The adoption of a single foreign exchange rate for public and private sector transactions by the Central Bank of Nigeria (CBN), FMDQ and banks has boosted monthly turnover by 94 per cent.
By Boluwatife Oshadiya | June 2, 2026
Key Points
Stanbic IBTC PMI rose to 54.1 in May from 52.4 in April, the highest reading in nine months
Stronger customer demand and new product launches boosted output and new orders
Inflation pressures remained elevated, though cost increases softened from April levels
Main Story
Nigeria’s private sector recorded its strongest performance in nine months in May as business activity accelerated on the back of stronger customer demand and increased new orders, according to the latest Stanbic IBTC Purchasing Managers’ Index (PMI) compiled by S&P Global.
The headline PMI rose to 54.1 in May from 52.4 in April, marking the fourth consecutive month of expansion and the strongest improvement in business conditions since August 2025. A PMI reading above 50 indicates growth in private sector activity.
The report showed that output and new orders expanded at faster rates during the month, reaching seven-month and nine-month highs respectively. Businesses attributed the improvement to stronger consumer demand, new product introductions, and broader economic activity across major sectors.
Companies responded by increasing purchasing activity and building inventories in anticipation of future demand. Improved supplier performance, better road conditions, and quicker payments also contributed to faster delivery times.
Despite the stronger growth momentum, employment gains remained modest. Businesses also reported rising backlogs due to payment delays, power supply challenges, and shortages of critical materials.
Input costs continued to increase, largely driven by higher fuel prices linked to tensions in the Middle East. However, both input cost inflation and output price inflation eased compared with April, suggesting some moderation in pricing pressures.
According to data from the National Bureau of Statistics, Nigeria’s economy expanded by 3.89% year-on-year in the first quarter of 2026, supported primarily by agriculture, manufacturing, trade, finance, construction, and information and communication sectors.
What’s Being Said
“Private sector activity in Nigeria improved to its best level in nine months, with the headline PMI rising to an impressive 54.1 points in May from 52.4 points in April,” said Muyiwa Oni.
“This impressive business condition was primarily due to accelerated expansion in both output and new orders as evidence pointed to improving customer demand and the launch of new products,” Oni added.
S&P Global noted that firms remained optimistic about future output growth, supported by expansion plans, new product development, and increased investment in marketing activities.
What’s Next
Businesses will continue monitoring fuel costs and broader inflation trends in the second half of 2026
Analysts expect non-oil sector activity to remain supported by infrastructure spending and investment attraction initiatives
Stanbic IBTC forecasts crude oil production to average 1.7 million barrels per day in 2026
Market participants will watch future PMI readings for confirmation that growth momentum is becoming more broad-based
Bottom Line
The Bottom Line: Nigeria’s private sector is showing stronger resilience despite persistent inflationary pressures and infrastructure constraints. The latest PMI reading suggests demand is recovering, but sustaining that momentum will require greater stability in energy costs, power supply, and broader macroeconomic conditions.
Naira closed May at ₦1,373.25/$1 in the official market, strengthening slightly from April
Nigeria’s gross external reserves rose above $49 billion amid stronger FX inflows and investor participation
Narrowing gap between official and parallel market rates signals improving foreign exchange market stability
Main Story
Nigeria’s currency opened June on a firmer footing as rising foreign exchange reserves and renewed foreign investor participation continued to support stability in the foreign exchange market.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the naira closed May at ₦1,373.25 per dollar, improving from ₦1,374.94 per dollar recorded at the end of April. In the parallel market, the currency also strengthened by ₦5 to ₦1,390 per dollar from ₦1,395 per dollar the previous week.
The improvement narrowed the gap between the official and parallel market rates to ₦16.75 per dollar from ₦19.54 per dollar, a development analysts view as a positive signal for market confidence and price discovery.
The gains came as Nigeria’s gross external reserves continued their upward trajectory, rising by more than $451 million week-on-week to approximately $49.34 billion. Recent Central Bank of Nigeria data also showed reserves approaching the $50 billion mark, supported by oil export earnings, improved remittance inflows, and renewed foreign portfolio investments.
Market participants have also linked improved liquidity conditions to the Central Bank of Nigeria’s revised foreign exchange guidelines, which are aimed at improving transparency, broadening participation, and allowing greater market flexibility.
Meanwhile, global oil prices retreated sharply last week. Brent crude fell 9.86% week-on-week to $94.87 per barrel from $105.25 as easing tensions between the United States and Iran reduced immediate concerns over disruptions to global oil supply routes.
Reports of diplomatic progress between Washington and Tehran, alongside signs of stabilisation in shipping activities through the Strait of Hormuz, helped calm markets and ease fears of prolonged supply interruptions.
What’s Being Said
“Gross external reserves remained robust at $49.49 billion as of May 15, 2026, compared with $48.35 billion at the end of March 2026, sufficient to cover 9.04 months of imports for goods and services,” said Olayemi Cardoso during the latest Monetary Policy Committee briefing.
