Two Nigerians, Adebola Festus Adekunle, 26, and Mudasiru Afeez Olawale, 24, have been extradited to the United States to face federal charges over alleged sextortion schemes targeting American minors.
The suspects were arrested separately in Nigeria in August 2023 following an international investigation led by the FBI.
U.S. authorities said the cases form part of Operation Artemis, an initiative targeting financially motivated sextortion networks operating from Nigeria.
Main story
Two Nigerians have been extradited to the United States to face federal prosecution over alleged financially motivated sextortion schemes targeting American minors.
The suspects, Adebola Festus Adekunle, 26, and Mudasiru Afeez Olawale, 24, were arrested separately in Nigeria in August 2023 following an international operation led by the Federal Bureau of Investigation (FBI).
The U.S. Department of Justice said the suspects were extradited on Thursday and appeared separately before federal courts in Mississippi and North Carolina on Friday.
The extraditions followed years of cooperation between U.S. investigators and Nigerian authorities, with the Department of Justice acknowledging the support of Nigeria’s Attorney-General and Minister of Justice, Lateef Fagnemi (SAN), the Federal Ministry of Justice and the Economic and Financial Crimes Commission.
The department said the assistance provided by Nigerian security authorities was essential to bringing the suspects before U.S. courts, while its Office of International Affairs and the FBI Legal Attaché Office in Abuja coordinated the international transfer.
FBI Director Kash Patel described Adekunle and Olawale as “two high-value targets” who had been returned to the United States to face prosecution over alleged financially motivated sextortion of minors.
“Two Nigerian subjects arrested in Nigeria in 2023 – Adebola Festus Adekunle and Mudasiru Afeez Olawale – have now been returned to the United States.” — Kash Patel, FBI Director
Patel said the suspects allegedly participated in sextortion schemes that targeted minors and had devastating consequences for young victims, adding that the FBI and Department of Justice had worked to bring them back to the United States.
“They’ve been overseas for three years but this FBI and our DOJ partners went and got them.” — Kash Patel, FBI Director
He described sextortion as a serious crime in which perpetrators often use deception, intimidation and threats to target vulnerable young people.
“Sextortion is a heinous crime targeting innocent people, often young children.” — Kash Patel, FBI Director
Financially motivated sextortion typically involves offenders deceiving victims online into sharing intimate images and subsequently threatening to distribute the images unless money is paid.
The FBI said perpetrators often impersonate young people and approach victims through social media platforms, messaging applications, online games and other digital communication services.
The agency has also warned that sextortion can escalate rapidly, leaving victims facing fear, humiliation and psychological distress.
U.S. Attorney General Todd Blanche said the two suspects were arrested in Nigeria as part of a wider operation targeting alleged sexual extortionists who preyed on minors in the United States.
“The defendants were arrested in Nigeria as part of a wider operation with the FBI to apprehend sexual extortionists targeting minors in the United States.” — Todd Blanche, U.S. Attorney General
Blanche said the United States had strengthened international law-enforcement partnerships to dismantle criminal networks allegedly involved in financially motivated sextortion.
He said such networks had been linked to “dozens of American teen deaths by suicide”, highlighting the severity of the crime and its consequences for victims.
The cases are part of Operation Artemis, an FBI initiative targeting financially motivated sextortion networks operating from Nigeria.
Under the operation, U.S. authorities deployed agents, analysts and forensic specialists to Nigeria to work with domestic and international law-enforcement partners.
Adekunle and Olawale are presumed innocent unless and until prosecutors prove the charges against them beyond reasonable doubt in court.
The issues
The extraditions highlight the international nature of financially motivated sextortion, with U.S. authorities pursuing alleged offenders operating across borders and working with Nigerian agencies to bring suspects before American courts.
The cases also form part of broader efforts by U.S. law-enforcement agencies to disrupt sextortion networks targeting minors online.
What’s being said
“Two Nigerian subjects arrested in Nigeria in 2023 – Adebola Festus Adekunle and Mudasiru Afeez Olawale – have now been returned to the United States.” — Kash Patel, FBI Director
“Sextortion is a heinous crime targeting innocent people, often young children.” — Kash Patel, FBI Director
“The defendants were arrested in Nigeria as part of a wider operation with the FBI to apprehend sexual extortionists targeting minors in the United States.” — Todd Blanche, U.S. Attorney General
What’s next
Adekunle and Olawale will face federal proceedings in the United States, with the cases proceeding separately in Mississippi and North Carolina.
U.S. authorities are also expected to continue investigations under Operation Artemis into financially motivated sextortion networks operating from Nigeria.
Bottom line
Two Nigerians arrested in Nigeria in 2023 have been extradited to the United States to face federal prosecution over alleged sextortion schemes targeting American minors, following a multi-year investigation and cooperation between U.S. and Nigerian authorities.
President Bola Tinubu orders a comprehensive forensic audit of IPPIS and Federal Government systems
The audit will investigate ghost workers, payroll fraud, fake agencies and weaknesses in government controls
Finance Minister Taiwo Oyedele will coordinate the exercise in collaboration with the ICPC
Main Story
President Bola Tinubu has directed the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to oversee a comprehensive forensic audit of Federal Government systems, including the Integrated Personnel and Payroll Information System (IPPIS).
The audit will cover government payroll, personnel, pension and financial-management platforms, as well as Federal Government ministries, departments, agencies, commissions, councils, parastatals and other government bodies, according to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The directive follows a Federal Executive Council resolution of August 19, 2026, which came after findings by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) concerning fake agencies, ghost workers and other weaknesses in government controls.
The review will examine reported cases of ghost workers and payroll fraud, reconcile figures identified by the ICPC, and determine how fictitious or ineligible persons were enrolled on government systems. It will also assess identity, biometric, access and bank-account controls.
The audit will examine links between IPPIS and other government platforms, including the Government Integrated Financial Management Information System (GIFMIS), Remita, the Treasury Single Account (TSA) and Sub-TSA. The objective is to establish whether identified weaknesses resulted from system defects, process failures, inadequate segregation of duties or deliberate circumvention.
The second component will establish a definitive inventory of Federal Government bodies and verify their legal basis, while reviewing their access to government recognition, budgetary allocations, correspondence privileges, office facilities and government systems.
President Tinubu directed that the exercise meet the highest standards of independence, professionalism and forensic integrity. The audit team will have access to relevant government records and systems and will work with the ICPC to complement ongoing investigations, prosecutions and recoveries.
What’s Being Said
“The exercise will establish the nature and extent of weaknesses in the Government’s control system, and determine how such weaknesses have been exploited,” Bayo Onanuga, Special Adviser to the President on Information and Strategy.
The Presidency said the exercise is intended to strengthen government systems rather than focus solely on individual cases of fraud or administrative failure.
What’s Next
Taiwo Oyedele will coordinate the forensic review across government systems and agencies
The audit team will examine relevant government records and platforms and collaborate with the ICPC on ongoing investigations
Findings are expected to inform measures to improve verification, reconciliation, accountability and access to public resources
The Bottom Line:
The forensic audit represents a broad review of the systems through which government personnel, agencies and public resources are administered. Its significance will ultimately depend on whether identified control weaknesses are converted into stronger verification, accountability and institutional safeguards.
Miss World Nigeria 2026, Tamunosoye Karibi-George, has won the Africa Top Model title at the ongoing Miss World 2026 competition in Vietnam.
Her victory secured an automatic place in the Top 40 quarterfinals of the global pageant.
Karibi-George defeated contestants from Equatorial Guinea, Botswana, Kenya and South Africa to win the continental title.
Main story
Miss World Nigeria 2026, Tamunosoye Karibi-George, has won the Africa Top Model title at the ongoing Miss World 2026 competition in Vietnam.
The Miss World Organisation announced Karibi-George and three other continental winners on its official Instagram page, confirming her automatic qualification for the Top 40 quarterfinals of the competition.
Karibi-George emerged as the winner of the African category at the Top Model competition held during the Vietnam Beauty Fashion Fest XVII, themed “Soul of Heritage”.
She defeated contestants representing Equatorial Guinea, Botswana, Kenya and South Africa to claim the continental title.
The other continental winners were representatives of the Dominican Republic, France and Vietnam, who won the Americas and Caribbean, Europe, and Asia and Oceania categories respectively.
According to the Miss World Organisation, each of the four continental Top Model winners earned an automatic place in the Top 40, while one of them will later be selected as the overall Top Model winner and receive an automatic place in the Top 20.
The remaining Top 40 contestants will be determined through other challenge events, including People’s Choice, Beauty With a Purpose, Head-to-Head and Multimedia.
Karibi-George, a trained communications professional and associate of the Nigerian Institute of Public Relations, also founded Beyond Labels, an initiative focused on inclusion, dignity and empowerment for children with special needs.
Her latest achievement comes after she earlier reached the African finalists in the Head-to-Head Challenge, further strengthening her position in the competition.
The 26-year-old Port Harcourt native was crowned Miss World Nigeria 2026 in June after emerging as the winner among 20 finalists.
She represented Bayelsa at the national pageant and succeeded Joy Raimi, who represented Nigeria at the previous edition of the Miss World competition.
The Miss World 2026 competition is currently taking place in Vietnam, with contestants from different countries competing for the crown.
The issues
Karibi-George’s Top Model victory gives Nigeria an automatic place in the Top 40, putting her closer to the later stages of the competition.
The remaining contestants will have to secure their places through other challenge events, while the four continental Top Model winners will compete for an additional automatic spot in the Top 20.
What’s being said
“Tamunosoye Karibi-George” — Miss World Organisation
“Soul of Heritage” — Theme of Vietnam Beauty Fashion Fest XVII
What’s next
Karibi-George will proceed to the Top 40 quarterfinals, while the overall Top Model winner will be selected from the four continental winners and receive an automatic place in the Top 20.
The remaining Top 40 places will be determined through the other challenge events.
Bottom line
Miss World Nigeria 2026, Tamunosoye Karibi-George, has secured an automatic place in the Top 40 of the global pageant after winning the Africa Top Model title in Vietnam.
Dr Adetoun Dally has urged families to share childcare and household responsibilities to reduce pressure on working mothers.
She said boys and girls should be taught similar domestic and life skills to promote greater responsibility and independence.
Dally also called for workplace crèches and family-friendly policies to help parents balance work and childcare.
Main story
A gender advocate, Dr Adetoun Dally, has urged families to adopt shared responsibility for childcare and household duties to reduce the growing pressure on working mothers.
