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Naira extends losses as official rate weakens to N1,387

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya | March 5, 2026

Key Points

  • Naira depreciates for the 11th straight trading session to N1,387/$ at the official market
  • Intraday rates fluctuate between N1,382 and N1,400 amid limited FX liquidity
  • Nigeria’s external reserves rise slightly to $49.693 billion, CBN data shows

Main Story

The Nigerian naira extended its losing streak against the United States dollar on Wednesday, closing at N1,387 per dollar in the official market, marking the 11th consecutive trading session of depreciation amid persistent foreign exchange demand pressures.

Daily foreign exchange data released by the Central Bank of Nigeria (CBN) showed the currency weakened by 20 basis points from the previous trading day, reflecting continued constraints in FX liquidity required to meet international payment obligations.

Intraday trading suggested some easing of pressure, with the spot rate fluctuating between N1,382 and N1,400 per dollar before settling at N1,382.6500, compared with N1,390 recorded on Tuesday.

Activity in the parallel market also reflected sustained currency pressures, where the naira closed at N1,385 per dollar, highlighting ongoing strain across both the regulated official window and the informal foreign exchange segment.

Foreign exchange dynamics remain a central factor shaping Nigeria’s macro-financial environment. Analysts say the FX reforms introduced in 2023, which unified exchange rate windows and improved price discovery mechanisms, have enhanced market transparency but have not fully resolved supply constraints.

Despite the continued depreciation, Nigeria’s gross external reserves increased slightly to $49.693 billion, up from $49.604 billion, according to the latest figures from the apex bank.

Meanwhile, developments in global commodity markets continued to influence investor sentiment. Brent crude traded at $81.13 per barrel around 4 pm GMT, down 24 cents or 0.3 percent, while West Texas Intermediate (WTI) crude fell 27 cents to $74.30 per barrel.

Oil prices experienced volatile trading during the session as geopolitical tensions escalated following U.S. and Israeli strikes against Iran, which disrupted shipping activity in the Strait of Hormuz for a fifth consecutive day — a key route for Middle East energy exports.

Earlier in the session, Brent crude had surged above $84 per barrel, nearing multi-year highs, before retreating after reports that Iranian intelligence officials signalled openness to negotiations with the U.S. Central Intelligence Agency to de-escalate the conflict.

What’s Being Said

“Foreign exchange reforms introduced in 2023 have improved transparency and price discovery in the FX market,” the Central Bank of Nigeria said in recent commentary on the currency framework.

Market analysts say demand pressures remain strong.

“Nigeria’s import dependence and fiscal financing requirements continue to sustain high demand for dollars even as liquidity improves marginally,” said a Lagos-based currency strategist at an investment advisory firm.

What’s Next

  • Market participants will closely monitor CBN foreign exchange interventions to stabilise liquidity in the coming trading sessions
  • Global oil price volatility linked to Middle East tensions may influence Nigeria’s FX inflows and fiscal outlook
  • Investors are awaiting the next Monetary Policy Committee (MPC) meeting, where policymakers may assess currency stability and inflation dynamics
Tinubu swears in Olatunji Disu as substantive Inspector-General of Police

CBN boosts Gold holdings to $3.5 Billion through domestic purchase programme

By
Boluwatife Oshadiya
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Gold Prices

By Boluwatife Oshadiya | March 5, 2026

Key Points

  • CBN increases gold reserves to $3.5 billion through locally sourced bullion purchases
  • Gold refined to London Bullion Market Association Good Delivery standards
  • Programme aims to diversify Nigeria’s external reserves and reduce FX exposure

Main Story

The Central Bank of Nigeria (CBN) has increased its gold reserves to $3.5 billion after taking delivery of newly refined bullion sourced domestically under the country’s National Gold Purchase Programme (NGPP).

The apex bank confirmed the development in a statement on Wednesday, noting that the gold meets London Bullion Market Association (LBMA) Good Delivery standards, the global benchmark for high-quality gold traded in international markets.

According to the CBN, the bullion was aggregated by the Solid Minerals Development Fund (SMDF) through the NGPP, a programme designed to formalise artisanal mining and channel domestically produced gold into Nigeria’s official reserves.

CBN Governor Olayemi Cardoso said the monetary authority acquired the gold in naira, using a pricing structure linked to international LBMA benchmarks.

The arrangement allows Nigeria to accumulate reserve assets without depleting foreign currency holdings.

The central bank said the initiative forms part of a broader strategy to diversify reserve assets, strengthen financial resilience, and reduce vulnerability to external shocks.

Global central banks have increasingly increased gold purchases in recent years as geopolitical tensions and financial market volatility prompt policymakers to seek stable reserve assets.

Nigeria’s move also aligns with efforts to formalise the country’s largely informal gold mining sector, which has historically suffered from limited regulation, smuggling, and weak integration with the formal economy.

What’s Being Said

“Purchasing domestically refined gold without using foreign currency enhances reserve accretion and supports broader macroeconomic stability objectives,” said Olayemi Cardoso, Governor, Central Bank of Nigeria.

SMDF Executive Secretary Fatima Shinkafi described the milestone as validation of the programme’s supply chain oversight.

“The successful delivery of LBMA-standard gold demonstrates the strength of our formalisation framework and due diligence processes,” she said.

Meanwhile, Kurtulus Diamondopoulos, Director of Central Banks and Public Policy at the World Gold Council, commended the programme’s design.

“The Nigerian Gold Purchase Programme aligns with the twelve London Principles for responsible artisanal and small-scale gold sourcing,” she said.

What’s Next

  • The CBN is expected to continue expanding purchases under the Domestic Gold Purchase Programme
  • Policymakers are seeking additional investment in mineral processing infrastructure and exploration
  • Nigeria’s gold strategy may become a key pillar in reserve diversification and mineral sector development
AEDC subsidiary partners with Niger State for 24-Hour solar power expansion

NPA 2025 report shows 24.8% Cargo surge, rising exports signal diversification drive

By
Ibe Wada
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L-R: Minister of Marine Blue Economy, Adegboyega Oyetola; Managing Director/Chief Executive Officer, Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho when the NPA boss visited the office of the Minister in Abuja...recently.

 KEY POINTS

  • Total cargo throughput rose 24.8% to 129.3 million metric tons in 2025.
  • Container traffic surpassed 2.1 million TEUs, with transshipment up 205.8%.
  • Lekki Port leads in cargo volume and vessel size, reinforcing Nigeria’s regional hub status.

MAIN STORY

Nigeria’s maritime sector recorded one of its strongest performances in recent history in 2025, with total cargo throughput rising by 24.8 percent, according to the 2025 Operational Performance Report released by the Nigerian Ports Authority (NPA).

The report shows that cargo volumes increased from approximately 103.6 million metric tons in 2024 to more than 129.3 million metric tons in 2025 — a surge described by NPA Managing Director, Dr. Abubakar Dantsoho, as one of the most significant annual growth rates in Nigeria’s maritime history.

While imports continued to account for the largest share of cargo traffic at 59.2 percent, exports represented a notable 39 percent of total throughput, with transshipment contributing 1.8 percent. Analysts say the steady rise in outward trade reflects the Federal Government’s push to diversify the economy away from crude oil dependence and strengthen non-oil exports.

Containerised cargo — widely regarded as a barometer of trade activity — also recorded substantial growth. Total container traffic climbed 25.7 percent to exceed 2.1 million Twenty-foot Equivalent Units (TEUs). Export containers grew by 3.1 percent, while import-laden containers surged by 32.8 percent. Transshipment containers saw a dramatic 205.8 percent increase, highlighting Nigeria’s expanding role as a regional logistics hub.

Port performance data show that Lekki Port handled 40.6 percent of the nation’s total cargo throughput, making it the leading facility in the country. Onne Port followed with 19.1 percent, while Apapa Port accounted for 16.7 percent.