Analysts said stronger reserve buffers are helping to reinforce investor confidence and provide support for exchange rate stability amid ongoing economic reforms.
Energy market analysts also noted that while oil prices have eased, geopolitical risks remain elevated and could quickly reverse current price trends if diplomatic negotiations deteriorate.
What’s Next
Investors will continue monitoring Nigeria’s external reserves for a possible move above the $50 billion threshold
Market attention remains focused on implementation of the revised foreign exchange framework and its impact on liquidity
Oil traders are expected to closely track developments in US-Iran negotiations and shipping activity through the Strait of Hormuz
Future crude price movements will remain a key determinant of Nigeria’s foreign exchange earnings and reserve growth
Bottom Line
The Bottom Line: Nigeria’s foreign exchange market is showing signs of improved stability as reserves strengthen and the gap between official and parallel market rates narrows. However, sustaining the naira’s recent gains will depend heavily on continued capital inflows, reserve accumulation, and the durability of global oil market conditions.
CBN redeploys all four Deputy Governors in a broad leadership reshuffle effective June 1, 2026
Changes affect Economic Policy, Corporate Services, Operations, and Financial System Stability directorates
Move comes amid ongoing reforms to strengthen policy coordination and institutional efficiency
Main Story
The Central Bank of Nigeria (CBN) has carried out a sweeping redeployment of its four Deputy Governors in a management shake-up aimed at strengthening leadership coordination and improving operational efficiency across key directorates.
The changes, which took effect on June 1, 2026, were confirmed through an updated organisational profile on the apex bank’s official website.
Under the new arrangement, Deputy Governor for Economic Policy, Dr Muhammad Abdullahi, has been reassigned to the Corporate Services Directorate. He has been replaced in the Economic Policy role by Mr Philip Ikeazor.
The restructuring also saw Ms Emem Usoro moved from Corporate Services to the Operations Directorate, while Mr Lamido Yuguda was transferred from Operations to the Financial System Stability Directorate.
The redeployment effectively reshapes leadership across four of the most strategic arms of the CBN, which oversee monetary policy design, banking supervision, institutional management, and currency and payment system operations.
Although the CBN did not provide an official explanation for the changes, the exercise is widely viewed as part of broader efforts to align leadership structure with ongoing financial sector reforms and macroeconomic stabilisation priorities.
The Economic Policy Directorate plays a central role in inflation analysis, monetary policy formulation, and macroeconomic forecasting, while Corporate Services handles internal administration and institutional coordination.
The Operations Directorate oversees currency management and payment systems, and the Financial System Stability Directorate monitors systemic risk across Nigeria’s banking sector.
What’s Being Said
The CBN has not issued an official statement detailing the rationale behind the redeployment beyond the updated organisational listing.
However, the restructuring comes at a time when the apex bank is intensifying reforms aimed at strengthening regulatory oversight, improving policy execution, and stabilising the financial system amid inflationary pressures and currency management challenges.
Earlier in 2026, President Bola Tinubu nominated former Securities and Exchange Commission Director-General, Lamido Yuguda, as Deputy Governor of the CBN, a move seen as part of wider institutional strengthening within the financial regulatory architecture.
What’s Next
The new leadership structure is expected to be reflected in upcoming Monetary Policy Committee deliberations in the coming months
Further internal realignments within CBN departments may follow as reforms to payment systems and banking supervision deepen
The bank’s policy direction will be closely monitored ahead of the next inflation and interest rate review cycle
Bottom Line
The Bottom Line: The leadership reshuffle reflects the CBN’s ongoing effort to recalibrate its internal structure amid sustained macroeconomic pressure. While not officially framed as reform-driven, the timing suggests a strategic alignment of key policy and stability functions as Nigeria’s financial system faces heightened inflation and currency management challenges.
CBN aims to reduce cash outside the banking system to below 40% of currency in circulation by 2028
The target could return about ₦2.83tn into the formal financial system based on current figures
The apex bank also plans to onboard 50 million additional Nigerians into formal financial services
Main Story
The Central Bank of Nigeria (CBN) has unveiled an ambitious strategy to bring approximately ₦2.83tn currently held outside the banking system into formal financial channels while expanding financial inclusion to 95 per cent by 2028.
The initiative forms part of the Nigeria Payments System Vision 2028 (PSV 2028), launched in Abuja by CBN Governor, Olayemi Cardoso, as the apex bank seeks to deepen digital payments, reduce dependence on cash transactions, and strengthen confidence in Nigeria’s financial system.
According to the latest CBN money and credit statistics, currency outside banks stood at ₦5.08tn in April 2026, representing more than 90 per cent of the ₦5.65tn in total currency circulating within the economy.
Cardoso said the bank intends to reduce that figure to less than 40 per cent by 2028. Based on current data, achieving that goal would return roughly ₦2.83tn into the banking system, improving liquidity, monetary policy effectiveness, and access to credit across the economy.
“Today, we unveil more than a payment strategy. We unveil a vision for how Nigerians will transact, trade, save, invest, and participate in an increasingly digital economy,” said Cardoso.
