International benchmark Brent crude rose 2.07% to $114.90 per barrel on Monday, marking a record 55% increase for the month of March.
President Donald Trump warned he would “completely obliterate” Iran’s oil wells and Kharg Island if the Strait of Hormuz remains closed.
Yemen’s Iran-backed Houthis launched missile strikes at Israel, further heightening the risk to global energy infrastructure.
Trump likened potential U.S. control of Iranian oil to the “Venezuela model,” suggesting a long-term presence to secure energy assets.
Main Story
President Trump’s rhetoric on Truth Social and in recent interviews has shifted from containment to asset seizure, explicitly targeting Kharg Island—the terminal responsible for nearly 90% of Iran’s exports. The volatility is compounded by a multi-front regional war. While the U.S. and Israel maintain pressure on Tehran, the Houthi missile strikes on Israel have signaled that the “Red Sea Corridor” remains a primary theater of instability. Investors are now pricing in a “Geopolitical Risk Premium” that assumes the Strait of Hormuz—the world’s most important oil chokepoint—could remain contested for the foreseeable future. This has pushed WTI crude above the psychological $100 mark for the first time this cycle.
The Issue
The primary challenge for the global economy is the “Energy Inflation Trap.” With Brent nearing $115, the cost of transportation and manufacturing is skyrocketing, creating an “Inflationary Feedback Loop.” This “Supply Shock” is particularly dangerous because it coincides with low global inventories. To resolve this, the U.S. is attempting a “Direct Leverage Strategy”—threatening to destroy the very assets it wishes to “take”—in hopes of forcing a diplomatic surrender before the 2026 summer driving season begins.
What’s Being Said
“Brent crude has soared more than 55% in March, putting the benchmark on track for its steepest monthly rise on record,” reported market analysts on Monday.
“My preferred option in Iran would be to ‘take the oil,’ likening it to U.S. actions in Venezuela,” stated President Donald Trump in a Financial Times interview.
“The conflict has entered its fifth week, with attacks spreading across the region, heightening risks to energy infrastructure,” noted industry experts.
In the coming days, all eyes are on the OPEC+ emergency meeting, where members will decide whether to release additional reserves to cool the market. Domestically, the U.S. may announce a further release from the Strategic Petroleum Reserve (SPR) if Brent crosses the $120 threshold. Meanwhile, military analysts are monitoring the Houthi launch sites in Yemen; a retaliatory strike by the U.S.-led coalition could cause another immediate 3-5% spike in prices. For consumers, this likely means a sharp increase in petrol and aviation fuel prices by the first week of April.
Bottom Line
The bottom line is that oil is now a weapon of war. By threatening to “obliterate” Iranian wells, Trump has removed the ceiling on crude prices. For the global market, the question is no longer if prices will rise, but whether the world’s most critical oil infrastructure can survive the week without a direct, catastrophic hit.
Capital Importation: Nigeria’s hydrocarbon sector saw a massive leap in foreign investment, rising from $5.12 million in 2024 to $17.98 million in 2025.
Gas Sector Surge: Gas export earnings grew by 21%, reaching $10.51 billion, underscoring gas as a primary driver of foreign exchange.
Non-Oil Growth: Exports outside the oil sector jumped from N9.09 trillion to N12.36 trillion, led by agriculture and solid minerals.
Master Plan 2026: NNPCL has unveiled a roadmap targeting 10 billion cubic feet of daily gas production and a $60 billion investment goal.
MAIN STORY
Nigeria’s energy sector is showing early signs of a structural “thaw” after years of regulatory and security-induced stagnation.
According to the latest National Bureau of Statistics (NBS) report, capital inflows into the oil and gas industry more than tripled year-on-year.
While the $17.98 million figure remains modest compared to the industry’s historical peaks, the 250% increase signals a renewed “wait-and-see” optimism among global investors following recent fiscal reforms.
The real star of the 2025 fiscal year was the gas sector. With earnings hitting $10.51 billion, gas is no longer just a “byproduct” of oil but a standalone economic pillar.
This shift aligns with the NNPCL’s aggressive Gas Master Plan 2026, which seeks to nearly triple the nation’s gas reserves from 210 trillion to 600 trillion cubic feet.
By focusing on midstream infrastructure and industrial gas utilization, the government aims to decouple Nigeria’s FX stability from the volatile global crude oil market.
THE ISSUE
The primary challenge remains the “Potential-Performance Gap.” Despite the tripling of inflows, $17.98 million is a “drop in the ocean” compared to the $60 billion investment mandate set by the NNPCL. This “Investment Deficit” is driven by lingering concerns over pipeline security and the high cost of capital.
To resolve this, the government is leaning on the 2023 Electricity Act and the Petroleum Industry Act (PIA) to create “ring-fenced” investment zones where regulatory clarity is guaranteed, hoping to move the sector from “early recovery” to “full-scale industrialization.”
WHAT’S BEING SAID
“Oil and gas inflows more than tripled year-on-year… suggesting early signs of recovery,” reported the National Bureau of Statistics (NBS).
“We are working on a mandate to attract about $60 billion in investments into the gas sector,” stated the Nigerian National Petroleum Company Limited (NNPCL).
“Gas export earnings climbed by 21%… highlighting the growing contribution of gas to foreign exchange reserves,” noted Central Bank of Nigeria (CBN) analysts.
“Non-oil exports rose to N12.36 trillion… highlighting stronger performance outside the oil sector,” the NBS report added.
WHAT’S NEXT
In the coming months, the NNPCL is expected to sign the first batch of Project Development Agreements (PDAs) under the Gas Master Plan 2026. Investors will be watching for the rollout of the $10 billion NLNG Train 8 final investment decision (FID) as a litmus test for the sector’s health. Additionally, the Ministry of Solid Minerals is expected to release a similar “Master Plan” following the N12.36 trillion non-oil export peak, aiming to formalize artisanal mining and further diversify the FX base.
BOTTOM LINE
The bottom line is that Nigeria is finally moving from “Crude” to “Carbon-Lite.” The tripling of oil and gas inflows, combined with a 21% jump in gas revenue, suggests that the “Gas-to-Prosperity” narrative is finally gaining financial traction. For the average Nigerian, the success of the 2026 Master Plan will be measured by whether this $17.98 million “spark” can ignite a broader industrial fire that lowers the cost of energy nationwide.
President Donald Trump has threatened to “completely obliterate” Iran’s electric plants, oil wells, and Kharg Island if a deal is not reached immediately.
The ultimatum, issued via Truth Social, demands that Tehran immediately open the Strait of Hormuz for international business.
While Trump claims “great progress” with a “more reasonable regime,” Tehran has officially denied engaging in direct talks with Washington.
The conflict has entered its fifth week, with the Pentagon reportedly preparing for a potential ground invasion by deploying approximately 10,000 troops.
