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NNEW mourns passing of president, Mrs. Adefunke Kuyoro

By
Ibe Wada
-

Key points

  • President of NECA’s Network of Entrepreneurial Women (NNEW), Mrs. Adefunke Kuyoro, passes away on June 2, 2026.
  • Organisation describes her as a visionary leader who advanced women entrepreneurship and inspired members.
  • NNEW calls for prayers and support for the bereaved family and community as funeral arrangements are awaited.

Main story

The NECA’s Network of Entrepreneurial Women (NNEW) has announced the passing of its President, Mrs. Adefunke Kuyoro, who died on June 2, 2026.

In an official statement, the organisation described her death as a profound loss to the network, the business community, her family, and all who worked closely with her during her lifetime.

Mrs. Kuyoro was widely regarded as an influential leader whose tenure was marked by a strong commitment to the advancement of women entrepreneurs across Nigeria. Under her leadership, NNEW expanded its reach and strengthened its support systems for women in business, earning her respect within and beyond the organisation.

The issues

Her passing raises a leadership vacuum within NNEW at a time when women-led enterprises continue to seek stronger institutional support and advocacy in Nigeria’s challenging economic climate.

The organisation now faces the task of ensuring continuity of vision, programmes, and initiatives that were championed under her leadership, while maintaining stability within its membership base.

What’s being said

NNEW, in its condolence message, praised Mrs. Kuyoro’s legacy, describing her as a dedicated and visionary leader whose contributions significantly shaped the growth and success of the network.

The organisation also appealed for prayers and emotional support for her family, loved ones, and the broader NNEW community during this period of mourning.

What’s next

According to the statement, details of funeral arrangements and official tributes will be communicated to members once they are finalised by the family.

Members of the network and stakeholders in the business community are expected to pay tribute in the coming days as reflections on her leadership and impact continue.

Bottom line

Mrs. Adefunke Kuyoro’s death marks a significant loss for Nigeria’s women entrepreneurship ecosystem, leaving behind a legacy of leadership, advocacy, and institutional growth that will continue to shape NNEW’s future.

Supreme court directs public to verify notarised documents through electronic register

ECD expert demands increased investment in children’s first five years

By
Kehinde Victor
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Key points

  • An Early Childhood Development (ECD) expert, Dr. Megor Ikuenobe, has called for increased financial investment in children’s first five years of life.
  • Speaking at a virtual media briefing organized by Gatefield, Ikuenobe noted that the human brain achieves nearly 90 percent of its development by age five.
  • The Nurturing Care Framework, developed by global partners like the WHO and UNICEF, highlights health, nutrition, responsive caregiving, security, and early learning.
  • Poverty, insecurity, and exposure to regional violence subject children to toxic stress that can severely impair brain development.
  • Health Communications Specialist Ms. Omei Bongos-Ikwue emphasized the role of the media in translating data into human-centered stories to generate policy demand.

Main Story

An Early Childhood Development (ECD) expert, Dr. Megor Ikuenobe, has called for greater investment in the first five years of a child’s life.

She described this stage as critical for both human development and national progress during a virtual media briefing organised by Gatefield under the #ItTakesEveryone advocacy campaign on Friday.

Ikuenobe said research shows early childhood is the most important phase of development, noting that the brain forms more than one million neural connections every second during these years. She added that about 80 per cent of brain development is achieved by age three, and nearly 90 per cent by age five, making early intervention essential for long term learning, behaviour, and health outcomes.

She stressed that ECD should be treated as a national development priority rather than a social welfare issue, arguing that investments in early childhood produce long term social and economic benefits.

To support effective interventions, she referenced the Nurturing Care Framework developed by global partners including the World Health Organisation and UNICEF. The framework focuses on five key areas: good health, adequate nutrition, responsive caregiving, safety and security, and early learning opportunities.

However, she identified poverty, insecurity, and weak social support systems as major threats to child development in Nigeria. She warned that exposure to violence such as insurgency, banditry, and school abductions can cause toxic stress that negatively affects brain development and emotional wellbeing.

Ikuenobe also highlighted the importance of caregiver wellbeing, noting that stressed or economically burdened parents may struggle to provide the responsive care children need. She called for stronger policies, increased funding, and better coordination across health, education, and social protection sectors, while urging the media to play a stronger role in raising awareness on ECD.

Also speaking, Health Communications Specialist at Gatefield, Ms. Omei Bongos Ikwue, described early childhood development as the foundation of society and a key driver of lifelong outcomes. She explained that it spans health, nutrition, education, protection, and caregiving from conception to age five.

She noted that nearly 90 per cent of brain development occurs by age five, meaning early experiences strongly shape learning, behaviour, health, and productivity. She warned that developmental setbacks during this period can persist into adulthood, especially when children are exposed to neglect or violence.

Bongos Ikwue also emphasised the role of the media in advancing ECD outcomes, describing journalists as important actors in translating data into human centred stories, amplifying marginalised voices, and encouraging public engagement and policy action.

The Issues

  • Elevating early childhood development from a social welfare perspective to a primary national economic development priority.
  • Mitigating the impact of poverty, regional banditry, and toxic stress on the biological development of young children.
  • Enhancing caregiver mental health and economic stability to ensure the delivery of responsive caregiving.

What’s Being Said

  • Explaining how the initial years of life fundamentally anchor all future human capabilities, Dr Megor Ikuenobe stated: “The earliest years lay the biological foundation for all future learning, behaviour and health. What happens, or does not happen, during this period shapes an individual for life,”
  • Outlining why a child’s surrounding safety is directly linked to their cognitive capacity, Ikuenobe warned: “Children who grow up in unsafe environments are more likely to experience anxiety, depression and long-term developmental challenges. A child who does not feel safe cannot learn or grow,”
  • Emphasizing that early youth interventions require the mobilization of all societal sectors, she concluded: “Early childhood development is not charity; it is an investment in human capital and national development. It takes everyone—government, communities, families and the media—to give every child the best start in life,”
  • Defining the long-term societal stakes involved in safeguarding the developmental milestones of the youngest generation, Ms Omei Bongos-Ikwue said: “When we talk about children, we are really talking about the foundation of society—who they become, how they interact with the world and how whole they are as individuals,”
  • Noting that structural adjustments in early childhood care determine broader national trajectories, Bongos-Ikwue stated: “These are critical questions because the answers define not just individual futures, but the future of our nation,”

What’s Next

  • Advocates under the #ItTakesEveryone campaign will continue pushing for stronger cross-sectoral collaboration between health, education, and social protection ministries.
  • Media houses and journalists will look to step up public awareness campaigns to translate early development data into human-centered stories.
  • Policy stakeholders will work toward incorporating the five pillars of the Nurturing Care Framework into local health and educational guidelines.

Bottom Line

ECD expert Dr. Megor Ikuenobe and Gatefield specialist Omei Bongos-Ikwue have called for early childhood development to be treated as a priority national investment, warning that poverty and security threats create toxic stress that disrupts critical brain development occurring before age five.

FG inaugurates committee for Africa tourism and creative economy expo

Christianah Ogunsanya secures Nigeria’s first medal at UWW Ranking Series

By
Kehinde Victor
-

Key points

  • Reigning African champion Christianah Ogunsanya won a bronze medal to secure Nigeria’s first podium finish at the ongoing UWW Ranking Series tournament in Mongolia.
  • Ogunsanya defeated Mongolia’s Bayanmunkh 6-6 on technical criteria to claim the bronze medal on Friday.
  • Commonwealth champion Mercy Genesis narrowly missed out on a podium finish after a 2-7 defeat against Turkey’s Evin Demirhan.
  • Coach Purity Akuh praised the team’s performance, noting that the tournament provides valuable experience ahead of the 2028 Summer Olympics.
  • Nigeria is represented by four female wrestlers at the event, with upcoming bouts featuring Esther Kolawole and Hannah Ojo on Saturday.

Main Story

Nigeria’s Christianah Ogunsanya secured a bronze medal on Friday after edging Mongolia’s Bayanmunkh 6–6 on technical criteria at the Ulaanbaatar Open, a United World Wrestling (UWW) Ranking Series event that attracts elite wrestlers competing for ranking and seeding points.

Ogunsanya opened her campaign strongly, defeating Mongolia’s Tsovoo Gankhuyag 10–0 by superiority, before suffering a 10–0 defeat by superiority to Japan’s Kiyooka M. in her subsequent bout. In another outing, Commonwealth champion Mercy Genesis narrowly missed a podium finish after falling 2–7 to Turkey’s Evin Demirhan.

Reacting to the results, Nigeria’s women’s wrestling coach, Purity Akuh, expressed appreciation for the team’s performance and commended the athletes’ efforts. He also praised the President of the Nigeria Wrestling Federation, Adewale Adeniyi, for supporting the team’s participation in the competition.