In terms of vessel capacity, Lekki Port attracted the largest ships, with an average Gross Registered Tonnage (GRT) of 55,712, slightly above Onne Port’s 53,022 GRT. Tin Can Island Port received vessels averaging 36,909 GRT, while Delta Ports handled ships averaging 17,414 GRT.

Although Tin Can Island Port recorded the highest number of ship calls — accounting for 22.7 percent of total arrivals — Lekki and Onne ports increasingly handled larger vessels, strengthening Nigeria’s ability to process higher-value cargo.

Overall ship traffic rose nearly 12 percent to 4,477 vessels in 2025. Liquid bulk cargo, including fuel and chemicals, remained dominant at 54.7 percent of total cargo, while containerised goods accounted for 24 percent.

THE ISSUES

Despite impressive growth, imports still outweigh exports, underscoring the need for continued efforts to rebalance trade flows. Infrastructure constraints, vessel turnaround times and cargo dwell periods remain critical performance indicators as Nigeria seeks to align with global shipping standards.

The surge in transshipment cargo also places pressure on port infrastructure, requiring sustained investment in capacity expansion and digital systems to maintain competitiveness.

WHAT’S BEING SAID

Dantsoho described the 2025 performance as a milestone that strengthens Nigeria’s standing in regional and global trade.

Maritime analysts say the growth in export and transshipment volumes validates ongoing economic reforms aimed at reducing reliance on oil revenues and enhancing port competitiveness across West and Central Africa.

“This is a pivotal moment for Nigeria’s trade ecosystem,” industry observers noted, pointing to the rapid expansion of container traffic and the increasing size of vessels calling at Nigerian ports.

WHAT’S NEXT

The NPA Managing Director expressed confidence that further growth will be driven by the Federal Government-approved port modernisation programme and the rollout of the National Single Window system.

The comprehensive modernisation initiative aims to rehabilitate ageing infrastructure, deepen berths, expand cargo-handling capacity and deploy advanced digital solutions. Authorities say the reforms are expected to improve vessel turnaround time, reduce cargo dwell time and enhance safety and operational efficiency across the port network.

BOTTOM LINE

The 2025 NPA report signals a transformative phase for Nigeria’s maritime industry. With rising exports, record container volumes and Lekki Port emerging as a dominant gateway, the sector is increasingly central to the Federal Government’s economic diversification strategy and Nigeria’s ambition to become a leading regional trade hub.

NPA, PEBEC Collaborate To Cut Cargo Dwell Time At Nigerian Ports

Tinubu suspends cashless Airport Toll payments after gridlock

By
Boluwatife Oshadiya
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FG Reopens Old Int’l Wing To Reduce Flight Disruptions

By Boluwatife Oshadiya | March 5, 2026

Key Points

  • President Tinubu orders suspension of cashless payment system at federal airports
  • Policy reversal follows severe traffic congestion at Lagos and Abuja airports
  • Government to review electronic payment platform before re-implementation

Main Story

President Bola Ahmed Tinubu has directed the immediate suspension of the newly introduced cashless payment system at federal airport toll gates after the policy triggered widespread traffic congestion and delays for travellers.

The directive was disclosed on Wednesday by Festus Keyamo, Minister of Aviation and Aerospace Development, following a meeting of the Federal Executive Council (FEC) held at the State House in Abuja.

The cashless payment system, introduced earlier this month by the Federal Airports Authority of Nigeria (FAAN), required motorists to pay airport toll charges using prepaid access cards or electronic channels, eliminating cash transactions.

However, the rollout led to long queues at major airport entry points, particularly in Lagos and Abuja, with reports of passengers missing scheduled flights due to delays at toll gates.

Keyamo said the policy was initially designed to improve revenue transparency and eliminate corruption associated with cash collections.

The president has now ordered a temporary return to the previous payment structure while the system undergoes technical review and operational improvements.

What’s Being Said

“The idea of introducing a cashless system was to eliminate corruption at the airports,” said Festus Keyamo, Minister of Aviation and Aerospace Development.

“However, with the introduction of the system, it created a lot of gridlock and Nigerians have been suffering because of the delays.”

Keyamo added that the president has directed authorities to temporarily restore the old system.

“Mr President directed that we should suspend the present system because it creates a lot of gridlock. He said we should go back to status quo and then perfect the system properly.”

What’s Next

  • The aviation ministry will review the digital toll payment platform in collaboration with FAAN
  • Government plans to engage private sector technology partners to redesign the system
  • Authorities are expected to reintroduce an improved electronic payment system once operational bottlenecks are resolved
Lagos Businesswoman arraigned over alleged N1.8bn fraud

CBN raises 364-day Treasury Bill rate to 16.73%

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 5, 2026

Key Points

  • CBN increased the discount rate on 364-day Treasury bills to 16.73 percent
  • Total investor subscription reached ₦2.344 trillion, far exceeding the ₦1.05 trillion offered
  • One-year bills attracted the strongest demand with over ₦2.1 trillion in bids

Main Story

The Central Bank of Nigeria (CBN) has raised the discount rate on its 364-day Treasury bills by 83 basis points to 16.73 percent, following strong investor demand at the primary market auction held Wednesday.

At the midweek auction, the apex bank offered ₦1.05 trillion worth of Treasury bills across three maturities — ₦100 billion for 91-day bills, ₦150 billion for 182-day bills, and ₦800 billion for the 364-day instruments.

Auction results showed that total subscription reached ₦2.344 trillion, more than double the amount offered, highlighting strong appetite for government securities amid tight liquidity conditions.

Despite the surge in demand, the CBN allotted ₦1.011 trillion worth of Treasury bills to investors, adjusting rates for some maturities in response to bidding patterns.

For the 91-day instrument, investors subscribed ₦80.92 billion, below the ₦100 billion offer size, while ₦64.27 billion was eventually allotted.

Demand for the 182-day bills reached ₦136.54 billion, against the ₦150 billion offered, with ₦91.43 billion allocated to successful bidders.

However, the strongest interest was recorded in the 364-day Treasury bills, where ₦2.128 trillion in bids chased the ₦800 billion offer, leading the CBN to allot ₦856.03 billion.

Yield adjustments were also recorded across the auction. The 91-day bill rate rose slightly by 15 basis points to 15.95 percent, while the 364-day bill rate climbed significantly compared with the previous auction level of 15.90 percent.

Meanwhile, the 182-day Treasury bill rate remained unchanged at 16.65 percent, the same level recorded at the previous auction.

The latest auction outcome reflects continued investor interest in government securities as portfolio managers seek relatively stable yields amid uncertain macroeconomic conditions.

What’s Being Said

“Strong demand at the auction reflects investor preference for risk-free government instruments in the current interest rate environment,” analysts at a Lagos-based investment firm said in a note following the auction results.

Market observers say the large oversubscription for one-year Treasury bills suggests investors are positioning for stable yields amid monetary tightening conditions.

What’s Next

  • The next Treasury bills auction will provide a clearer signal on the direction of short-term interest rates
  • Investors will watch upcoming liquidity conditions in the banking system and CBN open market operations
  • Monetary policy signals from the next MPC meeting may influence future Treasury bill yields
AEDC subsidiary partners with Niger State for 24-Hour solar power expansion

NGX Loses ₦102bn as Dangote Sugar, Jaiz Bank Plunge

By
Boluwatife Oshadiya
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Stock Exchange Closes Trading Week With N30bn Gain

By Boluwatife Oshadiya | March 5, 2026

Key Points

  • Nigerian Exchange market capitalisation dropped by about ₦102 billion after selloffs in major stocks
  • Dangote Sugar and Jaiz Bank fell the maximum 10 percent, leading the day’s losers
  • Market breadth weakened with 36 declining stocks compared with 22 gainers

Main Story

Nigeria’s equities market closed lower on Wednesday as heavy selloffs in Dangote Sugar Refinery, Jaiz Bank, and other decliners erased roughly ₦102 billion from the Nigerian Exchange (NGX) market capitalisation.

