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Thursday Chronicles: The ‘verification’ era – living in the age of blue ticks and ‘red flags’

By
Omotoke Ayomide
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Hello, my fellow Digitally-Disturbed and Survival-Minded Nigerians. Welcome back to our weekly sanctuary! Today is May 14, 2026, and if you woke up this morning to a “System Update” notification that made you panic about your bank app, or if you’ve spent the last hour debating whether a viral video was “Real or AI,” pull up a chair. Today, we aren’t talking about football heartbreak or office politics. We are diving into the Great Verification Era—a time where everything in Nigeria, from your identity to your relationships, is currently undergoing a “Mandatory Audit.”

If there is one trend that defines the “Average Nigerian Experience” in 2026, it is the Endless Linkage. We have officially reached the stage where your NIN (National Identification Number) is more important than your surname.
The current trend? The “Ultimate Verification.” The government has moved beyond just linking your SIM; they are now marrying your bank accounts, your voter card, and practically your “social standing” into one digital file. The humor in this? Watching “Big Men” at the NIMC office trying to explain why their face in 2026 doesn’t look like their passport photo from 2012. We are a nation of people who have “captured” our fingerprints so many times that the machines are starting to recognize us by our frustration.

There is a fascinating cultural split happening on our streets and screens. On one hand, you have the “Soft Life” Crew—the influencers and Gen-Z “Tech-Bros” who are trending for their 5:00 AM Pilates, 7:00 AM Matcha tea, and 9:00 AM “Dollar-earning” remote meetings. They are the faces of the new “Naira-Coded” wealth.
On the other hand, we have the “Strategic Strugglers.” This is the rest of us who have turned “frugality” into a competitive sport. The trend now is “Bulk-Buying Cooperatives.” Neighbors who used to barely say “Good Morning” are now forming WhatsApp groups to buy a whole cow or a bag of rice directly from the farm to beat the “middleman inflation.” We are seeing a return to communal living, not out of tradition, but out of Economic Intelligence.

If you haven’t seen a video of a famous Nigerian politician or celebrity saying something absolutely wild this week, are you even online? The rise of Accessible AI in 2026 has turned every WhatsApp group into a forensic laboratory.
The trend is “The Great Doubt.” We no longer believe our eyes. We are auditing every voice note and every video. It has reached a point where if a husband is caught on camera where he shouldn’t be, his first defense is: “Honey, that’s a Deepfake! It’s AI Juju!” We are learning to navigate a world where “Truth” is just a high-resolution render, and “Education” now includes learning how to spot an AI-generated six-pack on a “Fitness Influencer.”

While we laugh at the AI drama and the NIN queues, there is a serious underlying theme: The Trust Audit. In sociology, we call this a “High-Skepticism Society.” Because our institutions, our economy, and even our digital content have been so volatile, Nigerians have developed a “Vetting System” that is world-class. We don’t just take information; we verify it across three different platforms and then call our “person at the top” to double-check.

This skepticism is actually a Survival Skill. In 2026, the most valuable currency in Nigeria isn’t the Naira or the Dollar; it’s Verified Information.

Key Take-Home Points for the 2026 Survivor

  • Protect Your Digital Identity: With everything linked, a “hacked” account is no longer just about your Facebook photos; it’s about your entire life. Two-Factor Authentication (2FA) is no longer a suggestion; it’s a prayer.
  • Collaboration is the New Competition: If you want to beat the current “Cost of Living” trend, stop trying to do it alone. The “Communal Buy” is the smartest financial move of the decade.
  • Develop an “AI-Eye”: Before you scream or share that scandalous video, look at the hands. AI still struggles with fingers. If the person has six fingers or blurry ears, it’s probably “Juju.”
  • Patience is a Portfolio: Whether it’s the queue for a new passport or the wait for the “Economic Reforms” to reach your pot of soup, patience is the only thing keeping us from “moving mad.”

Lessons to Carry into the Weekend

  • Audit Your Circles: Who are the people in your life helping you save, learn, or grow? In this era, “Vibes” aren’t enough. You need “Value.”
  • Update Your “Capture”: If you haven’t checked your NIN/BVN status lately, do it now before the “Deadline Drama” starts again.
  • Support Local “Realness”: In a world of AI and filters, support the people doing real work—the artisans, the local farmers, and the honest creators.
  • Keep Your Sense of Humor: If we can’t laugh at the absurdity of needing a fingerprint to buy a loaf of bread, we’ve already lost.

As we wrap up this “Verification Edition,” take a moment to look at your own life. What part of your journey needs an “audit”? What “Red Flags” have you been ignoring? Remember, in the Nigeria of 2026, you are the CEO of your own survival.

See you next Thursday, hopefully with a verified “Credit Alert” and zero “Deepfake” drama in your DMs!

Thursday Chronicles: The ‘I’m around the corner’ syndrome – A guide to Nigerian time

Otedola’s N43bn share purchase deepens influence over First HoldCo

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya

Key Points

  • Femi Otedola-linked Calvados Global Services acquired 549.5 million First HoldCo shares in a single transaction.
  • The deal was valued at approximately N43.4 billion at N79 per share.
  • Otedola’s estimated total direct and indirect holdings in First HoldCo have now risen to about 19.36 percent.
  • The acquisition comes as Nigerian banks position for recapitalisation and expansion.

Main Story

Billionaire businessman and investor Femi Otedola has strengthened his position in First HoldCo Plc after a major insider share acquisition valued at more than N43 billion.

A regulatory filing on the Nigerian Exchange (NGX) showed that Calvados Global Services Limited, an entity linked to Otedola, acquired 549,535,653 ordinary shares of First HoldCo Plc at N79 per share during Wednesday’s trading session.

The acquisition, worth approximately N43.41 billion, is one of the largest insider transactions recorded in Nigeria’s banking sector in recent years and signals growing confidence in the financial institution’s long-term prospects.

The latest purchase further consolidates Otedola’s influence within the Group at a time when Nigerian banks are under pressure to strengthen capital buffers, accelerate digital banking investments, and position for regional competitiveness following the Central Bank of Nigeria’s recapitalisation directive.

Otedola had earlier increased his stake in the institution in September 2024 when he acquired 534,094,407 shares at N30 per share. That transaction raised his holdings to approximately 4.72 billion shares, representing about 13.2 percent of the company’s outstanding shares at the time.

Following the new acquisition and based on First HoldCo’s first-quarter 2026 shareholding structure, Otedola’s estimated total holdings have now climbed to about 8.60 billion shares, currently valued at roughly N612.67 billion.

Market analysts say insider transactions of this scale are often interpreted as a strong signal of confidence by investors with deep knowledge of a company’s operational outlook and earnings potential.

First HoldCo, the parent company of First Bank of Nigeria, remains one of the country’s most systemically important financial institutions, with operations across commercial banking, asset management, and merchant banking.

The company has recently focused on balance-sheet strengthening, operational restructuring, and digital transformation as competition intensifies across Nigeria’s banking sector.

What’s Being Said

Market observers say the transaction reinforces investor confidence in First HoldCo’s long-term valuation and strategic direction. Analysts also note that Otedola’s increasing stake could strengthen his influence on corporate governance decisions, future capital raising plans, and broader strategic positioning within the Group.

The acquisition has already drawn significant attention within the Nigerian capital market, with investors closely monitoring future movements in the company’s shareholding structure.

What’s Next

Investors are expected to monitor whether additional insider acquisitions emerge in the coming months as banks continue preparations for recapitalisation deadlines set by the Central Bank of Nigeria.

Attention will also remain on First HoldCo’s earnings performance, capital strategy, and expansion plans as competition in the banking industry intensifies.

Bottom Line

Femi Otedola’s N43.4 billion share acquisition has significantly deepened his influence in First HoldCo and sent a strong confidence signal to the Nigerian capital market at a critical period for the banking sector.

