workers reject proposed N100,000 minimum wage, demand living wage

Cross River unveils ‘rethinking our collective destiny’ for Carnival Calabar 2026

By
Kehinde Victor
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Key points

  • Cross River Governor Bassey Otu unveiled “Rethinking Our Collective Destiny” as the theme for Carnival Calabar 2026.
  • Organisers said the 2026 edition would introduce online voting and new digital platforms to deepen public participation.
  • Tourism stakeholders said the carnival continues to position Cross River as a major global cultural tourism destination.

Main story
Gov. Bassey Otu of Cross River has unveiled “Rethinking Our Collective Destiny” as the theme for Carnival Calabar 2026, saying new innovations will deepen public participation, expand economic opportunities and boost the carnival’s global appeal.

The theme was unveiled on Sunday night in Lagos during the inauguration of the carnival’s 21st anniversary edition. The event attracted tourism stakeholders, diplomats, cultural enthusiasts and government officials.

Otu said the theme reflected a shared determination to reimagine the future of the carnival and unlock its potential as a driver of economic growth, cultural preservation and tourism development.

“We are not just unveiling a theme; we are unveiling a vision.

“‘Rethinking Our Collective Destiny’ challenges us to look beyond where we are today and imagine what we can achieve together as a people through culture, tourism and creativity,” he said.

He added that the carnival had grown into a major platform for showcasing Cross River globally while creating opportunities for businesses, artisans, performers and young people.

“We must continue to innovate, expand participation and ensure that the benefits of the carnival are felt by our communities.

“This carnival belongs to all of us, and its success depends on our collective commitment,” he said.

Chairman of Carnival Calabar Commission, Gabe Onah, said the 2026 edition would introduce online voting to increase audience participation in the event.

According to him, the carnival is being repositioned to create jobs and business opportunities for young people through the commercialisation of its activities and products.

He also said organisers had engaged creative partners to develop movies inspired by the carnival and build digital platforms that would connect global audiences to the festival in real time.

The issues
The unveiling comes as Nigerian states increasingly position cultural festivals as economic assets capable of driving tourism revenue, job creation and international visibility. Cross River has long marketed Carnival Calabar as Africa’s biggest street party and continues to expand its commercial and digital reach to attract global audiences and boost visitor arrivals.

What’s being said
“Culture is the easy way for countries to come together, get closer,” said Portuguese Ambassador to Nigeria, Paulo Santos.

“The carnival had become a model for cultural tourism, creating opportunities for local businesses, costume makers and service providers, while bringing visitors from around the world together,” said President of the Federation of Tourism Associations of Nigeria (FTAN), Aliyu Badaki.

What’s next

  • Organisers are expected to roll out online audience voting ahead of the 2026 edition.
  • Tourism stakeholders are preparing travel and hospitality packages for the “Detty December” holiday season.
  • Creative partners are expected to begin developing films and digital content tied to the carnival experience.

Bottom line
The Bottom Line: Carnival Calabar is evolving beyond a cultural showcase into a broader tourism and creative economy platform. The push toward digital participation, content production and commercialisation signals Cross River’s ambition to strengthen the festival’s international relevance and economic impact.

Heavy flooding sparks outrage in Lekki as residents blame coastal highway design

NNPC Ltd posts N481bn april profit as revenue surges

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 1, 2026

Key Points

  • NNPC Ltd recorded a Profit After Tax of N481 billion in April 2026, up from N276 billion in March
  • Revenue rose by 79.2% to N4.97 trillion, supported by higher crude oil production
  • Crude oil and condensate output increased to 1.68 million barrels per day, while major gas infrastructure projects advanced

Main Story

The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported a Profit After Tax (PAT) of N481 billion for April 2026, reflecting a significant increase from the N276 billion recorded in March, according to the company’s latest Monthly Report Summary.

The state-owned energy company also posted revenue of N4.971 trillion during the month, representing a 79.23 per cent increase from the N2.77 trillion generated in March. The improved earnings were supported by stronger crude oil production and continued operational performance across its upstream and gas businesses.

NNPC said crude oil and condensate production rose to 1.68 million barrels per day (mmbopd) in April, up 7.69 per cent from the previous month’s output. Gas production remained largely unchanged at 7,730 million standard cubic feet per day, compared with 7,731 million standard cubic feet per day in March.

The company further disclosed that cumulative statutory payments between January and April 2026 reached N3.714 trillion, underlining its role as one of Nigeria’s largest contributors to government revenue.

“The successful completion of the OB3 River Niger Crossing project and continued progress on the AKK Gas Pipeline underscore our commitment to strengthening Nigeria’s energy infrastructure and enhancing gas supply across the country,” NNPC Ltd said in the report.

Among the key milestones highlighted was the completion of the long-delayed OB3 River Niger Crossing project, a critical component of Nigeria’s domestic gas transportation network. The company also reported continued construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project, with plans to commence early gas delivery to Abuja later in 2026.

The Issues

The strong earnings performance comes as Nigeria seeks to boost oil production above 2 million barrels per day and maximise revenues amid ongoing fiscal pressures. Although output has improved in recent months, production levels remain below the country’s OPEC quota and historical peak levels.

The completion of major gas infrastructure projects such as OB3 and AKK is also central to Nigeria’s gas monetisation strategy, which aims to expand domestic gas supply, support industrialisation and improve electricity generation.