Dally, immediate past President of Women Community in Africa and Founder of Children Impact and Development Initiative, an NGO, made the call in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.
She said changing economic realities, which increasingly required both spouses to contribute financially to household expenses, should also lead to a more balanced distribution of domestic responsibilities.
According to her, it was unfair for women who worked full-time to return home and assume most household duties alone, stressing the need for couples to discuss their circumstances and agree on practical ways to share chores, childcare and other family responsibilities.
Dally said failure to address the imbalance could expose working mothers to excessive stress and burnout, with consequences for their mental wellbeing and family stability.
“Many women are stressed out, they burn out and suffer from the burden of managing work and family responsibilities.” — Dr Adetoun Dally, Gender Advocate
She identified parenting practices as one of the factors contributing to the unequal distribution of domestic responsibilities, saying boys were often raised with the expectation that household chores were mainly for girls.
Dally said parents should instead raise boys and girls with similar life skills, including cooking, cleaning and self-care, to prepare them to become responsible and independent adults.
She also urged parents to teach boys to respect hard work and understand that household responsibilities should not be assigned according to gender.
“Boys should be raised to handle household chores and develop survival skills so that they can function independently in their personal homes.” — Dr Adetoun Dally, Gender Advocate
Beyond the family, Dally called for workplace policies that would reduce the pressure created by long working hours and shifts on mothers, particularly those with young children.
She expressed concern that some children remained in school for extended periods because their parents were still at work, and recommended greater access to workplace crèches and childcare facilities, especially in organisations where employees work long hours or shifts.
According to her, locating childcare facilities close to workplaces could help parents manage their professional responsibilities while ensuring that their children receive adequate care.
Dally further urged employers and policymakers to consider family-friendly working arrangements that would protect the wellbeing of both parents and children.
She maintained that supporting working mothers should not be viewed solely as a women’s issue, but as a collective responsibility involving husbands, families, employers and society.
She said a fairer distribution of domestic responsibilities would promote healthier families and contribute to a more balanced society.
The issues
The pressure on working mothers extends beyond the workplace, with unequal household responsibilities potentially increasing the demands placed on women after working hours.
Dally’s recommendations focus on addressing the issue at both family and workplace levels by encouraging shared domestic responsibilities, changing how children are raised and improving access to childcare.
What’s being said
“Many women are stressed out, they burn out and suffer from the burden of managing work and family responsibilities.” — Dr Adetoun Dally, Gender Advocate
“Boys should be raised to handle household chores and develop survival skills so that they can function independently in their personal homes.” — Dr Adetoun Dally, Gender Advocate
What’s next
Dally called on families, employers and policymakers to adopt measures that would make it easier for parents to balance work and childcare, including shared household responsibilities, workplace crèches and family-friendly working arrangements.
Bottom line
Dally said easing the pressure on working mothers requires a broader redistribution of childcare and household responsibilities, with families, employers and policymakers all playing a role in creating a more balanced environment for parents and children.
The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) has backed plans by President Bola Tinubu and state governors to reduce transport fares.
The initiative said lower CNG costs should translate into cheaper fares for Nigerians who rely on public transportation.
It called for stronger collaboration among governments, transport operators, unions, financial institutions and other stakeholders to expand the benefits of the CNG programme.
Main story
The Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) has backed plans by President Bola Tinubu and state governors to reduce transportation fares by leveraging the lower cost of Compressed Natural Gas (CNG).
Mr Ismaeel Ahmed, Executive Chairman and Chief Executive Officer of Pi-CNG & EV, said this on Friday while reacting to the agreement between the President and the Nigeria Governors’ Forum (NGF).
Ahmed said converting the cost advantage of CNG into lower transport fares would ensure that government investments in the gas ecosystem translated into direct benefits for Nigerians.
The reaction followed Tinubu’s disclosure that state governors had agreed to take measures to reduce transportation costs in their respective states by leveraging CNG and electric vehicles.
The President said the Federal Government had invested significantly in the transition to alternative fuels, with more than 120,000 vehicles already converted to CNG nationwide and more than 100,000 additional conversion kits in the pipeline.
He also said the government was expanding the infrastructure needed to support the transition, including conversion centres and CNG refuelling stations across the country.
According to Tinubu, more than 100 gas projects were being financed through the Midstream and Downstream Gas Infrastructure Fund (MDGIF), comprising 15 CNG mother stations and 86 daughter stations.
He added that the Federal Government had directed the rollout of another 500 CNG refuelling stations, which would bring the planned nationwide network to 1,000 stations.
Ahmed described the governors’ decision as an important step toward ensuring that investments in the CNG ecosystem produce tangible benefits for citizens.
He said stronger cooperation among the Federal Government, state governments, private-sector operators, transport unions and financial institutions would be necessary to translate the initiative into lower fares across the country.
“What we need to move the impact further is deeper collaboration among the Federal Government, states, the private sector, transport unions and operators, financial institutions, development partners and other critical stakeholders.” — Ismaeel Ahmed, Executive Chairman and CEO, Pi-CNG & EV
Ahmed said state government support for CNG conversion programmes, vehicle fleets and related infrastructure would be important in ensuring that the savings generated from cheaper fuel were reflected in passenger fares.
He stressed that the benefits of the transition should not be limited to vehicle owners, but should also reach Nigerians who depend on public transportation for their daily activities.
“At Pi-CNG & EV, we look forward to working with the states and all stakeholders to make this a reality across the country.” — Ismaeel Ahmed, Executive Chairman and CEO, Pi-CNG & EV
The renewed collaboration between the Federal Government and state governments is expected to build on existing investments in CNG conversion and refuelling infrastructure as efforts continue to reduce the cost of transporting people and goods across Nigeria.
The issues
The plan seeks to ensure that lower fuel costs associated with CNG translate into cheaper public transportation for Nigerians.
However, achieving this will depend on the expansion of conversion facilities and refuelling infrastructure, as well as cooperation among government agencies, state authorities, transport operators and other stakeholders.
What’s being said
“What we need to move the impact further is deeper collaboration among the Federal Government, states, the private sector, transport unions and operators, financial institutions, development partners and other critical stakeholders.” — Ismaeel Ahmed, Executive Chairman and CEO, Pi-CNG & EV
“At Pi-CNG & EV, we look forward to working with the states and all stakeholders to make this a reality across the country.” — Ismaeel Ahmed, Executive Chairman and CEO, Pi-CNG & EV
What’s next
The Federal Government and state governments are expected to work together on measures that will translate CNG cost savings into lower transportation fares from Oct. 1.
Pi-CNG & EV is also expected to continue working with state governments and other stakeholders on CNG conversions, vehicle fleets and supporting infrastructure.
Bottom line
Pi-CNG & EV has backed the Federal Government and governors’ plan to reduce transport fares through cheaper CNG, saying stronger collaboration and continued infrastructure investment will be needed to ensure the savings reach ordinary public transport users.
A C-17 Globemaster III takes off from Fort Hunter Liggett, Calif., Sept. 23, 2006, while performing take-off and landing testing on semi-prepared runways. The first of four test phases was conducted at Fort Hunter Liggett to validate the ability of the aircraft to bring a large force into a wet or dry dirt airfield without making runway condition corrections. (Photo by Bobbi Zapka)
Key points
All 41 people on board an Alliance Air aircraft were safe after a tyre burst during landing at Bilaspur Airport, India.
The aircraft was carrying 37 passengers and four crew members.
Authorities said the cause of the tyre burst had not yet been determined.
Main story
All 41 people on board a domestic passenger aircraft were safely evacuated after one of its tyres burst during landing at an airport in Bilaspur, Chhattisgarh State, India.
An official of the Airports Authority of India confirmed the incident on Friday, saying the aircraft was operated by Alliance Air and had 37 passengers and four crew members on board.
According to the official, the aircraft’s left-side tyre burst shortly after the aircraft landed at the airport.
He said all passengers and crew members were safely evacuated from the aircraft following the incident.
The official said the cause of the tyre burst had not yet been determined.
The issues
The incident occurred during the aircraft’s landing, but there were no reported injuries among the passengers or crew members.
Authorities are yet to establish what caused the tyre to burst.
What’s being said
“The aircraft’s left-side tyre burst as soon as it landed at the airport.” — Airports Authority of India official
“All the occupants were safely evacuated from the aircraft.” — Airports Authority of India official
What’s next
The cause of the tyre burst is expected to be established as authorities examine the circumstances surrounding the incident.
Bottom line
A tyre burst on an Alliance Air aircraft during landing at Bilaspur Airport left all 41 passengers and crew members unharmed, with the cause of the incident yet to be determined.
King Oyo Nyimba Kabamba Iguru Rukidi IV of Uganda’s Tooro Kingdom has died at 34.
He became the world’s youngest reigning monarch after ascending the throne at the age of three in 1995.
His death has triggered widespread mourning and tributes across Uganda.
Main story
King Oyo Nyimba Kabamba Iguru Rukidi IV of Uganda’s Tooro Kingdom has died at the age of 34, the kingdom’s Prime Minister, Calvin Akiiki, announced on Friday.
Akiiki said the king died at about 10 p.m. local time on Thursday but did not disclose the cause of death or provide further details about the circumstances surrounding his death.
Oyo Nyimba was the King of Tooro, a traditional kingdom in western Uganda near the border with the Democratic Republic of Congo. Although Uganda is a republic governed by an elected head of state, its traditional monarchies continue to exercise significant cultural and social influence despite having largely symbolic political powers.
The king ascended the throne on Sept. 12, 1995, at the age of three, following the death of his father, Rukirabasaija Patrick David Matthew Kaboyo Olimi III. His accession made him the world’s youngest reigning monarch.
The announcement of his death came after Balaam Barugahara, a minister in the government of President Yoweri Museveni, had disclosed that the king was receiving treatment in the United States.
Akiiki described the death as a major loss to the kingdom, while assuring subjects that the monarchy would continue.
The king was unmarried, but Akiiki said he had left an heir and that the continuity of the crown was assured.
His death prompted an outpouring of grief across Uganda, with political leaders and members of the public paying tribute to the monarch on social media and through national media.
Uganda’s leading opposition leader and musician, Bobi Wine, described the development as devastating and prayed for the late king’s soul to rest in eternal peace.
The king’s youth had previously been portrayed as an important part of his role in the modern development of Tooro.
In April, while marking his birthday, the kingdom’s prime minister described Oyo Nyimba as a monarch who remained closely connected to the realities of his generation and said his youth brought energy, fresh perspectives and the courage to envision a different future for Tooro.