ACCI urges Nigeria to leverage China’s zero-tariff policy through local processing

Naira strengthens as FX liquidity improves at official market

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya

Key Points

  • The naira appreciated at the Nigerian Foreign Exchange Market (NFEM) as FX liquidity improved.
  • Interbank foreign exchange turnover rose sharply to $130.55 million across 130 deals.
  • The naira also recorded gains at the parallel market, closing at N1380/$.
  • Global market uncertainty linked to US-Iran tensions and the upcoming Trump-Xi meeting continues to shape investor sentiment.

Main Story

The naira recorded gains against the United States dollar on Wednesday at the Nigerian Foreign Exchange Market (NFEM) as improved hard currency liquidity eased pressure from rising foreign exchange demand for international payments and offshore obligations.

Data released by the Central Bank of Nigeria (CBN) showed that the local currency closed at N1370.56/$, improving from N1375.62/$ recorded in the previous trading session.

Trading activity during the session reflected moderate volatility, with the dollar quoted between an intraday high of N1376/$ and a low of N1367/$.

Market turnover also strengthened significantly as interbank FX liquidity increased to $130.549 million across 130 deals, compared with $74.467 million traded in the previous session. The higher liquidity level helped improve dollar availability in the official market and supported the naira’s recovery.

At the parallel market, the naira also appreciated slightly to close at N1380/$, reflecting improving sentiment across both official and informal FX segments.

Analysts said recent efforts by the CBN to improve transparency and liquidity in the foreign exchange market, including tighter monitoring of speculative activities and increased FX supply to authorised dealers, have continued to stabilise the naira in recent months.

However, global developments continue to pose risks to emerging market currencies. Investor sentiment remained cautious following renewed uncertainty surrounding the fragile ceasefire between the United States and Iran.

US President Donald Trump stated that the ceasefire arrangement was on “life support,” raising fears of further geopolitical instability in the Middle East.

The renewed tensions pushed Brent crude and West Texas Intermediate (WTI) oil prices higher during intraday trading, while investors moved away from riskier emerging market assets.

The US dollar also strengthened against major global currencies as traders adopted a more defensive position ahead of the expected meeting between Chinese President Xi Jinping and Trump later this week.

Meanwhile, the People’s Bank of China reportedly continued its gradual adjustment of the yuan reference rate ahead of the high-level bilateral talks expected to focus on trade, energy security and broader geopolitical tensions.

What’s Being Said

Currency market analysts said the improvement in official FX turnover signals stronger market participation and better liquidity conditions.

They noted that sustained FX inflows from oil exports, foreign portfolio investments and diaspora remittances could further support exchange rate stability if maintained over the coming weeks.

Some analysts, however, warned that external geopolitical risks and elevated global oil prices could still create short-term volatility for emerging market currencies, including the naira.

What’s Next

Market participants are expected to monitor further interventions by the CBN alongside developments from the Trump-Xi meeting and ongoing Middle East tensions.

Investors will also watch Nigeria’s external reserves position, crude oil receipts and foreign portfolio inflows for clearer direction on the naira’s medium-term outlook.

Bottom Line

Improved FX liquidity at the official market helped the naira regain value against the dollar, but external geopolitical risks and global market uncertainty remain key factors that could influence the currency’s near-term performance.

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Venezuela initiates 170 billion dollar debt restructuring for state and PDVSA

By
Kehinde Victor
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Venezuela

Key points

  • Venezuela has announced a broad restructuring of its 170 billion dollar foreign debt, including obligations for state oil company PDVSA.
  • The country has been in default since 2017, with its current annual GDP estimated at 110 billion dollars.
  • The U.S. Treasury Department recently issued General License 58, authorizing Caracas to hire legal and financial advisers.
  • This move follows the January 2026 capture of Nicolás Maduro by U.S. forces, after which Washington began easing sanctions.
  • The Trump administration is seeking significant influence over Venezuela’s oil industry, which holds the world’s largest known crude reserves.

Main Story

Venezuela has launched a broad restructuring of its foreign debt, including obligations tied to state oil company PDVSA, the Ministry of Economy and Finance announced on Wednesday

. The government stated that total external liabilities amount to around 170 billion dollars. Venezuela has been in default since 2017. According to estimates from the International Monetary Fund (IMF), the country’s annual economic output currently stands at about 110 billion dollars.

The ministry noted that its capacity and willingness to meet obligations have been affected by financial sanctions previously imposed by the United States.

Washington has gradually eased sanctions since the U.S. military captured former Venezuelan leader Nicolás Maduro in January 2026. Maduro and his wife, Cilia Flores, were taken into federal custody in New York to face narco-terrorism charges.

Following this shift in leadership, the U.S. Treasury Department authorized Caracas to hire legal and financial advisers to support the restructuring effort.

While the license allows for the preparation of restructuring options and proposals, it does not yet permit direct negotiations with creditors or the settlement of debt.

U.S. President Donald Trump’s administration has sought greater influence over Venezuela’s vast oil reserves and currently exerts significant sway over the country’s politics and oil industry.

The Issues

  • The total debt of 170 billion dollars is more than 150% of the country’s current GDP, making a significant “haircut” or write-off likely during negotiations.
  • The complexity of the debt, which includes bilateral loans, commercial bonds, and arbitration awards, suggests that a final resolution may take several years.
  • U.S. policy is prioritizing the revamping of the Venezuelan oil sector, which may create a conflict of interest with bondholders seeking full recovery.

What’s Being Said

  • “Our capacity and willingness to meet our obligations have been affected by financial sanctions,” Venezuela’s Economy and Finance Ministry said regarding the impact of U.S. measures.
  • President Donald Trump stated after Maduro’s capture: “The oil companies are going to go in, they are going to spend money, we are going to take back the oil, frankly, we should’ve taken back a long time ago.”
  • The U.S. Treasury Department clarified that authorized services include the “assessment, development, or preparation of debt restructuring options, proposals, and related supporting materials.”
  • Analysts note that the license “bars actual debt restructuring, transfer or settlement,” indicating Washington will closely monitor the process.

What’s Next

  • The Venezuelan government, led by Acting President Delcy Rodríguez, will begin interviewing international law firms and financial consultants to manage the debt portfolio.
  • Major oil companies, including Shell and U.S. based majors, are expected to finalize investment plans to rehabilitate broken infrastructure in the Orinoco Belt.
  • Bondholders and creditor groups are likely to increase pressure on the U.S. Treasury for a license that allows direct negotiations with the new administration in Caracas.

Bottom Line

The initiation of debt talks marks a historic shift for Venezuela’s economy, as the country moves to address nearly a decade of insolvency under the heavy influence of a new U.S. directed political and energy strategy.

UN Secretary-General Guterres renews call for Africa’s permanent seat on Security Council

Oil Prices Decline Ahead of Trump-Xi Talks Amid Iran Uncertainty

By
Boluwatife Oshadiya
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By Boluwatife Oshadiya

Key Points

  • Brent crude and WTI prices declined as investors adopted a cautious stance ahead of US-China talks.
  • Concerns over US-Iran tensions and possible supply disruptions continue to support oil prices.
  • Rising energy costs are increasing inflationary pressure in the United States.
  • Investors are closely monitoring signals from the US Federal Reserve on interest rate policy.

Main Story

Global crude oil prices fell on Wednesday as investors assessed mixed signals surrounding tensions between the United States and Iran while awaiting high-level talks between US President Donald Trump and Chinese President Xi Jinping.

International benchmark Brent crude traded at $106.63 per barrel, representing a decline of about 1.1 per cent from the previous session’s close of $107.77.

Similarly, US benchmark West Texas Intermediate (WTI) crude fell by around 1.1 per cent to $101.03 per barrel from $102.18 previously recorded.

Despite the decline, analysts said ongoing geopolitical uncertainty in the Middle East and concerns over potential supply disruptions continued to provide underlying support for oil prices.

Market sentiment remained fragile after fading optimism over the durability of the ceasefire arrangement between the United States and Iran reduced expectations of a full reopening of the Strait of Hormuz, one of the world’s most critical oil shipping routes.

Trump’s comments describing the ceasefire as being on “massive life support” further heightened concerns about the possibility of renewed regional instability.

