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Vercel Breach via Compromised AI Tool Sparks NITDA Warning to Nigerian Organisations

By Boluwatife Oshadiya | May 8, 2026

Key Points

  • Vercel confirms security incident originating from third-party AI platform Context.ai used by an employee
  • Attackers accessed non-sensitive environment variables containing customer deployment secrets
  • NITDA’s CERRT.NG issues advisory urging Nigerian users to rotate credentials and strengthen controls

Main Story

Cloud platform Vercel has disclosed a cybersecurity breach that began with the compromise of a third-party artificial intelligence tool, exposing non-sensitive customer environment variables and highlighting vulnerabilities in AI supply-chain integrations.

The incident, publicly detailed in April 2026, stemmed from attackers compromising Context.ai, an external AI platform. A Vercel employee had connected a corporate Google Workspace account to Context.ai’s “AI Office Suite,” granting broad OAuth permissions. Attackers, leveraging stolen OAuth credentials following a Lumma Stealer malware infection at Context.ai, impersonated the employee, accessed Vercel’s internal systems, and enumerated/decrypted environment variables not marked as “sensitive.”

Vercel stated it discovered unauthorised access to certain internal systems and responded by engaging incident response experts, law enforcement, and partners including Mandiant. The company confirmed that sensitive environment variables (those explicitly marked as sensitive and encrypted at rest) were not compromised, and its core services remained operational. No evidence was found of tampering with npm packages such as Next.js or Turbopack.

Forensic review identified a limited subset of initially affected customers, with additional accounts later uncovered. Vercel notified those impacted and recommended immediate credential rotation. Claims by actors linked to ShinyHunters of selling stolen data for around $2 million circulated on underground forums, though the full scope remains under investigation.

The Issues

The breach underscores the expanding attack surface created by “shadow AI” tools and third-party OAuth integrations that often bypass traditional enterprise security controls. Environment variables frequently store API keys, database credentials, and other deployment secrets essential to modern cloud applications. When not properly classified and protected, they become high-value targets in supply-chain attacks.

This incident adds to a pattern of sophisticated actors exploiting trusted SaaS platforms and browser-based tools rather than attacking hardened perimeters directly. For Nigerian organisations increasingly adopting cloud and AI services, it highlights risks from unmanaged employee tools and the need for stricter governance over third-party permissions.

What’s Being Said

“The attacker used that access to take over the employee’s Vercel Google Workspace account, which enabled them to gain access to that employee’s Vercel account. From there, they were able to pivot into a Vercel environment,” Vercel stated in its official security bulletin.

NITDA, through its Computer Emergency Readiness and Response Team (CERRT.NG), warned organisations using Vercel or connected services to take urgent action against risks including malicious code injection, data theft, and supply-chain compromise.

Cybersecurity analysts described the attackers as highly sophisticated, noting their rapid exploitation of the OAuth chain and understanding of Vercel’s architecture.

What’s Next

Vercel has introduced product enhancements including stronger environment variable protections, improved logging, and better visibility into security configurations. Affected customers have been contacted directly.

NITDA’s advisory remains active, with ongoing monitoring expected. Google Workspace administrators worldwide are urged to review and revoke the compromised OAuth client ID: 110671459871-30f1spbu0hptbs60cb4vsmv79i7bbvqj.apps.googleusercontent.com.

The Bottom Line

This supply-chain attack via a seemingly innocuous AI productivity tool demonstrates how quickly credentials can cascade across platforms. Nigerian businesses and developers on Vercel or similar services should treat the incident as a wake-up call to audit OAuth grants, enforce strict secret management, and limit “Allow All” permissions—practices that separate resilient organisations from the next headline.

NEMA alerts Kebbi residents to high flood risk for 2026 season

NEMA Taks Responders, Emergency Workers, Staff Members
NEMA Taks Responders, Emergency Workers, Staff Members to be Alert Due to Increase of Coronavirus

Keypoints

  • The National Emergency Management Agency (NEMA) has classified Kebbi as a high flood-risk state for the 2026 rainy season.
  • Projections indicate significantly higher rainfall than in 2025, with July to September identified as the most critical period.
  • Approximately 97 road sections across the state are at risk of being inundated or damaged by floodwaters.
  • A severe 21-day dry spell is also projected between June and August, threatening crop yields in 10 specific Local Government Areas.
  • Residents in riparian and low-lying areas are advised to prepare emergency kits and comply with evacuation directives.

Main Story

The National Emergency Management Agency (NEMA) Sokoto Operations Office has issued a formal alert to residents of Kebbi State regarding impending flood risks and weather hazards for 2026.

Based on data from the Nigerian Meteorological Agency (NiMet) and the Nigeria Hydrological Services Agency (NIHSA), the state is expected to experience heavy, high-intensity rainfall likely to trigger flash floods.

The Kebbi River system is projected to overflow between July and September, with elevated water levels potentially persisting into November.

The agency further warned of a dual weather threat, projecting a 21-day dry spell between June and August that could impact agricultural activities in areas including Arewa, Dandi, and Birnin Kebbi.

Beyond agricultural risks, the flood outlook identifies nearly 100 road sections at risk of being compromised, posing significant dangers to motorists.

NEMA has urged the public to clear drainage systems, refrain from building on floodplains, and prepare for potential relocations as the rainy season intensifies.

The Issues

  • High-intensity downpours are expected to exceed the drainage capacity of many communities, leading to flash floods and infrastructure damage.
  • The combination of extreme flooding and a mid-season dry spell creates a complex challenge for food security and agricultural planning.
  • Floodwaters on major roads may conceal structural damage or deep potholes, increasing the likelihood of transport disruptions and accidents.

What’s Being Said

  • “Kebbi has been classified among Nigeria’s high flood-risk states for 2026 and is projected to experience flooding under high, medium, and low-risk categories across various communities,” said Mr Tukur Abubakar, Head of NEMA Sokoto Operations Office.
  • “Elevated water levels could persist into October and November, prolonging the impact. About 97 road sections across the state are also at risk of flooding,” Abubakar added.
  • “Farmers are advised to adopt climate-smart practices, including planting drought-tolerant and early-maturing crops,” the agency noted in its advisory.

What’s Next

  • Residents in high-risk local governments are expected to begin clearing waterways and reinforcing homes with sandbags or embankments.
  • Farmers in the 10 identified LGAs must adjust planting schedules to mitigate the impact of the projected 21-day dry spell.
  • NEMA and Local Government Emergency Committees (LEMCs) will monitor river levels and issue evacuation orders if the Kebbi River exceeds critical thresholds.

Bottom Line

Kebbi faces a volatile 2026 weather pattern involving high-intensity flooding and a severe mid-season dry spell, requiring immediate community-led mitigation and emergency preparedness.

Young Nigerians don’t lack ideas, they lack platforms and MTN just built one

Nigeria has no shortage of brilliant young people. What we have always lacked is structure: real platforms where ideas can move beyond social media hype and become sustainable businesses.

That is why MTN’s The Gathering on 100 matters. For 100 continuous hours at the National Stadium, creators, entrepreneurs, founders, innovators, and culture shapers gathered in one shared space of expression, networking, business, learning, and opportunity. But beyond the lights, music, branding, and youthful energy, there was something deeper happening beneath the surface: investment in possibility.

The event marked the launch of the MTN Live It 100 campaign, but it also became something else entirely: a reminder that Nigerian youths are not lazy, unserious, unemployable or lacking innovation. They are simply underfunded, underexposed, untrained and too often unsupported.

Twenty-three young entrepreneurs from across Nigeria participated in the Pitchathon segment of the event, sharpening their business ideas and pitching for funding. In the end, eight businesses emerged winners, sharing a total of N45 million in grants and business support. N45 million will not magically solve unemployment or fix Nigeria’s collapsing economic realities, but it can completely alter the trajectory of a startup, a founder, or even an entire community.

URI Social, Dulces Jams, Kindly Book, Africa Medical Marketplace, and My Fund each secured N3 million. Rava Send, founded by Emmanuel Isaka, received N5 million as third runner-up. Coconoto LTD, led by Jacob Oluwayannife, secured N10 million as second runner-up. And Hurpham Africa, led by Sesan Kareem, emerged overall winner with N15 million alongside MTN enterprise partnership and co-development access.