At the end of trading, the All-Share Index (ASI) slipped 0.08 percent to 196,463.22 points, while total market capitalisation settled at ₦126.1 trillion, reflecting the day’s negative sentiment among investors.

Market data showed that declines in Dangote Sugar Refinery (-10.00%), Jaiz Bank (-10.00%), Ecobank Transnational Incorporated (-4.46%), and International Breweries (-1.64%) outweighed gains recorded in stocks such as MTN Nigeria (+1.28%) and UAC of Nigeria (+7.78%).

Investor sentiment also weakened across the broader market. Market breadth closed at 0.61x, with 36 stocks recording losses compared with 22 gainers.

Among the day’s top performers were Premier Paints (+10.00%), FTN Cocoa Processors (+9.73%), and UACN (+7.78%), while Dangote Sugar, Jaiz Bank, and Chemical and Allied Products (-9.97%) emerged as the worst-performing equities.

Trading activity also slowed during the session. Total trading volume declined by 8.5 percent to 805.3 million shares, while total transaction value fell 13.7 percent to ₦38.4 billion.

On the activity charts, Veritas Kapital Assurance led by volume, accounting for 56.4 million shares traded, equivalent to about 7 percent of total market turnover. Meanwhile, MTN Nigeria topped the value chart with transactions worth ₦7.1 billion, representing 18.4 percent of the day’s trading value.

Sectoral performance remained largely bearish. The Consumer Goods Index dropped 0.86 percent, largely due to the sharp selloff in Dangote Sugar following the release of its audited financial statements. The Banking Index declined 0.45 percent, while the Industrial Goods and Oil & Gas indices both slipped 0.03 percent.

The Insurance Index was the only sectoral gainer, rising 0.33 percent on renewed interest in NEM Insurance (+2.10%), while the Commodity Index closed flat.

What’s Being Said

“The market downturn reflects profit-taking and investor reaction to recent corporate earnings, particularly in consumer goods,” stockbrokers at a Lagos-based brokerage said in a market note reviewed by BizWatch Nigeria.

An independent market analyst added that large-cap stocks remain the main drivers of daily volatility on the NGX, especially when earnings releases trigger sharp trading activity.

What’s Next

  • Investors are expected to continue reacting to recently released corporate earnings across several listed companies
  • Market participants will monitor institutional portfolio adjustments ahead of upcoming dividend announcements
  • Analysts expect volatility in consumer goods stocks following earnings releases and valuation adjustments
AEDC subsidiary partners with Niger State for 24-Hour solar power expansion

Tinubu Moves to Establish Grid Asset Management Company

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya | March 5, 2026

Key Points

  • President Tinubu has proposed creating a Grid Asset Management Company to strengthen power transmission
  • Federal Executive Council approved an inter-ministerial committee to develop the framework
  • Government says the initiative aims to fix structural weaknesses in Nigeria’s electricity transmission network

Main Story

President Bola Tinubu has initiated plans to establish a Grid Asset Management Company (GAMCO) as part of broader efforts to strengthen Nigeria’s electricity transmission infrastructure.

The development was disclosed on Wednesday by Minister of Information and National Orientation Mohammed Idris following a meeting of the Federal Executive Council (FEC) presided over by the president at the State House in Abuja.

According to Idris, the proposal was presented directly by the president to the council for deliberation, with the aim of addressing persistent challenges in the country’s electricity value chain.

Nigeria’s power sector was unbundled into generation, transmission, and distribution segments following sector reforms and deregulation. However, the transmission network has remained one of the most critical bottlenecks, limiting the efficiency of electricity supply nationwide.

To move the proposal forward, the council approved the establishment of an inter-ministerial committee tasked with designing the operational and regulatory framework for GAMCO.

The committee will include representatives from several ministries and agencies, including the Ministry of Power, Ministry of Finance, Ministry of Works, Ministry of Science and Technology, and the Office of the Attorney-General of the Federation, alongside the chairman of the Nigerian Revenue Service.

The committee is expected to review legal, regulatory, and investment considerations, including the interests of existing investors and transmission operators in the electricity sector.

Recommendations from the committee will be submitted to the National Assembly where legislative approval may be required.

What’s Being Said

“The president has seen that the major challenge in solving Nigeria’s power problem lies largely within the transmission segment,” Mohammed Idris, Minister of Information and National Orientation, said after the FEC meeting.

“For us to truly industrialise as a nation, the power sector must work effectively. That is why the president has initiated the process to establish this Grid Asset Management Company,” Idris added.

The minister also revealed that the Federal Executive Council approved an enhanced exit benefit package for retiring civil servants under the Contributory Pension Scheme.

“Eligible retirees in treasury-funded MDAs may now receive up to 100 percent of their total emoluments in line with the Pension Reform Act,” Idris said.

What’s Next

  • The inter-ministerial committee will develop the operational and regulatory framework for GAMCO
  • Recommendations requiring legal backing will be submitted to the National Assembly
  • Government is expected to outline implementation timelines once the committee completes its work

Tinubu swears in Olatunji Disu as substantive Inspector-General of Police

By
Ibe Wada
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KEY POINTS

  • President Tinubu formally swears in Olatunji Disu as substantive IGP at State House.
  • Appointment follows endorsement by Nigeria Police Council.
  • Ceremony also featured inauguration of RMAFC and FCSC commissioners.

MAIN STORY

President Bola Tinubu on Wednesday swore in Olatunji Disu as the substantive Inspector-General of Police (IGP) at a ceremony held at the Council Chambers of the State House, Abuja.

Disu took the oath of office at 2:53 p.m., following the reading of his citation by the State House Director of Information and Public Relations, Mr Abiodun Oladunjoye. The ceremony was witnessed by Vice President Kashim Shettima, cabinet members and other top government officials.

The President arrived at the venue at 2:48 p.m., after which the National Anthem was rendered and citations for the appointees were presented. The swearing-in preceded the Federal Executive Council (FEC) meeting, which commenced at 3:01 p.m.

Disu’s confirmation came days after the Nigeria Police Council unanimously endorsed his appointment as substantive IGP. He had been appointed in an acting capacity following the resignation of his predecessor, Kayode Egbetokun, on February 23, 2026.

Also in attendance were the Secretary to the Government of the Federation, Senator George Akume; National Security Adviser, Nuhu Ribadu; Chief of Staff to the President, Femi Gbajabiamila; Minister of Police Affairs, Senator Ibrahim Gaidam; Minister of the Federal Capital Territory, Nyesom Wike; and Head of the Civil Service of the Federation, Mrs Esther Walson-Jack.

Immediately after Disu’s swearing-in, the President administered the oath of office on newly appointed commissioners of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) and the Federal Civil Service Commission (FCSC).

FCSC commissioners sworn in include Prof. Ngbea Gabriel (Benue) and Omoregie Idahagbon (Edo). RMAFC commissioners inaugurated were Abubakar Wamakko (Sokoto), Sen. Marafa Abba (Taraba), Ahmed Waziri (Adamawa), Hadizatu Mustapha (Borno), Helen Bob (Bayelsa) and Oladele Gboyega (Osun).

According to the President’s Special Adviser on Information and Strategy, Bayo Onanuga, several members of the Police Council commended Disu’s track record during Monday’s meeting. Lagos State Governor Babajide Sanwo-Olu reportedly praised Disu’s performance as Commander of the Rapid Response Squad in Lagos between 2015 and 2021, citing his contributions to crime control.

Nasarawa State Governor Abdullahi Sule and Enugu State Governor Peter Mbah also expressed support for the appointment, while Wike lauded Disu’s professionalism, recalling his tenure in Rivers State as Assistant Commissioner of Police in charge of the Criminal Investigation Department and anti-kidnapping unit between 2014 and 2015.