Akuh added that Team Nigeria would shift focus to Saturday’s events featuring Esther Kolawole and Hannah Ojo, while reviewing earlier performances to improve their chances of more podium finishes. Nigeria is represented by four female wrestlers at the tournament: Mercy Genesis (50kg), Christianah Ogunsanya (53kg), Esther Kolawole (62kg), and Hannah Ojo (76kg).

The Ulaanbaatar Open, the third of four UWW Ranking Series tournaments on the international wrestling calendar, began on June 4 and runs until June 7.

The Issues

  • Utilizing international ranking tournaments to build elite experience for Nigerian wrestlers ahead of global events like the 2028 Summer Olympics.
  • Navigating highly technical scoring criteria and matching the technical superiority of elite global opponents from leading wrestling nations.
  • Funding and facilitating national team travel to far-reaching international competitions to ensure athletes earn vital seeding points.

What’s Being Said

  • Expressing gratitude for the breakthrough medal on Friday, national women’s wrestling coach Purity Akuh stated: “First and foremost, I give thanks to Almighty God for this medal.”
  • Emphasizing what the podium placement signifies for the international status of the national wrestling ecosystem, Akuh noted: “This medal proves that Nigeria can compete with the world’s leading wrestling nations and elite athletes.”
  • Outlining how the technical challenges encountered in Mongolia will be translated into training strategies back home, she added: “Our wrestlers have gained valuable experience from this tournament, and as their coach, I have also learned important lessons. I will take the lessons home to help improve their performance and better prepare them for future competitions, particularly the 2028 Summer Olympics,”
  • Thanking the leadership of the national federation for bankrolling and supporting the technical excursion, the coach concluded: “I will also like to express my sincere appreciation to the President of the Nigeria Wrestling Federation, Adewale Adeniyi, for taking on this responsibility and making our participation possible,”

What’s Next

  • Team Nigeria will shift its operational focus to Saturday’s match schedules involving Esther Kolawole and Hannah Ojo.
  • The technical crew will review tapes from the opening day defeats to correct tactical vulnerabilities before the tournament concludes on June 7.
  • The Nigeria Wrestling Federation will leverage the lessons learned to draft preparation blueprints for upcoming seeding competitions on the international calendar.

Bottom Line

African champion Christianah Ogunsanya has claimed Nigeria’s first bronze medal at the Ulaanbaatar Open in Mongolia by technical criteria, keeping the four-woman national wrestling contingent on track for vital ranking points ahead of the 2028 Olympics.

NRC pledges to prioritize staff welfare despite high diesel costs

Tinubu’s forest guard approval sparks debate on Nigeria’s reactive security strategy

By
Ibe Wada
-

xKey points

  • Presidency approves recruitment of about 1,000 forest guards for Oyo State amid rising insecurity concerns.
  • Critics argue the move reflects a reactive rather than holistic national security strategy.
  • Questions raised over coordination with existing state security outfits like Amotekun and nationwide implementation consistency.

Main story

The recent approval by President Bola Tinubu for the recruitment of approximately 1,000 forest guards in Oyo State has triggered renewed debate on Nigeria’s approach to tackling insecurity.

The decision, reportedly aimed at strengthening forest surveillance and curbing criminal activities in vulnerable areas, has been interpreted by some analysts as a response-driven measure rather than part of a comprehensive national security framework.

While the deployment of additional security personnel is widely acknowledged as necessary, concerns have been raised about the absence of a unified strategy guiding such recruitments across the country. Insecurity continues to affect multiple states including Oyo, Plateau, Kwara, Kogi, Borno, Katsina, Anambra, Niger, Imo, and Sokoto, among others, raising questions about whether similar interventions will be extended nationwide or implemented selectively.

The issues

At the centre of the debate is whether Nigeria’s security response is sufficiently structured and coordinated. Observers argue that ad-hoc approvals risk creating inconsistencies in national security operations, especially if similar requests from other states are handled differently.

There are also concerns about potential overlaps with existing state-backed security initiatives such as the Amotekun Corps in the South-West. Stakeholders question how newly approved forest guards will integrate with or complement existing structures without causing operational duplication or institutional conflict.

Beyond security deployment, critics link the broader insecurity challenge to systemic governance issues, including weak institutional coordination, underinvestment in economic drivers, and limited job creation opportunities for Nigeria’s growing youth population.

What’s being said

Analysts and policy commentators have described the development as indicative of a broader pattern of reactive governance in addressing complex national challenges.

They argue that while immediate security interventions are necessary, they must be embedded within a long-term framework that addresses root causes such as unemployment, poverty, resource management, and regional security coordination.

There is also growing concern about whether federal security approvals are being implemented as part of a standardized national policy or issued in response to situational pressures from individual states.

What’s next

Attention is now shifting to how the approved forest guard initiative will be structured, funded, and coordinated with existing security frameworks.

Stakeholders are calling for clearer policy direction on state-level security collaborations, particularly in relation to regional outfits and federal agencies.

There are also expectations that the federal government may outline a broader national security reform strategy to address recurring concerns about fragmentation and inconsistency in security responses.

Bottom line

While the recruitment of forest guards may provide short-term reinforcement in affected areas, the broader debate underscores a deeper concern: Nigeria’s insecurity challenge may require a more coordinated, long-term, and systemic approach rather than isolated interventions.

Supreme court directs public to verify notarised documents through electronic register

NRC pledges to prioritize staff welfare despite high diesel costs

By
Kehinde Victor
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Over 1,000 Contractors Compete For Nigeria Railway Projects
Over 1,000 Contractors Compete For Nigeria Railway Projects

Key points

  • The Nigerian Railway Corporation (NRC) has pledged to prioritize workforce welfare and establish a safer, friendlier working environment.
  • NRC Managing Director Dr. Kayode Opeifa revealed that high diesel costs have forced the corporation to run at a loss and depend on borrowings to maintain train operations.
  • The corporation announced expansion plans to deploy a speed train from Lagos to Abuja, requiring space for the corridor and modern staff quarters.
  • Plans are underway to construct a new corporate headquarters for the railway corporation at Murtala Muhammed Way in Ebute-Meta, Lagos State.
  • Labor union leaders urged management to expedite the payment of a 95 percent enhancement benefit to railway workers.

Main Story

The Nigerian Railway Corporation (NRC) has pledged to continue prioritising the welfare of its employees while working to create a safer and more supportive work environment.

The Managing Director of the corporation, Dr. Kayode Opeifa, gave the assurance during a town hall meeting held in Lagos, according to a statement issued on Friday. The meeting was attended by members of the two main workers’ unions, the Nigerian Union of Railway Workers (NUR) and the Senior Staff Association.

Opeifa said the dedication of staff has been central to sustaining NRC operations and assured that the corporation would improve workers’ welfare once its financial position strengthens.

He also stated that management would continue engaging with labour unions to resolve all outstanding issues, adding that under his leadership, industrial disputes would be addressed without resorting to strikes. He further directed the Human Resources Department to engage workers directly and resolve concerns promptly.

On infrastructure, Opeifa disclosed that plans are underway to develop a high-speed rail line connecting Lagos and Abuja, noting that the project would require additional land for rail corridors and modern staff housing. He also mentioned plans to build a new, modern headquarters for the NRC along Murtala Muhammed Way in Ebute-Meta, Lagos.

Union leaders, including NUR President Mr. Innocent Ajiji and Senior Staff Association representative Mr. Marcel Okeke, commended the NRC leadership for ongoing reforms. They however urged the management to accelerate the payment of a 95 per cent enhancement benefit owed to workers.

The event also featured the presentation of certificates of excellence and cash awards by the NRC Managing Director to 13 employees recognised for outstanding contributions to the corporation in 2025.

The Issues

  • Managing the severe financial strain caused by soaring diesel costs, which have driven the corporation into operational losses and debt.
  • Resolving grey areas and processing the 95 percent enhancement benefit to maintain strike-free industrial harmony.
  • Securing adequate land and spaces for the new Lagos-Abuja speed train corridor and modern worker quarters.

What’s Being Said

  • Assuring the workforce of welfare commitments while directly highlighting the severe economic pressures facing railway operations, Dr Kayode Opeifa stated: “Let me assure you that the corporation will continue to prioritise your welfare, but you must appreciate our precarious financial position.”
  • Explaining how fuel expenditures are currently impacting the transport network’s baseline balance sheet, Opeifa noted: “The fact is that the cost of diesel alone has almost made it impossible to operate our trains.”
  • Disclosing the unsustainable financial measures required to prevent a total shutdown of the locomotive lines, he added: “We are running at a loss and we had to resort to borrowings to keep our operations,”
  • Outlining the logistical requirements for the proposed interstate rail modernization project, the Managing Director explained: “This requires more spaces not only for construction of the corridor but also for more modern quarters for essential workers.”