Now imagine what happens if even three of those businesses scale successfully over the next five years. Jobs get created. Problems get solved. New markets emerge. More young people get inspired to build instead of merely survive. That is the ripple effect many people underestimate when they talk about entrepreneurship support.

The average Nigerian youth today is fighting battles on too many fronts simultaneously. Inflation is brutal. Opportunities are shrinking. Relocation has become the national dream. Even talented people are exhausted. Yet somehow, despite all this, young Nigerians continue to create businesses, build brands, launch platforms, and imagine futures bigger than their environment.

That resilience deserves backing. And this is where corporate Nigeria must understand its role beyond yearly CSR campaigns and social media optics. If brands truly want to connect with young Nigerians, they must invest in their ideas, not just market to their lifestyles.

A generation does not become empowered because you understand their slang, use influencers, or trend on TikTok. A generation becomes empowered when you reduce barriers between talent and opportunity.

That is why initiatives like this stand out. The Gathering on 100 was not important merely because money changed hands. It was important because access changed hands. Visibility changed hands. Confidence changed hands. Sometimes all a young founder needs is one room, one opportunity, one investor, one partnership, or one person willing to say, “I believe in this.” One chance can rewrite an entire story.

Nigerian youths are still dreaming. Despite everything. Despite the economy. Despite policy failures. Despite frustration. Despite uncertainty. What they need now is consistency. More platforms. More partnerships. More institutions willing to take risks on them. Because if there is one thing Nigeria has never lacked, it is human potential. What we have lacked is belief powerful enough to fund it.

Ward Rounds

Obi, Kwankwaso Join NDC

Peter Obi and Rabiu Kwankwaso joining the NDC ahead of 2027 is already shaking up conversations across the political space. Whether this move is strategic coalition-building or simply another round of political repositioning remains to be seen, but one thing is certain: Nigerians are hungry for a credible opposition capable of challenging the status quo meaningfully.

The problem is that Nigerian politics often feels less ideological and more transactional. Parties change, alliances shift, but the average citizen keeps asking the same question: “What exactly changes for us?” If this coalition wants to be taken seriously, it must move beyond personalities and actually present a convincing national alternative. 

Senate Drama: Akpabio vs Oshiomhole

The Senate floor briefly turned into a political boxing ring after the clash between Godswill Akpabio and Adams Oshiomhole over amended Senate rules. Akpabio’s warning about suspension immediately fueled speculation that bigger ambitions for 2027 are already driving tensions behind the scenes.

What is frustrating for many Nigerians is how quickly passion appears when political power is involved, while urgency disappears when discussing insecurity, inflation, education, or healthcare. The energy in those chambers would inspire confidence if citizens felt the same intensity was directed toward governance itself.

Arsenal’s UCL Final & “Celebration Police”

Arsenal reaching the UEFA Champions League final after two decades is a massive moment for the club and its fans. Yet somehow, football’s self-appointed “celebration police” emerged immediately to dictate how much joy supporters are allowed to express before lifting the trophy – hopefully.

The irony is always amusing. Other clubs celebrate qualification moments all the time without debate, but when Arsenal does it, suddenly there is a global symposium on humility. Football is emotional. Fans wait years for moments like this. People should celebrate milestones while they can, because football can humble you very quickly too.

Global Health — The Hantavirus Scare

News of the Hantavirus outbreak aboard the quarantined MV Hondius cruise vessel has understandably triggered anxiety globally, especially after memories of COVID-19. Reports of severe respiratory symptoms and multiple deaths are enough to make the world nervous anytime the WHO begins issuing dedicated updates.

Thankfully, Hantavirus is not new, and experts say it spreads differently from airborne pandemic viruses like COVID-19. Still, global health scares remind us how interconnected the world has become. Vigilance, transparent communication, and early containment matter now more than ever. Nobody wants another global shutdown experience.

Happy Birthday DJ Pope

Pastor Poju Oyemade, Senior Pastor of The Covenant Nation adds another year today, May 8. Pastor Poju is such an unusual man. No drama (says it as it is). Full of wisdom and knows how to connect scriptures into realities (exactly what you should do). He is also a bridge, connecting older generation ministers and the younger/upcoming ones.

Convener of The Platform and WOFBEC (Christian World Cup) and the host DJ (DJ Pope) at the Afro Gospel Concert. Pastor Poju, thank you for being so simple, yet very deep! If only you could sing… but thank God for Pastor Toyin. Happy Birthday, dear highly esteemed Pastor Poju Oyemade, DJ Pope.

Warrens, Aminu assume duty in office of the secretary to the government of the federation

Key points

  • Mrs. Bekearedebo Augusta Warrens and Mr. Sani Yargaya Aminu have officially assumed duty as Permanent Secretaries in the OSGF.
  • The new appointees pledged commitment, professionalism, and collaboration in carrying out their responsibilities.
  • OSGF management urged synergy among stakeholders to ensure effective policy coordination and service delivery.

Main story

Mrs. Bekearedebo Augusta Warrens and Mr. Sani Yargaya Aminu have formally assumed office as Permanent Secretaries in the Office of the Secretary to the Government of the Federation (OSGF).

According to a statement issued by the OSGF, Warrens was deployed to the Political and Economic Affairs Office (PEAO), while Aminu assumed leadership of the Special Services Office (SSO).

The handover ceremonies took place separately at the OSGF headquarters on May 7, 2026.

Welcoming the new Permanent Secretaries on behalf of the Secretary to the Government of the Federation, the Permanent Secretary, General Services Office, Ibrahim Abubakar Kana, urged the appointees to work closely with management teams and relevant stakeholders to achieve their statutory mandates.

Kana stressed that collaboration and institutional synergy remain essential for effective governance and policy implementation.

In her remarks, Warrens pledged to work closely with staff of the Political and Economic Affairs Office in monitoring, analysing, and coordinating government policies relating to political and economic matters.

She also expressed appreciation to the Director overseeing the office, Abia Efiok, for sustaining operations before her appointment.

Warrens assured staff of her commitment to professionalism, diligence, and national development.

Similarly, Aminu pledged to discharge his responsibilities in the Special Services Office with integrity, diligence, and loyalty to the nation.

He called for the support and cooperation of staff in the coordination and implementation of government security policies and promised to engage relevant stakeholders to ensure effective service delivery.

Outgoing Permanent Secretary of the SSO, Mohammed Sanusi Danjuma, alongside Efiok, thanked management and staff members for their support during their tenure and urged them to extend similar cooperation to the new leadership.

The issues

The appointments come at a time when government institutions are under increasing pressure to improve policy coordination, administrative efficiency, and national security management.

The Political and Economic Affairs Office plays a critical role in monitoring and coordinating government policies, while the Special Services Office is central to security-related policy implementation and inter-agency coordination.

Observers say effective leadership and institutional collaboration within these offices remain vital to strengthening governance and public sector performance.

What’s being said

The OSGF management emphasised the importance of teamwork and stakeholder engagement in achieving institutional mandates.

Warrens pledged to strengthen policy coordination and support institutional growth within the Political and Economic Affairs Office.

Aminu also reaffirmed his commitment to integrity, diligence, and collaboration in managing the Special Services Office.

Outgoing officials expressed confidence in the ability of the new Permanent Secretaries to sustain and improve ongoing administrative efforts.

What’s next

The new Permanent Secretaries are expected to settle into their respective roles and begin implementing strategic priorities within their offices.

Stakeholders anticipate stronger coordination in political, economic, and security policy management under the new leadership.

The OSGF is also expected to continue driving reforms aimed at improving governance efficiency and inter-agency collaboration.

Bottom line

The assumption of office by Bekearedebo Augusta Warrens and Sani Yargaya Aminu marks a new leadership phase within the Office of the Secretary to the Government of the Federation, with renewed emphasis on collaboration, policy coordination, and effective public service delivery.

Peter Obi donates N25M to  university of the Niger, reaffirms commitment to education

Key points

  • Peter Obi donated N25 million to the University of the Niger in support of educational development and scholarships.
  • The former Anambra governor urged students to remain committed to learning, describing knowledge as the driver of modern societies.
  • Obi commended the Diocese on the Niger and Vice Chancellor Prof. Chinedu Nebo for their contributions to educational growth.

Main story

Former Governor of Anambra State and Labour Party presidential candidate, Peter Obi, has reaffirmed his commitment to education and human capital development with a N25 million donation to the University of the Niger.

Obi made the donation during a visit to the institution in Umunya on Thursday, May 7, 2026.

