The projection was contained in a communique issued on Thursday after a stakeholders meeting convened to assess progress towards affordable CNG and electric vehicle transportation.
The meeting brought together representatives of state governments, including commissioners of transport, to review deployment across the states and identify measures required to meet the Federal Government’s October 1 target.
The communique said several states had already deployed CNG and electric buses, tricycles and motorcycles, alongside conversion centres, refuelling facilities and charging infrastructure.
It added that commuters using supported clean mobility services in some states were already paying fares significantly below prevailing rates.
Niger has procured 200 CNG buses, with 35 already operational, as well as 11 electric vehicle charging stations.
Abia has deployed 40 electric buses and 20 charging stations and plans to increase its fleet to 100 buses by December.
Ogun has acquired 1,500 electric motorcycles and operates more than 20 battery swapping stations, while Cross River has deployed 720 electric vehicles comprising buses and motorcycles.
Delta has 13 operational conversion centres and four CNG stations, with 50 CNG buses expected to be deployed in the state.
Adamawa has signed an agreement for 2,000 electric tricycles, while Anambra has identified six priority transport corridors and is preparing to train 1,000 youths in vehicle conversion.
Benue has also trained personnel and technicians and established a conversion centre.
THE ISSUES
The pace of infrastructure deployment remains important to the October 1 target, particularly in states where CNG and electric vehicles are already available but additional refuelling, charging and conversion facilities are still required.
The availability of cheaper mobility options does not by itself guarantee lower fares across the wider transport system. The initiative wants the lower operating costs of CNG and electric vehicles to result in actual savings for commuters.
The level of readiness differs across states. While some have vehicles and supporting infrastructure already operating, others are still procuring vehicles, identifying transport corridors or training personnel.
Expanding the infrastructure needed for CNG and electric mobility will also require greater private sector participation, making investment conditions and coordination between state governments and investors important to the rollout.
WHAT’S BEING SAID
“Several states are already making progress towards meeting the Federal Government’s target through the deployment of CNG and electric mobility solutions.”
Pi CNG and EV communique
“The engagement is to ensure that the lower operating costs of CNG and electric mobility translate into actual savings for commuters.”
Ismaeel Ahmed, Executive Chairman, Pi CNG and EV
“The Federal and state governments are working to make affordable public transportation available to more Nigerians.”
Ismaeel Ahmed, Executive Chairman, Pi CNG and EV
WHAT’S NEXT
States are expected to identify their busiest transport corridors and provide data to guide the deployment of additional CNG infrastructure.
Each state is also expected to submit three priority interventions that can realistically be delivered ahead of the October 1 target.
The states are to establish implementation teams comprising officials from the transport, energy and related sectors to work with Pi CNG and EV. The initiative will assign coordinators to facilitate implementation and monitor progress at state level.
Private sector participation will also be prioritised, with state investment promotion agencies expected to work towards a common framework for attracting investment into CNG and electric vehicle infrastructure.
BOTTOM LINE
The Federal Government is counting on wider CNG and electric vehicle deployment to bring down public transport costs from October 1. The immediate test will be whether states can close remaining infrastructure gaps and whether the resulting lower operating costs are passed on to commuters.
• Anambra governor says Tinubu’s next four years will produce a stronger and fairer Nigeria.
• Soludo says Anambra will continue to implement Federal Government reforms at the grassroots.
• Oluremi Tinubu urges South East governors to launch a regional community food bank programme.
• More than 5,000 Anambra residents benefited from an empowerment programme.
MAIN STORY
Anambra State Governor Chukwuma Soludo has expressed confidence that President Bola Tinubu’s next four years in office will deliver a stronger and fairer Nigeria despite current economic difficulties.
Soludo spoke on Thursday while receiving First Lady Oluremi Tinubu during her official visit to the state.
The governor acknowledged the economic pressures facing Nigerians but said the reforms being implemented by the Federal Government provided grounds for optimism.
“Many are complaining now, but I see hope in the Renewed Hope Agenda,” Soludo said.
He said Tinubu was working towards improving the country’s future and expressed confidence in the outcome of the administration’s next four years.
“I am convinced that the next four years of President Tinubu’s administration will most certainly see a stronger and fairer Nigeria,” he said.
Soludo also described the relationship between the All Progressives Grand Alliance led Anambra government and the APC led Federal Government as beneficial to the state.
He said his administration would continue to implement Federal Government reforms, particularly at the grassroots, to improve the welfare of residents.
The governor also commended the First Lady’s initiatives aimed at improving the lives of vulnerable Nigerians and said the empowerment of residents demonstrated cooperation between progressive political forces.
THE ISSUES
The visit highlighted cooperation between the Anambra government and the Federal Government, particularly in the implementation of welfare and economic empowerment programmes.
Soludo said the state would continue to adopt Federal Government reforms, while the First Lady called for greater cooperation among the five South East states on food and nutrition support.
Tinubu urged the governors to jointly establish the National Community Food Bank programme across the region.
She said the programme would extend nutritional assistance through Primary Health Care centres to pregnant and breastfeeding women as well as children below six years.
Tinubu described the initiative as “Hope Accomplished for vulnerable Nigerians”.
The visit also featured the presentation of empowerment items and cash support to beneficiaries in the state.
WHAT’S BEING SAID
“Our administration will continue to cascade Federal Government reforms in the state, especially at the grassroots, for the benefit of our people.”
Chukwuma Soludo, Anambra State Governor
“Indeed, the progressives are working together. APGA and APC, as progressives in Nigeria, have no choice than to work for Nigeria’s greatness.”
Chukwuma Soludo, Anambra State Governor
WHAT’S NEXT
Tinubu urged the five South East governors to work together to establish the National Community Food Bank programme across the region.
The programme is expected to provide food and nutritional assistance through Primary Health Care centres to vulnerable women and young children.
BOTTOM LINE
Soludo has backed Tinubu’s reform agenda while committing Anambra to continued implementation of Federal Government programmes at the grassroots. The First Lady’s proposed regional food bank initiative adds a further welfare focus to the cooperation between the state and Federal Government.
• Dangote Group calls for financing tied to assured cargo to support Nigerian owned vessels.
• Refinery, fertiliser and petrochemical exports could create demand for indigenous shipping capacity.
• Dangote plans to increase shipments to about 1,800 annually, creating opportunities for Nigerian flagged vessels.
• Port delays and manual processes are pushing some cargo through neighbouring countries, causing revenue losses.
MAIN STORY
Nigeria needs cargo backed financing to build a stronger indigenous shipping industry, Group Vice President, Oil and Gas, Dangote Group, Mr Devakumar Edwin, has said.
Edwin made the call at the Nigeria Chamber of Shipping’s 2026 Members’ Evening in Lagos, where stakeholders discussed ways to improve efficiency across the marine and blue economy value chain.
He said access to finance alone would not solve the challenges facing prospective Nigerian vessel owners, arguing that banks and other financiers must consider the cargo that will support vessels throughout their operating life.
“Without assured cargo and supporting infrastructure, new vessel owners struggle and businesses fail, even when finance is available,” Edwin said.
He urged financial institutions to consider the wider shipping ecosystem when funding projects, including vessel management, insurance, regulatory requirements and long term charter arrangements.
Edwin said Dangote Group previously handled about 300 vessel movements annually for its cement, sugar and flour businesses, but Nigerian owned vessels did not have sufficient capacity to meet the demand.
He said the expansion of the group’s refinery, fertiliser and petrochemical exports now provides a larger opportunity for indigenous shipping companies.
Dangote plans to increase its capacity and handle about 1,800 shipments annually, he said, potentially generating substantial demand for Nigerian flagged vessels and related marine services.
The opportunity, according to Edwin, extends beyond vessel ownership to tugboats, pilot boats, dry docking, shipbuilding, FPSO servicing and other support activities.
He said stronger local participation would create employment while keeping a larger share of shipping income within Nigeria.
THE ISSUES
Edwin’s argument centres on the need to finance shipping as a complete business rather than treating vessel acquisition as a standalone investment.
He said cargo availability should form part of the financing structure because vessels need predictable business to remain commercially viable after acquisition.
Nigeria also loses economic value when shipping services, financing, insurance and freight earnings are captured by foreign operators, he said.
The wider problem, according to Edwin, mirrors Nigeria’s dependence on imported finished products despite having access to raw materials that could support domestic manufacturing.
He cited products including linear alkyl benzene used in detergents and base oils used in lubricants as examples of imports that could potentially be produced locally.
The shortage of skilled maritime professionals is another constraint. Edwin called for investment in training naval architects, marine lawyers, surveyors, finance professionals and shipping managers alongside seafarers.
He said Nigerian graduates had the required talent but needed more practical exposure and opportunities within the industry.
He also raised concerns about port efficiency, citing an average vessel turnaround time of about 2.5 days at Tanger Med compared with about six days in Nigeria.
