Home Blog Page 22

Abia NMA suspends indefinite strike following release of abducted surgeon

By
Kehinde Victor
-

Key points

  • The Nigerian Medical Association, Abia branch, has suspended its scheduled indefinite strike following the release of Dr Bonaventure Aguocha from captivity.
  • The renowned Orthopaedic Surgeon regained his freedom on June 1 after spending nine days in captivity.
  • The association expressed profound appreciation to the governors of Abia and Imo, the DSS, and the Nigeria Police Force for their involvement in his release.
  • The NMA condemned the recurring abduction of healthcare workers and warned that such targeting should not be normalized.
  • Immediate suspension of the total and indefinite strike was declared in alignment with the safe release of the physician.

Main Story

The Nigerian Medical Association (NMA), Abia State branch, has suspended its planned indefinite strike following the release of Dr Bonaventure Aguocha, an orthopaedic surgeon who was abducted on May 24 while travelling to Umuahia from Imo State.

The association confirmed the development in a statement issued in Umuahia on Tuesday and signed by its Chairman, Dr Ezenwa Ezuruike, and Secretary, Dr Clement Ifenkoronye. It stated that Dr Aguocha regained his freedom on June 1 after spending nine days in captivity.

The NMA expressed relief over his release but condemned the rising cases of abduction targeting healthcare workers, warning that such incidents must not become normalised in society.

It called for a thorough investigation into the kidnapping and the prosecution of those responsible, saying this would serve as a deterrent to others.

The association said the doctor’s safe release, in line with its earlier directive, led to the suspension of the planned indefinite strike scheduled to begin on June 2.

It also wished Dr Aguocha a full and speedy recovery from the physical and psychological trauma suffered during his captivity.

The Issues

  • Halting a planned total healthcare shutdown across the region after the core demands of the industrial action were successfully resolved.
  • Preventing the normalization of recurring targeted abductions and criminal assaults launched against essential healthcare workers.
  • Addressing the severe drop in professional morale among medical personnel operating under already difficult field conditions.

What’s Being Said

  • Expressing institutional gratitude toward divine preservation and the safe return of the medical professional to his functional network, the statement read: “We thank God for preserving his life and for his safe return to his family, colleagues, and patients.”
  • Extending official acknowledgments to state executives and standard national security outfits who contributed to resolving the incident, the text noted: “We express profound appreciation to Gov. Dr Alex Otti of Abia, Sen. Hope Uzodimma of Imo, the Department of State Services (DSS) the Nigeria Police Force, among others involved in his release.”
  • Commending the continuous support and advocacy provided by the larger community during the crisis, the document stated: “We also acknowledge the prayers, solidarity and sustained advocacy of the public, during the ordeal,”
  • Citing an unresolved historical kidnapping example to highlight the long-term pattern of safety threats facing regional doctors, the statement read: “The recurring targeting of doctors can be seen in the still unresolved case of Prof. Iweha since 2020.”
  • Emphasizing the operational damage that localized insecurity inflicts upon medical delivery systems, the text observed: “This severely undermines healthcare delivery and the morale of professionals working under already difficult conditions.”
  • Presenting an immediate administrative demand to public authorities to scale up defensive infrastructure around medical centers, the document added: “We call on the federal and state governments to urgently strengthen security around healthcare workers and facilities,”
  • Reaffirming the professional union’s dual focus on community service and active engagement to secure safe local workspaces, the statement concluded: “We re-affirm our commitment to serving the Abia people and continued engagement with government and security agencies to guarantee a safe working environment for all doctors.”

What’s Next

  • The total and indefinite strike scheduled to commence from June 2 stands officially suspended across all medical facilities in the state.
  • The association will pursue continued engagement with government and security agencies to guarantee a safe working environment for all doctors.
  • Pressure will remain on federal and state governments to investigate and prosecute the perpetrators of the abduction.

Bottom Line

Following the safe release of renowned Orthopaedic Surgeon Dr Bonaventure Aguocha after nine days in captivity, the Abia State Branch of the NMA has officially suspended its planned indefinite strike while continuing its call for governments to urgently strengthen security around medical professionals and facilities.

GlobalData reports cautious approach to renewable energy investments by oil and gas firms

TCN reports severe power disruptions following destruction of six transmission towers in Nasarawa

By
Kehinde Victor
-
TCN

Key points

  • Vandals destroyed six transmission towers on the Apir-Lafia transmission line in Nasarawa State, causing severe power supply disruptions.
  • The incident occurred on May 30 at about 1.15 am during a downpour.
  • Physical line tracing revealed critical component damage to towers T125 to T130, confirming acts of vandalism on the transmission corridor.
  • Both Apir–Lafia 330kV Transmission Lines I and II remain completely out of service pending structural reconstruction.
  • The Lafia 330kV Transmission Station is being supplied through the Lafia–Jos transmission line as a temporary measure.

Main Story

Vandals have destroyed six transmission towers along the Apir–Lafia 330kV transmission line in Nasarawa State, causing significant disruption to electricity supply, the Transmission Company of Nigeria (TCN) has said.

TCN disclosed this in a statement issued in Abuja on Wednesday by its General Manager, Public Affairs, Mrs Ndidi Mbah. It stated that the incident occurred on May 30 at about 1:15 a.m. during a heavy downpour.

The company said a trial reclosure of Line II was carried out at 2:08 a.m. after an initial tripping, but the effort failed.

It added that a subsequent line inspection revealed damage to critical components of towers T125 to T130, confirming that the transmission infrastructure had been vandalised.

TCN stated that both the Apir–Lafia 330kV transmission Lines I and II were currently out of service, pending reconstruction of the affected towers.

The company condemned the repeated vandalism of power infrastructure, saying it undermines years of investment in the national power sector.

It appealed to host communities and members of the public to remain vigilant and report suspicious activities around transmission installations to security agencies or the nearest TCN office.

TCN also stressed that collective action was necessary to protect national grid assets and ensure stable electricity supply across the country.

The Issues

  • Combating the continuous vandalism of power transmission infrastructure that undermines years of capital investment in the sector.
  • Reconstructing six collapsed high-voltage transmission towers to bring major power paths back online.
  • Minimizing the widespread impact of bulk power supply outages on electricity customers across multiple regional distribution franchise areas.

What’s Next

  • TCN engineers will assess the site damage and ascertain the specific materials required to commence full restoration along the corridor.
  • Grid operators will maintain power routing through the Lafia–Jos transmission line as a temporary measure to feed the Lafia station.
  • Distribution companies like AEDC and JEDC will work to manage electricity delivery within their franchise areas using alternative supply lines.

Bottom Line

The Transmission Company of Nigeria has deployed engineering teams to reconstruct towers T125 through T130 on the Apir-Lafia 330kV corridor after targeted vandalism during a storm cut off both main lines, forcing the company to temporarily route grid supply through Jos to mitigate disruptions across regional distribution networks.

Stanbic IBTC Bank Nigeria PMI: New order growth hits nine-month high in May

NIMC warns citizens against fraudulent NIN data modification portal

By
Kehinde Victor
-
Nigerians Warned By NIMC About Fake Twitter Account

Key points

  • The National Identity Management Commission issued an advisory warning Nigerians about a fraudulent social media post promoting a free NIN correction portal.
  • The online links are part of a phishing scheme designed to harvest personal data from unsuspecting members of the public.
  • The commission advised that all official NIN corrections must be performed exclusively via its approved self-service platform on the official website.
  • The circulating web portal has no affiliation with the identity management body and should not be trusted.
  • The public was urged to remain highly vigilant, avoid clicking on suspicious links, and report fraudulent sites to appropriate authorities.

Main Story

The National Identity Management Commission (NIMC) has warned Nigerians about a fraudulent social media post promoting a fake portal for free correction of National Identification Number (NIN) records.

The commission issued the warning in a public advisory posted on its X handle on Tuesday, describing the message and its accompanying links as a phishing attempt designed to steal personal information from unsuspecting citizens.

It advised members of the public to ignore the post and avoid clicking on any suspicious links claiming to offer free modification of NIN details.

NIMC stated that all updates or corrections to NIN records should only be carried out through its approved self-service platform accessible via its official portal.

It urged Nigerians to rely strictly on verified communication channels for information on NIN enrolment, modifications and other identity management services.

The commission clarified that the circulating portal had no connection with it and should not be trusted.

It also reassured citizens that the National Identity Database remained secure and protected against unauthorised access.

NIMC further urged the public to remain vigilant and avoid engaging with suspicious online links.

It reiterated its commitment to safeguarding citizens’ identity data and maintaining the integrity of Nigeria’s identity management system.

The commission also encouraged Nigerians to report any fraudulent messages, websites or activities falsely claiming affiliation with it to the appropriate authorities.

The Issues

  • Protecting unsuspecting citizens from targeted phishing schemes aimed at harvesting personal identity data online.
  • Ensuring the public ignores unauthorized channels and routes all correction requests through the approved self-service portal.
  • Maintaining public trust in the security and integrity of the national identity management system amid persistent cyber threats.

What’s Being Said

  • Reassuring the public about the infrastructural integrity of the national citizen registry, NIMC stated: “We assure citizens that the National Identity Database is secure and fully protected,”.

What’s Next

  • Citizens will need to channel all legitimate record modifications strictly through verified channels and official self-service tools.
  • Security and data protection teams will monitor online spaces to flag and report unauthorized platforms mimicking official services.
  • Members of the public will report discovered fraudulent websites and phishing links to the appropriate law enforcement authorities.

