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OPay plans NGX listing amid reported $4bn US IPO target

By
Kehinde Victor
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Key points

  • OPay is planning to list its shares on the Nigerian Exchange (NGX), with a formal announcement expected soon.
  • The proposed listing comes as the fintech prepares for a potential US initial public offering targeting a valuation of about $4 billion.
  • OPay processed $358 billion in gross transaction value and generated $536.3 million in revenue in 2025.

Main story

Fintech giant OPay is planning to list its shares on the Nigerian Exchange (NGX), in what could become one of the most significant technology listings in Nigeria’s capital market.

Sources familiar with the matter said the company is expected to formally announce the proposed listing soon, although details of the offer have yet to be disclosed.

The development comes as OPay also prepares for a potential initial public offering in the United States, where the company has reportedly been targeting a valuation of about $4 billion. The simultaneous pursuit of listings in Nigeria and the US could potentially position the fintech for a dual-listing structure, although it is not yet clear whether the NGX listing would take place alongside the US offering or subsequently.

The uncertainty extends to the proposed Nigerian offering itself, as OPay has not disclosed its expected listing date, valuation, offer size or the percentage of shares that could be made available to investors. The company’s spokesperson also declined to comment on the proposed NGX listing.

OPay’s consideration of a local listing comes against the backdrop of the company’s rapid growth in Nigeria, where the expansion of digital payments and electronic transfers has strengthened its position in the financial technology market.

An investment document circulating the media showed that OPay processed gross transaction value of $358 billion in 2025, representing a 115 per cent increase from $166.2 billion recorded a year earlier. The growth in transaction activity was accompanied by a sharp improvement in the company’s financial performance, with revenue rising 161 per cent to $536.3 million during the year.

OPay also recorded operating income of $107.1 million in 2025, compared with an operating loss of $35.1 million in 2024, while Nigeria accounted for 88.1 per cent of its revenue, underscoring the importance of the Nigerian market to the business.

The company’s strong exposure to Nigeria is also relevant to the wider push for major businesses operating in the country to give domestic investors an opportunity to participate in their growth. NGX Group Chief Executive Officer, Temi Popoola, had earlier in August urged President Bola Tinubu to support measures encouraging companies that generate substantial revenues in Nigeria to list their shares locally.

Popoola specifically identified OPay and PalmPay among fintech companies considering overseas listings, arguing that Nigerian investors should have an opportunity to participate in the wealth being created by such companies.

Against that background, an NGX listing by OPay would provide a route for domestic investors to gain exposure to a company whose operations and revenues are heavily concentrated in Nigeria, while also strengthening the presence of technology companies on the local exchange.

At the same time, OPay is continuing preparations for its potential US offering with Citigroup, Deutsche Bank and JPMorgan Chase, which has reportedly been targeting a valuation of approximately $4 billion.

Further details of the proposed NGX listing, including its timing, structure and valuation, are expected to emerge when OPay formally announces the plan.

The issues

The proposed listing could give Nigerian investors direct access to one of the country’s largest fintech companies while increasing the representation of technology businesses on the domestic capital market.

It also comes amid concerns that some Nigerian companies generating substantial revenues locally may increasingly favour overseas capital markets, limiting domestic investors’ ability to participate in their growth.

For OPay, however, the structure of any Nigerian offering remains unclear, particularly because the company is simultaneously preparing for a potential US IPO.

What’s being said

Sources familiar with the matter said OPay is expected to formally announce plans for an NGX listing soon.

NGX Group Chief Executive Officer Temi Popoola has called for major companies generating substantial revenues in Nigeria to consider local listings and specifically identified OPay and PalmPay among fintech companies considering overseas listings.

OPay’s spokesperson declined to comment on the proposed listing.

What’s next

OPay is expected to announce further details of the proposed NGX listing, including the timing, structure, valuation, offer size and percentage of shares to be offered to investors.

The company is also continuing preparations for its potential US IPO with Citigroup, Deutsche Bank and JPMorgan Chase.

Bottom line

OPay’s proposed NGX listing would give Nigerian investors an opportunity to participate in the growth of a major fintech company whose largest market is Nigeria, while potentially deepening the technology segment of the domestic capital market.

However, the listing remains unconfirmed by OPay, and key details of the proposed offer are yet to be disclosed.

Africa’s tourism growth hinges on easier access, navigation – Expert

Africa’s tourism growth hinges on easier access, navigation – Expert

By
Kehinde Victor
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Tourism Destinations

Key points

  • International tourist arrivals to Africa increased by 8 per cent in 2025, while North Africa recorded 11 per cent growth, according to United Nations tourism figures cited by Prof. Elmarie Slabbert.
  • Egypt, Morocco and Seychelles recorded tourism growth of 20 per cent, 14 per cent and 13 per cent respectively.
  • A tourism expert says sustaining Africa’s growth will require improved air connectivity, easier visa processes, stronger transport links, infrastructure investment and skills development.

Main story

Africa has the attractions to compete for a larger share of the global tourism market, but sustaining the continent’s recent growth will depend on making destinations easier to reach, enter and navigate, a tourism expert, Prof. Elmarie Slabbert, has said.

Slabbert, director of the Tourism Research in Economics, Environs and Society (TREES) research unit and professor of Tourism Management at the School of Tourism Management at North-West University (NWU), said recent tourism figures showed that the continent was making progress in attracting international visitors.

According to United Nations tourism figures cited by Slabbert, international tourist arrivals to Africa increased by 8 per cent in 2025, while North Africa recorded growth of 11 per cent.

Egypt recorded 20 per cent growth, followed by Morocco with 14 per cent and Seychelles with 13 per cent.

Slabbert said the figures reflected deliberate efforts by African countries to position themselves as competitive tourism destinations.

She said Africa’s appeal was based not only on its natural attractions but also on its people, culture and authentic experiences.

“Africa’s attractiveness lies in its people and nature, and the authenticity they offer. Africa has natural landscapes, cultural experiences, wine, food and gastronomy, to mention a few,” she said.

Countries such as Zanzibar, mainland Tanzania and Kenya have benefited from a combination of nature, wildlife, beaches and cultural tourism.

However, Slabbert said possessing attractive tourism assets alone would not guarantee sustained growth, as the ease with which visitors could reach and move around destinations was becoming increasingly important.

Improved air access, investment in accommodation, destination marketing and measures that make it easier for travellers to enter countries have helped convert tourism interest into actual arrivals.

She cited Angola’s emergence as a growing destination as an indication of the potential available to African countries that have historically attracted a smaller share of international tourists.

According to her, countries seeking to grow their tourism sectors needed to consider the entire visitor journey, including convenience and ease of entry, instead of relying solely on their attractions.

South Africa also provides an example of how improved connectivity and marketing can support tourism growth.

Slabbert said South Africa recorded 19 per cent tourism growth in 2025, supported partly by increased air connectivity and capacity.

The improvement strengthened demand from key international markets, including the United Kingdom and the United States.

She also identified destination marketing as an important factor in attracting visitors and increasing awareness of African destinations.

Campaigns such as “South Africa Awaits: Come Find Your Joy” and “Live South Africa” increased the country’s exposure among consumers and at trade shows.

Slabbert added that tourism campaigns involving public figures such as Trevor Noah could further increase awareness of South Africa as a destination.

She said the experience of countries recording growth showed that tourism development required coordination across several areas rather than reliance on a single intervention.

For Africa to maintain its recent growth, however, governments and tourism operators would have to address barriers that could influence travellers’ decisions.

One of the major concerns is the cost and difficulty of travelling to and within the continent.

While access to some destinations has improved, travel within Africa can remain expensive, while safety concerns and political instability can influence tourists’ decisions.

Geopolitical tensions and economic uncertainty could also encourage international travellers to select destinations closer to home, particularly when long-haul travel becomes more expensive.

This presents a particular challenge for Africa because several of its major international tourism markets involve long-distance journeys.

Higher fuel and transport costs can therefore directly affect demand for African destinations.

Slabbert also identified climate change and pressure on tourism infrastructure as challenges that could become more significant as visitor numbers increase.

She said destinations would need to balance tourism expansion with the protection of the natural and cultural resources that form a major part of Africa’s tourism offering.

To sustain growth, she said African countries would need to improve visa processes, strengthen air and ground transport connections, embrace digital transformation, invest in infrastructure and develop the skills required to support the tourism industry.

She also stressed the importance of maintaining Africa’s visibility in international markets, warning that destinations could lose potential visitors if they failed to remain visible to travellers.

The issues

Africa’s tourism challenge is increasingly about accessibility rather than a lack of attractions. The continent has natural, cultural and recreational assets capable of attracting international visitors, but high travel costs, difficult entry processes, limited connectivity and infrastructure gaps can prevent tourism interest from translating into actual visits.

The growth recorded by destinations such as Egypt, Morocco, Seychelles and South Africa also shows that tourism performance can be strengthened through coordinated investment in connectivity, accommodation, marketing and visitor convenience.

However, continued growth will create additional pressure on infrastructure and natural resources. African destinations therefore face the challenge of expanding tourism while protecting the environmental and cultural assets on which the sector depends.

What’s being said

“Growing the tourism industry is a deliberate and integrated effort.”

“Africa’s challenge is not a lack of tourism assets, but the friction involved in reaching, entering and confidently travelling the continent.”

“Out of sight, out of mind.”

What’s next

Slabbert said continued tourism growth would require African countries to improve visa processes, strengthen air and ground transport links, invest in infrastructure, accelerate digital transformation and develop tourism-sector skills.

Destinations will also need to maintain their visibility in international markets while managing the environmental and infrastructure pressures associated with rising visitor numbers.

Bottom line

Africa’s recent tourism growth shows that the continent can attract more international visitors, but sustaining that growth will depend on more than its natural and cultural attractions. Easier travel, stronger connectivity, better infrastructure, effective marketing and simpler entry processes will be critical to turning Africa’s tourism potential into sustained growth.

Report: Boko Haram faction collected 90% of Nigeria’s ransom in one year

Report: Boko Haram faction collected 90% of Nigeria’s ransom in one year

By
Kehinde Victor
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Boko Haram

Key points

  • A Boko Haram faction collected about 90 per cent of ransom payments recorded in Nigeria between July 2025 and June 2026, according to SBM Intelligence.
  • Kidnappers demanded N22.856 billion during the period but received N7.779 billion, representing a 34 per cent collection rate.
  • SBM recorded 7,825 people abducted in 1,411 kidnapping incidents, with 1,142 people killed during the period under review.

