The DMO is offering ₦1 trillion in FGN bonds at its September 14 auction
The offer comprises a new 10-year bond and a reopening of the 15.45% FGN June 2038 bond
Strong system liquidity and investor demand could support subscriptions, while pricing will signal the direction of local borrowing costs
Main Story
The Debt Management Office (DMO) is targeting ₦1 trillion from the domestic debt market through its September 14 Federal Government of Nigeria (FGN) bond auction, with a new 10-year issue and a reopening of an existing bond.
According to the DMO’s auction circular, the offer comprises ₦400 billion of the new FGN September 2036 bond and ₦600 billion of the 15.45% FGN June 2038 bond, which is being reopened.
The auction comes as the Federal Government continues to rely on the domestic market to finance its borrowing requirements. The September offer also provides investors with another opportunity to lock in long-term government securities amid elevated interest rates and substantial liquidity in the financial system.
The DMO has been working to manage the government’s borrowing costs through the pricing of local debt securities. At the previous auction, investors submitted strong demand for government bonds, while the authority continued to balance funding requirements against prevailing market yields.
Analysts expect the September offer to attract strong subscriptions because of available liquidity and continued investor demand for sovereign fixed-income instruments. However, the final clearing yields will depend on investors’ assessment of interest-rate conditions and the government’s borrowing requirements.
The DMO’s September auction is scheduled for September 14, with settlement expected on September 16.
What’s Being Said
Analysts expect the September bond offer to be oversubscribed, although there is no broad consensus on the spot rate at which the local debt securities will clear.
What’s Next
The DMO will conduct the bond auction on September 14, 2026.
Successful bids will determine the clearing yields for the securities, while settlement is scheduled for September 16.
Bottom Line
The Bottom Line: The ₦1 trillion offer will test investor appetite for longer-dated Nigerian government debt at a time when liquidity remains relatively strong. The eventual clearing rates will provide an important market signal on how investors currently price government borrowing and interest-rate risk.
• Nigerian banks reduced their branches and cash centres from 5,410 in 2022 to 4,934 in 2025.
• The 476-location reduction represents an 8.8 per cent decline in three years.
• About 92 per cent of the closures occurred in 2024 and 2025.
• Lagos recorded the largest decline, losing 158 branches and cash centres.
• Ekiti suffered one of the steepest contractions, with its network falling by 46.7 per cent.
• The CBN is encouraging greater adoption of alternative payment channels as banking shifts towards digital platforms.
Main Story
Deposit Money Banks in Nigeria closed a net 476 branches and cash centres between 2022 and 2025, reducing the country’s physical banking footprint by 8.8 per cent, according to data from the Central Bank of Nigeria, Figures contained in the CBN’s 2025 Statistical Bulletin for the Financial Sector showed that the number of bank branches and cash centres fell from 5,410 in 2022 to 4,934 in 2025.
The contraction accelerated significantly in the last two years. The number of locations dropped by 37 in 2023, followed by a further 229 closures in 2024 and 210 in 2025. This means about 92 per cent of the total reduction occurred between 2024 and 2025, The decline happened despite the number of banks increasing from 32 in 2022 to 35 in 2024 before edging down to 34 in 2025. The CBN said the figures cover branches and cash centres operated by commercial, merchant and non-interest banks.
Lagos recorded the largest decline, with its physical banking locations falling from 1,602 in 2022 to 1,444 in 2025. The 158-location reduction represents a 9.9 per cent decline, with Lagos alone accounting for about one-third of the nationwide reduction, Despite the closures, Lagos remained the country’s dominant banking centre, accounting for about 29 per cent of all branches and cash centres in 2025.
The Federal Capital Territory also recorded a decline, from 400 locations in 2022 to 362 in 2025. Ekiti experienced an even sharper contraction, with its network falling from 107 to 57 locations, representing a 46.7 per cent decline, Other states that recorded significant reductions included Enugu, which lost 44 locations; Oyo, which lost 41; Ondo, Plateau, Osun, Cross River and Rivers.
However, some states expanded their physical banking networks. Delta increased from 173 locations in 2022 to 196 in 2025, while Edo rose from 155 to 165. Jigawa and Kogi also recorded modest increases, The figures point to a continuing shift away from traditional brick-and-mortar banking as customers increasingly use electronic and alternative payment channels for everyday transactions.
The Issues
The reduction in physical branches raises questions about access to banking services, particularly for people in rural communities and customers who rely heavily on face-to-face banking, The distribution of banking infrastructure also remains uneven. While Lagos had 1,444 locations in 2025, Yobe had only 23, Taraba 26 and Zamfara 28. Bayelsa and Gombe had 31 each, while Ebonyi had 32.
This disparity could make digital banking and alternative payment systems increasingly important in states with fewer physical banking outlets, At the same time, banks are under pressure to reduce operating costs and adapt to changing customer behaviour, as more transactions move to mobile banking, Internet banking, point-of-sale terminals and other electronic platforms.
What’s Being Said
The CBN has called for greater adoption of alternative payment channels to expand access to financial services and support economic activity, Acting Director of the CBN’s Corporate Communications and Investor Relations Department, Hakama Sidi-Ali, made the call at the 2026 CBN Fair in Lokoja, Kogi State.
Represented by Zubairu Salihu, Branch Controller of the CBN Lokoja Branch, she said alternative payment channels were particularly important for farmers, traders, small businesses and informal-sector operators who may have limited access to conventional banking services, The position reflects the growing importance of digital financial services as banks reduce their dependence on physical branches.
What’s Next
Banks are expected to continue expanding digital and alternative payment services as customers increasingly conduct transactions electronically, The challenge for regulators and financial institutions will be to ensure that the shift does not leave behind customers in rural and underserved communities who may have limited access to reliable digital infrastructure, Greater investment in financial technology, agent banking and other alternative channels could help bridge the gap created by the reduction in physical branches.
Bottom Line
Nigeria’s banking sector is rapidly reducing its physical footprint, with 476 branches and cash centres disappearing between 2022 and 2025, While the trend reflects the industry’s shift towards digital banking and lower-cost channels, the concentration of branches in major economic centres highlights the need to ensure that customers in underserved areas are not excluded from financial services.
• Poco Lee has spoken publicly following his release on bail in the United Kingdom.
• The Nigerian dancer maintains his innocence over the sexual offence allegation against him.
• He said his biggest concern while in custody was the welfare of his associates and the impact on their businesses.
• Poco Lee praised Burna Boy, Rahman Jago and others for standing by him during the difficult period.
• His case is scheduled for plea and trial preparation at Snaresbrook Crown Court.
Main Story
Nigerian dancer and entertainer Iweh Odinaka, popularly known as Poco Lee, has spoken publicly after his release on bail in the United Kingdom, insisting that he remains innocent of the sexual offence allegation against him, Poco Lee was arrested following his visit to the UK in August for Davido and Friends concert at the Crystal Palace Bowl in London on August 14. His case is now before Snaresbrook Crown Court, which has fixed September 15 for plea and trial preparation.
Speaking during a video call with social media personality VeryDarkMan, Poco Lee said his major concern while he was away was the wellbeing of the people around him and the effect his absence could have on their businesses, “I was just being myself. God sees my heart. My only worries were about my people. Jago could not do anything business, and I didn’t want to stress anyone,” he said, The entertainer also maintained that he had a clear conscience because he believed he had not committed the offence he was accused of.
“If I was inside there and I did what I was accused of, I would have felt I was paying for my sins, but since I knew I didn’t do what I was accused of, my mind is pure,” he said, Poco Lee also acknowledged the support he received from people in the entertainment industry, particularly Burna Boy, who he said continued to stand by him despite the seriousness of the allegation.
“Nobody would have wanted to associate themselves with something like that, but Burna Boy stood by me, Jago and some of my other guys,” he said, VeryDarkMan, who shared the video call, also praised Burna Boy and Rahman Jago for supporting Poco Lee during the legal challenge.
The Issues
The case has placed Poco Lee under legal scrutiny in the UK while also drawing attention from Nigeria’s entertainment community, Although the dancer has been released on bail, the matter remains before the court and no final determination has been made on the allegation against him. Poco Lee continues to maintain his innocence as the legal process moves forward, The situation has also highlighted the effect legal troubles can have on entertainers and the businesses and associates connected to them.
What’s Being Said
Poco Lee says he was simply being himself and maintains that his conscience is clear because he believes he did not commit the offence alleged against him, He also spoke about the importance of support from his close associates, particularly during a period when his absence affected their ability to carry out business activities, VeryDarkMan, meanwhile, praised those who stood by the dancer, highlighting the support of Burna Boy and Rahman Jago.
What’s Next
Poco Lee’s legal battle will continue in the UK, with Snaresbrook Crown Court scheduled to handle plea and trial preparation on September 15, Until the court reaches a decision, the allegation against him remains unresolved and Poco Lee remains entitled to maintain his defence and presumption of innocence.
Bottom Line
Poco Lee has broken his silence following his release on bail, insisting that he is innocent of the sexual offence allegation against him. While thanking those who supported him, he said his biggest concern during the ordeal was the welfare of his associates and the impact on their businesses.
Leadway Assurance launches the Leadway Arrival Pack for short term visitors to Nigeria.