According to Edwin, manual processes and weak coordination contribute to the longer turnaround time, while delays are also encouraging some cargo owners to route shipments through Lome and Cotonou before moving the goods into Nigeria by barge.
“This causes revenue loss to the country,” he said.
WHAT’S BEING SAID
“Without assured cargo and supporting infrastructure, new vessel owners struggle and businesses fail, even when finance is available.” Devakumar Edwin, Dangote Group
“Give us the cargo, we’ll get the ships.” Jean Anishere, Nigeria Chamber of Shipping
WHAT’S NEXT
Edwin urged the Nigeria Chamber of Shipping to bring cargo owners, shipowners, regulators and financiers together to develop stronger financing and business structures for indigenous shipping.
He also called for implementation of a functional National Single Window to improve coordination and reduce manual processes at Nigerian ports.
Nigeria Chamber of Shipping President, Alhaji Aminu Umar, called for sustained public private engagement, predictable regulation and increased investment to improve the competitiveness of the country’s maritime sector.
The Chamber’s Governing Council Member, Mrs Jean Anishere, also called for stronger commitments to cargo backed financing through the Cabotage Vessel Financing Fund.
BOTTOM LINE
Nigeria’s expanding refinery, fertiliser and petrochemical exports could provide the cargo base needed to grow indigenous shipping, but Edwin says finance must be structured around that demand. Without improvements in port efficiency, infrastructure, skills and regulation, the country risks losing more maritime revenue to foreign operators and neighbouring ports.
• Nigeria has assumed the chairmanship of the UN Special Committee on Peacekeeping Operations, known as C 34.
• Jimoh Ibrahim said Nigeria will focus on closing the gap between peacekeeping policy and field realities.
• Protection of civilians, financial accountability and stronger field engagement are among the priorities.
• Nigeria will push for greater involvement of senior military leaders in the committee’s substantive discussions.
MAIN STORY
Nigeria has assumed the chairmanship of the United Nations Special Committee on Peacekeeping Operations, C 34, with the country’s UN Permanent Representative, Amb. Jimoh Ibrahim, pledging to make peacekeeping policy more closely connected to conditions in conflict zones.
Ibrahim took over from Canada’s Permanent Representative to the UN, David Lametti, and said Nigeria would use the position to strengthen accountability, improve multilateral cooperation and ensure that decisions taken at UN headquarters reflect the realities faced by peacekeepers, civilians and host communities.
“We just took over the UN Peacekeeping Committee from Canada. Nigeria is fully back,” Ibrahim said.
He identified the disconnect between policy formulation and implementation in the field as a key issue for the committee under Nigeria’s leadership.
“We must ensure that the gap between policy and practice is closed,” he said.
Ibrahim said the chairmanship would also provide Nigeria with an opportunity to contribute to stronger multilateralism and improve the effectiveness of UN peacekeeping operations.
“This leadership gives us another opportunity to contribute meaningfully to strengthening multilateralism, improving peacekeeping and ensuring that the United Nations delivers practical results.”
Nigeria’s new responsibility comes alongside Ibrahim’s chairmanship of the UN General Assembly’s Fifth Committee, which deals with administrative and budgetary matters.
He said Nigeria would use both positions to promote stronger links between resources, policy decisions and measurable outcomes, while working with Canada, members of the C 34 Bureau, troop and police contributing countries, financial contributors, the UN Secretariat and host countries.
Nigeria’s approach will focus on effective peacekeeping, protection of civilians, field informed policymaking, financial responsibility, respect for the UN Charter and greater accountability among the various parties involved in peacekeeping operations.
THE ISSUES
A major priority for the new chairmanship will be bringing more operational experience into C 34’s policy discussions.
Ibrahim wants senior military authorities, including Chiefs of Army Staff and their equivalents, to participate more directly in the committee’s substantive deliberations, particularly during the February to March 2027 session.
He also placed civilian protection at the centre of Nigeria’s peacekeeping agenda, arguing that security operations and counter terrorism efforts must continue to respect the rights and safety of civilians in conflict areas.
Nigeria’s position is that protecting civilians and combating terrorism should reinforce rather than undermine each other.
The committee brings together countries that contribute troops and police to UN missions, major financial contributors, Security Council members and countries hosting peacekeeping operations. Its decisions therefore have implications for how missions are financed, planned and carried out in the field.
WHAT’S BEING SAID
“Counter terrorism operations must respect the right of civilians to exist and their right to protection.” Jimoh Ibrahim, Nigeria’s UN Permanent Representative
“Security operations become more credible when innocent civilians are protected and when international law and human dignity remain central to the response.” Jimoh Ibrahim, Nigeria’s UN Permanent Representative
WHAT’S NEXT
Nigeria will work with the C 34 Bureau, contributing countries, financial partners, the UN Secretariat and host countries ahead of the committee’s 2027 substantive session.
Canada has also pledged support for discussions on peacekeeping financing and greater engagement between committee members and personnel working in the field.
Lametti said Canada supported efforts to give delegates more direct exposure to the operational challenges facing peacekeepers, missions and host communities.
BOTTOM LINE
Nigeria’s chairmanship gives it a greater role in shaping how UN peacekeeping policy responds to conditions on the ground. Ibrahim’s agenda centres on operational effectiveness, civilian protection, financial responsibility and stronger accountability.
US President Donald Trump is expected to attend a service at the Pentagon, which was among the targets struck by hijacked aircraft during the attacks.
In New York, relatives of those killed are expected to read out the names of the victims at the site where the World Trade Centre towers once stood.
Nearly 3,000 people died after al Qaeda terrorists hijacked four passenger planes. Two aircraft were flown into the World Trade Centre towers in New York, while another struck the Pentagon, the headquarters of the US Department of Defense.
The fourth aircraft crashed in Pennsylvania after passengers attempted to overpower the hijackers. The intended target of that plane has never been established.
The attacks prompted a massive rescue effort, with thousands of people rushing to the affected areas to search for survivors trapped beneath the rubble.
Friday’s ceremony in New York is expected to include several moments of silence in remembrance of those who died in the attacks and others who later lost their lives from health conditions linked to exposure at the sites.
THE ISSUES
The consequences of the September 11 attacks have extended far beyond the deaths recorded on the day itself.
The US government has acknowledged that deaths linked to illnesses arising from exposure to conditions at the attack sites have now surpassed the number of people killed during the attacks.
The US Centres for Disease Control and Prevention has recorded more than 57,000 cancer cases linked to the attacks.
The collapse of the approximately 400 metre high towers and the fires that followed released dust, glass fibres, asbestos, pulverised concrete, plasterboard, burnt plastics and other pollutants into the atmosphere.
The resulting contamination left the affected areas hazardous for weeks and exposed rescue workers and others at the sites to substances that have been linked to serious health problems.
WHAT’S NEXT
Memorial events will continue on Friday in New York and at the Pentagon as the US commemorates those killed in the attacks and remembers people who later died from related illnesses.
BOTTOM LINE
Twenty five years after September 11, the attacks remain a defining tragedy in the United States, with their impact extending from the nearly 3,000 deaths recorded that day to thousands of subsequent cases of serious illness.
• Technology stakeholders want digital systems embedded permanently in Nigeria’s election management. • They call for stronger local expertise, connectivity and cybersecurity ahead of 2027. • Stakeholders say reliable physical infrastructure is also essential to digital election systems.
MAIN STORY
Technology should become a permanent part of Nigeria’s electoral architecture rather than an election cycle procurement exercise, stakeholders in the technology sector have said.
They made the call on Thursday at the 2026 Nigerian e Government Summit and Awards Night in Lagos, where discussions focused on the use of technology in election management ahead of the 2027 general elections.
The stakeholders said sustained investment in digital infrastructure, local technical capacity and cybersecurity would be necessary if technology was to improve confidence, credibility and security in elections.
Dr Emmanuel Ayoola, President of the Information Technology Association of Nigeria (ITAN), said the technology industry was prepared to support the Independent National Electoral Commission (INEC) in strengthening its systems before the 2027 elections.
He said Nigeria needed to develop and retain local expertise, including engineers and data scientists capable of building and maintaining electoral technologies.
Ayoola also identified artificial intelligence and blockchain as technologies that could support electoral auditing, provided they were deployed within systems that guaranteed accountability and reliability.
According to him, measures such as Domain Name System Security Extensions could help voters identify and access genuine electoral platforms.
Reliable connectivity was another concern raised at the summit. Dr Kenny Joda, an executive member of the Association of Telecommunications Companies of Nigeria (ATCON), said digital election systems would be ineffective without dependable telecommunications infrastructure.
He called for connectivity to reach rural communities as well as urban centres and urged INEC, government agencies, telecommunications companies and security organisations to work together.
Prince Oyekanmi Elegushi, General Manager of the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA), said digital election systems also depended on physical infrastructure, including fibre networks and stable electricity.