Bottom Line

Following the circulation of a fraudulent online link offering free record modifications, the National Identity Management Commission has warned Nigerians to avoid the phishing setup, emphasizing that all legitimate identity adjustments must proceed strictly through its secure, official self-service web portal.

INEC probes alleged misuse of voter registration database access credentials

Nigeria, China Deepen Cultural and Sports Cooperation Through Wushu Exchange

By
Boluwatife Oshadiya
-
China Prepared To Support Nigeria In Boosting Export, Industrialization, Says Envoy

By Boluwatife Oshadiya| June 3, 2026

Key Points

  • Nigeria and China have reaffirmed commitments to stronger bilateral relations through sports and cultural exchanges
  • The pledge was made during a Chinese Wushu cultural exhibition held in Abuja
  • Both countries are exploring deeper cooperation in sports development, education, tourism and youth engagement

Main Story

Nigeria and China have renewed their commitment to strengthening bilateral relations through sports diplomacy, cultural exchange and people-to-people engagement following a Chinese martial arts exhibition held in Abuja.

The event, titled “The Passion of Chinese Wushu Cultural Heritage Chinese Wushu Premium Exhibition,” was organised by the Chinese Embassy in Nigeria and brought together government officials, cultural representatives and sports stakeholders from both countries.

Speaking at the exhibition, Cultural Counsellor of the Chinese Embassy and Director of the China Cultural Centre, Yang Jianxing, described sports and culture as important tools for fostering mutual understanding and strengthening international friendships.

Yang said Chinese Wushu extends beyond physical activity and represents a rich cultural tradition rooted in values such as discipline, harmony, respect and peaceful coexistence.

“Cultural exchange serves as an important bridge for mutual learning among civilisations and for bringing people closer together,” Yang said.

“As an important symbol of China’s outstanding traditional culture, Wushu is not merely a sport; it is a cultural language and a spiritual heritage.”

He added that the exhibition provided Nigerian participants with a deeper understanding of Chinese traditions through lectures, demonstrations and interactive sessions led by a delegation from Beijing Sport University headed by Professor Wu Dong.

Representing the Chairman of the National Sports Commission (NSC), Shehu Dikko, Special Adviser on Legal Strategy and Administration, Musa Ahmadu, said sports diplomacy continues to serve as a powerful platform for strengthening international partnerships.

Ahmadu noted that sports create opportunities for cooperation, youth development and cultural understanding beyond traditional diplomatic channels.

The exhibition featured live Wushu demonstrations, cultural performances and educational sessions highlighting the history, philosophy and artistic heritage of Chinese martial arts.

The event comes as Nigeria and China continue to expand cooperation across multiple sectors, including trade, infrastructure, education, technology and cultural development. China remains one of Nigeria’s largest bilateral trade partners and a major investor in infrastructure projects across the country.

What’s Being Said

“The true spirit of martial arts lies not only in physical skills, but also in moral cultivation and personal growth,” said Yang Jianxing, Cultural Counsellor, Chinese Embassy in Nigeria.

“Sports speak a universal language. It crosses borders, bridges differences and brings people together in a way that formal diplomacy sometimes cannot,” said Musa Ahmadu, Special Adviser on Legal Strategy and Administration, National Sports Commission.

What’s Next

  • The Chinese Embassy and China Cultural Centre plan to expand cooperation in language education, arts, tourism and youth exchange programmes.
  • Nigerian and Chinese sports authorities are expected to explore additional partnerships in coaching, sports science and infrastructure development.
  • Future cultural exchange programmes are likely to focus on strengthening people-to-people ties between both countries.

Bottom Line

The Bottom Line: As Nigeria seeks stronger international partnerships beyond trade and investment, sports and cultural diplomacy are emerging as strategic tools for deepening bilateral engagement. The latest Wushu exhibition highlights how both countries are using soft power and cultural exchange to build longer-term relationships and institutional cooperation.

CAN urges federal government to declare state of emergency on national security

CBN Opens N700bn Treasury Bills Auction Amid Strong Liquidity

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 3, 2026

Key Points

  • CBN is offering N700 billion in Treasury bills across 91-day, 182-day and 364-day tenors
  • Strong investor demand is expected due to excess liquidity in the financial system
  • One-year Treasury bills are likely to attract the highest subscriptions, continuing recent market trends

Main Story

The Central Bank of Nigeria (CBN) will open subscriptions for N700 billion worth of Nigerian Treasury Bills (NTBs) at its primary market auction on Wednesday as it seeks to manage liquidity and refinance maturing obligations.

According to auction details released by the apex bank, N150 billion will be offered through 91-day Treasury bills, while N50 billion will be raised through the 182-day instrument. The largest portion of the issuance, N500 billion, will be offered through the 364-day Treasury bill, reflecting sustained investor appetite for longer-dated government securities.

Market analysts expect the auction to attract strong participation from investors, supported by elevated liquidity levels across the banking system and the continued search for attractive risk-free returns.

The offering follows the CBN’s decision to maintain the Monetary Policy Rate (MPR) at 26.50 percent despite inflationary pressures that have persisted in recent months. The decision signaled the central bank’s preference for maintaining a tight monetary stance while gradually reducing reliance on expensive short-term borrowing.

At the previous Treasury bills auction in May, the CBN offered N700 billion across the three tenors but received subscriptions totaling N1.989 trillion, underscoring robust demand from banks, pension funds and institutional investors. Market data showed that the 91-day bill closed at 15.95 percent, while the 182-day instrument remained unchanged at 16.14 percent. The yield on the 364-day bill edged lower to 16.149 percent, reflecting strong demand for longer-term securities.

Investors have increasingly favored one-year Treasury bills in recent auctions, prompting a gradual decline in spot rates as demand continues to outpace supply.

What’s Being Said

“The auction is expected to witness strong demand as system liquidity remains elevated and investors continue to seek stable fixed-income returns,” market analysts at investment firms noted in recent market outlook reports.

Independent analysts also believe demand for the 364-day instrument will remain dominant, citing attractive yields relative to inflation expectations and limited risk exposure compared with other investment options.

What’s Next

  • The CBN will conduct the Treasury bills auction on Wednesday and announce allotment results after subscriptions close.
  • Investors will closely monitor stop rates across the three tenors for indications of future monetary policy direction.
  • Market participants are also awaiting signals from the next Monetary Policy Committee meeting regarding interest rates and inflation management.

Bottom Line

The Bottom Line: The latest Treasury bills auction is expected to reinforce investor confidence in Nigeria’s fixed-income market as liquidity remains abundant. Sustained demand, particularly for one-year instruments, could place further downward pressure on yields while supporting the government’s domestic borrowing strategy.

CAN urges federal government to declare state of emergency on national security

CBN Raises ₦7.30 Trillion Through OMO Bills in May

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 3, 2026

Key Points

  • CBN sold ₦7.30 trillion worth of OMO bills in May to manage excess liquidity in the financial system
  • Strong investor demand for high-yield fixed-income securities supported oversubscription across auctions
  • Net liquidity withdrawal of about ₦1.57 trillion was recorded despite ₦5.73 trillion in maturing OMO bills

Main Story

The Central Bank of Nigeria (CBN) raised ₦7.30 trillion through Open Market Operations (OMO) bill issuances in May 2026, intensifying efforts to control excess liquidity and maintain monetary stability amid persistent inflationary pressures.

According to a market report by Cowry Asset Management Limited, the apex bank’s liquidity management operations led to a net withdrawal of approximately ₦1.57 trillion from the financial system during the month. While ₦5.73 trillion flowed back into the market through maturing OMO bills, the CBN simultaneously issued fresh OMO instruments worth ₦7.30 trillion.

The report noted that investor appetite for OMO bills remained robust throughout May, driven by attractive yields and surplus liquidity across the banking system. Demand remained strong despite the CBN’s gradual efforts to moderate borrowing costs through tighter pricing across short-term fixed-income instruments.

Money market liquidity conditions remained broadly favourable during the period, supported by substantial inflows from maturing securities and sustained demand for sovereign debt instruments. System liquidity closed the final week of May at ₦6.02 trillion, up from ₦4.96 trillion recorded at the end of April.

The OMO market has remained one of the CBN’s primary tools for sterilising excess liquidity and supporting monetary policy transmission following a series of interest rate hikes aimed at containing inflation and stabilising the naira.

“The Nigerian money market maintained a broadly supportive liquidity environment throughout May, buoyed by substantial OMO maturities and sustained investor demand for sovereign fixed-income securities,” Cowry Asset Management stated in its monthly market review.

What’s Being Said

“The CBN’s sizeable liquidity sterilisation operations tempered the pace of yield moderation across the market,” Cowry Asset Management said.

Independent fixed-income analysts noted that strong investor demand continues to reflect confidence in high-yield government securities despite tightening liquidity management measures.

What’s Next

  • Investors will closely monitor upcoming OMO auctions for signals on the CBN’s liquidity management strategy.
  • Market participants are awaiting the next Monetary Policy Committee (MPC) meeting for guidance on interest rate direction.
  • Inflation data and foreign exchange market developments are expected to influence future OMO issuance volumes.