The product targets diaspora Nigerians, tourists, business travellers and students.
Businesses serving temporary visitors can also access the insurance solution.
Leadway expects its flagship use during the 2026 festive season.
MAIN STORY
Leadway Assurance has introduced a short term insurance product designed to provide temporary cover for visitors to Nigeria and businesses that serve them during periods of increased travel.
The insurer said the Leadway Arrival Pack was developed in response to rising international travel and the limited availability of insurance products suited to people staying in the country for relatively short periods.
Kikelomo Fischer, Executive Director, Retail and Partnership, Leadway Assurance, said international passenger movements into Nigeria increased from 4.33 million in 2024 to 4.85 million in 2025, representing about 12 per cent growth.
She said the increase in diaspora visits, business travel and tourism had also increased exposure to unexpected risks for people spending shorter periods in the country.
According to Fischer, many conventional insurance products are structured around longer periods of cover, creating a gap for visitors who may only require protection for the duration of a brief stay.
The Arrival Pack is intended to address that gap by offering temporary insurance protection to people visiting Nigeria.
The product is targeted at diaspora Nigerians returning home, business travellers, tourists, students and other short term visitors.
Leadway also said businesses that provide services to temporary visitors could benefit from the product, particularly during periods when travel and commercial activity increase.
Fischer said the 2026 festive season would be the main period for the product, with December expected to see increased movement associated with homecomings, events and commercial activities.
She added that the product would also be available during other periods of increased travel, including Easter and Eid celebrations.
The executive director said the initiative formed part of Leadway’s efforts to develop insurance products around changing customer behaviour, including how people travel, conduct business and spend shorter periods away from their usual locations.
THE ISSUES
The growth in international travel creates a larger pool of visitors who may require insurance protection that matches the length and nature of their stay.
Conventional insurance products can leave a gap for people who do not need long term coverage, creating room for products designed around shorter periods.
Seasonal increases in travel can also raise demand for temporary protection among both visitors and businesses that provide services to them.
The success of short term insurance products will depend on how effectively insurers align coverage with the specific risks and needs of temporary visitors.
WHAT’S BEING SAID
“Our primary objective in launching the Arrival Pack is to ensure that coming into Nigeria for a temporary visit or stay is defined by greater peace of mind.”
Kikelomo Fischer, Executive Director, Retail and Partnership, Leadway Assurance
“The need for flexible, temporary insurance solutions has become increasingly important with increasing international travel, diaspora homecomings, business visits and tourism activity.”
Kikelomo Fischer, Executive Director, Retail and Partnership, Leadway Assurance
WHAT’S NEXT
Leadway expects the Arrival Pack to be used extensively during the 2026 festive season, while making it available during other peak travel periods such as Easter and Eid.
BOTTOM LINE
Leadway is positioning its new product around a growing need for insurance that can cover shorter stays in Nigeria. The insurer is targeting both the visitors themselves and businesses that depend on seasonal travel activity.
BRICS leaders unveiled initiatives on health, logistics, skills, SMEs, transport and energy at the 18th summit.
India announced an integrated system for responding to infectious disease outbreaks and an emergency data sharing framework.
China proposed cooperation on artificial intelligence, engineering talent and youth science.
Leaders called for stronger economic cooperation and greater access to financing across the Global South.
MAIN STORY
BRICS leaders have announced a series of new cooperation initiatives covering health security, artificial intelligence, small businesses, supply chains, energy and human capital at the group’s 18th summit in New Delhi.
The initiatives were presented during an Outreach session attended by BRICS partner countries, including Nigeria, as well as representatives of regional and international organisations.
India, which holds the BRICS chairmanship, identified resilience, innovation, cooperation and sustainability as the four priorities of its leadership.
Summing up India’s chairmanship, Prime Minister Narendra Modi said BRICS countries had agreed to establish an integrated system for responding to infectious disease outbreaks.
The group also prepared recommendations for sharing early warning information during emergencies and developed a framework for cooperation in logistics supply chains.
Other initiatives announced during the session include BRICS Connect, which is designed to support skills development, employment, women’s empowerment, workforce development and social protection.
A BRICS cooperation portal for small and medium sized enterprises has also been launched to support smaller businesses.
The group established the BRICS Urban Future Forum to facilitate the exchange of knowledge and experience on urban transport among member countries.
In the energy sector, a BRICS Digital Centre of Excellence for Smart Grids and Energy Storage Systems was established as part of efforts to advance sustainable development.
Centres of Excellence in Agroecology and Regenerative Agriculture will also seek to combine traditional knowledge with modern scientific research.
BRICS countries further agreed that indigenous knowledge and local community experience should be considered in responding to the effects of climate change.
Modi said initiatives developed within the group should extend beyond BRICS countries and be adapted for developing economies.
Russia also pushed for greater economic cooperation within the bloc, with President Vladimir Putin saying BRICS had become an important force in strengthening multilateralism and advancing a multipolar global order.
Putin said trade among BRICS countries had reached $1.2 trillion, while the group accounted for almost a quarter of global exports.
He said there was still significant room for growth because differences in the structure and specialisation of member economies could support new production chains, technologies, services and markets.
Putin also highlighted the New Development Bank, which he said had financed 123 projects worth almost $40 billion. He argued that additional financing mechanisms were needed to meet investment requirements.
China’s President Xi Jinping proposed five initiatives aimed at expanding practical cooperation, including the creation of a BRICS open access zone for artificial intelligence technologies.
His proposals also covered support for large language models, training programmes, an engineering talent development alliance and a youth science and innovation exchange programme.
Xi said BRICS countries should strengthen production and supply chains, promote innovation and cooperate more closely in developing the digital economy.
Egyptian President Abdel Fattah El Sisi said global economic pressures made stronger and more resilient economies necessary.
He called for diversification of growth sources, stronger supply chains, investment in human capital and technology, and wider cooperation among countries of the Global South.
El Sisi also called for greater cooperation in clean energy and improved access to financing and technology for developing countries. He highlighted the New Development Bank’s role in infrastructure financing and concessional lending.
Iranian President Masoud Pezeshkian said resilience, cooperation and sustainable development should guide BRICS’ future activities.
He also pointed to Iran’s geographical position and capabilities in energy and transport as potential areas for stronger trade and connectivity among BRICS countries.
The summit, which began in New Delhi on Sept. 12, also saw BRICS leaders adopt the New Delhi Declaration.
THE ISSUES
The range of initiatives announced at the summit shows that BRICS cooperation is expanding beyond trade and finance into technology, health, transport, skills and energy.
Access to finance remains a significant issue for developing economies, with leaders calling for additional mechanisms to support infrastructure and other investment needs.
Artificial intelligence and digital technologies are becoming increasingly important to the group’s economic agenda, particularly in skills development, innovation and workforce preparation.
Supply chain resilience remains a shared concern, with BRICS seeking greater coordination in logistics, production networks and transport infrastructure.
The emphasis on making BRICS solutions accessible to the Global South reflects the group’s broader attempt to extend its economic and technological cooperation beyond its membership.
WHAT’S BEING SAID
“They should also be accessible and adapted to the needs of countries of the Global South.” – Narendra Modi, Prime Minister of India
“The strength of BRICS lies in our diversity and cooperation. May our diversity remain our distinctive feature, our cooperation a source of inspiration, and our progress serve all humanity.” – Narendra Modi, Prime Minister of India
“The main untapped reserve is the complementarity of the member countries’ economies.” – Vladimir Putin, President of Russia
WHAT’S NEXT
The initiatives announced at the summit are expected to provide new areas for cooperation among BRICS members and partner countries, while the New Delhi Declaration sets out the broader commitments adopted by the leaders.
BOTTOM LINE
The 18th BRICS Summit has broadened the group’s cooperation agenda across technology, finance, health, energy, transport and human capital. The emphasis on practical initiatives also signals an effort to turn the bloc’s growing economic weight into wider cooperation across the Global South.
Naira depreciates 0.40% week-on-week to ₦1,326.52 at NFEM
CBN sells $151 million as demand pressure weighs on the currency
External reserves rise 0.52% week-on-week to $54.41 billion
Main Story
The naira weakened to ₦1,326.52 per U.S. dollar at the Nigerian Foreign Exchange Market despite a reported $151 million Central Bank of Nigeria intervention and higher external reserves.
The local currency declined 0.40% week-on-week at the official market, while the parallel-market rate strengthened to ₦1,370, leaving a ₦43.48 gap between the two segments at the close of trading on Friday.
The CBN intervention came as demand for foreign exchange increased, with dollar sales to eligible banks aimed at supporting liquidity in the official market. The naira’s movement shows that higher reserves alone have not eliminated short-term demand pressures in the FX market.
Nigeria’s external reserves rose 0.52% week-on-week to $54.41 billion, according to the figures supplied for the market report. The increase was attributed to inflows including remittances and foreign portfolio investment.
The stronger reserve position provides the CBN with a larger external buffer for managing periods of heightened FX demand. However, the weekly depreciation of the naira indicates that market conditions remain sensitive to the balance between dollar supply and demand.