He said LASIMRA’s Duct One initiative, which allows several networks to use shared underground ducts, had supported investment of about $22 million in infrastructure covering approximately 30,000 kilometres of fibre ducts across strategic areas of Lagos.
According to Elegushi, the shared network infrastructure could help telecommunications operators provide the connectivity required for electoral activities in 2027.
Mr Kunle Olurundare, President of the Internet Society Nigeria Chapter, stressed the importance of protecting information integrity as part of efforts to build public confidence in digital election systems.
The summit convener, Mr Lanre Ajayi, said the event was designed to encourage government and private sector stakeholders to move technology from isolated pilot projects into practical systems supporting public services and elections.
He said discussions would cover areas including biometric registration, electronic transmission of results and voter authentication, while maintaining transparency and accountability.
THE ISSUES
Technology alone cannot guarantee credible elections. Its effectiveness depends on the infrastructure supporting it, the people maintaining the systems, the security protecting them and the public’s ability to distinguish legitimate electoral information from false or malicious content.
The urban rural connectivity gap is another challenge. If digital election services are unavailable or unreliable outside major cities, technology could widen rather than reduce inequalities in access to electoral information and services.
The stakeholders’ emphasis on permanent investment also points to the need for election technology to be developed, tested and secured continuously instead of being introduced mainly as elections approach.
WHAT’S BEING SAID
“We need sustained local capacity involving engineers and data scientists to develop and maintain technologies required for credible elections.” – Emmanuel Ayoola
“Our objective is not merely to enforce compliance, but to establish a balanced regulatory environment in which aviation safety and financial protection complement each other.” – Chris Najomo
“Digital transformation remained a shared responsibility among government, industry, civil society and citizens.” – Lanre Ajayi
WHAT’S NEXT
Stakeholders are expected to continue discussions around biometric registration, voter authentication, electronic transmission of results, connectivity, cybersecurity and information integrity as preparations for the 2027 elections progress.
BOTTOM LINE
Technology stakeholders want Nigeria to move away from treating election technology as something acquired only during election periods. They say sustained investment in infrastructure, local expertise, connectivity and cybersecurity is needed to make digital election systems more reliable and trusted.
• NCS begins final screening for 3,852 successful recruitment candidates. • Screening covers documentation, physical fitness, medical checks and conduct assessment. • Evaluation for Inspectorate and Customs Assistant cadres will continue until Sept. 19.
MAIN STORY
The Nigeria Customs Service (NCS) has begun the final screening of 3,852 candidates selected for its 2024/2025 recruitment exercise.
The two week exercise started on Monday at the Customs Training and Doctrine Command (TRADOC), Gwagwalada, Abuja, and is scheduled to end on Sept. 19.
NCS spokesperson Abdullahi Maiwada said the exercise covers candidates for the Assistant Superintendent of Customs II, Inspectorate and Customs Assistant cadres.
The screening involves documentation, physical fitness and medical assessments, with candidates also being evaluated on their character and professional conduct.
Candidates are being processed in batches based on the alphabetical order of their states of origin, a system the service said was designed to limit congestion and keep the exercise orderly.
Frank Onyeka, Assistant Comptroller General of Customs in charge of Human Resource Development, urged the candidates to comply with the screening requirements, stressing that physical fitness alone would not determine who joins the service.
He said the NCS was working with the Customs Police and other relevant units to protect the integrity of the recruitment process.
Assistant Comptroller General of Customs Dow Gaura, who is also Commandant of the Nigeria Customs Command and Staff College, Gwagwalada, attributed the smooth conduct of the exercise to administrative improvements and collaboration among agencies and units.
The screening for the Assistant Superintendent of Customs cadre ended on Thursday, while candidates for the Inspectorate and Customs Assistant cadres will continue to undergo evaluation until Sept. 19.
The recruitment process followed the release by the NCS on Aug. 4 of its final list of successful candidates.
A total of 573,680 applications were received for the 3,852 available positions. The successful candidates comprise 1,275 for the Superintendent Cadre, 367 for the Inspectorate Cadre and 2,210 for the Customs Assistant Cadre.
THE ISSUES
The large number of applications compared with the available positions means the final screening is a major selection stage in the recruitment process.
The NCS is also assessing candidates beyond physical requirements, with discipline, character and professional conduct forming part of the evaluation.
The batch system based on states of origin is intended to manage the number of candidates attending the exercise and prevent congestion at the screening centre.
WHAT’S BEING SAID
“Beyond physical requirements, your attitude, discipline, and conduct are critical factors in deciding who ultimately joins the service.” – Frank Onyeka
“The process has been seamless, hitch free and conducted without any casualties.” – Dow Gaura
WHAT’S NEXT
Screening for candidates in the Inspectorate and Customs Assistant cadres will continue at TRADOC, Gwagwalada, until Sept. 19.
The NCS will continue the exercise in batches according to the announced arrangement for candidates.
BOTTOM LINE
The Nigeria Customs Service has moved into the final screening stage for 3,852 recruits selected from 573,680 applications. Candidates are being assessed on documentation, fitness, medical requirements and professional conduct before the recruitment process is completed.
• Seven vessels transited the Strait of Hormuz on Thursday, down from 11 a day earlier. • Traffic remained well below the 10 day average of 15 vessels. • Qatar linked vessels have begun appearing in the waterway again, including an LNG tanker.
MAIN STORY
Commercial vessel traffic through the Strait of Hormuz dropped to seven ships on Thursday, according to preliminary tracking data, highlighting the continued disruption to shipping through the strategic waterway.
The latest figure from ship tracking company Kpler was less than half the 10 day average of 15 vessels and down from 11 recorded the previous day.
Two Panamax vessels left the strait, with one carrying fertiliser and the other travelling without cargo. Five vessels moved into the waterway, including vessels carrying dry bulk cargo, steel and grain, as well as a medium range tanker transporting dirty petroleum products.
The figures may not capture every vessel movement because ships can switch off their Automatic Identification System transponders to avoid being tracked.
Some QatarEnergy linked vessels have also been detected around the waterway. The Al Ghashamiya and Al Daayen, both travelling without cargo, appeared inside the strait on Sept. 9 and Sept. 6 respectively.
Another QatarEnergy controlled vessel, the Al Marrouna, left the strait on Thursday after transporting a cargo from Ras Laffan to Pakistan.
The voyage was the first known LNG shipment by a Qatar linked tanker since late July, when the Al Areesh transported LNG from Ras Laffan to Pakistan.
QatarEnergy had not responded to a request for comment outside business hours.
Before the war with Iran began on Feb. 28, the Strait of Hormuz typically handled about 125 large commercial vessels each day, including oil tankers, gas carriers, bulk carriers and container ships.
The waterway carries about 20 per cent of the world’s daily crude oil and LNG supply.
THE ISSUES
The decline in vessel movements represents a major change from normal traffic levels through the strait, where large volumes of energy and other commercial cargoes ordinarily pass each day.
The disruption is particularly significant for energy markets because of the waterway’s role in transporting crude oil and liquefied natural gas.
The tracking figures also have limitations because vessels with their identification systems switched off are not included. This means the actual number of crossings could be higher than the preliminary data suggests.
The disruption extends beyond the Gulf. In the Red Sea, Iran aligned Houthi forces reportedly took control of Yemen’s port city of Mocha on Thursday and moved along the coast towards strategic islands.
Traffic through the Bab el Mandeb Strait stood at 26 commodity vessels on Thursday, compared with a 10 day average of about 27.
WHAT’S NEXT
Shipping movements through the Strait of Hormuz will continue to be monitored as the conflict affects commercial traffic and energy shipments.
The return of Qatar linked vessels, including an LNG tanker, will also be watched for signs of changes in shipping activity through the waterway.
BOTTOM LINE
Only seven vessels crossed the Strait of Hormuz on Thursday, far below the normal traffic levels recorded before the Iran war. The sharp reduction underscores the disruption facing commercial shipping through the key energy route.
• Trump says he would make the same decision to attack Iran if given another chance. • He dismisses concerns that the conflict could hurt Republicans in November’s elections. • Rising oil and gas prices linked to the conflict have become an issue for Republicans.
MAIN STORY
US President Donald Trump has defended his decision to go to war with Iran, saying he would take the same course of action again despite concerns about its possible effect on the November midterm elections.
Trump made the comments in an interview with Fox News host Laura Ingraham broadcast on Thursday, when asked whether the political consequences of the conflict had caused him to reconsider the decision.
He rejected the suggestion, saying he did not view the situation in terms of regret and would repeat his actions if faced with the same circumstances.
Trump also dismissed reports that some of his supporters had become discouraged by the war, saying his supporters remained proud of his efforts to prevent Iran from acquiring a nuclear weapon.
The president further predicted that the conflict would end immediately after the midterm elections.
He had made a similar claim a day earlier while accusing Tehran of attempting to influence the elections, which will determine whether Republicans retain control of Congress.