MAIN STORY
The military confrontation in the Middle East has reached a critical “all-or-nothing” phase.
On Monday, President Donald Trump escalated his rhetoric, warning that the U.S. would destroy Iran’s core economic assets including desalinization and power plants, if the maritime blockade in the Strait of Hormuz persists.
Trump’s focus on Kharg Island is strategic; the terminal handles 90% of Iran’s oil exports, and the President has openly discussed “taking the oil” as a form of war reparations for the 47-year “Reign of Terror” by the previous regime.
Despite the aggressive posturing, the diplomatic backchannel remains murky. Trump suggested that 20 oil tankers would be allowed through the Strait on Monday as a “sign of respect.”
However, the Iranian Consulate in Mumbai dismissed American diplomacy as “flipping constantly,” maintaining that they have only received “unreasonable demands” via intermediaries in Pakistan.
As the 82nd Airborne Division and thousands of Marines arrive in the theater, the window for a negotiated settlement appears to be closing rapidly.
THE ISSUE
The primary challenge is the “Energy-Security Deadlock.” By threatening “Infrastructure Obliteration,” the U.S. aims to force a total surrender of the Strait. However, this creates a “Retaliation Cycle” where Iran strikes regional assets, such as the recent hit on a Kuwaiti water plant and an Israeli refinery. To resolve this, Trump is pushing for a “Regime Pivot,” betting that a “new” leadership in Tehran will break from the 47-year status quo to avoid total economic collapse, even as the Pentagon prepares for the logistical reality of a ground invasion.
WHAT’S BEING SAID
“If for any reason a deal is not shortly reached… we will conclude our lovely ‘stay’ in Iran by blowing up and obliterating all of their Electric Generating Plants,” stated President Donald Trump on Truth Social.
“No direct US talks; only excessive, unreasonable demands via intermediaries,” the Consulate General of Iran in Mumbai said in a statement.
“My favourite thing is to take the oil in Iran… maybe we take Kharg Island, maybe we don’t,” Trump told the Financial Times.
“The Pentagon was preparing for weeks of potential ground invasion by sending around 10,000 troops,” reported the Washington Post.
WHAT’S NEXT
The next 48 hours are critical to see if the promised 20-tanker convoy actually passes through the Strait of Hormuz without incident. Military analysts are watching the deployment of the remaining 6,500 troops from the 82nd Airborne to see if they move toward forward operating bases near the Iranian border. If the “15-point plan” passed through Islamabad fails to gain traction by mid-week, the threat to Kharg Island could transition from social media rhetoric to active military targeting. Meanwhile, global oil markets are bracing for extreme volatility as the possibility of a total Iranian “blackout” looms.
BOTTOM LINE
The bottom line is that Trump is treating the Middle East like a “Foreclosure.” By threatening to “take the oil” or destroy the grid, he is attempting to leverage the threat of total national ruin to secure a deal. For the world, the risk is that this “all-or-nothing” approach could either end the war this week or trigger a regional energy catastrophe that lasts for years.
The Federal Security Service (FSB) of Russia has revoked the accreditation of Janse Van Rensburg, a second secretary at the British Embassy in Moscow.
The diplomat is accused of “intelligence and subversive activities,” specifically attempting to obtain sensitive data from Russian economic experts.
The FSB claims Van Rensburg provided false information upon entering the country and poses a threat to national security.
The diplomat has been ordered to leave Russia within two weeks, marking a further decline in UK-Russia diplomatic relations.
MAIN STORY
The “Shadow War” between London and Moscow has escalated with the expulsion of another high-ranking British official.
On Monday, the FSB announced it had monitored Janse Van Rensburg during “informal meetings” where he allegedly sought non-public economic intelligence.
According to the Russian security services, the diplomat’s presence was a breach of the Vienna Convention, as his activities allegedly crossed the line from standard diplomatic observation into active subversion.
This move follows a series of tit-for-tat expulsions over the last year, as both nations tighten their counter-intelligence protocols. The British Foreign, Commonwealth & Development Office (FCDO) has historically dismissed such claims as “baseless” and “politically motivated,” often retaliating with similar measures against Russian staff in London.
The timing of this expulsion is particularly sensitive, as it coincides with renewed Western discussions regarding tightened sanctions on the Russian energy and tech sectors.
THE ISSUE
The primary challenge is the “Diplomatic Communication Blackout.” As both sides continue to revoke accreditations, the “Intelligence Vacuum” grows, making it harder for either nation to gauge the other’s true intentions. This leads to a “Trust Deficit” where even routine economic inquiries are viewed as acts of espionage. To resolve this, international mediators often suggest “back-channel” dialogues, but the current geopolitical climate in 2026 makes such transparency nearly impossible, leading to more frequent persona non grata (PNG) declarations.
WHAT’S BEING SAID
“The FSB documented the diplomat’s attempts to obtain sensitive information during informal meetings,” stated the Federal Security Service (FSB) in an official release.
“Janse Van Rensburg… has been ordered to leave the country within two weeks,” reported Russian state media.
“The diplomat provided false information when entering Russia and was involved in activities posing a threat,” the FSB statement added.
“We will not apologize for protecting our national interests,” Moscow officials noted regarding the crackdown on foreign staff.
WHAT’S NEXT
Within the next 48 hours, the UK Foreign Office is expected to summon the Russian Ambassador in London to deliver a formal protest. History suggests a “symmetrical response” is likely, where a Russian diplomat of similar rank will be expelled from the UK. Janse Van Rensburg has until mid-April 2026 to exit Russian territory. Meanwhile, remaining British staff in Moscow will likely face increased surveillance and restricted access to local experts, further chilling the intellectual and economic exchange between the two capitals.
BOTTOM LINE
The bottom line is that diplomacy is being replaced by “Defensive Isolation.” By expelling a second secretary over economic inquiries, Russia is signaling that any “informal” contact with its experts is now a high-risk activity. For the UK, this exit narrows the already slim window into the inner workings of the Russian economy during a critical transition period.
DMO offers N750 billion in reopened FGN bonds across three tenors
Auction includes 2030, 2032, and 2033 maturities
Analysts expect higher yields amid global risk-off sentiment
Main Story
Nigeria’s Debt Management Office (DMO) is set to conduct its monthly Federal Government bond auction today, offering a total of N750 billion across three reopened instruments as the government seeks to raise fresh domestic financing.
The auction includes the 17.945% FGN AUG 2030 bond, the 17.95% FGN JUN 2032 bond, and the 19.89% FGN MAY 2033 bond. The issuance comprises N250 billion in five-year bonds, N200 billion in seven-year notes, and N300 billion in 10-year instruments.
Market participants anticipate upward pressure on yields, reflecting heightened global risk aversion driven by geopolitical tensions in the Middle East. Investment firm AAG Capital noted that prevailing uncertainty across asset classes could influence investor demand and pricing dynamics.