Disu, 59, was born on April 13, 1966, in Lagos State and joined the Nigeria Police Force on May 18, 1992, as a Cadet Assistant Superintendent of Police. He holds qualifications in public administration, forensic investigation, criminology, security studies, legal psychology and entrepreneurship.

Before his elevation, he served as Assistant Inspector-General of Police in charge of the Special Protection Unit and the Force CID Annex in Lagos. Like his predecessor, Disu previously served under Tinubu during his tenure as Lagos State Governor from 1999 to 2007.

During his decoration as acting IGP last week, Tinubu charged him to “make the police better than you met it,” urging him to strengthen discipline, enhance inter-agency collaboration and restore public confidence in the Force.

In his response, Disu pledged to end impunity within the Force and enforce zero tolerance for corruption and human rights abuses.

THE ISSUES

Disu assumes office at a time when the Nigeria Police Force faces mounting public scrutiny over professionalism, accountability and calls for structural reforms, including debates around state policing and the withdrawal of officers from VIP protection duties.

His appointment also follows the recent leadership transition at the top of the Force, raising expectations for stability and reform.

WHAT’S BEING SAID

Supporters within the Police Council and state governors have described Disu as a seasoned officer with a strong operational record.

The President has emphasised the need for discipline, improved collaboration among security agencies and renewed public trust, while Disu has committed to tackling corruption and rights violations within the Force.

WHAT’S NEXT

With his confirmation secured, Disu is expected to consolidate leadership within the Force, implement internal reforms and address operational and policy challenges confronting policing in Nigeria.

Attention will also turn to how he navigates ongoing security concerns and broader conversations around police reform.

BOTTOM LINE

Olatunji Disu’s formal swearing-in marks the beginning of a new chapter for the Nigeria Police Force, with heightened expectations that his leadership will deliver professionalism, accountability and improved public confidence in law enforcement.

IGP Disu inaugurates eight-man committee on state police implementation

AEDC subsidiary partners with Niger State for 24-Hour solar power expansion

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

KEY POINTS

  • The Niger Electricity Distribution Company (NEDC), a subsidiary of AEDC, is collaborating with the Niger State Government to deploy solar mini-grids and renewable energy solutions.
  • The initiative targets 24-hour solar power for over 180 communities that have lacked meaningful electricity supply for more than a decade.
  • Critical public facilities, including the Government House and major hospitals like IBB Specialist Hospital, will transition to independent solar systems.
  • The partnership aligns with the Electricity Act 2023, promoting decentralized power and local regulation through the Niger State Electricity Regulatory Commission (NSERC).

MAIN STORY

The Abuja Electricity Distribution Company (AEDC), operating through its subsidiary, the Niger Electricity Distribution Company (NEDC), has announced a strategic partnership with the Niger State Government to accelerate rural electrification. According to a statement released on Tuesday by Omede Odekina, the collaboration is focused on deploying solar mini-grids to unserved and underserved regions.

This move supports Governor Mohammed Bago’s administration in its quest to provide reliable energy to over 180 communities that have been in darkness for over ten years.

Central to this green transition is the migration of essential public infrastructure to independent solar power. Key institutions—including the General Hospital, IBB Specialist Hospital, the Niger State Water Board, and various Ministries, Departments, and Agencies (MDAs)—will be moved off the traditional grid onto sustainable solar systems. AEDC Managing Director, Mr. Chijioke Okwuokenye, emphasized that these efforts complement the national push for decentralized power under the Electricity Act 2023, showcasing how government and licensed operators can work together to bypass traditional grid limitations.

NEDC, acting as the licensed intrastate distributor, plans to integrate these mini-grid projects under the NSERC licensing regime. Projects in areas such as Lambata in Gurara Local Government Area are already receiving support through partnerships with the Rural Electrification Agency and international donors. By focusing on hybrid solutions and public-private partnerships, the NEDC aims to reduce reliance on traditional grid extensions where they are not yet viable, fostering industrial growth and enhanced security of supply for businesses and residents throughout Niger State.

WHAT’S BEING SAID

  • “These efforts complement the national push for decentralised power under the Electricity Act 2023 and demonstrate how collaboration between government, regulators, and licensed operators can accelerate progress for our customers,” stated Mr. Chijioke Okwuokenye, AEDC Managing Director.
  • “As the licensed intrastate distributor… NEDC is eager to partner closely with the state government on hybrid solutions and grid integration where feasible,” said Mr. Sam Odekina, Acting Managing Director of NEDC.
  • “This move represents a significant step forward in addressing long-standing energy access challenges.”

WHAT’S NEXT

  • NEDC and state authorities will begin the seamless integration of mini-grid projects in Lambata into the wider NSERC licensing regime.
  • Technical teams are expected to finalize the transition of critical public facilities like the IBB Specialist Hospital to independent solar systems.
  • Further public-private partnership (PPP) opportunities will be explored to scale renewable energy access to additional Local Government Areas in Niger State.

BOTTOM LINE

The Bottom Line is that Niger State is moving toward energy independence through a decentralized, solar-first strategy. NEDC and the state government insist that by bypassing traditional grid constraints, they can finally provide 24-hour power to hundreds of communities while securing the operations of critical public institutions.

Court jails two 40 years for producing, distributing Fake alcohol in Lagos

Lagos Businesswoman arraigned over alleged N1.8bn fraud

By
Ibe Wada
-

KEY POINTS

  • EFCC arraigns Titilayo Eboh, company and alleged accomplice over N1.8bn fraud.
  • Defendant pleads not guilty; court orders remand pending bail hearing.
  • Prosecution alleges false dollar exchange deal and diversion of N458.2m.

MAIN STORY

The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned a Lagos-based businesswoman, Titilayo Eboh, before the Ikeja Special Offences Court over an alleged N1.8 billion fraud.

Eboh was docked alongside Chayomi Aluminum Ltd and one Abubakar Funtua, who is currently at large, on a three-count charge bordering on conspiracy, stealing and obtaining money by false pretence.

The defendant pleaded not guilty to the charges.

Following her plea, the prosecution counsel, Mr Nnaemeka Omenwa, urged the court to remand the defendant pending trial. He informed the court that the defence had forwarded a bail application in a related matter before another judge and that clarification was required to determine the appropriate application to respond to.

Defence counsel, Mr Emefo Etudo, told the court he was not involved in the proceedings before the other judge and requested multiple trial dates. He also sought an earlier date for the hearing of the bail application, following discussions with the prosecution.

Justice Mojisola Dada ordered the remand of the defendant and adjourned the matter until March 24 for the hearing of the bail application.

According to the EFCC, the alleged offences were committed between December 2, 2020, and January 25, 2021, in Lagos.

The anti-graft agency alleged that Eboh obtained N1.8 billion from Mr Olamayowa Abdulwasiu-Olabisi and Mr Adekanmi Adedire of Himark Intertrades Ltd under the pretext that she had the dollar equivalent available for exchange at the rate of N420 per dollar, a representation the prosecution claims she knew to be false.

The EFCC further alleged that the defendant dishonestly converted N458.2 million belonging to the complainants to her personal use. The sum is said to represent the equivalent of $1.9 million at an exchange rate of N450 per dollar.

The offences allegedly contravene Sections 1(1)(a) and 1(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006, as well as Section 278(1) of the Criminal Law of Lagos State, 2011.

THE ISSUES

The case highlights ongoing concerns over large-scale financial fraud and currency exchange scams, particularly in high-value transactions involving foreign exchange deals.

It also underscores the EFCC’s continued crackdown on economic crimes and the judicial process surrounding high-profile financial misconduct cases.

