Home Blog Page 5

Fans and colleagues mourn as Nollywood actor Alexx Ekubo passes away

By
Kehinde Victor
-

Key points

  • Nollywood actor Alexx Ekubo has reportedly passed away after a prolonged battle with cancer.
  • The news surfaced on Tuesday, May 12, 2026, leading to widespread mourning across social media platforms.
  • High profile colleagues including Funke Akindele, Richard Mofe-Damijo, and Bolanle Ninalowo have shared tributes.
  • Human rights activist Omoyele Sowore described the late actor as a “rare talent” in a condolence message.
  • Ekubo had been absent from the public eye and social media since December 2024.

Main Story

Fans and followers of late Nollywood actor Alexx Ekubo across social media platforms have expressed sadness over his demise, describing the incident as shocking and heartbreaking.

The Nigerian entertainment industry has been thrown into mourning since Tuesday when news of the actor’s passing surfaced online. Social media posts by close colleagues and media reports stated that he died after a prolonged battle with cancer.

The incident has generated a frenzy on social media, with fans pouring in tributes. Born on April 10, 1986, Ekubo was regarded as one of Nollywood’s most versatile actors, though his prolonged absence from the public and social media since December 2024 had previously raised concerns among fans.

Colleagues and celebrities have shared emotional messages following the news. Actress Funke Akindele shared that she had tried to reach out to him one last time, while Richard Mofe-Damijo noted that he struggled to fully process the news.

Human rights activist Omoyele Sowore also issued a statement, recalling Ekubo’s screen presence and offering condolences to his family. The actor’s last public social media activity occurred shortly after reports emerged regarding the end of his engagement to model Fancy Acholonu.

The Issues

  • The actor’s long withdrawal from public life and social media since late 2024 left a void in the industry and fueled long-standing concerns regarding his wellbeing.
  • The sudden confirmation of a terminal illness has sparked discussions among fans regarding the private battles celebrities face despite their public personas.
  • The loss marks the departure of a versatile talent who was a staple in both hit films and television productions over the last decade.

What’s Being Said

  • “Hmmmmmm. Rest in peace, Alex. I tried to reach out to see you one more time, but I guess you knew best,” wrote Funke Akindele.
  • “Life is not only fickle, it can also feel unreal. Even as I type this, I still struggle to fully process it, and it deeply saddens me to hear this news,” stated Richard Mofe-Damijo.
  • “He was a rare talent whose presence lit up the screen effortlessly. May he rest in power,” said Omoyele Sowore.
  • “Omoh, sometimes when I hear such news I just sit down and think about life. Everything we’re struggling for can just end in one moment. It’s really scary,” posted @SAMPSOLO on X.

What’s Next

  • Funeral arrangements and official statements from the Ekubo family are expected to be released in the coming days.
  • Nollywood guilds and associations are likely to organize a night of tributes or a memorial service to honor the actor’s contributions to the industry.
  • Fans are expected to continue holding virtual vigils and sharing clips of his most memorable performances as a form of digital memorial.

Bottom Line The passing of Alexx Ekubo at the age of 40 has left Nollywood in a state of shock, ending his two year absence from the public eye with the revelation of a private battle against cancer.

ECOWAS reiterates commitment to information integrity and digital governance ahead of 2027 elections

Fidelity Bank and You Matter Foundation empower 500 women in Delta State

By
Kehinde Victor
-
Fidelity Bank Notifies Public Of Change On Board Of Directors

Key points

  • Fidelity Bank Plc and the You Matter Foundation donated N40 million in cash grants to 400 market women in Delta State.
  • An additional 100 women received 50 sewing machines and 50 grinding machines as part of an empowerment package.
  • The 500 beneficiaries were selected from all 25 Local Government Areas of the state.
  • The initiative was funded through the Fidelity Helping Hands Programme (FHHP) and the Give Her Power (GHP) initiative.
  • Delta Governor’s wife, Mrs Tobore Oborevwori, matched the bank’s N20 million donation with an additional N20 million to increase individual grants.

Main Story

Fidelity Bank Plc, in partnership with the You Matter Foundation, a pet project of the Wife of the Delta Governor, Mrs Tobore Oborevwori donated N40 million to 400 market women in Delta State.