The issues
The death of Oyo Nyimba brings to an end a 31-year reign that began when he was only three years old.
His long tenure made him one of the most recognisable traditional rulers in Uganda, where monarchies retain an important role in preserving cultural identity and social cohesion despite their limited formal political authority.
What’s being said
“Immeasurable loss.” — Calvin Akiiki, Prime Minister of Tooro Kingdom
“Most devastating news! May His Majesty the King’s soul rest in eternal peace.” — Bobi Wine, Ugandan opposition leader
What’s next
The Tooro Kingdom is expected to begin arrangements for the succession and funeral of the late monarch, with the kingdom’s prime minister indicating that continuity of the crown is assured.
Bottom line
King Oyo Nyimba Kabamba Iguru Rukidi IV, who became monarch at three and reigned for more than three decades, has died at 34, leaving behind a significant cultural legacy in Uganda’s Tooro Kingdom.
Business leaders have urged Nigerian entrepreneurs and professionals to prioritise innovation, ethical leadership and strategic collaboration amid economic pressures.
Speakers at the Transform Business Conference 2026 said businesses need to combine digital innovation with strong ethical standards to achieve sustainable growth.
The conference brought together entrepreneurs, corporate professionals, startup founders, church leaders and other business stakeholders in Lagos.
Main story
Nigerian entrepreneurs and professionals have been urged to embrace innovation, ethical leadership and strategic collaboration to remain resilient amid rising operating costs and other pressures in the country’s business environment.
The call was made at the Transform Business Conference (TBC) 2026, held on June 12 at the Festival Hotel Conference Centre and Spa in Festac Town, Lagos, with the theme, “Leading Against the Odds: Innovation, Integrity, and Career Advancement in Nigeria’s Business Environment.”
Ambassador Kingsley Nwanze, Project Director of the conference, said the annual event was established to promote the exchange of business ideas, strengthen professional networks and encourage enterprise development and values-driven innovation.
Nwanze said the conference was also aimed at promoting ethical leadership, entrepreneurial resilience, strategic innovation and sustainable career advancement as businesses contend with a changing economic environment.
He said the conference had grown since its inaugural edition in 2025, becoming an emerging platform for discussions on business and leadership in Nigeria.
According to him, the maiden edition attracted more than 2,500 participants, including business executives, entrepreneurs, policymakers, professionals, creatives and emerging leaders.
Nwanze said the attendance and feedback from the inaugural edition demonstrated the relevance of the conference to Nigeria’s business and leadership community.
The need for businesses to balance growth with ethical practices also featured prominently at the conference, where Linda Ochugbua, a digital media and digital sales consultant, moderated panel discussions on competitiveness and institutional integrity.
Ochugbua said the pressures facing businesses, including inflation, rising operating costs and changing consumer behaviour, required organisations to look beyond aggressive marketing in pursuing growth.
She said businesses needed strong institutional values alongside digital innovation to build organisations capable of sustaining their position in the market.
The discussions also focused on the use of affordable digital tools to help businesses address operational challenges and adapt to changing market conditions.
Speakers examined ways of providing entrepreneurs with relevant market insights, strengthening collaboration between faith-based and professional communities and encouraging partnerships across different sectors.
The four-hour conference attracted startup founders, established business operators, corporate professionals, church leaders and other entrepreneurs seeking practical approaches to business growth, leadership development and long-term sustainability.
Organisers said the conference highlighted the importance of combining innovation, corporate governance and ethical leadership in building businesses capable of withstanding economic pressures and contributing to Nigeria’s development.
The issues
Nigerian businesses are operating amid inflation, rising costs and changing consumer markets, creating pressure on entrepreneurs and professionals to find new ways of maintaining competitiveness.
The conference emphasised that innovation alone may not be sufficient for sustainable growth, with speakers also stressing the importance of ethical leadership, collaboration and strong institutional values.
What’s being said
“This conference was designed to inspire ethical leadership, entrepreneurial resilience, strategic innovation, and sustainable career advancement within Nigeria’s evolving business landscape.” — Ambassador Kingsley Nwanze, Project Director, Transform Business Conference
“Leading in a dynamic, high-pressure economy demands more than just aggressive marketing; it requires uncompromised institutional character.” — Linda Ochugbua, Digital media and digital sales consultant
What’s next
Organisers said the conference would continue to provide a platform for entrepreneurs, professionals and other stakeholders to exchange ideas, build networks and explore practical approaches to navigating Nigeria’s changing business environment.
Bottom line
Business leaders at TBC 2026 urged Nigerian entrepreneurs to combine innovation with ethical leadership and strategic collaboration as they navigate rising costs and changing markets, stressing that sustainable business growth requires both adaptability and strong institutional values.
Nigeria’s Ahunna Eziakonwa has assumed one of the United Nations’ most strategic Africa-focused positions, bringing nearly three decades of experience across humanitarian affairs, development, peace and political engagement to the role of Under-Secretary-General and Special Adviser on Africa.
Eziakonwa, who was appointed by United Nations Secretary-General António Guterres in June 2026 and began her tenure on August 1, succeeds Cristina Duarte of Cabo Verde. The Office of the Special Adviser on Africa confirmed that she now heads the UN body responsible for providing the Secretary-General with high-level strategic advice on Africa and strengthening coordination across the organisation’s engagement on the continent.
Her appointment is significant not simply because it places another Nigerian in a senior multilateral position, but because of the breadth of the portfolio she now inherits.
As Special Adviser on Africa, Eziakonwa is expected to advise the UN Secretary-General on emerging and cross-cutting issues affecting the continent, support greater coherence in the UN’s work in Africa and help mobilise international attention around the African Union’s Agenda 2063 and the global 2030 Agenda for Sustainable Development. The Office of the Special Adviser on Africa is the UN Headquarters’ only entity with a continent-specific mandate.
For Eziakonwa, however, the appointment is the latest stage of a career that has taken her from humanitarian operations and peace-related work to country-level diplomacy and, ultimately, continental development leadership.
Before her latest appointment, Eziakonwa served as UN Assistant Secretary-General, Assistant Administrator and Director of the UN Development Programme’s Regional Bureau for Africa.
Since assuming that role in 2018, she helped shape UNDP’s strategic approach to economic and political development across Africa and oversaw the organisation’s support to 46 African countries pursuing the Sustainable Development Goals, the 2030 Agenda and the African Union’s Agenda 2063. That role gave her responsibility for one of the UN system’s broadest development portfolios on the continent. But her experience extends far beyond regional development policy.
Eziakonwa previously served as UN Resident Coordinator and UNDP Resident Representative in Lesotho from 2008 to 2012, before moving to Uganda, where she held similar responsibilities from 2012 to 2015.
She later served in Ethiopia from 2015 to 2018 as UN Resident Coordinator, Humanitarian Coordinator and UNDP Resident Representative, combining development leadership with humanitarian coordination in one of Africa’s most strategically significant countries.
These assignments placed her at the intersection of government relations, humanitarian response, development strategy and UN coordination. They also helped prepare her for a role that now requires her to understand Africa not as a single policy issue, but as a complex collection of political, economic, humanitarian and development realities.
The humanitarian and political foundation
Before taking up country-level leadership positions, Eziakonwa worked extensively within the UN’s humanitarian and political architecture. She served as Chief of the Africa Section at the UN Office for the Coordination of Humanitarian Affairs in New York, where she managed humanitarian operations across 15 African countries. She also held senior positions in Liberia and Sierra Leone during critical periods in both countries.
At UN Headquarters, she worked with the Departments of Peacekeeping Operations, Political Affairs and Public Information, contributing to peacekeeping, political analysis and strategic communications relating to the UN’s engagement in Africa.
Taken together, these assignments explain the breadth of experience she brings to her new office. Her career has covered humanitarian crises, political engagement, peace-related work, country coordination and long-term development. It is this combination that distinguishes her journey.
Rather than emerging solely from the diplomatic or development side of the UN system, Eziakonwa has worked across several of the institution’s most important Africa-facing structures.
Why her new role matters
The Office of the Special Adviser on Africa occupies a distinct position within the UN system. Its mandate goes beyond development programmes. The office provides strategic advice to the Secretary-General, conducts policy and foresight analysis, supports coordination across the UN system and works to amplify African perspectives in global and intergovernmental processes. That places Eziakonwa at a critical point between African institutions, UN leadership, member states and international development partners.
Her role comes at a time when Africa is pressing for stronger representation in global governance, reforms to international financial systems, increased development financing and deeper regional economic integration.
In her previous position at UNDP, Eziakonwa was already closely involved in conversations around the continent’s development priorities and the implementation of Agenda 2063 and the Sustainable Development Goals.
The new position broadens that responsibility from managing a development portfolio to helping shape the UN’s strategic engagement with Africa.
Education and early professional background
Before joining the United Nations, Eziakonwa held positions in several African civil society organisations. She holds a Master’s degree in International Affairs, with a focus on African economic and political development, from Columbia University in New York.
She also holds a degree in Pedagogy, English and Literary Studies from the University of Benin, Nigeria. The UN says she speaks Igbo and English, is fluent in Yoruba and has a working knowledge of French.
A career built around Africa
Her professional journey has taken her from humanitarian operations in multiple African countries to leadership positions in Lesotho, Uganda and Ethiopia, before she assumed responsibility for UNDP’s development engagement across 46 African countries.
That trajectory now culminates in an office specifically mandated to advise the UN Secretary-General on Africa.In announcing her appointment, the United Nations said Eziakonwa brings “nearly three decades” of UN leadership to the position.
The scale of her new responsibility means that her work will now extend beyond managing programmes or coordinating individual country operations. She will be expected to help the UN navigate some of Africa’s most consequential policy questions, from development and humanitarian challenges to the continent’s place in global decision-making.
Eziakonwa assumes the role at a period of intense debate about Africa’s future and its relationship with the global system.
The continent is pushing for greater influence in international institutions, increased access to development financing and stronger regional integration, while governments continue to confront humanitarian crises, conflicts, climate pressures and persistent development gaps.
The mandate of the Office of the Special Adviser on Africa positions her to contribute to those conversations at the highest level of the UN system. Her appointment, therefore, represents more than a change of title.
It is the progression of a career that has moved through nearly every major dimension of the UN’s engagement with Africa, from peace and humanitarian affairs to development and continental strategy.
For Ahunna Eziakonwa, the journey from managing humanitarian operations across 15 African countries to overseeing UNDP’s work in 46 countries has now led to a broader responsibility: helping shape the strategic conversation between the United Nations and Africa.