The governor also disclosed plans to increase financial inclusion to 95 per cent within three years, a move expected to bring an estimated 50 million additional Nigerians—particularly market women, farmers, and young people—into the formal banking and digital payments ecosystem.
The launch comes ahead of Nigeria’s 2027 general elections, a period that has historically generated concerns about increased cash circulation, vote-buying, and election-related spending pressures.
The Issues
The announcement highlights a longstanding challenge within Nigeria’s financial system. Despite years of financial inclusion initiatives, a significant portion of cash remains outside formal banking channels, limiting the effectiveness of monetary policy and reducing the banking sector’s capacity to support economic growth.
The development also comes as members of the CBN’s Monetary Policy Committee have warned that increased political spending ahead of the 2027 elections could complicate inflation management efforts and reverse recent disinflation gains.
What’s Being Said
“Cash should no longer be king. We need to build trust and ensure that people have no doubt that they are dealing with a strong and reliable payments system,” said Cardoso.
“Efficient payment infrastructure lowers transaction costs, improves business productivity, and enables firms of all sizes to participate competitively in the digital economy,” said Dr. Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate.
What’s Next
The CBN will begin implementing the five pillars of PSV 2028, including digital inclusion, payment infrastructure, cybersecurity, innovation, and cross-border payments
Financial institutions, fintech firms, and telecom operators are expected to align operations with the framework over the next three years
Progress toward the 95 per cent financial inclusion target will be monitored through periodic assessments leading up to 2028
Bottom Line
The Bottom Line: The CBN’s latest payments strategy signals a renewed push to formalise Nigeria’s largely cash-driven economy. If successfully implemented, the initiative could strengthen financial inclusion, improve monetary policy effectiveness, and reduce the risks associated with large volumes of cash circulating outside the banking system, particularly ahead of the 2027 elections.
When the news first broke that armed bandits had invaded schools in Oriire Local Government Area of Oyo State and abducted dozens of pupils, teachers and school administrators, there was outrage. Social media timelines were flooded with anger. Politicians issued statements. Security agencies promised action. Newsrooms pushed breaking alerts. Nigerians, at least briefly, paid attention.
Then, as we often do, we moved on.
Another week has arrived. New controversies emerged. New trends occupied our timelines. New political dramas demanded our attention. Children’s Day came and went with colourful celebrations, speeches about the future, and photographs of smiling children in uniforms. Eid al-Adha arrived with prayers, family gatherings, and messages of sacrifice and gratitude. In Ogun State, the grandeur of Ojude Oba once again captured national attention, filling social media feeds with elegance, culture and celebration.
Yet somewhere in a forest, 39 schoolchildren, six teachers and their principal remain in captivity. That contrast should disturb us.
It should disturb us that while schools organised Children’s Day activities, some children spent Children’s Day wondering whether they would survive another night. It should disturb us that while families gathered to celebrate Eid, other families stared helplessly at videos of their loved ones pleading for rescue from kidnappers. It should disturb us that while an entire nation found time to celebrate festivals and political victories, dozens of innocent Nigerians remained trapped in the bush, uncertain if they would ever return home.
The most painful part is not even the kidnapping itself. As terrible as the crime is, Nigeria has unfortunately become familiar with such horrors. The most painful part is how quickly we have learned to absorb these tragedies and continue as if they are ordinary inconveniences rather than national emergencies.
Societies do not collapse simply because bad things happen. Societies begin to decay when people stop being shocked by bad things. When abnormal becomes normal, when outrage becomes fatigue, and when human suffering becomes background noise, something fundamental is lost.
The children and teachers abducted in Oriire are not forgotten because their families have forgotten them. They are forgotten because the rest of us have become distracted.
But they are still there.
They are still sleeping in the open. They are still enduring rain and cold. Their parents are still waiting. Their families are still praying. Their classmates are still asking questions. Their communities are still living in fear.
And until they return home safely, celebration should not completely drown out concern.
Nigeria can celebrate Eid. Nigeria can celebrate Children’s Day. Nigeria can celebrate culture, politics, football and festivals. Life must continue. But life continuing should never mean conscience disappearing – perhaps, until the next incident. There is God ooooo!
WARD ROUNDS
Cooking Gas Surges
The National Bureau of Statistics says the average cost of refilling a 5kg cooking gas cylinder has climbed to N8,706. At this point, inflation is no longer something Nigerians read about in reports; it is something they negotiate with every day in markets, fuel stations and kitchens. The average household is being forced to make increasingly difficult choices between nutrition, transportation and other basic necessities.
Cooking gas was once promoted as the cleaner and safer alternative to firewood and charcoal. But as prices continue to rise beyond the reach of ordinary families, many households may be pushed backwards into less efficient and less environmentally friendly options. Omorrrrr. God abeg.
Eid al-Adha
President Bola Tinubu and Vice President Kashim Shettima used the Eid celebrations to call for unity, tolerance and shared sacrifice. Those are timely messages in a country where economic hardship and security challenges continue to test national resilience. Beyond the festivities, the season remains a reminder of faith, obedience and compassion toward others.
