Lagos State inaugurates technical committee for commercial biogas and biomethane production

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May 12, 2026

Keypoints

The Lagos State Government has established a technical committee to drive commercial biogas and biomethane production.
Commissioner for Transportation, Oluwaseun Osiyemi, stated that 45 per cent of the 13,000 metric tonnes of waste generated daily in Lagos is organic and suitable for fuel conversion.
The state has converted 152 First and Last Mile buses from petrol to Compressed Natural Gas (CNG).
A 90-day pilot for electric buses moved over 150,000 passengers and prevented approximately 200,000 kilogrammes of carbon emissions.
Through a partnership with United Bank for Africa, 2,000 CNG-powered trucks are being introduced to replace old haulage vehicles.

Main Story

The Lagos State Government has inaugurated a technical committee to drive commercial biogas and biomethane production across the state.

The initiative is designed to reduce dependence on imported fuel and support cleaner, sustainable energy solutions for residents and businesses.

Speaking at a ministerial press briefing in Lagos on Monday, May 11, 2026, Oluwaseun Osiyemi, Commissioner for Transportation, confirmed the committee’s inauguration.

Osiyemi said the committee comprised representatives from various Ministries, Departments and Agencies, brought together to ensure coordinated implementation. He explained that feasibility studies had shown biogas and biomethane could serve as viable alternatives to conventional diesel usage.

“Lagos generates about 13,000 metric tonnes of waste daily, with 45 per cent organic content. This organic waste can be converted into biomethane fuel locally at significantly lower production costs,” he said.

According to him, the newly established committee would accelerate the journey towards full commercial-scale production across the state.

On environmental sustainability, Osiyemi said the government had introduced several programmes aimed at cutting emissions and improving urban cleanliness.

He said one major intervention involved converting 152 First and Last Mile buses from petrol-powered systems to cleaner CNG engines. The commissioner also highlighted progress on the state’s seven-line electric rail network, designed to support mass urban mobility. He added that diesel-powered bus operations were gradually being replaced with cleaner alternatives including electricity, biogas and CNG technologies. O

siyemi revealed that CNG buses introduced since 2022 had transported more than 600,000 passengers statewide, reducing operational fuel costs by nearly 50 per cent. According to him, two electric buses deployed on Bus Rapid Transit corridors completed a successful 90-day pilot operation, moving over 150,000 passengers while preventing roughly 200,000 kilogrammes of carbon emissions.

He also disclosed that the state introduced 2,000 CNG-powered trucks under Governor Babajide Sanwo-Olu’s haulage reform programme in partnership with United Bank for Africa. The commissioner further highlighted a sustainability conference themed ‘Harnessing Clean Urban Transport Innovation and Investment in Africa’ and initiatives like E1 Sport Series and EcoMove Lagos, noting that more electric and CNG-powered vehicles are now entering the e-hailing sector.

The Issues

Managing the logistics of collecting and processing 5,850 metric tonnes of organic waste daily requires a highly efficient waste-to-energy infrastructure.
While CNG has reduced fuel costs by 50 per cent, the initial capital investment for converting large bus fleets and haulage trucks remains high.
Expanding the seven-line electric rail network requires a consistent and high-capacity power supply, which is a major variable in large-scale urban mobility.

What’s Being Said

“Lagos generates about 13,000 metric tonnes of waste daily, with 45 per cent organic content. This organic waste can be converted into biomethane fuel locally at significantly lower production costs,” said Oluwaseun Osiyemi.
“The newly established committee would accelerate the journey towards full commercial-scale production across the state,” the commissioner added.
“The programme is replacing old, unsafe trucks linked with road accidents across the state. It is also promoting safer and cleaner haulage operations within Lagos,” Osiyemi stated regarding the CNG truck rollout.

What’s Next

The technical committee will begin coordinating with private sector investors to set up biogas processing plants across designated sites in Lagos.
More electric buses are expected to be deployed following the successful completion of the 90-day pilot on BRT corridors.
The state government will continue the phased conversion of First and Last Mile buses and the integration of the seven-line electric rail system.

Bottom Line

Lagos State is leveraging its massive organic waste output to create a local fuel economy, transitioning its public transport and haulage sectors from fossil fuels to biogas, CNG, and electric power.

Macron urges Africa-France partnerships to strengthen sovereignty

Governor Ahmadu Fintiri launches Adamawa’s E-Mobility initiative with Yola-assembled tricycles

By

Kehinde Victor

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May 12, 2026

Adamawa Gov Issues 24hour Curfew Over Insecurity

Keypoints

Governor Ahmadu Fintiri unveiled the Adamawa E-Mobility Initiative on Monday, featuring electric tricycles locally assembled in Yola.
The initiative is a result of a partnership with A4&T Group and Sparrow Mobility Ltd following a 2025 investor roundtable.
Beyond transportation, the program includes solar home systems that have benefited over 6,000 households across eight local government areas.
The project includes the rollout of charging infrastructure and battery swap stations to support the new electric vehicle fleet.
Financing institutions have joined the partnership to provide flexible funding options for operators and buyers.

Main Story

Governor Ahmadu Fintiri of Adamawa State has officially launched the state’s E-Mobility Initiative, marking a transition toward sustainable transportation with the rollout of electric tricycles assembled in Yola.

Speaking at the unveiling on Monday, May 11, 2026, Fintiri described the project as a transformational journey aimed at redefining energy access and investment opportunities.

The initiative stems from a partnership with A4&T Group and its subsidiary, Sparrow Mobility Ltd, which established an assembly plant in the state capital.

The governor noted that the vehicles have undergone rigorous testing and are now ready for public use, supported by a network of charging stations and battery swap infrastructure.

The collaboration began in March 2025 during an investor roundtable hosted by the Rural Electrification Agency (REA), where the state government engaged investors to showcase Adamawa’s economic potential.

In addition to clean mobility, the partnership has already seen the deployment of Solar Home Systems to over 6,000 households in eight local government areas, including Song, Lamurde, Jada, Fufore, Demsa, Numan, Shelleng, and Hong.

Governor Fintiri highlighted that the shift to electric vehicles will reduce the state’s dependence on fossil fuels and promote environmental sustainability. To ensure the initiative’s viability, the state has partnered with financing institutions to offer flexible payment plans for intending buyers and operators.

The Issues

Establishing a reliable charging and battery-swapping network is essential to prevent operational downtime for electric tricycle operators across rural and urban areas.
While 6,000 households have benefited from solar systems, scaling the energy infrastructure to meet the high demand of an expanding electric vehicle fleet remains a technical challenge.
The success of the local assembly plant depends on a steady supply of components and the availability of specialized technical labor for maintenance and repairs.

What’s Being Said

“The initiative marks the beginning of a transformational journey aimed at redefining energy access, transportation and investment opportunities across Adamawa,” said Governor Ahmadu Fintiri.
“The vehicles have undergone rigorous testing and are now ready to serve the people of Adamawa,” Fintiri added regarding the local assembly performance.
“Today, we are not just launching vehicles, we are driving a movement towards sustainability, prosperity and inclusive development,” the governor stated during the ceremony.

What’s Next

Financing institutions will begin processing applications for operators and buyers seeking flexible funding to acquire the electric tricycles.
The state government intends to expand its collaboration on solar power plants and mini-grid projects to further stabilize energy solutions.
Sparrow Mobility Ltd is expected to scale its Yola assembly plant operations to meet the anticipated demand from other states and regional markets.

Bottom Line

By launching locally assembled electric tricycles and integrated solar solutions, Governor Fintiri is positioning Adamawa as a leader in Nigeria’s green energy transition, linking environmental sustainability directly to economic empowerment.

South Korea approves 26.2 trillion-won budget for cash assistance

ASEAN leaders commit to food and energy security at 48th summit

By

Kehinde Victor

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May 12, 2026

Key points

ASEAN Secretary-General Kao Kim Hourn outlined the outcomes of the 48th ASEAN Summit, which concluded in the Philippines.
Leaders committed to operationalising the ASEAN Power Grid to facilitate cross-border electricity trade.
The summit called for the swift ratification of the ASEAN Petroleum Security Agreement to stabilize supply chains.
Outcomes included a focus on open and predictable food markets and improved monitoring of regional food reserves.
A statement was issued on the Middle East crisis, focusing on regional resilience and the protection of ASEAN nationals abroad.

Main Story

Leaders of the Association of Southeast Asian Nations (ASEAN) have reaffirmed their commitment to strengthening energy and food security while enhancing protection for ASEAN nationals globally.

ASEAN Secretary-General Kao Kim Hourn announced these outcomes on Monday, May 11, 2026, following the conclusion of the 48th ASEAN Summit held in the Philippines. D

uring the sessions, regional leaders emphasized the need for stable and reliable supply chains and an accelerated transition to renewable energy sources. A primary technical objective highlighted was the swift ratification of the ASEAN Petroleum Security Agreement.