The conflict has created an additional political challenge for the Republican Party through its impact on energy prices. Oil and gas prices have risen since the US and Israel launched attacks on Iran, putting pressure on American consumers ahead of the elections.
The US and Israel began their attacks on Iran on Feb. 28, after which Tehran launched strikes against Israel and Gulf states hosting US military bases.
Trump has identified the weakening of Iran’s nuclear capabilities as one of the objectives of the military campaign.
Iran, which does not possess nuclear weapons, maintains that its uranium enrichment programme is intended for peaceful purposes.
THE ISSUES
Trump’s refusal to express regret places his defence of the war ahead of its potential political cost for his party.
The conflict has also created an economic issue for Republicans as higher oil and gas prices affect consumers. This could become more significant as voters prepare to elect members of Congress in November.
Trump’s claim that the war will end after the election also links the military conflict directly to the political calendar, although the supplied report does not provide details of how or why the conflict would end at that point.
WHAT’S BEING SAID
“I don’t believe in the word ‘regret.’ You can always question yourself a little bit.” – Donald Trump
“If I had it to do again, I would do exactly as I did.” – Donald Trump
“It ends right after the election.” – Donald Trump
WHAT’S NEXT
The US midterm elections will take place in November and will determine whether Trump’s Republican Party retains control of Congress.
The conflict with Iran and its impact on energy prices are expected to remain issues for Republican candidates as the elections approach.
BOTTOM LINE
Trump says he would launch the war against Iran again despite its potential consequences for Republicans in November. He maintains that preventing Iran from obtaining a nuclear weapon justifies the military action.
• Biggie replaced the usual morning workout with an obstacle course.
• Cleaning duties sparked tension between HoH Tram and Sheba.
• Abi and Ricky discussed the attention surrounding their relationship.
• Abi revealed she believed she could be the week’s most influential housemate.
• Biggie pranked Abi with a “Psych!!” envelope.
• Housemates later began rehearsing their circus-themed wager presentation.
Main Story
Big Brother Naija housemates had an eventful Day 46 as Biggie replaced their usual morning workout with an obstacle course, with Ricky sitting out, Afterwards, HoH Tram called the housemates together to discuss cleaning and wager preparations. His cleaning assignments sparked an argument with Sheba, who questioned why the garden was included despite being clean. Tram defended the arrangement, citing the efforts of housemates who had been cleaning since Monday.
Abi and Ricky later discussed the attention surrounding their relationship, with Ricky saying he was tired of people assuming they were a couple whenever they were together, Abi also revealed that she believed she could be the week’s most influential housemate after Oyin allegedly told her what was inside an envelope.
Later, Biggie pranked Abi by making her perform frog jumps after she selected an envelope labelled “Psych!!, The housemates eventually headed to the Arena for their wager rehearsal, where Tram guided them through their circus-themed performance and pointed out areas that needed improvement.
The Issues
The main tension centred on cleaning responsibilities and Tram’s approach to assigning duties, Sheba questioned the cleaning arrangements, while Tram defended his decisions and insisted that housemates follow the assignments given to them, Meanwhile, Abi and Ricky’s growing closeness continued to attract attention from other housemates.
What’s Being Said
Sheba said she only wanted the housemates to focus on areas that were genuinely dirty so they could move on to their wager preparations, Tram maintained that his assignments were based on the work done since Monday and defended the housemates who had consistently handled the cleaning, Ricky said he was tired of people assuming he and Abi were a couple whenever they were seen together.
What’s Next
The housemates will continue rehearsing for their circus-themed wager presentation while also dealing with their cleaning responsibilities, Attention will also remain on Abi’s claim about being the week’s most influential housemate and the developing relationship dynamics in the house.
Bottom Line
Day 46 brought cleaning disputes, relationship discussions and another Biggie prank before the housemates settled into preparations for their wager presentation.
• Morocco has named Casablanca as its proposed venue for the 2030 FIFA World Cup final.
• Royal Moroccan Football Federation president Fouzi Lekjaa said Benslimane province would host the showpiece match.
• The Hassan II Stadium, being built near Casablanca, is expected to hold 115,000 spectators.
• FIFA has yet to officially confirm the venue for the final, with Spain also seeking to host the match.
• Morocco, Spain and Portugal will jointly host the 2030 World Cup.
Main Story
Morocco has announced Casablanca as its proposed venue for the 2030 FIFA World Cup final, despite FIFA yet to officially confirm where the tournament’s showpiece match will be played, The President of the Royal Moroccan Football Federation, Fouzi Lekjaa, disclosed the plan on Thursday at a political party event in Bouznika, Morocco, According to Spanish news agency EFE, Lekjaa said Benslimane province, located near Casablanca, would have the honour of hosting the final.
“The province of Benslimane will have the honour of hosting the 2030 World Cup final,” Lekjaa said, Benslimane is about 60 kilometres from Casablanca and is the planned location of the Hassan II Stadium, which is being constructed specifically for the tournament.
The proposed stadium is expected to accommodate about 115,000 spectators, potentially making it the largest football-specific stadium in the world. The project is estimated to cost $12 billion, However, FIFA has not officially announced the venue for the final, with Morocco and Spain both seeking to stage the prestigious match.
The Spanish football federation president, Rafael Louzán, said earlier this month that Spain should host the final, FIFA also said in August that reports claiming its President, Gianni Infantino, had promised Morocco the final were “false and misleading”.
The Issues
The disagreement over the final venue has become a major issue as Morocco, Spain and Portugal prepare to jointly host the 2030 World Cup, Morocco’s announcement represents its intention to secure the tournament’s biggest match, while Spain has also publicly expressed interest in hosting the final.
The proposed Hassan II Stadium is expected to provide Morocco with a strong case, given its projected 115,000 capacity and the scale of the planned development, However, the final decision remains with FIFA, which has not yet confirmed the host venue.
What’s Being Said
Lekjaa has publicly backed Benslimane as the location for the final, saying the province would have the honour of hosting the match, Meanwhile, Louzán has argued that Spain should be selected to stage the final, FIFA has sought to distance itself from reports that Morocco had already been promised the match, describing such reports as false and misleading.
What’s Next
FIFA is expected to continue the process of finalising the venues and host cities for the 2030 World Cup, The contest between Morocco and Spain over the final venue will remain a key issue as preparations for the tournament progress, The Hassan II Stadium project will also be closely watched as Morocco works to complete the facility ahead of the tournament.
Bottom Line
Morocco has formally put Benslimane, near Casablanca, forward as its venue for the 2030 World Cup final, but FIFA has yet to make the decision official, With Spain also seeking the match, the final venue remains one of the major unresolved questions surrounding the six-country, three-continent tournament.
• Reps Deputy Spokesman Philip Agbese dismisses claims that Wike borrowed money without National Assembly approval.
• Agbese says there is no evidence the FCT Minister breached any law in financing projects.
• He maintains that public borrowing is subject to constitutional, statutory and administrative procedures.
• The lawmaker says Wike has consistently subjected the FCT Administration to legislative scrutiny.
• Agbese urges critics to rely on specific transactions and official documents when raising borrowing allegations.
Main Story
The Deputy Spokesperson of the House of Representatives, Philip Agbese, has dismissed claims that the Minister of the Federal Capital Territory, Nyesom Wike, borrowed funds without the approval of the National Assembly, Agbese was responding to allegations by Senator Ireti Kingibe that the FCT Administration had taken loans without securing the required legislative approval, Speaking with journalists in Abuja on Thursday, Agbese described the allegation as misleading, insisting that Wike had not circumvented the National Assembly or acted outside established procedures in securing funds for projects and programmes in the Federal Capital Territory.
He said there was no evidence that the FCT Minister had breached any law in financing projects, stressing that public borrowing was governed by constitutional, statutory and administrative processes involving relevant government institutions, “Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.
According to him, Wike has consistently subjected the FCT Administration to legislative scrutiny, particularly through the presentation and consideration of its budgets and appearances before relevant committees of the National Assembly, Agbese also argued that an increase in the FCT’s debt profile could not, on its own, be regarded as evidence of illegal borrowing.
He maintained that borrowing to fund infrastructure development was not unlawful provided the required approvals and procedures were followed, “The critical issue is whether the required approvals and procedures have been followed,” he added.
The lawmaker further rejected suggestions that Wike had operated without legislative oversight, saying the National Assembly had continued to exercise its constitutional oversight responsibilities over the FCT Administration, “Under our searchlight, the FCT Minister is one of the most legislatively compliant public servants. He has consistently engaged the National Assembly and subjected the activities of the FCT Administration to legislative scrutiny,” he said.
The Issues
The controversy centres on allegations that the FCT Administration may have obtained loans without the necessary legislative approval, While Senator Kingibe raised concerns about the borrowing arrangements, Agbese insisted that the claims should not be treated as proof of wrongdoing without evidence of specific transactions that violated established procedures, The issue also highlights the broader question of legislative oversight of government borrowing and the requirement for public officials to comply with constitutional and statutory provisions when securing funds for government projects.