Another set of women received 50 sewing machines and 50 grinding machines. The 500 beneficiaries were selected from the 25 Local Government Areas of the state.

The gesture formed part of the bank’s Corporate Social Responsibility under the Fidelity Helping Hands Programme (FHHP) and Give Her Power (GHP) initiative.

Dr Nneka Onyeali-Ikpe, the bank’s Managing Director/CEO, represented by Mrs Pamela Shodipo, described the initiative as part of the bank’s women-focused proposition, “HerFidelity.”

The bank’s staff in Delta raised N10 million, which was matched by management to reach N20 million. Mrs Oborevwori then added another N20 million, ensuring 400 beneficiaries received N100,000 each instead of the initial N50,000. Onyeali-Ikpe stated that the GHP initiative is rooted in the belief that empowerment must be practical and sustainable.

The governor’s wife encouraged the women to treat the donations as a “seed” to be nurtured into something greater. Regional Bank Head Mrs Augusta Anyanwu-Egbom advised the women to explore the bank’s small and micro enterprises hub to develop a savings culture and grow their businesses.

The Issues

  • Ensuring the sustainability of micro-businesses requires more than one-time grants; beneficiaries need ongoing access to credit and financial literacy training.
  • The logistics of distributing heavy equipment like grinding and sewing machines across all 25 LGAs involves significant transport and setup challenges for the recipients.
  • Inflationary pressures in the economy may affect the purchasing power of the N100,000 grants, making efficient business scaling critical for the market women.

What’s Being Said

  • “The FHHP is a corporate social responsibility platform through which our staff across business locations identify projects that address real needs in their immediate communities, raise funds to support those projects,” said Dr Nneka Onyeali-Ikpe.
  • “At least, 400 beneficiaries will receive cash grants, totalling N20 million, 50 women will receive grinding machines, while another 50 women will receive sewing machines. On my part, I am adding an additional N20 million,” stated Mrs Tobore Oborevwori.
  • “This means that 400 women will go home with N100,000 each, instead of the initial N50,000,” the governor’s wife added.
  • “When women are empowered economically, the benefits extend beyond the individual to families, small businesses and the wider community,” Onyeali-Ikpe noted.

What’s Next

  • Beneficiaries are expected to begin utilizing the sewing and grinding machines to provide services within their respective communities.
  • Fidelity Bank’s SME hub will engage with the 500 women to provide further guidance on business growth and savings strategies.
  • The You Matter Foundation will likely monitor the progress of the “seeds” planted by these grants as part of its ongoing social welfare assessments in Delta State.

Bottom Line

By combining staff-led fundraising with executive matching and government foundation support, Fidelity Bank has provided a N40 million capital injection and industrial equipment to bolster the micro-economies of women across all 25 LGAs in Delta State.

President Bola Tinubu advocates for African industrialisation and financial reform at Nairobi summit

ECOWAS reiterates commitment to information integrity and digital governance ahead of 2027 elections

By
Kehinde Victor
-
ECOWAS Imposes Penalties On Niger Military Junta's Supporters

Keypoints

  • The ECOWAS Commission pledged to strengthen strategic communication and responsible digital governance to safeguard Nigeria’s 2027 elections.
  • More than 500 journalists across the region have been trained in the last year to combat misinformation and disinformation.
  • A “Practical Guide for Regulatory Bodies” was introduced to provide stakeholders with strategies for addressing risks within digital platforms.
  • The initiative is part of the Praia Policy Framework, aiming to improve the governance of digital platforms while protecting human rights.
  • Partners including GIZ and the Media Foundation for West Africa are collaborating with Nigerian regulators and civil society.

Main Story

The ECOWAS Commission on Tuesday reiterated its firm commitment to strengthening strategic communication, democratic resilience, and responsible digital governance across Nigeria’s space.

Francis Ezekiel of the Directorate of Communication, ECOWAS Commission, gave this assurance in Lagos at the ongoing Meeting of Nigerian Regulators on Information Integrity in the context of the forthcoming 2027 elections.

The two-day meeting brought together Nigerian regulators, development partners, and civil society organisations to deliberate on strategies to safeguard information integrity and avoid deepfakes.

Ezekiel noted that over the last year, ECOWAS has trained more than 500 journalists across the region in combating misinformation and has organised its communication policy to address challenges relating to social media, artificial intelligence, and disinformation.