Investors are also monitoring discussions around the possible expansion of Operation Project Freedom, a US-led initiative previously designed to secure commercial shipping routes through the Strait of Hormuz.

The development has kept global energy supply security at the centre of market discussions, especially as China continues to maintain trade ties with Iran despite mounting diplomatic pressure from Washington.

Trump is expected to meet Xi in Beijing on Thursday and Friday, with discussions likely to focus on trade relations, Middle East tensions, energy security and broader geopolitical issues.

Analysts said the prolonged tensions involving Iran are beginning to affect the broader US economy as higher crude oil prices continue to push up gasoline costs and transportation expenses.

Recent US Consumer Price Index (CPI) data also pointed to persistent inflationary pressure driven partly by rising energy prices.

Consumer inflation recorded another strong increase in April, marking the highest annual inflation rate in almost three years and reinforcing expectations that inflationary pressures could remain elevated in the coming months.

The inflation trend has complicated the monetary policy outlook for the US Federal Reserve, with investors increasingly expecting the central bank to maintain a hawkish interest rate stance for a longer period.

Higher borrowing costs are generally expected to weaken oil demand by slowing economic activity. However, persistent geopolitical tensions and supply concerns continue to prevent a significant decline in crude prices.

What’s Being Said

Energy market analysts said the oil market is currently being driven by geopolitical developments rather than traditional supply-and-demand fundamentals.

They noted that uncertainty surrounding the Strait of Hormuz remains a major risk because the route accounts for a substantial share of global crude exports.

Analysts also warned that prolonged high oil prices could worsen inflationary pressures globally and increase operating costs for businesses and consumers.

What’s Next

Investors are expected to closely monitor the outcome of the Trump-Xi meeting for signals on US-China trade relations and diplomatic engagement over Iran.

Market participants will also watch further inflation data and policy signals from the US Federal Reserve for clues on future interest rate direction and its impact on global energy demand.

Bottom Line

Although crude oil prices eased slightly, geopolitical tensions involving Iran and uncertainty surrounding global energy supply routes continue to keep the oil market highly volatile.

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Manchester City beat Crystal Palace 3-0 to sustain premier league title pressure

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya

Key Points

  • Manchester City defeated Crystal Palace 3-0 at the Etihad Stadium.
  • Antoine Semenyo, Omar Marmoush, and Savinho scored for Pep Guardiola’s side.
  • The victory moved City to within two points of Premier League leaders Arsenal.
  • City also improved their goal difference advantage with two league matches remaining.

Main Story

Manchester City kept their Premier League title hopes alive on Wednesday after securing a comfortable 3-0 victory over Crystal Palace at the Etihad Stadium.

Pep Guardiola rotated his squad heavily following City’s 3-0 win over Brentford at the weekend, making six changes to the starting line-up while key players including Erling Haaland and Jeremy Doku began the match on the bench.

Despite the changes, City dominated possession for large periods and eventually broke the deadlock in the 32nd minute through Antoine Semenyo.

Phil Foden played a key role in the opener after producing a clever back pass that allowed Semenyo to finish calmly beyond Crystal Palace goalkeeper Dean Henderson.

City doubled their advantage eight minutes later when Foden again provided the assist, setting up Omar Marmoush for his third Premier League goal of the season.

The second half produced fewer clear-cut opportunities, although City remained firmly in control of proceedings. Veteran defender John Stones received a warm reception from supporters after coming on as a late substitute amid reports he could leave the club at the end of the season.

Savinho completed the scoring late in the game after being set up by Rayan Cherki, who carried the ball from inside his own half before delivering the assist.

The result moved City to 77 points, just two behind league leaders Arsenal with two matches remaining in the title race. Guardiola’s side also improved their goal difference and have now scored seven more goals than the Gunners.

The Premier League title race has intensified in recent weeks following City’s costly 3-3 draw against Everton, which reopened the door for Arsenal.

City are now preparing for Saturday’s FA Cup final against Chelsea at Wembley as they chase a domestic cup double after already winning the League Cup earlier this season.

What’s Being Said

Speaking before the match, Guardiola defended his decision to rotate the squad heavily.

“When the schedule is so tight, everybody is fit, everybody needs to help,” Guardiola said.

Football analysts say City’s squad depth could prove decisive during the closing stages of both the Premier League and FA Cup campaigns.

Meanwhile, Arsenal remain favourites to secure their first Premier League title since 2004 despite the narrow points gap.

What’s Next

Manchester City will next face Bournemouth in a crucial away fixture before ending the league season against Aston Villa.

Arsenal, meanwhile, will host relegated Burnley before travelling to Crystal Palace on the final day of the campaign.

Crystal Palace’s attention is also shifting toward the UEFA Conference League final against Rayo Vallecano in Leipzig on May 27.

Bottom Line

Manchester City remain firmly in the Premier League title race after a dominant win over Crystal Palace, but Arsenal still control the destiny of the title with only two matches left.

Xi Jinping warns Trump on Taiwan during Beijing state visit

Nigeria emerges as China’s largest engineering contracting market

By
Boluwatife Oshadiya
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If you need alpha channel video to remove the background, iStock video ID: 1418733874

By Boluwatife Oshadiya

Key Points

  • China says Nigeria is now its largest engineering contracting market.
  • Nigeria also ranks as China’s second-largest export market and third-largest trading partner in Africa.
  • The disclosure was made during a seminar for Nigerian commentators in Beijing.
  • Chinese officials called for stronger media collaboration between both countries.

Main Story

Chinese authorities have identified Nigeria as China’s largest engineering contracting market, underscoring the growing economic relationship between both countries.

The disclosure was made on Wednesday in Beijing by Li Hengtian, Deputy Director at the China International Communications Group (CICG), during the opening ceremony of a seminar organised for prominent Nigerian commentators.

Li, who also serves as Deputy Director of the CICG Education and Training Centre, described Nigeria as one of China’s most strategic economic partners in Africa.

According to him, Nigeria has also emerged as China’s second-largest export market and third-largest trading partner on the continent, while remaining a major destination for Chinese investment.

The economic ties between both nations have expanded significantly in recent years through infrastructure financing, railway development, telecommunications, power projects, manufacturing, and oil and gas investments.

China has played a central role in financing and executing several major infrastructure projects in Nigeria, including rail modernisation programmes, airport terminal upgrades, road construction, and energy projects.

Li said increasing educational and cultural exchanges between both countries are further strengthening bilateral relations.

“More and more Nigerian youths are travelling east to pursue the starlight of knowledge in Chinese institutions,” he said.

“More and more Chinese builders are heading west to Nigeria to sow the seeds of development on its fertile soil.”

He added that both countries are working toward building what he described as a “China-Nigeria community with a shared future.”

Li also stressed the importance of the media in shaping public perception and reducing misinformation about bilateral cooperation.

“Journalists from both countries must break down the barriers of a single narrative,” he said.

A representative of the Nigerian delegation, Olunkwa Felix, described the seminar as an important platform for cultural exchange, professional development, and international cooperation.

He noted that China continues to play a major role in global development, education, innovation, and international partnerships.

What’s Being Said

Chinese officials say stronger media collaboration between Nigeria and China is necessary to deepen mutual understanding and strengthen economic cooperation.

Participants at the seminar also highlighted the growing number of Nigerian students and professionals engaging with Chinese institutions across education, technology, and infrastructure sectors.

Economic analysts say Nigeria’s infrastructure financing needs and China’s global investment strategy continue to drive stronger bilateral engagement between both countries.

What’s Next

Nigeria and China are expected to deepen cooperation across infrastructure, trade, manufacturing, education, and technology sectors in the coming years.

Analysts also expect increased Chinese participation in Nigeria’s transport, energy, and industrial development projects as the Federal Government continues to seek foreign investment partnerships.

Bottom Line

Nigeria’s emergence as China’s largest engineering contracting market highlights the growing economic importance of the Nigeria-China relationship and the expanding role of Chinese investment in the country’s infrastructure development.

