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Daimler Truck to invest hundreds of millions in hydrogen trucks

By
Kehinde Victor
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KEY POINTS

• Daimler Truck plans to invest several hundred million euros in hydrogen powered trucks by 2030.
• The company will pursue hydrogen and battery electric technology as parallel options for cutting emissions.
• It plans to put an initial 100 hydrogen powered trucks into customer use from the end of 2026.

MAIN STORY

Daimler Truck plans to invest several hundred million euros in hydrogen powered trucks by the end of the decade as it expands its strategy for reducing emissions from road transport.

Chief Executive Karin Rådström told dpa that the German truckmaker would increase its investment in hydrogen technology while continuing to develop battery electric vehicles.

The company considers hydrogen particularly suitable for transport operations where customers require greater payload capacity and longer driving ranges.

Hydrogen trucks can also be refuelled considerably faster than battery electric vehicles can be charged. Rådström said limitations in expanding electricity infrastructure could further support the case for hydrogen in some applications.

However, she said hydrogen would not be appropriate for every customer. The company expects the choice between hydrogen and battery electric trucks to depend on factors such as energy prices in individual countries and the availability of the required infrastructure.

Daimler Truck has already offered battery electric trucks for several years, although they still represent a small proportion of its overall sales.

Following prototype testing, the company plans to place a small series of 100 hydrogen powered trucks with customers from the end of this year.

The truckmaker is also working with companies across the transport, energy and industrial sectors to develop a hydrogen ecosystem. It is expected to provide further details at a trade fair in Hanover next week.

THE ISSUES

Daimler Truck’s approach reflects the different requirements of commercial road transport. While battery electric vehicles can meet many operating needs, longer range, payload requirements and faster refuelling could make hydrogen more suitable for some applications.

The availability and cost of energy and supporting infrastructure will also influence which technology customers adopt in different markets.

WHAT’S BEING SAID

“We have invested a lot in battery electric vehicles, but now we are taking the next step and putting a lot of money into making hydrogen a success.” – Karin Rådström

“There are clear use cases where our customers really need the payload and the range.” – Karin Rådström

“We do not want to make the same mistake that was made in electric mobility.” – Karin Rådström

WHAT’S NEXT

Daimler Truck plans to begin customer use of its initial 100 hydrogen powered trucks from the end of this year.

The company will also outline its plans for developing a wider hydrogen ecosystem with transport, energy and industrial partners at a trade fair in Hanover next week.

BOTTOM LINE

Daimler Truck is committing several hundred million euros to hydrogen powered trucks while retaining battery electric vehicles as another route to lower emissions. The company expects the two technologies to serve different customer needs depending on range, payload, energy costs and infrastructure.

Arewa groups commend Dangote over petrol price moderation

TCN begins rehabilitation of four vandalised towers in Rivers

By
Kehinde Victor
-
TCN To Reconnect 2 Discos On May 1

KEY POINTS

• TCN has started repairing four vandalised transmission towers in Rivers State.
• The damage involved the removal of critical structural members from the towers.
• The company is seeking community support to prevent further vandalism.

MAIN STORY

The Transmission Company of Nigeria (TCN) has commenced rehabilitation of four transmission towers damaged by vandals along the Afam, IPP and Elelenwo 132kV Double Circuit Transmission Line in Rivers State.

The affected towers, identified as T50, T51, T52 and T53, were discovered by TCN linesmen on Aug. 6 during inspection of the transmission corridor.

Further checks showed that critical bracing members had been removed from the structures, weakening the towers and raising concerns about their ability to safely support the transmission line.

TCN subsequently mobilised a contractor to the site to begin repair work, with the Port Harcourt Transmission Region formally handing over the affected facilities on Tuesday to mark the start of rehabilitation.

Mr Azu Lucky, Head of Lines, Port Harcourt Transmission Region, who represented TCN management at the handover, said protecting the infrastructure would require stronger cooperation from communities along the corridor.

He appealed to residents of Elelenwo, traditional rulers and the local government chairman to support the company’s efforts to prevent vandalism while the rehabilitation is underway.

Lucky said TCN was aware of the threat that damage to the towers posed to electricity transmission along the corridor and pledged that the company would work to complete the repairs on schedule.

THE ISSUES

The removal of structural components from the four towers compromised their integrity and created a risk to the transmission infrastructure serving the corridor.

TCN’s appeal to local residents highlights the importance of community cooperation in protecting electricity infrastructure, particularly after the damaged towers are restored.

WHAT’S BEING SAID

“We are mindful of the risk that vandalism of these towers poses to reliable transmission of electricity along the corridor.” – Azu Lucky

“The company will do everything possible to ensure the timely completion of the rehabilitation works.” – Azu Lucky

“TCN appeals to residents of Elelenwo and surrounding communities to support the ongoing rehabilitation efforts and to remain vigilant against acts of vandalism around transmission facilities.” – Azu Lucky

WHAT’S NEXT

TCN will continue with the rehabilitation of the four towers and has called on surrounding communities to cooperate with the company and report acts of vandalism around transmission facilities.

BOTTOM LINE

TCN has begun repairing four transmission towers in Rivers after vandals removed critical structural members from them. The company says community cooperation will be important to protecting the rehabilitated infrastructure and maintaining reliable transmission along the corridor.

Katsina police reinforce Funtua with personnel, APC

Badejo to assume office as LASU vice chancellor Sept. 20

By
Kehinde Victor
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Minimum wage
ASUU, NASU Lock Main Entrance of Lagos State University over Minimum Wage

Key Points

• Prof. Ayodeji Badejo will take over as LASU vice chancellor on Sept. 20.
• She succeeds Prof. Ibiyemi Olatunji Bello, whose five year tenure ends with her retirement.
• Badejo is a professor of Guidance and Counselling and holds postgraduate degrees from the University of Lagos.

Main Story

Prof. Ayodeji Badejo, the newly appointed Vice Chancellor of Lagos State University, will officially assume office on Sept. 20, the university has announced.

The university’s Deputy Registrar and Coordinator, Centre for Information and Public Relations, Mrs Oluwayemisi Thomas Onashile, disclosed this on Wednesday evening.

Badejo will succeed Prof. Ibiyemi Olatunji Bello, whose five year tenure as vice chancellor ends with her retirement.

Her appointment was made by Gov. Babajide Sanwo Olu of Lagos State and announced in a statement issued by the state Commissioner for Information and Strategy, Mr Gbenga Omotoso, on Wednesday.

Thomas Onashile said the appointment followed the provisions of the LASU Law 2004, as amended.

Badejo, born on Aug. 4, 1962, is a professor of Guidance and Counselling. She obtained her doctorate in Guidance and Counselling from the University of Lagos and also holds a Master of Education in the same field from the institution.

The Issues

Badejo’s assumption of office marks the beginning of a new administration at LASU following the completion of Olatunji Bello’s five year tenure.

The university’s announcement also confirms the date from which the new vice chancellor will formally take responsibility for the institution’s administration.

What’s Being Said

“Badejo will assume duty on Sept. 20.” – Oluwayemisi Thomas Onashile

“She said the appointment was in accordance with the provisions of LASU Law, 2004, as amended.” – Oluwayemisi Thomas Onashile

What’s Next

Badejo is expected to formally take over the leadership of LASU on Sept. 20.