Speaking during the visit, Obi said education, healthcare, and poverty alleviation remain central to his developmental priorities, noting that he has consistently supported the institution since its establishment five years ago.

He recalled that his previous visit to the university was at its teaching hospital located in Ogidi.

Addressing students, Obi encouraged them to remain focused on their studies, stressing that the modern world is increasingly driven by knowledge and innovation.

“The future of Nigeria rests in the hands of young people like them,” he stated.

The former governor said the N25 million donation was intended to support scholarships and further institutional development.

He also commended the Diocese on the Niger for what he described as its vision and commitment to educational growth.

Obi further praised the Vice Chancellor of the institution, Chinedu Nebo, for his dedication to strengthening educational institutions across the country.

The issues

The intervention comes amid growing concerns over funding challenges facing educational institutions in Nigeria and the increasing role of private support in sustaining academic development.

Stakeholders have continued to advocate greater investment in education, infrastructure, and student support as part of broader efforts to improve human capital development and national productivity.

Obi’s remarks also reflect ongoing conversations around the importance of education in addressing poverty, unemployment, and national development challenges.

What’s being said

Obi reiterated that no nation can rise above the quality of its education and human capital.

He praised the leadership of the university and its proprietors for sustaining growth despite the institution’s relatively young age.

The former presidential candidate also reaffirmed his belief in national transformation, ending his remarks with his familiar message: “A New Nigeria is Possible.”

What’s next

The university is expected to channel the donation toward scholarship programmes and infrastructural development initiatives.

Education stakeholders are also likely to continue advocating increased public and private sector investment in tertiary education across Nigeria.

Observers say Obi’s continued support for educational institutions reinforces his longstanding advocacy for human capital development as a cornerstone of national progress.

Bottom line

Peter Obi has renewed his commitment to education and youth development with a N25 million donation to the University of the Niger, underscoring the critical role of knowledge and human capital in shaping Nigeria’s future.

Femi Fani-Kayode confirmed as Nigeria’s ambassador-designate to South Africa, denies rejection by Germany

Key points

  • Femi Fani-Kayode says President Bola Tinubu has approved his redeployment as Nigeria’s Ambassador-Designate to South Africa.
  • The former minister stated that he personally requested the redeployment from Germany for “personal and ideological reasons.”
  • He denied reports claiming Germany rejected his appointment and threatened legal action against an online publication over alleged defamation.

Main story

Former Minister of Aviation, Femi Fani-Kayode, has announced that President Bola Ahmed Tinubu has approved his posting as Nigeria’s Ambassador-Designate to South Africa.

Fani-Kayode disclosed that the development followed his earlier posting to Germany, which he said he requested to be changed for personal reasons and due to his preference for serving in South Africa.

According to him, he formally approached former Minister of Foreign Affairs, Yusuf Tuggar, explaining that having spent most of his life in Europe, he preferred a diplomatic assignment in South Africa — a country he described as politically and ideologically aligned with some of his views on African affairs and Pan-Africanism.

Fani-Kayode stated that the request was favourably considered by Tuggar and subsequently approved by President Tinubu.

He also expressed appreciation to Senator Sam Enang, who was originally designated for South Africa but reportedly agreed to a swap that saw him posted to Germany instead.

Addressing reports that Germany rejected his nomination, Fani-Kayode dismissed the claims as false and malicious.

He accused an unnamed online publication of spreading fabricated reports aimed at damaging his reputation, embarrassing the federal government, and undermining President Tinubu’s administration.

The former minister revealed that petitions had been submitted to relevant security agencies and that his legal team had been instructed to commence civil defamation proceedings against those behind the publication.

According to him, the reports falsely interpreted diplomatic communication sent to South Africa on March 13 as evidence of rejection by Germany.

The issues

The controversy highlights the sensitivity surrounding diplomatic appointments and the growing role of online media in shaping political narratives.

The allegations also raise broader concerns about misinformation, verification standards in digital journalism, and the legal implications of publishing unverified claims involving public officials.

Diplomatic postings are often subject to both domestic political scrutiny and international diplomatic procedures, making public communication surrounding such appointments particularly significant.

What’s being said

Fani-Kayode maintained that his redeployment to South Africa was entirely voluntary and not the result of any diplomatic rejection.

“I once again confirm that this was my choice and that Germany never rejected me,” he stated.

He further challenged those behind the reports to provide documentary evidence supporting their claims.

The former minister also urged media organisations to exercise professionalism and caution in reporting sensitive diplomatic matters.

What’s next

Fani-Kayode is expected to proceed with formal diplomatic processes related to his appointment as Ambassador-Designate to South Africa.

Legal action against the online publication accused of disseminating the reports may also advance in the coming weeks.

Observers will meanwhile watch developments surrounding Nigeria’s diplomatic appointments and bilateral relations with both South Africa and Germany.

Bottom line

Femi Fani-Kayode says his appointment as Nigeria’s Ambassador-Designate to South Africa was based on personal preference and presidential approval, firmly rejecting reports that Germany declined his nomination while warning against what he described as malicious and defamatory journalism.

US warns Americans owing over $2,500 in child support risk passport denial or revocation

Key points

  • Americans owing more than $2,500 in child support may be denied or lose their U.S. passports.
  • The U.S. government says affected individuals must settle outstanding debts before passport eligibility can be restored.
  • Authorities warned that the verification and reinstatement process may take at least two to three weeks.

Main story

The United States Department of State has reiterated that Americans with significant outstanding child support debts may be denied the issuance of a U.S. passport or have an existing passport revoked.

According to updated guidance released on May 7, 2026, individuals who owe more than $2,500 in child support are considered ineligible for a U.S. passport under federal regulations.

The State Department explained that passport revocation notices are sent directly to affected individuals through email or the mailing address listed on their most recent passport application.

Authorities noted that individuals whose passports are revoked must contact the state where the child support debt is owed and settle the outstanding obligations before they can become eligible for a new passport.

The department further clarified that a revoked passport cannot be reused for travel purposes even after the debt has been paid.

For individuals requiring urgent international travel, officials warned that the process of removing a debtor’s name from federal records may take a minimum of two to three weeks after payment confirmation is received from state child support agencies and the United States Department of Health and Human Services (HHS).

The State Department said passport processing cannot resume until HHS verifies that the applicant has cleared the outstanding debt.

The issues

The policy reflects ongoing efforts by U.S. authorities to strengthen enforcement of child support obligations through federal administrative measures.

While supporters argue that the restriction encourages parental responsibility and ensures financial support for children, critics have raised concerns over the impact on individuals who may need passports for work, family emergencies, or international travel.

The process also highlights the coordination between state child support enforcement agencies, HHS, and the State Department in determining passport eligibility.

What’s being said

The State Department advised affected individuals to immediately contact the relevant state child support enforcement agency to arrange repayment options.

Officials stated that once payment is confirmed, the state informs HHS, which then removes the individual’s name from its records before notifying the State Department.

The department stressed that it does not participate in the certification or decertification process, relying entirely on HHS verification before processing passport applications.

Americans overseas whose passports are revoked due to unpaid child support may only qualify for a limited-validity passport permitting direct return to the United States until the debt issue is resolved.

What’s next

Affected individuals are expected to work directly with state child support agencies to clear outstanding obligations and restore passport eligibility.

Authorities say passport processing will continue only after HHS confirms repayment and updates federal records.

The State Department also encouraged applicants with questions regarding child support payments to contact their state HHS offices for clarification and assistance.

Bottom line

The United States Department of State has reinforced federal rules linking passport eligibility to child support compliance, warning that Americans owing more than $2,500 risk passport denial or revocation until outstanding debts are fully resolved and verified by authorities.

ADC alleges plot to influence the judiciary in Nafiu Bala Gombe case

Key points

  • ADC has accused unnamed forces within government of attempting to pressure Justice Nwite to recuse himself from the Nafiu Bala Gombe case.
  • The party warned against alleged political interference in judicial proceedings and described the development as a threat to democracy.
  • ADC called on the National Judicial Council, the Chief Justice of Nigeria, and the international community to intervene.

Main story

The African Democratic Congress (ADC) has accused the federal government and unnamed political actors of allegedly attempting to interfere in an ongoing judicial matter involving Nafiu Bala Gombe through what it described as covert pressure on Hon. Justice Nwite to recuse himself from the case.

