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African deposit funds back AfDB financial reform drive

By
Kehinde Victor
-

KEY POINTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT’S NEXT

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

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

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

Africa CDC confirms recovery of Ebola frontline workers in DRC

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

KEY POINTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT’S NEXT

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

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

Experts call for stronger financial systems in Africa

AfDB president calls for stronger African financial cooperation

By
Kehinde Victor
-

KEY POINTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

WHAT’S NEXT

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

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

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

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

By
Ibe Wada
-

Main story

Terminal operators at the Lagos ports may be required to temporarily adjust or cede portions of their operational space as the Federal Government commences large-scale reconstruction and modernisation projects aimed at upgrading critical port infrastructure.

An industry investigation by Shipping Position Daily, indicates that the Lagos port rehabilitation programme, estimated to cost over $1 billion, will be executed alongside ongoing cargo operations, meaning construction activities will take place within active terminal environments rather than through full port shutdowns.

This approach is expected to trigger logistical adjustments, including possible reorganisation of yard space, relocation of stacking areas, and restricted access to sections of terminals as contractors carry out major civil works.

Stakeholders familiar with the development say such arrangements are common in brownfield port redevelopment projects, where upgrades must be implemented without halting commercial operations.

The reconstruction is part of broader reforms aimed at improving cargo handling efficiency, reducing congestion, enhancing vessel turnaround time, and strengthening Nigeria’s competitiveness in regional maritime trade.

However, concerns are emerging within the industry over the operational implications for terminal operators, who may have to work within reduced space and manage increased congestion during the transition period.

Despite these concerns, some operators say they have yet to receive formal communication on the extent of any operational adjustments.

The Group Head of Corporate Communications at SIFAX Group, Muyiwa Akande, said the company had not received any official memo regarding changes to operational space linked to the modernisation project.

“For now, we have not been informed. No memo has been sent to that effect. So we will continue to carry out our operations as usual,” he said.

Similarly, the General Manager of PTML Terminal, Tunde Keshinro, declined detailed comment but indicated that current operations were not expected to be affected at this stage.

The issues

  • Nigeria’s Lagos ports have long suffered from congestion, ageing infrastructure, and inefficient cargo evacuation systems, making them a priority for government-led modernisation.
  • However, upgrading active ports presents a structural challenge: reconstruction must occur in already congested environments where cargo handling cannot stop.
  • This creates a delicate balance between maintaining trade flow and executing major infrastructure upgrades.

Key concerns raised by stakeholders include:

  • Reduced operational yard space during construction phases
  • Potential delays in cargo clearance and vessel turnaround
  • Increased coordination demands between operators and government agencies
  • Risk of congestion spillover within already strained port access routes

Industry observers note that while such disruptions are temporary, their impact could be significant if not carefully managed.

What’s being said

Stakeholders familiar with the project say temporary operational adjustments are standard practice in live port redevelopment globally, especially in brownfield environments where ports cannot be closed.

They argue that although terminal operators may face short-term constraints, the long-term benefits of improved efficiency, deeper berths, and modernised cargo systems outweigh the disruptions.

Some operators, however, stress the importance of early communication and coordination to prevent operational uncertainty.

They note that lack of formal notice could complicate planning, especially in areas such as yard allocation, equipment deployment, and cargo scheduling.

What’s next

The Federal Government is expected to continue consultations with terminal operators and relevant maritime agencies as the modernisation project advances.

Phased implementation is anticipated, with construction activities likely structured to minimise disruption while ensuring continuity of cargo operations.

Attention is also expected to shift toward broader port reforms, including possible development focus on eastern ports such as Warri and Port Harcourt to ease pressure on Lagos facilities.

Further updates on operational guidelines, timelines, and stakeholder coordination are expected as implementation progresses.

Bottom line

The Lagos port modernisation programme marks a major infrastructure push aimed at repositioning Nigeria’s maritime sector, but it comes with short-term operational trade-offs for terminal operators. While temporary space adjustments and logistical disruptions appear inevitable, the success of the project will depend on how effectively authorities manage  communication, coordination, and continuity of trade during the transition period.

Experts call for stronger financial systems in Africa

Experts call for stronger financial systems in Africa

By
Kehinde Victor
-

KEY POINTS

  • Experts at the AfDB 2026 Annual Meetings said stronger financial systems are needed to mobilise development finance in Africa.
  • Speakers highlighted financial integration, domestic capital markets and macroeconomic stability as key drivers of growth.
  • Panelists said Africa’s challenge is less about resources and more about effective mobilisation and deployment of capital.

MAIN STORY
Experts have said that Africa’s economic transformation depends on stronger and more integrated financial systems capable of mobilising development finance at scale.

The position was shared at a high-level knowledge event held during the African Development Bank (AfDB) Group’s 2026 Annual Meetings in Brazzaville, Republic of the Congo.

The session, themed “Strengthening and Consolidating Africa’s Financial Systems and Agency in the Changing World,” brought together central bankers, regulators, development finance leaders and legal experts from across Africa and beyond.

AfDB Vice President for Finance and Chief Financial Officer, Hassatou N’Sele, said Africa requires stronger financial systems that can mobilise domestic resources more effectively for development needs.

She said deeper financial integration and stronger institutions would be necessary to attract long-term investment into the continent.

Governor of the Japan Bank for International Cooperation (JBIC), Nobumitsu Hayashi, said lessons from Asia showed that financial integration supported by strong capital markets and local currency financing systems had been critical to sustained growth.

He said, “We are doing a lot of financial integration because it is the real driver of sustained economic growth within Asian countries.”

First Deputy Governor of the Central Bank of the Democratic Republic of Congo, Dieudonné Alimasi, said improving confidence in local currencies would require macroeconomic stability and stronger financial inclusion.

He added that exchange rate stability and digital financial expansion would help widen access to banking services across Africa.

Deputy Governor of the Bank of Central African States (BEAC), Michel Dzombala, said central banks play a key role in supporting regional financial development and improving capital mobilisation.

Managing Director of the African Guarantee and Economic Cooperation Fund (FAGACE), Ngueto Yambaye, said African institutions need stronger collaboration to reduce perceived investment risks.

He said existing guarantee mechanisms still cover only a small share of the continent’s financing needs.

Chief Executive Officer of African Trade and Investment Development Insurance (ATIDI), Manuel Moses, said Africa has significant untapped financial resources that can be better mobilised for development.

He described the African Development Bank’s New African Financial Architecture for Development (NAFAD) as a framework designed to organise and deploy African capital more effectively.

He added that the initiative could help close Africa’s estimated 400 billion dollar annual development financing gap.

Co-Chair of the US-Africa Practice at DLA Piper, Kalidou Gadio, said regulatory and legal barriers must be addressed to improve investment flows into Africa.

He said deeper and more unified financial markets would be required to attract larger volumes of capital.

Chief of Business Development at the Arab Bank for Economic Development in Africa (BADEA), Cedrick Motetcho, said stronger institutional partnerships are necessary to improve financing efficiency.

He said collaboration would help institutions respond faster to development needs.

Carlos Lopes, Honorary Professor at the Nelson Mandela School of Public Governance, said African governments must align macroeconomic policies with long-term development objectives.

He said pension funds and domestic institutional investors should play a larger role in financing structural transformation.

Participants agreed that Africa’s key challenge is not a shortage of resources but the need to mobilise and deploy existing capital more effectively.

THE ISSUES
The discussions highlighted ongoing concerns around financial fragmentation in Africa, limited capital market depth and weak investor confidence. Speakers emphasised that without stronger integration and institutional reforms, the continent may struggle to attract the scale of investment needed for long-term development.