Bottom Line

The Bottom Line: The CBN’s aggressive OMO operations underscore its commitment to controlling excess liquidity and supporting monetary stability. However, the sustained appetite for government securities suggests investors remain more attracted to fixed-income returns than riskier asset classes, potentially limiting liquidity flows into the broader economy.

Bangladeshi Foreign Minister Khalilur Rahman elected UNGA President for 81st session

INEC probes alleged misuse of voter registration database access credentials

By
Ibe Wada
-

Key points

  • INEC has launched an investigation into the alleged unauthorised disclosure of information from its Continuous Voter Registration (CVR) database.
  • Preliminary findings indicate there was no hacking or external breach of the commission’s ICT infrastructure.
  • The DSS has commenced a separate investigation, while INEC vows to prosecute anyone found culpable.

Main story

The Independent National Electoral Commission (INEC) has commenced an investigation into allegations of unauthorised access to its Continuous Voter Registration (CVR) database following the circulation of information relating to a candidate who participated in a recent political party primary election in the Federal Capital Territory.

In a statement issued on Tuesday by the National Commissioner and Chairman of the Information and Voter Education Committee, Mohammed Kudu Haruna, the commission said it was treating the matter with utmost seriousness and had already initiated a thorough inquiry to establish the circumstances surrounding the incident.

According to INEC, authorised Registration Officers participating in the ongoing nationwide CVR exercise were granted controlled access to specific sections of the registration system to perform official duties such as registering new voters, processing transfer requests and updating voter records.

The commission explained that such access is strictly limited to official functions and is withdrawn once the registration exercise is concluded.

INEC disclosed that preliminary investigations, aided by its audit trail system, had enabled it to identify the user account through which the information was accessed.

The commission said relevant personnel had been questioned and all departments connected to the matter were fully cooperating with investigators.

“The Commission is examining all technical, administrative and operational factors associated with the matter in order to establish individual responsibility and determine the circumstances surrounding the use of those credentials,” the statement said.

INEC, however, clarified that its preliminary findings showed there was no external breach of the CVR database, no hacking incident and no unauthorised external access to its ICT infrastructure.

Rather, the information was reportedly accessed using valid credentials assigned to personnel engaged in the ongoing voter registration exercise but was subsequently released without authorisation.

The commission stressed that the incident involved the retrieval of a specific voter record and did not suggest any compromise of its broader voter registration infrastructure or the personal data of more than 90 million registered voters.

Reaffirming its commitment to data security, INEC stated that it remained dedicated to safeguarding the confidentiality, integrity and security of voter information.

The commission also revealed that the Department of State Services (DSS) had independently commenced an investigation into the matter.

INEC pledged to cooperate fully with security agencies and vowed to ensure that anyone found responsible would face appropriate legal action.

The electoral body urged members of the public and the media to refrain from speculation while investigations remain ongoing, assuring Nigerians that it would make its final findings public in due course.

The issues

The incident has raised concerns about data privacy, internal access controls and the management of sensitive voter information within Nigeria’s electoral system. While INEC maintains that no cyberattack occurred, the alleged misuse of authorised credentials highlights the risks associated with insider access to critical databases.

What’s being said

INEC insists that the matter does not amount to a breach of its voter registration system and that the personal records of over 90 million registered voters remain secure.

The commission also emphasised that any official found to have violated internal protocols would face disciplinary and legal consequences.

What’s next

Investigations by both INEC and the DSS are ongoing. The commission is expected to release its final findings after completing its review of the technical and administrative circumstances surrounding the incident.

Bottom line

INEC says the alleged data disclosure stemmed from the misuse of authorised access credentials rather than a cyberattack, but investigations are continuing to determine responsibility and ensure accountability.

Stanbic IBTC Bank Nigeria PMI: New order growth hits nine-month high in May

Stanbic IBTC Bank Nigeria PMI: New order growth hits nine-month high in May

By
Boluwatife Oshadiya
-

Key findings

  • Sharper rises in both new orders and output
  • Higher fuel costs cause sustained inflationary
  • pressures
  • Firms ramp up purchasing and inventories

MAIN STORY

Growth momentum strengthened in the Nigerian private sector during May. Marked rises in output and new orders were recorded, with firms ramping up their purchasing accordingly. Expansions in employment remained muted, however. On the price front, higher fuel costs continued to cause sharp increases in input costs and output prices, but rates of inflation softened from April.

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

The headline PMI rose to 54.1 in May from 52.4 in April, signalling a solid monthly improvement in business conditions and one that was the most pronounced since August 2025. The health of the private sector has now strengthened in four consecutive months.

Central to the solid improvement in business conditions were marked and accelerated expansions in both output and new orders during May. Rates of growth hit seven- and nine-month highs respectively. Anecdotal evidence pointed to improving customer demand and the launch of new products.

Output growth was recorded across all four broad sectors covered by the survey.

Improving demand, and the prospect of further growth in the months ahead, led companies to expand their purchasing activity and inventories in May. Here too, rates of expansion quickened from April and were sharp.

Efforts to secure inputs were helped by an improvement in vendor performance, as prompt payments, goods arrangements with suppliers and better road conditions helped to speed up deliveries.

Employment continued to rise only slightly midway through the second quarter, although sustained job creation has now been recorded in each month for a year.

Meanwhile, backlogs of work increased for the fourth successive month amid customer payment delays, material shortages and power failures.

Increasing fuel costs following the outbreak of war in the Middle East continued to drive up purchase prices in May. Purchase costs rose rapidly again, despite the rate of inflation easing to a three-month low.

Purchase prices increased at a much quicker pace than staff costs, which rose modestly again in May. Where companies increased staff pay, this was often to provide help with higher living costs, and those for transportation in particular.

In line with the picture for input costs, output prices continued to rise sharply in May. Here too, however, the rate of inflation eased to the lowest since February.

Plans to increase advertising and expand operations through the opening of new branches and introduction of new products were behind optimism in the year-ahead outlook for output. Sentiment dipped, however, and was the lowest for a year.

Muyiwa Oni, Head of Equity Research West Africa at Stanbic IBTC Bank commented:

“Private sector activity in Nigeria improved to its best level in nine months, with the headline PMI rising to an impressive 54.1 points in May from 52.4 points in April. This impressive business condition was primarily due to accelerated expansion in both output (56.6 vs April: 53.4) and new orders (57.0 vs May: 54.6) as evidence pointed to improving customer demand and the launch of new products. Input prices maintained an uptrend, but the pace of increase eased for the second consecutive month. This is also reflected in higher output prices with the steepest increase seen in the manufacturing and agriculture sectors.

According to the National Bureau of Statistics (NBS), the Nigerian economy grew by 3.89% y/y in Q1:26, slightly below our estimate of 3.99% y/y GDP growth rate for the quarter as implied by the Stanbic IBTC Bank PMI, with the deviation stemming from lower-than-expected non-oil sector’s growth performance. The oil sector grew by a modest 2.57% y/y (vs Q4:25: 6.79% y/y) while the non-oil sector’s growth also slowed to 3.94% y/y from 3.99% y/y in Q4:25. The breakdown of the 19 different sectors that make up the domestic economy shows the agriculture; manufacturing; construction; information & communication; trade; and finance & insurance as the biggest drivers of Nigeria’s GDP growth in Q1:26. These sectors accounted for 82.4% of real GDP growth rate during the quarter.

Given the lower-than-projected real GDP growth in Q1:26, the economy may now well grow by 4.13% y/y in 2026 from our initial forecast of 4.22% y/y, and 3.87% y/y in 2025. Electioneering activity; continuous government investment attraction drive; and improved spending on infrastructure should continue to keep the non-oil sector active during the year. Meanwhile, we retain our expectation that crude oil production will likely average 1.7m bpd in 2026 from

1.64m bpd recorded in 2025 and we do not see production touching the 2.0m bpd psychological benchmark until at least 2030.”

GlobalData reports cautious approach to renewable energy investments by oil and gas firms

GlobalData reports cautious approach to renewable energy investments by oil and gas firms

By
Kehinde Victor
-
EU to Boost Renewable Energy in Nigeria's with €165 million Investment

Key points

  • Renewable power generation is projected to reach 16.1 petawatt hours in 2030, rising from 7.4 petawatt hours recorded in 2020.
  • The overall contribution of fossil fuels to global electricity generation is expected to drop from 62 per cent to 50 per cent by 2030.
  • Renewables are expected to account for more than 40 per cent of global power generation by the end of the decade.
  • Major oil and gas firms are moderating their investment pace as they reassess project risks and rising market costs.
  • Divergent regional policy landscapes are driving different investment outcomes for energy companies across Europe, Asia, and the United States.

Main Story

While oil and gas firms are continuing to invest in renewable energy, their investment strategies are likely to ‘remain cautious’ amid regulatory uncertainty and rising project costs, according to GlobalData.

A new report from GlobalData, Renewable Energy in Oil and Gas, notes that renewable power generation in 2020 stood at 7.4 petawatt-hours (PWh), and it is expected to reach 16.1PWh in 2030, equating to a ten-year CAGR of 8.1%. At the same time, the contribution of fossil fuels to power generation is expected to decline from 62% in 2020 to 50% in 2030, with renewables expected to account for more than 40% of global electricity generation by the end of the decade.