Bottom Line

Prof. Ayodeji Badejo will become the next Vice Chancellor of Lagos State University on Sept. 20, succeeding Prof. Ibiyemi Olatunji Bello after the completion of her five year tenure.

Expert urges Nigeria to adopt UNCITRAL law to save shipping firms

Katsina police reinforce Funtua with personnel, APC

By
Kehinde Victor
-

Key Points

• Police reinforce Funtua with additional personnel and an Armoured Personnel Carrier.
• Security agencies review threats across four local government areas in the zone.
• Stakeholders agree to strengthen intelligence sharing and joint operations.

Main Story

The Katsina State Police Command has reinforced security in Funtua with additional personnel and an Armoured Personnel Carrier following a review of security conditions across the zone.

The Commissioner of Police, Aliyu Umar Fage, announced the deployment on Wednesday at a stakeholders’ security meeting in Funtua convened by the police in partnership with the state government and other relevant bodies.

The security review covered Funtua, Faskari, Sabuwa and Dandume local government areas, with participants agreeing on measures to improve coordinated operations and response to security threats.

The command said the reinforcement formed part of efforts to strengthen its presence in the area and protect residents and property.

Beyond physical security measures, the meeting addressed the circulation of misinformation on social media, which the police said could create panic and interfere with security operations.

Umar Fage urged residents to exercise caution when sharing information online and verify reports before circulating them.

He also called on members of the public to alert the police to suspicious persons or activities to enable prompt intervention.

The commissioner reaffirmed the command’s commitment to operational effectiveness and maintaining security across the Funtua zone and the wider state.

The Issues

Security agencies in the zone are seeking to improve how they respond to threats by combining increased personnel with better coordination and intelligence gathering.

The focus on social media misinformation also reflects concern that unverified reports can complicate security operations by creating fear among residents or spreading inaccurate accounts of incidents.

What’s Being Said

“The meeting aimed to review the security situation in Funtua zone comprising Faskari, Sabuwa and Dandume local government areas.” – Aliyu Umar Fage

What’s Next

Participants resolved to intensify joint security operations, intelligence sharing and rapid response mechanisms across the affected areas.

The stakeholders involved included the Commissioner for Internal Security and Home Affairs, representatives of the 17 Brigade of the Nigerian Army, the State Director of the Department of State Services, traditional and religious leaders, and the four local government council chairmen in the zone.

Bottom Line

The Katsina Police Command has strengthened its security presence in Funtua with additional personnel and an APC after stakeholders reviewed security challenges across the zone. Authorities also agreed to improve intelligence sharing, joint operations and response times.

US bans some Canadian imports as trade dispute escalates

Arewa groups commend Dangote over petrol price moderation

By
Kehinde Victor
-

Key Points

• Arewa civil society groups commend Dangote Refinery for maintaining petrol prices below import parity.
• Dangote’s gantry price of ₦1,265 is about ₦45.64 below the cited import parity price.
• Coalition urges stronger crude supply to local refineries and lower retail prices for consumers.

Main Story

The Coalition of Arewa Civil Society Groups has commended Dangote Refinery for moderating petrol prices amid pressures in the international oil market.

The coalition’s coordinator, Jabir Maiturare, gave the commendation in a statement on Wednesday in Kaduna, describing increased domestic refining as important to Nigeria’s energy security.

Maiturare said geopolitical tensions, disruptions to refining capacity and fluctuations in international crude prices had continued to put pressure on petroleum markets.

He said the situation underscored the importance of having large scale domestic refining capacity capable of supplying the Nigerian market and reducing exposure to external market shocks.

The coalition cited industry data showing Dangote Refinery’s petrol gantry price at ₦1,265 per litre, compared with an import parity benchmark of about ₦1,310.64.

It said the difference of approximately ₦45.64 per litre gave locally refined petrol a price advantage over imported products.

According to Maiturare, domestic refining can also reduce exposure to international shipping costs, foreign exchange pressures and other expenses associated with importing finished petroleum products.

The coalition described Dangote Refinery as an increasingly important part of Nigeria’s energy security framework, noting that the facility has a capacity of about 700,000 barrels per day and plans to expand to 1.4 million barrels per day.

It said the planned expansion could strengthen Nigeria’s position as a refining and petroleum products hub.

The Issues

Nigeria’s reliance on imported petroleum products exposes the downstream market to international crude prices, shipping costs and foreign exchange movements.

The coalition said stronger domestic refining capacity could reduce some of these external pressures. However, it also stressed the need to ensure that lower refinery and wholesale prices translate into benefits for consumers at the retail level.

It therefore urged petroleum marketers to reflect reductions at the refinery and wholesale stages in their pump prices.

What’s Being Said

“Against this backdrop, the coalition recognised the strategic importance of having a large scale domestic refinery capable of supplying the Nigerian market.” – Jabir Maiturare

“At a time when many countries remain vulnerable to international petroleum market shocks, strengthening Nigeria’s domestic refining capacity is an important step toward energy independence.” – Jabir Maiturare

What’s Next

The coalition called on government agencies, oil marketers, organised labour, civil society organisations and consumers to support policies that encourage domestic refining.

It also urged stakeholders to improve crude supply to Nigerian refineries and promote greater competition in the downstream petroleum market.

The group called on Dangote Refinery to maintain transparency and responsible pricing while continuing to support domestic energy security.

Bottom Line

The Coalition of Arewa Civil Society Groups says Dangote Refinery’s cited petrol price of ₦1,265 per litre is about ₦45.64 below import parity, describing the difference as evidence of the value of domestic refining. It wants lower refinery prices to translate into cheaper petrol for consumers.

Carter Efe loses 5.6 million follower TikTok account

One dies, two rescued in Lagos building collapse

By
Kehinde Victor
-

Key Points

• One person dies after a two storey building partially collapses during manual demolition in Aboru, Lagos.
• Two other workers are rescued alive from beneath the rubble.
• LASEMA urges compliance with building regulations and use of certified professionals for demolition work.

Main Story

One person has died after a two storey building undergoing manual demolition partially collapsed in Aboru, Lagos.

The Lagos State Emergency Management Agency (LASEMA) confirmed the incident in a statement issued on Thursday in Lagos by its Permanent Secretary, Dr Olufemi Oke Osanyintolu.

The incident occurred at about midnight at No. 42, Governors Road, Aboru, in Alimosho Local Government Area.

Oke Osanyintolu said LASEMA’s Alpha Eagle Response Team was dispatched from its Cappa, Oshodi Response Unit at 12:56 a.m. following a distress call.

The team found workers trapped beneath the rubble and immediately activated the state’s Emergency Response Plan to coordinate the rescue operation.

Two adult males were successfully pulled out alive from the debris and received first aid from personnel of the Lagos State Ambulance Service (LASAMBUS).

The rescued victims were later taken to a nearby health facility for further treatment.

An adult male was also recovered dead from beneath the collapsed structure.

Oke Osanyintolu said the rescue operation was being jointly conducted by LASEMA, the Lagos State Fire and Rescue Service and LASAMBUS.