WHAT’S BEING SAID
“We are doing a lot of financial integration because it is the real driver of sustained economic growth within Asian countries,” said Governor of the Japan Bank for International Cooperation, Nobumitsu Hayashi.

WHAT’S NEXT

  • Further policy discussions are expected on implementing Africa’s financial integration agenda.
  • Development finance institutions are expected to explore frameworks for expanding local currency financing.
  • Stakeholders may push for stronger participation of pension funds and institutional investors in infrastructure financing.

BOTTOM LINE
The Bottom Line: Africa’s development agenda increasingly depends on deeper financial integration and stronger institutions. Experts say the continent already has significant capital, but unlocking it will require reforms that improve coordination, investor confidence and market efficiency.

Federal workers reject proposed N100,000 minimum wage, demand living wage

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

By
Kehinde Victor
-

Key points

  • Cross River Governor Bassey Otu unveiled “Rethinking Our Collective Destiny” as the theme for Carnival Calabar 2026.
  • Organisers said the 2026 edition would introduce online voting and new digital platforms to deepen public participation.
  • Tourism stakeholders said the carnival continues to position Cross River as a major global cultural tourism destination.

Main story
Gov. Bassey Otu of Cross River has unveiled “Rethinking Our Collective Destiny” as the theme for Carnival Calabar 2026, saying new innovations will deepen public participation, expand economic opportunities and boost the carnival’s global appeal.

The theme was unveiled on Sunday night in Lagos during the inauguration of the carnival’s 21st anniversary edition. The event attracted tourism stakeholders, diplomats, cultural enthusiasts and government officials.

Otu said the theme reflected a shared determination to reimagine the future of the carnival and unlock its potential as a driver of economic growth, cultural preservation and tourism development.

“We are not just unveiling a theme; we are unveiling a vision.

“‘Rethinking Our Collective Destiny’ challenges us to look beyond where we are today and imagine what we can achieve together as a people through culture, tourism and creativity,” he said.

He added that the carnival had grown into a major platform for showcasing Cross River globally while creating opportunities for businesses, artisans, performers and young people.

“We must continue to innovate, expand participation and ensure that the benefits of the carnival are felt by our communities.

“This carnival belongs to all of us, and its success depends on our collective commitment,” he said.

Chairman of Carnival Calabar Commission, Gabe Onah, said the 2026 edition would introduce online voting to increase audience participation in the event.

According to him, the carnival is being repositioned to create jobs and business opportunities for young people through the commercialisation of its activities and products.

He also said organisers had engaged creative partners to develop movies inspired by the carnival and build digital platforms that would connect global audiences to the festival in real time.

The issues
The unveiling comes as Nigerian states increasingly position cultural festivals as economic assets capable of driving tourism revenue, job creation and international visibility. Cross River has long marketed Carnival Calabar as Africa’s biggest street party and continues to expand its commercial and digital reach to attract global audiences and boost visitor arrivals.

What’s being said
“Culture is the easy way for countries to come together, get closer,” said Portuguese Ambassador to Nigeria, Paulo Santos.

“The carnival had become a model for cultural tourism, creating opportunities for local businesses, costume makers and service providers, while bringing visitors from around the world together,” said President of the Federation of Tourism Associations of Nigeria (FTAN), Aliyu Badaki.

What’s next

  • Organisers are expected to roll out online audience voting ahead of the 2026 edition.
  • Tourism stakeholders are preparing travel and hospitality packages for the “Detty December” holiday season.
  • Creative partners are expected to begin developing films and digital content tied to the carnival experience.

Bottom line
The Bottom Line: Carnival Calabar is evolving beyond a cultural showcase into a broader tourism and creative economy platform. The push toward digital participation, content production and commercialisation signals Cross River’s ambition to strengthen the festival’s international relevance and economic impact.

Heavy flooding sparks outrage in Lekki as residents blame coastal highway design

NNPC Ltd posts N481bn april profit as revenue surges

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 1, 2026

Key Points

  • NNPC Ltd recorded a Profit After Tax of N481 billion in April 2026, up from N276 billion in March
  • Revenue rose by 79.2% to N4.97 trillion, supported by higher crude oil production
  • Crude oil and condensate output increased to 1.68 million barrels per day, while major gas infrastructure projects advanced

Main Story

The Nigerian National Petroleum Company Limited (NNPC Ltd.) reported a Profit After Tax (PAT) of N481 billion for April 2026, reflecting a significant increase from the N276 billion recorded in March, according to the company’s latest Monthly Report Summary.

The state-owned energy company also posted revenue of N4.971 trillion during the month, representing a 79.23 per cent increase from the N2.77 trillion generated in March. The improved earnings were supported by stronger crude oil production and continued operational performance across its upstream and gas businesses.

NNPC said crude oil and condensate production rose to 1.68 million barrels per day (mmbopd) in April, up 7.69 per cent from the previous month’s output. Gas production remained largely unchanged at 7,730 million standard cubic feet per day, compared with 7,731 million standard cubic feet per day in March.

The company further disclosed that cumulative statutory payments between January and April 2026 reached N3.714 trillion, underlining its role as one of Nigeria’s largest contributors to government revenue.

“The successful completion of the OB3 River Niger Crossing project and continued progress on the AKK Gas Pipeline underscore our commitment to strengthening Nigeria’s energy infrastructure and enhancing gas supply across the country,” NNPC Ltd said in the report.

Among the key milestones highlighted was the completion of the long-delayed OB3 River Niger Crossing project, a critical component of Nigeria’s domestic gas transportation network. The company also reported continued construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project, with plans to commence early gas delivery to Abuja later in 2026.

The Issues

The strong earnings performance comes as Nigeria seeks to boost oil production above 2 million barrels per day and maximise revenues amid ongoing fiscal pressures. Although output has improved in recent months, production levels remain below the country’s OPEC quota and historical peak levels.

The completion of major gas infrastructure projects such as OB3 and AKK is also central to Nigeria’s gas monetisation strategy, which aims to expand domestic gas supply, support industrialisation and improve electricity generation.

What’s Being Said

“The increase in production and revenue reflects ongoing efforts to improve operational efficiency and strengthen energy infrastructure across the value chain,” NNPC Ltd said in its April Monthly Report Summary.

“Gas infrastructure remains critical to Nigeria’s energy transition ambitions and economic growth objectives,” said Mele Kyari during previous industry engagements on the importance of domestic gas development.

What’s Next

  • NNPC is expected to accelerate work on the AKK Gas Pipeline to enable early gas delivery to Abuja before year-end
  • The company will continue efforts to increase crude production toward Nigeria’s OPEC production targets
  • Industry stakeholders will closely monitor subsequent monthly reports for sustained improvements in production and profitability

The Bottom Line: NNPC’s April performance signals a sharp recovery in revenue generation and profitability, driven by higher crude production and infrastructure progress. Sustaining these gains will depend on maintaining production growth, reducing operational disruptions and completing strategic gas projects that support long-term energy security.

Ogun police trace kidnap ransom bag to residence of community leader

Heavy flooding sparks outrage in Lekki as residents blame coastal highway design

By
Leonard Offiong
-

Key points

  • Residents of Baruwa/Igbo Efon community on the Lekki-Epe corridor have appealed for urgent government intervention over worsening flooding.
  • The community blames the flooding on drainage discharge linked to the ongoing Lagos-Calabar Coastal Highway project.
  • Residents say homes, roads, businesses and critical infrastructure have suffered extensive damage.
  • Community leaders claim more than 250 houses and over 1,200 residents have been affected.
  • About 80 businesses are reportedly experiencing operational disruptions and financial losses.
  • Residents are seeking emergency flood-control measures and long-term drainage solutions before the peak of the rainy season.