WHAT’S BEING SAID

The prosecution maintains that the defendant deliberately misrepresented her capacity to provide foreign currency and diverted substantial funds for personal use.

The defence has denied the allegations, with the defendant pleading not guilty and seeking bail pending trial.

WHAT’S NEXT

The court will hear the bail application on March 24, after which trial dates are expected to be scheduled. The prosecution is also expected to clarify its position on the bail application earlier filed in a related matter.

BOTTOM LINE

With a not-guilty plea entered and bail proceedings pending, the case now shifts to the evidentiary stage, where the court will determine the validity of the N1.8 billion fraud allegations against the Lagos businesswoman and her co-defendants.

Court jails two 40 years for producing, distributing Fake alcohol in Lagos

IGP Disu inaugurates eight-man committee on state police implementation

By
Kehinde Victor
-

KEY POINTS

  • Inspector-General of Police (I-G) Mr. Olatunji Disu has inaugurated an eight-man committee to develop a framework for the implementation of state police in Nigeria.
  • The committee has been given a one-month deadline to submit its report on the proposed operational and coordination structures.
  • The initiative aims to bring law enforcement closer to communities for quicker responses while the Federal Police focuses on complex, transnational crimes.
  • IGP Disu emphasized that the reform is a mission of “strategy, not competition,” intended to strengthen the national security system.

MAIN STORY

In a significant move toward reforming Nigeria’s internal security architecture, Inspector-General of Police Olatunji Disu inaugurated a high-level committee on Wednesday to oversee the transition toward state policing. Speaking at the inauguration in Abuja, the IGP described the task as both significant and timely, addressing the demand to ensure policing remains responsive to the country’s current realities.

The eight-man committee is mandated to review existing police models both within and outside Nigeria while assessing emerging security risks.

The proposed decentralization is designed to create a more efficient allocation of security resources. By establishing state police institutions, local authorities will be better positioned to respond to specific security challenges within their jurisdictions through deep knowledge of local security dynamics. Meanwhile, the Federal Police will concentrate strategically on specialized and complex threats, including terrorism, organized crime, cybercrime, and trafficking networks that require national coordination.

The committee’s responsibilities include proposing an operational framework for state police structures and addressing critical issues such as recruitment, training standards, and resource allocation. Additionally, the committee is tasked with developing robust accountability and oversight mechanisms to maintain professionalism and public trust. IGP Disu reassured officers that their professional importance remains indispensable, stressing that the new model seeks partnership rather than duplication of roles.

WHAT’S BEING SAID

  • “This committee on state policing we are inaugurating today has a critical responsibility… Your work will help shape the framework through which state policing may operate in Nigeria in a manner that strengthens, rather than fragment national security system,” stated IGP Olatunji Disu.
  • “The mission we seek is one of strategy, not competition, partnership, not duplication.”
  • “By bringing law enforcement closer to the communities, state police institutions can deepen the knowledge of security dynamics and enable quicker and more targeted response to emerging threats.

WHAT’S NEXT

  • The committee will begin its intensive one-month review period to assess regional security needs and emerging risks.
  • State governments are expected to prepare for engagement regarding their potential roles in the new operational framework.
  • Following the submission of the report in 30 days, the Federal Government will review the proposed oversight mechanisms to ensure national security remains unified.

BOTTOM LINE

The Bottom Line is that the inauguration of this committee marks a concrete shift toward a decentralized policing model in Nigeria. IGP Disu maintains that by allowing state governments to handle local security dynamics while the Federal Police focus on complex crimes, the nation can achieve a more responsive and efficient internal security system.

IWD 2026: NWAAC to spotlight women’s health, wellness at awards conference

IWD 2026: NWAAC to spotlight women’s health, wellness at awards conference

By
Ibe Wada
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 KEY POINTS

  • NWAAC 2026 to prioritise women’s health and wellness in line with IWD theme “Give to Gain.”
  • Free medical outreach scheduled for April 17 at Oriental Hotel, Lagos.
  • Medical experts and partner organisations to provide screenings, consultations and health education.

MAIN STORY

Glomay Alliance Company Limited, convener of the Nigerian Women Achievers Awards/Conference (NWAAC), has announced that its 2026 edition will focus on women’s health and wellness as part of activities marking International Women’s Day (IWD).

In a statement issued by the convener, Amb. Dr. Joy Osusu, the organisation said the 2026 programme would align with the global IWD theme, “Give to Gain,” while adopting the sub-theme, “Women Listen, Act and Transform.”

Osusu explained that the initiative would move beyond celebrating outstanding achievements to addressing critical health concerns affecting women across different life stages.

“Women’s health extends beyond basic care to encompass physical, mental and social well-being,” she said, noting that women face unique health challenges, including fibroids, polycystic ovary syndrome (PCOS), endometriosis and menopause-related conditions.

According to her, proactive healthcare interventions and sustained awareness campaigns can significantly improve health outcomes and overall productivity among women.

As part of the 2026 activities, NWAAC will host a free medical outreach and advocacy campaign dedicated to women’s health. The outreach, scheduled for April 17, 2026, at the Oriental Hotel, will provide medical consultations, screenings and health education services.

Osusu disclosed that the organisation has opened collaborations with several non-governmental organisations to broaden the impact of the initiative. Partner organisations include the BMO Foundation, Hopesavers Foundation and Fola Healthy Living Initiative.

Supporting partners such as Edeh Divine Favour Maternity Home will provide facilities for cervical cancer screening, while Rescue Reach Supportive Initiative will offer free consultations and vital checks. Other participating groups include Face of Change Nigeria, The Healing Men’s Project and Citizens Health Initiative Nigeria.

The conference segment of the event will feature top medical professionals and advocates who will educate and counsel participants. Scheduled speakers include Dr. Mrs. Olawuyi Olubukola, Provost of LUTH College of Nursing Sciences, Idiaraba; NR Bernice Olusola Aketi, Director of Nursing Services, Lagos State Ministry of Health; Dr. Nike Miracle Badmus of Hopesavers Foundation; Dr. Mrs. Olufemi-Iseyemi Folakemi Olufunbi, Critical Care Nurse and CEO of Fola Healthy Living Initiatives; and Nollywood actress and wellness advocate, Bimpe Akintunde, CEO of Amoke Aremo Wellness Center.

Osusu said the “Listen, Act and Transform” framework would encourage greater awareness of women’s health needs, promote nutrition and exercise, strengthen mental health advocacy and push for policies that enhance women’s productivity and well-being.

THE ISSUES

Despite progress in gender advocacy, many women in Nigeria still face limited access to quality healthcare, inadequate screening services and low awareness of preventive health practices. Reproductive health conditions and mental health challenges often remain undiagnosed or poorly managed, affecting women’s socio-economic contributions.

WHAT’S BEING SAID

Osusu called on stakeholders, healthcare providers and members of the public to support the initiative, reiterating the organisation’s commitment to expanding access to quality healthcare.

She stressed that empowering women to prioritise their health is fundamental to building resilient families, communities and economies.

WHAT’S NEXT

Preparations are underway for the April 17 medical outreach and conference in Lagos. Organisers say they will continue to mobilise partners and volunteers to ensure wide participation and sustained impact beyond the event.

BOTTOM LINE

By shifting its 2026 focus to women’s health and wellness, NWAAC is broadening the narrative of empowerment—placing preventive care, mental well-being and policy advocacy at the centre of its International Women’s Day activities.

IWD 2026: “Barriers are temporary” – Engineer Aramide Adeyoye on making Lagos history and how she did it

Experts identify biotechnology as key to stabilizing Nigeria’s strained food system

By
Kehinde Victor
-
Eid-Kabir: Food Prices, Transportation Hit Rooftop

KEY POINTS

  • Biotechnology is a critical tool for stabilizing a food system strained by climate change, pests, and a rapidly growing population.
  • Experts in the biotechnology space state the technology is key to food stability in developing countries, specifically Nigeria.
  • Direct applications include the creation of climate-smart crops that can survive drought and unpredictable rainfall.
  • Biofortification through biotechnology is addressing micronutrient deficiencies in rural communities by enhancing the nutritional value of staples.