To our Muslim brothers and sisters, Eid Mubarak. May the celebrations bring peace, joy and renewed hope to homes across Nigeria and beyond.
Children’s Day 2026
Children’s Day should be a moment of pure joy. A day to celebrate innocence, dreams and possibilities. Yet this year’s celebration carried a painful contradiction. While speeches were made about the future of Nigerian children, dozens of schoolchildren remained in captivity in Oyo State.
Children are indeed the heritage of God. The least society owes them is safety. They deserve classrooms, playgrounds and opportunities, not fear, trauma and uncertainty. Let the children breathe!
Amaechi, Atiku and ADC Drama
Rotimi Amaechi’s rejection of the ADC presidential primary result has added another layer of intrigue to the unfolding race towards 2027. After Atiku Abubakar secured a commanding victory, Amaechi described the process as concocted and alleged widespread irregularities, claiming that a large percentage of party members were effectively excluded from participating.
Nigerian politics never seems to run out of controversy. Every primary season produces accusations of manipulation, disenfranchisement and backroom arrangements. No wonder Peter Obi left for another party. Smart move.
Tinubu at Three
May 29 marks three years since President Bola Tinubu assumed office and launched what he described as the Renewed Hope agenda. In those three years, Nigerians have witnessed some of the most consequential economic reforms in recent history, including the removal of fuel subsidy and the unification of the foreign exchange market. While government supporters argue that these difficult decisions were necessary to reposition the economy for long-term growth, many Nigerians continue to judge the administration through the lens of their daily realities: rising food prices, higher transportation costs, a weaker naira and persistent insecurity.
Three years into a four-year term, the conversation is no longer about promises but performance. Supporters point to infrastructure projects, increased state revenues and signs of macroeconomic adjustment. Critics point to the crushing cost-of-living crisis and the growing disconnect between economic indicators and household experiences. One thing is certain: as the administration enters its final year before the next election cycle begins in earnest, Nigerians will increasingly ask a simple question: are we better off today than we were three years ago?
TheBoardroom Africa has released its 2026 Industry Trends report signaling a major shift from expansion-led growth to institutional depth across African markets.
The report incorporates strategic insights from 30 senior executives, founders, investors, and policymakers spanning more than 20 distinct industrial sectors.
Private credit is systematically replacing equity-led growth as the dominant financing model across the continent as venture funding contracts.
Artificial Intelligence has transitioned from a competitive differentiator into a foundational operational backbone across health, finance, and compliance sectors.
Corporate governance frameworks have shifted from basic policy reporting to verifiable proof points backed by clear audit trails.
Main Story
TheBoardroom Africa, the continent’s pioneering executive search and leadership advisory firm, has released its Industry Trends report. The report finds that the era of expansion-led growth is over, with Africa’s business leadership class pivoting from growth narrative to institutional proof.
The report brings together insights from 30 senior executives, founders, investors and policymakers, including Omoyemi Akerele, Founder of Lagos Fashion Week; Dr. Beatrice Murage, Global Director of Sustainability and Access to Care, Philips; Steve Cadigan, First CHRO of LinkedIn and Founder of Cadigan Ventures; Amb. Lavina Ramkissoon, Technology Diplomat, African Union; and Dr. Sangu Delle, CEO, CarePoint.
Spanning more than 20 sectors, including financial services, energy, technology, healthcare, infrastructure and the creative economy, the report identifies four structural shifts already shaping capital allocation, regulatory direction, and competitive positioning across African markets.
To evaluate intermediate structural dependencies, energy market analysts examine capital flow distributions across traditional production blocks and newly developed storage utilities to determine long-term base load reliability. The report indicates that private credit is replacing equity-led growth as the dominant financing model across the continent.
As global venture funding contracts and exits are slowing down, the contributors describe a structural shift where risk is now assessed on cash flow stability and operational resilience, over narrative momentum or market-size projections. Structured debt, revenue-linked instruments, and risk-partitioned facilities are proving more aligned with local operating realities.
For African businesses, the implications are significant because access to capital now requires demonstrating durable performance, beyond growth potential. Accurate risk pricing is now foundational to sustainable capital access and is strengthening repayment culture and credibility with mainstream investors.
Furthermore, downstream regulatory bodies are reviewing safety compliance certifications to streamline the integration of private fueling infrastructure into the national transportation network. The study notes that across fintech, energy, healthcare and compliance, AI is no longer a competitive differentiator but an operational backbone.
In healthcare, AI is redesigning workflow, triage, and clinical decision support, while in financial services, it is driving fraud detection, credit underwriting, and compliance monitoring. The competitive distinction has shifted from who is experimenting with AI to who has the governance frameworks to deploy it at scale.
Africa’s health systems are also undergoing a structural shift characterized by a decisive move from volume-based to value-based care. Additionally, governance has moved from policy to proof, as ESG, AI ethics, cybersecurity and social performance converge into a single accountability framework where compliance effectiveness will be judged less by policies produced and more by behaviours evidenced.