Main story

A faction of Boko Haram collected about 90 per cent of ransom payments recorded in Nigeria between July 2025 and June 2026, despite being linked to only eight kidnapping incidents, according to a report by SBM Intelligence.

The research, titled The Capture of Nigeria’s Kidnap Economy: How One Terrorist Group Collected 90% of Nigeria’s Ransom Payments in a Single Year, found that kidnappers demanded N22.856 billion during the 12-month period but received N7.779 billion, representing a collection rate of 34 per cent.

SBM Intelligence said the amount demanded declined from N48 billion in the previous reporting cycle, while actual ransom payments increased from N2.56 billion to N7.779 billion.

According to the report, the increase was largely driven by a small number of large-scale abductions involving organised terrorist groups, rather than a general increase in ransom payments across kidnapping incidents.

The report, based on data available up to June 30, 2026, recorded 7,825 people abducted in 1,411 kidnapping incidents and 302 kidnap-related incidents, bringing the total number of incidents to 1,713.

At least 1,142 people were killed during the period under review.

SBM’s actor-level analysis showed that the Jama’atu Ahlis Sunna Lidda’awati Wal-Jihad (JAS) faction of Boko Haram and allied cells received N7.0015 billion, representing 90 per cent of the N7.779 billion in ransom payments recorded.

The faction demanded N9.205 billion across the eight incidents and received 76.1 per cent of the amount demanded.

In contrast, kidnappers and bandits categorised as conventional kidnappers accounted for 146 incidents and demanded N13.492 billion but received N719.4 million, representing a collection rate of 5.3 per cent.

Two mass abductions accounted for almost the entire amount collected by the Boko Haram faction.

In April 2026, 416 people were abducted from Ngoshe in Gwoza, Borno State. SBM reported that the group demanded N5 billion and received the full amount.

The second major payment followed the abduction of 315 pupils and staff of St Mary’s School in Papiri, Niger State, in November 2025, with multiple intelligence sources cited by SBM placing the ransom paid at N2 billion.

Together, the two incidents generated N7 billion, representing almost 90 per cent of the total ransom recorded nationally.

The report said the Ngoshe incident was significant because the N5 billion demanded was also the amount eventually paid, marking the first time in SBM’s series that the highest ransom demanded and the highest ransom paid were the same amount.

The research also found that mass abductions had become a major feature of Nigeria’s kidnapping crisis.

Of the 1,411 kidnapping incidents recorded, 396, representing 28.1 per cent, were mass abductions involving at least five victims.

Those incidents accounted for 6,222 victims, or 79.5 per cent of all people abducted during the period.

The Northwest recorded 267 of the 396 mass-abduction incidents, representing 67.4 per cent.

Zamfara recorded the highest number, with 92 mass abductions involving 1,722 victims, followed by Sokoto with 76 incidents involving 974 victims and Kaduna with 47 incidents involving 671 victims.

The report also identified a resurgence in school kidnappings, including the abduction of the 315 pupils and staff of St Mary’s School in Papiri and schoolgirls in Maga, Kebbi State.

SBM said the consequences of insecurity extended beyond ransom payments, as kidnapping could lead to school closures, disruption of education, displacement of farmers and businesses, and loss of agricultural production.

The research also found that payment of ransom did not always guarantee the release or survival of hostages.

It identified at least six incidents during the reporting period in which victims were killed after ransom had been paid.

SBM also documented at least six cases in which people delivering ransom money were themselves abducted.

In addition, the report recorded 14 incidents in which kidnappers demanded goods either instead of money or alongside cash, including motorcycles, rice, food items, fuel, smartphones, recharge cards and vehicles.

The geographic distribution of kidnapping remained heavily concentrated in northern Nigeria. SBM recorded 7,334 victims in the North, compared with 491 in the South, meaning the North accounted for 93.7 per cent of all people abducted.

The Northwest recorded 680 kidnapping incidents, followed by North-Central with 309 and the Northeast with 211. The three northern zones accounted for 85.1 per cent of all reported kidnapping incidents.

At state level, Zamfara remained the most affected, recording 236 kidnapping incidents involving 1,921 victims. Katsina followed with 187 incidents and 559 victims, while Sokoto recorded 179 incidents involving 1,157 victims. Kaduna recorded 134 incidents involving 814 victims.

SBM said the concentration of victims in Zamfara was notable because the state recorded only four anti-kidnap operations during the year.

Borno accounted for the largest share of ransom payments, receiving N5.0545 billion, or 65 per cent of the total. Niger followed with N2 billion, representing 25.7 per cent.

Kwara accounted for N278.3 million, while Kaduna and Sokoto accounted for N64 million and N58 million respectively. The five states accounted for 95.8 per cent of all ransom collected.

The report noted a substantial difference between ransom demanded and ransom actually collected by different groups.

Unaffiliated kidnappers, including cases attributed to bandits, accounted for 59 per cent of ransom demanded but only 9.2 per cent of ransom paid. They demanded N13.492 billion but collected N719.4 million.

The Boko Haram JAS faction accounted for 40.3 per cent of ransom demanded but 90 per cent of actual payments, with N9.205 billion in demands producing N7.0015 billion in payments.

SBM said the figures showed that Nigeria’s kidnapping economy was highly dispersed when measured by ransom demands but heavily concentrated when measured by the money actually paid.

The research firm warned that the N7.779 billion recorded should be regarded as a conservative minimum because the researchers confirmed ransom payments in another 16 incidents but could not verify the amounts.

It therefore said ransom had changed hands in at least 86 incidents, although only 70 could be assigned a monetary value.

SBM also found that the value of ransom payments in dollar terms had increased significantly. The N7.779 billion recorded in the 2026 cycle was equivalent to about 5.7 million dollars, compared with approximately 1.66 million dollars from N2.56 billion in the previous cycle.

The report recorded 1,142 deaths associated with the kidnapping crisis during the period. Civilians accounted for 895 deaths, while 179 kidnappers and 68 security personnel were also killed.

SBM recorded 302 anti-kidnap operations across the country, with Benue recording 26, Katsina and Edo 25 each, Kaduna 24, and Delta and Plateau 23 each.

The firm said the disparity between the scale of kidnapping and the number of security operations in states such as Zamfara raised concerns about the capacity of security agencies to respond effectively.

The issues

The report highlights a shift from a fragmented kidnapping economy to one in which organised terrorist groups can generate substantial revenue from mass abductions.

The sharp rise in the ransom collection rate, from 5.35 per cent in the previous cycle to 34 per cent, was driven largely by two major payments rather than an increase in the number of ransom-paying incidents.

SBM also raised concerns about the wider economic consequences of kidnapping, including disruption to education and agriculture, reduced investment, higher security costs and the diversion of household and business resources into ransom payments.

The firm warned that where ransom reaches terrorist organisations, kidnapping can become a financing mechanism for continued insurgency and violence.

What’s being said

“The 2026 figures, however, were driven by several large mass-abduction incidents in which organised groups possessed enough leverage to secure substantial payments.” — SBM Intelligence

“The actual amount paid by victims’ families is likely higher than ₦7.779 billion.” — SBM Intelligence

“Kidnapping is increasingly capable of functioning as a funding mechanism for terrorist organisations, rather than merely a source of income for criminal gangs.” — SBM Intelligence

What’s next

SBM Intelligence recommended greater attention to the financial flows generated by kidnapping, including measures to trace and disrupt ransom payments and prevent kidnapping from becoming a sustainable source of terrorist financing.

It also called for economic interventions to address conditions that provide potential recruits for armed groups.

The research firm said tackling the immediate criminal activity alongside the socioeconomic conditions surrounding armed groups would be necessary to disrupt the kidnapping economy.

Bottom line

SBM Intelligence’s findings show that while ransom demands declined during the year, actual payments increased sharply, largely because a Boko Haram faction secured major payments from two mass abductions.

The report suggests that Nigeria’s kidnapping challenge is increasingly about more than criminal activity, with organised terrorist groups able to use mass abductions to generate significant funds for their operations.

NFF crisis deepens as Gusau, eight board members reportedly resign

Disability advocates commend FAAN over improved airport accessibility

By
Kehinde Victor
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Airline Operators Accuse FAAN Of Flight Delays

Key points

  • Disability advocates have commended the Federal Airports Authority of Nigeria (FAAN) for improvements in services for persons with disabilities and reduced mobility.
  • The advocates said accessibility should cover the entire passenger journey rather than focus only on ramps and wheelchairs.
  • They called for greater reliability, maintenance of equipment, coordinated assistance and clear accountability when accessibility services fail.

Main story

The Disability Advocate Team has commended the Federal Airports Authority of Nigeria (FAAN) and other aviation stakeholders for progress in improving accessibility and services for persons with disabilities at Nigerian airports.

The advocates gave the commendation during an engagement involving FAAN, disability advocates and other stakeholders in the aviation sector.

The commendation was contained in a statement jointly signed by Mr Abiodun Ozurumba, Team Lead, Project Elevate, and Dr Chike Okogwu, a disability inclusion advocate, on Wednesday in Abuja.

The advocates said FAAN and other stakeholders had continued to engage disability advocates on ways to improve the aviation system, describing the willingness to listen and make improvements as deserving of recognition.

They, however, said airport accessibility should not be measured only by the installation of ramps or provision of wheelchairs.

According to them, true accessibility means that passengers with disabilities can navigate the entire airport journey safely, independently and with dignity.

They said this should cover the process from arrival at the airport, parking or drop-off, check-in, security and boarding to disembarkation, baggage collection and departure from the terminal.

The advocates said the growing focus on Persons with Reduced Mobility (PRMs), alongside Persons with Disabilities, was therefore important to improving the passenger experience.

They noted that FAAN had made progress, citing its August 2025 announcement of enhanced wheelchair and special assistance services for passengers with disabilities, elderly travellers and others requiring mobility support.

According to them, the service was designed to cover passengers from check-in through boarding and upon arrival.