To ensure affordable energy access across the bloc’s 11 member states, leaders stressed the necessity of operationalising the ASEAN Power Grid. This infrastructure is intended to facilitate cross-border electricity trade throughout the region.

Regarding food security, the summit advocated for open and predictable markets and stronger supply chain connectivity, alongside improved monitoring of regional food reserves. In response to global instability, the leaders also issued a statement on the Middle East crisis, which outlined specific measures to strengthen ASEAN’s resilience in energy, food, finance, and the protection of its citizens stationed abroad.

The Issues

Operationalising a unified power grid across 11 nations involves significant regulatory hurdles and varying levels of domestic infrastructure development.
Global geopolitical shifts, particularly the crisis in the Middle East, pose direct threats to the region’s energy and financial supply chain stability.
Ensuring food security requires member states to maintain a delicate balance between open market policies and the protection of national food reserves.

What’s Being Said

Leaders called for the “maintenance of stable and reliable supply chains and accelerated transition to renewable energy,” according to Kao Kim Hourn.
The summit stressed the need to “operationalise the ASEAN Power Grid to facilitate cross-border electricity trade and ensure affordable energy access.”
On food security, leaders advocated for “open and predictable markets, stronger supply chain connectivity and improved monitoring of regional food reserves.”

What’s Next

Member states are expected to begin the domestic legislative processes required for the swift ratification of the ASEAN Petroleum Security Agreement.
Technical working groups will continue to meet to discuss the physical and regulatory integration of the ASEAN Power Grid.
The bloc will monitor the implementation of the resilience measures outlined in the statement on the Middle East crisis to protect economic and human interests.

Bottom Line

The 48th ASEAN Summit has centered on practical integration, with leaders prioritizing the ASEAN Power Grid and unified petroleum security to shield the region from global energy and food supply shocks.

Kenya hosts historic Africa-France summit as Aliko Dangote and 30 leaders discuss trade

Kenya hosts historic Africa-France summit as Aliko Dangote and 30 leaders discuss trade

By

Kehinde Victor

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May 12, 2026

Keypoints

The Africa Forward Summit opened in Nairobi on Monday, marking the first time France has hosted such an event in an English-speaking nation.
Over 30 African leaders and French President Emmanuel Macron are attending, alongside Nigerian industrialist Aliko Dangote.
A 700 million euro deal was announced for French shipping group CMA CGM to modernize a terminal at the Kenyan port of Mombasa.
Kenya aims to use the summit’s outcomes to influence the G7 agenda during next month’s meeting in Evian-les-Bains.
The event follows a series of diplomatic setbacks for France in West African nations like Mali, Burkina Faso, Niger, and Senegal.

Main Story

The Africa Forward Summit commenced in Kenya on Monday, May 11, 2026, with more than 30 African presidents, deputy presidents, and prime ministers in attendance alongside French President Emmanuel Macron.

The summit represents a strategic pivot for Paris, being the first such event organized in an Anglophone nation as France seeks new partnerships following declining influence in several former colonies.

Notable attendees include Africa’s richest man, Aliko Dangote, and executives from major French firms like TotalEnergies and Orange. The gathering focuses on equal partnerships in technology, clean energy, and artificial intelligence.

During the proceedings, President Macron emphasized a shared objective between Europe and Africa to build “strategic autonomy” to compete with solutions designed in the United States and China.

Economic activity surrounding the summit is significant, with deals worth more than one billion dollars already announced. This includes a 700 million euro (823 million dollars) investment by French shipping group CMA CGM to modernize a terminal at the port of Mombasa.

Kenya is also utilizing the platform to advocate for a fairer global financial system for heavily indebted African countries, with plans to mainstream these discussions into the upcoming G7 summit in Evian-les-Bains.

The Issues

France is navigating rising anti-French sentiment and the loss of military presence in several Francophone West African countries since 2020.
African nations are increasingly cautious of large infrastructure deals, as evidenced by Kenya’s 2025 decision to cancel a 1.5 billion dollar highway project with France’s Vinci SA.
The competition for infrastructure projects remains intense between European investors and Chinese firms across the continent.

What’s Being Said

“A lot of solutions are made in the U.S. or made in China. I think we have a common fight which is to build our strategic autonomy for Europe and Africa. And if we build it together, we will be much stronger,’’ stated Emmanuel Macron.
“We believe it’s a good thing if critical outcomes of this meeting can also be mainstreamed as critical agenda items by the G7,” said Kenyan Foreign Minister Musalia Mudavadi.
Macron noted that Africa and France were “equal partners with common objectives” during discussions with entrepreneurs.

What’s Next

Kenyan President William Ruto will attend the G7 summit in Evian-les-Bains next month to present the outcomes of the Nairobi discussions.
Investors are monitoring the implementation of the CMA CGM port project in Mombasa as a sign of renewed Franco-Kenyan commercial cooperation.
Additional investment announcements regarding AI and renewable energy are expected as the summit continues through Tuesday.

Bottom Line

By hosting the Africa Forward Summit in Nairobi, Kenya and France are attempting to forge a new commercial path that prioritizes technology and infrastructure, while moving away from the historical frictions seen in Francophone West Africa.

National Oil Corporation ends decade-long legal dispute to take full ownership of Libya’s Ras Lanuf refinery

National Oil Corporation ends decade-long legal dispute to take full ownership of Libya’s Ras Lanuf refinery

By

Kehinde Victor

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May 12, 2026

Key points

Libya’s National Oil Corp. (NOC) signed a final agreement with UAE-based Trasta to end their partnership in the Libyan Emirates Oil Refining Co. (LERCO).
The deal gives the NOC 100% ownership of the Ras Lanuf refinery and petrochemical complex, ending a decade-long legal dispute.
Ras Lanuf is Libya’s largest refinery, with a capacity to process approximately 220,000 barrels of oil per day.
The dispute was tied to Libya’s internal political divisions and international arbitration cases.
Ownership transfer allows the facility to operate under full Libyan management for the first time in years.

Main Story

Libya’s state-owned National Oil Corp. (NOC) took full control of the country’s largest refinery on Monday, ending a decade-long legal dispute with a United Arab Emirates-based company.

The NOC announced it signed a final agreement with UAE-based Trasta to end their partnership in the Libyan Emirates Oil Refining Co. (LERCO), giving the NOC full ownership of the Ras Lanuf refinery and petrochemical complex.

NOC Chairman Masoud Suleman called the deal one of the most important developments in Libya’s oil sector since the 2011 uprising, stating it closes one of the industry’s most complicated disputes.

The Ras Lanuf complex, located about 600 kilometers east of Tripoli on Libya’s northeastern coast, can refine about 220,000 barrels of oil per day and includes storage facilities, export terminals, and petrochemical units.

LERCO was originally established as a joint venture, but operations were disrupted after the 2011 overthrow of Muammar Gaddafi, leading to legal disputes and force majeure declarations.

The case was fought through international arbitration and was influenced by Libya’s political divisions, specifically the relationship between the NOC in Tripoli and eastern-based forces.

Under the new agreement, all of Trasta’s shares will be transferred to the NOC, which officials hope will stabilize production and attract new investment to the region.

The Issues

The refinery’s location in the “Oil Crescent” makes it vulnerable to the ongoing power struggles between the Tripoli-based government and eastern military commanders.
Years of legal deadlock and force majeure declarations have led to significant maintenance backlogs and infrastructure decay at the complex.
Relying on international arbitration to settle sovereign resource disputes remains a complex process that often intersects with geopolitical alliances.

What’s Being Said

NOC Chairman Masoud Suleman described the agreement as “one of the most important developments in Libya’s oil sector since the 2011 uprising.”
Suleman added that the deal “closes one of the industry’s most complicated disputes.”
Analysts noted that Tripoli officials viewed the previous partnership with a UAE firm as a “strategic risk” due to the nation’s high dependence on oil revenue.

What’s Next

The NOC will begin the process of transitioning the Ras Lanuf complex to full Libyan management and technical oversight.
Engineering assessments are expected to determine the level of investment required to bring the refinery back to its full 220,000-barrel daily capacity.
The government in Tripoli is likely to use the settlement as a template for resolving other outstanding joint venture disputes in the energy sector.

Bottom Line

By securing full ownership of the Ras Lanuf refinery, the National Oil Corp. has neutralized a major legal and strategic bottleneck, clearing the path for domestic management of Libya’s most critical energy infrastructure.

Amb. Jimoh Ibrahim tasks UN on AI and emerging security threats

South Korea approves 26.2 trillion-won budget for cash assistance

By

Kehinde Victor

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May 12, 2026

Key points

The National Assembly approved a 26.2 trillion-won ($17.8 billion) extra budget bill to address the economic fallout from the Middle East conflict.
Cash assistance is targeted at the bottom 70 per cent of income earners to ease financial strains from rising fuel prices.
Residents in the broader Seoul area will receive 100,000 won, while those in areas with declining populations may receive up to 250,000 won.
Eligibility is primarily determined by national health insurance payments from March 2026.
Applications open next Monday and run through July 3, with funds set to expire on August 31.