And at a time when African countries are demanding a stronger voice in global governance and a greater role in determining their development future, that responsibility may prove to be the most consequential assignment of her career.
• MultiChoice Talent Factory has launched 13 regional masterclasses for filmmakers and television practitioners across Nigeria.
• The programme marks eight years of MTF’s investment in Nigeria’s creative industry.
• The masterclasses are being organised in partnership with film festivals, guilds and other industry bodies across different regions.
• The programme is designed to provide practitioners with practical knowledge about emerging trends, opportunities and business developments in the film and television industry.
• The first masterclass, held on August 24, focused on international film sales and distribution and was organised in partnership with the Nigerian International Film Summit.
• A second session, the Africa Microdrama Summit, held on August 26, examined the growth of short-form scripted content and Africa’s mobile-first entertainment economy.
• Industry experts said understanding distribution, audience behaviour and the commercial side of filmmaking is increasingly important for African storytellers.
• The masterclass series will continue across Ogun, Oyo, Imo, Abia, Delta, Rivers, Abuja and Kano.
Main Story
The MultiChoice Talent Factory has launched a series of 13 regional masterclasses for filmmakers and television practitioners across Nigeria as part of its efforts to deepen investment in the country’s creative industry, The programme marks eight years of the MultiChoice Talent Factory’s involvement in developing creative talent and is being organised in partnership with film festivals, guilds and other industry organisations across different parts of the country.
According to the organisers, the masterclasses are designed to equip film and television practitioners with practical knowledge about current developments, emerging opportunities and the changing commercial landscape of the entertainment industry, The first masterclass, tagged the International Sales and Distribution Executive Masterclass, was held on August 24 in partnership with the Nigerian International Film Summit.
The session, themed “From Script to Market: The Future of Cinema in Africa,” brought together filmmakers, producers and other industry professionals to examine how films move from production to audiences and international markets, Among the panellists were Kene Mkparu, President and Chief Executive Officer of KOMWORLD Cinemas and Studio KOM Film Production and Distribution; cinema expert and thought leader Funmi Onuma; and Ijeoma Onah, Founder of the Nigerian International Film Summit.
The discussion focused on international sales, distribution and the commercial considerations involved in taking African films beyond their immediate markets.
The Academy Director of the MultiChoice Talent Factory, Akaoma Onyeonoru, stressed that filmmaking goes beyond producing a quality movie, She said understanding the business side of filmmaking is equally important because a film must be able to travel and reach audiences in different markets.
Onyeonoru noted that the ability of African stories to travel internationally would influence how the continent tells, distributes and controls its own narratives, She emphasised that effective distribution remains critical to ensuring that African films are not restricted to local audiences but can compete for viewers across the continent and internationally.
The second masterclass, the Africa Microdrama Summit, was held on August 26, 2026, under the theme “The Future of Africa Storytelling: Powering Africa’s Mobile-First Entertainment Economy, The session examined the rapid growth of short-form scripted content and the changing ways audiences consume entertainment.
The panel featured Atinuke Babatunde, Executive Head, Content and Channels, West Africa, MultiChoice Nigeria; Ifeoma Areh, Founder of the Digital Creator Africa Academy for Microdrama; Brenda Fashugba, Co-Founder of Women in the Arts; Samira Hamidi, Country Manager of Digital Virgo; and Elija Afi, Co-Founder of the Digital Creator Africa Academy.
The panel examined the rise of microdrama, changing audience behaviour and the opportunities that short-form storytelling could create for African content producers, The discussions reflected the growing importance of mobile platforms and shorter entertainment formats as audiences increasingly consume content through smartphones and digital platforms.
Babatunde said shorter attention spans were influencing how viewers engage with entertainment, creating opportunities for content that can quickly attract and retain audiences, She said Nigerian viewers increasingly want stories that immediately establish what is happening and maintain their attention throughout the viewing experience.
She also suggested that microdrama could potentially find a place on established entertainment platforms such as Africa Magic, creating additional opportunities for producers who can develop commercially viable productions.
The masterclass series is expected to continue in different parts of Nigeria, extending the programme beyond Lagos and other major creative centres, MTF said the programme will reach practitioners in Ogun, Oyo, Imo, Abia, Delta, Rivers, Abuja and Kano states.
Partners involved in the programme include the Wole Soyinka Cultural Centre in Abeokuta, the Ibadan International Film Festival, the Pan-Atlantic University International Students’ Film Festival, the Twin City International Film Festival, the Rivers International Film Festival and the Kano Indigenous Languages Film Festival.
The Issues
The major issue is the need to strengthen the business side of Nigeria’s creative industry. While Nigerian filmmakers continue to produce large volumes of content, the ability to distribute, market and monetise those productions remains a major challenge.
International distribution is particularly important because access to wider markets can determine whether African films generate sustainable commercial returns. Without effective distribution networks, even successful productions can struggle to reach audiences outside their immediate territories.
Another issue is the changing behaviour of audiences. The growth of smartphones, streaming platforms and social media has changed how viewers discover and consume entertainment.
Microdrama is emerging as a response to these changes. Short-form scripted productions can be consumed quickly and are particularly suited to mobile-first audiences. This creates new opportunities for creators but also requires them to rethink storytelling, production and marketing strategies.
There is also the challenge of maintaining quality while producing content that is designed for rapid consumption. Creators must balance shorter formats with compelling storytelling and production standards that can compete in an increasingly crowded digital market.
The development of regional talent is another important issue. Much of Nigeria’s entertainment industry is concentrated in major creative centres, making regional programmes valuable for practitioners who may not have easy access to industry networks, training and professional opportunities.
The programme also raises the broader question of how African creators can maintain ownership and control over their stories while expanding into international markets. Greater global visibility can create commercial opportunities, but creators also need to understand the business structures and agreements governing international sales and distribution.
What’s Being Said
Akaoma Onyeonoru, Academy Director of the MultiChoice Talent Factory, said understanding the business side of filmmaking was as important as the creative process, She stressed that producing a movie was only one part of the process and that films must also be able to travel to different markets and reach wider audiences.
Onyeonoru said the ability of African stories to travel would influence how the continent tells and controls its own narratives, making effective distribution essential, Atinuke Babatunde, Executive Head, Content and Channels, West Africa, MultiChoice Nigeria, said changing audience behaviour was creating new opportunities for content producers.
She said shorter attention spans were influencing the way people consume entertainment and that content capable of quickly attracting viewers and sustaining their attention was becoming increasingly important.
Babatunde also said microdrama could potentially find space on established platforms such as Africa Magic, provided producers develop commercially viable content.
The speakers at the International Sales and Distribution Executive Masterclass focused on the importance of understanding international sales, distribution structures and the commercial considerations involved in taking African films to wider audiences.
The panellists at the Africa Microdrama Summit similarly examined how mobile-first entertainment is changing storytelling and creating new opportunities for African creators.
What’s Next
The regional masterclass programme will continue across several states and the Federal Capital Territory, giving more filmmakers and television practitioners access to specialised industry knowledge.
The upcoming sessions will provide opportunities for practitioners outside the major entertainment hubs to engage with industry professionals, learn about new business models and understand emerging audience trends.
The continued growth of microdrama is also likely to encourage more African creators to experiment with short-form scripted content designed specifically for mobile and digital audiences.
For established platforms, the rise of microdrama could create new programming opportunities and provide another avenue for discovering emerging writers, actors, directors and producers.
The emphasis on international sales and distribution could also encourage Nigerian filmmakers to think beyond production and develop stronger strategies for taking their content to African and global markets.
If sustained, programmes such as the MTF masterclasses could help bridge the gap between creative talent and the commercial knowledge needed to build a more sustainable entertainment industry.
Bottom Line
The MultiChoice Talent Factory’s regional masterclasses highlight a growing reality in Nigeria’s creative industry: producing good content is no longer enough, Filmmakers increasingly need to understand distribution, international sales, audience behaviour, digital platforms and the commercial side of entertainment.
The rise of mobile-first formats such as microdrama is also creating new opportunities for African storytellers to reach audiences in different ways, By taking training and industry conversations to different regions, the programme could help broaden access to professional knowledge and create new opportunities for emerging talent across Nigeria.
• The Federal Government has invited Nigerians and other stakeholders to submit proposals ahead of the drafting of the Finance Bill 2027.
• The Federal Ministry of Finance is seeking inputs from businesses, investors, professional bodies, civil society organisations, academia, public institutions and members of the public.
• Submissions are expected to focus on practical, evidence-based reforms that can strengthen Nigeria’s fiscal framework and improve the business and investment environment.
• The five broad areas identified for submissions are taxation and revenue administration; fiscal policy and management; fiscal responsibility, transparency and accountability; financial and economic regulation; and other related matters.
• Stakeholders have been encouraged to identify gaps, ambiguities, inconsistencies and implementation challenges in existing laws and regulations.
• The government is also seeking proposals that can reduce regulatory burdens, improve ease of doing business, increase productivity and strengthen economic efficiency.
• Contributors are encouraged to identify the specific law and provision requiring amendment and, where possible, provide proposed drafting language.
• The deadline for submissions is Friday, September 11, 2026.
Main Story
The Federal Government has opened the process for public input into the proposed Finance Bill 2027, calling on Nigerians and a wide range of stakeholders to submit proposals that could shape the country’s next set of fiscal reforms, The Federal Ministry of Finance announced the call in a notice published on its official X handle on Friday, inviting members of the public, businesses, investors, professional bodies, civil society organisations, academics, public institutions and other stakeholders to contribute to the process.
The exercise is aimed at gathering practical and evidence-based proposals that can strengthen Nigeria’s fiscal framework while improving the country’s business and investment environment, In its notice, titled “Call for Inputs into the Finance Bill 2027: Shaping Better Fiscal Laws for a More Productive and Competitive Nigeria,” the ministry said the consultation is intended to support sustainable economic growth and improve the effectiveness of Nigeria’s fiscal system.
The government wants stakeholders to make proposals capable of strengthening fiscal management, improving transparency and accountability, enhancing revenue mobilisation and creating a more predictable environment for businesses and investors, The consultation covers five broad areas. These include taxation and revenue administration, fiscal policy and management, fiscal responsibility, transparency and accountability, financial and economic regulation, as well as other matters with significant fiscal implications.
Under taxation and revenue administration, contributors can make proposals relating to tax policy, revenue mobilisation, tax compliance, taxpayer services, tax certainty, incentives, customs and excise duties, as well as coordination among revenue agencies, The ministry is also seeking views on revenue and expenditure management, budgeting, public financial management, fiscal sustainability, public debt and intergovernmental fiscal relations.