In a strongly worded statement, the opposition party claimed it had uncovered what it termed a “disturbing plot” by powerful interests within government circles to frustrate the course of justice by compelling Justice Nwite to step aside, thereby paving the way for the matter to be reassigned to judges allegedly perceived as politically compliant.

According to the party, the alleged move represents a direct attack on judicial independence and an escalation in attempts to weaponise state institutions against opposition voices.

ADC stated that information available to its legal team showed that despite the absence of a Certified True Copy (CTC) of the Supreme Court judgment formally communicated to the trial court, the matter was nevertheless scheduled before Justice Nwite for hearing on May 8, 2026.

The party argued that the speed with which the matter was fixed raised concerns of a calculated attempt to create grounds for the judge’s recusal and eventual reassignment of the case.

ADC maintained that such a development would contradict earlier directives issued by both the Court of Appeal and the Supreme Court of Nigeria, which reportedly ordered accelerated hearing of the case before the substantive trial judge.

The party further warned that any attempt to remove the case from Justice Nwite through administrative pressure, intimidation, or manipulation would amount to interference in the administration of justice.

The issues

The controversy has reignited concerns over judicial independence and the perceived politicisation of Nigeria’s justice system, especially in politically sensitive cases.

ADC argued that judicial recusal should remain a legal and procedural matter guided strictly by established principles rather than political pressure or external influence.

The party also linked the development to broader fears about the erosion of democratic institutions, warning that attempts to secure “friendly courts” and “convenient judges” threaten constitutional governance and public confidence in the judiciary.

The statement referenced historical concerns surrounding the role of the judiciary during politically turbulent periods in Nigeria, including the collapse of previous republics and controversies linked to the annulment of the June 12 presidential election.

What’s being said

The ADC called on the National Judicial Council, the Chief Justice of Nigeria, and stakeholders within the judiciary to urgently intervene and protect the integrity of the courts.

The party also appealed to the international community and diplomatic missions in Nigeria to monitor the situation closely and speak against alleged political interference in judicial processes.

According to the statement, democracy cannot thrive where courts are manipulated to serve partisan interests.

ADC maintained that the independence of the judiciary remains the bedrock of democratic governance and warned against any attempt by political actors to intimidate judges or influence judicial assignments.

What’s next

The scheduled hearing before Justice Nwite is expected to attract heightened public and political attention amid the allegations raised by the ADC.

Legal observers are likely to monitor whether the judge continues to preside over the matter or whether any procedural developments emerge in the coming days.

The response of the National Judicial Council and other judicial authorities may also shape public perception regarding the independence of the judiciary in politically sensitive cases.

Bottom line

The African Democratic Congress has raised serious allegations of attempted judicial interference in the Nafiu Bala Gombe case, warning that efforts to pressure judges or manipulate court assignments could undermine judicial independence and threaten Nigeria’s constitutional democracy.

Progressive Governors Forum debunks reports of Hope Uzodimma’s removal as Chairman

Key points

  • The Progressive Governors’ Forum (PGF) has denied reports alleging the removal of Governor Hope Uzodimma as its chairman.
  • Viral reports claimed about 20 governors voted him out during an emergency meeting in Abuja.
  • PGF described the reports as false, misleading, and lacking any factual basis.

Main story

The Progressive Governors Forum has dismissed widespread reports alleging the removal of Hope Uzodimma as chairman of the forum, describing the claims as entirely false and misleading.

The denial followed reports circulated across social media and carried by some media platforms, including Arise News and Punch Newspapers, suggesting that approximately 20 governors had allegedly ousted Uzodimma during an emergency meeting in Abuja.

According to the viral claims, the alleged development occurred shortly after Vice President Kashim Shettima reportedly submitted nomination forms linked to President Bola Ahmed Tinubu’s anticipated 2027 re-election bid.

However, in an official statement issued on May 7, 2026, the Director-General of the PGF, Folorunso S. Aluko, categorically denied the reports, insisting that no such meeting was held and no decision regarding the removal of the chairman was ever taken.

“For the avoidance of doubt, the report is entirely false, baseless, and without an iota of truth,” the statement read.

The Forum further clarified that its secretariat had no record of any resolution removing Uzodimma and reaffirmed that the Imo State governor remains the substantive chairman of the group.

The PGF also noted that some of the names allegedly listed as participants in the purported meeting included governors who are not members of the ruling All Progressives Congress, raising further questions about the credibility of the report.

The issues

The controversy underscores growing political tensions and heightened speculation within the ruling All Progressives Congress ahead of the 2027 general elections.

Political observers believe the spread of the report reflects ongoing power calculations within the party, especially amid conversations surrounding endorsements, succession politics, and internal alignments.

The incident also highlights concerns over misinformation and the rapid spread of unverified political claims across digital platforms and sections of the media.

What’s being said

In its official reaction, the PGF maintained that the forum remains united and focused on its responsibilities.

“The Progressive Governors Forum states categorically that the report is entirely false, baseless, and without an iota of truth,” the statement signed by Folorunso S. Aluko said.

The Forum advised party faithful, stakeholders, and members of the public to disregard the reports entirely.

Political commentators have meanwhile urged media organisations to exercise caution and strengthen fact-checking mechanisms before publishing politically sensitive reports.

What’s next

The denial is expected to calm tensions within the ruling party, although political conversations surrounding the APC’s internal dynamics and preparations for the 2027 elections are likely to continue.

Observers say the development may further intensify scrutiny on political reporting and misinformation, particularly as political activities ahead of the next election cycle begin to gather momentum.

The PGF leadership is also expected to continue engagements aimed at projecting unity among APC governors and party stakeholders.

Bottom line

The Progressive Governors Forum has firmly denied reports of the removal of Hope Uzodimma as chairman, insisting that no meeting or resolution to that effect ever took place. The incident highlights the growing influence of political misinformation and the heightened sensitivity surrounding Nigeria’s evolving 2027 political landscape.

NBA condemns misuse of criminal process in civil, defamation disputes

Key points

  • NBA NEC has criticised the growing use of police powers in disputes considered civil in nature.
  • The Council expressed concern over reported arrests linked to a viral social media publication involving businessman Tony Elumelu.
  • NBA warned that criminalising defamation-related disputes threatens constitutional rights and freedom of expression.

Main story

The National Executive Council (NEC) of the Nigerian Bar Association has condemned the increasing use of criminal law enforcement mechanisms in disputes fundamentally civil in nature, particularly cases involving defamation and reputational injury.

The resolution was adopted during the Council’s meeting held on Thursday, May 7, 2026, in Awka.

NEC said it was deeply concerned by recent reports involving the arrest of individuals over a viral social media publication concerning Nigerian businessman Tony Elumelu, describing the development as part of a growing trend in which police powers are being deployed in matters better suited for civil litigation.

According to the Council, while false or defamatory publications may attract legal consequences, established civil remedies such as defamation suits remain lawful and adequate channels for seeking redress without resorting to arrest, detention, or criminal prosecution.

The Council stressed that the criminalisation of disputes essentially civil in character undermines constitutional safeguards, including the rights to personal liberty, fair hearing, and freedom of expression.

NBA NEC further warned that the misuse of police authority in civil matters could create a chilling effect on lawful public discourse and democratic expression.

The issues

The NBA’s position highlights growing concerns over the increasing intersection between law enforcement and civil disputes in Nigeria.

Legal experts have repeatedly argued that the involvement of police in defamation and contractual disagreements contributes to abuse of power, arbitrary detention, and suppression of dissenting opinions.

The Council noted that the misuse of criminal processes in such matters weakens public confidence in the justice system and risks violating constitutionally guaranteed rights.

What’s being said

The Council called on law enforcement agencies across the country to exercise restraint and ensure that criminal procedures are not improperly applied in matters that do not constitute recognised criminal offences under Nigerian law.

NBA NEC also demanded the immediate release of any individual arrested solely in connection with publications where no lawful criminal offence has been established.

According to the Council, civil disputes should be resolved through established judicial processes rather than coercive criminal enforcement measures.

What’s next

The NBA is expected to continue engaging relevant authorities and stakeholders on the need to protect constitutional rights and uphold the rule of law in the handling of civil disputes.

Observers believe the resolution may further intensify national conversations around police reform, freedom of expression, and the boundaries between civil liability and criminal responsibility in Nigeria.

Legal practitioners are also expected to monitor future cases involving arrests linked to defamation and online publications.