Main Story

South Korea is set to roll out a second batch of cash assistance for the bottom 70 per cent of income earners, in an effort to ease financial strains caused by rising fuel prices amid the war in the Middle East.

According to officials on Monday, the National Assembly has approved a 26.2 trillion-won (17.8 billion dollars) extra budget bill to address the economic fallout from the Middle East conflict, which includes the introduction of the cash assistance plan.

Under the first programme launched in April, the government handed out up to 600,000 won to recipients of basic livelihood security and other vulnerable groups.

The government will begin accepting applications next Monday for the second round of the assistance programme.

Eligible individuals living in the broader Seoul area will receive 100,000 won, while those in areas with declining populations may receive up to 250,000 won each.

Assistance eligibility will be determined by a household’s national health insurance payment in March this year. For single-person households, those who paid 130,000 won or less will be eligible.

In terms of annual income, a single-person household that earns 43.4 million or less a year is expected to be eligible for the assistance. A welfare ministry official, however, noted that eligibility will be based on the national health insurance payment.

Also, about 930,000 households that held assets exceeding 1.2 billion won as of 2025 or earned more than 20 million won in financial income in 2024 will not be eligible for the programme.

The government will accept applications for the cash assistance through July 3. Recipients can receive the assistance through their credit and debit cards, prepaid cards or local currency vouchers.

The funds, which will expire Aug. 31, can only be used at small local businesses with annual sales of 3 billion won or less.

The Issues

The use of national health insurance payments as a strict eligibility threshold may exclude individuals whose current financial situation has changed since the March assessment.
The higher payment tier for regions with declining populations aims to support rural economies but may raise questions regarding geographic equity.
The August 31 expiration date and the restriction to businesses with sales under 3 billion won are intended to force immediate local consumption, though it limits where recipients can spend the aid.

What’s Being Said

“the high-oil price support fund is expected to reduce the people’s burdens stemming from the prolonged war in the Middle East and revive dampened consumption,’’ said Interior Minister Yun Ho-jung.
A welfare ministry official noted that “eligibility will be based on the national health insurance payment.”
Officials confirmed that households with assets exceeding 1.2 billion won as of 2025 “will not be eligible for the programme.”

What’s Next

The application portal will open next Monday for all eligible households to begin the registration process.
Funds will be distributed via credit, debit, or local currency vouchers following the approval of applications.
All distributed assistance must be spent by the August 31 deadline, after which any remaining balance will expire.

Bottom Line

South Korea is utilizing a 26.2 trillion-won extra budget to provide targeted cash injections to 70 per cent of its population, aiming to offset rising energy costs and stimulate small local businesses.

Amb. Jimoh Ibrahim tasks UN on AI and emerging security threats

Macron urges Africa-France partnerships to strengthen sovereignty

By

Kehinde Victor

-

May 12, 2026

Key points

French President Emmanuel Macron addressed the Africa Forward Summit in Nairobi, emphasizing that Africa is the world’s youngest and fastest-growing continent.
Macron highlighted a shared need for Europe and Africa to build strategic autonomy in technology, AI, and energy to reduce dependence on the U.S. and China.
The summit attracted over 2,000 leaders and resulted in more than 500 million euros worth of deals.
Orange committed to establishing 50 digital centres to train one million young Africans by 2030.
New agreements include the Acre Export Finance Fund I and a partnership between Proparco and Ecobank Group for agriculture and women entrepreneurs.

Main Story

French President Emmanuel Macron has called for increased investment in Africa to strengthen the continent’s sovereignty and strategic autonomy.

Speaking at the Africa Forward Summit in Nairobi, Kenya, Macron noted that both Africa and Europe remain dependent on global powers like the United States and China for innovation and digital solutions.

The summit, themed “Africa Forward: Partnerships between Africa and France for Innovation and Growth,” was co-organized by the French and Kenyan governments and attended by more than 2,000 business leaders and policymakers. Macron stated that France is prepared to make smart investments in technology, payment systems, and creative industries to benefit African youth and strengthen bilateral ties.

The French president emphasized that infrastructure development is impossible without energy and called for joint investments in renewable and nuclear infrastructure to expand electrification.

He also identified talent retention as a shared challenge, noting that strong educational systems are required to keep skilled youths on the continent.

During the forum, several major initiatives were highlighted, including the Digital Africa initiative and a commitment by telecom firm Orange to train one million young Africans by 2030.

Additionally, Proparco, a subsidiary of the French Development Agency, reaffirmed its commitment to the continent, having already committed over 4.6 billion euros between 2022 and 2025.

The event concluded with the signing of deals worth over 500 million euros, focusing on sustainable infrastructure and agricultural value chains.

The Issues

Africa and Europe both face a “digital divide” where they are primarily consumers of AI and technology designed in America or China.
The lack of consistent energy infrastructure remains the primary bottleneck for large-scale industrial and digital development across African nations.
Retaining high-level technical talent is difficult when global hubs like Silicon Valley offer more established ecosystems for entrepreneurs.

What’s Being Said

“There is a divide between entrepreneurs and consumers, and the solutions are designed in America or China,” stated Emmanuel Macron.
“When we talk about AI, many of us today are merely consumers. We share the same battle when it comes to investment and building strategic autonomy for Europe and Africa,” Macron added.
“We must build renewable and nuclear infrastructure to expand electrification for homes and businesses across Africa,” he said regarding energy needs.
“The challenge is the same in Africa. We must train more people and create strong educational systems that will help retain talent on the continent,” Macron noted on talent development.

What’s Next

Orange will begin the rollout of 50 digital centers across the continent to meet its 2030 training goal.
Implementation of the Acre Export Finance Fund I will start to provide funding for sustainable infrastructure projects.
France is expected to expand specific academic partnerships with African universities to accelerate digital training and innovation.

Bottom Line

President Macron is positioning France as a strategic partner in Africa’s quest for sovereignty, focusing on energy and technology investments to break the cycle of dependence on external global powers.

Moniepoint partners with Women Techmakers to deepen digital talent pipeline

Amb. Jimoh Ibrahim tasks UN on AI and emerging security threats

By

Kehinde Victor

-

May 12, 2026

Key points

Nigeria’s Permanent Representative to the UN, Amb. Jimoh Ibrahim, called for global action against rising geopolitical tensions and arms proliferation.
Ibrahim addressed participants of the U.S. Army War College during their visit to the Nigerian Permanent Mission in New York.
The envoy highlighted emerging threats from artificial intelligence, cyber warfare, and autonomous weapons.
He reaffirmed President Bola Tinubu’s commitment to military capacity through funding, welfare, and international partnerships.
Nigeria’s economic performance was noted as placing it sixth among major countries contributing to global GDP according to 2026 outlooks.

Main Story

Nigeria’s Permanent Representative to the UN, Amb. Jimoh Ibrahim, has called for urgent global action to address rising geo-political tensions, arms proliferation and emerging security threats confronting the international community.

Ibrahim made the call while welcoming participants of the United States Army War College during their visit to the Permanent Mission of Nigeria to the UN in New York.

He said the UN must respond proactively to “heightened geopolitical tensions and major power competition”. The Nigerian envoy also tasked the UN on emerging threats posed by artificial intelligence, cyber warfare, autonomous weapons and illicit arms transfers.

He described the visit as a reflection of the enduring strategic relations between Nigeria and the United States in advancing global peace and security.

Ibrahim highlighted the successes of Nigerian military officers trained at the institution, including former President Muhammadu Buhari and Col. Charles Nengite, who emerged as the top international graduate.

He stated that President Bola Tinubu remains committed to strengthening Nigeria’s military capacity through substantial funding and improved welfare for service members.

On the economic front, the envoy cited international assessments placing Nigeria sixth among major countries contributing to global GDP. The head of the U.S. delegation, Prof. John Hagl, commended Nigeria’s role in the United Nations and praised the leadership qualities of Nigerian participants at the college.

The Issues

The rapid advancement of AI-driven military technology makes it difficult for international bodies to define or verify arms limitations.
Heightened power competition between global leaders requires the UN to shift toward a more proactive rather than reactive security stance.
Nigeria must balance its domestic economic reforms with its expanding role as a major contributor to global GDP and regional stability.

What’s Being Said

“The rise of autonomous weapons, drones, cyber warfare and AI-driven military technology makes it hard to define, regulate or verify arms limitations,” Ibrahim said.
“It’s crucial for the military to respond proactively to these issues,” he added regarding emerging technologies.
“His administration is dedicated to providing substantial funding for military operations, exploring innovative approaches and ensuring excellent welfare for service members,” Ibrahim stated regarding the Tinubu administration.
“Our country is on the right path in economic reform, with Nigeria’s impressive economic performance placing it sixth among major countries contributing to global GDP,” he stated.