Xi Jinping warns Trump on Taiwan during Beijing state visit

NGX investors trade N109.4bn as market extends bullish momentum

By
Boluwatife Oshadiya
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NGX Records N256bn Loss Last Week

By Boluwatife Oshadiya

Key Points

  • Investors traded 1.68 billion shares worth N109.44 billion on the Nigerian Exchange.
  • Market capitalisation increased by N65 billion as bullish sentiment persisted.
  • FIRSTHOLDCO emerged as the most traded stock by both volume and value.
  • Berger Paints, Fidson Healthcare and CWG led the gainers’ chart.

Main Story

Investors on the Nigerian Exchange (NGX) traded equities worth N109.438 billion on Wednesday as market sentiment remained positive despite a decline in trading volume.

Trading data showed that a total of 1.683 billion shares were exchanged in 76,557 deals, compared with 2.027 billion shares valued at N87.709 billion traded across 80,888 transactions in the previous session.

Although the market recorded lower transaction volume and deal count, the value of traded equities increased significantly, reflecting sustained investor appetite for large-cap and fundamentally strong stocks.

The local bourse closed higher as investors gained approximately N65 billion following renewed buying interest in several industrial, healthcare and technology stocks. Market capitalisation rose by 0.04 per cent from N161.774 trillion to N161.839 trillion.

Similarly, the All-Share Index (ASI) advanced by 96.52 basis points, or 0.04 per cent, to close at 252,508.19 points from 252,411.67 points recorded previously.

The market’s year-to-date return strengthened further to 62.27 per cent, underscoring the strong rally witnessed on the exchange in recent months. Market breadth closed positive with 38 gainers against 30 losers.

Berger Paints Nigeria Plc, Fidson Healthcare Plc, Computer Warehouse Group Plc, Livestock Feeds Plc and DAAR Communications Plc topped the gainers’ table after recording the maximum daily gain of 10 per cent each.

Berger Paints closed at N140.10 per share, Fidson Healthcare settled at N113.30, Computer Warehouse Group ended at N23.10, Livestock Feeds closed at N10.45, while DAAR Communications finished at N1.87 per share. On the losers’ chart, NCR Nigeria Plc led with a 10 per cent decline to close at N179.10 per share.

Zichis Agro Allied Industries Plc followed with a 9.99 per cent loss to close at N36.32, while FBN Holdings Plc shed 9.87 per cent to close at N71.20 per share.

Neimeth International Pharmaceuticals Plc declined by 9.66 per cent to N10.75, while Eterna Plc fell by 9.59 per cent to close at N33 per share. FIRSTHOLDCO emerged as the most active stock at the exchange after recording 575.19 million shares valued at N44.42 billion. The stock accounted for 30.40 per cent of total traded volume and 37.71 per cent of the total market value recorded during the session.

Analysts attributed the continued positive market performance to strong corporate earnings expectations, sustained institutional participation and increased investor positioning in fundamentally sound equities.

What’s Being Said

Market analysts said investor confidence on the NGX remains resilient despite concerns around inflation, interest rates and exchange rate volatility. They noted that banking, healthcare and industrial stocks continue to attract strong institutional demand as investors seek value opportunities in the local equities market.

Some analysts also projected that the market could sustain its bullish momentum if listed companies continue to post strong earnings performance in the coming quarters.

What’s Next

Investors are expected to monitor upcoming corporate earnings releases, macroeconomic indicators and monetary policy developments for fresh market direction.

Trading activity is also likely to remain influenced by profit-taking in highly appreciated stocks and renewed positioning in fundamentally strong counters.

Bottom Line

The Nigerian stock market maintained its positive momentum as investors traded equities worth more than N109 billion, reflecting sustained confidence in select listed companies despite broader economic uncertainties.

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Xi Jinping warns Trump on Taiwan during Beijing state visit

By
Kehinde Victor
-

Key points

  • President Xi Jinping warned that mishandling the Taiwan issue could place U.S.-China relations in a “very dangerous situation.”
  • Xi emphasized that independence and peace in the Taiwan Strait are incompatible during talks at the Great Hall of the People.
  • Donald Trump praised Xi as a “great leader” and a friend, striking a conciliatory tone at the start of the meeting.
  • The discussions covered trade, artificial intelligence, and the global energy crisis following the February 28 attack on Iran.
  • Senior U.S. business leaders, including Tim Cook, Elon Musk, and Jensen Huang, joined the delegation to discuss deeper economic cooperation.

Main Story

Chinese President Xi Jinping warned Donald Trump against mishandling the issue of Taiwan during the U.S. president’s visit to Beijing, saying it could lead to tensions or even conflict between the two countries.

According to state news agency Xinhua on Thursday, May 14, 2026, Xi stated that if the Taiwan issue were handled poorly, it could place U.S.-China relations in a “very dangerous situation.”

China claims Taiwan as its own territory and has expressed concerns over potential declarations of independence and U.S. arms sales to the island.

Xi noted that Taiwan remains the most important issue in Washington-Beijing relations and raised the concept of the “Thucydides Trap” regarding the rivalry between rising and established powers.

At the start of the talks, Trump and Xi struck a notably conciliatory tone. Following a military welcome ceremony, Trump praised Xi as a “great leader” and stated, “It’s an honour to be your friend.”

The meeting, which lasted approximately two hours, also involved senior U.S. executives from Apple, Tesla, and Nvidia. Beyond trade, the leaders discussed the war involving Iran and the security of the Strait of Hormuz, a critical oil route currently facing threats and shipping standstills following the U.S.-Israeli attack on Iran on February 28.

Xi expressed that China’s doors would open wider for cooperation and that common interests between the two nations outweigh their differences.

The Issues

  • The “Thucydides Trap” remains a central concern, as both nations attempt to create a “new model for relations” to avoid direct military or economic conflict.
  • Energy security in the Strait of Hormuz has become a major diplomatic priority since China is the largest buyer of Iranian oil and the route is currently destabilized.
  • Trade tensions persist despite the pause in the tariff dispute agreed upon in October 2025, with Washington pushing for more balanced market access.

What’s Being Said

  • “If the Taiwan issue were handled poorly, it could place U.S.-China relations in a ‘very dangerous situation,’” Xi Jinping said according to Xinhua.
  • “Sometimes people don’t like me saying it, but I say it anyway because it’s true. It’s an honour to be your friend,” Donald Trump stated during the talks.
  • “Independence and peace in the Taiwan Strait are incompatible,” Xi Jinping told the U.S. delegation.
  • Xinhua noted that relations were “too important to fail,” emphasizing that coordination on trade and artificial intelligence is crucial.

What’s Next

  • President Xi will host Donald Trump at a state banquet on Thursday evening to continue informal discussions.
  • Following the meeting with tech leaders like Jensen Huang, official working groups are expected to be formed to address AI coordination and semiconductor trade.
  • Trump is scheduled to depart Beijing on Friday, after which a joint statement regarding the Strait of Hormuz may be released.

Bottom Line

While President Trump utilized personal diplomacy to strike a friendly tone in Beijing, President Xi maintained a rigid stance on Taiwan, framing the island’s status as a non-negotiable red line for the future of U.S.-China relations.

UN Secretary-General Guterres renews call for Africa’s permanent seat on Security Council

Israel and Lebanon to hold U.S. mediated talks in Washington amid ongoing border conflict

By
Kehinde Victor
-

Key points

  • Representatives of Israel and Lebanon are scheduled to meet in Washington on Thursday and Friday for U.S.-mediated discussions.
  • The talks aim to advance a “comprehensive peace and security agreement” to address core concerns of both nations.
  • Agenda items include Lebanese sovereignty, border demarcation, and mechanisms for humanitarian aid and reconstruction.
  • Despite a mid-April ceasefire, cross-border fire between Israel and Hezbollah has caused nearly 400 deaths in Lebanon.
  • Key points of contention remain the disarmament of Hezbollah and the withdrawal of Israeli troops from the southern Lebanese “security zone.”

Main Story

Representatives of Israel and Lebanon are set to meet in Washington on Thursday and Friday for further U.S.-mediated talks, as tensions remain high over clashes involving the Iran-backed Hezbollah.