What’s Being Said
Agbese said there was no basis for the claim that Wike had borrowed money without the knowledge or oversight of the National Assembly, He stressed that an increase in the FCT’s debt profile did not automatically mean that the administration had engaged in illegal borrowing, The lawmaker also challenged those making the allegations to provide evidence of specific transactions rather than relying on political claims.
What’s Next
Agbese urged Senator Kingibe and other stakeholders with concerns about FCT borrowing to identify the specific transactions in question, He said the relevant authorities could then be invited to provide the documents, approvals and other records governing the borrowing arrangements, This could provide a clearer basis for determining whether any borrowing by the FCT Administration complied with the required legislative and administrative procedures.
Bottom Line
Philip Agbese has rejected claims that Nyesom Wike borrowed money behind the National Assembly’s back, insisting that the FCT Minister has remained subject to legislative scrutiny, He said any allegation of unlawful borrowing should be backed by specific transactions and official documents showing that the required approvals and procedures were not followed.
• Maritime journalists honoured Comptroller Gambo Aliyu during a farewell visit in Lagos.
• FOU Zone ‘A’ generated and recovered over ₦2 billion for the Federation Account within nine months.
• The Unit intercepted more than 21,000 bags of smuggled rice, equivalent to about 35 truckloads.
• Aliyu credited intelligence-led operations, his officers and Customs management for the results.
• Journalists praised his accessibility, integrity and relationship with the media.
Main Story
Maritime journalists under the Network of Nigerian Maritime Journalists have honoured the outgoing Controller of the Nigeria Customs Service, Federal Operations Unit, Zone ‘A’, Comptroller Gambo Aliyu, for his leadership and contributions to the fight against smuggling.
The journalists paid a farewell visit to Aliyu at his office in Lagos on Wednesday. They described him as an accessible and media-friendly Customs officer whose tenure was marked by intelligence-driven enforcement and a productive relationship with journalists.
Speaking during the visit, Aliyu disclosed that the Unit had generated and recovered more than ₦2 billion for the Federation Account within nine months. According to him, the amount was about five times the Unit’s annual revenue target.
He also revealed that officers intercepted more than 21,000 bags of smuggled rice during the period. The quantity was equivalent to approximately 35 truckloads. Illicit drugs and other prohibited goods were also seized.
Aliyu attributed the results to the commitment of officers at the Unit and the support received from Customs management. He explained that the Unit had moved away from indiscriminate enforcement in favour of operations guided by credible intelligence.
The outgoing Controller also recognised the role of journalists in informing the public and supporting the fight against smuggling. He said Customs could not address smuggling and other forms of economic crime without the cooperation of the media and other strategic partners.
During the ceremony, the journalists presented Aliyu with a token of appreciation. The Chairman of NNMJ, Elder Dele Aderibigbe, said the visit was unusual because the journalists had not gathered to cover a Customs event. They had come specifically to celebrate an officer they considered a friend and professional partner.
Chairman of the NNMJ Advisory Board, Sesan Onileimo, also described Aliyu as a man who kept his word. He said the Controller’s conduct had earned him the respect of maritime journalists across Lagos.
The Issues
Smuggling continues to affect government revenue and legitimate trade. The movement of illicit drugs and prohibited goods also creates public health and security concerns.
Customs operations must remain properly targeted to prevent legitimate traders from being subjected to unnecessary disruption. This makes credible intelligence and accurate cargo profiling important to enforcement.
Public understanding of these operations also depends on the relationship between Customs and the media. That partnership must support access to information while preserving the independence of journalists.
What’s Being Said
Comptroller Gambo Aliyu said:
“Our approach to tackling smuggling has been deliberate and targeted, relying heavily on intelligence-driven operations rather than random actions.”
On the role of journalists, he added:
“We view journalists as strategic partners and critical allies in our fight against crime and smuggling, a challenge no single agency can tackle alone.”
NNMJ Chairman Elder Dele Aderibigbe said:
“Controller Gambo Aliyu, we came here today just to say that we are incredibly proud of you.”
NNMJ Advisory Board Chairman Sesan Onileimo said:
“From what we have as journalists, we brought a small token of appreciation. Thank you for being a true friend to the media and for always keeping your word.”
What’s Next
Aliyu is expected to leave the leadership of FOU Zone ‘A’, with attention now turning to the officer who will succeed him. The Unit will also be expected to sustain its intelligence-led operations and maintain cooperation with the media and other stakeholders.
Bottom Line
The farewell celebration recognised Aliyu’s enforcement record and relationship with maritime journalists. It also highlighted the importance of intelligence, professional leadership and media cooperation in the fight against smuggling.
• Federal Government rewards each D’Tigress player with $100,000 after their fifth AfroBasket title.
• The reward follows Nigeria’s successful campaign at the Women’s AfroBasket Championship.
• D’Tigress secured their fifth continental title with a dominant performance.
• The government’s gesture recognises the team’s achievement and contribution to Nigerian sports.
Main Story
The Federal Government has rewarded members of Nigeria’s senior women’s basketball team, D’Tigress, with $100,000 each following their historic fifth AfroBasket title, The financial reward was announced in recognition of the team’s outstanding performance at the Women’s AfroBasket Championship, where Nigeria continued its dominance on the African basketball scene, D’Tigress’ latest triumph further strengthened their reputation as one of the continent’s most successful women’s basketball teams.
The government’s decision to reward the players is also seen as an appreciation of their efforts in representing Nigeria at the continental level and bringing another major sporting success to the country, The players’ achievement adds to D’Tigress’ impressive record in African basketball and highlights the team’s continued consistency in major international competitions.
The Issues
The reward comes at a time when athletes and sports stakeholders have continued to call for greater recognition and improved welfare for Nigerian sportsmen and women, For D’Tigress, the $100,000 payment represents a significant financial reward for their continental success and could further encourage the players to maintain their high level of performance, Beyond the financial incentive, the gesture also highlights the importance of government support for national teams competing at major international competitions.
What’s Being Said
The Federal Government’s reward reflects its recognition of D’Tigress’ achievement and the importance of the team’s fifth AfroBasket triumph, The players have continued to attract praise for their performances, while the latest title reinforces Nigeria’s position as a major force in women’s basketball in Africa.
What’s Next
Attention will now turn to D’Tigress’ preparations for their next international assignments as the team seeks to build on its latest continental success, The players and coaching staff will also be expected to maintain the standards that have helped Nigeria remain competitive on the international basketball stage.
Bottom Line
D’Tigress’ fifth AfroBasket title has earned the players a major financial reward from the Federal Government, with each player receiving $100,000 in recognition of the achievement, The gesture underscores the significance of their success and provides another incentive for the team to continue representing Nigeria strongly in future competitions.
Stanbic IBTC Reinforces Capital Markets Leadership Through Dangote Refinery IPO
Stanbic IBTC Holdings PLC has reinforced its position as a leading end-to-end financial services provider through its pivotal role in the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE, one of the most significant transactions in Nigeria’s capital market history.
Through its subsidiaries, Stanbic IBTC is serving as Joint Lead Issuing House, Joint Stockbroker and Receiving Bank for the transaction, underscoring the Group’s ability to provide integrated financial solutions across advisory, execution, distribution and investor access.
The IPO represents a major milestone for Nigeria’s capital market and offers investors the opportunity to participate in the growth of one of Africa’s largest integrated refining and petrochemical businesses.
Speaking at the official signing ceremony held in Lagos, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said: “The Dangote Refinery IPO is a landmark transaction that reflects the depth and growing sophistication of Nigeria’s capital market. We are proud to play a key role in facilitating investor participation through secure, seamless and accessible banking channels while supporting a transaction that contributes meaningfully to economic growth and industrial development.”
Speaking at the signing ceremony, Aliko Dangote, GCON, Chairman of the Board of Directors of Dangote Petroleum Refinery & Petrochemicals and President and Chief Executive of Dangote Industries Limited, described the IPO as a defining milestone in the evolution of the refinery and a unique opportunity to broaden ownership of one of Africa’s most strategic industrial assets. He noted that the offer is designed to enable a wider community of investors to participate directly in the refinery’s future growth, value creation and contribution to Africa’s energy security.
Also commenting on the transaction, David Bird, Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, highlighted the refinery’s transformative impact on Nigeria’s energy landscape and its role in supporting industrial development. He noted that the IPO provides investors with an opportunity to participate in the next phase of the refinery’s growth journey as it continues to expand capacity and create long term economic value.
Commenting on the significance of the transaction, Oladele Sotubo, Chief Executive, Stanbic IBTC Capital Limited, said: “As Joint Lead Issuing House, we are pleased to support a transaction of this scale and strategic importance. Our role reflects Stanbic IBTC Capital’s extensive experience in structuring and executing complex capital market transactions that help businesses unlock value and access long-term growth capital.”