What’s Next

Nigeria is expected to intensify diplomatic engagement at the UN to promote innovation, peace, and investment.
Strategic partnerships between the Nigerian military and the U.S. Army War College are likely to continue through personnel training and exchange programs.
International monitors will track how Nigeria’s military integrates new welfare and funding structures into its ongoing security operations.

Bottom Line

Ambassador Jimoh Ibrahim is advocating for a modernized UN framework that can regulate AI and autonomous weapons while highlighting Nigeria’s rising economic and military influence on the global stage.

NGX market capitalisation Crosses N160 trillion as banking stocks lead rally

Moniepoint partners with Women Techmakers to deepen digital talent pipeline

By

Kehinde Victor

-

May 12, 2026

Key points

Moniepoint Inc. has announced it is deepening investment in Nigeria’s digital talent pipeline through practical technology training for women.
The initiative is in partnership with Women Techmakers Lagos and Google Developer Group (GDG) in Lagos.
The program focused on hands-on product development, leadership training, and the deployment of AI-powered solutions.
Kemi Nwogu, Head of Product at Moniepoint Inc., urged participants to challenge stereotypes that discourage female participation in science and technology.
The event included a “Prompt to Production” workshop and a Buildathon where participants developed and deployed solutions in real time.

Main Story

Moniepoint Inc. stated on Monday that it is increasing its investment in Nigeria’s digital talent pipeline by providing practical technology training for women.

The announcement was made during an event held in partnership with Women Techmakers Lagos and Google Developer Group (GDG) in Lagos, which featured hands-on product development and leadership training.

Speaking at the event, Kemi Nwogu, Head of Product at Moniepoint Inc., said the future of technology would depend on women who were equipped not only to participate in the ecosystem, but also to shape it.

She stated that women must challenge long-standing stereotypes that discouraged female participation in science and technology related careers.

Nwogu urged participants to embrace continuous learning through coding bootcamps, online courses, and open-source projects while using practical challenges to build relevant industry skills.

The event also featured a panel discussion titled “Unscripted: Leading Beyond the Patterns We Inherited,” which examined leadership stereotypes within Nigeria’s technology ecosystem.

Funke Olasupo, Co-organiser of Women Techmakers Lagos, stated that the initiative was designed to move beyond ceremonial conversations around women empowerment.

She explained that the program sought to bridge the gap between having ideas and building them by creating a space where women could deploy their ideas into live products using AI tools within a few hours. A major highlight was the “Prompt to Production” workshop, facilitated by Taiwo Famakinde, where participants learned to transform ideas into functional products using AI tools.

The workshop culminated in a Buildathon where participants developed and deployed solutions in real time, with outstanding projects recognized at the close of the program. The initiative aligns with Moniepoint’s broader investment in talent development through programs such as Women in Tech, DreamDevs, HatchDev, and the Federal Government’s 3MTT initiative.

The Issues

Long-standing stereotypes and social constructs continue to discourage female participation in science and technology careers from a young age.
A significant gap exists between the conceptual phase of tech ideas and the actual building and deployment of live products.
Continuous upskilling in emerging technologies like AI is necessary to ensure women can navigate and redefine workplace structures across engineering and creative industries.

What’s Being Said

“From a young age, many girls have been subtly discouraged from pursuing science and tech. These patterns are not facts; they are constructs, and what has been constructed can be deconstructed,” said Kemi Nwogu.
“Oftentimes, there is a gap between having ideas and actually building them. We wanted to bridge that gap by creating a space where women could deploy their ideas into live products using AI tools within a few hours,” stated Funke Olasupo.
“The future of technology would depend on women who were equipped not only to participate in the ecosystem, but also to shape it,” Nwogu added.

What’s Next

Moniepoint is expected to continue its investment in technology talent through sustained partnerships with developer communities and government initiatives like 3MTT.
Participants who completed the Buildathon are encouraged to continue using AI tools to transform technical challenges into industry-relevant skills.
Future collaborations between Moniepoint and Women Techmakers may focus on expanding these practical workshops to reach more women in diverse creative and engineering fields.

Bottom Line

Moniepoint is addressing the digital talent gap by providing women with hands-on AI training and leadership skills to transition from conceptual ideas to functional product deployment.

NGX market capitalisation Crosses N160 trillion as banking stocks lead rally

NEM Insurance reports 2025 financial results and asset expansion

By

Kehinde Victor

-

May 12, 2026

Keypoints

Total group assets increased to N186.04bn in 2025, up from N124.23bn in 2024.
Group revenue rose to N173.04bn from N121.6bn, supported by premium generation.
Profit after tax at the group level declined to N23.9bn from N29.24bn.
Total equity climbed to N84.46bn, reflecting strengthened capital positioning.
Group liabilities rose to N101.58bn, attributed to stronger underwriting activities.

Main Story

NEM Insurance Plc has reported its financial performance for the year ended Dec. 31, 2025, highlighting a significant expansion in its balance sheet.

In a statement issued on Monday in Lagos, the company disclosed that total group assets rose by N61.81bn to reach N186.04bn, compared to N124.23bn in 2024.

This growth was mirrored at the parent company level, where total assets increased to N178.59bn from N121.93bn.

Group revenue also experienced a significant upward trend, rising to N173.04bn from N121.6bn, while the parent company’s revenue grew to N165.72bn from N119.88bn. The insurer attributed these revenue gains to improved premium generation and stronger investment returns.

However, despite the growth in assets and revenue, the company recorded a decline in profitability during the review period. Group profit before tax fell to N27.98bn from N33.7bn, while group profit after tax dropped to N23.9bn from N29.24bn in the previous year.

Similarly, parent company profit after tax moderated to N23.55bn from N29.08bn. Group liabilities rose to N101.58bn from N58.79bn, an increase the company linked to stronger underwriting activities and growing financial obligations.

Total equity grew to N84.46bn from N65.44bn, which the insurer stated reflects improved shareholder value. The company described the overall performance as a demonstration of resilience and strong market positioning achieved despite economic and industry pressures, reaffirming its commitment to innovation and strengthening underwriting capacity.

The Issues

The decline in net profit despite a 42% increase in group revenue indicates rising operational costs or higher claims provisions.
A significant rise in group liabilities by over N42bn points to expanded risk exposure and growing financial obligations across the insurer’s operations.
Management faces the challenge of balancing sustained business expansion with the need to stabilize bottom-line profitability in a pressurized economic environment.

What’s Being Said

“At the group level, total assets rose significantly by N61.81bn to N186.04bn in 2025,” stated the company.
“This growth reflects the company’s continued expansion and strengthened investment base,” the statement added.
“The performance demonstrates resilience and strong market positioning,” the company commented regarding the results achieved despite industry pressures.

What’s Nex

The insurer plans to sustain its growth trajectory through the deployment of innovation and customer-focused insurance solutions.
Efforts will be directed toward strengthening underwriting capacity and delivering improved value to shareholders in the 2026 financial year.
Investors will monitor whether the current asset expansion leads to a recovery in profit margins in subsequent quarters.

Bottom Line

NEM Insurance achieved a N61.81bn growth in total assets and a substantial increase in revenue for 2025, although profit after tax moderated due to increased liabilities and economic headwinds.

Africa’s first Blockchain smartphone targets nigerian market expansion

Heirs Insurance launches Prince AI to bridge language gaps

By

Kehinde Victor

-

May 12, 2026

Heirs Insurance Appoints Senior Executives And Name Change

Key points

Heirs Insurance Group has introduced Prince AI, Nigeria’s first multi-language generative artificial intelligence assistant for insurance.
The tool supports local languages including Yoruba, Igbo, and Hausa, alongside international languages like French, German, Spanish, Portuguese, and Chinese.
Chief Digital Officer Peace Okhianmhense-Philips stated the AI would deliver instant responses to both product enquiries and general insurance concerns.
Customers can use the assistant to purchase or renew policies and initiate and track insurance claims.
The launch coincides with the group’s upcoming fifth anniversary and the conclusion of its 2026 tech hackathon.

Main Story

Heirs Insurance Group has introduced a generative artificial intelligence assistant, Prince AI, to improve insurance accessibility. During a virtual unveiling on, Chief Digital Officer Mr. Peace Okhianmhense-Philips described the launch as a major milestone.

The AI-powered assistant provides instant responses to customer enquiries and helps users assess personal needs to identify suitable policies.

The platform supports nine languages, including three Nigerian languages and six international ones. This innovation is intended to remove language barriers that prevent customers from accessing insurance services.

Beyond information, the assistant allows for the execution of transactions such as policy renewals and claims tracking. While the AI uses adaptive intelligence to improve through interactions, the group confirmed that human support remains available for personalized guidance

The Issues

Removing language barriers is essential for deepening insurance penetration in Nigeria, where complex terminology often discourages potential customers.
The shift toward generative AI requires robust data privacy measures to ensure that sensitive customer information used for policy assessments remains secure.
While the AI handles routine queries, the effectiveness of the “hybrid” model depends on how seamlessly the system transitions users to human experts when the AI reaches its limits.