The pressure comes as international oil prices remain elevated. Brent crude was reported at $104.20 per barrel, while West Texas Intermediate stood at $99.17. Bonny Light, Nigeria’s benchmark crude, rose 18.32% during the week to $121.33 per barrel.
What’s Being Said
The CBN’s reported $151 million intervention indicates that the apex bank is continuing to supply foreign exchange to the market as demand pressures emerge.
Market expectations cited in the supplied report point to rising external reserves and stronger oil prices providing support for the naira, although analysts expect continued volatility in the near term.
What’s Next
The naira will remain sensitive to CBN intervention, foreign-exchange demand and the pace of reserve accumulation.
Market participants will also watch international crude prices and their effect on Nigeria’s external inflows, particularly as elevated oil prices could strengthen the country’s dollar earnings.
Bottom Line
The Bottom Line: The naira’s latest decline shows that stronger reserves and CBN intervention can provide support without eliminating underlying FX demand pressures. The currency’s near-term stability will therefore depend on sustained dollar inflows and the CBN’s ability to manage market liquidity.
Trump urges Zelensky to stop Ukrainian attacks on Russian diesel infrastructure
U.S. diesel prices rise above $6 per gallon amid tightening global supplies
Ukraine maintains Russian energy facilities are legitimate military targets
Main Story
U.S. President Donald Trump has urged Ukrainian President Volodymyr Zelensky to halt attacks on Russian diesel infrastructure, linking the strikes to tightening global fuel supplies and rising prices. Trump made the remarks on Sunday during the Irish Open in Doonbeg, Ireland, as U.S. diesel prices moved above $6 per gallon for the first time, according to Reuters.
“Mr. Zelenskiy has to do one thing: He has to stop knocking out diesel fuel in Russia,” Trump told reporters during his visit to Ireland.
He added that Ukraine could pursue other military targets, saying attacks on diesel infrastructure were contributing to a shortage that was affecting consumers beyond the Russia-Ukraine conflict.
Ukraine has intensified long-range drone attacks against Russian oil refineries and fuel infrastructure in recent months. Kyiv regards the facilities as legitimate military targets because Russia has continued attacking Ukrainian energy infrastructure.
The strikes have reduced Russian fuel production and contributed to gasoline shortages inside Russia, while Moscow has also adjusted its energy outlook as the war disrupts production and fuel exports. Reuters reported that Russia has lowered its oil-output forecast for 2026 to a 17-year low and revised its fuel-export outlook for 2026 and 2027.
The pressure on diesel markets is also occurring alongside wider disruptions to global energy supply, meaning the price increase cannot be attributed to Ukrainian refinery attacks alone. Recent disruptions in the Middle East have further tightened crude and refined-product markets.
What’s Being Said
“Let him go after targets, but not diesel fuel, because he’s causing a shortage of diesel.” Donald Trump, U.S. President.
Ukraine’s position remains that Russian oil and energy infrastructure can constitute legitimate military targets because of its role in financing Russia’s war and supporting military operations.
What’s Next
The immediate focus will be on whether Kyiv changes its targeting of Russian fuel infrastructure following Trump’s public appeal.
Global diesel prices will also remain sensitive to further attacks on refineries, disruptions to crude transportation and developments in the Russia-Ukraine and Middle East conflicts.
Bottom Line
The Bottom Line: Trump’s intervention highlights how attacks on energy infrastructure are increasingly spilling beyond the battlefield into global fuel markets. For consumers and businesses, the broader risk is that simultaneous disruptions across major producing regions could keep diesel and transportation costs elevated.
Nigeria and Murdoch University agree to expand cooperation on skills development in solid minerals.
Two cohorts of 11 Nigerian officials each have completed the existing programme.
A proposed third cohort will have greater industry exposure and practical training.
The programme is designed to build local expertise and develop commercially viable mining opportunities.
MAIN STORY
Nigeria is seeking to expand its partnership with Murdoch University in Western Australia as part of efforts to strengthen professional expertise and knowledge transfer in the solid minerals sector.
The discussions followed a meeting between Nigerian officials and the university’s management on the sidelines of the Africa Down Under conference in Australia.
The Nigerian delegation was led by the Minister of Solid Minerals Development, Dr Dele Alake, who was represented at the meeting by the Director General of the Mining Cadastre Office, Mr Obadiah Nkom.
According to a statement issued on Sunday by Alake’s Special Assistant on Media, Mrs Lara Owoeye Wise, the discussions with the university, led by Prof. Dee O’Connor, Dean of the School of Humanities, Arts and Social Sciences, focused on the next phase of the Nigeria Australia Resource Industry Collaboration and Capacity Building Programme.
The partnership between the Federal Ministry of Solid Minerals Development and Murdoch University has so far trained two groups of 11 Nigerian officials each since the programme began in June 2025.
The programme combines technical, policy and leadership training with field visits, industry engagements, job shadowing and workshops. Participants are also exposed to Australia’s resources governance and mining industry.
The proposed third phase is expected to build on the first two cohorts by providing longer practical exposure and closer interaction with the mining industry.
It is also expected to use live industry cases and practical assignments to help Nigerian participants identify, develop and present mining opportunities capable of attracting investment.
The ministry said the partnership formed part of its broader effort to develop a knowledge driven mining industry that can attract investment, support responsible resource development and strengthen local expertise.
Alake said knowledge transfer was central to the government’s mining reforms, arguing that attracting foreign capital and technology would not be sufficient without building the capacity of Nigerians to use and further develop them.
He said the proposed third cohort would introduce stronger industry immersion, including internships or job shadowing, as well as training focused on developing investment ready mining opportunities.
The minister said the programme was intended to produce professionals who could contribute across the mining value chain, including exploration, project development, investment promotion, environmental, social and governance compliance and downstream value addition.
The ministry said continued collaboration with Australian universities, regulators, industry and research institutions would help translate international expertise into lasting capacity within Nigeria.
THE ISSUES
Building local expertise is important to Nigeria’s ambition of developing its solid minerals sector because access to international capital and technology does not automatically create the skills needed to manage them locally.
The gap between professional training and practical industry experience remains an issue, particularly in a sector where project development requires technical, commercial and regulatory knowledge.
Developing commercially viable mining opportunities requires professionals who understand not only exploration but also project development, investment requirements and responsible resource management.
Sustained institutional partnerships can help transfer knowledge into Nigerian institutions rather than limiting international cooperation to short term training programmes.
WHAT’S BEING SAID
“Knowledge transfer remained central to Nigeria’s mining reform agenda, stressing that sustainable transformation of the sector required building the human capacity to absorb and apply global best practices.” – Dele Alake, Minister of Solid Minerals Development
“This partnership with Murdoch University is, therefore, a critical investment in the people who will drive the next generation of Nigeria’s mining industry.” – Dele Alake, Minister of Solid Minerals Development
WHAT’S NEXT
The proposed third phase of the programme is expected to introduce stronger industry immersion, internships or job shadowing, live industry case studies and training aimed at developing investor ready mining opportunities.
BOTTOM LINE
Nigeria is seeking to move its mining skills development partnership with Murdoch University from classroom based training towards deeper industry exposure. The objective is to build a stronger pool of Nigerian professionals capable of developing and managing commercially viable mining projects.
Nigeria and China agree to strengthen cooperation on migration management and border security.
Both sides identify intelligence sharing, technical exchanges and capacity building as areas for collaboration.
NIS presented Nigeria’s efforts to tackle document fraud and falsification.
The engagement took place during a migration management forum in China.
MAIN STORY
The Nigeria Immigration Service (NIS) and China’s National Immigration Administration have agreed to strengthen cooperation on migration management, border security and intelligence sharing.
The agreement followed a bilateral meeting between the Comptroller General of Immigration, Kemi Nandap, and officials of China’s National Immigration Administration in Lianyungang, Jiangsu Province.
The meeting was held on the sidelines of the Sub Forum on Migration Management Cooperation, which took place from Sept. 8 to Sept. 11.
The international forum attracted more than 2,000 participants from 139 countries and organisations to discuss international cooperation on migration management and responses to emerging transnational challenges.
According to a statement issued on Sunday by NIS Public Relations Officer, Akinsola Akinlabi, the bilateral discussions examined areas of mutual interest and opportunities for closer institutional cooperation.
The proposed areas include technical exchanges, information sharing and capacity building, with both services recognising the need for coordinated responses to migration related security threats.
The NIS also used the engagement to present Nigeria’s experience in tackling document fraud and falsification of records.
The Service highlighted measures being implemented to improve document verification and strengthen border security.
Nandap reaffirmed the NIS commitment to expanding international partnerships, intelligence sharing and technical cooperation as part of efforts to improve border security and migration management.
Akinlabi said Nigeria’s participation in the forum also provided an opportunity for the country to share its experience and learn from other participating countries about emerging approaches to migration management, document security and border control.
The NIS contributed to a roundtable discussion focused on Nigeria’s role in combating document fraud and falsification of records.
THE ISSUES
Document fraud remains a border security concern because falsified records can undermine the ability of immigration authorities to establish the identity and status of travellers.
Migration related security challenges increasingly require cooperation between countries because threats can extend beyond the jurisdiction of a single immigration service.
Information sharing can improve the ability of immigration authorities to identify emerging threats and respond to cross border activities.