What’s Next

  • The Human Resources Department will review and address the outstanding areas of concern raised by the workforce.
  • Management and union representatives will continue discussions to resolve grey areas regarding the 95 percent enhancement benefit.
  • Engineering and planning teams will begin initial workflows for the Ebute-Meta headquarters construction and the Lagos-Abuja speed train corridor.

Bottom Line

The NRC has committed to prioritizing employee welfare and constructing a new Lagos headquarters alongside a future Lagos-Abuja speed train, even as Managing Director Dr. Kayode Opeifa warned that soaring diesel costs have forced the corporation to borrow to sustain its current operations.

Supreme court directs public to verify notarised documents through electronic register

Supreme court directs public to verify notarised documents through electronic register

By
Ibe Wada
-

Key points

  • The Supreme Court of Nigeria has introduced the Electronic Notary Register (ENR) for verification of notarised documents.
  • Banks, embassies, government agencies and private institutions have been advised to verify documents before processing or acceptance.
  • The platform also provides access to certified Notaries Public for remote online notarisation services.

Main story

The Supreme Court of Nigeria has directed banks, embassies, consulates, government agencies, private institutions and members of the public to verify all notarised documents through its newly established Electronic Notary Register (ENR) before accepting or processing them.

The directive was contained in a public notice issued by the Office of the Chief Registrar of the Supreme Court.

According to the notice, the Electronic Notary Register, accessible through the official platform, serves as the authorised portal for verifying notarised documents and identifying duly certified Notaries Public across the country.

The Supreme Court stated that the initiative is aimed at strengthening the integrity, authenticity and reliability of notarised documents used for official, regulatory, commercial and administrative purposes.

Under the new arrangement, institutions and individuals are expected to confirm the validity of notarised documents through the electronic platform before relying on them for any transaction or official process.

The Court also noted that the platform provides access to certified Notaries Public authorised to conduct Remote Online Notarisation and other notarial services in accordance with existing laws and regulations.

The move is expected to improve transparency, reduce document fraud and enhance confidence in Nigeria’s notarial system.

The Chief Registrar urged all stakeholders to comply with the directive and utilise the platform for verification and related notarial services.

The issues

Document fraud and the use of improperly notarised documents have remained concerns for financial institutions, diplomatic missions, government agencies and businesses. The absence of a central verification mechanism has often made it difficult to confirm the authenticity of notarised documents.

What’s being said

The Supreme Court says the Electronic Notary Register will serve as the official and reliable platform for verifying notarised documents and accessing certified notarial services, thereby strengthening public trust in the notarial process.

WHAT’S NEXT

Institutions are expected to integrate the verification process into their document authentication procedures, while individuals seeking notarial services can access certified Notaries Public through the electronic platform.

Bottom line

The introduction of the Electronic Notary Register marks a significant step towards modernising Nigeria’s notarial system, improving document verification processes and curbing the use of fraudulent notarised documents.

FG inaugurates committee for Africa tourism and creative economy expo

FG inaugurates committee for Africa tourism and creative economy expo

By
Ibe Wada
-

Key points

  • The Federal Government has inaugurated a Local Organising Committee (LOC) for the Africa Tourism and Creative Economy Expo scheduled for November 2025 in Abuja.
  • The Expo aims to position Africa’s tourism and creative industries as key drivers of economic growth, trade and regional integration.
  • The LOC says it will unveil “Agenda 2030,” targeting a rise in Africa’s global trade contribution from 2% to 10%.

Main story

The Federal Government on Wednesday inaugurated the Local Organising Committee (LOC) for the forthcoming Africa Tourism and Creative Economy Expo, scheduled to hold in Abuja from November 24 to 25, 2025.

Speaking at the inauguration ceremony, the Permanent Secretary of the Federal Ministry of Arts, Culture, Tourism and Creative Economy, Mukhtar Yawale Muhammad, described the initiative as a strategic platform to reposition Africa’s cultural, creative and tourism sectors as engines of economic transformation.

Muhammad said the Expo, themed “Optimizing Africa’s Comparative and Competitive Advantage for Accelerated Trade and Economic Growth,” would bring together policymakers, investors, innovators and creatives from across the continent.

He charged members of the committee to deliver a world-class event that showcases Africa’s cultural heritage and creative potential, stressing the need for collaboration, transparency and professionalism in the planning process.

The Chairman of the LOC, Denja Abdullahi, pledged the committee’s commitment to delivering a high-impact event that would reposition Africa’s creative economy on the global stage.

Abdullahi disclosed that the Expo would introduce “Agenda 2030,” a continental framework designed to increase Africa’s share of global trade from 2 per cent to 10 per cent by the end of the decade through targeted investments in tourism and the creative economy.

He commended the Minister of Arts, Culture, Tourism and Creative Economy, Hannatu Musa Musawa, for what he described as her role in driving data-driven reforms and innovation within the sector.

According to him, the LOC has already commenced stakeholder engagement across Africa, including government institutions and private sector actors, to ensure broad participation in the Expo.

Planned activities for the event include exhibitions, trade fairs, investment workshops, cultural displays, business-to-business (B2B) meetings and peer review sessions for participating African countries.

“As a committee, we’re determined to deliver a measurable, scalable, and impactful event that will not only celebrate Africa’s creative power but also boost intra-African trade under the AfCFTA framework,” Abdullahi said.

The Ministry reaffirmed its commitment to supporting the committee throughout the planning and execution of the Expo, which is being organised in partnership with Afrocultour Nigeria Limited.

The issues

Africa’s tourism and creative sectors remain underutilised despite their strong cultural assets and economic potential. Challenges such as limited investment, weak policy coordination and inadequate global visibility continue to hinder the sector’s contribution to GDP and international trade.

What’s being said

Government officials and organisers say the Expo will catalyze unlocking Africa’s creative and tourism potential, strengthening intra-African trade under the AfCFTA framework and attracting global investment into the sector.

What’s next

The LOC is expected to intensify preparations, stakeholder engagement and programme development ahead of the November 2025 Expo, with a focus on delivering a high-level continental gathering in Abuja.

Bottom line

The planned Africa Tourism and Creative Economy Expo is being positioned as a major continental platform to harness Africa’s cultural and creative assets for economic growth, trade expansion and global competitiveness.

Naira Weakens Against Dollar as Nigeria’s Reserves Approach $50bn

Naira Weakens Against Dollar as Nigeria’s Reserves Approach $50bn

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 5, 2026

Key Points

  • The naira weakened slightly to ₦1,358.75 per dollar at the official market.
  • Nigeria’s gross external reserves approached the $50 billion mark, their highest level since 2009.
  • Improved reserve levels continue to support confidence in the country’s foreign exchange outlook.

Main Story

The naira depreciated marginally against the U.S. dollar at the Nigerian Foreign Exchange Market (NFEM) on Thursday as demand for foreign exchange outpaced available supply.

Data released by the Central Bank of Nigeria showed that the official exchange rate weakened by 0.11% to ₦1,358.75 per dollar from ₦1,357.27 recorded in the previous session.

During trading, the currency exchanged between ₦1,356.75 and ₦1,361.50 per dollar, while total market turnover stood at $128.12 million across 121 deals, compared with $133.73 million recorded a day earlier.

In contrast, the naira strengthened slightly in the parallel market, trading around ₦1,370 per dollar.

The development comes as Nigeria’s gross external reserves moved closer to the $50 billion threshold, a level not seen since 2009. The Central Bank of Nigeria recently disclosed that net foreign exchange reserves increased to $34.8 billion at the end of 2025, supported by policy reforms and a reduction in foreign exchange obligations.

Analysts believe stronger oil revenues, improved capital inflows, and tighter foreign exchange management have contributed to the reserve build-up.

“The improvement in reserve buffers provides additional support for exchange rate stability and strengthens investor confidence in Nigeria’s external position,” analysts said in market commentary.

The Issues

Nigeria’s foreign exchange market has undergone significant reforms since 2023, including efforts to unify exchange rates and improve liquidity. Despite improvements in reserves, the market continues to face periodic supply-demand imbalances that create short-term pressure on the naira.

The sustainability of reserve growth remains closely linked to global crude oil prices and Nigeria’s ability to increase export earnings.

What’s Being Said

“The increase in net foreign exchange reserves reflects the impact of deliberate policy measures aimed at strengthening external buffers,” the Central Bank of Nigeria stated.

“Reserve accumulation and stronger oil receipts could support a more stable currency environment in 2026,” investment analysts noted.

What’s Next

  • Investors will monitor future CBN interventions aimed at improving FX market liquidity.
  • Market participants are watching crude oil prices for their impact on reserve accumulation.
  • Further reserve growth could strengthen confidence in the naira’s medium-term outlook.

The Bottom Line: Nigeria’s growing external reserves provide an important cushion for the economy and strengthen confidence in the foreign exchange market. However, sustaining exchange rate stability will depend on continued inflows, oil revenue performance, and the success of ongoing market reforms.