Main story

Residents of the Baruwa/Igbo Efon community along the Lekki-Epe axis of Lagos State have appealed to the Federal Government for urgent intervention over persistent flooding they say is being aggravated by drainage works connected to the Lagos-Calabar Coastal Highway project.

The residents alleged that an open water drainage channel associated with the highway project is directing large volumes of stormwater into the community, leading to repeated flooding of residential compounds, access roads and commercial areas.

According to community leaders, the flooding has not only damaged buildings and perimeter fences but has also disrupted daily life, affected businesses and heightened concerns about public safety.

The appeal was conveyed in a “Save Our Soul” letter addressed to the Federal Government through the Federal Controller of Works in Lagos.

Community representatives said the situation has worsened in recent weeks and could deteriorate further as rainfall intensifies during the peak wet season.

The issues

Residents say the flooding has caused significant destruction of household property, personal belongings and business assets, while also exposing residents to health risks associated with stagnant and contaminated water.

The community further warned that continued water discharge into residential areas could weaken building foundations, trigger structural failures and increase the risk of displacement among vulnerable residents, including children and the elderly.

Community leaders estimate that more than 250 houses are currently exposed to direct flooding threats, while over 1,200 residents have been impacted by recurring water overflow and environmental hazards.

They also noted that approximately 80 small and medium-scale businesses within the area have suffered reduced patronage, operational disruptions and financial losses as a result of restricted access and flood-related damage.

The residents stressed that while they support the Lagos-Calabar Coastal Highway project, adequate environmental safeguards and drainage infrastructure must be put in place to protect surrounding communities from unintended consequences.

What’s being said

“We write on behalf of the residents, landlords, business owners, and families within the Baruwa/Igbo Efon community to urgently draw your attention to the worsening environmental and humanitarian situation caused by the open water discharge drain connected to the ongoing Lagos-Calabar Coastal Road project,” the community leaders stated.

“The current drainage discharge arrangement has become a major threat to lives, properties, businesses, and the overall wellbeing of our community. Large volumes of stormwater are being channelled directly into residential and commercial areas without adequate containment, diversion, or supporting drainage infrastructure,” the residents’ association said.

“Residents now live in constant fear that heavier rainfall in the coming weeks may result in catastrophic flooding, collapse of weak structures, destruction of livelihoods, and possible loss of lives,” the association warned.

“We acknowledge and appreciate the Federal Government’s commitment to infrastructure development through the Lagos-Calabar Coastal Road project. However, such development should not come at the expense of the safety, homes, businesses, and livelihoods of innocent citizens,” the residents stated.

“This is therefore a passionate Save Our Soul appeal for urgent government intervention before the peak of the rainy season further escalates the damage and suffering within our community,” the association added.

What’s next

Residents are urging the Federal Government to carry out an immediate technical assessment of the affected areas and deploy emergency flood-mitigation measures to prevent further damage.

They are also seeking the construction of sustainable drainage infrastructure, including discharge channels and retention systems, as well as direct engagement between government officials, contractors and community representatives to develop long-term solutions.

With the peak rainy season approaching, pressure is expected to mount on relevant authorities to address the concerns and prevent a potential environmental crisis in the area.

Bottom line

Residents of Baruwa/Igbo Efon say flooding linked to drainage works associated with the Lagos-Calabar Coastal Highway project is threatening homes, businesses and livelihoods. While backing the infrastructure project, they are demanding urgent intervention to prevent what they fear could become a major disaster as rainfall intensifies.

Nigeria, Liberia deepen maritime partnership to boost regional integration and blue economy growth

By
Ibe Wada
-

Key points

  • NIMASA reaffirms commitment to stronger maritime cooperation and capacity development across Africa.
  • Nigeria and Liberia pledge deeper collaboration in maritime administration, safety, training and trade promotion.
  • Partnership aims to expand opportunities for African youths and strengthen the continent’s Blue Economy.

Main story

Nigeria and Liberia have reaffirmed their commitment to strengthening maritime cooperation as part of broader efforts to promote regional integration, capacity development and sustainable growth within Africa’s Blue Economy.

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, made this known during a meeting with the Honorary Consul of the Republic of Liberia in Lagos, Mr. Dapo Akinosun (SAN), at the agency’s headquarters in Lagos.

According to a statement issued by NIMASA on Sunday, the meeting underscored the longstanding bilateral relationship between Nigeria and Liberia, particularly in the maritime sector, and highlighted the need for stronger partnerships among African nations to unlock the continent’s vast maritime potential.

Mobereola stressed that enhanced maritime collaboration remains critical to building regional capacity, improving maritime safety and creating economic opportunities for Africans, especially young people seeking careers in the global maritime industry.

He noted that maritime cooperation between both countries would contribute significantly to strengthening regional integration while supporting efforts to develop a more competitive and sustainable African maritime sector.

The NIMASA boss also emphasised the importance of sea-time training and practical maritime exposure, describing them as essential tools for equipping Nigerian and African youths with the skills needed to compete effectively in the international shipping and maritime environment.

According to him, African countries must work collectively to develop human capital and maritime expertise beyond national boundaries in order to maximise the opportunities presented by the Blue Economy.

Speaking earlier, Liberia’s Honorary Consul, Akinosun, said the visit was aimed at reinforcing the strong diplomatic and economic ties between both countries while exploring opportunities for deeper cooperation in maritime affairs.

He described the maritime sector as a strategic driver of economic growth, regional integration and sustainable development, adding that closer collaboration between Nigeria and Liberia would benefit the wider African maritime ecosystem.

Akinosun also commended NIMASA’s leadership for its ongoing efforts to reposition Nigeria’s maritime industry and attract greater investment into the sector.

The issues

Africa’s maritime sector remains largely underutilised despite the continent possessing vast coastlines, strategic shipping routes and abundant marine resources.

Industry stakeholders have consistently identified inadequate capacity development, limited maritime training opportunities and weak regional collaboration as major challenges affecting the growth of the sector.

Strengthening cooperation among African maritime administrations is increasingly viewed as critical to improving maritime safety, boosting trade and unlocking the economic benefits of the Blue Economy.

What’s being said

Dr. Mobereola said African nations must move beyond individual efforts and embrace stronger regional partnerships to build maritime capacity and create opportunities for future generations.

He maintained that practical training and sea-time experience are essential for preparing African youths to compete successfully in the global maritime industry.

On his part, Akinosun expressed Liberia’s readiness to deepen cooperation with Nigeria in areas such as maritime administration, safety, capacity development and trade promotion.

He also praised Nigeria’s commitment to regional maritime development and described NIMASA as a key institution driving growth and transformation within Africa’s maritime sector.

What’s next

Both countries are expected to explore practical areas of collaboration, including maritime training, safety initiatives, regulatory cooperation and trade facilitation.

The engagement could also pave the way for joint programmes aimed at expanding capacity-building opportunities for young maritime professionals across West Africa.

Stakeholders will be watching closely to see how the renewed partnership translates into concrete initiatives that advance regional integration and support Africa’s Blue Economy agenda.

Bottom line

The renewed commitment by Nigeria and Liberia to deepen maritime cooperation reflects a growing recognition that regional partnerships are essential for unlocking Africa’s maritime potential. By focusing on capacity development, maritime safety and youth empowerment, both countries are positioning themselves to play a greater role in advancing sustainable economic growth and strengthening the continent’s Blue Economy.