Differences in technical capacity and border control systems make training and technical exchanges important areas of cooperation between immigration authorities.
WHAT’S BEING SAID
“The Comptroller General reaffirmed the commitment of the service to strengthening international partnerships, intelligence sharing, and technical cooperation in promoting secure borders and effective migration management.” – NIS
“The NIS presentation centered on Nigeria’s role in combating document fraud and falsification of records, highlighting the efforts of the Service in strengthening document verification and Border Security.” – NIS
WHAT’S NEXT
The NIS and China’s National Immigration Administration are expected to pursue the identified areas of cooperation, including technical exchanges, information sharing and capacity building.
BOTTOM LINE
The agreement provides a framework for closer Nigeria China cooperation on migration and border security. Document verification, intelligence sharing and technical capacity are central to the proposed collaboration.
CBN sells $151 million to eligible banks to improve dollar liquidity
Official naira rate strengthens to about ₦1,326–₦1,328 per dollar
Parallel-market rates remain substantially weaker at about ₦1,385–₦1,410 per dollar
Main Story
The Central Bank of Nigeria (CBN) sold $151 million to eligible deposit money banks, helping the naira strengthen modestly in the official foreign exchange market to around ₦1,326–₦1,328 per dollar.
The intervention came amid renewed demand pressure for dollars and supported higher trading activity in the official market. Reports cited by Legit.ng and other Nigerian outlets indicated that transactions increased sharply in one session, with recorded deals rising from 86 to 234.
The naira appreciated to about ₦1,328.22 per dollar from approximately ₦1,329.21 previously before strengthening further to around ₦1,326.52 by the end of the week, based on Friday, September 11 and September 12 market reporting.
Trading during the relevant session was conducted within a range of roughly ₦1,322.71 to ₦1,333 per dollar, showing that the official market remained relatively stable despite underlying demand for foreign currency.
The improvement has been supported by stronger dollar liquidity and the CBN’s continued intervention in the official FX market. Nigeria’s external reserves were reported at about $54.3 billion–$54.4 billion in early-to-mid September, providing the central bank with capacity to continue supporting market liquidity.
However, the official-market improvement has not been matched in the parallel market. Reported buy and sell rates remained around ₦1,385–₦1,410 per dollar during September 11–13, leaving a sizeable gap between authorised-market transactions and informal FX pricing.
The difference means the recent appreciation should be viewed as a modest official-market improvement rather than a broad-based collapse in dollar prices.
What’s Being Said
Legit.ng reported on September 13 that the CBN had released a new exchange rate after its intervention, describing the development as the dollar being “crashed” as the naira reached a new high in the official window.
The headline reflects the direction of the movement, but the underlying data point to a relatively small appreciation of roughly ₦1–₦3 across the relevant official-market sessions rather than a dramatic collapse in the dollar.
Other Nigerian outlets, including PM News, Tribune, Business Post and Naija News, also reported the core development: increased CBN dollar supply, a stronger official-market naira rate and a continuing premium in the parallel market.
No independently verified analyst quotation was provided in the supplied material, so BizWatch Nigeria has not attributed a direct analyst quote.
What’s Next
The key test will be whether the naira can sustain its improvement as dollar demand evolves and CBN intervention continues.
Market participants will also watch external reserves, FX inflows and official-market transaction volumes for signs of whether the improved liquidity is becoming more durable.
The gap between official and parallel-market rates will remain an important indicator of underlying FX pressure and whether increased official-market supply is translating into broader market convergence.
The Bottom Line:
The CBN’s $151 million intervention has delivered a modest improvement for the naira in the official FX market, but the parallel-market premium shows that underlying dollar demand remains unresolved. The recent gains therefore signal improved liquidity rather than a definitive turnaround in the naira’s broader FX position.
CBN sold $151 million to deposit money banks on September 10, pushing the official naira rate to ₦1,328.22 per dollar
Parallel market rates remain significantly higher at ₦1,385–₦1,410 per dollar, a gap of roughly 6–7% above the official window
Nigeria’s external reserves climbed to $54.28 billion — their highest level since December 2008 — giving the apex bank room to defend the currency
MAIN STORY
The Central Bank of Nigeria stepped into the foreign exchange market on September 10, 2026, injecting $151 million into the official window after the naira came under sharp pressure, shedding ₦9 against the dollar in the session prior. The intervention worked — at least in the official market. The naira recovered to ₦1,328.22 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), up from ₦1,329.22 the previous day. Transaction volumes surged, with the number of interbank deals jumping from 58 to 86 in a single session, and total turnover rising 69.82% to $94.43 million.
The dollar sales, carried out at rates ranging from ₦1,322.71 to ₦1,331.50 per dollar according to market update data from investment firm CardinalStone, came as Nigeria’s gross external reserves reached $54.283 billion — a level not seen since the height of Nigeria’s oil boom in December 2008. By Friday, September 12, the naira had firmed further to approximately ₦1,326.52 per dollar in the official window.
But the headline — “CBN crashes dollar as naira hits new high” — deserves scrutiny. The actual price movement was a gain of roughly ₦1 in one session and about ₦3 across the week. The parallel market, where most ordinary Nigerians and businesses conduct dollar transactions, did not move materially. Street dealers in Lagos, Abuja, Kano, and Port Harcourt were still quoting the dollar at ₦1,385 to buy and ₦1,410 to sell on September 13. The real story is more measured: legitimate, deliberate central bank support for the naira in the official window — with important caveats attached.
Here are five things every business reader, investor, and decision-maker needs to understand about what just happened.
THE ISSUES
Nigeria’s foreign exchange market has operated under structural tension since the CBN unified its exchange rate windows in mid-2023. While the unification eliminated the most egregious forms of arbitrage, a persistent premium between the official NAFEM rate and the parallel market has remained. As of September 13, 2026, that gap stands at roughly ₦81 per dollar — about 5.7 to 6.3%, depending on the session.
The dual-market reality matters for two reasons. First, most households, small businesses, importers, students paying school fees abroad, and medical travellers still access dollars at street or bureau de change rates, not the official window. Second, when analysts assess the naira’s health, the parallel market premium is a leading indicator of unmet demand. A narrowing spread — as has occurred gradually across 2026 — signals improving supply. But it does not mean convergence is complete or guaranteed.
Meanwhile, the CBN’s ability to intervene depends on the health of external reserves. Those reserves have climbed significantly — from $45.57 billion at the start of 2026 to $54.28 billion by early September, a gain of more than $8.5 billion in eight months. This buffer has given the apex bank the firepower to step in when demand spikes. But reserves are not infinite, and every dollar sold to the market is a dollar spent from that buffer.
5 THINGS YOU NEED TO KNOW
1. THE CBN SOLD $151 MILLION TO BANKS — AND IT WAS A DELIBERATE DEFENCE MOVE
The CBN’s September 10 intervention was not routine. It came one day after the naira lost ₦9 against the dollar in a single session — a sharp slide driven by surging import-related demand for foreign currency. The apex bank responded by selling $151 million to eligible deposit money banks at rates between ₦1,322.71 and ₦1,331.50 per dollar, effectively flooding the official market with dollar supply to arrest the slide.
The result was an immediate stabilisation. The naira recovered from ₦1,334 per dollar — where it had fallen on September 9 — back to ₦1,328.22 on September 10. By the end of the week, the official rate had strengthened further to approximately ₦1,326.52.
Analysts at Dmarketforces described the move as a deliberate effort by the apex bank to re-anchor market expectations, noting that “the CBN conducted FX intervention a day after the local unit lost ₦9 against the US dollar, suggesting that the apex bank’s intervention is a deliberate effort to strengthen the local currency.” The signal sent to the market was clear: the CBN will not allow sustained sharp depreciation in the official window as long as reserves remain robust.
2. THE “NEW HIGH” FRAMING IS OVERSTATED — THE GAIN WAS ABOUT ₦1–₦3 PER DOLLAR
Here is what actually happened numerically: the naira moved from ₦1,329.22 per dollar to ₦1,328.22 after the CBN intervention — a gain of ₦1, or 0.08%. Over the course of the week (September 8–12), the currency strengthened from approximately ₦1,334 to ₦1,326.52, a total appreciation of roughly ₦7.50 or about 0.56%.
That is a meaningful move in a market where direction matters, but it is not a “crash” of the dollar or a historic strengthening of the naira. The @legitngnews post and headline — “CBN crashes dollar as naira hits new high in official window” — is promotional framing applied to a modest but legitimate development. The naira did gain ground. It did not reach a record high. For context, the naira was trading closer to ₦1,322–₦1,327 in the first week of September before a demand spike temporarily pushed it to ₦1,334. The intervention returned it to that earlier range — consolidation, not a breakout.
Business leaders and treasury managers who act on headline figures without reading the underlying data may find themselves making decisions based on an inaccurate picture of currency strength.
3. THE PARALLEL MARKET TELLS A DIFFERENT STORY — AND THAT IS WHERE MOST NIGERIANS OPERATE
While the official window strengthened to ₦1,326–₦1,328 per dollar this week, the parallel market — where bureau de change operators and street dealers transact — remained firmly above ₦1,385 per dollar across the same period. On September 13, Aboki FX trackers and street dealer reports from Lagos, Abuja, Kano, and Port Harcourt showed dealers buying the dollar at ₦1,385 and selling at ₦1,410.