They also cited reported improvements in responsiveness to travellers with reduced mobility, including dedicated assistance channels at major international airports.

The advocates said the progress should be recognised while acknowledging that more work remained to be done.

They also pointed to the Discrimination Against Persons with Disabilities (Prohibition) Act, 2018, which provides protections against discrimination and a framework for inclusion, as well as the Persons with Disabilities (Accessibility) Regulations, 2023.

They said the National Commission for Persons with Disabilities (NCPWD) was responsible for promoting, protecting and enforcing the rights of persons with disabilities.

The advocates, however, said the challenge was to translate the laws and regulations into consistent experiences for passengers.

The issues

The advocates identified reliability as a key priority in the next phase of improving accessibility at Nigerian airports.

They said accessibility equipment must be available, properly maintained and supported by staff who know how to operate it.

They also called for better coordination of assistance, saying passenger requests should be communicated effectively across the relevant service chain.

Clear accountability is also required when accessibility services fail, while the needs of passengers should remain at the centre of the system.

The advocates stressed that FAAN must continue to provide leadership while ensuring that airlines fulfil their responsibilities towards passengers with disabilities and reduced mobility.

What’s being said

“We are not where we want to be yet but we are definitely not where we used to be. That distinction matters.” — Disability Advocate Team

“Accessibility is not something that can be achieved by installing a ramp or providing a wheelchair and declaring victory.” — Disability Advocate Team

“Constructive advocacy is not about attacking every institution that has shortcomings.” — Disability Advocate Team

“Passenger must be at the centre.” — Disability Advocate Team

What’s next

The advocates called for continued engagement among FAAN, the Nigerian Civil Aviation Authority (NCAA), airlines, ground handlers and disability stakeholders to improve accessibility across airports.

They said future efforts should focus on ensuring that equipment and assistance services are consistently available, properly maintained and effectively coordinated.

They also urged aviation institutions to strengthen accountability and ensure that existing disability laws and regulations translate into reliable services for passengers.

Bottom line

Disability advocates said FAAN had made progress in improving airport accessibility but stressed that the next stage should focus on making those improvements reliable and consistent throughout the passenger journey.

NFF crisis deepens as Gusau, eight board members reportedly resign

NFF crisis deepens as Gusau, eight board members reportedly resign

By
Kehinde Victor
-

Key points

  • NFF President Ibrahim Gusau and several executive committee members have reportedly resigned.
  • Eight of the federation’s 13 board members are said to have stepped down amid mounting criticism.
  • The development could affect the NFF’s planned Sept. 27 elections and the federation’s leadership structure.

Main story

The crisis in Nigerian football has deepened following the reported resignation of Nigeria Football Federation (NFF) President Ibrahim Gusau and several members of the federation’s executive committee.

The development comes amid growing criticism of the NFF’s management and a series of setbacks involving Nigeria’s national teams, including the Super Falcons’ failure to qualify for the 2027 FIFA Women’s World Cup.

According to the report, eight of the 13 members of the NFF board have allegedly resigned, potentially creating uncertainty over the federation’s leadership and its scheduled elections.

The Super Falcons’ failure to qualify for the 2027 Women’s World Cup has intensified pressure on the federation. Nigeria lost 2-1 to South Africa’s Banyana Banyana in a qualification playoff after failing to secure automatic qualification.

The result ended Nigeria’s record of appearing at every edition of the Women’s World Cup since the tournament began in 1991.

The NFF has also faced scrutiny over the management of funds provided for the national teams. The report said the Department of State Services (DSS) had commenced an examination of the use of a N17 billion intervention fund approved by President Bola Tinubu in 2024 to settle outstanding wages, bonuses and other payments owed to national team players.

The reported investigation has added to longstanding concerns over the administration and financing of Nigerian football.

The Super Eagles’ failure to qualify for successive editions of the FIFA World Cup has further increased pressure on the federation’s leadership.

The reported departures also come ahead of the NFF’s planned Sept. 27 elections in Lafia, Nasarawa State, raising questions about how the federation will be managed if the resignations are confirmed.

The issues

The immediate issue is the reported loss of more than half of the NFF’s 13-member board, which could create a leadership vacuum and complicate preparations for the September elections.

The resignations also come at a time when the federation is under pressure over the performance of Nigeria’s national teams. The Super Falcons’ failure to reach the 2027 Women’s World Cup is particularly significant because Nigeria had qualified for every previous edition of the competition.

Financial accountability is another major concern. The reported DSS examination of the N17 billion intervention fund has placed renewed attention on how government funds allocated to national teams were managed.

The situation is further complicated by the NFF’s failure to publicly clarify the number of officials who have resigned, the circumstances surrounding their departures and the arrangements that would govern the federation pending the elections.

What’s next

The NFF is expected to clarify the reported resignations and indicate how its affairs will be managed if the departures are confirmed.

The development could also affect preparations for the Sept. 27 elective congress in Lafia, particularly if the reported resignations alter the federation’s ability to conduct its affairs.

Attention will also remain on the reported DSS examination of the N17 billion intervention fund and whether it produces further findings concerning the management of funds released for Nigeria’s national teams.

Bottom line

The reported resignations mark a significant escalation of the leadership crisis facing Nigerian football. With the NFF already under pressure over national-team performances, financial scrutiny and the upcoming elections, the federation now faces the task of clarifying its leadership position and restoring confidence in its administration.

Ogoni Dialogue Committee denies corruption allegations, says it has no role in NNPCL recruitment

Stakeholders call for value addition in Nigeria’s oil and gas sector

By
Kehinde Victor
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Oil Prices Drop, Here's Why

Key points

  • Stakeholders urge Nigeria to move from crude and resource exports to value-added oil, gas and petrochemical products.
  • Indorama says its $3 billion expansion has made it Africa’s largest petrochemical and fertiliser company.
  • Experts say building industrial capabilities around Nigeria’s oil and gas resources is essential for sustainable economic growth.

Main story

Stakeholders in Nigeria’s oil and gas industry have called for greater value addition to the country’s petroleum resources to promote sustainable growth in the sector and strengthen the wider economy.

The stakeholders made the call on Wednesday at the Seventh International Mid/Downstream Oil and Gas Conference in Port Harcourt, organised by the Centre for Gas, Refining and Petrochemical Engineering (CGRP), University of Port Harcourt, in partnership with the Nigerian Society of Chemical Engineers.

Speaking at the conference, the Managing Director of Indorama Eleme Petrochemicals Ltd., Mr Manish Mundra, said the event provided an opportunity to generate ideas capable of driving positive changes across the oil and gas industry.

Mundra, represented by the Head of Fertiliser Manufacturing, Indorama Eleme Fertilizer Chemicals Ltd., Mr Upendra Singh, said effective reforms in the sector would contribute to Nigeria’s economic development by encouraging the conversion of hydrocarbons into higher-value industrial products.

He said Indorama had pursued policy reforms through innovative expansion strategies, including a $3 billion expansion programme that had positioned the company as the largest petrochemical and fertiliser company in Africa.

Mundra added that the company’s polymer production was supporting Nigerian micro, small and medium enterprises involved in manufacturing.

Also speaking, the Managing Director of the Nigeria LNG Ltd. (NLNG), Mr Adeleye Falade, said Nigeria needed to build value-addition ecosystems and capabilities around its oil and gas resources to achieve sustainable economic development.

Falade, represented by the Manager, Future Opportunities, NLNG, Mr Oluwafemi Lawal, identified export-led growth, investment in people and cultural transformation as important components of Nigeria’s petro-economic development.

He said possession of oil and gas resources alone could not guarantee economic prosperity without the industrial capabilities required to transform those resources into valuable products and businesses.

Earlier, the Chairman of the Governing Board of CGRP, Mr Anthony Ogbuigwe, expressed concern that Nigeria’s large petrochemical resource base had not translated into the level of industrial development that could be expected.

Ogbuigwe called for a transition from a crude-exporting economy to one focused on processing and value addition, saying local refining and manufacturing could create jobs and support long-term economic sustainability.

He also called for stronger collaboration between the energy and manufacturing sectors to maximise the country’s natural resources.

The conference was held under the theme, “Repositioning Nigeria’s Petrochemicals Sector for Industrial Growth, Innovations and Sustainable Development.”

The issues

Nigeria’s oil and gas sector has historically generated significant export earnings, but stakeholders at the conference argued that greater economic value could be created by processing hydrocarbons locally and developing industries around them.

The concern extends beyond crude oil. The stakeholders emphasised the need to develop petrochemical, fertiliser and other downstream industries capable of turning natural resources into higher-value products, supporting manufacturing and creating jobs.

The speakers also highlighted the importance of building the skills, infrastructure, technology and industrial capabilities required to sustain these activities. Without such capabilities, the availability of oil and gas resources may not translate into broad-based economic development.

For companies such as Indorama, investment in downstream and petrochemical capacity demonstrates how domestic processing can create linkages with other parts of the economy, including manufacturing MSMEs.

The call therefore centres on moving beyond the extraction and export of raw resources towards an industrial system in which Nigeria processes more of its hydrocarbons, develops local expertise and supplies higher-value products to domestic and international markets.

What’s being said

“Repositioning the sector means promoting hydrocarbon numbers into diversified high value industrial products.” — Manish Mundra, Managing Director, Indorama Eleme Petrochemicals Ltd.

“Possession of oil and gas resources alone may largely not translate into economic development and prosperity, we must add value.” — Adeleye Falade, Managing Director, NLNG

“Resources become an advantage only when capability is built around them. The real multiplier is not the gas molecule, it is the economy built around it.” — Adeleye Falade, Managing Director, NLNG

“We need to think of how we can build capabilities around our resources and export them. The future we seek is not buried beneath our feet, it is what we choose to build above them.” — Adeleye Falade, Managing Director, NLNG

“We must move from a crude exporting economy to a value addition economy. Every barrel of crude oil refined locally should create opportunities for jobs and economic sustainability.” — Anthony Ogbuigwe, Chairman, Governing Board, CGRP

What’s next

The stakeholders are expected to continue discussions around policies and investments that can deepen local processing, petrochemical production and manufacturing linkages in Nigeria’s oil and gas industry.

Greater collaboration between energy companies, manufacturers, government institutions and technical experts will also be important in developing the infrastructure, skills and technologies required to expand value addition.