Labour reject proposed N100,000 minimum wage, demands nationwide strike over hardship, insecurity

Labour reject proposed N100,000 minimum wage, demands nationwide strike over hardship, insecurity

By
Ibe Wada
-

Key points

  • Federal workers reject the proposed N100,000 minimum wage, describing it as inadequate amid rising inflation and living costs.
  • Workers accuse the government of failing to implement key welfare commitments, including wage arrears and allowances.
  • Forum calls on labour unions to embark on an indefinite nationwide strike and gives President Bola Tinubu a 30-day ultimatum to address insecurity and economic hardship.

Main story

The Federal Workers Forum (FWF) has rejected the proposed N100,000 national minimum wage, describing it as insufficient to meet the economic realities confronting Nigerian workers amid rising inflation, insecurity and declining purchasing power.

The position was contained in a communiqué issued at the end of a meeting and opinion poll held on Saturday to assess the impact of economic hardship and insecurity on federal workers across the country.

The communiqué, jointly signed by the National Coordinator of the forum, Andrew Emelieze; National Secretary, Ayo Ogundele; and National Mobilisation Officer, Aminu Yerima, expressed dissatisfaction with the implementation of the current N70,000 minimum wage, arguing that it has failed to significantly improve workers’ welfare.

According to the forum, many federal workers continue to struggle with soaring food prices, transportation costs, housing expenses and other essentials despite government assurances aimed at cushioning the effects of economic reforms.

The workers alleged that the implementation of the N70,000 minimum wage translated into a uniform addition of about N40,000 across salary grade levels, while statutory deductions further reduced the actual benefits received by employees.

They also lamented the non-payment of outstanding promotion arrears, wage awards, Duty Tour Allowances and the delayed implementation of the 40 per cent peculiar allowance earlier promised by government officials.

Rejecting reports that some state governors were proposing a new minimum wage benchmark of N100,000, the forum described the offer as inadequate and disconnected from prevailing economic realities.

The group argued that a wage review should reflect the current cost of living and be negotiated through established labour mechanisms rather than through political pronouncements.

Beyond economic concerns, the forum expressed alarm over the deteriorating security situation across the country, citing frequent cases of kidnappings, killings and attacks on schools and communities.

The workers said insecurity has compounded the hardship faced by ordinary Nigerians, with many workers living under constant fear for their safety and that of their families.

THE ISSUES

The forum’s position highlights growing dissatisfaction among workers over the widening gap between wages and the cost of living following the removal of fuel subsidies, naira depreciation and persistent inflation.

The dispute also raises concerns about the effectiveness of current wage policies and whether existing salary structures are sufficient to sustain workers amid rising economic pressures.

Additionally, the linkage between economic hardship and insecurity reflects broader concerns that worsening living conditions may further fuel social unrest and public discontent.

What’s being said

The Federal Workers Forum insists that the proposed N100,000 minimum wage does not constitute a living wage and cannot adequately address the financial challenges facing workers.

The group accused government authorities of failing to honour several commitments related to workers’ welfare, including the payment of outstanding arrears and allowances.

It also maintained that insecurity has reached alarming levels, with workers and citizens increasingly exposed to criminal attacks and violence across the country.

The forum called on the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to immediately mobilise workers for an indefinite nationwide strike to draw attention to the worsening economic and security situation.

What’s next

The forum has endorsed planned nationwide protests and solidarity rallies beginning June 1, pending significant improvements in security and living conditions.

It has also issued a 30-day ultimatum to President Bola Tinubu to address rising insecurity, kidnappings, killings and economic hardship affecting Nigerians.

Labour unions are expected to review the demands and determine whether further industrial actions or negotiations with the government will follow.

Meanwhile, stakeholders will closely watch the government’s response to the growing agitation among workers and the broader implications for industrial relations and economic stability.

Bottom line

The rejection of the proposed N100,000 minimum wage by federal workers underscores mounting frustration over the rising cost of living and persistent insecurity in Nigeria. With calls for nationwide industrial action gaining momentum, the government faces increasing pressure to address workers’ welfare concerns, fulfil outstanding obligations and implement measures capable of restoring public confidence in both economic and security policies.

Tinubu Deploys 1,000 forest guards to Oyo as teachers begin indefinite strike over school abductions

Dollar To Naira Exchange Rate Today, June 1st, 2026

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

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange,the official forex trading portal, showed that the naira closed at 1375 per $1 on Monday, June 1st, 2026. The naira traded as high as 1372 to the dollar at the investors and exporters (I&E) window on Sunday. This is brought to you by Bizwatch Nigeria.

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

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

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1385 and buy at ₦1375 on Sunday 31st May, 2026, according to sources at Bureau De Change (BDC).

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

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate₦1385
Buying Rate₦1375

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Highest Rate₦1375
Lowest Rate₦1372

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

Nigerian treasury bills yield falls as investors increase Demand

Ogun police trace kidnap ransom bag to residence of community leader

By
Leonard Offiong
-

Key points

  • Ogun police have arrested the 67-year-old Seriki Fulani of Ijebu Ode, Abdullai Muhammadu, and one of his sons over ongoing kidnapping investigations.
  • Police said a bag allegedly used to collect ransom from a kidnap victim was recovered from the suspect’s kitchen.
  • Muhammadu denied involvement in kidnapping but admitted knowing that his son, Bala, had previously been jailed for the crime.
  • Investigators believe Bala and two of his brothers fled before security operatives arrived at the family compound.
  • Police linked recent kidnapping incidents across several Ijebu communities to the wanted suspect.
  • Authorities say efforts are ongoing to apprehend all members of the alleged kidnapping network.

Main story

The Ogun State Police Command has intensified its crackdown on kidnapping syndicates operating in parts of the state following the arrest of the Seriki Fulani of Ijebu Ode, Abdullai Muhammadu, and one of his sons during an ongoing investigation into a series of abductions.

Police operatives attached to the Anti-Kidnapping Unit reportedly arrested the community leader after tracing one of the bags allegedly used in the payment of ransom for a kidnap victim to his residence.

The development followed weeks of intelligence-led investigations into kidnapping incidents reported in Ijebu Ode, Imodi, Irewon, Iwode, Okun Owa and neighbouring communities.

Investigators believe the crimes were linked to Bala Muhammadu, one of the Seriki Fulani’s sons, who had previously served a prison sentence for kidnapping-related offences.

According to police sources, Bala and two of his brothers allegedly escaped through nearby bush paths shortly before security operatives arrived at the family compound.

Although the community leader denied any involvement in criminal activities, he acknowledged that Bala had previously been convicted for kidnapping and admitted helping him recover after his release from prison.

His eldest son, Bello Muhammadu, who was also arrested during the operation, similarly denied involvement in any criminal enterprise and maintained that he had no knowledge of his brother’s alleged activities.

The issues

The case has renewed concerns about the persistence of kidnapping and organised criminal networks across parts of Ogun State despite ongoing security operations.

It also highlights the challenges security agencies face in dismantling family-linked criminal structures, particularly where suspects are embedded within local communities.

Questions have additionally emerged over the extent of family knowledge or complicity when previously convicted offenders return to their communities and are suspected of resuming criminal activities.

The latest development comes amid increasing public concern over abductions in rural and semi-urban communities, where residents have repeatedly called for stronger intelligence gathering and rapid security responses.

Authorities insist that intensified surveillance and intelligence-led operations remain central to efforts aimed at curbing kidnapping and violent crime across the state.