The agency also cordoned off the scene to protect residents and give emergency personnel unhindered access to the affected area.

The Issues

LASEMA said preliminary findings indicated that the building was being manually demolished when the collapse occurred.

The incident highlights the risks associated with demolition and construction activities when proper safety requirements are not followed.

The agency urged developers and residents to comply with building regulations and engage certified professionals for demolition and construction work.

What’s Being Said

“Preliminary findings indicate that the building was being manually demolished when the collapse occurred.” – Olufemi Oke Osanyintolu

What’s Next

Community leaders and security agencies are working with emergency responders at the scene as the rescue and recovery operation continues.

LASEMA urged residents to report suspicious or unsafe building activities through the 767 and 112 emergency numbers.

Oke Osanyintolu said the state would continue strengthening emergency response through capacity building, equipment and decentralisation of response units, with the aim of achieving a 10 minute emergency response time across Lagos.

Bottom Line

One person died and two others were rescued after a two storey building partially collapsed during manual demolition in Aboru, Lagos. LASEMA has urged residents and developers to comply with safety regulations and use certified professionals for demolition work.

Thursday Chronicles: The 10-second attention span

Thursday Chronicles: The 10-second attention span

By
Omotoke Ayomide
-

Hello, my fellow Boom-Scrollers, Notification-Binge Veterans, and Timeline Forensic Auditors. Welcome back to our weekly sanctuary! Today is Thursday, September 10, 2026. If you picked up your smartphone this morning to check a single text message and suddenly snapped out of a trance 45 minutes later—realizing you just watched twelve consecutive short-form videos of a man in Brazil frying an egg on a car hood while a robotic AI voice recited a story about a fictional billionaire—pull up an ergonomic plastic chair. You are in the safest room on the internet.

Forget traffic gridlocks, political party petitions, or utility billing math. Today, we are running an exclusive, deep-dive forensic audit on the single most pervasive, unhinged, and silent cognitive crisis sweeping across our homes, offices, and universities: The Collapse of the Human Attention Span and The Science of “Brain-Rot.”

Remember when you could sit down on a Sunday afternoon and watch a full 90-minute movie without checking your phone sixteen times? In late 2026, that feels like a fable told by elders around a fire.

Recent cognitive neuroscience and behavioral studies reveal that the average digital consumer’s screen-focus window has dropped from nearly 2.5 minutes a two decades ago to a staggering 47 seconds today. For short-form social media posts, Gen Z users average a microscopic 6.5 seconds of focused attention before deciding whether to keep watching or swipe up. 

Our brains have been re-engineered by short-form video algorithms to expect a high-potency dopamine release every 5 to 7 seconds. If a content creator takes longer than two seconds to clear their throat, say hello, or introduce a concept, our thumbs execute an involuntary, military-grade upward swipe.

The street comedy across offices and student hostels is pure gold. People are setting YouTube playback speeds to 1.5x while keeping a mobile game open on a second screen, and then complaining that the 3-minute video was “pacing too slowly!”

You haven’t truly experienced modern cognitive exhaustion until you open an app to check a baking recipe, get distracted by a video of a cat playing a keyboard, spend 35 minutes reading arguments in the comment section, and completely forget why you unlocked your phone in the first place!

Why is the short-form video loop so impossible to break? Because it isn’t just entertainment—it is a finely tuned neurochemical feedback system. 

Every time you swipe up on an algorithmically curated feed, your brain plays a high-speed slot machine. You don’t know what the next video will be: 
Video A: A hilarious comedy skit (Dopamine Spike!). 
Video B: A boring advertisement (Swipe!). 
Video C: A shocking breaking news clip (Dopamine Spike!). 

This unpredictable reward structure triggers a 47% dopamine surge during short-form video viewing. Neuroimaging studies show that heavy consumption of short-form media leads to hyperactivation in reward-processing regions while temporarily dampening mid-frontal prefrontal cortex activity—the exact brain region responsible for impulse control, working memory, and long-term focus.

The phenomenon colloquially dubbed “TikTok Brain” or “Brain-Rot” isn’t just slang; it represents real cognitive fatigue. University eye-tracking research demonstrated that spending just five minutes scrolling through short-form video feeds right before reading a long-form document causes participants’ eyes to scan rapidly and erratically across the text, making sustained reading and deep comprehension significantly harder. 

Behind the funny memes and viral trends lies a vital educational reality for 2026: Your attention is your most valuable asset, and it is currently being mined for profit. 
You do not need to throw your smartphone into a river, but you do need tactical protocols to protect your focus: 
1. Beware the “Task-Switching” Penalty: It takes the human brain approximately 23 minutes and 15 seconds to fully regain deep focus after being interrupted by a digital distraction. Every time you take a “1-minute TikTok break” while working, you reboot your brain’s focus timer! 
2. Institute the “Digital Sunset”: Turn off short-form video apps at least 60 minutes before bedtime. Consuming hyper-stimulating visual clips right before sleep causes physiological arousal, disrupting deep REM sleep cycles and causing morning brain fog. 
3. Practice “Friction-Based” Detoxes: Place social media apps inside deep folders on your phone rather than your home screen, or turn your phone screen to Grayscale mode. When screen colors look dull, algorithm feeds lose over 50% of their visual appeal! 

Digital Wellness Protocols for the Week
Set App Friction Timers: Use built-in screen time limits to lock short-video platforms after 30 minutes of daily use. 
Read Long-Form Content: Re-train your prefrontal cortex by reading physical books, long-form articles, or full research papers for 20 uninterrupted minutes daily. 
Protect Your Morning Focus: Never open short-form video apps within the first 45 minutes of waking up. Give your brain a calm, unstructured environment to start the day. 

See you next Thursday—hopefully with lower screen times, longer attention spans, calm feeds, and zero timeline drama!

Thursday Chronicles: The ‘workplace family’ trap

Carter Efe loses 5.6 million follower TikTok account

By
Kehinde Victor
-
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Key Points

• TikTok permanently bans Carter Efe’s official account over repeated policy violations.
• The account had 5.6 million followers built through comedy, music promotion and live broadcasts.
• Fans and other users react as the creator continues engaging audiences on other platforms.

Main Story

Popular Nigerian skit maker and content creator Carter Efe has lost his official TikTok account with 5.6 million followers after the platform permanently banned it over repeated violations of its community guidelines.

TikTok confirmed the enforcement on Wednesday, citing multiple breaches of its platform policies.

The ban removes Efe’s main TikTok platform, where he had built a following of 5.6 million through comedy skits, music promotion and live broadcasts.

The development has generated reactions from fans and other social media users, with some questioning how an account with such a large audience could be permanently removed.

Some users on X also expressed concern about the consequences of relying heavily on a single social media platform, particularly when years of audience growth can be lost following enforcement action.

While the specific violations were not disclosed in the material available, users offered different explanations for the ban, including reports from other users and Efe’s conduct during live broadcasts.

Despite losing his TikTok account, Efe continues to interact with his audience through other social media platforms.

He has also built a presence as a live streamer on Twitch, giving him alternative channels for reaching his audience.

Efe gained wider recognition in the Nigerian entertainment space after his 2022 hit song featuring Berri Tiga and has since expanded his activities across comedy, music and live streaming.