NERC begins implementation of net billing regulations for solar energy

Global Equities Markets End Mixed as AI Stock Sell-Off Deepens

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya| June 5 , 2026

Key Points

  • Global equity markets closed mixed as investors reduced exposure to AI-related technology stocks.
  • Weak earnings-driven sentiment around Broadcom weighed on the Nasdaq and broader technology shares.
  • Middle East ceasefire developments and lower oil prices supported European equities.

Main Story

Global equity markets traded mixed on Friday as investors balanced easing geopolitical tensions in the Middle East against growing concerns over valuations in artificial intelligence-linked stocks.

On Wall Street, the Dow Jones Industrial Average rose 1.73% to a record closing high, supported by gains in healthcare and financial stocks. The S&P 500 added 0.41%, while the Nasdaq Composite slipped 0.09% as technology shares came under pressure following a sharp decline in Broadcom shares after disappointing market expectations.

The sell-off in AI-related stocks extended into Asian markets, where major benchmarks traded lower. Japan’s Nikkei 225 fell 1.66%, Hong Kong’s Hang Seng Index declined 0.81%, and Australia’s ASX 200 lost 0.69% as investors booked profits in technology counters.

European markets outperformed after oil prices retreated and Israel and Lebanon formally agreed to a ceasefire arrangement. The Euro Stoxx 50 advanced 0.82%, while the FTSE 100 gained 0.27%.

In South Africa, the Johannesburg Stock Exchange remained under pressure. The All-Share Index fell 0.47%, while the Top 40 Index lost 0.59%, marking a second consecutive day of declines. Resource and industrial stocks led losses, while financial stocks posted modest gains.

“Market participants remain cautious as they monitor geopolitical developments alongside concerns over stretched valuations in some technology sectors,” market analysts at First National Bank said in a market note.

What’s Being Said

“Investors are increasingly selective in their exposure to artificial intelligence stocks after the sector’s strong rally earlier this year,” analysts at First National Bank stated.

“The easing of tensions in the Middle East has helped reduce risk premiums in energy markets, providing support for European equities,” market strategists noted in a regional market update.

What’s Next

  • Investors will closely monitor developments in ongoing U.S.-Iran diplomatic discussions.
  • Markets are expected to focus on upcoming corporate earnings reports from major technology companies.
  • Oil price movements and the durability of the Israel-Lebanon ceasefire could influence risk sentiment in the coming week.

The Bottom Line: The recent pullback in AI-related shares suggests investors are becoming more cautious about stretched technology valuations. While easing geopolitical tensions have supported broader risk appetite, markets remain highly sensitive to earnings performance and developments in the Middle East.

NERC begins implementation of net billing regulations for solar energy

Equities Investors Lose ₦561bn as NGX Extends Four-Day Decline

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

By Boluwatife Oshadiya | June 5, 2026

Key Points

  • Nigerian equities lost ₦580.65 billion as the NGX All-Share Index fell 0.37%.
  • Market decline extended to a fourth consecutive trading session amid sustained profit-taking.
  • Analysts expect bearish sentiment to persist into the next trading session.

Main Story

The Nigerian Exchange (NGX) extended its losing streak on Thursday as investors continued to lock in profits following months of strong market gains.

The benchmark All-Share Index declined by 0.37% to close at 242,227.31 points, while market capitalisation dropped by ₦580.65 billion to ₦155.36 trillion. The decline reduced the market’s year-to-date return to 55.66%.

Trading activity weakened significantly, with total transaction volume falling 36.24% to 588.46 million shares. Market turnover declined 34.05% to ₦42.27 billion, while deal count dropped 17.28% to 57,352 transactions.

The market recorded negative breadth as 30 stocks declined compared to 24 gainers. Major losers included MCNICHOLS, ABCTRANS, ETERNA, ARADEL Holdings and NPF Microfinance Bank, while INTENEGINS, OMATEK, ABBEY Mortgage Bank, CUTIX and JOHNHOLT led the gainers’ chart.

Sector performance remained largely negative. The Oil and Gas Index fell 4.90%, Commodities declined 3.28%, Insurance lost 0.58%, and Consumer Goods edged lower by 0.03%. Banking and Industrial indices posted gains of 0.31% and 0.56%, respectively.

“The recent market decline reflects a healthy correction after an extended rally, with several stocks previously trading above fair value levels,” stockbrokers told MarketForces Africa.

The Issues

The current market weakness follows a prolonged bullish run that pushed several equities to record highs. Analysts have increasingly warned that valuations in some sectors became stretched after earnings season optimism drove aggressive buying activity.

Profit-taking has therefore emerged as a natural correction mechanism, particularly among institutional investors seeking to rebalance portfolios.

What’s Being Said

“Many listed companies had appreciated significantly beyond their intrinsic value, making a correction inevitable,” market operators told MarketForces Africa.

“We expect the market to maintain its bearish tone in the near term as profit-taking continues to weigh on sentiment,” analysts at Cowry Asset Management Limited said.

What’s Next

  • Investors will watch for bargain-hunting opportunities following the recent sell-off.
  • Market participants are expected to focus on upcoming corporate disclosures and earnings updates.
  • Analysts will monitor whether institutional investors return to support valuations in key sectors.

The Bottom Line: The recent downturn appears to be driven more by profit-taking than deteriorating fundamentals. While short-term sentiment remains weak, investors are likely to continue assessing whether current price levels present attractive re-entry opportunities.

NERC begins implementation of net billing regulations for solar energy

SpaceX Targets Historic IPO With $1.75 Trillion Valuation

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 5, 2026

Key Points

  • SpaceX is reportedly seeking to raise $75 billion through an initial public offering priced at $135 per share
  • The proposed listing would value the company at between $1.75 trillion and $2 trillion, potentially making it one of the world’s most valuable publicly traded companies
  • Starlink remains SpaceX’s strongest profit driver, contributing the majority of the group’s operating earnings

Main Story

Space Exploration Technologies Corp. (SpaceX) is preparing for what could become the largest initial public offering in history, with plans to raise approximately $75 billion at a valuation ranging between $1.75 trillion and $2 trillion.

The proposed transaction would involve the sale of about 555 million shares at a fixed price of $135 each, according to reports cited by Bloomberg Intelligence. If completed at that valuation, SpaceX would immediately rank among the most valuable publicly listed companies globally, joining the ranks of major technology giants.

Investor appetite appears strong ahead of the planned offering. Reports indicate that fundraising efforts in Asia have attracted significant demand, with Japanese and South Korean investors showing substantial interest in the transaction.

Under the proposed structure, public investors would receive Class A shares carrying one vote per share, while founder and Chief Executive Officer Elon Musk would retain Class B super-voting shares, preserving effective control of the company after listing.

The company’s valuation is largely anchored on the performance of Starlink, its satellite internet business. SpaceX reported revenue of $18.7 billion in 2025, representing a 33% year-on-year increase. However, the group recorded a net loss of $4.94 billion following the consolidation of artificial intelligence company xAI into its operations earlier this year.

Starlink remains the group’s most profitable division, generating billions of dollars in operating profit and serving more than 10 million subscribers across over 160 countries. The business continues to provide a recurring revenue stream that many analysts view as central to the company’s long-term valuation.

The IPO comes as SpaceX expands beyond launch services and satellite communications into artificial intelligence infrastructure, a move expected to significantly increase its capital requirements in the coming years.

What’s Being Said

“SpaceX’s proposed valuation reflects investor confidence in its unique position across space transportation, satellite connectivity and emerging AI infrastructure,” Bloomberg Intelligence analysts said in market commentary.

“Starlink continues to demonstrate the commercial viability of large-scale satellite broadband, providing a strong foundation for future growth initiatives,” industry analysts noted in assessments of the company’s earnings profile.

What’s Next

  • Investors will closely monitor final regulatory filings and listing documentation ahead of the proposed offering
  • Market participants will assess whether demand remains strong enough to support one of the largest valuations ever assigned to a newly listed company
  • The planned listing is expected to serve as a key test of investor appetite for large-scale technology and AI-related offerings

Bottom Line

The Bottom Line: If completed at the reported valuation, SpaceX’s IPO would mark a defining moment for global capital markets. The transaction will not only test investor confidence in the space economy but also reveal how much value public markets are willing to assign to companies positioned at the intersection of aerospace, telecommunications and artificial intelligence.

Federal Government launches national guidelines for solar mini-grid interconnection

Kore Solar bags award for outstanding solar energy solutions firm

By
Kehinde Victor
-

Key points

  • Solar energy solution firm Kore Solar has won the award for ‘outstanding solar energy solutions firm’ in Nigeria.
  • The award was presented by the national body of the National Polytechnic Students (NAPS) on Thursday, June 4.
  • An independent assessment conducted by the NAPS award committee recognized the firm’s contribution to affordable energy solutions.
  • The company provides sustainable services including solar electricity, inverters/UPS, street lights, and water systems.
  • Operations Manager Mrs. Omolola Alao affirmed that the recognition will drive the organization’s pursuit of further accomplishments in the renewable energy sector.