What’s being said

“I know that Bala was into kidnapping. He was arrested and sent to prison,” Abdullai Muhammadu admitted.

“I thought that he had turned a new leaf because he is now into farming and cattle rearing. I didn’t know that he is still into kidnapping,” the community leader stated.

“I am not into kidnapping and I will not encourage it,” Muhammadu insisted.

“If my father had known that Bala had returned to the crime, he would have killed him himself. He does not encourage anything like that,” Bello Muhammadu said.

“The successful operation carried out by the Anti-Kidnapping Unit, leading to the neutralisation/arrest of the notorious suspect and recovery of incriminating exhibits, underscores the bravery, professionalism and unwavering dedication of the operatives,” police spokesperson Oluseyi Babaseyi noted.

What’s next

Police authorities are expected to intensify efforts to apprehend the fleeing suspects believed to be connected to the kidnapping network.

Investigations are also likely to focus on determining whether other individuals within the community aided the suspects or benefited from the alleged criminal enterprise.

Meanwhile, security agencies have pledged to sustain operations aimed at dismantling kidnapping syndicates and improving safety across Ogun State.

Bottom line

The discovery of an alleged ransom bag in the kitchen of a prominent community leader has added a dramatic twist to Ogun State’s fight against kidnapping, as investigators pursue suspected members of a network believed to be behind a wave of abductions across the Ijebu axis.

Nigerian treasury bills yield falls as investors increase Demand

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 1st, 2026

Key Points

  • Average Treasury bill yield declined six basis points week-on-week to 17.51%
  • Strong liquidity and aggressive investor positioning supported demand for government securities
  • Market participants remain attracted to Treasury bills despite moderating real returns

Main Story

Average yields on Nigerian Treasury bills eased to 17.51 per cent last week as banks, asset managers and other institutional investors increased their exposure to government securities amid abundant liquidity in the financial system.

Market data showed the average benchmark yield declined by six basis points week-on-week, driven largely by sustained buying interest across key maturities.

Analysts attributed the development to strong liquidity conditions, with financial system liquidity rising to approximately N6.02 trillion, partly supported by increased placements at the Central Bank of Nigeria’s Standing Deposit Facility.

Trading activity was concentrated around mid-tenor instruments, where demand pushed yields lower on Treasury bills maturing on December 3, December 10 and December 17, 2026.

However, some profit-taking activity emerged at the longer end of the curve, causing yields on March 2027 maturities to increase modestly.

The decline in yields comes despite expectations that inflation could rise further, while the Central Bank maintains its benchmark interest rate at 26.5 per cent.

The Issues

Nigeria’s fixed-income market continues to benefit from a high-interest-rate environment, although real returns have narrowed as inflation remains elevated.

For institutional investors, Treasury bills remain attractive due to their low-risk profile, liquidity and yields that continue to outperform inflation-adjusted returns available in several competing markets.

What’s Being Said

“Investors continued to position aggressively amid elevated system liquidity,” traders familiar with market activity said.

“Trading was concentrated at the belly of the curve, where buying interest drove yields lower across key maturities,” market participants noted.

What’s Next

  • Investors will monitor upcoming Treasury bill auctions for signals on government borrowing costs
  • Inflation data will remain a key factor influencing fixed-income market sentiment
  • The Central Bank’s next monetary policy decisions could determine the direction of yields in the second half of the year

Bottom Line

The Bottom Line: Strong liquidity and persistent institutional demand continue to support Nigeria’s Treasury bill market. Unless inflation accelerates significantly or monetary policy shifts unexpectedly, yields are likely to remain relatively stable in the near term while investors seek safety and predictable returns.

Exporting from Apapa: the rising cost of shipping a container out of Nigeria

Tinubu Deploys 1,000 forest guards to Oyo as teachers begin indefinite strike over school abductions

By
Ibe Wada
-

Key points

  • President Bola Tinubu approves recruitment of 1,000 forest guards and orders intensified rescue operations for abducted pupils and teachers in Oyo State.
  • Nigeria Union of Teachers (NUT) declares an indefinite strike in Oyo and plans nationwide solidarity rallies over the continued captivity of victims.
  • Federal and state authorities face mounting pressure as families, religious groups and civil society organisations demand urgent action.

Main story

President Bola Tinubu has approved the recruitment of 1,000 forest guards in Oyo State and directed security agencies to intensify efforts to rescue dozens of pupils and teachers abducted from three schools in Oriire Local Government Area, as the Nigeria Union of Teachers (NUT) commenced an indefinite strike over the incident.

The presidential directive was conveyed on Sunday by a high-powered Federal Government delegation led by the Chief of Staff to the President, Femi Gbajabiamila, during a visit to Esiele and Yawota communities, where the victims were kidnapped on May 15.

The delegation included the National Security Adviser, Mallam Nuhu Ribadu; the Minister of Defence, General Christopher Musa (retd); the representative of the Inspector-General of Police, Kayode Egbetokun; and other senior government officials.

According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the forest guards will be recruited in partnership with the Oyo State Government as part of efforts to strengthen security around vulnerable forest corridors frequently exploited by kidnappers and criminal groups.

Gbajabiamila assured residents that President Tinubu was deeply concerned about the abductions and had directed security agencies to deploy all available resources to ensure the safe return of the victims.

He stated that the rescue operation would be intelligence-driven and would combine both kinetic and non-kinetic approaches to avoid endangering the lives of the captives.

The abduction occurred when armed men invaded Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School in Esiele and Yawota communities, seizing pupils and teachers before retreating into nearby forests.

The attack left a trail of tragedy, including the killing of a mathematics teacher, Michael Oyedokun, while a motorcyclist and a security operative also lost their lives during subsequent rescue efforts.

The Federal Government delegation also visited the family of the slain teacher and conveyed the President’s condolences, pledging support for the bereaved family.

Meanwhile, Governor Seyi Makinde, who visited affected communities on Saturday, appealed for unity and patience, urging residents not to politicise the rescue efforts. He disclosed that he had been holding security meetings daily since the incident and was working closely with security agencies to secure the release of the captives.

The issues

The abduction has once again exposed the growing vulnerability of schools in rural communities and renewed concerns over the safety of pupils, teachers and educational institutions across Nigeria.

Security experts have repeatedly warned that expansive forest reserves in parts of the country continue to provide safe havens for kidnappers, bandits and other criminal groups.

The incident also highlights the broader challenge of protecting schools despite previous commitments under the Safe Schools Initiative and other government interventions.

Beyond security concerns, the prolonged captivity of pupils and teachers has disrupted education in the affected communities and heightened fears among parents and school administrators.

What’s being said

President Tinubu, through his representatives, has assured families that every available resource is being deployed to secure the safe release of the victims.

National Security Adviser Nuhu Ribadu described the abductors as “evil” and vowed that the Federal Government would not relent until those responsible were brought to justice.

Defence Minister Christopher Musa said the recruitment of forest guards forms part of a broader strategy to deny criminal elements access to forest hideouts and strengthen local intelligence gathering.

Traditional rulers in the affected communities have called for the establishment of a military base in Oriire Local Government Area, arguing that criminal groups continue to exploit the vast forest reserves in the area.

The Nigeria Union of Teachers has expressed outrage over the prolonged captivity of the victims, describing the conditions under which they are being held as inhumane and traumatic.

Religious leaders, civil society organisations and community stakeholders have also intensified calls for decisive government action, with the Socio-Economic Rights and Accountability Project (SERAP) urging the United Nations to pay closer attention to Nigeria’s worsening insecurity.