The meeting focused on the “Practical Guide for Regulatory Bodies,” a policy guide aimed at addressing emerging risks within the digital ecosystem while promoting transparency and institutional independence.

Ezekiel stated that Nigeria plays a central role in shaping information flows across the continent, making its experiences vital to broader regional responses. Ms Lillian Seffer of GIZ Nigeria underscored that addressing disinformation is not merely a technical issue but is deeply linked to trust and democratic governance.

The Practical Guide is an offshoot of the Praia Regional Conference and seeks to promote a coherent approach to information integrity, improve the governance of digital platforms, and strengthen the resilience of populations against hate speech.

The Issues

  • The rapid advancement of artificial intelligence and deepfakes presents a significant challenge to ensuring information integrity during election cycles.
  • Coordination between government, media practitioners, and civil society is required to create a systemic response to disinformation that does not infringe on human rights.
  • Safeguarding democratic governance requires rebuilding public trust in credible communication channels amidst a crowded digital space.

What’s Being Said

  • “In the last one year, the ECOWAS Commission in partnership with GIZ and the Media Foundation for West Africa have trained more than 500 journalists across the region in combating misinformation and understanding its impact on peace and stability in the region,” said Francis Ezekiel.
  • “Addressing disinformation is not a technical issue only. It is linked to trust, transparency, credible public communication and ultimately democratic governance,” stated Ms Lillian Seffer of GIZ Nigeria.
  • Ezekiel added that Nigeria “played a central role in shaping information flows and public discourse across the continent.”

What’s Next

  • Nigerian regulatory bodies will begin implementing the Practical Guide for Regulatory Bodies as part of their standard operating procedures ahead of 2027.
  • Further training sessions for media practitioners and civil society groups are expected to scale across West Africa to broaden regional resilience.
  • Stakeholders will monitor the effectiveness of the Praia Policy Framework in reducing the spread of deepfakes and hate speech on digital platforms.

Bottom Line

ECOWAS is positioning Nigeria’s 2027 elections as a testing ground for its new regional digital governance framework, focusing on journalist training and regulatory transparency to counter the growing threat of AI-driven misinformation.

Trump downplays tensions with Xi Jinping over Iran war ahead of Beijing visit

President Bola Tinubu advocates for African industrialisation and financial reform at Nairobi summit

By
Kehinde Victor
-

Keypoints

  • President Bola Tinubu led Nigeria’s delegation to the Africa Forward Summit in Nairobi, co-hosted by Presidents Emmanuel Macron and William Ruto.
  • Tinubu offered Nigeria’s Deep Blue Project maritime intelligence infrastructure as a shared data hub for Gulf of Guinea states.
  • Nigeria expressed readiness to host the 2026 CAF Awards during a meeting with CAF President Dr Patrice Motsepe.
  • The President highlighted that Nigeria will spend approximately 11.6 billion dollars on debt servicing in 2026, calling for global financial architecture reforms.
  • Prominent Nigerian business leaders including Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu, and Aigboje Aig-Imoukhuede accompanied the delegation.

Main Story

President Bola Tinubu led Nigeria’s delegation to the Africa Forward Summit in Nairobi, Kenya, on Tuesday, advocating for stronger economic integration that prioritises Africa’s growth and industrialisation.

The summit, co-hosted by French President Emmanuel Macron and Kenyan President William Ruto, brought together leaders from over 30 countries.

According to a statement by Presidential Spokesperson Bayo Onanuga, Tinubu held bilateral meetings with Madagascar’s President Michael Randrianirina and CAF President Dr Patrice Motsepe, expressing Nigeria’s readiness to host the 2026 CAF Awards.

During the summit, African leaders emphasised the need for affordable credit, while the French government advocated for restructuring relations based on equality.

Tinubu highlighted Nigeria’s blue economy potential, noting that insecurity has hindered maritime investments. He made an explicit commitment to offer Nigeria’s Deep Blue Project maritime intelligence infrastructure as a shared data hub for Gulf of Guinea states to intensify regional coordination.

Addressing international financial reforms, Tinubu warned that the global financial architecture risks irrelevance if it fails to address inequities. He noted that Africa’s share of global manufacturing remains below two per cent due to the export of raw materials.