MAIN STORY

Biotechnology has emerged as a fundamental solution for addressing the multidimensional challenges of food security in Nigeria. Experts told the News Agency of Nigeria (NAN) on Wednesday in Abuja that the technology is essential for managing a food system currently under pressure from environmental and demographic shifts.

Researcher Prof. Charles Adetunji explained that biotechnology is being used to develop drought-tolerant crop varieties, such as maize and rice, which are vital for regions facing unpredictable rainfall and increasing soil salinity.

The scope of biotechnology extends into nutritional enhancement and faster breeding cycles. Through biofortification, scientists have developed staples like Pro-Vitamin A Cassava to combat micronutrient deficiencies in rural areas. Additionally, yielding enhancement is being achieved through the use of molecular markers, which allow researchers to identify and breed high-yielding traits significantly faster than traditional cross-breeding methods.

In terms of crop protection, biotechnology offers built-in management against pests and diseases that currently cost Nigeria billions of Naira annually. Dr. Rose Gidado, a prominent expert in the field, highlighted that Nigeria was the first country to release Genetically Modified (GM) cowpea, which is resistant to the Maruca pod borer. This innovation, along with Tela maize designed to resist the Fall Armyworm, drastically reduces the reliance on expensive and toxic chemical pesticides. Furthermore, the use of Tissue Culture techniques allows for the mass production of disease-free seedlings, ensuring healthy plantlets for a wide variety of crops.

WHAT’S BEING SAID

  • “Biotechnology helps develop drought-tolerant crops like maize and rice varieties that require less water, or can survive dry spells,” stated Prof. Charles Adetunji, biotechnology researcher.
  • “Nigeria was the first country to release Genetically Modified (GM) cowpea… this significantly reduces the need for expensive and toxic chemical pesticides,” noted Dr. Rose Gidado, biotechnology expert.
  • “Food security is not just about grains, it is also about protein.”

WHAT’S NEXT

  • Continuous monitoring of the commercial adoption of Tela maize and GM cowpea among smallholder farmers in West Africa.
  • Expansion of Tissue Culture facilities to increase the availability of disease-free plantlets for a broader range of indigenous crops.
  • Further research into biofortified staples to address specific regional nutritional gaps across Nigeria’s rural communities.

BOTTOM LINE

The Bottom Line is that biotechnology is no longer just a laboratory concept but a necessary pillar for Nigeria’s agricultural survival. Experts insist that by leveraging climate-smart crops and advanced pest management, the nation can build a resilient food system capable of feeding its growing population despite the challenges of climate change.

Nigeria Company income tax hits ₦2.96tn in Q3 2025

Court jails two 40 years for producing, distributing Fake alcohol in Lagos

By
Ibe Wada
-

KEY POINTS

  • Federal High Court convicts two men for producing and distributing adulterated alcoholic beverages.
  • Counterfeit versions of Hennessy, Jameson, William Lawson’s and Gordon’s Gin recovered in Lagos.
  • NAFDAC vows intensified nationwide enforcement against fake and unregistered products.

MAIN STORY

The Federal High Court has convicted two individuals for the production and distribution of adulterated and unregistered alcoholic beverages in Lagos State, sentencing them to a combined 40 years’ imprisonment.

The convicts, Otuorimuno Nelson Aziakpono, 58, and Ikegwuonu Davidson Ikechukwu, 28, were found guilty on eight counts bordering on possession of unwholesome products, manufacture and distribution of counterfeit beverages, and related offences under relevant laws.

Their conviction followed an enforcement operation carried out on December 3, 2025, at Kojo Street, Ijanikin, and Vespa Market in Lagos.

During the operation, officials recovered counterfeit and unregistered variants of popular alcoholic brands, including Hennessy, Jameson Irish Whiskey, William Lawson’s and Gordon’s Gin.

Authorities said the products were unwholesome, misleadingly packaged and unsafe for consumption, posing significant health risks to unsuspecting consumers.

The enforcement action was led by the National Agency for Food and Drug Administration and Control (NAFDAC), which reiterated its commitment to safeguarding public health and combating the circulation of fake and adulterated products in the country.

THE ISSUES

The proliferation of counterfeit alcoholic beverages remains a major public health and consumer protection concern in Nigeria. Adulterated alcohol can contain harmful substances that may lead to severe health complications, including poisoning and death.

The illegal production and distribution of such products also undermine legitimate businesses and erode consumer confidence in regulated markets.

WHAT’S BEING SAID

NAFDAC warned that the risks associated with adulterated alcoholic products are grave and far-reaching, stressing that it will not relent in its enforcement drive.

The agency urged members of the public to remain vigilant and report suspicious products or activities to the nearest NAFDAC office.

WHAT’S NEXT

NAFDAC says it will intensify surveillance, inspections and enforcement operations nationwide to clamp down on counterfeit food and beverage producers.

Authorities are also expected to sustain public awareness campaigns to educate consumers on identifying genuine products and the dangers of fake alcohol.

BOTTOM LINE

The 40-year combined jail sentence sends a strong message that the production and distribution of counterfeit alcoholic beverages will attract severe penalties, as regulators step up efforts to protect public health and restore confidence in the market.

NAFDAC Warns Of Revalidated SMA Gold Infant Formula In Kaduna

NEPC advocates mining clusters to drive export competitiveness

By
Kehinde Victor
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Exporters To Receive NEPC's N5bn Palliative

KEY POINTS

  • The Nigerian Export Promotion Council (NEPC) has identified the clustering and formalization of Artisanal and Small-Scale Mining (ASM) as critical to boosting mineral exports.
  • Executive Secretary Mrs. Nonye Ayeni revealed that Benue State alone possesses over 40 mineral deposits in commercial quantities that remain underutilized.
  • The council aims to transition informal mining operations into structured enterprises to address challenges in quality control, financing, and global market access.
  • Stakeholders highlighted that moving away from raw mineral exportation is essential to retaining economic value within the Nigerian economy.

MAIN STORY

The Nigerian Export Promotion Council (NEPC) has launched a strategic initiative to transform the nation’s solid minerals sector through the promotion of mining clusters. At a stakeholder engagement meeting in Makurdi on Tuesday, Executive Secretary Mrs. Nonye Ayeni, represented by Mrs. Chika Okany, emphasized that the formalization of artisanal and small-scale mining is a direct mandate to diversify Nigeria’s export base.

Ayeni noted that while Nigeria is blessed with vast mineral wealth, the continuous exportation of raw, unprocessed minerals has historically deprived the country of significant economic gains.

To reverse this trend, the NEPC is promoting the formation of mining clusters which allow individual operators to pool their resources to establish common facility centers and shared processing hubs. This collaborative model provides miners with access to value-addition technology and quality control laboratories that would otherwise be unaffordable for a single artisanal operation. By working in unison, these enterprises can significantly reduce their individual production and logistics costs while ensuring improved compliance with stringent regulatory and environmental standards.

Beyond operational efficiency, clustering serves as a powerful tool for global market entry. Structured mining groups enjoy enhanced bargaining power in international trade, allowing them to bypass predatory middle-men and access formal financing. Local officials and trade experts in Benue noted that artisanal mining already plays a vital role in community livelihoods but requires this transition to an export-oriented structure to unlock its full potential. Formalization is being framed not merely as a regulatory hurdle, but as an empowerment tool to bring hard-working miners into the mainstream economy and ensure Nigeria’s mineral wealth benefits its citizens directly.