The U.S. State Department said the discussions aim to advance a “comprehensive peace and security agreement” addressing the core concerns of both countries.

Talks are also expected to cover the restoration of Lebanese sovereignty, the demarcation of borders, and the mechanisms for humanitarian aid and reconstruction in Lebanon.

The meetings follow two rounds of direct talks at the ambassadorial level previously held in Washington. Although Israel and Lebanon agreed to a ceasefire in mid-April, Lebanon itself is not a direct party to the conflict, and cross-border fire between Israel and Hezbollah has continued. Nearly 400 people have been killed in Lebanon since the ceasefire took effect.

Israel is seeking to lay the groundwork for a longer-term peace process with a focus on the disarmament of Hezbollah. The Lebanese government is calling for a permanent ceasefire and the withdrawal of Israeli troops from southern Lebanon, an area Israel describes as a “security zone” and Lebanese officials describe as an occupation.

The Issues

  • The continued involvement of Hezbollah, which is not a direct party to the formal talks and opposes the negotiations, complicates the implementation of any security agreement.
  • Disagreement over the “security zone” in southern Lebanon persists, with both sides maintaining conflicting definitions of the military presence as either necessary protection or illegal occupation.
  • The high casualty rate despite a ceasefire highlights the fragility of the current security arrangements and the urgent need for a verified cessation of hostilities.

What’s Next

  • Negotiators will spend Thursday and Friday attempting to reconcile the demand for Hezbollah’s disarmament with Lebanese calls for immediate troop withdrawals.
  • Details regarding the humanitarian aid and reconstruction funds for Lebanon are expected to be finalized to support the stabilizing Lebanese government.
  • Further ambassadorial meetings may be scheduled depending on the progress made during these high-level talks in Washington.

Bottom Line

The Washington talks represent a critical diplomatic attempt to transform a fragile ceasefire into a permanent security framework, though the ongoing daily fatalities and Hezbollah’s opposition present significant barriers to a final agreement.

ACCI urges Nigeria to leverage China’s zero-tariff policy through local processing

ACCI urges Nigeria to leverage China’s zero-tariff policy through local processing

By
Kehinde Victor
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ACCI President Urges FG To Address Rising Inflation

Keypoints

  • Abuja Chamber of Commerce and Industry (ACCI) President, Chief Emeka Obegolu, called for Nigeria to shift from exporting raw materials to value-added processing.
  • China officially removed tariffs on goods from 53 African countries effective May 1, 2026.
  • The policy was announced by President Xi Jinping during the 39th African Union Summit in February 2026.
  • Strategic export areas identified include cocoa, sesame, cashew, ginger, leather products, and textiles.
  • ACCI aims to mobilise SMEs and investors to build export value chains that meet international quality standards.

Main Story

The Abuja Chamber of Commerce and Industry (ACCI) says Nigeria should leverage China’s tariff-free policy for African goods by promoting local processing and value addition to boost global competitiveness.

Chief Emeka Obegolu, President of the chamber, made this known while reacting to China’s decision to remove tariffs on goods from 53 African countries on Wednesday in Abuja.

According to him, Nigeria must avoid remaining merely an exporter of raw materials and instead work for increased value addition to enhance the value of Nigerian products in global markets.

Obegolu described the policy as a major opportunity for Nigeria’s export sector to expand, boost industrialisation, and diversify the economy away from overdependence on crude oil.

The Chinese President, Xi Jinping, officially announced the zero-tariff policy on February 14, 2026, during the 39th African Union Summit in Addis Ababa, and the policy took effect on May 1, 2026.

Obegolu identified cocoa, sesame, cashew, ginger, leather products, and textiles as areas with strong potential, emphasizing that the tariff removal would improve the competitiveness of Nigerian products while boosting foreign exchange earnings and job creation.

The Issues

  • Nigeria’s historic reliance on raw material exports leaves the economy vulnerable to global price fluctuations and limits local industrial growth.
  • Meeting international standards for processed goods requires significant investment in quality control, packaging, and infrastructure.
  • High logistics costs and inadequate storage facilities remain barriers for Nigerian SMEs attempting to scale production for the Chinese market.

What’s Being Said

  • “Nigeria should use the opportunity to shift from overdependence on crude oil exports to agriculture, manufacturing and value-added exports,” said Chief Emeka Obegolu.
  • “The China’s zero-tariff policy offers Nigeria major opportunities to expand exports, boost industrialisation and diversify the economy,’’ Obegolu added.
  • The ACCI president noted that the policy came at a critical time, stating it would “improve competitiveness of Nigerian products in the Chinese market.”
  • Obegolu emphasized that Nigeria should work for “increased value addition and local processing to enhance the competitiveness and value of Nigerian products.”

What’s Next

  • ACCI will begin mobilizing investors and stakeholders to develop export value chains tailored to Chinese market requirements.
  • Business groups are expected to seek increased government support for export financing and ease of doing business policies.
  • Nigerian youth and women entrepreneurs are being encouraged to participate in new training programmes focused on international trade and agro-processing.

Bottom Line

With China’s market now open to tariff-free African goods, the ACCI is pushing for a structural shift in Nigeria’s trade strategy, prioritizing industrial processing over raw exports to maximize the benefits of the 2026 trade policy.

UN Secretary-General Guterres renews call for Africa’s permanent seat on Security Council

UN Secretary-General Guterres renews call for Africa’s permanent seat on Security Council

By
Kehinde Victor
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Keypoints

  • UN Secretary-General Antonio Guterres called for Africa’s permanent representation on the UN Security Council during a summit in Addis Ababa.
  • Guterres stated the reform is necessary for the Council to act with legitimacy and effectiveness in the modern world.
  • The AU and UN signed a declaration reaffirming their strategic partnership in peace, security, and human rights.
  • The Secretary-General condemned foreign interference in African conflicts, describing the provision of weapons by external actors as “intolerable.”
  • Discussions with AU officials and French President Emmanuel Macron focused on reforming international financial systems.

Main Story

United Nations Secretary-General, Antonio Guterres, has renewed calls for Africa’s fair representation among permanent members of the UN Security Council.

Guterres spoke on Wednesday, May 13, 2026, during the 10th African Union-United Nations High-Level Dialogue in Addis Ababa, Ethiopia. He emphasized that the demand for a permanent seat is not about symbolism but about ensuring the Council is fit for purpose.

Guterres described the AU-UN partnership as a vital strategic alliance that has strengthened humanitarian responses and governance frameworks across the continent.

During what he noted could be his final summit with the African Union, Guterres and AU leaders signed a declaration reinforcing commitments to African leadership and sustainable development. He highlighted the cooperation in the “Silencing the Guns” initiative and praised Africa as a continent of enormous potential.

Addressing journalists, Guterres delivered a stern condemnation of external actors who fuel African conflicts to advance their own economic interests. He later joined French President Emmanuel Macron and AU officials to discuss the Middle East conflict and necessary reforms to the international financial systems affecting developing nations.

The Issues

  • The current structure of the UN Security Council is viewed by many as a relic of the post-World War II era that fails to reflect contemporary geopolitical realities.
  • Foreign interference remains a primary driver of instability, with external political and military support complicating local peace initiatives.
  • African nations continue to face systemic barriers within the global financial architecture, hindering their ability to fund sustainable development goals.

What’s Being Said

  • “This is not about privilege or symbolism. It is about ensuring that the Council is fit for purpose. It must also act with legitimacy and effectiveness in today’s world,” said Antonio Guterres.
  • “It is absolutely intolerable for external actors to fuel African conflicts. They provide weapons and political support only to advance strategic or economic interests,” Guterres stated regarding foreign interference.
  • Guterres noted that the AU-UN partnership is “one of the most strategic multilateral alliances supporting peace and development across Africa.”

What’s Next

  • The signed declaration will serve as the updated framework for joint AU-UN operations in conflict zones over the next two years.
  • Discussions regarding Security Council reform are expected to move to the UN General Assembly for further debate among member states.
  • African leaders and President Macron will continue to coordinate on proposals for international financial reform ahead of upcoming global economic summits.