What’s Being Said

“Prince AI was designed with accessibility in mind and supports several local and international languages,” said Peace Okhianmhense-Philips.
“By embedding generative AI into customer experience, we are improving efficiency while humanising insurance services,” Okhianmhense-Philips stated.
“Where personal counsel is needed, our representatives stand ready with expert advice and clarity,” he added.

What’s Next

The AI will undergo a phase of adaptive learning to refine its performance in the newly supported local languages like Igbo and Hausa.
Heirs Insurance is expected to roll out further updates to the SimpleLife app to integrate Prince AI more deeply into the user interface.
The company’s fifth-anniversary celebrations later this year are likely to feature additional technology-led products aimed at financial inclusion.

Bottom Line

By deploying Nigeria’s first multi-language generative AI assistant, Heirs Insurance is using technology to break down the communication barriers that have historically limited insurance adoption.

Africa’s first Blockchain smartphone targets nigerian market expansion

Guterres calls for African permanent seats on UN Security Council

By

Kehinde Victor

-

May 12, 2026

press conference HC Refugees — Antonio Guterres, UN High Commissioner for Refugees UNHCR at a Press Conference after 66th session of Excom. 9 October 2015. UN Photo / Jean-Marc Ferré

Key points

UN Secretary-General António Guterres described the lack of a permanent African seat on the Security Council as a “historic injustice” during a visit to Nairobi.
Guterres broke ground on a $340 million expansion of the UN’s Kenyan campus, signaling a shift in global operations toward Africa.
The Secretary-General warned that the ongoing conflict involving Iran is severely impacting African food security, with urea prices rising over 35% in one month.
He called for a reform of the international financial architecture to provide Africa with fairer access to resources and debt relief.
Guterres criticized external “spoilers” who fuel African conflicts by supplying arms to warring parties in regions like Sudan and the Sahel.

Main Story

United Nations Secretary-General António Guterres has issued an urgent call for the reform of global institutions to reflect modern realities, specifically advocating for permanent African representation on the UN Security Council.

Speaking at a press conference in Nairobi, Guterres argued that the current global governance structure is “indefensible” and rooted in a post-WWII landscape that no longer exists.

He emphasized that Africa deserves a voice and resources commensurate with its growing global importance and population.

During his visit, Guterres broke ground on a $340 million expansion of the UN Office at Nairobi (UNON), which he described as a “green centre of gravity” for the organization.

Beyond administrative reforms, the UN chief highlighted the economic vulnerabilities facing the continent due to external shocks. He specifically cited the conflict involving Iran and the disruption of the Strait of Hormuz, through which 13% of Africa’s imports pass.

This geopolitical tension has triggered a spike in fertilizer costs, with the price of urea jumping 35% at the peak of Africa’s planting season, threatening to undermine regional food security.

The Issues

The veto power of the five permanent Security Council members remains the primary obstacle to the structural reforms Guterres is demanding.
High borrowing costs and inadequate climate financing continue to trap African nations in cycles of debt, preventing investment in sustainable development.
Disruptions in the Middle East have a direct “inflationary ripple” on African agriculture, illustrating the continent’s high dependency on imported inputs like oil and fertilizer.

What’s Being Said

“A reform of the UN Security Council has become necessary to strengthen the legitimacy and effectiveness of the UN,” Guterres added.

“Civilians are paying an unconscionable price as they continue to be targeted, intentionally starved, and forcibly displaced,” he said regarding African conflicts.

“There are no military solutions to these conflicts,” Guterres warned, calling instead for dialogue and regional cooperation.

What’s Next

Guterres will carry his reform message to the upcoming Africa Forward Summit in Nairobi and the annual AU-UN conference in Addis Ababa.
The $340 million expansion of the Nairobi UN hub is expected to move thousands of staff from European offices to Kenya to reduce operational costs.
International monitors will track the price of agricultural inputs as planting seasons progress to determine the severity of the Hormuz-linked food crisis.

Bottom Line

António Guterres is positioning Africa at the heart of a renewed multilateralism, arguing that global peace and economic stability are impossible without correcting the “historic injustice” of African under-representation.

Nigerian Treasury bills yield declines as investors increase demand for fixed-income assets

Nigerian Treasury bills yield declines as investors increase demand for fixed-income assets

By

Boluwatife Oshadiya

-

May 12, 2026

LBS Discloses FG's Targets With Naira Redesigning

By BizWatch Nigeria

Key Points

Average Treasury bills yield declined by 3 basis points in the secondary market.
Investors increased demand for fixed-income securities amid excess system liquidity.
Analysts linked stronger demand to inflation concerns and expectations of tighter market conditions.
Select Treasury bill maturities recorded significant buying interest.

Main Story

Average yields on Nigerian Treasury bills declined in the secondary market as investors intensified demand for fixed-income assets amid growing liquidity within the financial system.

Market data showed that the average Treasury bills yield fell by three basis points to 17.48 per cent, reflecting renewed buying interest across short- and long-dated instruments.

The fixed-income market opened the week on a positive note as institutional investors, asset managers and portfolio managers continued repositioning portfolios ahead of Nigeria’s latest inflation figures.

Analysts said expectations of elevated inflationary pressure, partly driven by higher global crude oil prices and domestic cost pressures, encouraged investors to lock in existing yields before possible market repricing.

Investment firm Meristem Securities Limited noted that buying interest was visible across most Treasury instruments during the trading session.

According to the firm, notable demand was recorded for the 22-Apr-2027, 6-Aug-2026 and May-2027 papers, which witnessed yield contractions of 18 basis points, 16 basis points and eight basis points respectively.

However, moderate selloffs were observed in select maturities between August 2026 and September 2026.

Traders also reported stronger demand for the 06-AUG, 22-APR and 06-MAY Treasury bills as investors sought relatively stable returns amid uncertain macroeconomic conditions.

Nigeria’s fixed-income market has continued attracting investor interest following aggressive monetary tightening by the Central Bank of Nigeria over the past year aimed at curbing inflation and stabilising the naira.

Despite attractive nominal yields, analysts warn that persistently high inflation continues to weaken real returns for investors.

Meanwhile, the secondary bond market also traded on a mildly bullish note. Yield contractions at the short end of the curve offset slight expansions at the mid-segment, resulting in a one basis point decline in average bond yields to 16.09 per cent.

What’s Being Said

Fixed-income analysts said the combination of excess liquidity and inflation expectations is shaping investor behaviour in the debt market.

Market participants also believe investors are increasingly positioning ahead of future monetary policy decisions by the Central Bank of Nigeria.

Analysts added that demand for sovereign debt instruments remains strong because many investors still view Treasury bills and bonds as safer alternatives amid volatility in other asset classes.

What’s Next

Investors are expected to closely monitor Nigeria’s inflation data and upcoming Treasury bills auctions for further direction.

Any acceleration in inflation or additional tightening measures by the Central Bank could influence yield movements and investor sentiment across the fixed-income market.

Market participants will also watch developments in global oil prices and foreign exchange liquidity, both of which remain critical drivers of domestic monetary conditions.

Bottom Line

Strong investor appetite for Nigerian Treasury bills continues to compress yields despite inflation concerns. With liquidity remaining elevated and investors seeking safer assets, fixed-income securities are likely to remain attractive in the near term.

FG unveils regional development policy to address inequality, infrastructure gaps

Africa’s first Blockchain smartphone targets nigerian market expansion

By

Boluwatife Oshadiya

-

May 12, 2026

By BizWatch Nigeria

Key Points

BitMobile Tech has launched the Phēnix X, described as Africa’s first blockchain smartphone.
The device combines Android smartphone functionality with blockchain-powered applications and reward systems.
The smartphone has already launched in South Africa and Zambia, with Nigeria identified as a future expansion market.
The company says the product is designed to improve digital inclusion, financial access and Web3 adoption in emerging markets.
Retail expansion and financing options are being used to improve affordability for consumers.

Main Story

BitMobile Tech has intensified its push into Africa’s growing digital economy with the rollout of the Phēnix X smartphone, a blockchain-enabled mobile device positioned as the continent’s first blockchain smartphone.

The company, which is associated with Finnovant, launched the device in South Africa before expanding into markets such as Zambia, while also preparing for wider African expansion that includes Nigeria.

Industry observers say the launch reflects growing interest among technology companies in combining blockchain infrastructure with consumer electronics to drive digital payments, decentralized applications and financial inclusion.

The Phēnix X runs on Android 13 and features a 6.82-inch HD+ display, 6GB RAM, 128GB internal storage and a 4,900mAh battery. The device also includes dual-SIM capability, biometric authentication systems and preloaded blockchain-based applications.

Unlike traditional smartphones, the device integrates what the company calls a “RISE Framework,” which enables users to access decentralized applications, digital wallets, blockchain-based identity services and loyalty reward systems directly from the phone.

BitMobile says users can earn monthly rewards tied to device usage, decentralized processing participation and ecosystem engagement. The rewards can reportedly be converted into local fiat currencies depending on the market.