WHAT’S BEING SAID

  • “If we must compete globally, informality must give way to structure, compliance, and value addition. Clustering is a strategic tool for transforming ASM into export-ready enterprises,” stated Mrs. Nonye Ayeni, Executive Secretary of NEPC.
  • “Individual artisanal miners operating in isolation usually struggle to meet the needed standard,” noted Dr. James Uagh, representing the Association of Solid Minerals Miners and Marketers of Nigeria.
  • “Formalisation is not all about regulation, as it is also about empowerment and bringing hard-working miners into the mainstream economy,” said Mr. Alumo Orpin, Benue Commissioner for Trade, Industry and Investment.

WHAT’S NEXT

  • The NEPC Benue office will facilitate dialogue between miners and quality control experts to begin the formation of pilot aggregation hubs.
  • Stakeholders are expected to explore new partnership models for shared services and laboratories to assist with mineral certification.
  • Follow-up engagements are planned to link newly formed clusters with international buyers looking for ethically sourced and processed Nigerian minerals.

BOTTOM LINE

The Bottom Line is that Nigeria is seeking to end the “raw export” era by organizing its artisanal miners into powerful economic blocs. The NEPC insists that through clustering and formalization, the solid minerals sector can finally move from the shadows of informality into a leading role in Nigeria’s non-oil export growth.

deVere CEO warns oil surge signals ‘higher-for-longer’ interest rates

NERC report: national metering rate hits 57.27% in December

By
Kehinde Victor
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KEY POINTS

  • Nigeria’s national metering rate rose to 57.27% in December 2025, a slight increase from 56.54% recorded in November.
  • Distribution Companies (DisCos) installed 109,556 new meters in December, surpassing the 88,592 installations completed the previous month.
  • Ikeja, Eko, and Abuja DisCos remain the industry leaders, with all three maintaining metering levels above 76%.
  • Over 5.1 million registered electricity customers remain unmetered across the country as of the end of 2025.

MAIN STORY

The Nigerian Electricity Regulatory Commission (NERC) has revealed that the national metering rate reached 57.27% by the end of December 2025. This progress comes as the commission continues its push to eliminate estimated billing across the Nigerian Electricity Supply Industry (NESI). The data, released in NERC’s latest monthly factsheet, shows a steady month-on-month improvement in infrastructure deployment.

As of December 2025, the total number of metered customers in Nigeria reached 6,966,584 out of a total of 12,163,412 active customers. While December saw a 23.7% increase in installation velocity compared to November, significant performance gaps persist between regional operators. Ikeja DisCo leads the federation with a metering rate of 86.40%, followed closely by Eko DisCo at 85.87%.

Conversely, the “red zone” continues to be dominated by northern and regional DisCos. Yola DisCo recorded the lowest performance at 30.80%, while Jos (31.43%) and Kaduna (34.42%) also lag significantly behind the national average. These disparities highlight the ongoing challenge of achieving uniform energy infrastructure investment across Nigeria’s diverse geographic regions.

WHAT’S BEING SAID

  • “Nigeria’s electricity metering rate has risen to 57.27 per cent by the end of December 2025… reflecting accelerated efforts to address the persistent metering gap,” according to the NERC Metering Factsheet.
  • Regarding the leadership in the sector: “Ikeja, Eko, and Abuja DisCos continued to lead as top performers, with all three maintaining metering rates above 76 per cent.”
  • “Visit nerc.gov.ng for more details on the industry’s efforts to close the metering gap and to stay informed on the numbers shaping the NESI,” — NERC Nigeria via official social media announcement.

WHAT’S NEXT

  • NERC is expected to release the January 2026 factsheet by the end of this month to track if the December momentum continued into the new year.
  • Regulatory pressure is likely to increase on DisCos in the “red zone” (below 50% metering) to accelerate their deployment schedules.
  • Implementation of the N20.33 billion refund order for customers who paid for meters under the MAP scheme is set to begin this month.

BOTTOM LINE

The Bottom Line is that while total meter installations are trending upward, the wide disparity between urban-centric DisCos and northern regions remains a significant hurdle for national energy stability. NERC’s data confirms that while 57% coverage is a milestone, the journey to eliminate estimated billing for the remaining 5 million customers remains a steep climb.

Ramaphosa warns Middle East conflict strains African supply chains

Ramaphosa warns Middle East conflict strains African supply chains

By
Kehinde Victor
-

KEY POINTS

  • South Africa’s President Cyril Ramaphosa said the escalating conflict in the Middle East was already putting strain on the African continent’s supply chains and causing higher energy prices.
  • Ramaphosa made the comments on Wednesday at an African energy conference in Cape Town, which is taking place at a time of extreme volatility on global energy markets.
  • Oil and gas prices have surged following Israeli and U.S. strikes on Iran and retaliation by Tehran that forced shutdowns of oil and gas facilities across the region.
  • The conflict has disrupted shipping in the crucial Strait of Hormuz, further impacting import-dependent economies.

MAIN STORY

Addressing the Africa Energy Indaba conference in Cape Town on Wednesday, South African President Cyril Ramaphosa delivered a stark assessment of the regional fallout from the ongoing Middle East hostilities. The President noted that the geopolitical instability following U.S. and Israeli strikes on Iran, and the subsequent retaliatory actions from Tehran, has directly translated into economic pressure for the African continent.

Ramaphosa highlighted that the resulting shutdowns of major oil and gas facilities, coupled with the disruption of maritime traffic in the Strait of Hormuz, have caused a significant surge in global energy prices. He emphasized that these developments have exposed the structural vulnerabilities of nations that rely heavily on imported energy and goods.

Drawing comparisons to previous global crises, the President pointed out that the current situation mirrors the supply chain disruptions experienced during the Russia-Ukraine conflict and the COVID-19 pandemic. He argued that the shifting geopolitical landscape serves as a reminder that African economies must address their dependency on external supply routes and energy sources to build long-term resilience.

WHAT’S BEING SAID

  • “Africa is already experiencing the impact of the escalating conflict in the Middle East, with strains on supply chains and higher energy prices,” stated President Cyril Ramaphosa.
  • “As we have seen with Russia-Ukraine and during the COVID-19 pandemic, shifting geopolitical sands underscore the vulnerabilities of import-dependent economies across Africa.”

WHAT’S NEXT

  • Delegates at the African energy conference in Cape Town will continue discussions on mitigating the impact of global energy market volatility.
  • Economic analysts are expected to monitor the duration of the Strait of Hormuz disruptions to forecast the long-term inflationary impact on African nations.
  • African governments may review their energy import strategies in light of the renewed strain on continental supply chains.

BOTTOM LINE

The Bottom Line is that President Ramaphosa views the Middle East conflict as a direct threat to Africa’s economic stability. He insists that the current strain on supply chains and energy prices proves that the continent remains dangerously vulnerable to shifting geopolitical sands.

deVere CEO warns oil surge signals ‘higher-for-longer’ interest rates

deVere CEO warns oil surge signals ‘higher-for-longer’ interest rates

By
Kehinde Victor
-

KEY POINTS

  • Nigel Green, CEO of deVere Group, warns that the escalating Iran conflict and oil price surge will force central banks to keep interest rates elevated well into 2026.
  • Brent crude has surged above $87 a barrel, jumping over 9% in a single session, while West Texas Intermediate (WTI) has climbed past $83.
  • The “supply-side shock” stems from Iranian threats to ignite vessels in the Strait of Hormuz, a passage carrying roughly 20% of the world’s crude supply.
  • Investors are advised to prepare for a “repricing of interest rate expectations” as energy costs feed directly into transport, food production, and household bills.

MAIN STORY

Nigel Green, head of one of the world’s largest independent financial advisory organizations, has issued a stark warning to global investors: the era of expected rate cuts may be over for now. As Brent crude edges toward $90, Green argues that the magnitude and velocity of the current price spike fundamentally alter the global inflation outlook. With energy costs embedded in every supply chain, the “higher-for-longer” narrative for interest rates is regaining dominance.