Bottom line

Nigeria’s oil and gas resources can generate greater economic benefits when they are processed into higher-value products and linked to domestic manufacturing. Stakeholders at the conference are calling for the country to focus not only on what it extracts, but on the industries and capabilities it can build around those resources.

ICPC names four officials linked to purported PFIPC operations

Ogoni Dialogue Committee denies corruption allegations, says it has no role in NNPCL recruitment

By
Kehinde Victor
-

Key points

  • Ogoni Dialogue Committee rejects allegations that its leadership was compromised by private interests or involved in corrupt practices.
  • Chairman Don Baridam says the committee neither selected beneficiaries for NNPCL jobs nor awarded government contracts.
  • The committee says dialogue with the Federal Government is progressing, with a possible interim agreement being considered on outstanding issues.

Main story

The Ogoni Dialogue Committee (ODC) has rejected allegations of corruption against its leadership, saying claims that members were financially compromised or involved in back-door oil activities are false and misleading.

Chairman of the committee, Prof. Don Baridam, made the clarification on Wednesday at a news conference in Port Harcourt, following allegations by apex socio-cultural and regional organisations in Ogoniland, including KAGOTE and the Movement for the Survival of the Ogoni People.

The groups had accused the ODC leadership of corruption and alleged that secret oil-related and drilling activities had commenced in parts of Ogoniland while formal discussions with the Federal Government over the resumption of oil operations were still ongoing.

They also questioned the handling of a 40-slot employment opportunity provided by the Nigerian National Petroleum Company Ltd. (NNPCL) as part of confidence-building measures in the dialogue process.

Baridam, however, said the committee had no role in determining who secured the NNPCL positions.

He explained that the employment opportunity emerged from proposals made by the Ogoni delegation during discussions with the Federal Government, but NNPCL had insisted that its established recruitment procedures would be followed.

According to him, the successful candidates were selected by NNPCL from qualified Ogoni applicants already in its recruitment database. He said the applicants had previously applied for positions, gone through the company’s recruitment processes and performed well.

Baridam acknowledged that some members of the ODC submitted names for consideration but said such nominations did not influence the final selection.

He also rejected allegations that the committee had awarded or allocated contracts to individuals or companies, saying such activities were outside its mandate.

The ODC chairman further denied receiving any budget, grant or other financial support from the Federal Government, describing the committee’s participation in the dialogue as a service to the Ogoni people.

The committee was inaugurated by President Bola Tinubu in January 2025 to negotiate the possible resumption of oil exploration and production in Ogoniland after more than three decades of halted operations.

On allegations of renewed oil activities in the area, Baridam said the committee had no information confirming the resumption of oil and gas production under the Ogoni re-entry programme.

He said NNPCL had also indicated that it was unaware of reports of alleged oil-rig operations in Alesa-Eleme, although investigations into the reports were ongoing.

Meanwhile, Baridam said the proposed creation of Bori State remained one of the demands presented to the Federal Government by the Ogoni delegation.

He disclosed that the committee had established a tactical subcommittee to develop ways of pursuing the demand within the constitutional framework.

The ODC chairman said the broader dialogue had also advanced to the harmonisation of outstanding issues contained in the committee’s report, the Federal Government’s response and a technical committee report.

He said a Joint Harmonisation Committee comprising representatives of the Federal Government and Ogoni stakeholders was being considered to develop an interim memorandum of understanding on areas where agreement had been reached.

The issues

The allegations against the ODC come against the backdrop of continuing disagreement among Ogoni stakeholders over the conditions for the possible return of oil exploration and production to the area.

The handling of the NNPCL employment slots has emerged as one point of contention, with some groups questioning the transparency of the process and alleging that non-indigenes were included among the beneficiaries.

The ODC’s response is that recruitment remained entirely under NNPCL’s established procedures and that the committee did not determine the successful candidates.

Another issue is the allegation of renewed oil operations in parts of Ogoniland. The claims have raised concerns because the dialogue process is still addressing the conditions and framework for any possible re-entry of oil companies into the area.

The committee has also maintained that government contracts and financial allocations fall outside its mandate, while rejecting suggestions that its members have benefited financially from the dialogue process.

What’s being said

“The Ogoni Dialogue Committee neither selected nor recruited the beneficiaries.” — Prof. Don Baridam, Chairman, Ogoni Dialogue Committee

“The recruitment and selection process did not pass through the ODC, nor did the ODC determine who was employed.” — Prof. Don Baridam, Chairman, Ogoni Dialogue Committee

“At no time did the ODC award, allocate, distribute, or otherwise become involved in contracts.” — Prof. Don Baridam, Chairman, Ogoni Dialogue Committee

“ODC has established a tactical subcommittee to develop modalities for pursuing the demand in line with constitutional procedures.” — Prof. Don Baridam, Chairman, Ogoni Dialogue Committee

What’s next

The dialogue process is expected to continue with efforts to reconcile outstanding positions contained in the ODC report, the Federal Government’s response and the technical committee’s report.

A Joint Harmonisation Committee involving Federal Government representatives and Ogoni stakeholders may also be established to work towards an interim memorandum of understanding on areas of agreement.

Meanwhile, the committee is expected to continue discussions with Ogoni stakeholders on issues surrounding the proposed resumption of oil activities and the demand for the creation of Bori State.

Bottom line

The ODC has rejected allegations of corruption and denied involvement in NNPCL recruitment, contracts or government funding. With disagreements among Ogoni stakeholders continuing, the next phase of the dialogue will depend on whether the parties can build consensus around the conditions for oil re-entry and other outstanding demands.

ICPC faults budget office over purported PFIPC budget inclusion

Thursday Chronicles: Un’Limb’ited – How One Corporate Intervention Is Rewriting Childhood Limb Loss

By
Omotoke Ayomide
-

Hello, my fellow Timeline Auditors, Street-Level Philosophers, and Compassionate Neighbors. Welcome back to our weekly sanctuary! Today is Thursday, August 27, 2026. If you’ve ever spent your weekend witnessing a sea of blue shirts walking through Victoria Island, Lagos for the annual #Together4ALimb initiative, or if you’ve ever sat in a Lagos traffic gridlock and looked at a child with an amputated leg weaving between bumper-to-bumper cars, and overheard someone whisper, “Leave them, their family prefers it that way because it brings in money,” pull up a plastic chair. You are in the safest, most candid room on the internet.

This week, we are auditing a deeply emotional, complex, and widely misunderstood human reality: childhood limb loss, the toxic myths surrounding street begging, and the life-changing interventions restoring human dignity to our youngest citizens.

To understand what childhood limb loss actually means in Nigeria, forget clinical terms like “congenital limb difference” or “traumatic amputation.” Look at a neighborhood playground on a Saturday afternoon.

In our communities, kids play hard—chasing rolling tires, playing street football with plastic bottles as goalposts, and racing toward the local ice cream vendor.

But when a child loses a leg in a sudden road accident, or suffers a limb amputation following a medical treatment gone wrong, their world shrinks instantly.
The physical loss of a limb is only the smaller half of the hardship. The larger burden is the brutal emotional weight of societal stigma.

When a child stops going to school because of playground taunts, or when a father has to carry his growing daughter on his back every single day to her classroom, the entire family’s future gets paused.

Now, let’s address the elephant in the room—an uncomfortable narrative repeated in air-conditioned offices, ride-hailing cabs, and social media comment sections, especially regarding northern states.

Why bother giving prosthetic limbs or aid to children begging at traffic lights? Their families don’t want help. They make more money begging with a missing limb than working a regular job!

This is one of the most persistent, toxic myths in urban discourse. Let’s break down the street logic versus the lived reality.

When a child from an underserved family loses a limb to a road mishap, an untreated infection, or a botched traditional bone-setting attempt, the medical bills wipe out family savings. When they leave the hospital, there is no state-funded rehabilitation portal.

No parent wakes up in the morning praying for their 8-year-old child to spend 10 hours under the scorching sun dodging exhaust fumes in traffic. What people misinterpret as “preference” is actually the quiet surrender of people who were never offered a real door out. When given a genuine choice—a working prosthetic limb paired with a ₦1.5 million education trust fund—parents do not choose the highway median; they choose the classroom every single time!

This is precisely why long-term corporate interventions like Stanbic IBTC’s #Together4ALimb movement are so vital—they don’t just hand out temporary charity; they dismantle the structural trap completely.

On August 22, 2026, during their annual awareness walkathon under the theme “Be Un’limb’ited: Energise. Elevate. Grow.”, the initiative reached its 250th beneficiary milestone.

When a child who once hid behind a curtain receives a custom prosthetic leg, something magical happens. They don’t just walk; they put on school uniforms, run for class captain, and step back onto the football field. When an 11-year-old girl who used to be carried everywhere by her father suddenly walks into class on her own two feet, her father’s back—and his mind—finally get rest.

An artificial leg does far more than replace lost bone and muscle—it restores human dignity, silences playground bullies, and opens the door to becoming a future lawyer, doctor, or engineer.

Lessons to Carry into the Weekend
Audit Your Biases: The next time you see a child living with a physical disability on the street, replace cynicism with empathy. Lack of access, not lack of ambition, is what keeps people trapped.
Support Sustainable Interventions: Real empowerment isn’t handing out loose change at a red light; it’s championing initiatives, policies, and health frameworks that offer free adaptive tech and education to vulnerable kids.
Teach Inclusion at Home: Remind the young ones around you never to tease or exclude a classmate who looks or moves differently. Every child deserves to feel “un’limb’ited”.

See you next Thursday—hopefully with wider empathy, stronger support systems, and a country where every child can dream without limits!

Thursday Chronicles: The great Lagos house-hunting matrix

NNPC, partners sign Bonga Southwest/Aparo agreements ahead of FID

By
Kehinde Victor
-

Key Points

  • NNPC Ltd. and OML 118 contractor parties have signed agreements advancing the Bonga Southwest/Aparo deepwater project towards Final Investment Decision.
  • The project could attract $15 billion to $21 billion in investment and reach peak production of 175,000 barrels of oil per day.
  • The contractor parties have completed the Pre-FEED phase and identified a preferred FPSO contractor, subject to required approvals.