In the secondary market, trading activity last week was concentrated in mid-tenor instruments, particularly the 2031 and 2032 bonds, which saw sustained demand from investors seeking balanced risk-return exposure.
Despite cautious sentiment, average bond yields declined by 19 basis points week-on-week to 15.78%, indicating modest improvement in investor appetite, particularly within mid-range maturities.
What’s Being Said
“Bond yields are expected to be higher at today’s auction as risk-off sentiment persists across asset classes due to the prolonged crisis in the Middle East,” AAG Capital stated in a market note.
“Actual cut-off rates will depend on the issuer’s preferred funding cost at this time,” the firm added, highlighting uncertainty around final pricing.
What’s Next
Results of the bond auction, including cut-off yields, are expected later today
Investors will assess demand levels to gauge market confidence in government securities
Future auctions may reflect evolving global risk sentiment and domestic liquidity conditions
The Bottom Line: Nigeria’s bond market is navigating a delicate balance between domestic demand and global uncertainty. While investor interest remains steady, rising geopolitical risks could push borrowing costs higher in the near term.
Brent crude climbs 3% to $108.56 per barrel amid supply fears
WTI crude rises to $101.75 as geopolitical risks intensify
Escalating Iran-linked attacks heighten concerns over global oil flows
Main Story
Global oil prices surged on Monday as escalating conflict across the Middle East triggered fresh concerns about supply disruptions and market stability.
Brent crude, the international benchmark, rose by 3% to $108.56 per barrel, while U.S. West Texas Intermediate (WTI) gained 2.1% to trade at $101.75 per barrel. The rally follows heightened geopolitical tensions involving Iran, Israel, and allied groups across the region.
Market sentiment has been shaken by the growing risk of a prolonged conflict between the United States and Iran after Tehran rejected Washington’s 15-point peace proposal and submitted a counteroffer. Analysts say the lack of diplomatic progress is increasing the likelihood of sustained supply disruptions.
Tensions intensified further after Iran-backed Houthi forces in Yemen launched missile strikes targeting Israeli military positions. The attacks, confirmed by Houthi spokesman Yahya Saree, mark an expansion of the conflict beyond its initial theatres and signal coordinated regional escalation involving Iran and allied groups in Lebanon and Iraq.
Financial markets have reacted sharply to the instability. On Friday, both the S&P 500 and Nasdaq closed at their lowest levels since August, with the Nasdaq entering correction territory after a 10% decline from its peak.
The risk premium on oil has risen significantly as traders assess potential disruptions to critical supply routes, particularly the Strait of Hormuz — a key chokepoint for global crude shipments.
What’s Being Said
“We carried out our first military operation targeting sensitive Israeli military sites in southern occupied Palestine with ballistic missiles,” said Yahya Saree, Military Spokesman, Houthi Movement.
“Iran and Lebanon will continue their operations in support of resistance fronts until objectives are achieved,” Saree added, signaling sustained military engagement.
Meanwhile, U.S. President Donald Trump indicated a more aggressive posture, stating: “We would prefer to take Iran’s oil,” suggesting potential action against Iran’s Kharg Island export terminal.
What’s Next
Markets will closely monitor developments around the Strait of Hormuz for any disruption to oil flows
Further military escalation or coordinated strikes could drive crude prices higher in the near term
Investors await potential diplomatic engagement or sanctions announcements from global powers
The Bottom Line: Rising geopolitical fragmentation in the Middle East is rapidly translating into higher oil prices and broader market volatility. With supply routes under threat and diplomacy stalled, energy markets are now pricing in a prolonged risk environment.
National Agency for Food and Drug Administration and Control partners with Interra Networks Ltd to improve services.
A 24-hour call centre has been launched to handle complaints and enquiries.
The platform will help with product registration and customer guidance.
It will also support efforts to detect fake and substandard products.
Officials say the initiative will boost trade and improve public safety.
Main Story
The National Agency for Food and Drug Administration and Control (NAFDAC) has taken a major step to improve its services by launching a 24-hour customer call centre in partnership with Interra Networks Ltd.
The call centre, unveiled in Abuja, is designed to handle complaints and enquiries from Nigerians about food, drugs, cosmetics, and other regulated products.
Speaking at the launch, NAFDAC Director-General, Mojisola Adeyeye, said the initiative would make it easier for people to access information and get help when needed.
According to her, NAFDAC deals with thousands of customers across different sectors, including food, medicines, vaccines, medical devices, and bottled water. Because of this, many people often struggle to understand procedures such as product registration or where to report issues.
She explained that the new call centre will provide clear and timely guidance, helping customers understand what steps to take and how to navigate NAFDAC’s services.
“This platform will make things easier for Nigerians and improve how we serve them,” she said.
The call centre will also support businesses by providing information on product registration timelines and requirements. This is expected to make the process faster and more efficient, which could encourage more trade and business growth.
The Issues
Before now, many Nigerians faced challenges when trying to interact with NAFDAC. Some did not know how to register products, while others struggled to report suspicious or harmful goods.
There has also been a long-standing problem of fake and substandard products in the market. Without a simple way to report these issues, dangerous goods can continue to circulate.
Another challenge is the growing use of digital systems. While NAFDAC has been improving its online processes, not everyone finds it easy to use these platforms.
This gap between digital systems and user understanding has made it harder for some customers to access services.
The new call centre is expected to solve these problems by offering direct human support, making communication faster and clearer.
What’s Being Said
Adeyeye described the call centre as a major improvement in service delivery, noting that it will benefit both the agency and the public.
She also stressed the importance of maintaining the system properly. According to her, financial discipline is key to ensuring the project continues to run smoothly.
The NAFDAC boss revealed that when she took office in 2017, the agency had a debt of ₦3.2 billion, which has now been cleared through careful financial management.
She added that trained NAFDAC staff, including senior officers, will support the call centre by handling more complex issues when needed.
On product safety, Adeyeye said the platform will help the agency act quickly when people report suspicious items.
“If someone reports a fake or unsafe product, we can respond faster and protect the public,” she explained.
She also reaffirmed that the ban on alcohol in sachets and small PET bottles below 200ml is still in place.
Meanwhile, Managing Director of Interra Networks Ltd, Emeka Okafor, said the company is fully ready to manage the system.
He explained that Interra specialises in customer support services and will ensure that all calls are answered and properly handled.
What’s Next
The call centre is now fully operational and will run 24 hours a day, seven days a week.
Customers can call in at any time to ask questions, report issues, or seek guidance on NAFDAC processes.
The agency is expected to monitor how well the system performs and make improvements where necessary.
There are also plans to strengthen collaboration with telecom providers to ensure smooth and reliable service.
Over time, the call centre could become a key tool in improving communication between NAFDAC and the public.