Bottom line

The Nigerian Bar Association has drawn a firm line against the growing use of criminal prosecution in civil and defamation-related disputes, warning that such practices threaten constitutional freedoms, weaken public trust in the justice system, and undermine democratic expression in Nigeria.

Global hantavirus risk remains low despite eight confirmed cases – Tedros

Tedros Adhanom Ghebreyesus

Key points

  • Eight confirmed cases of hantavirus, including three deaths, have been reported.
  • The World Health Organization says the overall public health risk remains low
  • WHO says it is working with governments and partners to contain the virus and prevent further spread.

Main story

The Director-General of the World Health Organization, Tedros Adhanom Ghebreyesus, has disclosed that eight cases of hantavirus have so far been reported globally, with three deaths confirmed.

In a statement shared on his official X account, @DrTedros, the WHO chief described the development as serious but noted that the organisation currently assesses the overall public health risk as low.

According to him, WHO is collaborating with relevant governments and international partners to ensure that affected individuals receive appropriate medical care, while also safeguarding the safety and dignity of passengers potentially impacted by the outbreak.

Tedros further stated that efforts are ongoing to prevent onward transmission of the virus and strengthen surveillance measures aimed at containing the situation before it escalates into a wider public health emergency.

Hantavirus is a viral disease primarily transmitted to humans through contact with infected rodents, their urine, droppings, or saliva. Symptoms can range from fever and fatigue to severe respiratory complications in critical cases.

The issues

The emergence of multiple hantavirus cases has raised concerns among health authorities over the possibility of cross-border transmission and the preparedness of healthcare systems to detect and respond swiftly.

Public health experts are also monitoring the situation closely due to increased global travel and the potential risk of infected individuals unknowingly spreading the virus across regions.

Although WHO has assessed the risk as low, the fatalities recorded underline the importance of early detection, public awareness, and rapid response mechanisms.

What’s being said

Speaking via his verified social media handle, Tedros said:

“While this is a serious incident, WHO assesses the public health risk as low.”

He added that the organisation would continue to work with governments and partners to provide care for those affected and prevent further spread of the virus.

What’s next

Health authorities are expected to intensify surveillance, contact tracing, and public health awareness campaigns in affected areas.

WHO is also likely to continue monitoring developments closely while supporting countries with technical guidance, emergency response coordination, and preventive health measures.

Experts advise the public to maintain proper hygiene, avoid contact with rodents and contaminated environments, and promptly report unusual symptoms to health authorities.

Bottom line

Despite the confirmation of eight hantavirus cases and three deaths, the World Health Organization maintains that the global public health risk remains low. However, continued vigilance, coordinated international response, and public awareness remain critical to preventing further spread of the virus.

US trade court blocks trump’s 10% global tariff policy

By Boluwatife Oshadiya

Key Points

  • US trade court ruled against Trump’s 10% global tariffs
  • Court says tariff policy was not justified under Trade Act provisions
  • Decision currently applies to two companies and Washington state
  • Trump administration may appeal ruling
  • Sector-specific tariffs on steel, aluminium and automobiles remain active

Main Story

A United States trade court has dealt President Donald Trump another legal setback after ruling against the 10 per cent global tariffs introduced earlier this year following the Supreme Court’s decision to strike down several of his previous trade duties.

In a 2-1 ruling delivered on Thursday, the US Court of International Trade held that the temporary tariffs were not properly justified under the legal provisions cited by the Trump administration.

The decision currently blocks implementation of the tariffs against two companies and the state of Washington, although legal analysts say the ruling could pave the way for additional challenges from other importers and businesses.

Trump introduced the temporary 10 per cent tariff in February after the US Supreme Court invalidated many of his earlier global tariff measures.

The administration had defended the new duties using Section 122 of the Trade Act of 1974, arguing that the tariffs were necessary to address balance-of-payments concerns and persistent trade imbalances.

Under the law, the temporary tariffs are scheduled to expire in late July unless Congress approves an extension.

In its ruling, the Court of International Trade questioned whether the current US trade deficit met the legal threshold required under Section 122.

Following the judgement, Liberty Justice Center senior counsel Jeffrey Schwab argued that the administration’s justification did not align with the original intent of the law.

“Section 122 was passed in response to a specific historical crisis that resulted in the United States’s currency and gold reserves being depleted,” Schwab said.

“The United States has a trade deficit, not a balance-of-payments deficit, and does not have international payments problem.”

The court directed government defendants to comply with the ruling within five days and ordered refunds for importers involved in the lawsuit.

The Trump administration is expected to appeal the decision.

Trump Pursues Alternative Trade Measures

Despite the setback, the ruling does not affect Trump’s sector-specific tariffs targeting products such as steel, aluminium and automobiles.

The administration has also continued efforts to rebuild its trade agenda through alternative legal channels.

US officials have reportedly launched new investigations into several trading partners over concerns involving forced labour, industrial overcapacity and unfair trade practices, measures that could lead to fresh tariffs or additional trade restrictions.

The latest judgement adds to mounting legal and economic pressure surrounding Trump’s tariff strategy, which has faced repeated scrutiny from businesses, importers and trade groups.

Businesses Seek Refunds

Since the Supreme Court invalidated earlier tariffs imposed under the International Emergency Economic Powers Act, businesses across the United States have increasingly sought refunds for duties already paid.

US Customs and Border Protection estimated in March that more than 330,000 importers could qualify for refunds linked to the earlier tariff rulings.

The tariffs previously struck down reportedly generated approximately $166 billion in duties and estimated deposits before being invalidated by the courts.

Global Trade Implications

The latest court ruling could have broader implications for global trade policy and international markets, especially as businesses continue adjusting to uncertainty surrounding US trade regulations.

Economists say continued legal battles over tariff authority may influence investor confidence, supply chains and bilateral trade negotiations involving the United States and key trading partners.

What’s Next

Attention is now turning to whether the Trump administration will file an appeal and how quickly courts may address further challenges against remaining tariff measures.

Trade analysts also expect Congress and US regulators to face increasing pressure to clarify the scope of executive powers relating to international trade and emergency tariff actions.

NITDA warns Nigerians over AI-powered deepLoad malware attacks

By Boluwatife Oshadiya

Key Points

  • NITDA issued a cybersecurity advisory on DeepLoad malware attacks
  • Malware reportedly targets Nigerian agencies, businesses, banks, and individuals
  • Attackers use fake browser update prompts and malicious commands
  • Malware can steal banking credentials, passwords, and sensitive information
  • NITDA urged organisations to strengthen cybersecurity measures immediately

Main Story

The National Information Technology Development Agency has issued a fresh cybersecurity alert warning Nigerians about a dangerous AI-powered malware known as DeepLoad, which is actively targeting organisations and individuals across the country.

In a critical advisory issued through the Computer Emergency Readiness and Response Team, the agency disclosed that DeepLoad is designed to harvest sensitive information, steal banking credentials, and evade traditional antivirus detection systems.

According to the advisory, cybercriminals are deploying the malware through fake website error messages and fraudulent browser update prompts that trick users into pasting malicious commands into their systems.

The agency warned that once activated, the malware silently installs itself, extracts saved passwords and confidential data from web browsers, and establishes persistence mechanisms capable of reactivating the infection even after apparent removal.

NITDA stated that the malware specifically targets government agencies, financial institutions, critical infrastructure operators, businesses, and individuals who rely on online banking and email services.

The agency added that DeepLoad leverages Windows Management Instrumentation (WMI)-based persistence and artificial intelligence-powered evasion techniques, making detection and remediation significantly more difficult.

The advisory noted that a successful attack could result in unauthorised access to bank accounts, identity theft, financial fraud, compromise of classified government systems, and large-scale operational disruptions for affected organisations.

NITDA urged Nigerians never to paste commands from unknown websites into their computers, warning that legitimate software providers do not request such actions.

The agency also advised individuals to enable two-factor authentication across important accounts, avoid storing banking passwords in browsers, and scan all USB devices before use.

For organisations, NITDA recommended enabling PowerShell Script Block Logging, reviewing unauthorised browser extensions, blocking malicious domains at firewall and DNS levels, and conducting checks for hidden WMI event subscriptions.

The agency further directed organisations to disconnect infected systems from the internet immediately if compromise is suspected, activate incident response procedures, and report incidents to NITDA within 72 hours in compliance with Nigeria’s cybersecurity regulations.