Main Story

The Nigerian National Petroleum Company Limited (NNPC Ltd.) and the contractor parties to Oil Mining Lease (OML) 118 have signed agreements aimed at advancing the Bonga Southwest/Aparo (BSWAp) deepwater project towards Final Investment Decision (FID).

The parties executed an Addendum to the OML 118 Production Sharing Contract (PSC) and an Addendum to the Dispute Settlement Agreement (DSA) at the NNPC Towers in Abuja on Monday.

The contractor parties involved are Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited (NAE).

The Group Chief Executive Officer of NNPC Ltd., Mr Bashir Ojulari, said the agreements give effect to fiscal and commercial terms approved by the Federal Government for the development of BSWAp.

He said the development demonstrated the government’s efforts to create a competitive and stable environment capable of attracting large-scale investment into Nigeria’s deepwater oil and gas sector.

According to Ojulari, the agreements followed President Bola Tinubu’s approval of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026.

He described the order as an important part of the government’s reforms to improve the competitiveness of deepwater projects and encourage new investment in the sector.

Ojulari said the BSWAp agreements showed how the reforms were being translated into concrete project development.

The project is projected to become one of Nigeria’s largest deepwater developments, with estimated investment of between $15 billion and $21 billion over its lifespan.

At peak production, BSWAp is expected to produce 175,000 barrels of oil per day and 14 million standard cubic feet of gas daily.

The project is also expected to increase government revenue and foreign exchange earnings while creating opportunities for local businesses and workers.

Ojulari said NNPC Ltd. would continue working with the Federal Government, project partners and other stakeholders to ensure that the development delivers value to the Federation and Nigerians.

Meanwhile, the contractor parties announced the completion of the project’s Pre-Front End Engineering Design (Pre-FEED) phase.

The completion marks progress in defining the project’s technical and commercial scope and positions BSWAp to move into the FEED stage, subject to the required partner, assurance and governance processes.

The parties have also identified a preferred contractor for the project’s Floating Production Storage and Offloading (FPSO) facility following a competitive selection process.

However, the eventual award of the FPSO Engineering, Procurement, Construction and Installation (EPCI) contract remains subject to regulatory, partner, assurance and other required approvals.

Once operational, BSWAp is expected to become a major new deepwater production hub, increasing Nigeria’s oil output and supporting the government’s objective of growing oil and gas production sustainably.

The Issues

The signing of the PSC and DSA addenda removes an important contractual hurdle as the BSWAp project moves closer to FID.

The project’s scale means that its development could have significant implications for Nigeria’s oil production, government revenues and foreign exchange earnings, while also creating opportunities for domestic companies involved in engineering, fabrication, marine services and other parts of the supply chain.

The Federal Government’s new deepwater tax incentives are also central to the project’s commercial framework, with the agreements giving effect to the fiscal and commercial terms approved for BSWAp.

Beyond production, the project is expected to support Nigerian content through increased participation by indigenous companies, technology transfer, local fabrication and the development of technical and engineering skills.

What’s Being Said

“The PSC and DSA Addenda show the practical impact of these reforms in translating policy into project development.” — Bashir Ojulari, Group Chief Executive Officer, NNPC Ltd.

“BSWAp is projected to be one of Nigeria’s largest deepwater developments, with the potential to attract between 15 billion dollars and 21 billion dollars in investment over its lifespan and reach peak production of 175,000bpd and 14mscf of gas daily.” — Bashir Ojulari, Group Chief Executive Officer, NNPC Ltd.

What’s Next

The BSWAp project is expected to progress into the FEED phase following completion of the Pre-FEED stage, subject to the applicable partner, assurance and governance requirements.

The preferred FPSO contractor will also proceed towards the next stage of the process, although the EPCI contract cannot be formally awarded until all required partner, regulatory, assurance and governance approvals are completed.

The project will then move closer to FID as the technical, commercial and regulatory requirements are concluded.

Bottom Line

The execution of the OML 118 PSC and DSA addenda moves BSWAp closer to FID and gives effect to the Federal Government’s new deepwater investment incentives. If developed as planned, the project could bring up to $21 billion in investment and 175,000 barrels per day of peak oil production while expanding local content opportunities.

Money market rates rise as omo, t-bills drain liquidity

ICPC faults budget office over purported PFIPC budget inclusion

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | August 27, 2026

Key Points

  • ICPC faults the Budget Office for onboarding the purported PFIPC into the 2026 federal budget without independently verifying its legal status
  • Investigators say the Budget Office converted a proposed ₦3.85 billion personnel cost into a ₦1.3 billion allocation using the public service salary structure
  • ICPC says weaknesses in verification and internal controls created a gap that allowed the purported agency into the budget

Main Story

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has faulted the Budget Office of the Federation (BOF) for including the purported PFIPC in Nigeria’s 2026 federal budget without adequate verification.

The finding is contained in the commission’s investigation into the purported agency, which the Federal Government has said was never legally established.

According to the ICPC, the Budget Office relied on an administrative code issued by the Office of the Accountant-General of the Federation and establishment-related documents attributed to the Office of the Head of the Civil Service of the Federation without independently confirming their authenticity.

The investigation found that the Budget Office received a PFIPC budget proposal on August 20, 2025, with a proposed personnel cost of ₦3.85 billion. Because there was no approved salary structure from the National Salaries, Incomes and Wages Commission, the office recalculated the personnel component using the Consolidated Public Service Salary Structure.

The resulting allocation was about ₦1.3 billion, comprising ₦802 million for personnel, ₦200 million for overhead and ₦300 million for capital expenditure.

The ICPC said the purported PFIPC did not submit estimates for overhead and capital expenditure, with the Budget Office instead determining those figures using comparisons with similar agencies and the proposed personnel structure.

The commission found that the Budget Office proceeded despite incomplete documentation and relied on informal engagements and scanned approvals that had not been independently verified.

However, the investigation found no evidence that the budgetary provision was subsequently released, cash-backed, paid or spent. The Budget Office had previously said the allocation remained at the appropriation stage because the statutory conditions for expenditure were not met.

What’s Being Said

“The conclusion is firm. Not one kobo of the personnel provision could lawfully have been drawn, and not one kobo was drawn,” said Tanimu Yakubu, Director-General, Budget Office of the Federation, while defending the office’s handling of the allocation before the House of Representatives committee.

ICPC said the Budget Office’s verification failures exposed a broader weakness in the process for onboarding newly established government institutions and recommended tighter requirements before such bodies are admitted into the federal budget.

What’s Next

  • ICPC has recommended that the Budget Office make complete establishment instruments and mandatory budget documents prerequisites for onboarding new ministries, departments and agencies
  • The commission is expected to continue examining how the purported PFIPC passed through government verification and budget processes
  • The House of Representatives’ separate investigation into the PFIPC controversy remains part of the broader effort to determine how the purported agency entered the 2026 budget

Bottom Line

The Bottom Line: The key failure identified by ICPC was not the size of the PFIPC allocation but the absence of independent verification before a purported government entity entered the national budget. The case exposes a control weakness with implications for the integrity of Nigeria’s budget onboarding process.

Siraheem quits music, says balancing career has become difficult

ICPC names four officials linked to purported PFIPC operations

By
Boluwatife Oshadiya
-
ICPC

By Boluwatife Oshadiya | August 27, 2026

Key Points

  • ICPC identifies four civil servants allegedly involved in helping Adeniyi Adeyemi secure approvals and government facilities for the purported PFIPC
  • Investigators allege one official received ₦500 million while another received ₦3.25 million in separate payments from Adeyemi
  • The commission says forged documents and procedural lapses enabled the purported agency to access government systems despite lacking legal backing

Main Story

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has identified four civil servants allegedly linked to the purported Presidential Foreign Intervention Promotion Council (PFIPC) and its efforts to secure government approvals and facilities.

The findings are contained in the commission’s interim investigation report into the activities of the purported agency, which the Federal Government has said was never legally established.

The officials identified in the investigation are Rose Achem, senior administrative officer to the Director-General of the Budget Office of the Federation; Patricia Akhigbe, an assistant director at the Ministry of Budget and Economic Planning; Mimi Abu, director of organisation design and development at the Office of the Head of the Civil Service of the Federation; and Aminu Abdullahi, an official involved in office allocation at the Office of the Secretary to the Government of the Federation.

According to the ICPC report, Achem introduced Akhigbe to Abu as the head of human resources of the purported PFIPC, after which the three officials facilitated an application for authorised establishment and a recruitment waiver despite investigators finding no evidence of a formal application through the required process.

The commission said Adeyemi paid Akhigbe ₦500,000 during Easter in 2025, describing the payment as a “thank you for your support”. Investigators also found that Abdullahi received ₦3.25 million from Adeyemi in three tranches between March and November 2025.

The investigation further found that Abdullahi allegedly allocated offices previously occupied by former Chief Economic Adviser to the President, Doyin Salami, at the Federal Secretariat Phase III for the purported PFIPC without written approval.

The ICPC had earlier established that Adeyemi was never appointed by the Federal Government and that documents used to support the purported agency, including an appointment letter and other official-looking documents, were forged.

What’s Being Said

“Adeniyi Adeyemi should be prosecuted, while administrative sanctions should be imposed on public officers whose acts of commission, omission and negligence facilitated the illegal operation of PFIPC/PEAC,” said Musa Adamu Aliyu, Chairman, Independent Corrupt Practices and Other Related Offences Commission.

Adeyemi has maintained his innocence and said he would prove his case in court. His criminal proceedings remain pending.

What’s Next

  • ICPC is continuing its investigation to identify other individuals who may have facilitated the purported agency’s operations and gather evidence for possible prosecution
  • The commission has recommended administrative sanctions against public officers found to have facilitated the scheme through acts of commission, omission or negligence
  • President Bola Tinubu is expected to review the interim report and consult with the Attorney-General of the Federation before determining further action

Bottom Line

The Bottom Line: The investigation shows that the PFIPC controversy extended beyond one alleged impersonator into multiple layers of the federal bureaucracy. The central governance issue is now whether verification and accountability systems can prevent similar entities from obtaining official recognition, facilities and access to government processes.