What’s Being Said

“The increase in production and revenue reflects ongoing efforts to improve operational efficiency and strengthen energy infrastructure across the value chain,” NNPC Ltd said in its April Monthly Report Summary.

“Gas infrastructure remains critical to Nigeria’s energy transition ambitions and economic growth objectives,” said Mele Kyari during previous industry engagements on the importance of domestic gas development.

What’s Next

  • NNPC is expected to accelerate work on the AKK Gas Pipeline to enable early gas delivery to Abuja before year-end
  • The company will continue efforts to increase crude production toward Nigeria’s OPEC production targets
  • Industry stakeholders will closely monitor subsequent monthly reports for sustained improvements in production and profitability

The Bottom Line: NNPC’s April performance signals a sharp recovery in revenue generation and profitability, driven by higher crude production and infrastructure progress. Sustaining these gains will depend on maintaining production growth, reducing operational disruptions and completing strategic gas projects that support long-term energy security.

Ogun police trace kidnap ransom bag to residence of community leader

Heavy flooding sparks outrage in Lekki as residents blame coastal highway design

By
Leonard Offiong
-

Key points

  • Residents of Baruwa/Igbo Efon community on the Lekki-Epe corridor have appealed for urgent government intervention over worsening flooding.
  • The community blames the flooding on drainage discharge linked to the ongoing Lagos-Calabar Coastal Highway project.
  • Residents say homes, roads, businesses and critical infrastructure have suffered extensive damage.
  • Community leaders claim more than 250 houses and over 1,200 residents have been affected.
  • About 80 businesses are reportedly experiencing operational disruptions and financial losses.
  • Residents are seeking emergency flood-control measures and long-term drainage solutions before the peak of the rainy season.

Main story

Residents of the Baruwa/Igbo Efon community along the Lekki-Epe axis of Lagos State have appealed to the Federal Government for urgent intervention over persistent flooding they say is being aggravated by drainage works connected to the Lagos-Calabar Coastal Highway project.

The residents alleged that an open water drainage channel associated with the highway project is directing large volumes of stormwater into the community, leading to repeated flooding of residential compounds, access roads and commercial areas.

According to community leaders, the flooding has not only damaged buildings and perimeter fences but has also disrupted daily life, affected businesses and heightened concerns about public safety.

The appeal was conveyed in a “Save Our Soul” letter addressed to the Federal Government through the Federal Controller of Works in Lagos.

Community representatives said the situation has worsened in recent weeks and could deteriorate further as rainfall intensifies during the peak wet season.

The issues

Residents say the flooding has caused significant destruction of household property, personal belongings and business assets, while also exposing residents to health risks associated with stagnant and contaminated water.

The community further warned that continued water discharge into residential areas could weaken building foundations, trigger structural failures and increase the risk of displacement among vulnerable residents, including children and the elderly.

Community leaders estimate that more than 250 houses are currently exposed to direct flooding threats, while over 1,200 residents have been impacted by recurring water overflow and environmental hazards.

They also noted that approximately 80 small and medium-scale businesses within the area have suffered reduced patronage, operational disruptions and financial losses as a result of restricted access and flood-related damage.

The residents stressed that while they support the Lagos-Calabar Coastal Highway project, adequate environmental safeguards and drainage infrastructure must be put in place to protect surrounding communities from unintended consequences.

What’s being said

“We write on behalf of the residents, landlords, business owners, and families within the Baruwa/Igbo Efon community to urgently draw your attention to the worsening environmental and humanitarian situation caused by the open water discharge drain connected to the ongoing Lagos-Calabar Coastal Road project,” the community leaders stated.

“The current drainage discharge arrangement has become a major threat to lives, properties, businesses, and the overall wellbeing of our community. Large volumes of stormwater are being channelled directly into residential and commercial areas without adequate containment, diversion, or supporting drainage infrastructure,” the residents’ association said.

“Residents now live in constant fear that heavier rainfall in the coming weeks may result in catastrophic flooding, collapse of weak structures, destruction of livelihoods, and possible loss of lives,” the association warned.

“We acknowledge and appreciate the Federal Government’s commitment to infrastructure development through the Lagos-Calabar Coastal Road project. However, such development should not come at the expense of the safety, homes, businesses, and livelihoods of innocent citizens,” the residents stated.

“This is therefore a passionate Save Our Soul appeal for urgent government intervention before the peak of the rainy season further escalates the damage and suffering within our community,” the association added.

What’s next

Residents are urging the Federal Government to carry out an immediate technical assessment of the affected areas and deploy emergency flood-mitigation measures to prevent further damage.

They are also seeking the construction of sustainable drainage infrastructure, including discharge channels and retention systems, as well as direct engagement between government officials, contractors and community representatives to develop long-term solutions.

With the peak rainy season approaching, pressure is expected to mount on relevant authorities to address the concerns and prevent a potential environmental crisis in the area.

Bottom line

Residents of Baruwa/Igbo Efon say flooding linked to drainage works associated with the Lagos-Calabar Coastal Highway project is threatening homes, businesses and livelihoods. While backing the infrastructure project, they are demanding urgent intervention to prevent what they fear could become a major disaster as rainfall intensifies.

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