Main Story

A solar energy solution firm, Kore Solar, has bagged the award for ‘outstanding solar energy solutions firm’ in Nigeria following its immense contribution to affordable energy solutions. The award was presented by the national body of the National Polytechnic Students (NAPS) on Thursday, June 4.

Presenting the award at the headquarters in Lagos, the NAPS delegation led by Com. Rasheed Ibrahim Ajibade and Com. Agbaje Wasiu explained that the recognition followed the company’s contribution to providing businesses and homes with clean, reliable, and affordable energy solutions. Com.

Wasiu explained that the body’s award committee conducted an independent assessment of the solar company among other companies in Nigeria and is proud of Kore Solar’s commitment to energy.

In his remarks, Kore Solar’s Managing Director, Mr. Kayode Raji, who was represented by the Operations Manager, Mrs. Omolola Alao, expressed the company’s sincere gratitude to the national body for recognising their efforts, especially toward the development of the sustainable energy and power sector in Nigeria.

The operations manager highlighted that the company is not just an innovative solutions provider but also an enhanced value-added service provider to the solar energy industry. She further stated that the company’s vision is focused on accelerating the transition to a sustainable energy future by providing businesses with clean, reliable, and affordable energy solutions.

Concluding, Alao affirmed that the recognition would further propel the organisation’s determination for noteworthy accomplishments and a prosperous renewable energy business throughout Nigeria.

The Issues

  • Accelerating the national transition to a sustainable energy future through the deployment of stable renewable energy options.
  • Deepening access to affordable solar home solutions to achieve equitable energy sufficiency across Nigeria.
  • Maintaining technical excellence and professionalism by deploying highly skilled engineers and technicians for renewable energy installations.

What’s Being Said

  • Highlighting the company’s sustainable impact across Nigerian communities, Com. Agbaje Wasiu stated: “We are presenting this award to your firm in recognition of your exceptional dedication to delivering innovative, reliable and sustainable solar energy solutions that power homes, businesses and communities across Nigeria”
  • Commending the firm’s adherence to industry standards, Wasiu added: “Your commitment to excellence, sustainability, and national development sets the standard of trust and professionalism.”
  • Expressing the firm’s appreciation for the student body’s recognition, Operations Manager Mrs. Omolola Alao said: “We are very honoured to have received this award. It clearly demonstrates the company’s commitment for a better environment, deepening access to affordable solar home solutions and its effort in promoting clean, affordable and equitable energy sufficiency in Nigeria.”
  • Outlining the company’s product line, operational timeline, and long-term vision, Alao stated: “We deal with solar electricity, inverters/UPS, street lights, and water systems. Our vision is to reliably power up Nigeria and by extension Africa – one home/business at a time. We are a dedicated team of seasoned professionals in the field of solar energy with vast experience spanning over a decade.”
  • Reaffirming the efficiency of solar infrastructure and the technical readiness of the company’s workforce, she noted: “We are ready to lead Nigerians into the future of alternative power. Solar energy has proven to be the most stable form of renewable energy. We can assure Nigerians that our highly efficient solar panels are available to convert sunlight into usable energy power appliances. We also have seasoned engineers and technicians who have versatile skills in the field of renewable energy solutions.”

What’s Next

  • Kore Solar will look to scale its deployment of alternative power systems to more homes and businesses across Nigeria and Africa.
  • The company’s engineering teams will continue utilizing efficient solar panels to convert sunlight into usable power for consumer appliances.
  • The management will leverage this continental recognition to advance its long-term business goals in the sustainable energy market.

Bottom Line

Kore Solar has received the ‘outstanding solar energy solutions firm’ award from the National Polytechnic Students body in Lagos, recognizing the company’s decade-long commitment to delivering affordable solar home solutions, street lights, and power systems across Nigeria.

Global oil prices plunge amid hopes of Middle East diplomatic progress

Dollar To Naira Exchange Rate Today, June 5th, 2026

By
Boluwatife Oshadiya
-
Stears Africa FX Monitor Predicts Continued Naira Volatility

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange,the official forex trading portal, showed that the naira closed at 1361 per $1 on Friday, June 5th, 2026. The naira traded as high as 1356 to the dollar at the investors and exporters (I&E) window on Thursday. This is brought to you by Bizwatch Nigeria.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1380 on Thursday 4th June, 2026, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate₦1395
Buying Rate₦1380

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Highest Rate₦1361
Lowest Rate₦1356

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

NERC begins implementation of net billing regulations for solar energy

Federal Government launches national guidelines for solar mini-grid interconnection

By
Kehinde Victor
-
40 MW Kesses Solar Facility Becomes Operational In Kenya

Key points

  • The Federal Government has launched national guidelines for interconnecting solar mini-grids to distribution networks.
  • Developed through NEMSA, the project received technical support from the German government and the European Union under the Nigerian Energy Support Programme.
  • The initiative included the handover of procured solar testing equipment to NEMSA to support the country’s evolving mini-grid market.
  • The new framework establishes comprehensive technical requirements, interconnection models, and operational standards to protect grid stability.
  • European and German diplomats emphasized that maintaining and enforcing high technical standards is critical to securing private investments and protecting communities.

Main Story

The Federal Government, through the Nigerian Electricity Management Services Agency (NEMSA), has launched national guidelines for interconnecting solar mini-grids to distribution networks.

The initiative was executed with technical support from the German government and the European Union (EU) under the umbrella of the Nigerian Energy Support Programme (NESP). The event, which took place in Abuja, also featured the formal handover of procured solar testing equipment to NEMSA, marking a step toward strengthening Nigeria’s evolving mini-grid market and expanding electricity access.

Speaking at the launch, the Managing Director and Chief Executive Officer of NEMSA, Olusegun Adesayo, described solar mini-grids as a critical solution for electrifying underserved and unserved communities across Nigeria. Adesayo noted that access to electricity remains fundamental to economic growth, social development, and national prosperity.

He explained that the ongoing expansion of interconnected solar mini-grids within the Nigerian Electricity Supply Industry (NESI) requires clear technical and operational frameworks to ensure safe, efficient, and sustainable integration into existing distribution networks.

According to the NEMSA chief, the new guidelines provide comprehensive procedures, technical requirements, interconnection models, and operational standards for integrating solar mini-grids without compromising grid stability, power quality, system reliability, and public safety. He added that the document would reduce uncertainties for investors and developers while strengthening collaboration among distribution companies, mini-grid developers, regulators, and other stakeholders.

The Permanent Secretary of the Federal Ministry of Power, Mahmuda Mamman, represented by Mustapha Abba, stated that renewable energy, particularly solar power, plays a strategic role in advancing the federal government’s objectives of expanding electricity access, improving energy security, and driving sustainable economic development.

Mamman noted that interconnected and isolated solar mini-grids are increasingly providing reliable electricity to communities and productive users that previously lacked adequate access to power. He commended NEMSA for its leadership in developing the guidelines and acknowledged the contributions of NESP, the EU, the Government of Germany, and GIZ to the project. According to him, the guidelines will strengthen investor confidence, reduce technical and regulatory uncertainties, improve system reliability, and support the sustainable integration of renewable energy solutions into Nigeria’s electricity network.

Earlier, the Head of Cooperation of the European Union Delegation to Nigeria, Massimo De Luca, stressed the importance of maintaining high technical standards as interconnected mini-grids continue to expand across the country.

Similarly, Dr. Karin Jasen, Head of Development Cooperation at the German Embassy to Nigeria, underlined Germany’s continued partnership with Nigeria in advancing sustainable energy access, strengthening institutions, and mobilising private investment.

The Issues

  • Establishing standardized operational frameworks to seamlessly integrate private sector mini-grids into existing distribution networks.
  • Minimizing technical and regulatory uncertainties to build long-term investor confidence in the domestic renewable energy sector.
  • Ensuring full compliance with high technical safety standards to protect unserved and underserved consumer communities.