The company has partnered with firms including AstraBit, Reality Network and other blockchain-focused platforms to provide services ranging from decentralized finance tools to digital education and cloud-based earning systems.

The smartphone is currently priced between R4,199 and R5,199 in South Africa, depending on promotions and retail channels. Financing plans introduced through BitPayTech allow buyers to make installment payments in an effort to improve accessibility among lower-income consumers.

Retail distribution has expanded through partnerships with outlets such as Pick n Pay, Takealot and online marketplaces in Southern Africa.

Nigeria has increasingly emerged as one of Africa’s largest cryptocurrency and digital asset markets, driven largely by youth adoption, fintech innovation and rising demand for alternative financial systems. Analysts say this creates a potentially attractive market for blockchain-enabled consumer devices.

What’s Being Said

Brian Maw, Chief Executive Officer of BitMobile Tech, has described the Phēnix X as part of a broader strategy to bridge the digital divide in emerging markets by combining affordable mobile technology with blockchain-powered services.

The company says the smartphone is designed not only for cryptocurrency users but also for consumers seeking enhanced privacy, digital identity protection, financial access and educational opportunities.

BitMobile also argues that blockchain-enabled devices could help improve digital literacy and Web3 participation across underserved regions where access to conventional banking services remains limited.

However, some industry analysts note that blockchain smartphones remain a niche segment globally and may face challenges related to mainstream adoption, consumer awareness and regulatory uncertainty surrounding digital assets in several African markets.

What’s Next

BitMobile is expected to continue expanding retail partnerships and market access across Africa, Southeast Asia and parts of South America.

The company is also preparing for a potential Nigerian launch following reports of 4G type approval processes tied to the device.

Analysts will be watching whether blockchain-enabled smartphones can gain mainstream traction beyond crypto-focused users, particularly in markets where affordability and internet accessibility remain key challenges.

Bottom Line

The launch of the Phēnix X highlights how blockchain technology is increasingly moving beyond finance into mainstream consumer electronics. While the long-term commercial success of blockchain smartphones remains uncertain, Africa’s expanding digital economy and strong youth-driven technology adoption could provide fertile ground for experimentation and growth.

Oil prices rise as Trump rejects Iran peace proposal amid Hormuz tensions

FEC approves National research and innovation development fund to boost Nigeria’s science, technology ecosystem

By

Boluwatife Oshadiya

-

May 12, 2026

By Boluwatife Oshadiya

Key Points

The Federal Executive Council has approved the establishment of the National Research and Innovation Development Fund (NRIDF).
The fund is designed to strengthen Nigeria’s science, research, technology and innovation ecosystem.
Vice President Kashim Shettima will chair the proposed 17-member National Council on Research and Innovation.
The initiative is expected to support researchers, startups, innovators and technology developers nationwide.
The Federal Ministry of Innovation, Science and Technology will supervise implementation of the fund.

Main Story

The Federal Executive Council (FEC), presided over by President Bola Ahmed Tinubu, has approved the establishment of the National Research and Innovation Development Fund (NRIDF) in what government officials describe as a major policy step toward accelerating Nigeria’s innovation-driven economic agenda.

The newly approved fund will operate under the supervision of the Federal Ministry of Innovation, Science and Technology (FMIST), which will provide institutional coordination and oversight for implementation.

According to details released after the FEC meeting, the NRIDF will be overseen by a 17-member National Council on Research and Innovation chaired by Vice President Kashim Shettima, while the Minister of Innovation, Science and Technology, Kingsley Tochukwu Udeh will serve as vice chairman.

Government officials said the fund is expected to provide strategic financing for research institutions, technology startups, innovators and scientific development initiatives across Nigeria.

The approval comes as Nigeria intensifies efforts to diversify its economy away from oil dependency by increasing investment in technology, digital infrastructure, local manufacturing, artificial intelligence, clean energy innovation and research commercialization.

Analysts note that Nigeria has historically struggled with low investment in research and development compared to other emerging economies, despite its large youth population and expanding startup ecosystem. According to global development data, many advanced economies commit between 2 and 4 percent of GDP to research and development spending, while African economies generally lag behind.

The Tinubu administration has repeatedly highlighted innovation and digital transformation as central pillars of its broader economic reform agenda and long-term ambition of building a $1 trillion economy.

What’s Being Said

“The approval marks a major breakthrough in the Federal Government’s commitment toward building an inclusive, sustainable and innovation-driven economy in alignment with the Renewed Hope Agenda,” Udeh said in a statement issued by the ministry.

The minister, however, clarified that the fund would still undergo legislative, administrative and operational processes before full implementation and disbursement of funds can commence.

He added that the NRIDF would help strengthen collaboration between academia and industry, improve local research capacity, support commercialization of innovation and position Nigeria more competitively within the global knowledge economy.

Industry stakeholders have also argued that consistent funding remains one of the biggest obstacles facing Nigerian innovators and university-based researchers, many of whom struggle to convert research outcomes into commercially viable products.

What’s Next

The Federal Ministry of Innovation, Science and Technology is expected to begin work on the legislative and operational framework required for the rollout of the NRIDF.

The government is also expected to outline funding sources, governance structures, eligibility requirements and disbursement mechanisms for beneficiaries once the implementation phase begins.

Stakeholders within Nigeria’s research and startup ecosystem will likely monitor how quickly the initiative moves from approval stage to actual funding deployment.

Bottom Line

The approval of the National Research and Innovation Development Fund signals Nigeria’s growing focus on science, technology and innovation as drivers of long-term economic growth. If effectively implemented, the initiative could improve research funding, deepen industry-academic collaboration and strengthen Nigeria’s competitiveness in the global digital economy.

JAMB sets 2026 admission cut-Off Marks, fixes deadlines for tertiary institutions

NGX market capitalisation Crosses N160 trillion as banking stocks lead rally

By

Boluwatife Oshadiya

-

May 12, 2026

Capital Market Goes Green Ahead Of 2022 Corporate Earnings

By BizWatch Nigeria

Key Points

Nigerian equities market gained N3.16 trillion in one trading session.
Market capitalisation rose above N160 trillion for the first time.
Banking and industrial stocks drove strong investor demand.
The NGX All-Share Index advanced by over 5,700 points.

Main Story

The Nigerian equities market extended its bullish momentum on Monday as investors gained N3.162 trillion, pushing the Nigerian Exchange market capitalisation above N160 trillion.

Market capitalisation increased by 2.01 per cent to close at N160.256 trillion, compared with N157.094 trillion recorded in the previous trading session.

The NGX All-Share Index also climbed by 5,709.71 basis points to settle at 250,485.54, reflecting broad-based buying interest across major sectors of the market.

Investor sentiment remained firmly positive, with 59 stocks advancing against 21 decliners during the trading session.

Banking and industrial goods stocks led the rally as investors reacted positively to corporate earnings releases and improving market liquidity.

Major gainers included CHAMS, FTN Cocoa Processors, International Energy Insurance, Livestock Feeds and RT Briscoe, all of which recorded the maximum daily gain of 10 per cent.

Sectoral performance was largely positive. The Banking Index rose by 4.67 per cent, while the Industrial Goods Index advanced by 4.32 per cent.

The Consumer Goods, Insurance and Oil & Gas indices also closed in positive territory, supported by gains in GTCO, Dangote Cement, Nigerian Breweries, AIICO Insurance and Eterna.

On the downside, Prestige Assurance, Sovereign Trust Insurance, University Press, Ellah Lakes and Tantalizers recorded losses.

Trading activity strengthened considerably, with investors exchanging 1.49 billion shares valued at N68.45 billion across 94,834 deals.

Veritas Kapital emerged as the most traded stock by volume after accounting for over 194 million shares traded, while MTN Nigeria led the market by value with transactions worth N12.39 billion.

Analysts attributed the sustained rally to improving investor confidence, stronger liquidity conditions and expectations of better macroeconomic performance.

What’s Being Said

Vice President of Highcap Securities, David Adonri, said improved liquidity and stronger confidence in the economy were supporting demand for equities.

“Renewed confidence, better macroeconomic conditions and stronger liquidity supported demand across major sectors,” Adonri said.

He added that investors were increasingly recognising MTN Nigeria as a strong local investment despite previous negative sentiment surrounding the company.

“Elevated crude prices, improved energy supply and stable conditions are supporting market sentiment,” he added.

What’s Next

Market analysts expect investor attention to remain focused on corporate earnings releases, inflation data and monetary policy developments.

Banking stocks are likely to continue attracting interest as investors assess earnings performance and dividend prospects.

Analysts also believe sustained liquidity in the financial system could continue driving funds into equities if macroeconomic conditions remain relatively stable.

Bottom Line

The Nigerian stock market’s climb above N160 trillion highlights renewed investor optimism and strong liquidity conditions. With banking and industrial stocks leading gains, market momentum could remain positive if earnings performance and economic indicators continue improving.