What’s Being Said

Cybersecurity experts say the emergence of AI-assisted malware campaigns marks a growing shift in the sophistication of cyber threats targeting emerging markets, including Nigeria.

Analysts also warned that increased digital banking adoption and rapid online service expansion have made both businesses and individuals more vulnerable to social engineering attacks.

What’s Next

Industry stakeholders expect Nigerian regulators and cybersecurity agencies to intensify awareness campaigns and strengthen digital security frameworks as cyber threats become increasingly advanced and widespread.

Nigeria, India move to deepen bilateral cooperation ahead of BRICS, Africa forum summit

By Boluwatife Oshadiya

Key Points

  • Nigeria has reaffirmed its commitment to strengthening bilateral cooperation with India.
  • Talks focused on trade, renewable energy, defence, agriculture, and industrialisation.
  • Both countries are preparing for the upcoming BRICS Foreign Ministers’ Meeting and India-Africa Forum Summit in New Delhi.
  • Nigeria is seeking increased Indian investment across strategic sectors of the economy.

Main Story

Nigeria has reaffirmed its commitment to strengthening diplomatic and economic ties with India as both countries intensify preparations for major multilateral engagements scheduled to hold in New Delhi later this month.

The commitment was reiterated by Dunoma Ahmed, Permanent Secretary of Nigeria’s Ministry of Foreign Affairs, during a meeting with Abhishek Singh at the ministry’s headquarters in Abuja on Thursday.

According to a statement issued by Kimiebi Ebienfa, Ahmed commended the long-standing cordial relationship between Nigeria and India and stressed the importance of expanding cooperation in key sectors ahead of the 2026 India-Africa Forum Summit.

Ahmed described both nations as strategic partners bound by shared democratic ideals, South-South cooperation objectives, and mutual aspirations for sustainable economic development.

He noted that the forthcoming BRICS engagements and India-Africa Forum Summit would provide an important platform for strengthening multilateral cooperation among developing economies amid shifting global economic and geopolitical dynamics.

The Nigerian government also reiterated its interest in attracting more Indian investments into critical sectors of the economy, including manufacturing, agriculture, mining, renewable energy, pharmaceuticals, technology, and local value addition.

Ahmed further called for stronger collaboration in the area of security and counter-terrorism, particularly through technological partnerships, intelligence sharing, and defence capacity development.

India Seeks Deeper Strategic Engagement

Earlier during the meeting, Singh briefed Nigerian officials on preparations for the BRICS Foreign Ministers’ Meeting scheduled to hold from May 14 to 15 at the Bharat Mandapam in New Delhi.

He also highlighted preparations for the India-Africa Forum Summit, which is expected to bring together African leaders, policymakers, and senior government officials to discuss trade, infrastructure, climate cooperation, digital transformation, and development financing.

According to Singh, Nigeria remains a key pillar in India’s diplomatic and economic engagement strategy in Africa due to its economic size, regional influence, and strategic importance on the continent.

Nigeria, as a BRICS partner country and a major stakeholder in Africa, occupies a strategic place in India’s foreign policy engagement with the continent, Singh said.

The Government of India looks forward to Nigeria’s active participation at the meetings and in deepening cooperation between both countries in areas of trade, renewable energy, defence, industrialisation, agriculture, and technology.

Renewable Energy, Trade Relations Gain Momentum

India and Nigeria have maintained growing economic relations over the years, particularly in energy, healthcare, telecommunications, and manufacturing.

India is currently among Nigeria’s largest trading partners in Asia, with bilateral trade volumes running into billions of dollars annually. Several Indian companies also operate across Nigeria in sectors such as pharmaceuticals, steel production, automotive assembly, consumer goods, and information technology.

Singh also highlighted ongoing collaborations under the International Solar Alliance and the Africa Solar Facility initiative, both aimed at accelerating renewable energy access and clean energy investments across African countries.

The Indian envoy disclosed that discussions are ongoing regarding new renewable energy investments and broader development partnerships targeted at supporting Nigeria’s energy transition goals and industrial growth agenda.

What’s Next

Nigeria is expected to participate actively in the upcoming BRICS Foreign Ministers’ Meeting and the India-Africa Forum Summit in New Delhi, where discussions will likely focus on strengthening economic integration, development financing, energy transition, food security, and strategic partnerships among developing nations.

The engagements are also expected to open new channels for bilateral trade expansion, investment inflows, and technology transfer between Nigeria and India.

Senate reverses controversial rules amendment after constitutional concerns

Senate Concerned About CBN's New Withdrawal Policy

By Boluwatife Oshadiya

Key Points

  • Senate rescinded amendments to Standing Orders 2026
  • Lawmakers raised concerns over constitutional inconsistencies
  • Opeyemi Bamidele cited conflict with Section 52 of the 1999 Constitution
  • Adams Oshiomhole criticised the rushed amendment process
  • Senate leadership says reversal is aimed at preserving legislative integrity

Main Story

The Nigerian Senate on Thursday reversed controversial amendments recently made to its Standing Orders 2026 following mounting concerns among lawmakers that parts of the revised rules conflicted with the provisions of the 1999 Constitution.

The decision came just days after the upper legislative chamber amended sections of its internal rules, a move that generated controversy within the Senate and triggered sharp exchanges among senators during plenary.

Presenting the motion for rescission, Senate Leader Senator Opeyemi Bamidele explained that a fresh constitutional and legislative review revealed possible inconsistencies in some of the amended provisions, particularly those affecting Order 2 Subsection 2 and Order 3 Subsection 1.

According to Bamidele, the disputed provisions could create unintended constitutional tensions with Section 52 of the Nigerian Constitution, which governs legislative voting procedures in the National Assembly.

“The Senate observes that upon further legislative and constitutional review, certain provisions introduced under Order 2 Subsection 2 and Order 3 Subsection 1 may give rise to constitutional inconsistencies and unintended tensions with the provisions of the Constitution of the Federal Republic of Nigeria 1999 as amended, particularly Section 52 thereof,” he said.

The Senate leader further noted that the chamber possesses the parliamentary authority to revisit and reverse previous decisions where necessary in order to protect the credibility of its legislative process.

“The Senate possesses the inherent parliamentary authority to revisit, rescind and recommit any matter previously decided upon in order to preserve the integrity of its proceedings and legislative framework,” Bamidele stated.

Following deliberations, the Senate formally resolved to withdraw the earlier amendments made to the affected sections of the Standing Orders.

The motion was seconded by Senator Enyinnaya Abaribe, representing Abia South Senatorial District.

Deputy Senate President Senator Jibrin Barau, who presided over the session, described the move as necessary to ensure that the Senate’s rules remain consistent with constitutional provisions.

“This is a very straightforward motion, it’s just for us to go in conformity with the Constitution,” Barau said.

“I thank the Leader for being observant and up to his game as the Leader of the Senate by making this observation. It is something that is very clear and we don’t need any debate in respect of this.”

Oshiomhole Faults Process

Despite the reversal, the debate exposed lingering disagreements among lawmakers over the process that produced the original amendments.

Former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, criticised the speed with which the Senate initially approved the changes, arguing that lawmakers acted under pressure to satisfy certain interests.

“The way we rushed the rules because certain people wanted certain things concluded is one flaw to this process,” Oshiomhole said during plenary.

“That is just the point I want to make, that next time we should allow debate.”

His comments sparked another round of exchanges on the Senate floor, prompting Bamidele to invoke Rule 52(6) of the Senate Standing Orders, which prevents lawmakers from reopening already concluded matters without presenting a substantive motion.

Responding to Oshiomhole, the Senate leader maintained that any senator dissatisfied with previous decisions should follow proper parliamentary procedures.

“If His Excellency, Distinguished Senator Adams Aliyu Oshiomole, had any problem with the decisions that were taken with respect to the amendment two days ago, what he was expected to do was to bring a substantive motion for rescission to be debated on the floor of this parliament,” Bamidele said.

Growing Focus on Legislative Procedure

The controversy surrounding the Senate rules amendment has renewed public attention on legislative procedure and internal governance within the National Assembly.

The Senate Standing Orders serve as the framework guiding legislative debates, motions, voting procedures, disciplinary measures and plenary conduct in the upper chamber.

Political observers say the quick reversal underscores the growing sensitivity around constitutional compliance within the National Assembly, especially at a time when legislative actions are attracting heightened public scrutiny.