The Issues

The ban highlights the risks faced by creators whose audiences are concentrated on third party platforms.

For creators with millions of followers, losing access to a major account can immediately cut off a substantial part of their audience and affect the value built around years of content and engagement.

It also underscores the importance of compliance with platform rules, as large follower numbers do not prevent platforms from enforcing their community guidelines.

What’s Being Said

“Losing an account that took you years to build is one of the hardest things ever; hopefully, he gets the account back” – @Olamide0fficial

“Permanently banned?!! What did bro do??” – @the1reallfash

“I believe it might be due to his being overly @.ggress!ve on live streams” – @Samuel_Fasuyan

What’s Next

Efe’s ability to retain and grow his audience on other platforms will determine how much of the reach lost through the TikTok ban can be recovered.

The creator continues to broadcast and engage followers through alternative social media channels, including his presence as a live streamer on Twitch.

Bottom Line

Carter Efe’s official TikTok account, which had 5.6 million followers, has been permanently banned over repeated platform policy violations. The ban cuts off his largest short form video audience, although he remains active on other platforms.

Sanwo Olu declares state of emergency on Lagos waste management

US bans some Canadian imports as trade dispute escalates

By
Kehinde Victor
-
BREAKING: Trump To Face Charges After Arrest

Key Points

• Trump bans imports of selected Canadian dairy, alcohol and motorcycle products from Sept. 29.
• The US says the measures respond to continued discrimination against American commerce.
• The move follows Canada’s new tariffs of up to 50 per cent on some US imports.

Main Story

The United States has announced a ban on imports of selected Canadian products as a trade dispute between the two countries intensifies.

US President Donald Trump signed executive orders on Tuesday restricting imports of Canadian motorcycles and mopeds, whey protein concentrates, and selected wines, beers, vodkas and other spirits.

The restrictions will take effect on Sept. 29, according to the executive orders.

The White House said the measures were introduced in response to what the orders described as “continued discrimination against the commerce” of the United States.

The latest restrictions followed Canada’s decision earlier on Tuesday to impose tariffs of up to 50 per cent on some US imports.

Trump subsequently announced another measure targeting Canadian products in the US government procurement system.

He said the federal agency responsible for government procurement had been directed to remove Canadian products from its multiple award schedules.

The development marks another escalation in trade tensions between the two North American neighbours, with both governments introducing measures affecting goods from the other country.

The Issues

The latest restrictions could affect businesses involved in cross border trade between the US and Canada, particularly producers and exporters of the products covered by the new orders.

The measures also extend the dispute beyond tariffs, with the US targeting Canadian participation in federal government procurement while Canada has increased tariffs on selected American imports.

What’s Being Said

“The Canadian government, including Canadian Provinces, have banned American Small Businesses and Companies from” – Donald Trump

What’s Next

The US import restrictions are scheduled to take effect on Sept. 29.

The dispute is expected to continue to affect trade between the two countries as the latest US restrictions and Canadian tariffs take effect.

Bottom Line

The US has moved to block selected Canadian imports from Sept. 29 as Washington and Ottawa intensify their trade dispute. The measures come after Canada imposed tariffs of up to 50 per cent on some US goods.

ASRTI commends FG over Nigeria Airways workers’ benefits

Expert urges Nigeria to adopt UNCITRAL law to save shipping firms

By
Kehinde Victor
-

Key Points

• UCT lecturer urges Nigeria and other African countries to adopt the UNCITRAL Model Law on cross border insolvency.
• Africa handles more than 90 per cent of its trade by sea but owns less than one per cent of the global fleet.
• Experts call for maritime specific provisions to protect distressed shipping companies and attract investment.

Main Story

A senior lecturer at the University of Cape Town, Dr Warren De Waegh, has urged Nigeria and other African countries to adopt the UNCITRAL Model Law on Cross Border Insolvency to help financially distressed shipping companies remain viable.

De Waegh made the call on Wednesday in Lagos during the 11th Lagos International Maritime Week (LIMWEEK), at a panel session examining legal frameworks for rescuing distressed shipping companies.

He said Africa’s dependence on maritime transport was not matched by its ownership of vessels, noting that more than 90 per cent of the continent’s imports and exports were transported by sea, while Africans owned less than one per cent of the global fleet.

The imbalance, he said, could become more significant as intra African trade expands under the African Continental Free Trade Area (AfCFTA).

De Waegh projected that cargo carried by African countries could rise from 58 million tonnes to 132 million tonnes by 2030, increasing the need for African owned vessels.

He said the projected growth would require investment not only in ports and logistics but also in legal systems capable of supporting companies facing financial difficulties without depending on government bailouts.

According to him, the UNCITRAL Model Law provides a coordinated mechanism for handling cross border insolvency by establishing a framework for cooperation around a single forum and applicable law.

He said 66 jurisdictions had adopted the Model Law, although 28 had included exemptions. South Africa, Kenya, Morocco and Ghana were among the countries that had incorporated such exemptions, while Nigeria was yet to adopt it.

De Waegh cautioned Nigeria against simply reproducing the legislation without considering the specific characteristics of the shipping industry.

He recommended provisions that would recognise the mobile nature of vessels, including an admiralty exception to protect secured creditors and vessel arrest procedures.

He cited Singapore and Australia as examples where such exceptions had helped support business rescue while protecting maritime claims.

The academic also proposed coordinated implementation across Africa through AfCFTA and ECOWAS, arguing that regional harmonisation could reduce duplication and make the sector more attractive to investors.

The Issues

African shipping companies operate within a sector where vessels, creditors and commercial interests can cross several jurisdictions.

Without compatible insolvency rules, the restructuring or rescue of a financially distressed shipping company can become complicated when assets and creditors are spread across different countries.

For Nigeria, adopting the Model Law with provisions suited to maritime operations could provide a clearer framework for dealing with distressed shipping businesses while protecting creditor interests.

What’s Being Said

“Policy without practice remains a document.” – Iroghama Ogbeifun

“Technology without skilled people cannot deliver results.” – Olimotou Malang

What’s Next

De Waegh urged Nigeria and other African countries to begin adopting the UNCITRAL Model Law while tailoring its provisions to the maritime sector.

The moderator of the panel, Mrs Lola Ikwuagwu of George Ikoli & Co., also called for urgent legal reform in Nigeria.

Ikwuagwu said the framework should balance creditor protection with the need to keep African owned shipping companies viable.

She warned that Nigeria could fall behind countries such as Kenya, South Africa and Ghana if it failed to act as AfCFTA trade volumes increase.

She said timely reform could help protect jobs, attract investment and improve Nigeria’s competitiveness in maritime transport.

Bottom Line

Experts say Nigeria’s absence from the countries that have adopted the UNCITRAL Model Law leaves a gap in the legal framework for rescuing distressed shipping companies. They are calling for its adoption with provisions specifically designed for the maritime industry.

Benue police arrest 46 over obstruction of Peter Obi’s movement

Sanwo Olu declares state of emergency on Lagos waste management

By
Kehinde Victor
-
Lagos Govt Cuts Transport Fare, To Roll Out Palliatives

Key Points

• Sanwo Olu declares a “small state of emergency” over waste management challenges in Lagos.
• Government plans to raise Olusosun’s daily waste reception capacity and deploy 160 new compactor trucks.
• Four active dumpsites are expected within six weeks, with additional facilities planned as longer term solutions.