That puts the parallel market roughly 5.7 to 6.3% above the official rate. For ordinary Nigerians — including the millions who rely on diaspora remittances, importers of food and manufactured goods, students paying foreign university fees, and medical travellers — the official rate is largely inaccessible. Their real cost of dollars is the parallel market rate.
As market data from Prima News noted, demand in the parallel market has remained steady “from importers stocking goods and from households covering school fees and medical bills abroad” — exactly the categories of demand that authorised dealer banks do not always serve efficiently. Until the parallel market and the official window converge meaningfully, the gap remains a structural challenge for Nigeria’s foreign exchange system and a cost burden on the real economy.
4. NIGERIA’S EXTERNAL RESERVES HAVE REACHED AN 18-YEAR HIGH — AND THAT IS THE REAL STORY
The most significant number in this week’s FX developments is not the ₦1 gain in the official rate. It is this: Nigeria’s gross external reserves climbed to $54.283 billion by September 10, 2026 — their highest level since December 2008, when the country was at the peak of an oil boom.
At the start of 2026, reserves stood at $45.57 billion. In eight months, they have increased by more than $8.5 billion — an 18.7% rise — and have exceeded the CBN’s own end-of-year projection of $51.04 billion by more than $3 billion. According to Nigeria Housing Market data, the reserves have been driven by “higher oil revenues, growing remittance inflows, and increased foreign investor interest.”
This reserve level matters for three reasons. First, it gives the CBN the capacity to intervene as it did on September 10 without depleting its buffer rapidly. Second, it improves Nigeria’s sovereign creditworthiness and signals to foreign portfolio investors that the country can absorb external shocks. Third, Bloomberg-cited analysts had projected the naira could achieve a nearly 12% annual gain by year-end, reaching approximately ₦1,290 per dollar — a target that has become more credible with this reserve position.
5. ANALYSTS WARN: GAINS ARE REAL BUT SUSTAINABILITY IS NOT GUARANTEED
The CBN’s intervention worked in the short term. But analysts tracking Nigeria’s FX market are consistently cautious about treating each positive week as evidence of structural stability.
CardinalStone Partners, the investment firm whose market update disclosed the details of the CBN’s $151 million sale, had projected at the start of 2026 that the naira would trade between ₦1,350 and ₦1,450 per dollar this year — a range that current official rates have already beaten. But the firm and other analysts have attached important conditions to the sustainability of those gains.
Institutional forecasts cited by Nairametrics indicate that “the naira is likely to remain relatively stable throughout the second half of 2026, barring major external shocks such as a sharp decline in crude oil prices or significant changes in global monetary policy.” The caveat is not academic. Nigeria’s foreign exchange outlook remains tightly linked to crude oil earnings. A drop in oil prices, a slowdown in remittance flows, or a rise in global risk aversion that triggers portfolio capital outflows could quickly reverse the gains seen this week.
Legit.ng also noted that “repeated intervention can indicate that underlying dollar demand remains elevated,” meaning the sustainability of naira gains will depend on continued FX inflows and market liquidity — not just CBN dollar sales alone. The apex bank is managing, not solving, the structural demand-supply imbalance in Nigeria’s foreign exchange market.
WHAT’S BEING SAID
Analysts attributed the naira’s recovery directly to the scale and timing of the CBN’s response, with Dmarketforces noting that “Nigeria’s strong foreign reserves have given the authority a healthy buffer to defend the local currency and absorb shocks as they arise.”
Legit.ng’s business editor Pascal Oparada, covering the session’s development, reported the outcome as follows: “The naira recorded a modest recovery against the US dollar at the official foreign exchange market on Thursday, supported by a fresh dollar injection from the Central Bank of Nigeria.” Oparada’s framing — “modest recovery” — is more accurate than the headline that later accompanied the story.
Writing in Economic Confidential, analyst Zekeri Idakwo Laruba offered a broader structural caution: “The naira remains exposed to oil prices, capital flows, external shocks, domestic demand and inflation. The market can still experience periods of thin liquidity and volatility.” He also noted that the CBN’s FX reform agenda, including the revised Foreign Exchange Manual that took effect on June 1, 2026, represents a deliberate effort to combine market liberalisation with stronger rules and monitoring — but that “the journey is not from intervention to complete non-intervention.”
The CBN did not issue a separate public statement on the September 10 intervention beyond the market data published through the NFEM system. BizWatch Nigeria will update this story if a formal statement is released.
WHAT’S NEXT
MPC policy stance: The CBN’s Monetary Policy Committee held its benchmark rate at 26.50% at its last sitting on July 20–21, 2026. The next MPC meeting will be a key signal for naira direction. A rate hold reinforces the carry-trade attractiveness of naira assets for foreign portfolio investors; any cut could trigger outflows.
Reserve trajectory: Markets will watch whether external reserves hold above $54 billion through Q4 2026. A sustained position above this level would give the CBN continued room to intervene when demand spikes.
Parallel market convergence: The key medium-term indicator is not the official rate but the spread between official and parallel market prices. Analysts, businesses, and ordinary Nigerians will be watching whether the current 6–7% premium begins to narrow as official dollar supply improves.
Bloomberg year-end target: Analyst forecasts cited by Bloomberg project the naira could reach approximately ₦1,290 per dollar by end-2026 if current reform momentum holds — a level that would represent nearly 12% annual appreciation.
BOTTOM LINE
The Bottom Line: The CBN’s $151 million intervention was a legitimate and effective short-term stabilisation of the naira in the official window — backed by the strongest reserve position Nigeria has held in 18 years. But the parallel market, where most Nigerians actually buy dollars, has not moved. Until the gap between ₦1,328 at the bank and ₦1,410 on the street narrows materially, the naira’s recovery remains a banking-sector story, not yet an economy-wide one.
• Abia State has identified seven priority sectors to attract investment and drive industrialisation.
• Governor Alex Otti says the state is focused on removing barriers to productivity and encouraging value creation.
• Abia’s 2026 budget stands at N1.016 trillion, with 80 per cent allocated to capital expenditure.
• The state projects N223.4 billion in internally generated revenue for 2026.
• Otti says 414 roads have been completed, while 82 others are under construction.
Main Story
Abia State Governor Alex Otti has identified seven priority sectors the state is targeting to attract investment, deepen industrialisation and drive economic growth, Otti disclosed this at the Meet the Governor Series of the Nigerian-British Chamber of Commerce in Lagos, themed “Repositioning Abia for Enterprise, Industrialisation and Sustainable Economic Growth, The sectors include agribusiness and agro-processing, trade and markets, creative and digital economy, manufacturing and industrialisation, small and medium enterprise growth, inclusive finance, and diaspora investment and innovation.
The governor said his administration had spent the past 39 months removing barriers to productivity and creating an environment that encourages value creation and investment, He said reforms in fiscal governance and infrastructure were designed to make Abia more attractive to businesses and investors.
Otti said the state’s 2026 budget of N1.016 trillion allocated 80 per cent to capital expenditure, describing it as the highest per-resident capital spending in the country based on available national expenditure figures, He added that Abia’s projected N223.4 billion internally generated revenue is expected to cover recurrent expenditure.
The Issues
Abia is seeking to strengthen its industrial base by focusing on sectors capable of creating jobs, attracting private investment and increasing economic activity, The administration is also relying on infrastructure, fiscal reforms, healthcare and security improvements to create a more business-friendly environment, Otti said the state ranked fourth in the BudgIT States Fiscal Transparency League in the fourth quarter of 2025.
What’s Being Said
Otti declared Abia open for business and said his administration was committed to creating conditions that would allow businesses to grow, He said a 15 per cent budget allocation to healthcare had helped Abia top the national chart on health emergency preparedness, The governor also said a security assessment by Phillips Consulting ranked the state favourably on the safety of lives and property.
What’s Next
The Abia government is expected to continue investing in infrastructure and implementing reforms aimed at attracting investors across the seven priority sectors, The state will also focus on completing ongoing road projects and expanding infrastructure that supports business and industrial activity, Otti said 414 roads had already been completed, while 82 others were under construction. More than 10,000 solar-powered streetlights have also been installed across Aba, Umuahia and Ohafia.
Bottom Line
Abia State is targeting seven key sectors as part of Governor Alex Otti’s strategy to attract investment, expand industrialisation and strengthen the state’s economy, With increased capital spending, infrastructure development and fiscal reforms, the administration is positioning Abia as a more attractive destination for businesses and investors.
• Nigeria’s crude oil and condensate production rose to 1.68 million barrels per day in August 2026.
• August output increased by 0.4 per cent from July’s 1.67 million barrels per day.
• Nigeria met its OPEC crude oil quota for the fourth consecutive month.
• NUPRC linked the increase partly to the resolution of operational challenges at the Erha field.
• Bonny Terminal recorded the highest average output at 320.04 thousand barrels per day.
Main Story
Nigeria’s crude oil and condensate production increased to 1,677,777 barrels per day in August 2026, up 0.4 per cent from the 1.67 million barrels per day recorded in July, The latest increase marks another month of improved production and means Nigeria has met its Organisation of Petroleum Exporting Countries quota for four consecutive months, The Nigerian Upstream Petroleum Regulatory Commission said crude oil production, excluding condensates, stood at 1,500,190 barrels per day during the month.