“We remain committed to deepening participation in Nigeria’s capital market by providing investors with efficient and reliable access to investment opportunities. Through our stockbroking expertise and digital capabilities, we are making it easier for investors to participate in this landmark offering.”
Stanbic IBTC’s involvement in the transaction highlights the strength of its integrated financial services model, which brings together investment banking, banking and stockbroking capabilities to deliver seamless solutions for issuers and investors alike.
With a longstanding track record of advising on and executing many of Nigeria’s most notable capital market transactions, Stanbic IBTC continues to play a critical role in connecting businesses to capital, facilitating wealth creation and supporting sustainable economic growth.
• Michelin urges motorists to prepare their vehicles before driving in heavy rain. • Wet roads, poor visibility and flooding can increase driving risks during rainy periods. • Proper tyre condition, greater following distance and lower speeds can improve safety.
MAIN STORY
Michelin has urged motorists across Africa to take extra precautions during the rainy season, warning that wet roads, reduced visibility and flooding can make driving more difficult.
The tyre manufacturer said changing weather conditions require motorists to prepare their vehicles and adapt their driving behaviour before travelling.
In Nigeria, the rainy season generally runs from April to October, with the heaviest rainfall between June and September. Kenya and Tanzania experience two main rainy periods, while much of South Africa receives its heaviest rainfall between October and March.
Michelin said motorists should monitor weather conditions, plan their journeys and check their vehicles before setting out.
Tyres are particularly important in wet weather because adequate tread and correct inflation help maintain contact with the road and reduce the possibility of losing control.
Amaury Vadon, Vice President for Sales in Africa, India and the Middle East and Commercial Director, Sub Saharan Africa at Michelin, said drivers should be prepared for rapid changes in road conditions during rainfall.
He advised motorists to exercise greater caution when braking and taking corners on wet roads.
Visibility is another concern during heavy rainfall. Michelin advised drivers to ensure that headlights, brake lights and indicators are functioning properly and that windscreen wipers can effectively clear rain from the windscreen.
The company also advised motorists to reduce their speed, avoid sudden braking and increase the distance between vehicles to allow more time to react.
Drivers were further advised against overtaking in heavy rain, travelling through flooded areas where water depth is uncertain and using cruise control in wet conditions.
THE ISSUES
Rain can quickly change road conditions, particularly where drainage is poor or roads have already suffered damage. Water on the road can reduce tyre grip while heavy rainfall can make it harder for drivers to see other vehicles, pedestrians and hazards.
Vehicle preparation is therefore not limited to tyres. Michelin also recommends checking the battery, particularly before and during the rainy season.
Damp conditions can affect exposed electrical components and connections, especially where they are already worn. Keeping battery terminals clean and secure and ensuring the battery is in good condition can help prevent starting problems.
WHAT’S BEING SAID
“During the rainy season, roads can become wet very quickly, and conditions can change without warning.” – Amaury Vadon
“Drivers should ensure their tyres are in good condition and adjust their driving style, especially when braking or cornering on wet roads.” – Amaury Vadon
WHAT’S NEXT
Motorists are advised to check their vehicles before travelling, monitor weather conditions and adjust their driving to match road conditions throughout the rainy season.
BOTTOM LINE
Michelin is urging African motorists to treat rainy season driving as a higher risk period requiring better vehicle preparation and more cautious driving. Tyre condition, visibility, speed and stopping distance are among the factors drivers should pay particular attention to.
Cowry Asset Management identified Access Holdings, Dangote Sugar, Fidelity Bank, HBM Nigeria and Zenith Bank as stocks with upside potential
Access Holdings and Fidelity Bank carry the highest projected upside at 40%, based on the investment firm’s target prices
The recommendations include target prices, early profit-taking levels and stop-loss levels for investors
Main Story
Cowry Asset Management Limited has identified five Nigerian Exchange-listed stocks with potential upside of between 28% and 40%, based on its stated reference prices and target valuations.
Access Holdings has the highest projected upside at 40%, with Cowry setting a target price of ₦42.07 against a reference price of ₦30. The firm placed an early profit-taking level at ₦34.56 and a stop-loss level at ₦25.54.
Dangote Sugar Refinery carries a projected 36% upside, with the stock referenced at ₦72 and a target price of ₦97.92. Cowry set an early profit-taking level at ₦82.80 and a stop-loss at ₦61.20. The stock’s stated 52-week high is ₦95.80.
Fidelity Bank also carries a 40% projected upside, based on a reference price of ₦20 and a target price of ₦27.20. Cowry’s stated early profit-taking level is ₦22.43, while the stop-loss level is ₦16.58.
For HBM Nigeria Plc, Cowry projects a 30% upside from a reference price of ₦345 to a target price of ₦464.10. The firm placed the early profit-taking level at ₦410.55 and the stop-loss level at ₦303.45. The stock’s stated 52-week high is ₦389.
Zenith Bank has a projected 28% upside, with Cowry setting a target price of ₦163.20 against a reference price of ₦128.60. The bank’s stated early profit-taking level is ₦146.63, while the stop-loss level is ₦108.38.
The recommendations are market views rather than guaranteed returns. Actual performance will depend on earnings, market liquidity, investor sentiment and broader economic conditions.
What’s Being Said
Cowry Asset Management’s recommendations indicate that the firm expects selected financial, consumer and industrial stocks to appreciate toward their estimated target values.
The report’s price levels provide investors with three reference points: the stated target price for the projected upside, an earlier profit-taking level for investors seeking shorter-term gains and a stop-loss level intended to limit losses if the trade moves against them.
The recommendations were published in a market report reproduced by MarketForces Africa, which identified Cowry Asset Management as the investment firm behind the stock calls.
What’s Next
Investors will track the five stocks against Cowry’s stated target, profit-taking and stop-loss levels
Subsequent company earnings and corporate disclosures could influence whether the projected valuations are reached
NGX market liquidity, investor sentiment and broader economic conditions will remain important to the stocks’ performance
Bottom Line
The Bottom Line: Cowry’s recommendations point to significant valuation upside across selected NGX equities, particularly Access Holdings and Fidelity Bank. However, the projected returns are estimates, not assured gains, making the stated stop-loss levels and underlying company fundamentals important considerations for investors.
• France will not support Gianni Infantino’s bid for another term as FIFA president.
• The French Football Federation said the decision was taken unanimously.
• France joins Belgium, Italy, Scotland, Sweden and Wales in withdrawing support for Infantino.
• The 56-year-old Swiss is currently the only confirmed candidate for the March 2027 FIFA presidential election.
• The opposition follows backlash over Infantino’s now-abandoned plan to bring private investment into the men’s and women’s World Cups.
Main Story
France has withdrawn its support for Gianni Infantino’s candidacy for another term as FIFA president, the French Football Federation (FFF) announced on Thursday, The decision places the FFF alongside several other European football federations that have publicly withdrawn their backing for Infantino ahead of the FIFA presidential election scheduled for March 2027.
Belgium, Italy, Scotland, Sweden and Wales have also expressed opposition to supporting the Swiss administrator, FIFA confirmed last weekend that Infantino would stand for re-election, despite growing criticism surrounding his now-abandoned proposal to bring private investment into the men’s and women’s World Cups, At present, Infantino, 56, is the only confirmed candidate for the presidency.
The Issues
The decision by France adds to growing opposition to Infantino among some European football associations, The dispute has been linked in part to concerns over the direction of FIFA’s governance and the way major decisions affecting international football are being handled, The backlash intensified following Infantino’s proposal involving private investment in the World Cups, although the plan has since been abandoned.
What’s Being Said
FFF president Philippe Diallo said the federation no longer had confidence in the direction of FIFA under Infantino, “We believe that the trust placed in the FIFA president has been betrayed, and that the way in which the governance of world football is envisaged no longer reflects us,” Diallo said.
He added that the decision to withdraw support was reached unanimously by members of the French Football Federation, “That is why, by a unanimous decision of its members, the French Football Federation has decided to withdraw its support for Gianni Infantino’s candidacy for the FIFA presidency,” he said.
What’s Next
Attention will now turn to the March 2027 FIFA presidential election and whether additional football associations will withdraw their support for Infantino or back alternative candidates, With Infantino currently the only confirmed candidate, the level of opposition from European federations could become an important issue as the election campaign develops.
Bottom Line
France has joined a growing group of European football federations withdrawing support for Gianni Infantino’s bid for another term as FIFA president, citing concerns over trust and the direction of football governance.
Donald Trump proposed renaming the Strait of Hormuz the “Trump Strait” in a September 2 Truth Social post
The proposal came amid heightened U.S.-Iran tensions over control and security of the strategic waterway
The White House says U.S. forces have cleared Iranian mines from international shipping lanes, while Iran continues to challenge U.S. control of the strait
Main Story
U.S. President Donald Trump has suggested renaming the Strait of Hormuz the “Trump Strait” amid escalating tensions with Iran over control of the strategic waterway.