What’s Being Said

  • Highlighting the operational necessity for structured frameworks as clean energy installations expand, Olusegun Adesayo stated: “Solar mini-grids have emerged as a critical solution for electrified, unserved and underserved communities across the country. However, as interconnected solar mini-grids continue to expand within NESI, there is an increasing need for clear technical and operational frameworks to ensure that these systems are integrated safely, efficiently and sustainably into existing distribution networks,”
  • Expressing optimism about the economic impact of the newly introduced regulatory document, Adesayo noted: “We are confident that this document will significantly enhance investor confidence and accelerate the deployment of interconnected renewable energy systems across Nigeria,”
  • Emphasizing the requirement for institutional coordination to manage market growth, Mahmuda Mamman stated: “As this segment of the electricity market continues to grow, it becomes imperative to establish clear technical and operational frameworks that will ensure safety, reliability and efficient coordination between solar mini-grid systems and existing distribution infrastructure,”
  • Outlining the balance of standards required when linking private installations to distribution assets, Massimo De Luca explained: “As we see the model of interconnected mini-grids really taking shape in our country, we need to be mindful of the standards that we apply when we integrate a private sector-led mini-grid into the network of a distribution company.”

What’s Next

  • NEMSA will deploy the newly received solar testing equipment to enforce the newly launched technical guidelines across the country.
  • Mini-grid developers and distribution companies will begin aligning their interconnection designs with the approved regulatory models.
  • The Ministry of Power and its international partners, including GIZ, will continue tracking the deployment of interconnected systems to measure impact on electricity access.

Bottom Line NEMSA, with technical backing from Germany and the EU, has launched national interconnection guidelines and acquired new solar testing equipment to standardize how solar mini-grids link to Nigeria’s distribution networks, aiming to reduce investor uncertainty and safely expand electricity access.

Naval Chief calls for special maritime court to combat crude theft

NERC begins implementation of net billing regulations for solar energy

By
Kehinde Victor
-
Why Cost Of Solar Energy Installation Is Dropping -PPC

Key points

  • Nigerians can now export surplus solar power to distribution companies as the Nigerian Electricity Regulatory Commission begins implementing the Net Billing Regulations 2026.
  • The new regulatory framework enables eligible electricity consumers, classified as prosumers, to generate renewable energy primarily for self-consumption.
  • Eligible renewable energy systems must have a minimum installed capacity of 50 kilowatt peak (KWp) and a maximum capacity of 1.5 megawatt peak (MWp).
  • Approved participants will be provided with bidirectional net metering facilities to measure the electricity imported from and exported to the grid.
  • Exported energy from qualified prosumers will be credited in accordance with the export tariff approved by the commission.

Main Story

The Nigerian Electricity Regulatory Commission (NERC) has commenced the implementation of the Net Billing Regulations 2026, allowing citizens to export surplus power generated from solar systems to distribution companies (DisCos).

The framework is designed to enable eligible electricity consumers to generate renewable energy for their own consumption. In an official notice issued on Wednesday, the regulatory body stated that the newly introduced regulations would allow qualified customers, designated as prosumers, to generate electricity primarily through solar photovoltaic installations.

The commission explained that the regulations are aimed at promoting the widespread adoption of renewable energy technologies, enhancing energy security and reliability for consumers, and encouraging private sector participation in distributed generation. Furthermore, NERC noted that the framework will support the ongoing reduction of greenhouse gas emissions while facilitating the efficient integration of clean energy systems directly into existing distribution networks.

To qualify for participation under the new scheme, applicants must be connected to the network of a local distribution company, install renewable energy systems that fully comply with applicable technical and regulatory standards, and obtain formal approval from the relevant DisCo.

NERC specified that eligible renewable energy systems must maintain a minimum installed capacity of 50 kilowatt peak (KWp) and a maximum capacity of 1.5 megawatt peak (MWp). Prospective participants are also required to execute a net billing agreement and register their systems with the commission.

According to the official notice, interested customers must first apply to their respective distribution licensees to undergo a technical feasibility assessment.

Once approved, successful participants will be equipped with bidirectional net metering facilities designed to accurately measure electricity imported from and exported to the distribution network. NERC added that all exported energy shall be credited in strict accordance with the export tariff approved by the commission.

The Issues

  • Integrating decentralized renewable energy systems into existing distribution networks without compromising grid stability.
  • Ensuring all prosumer installations strictly comply with established technical and regulatory safety standards.
  • Managing the logistics of technical feasibility assessments and the rollout of bidirectional net metering facilities by DisCos.

What’s Being Said

  • Outlining the core purpose of the newly introduced regulatory framework, the Nigerian Electricity Regulatory Commission stated: “The Regulations establish a framework that enables eligible electricity customers (Prosumers) to generate electricity from renewable energy sources, primarily solar photovoltaic systems, for their own consumption and export surplus energy to the distribution network under a Net Billing Arrangement,”
  • Defining the broader environmental and economic goals behind the 2026 policy rollout, the commission explained: “The objectives of the Net Billing Regulations 2026 are to promote the adoption of renewable energy technologies, enhance energy security and reliability for electricity consumers, encourage private sector participation in distributed generation.”
  • Explaining the mandatory administrative workflow that prospective solar prosumers must follow to join the network, the notice added: “Interested customers are required to apply to their Distribution Licensee for a technical feasibility assessment. Upon approval and execution of a Net Billing Agreement, the applicant shall register with NERC in accordance with the provisions of the Regulations.”

What’s Next

  • Interested electricity consumers will begin applying to their respective DisCos for technical feasibility assessments.
  • DisCos will deploy bidirectional net metering facilities to approved prosumers to monitor power exchanges.
  • NERC will oversee the registration of approved applicants and enforce compliance with the approved export tariff rates.

Bottom Line

NERC has launched the Net Billing Regulations 2026, enabling qualified solar prosumers with systems between 50 KWp and 1.5 MWp to sell surplus electricity back to DisCos via bidirectional meters under an approved tariff structure.

Falana gives AGF 14-day ultimatum to recover $120.5bn, N66.4bn oil revenues

Falana gives AGF 14-day ultimatum to recover $120.5bn, N66.4bn oil revenues

By
Kehinde Victor
-
People's Constitution Being Drafted, To Be Ready In December - NCF

Key points

  • Human rights lawyer Femi Falana (SAN) has issued a 14-day ultimatum to the Attorney General of the Federation to initiate the recovery of $120.5 billion and N66.4 billion.
  • The funds are allegedly owed to the Federation Account by the NNPCL, international oil companies, and other operators in the oil and gas sector.
  • The largest component of the debt consists of $62 billion in outstanding royalties from international oil companies due to unimplemented production sharing contract provisions.
  • Additional claims include $29 billion in alleged crude oil theft, $21.5 billion in unremitted NLNG dividends, and $2.9 billion spent on failed refinery rehabilitations.
  • Falana warned that the Alliance on Surviving COVID-19 and Beyond (ASCAB) will approach the Federal High Court to compel recovery if the AGF fails to act.

Main Story

Human rights lawyer Femi Falana (SAN) has given the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), a 14-day ultimatum to initiate the recovery of $120.5 billion and N66.4 billion allegedly owed to the Federation Account.

The funds are reportedly owed by the Nigerian National Petroleum Company Limited (NNPCL), international oil companies, and other operators in the oil and gas sector.

In a letter dated June 2, 2026, written on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana cited court judgments, government reports, and findings by oversight agencies. He claimed that the funds comprise uncollected royalties, proceeds of crude oil theft, unremitted dividends, outstanding taxes, and revenues, as well as funds expended on refinery rehabilitation projects. He warned that legal action would be instituted against the Attorney-General if steps were not taken to recover the money.

According to Falana, the largest component of the alleged debt is $62 billion in outstanding royalties owed by international oil companies. He attributed this to the Federal Government’s failure to implement provisions of the Deep Offshore and Inland Basin Production Sharing Contracts Act for 18 years. The senior lawyer also called for the recovery of $29 billion linked to alleged crude oil theft and undeclared exports between 2011 and 2014, as well as $21.5 billion in dividends from Nigeria LNG Limited (NLNG), which he claimed were received by NNPCL but not remitted to the Federation Account.

Furthermore, Falana cited a report by the Nigerian Extractive Industries Transparency Initiative (NEITI), which reportedly put outstanding revenues owed by oil and gas companies at $6.07 billion and N66.4 billion. He also urged the Federal Government to recover $2.9 billion spent on the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries, alleging that the contractors failed to deliver on the projects despite receiving the funds.

The Senior Advocate of Nigeria maintained that if the Attorney-General fails to commence recovery proceedings within 14 days, ASCAB will approach the Federal High Court to compel the recovery of the funds. Falana argued that recovering the money would significantly boost government revenue, reduce reliance on external borrowing, and strengthen the country’s economy.

The Issues

  • Recovering massive unremitted oil and gas revenues to boost the Federation Account and reduce national debt.
  • Addressing the long-term failure to implement statutory provisions of the Deep Offshore and Inland Basin Production Sharing Contracts Act.
  • Enforcing corporate and institutional accountability for funds disbursed for failed refinery rehabilitation projects.

What’s Next

  • The Attorney General of the Federation will review the 14-day ultimatum and determine the government’s legal response.
  • ASCAB will prepare to file a lawsuit at the Federal High Court if recovery proceedings are not commenced by June 16, 2026.
  • Regulatory oversight bodies and oil firms may face renewed pressure to reconcile outstanding balances cited in past NEITI reports.