Bottom Line
NAFDAC’s new 24/7 call centre is a practical solution to long-standing communication challenges.
By making it easier for Nigerians to get information, report problems, and access services, the agency is improving both public safety and business processes.
If properly maintained, the initiative could reduce the spread of fake products, boost trust in the system, and make NAFDAC more accessible to everyone.
Interswitch, a leading Africa-focused integrated payments and digital commerce enabler, has reaffirmed and expanded its longstanding partnership with KCB Group within the East Africa region, marking a significant milestone in the drive to accelerate seamless, secure, and inclusive digital payments across the region.
During a recent executive engagement at KCB Group Headquarters in Nairobi, Interswitch Founder and Group CEO, Mitchell Elegbe, led a cross-functional delegation from the company’s Lagos and Nairobi offices, including Interswitch’s Kenya Country General Manager, Bernard Kinara, in high-level discussions with KCB leadership, including Group CEO, Paul Russo, and Director of Strategy & Innovation, Mark Mwongela.
The engagement reinforced both organizations’ shared commitment to scaling digital payment infrastructure and delivering innovative financial solutions that meet the evolving needs of individuals, businesses, and institutions across the region. Interswitch recently announced an expansion of Verve card acceptance footprint in Kenya, leveraging it’s consolidated partnership with KCB Group, Kenya’s largest financial services group by assets, following a similar move in Uganda through the local KCB Franchise in February 2022.
At the core of the strengthened collaboration is the integration of Interswitch’s robust payment rails, card scheme, and emerging digital token solutions with KCB Group’s expansive regional footprint and trusted banking franchise. This integration enables the acceptance of Verve cards and tokenized payment solutions across KCB’s extensive merchant point-of-sale network in Kenya and Uganda, significantly enhancing everyday usability for customers while strengthening KCB’s digitally driven retail payments offering.
The consolidated partnership is expected to drive increased merchant acquisition, improve interoperability across payment ecosystems, and expand access to secure, cashless transactions. It also reinforces both organizations’ shared objective of deepening financial inclusion and accelerating digital commerce across East Africa.
Speaking on the strategic engagement with KCB Group, Mitchell Elegbe noted:
“Our collaboration with KCB Group represents a powerful alignment of vision and capability. By combining our technology-driven payment solutions with KCB’s strong regional presence, we are unlocking new opportunities to scale access, drive innovation, and deliver greater value to customers across East Africa.”
As digital transformation continues to reshape Africa’s financial services landscape, Interswitch and KCB Group remain focused on building resilient, interoperable systems that empower businesses, support economic growth, and drive broader participation in the digital economy.
The Federal Government of Nigeria awarded ₦50 million each to 45 student innovators.
The grant is part of the Student Venture Capital Grant (S-VCG) programme.
Over 30,000 students applied, with 65 finalists selected nationwide.
The initiative supports startups with funding, mentorship, and training.
Officials say it will turn students into job creators and boost the economy.
Main Story
The Federal Government of Nigeria has awarded ₦50 million each to 45 outstanding students under a new programme aimed at supporting young innovators.
The initiative, known as the Student Venture Capital Grant (S-VCG), was unveiled by the Minister of Education, Tunji Alausa, at the UNDP Innovation Hub.
According to Alausa, the programme is designed to help Nigerian students turn their ideas into real businesses. He described it as a bold step toward making young people the driving force behind future innovation.
The selected students were chosen from 65 finalists who emerged after a competitive process involving more than 30,000 applicants from over 400 tertiary institutions across the country.
Each of the 45 winners will receive funding without giving up ownership of their ideas. In addition to the money, they will also get mentorship, business support, and access to digital tools to grow their startups.
Alausa said the goal is to move students beyond classroom learning and help them build solutions that can solve real problems in areas like agriculture, healthcare, logistics, and financial technology.
The Issues
For years, Nigeria’s education system has focused mainly on theory and certification. Many graduates leave school with limited practical skills or support to start businesses.
At the same time, youth unemployment remains a major challenge, with many young people struggling to find jobs after graduation.
There is also a gap between innovative ideas developed in schools and their real-world application. Many promising ideas never move beyond the classroom due to lack of funding and guidance.
The S-VCG programme aims to address these issues by providing both financial support and practical training to students while they are still in school.
By doing this, the government hopes to turn universities into centres of innovation and entrepreneurship.
What’s Being Said
Alausa said the programme represents a major shift in education policy, focusing on innovation and economic impact.
“Great ideas should not end in classrooms. They should grow into solutions that benefit society,” he said.
He added that the initiative aligns with the vision of Bola Tinubu to promote innovation and economic growth driven by young people.
The minister also explained that the selected students went through a three-day bootcamp, where they developed and presented their ideas to industry experts before being chosen.
Minister of State for Education, Suwaiba Ahmad, described student entrepreneurship as a key strategy for job creation and national development.
She said students must go beyond theory and learn how to turn their ideas into real businesses.
Similarly, the Minister of Communications and Digital Economy, Bosun Tijani, praised the programme and encouraged students to focus on building sustainable businesses rather than chasing short-term rewards.
“Small, consistent efforts can grow into something meaningful over time,” he said.
Meanwhile, Elsie Attafuah of the United Nations Development Programme said the organisation is proud to support the initiative, noting that investing in young people is key to national growth.
What’s Next
The 45 beneficiaries are expected to begin developing their ideas into real products and services with support from mentors and partners.
The government, alongside organisations like Google and the Bank of Industry, will continue to guide and support the students.
There are also plans to expand the programme in the future to reach more students across the country.
Officials hope the initiative will create a new generation of entrepreneurs who can drive innovation and economic growth.
Bottom Line
The Student Venture Capital Grant is more than just funding—it is a shift in how education works in Nigeria.
By supporting students with ideas, skills, and resources, the government is helping to build a future where young people create jobs instead of searching for them.
If successful, the programme could transform universities into innovation hubs and unlock the full potential of Nigeria’s youth.
Nigeria’s foreign reserves drop by $547 million between March 11 and March 26, 2026
Reserves decline from $50.03 billion to $49.48 billion, slipping below $50 billion threshold
Downtrend signals renewed FX pressure despite earlier gains recorded in January
Main Story
Nigeria’s external reserves declined by $547 million over a 15-day period in March 2026, reflecting renewed pressure on the country’s foreign exchange buffers, according to data published by the Central Bank of Nigeria (CBN).
The reserves fell from $50.03 billion on March 11 to $49.48 billion on March 26, marking a steady and consistent drawdown rather than a sudden drop. The decline occurred through daily reductions, indicating sustained outflows rather than a one-off adjustment.
Daily data from the apex bank shows a gradual erosion of reserves: $50.01 billion on March 12, $49.97 billion on March 13, and further down to $49.79 billion by March 18. By March 23, reserves stood at $49.61 billion, before sliding to $49.48 billion three days later.