Main Story

Lagos State Governor Babajide Sanwo Olu has declared what he described as a “small state of emergency” on waste management following mounting pressure on refuse collection and disposal across the state.

Sanwo Olu made the declaration on Wednesday during an inspection of the Olusosun dumpsite in Ojota, where he assessed the challenges affecting waste management operations across the state.

The governor said the state had experienced increased pressure on waste collection in recent weeks, leading to indiscriminate dumping of refuse in parts of the metropolis.

He said immediate interventions would focus on expanding the capacity of existing disposal sites and improving the movement of waste trucks, while infrastructure projects would provide medium and long term solutions.

At Olusosun, the government plans to increase daily waste reception from between 250 and 350 trucks to between 350 and 450 trucks.

Sanwo Olu said the number of tipping points would also be increased from the current two or three to about four or five to reduce the time trucks spend at the facility.

Similar interventions are planned for Solu 3, Iwulepe in Ikorodu and Oke Osho in Epe, while Erikitte in Badagry is also being developed to increase waste reception capacity.

The governor said the aim was to have four active dumpsites within six weeks, with a fifth facility in Badagry.

He also announced the procurement of 160 new compactor trucks to strengthen waste collection from homes and roads to disposal facilities.

According to him, Zoomlion will procure additional compactors, while the state government will acquire landfill compactors for use at disposal sites.

Sanwo Olu said the government was also constructing two 2,400 metric tonne transfer loading stations at Olusosun and Solu 3.

The facilities will receive compacted waste before it is moved to material recovery facilities planned for Oke Osho in Epe and Erikitte in Badagry.

He said the transfer stations would be capable of receiving about 500 trucks daily, while the recovery facilities would support waste sorting and conversion into useful materials.

The Issues

Lagos has been dealing with pressure on its waste collection and disposal system, with the governor acknowledging that recent efforts, including monthly environmental sanitation and public advocacy, had not been sufficiently coordinated.

The immediate challenge is to increase the capacity of disposal sites and reduce truck waiting times. Sanwo Olu said some trucks currently spend as much as 12 hours or an entire day waiting to discharge waste.

The state is also reviewing the operations of Private Sector Participants to determine which operators have the capacity and technical expertise to remain in the system.

What’s Being Said

“We are here for ourselves to see what the problem is and what is happening, so that we can clearly declare what we will call a small state of emergency.” – Babajide Sanwo Olu

“We are hoping that in another six weeks, we will have four active dump sites, Olusosun, Solu 3, Iwulepe and Oke Osho with a fifth one at Erikitte in Badagry.” – Babajide Sanwo Olu

“Lagosians, in particular, want service, but we do not want to pay for the service. I think this era has to stop.” – Babajide Sanwo Olu

What’s Next

The government expects the additional tipping points and other operational interventions to increase the number of trucks that can discharge waste daily.

Sanwo Olu said the state would also review PSP operators and remove ineffective participants while creating room for investors with the capacity to provide waste management services.

The government is also considering financing models that would help PSP operators acquire equipment without becoming financially distressed.

In the longer term, the transfer loading stations and material recovery facilities are expected to provide infrastructure for waste reception, sorting and conversion.

The governor also urged residents to pay for waste collection services, saying PSP operators needed payments to sustain their operations.

Bottom Line

Lagos has declared a “small state of emergency” on waste management as the government moves to address pressure on refuse collection and disposal. Immediate measures include expanding dumpsite capacity and acquiring 160 compactor trucks, while new transfer and material recovery facilities are planned as longer term solutions.

I only married my wife for my children to get british passports – Femi Kuti

Benue police arrest 46 over obstruction of Peter Obi’s movement

By
Kehinde Victor
-

Key Points

• Police arrest 46 suspects over the obstruction of Peter Obi’s movement in Benue.
• CP says officers avoided immediate use of force to prevent loss of lives and property.
• Investigation continues as police warn against actions capable of escalating political tensions.

Main Story

The Benue Police Command has arrested 46 persons allegedly involved in the obstruction of the movement of former Anambra Governor Peter Obi during his visit to the state on Tuesday, Sept. 8.

The Commissioner of Police, Cletus Nwadiogbu, disclosed this on Wednesday in Makurdi while briefing journalists on the incident.

Nwadiogbu said the command began intelligence led operations after the incident to identify those responsible, following its decision to avoid immediate use of force when Obi’s movement was obstructed.

He said the police had been notified of Obi’s visit at about 5:30 p.m. on Monday, Sept. 7, and deployed enhanced security, including three police escort vehicles and personnel led by an Assistant Commissioner of Police.

According to him, the obstruction created tension and had the potential to escalate into violence.

He said officers made a tactical decision to manage the situation without immediately resorting to force in order to prevent possible loss of lives and destruction of property.

Obi was subsequently escorted safely to the airport and left the state peacefully, the commissioner said.

Nwadiogbu said the decision not to use force should not be interpreted as failure by the police to act, noting that the command deployed undercover personnel to identify those involved and establish their motives.

He said the investigation remained ongoing and that all persons found culpable would face the law.

The commissioner said Obi’s visit had been presented to the command as a non campaign visit to families affected by the Yelwata crisis.

He added that Obi’s representatives had indicated that only a small number of people would accompany him, leading the command to provide enhanced VIP security.

Nwadiogbu said he was personally handling another security crisis involving road blockades around Taka and Guma when he received information about the obstruction of Obi’s convoy.

The Issues

The incident raises concerns about the ability of security agencies to protect freedom of movement during a politically sensitive period.

The police said its decision to avoid immediate force was intended to prevent the situation from escalating, while subsequent arrests formed part of an intelligence led investigation.

Nwadiogbu also stressed that political affiliation, status or personal belief should not determine an individual’s right to move freely.

What’s Being Said

“Key arrests have been made, while efforts are ongoing to apprehend all other persons connected with the incident.” – Cletus Nwadiogbu

“No individual or group has the right to unlawfully obstruct another person’s movement.” – Cletus Nwadiogbu

What’s Next

The police said efforts were continuing to apprehend other persons connected with the incident and determine their motives.

Nwadiogbu urged residents to remain calm while the investigation is concluded and warned that security agencies would not allow actions capable of escalating tensions ahead of the 2027 elections to go unchecked.

He assured residents that the command would continue to enforce the law while protecting lives and property.

Bottom Line

The Benue Police Command has arrested 46 suspects over the alleged obstruction of Peter Obi’s movement during his visit to the state. The command says the investigation is continuing and those found culpable will be prosecuted.

Dangote refinery: NMDPRA mulls legal battle over access restriction

ASRTI commends FG over Nigeria Airways workers’ benefits

By
Kehinde Victor
-
Nigeria Airways

Key Points

• ASRTI commends the Federal Government for beginning payment of former Nigeria Airways workers’ retirement benefits.
• ATSSSAN says outstanding severance payments are being made in batches.
• Stakeholders urge government to complete payments to all eligible beneficiaries and families of deceased workers.