Nigeria’s external reserves rise to $53.1bn, highest since 2008

Tinubu pledges incentives to boost NLNG capacity, gas utilisation

By
Kehinde Victor
-

Key Points

  • President Bola Tinubu says the Federal Government will provide incentives to support NLNG’s growth and capacity expansion.
  • He wants greater domestic utilisation of gas and an end to gas flaring.
  • NLNG says Train 7 will increase its domestic cooking-gas capacity by 50 per cent when completed.

Main Story

President Bola Tinubu has pledged additional incentives to support the growth and capacity expansion of Nigeria LNG Ltd. (NLNG), saying the Federal Government wants the country to derive greater economic benefits from its gas resources.

Tinubu made the commitment on Wednesday when he received the board and executive management of NLNG at the Presidential Villa, Abuja.

The President said the administration was prepared to support measures that would strengthen the company’s capacity and turn challenges in the gas sector, particularly gas flaring, into economic opportunities.

He identified increased domestic utilisation of gas as a major priority, stressing that Nigeria’s natural resources should contribute more directly to economic growth and improve the welfare of citizens.

Tinubu said the country could not continue to leave its gas resources underground without developing them for productive use.

He also called for greater domestication of LNG-related activities and pricing arrangements that would make the benefits of the gas industry more accessible to Nigerians.

The President urged NLNG management to sustain its contribution to energy security and economic development while expanding the benefits generated from the country’s gas resources.

Earlier, the Managing Director of NLNG, Mr Adeleye Falade, said the company remained focused on supporting energy security and the Federal Government’s efforts to increase domestic gas production and utilisation.

Falade said NLNG would continue to improve operational efficiency and discipline while increasing its contribution to the Nigerian economy.

He said the company played an important role in energy security through revenue generation, employment creation and the supply of cooking gas to the domestic market.

Falade said all of NLNG’s cooking gas supplied in Nigeria was directed to the domestic market and that the company intended to maintain that commitment.

He also provided an update on the construction of Train 7, saying the project currently employs about 16,000 people and would expand NLNG’s capacity while creating additional economic opportunities.

According to him, Train 7 is expected to raise the company’s domestic cooking-gas capacity by 50 per cent when completed.

Falade assured that NLNG would continue to operate responsibly, support its host communities, generate revenue and deepen its contribution to Nigeria’s economic development.

The Issues

Nigeria has significant gas resources, but gas flaring remains a challenge that limits the economic value that can be derived from associated gas while creating environmental concerns.

Tinubu’s intervention places greater emphasis on converting gas that might otherwise be flared into productive economic use, particularly within the domestic market.

The President also wants the gas industry to deliver more direct benefits to Nigerian consumers. This includes greater domestic utilisation, increased local participation in LNG-related activities and pricing mechanisms that can improve access to gas products.

For NLNG, the expansion of capacity through Train 7 is expected to strengthen its ability to contribute to energy security and increase the availability of cooking gas in the domestic market.

What’s Being Said

“Any other incentive that might be necessary to stimulate growth and expand your capacity, I will be willing to do that.” — Bola Tinubu, President of Nigeria

“My major concern is the domestic utilisation. You must be able to take out the flaring and convert potential environmental liability to what could be strategically and economically beneficial to the consumers.” — Bola Tinubu, President of Nigeria

“100 per cent of our cooking gas in Nigeria comes into the Nigerian market. And nothing is going to change from that.” — Adeleye Falade, Managing Director, NLNG

What’s Next

The Federal Government is expected to consider incentives required to support NLNG’s capacity expansion and strengthen domestic gas utilisation.

NLNG will continue work on Train 7, with the project expected to increase domestic cooking-gas capacity by 50 per cent after completion.

The company is also expected to sustain efforts to improve energy security, support host communities and increase its contribution to the Nigerian economy.

Bottom Line

Tinubu’s pledge signals stronger government support for NLNG’s expansion, with domestic gas utilisation, reduced flaring and increased access to cooking gas emerging as key priorities. Train 7 is expected to play a major role in expanding NLNG’s capacity and domestic gas supply.

Ethereum extends rally as etf inflows support institutional demand

Governors back CNG transit scheme to cut transport costs

By
Kehinde Victor
-

Key Points

  • Nigeria’s governors have backed the proposed National Affordable CNG Transit Programme to reduce transport fares.
  • The initiative will involve state support for CNG vehicle conversions, fleets and supporting infrastructure.
  • Governors say lower transport costs could ease broader cost-of-living pressures following fuel subsidy removal.

Main Story

The Nigeria Governors’ Forum (NGF) has backed the proposed National Affordable Compressed Natural Gas (CNG) Transit Programme (NACTP), aimed at reducing transportation costs and easing the impact of petrol subsidy removal on Nigerians.

The governors expressed their support in a communiqué issued after the forum’s third meeting, held on Wednesday night in Abuja and signed by its Chairman, Gov. AbdulRahman AbdulRazaq of Kwara.

Gov. Douye Diri of Bayelsa, who read the communiqué, said the proposed programme was a state-led initiative intended to use the lower operating cost of CNG vehicles to bring down transport fares.

Under the proposal, participating states would support the conversion of vehicles to CNG, provide or facilitate access to CNG-powered fleets and develop the infrastructure required to support the programme.

Transport operators participating in the scheme would, in turn, commit to fare reductions, with the programme targeting lower costs for passengers.

Diri said the governors recognised the potential of the initiative to reduce the burden of transportation on citizens, but added that its financing and implementation arrangements required further consideration.

Speaking with journalists after the meeting, Diri said the timeline for implementing the programme would be determined through discussions between the NGF, stakeholders and those who presented the proposal.

He said the governors believed that reducing transportation costs could have effects beyond the transport sector because higher fares contribute to increases in the prices of other goods and services.

According to him, collaboration with the private sector to expand the use of CNG could therefore help reduce transportation expenses and extend the benefits to ordinary Nigerians.

Diri said the forum also considered opportunities for states to participate in CANEX Weekend 2026 and the Intra-African Trade Fair (IATF) 2027, both of which are scheduled to take place in Lagos.

The opportunities were presented to the governors by the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole.

The governor said the events could provide states with opportunities to showcase investment-ready projects, promote local exports and tourism, and connect their Micro, Small and Medium Enterprises (MSMEs) with investors and buyers from Africa and other parts of the world.

He said the governors assured the minister of their support for the objectives of the events.

The Issues

Transportation costs have become a major component of household expenses following the removal of petrol subsidy, while higher transport fares have also contributed to increased costs across other parts of the economy.

The proposed NACTP is therefore intended to address the issue by supporting a shift towards CNG-powered transport, which the governors said could reduce vehicle operating costs and, consequently, passenger fares.

However, the forum acknowledged that questions surrounding the financing and implementation of the programme still need to be resolved before its rollout.

The proposal also places a significant role on state governments, which are expected to support vehicle conversions, fleets and infrastructure while participating transport operators commit to lower fares.

Diri also rejected suggestions that sub-national governments had failed to properly account for funds received following the removal of petrol subsidy, although he declined to engage the issue in detail.

What’s Being Said

“The forum received a presentation on the proposed national affordable transit programme, a state-led initiative designed to translate the lower operating cost of CNG into reduced transport fares for citizens.” — Douye Diri, Governor of Bayelsa

“The rise in the cost of every other thing is also hinged on the increase in transport.” — Douye Diri, Governor of Bayelsa

“Now that the forum is going in league with the private sector to see how we can bring in CNG, this will actually reduce the costs of transportation and it will have a multiplier effect on every other sectors.” — Douye Diri, Governor of Bayelsa

“The impact is expected to be on our people, the very common man that we all talk about.” — Douye Diri, Governor of Bayelsa

What’s Next

The NGF and relevant stakeholders are expected to work out the financing and implementation framework for the NACTP.

The timing of the programme’s rollout will also be determined through further discussions between the governors and stakeholders involved in the proposal.

The forum is expected to continue supporting state participation in CANEX Weekend 2026 and IATF 2027, with the events aimed at expanding opportunities for state-owned projects, local businesses, exports and tourism.

Bottom Line

The governors’ backing gives the proposed CNG transit programme a wider sub-national platform as stakeholders work out how to finance and implement it. The initiative is intended to use cheaper CNG operations to lower transport fares and ease some of the wider cost-of-living pressures associated with higher transportation costs.

NIMASA strengthens enforcement of cabotage compliance

Ethereum extends rally as etf inflows support institutional demand

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya| August 27, 2026

Key Points

  • Ethereum rose 1.08% to $2,488.71 as institutional demand supported the latest rally
  • U.S. spot Ethereum ETFs recorded $192 million in net inflows on August 26, extending the streak to eight days
  • Developers are preparing for the Glamsterdam upgrade, with gas repricing aimed at supporting higher network throughput

Main Story

Ethereum extended its rally to $2,488.71, gaining 1.08% as sustained spot ETF inflows provided institutional buying support despite broader market consolidation.

U.S. spot Ethereum ETFs recorded $192 million in net inflows on August 26, marking an eighth consecutive day of positive flows, according to data reported from SoSoValue. BlackRock’s ETHA accounted for about $116 million of the daily inflow, while total Ethereum ETF net assets reached approximately $15.13 billion.

The continued ETF demand provides a regulated channel for institutional exposure to Ethereum and has helped maintain buying pressure as the cryptocurrency trades well above its earlier rally base around $1,950.

Ethereum’s technical structure remains bullish, although the asset is approaching resistance. The $2,374 level is identified as immediate support, while a sustained move above $2,545 would strengthen the case for further gains. A break below $2,374 could expose the market to a deeper correction.

The 14-day Relative Strength Index (RSI) at 77.61 indicates overbought conditions, increasing the possibility of consolidation or a pullback even as the broader trend remains positive.

“The upcoming Glamsterdam upgrade includes a set of gas repricings,” Ethereum Foundation Protocol Research, EthPandaOps and Specifications teams said.

The upgrade, planned for the fourth quarter of 2026, includes EIP-8037 and EIP-8038, which will adjust the cost of creating and accessing network state. The changes are intended to better align gas costs with actual resource use and support higher base-layer throughput.

The Issues

Ethereum’s rally is being supported by institutional flows, but the price is also entering technically stretched territory. The combination of strong ETF demand and an elevated RSI leaves the market exposed to profit-taking if buying momentum weakens.