The development represents a reversal of the modest recovery recorded earlier in the year. In January 2026, reserves had increased by approximately $509 million within the first 22 days, driven by improved inflows and relative stability in the FX market.
While the CBN has not issued a formal explanation for the latest decline, such movements are typically linked to foreign exchange interventions, external debt servicing, and fluctuations in oil revenue inflows.
“The movement in external reserves reflects ongoing market operations and obligations within the foreign exchange framework,” the CBN data indicated.
What’s Being Said
Market analysts note that the steady depletion pattern suggests sustained pressure rather than volatility.
“A gradual drawdown like this often points to consistent FX interventions or external commitments being met,” said a Lagos-based financial analyst.
However, policymakers remain cautiously optimistic about reserve recovery.
“Nigeria’s reserve position remains relatively strong and is expected to improve as inflows stabilise,” a senior economic adviser familiar with CBN projections stated.
What’s Next
The CBN is expected to continue monitoring liquidity conditions in the FX market amid ongoing reforms
Oil price movements and production levels will remain critical to reserve accretion in the coming months
The apex bank maintains a projection to grow reserves to $51 billion by the end of 2026, subject to macroeconomic stability
Bottom Line
The Bottom Line: Nigeria’s reserve decline signals renewed FX pressure but not yet a crisis. The trajectory underscores the economy’s continued vulnerability to external shocks, even as policymakers push for stability and investor confidence.
The Central Bank of Nigeria (CBN) has scrapped the cash-pooling requirement for International Oil Companies (IOCs), allowing them to repatriate 100% of their export proceeds.
The Manufacturers Association of Nigeria Export Group (MANEG) warns that this creates a “structural distortion,” as non-oil exporters do not enjoy similar concessions.
While the move is intended to boost Foreign Direct Investment (FDI) in the oil sector, manufacturers fear it could drain domestic FX liquidity.
Conversely, downstream operators like LUBCON Group welcome the move, arguing it will eventually improve overall forex availability for raw material imports like base oils.
MAIN STORY
The Nigerian export landscape is facing a growing divide over the Central Bank’s latest foreign exchange liberalization.
By granting IOCs unfettered access to their foreign earnings, the apex bank aims to restore investor confidence and simplify the “ease of doing business” in a struggling oil sector.
However, for the non-oil sector, the bedrock of Nigeria’s diversification agenda the policy feels like a step backward.
Dr. Benedict Obhiosa of MANEG argued that excluding non-oil exporters from these incentives reinforces the nation’s “oil-dependency trap.”
While the oil sector gains a massive liquidity boost, local manufacturers remain bound by more stringent repatriation rules, potentially making non-oil exports less competitive.
On the other side of the debate, lubricant manufacturers believe that a healthier oil sector will stabilize the broader economy, eventually easing the procurement challenges for imported additives and base oils that have crippled local production capacity.
THE ISSUE
The primary challenge is the “Incentive Asymmetry.” By prioritizing the “Oil Liquidity Injection,” the CBN risks a “Non-Oil Crowding Out” effect. If 100% of oil proceeds are repatriated offshore, the domestic “Investors & Exporters” (I&E) window may see a drop in supply, leading to higher volatility for small-scale manufacturers. To resolve this, MANEG is calling for “Symmetric Liberalization”—where non-oil exporters are granted similar liberties to retain earnings, thereby encouraging the very diversification the government claims to seek.
WHAT’S BEING SAID
“The policy raises concerns about foreign exchange liquidity, as more FX earnings could be repatriated offshore, limiting domestic supply,” stated Dr. Benedict Obhiosa, Executive Secretary of MANEG.
“This move highlights a clear imbalance… non-oil exporters are not given comparable incentives,” Obhiosa added in an exclusive chat with Vanguard.
“This initiative will improve forex availability, which is crucial for indigenous lubricant manufacturers,” noted Mashood Sanni of LUBCON Group.
“It will ease procurement challenges and enhance competitiveness in both domestic and export markets,” Sanni argued in support of the timely reform.
WHAT’S NEXT
In the coming weeks, MANEG is expected to submit a formal position paper to the Ministry of Industry, Trade and Investment, seeking a “level playing field” for non-oil exporters. Market analysts will be monitoring the ADBs (Authorised Dealer Banks) to see if the IOCs’ new freedom leads to a noticeable dip in the daily FX turnover at the official window. If liquidity tightens significantly, the CBN may be forced to introduce “Complementary Measures,” such as tax breaks or specialized credit lines for non-oil exporters, to maintain the balance of the 2026 fiscal roadmap.
BOTTOM LINE
The bottom line is that Nigeria is choosing “Investor Confidence” over “Export Diversity” for now. While the 100% repatriation rule makes the oil sector look attractive to global giants, it leaves local manufacturers feeling like second-class citizens in their own economy. The success of this gamble depends on whether the “Oil Boom” eventually trickles down to stabilize the Naira for everyone else.
The People’s Wellbeing Association (PWA) has commended NNPC Ltd. CEO Bayo Ojulari for transformative reforms since his appointment in April 2025.
Under Ojulari, NNPC’s upstream subsidiary achieved a crude oil production peak of 355,000 barrels per day, the highest level recorded since 1989.
Key transparency milestones include the reinstatement of monthly financial reports and the creation of Chief Compliance and Sustainability offices.
The PWA urged President Tinubu to overhaul pipeline surveillance contracts, suggesting a shift in responsibility to the Nigerian Army and Navy for more equitable stakeholder involvement.
MAIN STORY
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is undergoing a structural “rebirth” aimed at commercial accountability and operational efficiency.
In a statement released on Monday in Abuja, the PWA’s Head of Communication, Abba Abubakar, credited CEO Bayo Ojulari with breaking decades of stagnation. Ojulari’s leadership has been defined by a “skin in the game” strategy, particularly in the rehabilitation of refineries.
Moving away from traditional contractor-led models, NNPC is now seeking global partners to co-own and operate assets, ensuring long-term profitability and technical competence.
Operational discipline has also seen a significant upgrade through the introduction of modern Delegation of Authority (DoA) and Delegation of Financial Authority (DoFA) frameworks.
These reforms are designed to eliminate the “political pressure” that Ojulari admitted had previously forced state-owned refineries to run at monumental losses.
By repositioning the company as a commercially driven entity, the current leadership aims to insulate Nigeria’s primary revenue generator from the “greedy oil thieves” and political interference that hampered previous administrations.
THE ISSUE
The primary challenge remains the “Pipeline Security Contention.” While internal reforms are progressing, the “Surveillance Monopoly”—where specific groups hold massive security contracts—is creating friction among Niger Delta stakeholders. The PWA argues that this creates an “Equitable Distribution Gap” that could threaten regional peace. To resolve this, the group is advocating for a “Security Professionalization” model, where the military takes the lead in protecting national infrastructure, while surveillance contracts are split more fairly among various host community stakeholders to ensure collective “buy-in” and protection.