Main Story

The Aviation Safety Round Table Initiative (ASRTI) has commended the Federal Government for intervening in the prolonged delay in the payment of retirement benefits owed former Nigeria Airways workers.

The association also praised President Bola Tinubu and the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, for responding to the workers’ longstanding grievances.

ASRTI President, Air Commodore (rtd.) Ademola Onitiju, made the commendation in a statement issued on Wednesday in Lagos.

Onitiju said former Nigeria Airways workers had faced more than two decades of hardship following the liquidation of the national carrier in April 2003.

He called on the government to complete the payment process and settle all outstanding entitlements owed both living beneficiaries and the families of deceased former workers.

Onitiju said the former national carrier had employed professionals who served the country with the expectation that their retirement benefits would be honoured.

The National President of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), Mr John Ogbe, also commended Tinubu for addressing the issue.

Ogbe said the outstanding payments were being made in batches and expressed confidence that the process would soon be completed.

He also acknowledged Keyamo’s role in advancing the payment process, saying former workers had endured significant hardship while awaiting their final settlement.

According to Ogbe, some beneficiaries had already begun receiving their outstanding severance benefits.

The Issues

The Nigeria Airways workers’ entitlements have remained unresolved for more than two decades following the liquidation of the national carrier.

The latest payments represent progress for beneficiaries who have waited for their severance benefits and other entitlements. However, ASRTI is seeking full settlement, including payments due to the families of deceased former workers.

What’s Being Said

“While its employees were dedicated professionals who served the nation with the expectation that government would cater for them in retirement.” – Ademola Onitiju

“The outstanding payments, severance package payments, have been a long-standing issue.” – John Ogbe

“We want to commend Keyamo, who served as a catalyst in speeding up this payment process.” – John Ogbe

What’s Next

ASRTI urged the Federal Government to conclude the payment process and ensure that all outstanding entitlements are settled.

Ogbe said he expected the batch payments to be completed shortly and commended the Ministry of Finance and the Accountant General of the Federation for their roles in facilitating the disbursement.

Bottom Line

The Federal Government has begun paying outstanding severance benefits to former Nigeria Airways workers after years of delay. ASRTI and ATSSSAN are calling for the process to be completed so that all eligible beneficiaries receive their entitlements.

Just in- FG pays university, polytechnic lecturers tools allowance

Just in- FG pays university, polytechnic lecturers tools allowance

By
Annette Ikponmwonba
-

By Annette Ikponmwonba | September 9, 2026

Keypoints

• The Federal Government has announced full payment of the Consolidated Academic Tools Allowance to academic staff in federal universities, polytechnics and colleges of education.

• The payment covers the period from January to August 2026.

• The allowance is intended to help academic staff purchase tools and materials needed for teaching, research and other academic activities.

• The payment follows the provisions of the 2025 Federal Government–Academic Staff Union of Universities agreement.

• Payment of the allowance to non-academic staff is also being processed and is expected in the coming weeks.

Main Story

The Federal Government has announced the full payment of the Consolidated Academic Tools Allowance to academic staff in federal universities, polytechnics and colleges of education for January to August 2026, The Minister of Education, Dr Tunji Alausa, disclosed this on Wednesday shortly after inaugurating the Ministerial Committee on Accreditation.

Alausa said the payment was made in line with the provisions of the 2025 Federal Government–Academic Staff Union of Universities agreement, He said all affected institutions should have received notification to commence payment of the allowance to their academic staff, The Consolidated Academic Tools Allowance is a financial benefit designed to support academic staff in purchasing essential tools and materials required for teaching, research and other academic activities.

The Issues

The payment addresses part of the welfare demands of academic staff in Nigeria’s tertiary institutions, The allowance is also linked to the government’s commitments under its agreement with the Academic Staff Union of Universities, However, the government has yet to complete the process for non-academic staff, with the Minister saying their payment is still being processed.

What’s Being Said

Alausa said the payment demonstrates President Bola Tinubu’s commitment to improving the welfare of academic and non-academic staff in tertiary institutions, The minister also highlighted government investments in infrastructure across tertiary institutions, as well as in basic and postgraduate education, He said the administration’s broader objective is to provide Nigerian children with quality education capable of competing with international standards.

What’s Next

Federal universities, polytechnics and colleges of education are expected to begin paying the allowance to eligible academic staff following notification from the government, The Federal Government is also expected to release funds for the payment of the allowance to non-academic staff in the coming weeks.

Bottom Line

The Federal Government has released CATA payments covering January to August 2026 for academic staff in federal universities, polytechnics and colleges of education. The payment fulfils part of the government’s commitments under its 2025 agreement with ASUU, while payment to non-academic staff remains pending.

Blackouts- factories spend N1.3tn on alternative power

Dangote refinery: NMDPRA mulls legal battle over access restriction

By
Annette Ikponmwonba
-

By Annette Ikponmwonba | September 9, 2026

Keypoints

• NMDPRA is considering its next legal move after a Federal High Court restrained it from interfering with Dangote Refinery’s operations.

• The court said the refinery had satisfied the conditions for an interim injunction.

• Dangote Refinery argued that NMDPRA lacks regulatory authority Nigerian Midstream and Downstream Petroleum Regulatory Authority is weighing its next move following a Federal High Court order restraining it from shutting down or interfering with the operations of Dangote Petroleum Refinery in the over operations within free trade zones.

• An earlier Attorney-General of the Federation letter reportedly stated that NMDPRA could not exercise regulatory oversight over free zones.

• NMDPRA had previously maintained that petroleum companies operating in free zones remain subject to the Petroleum Industry Act.

Main Story

The Nigerian Midstream and Downstream Petroleum Regulatory Authority is weighing its next move following a Federal High Court order restraining it from shutting down or interfering with the operations of Dangote Petroleum Refinery in the Lekki Free Zone, Lagos, Justice Akintayo Aluko issued the interim injunction after hearing an application filed by Dangote Petroleum Refinery Nigeria Limited.

The refinery approached the court after NMDPRA allegedly directed it, in a letter dated August 24, 2026, to suspend the loading and truck-out of petroleum products from its facility, Dangote argued that NMDPRA lacked regulatory and oversight powers over operations within free zones, including the Dangote Industrial Free Zone.

In granting the interim injunction, Justice Aluko said he had considered the application, affidavit evidence, exhibits and submissions from both sides, The judge also referred to a March 2, 2026 letter from the Attorney-General of the Federation, which reportedly stated that NMDPRA was not entitled to exercise regulatory powers or oversight functions over operations within free zones.

The Issues

The dispute centres on whether petroleum facilities operating within free trade zones are subject to NMDPRA’s regulatory authority under the Petroleum Industry Act 2021, Dangote Refinery maintains that its location within the Dangote Industrial Free Zone limits NMDPRA’s regulatory jurisdiction.

NMDPRA, however, has previously taken the opposite position, arguing that petroleum companies operating in free zones, export processing zones and other designated areas remain subject to the Petroleum Industry Act and regulations issued under it, The disagreement could have implications beyond Dangote Refinery, particularly for other oil and gas companies operating within Nigeria’s free zones.