Bottom Line By advocating for a permanent African seat on the Security Council and condemning foreign military meddling, Antonio Guterres is using his final AU summit to push for a fundamental shift in how the international community engages with African sovereignty.

REA deploys 200kWp solar mini-grid in Bauchi under DARES programme

Nigeria Police Force foils banditry and cattle rustling attacks in Katsina

By
Kehinde Victor
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Public safety

Keypoints

  • The Katsina State Police Command recovered two AK-47 rifles, 42 rounds of live ammunition, and 70 rustled animals during separate operations.
  • A bandit attack on a Fulani settlement in Jibia LGA was repelled, resulting in the recovery of 20 cows and 40 sheep.
  • Operations in Musawa and Matazu LGAs led to the recovery of two military jackets and a motorcycle after gun duels with suspects.
  • Several suspects reportedly escaped with gunshot injuries following a confrontation at a hideout in Dangani Village.
  • Commissioner of Police Ali Umar-Fage reaffirmed the command’s commitment to protecting lives and property across the state.

Main Story

The Nigeria Police Force has foiled separate banditry and cattle rustling attacks in Katsina, recovering rifles, ammunition and 70 rustled animals.

Police spokesman, DSP Abubakar Sadiq-Aliyu, disclosed this in a statement issued on Wednesday, May 13, 2026, in Katsina. He said the operations were conducted under Commissioner of Police, Ali Umar-Fage, with support from other security agencies and vigilantes.

The first attack occurred on Monday at about 5 p.m. in Danya Bakwai, Jibia Local Government Area, where about 10 armed bandits rustled 20 cows and 40 sheep. Following a distress call, an Armoured Personnel Carrier patrol team, supported by the military and local vigilantes, blocked escape routes and forced the suspects to abandon the animals.

Another operation followed on Tuesday morning in Musawa and Matazu Local Government Areas after a distress call from Gwarjo Village. Patrol teams engaged bandits in a gun battle before advancing to Dangani Village, identified as a criminal hideout. During the exchange of gunfire, several suspects escaped with gunshot injuries.

Items recovered from the scene included two AK-47 rifles, six empty magazines, 42 rounds of live ammunition, a TVS motorcycle, a GSM handset, and two military jackets. Surveillance and patrols have since been intensified to apprehend the fleeing suspects.

The Issues

  • The use of motorcycles by bandits allows for high mobility in rural areas, complicating the ability of security forces to intercept them before they reach remote hideouts.
  • Cattle rustling remains a significant economic threat to pastoralist settlements, often serving as a primary source of funding for bandit groups.
  • The presence of military uniforms and high caliber rifles among the recovered items indicates the sophisticated level of equipment utilized by these criminal elements.

What’s Being Said

  • “The joint security team blocked the bandits’ escape routes and engaged them in a gun duel. The suspects abandoned the rustled animals and fled due to superior tactics and firepower,” said DSP Abubakar Sadiq-Aliyu.
  • “Following the distress call, the Divisional Police Officer mobilised an Armoured Personnel Carrier patrol team to the scene,” the spokesman stated regarding the Jibia operation.
  • “We remain committed to protecting lives and property across Katsina State,” said Commissioner of Police Ali Umar-Fage.
  • “Another exchange of gunfire ensued, during which several suspects escaped with gunshot injuries,” Sadiq-Aliyu noted regarding the Musawa encounter.

What’s Next

  • Police and local vigilante groups will conduct combing operations in the forests around Musawa and Matazu to track suspects with gunshot wounds.
  • Recovered livestock will be processed for return to the rightful owners in the Danya Bakwai settlement.
  • Security agencies are expected to maintain heightened surveillance along known escape routes in the border local government areas.

Bottom Line

Coordinated efforts between the police, military, and local vigilantes in Katsina have resulted in the recovery of significant weaponry and rustled livestock, though several armed suspects remain at large following intense gun battles.

UN urges investigation into deadly airstrikes in Northern Nigeria

UN urges investigation into deadly airstrikes in Northern Nigeria

By
Kehinde Victor
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Keypoints

  • The United Nations has called for investigations into military airstrikes in Northern Nigeria that allegedly resulted in significant civilian casualties.
  • Reports indicate an airstrike in Zamfara on May 10 allegedly killed at least 100 civilians at a market.
  • Separate Chadian military strikes reportedly killed dozens of fishermen in northwestern Nigeria.
  • Nigeria’s Defence Headquarters has rejected the casualty reports, stating the operation targeted terrorist leaders.
  • UN deputy spokesperson Farhan Haq stated that investigations must be prompt, independent, and impartial.

Main Story

The United Nations has urged Nigerian and Chadian authorities to investigate deadly military airstrikes that allegedly killed civilians in northern Nigeria.

United Nations deputy spokesperson, Farhan Haq, made the appeal on Wednesday at a news conference in New York. The call follows reports of a Nigerian airstrike on a market in Zamfara on May 10 that allegedly killed at least 100 civilians.

Additionally, separate Chadian military strikes reportedly killed dozens of fishermen in northwestern Nigeria, raising further humanitarian concerns. Haq expressed alarm and shock, joining UN Human Rights Chief Volker Türk in calling for governments to take all feasible precautions to protect civilians.

Meanwhile, Nigeria’s Defence Headquarters has rejected reports of civilian casualties following a recent joint operation in Zamfara. Maj. Gen. Michael Onoja stated that troops targeted terrorist leaders at Tumfa village in Shinkafi Local Government Area.

He described the circulating casualty figures as speculative and inconsistent with official military assessments. Onoja maintained that the Armed Forces remain committed to professionalism and accountability. However, the UN insists that those responsible for any violations must be held to account through independent and impartial investigations.

The Issues

  • Discrepancies between official military assessments and reports from the ground regarding the scale of civilian casualties in conflict zones.
  • The humanitarian impact of cross border military operations, specifically involving Chadian forces operating within Nigerian territory.
  • Challenges in conducting independent investigations in volatile regions like Zamfara where security constraints limit access for neutral observers.

What’s Being Said

  • “We join the UN Human Rights Chief, Volker Türk, in expressing alarm and shock over reported civilian deaths in northern Nigeria,” said Farhan Haq.
  • “Those responsible for any violations must be held to account. Both militaries must take all feasible precautions to protect civilians,” Haq added.
  • “The casualty figures circulating remain speculative, unverified and inconsistent with official military assessments,” stated Maj. Gen. Michael Onoja.
  • “Those responsible for any violations must be held to account,” Haq emphasized during the New York briefing.

What’s Next

  • The UN Human Rights Office will likely continue to monitor the situation and push for a formal transparent report from both the Nigerian and Chadian governments.
  • Civil society organisations in Zamfara are expected to call for local testimonies to verify the impact of the May 10 market strike.
  • The Nigerian Defence Headquarters may release further operational details to support its rejection of the reported civilian death toll.

Bottom Line The United Nations is demanding accountability following reports of over 100 civilian deaths in Zamfara and northwestern Nigeria, placing pressure on both Nigerian and Chadian militaries to justify their recent counter terrorism airstrikes.

Top 7 business models driving solar growth in Nigeria

Top 7 business models driving solar growth in Nigeria

By
Kehinde Victor
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When people talk about solar, they often focus on the technology. Panels, batteries, and inverters. But investors are not really investing in equipment. They are investing in how money is made around that equipment.

In Nigeria, solar growth is not coming from one single approach. It is being driven by different business models, each solving a specific problem in the market. Understanding these models is what shows where real value is being created.

1. EPC (Engineering, Procurement, and Construction)

This is the most straightforward model.a A customer pays a company to design and install a solar system, and once the job is done, the transaction is mostly complete. The company earns its money upfront. This works best for customers who already have cash and want full ownership immediately. It is similar to hiring a builder to construct a house. You pay, they deliver, and the relationship largely ends there.

2. Energy-as-a-Service

Here, the customer does not buy the solar system. Instead, they pay for the electricity it produces over time. The company owns and maintains the system, while the customer pays regularly for usage. This removes the burden of upfront cost and technical responsibility. It is similar to using a generator service where you only pay for power without owning the equipment.