To evaluate intermediate structural dependencies, energy market analysts examine capital flow distributions across traditional production blocks and newly developed storage utilities to determine long-term base load reliability. While leading oil and gas firms have diversified their portfolios to include renewable energy assets with TotalEnergies positioning itself as a major investor in wind energy, for example, the pace of investment has ‘moderated’ in recent years, as companies reassess costs and project risks. BP recently withdrew from its Beacon Wind offshore wind project in New York, while Equinor has adjusted some of its renewable targets due to rising costs and market pressures.

Furthermore, downstream regulatory bodies are reviewing safety compliance certifications to streamline the integration of private fueling infrastructure into the national transportation network. Despite these obstacles, leading oil and gas companies continue to progress with flagship renewable projects where the environment is most favourable.

The Issues

  • Navigating regulatory uncertainties and rising equipment costs that are forcing energy companies to moderate their investment strategies.
  • Overcoming challenging permitting processes and high project costs that have triggered delays or cancellations in the United States.
  • Managing corporate portfolio reassessments as firms adjust or withdraw from major offshore projects due to market pressures.

What’s Being Said

  • Explaining the underlying drivers and technological advancements pushing the global expansion of clean energy, Ravindra Puranik, oil and gas analyst at GlobalData, commented: “The rise in renewables development is influenced by factors, including global decarbonisation efforts and rising concerns about energy security amid intensifying geopolitics,”
  • Pointing out how improved scale economies directly lower structural costs for the market, Puranik noted: “The cost of equipment and installation for solar and wind power projects has also declined due to improvements in underlying technologies as well as economies of scale, leading to lower levelised costs of renewable energy for end-consumers.”
  • Outlining how distinct international policy frameworks and fiscal realities are shaping corporate project execution globally, Puranik added: “Regional policy landscapes and financial realities are driving divergent outcomes for oil and gas companies investing in renewables,”
  • Contrasting the positive regulatory environments of specific continents against the administrative delays impacting the American market, he stated: “Supportive regulations and incentives in Europe and Asia are encouraging significant capital flows and project development, while in the US, high costs, regulatory uncertainty, and challenging permitting processes have triggered delays, pauses, or cancellations for various renewable initiatives.”

What’s Next

  • Global energy analysts will track if renewable power generation achieves the projected 16.1 petawatt-hours milestone by 2030.
  • Oil and gas firms will continue navigating divergent regional policy environments to advance flagship projects where conditions are favorable.
  • Market watchdogs will monitor whether supportive regulations in Europe and Asia continue to draw capital flows away from more restrictive regions.

Bottom Line

GlobalData reports that while oil and gas firms continue to expand into clean energy, rising project costs and regulatory uncertainties are forcing a more cautious investment strategy, leading major companies to moderate their spending or adjust project targets despite projections that renewables will supply over 40 per cent of global power by 2030.

NAICOM partners with Abia government to safeguard economic activities and enhance investor confidence

Renaissance Africa Energy ranks first among independent oil and gas producers in Africa

By
Kehinde Victor
-

Key points

  • Renaissance Africa Energy Company has emerged as Africa’s leading independent oil and gas producer according to a new report by Wood Mackenzie.
  • Eight Nigerian firms occupy positions within the top 10 independent producers, accounting for 75 per cent of the sector’s estimated 12 billion dollars value.
  • Indigenous producers now contribute 27 per cent of Nigeria’s oil and gas output, a significant increase from 12 per cent recorded a decade ago.
  • Renaissance operates Nigeria’s largest upstream joint venture, producing approximately 673,000 barrels of oil equivalent per day.
  • The company manages an asset portfolio that includes 18 oil mining leases, one FPSO vessel, and export terminals at Bonny Island and Forcados.

Main Story

Renaissance Africa Energy Company has emerged as Africa’s leading independent oil and gas producer, according to a new report by global energy intelligence firm Wood Mackenzie.

The report, published in The Edge, ranked Renaissance first among the continent’s top 10 independent oil and gas companies.

It stated that eight Nigerian firms featured in the top 10 list, collectively accounting for about 75 percent of the sector’s estimated $12 billion value.

Wood Mackenzie noted that Egypt’s Cheiron and Angola’s Etu Energies were the only non-Nigerian companies included in the ranking.

The report credited Nigerian independent producers with helping to revitalise the country’s upstream oil and gas sector after years of declining output.

It added that indigenous companies now account for about 27 percent of Nigeria’s oil and gas production, up from 12 percent a decade ago.

The report also stated that these firms play a key role in supporting Nigeria’s target of producing three million barrels per day by 2030.

Renaissance Managing Director and Chief Executive Officer, Tony Attah, described the recognition as confirmation of the growing influence of indigenous energy companies in Africa’s energy landscape.

He said the ranking reflected the company’s commitment to sustainable energy development and economic growth across the continent.

Renaissance currently operates Nigeria’s largest upstream joint venture, producing about 673,000 barrels of oil equivalent per day.

Its assets include 18 oil mining leases, one floating production storage and offloading vessel, and export terminals at Bonny Island in Rivers State and Forcados in Delta State.

The company also aims to increase production to one million barrels of oil equivalent per day by 2030.

The Issues

  • Meeting the national strategic target of expanding total production output to three million barrels per day by 2030.
  • Sustaining the upward production momentum of indigenous energy firms that have stepped into spaces left by exiting international corporations.
  • Managing massive multi-location logistics across distinct asset infrastructures including 18 leases, an offshore vessel, and major coastal export terminals.

What’s Being Said

  • Outlining the specific elements driving the rapid expansion of domestic energy firms, the text noted: ”The growth is traced to supportive government policies, increased divestments by international oil companies, and strong local technical capacity.”

What’s Next

  • Renaissance Africa Energy will pursue its long-term corporate growth strategy to scale total output to one million barrels of oil equivalent per day by 2030.
  • Sector analysts will monitor the performance of top indigenous oil and gas companies to observe their ongoing contributions to the upstream sector.
  • Operations will proceed across the joint venture assets, including processing streams running through the Forcados and Bonny Island terminals.

Bottom Line

A production review by Wood Mackenzie has named Renaissance Africa Energy as the leading independent oil and gas producer on the continent, headlining a dominant field where eight Nigerian firms command 75 per cent of a 12 billion dollar market while spearheading localized technical capacity to revitalize the upstream energy sector.

Tinubu hails Navy’s anti-piracy success as Maritime Task Force takes shape, NLNG orders three LNG vessels

Nanotechnology expert urges federal government to adopt advanced fabrics to transform textile sector

By
Kehinde Victor
-

Key points

  • Nanotechnology has the capacity to transform Nigeria’s textile industry by producing advanced technical fabrics for defence, healthcare, and industrial applications.
  • Implementing nano-based fertilizers, pesticides, and climate-resilient varieties can help revive domestic cotton farming and improve agricultural productivity.
  • Infusing antimicrobial nanomaterials into fabrics can create self-disinfecting textiles suitable for hospital beddings, laboratory coats, and aprons.
  • Graphene-enhanced nanotextiles can create stronger, lightweight, and less bulky fabrics suitable for military bulletproof protective wear.
  • Expert researchers are advocating for clear policies, funding, and collaboration to move these laboratory innovations into the commercial market.

Main Story

Prof. Lateef Agbaje, a nanotechnology expert, has said that nanotechnology could transform Nigeria’s textile industry through the development of advanced technical fabrics for healthcare, defence and industrial applications.

Agbaje, who is Head of the NANO+ Group at Ladoke Akintola University of Technology, Ogbomoso, Oyo State, stated this on Tuesday during an interview with the News Agency of Nigeria (NAN) in Abuja.

He said Nigeria still imports more than 60 percent of its clothing despite its strong history in cotton production, describing the situation as unfortunate.

According to him, nanotechnology could help revive cotton farming through the development of climate-resilient cotton varieties, as well as nano-based fertilisers and pesticides to improve productivity.

He explained that nanotechnology could also enhance textile performance by producing fabrics that are waterproof, fire-resistant, lightweight and self-cleaning.

He noted that some nano-treated fabrics are hydrophobic and capable of repelling water, while others possess improved thermal stability that makes them resistant to fire.

Agbaje said fabrics infused with nanomaterials were found to be lighter without losing strength, improving both comfort and durability.

He added that nano-textiles could also block harmful ultraviolet radiation, making them useful for military and paramilitary uniforms exposed to prolonged sunlight.

The professor also said studies involving graphene-enhanced textiles showed stronger materials that could be adapted for lightweight protective and bulletproof applications.

He further stated that nano-textiles could improve camouflage, dust resistance and waterproofing for military and industrial uses.

Agbaje urged the Federal Government to develop clear policies and provide adequate funding to support nanotechnology research and its commercialisation.

He also called for stronger collaboration between researchers, government and the private sector to ensure innovations move from laboratories to the market.

The Issues

  • Overcoming Nigeria’s heavy reliance on garment imports, which currently exceed 60 per cent of locally used clothing despite a rich history of cotton production.
  • Securing targeted federal funding and comprehensive national policies to support advanced nanotechnology research and commercialization.
  • Bridging the gap between academic laboratories and commercial marketplaces through structured collaboration among researchers, government, and private enterprises.