According to the regulator, the improvement was largely driven by the resolution of operational challenges involving the Single Buoy Mooring at the Erha field, which had affected production in July, The restoration of normal evacuation and production operations at the facility contributed to the increase in overall output.
The NUPRC said production at most other producing assets remained relatively stable, with operators continuing efforts to improve efficiency, maintain asset integrity and reduce disruptions, Daily crude oil and condensate production ranged from 1.64 million barrels per day at its lowest to 1.71 million barrels per day at its highest in August.
The Issues
Although production improved in August, the increase remains modest and output was still below the 1,735,398 barrels per day recorded in June, Nigeria’s oil sector continues to face operational challenges that can affect production and government revenue, The sustained compliance with the OPEC quota, however, signals progress in restoring production capacity and addressing bottlenecks across key assets.
What’s Being Said
The NUPRC said the August increase reflected continued efforts by operators to resolve operational constraints and restore affected production capacity, The regulator stressed the need for timely interventions, effective asset management and stronger collaboration among industry stakeholders to protect Nigeria’s production capacity.
What’s Next
The NUPRC said stakeholders will continue working to improve asset reliability, strengthen operational resilience and advance intervention programmes aimed at supporting sustained production growth, Further improvements in production could boost government revenue and foreign exchange earnings while helping Nigeria maintain compliance with its OPEC quota.
Bottom Line
Nigeria’s oil and condensate production rose to 1.68 million barrels per day in August, allowing the country to meet its OPEC quota for a fourth consecutive month, The NUPRC attributed the modest improvement partly to the resolution of operational challenges at the Erha field, while stressing that further interventions are needed to sustain production growth.
• Abi and Araga were evicted from the Show Ya Sef house during Live Show 7.
• HoH Tram was questioned over the housemates’ refusal to fully support his reign.
• Aikou was named Most Influential Person of the Week and won a microwave.
• Ebuka challenged Ricky over his role in creating tension during Tram’s reign.
• Bells addressed her disagreements with Flora and Oyin.
• Abi said she loved her time in the house and plans to focus on making money.
• Araga praised Goddessa and said he wants to take his brand to the next level.
• Ebuka teased the remaining housemates about the mystery Gambit.
Main Story
The seventh Live Show saw Abi and Araga leave the Show Ya Sef house after weeks of competing for the grand prize, The eviction was not the only drama of the night, as Ebuka Obi-Uchendu questioned several housemates about their actions and relationships during the week.
HoH Tram was first put on the hot seat over his leadership and the housemates’ decision not to fully support his Wager presentation. Tram defended his approach, saying he allowed everyone to contribute according to their abilities, Aikou was later announced as the Most Influential Person of the Week. He received BB Bucks and a BetPawa Elite Award, winning a microwave after spinning the wheel.
Ebuka also confronted Ricky over his alleged attempt to disrupt Tram’s reign. Ricky admitted that he spoke to housemates individually and encouraged them to create chaos because he believed Tram had done the same during previous HoH reigns, Bells was questioned about her comments concerning Flora and Oyin. She accused them of talking behind her back and described them as bullies, while also revealing that she still loved Abi.
Chimsom Chuka was also questioned about his tendency to challenge or question outcomes in the house. He admitted that some of his reactions came from the negative side of his competitive nature, Abi, following her eviction, said she genuinely enjoyed her time in the house despite finding the experience overwhelming. She said she was not completely surprised by her eviction and revealed that her immediate plan was to make money.
Araga also reflected on his journey, thanking Goddessa for making his experience better. He admitted that he likes her, describing her as beautiful and intelligent, and said his goal after the show is to take his brand to the next level, Before ending the show, Ebuka left the remaining housemates with another mystery, warning them that their assumptions about the identity of the Gambit may not be correct.
The Issues
The major talking points from the Live Show included Tram’s controversial HoH reign, Ricky’s role in the house’s internal dynamics, and the disagreements involving Bells, Flora and Oyin, The eviction of Abi and Araga also changed the balance of the house, leaving the remaining contestants to fight for their place as the competition progresses.
What’s Being Said
Tram defended his leadership, saying he gave housemates the freedom to participate in the Wager according to their abilitie, Ricky acknowledged encouraging housemates to create chaos during Tram’s reign, while insisting that Tram remains his friend, Abi said she loved her time in the house despite the emotional pressure, while Araga credited Goddessa for helping him settle into the experience.
What’s Next
The remaining housemates will return to the Show Ya Sef house for another week of tasks, nominations, relationships and competition, Ebuka’s comments about the Gambit are also likely to fuel further speculation as housemates continue trying to identify the mystery player.
Bottom Line
Abi and Araga’s BBNaija journeys ended during Live Show 7, but the night delivered plenty of drama beyond the evictions, With Tram, Ricky, Bells and Chimsom Chuka facing tough questions and the Gambit mystery still unresolved, the remaining housemates have more to worry about as the competition continues.
ICPC says it is ready to support stronger compliance and accountability in petroleum regulation.
NUPRC seeks effective governance to improve investor confidence in the upstream sector.
NUPRC is reviewing bidding requirements after some awardees struggled to develop allocated assets.
Successful bidders are expected to undergo an onboarding programme in October.
MAIN STORY
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has pledged closer cooperation with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to strengthen compliance and reduce corruption risks in the petroleum industry.
ICPC Chairman, Dr Musa Aliyu, made the commitment on Friday in Abuja when the NUPRC Chief Executive, Mrs Oritsemeyiwa Eyesan, visited the commission.
Aliyu said the economic importance of the upstream regulator required both institutions to work together on regulatory compliance, information sharing and the prevention of corrupt practices.
He warned that weaknesses within the operations of the petroleum regulator could have wider consequences for Nigeria’s economy, particularly because investor confidence depends on transparency within the sector.
According to him, strong institutional safeguards were necessary to prevent corruption and ensure that the regulator operates effectively.
Aliyu also commended NUPRC’s performance in the ICPC Ethics and Integrity Compliance Scorecard, saying the result reflected its attention to ethical standards and institutional integrity.
He said closer information sharing and trust between both agencies would improve the investigation of cases involving the petroleum industry. He also called for greater cooperation in procurement and efforts to reduce wastage and leakages.
Eyesan, in her remarks, described the upstream petroleum industry as a major source of government revenue and said effective regulation remained necessary to attract investment.
She said the capital intensive nature of upstream operations required a predictable regulatory environment that could give investors greater confidence.
The NUPRC chief executive described the Petroleum Industry Act as a major reform of the sector’s regulatory structure, saying it had helped reshape the investment environment.
Eyesan also said the commission was pursuing efforts to develop Nigeria’s gas resources while improving governance across upstream activities.
She disclosed that NUPRC was reviewing the qualification requirements for its regular bidding rounds after difficulties with some indigenous operators that secured assets but lacked the financial and technical capacity to develop them.
According to her, disputes involving some awarded assets had also contributed to delays in their development.
Eyesan said NUPRC would hold an onboarding programme for successful awardees in October and planned to invite ICPC to sensitise the operators on integrity, good governance and regulatory compliance.
She thanked ICPC for its support and assured the commission that NUPRC would continue sharing relevant concerns and working with it to improve its operations.
THE ISSUES
Investor confidence in the petroleum industry is closely tied to the strength and transparency of the regulatory system.
Regulatory weaknesses can create opportunities for corruption, wastage and leakages, making institutional safeguards important to the management of the sector.
The experience of some indigenous operators raises questions about whether companies receiving petroleum assets have sufficient financial and technical capacity to develop them.
Disputes over awarded assets can slow development and affect the pace at which Nigeria derives economic value from its petroleum resources.
WHAT’S BEING SAID
“Integrity in your sector is very important. We need investors, and if we are not transparent, it will be difficult for NUPRC to operate optimally.”
Musa Aliyu, ICPC Chairman
“Corruption tends to thrive where systems and institutional safeguards are weak.”
Musa Aliyu, ICPC Chairman
WHAT’S NEXT
NUPRC plans to hold an onboarding programme for successful awardees in October, with ICPC expected to participate in sensitising operators on governance, integrity and regulatory compliance.
BOTTOM LINE
ICPC and NUPRC are seeking closer institutional cooperation as Nigeria works to improve transparency and investor confidence in the petroleum sector. The review of bidding requirements also signals an effort to address capacity and asset development problems among some operators.
NNPC Retail commissions 24 hour self service mega smart station in Abuja.
Facility combines self service fuelling with EV charging, LPG dispensing and vehicle services.
NMDPRA links the development to greater efficiency and technology adoption in the downstream sector.
NIS says smart infrastructure can support energy transition, investment and economic growth.
MAIN STORY
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigeria Immigration Service (NIS) have commended NNPC Retail Ltd. for commissioning a 24 hour smart station with self service fuelling in Abuja.
The facility, located along Bill Clinton Drive on Airport Road, also offers electric vehicle charging, Liquefied Petroleum Gas (LPG) dispensing, automated car wash and vehicle servicing.