Other areas include budget discipline, financial reporting and disclosure, monitoring, accountability and institutional oversight, The government is also inviting submissions on capital markets, investment, cross-border capital flows, anti-money laundering, financial reporting and other regulatory matters that could have significant economic or fiscal consequences.
The consultation comes as the government continues to pursue reforms aimed at strengthening public finances while supporting investment and economic activity, The ministry has specifically urged stakeholders to identify weaknesses in existing laws and regulations, including gaps, ambiguities, inconsistencies and implementation challenges that may be limiting the effectiveness of the current fiscal framework.
It also wants contributors to identify unnecessary regulatory and administrative burdens that could be reduced to improve the ease of doing business, investment, productivity and economic efficiency, Another priority is the harmonisation of conflicting or overlapping legal provisions. The government said proposals should also seek to reduce leakages, abuse and regulatory arbitrage while strengthening institutional coordination, transparency and accountability.
The ministry stressed that proposed reforms should improve revenue mobilisation and fiscal sustainability without unnecessarily constraining economic activity.
Stakeholders have been encouraged to make their submissions as specific as possible. Rather than simply identifying broad problems, contributors are asked, where possible, to identify the relevant law and specific provision that requires amendment and provide proposed drafting language.
The ministry said general recommendations would also be accepted, although it noted that specific proposals would be more useful for the legislative drafting process.
Submissions are to be made through the email address provided by the ministry, with Friday, September 11, 2026, set as the deadline, Stakeholders can also use a proposal template attached to the notice or complete an online form through the QR code provided by the ministry.
The template requests information about the contributor or organisation, including the contact person, email address, telephone number, sector or industry and state or location.
Contributors are also expected to explain the issue they have identified, provide details of the relevant law and existing provision, propose an amendment or draft provision, and explain the justification and expected impact of their proposal.
The Issues
The central issue is how Nigeria can improve government revenue and fiscal sustainability without placing excessive pressure on businesses, investors and households, Nigeria continues to face the challenge of raising sufficient revenue to fund public services and development while maintaining an environment that encourages private-sector investment and economic activity. The government’s request for stakeholder input suggests an attempt to balance these competing objectives when developing the 2027 Finance Bill.
Tax administration is another major issue. Businesses and taxpayers may face challenges arising from complex regulations, overlapping responsibilities among revenue agencies and uncertainty over tax obligations. Proposals addressing these problems could help create greater predictability for businesses and improve voluntary compliance.
The government is also concerned about leakages and inefficiencies within the fiscal system. Strengthening transparency, accountability and institutional oversight could help ensure that public revenue is collected and managed more effectively.
Regulatory overlap is another concern. Conflicting provisions across different laws or agencies can create uncertainty, increase compliance costs and slow down investment decisions. The proposed consultation provides stakeholders with an opportunity to identify such conflicts and recommend ways to resolve them.
The government must also consider the impact of fiscal reforms on economic activity. While stronger revenue mobilisation is important, excessive taxes, charges or administrative requirements could discourage investment, increase business costs and affect productivity.
Public debt and fiscal sustainability are also part of the consultation. Proposals relating to expenditure management, budgeting and debt could influence how the government manages its finances and balances immediate spending needs against long-term fiscal stability.
Another important issue is the quality of stakeholder participation. The effectiveness of the consultation will depend on whether the government receives detailed and practical proposals from businesses, professionals, civil society groups and other stakeholders and how those recommendations are ultimately reflected in the legislation.
What’s Being Said
The Federal Ministry of Finance said it wants stakeholders to submit practical, evidence-based legislative and regulatory reforms that can strengthen Nigeria’s fiscal framework and improve the business and investment environment.
The ministry said the proposals should enhance fiscal transparency and accountability while supporting sustainable economic growth, It encouraged contributors to identify gaps, ambiguities, inconsistencies and implementation challenges in existing laws and regulations, The ministry also urged stakeholders to focus on reducing unnecessary regulatory and administrative burdens and improving ease of doing business, investment, productivity and economic efficiency.
The government said proposals should help harmonise conflicting or overlapping provisions, reduce leakages, abuse and regulatory arbitrage, and strengthen institutional coordination, transparency and accountability, It also stressed that reforms should improve revenue mobilisation and fiscal sustainability without unnecessarily constraining economic activity.
The ministry encouraged contributors to identify the specific laws and provisions requiring changes and, where possible, provide proposed drafting language, It said general recommendations would also be accepted but noted that detailed proposals would be more useful for the legislative drafting process.
The ministry said it values stakeholder contributions and wants clear, practical and implementable proposals capable of delivering measurable improvements in Nigeria’s fiscal and economic outcomes.
What’s Next
The immediate next step is for individuals, businesses, professional organisations and other stakeholders to prepare and submit their proposals before the September 11, 2026 deadline, The submissions will provide the Federal Ministry of Finance with recommendations that could inform the drafting of the Finance Bill 2027.
Businesses and professional bodies are likely to pay particular attention to tax administration, regulatory burdens, investment rules and areas where overlapping government requirements increase the cost of doing business, The consultation could also provide an opportunity for civil society organisations and public-interest groups to push for stronger transparency, accountability and oversight within Nigeria’s fiscal system.
Once the consultation process is completed, the government will have to assess the proposals and determine which recommendations can be incorporated into the proposed legislation, The eventual Finance Bill will then need to pass through the appropriate legislative process before any proposed changes become law.
The quality of the final reforms will depend not only on the number of submissions received but also on how effectively the government evaluates and incorporates practical recommendations from stakeholders.
Bottom Line
The Federal Government is opening the door for Nigerians and other stakeholders to influence the fiscal laws that will shape the country’s economic environment in 2027, The consultation provides businesses, investors, professionals, civil society groups and individuals with an opportunity to identify problems in existing tax and fiscal regulations and propose specific solutions.
The key challenge will be finding the right balance between increasing government revenue and maintaining an environment where businesses can invest, expand and create jobs, If the government effectively uses the consultation to remove regulatory bottlenecks, improve tax administration, strengthen transparency and promote fiscal sustainability, the Finance Bill 2027 could become an important instrument for improving Nigeria’s economic competitiveness.
• A WAEC official has alleged glitches and irregularities in the recently released 2026 WASSCE results for school candidates.
• Olanrewaju Fadehan, Head of Examinations at the WAEC office covering Anambra, said candidates who took the computer-based examination were particularly affected.
• Fadehan alleged that last-minute adjustments were made before the release of the results, which he said was initially expected between August 3 and 5, 2026.
• He claimed the alleged problems affected subjects including Mathematics, English and Igbo.
• Fadehan alleged that some schools that invested more than N60m in CBT facilities were badly affected by problems associated with the new examination system.
• He also alleged that some candidates were not provided with appropriate calculators, which he said may have contributed to poor performance in Mathematics and other calculation-based subjects.
• Fadehan said he petitioned the WAEC Board, the House of Representatives Committee on Basic Education and Examining Bodies and the Minister of Education over the alleged irregularities.
• He alleged that he was subjected to disciplinary proceedings and subsequently placed on interdiction after raising his concerns.
• WAEC Head of Public Affairs, Moyosola Adesina, declined to comment on the allegations, saying, “No comment for now.”
• The controversy follows earlier complaints from school administrators and education advocates over alleged grading anomalies and technical glitches linked to the expanded CBT rollout.
Main Story
The controversy surrounding the 2026 West African Senior School Certificate Examination results has deepened following allegations of glitches and irregularities by an official of the West African Examinations Council, Olanrewaju Fadehan, Head of Examinations at the WAEC office covering Anambra, made the allegations in a video that has gone viral, claiming that candidates who sat the computer-based version of the examination were particularly affected.
Fadehan alleged that problems emerged around the period the results were being prepared for release. He said the results were initially expected to be announced between August 3 and 5, 2026, adding that WAEC had traditionally released its results on Mondays, According to him, the need for what he described as “last-minute adjustments” suggested that something had gone wrong with the process.
Fadehan alleged that the adjustments affected candidates who took the computer-based examination, particularly in Mathematics, English and Igbo, His claims have raised fresh questions about the reliability of the results at a time when WAEC is expanding its use of computer-based testing.
The transition to CBT represents a major change in how candidates sit the examination. Schools have had to invest in computer facilities and other infrastructure to accommodate the new system, Fadehan alleged that some schools spent more than N60m establishing CBT facilities in preparation for the transition. He argued that these institutions were badly affected by the problems surrounding the examination.
He also expressed concern about the performance of some candidates in Igbo, particularly in the South-East. Fadehan questioned reports of poor performance in the subject among candidates from a region where Igbo is widely spoken, Another issue raised by the WAEC official was the provision of calculators. Fadehan alleged that some candidates were not provided with appropriate calculators during the examination and claimed that this contributed to poor performance in Mathematics and other calculation-based subjects.
He said he had raised concerns about the alleged irregularities during the examination and later petitioned relevant authorities, including the WAEC Board, the House of Representatives Committee on Basic Education and Examining Bodies and the Minister of Education, Fadehan alleged that his complaints were not addressed and that he was instead subjected to disciplinary proceedings before being placed on interdiction.
He has now called on President Bola Ahmed Tinubu to investigate the alleged failure of candidates, particularly those who chose the computer-based WAEC examination, The official also raised allegations of financial impropriety involving the examination body. His claims reportedly concern the supply of calculators, students’ identification cards and charges imposed on candidates and other people seeking services from WAEC.
WAEC has not provided a substantive response to the allegations. When contacted, its Head of Public Affairs, Moyosola Adesina, declined to comment, saying, “No comment for now., The latest controversy follows earlier concerns over the 2026 WASSCE results. School administrators and education advocates have reportedly questioned some grades awarded to students whom they considered high-performing based on their academic records and results in other standardised assessments, The situation has therefore widened the debate from individual students’ grades to the broader question of whether the transition to CBT was properly managed and whether technical or administrative problems may have affected the integrity of the results.
The Issues
The biggest issue is the credibility of the 2026 WAEC results. WASSCE results are critical to students seeking admission into universities and other higher institutions, meaning any error in the examination or grading process could have serious consequences for their educational futures, The transition to computer-based testing is another major concern. While CBT is designed to modernise examination delivery and improve efficiency, the allegations suggest that technical and administrative challenges may have emerged during the rollout.
The financial investment by schools also raises questions. If institutions spent millions of naira establishing CBT centres, allegations that candidates were subsequently affected by problems with the system could generate concerns about the preparedness and implementation of the transition.