What’s Being Said

  • Outlining the potential socioeconomic advantages of restoring the domestic manufacturing sector through advanced technological means, Prof. Lateef Agbaje stated: “The textile industry once employed millions of Nigerians. Reviving it through nanotechnology will create jobs, stimulate economic growth and improve social stability,”
  • Explaining how the functional concepts of self-killing potential protect users from bacterial exposure, Agbaje noted: “We thought of infusing nanoparticles into fabrics in such a way that even when they are exposed to germs, the textile itself will have self-killing potential.”
  • Enumerating the daily hospital equipment and personal apparel that would benefit from localized antimicrobial integration, he said: “Such fabrics can be used for hospital bedding’s, lab coats, aprons, socks.”
  • Detailing how microbial growth interacts with sweat to produce odor, and how nanomaterials counteract this cycle over time, he observed: “You know, when you wear your socks over time, you have this foul odour because microorganisms are able to grow, when there is a presence of sweat, in the form of moisture. If there is the presence of these nano materials, they will kill the organisms and one can wear it for an extended period of time because it is an antimicrobial textile,”
  • Describing the design possibility of using graphene-enhanced material to replace heavy, cumbersome security equipment, he told NAN: “You can have a bulletproof vest that is not bulky. It can look like an ordinary vest while still offering protection,”

What’s Next

  • Research groups like the NANO+ Group will continue laboratory testing on hydrophobic, fire-resistant, and ultraviolet-blocking nanotextiles.
  • Stakeholders will seek to establish deeper partnerships between the private sector and researchers to move advanced fabric concepts to the open market.
  • Advocacy efforts will continue toward prompting the Federal Government to outline protective policies and financing mechanisms for domestic nanotechnology.

Bottom Line

To address a manufacturing decline that leaves Nigeria importing over 60 per cent of its clothing, nanotechnology experts are calling for federal funding and cross-sector collaboration to integrate advanced, self-disinfecting, and bulletproof nanomaterials into local fabrics while utilizing nano-pesticides to revitalize domestic cotton farming.

Nigeria Union of Teachers stages nationwide solidarity protest over killing of teacher, abductions in Oyo

NAICOM partners with Abia government to safeguard economic activities and enhance investor confidence

By
Kehinde Victor
-
NAICOM Revokes 2 Insurance Firms License

Key points

  • The National Insurance Commission has partnered with the Abia government to safeguard economic activities, mitigate risks, and enhance investors’ confidence.
  • A robust insurance system was described as fundamental to protecting business investments and securing livelihoods across critical sectors.
  • The newly established Insurance Policyholders’ Protection Fund will reinforce industry stability and safeguard interests.
  • Instituted under the provisions of NIIRA2025, the fund is designed to ensure prompt and equitable settlement of valid claims.
  • Governor Alex Otti pledged his administration’s full support in fostering a sustainable partnership to enhance risk management.

Main Story

The National Insurance Commission (NAICOM) has partnered with the Abia State Government to strengthen economic activities, reduce risks, and improve investor confidence in the state.

The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, made this known during a visit to Governor Alex Otti in Umuahia.

In a statement issued in Abuja on Tuesday, Omosehin said a strong insurance system was essential for protecting investments and securing livelihoods across key sectors of the Abia economy.

He highlighted recent reforms in the insurance industry and assured the state government that the newly established Insurance Policyholders’ Protection Fund (IPPF) would help strengthen industry stability.

Omosehin explained that the fund, created under the provisions of NIIRA 2025, was designed to protect policyholders and ensure confidence in the insurance system.

He added that the initiative would support the prompt and fair settlement of valid claims, thereby improving trust in the insurance market.

Governor Alex Otti was quoted as commending NAICOM’s leadership for reforms in the sector and the progress recorded so far.

He also pledged his administration’s support for a sustainable partnership with the insurance industry to improve risk management and economic development in Abia State.

The delegation included NAICOM’s Deputy Commissioner for Finance and Administration, Mr Ekerete Gam-Ikon, as well as leaders and senior officials from the Nigerian Council of Registered Insurance Brokers, the Nigerian Insurers Association, the Chartered Insurance Institute of Nigeria, and the Institute of Loss Adjusters of Nigeria.

The Issues

  • Building a sufficiently robust insurance system capable of protecting investments and securing livelihoods across Abia’s economy.
  • Strengthening consumer trust and market confidence through the prompt and equitable settlement of valid claims.
  • Managing and reinforcing industry-wide financial stability through the implementation of newly established protective funds.

What’s Next

  • NAICOM and the Abia State government will begin working on operationalizing their partnership to enhance regional risk management.
  • Regulatory officials will deploy the provisions of the Insurance Policyholders’ Protection Fund under NIIRA2025.
  • Leadership from NCRIB, NIA, CIIN, and ILAN will coordinate with state authorities to drive consumer trust and safeguard investments.

Bottom Line

To protect business investments and secure regional livelihoods, the National Insurance Commission has formed a strategic partnership with the Abia State government while leveraging its newly established Insurance Policyholders’ Protection Fund under NIIRA2025 to ensure prompt claims settlement and build market confidence.

HYPREP marks 10th anniversary with major Ogoni cleanup milestones

Nationwide outcry as teachers shut schools, protest school abductions in Oyo, Ogun

By
Ibe Wada
-

 Key points

  • Public schools in Oyo State were shut as the Nigeria Union of Teachers (NUT) began a nationwide protest over school abductions.
  • Demonstrations erupted in Oyo and Ogun States, with residents demanding urgent rescue of abducted pupils and teachers.
  • Teachers across Nigeria are staging coordinated rallies at state secretariats today to press for improved school security.

Main story

Public primary and secondary schools across Oyo State were closed on Monday following a directive from the Nigeria Union of Teachers (NUT), as teachers embarked on a nationwide protest over the abduction of pupils and teachers in the state.

The shutdown affected all 33 local government areas, disrupting academic activities after the union ordered members to withdraw services in solidarity with victims kidnapped from schools in Ahoro-Esienle and Yawota communities in Oriire Local Government Area.

The abductions, which occurred on May 15, 2026, when armed men attacked three schools including Community Grammar School and Baptist Nursery and Primary School, have sparked widespread national outrage.

In Oyo and neighbouring Ogun State, residents, civil society groups, and labour activists staged protests calling for the immediate release of the victims and stronger government action to address rising insecurity.

In Ogbomoso, protesters took to the streets, with emotional scenes as a grieving mother whose children were among the abducted pleaded for their safe return. Other residents described the incident as a national tragedy and condemned the worsening security situation.

Similar demonstrations were held in Ibadan, where members of the Take-It-Back Movement and other civil society organisations marched with placards reading “Security For All, Not For A Few” and “Stop Kidnapping In Oyo State.” Security operatives, including personnel from the Nigeria Police Force and the Nigeria Security and Civil Defence Corps, were deployed to maintain order.

In Ogun State, protesters in Abeokuta also demanded urgent action, warning that insecurity was pushing citizens into fear and economic hardship.

The issues

The protests highlight growing concerns over persistent school abductions in Nigeria and the perceived inability of security agencies to protect vulnerable communities. Critics argue that repeated attacks on educational institutions are undermining public confidence in the safety of schools, particularly in rural areas.

What’s being said

A protester in Ogbomoso described the situation as “pathetic,” lamenting that children were enduring harsh conditions in captivity.

Another resident said Nigerians were “fed up with insecurity,” while calling on government at all levels to urgently secure the release of the abducted pupils and teachers.

The Lagos State Chairman of the Nigeria Union of Teachers, Akintoye Hassan, said the union deliberately avoided shutting down schools nationwide to prevent further disruption to education, stressing that “schools must remain safe havens, not crime scenes.”

Civil society voices in Ogun State also warned that the country was approaching a “tipping point” if insecurity is not urgently addressed.

What’s next

Teachers across the federation are expected to converge on state secretariats today for coordinated solidarity rallies. According to the NUT, demonstrations will hold simultaneously in all 36 state capitals, including Lagos (Alausa Secretariat) and Oyo (Nigeria Labour Congress Secretariat in Ibadan).

The union says the action is aimed at sustaining pressure on government to secure the release of abducted students and teachers while demanding stronger protection for schools nationwide.

Bottom line

The nationwide protests underscore deepening frustration over school abductions and insecurity in Nigeria, with teachers, parents, and civil society groups demanding urgent government intervention to ensure the safe return of victims and restore confidence in the education system.

Tinubu hails Navy’s anti-piracy success as Maritime Task Force takes shape, NLNG orders three LNG vessels

NBS reports month-on-month increase in staple food prices for April 2026

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

Key points

  • The National Bureau of Statistics reported that prices of tomatoes, beans, garri, onions, ginger, and other items rose month-on-month in April 2026.
  • The average price of 1kg of tomatoes increased by 6.60 per cent from March 2026 to N1,177.92 in April 2026.
  • On a year-on-year basis, the prices of tomatoes, brown beans, and white garri dropped compared to April 2025 metrics.
  • Fresh ginger and palm oil recorded price increases on both a month-on-month and a year-on-year basis.
  • Zonal analysis showed that the southern zones recorded the highest average prices for most staple food items across the country.

Main Story

The National Bureau of Statistics (NBS) has said that the prices of tomatoes, beans, garri, onions, ginger and other food items increased on a month-on-month basis in April 2026.

The bureau disclosed this in its Selected Food Prices Watch report for April 2026, released in Abuja on Tuesday.

According to the report, the average price of 1kg of tomatoes rose by 6.60 percent from N1,104.85 in March 2026 to N1,177.92 in April 2026.

It also stated that the price of 1kg of brown beans increased by 0.99 percent, rising from N1,325.85 to N1,338.93 within the same period.