The commendation was made on Thursday during the commissioning of the facility, which the agencies described as an example of the increasing use of technology and modern infrastructure in Nigeria’s downstream petroleum industry.
The NMDPRA Chief Executive, Rabiu Umar, represented by the agency’s Executive Director, Health, Safety, Environment and Community, Dr Mustapha Lamorde, said the station reflected the sector’s movement towards greater efficiency through technology.
Umar said the combination of self service fuel dispensing, EV charging, LPG services and automated vehicle care showed how downstream operations were evolving.
He, however, stressed that technological advancement in the sector must be accompanied by strong safety standards and environmental responsibility.
Umar congratulated NNPC Ltd. and NNPC Retail management and staff on the facility and urged the company to strengthen its partnerships and encourage the development of similar stations in other parts of the country.
The Comptroller General of Immigration, Kemi Nandap, represented by the Deputy Comptroller General, Finance and Accounts, NIS, Saidu Daura, also commended the project.
Nandap said the inclusion of EV charging alongside conventional fuelling demonstrated an approach that recognised changing energy and transportation needs.
She said the facility was consistent with global movement towards energy transition, climate action and smart mobility, adding that such infrastructure could contribute to cleaner and more sustainable economic development.
According to her, the adoption of technologies such as electric mobility could also open opportunities for investment, job creation, skills development and industrial expansion.
She said the NIS, given its role in managing the movement of people across Nigeria’s borders, would continue to support government policies aimed at encouraging innovation and sustainable development.
Nandap added that modern infrastructure, secure borders and sustainable development needed to progress together if Nigeria was to achieve broader national development goals.
She described the commissioning as more than the opening of a fuel station, saying it reflected confidence in Nigeria’s capacity to develop modern and sustainable infrastructure.
THE ISSUES
The integration of several services into one facility points to a shift in how filling stations can serve motorists as energy and mobility needs change.
Greater use of technology in petroleum retailing also increases the importance of safety standards, environmental protection and reliable operation of automated systems.
The presence of EV charging alongside conventional fuel and LPG services reflects the need for energy infrastructure to accommodate different forms of transportation and fuel use.
The expansion of similar facilities across the country will depend on continued investment, partnerships and the ability to replicate the technology beyond Abuja.
WHAT’S BEING SAID
“The integration of self-service fuel dispensing, EV charging points, LPG dispensing, automated car wash and a modern vehicle service just demonstrate how the downstream industry has evolved through efficiency and the use of technology.” Rabiu Umar, NMDPRA
“In NMDPRA, we like to match efficiency and the use of technology with safety, environmental stewardship, and also a good commitment to our environment.” Rabiu Umar, NMDPRA
“It is a statement of confidence in Nigeria’s future and its capacity to build a resilient, green and technologically advanced nation.” Kemi Nandap, NIS
WHAT’S NEXT
NNPC Retail is expected to sustain its partnerships and explore the replication of similar technology driven facilities across the country.
BOTTOM LINE
The Abuja facility combines conventional fuel retailing with emerging energy and vehicle services in a single smart station. Its expansion will test how effectively Nigeria can combine technological efficiency with safety, environmental responsibility and wider access.
NASENI has trained 100 youths in Onitsha in modern electrical installation and maintenance.
The beneficiaries received electrical tools and equipment as starter packs.
The programme also includes solar home systems and clean cookstoves.
Organisers said the training was targeted at improving employability and supporting small businesses.
MAIN STORY
The National Agency for Science and Engineering Infrastructure has trained 100 youths in Onitsha, Anambra, in modern electrical installation and maintenance as part of its empowerment programme.
The agency’s Chief Executive Officer, Mr Khalil Halilu, disclosed this on Friday at the closing ceremony of the five day training programme.
Halilu said each participant received a starter pack containing electrical tools and equipment to enable them to apply the skills acquired during the training.
He said the programme was being implemented across the country under the NASENI Sustainable Empowerment Programme, with the aim of translating science, technology and innovation into practical benefits for Nigerians.
According to him, the intervention is built around three components, namely the NASENI solar home system, clean cookstoves and the NASENI support pack.
Halilu said the solar home system would provide beneficiaries with renewable electricity for lighting, charging devices and other household activities.
He added that access to electricity could also allow small businesses to operate for longer hours while reducing their reliance on costly and unreliable energy sources.
The NASENI chief executive said the clean cookstoves were designed to provide a safer and more efficient alternative for cooking, while reducing fuel consumption, household expenses and exposure to harmful smoke.
He said the support pack was intended to provide additional assistance to beneficiaries and strengthen their ability to meet immediate household needs.
The Obi of Onitsha, Igwe Nnaemeka Achebe, described the Federal Government’s initiative under President Bola Tinubu’s Renewed Hope Agenda as impressive.
Achebe said programmes of this nature could help reduce youth unemployment, while urging the Federal and state governments to expand efforts to address poverty and hardship affecting families and communities.
The Anambra Commissioner for Youth and Sports Development, Patrick Aghamba, also commended the programme, comparing it with the state government’s One Youth, Two Skills initiative.
Aghamba said the state programme had empowered more than 10,000 beneficiaries and urged the new trainees to put their skills and the equipment provided to productive use.
Dr Rita Melifonwu, Coordinator of the Onitsha Advancement Foundation, said the organisation advertised the training opportunity and conducted interviews before selecting the 100 beneficiaries from more than 100 applicants.
She said 56 participants were already working as electricians, while 27 were students of electrical engineering in tertiary institutions.
Five of the beneficiaries were women and 17 were non indigenes of Onitsha.
Some of the trainees expressed appreciation for the programme and pledged to use the skills and equipment to improve their livelihoods.
NAN reports that a similar training exercise was conducted simultaneously in Onitsha North and Abatete in Idemili Local Government Area of Anambra.
THE ISSUES
Skills training can improve the ability of young people to earn income independently, particularly when practical training is combined with tools that allow beneficiaries to begin working immediately.
Providing equipment alongside technical training addresses one of the challenges faced by skilled youths who may have the ability to work but lack the basic tools required to start or expand their services.
The inclusion of solar energy in the programme links youth empowerment with the wider need for more reliable and affordable electricity, particularly for households and small businesses.
The participation of students and existing electricians suggests that technical skills programmes can serve both young people entering the trade and those seeking to strengthen existing capabilities.
WHAT’S BEING SAID
“This programme is founded on a simple but important conviction of science, technology and innovation, which must produce tangible improvements in the everyday life of Nigerians.” – Khalil Halilu
“This gesture will go a long way to keep jobless youths off the streets across the country.” – Nnaemeka Achebe
“They are designed to reduce fuel consumption, lower household expenses and minimise exposure to harmful smoke.” – Khalil Halilu
WHAT’S NEXT
The beneficiaries are expected to apply the electrical installation and maintenance skills acquired during the training and use the starter equipment provided to them.
NASENI says the Sustainable Empowerment Programme is being implemented across the country.
BOTTOM LINE
NASENI’s Onitsha intervention combines technical training with equipment and other support aimed at improving the economic capacity of young people. The programme also links skills development with access to renewable energy and cleaner household technology.
Distributed solar is being positioned as a key route to extending electricity access to more than 70 million Nigerians without power.
Nigeria recorded more than five million new off grid connections between 2025 and 2026.
Government subsidies and private financing are being used to make solar systems more affordable.
Sun King says its monthly solar system sales have grown to about 100,000 units.
MAIN STORY
Olowoniyi spoke on Friday night at a renewable energy product launch organised by Sun King at the Lagos Marriott Hotel, Ikeja.
He said Nigeria recorded more than five million new off grid connections between 2025 and 2026, describing distributed solar as one of the quickest options for extending electricity to communities that remain underserved by the national grid.
He said the Federal Government was supporting renewable energy companies through the Distributed Access through Renewable Energy Scale Up, DARES, programme implemented by the Rural Electrification Agency.
According to him, the programme, backed by a $750 million World Bank facility, provides capital subsidies to renewable energy companies to lower the cost of solar equipment for Nigerians and support deployment in rural and low income communities.
Olowoniyi said the scale of the electricity access challenge meant government could not deliver the required connections alone.
He called for greater involvement by state governments and private sector operators, saying sustained access to capital would also be necessary to maintain the pace of new connections.
He said Mission 300, which targets electricity connections for more than 300 million Africans, was tracking Nigeria’s progress in new connections as well as the deployment of solar home systems and equipment used for productive activities.
Also speaking, Titilayo Oshodi, Special Adviser to the Lagos State Governor on Climate Change and Circular Economy, said renewable energy could help Micro, Small and Medium Enterprises increase productivity while contributing to the state’s climate and development objectives.
She said dependable electricity could allow businesses to operate equipment such as freezers and other appliances, with wider benefits for food preservation, education, water and sanitation.
Oshodi said payment plans that spread the cost of solar systems over time could make renewable energy more accessible to households and businesses with limited purchasing power.
She added that greater deployment of renewable energy among MSMEs could support commercial activity and economic growth in Lagos.
Lisbon Ogunsanmi, Country Business Manager, Sun King Nigeria, said the company had recorded a significant increase in demand, with monthly solar system sales rising from about 3,000 units to around 100,000 units.