The Issues
Securing alternative capital routes as global venture funding contracts and corporate exit speeds slow down across the continent.
Establishing rigorous board-level governance frameworks to effectively interrogate accountability and automated decision-making in large-scale AI deployment.
Transitioning health systems from volume-based centralized hospitals toward decentralized, outcome-measured healthcare networks.
What’s Being Said
Explaining the underlying reason for compiling these high-level executive insights into an accessible industry summary, Marcia Ashong-Sam, Founder and CEO of TheBoardroom Africa, remarked: “Africa’s challenges have always been its most compelling investment case. What is different now is that its leaders are building the institutions to prove it.”
Outlining how the most critical strategic conversations often remain trapped within closed executive sessions, Ashong-Sam noted: “TheBoardroom Africa exists because the most consequential thinking about this continent rarely makes it into the public conversation.”
Describing the heavy workload of the continent’s top tier management professionals who prioritize execution over media documentation, she added: “It stays in boardrooms, in investment committees, in the private deliberations of leaders who are too busy building to narrate what they are building. This report changes that.”
What’s Next
Boards of directors will increasingly adapt to interrogate algorithmic explainability and automated choices as central governance priorities.
Healthcare entities will further transition delivery away from centralized spaces toward outpatient centers, community hubs, and virtual platforms.
Local companies will implement definitive audit trails to satisfy the evolving accountability demands of global and domestic capital investors.
Bottom Line TheBoardroom Africa’s 2026 report reveals that African business leaders are shifting priorities from narrative-led expansion to institutional depth, driven by private credit replacing equity, AI becoming core infrastructure, value-based healthcare decentralization, and governance transitioning from simple policy statements to verifiable audit trails.
The Policy and Legal Advocacy Centre and the European Union have urged 40 legislative interns to actively contribute to Nigeria’s governance.
The selected participants were chosen from a competitive pool of over 3,000 applicants across the country.
Interns will be embedded within various committees of the National Assembly for a duration of 10 weeks.
The initiative focuses on exposing youth to lawmaking, promoting active citizenship, and deepening the understanding of democratic institutions.
Stakeholders highlighted a severe lack of inclusive governance, noting that women occupy less than four per cent of seats in the 10th National Assembly.
Main Story
The Policy and Legal Advocacy Centre (PLAC) and the European Union (EU) have called on participants of the 2026 Legislative Internship Programme to actively contribute to Nigeria’s democratic development and governance processes.
The Executive Director of PLAC, Mr Clement Nwankwo, made the call on Monday in Abuja during an orientation workshop organised for the interns with support from the EU.
Reports indicate that 40 young Nigerians were selected from over 3,000 applicants nationwide and will be attached to various committees of the National Assembly for a 10-week period.
The programme is designed to expose participants to legislative processes, deepen their understanding of democratic institutions and encourage active citizenship.
Nwankwo said the internship was not aimed at immediately producing politicians, but at helping participants understand governance systems and identify ways to contribute to national development.
He noted that while progress had been made in the country, citizens must continue to demand reforms and support efforts that improve governance outcomes.
He stressed the importance of legislative institutions, saying effective lawmaking remains essential to democratic growth and national development.
Nwankwo also said PLAC had worked closely with the National Assembly on constitutional reforms, electoral matters and other legislative initiatives aimed at strengthening governance.
He urged the interns to use the programme to understand policymaking processes and how advocacy can be translated into legislative action.
According to him, advocacy only has lasting impact when it influences policies that improve citizens’ lives.
He also expressed concern over the low representation of women in the National Assembly, describing it as a challenge to inclusive governance.
He reaffirmed support for initiatives seeking additional legislative seats for women, noting that broader representation would strengthen democratic institutions.
The EU Delegation to Nigeria’s Programme Manager for Democracy, Governance, Gender and Human Rights, Mrs Olawumi Laolu, said the EU remained committed to strengthening democratic institutions and empowering young Nigerians.
She said the internship reflects the EU’s commitment to promoting youth participation in governance and policymaking.
Laolu described Nigerian youths as a major national asset and said the EU continues to invest in programmes that enhance leadership and civic engagement.
She referenced initiatives such as the Youth Sounding Board and the Jubilee Fellowship Programme as examples of EU support for young people.
She encouraged the interns to take full advantage of the opportunity by observing legislative processes and learning from lawmakers and parliamentary staff.
The Clerk of the National Assembly, Dr Kamoru Ogunlana, represented by the Deputy Clerk of the Senate, Mrs Vivian Njemanze, congratulated the 40 interns and urged them to contribute meaningfully to national development.
Senator Ireti Kingibe, representing the Federal Capital Territory, also encouraged the interns to promote inclusive governance and democratic accountability.
The Issues
Overcoming barriers to inclusive governance given that female parliamentary representation sits among the lowest globally.
Navigating the slow pace of national reforms while keeping citizens productively engaged in demanding development.
Ensuring absolute confidentiality and ethical conduct when young citizens handle sensitive official parliamentary data.