Tinubu detailed Nigeria’s reforms, including fuel subsidy removal and a banking recapitalisation exceeding 45.5 billion dollars, but lamented that the country would spend 11.6 billion dollars on debt servicing in 2026. On migration, he urged partners to invest in infrastructure and digital skills to address root causes, stating that people with hope rarely risk dangerous migration journeys.

The Issues

  • High borrowing costs in Africa, which Tinubu noted are five to ten times higher than in Europe or North America, severely limit the competitiveness of African manufacturers.
  • “Sea blindness” and maritime insecurity in the Gulf of Guinea continue to act as a barrier to unlocking the full economic potential of the continent’s blue economy.
  • The current global financial system remains a point of friction, with Nigeria demanding a fair system that enables the local refining of crude oil and processing of minerals.

What’s Being Said

  • “Today, I make an explicit commitment: Nigeria will intensify regional coordination by offering our Deep Blue Project’s maritime intelligence infrastructure as a shared data hub for willing Gulf of Guinea states,” said President Bola Tinubu.
  • “How can an African manufacturer compete with competitors in Europe, Asia, or North America when borrowing costs in Africa are five to ten times higher?” Tinubu asked during financing discussions.
  • Tinubu stated that Africa must move from “sea blindness to ocean sovereignty,” describing the continent’s oceans as a “shared heritage requiring collective protection.”

What’s Next

  • Nigeria will begin formal discussions with Gulf of Guinea states regarding the integration of maritime intelligence data through the Deep Blue Project hub.
  • Following the meeting with Dr Patrice Motsepe, Nigeria will pursue the formal bidding and preparation process to host the 2026 CAF Awards.
  • The Nigerian government will continue to push for the outcomes of the Nairobi summit to be mainstreamed into the G7 agenda during the upcoming meeting in France.

Bottom Line

President Tinubu is leveraging Nigeria’s regional security assets and domestic economic reforms to demand a fundamental shift in how the global financial system treats African industrialisation and maritime sovereignty.

U.S. appeals court temporarily reinstates Trump’s 10 per cent import tariffs

U.S. appeals court temporarily reinstates Trump’s 10 per cent import tariffs

By
Kehinde Victor
-

Key points

  • A federal appeals court has suspended a lower court ruling that had declared President Donald Trump’s 10 per cent global import tariffs unlawful.
  • Importers must continue paying the duties while the appeals judges consider the administration’s full request.
  • The Court of International Trade in New York previously ruled that the president exceeded his authority by misinterpreting the 1974 trade law.
  • The 10 per cent levy was introduced on February 24, 2026, as an emergency measure after the Supreme Court struck down previous tariffs.
  • Plaintiffs, including the state of Washington, have seven days to respond to the appeals court’s decision.

Main Story

U.S. President Donald Trump has secured an interim victory in the legal battle over his tariff policy. A federal appeals court on Tuesday temporarily suspended a lower court ruling that found Trump’s temporary tariffs on imports from around the world unlawful last week.

As a result of this stay, importers must continue paying the 10 per cent duties for the time being. The appeals court’s decision is not a final ruling; instead, it pauses the judgment by the Court of International Trade in New York while the judges evaluate the administration’s request.

The plaintiffs, which include the state of Washington and two private companies, have seven days to file their response.

The dispute centers on a 10 per cent tariff imposed on most imports since February 24, 2026. Trump introduced these duties immediately after the Supreme Court declared many of his previous trade measures unlawful.

To implement the new levy, the president relied on an emergency provision of a 1974 trade law that limits such collections to a maximum of 150 days.

However, the Court of International Trade concluded last week that the president had misinterpreted the law and exceeded his authority.

The U.S. administration argued that striking down the tariffs would “severely undermine the President’s trade agenda and will destabilise efforts to remedy our longstanding trade deficit,” warning that duties already collected could be permanently lost if the ruling stood.

The Issues

  • The legal interpretation of the 1974 trade law is the central point of contention, specifically whether it allows for broad “emergency” global levies after previous tariffs were struck down.
  • Businesses and state governments argue that the 10 per cent duty creates significant economic instability and increased costs for consumers.
  • The administration maintains that the tariffs are a necessary tool to address the trade deficit and that a sudden cessation of collection would cause fiscal chaos.