WHAT’S BEING SAID
“Ojulari has put the company on the path of greatness… despite facing opposition from greedy oil thieves,” stated Abba Abubakar, PWA Head of Communication.
“We are not looking for contractors anymore. We want companies that run refineries successfully… they will co-own the assets,” Bayo Ojulari disclosed at the NIES 2026.
“He has proven that visionary leadership, coupled with accountability, could redefine an institution,” noted the Coalition of Civil Society for Transparency (CCSTEI).
“The Nigerian Army and Navy should take over pipeline surveillance contracts… they are better positioned to handle critical infrastructure,” Abubakar suggested.
WHAT’S NEXT
In the second quarter of 2026, NNPC Ltd. is expected to finalize its first batch of “Equity-Partner” agreements for the Port Harcourt and Warri refineries. Industry experts will be watching closely to see if the 355,000 bpd production level can be sustained or exceeded as new marginal fields come online. On the security front, the Presidency is expected to review the PWA’s proposal regarding pipeline surveillance before the current contracts expire. If the transition to military-led surveillance is approved, it would mark one of the most significant shifts in Niger Delta security policy in over a decade.
BOTTOM LINE
The bottom line is that NNPC is finally acting like a business, not a bureaucracy. By hitting a 36-year production high and admitting to past political failures, Bayo Ojulari is attempting to strip away the “closed-door” culture of the old NNPC. For Nigerians, the real win will be whether this “commercial discipline” eventually translates into a stable domestic fuel supply and a stronger Naira.
Real Forte Estate Ltd. has officially launched the second phase of The Glade, a residential development located in the high-growth Idu Sabo area of Abuja.
The expansion follows the success of Phase I, which CEO Ayobami Folarin claims generated over 200% returns for early-stage investors.
Phase II offers a variety of housing plots, including terrace, semi-detached, and fully detached options, with flexible payment structures to improve accessibility.
The development is strategically positioned near major infrastructure projects, including the Inner Northern Expressway and the Karimo–Lifecamp road links.
MAIN STORY
Real Estate investment in the Federal Capital Territory is pushing further into emerging corridors as demand for suburban housing spikes.
Real Forte Estate Ltd. is capitalizing on this trend by doubling down on its Idu Sabo footprint.
According to CEO Ayobami Folarin, the launch of The Glade Phase II was necessitated by a “sold-out” first phase and a growing waitlist of investors looking to replicate the triple-digit returns seen in 2024–2025.
The project is designed as a self-sustaining community rather than just a housing block. Planned features include internal road networks, dedicated parking, sports facilities, and community centers.
By focusing on the Idu Sabo axis, the firm is betting on the “Infrastructure Effect,” where government-led road projects like the Inner Northern Expressway serve as catalysts for rapid property value appreciation. This project is part of a broader portfolio that includes active developments in Apo Tafyi, Karasana, and Sabon Lugbe.
THE ISSUE
The primary challenge for new developments in Abuja’s outskirts is “Infrastructure Lag.” While the developer promises a modern lifestyle, the actual value of the investment depends heavily on the “Completion Timeline” of external government roads. If the Inner Northern Expressway or Karimo links face delays, the “Accessibility Gap” could temporarily dampen the 200% return projections. To resolve this, Real Forte is emphasizing “Strategic Land Banking,” securing plots in areas where government work has already commenced, thereby reducing the risk for homeowners and institutional investors.
WHAT’S BEING SAID
“The launch of the second phase seeks to expand housing and investment opportunities in the rapidly developing corridor,” stated Ayobami Folarin, CEO of Real Forte Estate.
“Phase I has yielded over 200 per cent returns for early investors,” Folarin noted, highlighting the investment’s track record.
“The estate is strategically located within an axis benefiting from ongoing infrastructure projects,” he added regarding the site’s potential.
“The Glade Phase II offers a mix of terrace, semi-detached, and fully detached plots with flexible payment options,” the firm confirmed.
WHAT’S NEXT
In the coming weeks, Real Forte Estate is expected to begin clearing the site for Phase II and marking out the internal road networks. Prospective investors are being encouraged to take advantage of the “pre-launch” pricing, which typically offers a lower entry point before physical construction begins. On the macro level, the FCT Administration is expected to provide updates on the Karimo–Lifecamp corridor, which will serve as the primary artery for residents of The Glade. Investors should also watch for the firm’s upcoming developments in Karasana and Sabon Lugbe, which are likely to follow a similar “high-return” marketing model.
BOTTOM LINE
The bottom line is that Idu Sabo is becoming Abuja’s new “Gold Mine” for mid-market housing. By leveraging the 200% return success of Phase I, Real Forte Estate is positioning The Glade as a safe haven for capital in a volatile economy. For those who missed the first wave, Phase II represents a second chance to buy into a corridor that is rapidly being integrated into the heart of the FCT.
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 1375 per $1 on Monday, March 30th, 2026. The naira traded as high as 1391 to the dollar at the investors and exporters (I&E) window on Sunday. This is brought to you by Bizwatch Nigeria.
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 ₦1430 and buy at ₦1410 on Sunday 29th March, 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
₦1430
Buying Rate
₦1410
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1384
Lowest Rate
₦1377
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The auction, which offered ₦600 billion across 33-day, 75-day, and 96-day tenors, recorded total subscriptions of ₦2.81 trillion, reflecting strong investor appetite for high-yield instruments. System liquidity surged above ₦8 trillion, driven by ₦800 billion in matured OMO repayments and increased banking system inflows.
The 33-day bill attracted ₦844.50 billion in subscriptions, with ₦225.50 billion allotted at a stop rate of 21.57%. The 75-day instrument recorded relatively weaker demand at ₦142.25 billion, with ₦74.50 billion allotted at 19.75%.
Investor preference was clearly concentrated on longer-duration assets, as the 96-day bill drew ₦1.83 trillion—over nine times its offer size. The CBN allotted ₦1.45 trillion at a stop rate of 19.94%, slightly higher than previous auctions.
“The strong demand at the long end reflects a strategic move by investors to lock in yields before a potential rate moderation,” analysts at a Lagos-based investment firm said.
What’s Being Said
“Liquidity levels remain elevated, and investors are positioning for yield stability in the near term,” said analysts at Cowry Asset Management Limited.
“The oversubscription signals confidence in short-term sovereign instruments despite inflationary pressures,” a fixed-income trader at a Tier-1 bank noted.