Bamidele also expressed concern that the controversy surrounding the amendments had distracted from the Senate’s broader legislative responsibilities.

“Regardless of what was done in this hallowed chamber yesterday, what became the news out of this hallowed chamber was that unnecessary drama, and we are not going to allow this to continue,” he added.

What’s Next

With the disputed amendments now withdrawn, the Senate is expected to conduct a more extensive review of the Standing Orders to ensure future amendments align fully with constitutional provisions and established parliamentary procedures.

The development may also trigger wider discussions among lawmakers on the need for more transparent debate and consultation before major procedural changes are adopted in the National Assembly.

CBN foreign subsidiary directive triggers N1.92tn loss on Nigerian stock market

Stock Exchange Closes Trading Week With N30bn Gain

By Boluwatife Oshadiya

Key Points

  • NGX market capitalisation dropped by N1.92 trillion
  • Banking and cement stocks led market decline
  • Investors reacted to new CBN foreign subsidiary guidelines
  • Analysts say directive may affect banks’ payout capacity
  • Experts insist affected banks remain fundamentally strong

Main Story

The Nigerian stock market closed sharply lower on Thursday as investors lost an estimated N1.92 trillion amid widespread sell-offs triggered by fresh regulatory guidelines issued by the Central Bank of Nigeria (CBN) concerning banks’ foreign subsidiaries.

Market capitalisation on the Nigerian Exchange Limited (NGX) declined from N155.780 trillion to N153.858 trillion, representing a loss of N1.922 trillion or 1.23 per cent.

Similarly, the All-Share Index (ASI) shed 2,994.90 points, or 1.23 per cent, to close at 239,734.61 points compared to the previous close of 242,729.51.

The market downturn also moderated the Year-to-Date return to 54.82 per cent.

The decline followed investor reactions to the CBN’s latest directive requiring Nigerian banks operating foreign subsidiaries to limit investments in those subsidiaries to 10 per cent of their shareholders’ funds or equity capital.

The apex bank also reportedly instructed lenders already above the threshold to begin divestment processes.

Analysts Explain Market Reaction

Speaking on the development, investment banker and stockbroker Tajudeen Olayinka attributed the sharp market decline to concerns over the potential impact of the new policy on banks’ earnings and future dividend payouts.

According to him, investors interpreted the new regulation as a move that could tighten banks’ capital structures and reduce flexibility in deploying foreign earnings.

“The drop in the ASI and market capitalisation came from market reactions to the new CBN guideline that compels banks operating in foreign countries to limit their investment in foreign subsidiaries to 10 per cent of their equity capital or shareholders’ funds,” Olayinka said.

He explained that the market viewed the directive as an attempt by regulators to integrate revenues and reserves from offshore banking operations into existing regulatory capital calculations.

“The market’s immediate interpretation is that the CBN is effectively integrating revenues and other reserves of banks operating in foreign countries into their existing regulatory capital,” he stated.

“This will limit their corporate payout capabilities or make future payouts dependent on growth trajectories.”

According to Olayinka, the development triggered aggressive repricing in the banking sector, particularly among Nigerian lenders with extensive international operations.

The sell-off later spread to other highly capitalised equities, including major cement companies listed on the exchange.

“So, prices of many of the international banks came down heavily by way of repricing,” he said.

“This was followed by declines in prices of highly capitalised listed companies like cement.”

Investors Dump Banking Stocks

The banking sector has remained highly sensitive to regulatory changes in recent months, particularly following ongoing recapitalisation efforts and tighter supervisory measures introduced by the CBN.

Several tier-one Nigerian banks currently maintain operations across Africa and other international markets, making them more exposed to regulatory restrictions involving foreign subsidiaries.

Despite the sharp market decline, Olayinka argued that the sell-off may be temporary, insisting that many of the affected banking stocks remain fundamentally strong and undervalued.

“I think the development is temporary, as the affected banks are already well capitalised and largely undervalued,” he said.

“Therefore, the upside potentials for the banks are very high, suggesting that anyone selling off banking stocks at this time might actually be throwing away good money.”

He added that the banking industry remains liquid and stable despite investor concerns.

“This is because the industry is now very strong and highly regulated. The liquidity hasn’t gone away,” Olayinka added.

Market Performance

Although the broader market ended in negative territory, market breadth closed positive with 42 gainers against 30 losers. CAP and FTN Cocoa Processors topped the gainers’ chart after both stocks appreciated by 9.99 per cent to close at N212.50 and N8.04 per share respectively. Berger Paints, Zichis Agro Allied Industries and Meyer also recorded notable gains of 9.97 per cent each.

On the losers’ chart, University Press led with a 10 per cent decline to close at N4.50 per share, while Red Star Express fell by 9.59 per cent to N25.45. Skyway Aviation Handling Company declined by 8.63 per cent to close at N130.75 per share.

Market activity, however, improved significantly during the trading session. Total traded volume rose by 29.34 per cent to 1.83 billion shares valued at N72.17 billion exchanged in 81,131 deals.

NEM Insurance emerged as the most traded stock by volume with 360.56 million shares, accounting for 19.70 per cent of total market turnover. Seplat Energy led by transaction value with trades worth N12.98 billion, representing 17.99 per cent of total traded value.

What’s Next

Market analysts expect investors to continue assessing the long-term implications of the CBN directive on banking profitability, capital adequacy and dividend performance.

Attention is also expected to shift toward possible clarifications from the apex bank as well as the response strategies of affected lenders operating across foreign markets.

Naira strengthens to ₦1,355/$ amid improved FX liquidity

By Boluwatife Oshadiya

Key Points

  • Naira appreciated by ₦1.49 at the official market
  • Improved FX liquidity and stronger inflows supported the local currency
  • External reserves declined slightly to $48.32 billion
  • Global oil prices gained amid renewed Middle East tensions
  • Analysts expect cautious FX market trading in the short term

Main Story

The Nigerian naira strengthened further against the United States dollar on Thursday as improved foreign exchange liquidity boosted market confidence across the official FX market.

Data released by the Central Bank of Nigeria showed that the naira appreciated by ₦1.49 to close at ₦1,355.85/$ at the official market window.

During trading, the local currency traded within a band of ₦1,360.50/$ and ₦1,354.00/$ before settling at ₦1,355.85/$.

Market analysts linked the naira’s appreciation to sustained foreign portfolio inflows, stronger FX liquidity, and continued confidence in ongoing foreign exchange reforms introduced by the apex bank.

The latest appreciation extends the local currency’s recent recovery trend after months of heightened volatility in the foreign exchange market.

However, Nigeria’s external reserves recorded a marginal decline of $7.73 million to $48.32 billion as of May 6, 2026, compared to $48.33 billion recorded previously.

Meanwhile, global crude oil prices traded higher on Thursday amid renewed geopolitical tensions surrounding Iran and the Strait of Hormuz.

Brent crude rose by 35 basis points to trade at $101.62 per barrel, while U.S. West Texas Intermediate crude gained 0.87 percent to settle around $95.91 per barrel.

The gains followed reports suggesting Iran may resist efforts by the United States to reopen the Strait of Hormuz under proposed diplomatic arrangements.

Gold prices also advanced amid investor optimism surrounding a potential U.S.-Iran peace deal, which eased fears of prolonged inflationary pressures and aggressive interest rate hikes.

Spot gold rose by 23 basis points to trade at approximately $4,710.03 per ounce, while U.S. gold futures climbed 0.48 percent to around $4,716.84 per ounce.

What’s Being Said

Currency analysts said improved FX liquidity and sustained policy reforms by the Central Bank are gradually restoring confidence in Nigeria’s foreign exchange market.

Economic experts also noted that stronger oil prices could provide additional support for Nigeria’s FX earnings if production levels improve steadily.

What’s Next

Analysts expect cautious trading in the FX market in the near term as investors continue to monitor global oil prices, external reserve levels, and geopolitical developments in the Middle East.

Oil prices are also projected to remain volatile amid uncertainty surrounding diplomatic negotiations involving Iran and major global powers.