Bottom Line

Femi Falana has given the AGF a 14-day ultimatum to recover $120.5 billion and N66.4 billion in unremitted royalties, stolen crude proceeds, and failed refinery project funds from the oil sector, threatening a Federal High Court lawsuit if the government fails to act.

Dangote refinery surpasses nameplate capacity, targets 1.4m barrels daily output

Naval Chief calls for special maritime court to combat crude theft

By
Kehinde Victor
-
Nigeria’s Oil Reserves Slumps By 543 Million Barrels In Four Years
Nigeria’s Oil Reserves Slumps By 543 Million Barrels In Four Years

Key points

  • The mastermind behind crude oil theft in Nigeria usually remains hidden from security agencies, leaving only low-level workers captured at illegal refining sites.
  • Vice Admiral Idi Abbas stated that the delicate structure of oil theft syndicates complicates prosecution because arrested workers often do not know who employs them.
  • Increased deployment of technology-driven surveillance, intelligence gathering, and monitoring systems has helped curb oil theft and secure national assets.
  • The Nigerian Navy reported that the nation’s coastal and riverine communities are relatively safe, with sea robbery and pipeline vandalism largely contained.
  • The Chief of the Naval Staff advocated for a specialized maritime court to accelerate justice and relieve the Navy of the high financial costs of maintaining seized vessels.

Main Story

The Chief of the Naval Staff, Vice Admiral Idi Abbas, says the masterminds behind crude oil theft in Nigeria often remain hidden from security agencies.

He stated that individuals arrested at illegal refining sites are usually low-level operatives with little knowledge of the larger criminal network.

Speaking on Channels Television’s Sunrise Daily on Friday, Abbas noted that many of those apprehended during operations are merely workers paid small sums.

He explained that the complex structure of oil theft syndicates makes it difficult to identify and prosecute the individuals who orchestrate the criminal enterprise. According to the Naval Chief, prosecution is often complicated because many arrested suspects have little or no information about the people directing the operations.

Despite these challenges, Abbas said the Nigerian Navy and other security agencies are continually refining their strategies to counter the evolving tactics of oil thieves. He stated that the adoption of technology-driven surveillance, intelligence gathering, and monitoring systems has significantly enhanced efforts to curb crude oil theft and protect critical national assets.

The Naval Chief reaffirmed the commitment of the Nigerian Navy to sustaining operations against oil theft, stressing that collaboration among security agencies, stakeholders, and host communities remains essential.

Meanwhile, Vice Admiral Abbas stated that Nigeria’s coastal and riverine communities are relatively safe. He said the Nigerian Navy has made significant progress in reducing threats along the coast, particularly illegal oil-related activities and sea robbery.

While crude oil theft and isolated cases of sea robbery remain areas of concern, he noted that the Navy has been largely successful in containing such activities through intensified surveillance and enforcement operations.

The Chief of the Naval Staff also called for the establishment of a special court dedicated to prosecuting maritime crimes. He said the proposed court would focus exclusively on cases involving crude oil theft and other maritime-related offences, helping to address delays associated with the conventional judicial process.

According to him, the establishment of such a court would significantly accelerate the dispensation of justice and reduce the substantial operational costs currently incurred by the Navy in maintaining seized vessels and other exhibits pending judgment.

The Issues

  • Penetrating highly insulated, multi-layered criminal syndicates where low-level field workers have no direct knowledge of their employers.
  • Sustaining high operational and maintenance costs for seized vessels held in naval custody during prolonged conventional court trials.
  • Balancing ongoing tech upgrades in coastal surveillance with community-level collaboration to completely halt environmental pollution in the Niger Delta.

What’s Being Said

  • Explaining the disparity between the low-level laborers caught at production sites and the actual financial beneficiaries of the illegal trade, Vice Admiral Idi Abbas stated: “Most of the faces behind these thefts are not really known or are not the ones we always catch. The ones we get at most of the illegal refinery sites are just being given some paltry sum, while the big masquerades are the ones that make the real money,”
  • Outlining why the prosecution of field suspects rarely leads to the destruction of the broader criminal enterprise, Abbas added: “In trying to prosecute some of these people that we get, some of them don’t even know who they are working for. So, the network is a very delicate one,”
  • Emphasizing the role of modern monitoring infrastructure in matching the adaptive tactics of oil bunkering networks, the Naval Chief noted: “As they are evolving strategies, we are also evolving new strategies. Like I keep saying, technology is the way forward. With that, we have been able to reduce the level of theft,”
  • Summarizing the current security situation within the country’s deltaic and maritime borders, he declared: “As it stands today, I can say that our coastal areas and the riverine areas are relatively safe,”
  • Identifying the specific maritime offenses that naval forces are actively suppressing along the waterways, he explained: “What we are contending with mostly there is the issue of crude oil theft and some pockets of sea robbery, which we are able to curtail,”
  • Calling for institutional legal reforms to handle arrested sea criminals on Friday’s broadcast, Abbas urged: “What we are pushing for is that we should have a special court that will try these maritime criminals,”
  • Explaining how a specialized fast-track judicial process would directly save the military from unnecessary asset management expenditures, he concluded: “If we have that in place, I believe the dispensation of justice will be done much faster and then ease the burden of keeping and maintaining some of the arrested vessels, which will be taken off from us because we spend a lot to maintain those vessels under our custody,”

What’s Next

  • The Nigerian Navy will continue to deploy and refine technology-driven surveillance and monitoring systems along volatile channels.
  • Maritime stakeholders and military leadership will look to advance advocacy for legislative action establishing a dedicated special maritime court.
  • Joint security teams will maintain intensified enforcement and surveillance operations to clear out remaining pockets of sea robbery and illegal refining camps.

Bottom Line

The Navy has declared Nigeria’s coastal waters relatively safe but notes that the masterminds of crude oil theft remain shielded behind low-level operatives, prompting Vice Admiral Idi Abbas to call for a special maritime court to fast-track justice and eliminate the high cost of holding seized vessels.

NSE calls for stronger security measures, urges upward review of minimum wage

Global oil prices plunge amid hopes of Middle East diplomatic progress

By
Kehinde Victor
-

Key points

  • Global crude oil prices dropped by approximately $3 per barrel following a ceasefire agreement between Israel and Lebanon.
  • Brent crude futures fell 3.27 percent to $94.61 per barrel, while US West Texas Intermediate plummeted 3.86 percent to $92.31 per barrel.
  • US crude stockpiles fell sharply by 8 million barrels for the week ended May 29, doubling the 4-million-barrel draw projected by market analysts.
  • Deputy Prime Minister Alexander Novak publicly acknowledged a drop in Russian oil output since the beginning of the year, attributing it to unplanned refinery maintenance.
  • Despite international price drops, the Nigerian masses face surging fuel prices and heightened inflationary pressures even as NNPC Limited and the Dangote refinery record major revenue gains.

Main Story

International crude oil prices dropped by approximately $3 per barrel as market investors reacted to a potential cooling of geopolitical tensions in the Middle East.

Market optimism grew following prospects of a broader ceasefire agreement, which market participants anticipate could eventually clear the way for the reopening of the strategic Strait of Hormuz.

The downward price movement followed official statements from Israel and Lebanon indicating an agreement to execute a ceasefire. This diplomatic development has heightened market expectations regarding broader diplomatic progress involving the United States and Iran, given that Tehran had previously conditioned any agreement on a cessation of hostilities between Israeli forces and the Iran-aligned Hezbollah group in Lebanon.

The price corrections sharply reversed gains from the previous session. Brent crude futures plummeted by $3.20 to settle at $94.61 per barrel, while the United States West Texas Intermediate (WTI) crude fell by $3.71 to close at $92.31 per barrel. Both benchmarks had climbed by roughly two percent during the preceding trading session following a flare-up of friction in the Gulf region, which included reported Iranian military strikes on Kuwait and retaliatory American military operations near the Strait of Hormuz.

Simultaneously, legislative updates from the United States showed that the Republican-led House of Representatives passed a resolution designed to restrict former President Donald Trump from initiating or continuing unilateral military campaigns against Iran. However, the legislative measure faces a steep path forward, requiring approval from the Senate and a mandatory two-thirds majority across both congressional chambers to override an anticipated presidential veto.

On the global supply side, the market received notable disclosures from major producing nations and inventory managers. For the first time, a high-ranking Russian official publicly acknowledged a reduction in domestic oil output, with Deputy Prime Minister Alexander Novak attributing the year-to-date production drop to unscheduled maintenance operations across Russian refining facilities.

Concurrently, data published by the US Energy Information Administration (EIA) revealed a massive contraction in domestic crude inventories, which drew down by 8 million barrels to hit a total of 433.7 million barrels for the week wrapped up on May 29. This decline doubled the 4-million-barrel draw forecasted by industry analysts in a pre-release poll.