What’s Being Said

  • The U.S. administration argued that the lower court’s decision would “severely undermine the President’s trade agenda and will destabilise efforts to remedy our longstanding trade deficit.”
  • The Court of International Trade ruled that Trump had “exceeded his authority” and “misinterpreted the trade law cited as the basis for the measure.”
  • Administration officials noted there was a risk that “tariffs already collected, as well as future duties, could be permanently lost.”

What’s Next

  • The plaintiffs have seven days to submit their legal response to the appeals court regarding the temporary suspension of the lower court’s ruling.
  • If the appeals court ultimately decides against the administration, the case is expected to move to the Supreme Court for a final determination.
  • The 150-day limit stipulated in the 1974 trade law remains a looming deadline for the “emergency” solution regardless of the judicial outcome.

Bottom Line

By obtaining a temporary stay from the federal appeals court, the Trump administration has kept its global 10 per cent tariff policy on life support, ensuring that duty collection continues while the legal battle over presidential trade authority intensifies.

Naira weakens across FX markets as official, parallel rates converge

Trump downplays tensions with Xi Jinping over Iran war ahead of Beijing visit

By
Kehinde Victor
-

Key points

  • President Donald Trump stated he would have a “long talk” with Chinese President Xi Jinping regarding the ongoing war in Iran.
  • Trump expressed “100 per cent” confidence that he can stop Iran’s uranium enrichment and ensure they never obtain a nuclear weapon.
  • Despite U.S. sanctions on Chinese firms buying Iranian oil, Trump described Xi as having been “relatively good” regarding the naval blockade.
  • Peace negotiations remain stalled over Iran’s 440 kilogrammes of 60 per cent enriched uranium.
  • Trump reiterated that the United States would obtain Tehran’s stocks of highly enriched uranium but did not specify the method.

Main Story

President Donald Trump has downplayed potential friction with Chinese President Xi Jinping concerning the Iran war as he prepares for a high-profile summit in Beijing.

Speaking to reporters on Tuesday, May 12, 2026, Trump remarked that he and Xi would have “a long talk” about the conflict, while noting that the Chinese leader has been “relatively good” despite China remaining the primary purchaser of Iranian oil.

This comes as the U.S. Treasury Department continues to impose sanctions on Chinese refineries for unauthorized trade with Tehran. Trump signaled a positive personal rapport with Xi, describing the upcoming trip as “very exciting” and suggesting that “a lot of good things are going to happen.”

The diplomatic landscape remains tense as the war enters its third month. Peace efforts have stalled over the specific handling of Iran’s nuclear program, which includes approximately 440 kilogrammes of uranium enriched to 60 per cent.

During an interview with radio station 77 WABC, Trump expressed absolute certainty in his ability to halt Iran’s nuclear ambitions.

He also stated that the U.S. intended to take possession of Tehran’s highly enriched uranium stocks, though he left the details of such an acquisition open. When asked if Xi’s assistance was needed to resolve the war, Trump maintained that the U.S. did not require help with Iran.

The Issues

  • China’s status as the most important buyer of Iranian oil provides Tehran with a financial lifeline that complicates the U.S.-led naval blockade.
  • The presence of 440 kilogrammes of 60 per cent enriched uranium in Iran remains a central technical and security hurdle for any peace agreement.
  • Ongoing U.S. sanctions against Chinese companies create a recurring point of tension in Washington-Beijing relations despite the friendly tone of the presidency.

What’s Being Said

  • “I think he’s been relatively good, to be honest with you,” Trump told reporters regarding President Xi Jinping.
  • “You look at the blockade – no problem. They get a lot of their oil from that area. We’ve had no problem,” Trump added.
  • Asked if he was convinced he could stop Iran from obtaining a nuclear weapon, Trump said: “100 per cent. They’re going to stop.”
  • Regarding the prospect of Chinese assistance, Trump stated: “I don’t think we need any help with Iran.”

What’s Next

  • President Trump will depart for Beijing to engage in direct talks with President Xi Jinping on energy trade and regional security.
  • The U.S. Treasury is expected to monitor Chinese refinery activity for any further violations of unauthorized trade with Iran.
  • International nuclear observers will wait to see if the summit produces a concrete framework for the transfer or disposal of Iran’s 60 per cent enriched uranium stocks.