What’s Being Said

NMDPRA spokesman George Ene-Ita declined to comment further on the matter, saying he could not comment on a case before the court, Senior officials within the regulator indicated that the agency’s legal team and management would determine its next course of action, In May, NMDPRA issued an industry circular stating that petroleum companies operating in free zones, export processing zones and other designated areas remain fully subject to the Petroleum Industry Act 2021.

What’s Next

NMDPRA’s legal team and management are expected to determine whether to challenge the court’s interim order or pursue another legal option, The substantive legal dispute over regulatory authority within free zones could become more important as the case progresses, The outcome could also establish a significant precedent for the regulation of petroleum companies operating within Nigeria’s free trade zones.

Bottom Line

The dispute between Dangote Refinery and NMDPRA is fundamentally about who has regulatory authority over petroleum operations inside free zones. The court has temporarily restricted NMDPRA’s intervention, while the regulator is considering its next legal move.

Blackouts- factories spend N1.3tn on alternative power

I only married my wife for my children to get british passports – Femi Kuti

By
Annette Ikponmwonba
-
Fela Anikulapo Kuti Nominated For 2021 Rock and Roll Hall Of Fame

By Annette Ikponmwonba | September 9, 2026

Keypoints

• Femi Kuti said he told his first wife before marriage that he could not remain faithful to one woman.

• The 64 year old Afrobeat musician said he married his first wife partly so their children could have access to British passports.

• Femi said he had been open about his views on relationships and his lifestyle before getting married.

• He was married to Funke Kuti, with whom he had one child, Omorinmade “Made” Kuti.

• Femi’s marriage to Funke later ended in divorce.

Main Story

Afrobeat musician Femi Kuti has revealed that he warned his first wife, Funke Kuti, before their marriage that he would struggle to remain faithful to one woman, The 64-year-old musician made the disclosure during an interview with Channels Television, where he discussed his views on relationships and marriage.

Femi said he was honest with his first wife about his lifestyle, telling my first wife before we got married that I love women and could never be faithful to just one woman. I only married her so my children could get a British passport,” her that he loved women and did not believe he could commit exclusively to one woman.

The musician also said he had a specific reason for getting married, explaining that he wanted his children to have access to British passports, “I told my first wife before we got married that I love women and could never be faithful to just one woman. I only married her so my children could get a British passport,” he said.

Femi and Funke Kuti had one child together, Omorinmade Kuti, popularly known as Made Kuti, who was born in 1995, The marriage eventually ended in divorce after several years.

The Issues

Femi’s comments have drawn attention because of his candid explanation of his motivation for marriage and his views on monogamy.

His statement also raises broader questions about expectations within marriage, honesty between partners and the importance of discussing relationship boundaries before marriage.

The reference to British passports also places his decision within the context of the benefits and opportunities associated with British citizenship and travel documentation.

What’s Being Said

Femi said he had made his position clear to his first wife before they got married and did not hide his attitude towards relationships, The musician has also recently spoken about Nigeria’s political situation. In an episode of the Good News Naija podcast, he argued that President Bola Tinubu is not Nigeria’s major problem and identified the judiciary as a more significant issue.

What’s Next

Femi’s comments are likely to continue generating public discussion, particularly around his views on marriage, fidelity and family, His broader comments on Nigeria’s political and judicial systems may also attract further attention as he continues to speak publicly on national issues.

Bottom Line

Femi Kuti says he entered his first marriage with his views on relationships already made clear to his wife and that securing British passports for his children was one of his motivations for marrying.

Dangote refinery posts N19.13trn revenue in h1 2026

Blackouts- factories spend N1.3tn on alternative power

By
Annette Ikponmwonba
-

By Annette Ikponmwonba | September 9, 2026

Keypoints

• Nigerian manufacturers spent ₦1.34tn on alternative electricity in 2025, up about 21% from ₦1.11tn in 2024.

• Alternative power spending has risen sharply from ₦25bn in 2014.

• Average daily grid electricity supply reportedly fell from 16.7 hours in H1 2025 to 13.1 hours in H2 2025.

• Several major manufacturers are increasingly using gas, LPFO and generators to reduce dependence on DisCos.

• Rising self-generation costs are putting additional pressure on manufacturers’ margins and competitiveness.

Main Story

Nigeria’s persistent electricity shortages are imposing a growing financial burden on manufacturers, with companies spending ₦1.34tn in 2025 to generate or source alternative power, Data from the Manufacturers Association of Nigeria showed that the amount increased from ₦1.11tn in 2024, representing approximately a 21 per cent rise.

Alternative-power spending has grown sharply over the past decade. It increased from ₦25bn in 2014 to ₦129.95bn in 2016 before declining through 2019. It then began rising rapidly, reaching ₦144.5bn in 2022, ₦781.7bn in 2023, ₦1.11tn in 2024 and ₦1.34tn in 2025, The worsening reliability of grid electricity has prompted some manufacturers to rely more heavily on their own power systems, including gas and LPFO-powered plants, to prevent production interruptions.

The Issues

The central issue is the high cost and unreliability of electricity available to Nigerian manufacturers, Factories require stable electricity for continuous production. Frequent outages force businesses to switch to alternative sources, increasing energy costs and disrupting production.

This creates a competitive disadvantage because manufacturers must absorb expenses that could otherwise go towards expansion, new equipment, employment and productivity improvements, The situation is also occurring alongside weak consumer demand, inflationary pressures and high operating costs, making it harder for manufacturers to pass the full cost of production on to consumers.

What’s Being Said

MAN said grid reliability deteriorated significantly in 2025, with average daily electricity supply falling from 16.7 hours in the first half of the year to 13.1 hours in the second half, Industry stakeholders have called for more reliable grid electricity and greater investment in alternative energy infrastructure to reduce manufacturers’ dependence on expensive self-generation, The growing use of gas and LPFO by major companies indicates that some manufacturers are increasingly treating alternative power as a regular part of their operations rather than merely an emergency backup.

What’s Next

Manufacturers are likely to continue investing in captive power, gas generation and other off-grid solutions if grid reliability remains poor, For the government and electricity regulators, the challenge is to encourage investment in generation, transmission and distribution while making electricity more dependable for industrial users.

Bottom Line

Nigeria’s manufacturers spent ₦1.34tn simply keeping their factories powered in 2025. The rising bill demonstrates how unreliable electricity has become a major production cost and a threat to industrial competitiveness, Unless grid reliability improves, manufacturers are likely to continue shifting towards self-generation and spending more to keep production running.

Short-term funding rates ease as liquidity hits N7.4trn

Short-term funding rates ease as liquidity hits N7.4trn

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 9, 2026

Key Points

  • Money market liquidity rises to N7.35 trillion from N4.33 trillion at the previous close
  • Overnight lending rate falls three basis points to 22.15%, while the Open Repo Rate remains at 22%
  • CBN auctions about N4.4 trillion in OMO bills as banks maintain heavy placements at the Standing Deposit Facility

Main Story

Money market liquidity rose to N7.35 trillion as of Tuesday, easing short-term funding pressure despite the Central Bank of Nigeria’s aggressive open market operations.

The liquidity balance increased by N3.02 trillion from Monday’s closing level of N4.33 trillion, according to a market report by Herwood Securities Limited.