Equities investors lose N1.92tn as sell pressure hits cement, banking Stocks

Nigerian Stock Exchange

By Boluwatife Oshadiya

Key Points

  • Nigerian equities investors lost ₦1.92 trillion in one trading session
  • NGX All-Share Index declined by 1.23% to 239,734.61 points
  • Heavy sell-offs in BUACEMENT, DANGCEM, WAPCO and ZENITHBANK dragged the market lower
  • Industrial and Banking sectors recorded the steepest declines
  • Analysts expect bargain hunting and portfolio rebalancing to support Friday’s session

Main Story

The Nigerian stock market closed sharply lower on Thursday as sustained profit-taking activities in major blue-chip stocks wiped off ₦1.92 trillion from investors’ wealth. Trading data from the Nigerian Exchange (NGX) showed that the All-Share Index (ASI) fell by 1.23 percent to close at 239,734.61 basis points, reversing part of the market’s recent bullish momentum.

The decline also dragged the market capitalisation lower to ₦153.86 trillion, while the market’s year-to-date return eased to 54.06 percent.

Market analysts attributed the downturn to aggressive sell pressure on highly capitalised stocks that had posted significant gains in recent sessions, particularly within the industrial and banking sectors.

Among the biggest laggards were BUACEMENT, which shed 6.51 percent, DANGCEM with a 4.89 percent decline, WAPCO which dropped 5.07 percent, and ZENITHBANK, which declined by 3.10 percent.

Despite the broad market decline, trading breadth remained positive at 1.4x as 41 gainers outperformed 30 losers.

Top-performing stocks for the session included CAP, FTNCOCOA, ZICHIS, MEYER, and BERGER.

On the losers’ chart, UPL, REDSTAREX, SKYAVN, CILEASING, and CONHALLPLC recorded notable declines.

Sectoral performance closed mixed, with the Insurance Index rising by 1.51 percent, while Oil and Gas gained 0.39 percent. The Commodity Index also appreciated by 0.26 percent, while Consumer Goods advanced slightly by 0.10 percent.

However, the Industrial Index plunged by 5.45 percent, making it the worst-performing sector for the day, while the Banking Index fell by 1.11 percent amid sell-offs in tier-one banking stocks.

Trading activity remained largely positive as market volume increased by 29.34 percent to 1.83 billion shares. Turnover also rose by 21.44 percent to ₦72.17 billion, although the number of deals declined by 5.45 percent to 81,131 transactions.

What’s Being Said

Stockbrokers and market analysts said the correction reflects investors locking in profits after weeks of sustained rallies across several fundamentally strong counters.

Analysts also noted that the Nigerian equities market has remained one of the best-performing frontier markets in 2026, supported by banking sector recapitalisation activities, foreign portfolio inflows, and improving investor sentiment following macroeconomic reforms.

What’s Next

Market participants expect renewed bargain hunting in Friday’s trading session as investors reposition portfolios and take advantage of lower entry prices in fundamentally strong stocks.

Analysts believe market sentiment may remain cautiously optimistic in the near term, especially if institutional demand returns to major banking and industrial counters.

Aston villa storm into Europa lleague final after crushing Nottingham forest

By Boluwatife Oshadiya

Key Points

  • Aston Villa defeated Nottingham Forest 4-0 in the second leg to win 4-1 on aggregate.
  • Unai Emery’s side reached their second-ever European final.
  • John McGinn scored twice as Villa overturned a first-leg deficit.
  • Villa will face SC Freiburg in the UEFA Europa League final.
  • Crystal Palace also reached their first-ever European final after eliminating Shakhtar Donetsk in the UEFA Conference League.

Aston Villa produced a commanding display at Villa Park on Thursday night, defeating Nottingham Forest 4-0 to overturn a first-leg deficit and book a place in the UEFA Europa League final.

Trailing 1-0 from the semi-final first leg, Unai Emery’s men delivered one of their finest European performances in decades, securing a 4-1 aggregate victory while preserving their perfect home record in European competitions this season.

The atmosphere inside Villa Park was electric from kick-off as both sides battled for a place in the final. Early chances came at both ends, with Omari Hutchinson narrowly missing the target for Forest before Villa began to dominate possession and attacking momentum.

Villa’s breakthrough came shortly after the restart when Emiliano Buendía combined brilliantly with Ollie Watkins. The Argentine midfielder threaded a precise pass into the six-yard box, where Watkins arrived unmarked to calmly finish and level the aggregate score.

The goal shifted momentum firmly in Villa’s favour, with Watkins continuing to trouble Forest’s defence throughout the encounter. The England striker nearly doubled his tally before the interval, but his powerful effort was denied by goalkeeper Stefan Ortega.

Forest attempted to regain control in the second half after Vítor Pereira introduced captain Ryan Yates, but Villa continued to dictate proceedings. Their dominance paid off in the 56th minute when Pau Torres was pulled back inside the area by Nikola Milenković, prompting the referee to award a penalty.

Buendía converted confidently from the spot to hand Villa the aggregate lead for the first time in the tie.

Villa captain John McGinn then delivered the decisive moments of the contest. The Scottish midfielder curled a composed finish into the far corner after being set up by Watkins before adding another moments later following a clever assist from Morgan Rogers.

The emphatic victory ended Villa’s three-match losing run and secured the club’s first European final appearance in 44 years. Emery’s side will now face German outfit SC Freiburg in the Europa League final.

The defeat also brought an end to Nottingham Forest’s impressive 10-match unbeaten streak in the competition.

What’s Being Said

Villa manager Unai Emery praised his team’s mentality and attacking intensity after the match, describing the performance as one of the club’s best European nights in recent history.

Club captain John McGinn also credited the Villa Park atmosphere for inspiring the comeback, saying the supporters “pushed the team forward from the first minute.”

Villa are chasing their first major European trophy since winning the European Cup in 1982.

What’s Next

Aston Villa will now prepare for the UEFA Europa League final against Freiburg later this month as Emery looks to add another European title to his managerial résumé. The Spanish coach previously won four Europa League titles during spells with Sevilla and Villarreal.

Crystal Palace reach historic first European final after beating Shakhtar

Crystal Palace's French striker #14 Jean-Philippe Mateta (R) celebrates scoring the team's first goal during the UEFA Conference quarter final first-leg football match between Crystal Palace and ACF Fiorentina at Selhurst Park in London on April 9, 2026. (Photo by Ben STANSALL / AFP)

By Boluwatife Oshadiya

Key Points

  • Crystal Palace defeated Shakhtar Donetsk 5-2 on aggregate.
  • The Eagles reached their first-ever European final.
  • Ismaila Sarr scored his ninth goal of the competition.
  • Oliver Glasner will leave the club after the final.
  • Palace will face Rayo Vallecano in the UEFA Conference League final.

Crystal Palace advanced to their first-ever European final on Thursday night after defeating Shakhtar Donetsk 5-2 on aggregate in the UEFA Conference League semi-finals.

Holding a 3-1 advantage from the first leg, Palace delivered another composed performance at Selhurst Park to complete a memorable victory under manager Oliver Glasner.

The south London club took the lead midway through the first half following a fast-paced attacking move orchestrated by Adam Wharton. Goalkeeper Dmytro Riznyk initially denied Wharton’s long-range strike, but Daniel Muñoz’s follow-up effort deflected off Pedro Henrique and into the net for an own goal.

Shakhtar responded through Eguinaldo, who produced a clinical finish into the top corner to level the match on the night.

However, Palace regained control early in the second half when Senegal international Ismaila Sarr converted Tyrick Mitchell’s cross from close range to restore the Eagles’ lead and effectively seal qualification.

The home side continued to create chances throughout the match, with Jean-Philippe Mateta striking the post with an acrobatic effort before Palace comfortably managed the closing stages.

The victory continues a remarkable period for Palace under Glasner, who announced earlier this season that he will leave the club when his contract expires next month.

Since arriving in 2024, the Austrian manager has overseen one of the most successful eras in the club’s history, including their FA Cup triumph against Manchester City and a Community Shield victory over Liverpool.

What’s Being Said

Palace goalkeeper Dean Henderson praised the unity within the squad after the historic qualification.

“It’s incredible for this football club. The connection between the players and supporters is unbelievable,” Henderson told TNT Sports.

“The manager came in and made this team believe we can win any game.”

Glasner had earlier stated that his players wanted to “taste the honey again” after lifting the FA Cup last season.

What’s Next

Crystal Palace will face Spanish side Rayo Vallecano in the UEFA Conference League final in Leipzig on May 27. Victory in the final would secure Palace a place in next season’s UEFA Europa League and mark the first European trophy in the club’s history.

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