Bottom Line

President Trump is banking on personal diplomacy with President Xi to navigate the complexities of Chinese-Iranian oil trade while asserting total confidence in his ability to force the cessation of Iran’s nuclear enrichment program.

Dollar To Naira Exchange Rate Today, May 12th, 2026

Dollar To Naira Exchange Rate Today, May 12th, 2026

By
Boluwatife Oshadiya
-
BREAKING: CBN Officially Unifies All Exchange Rate Windows

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 1375 per $1 on Tuesday, May 12th, 2026. The naira traded as high as 1367 to the dollar at the investors and exporters (I&E) window on Monday. 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 Monday 11th 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₦1375
Lowest Rate₦1367

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

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

Naira weakens across FX markets as official, parallel rates converge

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya

Key Points

  • The naira depreciated across both the official and parallel foreign exchange markets amid rising demand for dollars for offshore payments and business settlements.
  • The official exchange rate weakened to N1,373 per dollar, while the parallel market rate fell to N1,395 per dollar.
  • FX turnover at the official market declined significantly to $51.17 million from $78.15 million recorded at the previous session.
  • Nigeria’s external reserves dropped slightly to $48.33 billion, according to Central Bank of Nigeria data.
  • Analysts expect the naira to remain relatively stable in the near term, supported by sustained CBN interventions and improved foreign inflows.

Main Story

The Nigerian naira depreciated across major foreign exchange markets as mounting demand for dollars for offshore transactions and corporate settlements continued to pressure liquidity conditions.

Data released by the Central Bank of Nigeria (CBN) showed that the intraday exchange rate weakened to as low as N1,375 per dollar, while the strongest quoted rate for the session settled at N1,367 per dollar.

At the official Nigerian Foreign Exchange Market (NFEM) window, the local currency closed at N1,373 per dollar, reflecting a weaker performance compared to previous trading sessions.

Market turnover also declined sharply, with total interbank FX transactions falling to $51.17 million across 67 deals, down from $78.15 million recorded at the close of trading before the weekend.

The parallel market also reflected increased pressure on the local currency, with the naira depreciating to N1,395 per dollar amid persistent scarcity of dollar liquidity in the informal market segment.

As a result, the spread between the official and parallel market exchange rates narrowed to N21.84 per dollar from N32.61 per dollar recorded previously.

Despite the latest depreciation, the naira had posted gains in the preceding week after reversing earlier losses. At the official market, the currency appreciated by 1 percent week-on-week to close at N1,361.40 per dollar.

The naira had opened the previous week around N1,365.25 per dollar before strengthening to an intraweek high of approximately N1,355.85 per dollar.

Meanwhile, activity at the parallel market remained relatively unchanged on a weekly basis, with the currency closing flat at N1,400 per dollar.

Consequently, the premium between both market segments narrowed slightly to 2.84 percent, equivalent to N38.61 per dollar.

Further data from the apex bank showed that Nigeria’s gross external reserves declined marginally by $38.11 million to $48.33 billion.

The development comes as the CBN continues efforts to stabilise the foreign exchange market through periodic interventions, tighter monetary policy measures and reforms targeted at improving transparency and liquidity within the market.

The apex bank has also sustained efforts to clear outstanding FX obligations, improve diaspora remittance inflows and attract foreign portfolio investors into the Nigerian economy.

What’s Being Said

Foreign exchange analysts said the naira is expected to trade within a relatively stable range in the short term despite persistent demand pressures.

Analysts attributed the expected stability to continued interventions by the CBN, improved foreign portfolio investment inflows and ongoing market reforms aimed at enhancing liquidity and investor confidence in the foreign exchange market.

Market participants also noted that global oil price movements and Nigeria’s external reserve position would remain key factors influencing the direction of the naira in the coming weeks.

What’s Next

Investors and market participants are expected to closely monitor the CBN’s next policy actions, including possible FX interventions and liquidity management measures.

Attention will also remain on Nigeria’s external reserve performance, crude oil earnings and foreign capital inflows, all of which are critical to sustaining exchange rate stability.

Analysts expect the apex bank to maintain a tight monetary stance as part of broader efforts to curb inflationary pressures and defend the local currency.

Bottom Line

The naira remains under pressure from elevated dollar demand and declining market liquidity, although ongoing CBN interventions and improving investor sentiment continue to provide some support for exchange rate stability.