The alleged failure to provide appropriate calculators is another issue that requires clarification. In subjects such as Mathematics, access to permitted examination tools can have a direct impact on a candidate’s ability to complete questions effectively, There is also the question of what happened after Fadehan reportedly raised his concerns. His allegation that he was subjected to disciplinary proceedings and placed on interdiction could raise questions about how complaints from officials within examination bodies are handled.
The financial allegations made by Fadehan add another dimension to the controversy. Claims involving examination materials, identification cards and charges would require proper evidence and independent verification before any conclusions can be reached, Ultimately, the issue is about public confidence. Students, parents, schools and the wider education community need to trust that WAEC results accurately reflect candidates’ performance and that the examination process is transparent and reliable.
What’s Being Said
Olanrewaju Fadehan alleged that there was a problem with the 2026 WAEC examination process and that last-minute adjustments were made before the results were released, He said candidates who took the computer-based examination were particularly affected, mentioning Mathematics, English and Igbo among the subjects where problems were allegedly noticed.
Fadehan also questioned reports of poor performance in Igbo among candidates in the South-East, given the widespread use of the language in the region, He alleged that schools that invested heavily in CBT facilities were badly affected and said some spent more than N60m establishing the facilities.
On Mathematics, Fadehan alleged that some candidates were not given appropriate calculators and that this may have contributed to poor performance, He said he raised his concerns during the examination process and later petitioned the WAEC Board, the House of Representatives Committee on Basic Education and Examining Bodies and the Minister of Education.
Fadehan alleged that rather than addressing the complaints, WAEC subjected him to disciplinary proceedings and subsequently placed him on interdiction.
He has called on President Bola Ahmed Tinubu to investigate the alleged failure of candidates, particularly those who sat the computer-based examination, Fadehan also made allegations of financial impropriety relating to the supply of calculators, students’ identification cards and charges imposed by the examination body.
WAEC Head of Public Affairs Moyosola Adesina declined to comment on the allegations when contacted, saying, “No comment for now., Meanwhile, school administrators and education advocates have continued to raise concerns about the released results, with some alleging that grades awarded to certain high-performing students did not match their previous academic records and performance in other standardised examinations.
What’s Next
The next major development will likely be whether WAEC responds formally to the allegations and explains the processes used to generate, verify and release the 2026 results.
There could also be pressure on the Federal Government and relevant education authorities to independently examine the allegations, particularly if more candidates and schools come forward with similar complaints.
The implementation of CBT is likely to receive increased scrutiny. Authorities may need to assess whether examination centres had adequate infrastructure, whether candidates were properly prepared and whether technical problems affected the conduct or grading of the examination.
The allegations concerning calculators and other examination materials may also require clarification to determine whether candidates were provided with the tools and resources approved for the examination.
For students and parents who believe their results are inaccurate, an important issue will be whether there is an accessible and transparent process through which disputed results can be reviewed.
The controversy could also influence the future expansion of CBT in Nigeria. If significant problems are established, WAEC and other examination bodies may need to strengthen their technical systems and review their procedures before further expansion.
Bottom Line
The WAEC controversy has developed into a broader question about the credibility of Nigeria’s examination system and the readiness of the country for a full transition to computer-based testing.
The allegations made by a WAEC official are serious, but they remain allegations and must be independently verified. WAEC’s limited response has left many of the questions raised unanswered.
For affected students, the most important issue is whether their results accurately represent their performance. For parents, schools and education stakeholders, the concern is whether the examination system can continue to command public confidence.
A transparent investigation, clear response from WAEC and an effective mechanism for addressing genuine errors will be critical to restoring confidence in the 2026 results.
UN Says Abduction Of SchoolChildren Threat To Nigeria's Future
By Annette Ikponmwonba | August 28, 2026
Key Points
• 7,825 people were abducted in 1,713 kidnapping and kidnap-related incidents between July 2025 and June 2026.
• At least 1,142 people were reported killed during the period under review.
• About N7.8bn was paid as ransom to kidnappers within one year.
• Ransom demanded by kidnappers fell from N48bn to N22.9bn, while actual payments increased from N2.56bn to N7.78bn.
• The ransom collection rate increased from 5.35 per cent to 34 per cent.
• Boko Haram’s Jama’atu Ahlis Sunna Lidda’awati Wal-Jihad faction reportedly accounted for 90 per cent of ransom payments, collecting about N7bn from eight incidents.
• Two major abductions accounted for almost the entire amount, including the reported N5bn ransom for 416 captives abducted from Ngoshe, Borno State, and N2bn for 315 pupils and staff of St Mary’s School, Papiri, Niger State.
• Zamfara recorded 92 mass abductions, while Sokoto recorded 76 during the period.
Main Story
Nigeria’s kidnapping crisis has taken on an increasingly commercial dimension, with 7,825 people abducted and about N7.8bn paid in ransom within one year, according to a report by SBM Intelligence, The report, titled The Capture of the Kidnap Economy, covered the period between July 2025 and June 2026 and documented 1,713 kidnapping and kidnap-related incidents. At least 1,142 people were also reported killed during the period, highlighting the severe human cost of the country’s worsening security crisis.
The financial dimension of the crisis is particularly concerning. Although the total ransom demanded by kidnappers declined from N48bn to N22.9bn, the amount actually paid increased sharply from N2.56bn to N7.78bn. This pushed the ransom collection rate from 5.35 per cent to 34 per cent, SBM Intelligence attributed about 90 per cent of the ransom paid to the Jama’atu Ahlis Sunna Lidda’awati Wal-Jihad faction of Boko Haram, which reportedly collected N7bn from only eight incidents.
Two major abductions reportedly accounted for almost the entire amount. These included the abduction of 416 people from Ngoshe in Borno State, for which N5bn was reportedly paid, and the abduction of 315 pupils and staff of St Mary’s School, Papiri, Niger State, which reportedly involved a N2bn ransom payment.
The report identified mass abduction as the most frequent method used by kidnappers during the period. Zamfara recorded 92 mass abductions, while Sokoto recorded 76, The resurgence of school kidnappings has raised concerns beyond the immediate safety of students and teachers. SBM Intelligence warned that repeated attacks could have broader consequences for education, agriculture and public confidence.
The report also challenged the assumption that paying ransom guarantees the safe return of hostages. It noted that in at least six cases, victims were reportedly killed even after ransom had been paid, The findings have renewed concerns about the effectiveness of ransom negotiations and the possibility that payments are helping criminal organisations expand their operations.
SBM Intelligence recommended disrupting the financial flows sustaining insurgency while also addressing the economic conditions that provide recruits to criminal groups. The organisation warned that without a coordinated strategy, kidnapping could become permanently entrenched as both a criminal industry and a funding mechanism for violent organisations.
The Issues
The central issue is the emergence of kidnapping as a profitable criminal economy. The billions of naira being paid to kidnappers provide an incentive for criminal groups to continue abducting people and give them resources to sustain their operations, Ransom payments also create concerns about the financing of terrorism and organised crime. Security experts argue that money obtained from victims’ families can be used to purchase weapons, provide logistics, recruit fighters and strengthen criminal networks.
However, stopping ransom payments is not straightforward. Families whose relatives are in captivity are often placed under enormous pressure by kidnappers. Their immediate concern is usually the survival of their loved ones, making it difficult to expect families to refuse payment without a credible alternative from the authorities.
The increase in school abductions presents another major concern. Parents may become reluctant to send their children to school in areas affected by kidnapping, while teachers and education workers may also feel increasingly unsafe. This could deepen educational disruption in already vulnerable communities.
The killing of hostages after ransom has been paid is another worrying development. It suggests that even compliance with kidnappers’ demands cannot always guarantee the safety of victims and raises questions about the reliability of ransom negotiations, The crisis is also placing enormous pressure on Nigeria’s security forces. The reported deaths of military personnel, including senior officers, demonstrate the dangers faced by troops fighting terrorists, bandits and kidnappers across several parts of the country.
What’s Being Said
SBM Intelligence warned that Nigeria risks entrenching kidnapping as a criminal industry and a funding mechanism for groups that pose a major threat to national stability, The organisation argued that the government needs a coordinated strategy that targets both the profitability of kidnapping and the socioeconomic conditions that encourage people to join criminal groups.
Security expert Jackson Ojo described Nigeria as an “unsafe territory” and blamed the worsening kidnapping crisis partly on what he described as the lackadaisical attitude of some government officials, Ojo argued that inadequate resistance from the state had allowed terrorists, bandits and kidnappers to transform kidnapping into a major revenue-generating industry.
He also expressed concern about the increasing sophistication and confidence of criminal groups. According to him, there have been cases where bandits allegedly issued advance notices to communities and demanded specific items, including motorcycles and call cards, as ransom, Ojo further raised concerns over the number of military personnel killed in the fight against terrorists and bandits. He said Nigeria had lost several senior officers, including generals and colonels, alongside numerous majors, captains and other personnel.
Former Commissioner of Police in the Federal Capital Territory and security consultant Lawrence Alobi also criticised the growing ransom economy, Alobi described the huge ransom payments as exploitative and a major driver of organised crime. He argued that money paid to kidnappers was being used to acquire more weapons and strengthen criminal networks.
According to him, ransom payments embolden criminal groups and encourage them to continue their activities because kidnapping becomes financially rewarding, Alobi advocated measures to stop ransom payments, arguing that the practice had turned kidnapping into a commercial venture. However, he acknowledged the difficult position of families whose relatives are being held hostage, noting that families often pay because their priority is to save their loved ones.
What’s Next
The government and security agencies are likely to face increasing pressure to dismantle the financial structures supporting kidnapping and terrorism. This will require greater attention to how ransom money is transferred, stored and converted into weapons, logistics and other resources, Security agencies will also need to improve intelligence gathering and rapid-response operations. If families are expected to resist ransom demands, authorities will need to provide credible alternatives capable of securing hostages before their lives are endangered.
Greater protection for schools and vulnerable communities will also be necessary, particularly in areas experiencing repeated mass abductions. Rebuilding public confidence will depend heavily on whether communities believe that the government can protect them effectively.
Beyond security operations, authorities will have to address the economic and social conditions that make vulnerable individuals susceptible to recruitment by criminal groups. Without tackling those underlying conditions, security operations alone may not permanently weaken the kidnapping economy.
Bottom Line
Nigeria’s kidnapping crisis is no longer just a security problem; it is increasingly a financial ecosystem that generates billions of naira for criminal and terrorist groups, The N7.8bn reportedly paid in ransom within one year demonstrates the scale of the financial incentive behind abduction. As long as kidnapping remains profitable, criminal groups have a powerful reason to continue the cycle.