Domestically, the impact of these global market shifts presents a complex fiscal picture for Nigeria. While the state-owned Nigerian National Petroleum Company Limited reported an increase of over 70 percent in its revenue and profits, and the private Dangote refinery capitalized on high fuel export volumes, local consumers continue to bear the burden of expensive fuel prices, worsening nationwide inflation risks.

The Issues

  • Balancing international crude benchmark declines against localized retail fuel price hikes that drive domestic inflation.
  • Navigating extreme energy market volatility caused by rapid shifts in Middle Eastern geopolitics and Strait of Hormuz security.
  • Assessing the long-term impact of unplanned refining maintenance on Russian oil output and global supply calculations.

What’s Being Said

  • Highlighting the dual forces of international politics and domestic stock adjustments currently shaping crude oil trade behaviors, oil traders noted that the combination of easing geopolitical fears and shifting supply data continued to drive volatility in global crude markets.

What’s Next

  • The US Senate will deliberate on the House-approved resolution aimed at restricting unilateral military action against Iran.
  • Energy analysts will track whether the Israel-Lebanon ceasefire successfully paves the way for wider diplomatic talks between Washington and Tehran.
  • Nigerian fiscal authorities will face mounting pressure to address the disconnect between rising state oil revenues and the high fuel prices burdening the masses.

Bottom Line

Global oil prices plummeted as Brent crude dropped over 3 percent to $94.61 following a ceasefire agreement between Israel and Lebanon, overriding a massive 8-million-barrel draw in US stockpiles and leaving Nigeria in a contradictory position where state and corporate oil revenues are soaring while citizens face inflationary fuel prices.

Ghana loses $200m annually to floods, droughts — GMet

Ghana loses $200m annually to floods, droughts — GMet

By
Ibe Wada
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 Key points

  • The Ghana Meteorological Agency (GMet) says the country loses about $200 million annually to floods and droughts.
  • Climate-related disasters, including the 2023 Akosombo Dam spillage and 2015 Accra floods, have caused massive economic losses and displacement.
  • GMet warns that climate losses will rise without stronger early warning systems and resilience measures.

Main story

The Ghana Meteorological Agency (GMet) has disclosed that Ghana loses approximately $200 million annually due to the impact of floods and droughts across the country.

The Deputy Director-General of GMet, Ignatius Williams, disclosed during a courtesy visit by the Climate Beyond Borders Caravan (CBBC), an initiative of the People, Planet and Peace Foundation, in Accra.

Williams warned that Ghana is increasingly exposed to climate-related hazards, noting that the economic and human toll of such disasters continues to rise yearly.

He cautioned that without strengthened early warning systems and improved climate resilience strategies, the financial and social losses would continue to escalate.

Citing past disasters, Williams noted that the 2023 Akosombo Dam spillage led to severe flooding that destroyed livelihoods, displaced thousands of families, and resulted in estimated losses of about $141 million.

He also referenced the June 2015 Accra floods, which claimed more than 200 lives and caused economic and food losses estimated at $108 million.

According to him, drought conditions in 2024 affected 135,822 farmers across 571,745 hectares of farmland, significantly impacting agricultural productivity and food security.

Also speaking, Joseph Portuphy said the agency was established to provide timely and reliable meteorological and climate information to support national development and disaster risk reduction.

He explained that GMet’s mandate includes the collection, processing, archiving and dissemination of accurate weather data for sectors such as aviation, maritime operations and agriculture.

Portuphy noted that the agency operates under the Ghana Meteorological Agency Act, 2004 (Act 682), which guides its efforts to protect lives and property through accurate forecasting and climate services.

He added that GMet also works to integrate climate information into national policies to enhance resilience against extreme weather events such as flooding, drought and rising sea levels.

In another presentation, Felicity Ahfianyo said the agency has intensified efforts to align its operations with the standards of the World Meteorological Organization (WMO), particularly in data handling and equipment calibration.

She added that GMet remains Ghana’s official authority for meteorological data and ensures that climate information is made accessible to researchers and the public through official publications.

Meanwhile, Osim Kwatia II commended participants of the Climate Beyond Borders Caravan initiative during a reception at his palace.

He stressed the importance of collective action among governments, communities and organisations in addressing climate change challenges.

“We see climate change as a collective challenge and will continue to support efforts aimed at addressing it,” the traditional ruler said.

The issues

Ghana continues to face increasing climate vulnerability, with recurring floods and droughts affecting agriculture, infrastructure and livelihoods. Weak early warning systems and limited resilience infrastructure remain major challenges in reducing disaster impacts and economic losses.

What’s being said

GMet officials say climate disasters are becoming more frequent and costly, urging stronger investment in forecasting systems and national preparedness. Stakeholders also emphasise the need for coordinated action between government, traditional authorities and civil society to mitigate climate risks.

What’s next

Ghana is expected to strengthen its climate monitoring systems, improve early warning dissemination and integrate climate data into national development planning as part of broader resilience-building efforts.

Bottom line

With climate-related disasters costing Ghana millions of dollars annually, experts warn that only sustained investment in early warning systems, infrastructure and coordinated climate action can reduce future losses and protect vulnerable communities.

NSE calls for stronger security measures, urges upward review of minimum wage

NSE calls for stronger security measures, urges upward review of minimum wage

By
Ibe Wada
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NERC

Key points

  • The Nigeria Society of Engineers (NSE) has urged the Federal Government to intensify efforts to tackle worsening insecurity across the country.
  • The body is also calling for a significant upward review of the national minimum wage to reflect rising economic pressures.
  • NSE says insecurity, inflation and high fuel costs are placing severe strain on Nigerians and the economy.

Main story

The Nigeria Society of Engineers (NSE) has called on the Federal Government to take urgent and decisive action to address the escalating insecurity challenges across the country, while also advocating for an upward review of the national minimum wage.

The NSE President, Ali Rabiu, made the call on Thursday in Abuja during the Society’s 2026 Second Quarter Dinner and the admission of over 214 engineers as Fellows.

Rabiu expressed concern over what he described as the rising wave of insecurity, including the abduction of teachers, pupils and other innocent citizens across various parts of the country.

He said the situation was unacceptable and required sustained and coordinated intervention from relevant security and government authorities.

“The indiscriminate abduction of teachers, pupils, and other innocent citizens is unacceptable and demands urgent and sustained action by the relevant authorities,” he said.

The NSE President stressed that the primary responsibility of any government is the protection and welfare of its citizens, noting that these priorities should supersede political considerations.

According to him, governance should focus on improving the wellbeing of citizens rather than being distracted by electoral or political ambitions.

“We believe strongly that a responsible government should prioritise the wellbeing of its citizens above all else, including mundane considerations such as re-election campaigns,” he said.

Rabiu also called for a substantial upward review of the national minimum wage, arguing that current economic conditions have made it increasingly difficult for Nigerian workers to cope with the cost of living.

“As a responsible corporate citizen, the Nigerian Society of Engineers joins other well-meaning Nigerians in calling on government to consider a substantive upward review of the national minimum wage for Nigerian workers,” he stated.

He noted that Nigeria possesses the resources and capacity to improve citizens’ living standards if the necessary political will and commitment are demonstrated.

The NSE President further highlighted the growing economic pressures facing households, including rising inflation, transportation costs and the increasing price of petroleum products.

He warned that many Nigerians now struggle to afford daily commuting costs due to fuel prices averaging around ₦1,350 per litre, a situation he said is affecting both workers and businesses.

Rabiu also emphasised the importance of collaboration among government, professional bodies, academia and industry stakeholders in addressing Nigeria’s complex developmental challenges.

He, however, urged the Federal Government to show greater responsiveness to the needs of citizens, particularly at a time when economic hardship and insecurity are intensifying.

“While we recognise that elections are drawing near and political campaigns have commenced in earnest, citizens must be safe, healthy and economically empowered for democracy to thrive,” he said.

The issues

Nigeria continues to grapple with rising insecurity, including kidnappings and violent crimes, alongside persistent inflation and high cost of living. These challenges are compounded by rising fuel prices, which have significantly increased transportation and production costs, placing pressure on households and businesses.

What’s being said

The Nigeria Society of Engineers insists that government must prioritise citizen welfare, strengthen security operations, and implement policies that improve economic conditions. It argues that meaningful development cannot occur without addressing insecurity and economic hardship simultaneously.

What’s next

The Federal Government is expected to continue reviewing security strategies and economic policies amid growing pressure from professional bodies and civil society organisations calling for urgent reforms, including wage adjustments and stronger security interventions.

Bottom line

The NSE’s appeal underscores mounting national concerns over insecurity and economic hardship, with experts warning that urgent and coordinated government action is needed to protect citizens and stabilise living conditions across the country.

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