Trump made the proposal on September 2 through Truth Social, asking whether the waterway should be renamed after claiming that the United States had established control over it.
“Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT???” Donald Trump, U.S. President.
The proposal came as U.S. and Iranian forces continued to contest control of the waterway, a major route for global oil shipments. The White House said in August that U.S. forces had cleared Iranian mines from international shipping lanes and that nearly 1,500 commercial vessels had moved through the strait under U.S. protection.
Trump has repeatedly asserted that the United States controls the waterway. In a September 1 post, he said U.S. forces were striking Iranian targets near the strait in response to an alleged Iranian attempt to deploy sea mines.
Iran has disputed the U.S. position and has continued to challenge Washington’s efforts to control maritime traffic. The confrontation has intensified risks around one of the world’s most important energy corridors, with shipping activity and oil flows affected by the wider conflict. Recent reporting has also shown that oil-market participants face uncertainty over the volume of crude moving through the waterway.
Trump’s suggestion follows an earlier proposal to rename the Gulf of Mexico as the “Gulf of America”. The president later described the Hormuz renaming idea as something he had “just thrown out there”, indicating that it was not necessarily a formal U.S. policy proposal.
What’s Being Said
“Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT???” Donald Trump, U.S. President.
The White House has maintained that U.S. forces control the waterway and said commercial vessels have continued moving through under U.S. protection. Iran, meanwhile, has rejected the U.S. position and has continued to assert its ability to restrict maritime activity around the strait.
What’s Next
U.S.-Iran tensions around maritime security and control of the Strait of Hormuz remain a key risk for global energy markets
Iran has announced plans for a new exclusion zone near the strait, adding another potential restriction on commercial shipping
Further military or diplomatic developments could affect crude oil flows, shipping costs and energy prices
Bottom Line
The Bottom Line: Trump’s proposed name change is political symbolism rather than an established change to the waterway’s name, but it underscores the strategic importance of U.S. control over the Strait of Hormuz. The more consequential issue for markets remains whether the conflict can disrupt energy shipments and sustain higher oil and shipping costs.
Nigeria’s economic growth is failing to translate into a corresponding improvement in living standards, income, productivity and economic influence, economist Bismarck Rewane has said, warning that the country risks remaining a fast growing but underdeveloped economy unless it converts its major resources and emerging opportunities into broader economic gains.
Rewane made the assessment in a presentation titled Awakening The Sleeping Giant: Nigeria in the African Context, delivered at the Lagos Business School Breakfast Session on September 2, 2026.
The presentation examines Nigeria’s changing position within Africa, its economic strengths and structural weaknesses, the sectors capable of driving stronger growth, developments in energy and financial markets, and the outlook for the economy.
According to Rewane’s presentation, Nigeria still possesses many of the characteristics of a major economic power, including a large population, abundant natural resources, a substantial domestic market, a strong financial sector, an expanding technology ecosystem and considerable cultural influence.
However, these advantages have not translated into a comparable improvement in economic welfare or Nigeria’s influence within Africa.
The presentation describes the situation as a paradox, noting that Nigeria can experience relatively strong economic growth while remaining constrained by poverty, low productivity, weak infrastructure, energy shortages, insecurity and limited income per head.
Nigeria’s share of Africa’s economy has fallen sharply
Rewane’s presentation shows that Nigeria’s economic weight within sub Saharan Africa has declined significantly over the past decade.
Nigeria’s share of sub Saharan African GDP fell to 13 per cent in 2025 from 31 per cent in 2014, according to the presentation.
Its share of West Africa’s GDP has also declined. Nigeria accounted for 58.4 per cent of West Africa’s GDP in 2000 and 65 per cent in 2014, but the figure fell to 36.7 per cent in 2024 before recovering to 42 per cent in 2025.
The presentation also places Nigeria behind South Africa and Egypt among Africa’s largest economies, marking a significant reversal from the period when Nigeria occupied the continent’s top position.
Rewane links the deterioration to weakening purchasing power and what the presentation describes as crony capitalism, alongside broader structural weaknesses that have limited the country’s ability to convert economic resources into sustained productivity.
The presentation notes that Nigeria’s real GDP growth averaged about 7 per cent between 2000 and 2014, placing the country among Africa’s stronger performers during that period.
The subsequent slowdown has coincided with a rapidly growing population. Nigeria’s population increased from about 149 million in 2006 to approximately 237 million in 2025, representing a 59.06 per cent increase.
The presentation argues that food production has increased, but the pace of population growth has created additional pressure on the country’s ability to provide sufficient food and improve living standards.
Economic growth is not translating into better living standards
The central argument of Rewane’s presentation is that headline economic growth should not be confused with economic development.
Nigeria recorded real GDP growth of 4.43 per cent, but the presentation places this alongside much weaker indicators of household welfare, including low income per head, low energy consumption, poverty and a life expectancy of about 54.9 years.
The presentation projects Nigeria’s income per head at $1,557.18 in 2026, describing the country’s income level as among the lowest when compared with other major African economies and among the lowest globally.
It also places Nigeria’s energy consumption at about 0.26 kilotonnes of oil equivalent per person in 2026, compared with 1.50 in South Africa and 0.86 in Egypt.
Life expectancy is projected at about 54 years in 2026, with the presentation attributing the low level largely to high early childhood mortality, inadequate healthcare infrastructure and widespread poverty.
These figures form the basis for one of the presentation’s strongest conclusions: “A country can be fast growing but underdeveloped.”
Poverty and insecurity remain major threats to the growth story
Rewane’s presentation argues that improvements in some macroeconomic indicators have yet to translate into meaningful improvements in household welfare or security for most Nigerians.
It cites a poverty rate of 63 per cent in 2025, representing about 140 million people below the national poverty line. The presentation projects poverty at about 62 per cent in 2026, equivalent to roughly 141 million people.
The poverty rate, according to the presentation, increased from 56 per cent in 2023 to 61 per cent in 2024 and 63 per cent in 2025.
Security pressures have compounded the problem.
The presentation cites about 750 terrorism related deaths and 171 attacks in 2025, while placing Nigeria fourth globally in the 2026 Global Terrorism Index. It identifies ISWAP and Boko Haram as responsible for about 80 per cent of terrorism deaths.
Kidnapping has also worsened. According to the presentation, 7,825 people were abducted between July 2025 and June 2026, representing a 66 per cent increase, while about ₦7.78 billion was paid in ransom.
The presentation says Boko Haram captured more than 90 per cent of ransom proceeds during the period.
It also places Nigeria eighth globally in organised crime in 2025, compared with 16th in 2020, indicating a deterioration in the country’s crime ranking over the five year period.
Nigeria still has the foundations of a major economic power
Despite the challenges, Rewane’s assessment is not that Nigeria lacks economic potential.
The presentation identifies the country’s large population, natural resources, domestic market, financial sector, technology ecosystem, entrepreneurial capacity and cultural influence as major strengths.
It also identifies refining potential as an increasingly important advantage.
The challenge, according to the presentation, is the country’s inability to create sufficiently strong connections between these assets and the wider economy.
High cost of capital, underemployment, infrastructure gaps, low productivity, power constraints, insecurity and fiscal pressures continue to limit the ability of businesses and households to benefit from these strengths.
This is why the presentation places considerable emphasis on sectors with strong linkages to other parts of the economy.
Refining could change Nigeria’s position in Africa
The Dangote Refinery occupies a significant position in Rewane’s assessment of Nigeria’s economic opportunities.
The presentation argues that Nigeria’s dependence on imported refined petroleum products previously resulted in an annual fuel import bill of between $20 billion and $25 billion between 2002 and 2022, while creating opportunities for rent seeking and leaving domestic refining capacity underutilised.
The emergence of large scale domestic refining could alter that structure.
According to the presentation, the Dangote Refinery is already producing at a scale capable of reducing Nigeria’s dependence on imported refined products, with production reaching about 75 million litres per day.
The change is potentially larger than simply replacing imported petrol and other petroleum products.
Rewane’s presentation argues that Nigeria could move from being an importer of refined petroleum products in Africa to becoming a supplier to the continent and international markets.
The refinery is already exporting aviation fuel, including to international destinations, while West African regulators are exploring the possibility of a regional fuel pricing benchmark and trading hub as refining capacity expands.
The presentation therefore sees Nigeria developing into an energy hub, refining hub, aviation fuel supplier, petrochemical hub and regional trading centre.
The refinery’s bigger opportunity lies in its economic linkages
Rewane’s presentation argues that the Dangote Refinery should not be considered in isolation because its most important economic effect could come from the businesses that develop around it.
The refinery could support petrochemicals, manufacturing, logistics, ports, financial services, technology and other businesses while creating jobs and increasing exports.
The presentation describes these connections as the real multiplier effect.
Its broader sector analysis identifies manufacturing, telecommunications, crop and animal production, trade, land transport and oil refining among sectors with strong backward and forward linkages.