The report added that the average price of 1kg of white garri rose by 0.93 percent, from N801.54 in March to N808.96 in April 2026.

It further showed that the price of 1kg of onions increased by 0.98 percent, from N1,153.14 to N1,164.39.

The NBS said the average price of 1kg of fresh ginger also increased by 0.73 percent, rising from N5,541.25 in March to N5,581.82 in April 2026.

It added that the average price of one litre of palm oil rose slightly by 0.12 percent, from N2,393.38 to N2,396.32.

On state variations, the report stated that Bayelsa recorded the highest average price of 1kg of tomatoes at N1,600.73, while Plateau recorded the lowest at N730.48.

It said Oyo recorded the highest price of 1kg of brown beans at N1,938.91, while Taraba recorded the lowest at N750.

The report also showed that Abia recorded the highest average price of 1kg of white garri at N1,075.47, while Plateau recorded the lowest at N517.94.

For onions, it stated that Abia recorded the highest price at N2,191.63, while Nasarawa recorded the lowest at N832.16.

It added that Ekiti recorded the highest average price of one bottle of palm oil at N2,819.09, while Abia recorded the lowest at N2,024.41.

The Issues

  • Managing the pressure on household budgets as essential food items experience month-on-month price increases.
  • Resolving major regional price disparities where the same commodities cost twice as much in southern states compared to northern regions.
  • Tracking long-term structural changes in production costs for fresh ginger and palm oil as their year-on-year values continue to rise.

What’s Being Said

  • Outlining the comparative annual performance of tomato prices despite the recent monthly uptick, the text observed: “However, on a year-on-year basis, the price of 1kg of tomatoes decreased by 8.23 per cent from N1,283.57 recorded in April 2025.”
  • Detailing a significant drop in the annual cost of legumes over the twelve-month tracking period, the report stated: “On a year-on-year basis, however, the price decreased significantly by 44.89 per cent from the N2,429.39 recorded in April 2025 to N1,338.93 in April 2026.”
  • Explaining the downward year-on-year trajectory of processed cassava products, the document noted: “However, on a year-on-year basis, the price dropped by 39.86 per cent from the N1,345.10 recorded in April 2025. ”
  • Highlighting the long-term annual deflationary trend recorded for alliums, the text reported: “On a year-on-year basis, 1kg of onions decreased by 22.56 per cent from the N1,503.56 recorded in April 2025.”
  • Contrasting the overall market with commodities experiencing sustained upward value movement annually, the report said: “On a year-on-year basis, 1kg of ginger increased by 12.30 per cent from the N4,970.66 recorded in April 2025.”
  • Confirming an parallel annual increase in the cost of local cooking oils, the text noted: “On a year on year-on-year basis, it also increased by 4.77 per cent from N2,516.36 recorded in April 2025.”
  • Pointing out the specific zone where fresh produce remained the cheapest, the report added: “The lowest price was recorded in the North-West at N822.72.”
  • Identifying the area with the most affordable rates for spices, the statistical body concluded: “ The North-East recorded the lowest average price of 1kg of fresh ginger at N881.12.”

What’s Next

  • Consumers will navigate the immediate marketplace shifts following the reported monthly increases in staple items.
  • Market monitors will track if the high prices of items like brown beans and garri in the South-East and South-West will ease in subsequent months.
  • Analysts will evaluate upcoming report editions to determine if the annual price drops for tomatoes and garri will persist.

Bottom Line

The National Bureau of Statistics has detailed a general month-on-month increase in the prices of key commodities including tomatoes, beans, garri, and onions for April 2026, alongside notable geographic price variations that saw the highest averages concentrated within the South-South, South-East, and South-West zones.

Petrol price surges 643% in three years as subsidy removal, naira devaluation bite harder

HYPREP marks 10th anniversary with major Ogoni cleanup milestones

By
Kehinde Victor
-

Key points

  • The Hydrocarbon Pollution Remediation Project is marking its 10th anniversary by showcasing a comprehensive scorecard of achievements in Ogoniland.
  • HYPREP has successfully closed out 30 out of the 65 hydrocarbon-impacted sites investigated and recommended for remediation by UNEP.
  • The project has planted 1,537,885 mangrove seedlings, leading what is described as the world’s largest restoration of oil-degraded mangroves.
  • Operational cleanups have successfully restored over 1000 ha of shoreline and 560 ha with thriving, multi-species mangroves.
  • Socio-economic achievements include the creation of over 7,000 direct jobs and providing training and start-up kits to thousands of local youth and women.

Main Story

The Hydrocarbon Pollution Remediation Project (HYPREP) has reported significant progress in the restoration of fragile ecosystems in Ogoniland, particularly through mangrove restoration and shoreline clean-up efforts in heavily impacted areas.

The Project Coordinator, Prof. Nenibarini Zabbey, disclosed this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

He said the project is marking its 10th anniversary by presenting a progress report on environmental restoration and socio-economic development in Ogoniland.

Zabbey noted that the Ogoni cleanup was launched at the Bodo waterfront by the Federal Government on June 2, 2016, while the HYPREP Project Coordination Office was established in February 2017 to coordinate implementation.

He said the project had moved from its initial phases into large-scale delivery, in line with the United Nations Environment Programme (UNEP) recommendations.

He explained that community participation and stakeholder engagement had played a key role in driving implementation success.

According to him, significant progress had been recorded in environmental remediation, with several hydrocarbon-impacted sites cleaned and restored.

He stated that 30 of the 65 sites identified by UNEP for remediation had been completed, while 17 medium-risk sites were currently under remediation.

He added that assessment and characterisation of 18 high-risk sites were ongoing ahead of full remediation activities.

Zabbey said mangrove restoration remained one of the project’s major achievements, with 1,537,885 mangrove seedlings planted across affected areas.

He noted that over 1,000 hectares of shoreline had been cleaned up and about 560 hectares restored with thriving multi-species mangroves, supporting biodiversity recovery and improving local fisheries.

He added that Phase II of shoreline clean-up and mangrove restoration was ongoing.

He also said progress was being made toward achieving full water supply coverage in Ogoni communities.

According to him, 49 communities have been connected through various water schemes and booster stations providing safe drinking water.

He further stated that the Ogoni Specialist Hospital and a 43-bed cottage hospital were nearing completion, which would improve healthcare delivery in the area.

The Issues

  • Completing the detailed characterisation and scoping for the remaining 18 high-risk complex sites requiring environmental remediation.
  • Finalizing the construction and equipping of regional healthcare facilities, including the Ogoni Specialist Hospital and a 43-bed cottage hospital.
  • Implementing a five-year interim management plan for the Ogoni mangrove wetland following its official Ramsar designation certificate.

What’s Being Said

  • Detailing how multiple local medical centres are being upgraded with modern infrastructure, Prof. Nenibarini Zabbey stated: “We have strengthened three hospitals and a health centre, while an additional four health facilities in Ogoni are currently being strengthened through renovation and supply of state-of-the-art medical equipment.”
  • Outlining the deployment of specialized emergency transport resources to support regional clinics, Zabbey noted: “To enhance emergency and referral services, HYPREP has donated five ambulances to four general hospitals and one health centre in Ogoni, even as the Project conducts periodic medical outreaches in the area,”
  • Explaining how the cleanup operations have been tied to structural human growth and federal mandates, he said: “In line with the Renewed Hope Agenda of President Bola Tinubu’s administration, HYPREP has integrated environmental cleanup with human capacity building and transformed the socio-ecological landscape of Ogoniland.”
  • Enumerating the specialized vocational and technical fields opened up to local youths and women, he added: “Prominent among them are the creation of over 7,000 direct jobs and the training of Ogoni youth and women in high-demand skills in Creative Arts, Cabin Crew, Seafaring, and Mechatronics.”
  • Listing additional heavy industrial and technical skill sets provided to community beneficiaries, Zabbey remarked: “Other high-demand skill training programmes initiated for Ogoni youth and women include Commercial Diving and Underwater Welding, Mud logging, Full Stack Development, Cybersecurity, GIS and cloud mapping, rigging, among others,”
  • Disclosing the upcoming publication of data tracking the broader community impacts of their remediation work, he revealed: “The socio-economic study of Ogoni has been completed, and the study report will be launched in the coming weeks.”

What’s Next

  • Project officials will proceed with executing Phase II of the shoreline cleanup and multi-species mangrove restoration.
  • Teams will launch the completed socio-economic study report of Ogoni in the coming weeks.
  • HYPREP will continue implementing a five-year interim management plan for the Ogoni mangrove wetland and advance its recently launched bird survey of the Ogoni creeks.

Bottom Line

Marking a decade since the launch of the Ogoni Cleanup, HYPREP has transitioned into high-impact delivery by closing out 30 UNEP-recommended sites, planting over 1.5 million mangrove seedlings, reticulating water to 49 communities, and training thousands of youth and women in high-demand technical skills to drive sustainable socio-ecological development.

    MAPOLY expels 365 Students over fake admission documents 

Nigeria Union of Teachers stages nationwide solidarity protest over killing of teacher, abductions in Oyo

By
Kehinde Victor
-

Key points

  • The Nigeria Union of Teachers has staged a nationwide solidarity protest to condemn the killing of a teacher and demand the release of staff and students abducted in Oyo.
  • The peaceful protest was organized simultaneously across all states of the federation in compliance with a directive from the union’s national headquarters.
  • FCT Chairman of NUT, Abdullahi Shafa, described the recent targeted security incident in Oyo as deeply disturbing, horrifying, and unacceptable.
  • The union warned that growing security fears among educators could severely damage the domestic teaching and learning environment if left unaddressed.
  • Protesters appealed directly to the Federal Government and security agencies to deploy proactive safety infrastructure like perimeter fences.