At the network level, developers are balancing scalability with application compatibility. Ethereum Foundation testing found that most smart contracts should be unaffected by the planned gas repricing, although some contracts relying on hardcoded gas assumptions could require updates.

What’s Being Said

Ethereum Foundation developers said the Glamsterdam repricing is intended to make gas prices more accurately reflect the resources required by state operations. They also said the changes are a prerequisite for raising the gas limit further and are designed to support roughly a threefold increase in base throughput.

Market data reported on August 27 showed Ethereum spot ETFs recording another $192 million in net inflows, extending the positive-flow streak to eight consecutive days.

What’s Next

Ethereum’s next major protocol milestone is Glamsterdam, which is planned for Q4 2026.

Developers are currently testing the upgrade through the Platåberget testnet, while application developers and infrastructure providers are being encouraged to identify and fix compatibility issues ahead of wider testing and eventual mainnet activation.

On the market side, traders will watch whether Ethereum holds the $2,374 support level and whether sustained ETF inflows can push the asset through the $2,545 resistance zone.

Bottom Line:

Ethereum’s rally has a stronger institutional demand base than a purely speculative move, but the elevated RSI means the near-term path is vulnerable to a pullback. The combination of persistent ETF inflows and progress toward Glamsterdam keeps the medium-term outlook constructive, provided support levels hold.

NIMASA strengthens enforcement of cabotage compliance

Money market rates rise as OMO, T-Bills drain liquidity

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | August 27, 2026

Key Points

  • Treasury bill and OMO settlements reduced the financial system’s liquidity surplus to ₦3.57 trillion
  • Average funding cost increased eight basis points week-on-week to 22.13%
  • Overnight lending rate rose 15 basis points to 22.25% despite substantial liquidity buffers

Main Story

Nigeria’s money market tightened after Treasury bill and Open Market Operation (OMO) settlements drained liquidity from the financial system, pushing short-term funding costs higher.

According to Cowry Asset Limited, the intermarket credit balance fell from an opening surplus of ₦4.35 trillion to ₦3.57 trillion following ₦1.45 trillion in Treasury bill settlement debits and ₦2.60 trillion in OMO settlements.

The Central Bank of Nigeria (CBN) also sterilised about ₦2.5 trillion through an OMO auction, while approximately ₦2.48 trillion from maturing OMO bills flowed back into the financial system. The maturities partly offset the liquidity withdrawn through the securities settlements.

Cowry Asset said the market remained in surplus despite the tightening, while some banks borrowed ₦15.80 billion through the CBN’s Standing Lending Facility to meet short-term funding requirements.

Average funding costs increased eight basis points week-on-week to 22.13%, while the overnight lending rate rose 15 basis points to 22.25% at Friday’s close. The Open Repo Rate remained unchanged at 22.00%.

System liquidity opened at ₦4.07 trillion and peaked at ₦6.81 trillion, supported by OMO maturities and bank placements through the CBN’s Standing Deposit Facility.

“The liquidity outflows were partly offset by approximately ₦2.48 trillion in OMO maturities, leaving the system with a still-sizeable ₦3.57 trillion surplus,” Cowry Asset Limited.

The latest market movement shows that sizeable liquidity buffers are not necessarily translating into lower overnight funding costs when large government securities settlements and central bank liquidity operations occur.

The Issues

The latest tightening reflects the sensitivity of Nigeria’s money market to the timing and scale of Treasury bill and OMO settlements.

The effect was moderated by OMO maturities and other liquidity inflows, leaving the system with a substantial surplus rather than an outright funding shortage. Recent market analysis also showed that liquidity had risen to ₦4.47 trillion in the week beginning August 24, supported by a ₦3.01 trillion Federation Account Allocation Committee inflow and other repayments.

What’s Being Said

Cowry Asset Limited attributed the latest movement to the interaction between securities-related liquidity outflows and OMO maturities, with the latter cushioning the impact of the debits.

Alpha10 Group’s weekly market review similarly reported that money-market liquidity remained in surplus but tightened toward the end of the week after Treasury bill and OMO settlements, with the OPR holding at 22.00% and funding costs remaining responsive to CBN liquidity-management operations.

What’s Next

The CBN and Debt Management Office (DMO) are scheduled to continue Treasury bill issuance as part of domestic liquidity and government funding operations.

A ₦700 billion Treasury bill auction was scheduled for August 27, comprising ₦100 billion each of 91-day and 182-day bills and ₦500 billion of 364-day bills.

Further OMO maturities and securities settlements will determine whether the system’s liquidity surplus remains comfortable or whether short-term funding rates face additional upward pressure.

Bottom Line:

The money market remains liquid, but the latest rate movement shows that the size of the liquidity surplus alone does not determine funding costs. The CBN’s sterilisation operations and the timing of Treasury bill settlements will remain key drivers of short-term market conditions.

Nigeria’s external reserves rise to $53.1bn, highest since 2008

FG installs 668,000 electricity meters under World Bank programme

By
Kehinde Victor
-
FG installs 668,000 electricity meters under World Bank programme

Key Points

  • Federal Government says 668,000 electricity meters have been installed under phase one of the $500 million World Bank-financed Distribution Sector Recovery Programme.
  • About 17 states have established electricity regulatory commissions since the Electricity Act took effect in 2024.
  • NCP directs stakeholders to harmonise the implementation of the Electricity Act and address areas requiring amendments.

Main Story

The Federal Government says it has installed 668,000 electricity meters on customers’ premises under the first phase of the $500 million World Bank-financed Distribution Sector Recovery Programme.

The figure represents 60 per cent of the 1.033 million meters delivered under the programme, according to the Director-General of the Bureau of Public Enterprises (BPE), Mr Ayodeji Gbeleyi.

Gbeleyi disclosed this while giving an update on the activities of the National Council on Privatisation (NCP) at its second meeting for 2026.

The meeting, chaired by Vice President Kashim Shettima, was held at the Presidential Villa, Abuja.

He said meter deployment under the first phase of the distribution sector recovery programme was among the issues presented to the council during the meeting.

According to him, 668,000 of the 1.033 million meters delivered so far had been deployed and installed at customers’ premises.

Gbeleyi also provided an update on the implementation of the Electricity Act, saying about 17 states had established their own electricity regulatory commissions since April 2024.

He identified Akwa Ibom as one of the states that had recently established its own commission, saying the state created the commission in July.

However, he noted that some aspects of the implementation of the Electricity Act still required further fine-tuning.

The BPE director-general said the NCP had therefore directed key stakeholders to engage on the issues surrounding the implementation of the legislation.

He said the Attorney-General of the Federation, Minister of Power, Nigerian Electricity Regulatory Commission (NERC) and other relevant stakeholders would lead the engagement.

The objective, he explained, was to streamline and harmonise the Federal Government’s position on amendments required to improve the implementation of the Electricity Act.

The Issues

The deployment of meters remains a key component of efforts to improve Nigeria’s electricity distribution system, with the government still working through the first phase of the World Bank-financed recovery programme.

At the same time, the implementation of the Electricity Act has created a new regulatory landscape as states establish their own electricity regulatory commissions.

With about 17 states having created commissions since April 2024, the Federal Government is now seeking greater coordination among the various stakeholders to address areas of overlap and clarify the regulatory framework.

The NCP’s directive indicates that further engagement will be required to determine the amendments needed to ensure that federal and state electricity regulation operates within a harmonised framework.

What’s Being Said

“We have implemented 60 per cent of the meters that have been delivered in the country out of 1,033,000. So far we have deployed and installed 668,000 meters on customers’ premises.” — Ayodeji Gbeleyi, Director-General, Bureau of Public Enterprises

“Akwa Ibom created its own commission in July, though some fine-tuning is required here and there in the implementation of that Act.” — Ayodeji Gbeleyi, Director-General, Bureau of Public Enterprises

“We are working concertedly and in a very collaborative manner to ensure that we give value, either in electricity or in telecoms—whichever area—to make sure that Nigerians benefit from this government.” — Joseph Tegbe, Minister of Power

What’s Next

The Federal Government is expected to continue the deployment of meters under the first phase of the Distribution Sector Recovery Programme.

Stakeholders led by the Attorney-General of the Federation, Minister of Power and NERC will also continue engagements on the implementation of the Electricity Act.

The consultations are expected to help harmonise the Federal Government’s position and identify amendments needed to address outstanding issues in the implementation of the law.

Bottom Line

The Federal Government has installed 668,000 meters out of 1.033 million delivered under the first phase of its World Bank-backed distribution recovery programme. As more states establish independent electricity regulators, the government is also working to resolve regulatory issues arising from the implementation of the Electricity Act.

Nigeria’s external reserves rise to $53.1bn, highest since 2008

Nigeria’s interbank liquidity rises 36% as rates ease

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | August 27, 2026

Key Points

  • Nigeria’s financial system liquidity rises 35.53% to ₦7.40 trillion as banks record stronger inflows
  • Overnight funding rate falls two basis points to 22.12%, while the Open Repo Rate remains at 22.00%
  • Treasury bill yields move in opposite directions as the average secondary-market yield rises to 18.87%

Main Story

Nigeria’s financial system liquidity rose 35.53% to ₦7.40 trillion on Wednesday, easing pressure in the interbank market and pushing the overnight funding rate lower.

AIICO Capital Limited attributed the liquidity increase to coupon inflows and stronger placements at the Central Bank of Nigeria’s (CBN) Standing Deposit Facility, according to a market note.

The liquidity position was also supported by expectations of about ₦2.32 trillion in inflows from Open Market Operations (OMO) maturities, although the CBN conducted an auction that absorbed approximately ₦2.8 trillion from the financial system.

The higher liquidity buffer reduced the need for banks to seek short-term funding from the CBN. Market reports indicated that there was no recourse to the Standing Lending Facility on Wednesday, suggesting that banks had sufficient funds to meet immediate obligations.

The improved liquidity position was reflected in money-market rates. The overnight rate declined by two basis points to 22.12%, while the Open Repo Rate remained unchanged at 22.00%.

Trading in the Treasury bills secondary market was mixed. Yields on one-month and three-month instruments increased by 20 basis points and 27 basis points, respectively, while six-month and 12-month yields declined by five basis points each.

Despite the divergent movement across maturities, increased trading activity lifted the average Treasury bill yield by two basis points to 18.87%, according to the market report.