What’s Being Said
Clarifying that the foundational intent of the training is structural literacy rather than immediate political ambitions, Clement Nwankwo stated: “The purpose is not for you to become senators or politicians, but to understand how democracy works and how you can contribute to the development of the country.”
Encouraging participants to channel their worries regarding state progress into active civic duties, Nwankwo noted: “This country can be so much better. When we worry about how slowly things are improving, it means we still have something to contribute to its development.”
Outlining the direct civic responsibility assigned to the next generation in reshaping domestic conditions, he added: “The future of the country is in your hands, and you must feel challenged enough by current realities to want to make a difference,”
Asserting that true governance resilience depends on incorporating the youth cohort directly into statecraft, Olawumi Laolu remarked: “For us at the European Union, democracy truly thrives when young people are not just spectators but active participants in the democratic process.”
Urging the cohort to utilize their access to the legislature to generate visible impacts, Laolu advised: “As you go into the National Assembly, learn relentlessly, contribute boldly, ask questions, engage actively and remember that you are there to make an impact,”
Demanding strict professional and ethical compliance from the interns while they navigate parliamentary structures, Mrs Vivian Njemanze said: “As interns, you are expected to demonstrate discipline, professionalism, respect for constituted authority and a willingness to learn throughout your stay in the National Assembly.”
Warning the participants regarding the fiduciary responsibilities tied to accessing restricted bureaucratic data, Njemanze added: “You may come across sensitive legislative documents and official information, such privilege demands a high sense of responsibility, integrity, confidentiality and ethical conduct,”
What’s Next
The 40 selected interns will begin their 10-week attachment across various committees within the National Assembly.
Participants will build professional networks with legislators and parliamentary officials to support future public service careers.
Interns will examine upcoming legislative proposals and budgetary provisions to see if they adequately address vulnerable groups.
Bottom Line Seeking to deepen youth engagement in statecraft, PLAC and the EU have launched the 2026 Legislative Internship Programme, placing 40 highly competitive young Nigerians within National Assembly committees for 10 weeks to master policymaking and challenge structural barriers to inclusive governance.
The National Average Cost of a Healthy Diet per adult a day stood at N1,541 as at March 2026.
The March figure represents a 1.89 per cent increase compared to the N1,513 recorded in February 2026.
At the zonal level, the average CoHD was highest in the South-East at N1,899 and lowest in the North-East at N1,233.
Animal-source foods emerged as the most expensive food group recommendation to meet, accounting for 39 per cent of the total cost.
Legumes, nuts, and seeds were the least-expensive food group on average, making up seven per cent of the total cost.
Main Story
The National Bureau of Statistics (NBS) has said that the National Average Cost of a Healthy Diet (CoHD) per adult per day stood at N1,541 as of March 2026.
The NBS disclosed this in its CoHD report released on Monday in Abuja.
It stated that the figure represented a 1.89 percent increase from N1,513 recorded in February 2026, attributing the rise to higher prices across all food groups.
The bureau explained that the Cost of a Healthy Diet refers to the least expensive combination of locally available foods that meet globally accepted dietary guidelines, and serves as a measure of both physical and economic access to nutritious diets.
It added that in March 2026, the average cost was highest in the South-East at N1,899 per adult per day, followed by the South-West at N1,801.
The lowest average cost was recorded in the North-East at N1,233 per adult per day.
At the state level, Ekiti, Imo and Abia recorded the highest CoHD at N2,091, N2,052 and N1,970 respectively.
Adamawa, the Federal Capital Territory and Taraba recorded the lowest at N1,004, N1,113 and N1,149 respectively.
The NBS noted that the cost of a healthy diet has steadily increased over the past year, rising by 4.38 percent from N1,477 in March 2025 to N1,541 in March 2026.
It said animal-source foods remained the most expensive food group needed to meet dietary recommendations, accounting for 39 percent of total cost while contributing about 13 percent of total calories.
It also stated that fruits and vegetables were among the most expensive food groups in terms of price per calorie.
The bureau said the findings were important for policymakers, researchers and civil society actors working on food security and nutrition planning.
The Issues
Managing a steady annual increase in the baseline cost of nutritious meals as daily food group prices continue to rise.
Resolving major geographical price disparities that make dietary guidelines much more expensive to meet in southern states.
Developing targeted agricultural or economic interventions to lower the high cost per calorie associated with fruits, vegetables, and animal protein.
What’s Being Said
Defining the strict baseline parameters used to calculate the daily nutritional spending threshold, the bureau noted: “This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”
Outlining the specific commodity price variations that occurred within the dietary basket during the reporting cycle, the report stated: “While the price of starchy staples and vegetables decreased, all other food groups experienced price increases.”
Explaining the nutritional economics of the least-cost basket where certain items absorb high expenditure while yielding minimal energy returns, the document observed: “They accounted for 16 per cent and 14 per cent, respectively, of the total CoHD while providing only seven per cent and five per cent of total calories in the Healthy Diet Basket. Legumes, nuts and seeds were the least-expensive food group on average, at seven per cent of the total cost.’’