These sectors can both demand inputs from other parts of the economy and supply products and services to other businesses.
The implication is that Nigeria’s growth strategy should focus not only on sectors that expand output, but on sectors capable of transmitting that growth throughout the economy.
Power remains critical to Nigeria’s industrial ambitions
Electricity is another major part of the presentation’s economic outlook.
Rewane’s presentation points to a push towards higher electricity generation and transmission capacity, including a government target of 8,000 megawatts of reliable electricity wheeling by the end of 2027, compared with about 5,000 megawatts currently.
The Transmission Company of Nigeria has secured more than $1.4 billion in loans and grants to expand the transmission network, with the funding supporting the commissioning of 89 transformers.
The presentation also highlights Aliko Dangote’s proposed 20,000 megawatt power project as part of the emerging push to increase electricity supply.
At the same time, the government is attempting to address longstanding liquidity problems in the electricity market. The presentation says the Federal Government paid ₦333 billion to generating companies and is planning another ₦729 billion issuance to clear outstanding obligations.
Renewable energy is also becoming a larger component of the country’s energy mix.
According to the presentation, solar is now contributing more than 10 per cent of the energy mix, with Nigeria adding about 803 megawatts of solar photovoltaic capacity in 2025 and reaching roughly 1.2 gigawatts of cumulative capacity.
Stronger power supply could unlock wider economic activity
The presentation links improvements in electricity supply to industrialisation, agricultural value addition and the expansion of the digital economy.
Manufacturing, mining and quarrying, cement and construction materials, agriculture, telecommunications, retail, financial services, transportation, hospitality and healthcare are among the sectors identified as potential beneficiaries.
This reflects Rewane’s broader argument that Nigeria needs growth with stronger connections across the economy.
A stronger power system could reduce operating costs for businesses, support production, improve agricultural processing and strengthen digital and service based businesses.
Inflation could remain a constraint despite stronger growth
The presentation expects inflation to remain elevated in the near term, with food prices continuing to place pressure on the headline rate.
It projects headline inflation around 16 per cent to 17 per cent in the short term and identifies food prices and supply side pressures as major drivers.
Insecurity, infrastructure deficiencies and import dependence are also identified as structural factors that continue to feed inflation.
The presentation therefore expects inflation to remain a major constraint through 2026 even as the economy maintains positive growth.
CBN faces a difficult decision on interest rates
The inflation outlook leaves the Central Bank of Nigeria facing a difficult monetary policy decision.
Rewane’s presentation places the probability of the Monetary Policy Committee holding rates at 60 per cent, with a 40 per cent probability of a cut and no expectation of a rate increase.
A potential cut, according to the presentation, would likely be modest, at about 25 to 50 basis points.
The presentation argues that the CBN is caught between rising money supply, political spending and renewed food price pressures.
A further increase in petrol prices could also reignite inflation, making an aggressive easing cycle difficult.
The presentation therefore suggests that the CBN is likely to wait for clearer evidence that food inflation is temporary before reducing rates substantially.
Nigeria’s high real interest rate could attract foreign investors
Despite the inflation challenge, Nigeria’s high interest rate environment is creating an important attraction for foreign portfolio investors.
The presentation places inflation at 15.43 per cent and the interest rate at 26.5 per cent, producing a real interest rate of about 11.07 per cent.
According to the presentation, this gives Nigeria one of the most attractive real yields available to international investors and could support renewed foreign portfolio inflows.
Gross foreign exchange reserves stood at $53.31 billion on August 27, while the presentation expects reserve accumulation to remain supported by oil revenue and portfolio inflows.
Foreign investors are also being attracted by exchange rate stability, high interest rates and what the presentation describes as improving policy credibility.
The naira has moved from overvaluation towards undervaluation
The presentation’s assessment of the naira has also changed significantly from the period of severe exchange rate distortions.
According to the presentation, the naira was substantially overvalued around 2022, with an estimated peak overvaluation of 22.7 per cent based on IMF data.
The currency subsequently underwent a major correction in 2023 and has since stabilised.
Rewane’s presentation now describes the naira as technically undervalued by 12.70 per cent.
However, it identifies several structural factors that continue to weigh on the currency, including limited export diversification, persistent demand for dollars, a high country risk premium and foreign exchange liquidity constraints.
Nigeria’s stock market boom faces a busy September
Nigeria’s capital market has also recorded significant gains.
The presentation says the Nigerian Exchange was the world’s best performing stock market in dollar terms in July 2026, recording a year to date return of about 65 per cent according to Bloomberg.
NGX market capitalisation stood at about ₦157.7 trillion, equivalent to 35.56 per cent of GDP.
However, Rewane’s presentation cautions that market capitalisation does not automatically translate into higher productivity in the wider economy.
September is expected to bring several events capable of reshaping investor behaviour, including the US Federal Reserve meeting, the Monetary Policy Committee meeting, the Dangote Refinery initial public offering, the review of the Central Bank’s open market operations policy and FTSE Russell’s reclassification of Nigeria to Frontier Market status.
Dangote Refinery IPO could reshape the capital market
The Dangote Refinery IPO is presented as one of the most important near term developments for the Nigerian market.
According to the presentation, the IPO could increase NGX market capitalisation from about ₦158 trillion to approximately ₦210 trillion, taking the market to about 46 per cent of GDP.
The transaction could also broaden the investor base through pension fund participation and potential cross listing.
In the short term, however, Rewane’s presentation expects investors to rotate out of some existing holdings to finance subscriptions to the IPO, potentially putting pressure on the broader market.
The presentation nevertheless expects the offer to attract strong demand and potentially become oversubscribed.
Nigeria’s creative economy is emerging as a source of foreign exchange
The presentation identifies the creative economy as another area where Nigeria’s international influence is expanding.
Nollywood’s annual film output increased from about 1,000 to 1,500 films in 2016 to about 2,500 in 2026, according to the presentation.
Cinema screens also increased from 134 to 369 over the period, although cinema attendance was lower at 2.79 million in 2026 compared with 3.23 million in 2016.
Nigeria’s music industry has similarly expanded its international presence.
The number of Nigerian Grammy nominees increased from one in 2019 to five in 2026, while Nigerian artists recorded six O2 Arena sellouts in 2025 and 2026 compared with two in 2019.
Rewane’s presentation estimates that the creative economy contributes about 2.3 per cent of GDP and supports more than 4.2 million jobs.
It also identifies streaming, licensing, tours, concerts, digital distribution, social media, telecommunications, financial services and digital payments as channels through which Nigeria’s creative output can generate foreign exchange.
The presentation describes these earnings as part of Nigeria’s invisible inflows and argues that services and talent exports can help bridge the country’s revenue gap.
Nigeria’s trade with Africa remains heavily dependent on commodities
Despite the potential for broader African economic influence, Nigeria’s export structure remains concentrated.
The presentation says crude oil accounts for 71 per cent of total exports, while gas contributes 12 per cent and other products account for 17 per cent.
It also identifies fertilizer and cocoa as increasingly important export products.
Nigeria’s leading African export markets include Togo, South Africa, Ivory Coast, Egypt and Senegal, while its West African exports are concentrated in Togo, Ivory Coast, Senegal, Ghana and Benin.
The presentation argues that diversification remains critical if Nigeria is to convert its large market and production capacity into greater influence across Africa.
September brings a fresh test for Nigeria’s economy
Rewane’s September outlook points to a combination of monetary, fiscal, political and external pressures.
The presentation expects government spending to increase sharply as the country moves towards the 2027 elections, while higher political spending could increase naira liquidity.
It also expects oil production to rise towards about 1.65 million barrels per day and anticipates increased Dangote Refinery production as the refinery receives more crude from the Nigerian National Petroleum Company.
The presentation puts the Dangote Refinery IPO on September 14 among the major events for the month.
It also expects August year on year inflation at about 16.15 per cent and places a 60 per cent probability on the MPC holding rates, particularly if the US Federal Reserve adopts a hawkish position.
The presentation projects the naira at about ₦1,390 to ₦1,430 per dollar in the parallel market, with the official rate around ₦1,300, while warning that a widening gap between official and parallel rates could concern investors.
Nigeria’s sleeping giant still has to turn potential into productivity
Rewane’s presentation ultimately presents Nigeria as an economy with significant resources and opportunities but a persistent failure to translate those advantages into broad based prosperity.
The country has a large population, a major domestic market, natural resources, a growing technology ecosystem, an increasingly influential creative economy and emerging opportunities in refining, power and financial markets.
But poverty, insecurity, low income, weak productivity, infrastructure deficiencies and energy constraints continue to prevent those advantages from producing the level of economic welfare expected of a country of Nigeria’s size.
The presentation’s central challenge is therefore not whether Nigeria possesses the resources to become a major economic force.
It is whether the country can build the infrastructure, security, productivity and economic linkages required to turn those resources into sustained improvements in incomes and living standards.
For Rewane, that is what it means to awaken the sleeping giant.