He said the company had trained at least 200 installers and operated more than 136 shops, supported by after sales teams across Nigeria.
Ogunsanmi identified the upfront cost of solar systems as a major obstacle to adoption, saying financing arrangements that allow customers to spread payments could make reliable electricity more accessible.
Omoyemi Tuga, Vice President, Pay As You Go Sales, West and Central Africa, Sun King, said the company had introduced a 5 KVA Power Hub that could be expanded to 30 KVA, alongside a 210 litre Power Freeze designed for households and businesses.
He said the Power Freeze could run on solar power during the day and battery storage at night, while the Power Hub could serve homes, businesses, schools and hospitals.
Tuga said Sun King’s EasyBuy financing model allowed customers to make an initial payment and continue with weekly or monthly instalments over one to two years, depending on the product.
He said customers could obtain the 5 KVA Power Hub with a down payment from N340,000, while the Power Freeze would become commercially available soon.
Catherine Mudachi, Vice President, Global Affairs and Marketing, Sun King, said the financing model was intended to allow small businesses to pay for energy equipment from their business income instead of bearing the full cost at once.
She said customers could work towards ownership of the equipment while spreading payments over time.
Mudachi said cooperation among government, private energy companies and financiers would remain important to expanding reliable and affordable electricity access, particularly for underserved households and businesses.
THE ISSUES
The scale of Nigeria’s electricity access gap makes solutions that can be deployed outside the conventional grid increasingly important, particularly in communities where grid expansion may take longer.
The cost of solar equipment remains a significant barrier for households and small businesses, making access to financing as important as the availability of the technology itself.
MSMEs stand to gain from more reliable electricity because power availability affects their ability to operate equipment, preserve goods and maintain regular business activity.
Government subsidies can help reduce the initial cost of renewable energy deployment, but continued expansion also requires private capital and participation from state governments.
The growth in demand for solar systems indicates a larger market for alternative energy, but affordability will remain central to whether that demand translates into sustained adoption.
WHAT’S BEING SAID
“The Federal Government cannot do it alone.” – Dayo Olowoniyi
“the financing model was designed to enable small businesses to pay for energy equipment from their business income rather than make the full payment upfront.” – Catherine Mudachi
“collaboration among government, private-sector operators and financiers remained important to expanding access to reliable and affordable electricity, particularly for underserved households and businesses.” – Catherine Mudachi
WHAT’S NEXT
Mission 300 will continue monitoring new electricity connections and deployment of solar home systems and productive use equipment in Nigeria.
The Federal Government, state governments, renewable energy companies and financiers are expected to continue working on financing and deployment models aimed at expanding electricity access.
BOTTOM LINE
Distributed solar is emerging as a major part of Nigeria’s strategy for closing its electricity access gap, particularly for communities and businesses outside reliable grid coverage. The challenge is no longer only deployment, but making systems affordable enough for households and businesses to adopt them.
Lekki Police Division received a 12KVA inverter solar power system from Nembe Exploration and Production Company Ltd.
The installation includes solar panels, inverter equipment and lithium battery storage.
Police say the system will improve power availability and support station operations.
NEPCL says the intervention is part of its ESG support for institutions within its operating environment.
MAIN STORY
The Nigeria Police Force, Lekki Division, has commended Nembe Exploration and Production Company Ltd. for providing a 12KVA inverter solar power system to the division.
The Divisional Police Officer, CSP Onyosen Hasheed, expressed the division’s appreciation in a letter to the company, saying the installation would provide a more dependable source of electricity for routine police operations.
The system installed at the Lekki Police Station comprises solar panels, inverter equipment and lithium battery storage.
According to the police, the intervention is expected to improve power availability at the station and reduce reliance on conventional electricity sources.
Hasheed said the improved power supply would provide a better working environment for personnel and support the division in carrying out its responsibilities.
The division also highlighted the importance of cooperation between security agencies and private organisations in addressing operational challenges that can affect public service delivery.
NEPCL said the project was intended to support a public institution whose effectiveness contributes to security and stability within the Lekki business corridor.
The company said the installation formed part of its environmental, social and governance commitment to supporting communities and public institutions within its operating environment.
It added that the use of solar power would encourage cleaner energy use while supporting the police in protecting lives and property.
NEPCL, operator of the NNPC Nembe Joint Venture, OML 29, said dependable electricity and effective security were important to maintaining confidence among residents, workers, businesses and investors in the Lekki area.
The company described the installation as a practical intervention aimed at addressing an operational need rather than a symbolic corporate donation.
The Lekki corridor has expanded into a major residential, commercial, industrial and investment area, with activities spanning logistics, hospitality, real estate, technology and other sectors.
The Lagos State Economic Development Update 2025 reported that Lagos generated N43.06 trillion in GDP in 2023, representing 18.38 per cent of Nigeria’s national GDP. It also reported that the state accounted for N27.39 trillion, or 22.36 per cent of national GDP, in the first half of 2024.
THE ISSUES
Reliable electricity remains an operational consideration for public institutions because essential activities can be disrupted when power supply is unstable.
Solar power can provide an alternative source of electricity for facilities that need consistent power, while reducing dependence on conventional sources.
Private sector support can address specific infrastructure gaps in public institutions, particularly where a targeted intervention directly improves the conditions under which essential services are delivered.
Security conditions and infrastructure are closely linked to the operating environment of businesses and residents in major commercial corridors, making the effectiveness of public security institutions relevant to economic activity.
WHAT’S BEING SAID
“it would provide a more reliable source of electricity for routine police activities.” – Onyosen Hasheed
“The project formed part of its environmental, social and governance (ESG) commitment to supporting communities and institutions within its operating environment.” – NEPCL
“The company described the project as a practical community intervention rather than a symbolic corporate gesture.” – NEPCL
WHAT’S NEXT
The solar power system will support electricity needs at the Lekki Police Station, with the police expected to use the installation to improve operational conditions at the division.
NEPCL says the intervention forms part of its broader support for communities and institutions within its operating environment.
BOTTOM LINE
The solar installation provides the Lekki Police Division with an alternative power source for its daily operations. The intervention also highlights how targeted private sector support can address specific infrastructure needs in public institutions.
NIS says 1,477 Nigerians have been processed and enrolled in the UK passport intervention exercise within four days.
More than half of those enrolled have had their passports produced and dispatched.
The exercise in London and Manchester has been extended from Sept. 19 to Oct. 3.
Applicants must book appointments and complete payments through the approved automated channels.
MAIN STORY
The Nigeria Immigration Service has extended its special passport intervention exercise in London and Manchester to Oct. 3, following increased demand from Nigerians living in the United Kingdom.
The exercise, which was initially scheduled to end on Sept. 19, is being conducted to provide passport services to eligible Nigerians in the UK.
NIS Public Relations Officer, Deputy Comptroller of Immigration Akinsola Akinlabi, said in a statement on Friday in Abuja that the exercise had recorded 1,477 successful enrolments within its first four days.
He said more than half of those enrolled had already had their passports produced and sent to their respective addresses.
According to Akinlabi, the extension was approved by the Service under the directive of the Minister of Interior, Dr Olubunmi Tunji Ojo, in response to the level of demand generated by the exercise.
He said the additional period would increase the capacity available to applicants and allow more eligible Nigerians to access the service.
Applicants are required to book appointments through the website of the High Commission of Nigeria in the UK before attending the intervention exercise.
Akinlabi said applicants must present a completed application form and payment receipt, appointment slip, current passport where applicable and a self addressed return envelope at their scheduled appointments.
He reiterated that passport applications and payments were fully automated and cashless.
The applicable fees remain $162 for a passport booklet valid for five years and $242 for a 10 year validity booklet.
Akinlabi warned that applicants were not required to make any additional payment to participate in the intervention exercise.
He said details of the extended dates, participating locations and appointment procedures would be communicated through the official channels of the NIS and the Nigerian High Commission in the UK.
The spokesperson thanked Nigerians in the UK for their patience and cooperation and reaffirmed the Service’s commitment to providing efficient and transparent passport services to Nigerians at home and abroad.
THE ISSUES
The extension reflects the level of demand for passport services among Nigerians in the UK and the need to create additional capacity for applicants who could not be accommodated within the original period.
The cashless application process is intended to limit physical handling of payments and keep the intervention exercise within the Service’s automated passport system.
Applicants who do not follow the appointment process or arrive without the required documents may face delays, making compliance with the stated requirements important.
The production and dispatch of more than half of the passports already processed indicates that the exercise involves not only enrolment but also completion and delivery of the documents.
WHAT’S BEING SAID
“No additional charges are required to participate in the intervention exercise.” – Akinsola Akinlabi
“The extension was aimed at providing additional capacity to accommodate the increasing demand and ensure that as many eligible applicants as possible were attended to.” – Akinsola Akinlabi
WHAT’S NEXT
The intervention exercise in London and Manchester will continue until Oct. 3, 2026.
The NIS and the High Commission of Nigeria in the UK will provide further information on participating locations, appointment procedures and the extended dates through their official channels.
BOTTOM LINE
The NIS has extended its UK passport intervention exercise by two weeks to respond to increased demand. Nigerians seeking to use the service must complete the appointment and payment requirements through the approved channels.