What’s Next
The next OMO auction cycle is expected to reflect tighter liquidity management by the CBN
Market participants are watching for signals ahead of the next Monetary Policy Committee (MPC) meeting
Treasury yields may begin to moderate if liquidity conditions tighten
Bottom Line
The Bottom Line: The CBN’s aggressive OMO allotment underscores its liquidity mop-up strategy while sustaining high yields to attract institutional capital. However, persistent demand for long-duration bills suggests markets are already positioning for a potential rate shift.
Average yields on Nigerian Treasury bills declined to 17.76% in the secondary market as investor demand intensified, particularly for longer-dated instruments, amid ongoing disinflation trends.
Market data showed a 19 basis points drop week-on-week, driven by increased buying interest at the mid- to long-end of the yield curve. Activity remained relatively subdued early in the week as investors shifted focus to the Central Bank of Nigeria’s primary market auction.
At the auction, the CBN offered ₦400 billion across standard maturities but recorded subscriptions of ₦3.1 trillion—almost eight times the offer size. The apex bank ultimately allotted ₦693 billion, reflecting strong investor appetite.
Stop rates showed mixed movements. The 91-day instrument held steady at 15.95%, while the 182-day and 364-day tenors declined by 20 basis points each to 16.42% and 16.43%, respectively.
“The decline in yields reflects sustained demand, especially at the long end where investors are locking in relatively high returns,” Cowry Asset Management Limited said.
What’s Being Said
“Despite fluctuations, Nigerian Treasury bills continue to provide a hedge against inflation for institutional investors,” Broadstreet analysts noted.
“The demand concentration on the 364-day paper highlights a clear duration preference in the current rate environment,” a fixed-income analyst said.
What’s Next
Investors are expected to maintain focus on longer-tenor instruments in upcoming auctions
The next primary market auction could test yield direction amid liquidity shifts
Inflation data releases will influence near-term yield movements
Bottom Line
The Bottom Line: The sustained decline in Treasury yields signals strong institutional confidence in naira assets, with investors increasingly locking in long-term returns ahead of potential monetary easing.
NCC mandates telcos to compensate users for poor network service
Compensation to be issued as airtime based on usage patterns
Directive extends to tower companies for infrastructure upgrades
Main Story
The Nigerian Communications Commission (NCC) has directed mobile network operators to compensate subscribers affected by poor quality of service, marking a shift toward consumer-focused regulation in the telecoms sector.
Under the new directive, telecom operators will be required to provide compensation in the form of airtime credits to users in locations where service quality falls below prescribed benchmarks. The compensation will be calculated based on subscribers’ average spending and their presence in affected Local Government Areas.
The Commission said the policy ensures that consumers do not bear the burden of service failures caused by operators’ inability to meet Quality of Service (QoS) standards.
The directive also extends to tower companies, which provide critical infrastructure such as telecom masts. The NCC mandated these firms to reinvest fines into measurable infrastructure improvements to enhance network performance.
“Subscribers should not be penalised for service deficiencies beyond their control,” the Commission stated.
The Issues
The directive comes amid persistent complaints over dropped calls, poor data connectivity, and network congestion across Nigeria. The telecom sector has faced increasing pressure due to rising data demand, infrastructure gaps, and foreign exchange constraints affecting equipment upgrades.
What’s Being Said
“This policy strengthens accountability and aligns service delivery with consumer expectations,” the NCC said in its statement.
“Operators must prioritise network investments to meet rising demand or risk both financial and reputational consequences,” a telecom industry analyst noted.
What’s Next
Telcos are expected to implement compensation frameworks immediately across affected regions
The NCC will intensify monitoring of QoS performance metrics nationwide
Additional regulatory actions, including fines and compliance audits, may follow
Bottom Line
The Bottom Line: The NCC’s directive signals a decisive regulatory pivot toward consumer protection, forcing telecom operators to internalise the cost of poor service while accelerating pressure for infrastructure investment.
Foreign outflows rise 9.12% to N72.32bn in February
Inflows increase 39.39% but remain below outflows
Domestic investors account for over 90% of total market activity
Main Story
Foreign portfolio investors withdrew N72.32 billion from the Nigerian Exchange (NGX) in February 2026, representing a 9.12% increase from January, despite a notable rebound in capital inflows during the same period.
According to the NGX Domestic & Foreign Portfolio Investment Report, foreign inflows rose sharply by 39.39% to N66.71 billion, up from N47.86 billion recorded in January. However, the stronger inflows were insufficient to offset capital exits, resulting in a net outflow of N5.61 billion.
Total foreign transactions climbed 21.81% month-on-month to N139.03 billion, indicating renewed but cautious participation by offshore investors.
Meanwhile, domestic investors continued to dominate trading activity, accounting for 90.99% of total transactions, as overall market turnover surged to N1.542 trillion in February.
The Issues
Nigeria’s equities market continues to grapple with structural investor confidence challenges driven by macroeconomic instability, exchange rate volatility, and policy uncertainty. While improved inflows suggest tentative re-entry, persistent outflows reflect ongoing risk aversion among foreign investors.
What’s Being Said
“The narrowing net outflow suggests some level of stabilisation, but foreign investors remain cautious due to macroeconomic concerns,” the NGX report noted.
Market analysts also highlight that domestic institutional investors are increasingly acting as liquidity anchors amid declining foreign participation.
What’s Next
Investors to monitor macroeconomic policy direction and FX stability
NGX expected to release March trading data for trend confirmation
Foreign participation outlook tied to inflation, interest rates, and policy clarity
The Bottom Line:
Nigeria’s equities market is showing early signs of foreign investor re-engagement, but sustained inflows will depend on macroeconomic stability and credible policy signals that reduce perceived investment risk.
Nigerian equities market dips 0.12% but select stocks post strong double-digit gains
Zichis Agro-Allied, Premier Paints, and John Holt lead weekly rally with over 50% returns
Insurance and Oil & Gas sectors show resilience despite broad market weakness
Banking stocks drag overall performance, recording the steepest sectoral losses
Corporate actions and sector rotation drive investor positioning across the week
MAIN STORY
Nigeria’s equities market closed the trading week ended March 27, 2026, on a mildly bearish note, but beneath the surface, a cluster of high-performing stocks delivered exceptional returns, reinforcing the market’s underlying bullish structure.
The benchmark All-Share Index declined by 0.12% week-on-week to settle at 200,913.06 points, down 243.80 points from the previous close of 201,156.86. The decline snapped a three-week winning streak, driven largely by profit-taking and losses in heavyweight banking and premium stocks.
However, the broader narrative was far from negative. Market data shows that despite the dip, the Nigerian Exchange (NGX) remains firmly in positive territory year-to-date, delivering a return of 29.11%. This sustained upward momentum continues to attract investors hunting for alpha in mid- and small-cap equities.
Trading activity moderated significantly, with total volume declining to 3.9 billion shares across 359,642 deals, compared to 8.7 billion shares recorded in the previous week. Market capitalisation also edged lower to ₦128.9 trillion.