What’s Being Said

AIICO Capital Limited said system liquidity reached ₦7.40 trillion, supported by coupon inflows and stronger placements at the CBN’s Standing Deposit Facility.

Market analysts reported that the absence of borrowing through the Standing Lending Facility reduced pressure on interbank rates, while the liquidity surplus kept short-term funding conditions relatively comfortable.

What’s Next

  • The market will monitor the expected ₦2.32 trillion OMO maturity inflows and their impact on system liquidity
  • Banks’ use of the CBN’s Standing Deposit and Lending Facilities will provide a signal on near-term funding pressure
  • Treasury bill yields will remain sensitive to liquidity conditions, government borrowing and further CBN open-market operations

Bottom Line

The Bottom Line: The sharp increase in system liquidity is easing immediate funding pressure and allowing overnight rates to drift lower. However, continued CBN sterilisation through OMO auctions could moderate the surplus and keep money-market conditions sensitive to liquidity management.

Oil prices fall below $90 as USA tightens pressure on Iran

Nigeria’s external reserves rise to $53.1bn, highest since 2008

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | August 27, 2026

Key Points

  • Nigeria’s gross external reserves rise by $280 million to $53.112 billion, according to updated Central Bank of Nigeria data
  • The naira strengthens to ₦1,343 per US dollar at the Nigerian Foreign Exchange Market as foreign exchange turnover rises
  • Analysts say stronger reserves and improved FX conditions could provide additional support for the naira

Main Story

Nigeria’s gross external reserves have risen to $53.112 billion, the highest level since 2008, following a $280 million increase attributed to continued foreign exchange inflows.

Updated Central Bank of Nigeria (CBN) data showed that reserves increased from $52.832 billion previously reported, with hydrocarbon proceeds and remittances among the sources supporting the accretion.

The increase comes as foreign exchange inflows remain strong, supported by relatively attractive yields on Nigerian fixed-income securities and renewed investor participation in the domestic market. The latest movement also coincides with improved stability in the foreign exchange market.

The naira strengthened to ₦1,343 per US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, from ₦1,346 at the previous close, according to CBN data reported in the market update.

NFEM turnover also increased to $235.991 million from $152.592 million previously, representing an increase of about 55%. The number of transactions rose to 213 from 144, indicating stronger activity among financial institutions.

The reserve position provides a larger external buffer for meeting foreign exchange obligations and supporting market confidence. However, the composition and durability of inflows remain important, particularly where portfolio flows account for a significant portion of foreign capital entering the market.

The latest reserve level is also significantly above the $40 billion net external reserve threshold referenced by market analysts as an additional buffer against renewed foreign exchange pressure.

What’s Being Said

The Central Bank of Nigeria’s latest data points to continued accumulation of external reserves, while market analysts have linked the stronger reserve position and improved FX liquidity to greater stability in the naira.

Market analysts also suggest that the naira could remain relatively stable if foreign exchange inflows are sustained and the reforms that have improved market liquidity continue to hold.

What’s Next

  • The market will monitor whether external reserves continue to accumulate through oil proceeds, remittances and other foreign exchange inflows
  • Investors will watch NFEM turnover and the naira’s trading range for signs of continued improvement in FX liquidity
  • The sustainability of portfolio inflows and their sensitivity to global interest rates will remain important for the naira and reserves

Bottom Line

The Bottom Line: Nigeria’s $53.112 billion reserve position gives the naira a stronger external buffer at a time when FX market stability remains critical. The key test now is whether the inflows supporting the reserve build-up can remain durable rather than being driven predominantly by short-term portfolio capital.

Bitcoin and major cryptocurrencies retreat as liquidity bets fade

NIMASA strengthens enforcement of cabotage compliance

By
Ibe Wada
-

Key Points

  • NIMASA has announced enhanced enforcement of statutory Cabotage requirements.
  • Vessels operating in Nigeria’s Cabotage trade must meet applicable ownership, registration, manning and construction requirements.
  • Stakeholders must maintain valid statutory certificates, licences, registrations and other required documentation.
  • Foreign or non-compliant vessels may only be considered where Nigerian capacity is unavailable and statutory conditions have been verified.
  • The Agency says the move is aimed at protecting jobs for Nigerians and strengthening indigenous participation in maritime activities.
  • The Marine Notice takes immediate effect.

Main Story

The Nigerian Maritime Administration and Safety Agency (NIMASA) has stepped up enforcement of statutory requirements governing indigenous participation in Nigeria’s Cabotage trade and maritime activities.

The development was contained in a Marine Notice issued pursuant to the Agency’s statutory mandate to implement relevant maritime laws, including the NIMASA Act 2007 and the Coastal and Inland Shipping (Cabotage) Act 2003, alongside applicable Cabotage regulations and implementing guidelines.

Under the enhanced enforcement regime, individuals and organisations requiring vessels for Cabotage operations are expected to deploy vessels that meet applicable Nigerian ownership, registration, manning and construction requirements.

The vessels must also be duly registered in the Special Register for Vessels and Ship Owning Companies Engaged in Cabotage.

NIMASA further directed vessel owners, operators, charterers, managers and other stakeholders involved in Cabotage activities to ensure that all statutory certificates, licences, registrations and other required documentation remain valid.

According to the Agency, vessels operating under the Cabotage regime must, where applicable, be wholly owned by Nigerian citizens, registered in the relevant Special Register, manned by Nigerian citizens and built in Nigeria.

However, the Agency noted that vessels which do not meet these requirements may only be considered for deployment where the requisite Nigerian capacity is unavailable and the relevant statutory conditions have been established and verified by NIMASA.

The Agency said it would continue to monitor compliance with the Cabotage Act, its regulations and other applicable guidelines to strengthen maritime governance and prevent jobs intended for Nigerians from being unnecessarily outsourced.

The Marine Notice, which takes immediate effect, also reinforces NIMASA’s broader objective of promoting indigenous participation in Nigeria’s shipping industry, developing local maritime capacity and ensuring that Cabotage operations contribute meaningfully to national economic development.

The Issues

Despite the objectives of the Cabotage Act, concerns remain around the level of compliance with its provisions and the capacity of indigenous operators to fully meet vessel ownership, financing, construction and technical requirements.

A key challenge for the industry is ensuring that the push for greater indigenous participation is matched with sufficient investment in Nigerian-owned vessels, skilled seafarers and maritime infrastructure.

There is also the question of how waivers and exemptions are managed when local capacity is unavailable. NIMASA’s renewed enforcement places greater emphasis on verifying claims of insufficient Nigerian capacity before vessels that do not meet statutory Cabotage requirements can be considered for operations.

The effectiveness of the new enforcement regime will therefore depend on consistent monitoring, transparency and the ability of Nigerian operators to build the capacity needed to take advantage of opportunities within the domestic shipping industry.

What’s Being Said

NIMASA, in the Marine Notice, said:

“All persons and entities requiring vessels for Cabotage operations are required to use vessels that meet applicable Nigerian ownership, registration, manning and construction requirements.”

The Agency also stressed that vessels which do not meet the applicable requirements may only be considered where the required Nigerian capacity is unavailable and the relevant statutory conditions have been established and verified.

NIMASA said it would continue to monitor compliance with the Cabotage Act and related regulations to strengthen maritime governance and ensure that opportunities intended for Nigerians are protected.

What’s Next

With the Marine Notice now taking immediate effect, vessel owners, operators, charterers, managers and other stakeholders are expected to review their operations and ensure compliance with all applicable statutory requirements.

NIMASA is also expected to intensify monitoring and verification of vessels engaged in Cabotage activities, particularly in areas relating to ownership, registration, manning and statutory documentation.

The next major test will be the consistency of enforcement and the extent to which the strengthened compliance regime translates into increased opportunities for Nigerian shipowners, seafarers and other indigenous maritime businesses.

 Bottom Line

NIMASA’s strengthened Cabotage enforcement is aimed at giving greater effect to Nigeria’s local content objectives in the maritime sector by protecting indigenous participation, preserving jobs for Nigerians and encouraging the development of domestic shipping capacity.

67 Nigerians repatriated from South Africa receive N50,000 each

Siraheem quits music, says balancing career has become difficult

By
Kehinde Victor
-

Key Points

  • Nigerian singer Siraheem has announced his decision to stop releasing new music.
  • The 23-year-old artiste said he could no longer give music the time and dedication it required.
  • He said he may explore other ventures while leaving open the possibility of releasing an unreleased album.

Main Story

Nigerian singer Raheem Okoya, popularly known as Siraheem, has announced his exit from the music industry, saying he will no longer release new music.

The 23-year-old artiste announced the decision in a statement posted on his Instagram account, describing it as a “Professional Exit From The Music Industry.”

Siraheem reflected on his years in music, describing the experience as a memorable journey that gave him opportunities to perform and create experiences he would carry with him.

He said, however, that combining music with his other responsibilities had become increasingly challenging.

The singer said he had reached a point where he could no longer devote the level of effort, patience and commitment he believed the profession deserved.

The Issues

Siraheem’s decision comes after several years of pursuing music professionally while also taking on responsibilities outside the industry.

The singer is an Executive Director at Eleganza Industrial City Ltd., a company owned by his father, businessman Razaq Okoya.

What’s Being Said

“I have always believed in giving everything my best and I no longer feel I can give this craft the effort, patience and dedication it truly deserves.” — Siraheem

“So, I owe it to my true fans and to my colleagues in this industry, a professional exit. I have decided to stop putting out new music.” — Siraheem

“Music still remains therapeutic for me. With time, maybe the album finds its way into the world somehow after all.” — Siraheem

What’s Next

Siraheem said he plans to pursue other areas outside music while leaving open the possibility that his unreleased album could eventually reach listeners.

The singer has released songs including “Bad Bitch”, “I Go Pay”, “Credit Alert”, “Kowope” and “TRU$T FUND”.

While he described his decision as a professional exit from the industry, his comments indicate that music could remain part of his creative life.

Bottom Line

Siraheem is stepping away from releasing music after deciding that his other commitments no longer allow him to give his music career the dedication he believes it requires. However, he has not ruled out returning to music in some form, particularly through the possible release of his unreleased album.

Nigeria needs N60tn to close housing deficit, MREIF says
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