Nigerian musicians embrace AI tools to cut costs, expand creativity

Nigerian musicians embrace AI tools to cut costs, expand creativity

By

Kehinde Victor

-

May 11, 2026

KEY POINTS

Nigerian musicians are increasingly adopting artificial intelligence tools to produce music, reduce studio costs, and simplify creative processes.
AI-powered platforms such as Suno AI, AIVA, and Boomy are reshaping music production workflows.
Industry stakeholders are calling for clearer regulations on AI-generated music, ownership rights, and royalty structures in Nigeria.

MAIN STORY

Nigerian musicians are increasingly embracing artificial intelligence technologies to produce music and lower production costs, as AI tools continue to transform creative workflows across the country’s entertainment industry.

Industry experts say artistes are now using AI-powered platforms such as Suno AI, AIVA, and Boomy to generate beats, compose melodies, and develop song structures — tasks that traditionally required expensive studio sessions, producers, and large technical teams.

The growing adoption of AI is also creating opportunities for emerging artistes who previously struggled with the high costs associated with music production and studio access.

Among the platforms entering the African market is Korin AI, a Nigerian-founded platform designed to generate music in Nigerian and other African languages.

Founder of Korin AI, Olajide-Philips, said the platform was developed to address accessibility challenges facing many upcoming artistes across Africa.

“About 75 per cent of upcoming artists in Africa simply can’t afford top studios,” he said.

“You can be very talented, but if your production quality is low, people won’t listen. Why can’t we have a virtual African studio that anyone can access?” he added.

Olajide-Philips explained that AI technology was not intended to replace human creativity but rather to lower entry barriers for talented artistes with limited financial resources.

“AI has come to stay, and there is nothing that is going to change that. AI is not taking anybody’s job, but the job of those who are afraid of AI will be taken by those trained to use these tools,” he said.

Nigerian artiste Ayo Jay has also reportedly experimented with AI software to blend traditional African sounds with contemporary music styles, highlighting the technology’s potential for preserving cultural identity while encouraging innovation.

Beyond music production, AI tools are increasingly being used by Nigerian content creators for video editing, graphics design, scheduling, and digital content management as internet penetration continues to rise across the country.

According to reports, more than 107 million Nigerians are currently connected online, further expanding the digital ecosystem supporting entertainment and content creation industries.

A Lagos-based music technology consultant, Emeka Okafor, said the industry was approaching a major technological turning point.

“The artistes who will dominate the next decade are those learning to work with AI now, not against it.

“In Nigeria, where studio access has always been a bottleneck, AI is the most democratising force the music industry has ever seen,” Okafor said.

Meanwhile, stakeholders are urging the Nigerian Copyright Commission to develop comprehensive guidelines governing AI-generated music, ownership rights, copyright protection, and royalty distribution frameworks.

THE ISSUES

The increasing use of AI in music production is reshaping Nigeria’s entertainment industry by reducing production costs and improving access to creative tools for independent artistes.

However, experts warn that the rapid growth of AI-generated content raises concerns over copyright ownership, originality, intellectual property rights, and fair compensation for human creators.

There are also fears that overreliance on AI-generated music could affect artistic authenticity and reduce demand for traditional studio professionals if regulatory frameworks are not properly developed.

At the same time, advocates argue that AI can democratise music production, particularly in developing countries where access to expensive equipment and professional studios remains limited.

WHAT’S BEING SAID

Industry players say AI technology is helping to level the playing field for emerging Nigerian artistes by providing affordable access to music production tools.

Technology experts also believe AI could accelerate the global reach of Afrobeat and African music by enabling faster content production and experimentation with diverse sounds and languages.

Stakeholders, however, stress the need for clear legal frameworks to protect creators and define ownership rights for AI-assisted works.

WHAT’S NEXT

The Nigerian entertainment industry is expected to witness wider adoption of AI-powered creative tools as digital technology becomes more integrated into music production and content creation.

Regulatory agencies, including the Nigerian Copyright Commission, may also face increasing pressure to establish policies guiding AI-generated works and royalty systems.

Industry observers predict that future success in music production will increasingly depend on how effectively artistes combine human creativity with emerging AI technologies.

BOTTOM LINE

Artificial intelligence is rapidly transforming Nigeria’s music industry by making production more accessible, affordable, and technologically driven. While the technology presents new opportunities for creativity and global expansion, stakeholders say balancing innovation with copyright protection and artistic authenticity will be critical to the industry’s future growth.

CBN sells N3.3trn OMO bills to banks, foreign investors amid tight liquidity push

FG unveils regional development policy to address inequality, infrastructure gaps

By

Kehinde Victor

-

May 11, 2026

KEY POINTS

The Federal Government says the National Regional Development Policy (NRDP) 2026–2030 is aimed at addressing regional disparities and developmental imbalances across Nigeria.
The policy focuses on inclusive growth, infrastructure development, climate adaptation, and improved coordination among regions and institutions.
Stakeholders, including the United Nations Development Programme and South East Development Commission, have expressed support for the initiative.

MAIN STORY

The Federal Government has reaffirmed its commitment to tackling persistent regional inequalities and developmental gaps through the proposed National Regional Development Policy (NRDP) 2026–2030 framework.

The Permanent Secretary of the Federal Ministry of Regional Development, Mary Ogbe, disclosed this on Monday during the Regional Technical Validation Workshop for the NRDP 2026–2030 held in Enugu.

Ogbe described the workshop as an important platform for stakeholders to reflect on and validate the draft policy document, which she said represents the aspirations of millions of Nigerians across the country’s geopolitical zones.

According to her, Nigeria’s development landscape has long been characterised by structural disparities in infrastructure, access to economic opportunities, human capital development, and quality public services across different states and regions.

“These disparities are not merely statistical observations; they are realities that affect the dignity, livelihoods, and futures of our citizens,” she said.

Ogbe explained that the National Regional Development Policy 2026–2030 was designed as a strategic response to these long-standing challenges.

“The policy is a blueprint designed to promote balanced, inclusive, and sustainable development across all regions of our federation.

“It sets out clear pillars, enabling frameworks, financing mechanisms, and institutional coordination structures that, if faithfully implemented, will transform the trajectory of development across Nigeria,” she stated.

The permanent secretary added that the draft policy document was developed through extensive consultations involving state governments, technical agencies, regional development institutions, civil society organisations, development partners, and subject matter experts.

She particularly acknowledged the contributions of the United Nations Development Programme (UNDP), noting that the process was highly inclusive and evidence-based.

Ogbe expressed optimism that the policy would be fully validated and operationalised before the end of the year.

Speaking at the event, the Resident Representative of the United Nations Development Programme, Elsie Attafuah, said the organisation provided technical expertise in drafting the policy.

Represented by UNDP Technical Adviser Matthew Alao, Attafuah reaffirmed the agency’s commitment to supporting Nigeria’s development aspirations.

“UNDP will continue to support government ministries, departments, and agencies to ensure the upliftment of human capital, infrastructure, and coordinated sustainable development,” she said.

Also speaking, the Managing Director of the South East Development Commission (SEDC), Mark Okoye, commended the ministry and technical team for producing what he described as an evidence-based and forward-looking policy document.

Represented by the Executive Director of Finance and Administration at SEDC, Stanley Ohajuruka, Okoye identified key aspects of the policy that align with the South-East region’s development priorities.

He highlighted the emphasis on regional growth corridors, particularly the commercial and industrial axis linking Aba, Onitsha, and Enugu.

“We must ensure that transport, energy, and digital infrastructure investments are sequenced to reinforce this corridor,” he said.

Okoye also stressed the importance of climate adaptation measures within the policy framework, especially regarding erosion control and watershed management in the South-East region.

“Erosion control and watershed management are not environmental niceties for the South East; they are existential,” he said.

He further praised the policy’s emphasis on data-driven implementation and measurable outcomes.

THE ISSUES

Nigeria continues to face significant regional disparities in infrastructure development, access to quality education and healthcare, economic opportunities, and public services.

Many regions, particularly rural and underserved communities, struggle with inadequate transportation networks, poor electricity supply, unemployment, environmental degradation, and weak institutional coordination.

Experts say climate-related challenges such as erosion, flooding, desertification, and environmental pollution have also deepened developmental inequalities in several parts of the country.

Stakeholders have repeatedly stressed the need for coordinated regional planning, evidence-based policymaking, and sustainable financing mechanisms to bridge these gaps.

WHAT’S BEING SAID

Government officials say the NRDP 2026–2030 is intended to serve as a comprehensive framework for achieving balanced and inclusive development nationwide.

Development partners and regional institutions have also welcomed the initiative, describing it as a critical step toward improving infrastructure, human capital development, and economic integration across Nigeria’s regions.

Stakeholders further emphasised the importance of effective implementation, transparency, and intergovernmental collaboration to ensure the policy delivers measurable results.

WHAT’S NEXT

The Federal Government is expected to complete the validation process for the NRDP 2026–2030 before moving toward full implementation.