Yet, amid this slowdown, several stocks posted standout performances, driven by a mix of corporate developments, sector rotation, and speculative momentum.
THE ISSUES
1. Sector Rotation Driving Gains
A key driver of the week’s top performers was a clear rotation away from banking stocks into alternative sectors such as insurance, oil and gas, and niche industrial plays. As banking equities like FCMB, Zenith Bank, and UBA recorded notable losses, investors redirected capital into underpriced or momentum-driven stocks.
This rotation reflects a broader market behaviour seen in emerging markets, where investors tactically shift funds to maximise short-term gains while avoiding sectors facing regulatory or earnings pressure.
2. Liquidity Constraints and Reduced Participation
The sharp drop in trading volume — from 8.7 billion shares to 3.9 billion — signals reduced participation and cautious sentiment among institutional investors. Lower liquidity often amplifies price movements in smaller stocks, contributing to the outsized gains seen among top performers.
3. Corporate Actions Influencing Price Movements
Corporate disclosures played a significant role in shaping investor sentiment. The lifting of trading suspension on Zichis Agro-Allied and the announced merger between Legend Internet and Spectranet triggered renewed interest and speculative buying.
Such events typically create short-term price spikes as investors reposition ahead of anticipated value creation.
4. Persistent Pressure in Banking Sector
The banking sector’s 2.47% decline underscores ongoing concerns around profitability, regulatory pressures, and capital requirements. As major banking stocks dragged indices lower, investors sought refuge in sectors with stronger near-term upside potential.
TOP PERFORMING NIGERIAN STOCKS
Despite the overall market dip, the following stocks emerged as the week’s strongest performers:
1. Zichis Agro-Allied Industries Plc (+60.72%)
Zichis Agro-Allied led the market with a remarkable 60.72% gain, closing at ₦13.79. The rally followed the lifting of its trading suspension by the NGX, which restored investor confidence and triggered aggressive buying.
2. Premier Paints Plc (+60.26%)
Premier Paints surged by 60.26% to ₦37.50, driven largely by renewed investor interest in industrial and construction-linked stocks amid expectations of infrastructure spending.
3. John Holt Plc (+59.92%)
John Holt recorded a 59.92% increase to ₦18.95. The stock continues to benefit from its diversified business model and speculative momentum from retail investors.
4. Legend Internet Plc (+25.00%)
Legend Internet rose by 25% to ₦7.50 following its announced merger with Spectranet. The deal, aimed at building an ₦80 billion capital base, is expected to strengthen its competitive positioning in Nigeria’s broadband market.
5. McNichols Plc (+20.65%)
McNichols gained 20.65% to close at ₦7.42, reflecting increased demand for healthcare-related stocks as investors seek defensive plays.
6. Presco Plc (+16.40%)
Presco climbed 16.40% to ₦1,980.00, supported by strong fundamentals in the agro-industrial segment and continued demand for palm oil products.
7. Airtel Africa Plc (+10.00%)
Airtel Africa added 10% to close at ₦2,497.00, benefiting from sustained growth in telecom demand and digital services expansion across its markets.
8. Trans-Nationwide Express Plc (+9.75%)
The logistics firm rose 9.75% to ₦2.59, as improving e-commerce activity continues to boost investor sentiment around delivery and logistics companies.
9. Skyway Aviation Handling Company Plc (+9.70%)
Skyway Aviation gained 9.70% to ₦158.95, supported by increased activity in Nigeria’s aviation sector.
10. Eunisell Interlinked Plc (+9.69%)
Eunisell Interlinked advanced 9.69% to ₦157.90, reflecting steady investor interest in oilfield services amid gains in the oil and gas index.
WHAT’S BEING SAID
Market analysts and investors broadly interpret the week’s performance as a sign of selective strength rather than broad-based weakness.
Recent NGX data and market commentary indicate that investors are increasingly adopting a tactical approach — focusing on short-term opportunities in mid- and small-cap stocks while reducing exposure to large-cap equities facing headwinds.
Financial market reports also highlight that the insurance sector’s gains were driven by “broad-based buying interest,” suggesting improved confidence in undervalued segments of the market.
Additionally, analysts tracking the oil and gas sector point to sustained investor optimism tied to energy prices and domestic production outlook, which continues to support stocks like Aradel and Oando.
WHAT’S NEXT
Q1 2026 Earnings Season: Investors are expected to shift focus to upcoming corporate earnings releases, which will provide clearer direction on company fundamentals
Banking Sector Developments: Continued monitoring of capital adequacy requirements and regulatory policies could influence banking stocks’ recovery trajectory
Merger and Acquisition Activity: The Legend Internet–Spectranet merger may trigger further consolidation in Nigeria’s telecom and broadband sector
Market Liquidity Trends: Whether trading volumes recover in the coming weeks will be critical in determining the sustainability of current rallies
BOTTOM LINE
The Bottom Line: The Nigerian equities market may have closed the week in negative territory, but the strength of top-performing stocks highlights a market driven by selective opportunities rather than broad weakness. For investors, the message is clear: returns are increasingly stock-specific, not index-driven.
President Tinubu pledges all salaries since assuming office to military welfare fund
Directs Accountant-General to open dedicated support account
Calls on governors, lawmakers, and private sector to contribute
Main Story
President Bola Ahmed Tinubu has pledged to donate his entire salary since assuming office to a newly established welfare fund aimed at supporting Nigeria’s Armed Forces, including injured personnel and families of fallen soldiers.
The announcement was made on Sunday in a personally signed statement marking his 74th birthday, where the President confirmed he had directed the Accountant-General of the Federation to create a dedicated account for the initiative.
The fund, according to the statement, will serve as a supplementary support mechanism beyond existing military insurance and welfare structures, targeting personnel wounded in combat as well as dependents of those killed in active service.
The move comes amid ongoing security challenges across multiple regions, placing renewed focus on troop welfare, morale, and long-term support systems for military families.
What’s Being Said
“As a personal commitment, all my salaries since assuming office will be paid into this account as seed funding… This fund will directly support those who have lost their limbs, and the families of those who laid down their lives,” Tinubu said.
“We must never forget those who stand in harm’s way for our peace… This is not charity. It is duty,” he added.
What’s Next
Federal Government expected to release operational details of the fund and account structure
Potential contributions anticipated from state governments and private sector stakeholders
Increased scrutiny likely on transparency and disbursement framework
The Bottom Line:
Tinubu’s salary donation is a symbolic but strategic signal aimed at strengthening military welfare credibility, but the fund’s long-term impact will depend on institutional backing and sustained contributions beyond presidential gestures.
Keypoints
United Nigeria Airlines (UNA) has grounded a CRJ-900 aircraft following a bird strike during landing at Nnamdi Azikiwe International Airport, Abuja, on Tuesday evening.
The...