Discussing the joint operational frameworks needed to convert these statistical data points into practical interventions, the report remarked: “These stakeholders will devise strategies that tackle access, availability, and affordability of a healthy diet effectively.”
Highlighting how future demographic research can pinpoint exact socioeconomic gaps by matching nutritional costs against family earnings, the bureau concluded: “Also, future research incorporating income can also be used to determine the proportion and number of the population that are unable to afford a healthy diet,”
What’s Next
Food security stakeholders, policymakers, and researchers will collaborate to devise strategies tackling the affordability of healthy diets.
Future research initiatives will incorporate household income data to determine the exact proportion of the population unable to afford the baseline basket.
Market tracking teams will monitor local food items to see if animal-source food groups maintain their high share of total dietary costs.
Bottom Line
Driven by widespread price increases across nearly all food groups, the national average cost of a healthy diet rose to N1,541 per day in March 2026, with the National Bureau of Statistics identifying animal-source foods as the most expensive component and calling for collaborative stakeholder strategies to improve nutritional affordability.
The Petroleum Technology Development Fund has commenced training for 35 researchers in computational catalysis to drive Nigeria’s industrial growth.
The workshop was organized by the fund in collaboration with Ahmadu Bello University, Zaria.
The training aims to address Nigeria’s industrial challenges with homegrown solutions and reduce over-reliance on foreign expertise.
Nigeria remains dependent on foreign technical expertise for catalyst design, process modeling, and computational optimization.
Participants were drawn from across Nigeria and beyond, including one researcher from the Republic of Chad.
Main Story
The Petroleum Technology Development Fund (PTDF) has commenced training for 35 researchers in computational catalysis as part of efforts to accelerate industrial growth in Nigeria.
The workshop was organised by PTDF in collaboration with Ahmadu Bello University (ABU), Zaria, under the theme “Why It Matters: Opportunities for Research, Industry, and National Development in Nigeria.”
PTDF said the initiative is aimed at addressing Nigeria’s industrial challenges through homegrown solutions and reducing dependence on foreign expertise.
Speaking at the opening ceremony at ABU’s main campus, the Executive Secretary of PTDF, Prof. Shu’aibu Shehu-Aliyu, said the programme is designed to equip researchers with the skills needed to translate scientific knowledge into practical industrial solutions.
He was represented by the General Manager, Education and Training, Hajiya Rabi Waziri.
He said computational catalysis has become an essential tool for advancing research in the petroleum, petrochemical and energy sectors, noting that it improves efficiency and drives innovation.
Shehu-Aliyu added that PTDF remains committed to building indigenous human capacity and supporting research and technological development in Nigeria’s oil, gas and energy industries.
He also said the fund has established a PTDF Professorial Chair Programme at ABU Zaria and five other universities to strengthen academic research and industry collaboration.
ABU Vice-Chancellor, Prof. Adamu Ahmed, represented by the Deputy Vice-Chancellor (Administration), Prof. Bello Sabo, said the university remains committed to developing indigenous knowledge and expertise.
He described the workshop as a deliberate investment in Nigeria’s capacity to design and optimise catalytic systems for the petroleum and petrochemical sectors, as well as emerging clean energy technologies.
Earlier, PTDF Chair Professor at ABU, Prof. Abdulazeez Yusuf-Atta, said the 35 participants were selected from a competitive pool based on their research achievements and commitment to scientific innovation.
The Issues
Overcoming Nigeria’s persistent structural dependence on foreign technical expertise for catalyst design and process modeling.
Scaling up local computing research to drastically minimize expensive, time-consuming laboratory experiments for local industries.
Building a sustainable critical mass of domestic experts capable of cascading specialized advanced knowledge across nationwide institutions.
What’s Being Said
Highlighting the critical link between localized technical capacity and national economic stability, Prof. Shu’aibu Shehu-Aliyu stated: “For a country like Nigeria, where energy resources are central to economic growth and sustainability, building capacity in advanced and specialised fields is critical,”
Defining the foundational vision of the university in cultivating autonomous local intellectual property, Prof. Adamu Ahmed said: “The institution is more than a place of learning, it is a national institution built on the conviction that indigenous knowledge and homegrown expertise are the foundation of a truly sovereign nation.”
Detailing how the workshop directly confronts the domestic gap in midstream engineering design capabilities, Ahmed noted: “It is a deliberate investment in Nigeria’s capacity to understand, design, and optimise the catalytic systems that underpin our petroleum industry, petrochemical sector, and emerging clean energy ambitions, using computational tools developed and applied in Nigeria by Nigerian scientists.”
Contextualizing the existing technological gap as an open runway for targeted developmental interventions, the Vice-Chancellor added: “According to him, Nigeria is the largest oil-producing nation on the continent. Yet, we remain dependent on foreign technical expertise for catalyst design, process modelling, and computational optimisation. This is not a statement of failure — it is an opportunity. It is precisely this opportunity that the PTDF Chair in Chemical Engineering was established to address.”