What’s next

The indefinite strike declared by the NUT takes effect from June 1, 2026, with teachers across public primary and secondary schools in Oyo State expected to remain off duty until the victims are released.

The union has also scheduled nationwide solidarity rallies for June 2 to draw attention to the growing insecurity confronting schools and educational personnel across the country.

Security agencies are expected to intensify search-and-rescue operations, while the Federal Government considers requests from community leaders for the establishment of a military base in the area.

The newly approved recruitment of forest guards is also expected to commence in collaboration with the Oyo State Government.

Bottom line

The abduction of pupils and teachers in Oriire has evolved into a national security and education crisis, prompting intervention from the Presidency, labour unions, religious groups and civil society organisations. While the deployment of 1,000 forest guards signals a stronger security response, pressure is mounting on authorities to secure the immediate release of the captives and restore public confidence in the safety of schools across Nigeria.

US allocates $3.5m to strengthen monitoring of religious freedom violations in Nigeria

US allocates $3.5m to strengthen monitoring of religious freedom violations in Nigeria

By
Ibe Wada
-
WASHINGTON, DC - JULY 08: U.S. President Donald Trump (L) speaks during a Cabinet Meeting at the White House on July 08, 2025 in Washington, DC. Trump discussed a wide range of topics during the portion of the meeting that was open to members of the media. Also pictured is Secretary of Defense Pete Hegsety (R). Andrew Harnik/Getty Images/AFP (Photo by Andrew Harnik / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

 Key points

  • United States announces a $3.5 million funding programme to improve documentation of religious freedom abuses in Nigeria.
  • Initiative targets accountability and reporting of violations by state and non-state actors, particularly in Nigeria’s Middle Belt region.
  • Federal Government rejects allegations of religious persecution, insisting insecurity affects all Nigerians regardless of faith.

Main story

The United States Department of State has unveiled a $3.5 million (approximately N5 billion) funding initiative aimed at strengthening the monitoring, documentation and reporting of religious freedom violations across Nigeria.

The programme, announced by the Office of International Religious Freedom (IRF) under the Bureau of Democracy, Human Rights and Labour, seeks applications from organisations capable of enhancing accountability and evidence-gathering efforts related to attacks linked to religion and belief.

According to a Notice of Funding Opportunity released on May 22, 2026, the project will run for between 24 and 48 months and is expected to be implemented through a single grant or cooperative agreement.

The State Department said the initiative is designed to improve the monitoring and documentation of abuses committed by both state and non-state actors, while supporting advocacy, accountability and memorialisation efforts.

The notice cited years of violence attributed to extremist and armed groups, including Boko Haram, ISIS-West Africa and Fulani ethnic militias, noting that both Christian and Muslim communities have suffered significant attacks.

According to the department, evidence gathered by human rights advocates, religious leaders, academics, journalists and survivors has highlighted the scale of violence and insecurity affecting faith communities across the country.

The US government also expressed concern over what it described as inadequate responses by Nigerian authorities to attacks on civilians and religious groups, arguing that delayed or ineffective interventions have contributed to a culture of impunity.

The notice further referenced reports alleging that security personnel have, in some instances, raided places of worship and injured clergy members and worshippers while pursuing suspected criminals.

The funding programme follows the decision by President Donald Trump to designate Nigeria as a “Country of Particular Concern” over alleged religious freedom violations, a move that has drawn criticism from Nigerian authorities.

Eligible applicants include US and foreign non-profit organisations, public international organisations, higher education institutions and for-profit entities, with preference given to non-profit groups. Applicants are expected to focus on Nigeria’s Middle Belt region and identify at least four states for programme implementation.

The issues

Religious violence remains one of Nigeria’s most sensitive security and human rights challenges, particularly in parts of the Middle Belt where conflicts involving ethnic, religious and resource-related tensions frequently intersect.

The US initiative raises broader questions about accountability for attacks on faith communities, the effectiveness of security responses, and the quality of documentation available to policymakers, rights groups and international partners.

It also reignites debate over whether violence in Nigeria should be viewed primarily through a religious lens or as part of wider security challenges driven by insurgency, banditry and communal conflicts.

What’s being said

The US State Department maintains that improved documentation and reporting are necessary to strengthen accountability for violations and support efforts to protect vulnerable religious communities.

According to the department, existing evidence demonstrates extensive violence against both Christians and Muslims by terrorist organisations and other armed groups.

The Federal Government, however, has consistently rejected claims of systemic religious persecution, arguing that insecurity in Nigeria affects citizens of all faiths and ethnic backgrounds.

Nigerian authorities have also emphasised their continued collaboration with the United States and other international partners on counterterrorism operations, security sector reforms and peace-building initiatives.

What’s next

Interested organisations have until July 9, 2026, to submit proposals for the programme.

Successful applicants will be expected to establish robust monitoring and reporting mechanisms, particularly in violence-prone regions, while generating evidence that can support advocacy, policy interventions and accountability measures.

The initiative is also likely to intensify discussions between Nigeria and the United States on religious freedom, security governance and human rights protection.

Bottom line

The US government’s $3.5 million funding initiative underscores growing international concern over religious freedom and violence in Nigeria. While Washington sees the programme as a tool for improving accountability and documenting abuses, Nigerian authorities maintain that the country’s security challenges transcend religion and require broader solutions. The project is expected to shape future conversations on human rights, security and religious freedom in Africa’s most populous nation.

DSS arrests five arms couriers, two foreign nationals, over Papiri school kidnap attack

Households brace for higher cooking gas costs as shortages persist

By
Leonard Offiong
-

Key points

  • Nigerians may face higher cooking gas prices as supply shortages worsen across major cities.
  • LPG marketers say the supply situation has deteriorated rather than improved in recent weeks.
  • The cost of 20 metric tonnes of LPG has reportedly risen to between N29.5 million and N30 million.
  • Retail prices have climbed to between N1,800 and N2,000 per kilogram in parts of Lagos, Ogun, and Ondo states.
  • Industry operators blame the shortage partly on reduced domestic supply and a widening demand-supply gap.
  • Marketers warn that the scarcity could persist unless supply challenges are addressed.

Main story

Nigerians may be forced to pay even more for cooking gas as a worsening supply crisis continues to drive up prices across several parts of the country.

Despite expectations that market conditions would improve, stakeholders say the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has continued to rise amid tightening supply.

The situation is particularly pronounced in Lagos, Ogun, and parts of Ondo State, where consumers are already grappling with elevated prices and inconsistent product availability.

Speaking on the development, the President of the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGM), Edu Iyang, said the market had experienced further deterioration, with marketers now paying between N29.5 million and N30 million for 20 metric tonnes of LPG.

Checks across several retail outlets indicate that the average price of cooking gas currently ranges from N1,800 to N2,000 per kilogram, depending on location, transportation costs, and prevailing demand.

Consumers are already feeling the impact. While some residents reported purchasing cooking gas at lower prices before the Eid-el-Kabir celebrations, others say prices have risen sharply within a matter of days.

Market operators attribute the trend to persistent supply constraints, which have significantly reduced the volume of LPG available for distribution nationwide.

The issues

The worsening LPG supply situation raises fresh concerns about energy affordability for millions of households that depend on cooking gas for daily domestic use.

Industry stakeholders warn that prolonged shortages could further strain household budgets, especially at a time when many Nigerians are already grappling with high living costs and inflationary pressures.

The situation has also exposed vulnerabilities within the domestic LPG supply chain. According to industry sources, import volumes dropped significantly after local production expanded in 2025, reducing the market’s dependence on imports.