The challenge for government is therefore to protect victims, weaken the financial networks behind kidnapping, improve the capacity of security agencies and address the conditions that fuel recruitment, Breaking the cycle will require more than stopping kidnappers on the ground. It will require making kidnapping less profitable while giving families and communities confidence that the state can protect and rescue victims without leaving them dependent on ransom payments.
By BizWatch Nigeria Markets Desk | August 28, 2026
Key Points
CBN receives ₦4.26 trillion in subscriptions against ₦1 trillion offered at the August 26 OMO auction
Investors subscribe ₦3.48 trillion for the 132-day bill, almost seven times the amount offered
CBN allots ₦2.80 trillion as stop rates fall while true yields remain above 21%
Main Story
The Central Bank of Nigeria (CBN) recorded ₦4.26 trillion in subscriptions at its Open Market Operations (OMO) auction on August 26, 2026, against a combined offer of ₦1 trillion.
The strong demand came across the 97-day and 132-day OMO bills, highlighting continued investor appetite for naira-denominated fixed-income securities offering attractive returns.
Subscriptions for the 97-day bill reached ₦783 billion against ₦500 billion offered. The CBN allotted ₦613 billion, while the stop rate declined by 49 basis points to 19.90% from 20.39% at the previous auction. The corresponding true yield was about 21.02%.
Demand was considerably stronger for the 132-day instrument, which attracted ₦3.48 trillion in subscriptions, nearly seven times the ₦500 billion offered. The CBN allotted ₦2.18 trillion at a stop rate of 19.65%, down 36 basis points from 20.01% previously. Its true yield was approximately 21.16%.
In total, the CBN sold ₦2.80 trillion, significantly above its initial ₦1 trillion offer.
The auction also represents a substantial liquidity sterilisation exercise, as the CBN absorbed ₦2.80 trillion from the financial system. The pricing outcome showed that strong demand persisted even as nominal stop rates declined.
The stronger subscription for the longer 132-day tenor also suggests that investors remained willing to commit funds for a longer period to secure comparable or slightly higher true returns.
What’s Being Said
No direct CBN or independent analyst quotation was provided in the source material. The available auction data, however, show that demand remained strong despite lower stop rates.
The CBN’s allotment of ₦2.80 trillion against a ₦1 trillion offer indicates that the auction served both as a major investment opportunity and a significant liquidity-management operation.
What’s Next
Investors will monitor subsequent OMO auctions for further movements in stop rates and true yields
Market participants will assess whether strong demand persists as the CBN continues to absorb excess naira liquidity
Future auction outcomes will provide further signals on investor appetite for short- and medium-term government-backed securities
Bottom Line
The Bottom Line: The latest OMO auction shows that investors remain prepared to deploy substantial funds into CBN securities even as nominal yields decline. The combination of heavy demand and yields above 21% on a true-yield basis keeps OMO bills firmly positioned as an attractive outlet for naira liquidity.
ASUP, Federal Polytechnic Mubi Chapter, has alleged that pension deductions from staff salaries have not been remitted for periods ranging from 18 months to two years and three months.
The union has embarked on strike and called for a government investigation into outstanding pension and third-party deductions.
The institution’s Rector, Dr Abdulrahman Ishiaka, dismissed the allegations as baseless and said no funds were missing.
Main story
The Academic Staff Union of Polytechnics (ASUP), Federal Polytechnic Mubi Chapter, has called on the Federal Government and relevant stakeholders to intervene over alleged non-remittance of pension contributions deducted from workers’ salaries by the institution’s management.
Kadala Bandi, Chairman of the ASUP chapter, made the call on Thursday at a press conference in Mubi Local Government Area of Adamawa, where he said the alleged deductions had remained unremitted to the National Pension Commission (PenCom) for periods ranging from 18 months to two years and three months.
Bandi said the deductions were made from staff salaries in line with the Pension Reform Act, 2014, as amended, but were not subsequently remitted as required.
He said the outstanding deductions covered November and December 2024, January to July 2025, August to December 2025 and July 2026, adding that the issue had contributed to the union’s decision to embark on strike.
According to him, the industrial action followed the failure of previous efforts to resolve the matter internally, prompting the union to seek intervention from the Federal Government through the Federal Ministry of Education (FME) and the National Board for Technical Education (NBTE).
Bandi said the union had exhausted its internal procedures for seeking redress without achieving a tangible resolution, and appealed to the government, labour unions and other stakeholders to intervene.
He also called for an audit and forensic investigation of all unremitted third-party deductions from 2020 to date, as well as the establishment of a clear timeline for full remittance.
The ASUP chairman further urged the FME and NBTE to constitute a visitation panel to investigate the allegations and determine the status of the deductions.
The union’s allegations, however, were rejected by the Rector of the institution, Dr Abdulrahman Ishiaka, who described them as baseless and said no funds were missing.
Ishiaka also accused the union of failing to suspend its strike in accordance with the Memorandum of Understanding (MoU) signed on July 24, 2026.
He appealed to the union to allow peace to prevail in the institution, saying this would enable academic activities to resume and continue.
The issues
The dispute centres on the alleged failure to remit pension deductions made from staff salaries and the wider question of how third-party deductions have been managed by the institution.
While ASUP is demanding an investigation and full remittance of the outstanding deductions, the institution’s management has denied any wrongdoing and maintained that no funds were missing.
What’s being said
“We have exhausted all internal procedures of seeking redress on this matter without any tangible result.” — Kadala Bandi, Chairman, ASUP Federal Polytechnic Mubi Chapter
“Therefore, we are appealing to the Federal Government, critical stakeholders in the sector, the Nigerian Labour Congress (NLC), the Trade Union Congress (TUC) and the press to come to our aid.” — Kadala Bandi, Chairman, ASUP Federal Polytechnic Mubi Chapter
“The union has failed to suspend the strike as agreed in the Memorandum of Understanding (MoU) signed on July 24, 2026.” — Dr Abdulrahman Ishiaka, Rector, Federal Polytechnic Mubi
What’s next
ASUP is seeking intervention from the Federal Government, FME, NBTE and organised labour, alongside an audit and forensic investigation of third-party deductions from 2020 to date.
The institution’s management, meanwhile, is urging the union to suspend its industrial action and allow academic activities to continue.
Bottom line
ASUP and the management of Federal Polytechnic Mubi remain divided over alleged unremitted pension deductions. The union is demanding an investigation and repayment of outstanding deductions, while the institution has denied the allegations and called for an end to the strike.
NGX investors’ wealth rose by N306 billion on Thursday, ending an 11-day losing streak.
Market capitalisation increased to N154.442 trillion, while the All-Share Index rose 0.20 per cent to 239,156.09.
Zenith Bank recorded the highest trading volume and value, with 69.95 million shares worth N8.20 billion traded.
Main story
Trading on the Nigerian Exchange Ltd. (NGX) closed higher on Thursday, ending an 11-day losing streak as investors’ wealth increased by N306 billion, driven by renewed buying interest in banking, insurance and consumer goods stocks.
The positive performance was also supported by FTSE Russell’s confirmation of Nigeria’s reclassification to Frontier Market status, effective Sept. 21, 2026.
Consequently, market capitalisation rose by 0.20 per cent, or N306 billion, to N154.442 trillion from N154.136 trillion recorded on Wednesday.
Similarly, the All-Share Index gained 473.17 points, representing 0.20 per cent, to close at 239,156.09, compared with 238,682.92 recorded in the previous session.
The gain lifted the market’s Year-to-Date return to 53.69 per cent, although the overall breadth of the market remained negative as 39 stocks recorded losses against 20 gainers.
Fidson led the decliners, shedding 9.98 per cent to close at N75.80 per share, while Africa Insurance and International Energy Insurance declined by 9.84 per cent each to close at N8.70 and N2.84 respectively.
Daar Communications fell by 8.61 per cent to N1.38 per share, while Legend Internet declined by 8.43 per cent to N3.80.
On the gainers’ side, Omatek Ventures led with a 9.60 per cent increase to close at N1.37 per share.
Cornerstone Insurance gained 9.18 per cent to N5.35, while AXA Mansard Insurance appreciated by 9.09 per cent to N12 per share.
Abbey Mortgage Bank rose by 6.25 per cent to close at N8.50, while First Holdco gained 4.65 per cent to close at N135 per share.
Despite the market’s positive close, trading activity weakened, with total volume declining by 31.83 per cent to 499.96 million shares.
The transactions were executed in 40,323 deals with a total value of N35.15 billion.
Zenith Bank dominated trading activity, accounting for the highest volume and value traded with 69.95 million shares valued at N8.20 billion.
The bank’s transactions represented 13.99 per cent of total market volume and 23.33 per cent of total value traded.
The issues
The market’s recovery ended an 11-session decline and pushed the Year-to-Date return higher, although the negative market breadth showed that the gains were not broad-based.
The session also recorded lower trading activity, with both the volume of shares traded and the number of advancing stocks declining relative to the broader market performance.
What’s next
Investors will watch subsequent trading sessions to determine whether Thursday’s gains mark a sustained recovery following the 11-day losing streak.
Market participants will also continue to assess the implications of Nigeria’s reclassification to Frontier Market status ahead of its effective date.
Bottom line
The NGX recovered on Thursday after 11 consecutive sessions of losses, adding N306 billion to market capitalisation.
However, the negative market breadth and decline in trading volume suggest that the recovery was concentrated in selected stocks rather than reflecting a broad-based improvement across the market.
TCN says it can now wheel more than 8,700MW of bulk electricity if DisCos are ready to take the load.
The company says the deployment of 89 transformers has added more than 8,500MVA to the transmission network.
TCN says preventive maintenance has been carried out at more than two-thirds of its locations nationwide.
Main story
The Transmission Company of Nigeria (TCN) says it has expanded the country’s grid wheeling capacity to more than 8,700 megawatts (MW) over the past year, strengthening its ability to transmit bulk electricity to distribution companies.
Mr Oluwagbenga Ajiboye, TCN Executive Director, Transmission Service Provider (TSP), disclosed this on Thursday at a three-day capacity workshop for power correspondents in Keffi, Nasarawa State. The workshop, themed “Assessing the Impact and Challenges of Transmission Network in Nigeria”, focused on the company’s efforts to expand the transmission network and improve grid stability.