Explaining the immense commercial value that precise chemical surface manipulations can unlock for the industrial manufacturing sector, Prof. Abdulazeez Yusuf-Atta observed: “A molecule, under the right conditions on the right catalyst surface, can be transformed into propylene — a building block for plastics, fibres, and industrial chemicals worth billions of dollars,”
What’s Next
The 35 selected participants will complete their intensive computational training sessions at ABU’s main campus in Zaria.
Trained researchers will return to their respective home institutions across Nigeria and Chad to cascade the acquired knowledge as trainers.
PTDF will monitor its professorial chair programs across six selected universities to evaluate their progress in solving key energy industry challenges.
Bottom Line
To eliminate over-reliance on foreign technical expertise in the continent’s largest oil-producing economy, the PTDF has partnered with ABU Zaria to train 35 competitive researchers in computational catalysis, aiming to create a self-sustaining pool of experts who can simulate solutions to save time, cost, and energy across the petroleum and clean energy sectors.
The United Nations International Organization for Migration has rescued over 67,000 stranded Nigerian migrants since 2017.
At least 30,000 returned migrants have received psychological, social, and economic integration support from the organization.
The updates were disclosed on Monday in Lagos during a three-day capacity building workshop on migration reporting for journalists.
The agency is actively sensitizing secondary school students to raise awareness and prevent illegal migration before they are brainwashed.
The organization is collaborating with the National Commission for Refugees to develop a national referral mechanism for stranded individuals.
Main Story
The United Nations International Organization for Migration (IOM) says it has rescued more than 67,000 stranded Nigerian migrants and empowered at least 30,000 returnees since 2017.
Ms Fatima Adeyemi, IOM Project Assistant on Awareness Raising, disclosed this on Monday in Lagos during a three-day migration reporting workshop for journalists.
The training, organised for media practitioners, focused on ethical and data-driven migration reporting in Nigeria, with the aim of strengthening accurate and responsible coverage of migration issues.
Adeyemi said the organisation remained committed to addressing displacement challenges across the region and supporting safe migration pathways.
She explained that IOM works on facilitated migration and immigration management, while also promoting orderly and legal movement of people in collaboration with regional bodies such as ECOWAS.
According to her, the organisation continues to sensitise Nigerians on safe and legal migration routes to reduce irregular migration.
She added that IOM also engages with schools, including unity schools, military schools and border communities, to educate young people on the risks of illegal migration.
Adeyemi said the goal was to ensure that students receive accurate information before being exposed to misinformation or external influence that could encourage unsafe migration decisions.
She also noted that IOM works closely with the National Commission for Refugees to develop a national referral mechanism for stranded migrants.
She said the framework focuses on ensuring safe return, reintegration and improved support systems for returnees.
The Issues
Securing safe transit and legal documentation for thousands of citizens left stranded along irregular migration routes.
Financing and scaling up psychological, social, and economic integration support frameworks for thousands of incoming returnees.
Overcoming low public awareness regarding verified migration resources, which leaves vulnerable populations exposed to illegal networks.
What’s Being Said
Outlining the specific statistical milestones achieved under the agency’s primary intervention program over the last nine years, Fatima Adeyemi stated: “On migrant protection, the IOM has rescued over 67,000 stranded Nigerian migrants through its Assisted Voluntary Return and Reintegration programme since 2017.”
Detailing the volume of beneficiaries who have successfully accessed post-return rehabilitation and livelihood assistance, Adeyemi noted: “So far, over 30,000 of those Nigerian returned migrants have received psychological, social and economic integration-related support.”
Defining the foundational humanitarian objective directing the international body’s collaboration with domestic border and security teams, she said: “Now, as an organisation, our major mission is that we act with our partners to drive solutions to displacements, save lives, take people on the roads and make sure that they are passed through to regular evaluation.”
Describing the localized operational mandates managed by the regional team to streamline entry and border processes, she explained: “Down south here, we focus more on facilitated migration and immigration management.”
Highlighting the institutional partnership with sub-regional bodies to maintain regulatory compliance during cross-border transits, Adeyemi stated: “We also have free movements and migration where we work with entities such as ECOWAS to ensure that immigration issues are followed through legally,”
Explaining the preventive strategy of deploying educational campaigns within vulnerable border communities and institutional schools, she remarked: “We are working with government secondary schools, including unity schools and military schools as well as schools close to borders to raise awareness on illegal migration. We want schoolchildren to be sensitised before they are brainwashed to migrate illegally. We are sensitising the children about how to properly migrate.”
What’s Next
UN-IOM will advance its media sensitization drive by training more domestic journalists on ethical, data-driven migration reporting.
The agency will continue expanding its awareness campaigns across border communities, military schools, and unity colleges.
Technical teams from the IOM and the National Commission for Refugees will finalize the development of the national referral mechanism.
Bottom Line
To combat irregular migration and stabilize displaced populations, the UN-IOM has rescued over 67,000 stranded Nigerians and integrated 30,000 returnees since 2017, while partnering with the Ministry of Labour and the National Commission for Refugees to establish national referral networks and secondary school sensitization programs.
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.
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.
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. 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.
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.
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.
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.
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.
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.
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.