However, with domestic supply reportedly falling short of demand, the market is now struggling to compensate for the shortfall, creating supply gaps that continue to push prices upward.

Analysts say unless supply improves substantially, consumers may continue to face elevated cooking gas prices in the coming months.

What’s being said

“The situation has not improved, but rather growing worse. The price of the product keeps increasing. Of course, it’s what we bought that we would sell. The situation is not funny,” Edu Iyang said.

“Importation by other sources reduced drastically when Dangote took the market by storm with the quantity the refinery was putting into the market, even the effect it had in reducing the price of LPG to the extent that marketers and the entire value chain were singing his praises,” a NALPGM executive stated.

“But today Dangote is bedeviled with production glitches and also meeting other contractual demands even outside the country that its LPG contribution is no longer significant to make any meaningful impact in the domestic market,” the industry source added.

“The marketers only sell as they buy, if at all they see any to buy. There is no LPG,” the source stressed.

What’s next

Industry stakeholders are expected to intensify engagements with regulators, suppliers, and policymakers in a bid to stabilise the LPG market and improve product availability.

Attention will also be on domestic producers and importers as consumers look for signs of improved supply that could ease pricing pressures.

In the short term, however, market watchers say prices are likely to remain elevated unless significant volumes are injected into the market.

Bottom line

Nigeria’s cooking gas market is facing mounting pressure from worsening supply shortages, pushing prices to record levels and raising concerns over affordability for households and businesses. Unless supply conditions improve quickly, consumers may have to brace for even higher LPG prices in the weeks ahead.

DSS arrests five arms couriers, two foreign nationals, over Papiri school kidnap attack

By
Ibe Wada
-

Key points

  • DSS arrests five suspected arms couriers linked to the November 2025 attack on St. Mary’s Catholic School in Papiri, Niger State.
  • Security operatives recover 15 AK-103 rifles, 15 magazines, and 1,434 rounds of live ammunition.
  • Two foreign nationals from Niger Republic among suspects as investigations trace weapons supply chain to the school attackers.

Main story

The Department of State Services (DSS) has arrested five suspected members of an arms trafficking network believed to have supplied weapons to the gunmen responsible for the abduction of hundreds of students and staff from St. Mary’s Catholic School in Papiri Village, Niger State, in November 2025.

Security sources disclosed that the suspects include two foreign nationals from Niger Republic and several alleged collaborators linked to terrorist and criminal networks operating across northern Nigeria.

Among those arrested are Yusuf Mohammed, also known as Bature, a suspected member of the outlawed Jama’atu Ahlis Sunna Lidda’awati wal-Jihad (Boko Haram), and his accomplice, Mubarak Ibrahim. The duo was reportedly intercepted along the Zaria-Kaduna Highway while allegedly travelling to collect a consignment of arms for their commanders.

Subsequent intelligence-led operations led to the arrest of Goni Ibrahim, identified as an international arms courier from the Diffa Region of Niger Republic, alongside his associate, Tukur Sani.

Security operatives reportedly recovered a significant cache of weapons concealed in a blue vehicle used by the suspects. The recovered items include 15 AK-103 rifles, 15 magazines and 1,434 rounds of 7.62mm live ammunition.

In a related operation, DSS operatives later apprehended another suspected member of the syndicate, Alhaji Adamu, also known as Gado Banufe, in Yauri, Kebbi State. He is alleged to be a major arms supplier operating within the Kebbi axis.

Preliminary investigations, according to security sources, indicate that the five suspects served as arms couriers for the gunmen who carried out the attack on the Catholic boarding school in Papiri on November 21, 2025.

The attack saw dozens of heavily armed gunmen riding motorcycles storm the primary and secondary boarding school in the early hours of the day, rounding up students and teachers at gunpoint before taking them into captivity.

While about 50 students reportedly escaped during the confusion that followed the attack, more than 250 others were forced into the Kainji Lake National Park forest area, where they remained in captivity for weeks.

The Federal Government and Niger State Government later confirmed the rescue of the remaining 130 captives on December 21, 2025, bringing an end to one of the country’s most significant school abduction incidents in recent years.

The issues

The arrests highlight the persistent challenge of arms trafficking and cross-border criminal networks that continue to fuel terrorism, banditry and mass kidnappings across northern Nigeria.

Security analysts have repeatedly identified the proliferation of illegal weapons and porous borders as major factors sustaining armed groups responsible for attacks on schools, communities and critical infrastructure.

The involvement of foreign nationals also underscores the transnational nature of the arms supply chain supporting criminal and terrorist operations within the region.

What’s being said

Security sources said investigations have established links between the suspects and the gunmen behind the Papiri school attack.

The sources further disclosed that intelligence gathered from the arrests is helping security agencies track broader networks involved in the procurement, transportation and distribution of illegal weapons across northern Nigeria.

Authorities believe the recovery of the weapons cache has disrupted planned criminal activities and weakened the operational capacity of the syndicate.

What’s next

Security agencies are expected to intensify investigations to identify additional members of the network and dismantle associated arms supply routes.

The suspects are likely to face prosecution upon the conclusion of investigations, while intelligence obtained from the operation may lead to further arrests within and outside Nigeria.

Authorities are also expected to strengthen border surveillance and inter-agency collaboration to curb the movement of illegal arms across the region.

Bottom line

The arrest of five suspected arms couriers and the recovery of a large cache of weapons mark a significant breakthrough in efforts to unravel the network behind the Papiri school kidnapping. The operation underscores the critical role of intelligence-led security actions in disrupting arms trafficking routes that sustain terrorism, banditry and mass abductions across northern Nigeria.

Atiku casts net across South-East, South-South in hunt for running mate

Atiku casts net across South-East, South-South in hunt for running mate

By
Leonard Offiong
-
Tinubu's Certificate: Nigeria's Reputation Is At Stake - Atiku

Key points

  • ADC presidential candidate Atiku Abubakar has reportedly intensified consultations to select a running mate for the 2027 election.
  • Sources say the vice-presidential search is focused largely on the South-East and South-South geopolitical zones.
  • Former Rotimi Amaechi and former Donald Duke are among the leading names under consideration.
  • Former Emeka Ihedioha is also reportedly being evaluated as a potential running mate.
  • The selection process comes as the ADC grapples with an internal leadership dispute currently before the courts.

Main story

The presidential candidate of the African Democratic Congress, Atiku Abubakar, has reportedly commenced intensive consultations aimed at selecting a vice-presidential candidate ahead of the 2027 general election.

According to sources familiar with the process, the former vice president is personally overseeing discussions with key political stakeholders across southern Nigeria as the opposition coalition seeks to finalise a ticket capable of mounting a formidable challenge in the next presidential race.

The move follows Atiku’s victory in the ADC presidential primary, where he defeated former Minister of Transportation Rotimi Amaechi and former banker Mohammed Hayatu-Deen.

Attention within the opposition coalition has since shifted to the choice of running mate, a decision widely viewed as one of the campaign’s most consequential strategic calculations.

Among the prominent names reportedly under consideration is Amaechi, whose supporters argue that his political experience, national visibility, and influence in the South-South could strengthen the ticket’s electoral appeal.

Another leading contender is former Donald Duke, whose tenure in Cross River State is often associated with administrative reforms and developmental initiatives. Sources say his relatively low political baggage and appeal among southern voters have enhanced his attractiveness within some circles of the campaign.

The search has also extended to the South-East, where opposition strategists believe the region could play a pivotal role in shaping the outcome of the 2027 election.