3. Lease-to-own

This model allows customers to pay for a system gradually and eventually take ownership. It reduces the barrier of large upfront payments while still giving the user a sense of ownership at the end. The company earns over time while expanding access to more customers. It is like buying a car or phone on installment until it becomes fully yours.

4. Mini-grids

Instead of serving one customer, this model serves an entire community. A central solar system is installed and distributes electricity to multiple homes and businesses, who then pay to use it. This is especially useful in areas without reliable grid power. It works like a shared water system where everyone connects and pays for access.

5. Commercial and industrial (C&I) solar solutions

This model focuses on businesses that rely heavily on power to operate. Systems are designed based on how each business uses electricity, often combining solar with generators or grid supply. Revenue can come from upfront payments or ongoing agreements. It works because businesses already spend consistently on diesel and are motivated to reduce that cost.

6. After-sales service and maintenance

Many solar systems run into problems after installation, and support is often limited. This has created a model where companies focus on maintaining, repairing, and monitoring systems over time. Instead of earning once, they earn continuously. It is similar to servicing a car regularly to keep it running properly.

7. Solar financing platforms

These businesses focus on making solar affordable rather than installing it. They provide loans, payment plans, or partner with installers to help customers spread the cost. This unlocks demand that would otherwise remain inactive. It is similar to how banks enable people to buy houses through mortgages rather than building the houses themselves.

Bottom line

Solar growth in Nigeria is not just about selling equipment. It is about structuring access, payment, and usage in ways that fit how people actually live and spend. Each model solves a different constraint in the market, and together they are what drive adoption. For investors, the real opportunity lies in understanding which model is removing the biggest barrier and capturing the most value.

REA deploys 200kWp solar mini-grid in Bauchi under DARES programme

REA deploys 200kWp solar mini-grid in Bauchi under DARES programme

By
Kehinde Victor
-

Keypoints

  • The Rural Electrification Agency (REA) has inaugurated a 200kWp solar mini-grid in Gangalawai Village, Bauchi State.
  • The project was deployed by Zanoplus under the Distributed Access through Renewable Energy Scale-up (DARES) programme.
  • This initiative aims to support Nigeria’s national goal of achieving universal electricity access by 2030.
  • The deployment aligns with the federal government’s ambition to reach 30,000MW of total generation capacity.
  • The project contributes to Nigeria’s long-term pathway toward achieving net-zero emissions by 2060.

Main Story

The Rural Electrification Agency (REA) has announced the successful deployment of a 200kWp solar mini-grid project in Gangalawai Village, Bauchi State.

Dr. Abba Aliyu, Managing Director of the REA, confirmed that the installation was completed by Zanoplus under the Distributed Access through Renewable Energy Scale-up (DARES) programme.

The initiative is part of a strategic effort to bridge Nigeria’s energy access gap by providing reliable electricity to underserved rural communities.

Aliyu noted that while energy progress is often measured in infrastructure, the real impact is seen in small businesses staying open longer and students having light to study at night.

The Gangalawai project is a component of a larger national journey to ensure universal electricity access across Nigeria by the year 2030.

According to the REA, every additional kilowatt deployed supports the country’s broader ambition to scale its national generation capacity to 30,000MW. Furthermore, these renewable energy projects are integral to Nigeria’s commitment to environmental sustainability, specifically the pathway toward reaching net-zero emissions by 2060.

Aliyu emphasised that the work of the agency remains focused on a “community by community” approach to link Nigerians to new economic opportunities through power.

The Issues

  • Scaling renewable energy to meet the 30,000MW goal requires significant private sector involvement and sustained investment in rural grid infrastructure.
  • Maintaining mini-grid systems in remote locations like Gangalawai poses long-term technical and operational challenges that require local capacity building.
  • Reaching the 2030 universal access target necessitates a rapid acceleration of project deployments to cover thousands of currently unserved Nigerian communities.

What’s Being Said

  • “In Gangalawai Village, Bauchi State, another important step has been taken under the DARES programme, with Zanoplus deploying a 200kWp mini-grid project,” said Dr. Abba Aliyu.
  • “Every single day at the Rural Electrification Agency, we continue pushing to close Nigeria’s energy access gap, community by community, connection by connection, kilowatt by kilowatt,” Aliyu added.
  • “What keeps me encouraged is knowing that behind every project are real people whose quality of life improves when reliable electricity arrives,” the REA chief stated.

What’s Next

  • Zanoplus and the REA will monitor the Gangalawai mini-grid to ensure stable power delivery and manage local distribution.
  • The DARES programme is expected to roll out similar solar mini-grid projects in other identified rural clusters across the northern region.
  • The Federal Government will continue to track progress toward the 2030 universal access milestone through the Energy Transition Office.

Bottom Line

The deployment of the 200kWp solar grid in Bauchi signifies the REA’s shift toward decentralized, renewable solutions as a primary tool for achieving Nigeria’s 2030 universal power goals.

Court delivers crushing verdict as ex-Power Minister gets 75 years for ₦33.8bn laundering

Tehran struck by magnitude 4.3 earthquake on Tuesday night

By
Kehinde Victor
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Key points

  • A magnitude 4.3 earthquake struck the Iranian capital, Tehran, at 11:46 pm on Tuesday, May 12, 2026.
  • The U.S. Geological Survey (USGS) and Iranian state broadcaster IRIB provided varying magnitudes of 4.3 and 4.6 respectively.
  • The tremor originated near the Pardis area, east of the capital, at a shallow depth of approximately 10 kilometres.
  • Tremors were felt as far west as Karaj, roughly 40 kilometres from Tehran.
  • There were no immediate reports of casualties or significant structural damage following the event.

Main Story

An earthquake struck the Iranian capital Tehran late on Tuesday, the U.S. Geological Survey (USGS) said. The USGS reported that the magnitude 4.3 quake occurred at 11:46 pm (2016 GMT).

However, Iranian state broadcaster IRIB put the magnitude at 4.6 and said it struck east of the capital in the Pardis area at a depth of around 10 kilometres.

While the tremor caused concern across the metropolitan area, there were no immediate reports of damage or injuries. IRIB noted that the tremor was also felt in the suburb of Karaj, located around 40 kilometres west of Tehran.

Iran is one of the world’s most seismically active countries, located at the complex convergence of the Arabian and Eurasian tectonic plates. The region frequently experiences high-magnitude earthquakes that result in significant casualties due to shallow epicenters and vulnerable infrastructure.

Historical precedents for such seismic activity include the 1990 Rudbar-Tarom magnitude 7.4 quake, which killed more than 40,000 people, and the 2003 Bam magnitude 6.6 quake, which resulted in over 26,000 deaths.

The Issues

  • The shallow depth of the earthquake (10 km) increases the intensity of the shaking felt at the surface, even for moderate magnitudes like 4.3.
  • Tehran’s dense population and varying infrastructure quality remain a point of concern for emergency planners during seismic events.
  • Discrepancies between international (USGS) and local (IRIB) magnitude readings are common in the immediate aftermath of tectonic shifts.

What’s Next

  • Seismologists will continue to monitor the Pardis area for potential aftershocks over the next 48 hours.
  • Emergency services in Tehran and Karaj are expected to conduct routine inspections of critical infrastructure to ensure no hairline structural damage occurred.
  • Local authorities may issue updated safety guidelines for residents living near the epicentral zone east of the capital.

Bottom Line

Despite causing widespread alarm in Tehran and its suburbs, the magnitude 4.3 earthquake resulted in no reported casualties, serving as a reminder of the city’s precarious position on active tectonic fault lines.

Court delivers crushing verdict as ex-Power Minister gets 75 years for ₦33.8bn laundering

Court delivers crushing verdict as ex-Power Minister gets 75 years for ₦33.8bn laundering

By
Leonard Offiong
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Key points

  • Former Minister of Power, Saleh Mamman, has been convicted on all 12 counts bordering on money laundering, conspiracy, and criminal breach of trust.
  • The Federal High Court in Abuja sentenced him to 75 years imprisonment over the diversion of ₦33.8 billion linked to major power projects.
  • The funds were allegedly siphoned from the Mambilla and Zungeru Hydroelectric Power projects.
  • The EFCC secured the conviction after presenting 17 witnesses and 43 exhibits before the court.
  • The judgment is being viewed as one of the most significant anti-corruption victories in Nigeria’s power sector in recent years.