Main Story

The Nigeria Union of Teachers (NUT) has staged a nationwide solidarity protest to condemn the killing of a teacher in Oyo State and to demand the release of abducted staff and students.

The protest, held on Tuesday in Abuja and across states of the federation, followed a directive from the union’s national leadership.

Speaking during the Abuja protest, the FCT Chairman of the NUT, Abdullahi Shafa, said the action was organised in response to the killing of a teacher by suspected kidnappers in Oyo State.

He described the incident as disturbing and unacceptable, stressing that teachers should not be exposed to such violence while performing their duties.

Shafa said the development had created fear among teachers nationwide and could negatively affect the teaching and learning environment if not urgently addressed.

He called on the Federal Government and security agencies to take immediate steps to protect teachers, students and school facilities across the country.

He also urged authorities to improve security in schools, including the provision of perimeter fencing and other protective measures.

Shafa said the protest was a one-day peaceful demonstration, adding that further action would depend on the decision of the union’s national leadership.

Reports indicated that the protest was held simultaneously across the country in solidarity with the family of the deceased teacher and to draw attention to rising insecurity in the education sector.

The Issues

  • Protecting academic staff and vulnerable student populations from violent attacks, abductions, and banditry within regional learning centers.
  • Reversing the growing climate of fear among regional educators to prevent long-term degradation of classroom learning environments.
  • Accelerating the construction of basic protective school infrastructure, including proper perimeter fencing, across vulnerable educational facilities.

What’s Being Said

  • Highlighting the specific regional location and the immense trauma experienced by academic communities in recent weeks, Abdullahi Shafa noted: “If you are aware, in the last few weeks, teachers and students in Oriire Local Government Area of Oyo have been troubled.”
  • Detailing the brutal nature of the unprovoked assault carried out against an educator working in the line of duty, Shafa stated: “A teacher there was beheaded instantly for no just cause. This is somebody that had gone to impact knowledge on our students.”
  • Expressing the deep institutional grief and frustration felt over the violent targeting of dedicated professional instructors, he added: “It touching, horrifying, and devastating that a teacher who has put in his best to ensure that the children get qualitative education is being killed like that without any reason; all in the name of kidnapping and banditry. This is not good for the system,”
  • Summarizing the primary administrative demands presented to government authorities during the active demonstrations, the union leader concluded: “Our appeal to government is to provide adequate security for teachers and pupils and improve infrastructure within the school system to guarantee a safe learning environment,”

What’s Next

  • The one-day peaceful demonstration will conclude across various state chapters while members await further instructions from national executives.
  • Security agencies and federal authorities are expected to review internal safety measures regarding school facilities nationwide.
  • The union’s national leadership will monitor regional security developments in Oyo to determine the necessity of any future institutional actions.

Bottom Line

Responding to the brutal killing of an educator and the ongoing captivity of staff and students in the Oriire Local Government Area of Oyo, the Nigeria Union of Teachers has executed a simultaneous nationwide protest demanding immediate federal security intervention and improved protective school infrastructure to safeguard the country’s learning environments.

Tinubu hails Navy’s anti-piracy success as Maritime Task Force takes shape, NLNG orders three LNG vessels

NUPRC operations resume as PENGASSAN, NUPENG suspend strike after management talks

By
Ibe Wada
-

Key points

  • Work has resumed fully at the NUPRC after unions suspended a 12-hour industrial action.
  • NUPRC says regulatory operations and crude oil production activities were never affected by the strike.
  • Management has pledged to improve staff welfare and development in line with the Petroleum Industry Act.

Main story

Normal operations have resumed at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) following the suspension of a one-day strike by workers after successful negotiations between management and labour unions.

The Head of Media and Corporate Communications at NUPRC, Mr Eniola Akinkuotu, disclosed this in a statement on Tuesday, noting that the industrial action was called off on Monday night following discussions involving the commission’s management, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

According to Akinkuotu, the strike lasted approximately 12 hours and affected only administrative functions within the commission, while core regulatory activities and operations across oil and gas facilities continued uninterrupted.

He dismissed reports suggesting that the industrial action disrupted crude oil production, describing such claims as false and misleading.

“The Commission calls on members of the public to disregard false reports on crude oil production disruptions as well as misleading publications stating that the disagreement centred on foreign training,” he said.

Akinkuotu added that the commission remains committed to enhancing the welfare of its workforce and strengthening staff development programmes in accordance with the provisions of the Petroleum Industry Act (PIA).

The issues

The strike erupted on Monday after union members protested against certain management decisions, leading to the temporary shutdown of administrative activities at the commission’s headquarters and offices.

While reports initially linked the dispute to alleged irregularities in overseas training opportunities, the commission has denied that foreign training was the central issue.

However, sources within the commission indicated that disagreements emerged over management’s preference for local training programmes as against foreign capacity-building initiatives.

According to the sources, management argued that conducting specialised training within Nigeria would reduce operational costs while simultaneously strengthening local institutional capacity and expertise.

What’s being said

Labour representatives reportedly opposed the policy shift and advocated the continuation of overseas training opportunities for staff.

The successful intervention by the leadership of PENGASSAN, NUPENG, and NUPRC management paved the way for the suspension of the industrial action and the restoration of normal activities.

What’s next

With the dispute temporarily resolved, attention is expected to shift towards implementing agreed measures aimed at improving staff welfare, training opportunities, and workplace conditions.

Industry stakeholders will also be watching closely to ensure that labour-management relations remain stable and that future disagreements do not disrupt the commission’s administrative functions.

Bottom line

The swift resolution of the NUPRC strike has restored normal administrative operations and averted concerns about possible disruptions in Nigeria’s oil and gas regulatory framework. While production activities remained unaffected throughout the protest, the episode highlights the importance of continuous engagement between management and labour unions on workforce development and welfare matters.

Tinubu hails Navy’s anti-piracy success as Maritime Task Force takes shape, NLNG orders three LNG vessels

Tinubu hails Navy’s anti-piracy success as Maritime Task Force takes shape, NLNG orders three LNG vessels

By
Ibe Wada
-

Key points

  • President Bola Tinubu commended the Nigerian Navy for eliminating piracy in the Gulf of Guinea and strengthening maritime security.
  • The Chief of Naval Staff inaugurated a Combined Maritime Task Force to bolster rapid response and surveillance operations.
  • NLNG subsidiary Bonny Gas Transport Limited awarded contracts for three new LNG carriers as part of its fleet renewal programme.

Main story

President Bola Tinubu has praised the Nigerian Navy for its professionalism and operational excellence, particularly its success in combating piracy and securing Nigeria’s maritime domain, describing the service as a critical pillar of national security and economic prosperity.

The President made the remarks on Monday during the International Fleet Review and commissioning of naval ships held at Eko Atlantic Oceanview, Victoria Island, Lagos, as part of activities marking the Nigerian Navy’s 70th anniversary.

Tinubu commended the Navy for its effective deployment of surveillance systems, rapid response mechanisms, and enforcement operations that have contributed to the eradication of piracy in the Gulf of Guinea and enhanced maritime safety across the region.

He also lauded the Chief of Naval Staff, Vice Admiral Idi Abbas, for establishing the Combined Maritime Task Force, a dedicated operational structure designed to remain on standby to address emerging security threats and sustain maritime stability in the Gulf of Guinea.

The President urged officers and ratings of the Navy to maintain the highest standards of professionalism while continuously improving operational readiness and effectiveness in protecting Nigeria’s territorial waters and strategic maritime assets.

According to Tinubu, Nigeria’s maritime domain remains one of the country’s most valuable economic assets, serving as a major source of foreign exchange earnings and a vital gateway for international trade and commerce.

Reflecting on the Navy’s history, the President noted that since its establishment in 1956 as a colonial marine force, the service has evolved into what he described as Africa’s most formidable naval force and a key contributor to national development and regional security.

The issues

The Federal Government continues to prioritise maritime security as part of broader efforts to protect critical infrastructure, enhance investor confidence, and unlock the economic potential of the blue economy.

Industry stakeholders have repeatedly emphasised that sustained maritime security is essential for attracting investments into shipping, offshore energy operations, fisheries, and port development.

What’s being said

Tinubu said the Navy’s achievements demonstrate its growing capacity to safeguard national interests and maintain stability within Nigeria’s maritime environment.

The inauguration of the Combined Maritime Task Force is expected to further strengthen coordinated maritime operations and ensure rapid responses to security challenges across the Gulf of Guinea.

What’s next

As part of efforts to strengthen Nigeria’s maritime and energy logistics capacity, Bonny Gas Transport Limited (BGT), a subsidiary of Nigeria LNG Limited (NLNG), has awarded contracts for the construction of three new Liquefied Natural Gas (LNG) carriers to Chinese shipbuilders Hudong-Zhonghua Shipbuilding Group Co. Limited and China Shipbuilding Trading Co. Limited.

According to NLNG, each vessel will have a cargo capacity of 174,000 cubic metres and will be equipped with advanced X-DF propulsion technology designed to improve fuel efficiency and reduce emissions.