Among those reportedly being assessed is former Emeka Ihedioha, who remains a notable figure within South-East politics and is viewed by some party insiders as a candidate capable of energising support in the region.

The issues

The vice-presidential selection is emerging as a crucial test of the ADC’s ability to balance regional interests, electoral calculations, and coalition politics ahead of 2027.

Political analysts note that the choice of running mate could significantly influence voter mobilisation, particularly in regions where the party hopes to expand its support base.

The focus on the South-East and South-South aligns with Atiku’s previous presidential campaigns, which also drew running mates from southern Nigeria.

However, the process is complicated by differing political interests within the coalition, personal histories between potential candidates and the presidential candidate, and the need to maintain internal party cohesion.

Adding to the challenge is an ongoing leadership dispute within the ADC, which has found its way to the courts and could present distractions as preparations for the election intensify.

What’s next

The consultation process is expected to continue in the coming weeks as Atiku and his advisers weigh the political, regional, and strategic implications of each potential candidate.

Party stakeholders will also be watching closely for signs of consensus within the coalition, particularly as rival parties begin positioning themselves ahead of the 2027 campaign season.

Meanwhile, attention is likely to remain on the ADC’s internal legal challenges and how quickly the party can resolve outstanding leadership disputes before the election cycle gathers momentum.

Bottom line

With the presidential ticket secured, Atiku’s next major challenge is choosing a running mate capable of strengthening the ADC’s national appeal. As consultations intensify across the South-East and South-South, the decision is shaping up to be one of the defining moments of the opposition coalition’s preparations for 2027.

2027 Presidential Race Takes Shape as Parties Unveil Candidates

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 1, 2026

Key Points

  • At least 11 political parties have unveiled presidential candidates ahead of the January 16, 2027 general election
  • President Bola Tinubu has secured the APC ticket and is seeking a second term in office
  • Internal divisions within the PDP, ADC and SDP have produced multiple factional candidates

Main Story

Nigeria’s political landscape is beginning to take shape ahead of the January 16, 2027 presidential election, with at least 11 political parties already presenting candidates for the country’s highest office.

The emerging field reflects a highly fragmented political environment, particularly among opposition parties where leadership disputes and factional alignments have resulted in multiple candidates claiming legitimacy under the same party platforms.

President Bola Ahmed Tinubu has secured the ticket of the All Progressives Congress and will seek a second term after winning the 2023 presidential election. Tinubu previously served as governor of Lagos State between 1999 and 2007 and remains one of the most influential figures in Nigerian politics.

Within the fractured Peoples Democratic Party, Senator Sandy Onor emerged from a faction aligned with former Rivers State governor Nyesom Wike, while another faction led by Kabiru Tanimu Turaki named former President Goodluck Jonathan as its candidate.

The African Democratic Congress has also produced multiple contenders. Former Vice President Atiku Abubakar emerged from a faction associated with former Senate President David Mark, while Dumebi Kachikwu and Chris Uba are linked to rival party factions.

Other notable contenders include Omoyele Sowore of the African Action Congress, Adewole Adebayo of the SDP, former Anambra State governor Peter Obi of the NDC, and Oyo State Governor Seyi Makinde, who has emerged as the candidate of the APM.

Additional candidates include Aliyu Bin Abbas of the ADP, Chibuzo Okereke of the Labour Party, Gbenga Olawepo-Hashim of Accord Party, and former Cross River governor Donald Duke of the PRP.

What’s Being Said

“Nigeria’s democracy is strengthened when citizens are presented with multiple choices and competing visions for governance,” political analyst Jide Ojo has previously argued while assessing Nigeria’s evolving multi-party system.

“The major challenge for opposition parties remains coalition-building and internal cohesion ahead of a national election,” according to observations from several electoral analysts monitoring preparations for 2027.

What’s Next

  • Political parties are expected to resolve ongoing leadership disputes and legal battles surrounding factional structures
  • INEC is expected to release additional guidelines and timelines as preparations for the 2027 election intensify
  • Parties will begin nationwide campaigns, coalition discussions and vice-presidential consultations in the coming months

Bottom Line

The Bottom Line: While the list of declared candidates continues to grow, the biggest story ahead of 2027 may not be the number of contenders but the ability of opposition parties to overcome internal divisions. A fragmented opposition could strengthen the incumbent’s re-election prospects unless major alliances emerge before the campaign season reaches full momentum.

Dangote refinery becomes world’s largest jet fuel exporter, unveils $10bn expansion plan

Banking, consumer stocks lift investors’ wealth by N4.5 trillion in May

By
Boluwatife Oshadiya
-
stocks

By Boluwatife Oshadiya| June 1st, 2026

Key Points

  • Nigerian equities investors gained N4.514 trillion in May as market capitalisation rose to N160.5 trillion
  • The All-Share Index advanced 3.35% to close at 250,385.47 points
  • Banking and consumer goods stocks drove gains despite increased profit-taking activity

Main Story

The Nigerian equities market extended its bullish run in May, with investors recording a combined gain of N4.514 trillion as strong demand for banking and consumer goods stocks pushed market indicators higher.

Data from the Nigerian Exchange showed market capitalisation increased by 2.89 per cent to N160.508 trillion from N155.994 trillion at the start of the month. The benchmark All-Share Index also gained 8,107.66 points, representing a 3.35 per cent increase, to close at 250,385.47.

The May performance followed a record April rally that added more than N26 trillion to investor wealth, although market momentum slowed as investors engaged in profit-taking activities across several sectors.

Speaking on market performance, Dr. Bennett Eze, Head of Research and Development at the Chartered Institute of Stockbrokers, attributed the slower pace of growth to portfolio rebalancing and valuation concerns after April’s historic gains.

“The slower pace of market growth in May could also be linked to rotation into fixed-income instruments, valuation concerns and global uncertainties,” said Bennett Eze, Head of Research and Development, Chartered Institute of Stockbrokers.

Among major gainers during the month were GTCO, Ecobank Transnational Incorporated, First Holdco, United Bank for Africa, Airtel Africa and Berger Paints. On the downside, Nigerian Aviation Handling Company, Guinness Nigeria, Access Holdings, MTN Nigeria and Aradel Holdings recorded declines.

Trading activity remained robust, with investors exchanging 21.12 billion shares worth N971.63 billion in 1.45 million deals, surpassing April’s volume and value figures.

The Issues

The market’s performance comes amid growing competition between equities and fixed-income securities. Treasury bill yields remain elevated, encouraging some institutional investors to diversify away from stocks.

At the same time, ongoing banking sector recapitalisation efforts, relative foreign exchange stability and expectations of easing inflation continue to support investor confidence in fundamentally strong companies.

What’s Being Said

“Continued exchange-rate stability could attract additional foreign portfolio inflows,” said Bennett Eze, Head of Research and Development, Chartered Institute of Stockbrokers.

“Banking sector recapitalisation is expected to strengthen confidence in financial stocks,” he added.

What’s Next

  • Investors will monitor second-quarter earnings releases for signs of sustained profitability
  • Banking recapitalisation programmes are expected to remain a major market driver through 2026
  • Market participants will watch inflation and monetary policy developments for clues on asset allocation decisions

Bottom Line

The Bottom Line: The Nigerian stock market remains firmly in positive territory, but the era of broad-based rallies appears to be giving way to more selective investing. Companies with strong earnings, healthy balance sheets and clear growth prospects are likely to attract the bulk of investor capital in the months ahead.

Dangote refinery becomes world’s largest jet fuel exporter, unveils $10bn expansion plan
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