Main story

In what many observers have described as a watershed moment in Nigeria’s anti-corruption campaign, the Economic and Financial Crimes Commission (EFCC) has secured the conviction of former Minister of Power, Saleh Mamman, over a multi-billion naira fraud scandal tied to critical national infrastructure projects.

Justice James Omotosho of the Federal High Court in Abuja handed down the judgment, finding Mamman guilty on all 12 amended charges relating to money laundering and diversion of public funds amounting to ₦33.8 billion.

Mamman, who served under former President Muhammadu Buhari between 2019 and 2021, was subsequently sentenced to a cumulative 75 years behind bars.

The case centred on funds allocated to the Mambilla and Zungeru Hydroelectric Power projects — two major electricity initiatives expected to improve Nigeria’s troubled power supply.

According to court proceedings, the former minister allegedly diverted huge sums through cash transactions, proxy accounts, and Bureau de Change operators. One of the transactions presented before the court involved a cash payment of $655,700 for a property in Abuja.

The court held that the prosecution established its case beyond reasonable doubt, describing the evidence presented by the EFCC as compelling and largely uncontested by the defense.

Mamman’s conviction follows months of legal proceedings that drew national attention, especially after his absence during an earlier court session forced the judge to issue a bench warrant to compel his appearance for sentencing.

The ruling has sparked widespread reaction across political and civil society circles, particularly in Taraba State, where the former minister remains an influential political figure reportedly linked to permutations ahead of the 2027 governorship race.

While supporters insist the case was politically motivated, many Nigerians have hailed the judgment as a long-awaited sign that high-ranking public officials can finally be held accountable for corruption.

What’s being said

The judge stated that rather than confronting the country’s worsening power crisis, Mamman chose to “live large at the expense of ordinary citizens.”

Analysts and public affairs commentators have also described the conviction as a major warning to corrupt public office holders.

“This should serve as a warning to public officials. Nigerians have suffered enough from corruption, especially in critical sectors like power,” one commentator noted.

EFCC officials, reacting to the verdict, reiterated their commitment to pursuing high-profile corruption cases across government institutions.

According to the commission, “public office is a trust,” stressing that anti-graft agencies would continue to intensify efforts against financial crimes in the public sector.

The issues

Nigeria’s power sector has long been synonymous with massive budget allocations, abandoned projects, and recurring corruption allegations despite decades of reform promises.

The alleged diversion of funds meant for flagship projects like the Mambilla Hydroelectric Power Plant — one of Africa’s biggest proposed hydroelectric schemes — has once again exposed deep-rooted institutional failures and weak accountability systems.

For years, inadequate electricity supply has crippled businesses, discouraged investment, and worsened living conditions for millions of Nigerians forced to rely on costly alternatives such as generators and inverters.

The case has also reignited concerns over political influence in corruption trials, enforcement of bail conditions, and the slow pace of justice in high-profile financial crime cases.

Mamman’s earlier failure to appear in court further fueled public skepticism about whether politically exposed persons are truly held to the same standards as ordinary citizens.

What’s next

The former minister is expected to begin serving his prison sentence immediately, although legal observers anticipate that his defence team may challenge the judgment at the appellate court.

Meanwhile, the EFCC has indicated that investigations into alleged corruption within the power sector and other government ministries will continue.

Anti-corruption advocates believe the conviction could strengthen public confidence in the EFCC and signal a tougher stance against financial crimes under the current administration.

There are also growing calls for the government to go beyond convictions by ensuring the recovery of looted funds and the completion of abandoned power projects tied to corruption scandals.

Bottom line

The conviction and 75-year jail sentence handed to Saleh Mamman marks one of the strongest judicial statements yet against corruption in Nigeria’s public sector.

Beyond the courtroom victory, the case reflects the devastating human and economic consequences of corruption in critical sectors like electricity — where billions meant for national development allegedly disappeared while millions of Nigerians remained trapped in darkness.

For many Nigerians, the ruling is more than just a sentence; it is a test of whether accountability can finally take root at the highest levels of government.

Dollar To Naira Exchange Rate Today, May 13th, 2026

By
Boluwatife Oshadiya
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Stears Africa FX Monitor Predicts Continued Naira Volatility

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange,the official forex trading portal, showed that the naira closed at 1377 per $1 on Wednesday, May 13th, 2026. The naira traded as high as 1372 to the dollar at the investors and exporters (I&E) window on Tuesday. This is brought to you by Bizwatch Nigeria.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1387 on Tuesday 12th May, 2026, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate₦1400
Buying Rate₦1387

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Highest Rate₦1377
Lowest Rate₦1372

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

US-based Nigerian doctor brutalised, SUV torched after false kidnap accusation

US-based Nigerian doctor brutalised, SUV torched after false kidnap accusation

By
Leonard Offiong
-

Key points

  • A United States-based Nigerian doctor was nearly lynched by an angry mob in Ibadan after he was wrongly accused of kidnapping.
  • The mob reportedly set his Lexus RX 330 SUV on fire before police officers intervened.
  • Two teenage girls found inside the vehicle were later confirmed not to have been abducted.
  • Police say the incident was triggered by suspicion after the girls were seen half-naked inside the vehicle and could not properly communicate in English or the local language.
  • The Oyo State Police Command has launched an investigation and vowed to arrest those involved in the mob attack.

Main story

Tension erupted in Ibadan, the Oyo State capital, after a United States-based medical doctor narrowly escaped death following a false kidnapping allegation that sparked violent mob action.

The incident, which occurred on Monday around the 2nd Powerline Area in Ologuneru along the Eleyele-Ido Road, drew widespread attention after residents reportedly descended on the doctor and set his vehicle ablaze before police officers arrived at the scene.

According to a statement issued on Wednesday by the Police Public Relations Officer in Oyo State, DSP Ayanlade Olayinka, officers responded swiftly to a distress call claiming that a suspected kidnapper had been apprehended by an angry crowd.

Police authorities later identified the victim simply as Dr. Afolabi, describing him as a Nigerian doctor based in the United States and not a kidnapper as widely alleged in circulating social media claims.

Investigators said the two girls found inside the vehicle had been handed over legally to the doctor for domestic assistance at his mother’s residence.

What’s being said

“Upon lowering the vehicle’s window glass, the two girls were allegedly seen half-naked, a situation which immediately aroused suspicion among bystanders and security personnel.” the statement said.

“It was gathered that the victim’s inability to provide satisfactory answers to questions asked at the scene, coupled with his decision to turn away from the checkpoint, further heightened suspicion.”

“Further findings established that the two girls found inside the vehicle were legally taken from one Mrs. Idowu Abimbola, aged 56 years, of Eleyele Area, Ibadan, with the intention of delivering them to the victim’s mother for the purpose of assisting with household chores.”

“In the course of investigation, Mrs. Idowu Abimbola was invited to the station where she confirmed the arrangement, while the two girls equally corroborated the account and related freely with the said woman, thereby dispelling the suspicion of abduction,” the statement added.

What’s next

The Oyo State Police Command says efforts are ongoing to identify and arrest all individuals involved in the attack, destruction of property, and attempted jungle justice.

Commissioner of Police, CP Abimbola Olugbenga, condemned both the mob action and the spread of unverified information capable of inciting panic and public unrest.

He warned residents against taking the law into their hands or amplifying unconfirmed claims on social media.

The police commissioner also ordered a full-scale investigation into the incident and assured that all suspects linked to the attack would be prosecuted in accordance with the law.

Bottom line

What began as suspicion quickly spiraled into violent mob action, leaving a medical doctor brutalised and his vehicle reduced to ashes — all over a kidnapping claim police now say was false.

The incident once again highlights the growing dangers of jungle justice, misinformation, and social media-fuelled panic in Nigeria.

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