The surplus liquidity supported lower overnight funding costs, with the overnight lending rate declining three basis points to 22.15%. The Open Repo Rate (OPR), however, remained unchanged at 22%.

Deposit Money Banks maintained significant placements with the CBN’s Standing Deposit Facility (SDF), indicating that banks had limited immediate demand for central bank borrowing despite the scale of liquidity in the system.

The CBN allotted about N4.4 trillion in OMO bills on Tuesday as part of its liquidity-management operations. The market is also scheduled to absorb a N500 billion Treasury bill auction on Wednesday.

The combined settlements are expected to reduce excess liquidity in the financial system. However, the impact could be partly offset by about N3 trillion in expected OMO repayments.

Herwood Securities said the money market was likely to remain stable, with the prevailing liquidity surplus providing support for short-term funding conditions.

What’s Being Said

“The money market is expected to remain stable, with liquidity conditions still supportive despite the sizeable OMO allotment.” — Herwood Securities Limited

The investment firm also said short-term funding rates were likely to remain broadly unchanged because the system retained sufficient liquidity to meet near-term funding requirements.

What’s Next

The CBN is scheduled to conduct a Treasury bill auction with an offer size of N500 billion on Wednesday.

Market participants will also monitor the expected N3 trillion in OMO repayments and subsequent liquidity movements for their effect on short-term funding rates.

Bottom Line

The Bottom Line: The sharp rise in system liquidity is keeping money market funding conditions comfortable even as the CBN intensifies liquidity sterilisation through OMO auctions. The direction of rates will depend largely on how upcoming auction settlements interact with expected OMO repayments.

Stakeholders demand urgent CVFF disbursement to boost maritime sector

Dangote refinery posts N19.13trn revenue in h1 2026

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 9, 2026

Key Points

  • Dangote Petroleum Refinery records N19.13 trillion in H1 2026 revenue, up 121.46% from N8.638 trillion in H1 2025
  • Reports $1.82 billion profit after tax after recording a $476 million loss for full-year 2025
  • Raises production performance to as much as 700,000 barrels per day in June as petrol, diesel and jet fuel sales increase

Main Story

Dangote Petroleum Refinery generated N19.13 trillion in revenue in the first half of 2026, more than doubling its H1 2025 revenue as production and petroleum-product sales increased.

The refinery’s H1 revenue rose 121.46% from N8.638 trillion recorded in the corresponding period of 2025, according to the company’s reported financial performance.

The earnings improvement extended to profitability, with the refinery reporting $1.82 billion in profit after tax, compared with a $476 million loss for full-year 2025. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached $2.60 billion, while gross profit rose to N3.432 trillion from N225.195 billion a year earlier.

The company attributed the stronger performance to improving production stability and higher product sales. Production across its processing units became more stable from March 2026, while performance testing reached as high as 700,000 barrels per day in June.

Petrol sales increased to about 6.06 million metric tonnes from 3.09 million tonnes in H1 2025, while average realised prices rose to approximately $975 per tonne from $723.

Diesel sales also increased to 2.86 million tonnes from 1.76 million tonnes, with average realised prices rising from $688 to $1,225 per tonne. Jet fuel sales climbed to 3.02 million tonnes from 2.06 million tonnes, while realised prices increased from $663 to $1,092 per tonne.

The performance comes as Dangote Refinery continues to scale commercial operations following its commissioning and production ramp-up.

What’s Being Said

“Production became more stable across its processing units from March 2026, while performance testing reached as high as 700,000 barrels per day in June.” — Dangote Petroleum Refinery

Cowry Asset Limited was not cited in the supplied material on the refinery’s results, while no independent analyst comment was provided for this earnings report.

What’s Next

Dangote Refinery is expected to focus on sustaining higher utilisation and production reliability as it expands commercial output.

The proposed expansion toward approximately 1.4 million barrels per day would provide additional production capacity, although the supplied material does not give a confirmed commissioning date for the expansion.

The proposed listing of the refinery on the Nigerian Exchange Growth Board will also place greater focus on its earnings, cash-flow generation, capital structure and valuation once the relevant offer documentation is available.

Bottom Line

The Bottom Line: Dangote Refinery’s H1 performance shows a significant shift toward large-scale commercial earnings, driven by higher production and stronger product sales. Sustaining that performance will be critical to determining whether the first-half results represent the beginning of a durable earnings cycle.

Stakeholders demand urgent CVFF disbursement to boost maritime sector

Bitcoin climbs as Capital B expands treasury holdings

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | September 9, 2026

Key Points

  • Capital B acquired 376 Bitcoin for €25.3 million, lifting its treasury holdings to 3,521 BTC
  • U.S. spot Bitcoin ETFs attracted about $987 million in net inflows for the week ended September 4
  • Bitcoin faces an important test around the $80,000 resistance level ahead of U.S. inflation data

Main Story

Bitcoin rose about 1% to $79,172.64 as renewed institutional demand and bullish technical signals supported the cryptocurrency, while French-listed Capital B expanded its Bitcoin treasury to 3,521 BTC.

Capital B announced on September 7 that it acquired 376 Bitcoin for €25.3 million, at an average price of €67,182 per coin. The purchase followed capital raises totalling about €30.1 million, including a €28.7 million private placement involving strategic investors Adam Back and TOBAM.

Swissquote Bank Europe executed the purchase, while Taurus provided custody, according to Capital B’s announcement. The company said its total Bitcoin holdings now have an acquisition value of €309.4 million, based on an average cost of €87,878 per Bitcoin.

Capital B also reported a year-to-date BTC Yield of 2.17%, alongside a BTC Gain of 61.3 BTC. The company cautioned that these metrics are supplemental measures rather than conventional financial or liquidity indicators.

Market data also pointed to stronger institutional participation. U.S. spot Bitcoin exchange-traded funds recorded about $986.7 million in net inflows for the week ended September 4, extending a multi-week period of positive flows.

Bitcoin’s technical structure has also improved, with the 50-day exponential moving average crossing above the 200-day average, a formation commonly referred to as a golden cross. The development has strengthened the bullish case, although price remains sensitive to macroeconomic expectations and Federal Reserve policy.

What’s Being Said

“Capital B confirms the acquisition of 376 BTC for €25.3 million,” the company said in its September 7 announcement, confirming the latest expansion of its Bitcoin Treasury Company strategy.

Market coverage has meanwhile highlighted the combination of corporate treasury buying and renewed ETF inflows as evidence of continued institutional participation in Bitcoin.

What’s Next

Bitcoin’s immediate test is the $80,000 psychological resistance level. A sustained move above that threshold would strengthen the current bullish structure, while a failure to hold key support could expose the market to renewed selling pressure.

Investors will also focus on the U.S. August Consumer Price Index (CPI) report scheduled for September 11, with inflation data likely to influence expectations for the Federal Reserve’s interest-rate path.

Bottom Line

The Bottom Line: Bitcoin’s latest advance is being supported by both corporate treasury accumulation and sustained ETF demand, giving the rally a broader foundation than short-term speculative buying alone. However, the market remains exposed to U.S. inflation and interest-rate expectations, making the $80,000 level an important near-term test.

Stakeholders demand urgent CVFF disbursement to boost maritime sector
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