The financial expert noted that bond yields are already adjusting to reflect reduced confidence in near-term borrowing cost reductions. This environment has triggered a flight to safety, with capital gravitating toward U.S. dollar-denominated assets and Treasury bills. Green cautioned that the disruption to the Strait of Hormuz is not a typical volatility episode but a structural risk that could persist for months, compressing corporate margins and straining growth in energy-importing regions like Europe and Asia.

To safeguard wealth, deVere Group is urging clients to stress-test portfolios against higher inflation assumptions. Green suggests that selective allocation to energy producers and real assets can provide a necessary counterbalance when input costs rise. He emphasized that companies with strong pricing power and resilient cash flows will be better equipped to navigate an environment where monetary policy flexibility is rapidly narrowing.

WHAT’S BEING SAID

  • “When oil surges with this magnitude and velocity, inflation doesn’t edge up slowly, it gathers force rapidly,” stated Nigel Green, CEO of deVere Group.
  • “A renewed energy shock of this scale reduces the scope for rate cuts and raises the probability that monetary policy remains restrictive for longer than investors had assumed.”
  • “This is not a typical volatility episode driven by sentiment alone. This is a supply-side shock with tangible macroeconomic consequences.”

WHAT’S NEXT

  • Investors are expected to pivot toward commodity-linked exposures to hedge against inflationary supply shocks.
  • Central banks will likely issue more hawkish guidance in upcoming meetings as energy-driven headline inflation begins to seep into core readings.
  • Market analysts will closely monitor corporate earnings forecasts for sectors heavily dependent on energy-intensive supply chains.

BOTTOM LINE

The Bottom Line is that the spike in oil prices is no longer just a geopolitical concern but a direct threat to the global interest rate pivot. Nigel Green insists that investors who act decisively to reposition for higher-for-longer rates will be the only ones equipped to protect their wealth in this renewed inflationary environment.

Nigeria Company income tax hits ₦2.96tn in Q3 2025

Nigeria Company income tax hits ₦2.96tn in Q3 2025

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 4, 2026

Key Points

  • Company Income Tax collections rose 6.55% quarter-on-quarter to ₦2.96 trillion in Q3 2025
  • Foreign CIT payments accounted for ₦1.75 trillion, surpassing domestic collections of ₦1.21 trillion
  • Manufacturing, mining, and financial services sectors led overall tax contributions

Main Story

Nigeria’s Company Income Tax (CIT) collections climbed to ₦2.96 trillion in the third quarter of 2025, marking a 6.55 percent increase from the ₦2.78 trillion recorded in the second quarter, according to official data.

The latest figures show that foreign companies contributed ₦1.75 trillion in CIT payments during the period, while domestic firms accounted for ₦1.21 trillion, underscoring the continued dominance of foreign-linked tax flows in federal revenue performance.

On a sectoral growth basis, Arts, entertainment and recreation activities recorded the strongest quarter-on-quarter expansion at 41.98 percent. Accommodation and food service activities followed with 37.11 percent growth, while Mining and quarrying expanded by 15.36 percent.

Conversely, Activities of households as employers and undifferentiated goods- and services-producing activities for own use posted the sharpest contraction at –83.88 percent. Financial and insurance activities declined by 79.72 percent quarter-on-quarter, while construction recorded a 66.52 percent drop.

In terms of contribution share, Manufacturing emerged as the largest contributor to CIT collections in Q3 2025, accounting for 22.43 percent of total revenue. Mining and quarrying followed with 20.24 percent, while Financial and insurance activities contributed 17.11 percent.

At the lower end of the contribution scale, Activities of households as employers and own-use production recorded just 0.003 percent of total CIT. Water supply, sewerage, waste management and remediation activities contributed 0.04 percent, while Activities of extraterritorial organisations and bodies accounted for 0.07 percent.

On a year-on-year basis, CIT collections surged by 67.19 percent compared to Q3 2024, indicating a significant expansion in corporate tax inflows over the 12-month period.

The Issues

The widening gap between foreign and domestic CIT contributions highlights Nigeria’s structural dependence on multinational and extractive-sector tax flows. With foreign payments accounting for nearly 60 percent of total CIT in Q3 2025, revenue performance remains sensitive to global commodity prices, exchange rate movements, and cross-border corporate earnings.

The strong performance of manufacturing and mining suggests resilience in real-sector activity, but the steep quarter-on-quarter declines in financial services and construction point to possible sectoral volatility. These shifts may reflect regulatory adjustments, base effects from previous quarters, or changing profit margins across industries.

The 67.19 percent year-on-year increase also raises analytical questions about inflationary impacts, exchange rate pass-through effects, and whether nominal revenue gains translate into real fiscal strengthening.

What’s Being Said

“The steady rise in Company Income Tax reflects improved compliance and stronger monitoring mechanisms across key sectors of the economy,” a senior official at the Federal Inland Revenue Service (FIRS) said in a statement accompanying the release.

“However, the dominance of foreign tax payments indicates that domestic enterprise growth must accelerate if Nigeria is to achieve more balanced and sustainable revenue expansion,” said Bismarck Rewane, Chief Executive Officer, Financial Derivatives Company.

“The contraction in financial and insurance sector contributions may signal temporary profitability adjustments rather than systemic weakness,” noted Ayodeji Ebo, Managing Director, Optimus by Afrinvest.

What’s Next

  • The Federal Government is expected to review full-year 2025 tax performance figures in its upcoming fiscal update
  • Analysts will monitor Q4 2025 data to determine whether sectoral contractions persist or reverse
  • Ongoing tax reform measures and compliance enforcement strategies are likely to shape CIT trends into 2026

The Bottom Line: Nigeria’s ₦2.96 trillion Q3 2025 CIT performance signals strong nominal revenue growth, but the composition of that growth matters. Heavy reliance on foreign tax payments and extractive sectors means fiscal stability remains closely tied to external conditions rather than broad-based domestic expansion.

DMO Opens Two FGN Savings Bonds at ₦1,000 Per Unit

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | March 4, 2026

KEY POINTS

  • DMO offers two- and three-year FGN Savings Bonds for subscription
  • Interest rates set at 12.906% and 13.906% per annum
  • Minimum subscription fixed at ₦1,000 per unit

MAIN STORY

Nigeria’s Debt Management Office (DMO) has opened subscription for two Federal Government of Nigeria (FGN) Savings Bonds at ₦1,000 per unit, offering retail investors fixed-income options with maturities in 2028 and 2029.

In a release issued Monday, the DMO announced a two-year bond due March 11, 2028, at an interest rate of 12.906 percent per annum. A three-year bond due March 11, 2029, is being offered at 13.906 percent per annum.

Subscription opened March 2 and closes March 6, with settlement scheduled for March 11. Coupon payments will be made quarterly on June 11, September 11, December 11, and March 11.

The DMO stated that FGN bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of the country.

“They qualify as securities in which trustees can invest under the Trustee Investment Act and as government securities under the Company Income Tax Act and Personal Income Tax Act,” the DMO said.

The bonds are listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange and qualify as liquid assets for banks’ liquidity ratio calculations.

WHAT’S BEING SAID

“FGN Savings Bonds remain one of the safest retail investment instruments available in the domestic market,” the DMO stated.

Investment analyst Bamidele Akinola, Portfolio Manager, Crestfield Capital, told BizWatch Nigeria that the rates remain attractive relative to inflation-adjusted fixed-income alternatives.

“Retail participation in government securities has grown steadily because these bonds offer predictable returns and regulatory backing,” Akinola said.

WHAT’S NEXT

  • Subscription window closes March 6, 2026
  • Settlement and issuance scheduled for March 11
  • Next FGN Savings Bond offer expected in April, subject to DMO calendar
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