The vessels are scheduled for delivery in 2029 and will be chartered by NLNG while being managed by NLNG Shipping and Marine Services Limited (NSML), the company’s maritime services subsidiary.

Bottom line

As Nigeria seeks to strengthen both maritime security and energy transportation capacity, the inauguration of a new maritime task force and the acquisition of additional LNG carriers signal a strategic push to protect critical sea lanes, support trade, and enhance the country’s position in the global energy market.

Petrol price surges 643% in three years as subsidy removal, naira devaluation bite harder

Petrol price surges 643% in three years as subsidy removal, naira devaluation bite harder

By
Ibe Wada
-
7 Ways Fuel Subsidy Removal Will Affect You

Key points

  • Petrol prices have risen by about 643 per cent, from N175 per litre in May 2023 to as much as N1,300-N1,400 in May 2026.
  • Fuel subsidy removal, naira devaluation, and global oil market disruptions have driven the unprecedented increase.
  • Economists and industry stakeholders are urging government intervention to cushion the impact on vulnerable Nigerians.

Main story

The price of Premium Motor Spirit (PMS), popularly known as petrol, has surged by approximately 643 per cent over the past three years, rising from N175 per litre in May 2023 to between N1,300 and N1,400 per litre in May 2026, according to findings by The PUNCH.

The sharp increase follows President Bola Tinubu’s decision to remove fuel subsidies immediately after assuming office on May 29, 2023, a policy move that transformed Nigeria’s downstream petroleum market and ended decades of government-supported fuel pricing.

The removal of the subsidy triggered an immediate jump in petrol prices from about N175-N200 per litre to over N500 per litre. The situation was further exacerbated by the floating of the naira in June 2023, which significantly increased the cost of importing petroleum products and pushed pump prices above N1,000 per litre.

For nearly a year, the Nigerian National Petroleum Company Limited (NNPCL) sold petrol below its landing cost through what the International Monetary Fund described as an “implicit subsidy” arrangement. During that period, petrol prices hovered around N600 per litre despite rising import costs.

The state-owned oil company later admitted that it had been absorbing losses by selling below market value. Former NNPC Chief Financial Officer, Umar Ajiya, acknowledged that government directives had compelled the company to sell fuel at prices significantly below its actual landing cost.

Petrol prices climbed further in 2024, reaching as high as N1,080 per litre before the entry of the Dangote Petroleum Refinery into the PMS market introduced competition and sparked a temporary price war. This development saw pump prices decline to between N800 and N900 per litre.

However, renewed geopolitical tensions in the Middle East, particularly disruptions linked to the Strait of Hormuz and the ongoing US-Iran conflict, have reversed those gains. The resulting increase in global crude oil prices has forced refiners and marketers to raise prices, with petrol now retailing above N1,300 per litre across many parts of the country.

The issues

The sustained rise in petrol prices has intensified inflationary pressures across the economy, increasing transportation costs, food prices, and the cost of goods and services.

Although the Federal Government introduced the Presidential Compressed Natural Gas (CNG) Initiative to provide a cheaper alternative to petrol and diesel, analysts say its impact on the broader cost of living remains limited due to slow adoption and infrastructure challenges.

Industry observers warn that further escalation of tensions in the Middle East could push petrol prices above N1,500 per litre, placing additional strain on households and businesses already grappling with high inflation.

What’s being said

A former President of the Association of Energy Economists, Prof. Adeola Adenikinju, described the situation as a “double-edged sword” for Nigeria, noting that while higher crude oil prices could boost government revenues, they also worsen economic hardship for citizens.

He advocated targeted cash transfers and social protection programmes for vulnerable Nigerians, arguing that the gains from rising oil prices should be partly channelled towards cushioning the impact on low-income households.

Similarly, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, criticised the government’s perceived silence on the latest fuel price increases and urged authorities to deploy part of the additional oil revenue to ease transportation and food costs.

Economic analyst Bismarck Rewane also suggested that the government could consider supplying crude oil to local refiners at favourable rates, provided the arrangement translates into lower prices for consumers.

What’s next

Despite mounting calls for intervention, the Federal Government has ruled out a return to fuel subsidies or the introduction of fuel price controls.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, recently reiterated that Nigeria would maintain a market-driven pricing system, insisting that subsidy payments distort the economy and are no longer sustainable.

As global oil market uncertainties persist, industry stakeholders expect fuel prices to remain volatile in the near term, with developments in the Middle East likely to play a significant role in determining future pump prices.

Bottom line

Three years after the removal of fuel subsidies, Nigerians are paying more than seven times the price of petrol compared to 2023. While the policy has reduced government spending on subsidies and aligned fuel pricing with market realities, it has also fuelled inflation and increased the cost of living, prompting fresh calls for targeted support measures to protect vulnerable citizens.

Benchmark yield on Nigerian Bonds eases slightly to 16.31%

    MAPOLY expels 365 Students over fake admission documents 

By
Grace Johnson
-
  • Moshood Abiola Polytechnic (MAPOLY), Abeokuta, has expelled 365 students for using fake academic credentials to gain admission.
  • The affected students were enrolled in various Higher National Diploma (HND) programmes.
  • Investigations uncovered forged National Diploma (ND) results and fake academic transcripts.
  • The School of Communication and Information Technology recorded the highest number of expulsions with 156 students affected.
  • MAPOLY says the move reflects its commitment to academic integrity and a zero-tolerance stance on fraud.

Main Story

Moshood Abiola Polytechnic (MAPOLY), Abeokuta, has expelled 365 students after discovering that they gained admission into the institution using falsified academic documents.

The decision was announced in a statement issued on Monday by the institution’s Head of Public Relations and Protocol, Mr. Yemi Ajibola.

According to the statement, the students were admitted into different Higher National Diploma (HND) programmes across several schools within the polytechnic. However, a recent verification exercise revealed that many of them submitted fake academic credentials during the admission process.

The investigation found that some students presented forged National Diploma (ND) results, while others submitted fake academic transcripts from various institutions. These documents were allegedly used to secure admission into the polytechnic despite not meeting the required standards through legitimate means.

Ajibola explained that the institution carried out a comprehensive review of credentials submitted during admission and registration. The exercise uncovered several irregularities, leading to the expulsion of the affected students.

The institution described the action as part of its efforts to protect the integrity of its academic system and ensure that only qualified students benefit from its educational programmes.

A breakdown of the expulsions shows that the School of Communication and Information Technology recorded the highest number of affected students, with 156 expulsions.

The School of Business and Management Studies followed with 117 expulsions, while 54 students were expelled from the School of Science and Technology.

The School of Engineering accounted for 36 expulsions, while two students were removed from the School of Environmental Studies.

The Issues

The development highlights a growing concern within Nigeria’s tertiary education sector: the use of fake academic credentials to gain admission.

Many institutions continue to face challenges related to forged certificates, manipulated transcripts, and fraudulent qualifications. Such practices not only undermine the credibility of educational institutions but also create unfair opportunities for individuals who bypass established admission requirements.

Academic fraud can have long-term consequences. It weakens confidence in educational qualifications, affects the reputation of institutions, and raises questions about the quality of graduates entering the workforce.

The MAPOLY case also demonstrates the importance of thorough credential verification. Without strong screening systems, students with forged documents may remain undetected for years, potentially graduating with qualifications they obtained through dishonest means.

As technology advances, institutions are increasingly being encouraged to adopt digital verification systems and stronger partnerships with awarding institutions to reduce the risk of admission fraud.

What’s Being Said

MAPOLY management has reiterated its commitment to maintaining high academic standards and ethical conduct.

According to the statement, the institution operates a zero-tolerance policy toward fraud, forgery, and all forms of academic misconduct.

The Rector of the polytechnic, Dr. Koye Jolaoso, warned prospective applicants against using fake documents to secure admission.

He said the decision to expel the students reflects the institution’s dedication to academic excellence, professionalism, and integrity.

Jolaoso added that the polytechnic remains committed to promoting transparency and credibility within Nigeria’s higher education system.

Education stakeholders have also argued that strict action against academic fraud is necessary to protect the value of qualifications earned through legitimate means.

Many believe that institutions that consistently enforce admission standards help strengthen public trust in tertiary education.

What’s Next

Following the mass expulsion, MAPOLY is expected to strengthen its admission screening and verification procedures to prevent similar incidents in the future.

The institution may also increase collaboration with other tertiary institutions and regulatory bodies to verify academic records before admissions are finalized.

Prospective applicants have been advised to submit only genuine and verifiable credentials when seeking admission.

The case could encourage other tertiary institutions across Nigeria to conduct similar audits of student records and admission documents as part of broader efforts to combat academic fraud.

Experts believe that improved technology, digital transcript verification, and stricter admission monitoring could significantly reduce future cases of credential forgery.

Bottom Line

The expulsion of 365 students is more than a disciplinary action it is a statement about the importance of integrity in education. While the decision may be difficult for those affected, it reinforces a fundamental principle: academic qualifications must be earned honestly.

 For MAPOLY, protecting the credibility of its certificates and maintaining public trust appears to outweigh the short-term impact of removing hundreds of students. The message is clear fraudulent admissions will not be tolerated, and institutions are becoming increasingly willing to act when academic standards are compromised.

1...212223...3,208Page 22 of 3,208

Recent Posts