Ajiboye said the expanded capacity meant TCN could conveniently wheel 8,700MW of electricity if the Electricity Distribution Companies (DisCos) were ready to take the available load. He attributed the expansion to infrastructure investments aimed at rehabilitating ageing transmission assets and increasing network capacity.
He said the company had combined internally funded projects with more than 1.4 billion dollars in multilateral development financing to support the rehabilitation and expansion programme.
As part of the investment, TCN has deployed more than 89 power transformers across the transmission network, including in Lagos, Abuja, Benin, Kano, Jos, Gombe, Osogbo and Asaba.
According to Ajiboye, the transformers have added more than 8,500 megavolt-amperes (MVA) of capacity to the transmission network, increasing its ability to deliver bulk electricity to DisCos across the country.
The company has also installed 300MVA transformer units at strategic locations, including Katampe, Lekki, Ikeja West and Akangba, as part of efforts to address critical load constraints in the network.
Ajiboye said the targeted investments were intended to ensure that the increase in transmission capacity translated into greater operational resilience and improved peak power delivery to homes and businesses.
Beyond network expansion, TCN has also intensified preventive maintenance across its facilities. Ajiboye said maintenance had been carried out at more than two-thirds of the company’s locations nationwide as part of efforts to improve system reliability and reduce equipment failures.
The company is also working with the Office of the National Security Adviser (ONSA), security agencies and community vigilante structures to protect transmission infrastructure from vandalism and other security threats.
Ajiboye said the protection of critical power assets remained important to sustaining improvements in the transmission network as the company continued to expand its capacity.
He also commended the media for its role in improving public understanding of developments in the power sector, saying accurate reporting of technical issues was important to building public trust.
Earlier, Mr Eric Ene, Assistant General Manager, Public Affairs, TCN, said the workshop was designed to provide power correspondents with detailed information on the company’s grid expansion efforts.
Ene said TCN executives and technical experts would also use the engagement to explain preventive maintenance activities, system stability initiatives and the broader roadmap for the development of Nigeria’s transmission infrastructure.
The issues
TCN’s reported expansion of wheeling capacity addresses one part of Nigeria’s electricity supply challenge, but the ability of DisCos to take and distribute available power remains critical to translating additional transmission capacity into improved electricity supply.
The company’s investment in transformers, network rehabilitation and preventive maintenance is also aimed at strengthening the transmission system as more electricity becomes available for wheeling.
What’s being said
“If the Electricity Distribution Companies (DisCos) are ready to pick load, TCN can conveniently wheel 8,700MW bulk electricity.” — Oluwagbenga Ajiboye, TCN
“With the addition of 300 MVA transformer units at strategic locations, including Katampe, Lekki, Ikeja West and Akangba, TCN is actively addressing critical load constraints.” — Oluwagbenga Ajiboye, TCN
“Transparent engagement with the energy-reporting media remains vital to building public trust and ensuring that technical realities are accurately communicated to the public.” — Oluwagbenga Ajiboye, TCN
What’s next
TCN is expected to continue the rehabilitation and expansion of its transmission infrastructure while sustaining preventive maintenance and working with security agencies to protect critical assets.
The company will also continue efforts to strengthen grid stability and increase the capacity available for bulk electricity delivery to DisCos.
Bottom line
TCN says it can now wheel more than 8,700MW of electricity, supported by new transformer capacity, network rehabilitation and maintenance. The extent to which the expanded transmission capacity improves electricity supply will depend partly on the ability of DisCos to take and distribute the available power.
CCETC-Ogua Energy Ltd. has secured transmission and distribution licences for its 100MW power project in Ikpoba-Okha Local Government Area of Edo.
The state government expects the project to be completed and inaugurated before the end of 2026.
Major project milestones are expected to be substantially achieved by October, subject to the absence of unforeseen challenges.
Main story
The 100-megawatt power project in Ikpoba-Okha Local Government Area of Edo has received a major boost following the issuance of transmission and distribution licences to CCETC-Ogua Energy Ltd.
The Commissioner for Power, Mr Paul Usenbo, disclosed this on Thursday in Benin, saying the licences had advanced the project towards completion and inauguration before the end of 2026.
Usenbo, however, said the timeline would depend on the successful execution of the remaining phases of the development, noting that the project had met the prerequisites and timelines for its first phase, which was scheduled for completion at the end of July.
He said relevant government authorities had continued to provide technical guidance and regulatory support to the developers, who were also expected to comply with required standards, assessments and other regulatory conditions.
With the first phase completed, Usenbo said attention had shifted to the second and final phase, which would pave the way for the commissioning of the power project.
He said most of the major milestones were expected to be substantially achieved by October, provided the project did not encounter unforeseen challenges or regulatory impediments.
The commissioner said the state government was prepared to accommodate delays where necessary, particularly if significant challenges affected the developers’ ability to meet the agreed timeline.
He said the government could extend the completion deadline to the first quarter of 2027 if circumstances required additional time.
Meanwhile, Usenbo said the government remained optimistic about the project’s progress, citing the level of work already completed at the site and the continued arrival and installation of power-generation equipment.
He expressed confidence that the generation machines being delivered to the site would be installed and made operational within the projected timeframe.
The issues
The project is expected to strengthen electricity generation capacity in Edo, while the issuance of transmission and distribution licences represents progress towards integrating the planned generation capacity with the electricity supply system.
However, the completion timeline remains dependent on the execution of the outstanding phase and compliance with technical and regulatory requirements.
What’s being said
“The expectation is that the developers will complete the remaining phase and proceed to inauguration by the end of 2026.” — Paul Usenbo, Edo Commissioner for Power
“If there are any encumbrances or challenges faced by this project, I will grant an extension of time.” — Paul Usenbo, Edo Commissioner for Power
What’s next
The developers are expected to complete the second and final phase of the project, while continuing the installation and commissioning of the generation equipment.
The state government expects substantial completion of major milestones by October, with inauguration targeted for the end of 2026. If significant challenges arise, the completion timeline could be extended to the first quarter of 2027.
Bottom line
The issuance of transmission and distribution licences has moved Edo’s 100MW Ikpoba-Okha power project closer to completion, with the state government targeting inauguration before the end of 2026, subject to the successful completion of the remaining development phase.
NAIPE says insurers and pension operators need to deploy their strengthened capital bases strategically to generate better investment returns.
The association’s 11th annual conference will examine investment opportunities and market dynamics following recapitalisation in both sectors.
The insurance industry completed its recapitalisation exercise on July 31, while the pension industry is expected to conclude a similar process next year.
Main story
The Nigerian Association of Insurance and Pension Editors (NAIPE) has called for prudent deployment of capital raised through recapitalisation to maximise investment returns and strengthen the insurance and pension sectors.
NAIPE Chairperson, Mrs Ebere Nwoji, made the call in a statement on Thursday in Lagos, saying the strengthened capital bases of operators should be strategically invested to create greater value for investors, shareholders and policyholders.
Nwoji said the association’s 11th Annual National Conference would provide a platform for operators and other stakeholders to examine investment strategies for the post-recapitalisation era.
The conference, scheduled for Oct. 8 in Lagos, will focus on the theme, “Post Recapitalisation and Market Dynamics in Insurance and Pension Sectors”.
She said the conference was coming at a critical time, following the completion of the insurance industry’s recapitalisation exercise and the ongoing recapitalisation of the pension industry, which is expected to be completed next year.
According to Nwoji, the conference will provide stakeholders with practical insights into how the strengthened capital bases of operators can be deployed to generate stronger returns, deepen market confidence and improve service delivery.
She said the structural changes taking place in both sectors made the theme particularly relevant, adding that the exercise had created opportunities that insurers and pension operators needed to take advantage of.
Nwoji commended the National Insurance Commission (NAICOM) for successfully concluding the insurance industry’s recapitalisation exercise on July 31, describing the development as a major achievement given the challenges encountered during previous attempts.
She also expressed confidence that the National Pension Commission (PenCom), under its Director-General, Ms Omolola Oloworaran, would deliver a successful and seamless recapitalisation exercise.
Beyond investment strategies, Nwoji said the conference would provide insurance and pension journalists with an opportunity to contribute to the development of both sectors by promoting public understanding of insurance and pension products.
She said stronger public awareness could encourage more Nigerians to use insurance and pension schemes as instruments of financial security and protection against old-age poverty.
The Chief Executive Officer of United Capital Asset Management Ltd., Dr Odiri Oginni, is expected to deliver the keynote address, while the Group Managing Director of Custodian Investment Plc, Mr Wole Oshin, is expected to chair the conference.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, and PenCom Director-General, Ms Omolola Oloworaran, are also expected to attend alongside chief executives of insurance companies, broking firms, investment and securities companies and Pension Fund Administrators.
Regulators, labour unions, students and other stakeholders are also expected to participate in the conference.
Nwoji said the 2026 edition would provide a platform for stakeholders to examine the future direction of Nigeria’s insurance and pension markets and address the opportunities and challenges emerging from the post-recapitalisation environment.
The issues
The recapitalisation exercises have strengthened the financial base of operators in the insurance and pension sectors, but NAIPE says the impact will ultimately depend on how the additional capital is deployed.
The conference will therefore focus on investment strategies that can generate stronger returns while improving market confidence and service delivery.
What’s being said
“The strategies would create greater value for investors, shareholders and policyholders.” — Mrs Ebere Nwoji, NAIPE Chairperson
“The event will provide stakeholders with practical insights into strategically investing the strengthened capital bases of operators.” — Mrs Ebere Nwoji, NAIPE Chairperson
“The 2026 edition would provide a platform for robust discussions on the future direction of Nigeria’s insurance and pension markets.” — Mrs Ebere Nwoji, NAIPE Chairperson
What’s next
NAIPE will hold its 11th Annual National Conference on Oct. 8 in Lagos, bringing together regulators, operators, investors, journalists and other stakeholders to examine investment opportunities and market dynamics following recapitalisation.
The pension industry is also expected to continue its recapitalisation process ahead of its planned completion next year.
Bottom line
NAIPE wants insurers and pension operators to move beyond raising capital and focus on deploying it effectively to generate stronger returns, improve services and deepen confidence in the sectors.
The association’s upcoming conference is expected to examine how operators can translate their stronger capital positions into greater value in the post-recapitalisation era.
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 1345 per $1 on Friday, August 28th 2026. The naira traded as high as 1335 to the dollar at the investors and exporters (I&E) window on Thursday. This is brought to you by Bizwatch Nigeria.
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 ₦1407 and buy at ₦1395 on Thursday 27th August, 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
₦1407
Buying Rate
₦1395
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1345
Lowest Rate
₦1335
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