Regional development agencies, state governments, and international development partners are also likely to intensify collaboration on infrastructure financing, climate adaptation, and economic development initiatives.

Experts say successful implementation of the policy could shape Nigeria’s long-term development planning and strengthen efforts to reduce regional inequalities.

BOTTOM LINE

The Federal Government’s proposed National Regional Development Policy 2026–2030 represents a renewed effort to address longstanding developmental imbalances across Nigeria. Stakeholders say the success of the initiative will depend largely on sustained political commitment, effective implementation, and strong collaboration among government institutions, development partners, and regional stakeholders.

JAMB sets 2026 admission cut-Off Marks, fixes deadlines for tertiary institutions

JAMB to Introduce ‘Bring Your Own Device’ Option for UTME Candidates From 2027

By

Boluwatife Oshadiya

-

May 11, 2026

By Boluwatife Oshadiya

Key Points

The Joint Admissions and Matriculation Board (JAMB) says UTME candidates will be allowed to use personal computers for examinations from 2027.
JAMB Registrar, Prof. Ishaq Oloyede, said the initiative would reduce operational challenges and improve examination efficiency.
The board plans to deploy flash-drive-based security measures to prevent examination malpractice.
JAMB also announced the top-performing candidates in the 2026 UTME, with Jesudunsin Owoeye emerging highest scorer with 372 marks.
The board says additional digital innovations will be introduced to strengthen examination integrity and candidate experience.

Main Story

The Joint Admissions and Matriculation Board (JAMB) has announced plans to allow candidates sitting for the Unified Tertiary Matriculation Examination (UTME) to use personal computers for the examination beginning from 2027.

JAMB Registrar, Prof. Ishaq Oloyede, disclosed the development on Monday during the 2026 Policy Meeting on Admissions into Tertiary Institutions held in Abuja.

According to Oloyede, the initiative, tagged “Bring Your Own Device” (BYOD), is aimed at reducing technical disruptions experienced during examinations while lowering operational costs for the examination body.

He explained that candidates would be permitted to use their personal devices under strict security supervision, adding that special flash drives would be inserted into the systems to restrict unauthorised access and curb examination malpractice.

Oloyede said the move would address one of the recurring complaints raised by candidates during UTME exercises, particularly incidents involving sudden system shutdowns or technical failures at Computer-Based Test (CBT) centres.

“It will be cheaper and easier to manage. Candidates have often complained that their computer went off during examinations, and this innovation is expected to address such issues while preserving examination integrity,” Oloyede said.

The JAMB Registrar added that the board was already developing additional technological innovations ahead of the 2027 examination cycle to improve efficiency and strengthen public confidence in the conduct of UTME examinations.

The UTME remains Nigeria’s primary entrance examination for admission into universities, polytechnics and colleges of education. Over the years, JAMB has gradually transitioned fully into computer-based testing in a bid to reduce malpractice, improve speed and enhance result processing.

During the policy meeting, the board also announced the top-performing candidates in the 2026 UTME. Jesudunsin Owoeye from Ekiti State emerged as the highest scorer with 372 out of the obtainable 400 marks. Owoeye sat for the examination in Ogun State and selected the University of Lagos as first choice to study Medicine and Surgery.

The score falls slightly below the highest score recorded in 2025, when Chinedu Okeke from Anambra State scored 375. Ikenna Enwere from Imo State emerged second with 370 marks after writing the examination in Lagos State. He selected Nile University as his preferred institution to study Computer Science.

Ayomide Bamisile from Ondo State secured third position with 369 marks and chose the Federal University of Technology, Akure to study Software Engineering.

What’s Being Said

“This measure is designed to make the process more convenient while maintaining the integrity of the test,” Oloyede said during the policy meeting.

Education stakeholders say the planned BYOD model could significantly reduce pressure on CBT infrastructure if successfully implemented.

However, some analysts believe the initiative may also raise concerns around device compatibility, internet access, cybersecurity and equal access for candidates from low-income backgrounds.

Technology experts say JAMB will need to establish strict technical standards and security protocols before implementation.

What’s Next

JAMB is expected to begin pilot planning, infrastructure testing and stakeholder consultations ahead of the proposed 2027 rollout. The board may also issue detailed technical guidelines covering approved devices, security requirements and examination procedures before implementation.

Education stakeholders are expected to monitor how the policy could affect examination accessibility, operational costs and examination security across the country.

Bottom Line

JAMB’s planned introduction of personal-device-based UTME examinations marks another major shift in Nigeria’s digital examination system. While the initiative could improve efficiency and reduce technical disruptions, its success will depend heavily on security safeguards, infrastructure readiness and equal access for candidates nationwide.

JAMB sets 2026 admission cut-Off Marks, fixes deadlines for tertiary institutions

CBN sells N3.3trn OMO bills to banks, foreign investors amid tight liquidity push

By

Boluwatife Oshadiya

-

May 11, 2026

By Boluwatife Oshadiya

Key Points

The Central Bank of Nigeria (CBN) sold approximately N3.3 trillion worth of Open Market Operation (OMO) bills across two major auctions last week.
The auctions were significantly oversubscribed, reflecting strong demand from banks and foreign portfolio investors seeking high-yield fixed-income instruments.
Despite the aggressive liquidity mop-up, banking system liquidity increased to N5.67 trillion due to inflows from matured OMO bills.
Overnight lending rates declined marginally as liquidity conditions remained relatively robust.
Analysts say the CBN’s sustained tightening stance signals continued efforts to contain inflationary pressures and stabilise the foreign exchange market.

Main Story

The Central Bank of Nigeria (CBN) intensified its liquidity tightening measures last week after selling Open Market Operation (OMO) bills valued at about N3.3 trillion across two major auctions, as the apex bank continues efforts to manage excess liquidity and curb inflationary pressure in the economy.

The auctions attracted strong participation from banks and foreign portfolio investors, underscoring sustained appetite for Nigeria’s high-yield fixed-income securities amid elevated interest rates.

According to auction results and market data reviewed by BizWatch Nigeria, the apex bank offered N600 billion worth of OMO bills during the first auction across 8-day and 134-day tenors. However, investor demand surged to N1.71 trillion, representing a bid-to-offer ratio of 2.9 times.

The CBN eventually allotted N1.70 trillion, with stop rates clearing at 21.90 percent for the 8-day tenor and 19.97 percent for the 134-day tenor. Demand was particularly concentrated on the shorter tenor, where the apex bank fully allotted over N1 trillion.

At a second auction conducted later in the week, the CBN again offered N600 billion across 33-day, 75-day and 96-day maturities. Total subscriptions climbed to N1.64 trillion, while allotments settled at N1.60 trillion.

Stop rates closed at 21.57 percent, 20.63 percent and 20.45 percent respectively across the three maturities.

The aggressive OMO sales came as the apex bank continues deploying monetary tightening tools to rein in inflation, stabilise the naira and reduce excess liquidity within the financial system.

However, despite the sizeable liquidity mop-up operations, system liquidity improved during the review period following inflows from matured instruments.

Data from Coronation Merchant Bank showed that banking system liquidity rose to N5.67 trillion from N4.96 trillion recorded in the previous week, largely driven by N2.71 trillion inflow from matured OMO bills.

Consequently, the Overnight Rate (OVN) declined by 11 basis points week-on-week to 22.19 percent, while the Open Repo Rate (OPR) remained unchanged at 22.00 percent.

Nigeria’s inflation rate has remained elevated in recent months, prompting the CBN to sustain an aggressive monetary tightening cycle through high benchmark interest rates and frequent OMO issuances targeted at institutional and foreign investors.

What’s Being Said

“The CBN sustained its aggressive liquidity management posture via two OMO auctions last week,” Coronation Merchant Bank stated in its market note.

“Cumulatively, the CBN sterilised about N3.30 trillion across both operations, underscoring the persistence of its liquidity tightening measures,” the firm added.

Market analysts say the continued oversubscription of OMO bills reflects growing investor confidence in Nigeria’s fixed-income market, particularly as yields remain attractive relative to other emerging markets.

Some analysts also note that strong foreign investor participation may help improve foreign exchange liquidity and support naira stability in the near term.

What’s Next

Market participants are expected to closely monitor the CBN’s next monetary policy decisions, particularly as inflationary pressures and exchange rate volatility remain key concerns for policymakers.

Analysts expect the apex bank to maintain its tight monetary stance in the short term, with additional OMO auctions likely if liquidity levels remain elevated.

Investors will also watch for upcoming inflation data and signals from the Monetary Policy Committee (MPC) regarding the future direction of interest rates.

Bottom Line

The CBN’s N3.3 trillion OMO sales highlight the apex bank’s determination to tighten liquidity conditions and manage inflationary risks. However, persistent liquidity inflows and strong investor demand suggest that excess cash within the banking system remains substantial, keeping pressure on the central bank to sustain aggressive monetary interventions.

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