Home Blog Page 15

TheBoardroom Africa releases comprehensive 2026 Industry Trends report identifying market shifts

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

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

PLAC and EU urge 2026 legislative interns to drive democratic development

PLAC and EU urge 2026 legislative interns to drive democratic development

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

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

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

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

By
Kehinde Victor
-
Nigeria Reports ₦927.16bn Trade Surplus In Q1 2023

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

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

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

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

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

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

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

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

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

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

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

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

By
BWN
-

Key points

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

Main story

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

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

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

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

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

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

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

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

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

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

The issues

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

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

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

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

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

What’s being said

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

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

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

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

What’s next

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

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

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

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

Bottom line

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

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

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

By
Leonard Offiong
-
President Bola Tinubu
President Bola Tinubu

Key Points

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

Main Story

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

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

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

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

The Issues

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

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

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

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

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

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

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

What’s Being Said

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

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

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

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

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

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

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

What’s Next

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

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

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

Bottom Line

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

NNPC Ltd records N481 billion Profit After Tax for April 2026

By
Kehinde Victor
-

Keypoints

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

Main Story

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

Indiscriminate recording of officers threatens security efforts, IGP warns

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

By
Kehinde Victor
-
Oyo State Govt

Key points

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

Main Story

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

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

Senegal nominates Birame Diop for ECOWAS President

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

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 1, 2026

Key Points

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

Main Story

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

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

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

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

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

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

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

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

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

The Issues

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

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

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

What’s Being Said

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

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

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

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

What’s Next

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

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

The Bottom Line:

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

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

Indiscriminate recording of officers threatens security efforts, IGP warns

By
Leonard Offiong
-

Key Points

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

Main Story

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

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

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

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

The Issues

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

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

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

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

What’s Being Said

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

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

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

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

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

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

What’s Next

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

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

Bottom Line

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

Senegal nominates Birame Diop for ECOWAS President

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

Berger Paints leads as Nigerian Stocks deliver strong may returns

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

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

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

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

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

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

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

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

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

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

Africa CDC confirms recovery of Ebola frontline workers in DRC

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

By
BWN
-

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

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

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

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

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

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

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

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

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

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

Plateau spends over N16bn on pensions in three years

By
Kehinde Victor
-

Key points

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

Main Story

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

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

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

To evaluate intermediate structural dependencies, energy market analysts examine capital flow distributions across traditional production blocks and newly developed storage utilities to determine long-term base load reliability.

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

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

The Issues

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

What’s Being Said

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

What’s Next

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

Bottom Line

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

Africa CDC confirms recovery of Ebola frontline workers in DRC

Berger Paints leads as Nigerian Stocks deliver strong may returns

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

By Boluwatife Oshadiya | June 1, 2026

Key Points

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

Main Story

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

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

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

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

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

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

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

What’s Being Said

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

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

What’s Next

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

Bottom Line

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

NNPC Ltd posts N481bn april profit as revenue surges

African deposit funds back AfDB financial reform drive

By
Kehinde Victor
-

KEY POINTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT’S NEXT

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

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

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

Africa CDC confirms recovery of Ebola frontline workers in DRC

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

KEY POINTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT’S NEXT

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

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

Experts call for stronger financial systems in Africa

AfDB president calls for stronger African financial cooperation

By
Kehinde Victor
-

KEY POINTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT’S NEXT

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

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

Terminal operators face space adjustments as Lagos port modernisation  begins amid operational concerns
1...141516...3,199Page 15 of 3,199

Recent Posts