Dollar To Naira Exchange Rate Today, May 11th, 2026

Banks’ deposits at CBN facility decline after aggressive OMO auctions

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya

Key Points

  • Deposit money banks’ placements at the CBN Standing Deposit Facility declined after aggressive Open Market Operations auctions.
  • The apex bank sterilised about N3.3 trillion from the financial system through multiple OMO auctions.
  • Money market liquidity fell by more than 13 percent to N4.92 trillion.
  • Overnight and Open Repo rates edged higher following tighter liquidity conditions.
  • Investor demand for OMO bills remained strong across all auction tenors.

Main Story

Deposit money banks reduced their placements at the Central Bank of Nigeria’s Standing Deposit Facility (SDF) window following aggressive liquidity mop-up operations conducted through Open Market Operations (OMO) auctions.

The Central Bank sterilised approximately N3.3 trillion from the financial system through two separate OMO auctions conducted last week, reinforcing its liquidity tightening strategy amid inflationary pressures and efforts to stabilise the foreign exchange market.

The liquidity withdrawal came despite inflows of about N2.71 trillion from matured OMO bills.

According to market data, the Nigerian money market liquidity position moderated by 13.18 percent to N4.92 trillion as banks’ deposits at the apex bank declined after participating heavily in the cash-intensive auctions.

Banks’ placements at the Standing Deposit Facility fell by 14.84 percent to N4.64 trillion from N5.44 trillion recorded previously.

At the close of the trading session, money market rates tightened marginally. The Overnight lending rate rose by two basis points to 22.21 percent, while the Open Repo rate settled at 22 percent.

During the first OMO auction conducted by the CBN last week, the apex bank offered N600 billion worth of bills across the 8-day and 134-day tenors.

Investor appetite remained strong, with subscriptions rising to N1.71 trillion, representing a bid-to-offer ratio of 2.9 times. Total allotments stood at N1.70 trillion.

Stop rates for the auction cleared at 21.90 percent and 19.97 percent respectively, with the apex bank fully allotting N1.07 trillion on the shorter 8-day tenor.

At the second auction conducted later in the week, the CBN offered another N600 billion across the 33-day, 75-day and 96-day maturities.

Demand again remained robust as total subscriptions reached N1.64 trillion, while allotments closed at N1.60 trillion.

Stop rates for the respective tenors settled at 21.57 percent, 20.63 percent and 20.45 percent.

The sustained investor interest highlights continued appetite for high-yield fixed income instruments amid elevated interest rates and tight liquidity conditions in the financial system.

The CBN has intensified OMO auctions in recent months as part of broader monetary tightening efforts aimed at controlling excess liquidity, moderating inflation and supporting the stability of the naira.

Nigeria’s inflation rate has remained elevated despite a series of monetary policy rate hikes implemented by the Monetary Policy Committee over the past year.

What’s Being Said

Coronation Merchant Bank stated that the apex bank sterilised approximately N3.30 trillion through both OMO operations, underscoring the persistence of the CBN’s liquidity tightening measures.

Financial market analysts said the aggressive liquidity mop-up reflects the central bank’s commitment to reducing excess cash within the banking system and maintaining higher interest rates to combat inflationary pressures.

Analysts also noted that strong investor participation at the auctions signals sustained confidence in government securities despite prevailing macroeconomic uncertainties.

What’s Next

Market participants expect the CBN to sustain tight liquidity management measures in the near term as inflationary concerns persist.

Banks and investors are also expected to monitor future OMO auction stop rates and liquidity trends for indications of the apex bank’s monetary policy direction.

Analysts believe additional liquidity tightening measures could keep short-term interest rates elevated across the money market.

Bottom Line

The sharp decline in banks’ deposits at the CBN facility reflects the impact of aggressive liquidity sterilisation through OMO auctions, as the apex bank continues efforts to tighten monetary conditions, curb inflation and stabilise financial markets.

Lagos State inaugurates technical committee for commercial biogas and biomethane production

Lagos State inaugurates technical committee for commercial biogas and biomethane production

By
Kehinde Victor
-

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
-
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
-

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
-

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
-
154 Nigerians Deported From Libya

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
-
South Korea

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
-
Lagos

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
-

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
-

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
-

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
-
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
1...456...3,164Page 5 of 3,164

Recent Posts