Home Blog Page 59

X Removes verification badges from Iranian government accounts amid sanctions compliance concerns

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya

Key Points

  • X (formerly Twitter) has removed verification badges from several Iranian government-linked accounts.
  • The move aligns with U.S. sanctions rules restricting paid digital services for sanctioned entities.
  • Affected accounts remain active and continue posting on the platform.
  • The development follows earlier scrutiny over sanctioned officials accessing X Premium services.

Main Story

X, the social media platform owned by Elon Musk, has removed verification badges from multiple Iranian government accounts, including that of Foreign Ministry Spokesperson Esmaeil Baghaei, in what appears to be a continuation of efforts to comply with U.S. sanctions regulations.

Baghaei confirmed the development in a post published on May 5, 2026, noting that the blue verification check had been stripped from his account, @IRIMFA_SPOX. Similar actions had previously affected the official account of Iran’s Foreign Ministry and that of Foreign Minister Abbas Araghchi.

The removal comes amid heightened scrutiny over the use of X’s paid subscription services—Premium and Premium+—by individuals and entities subject to sanctions administered by the Office of Foreign Assets Control (OFAC). These services, which replaced legacy verification systems in 2023, offer benefits such as extended post length, algorithmic prioritisation, and monetisation features.

Under U.S. sanctions law, sanctioned individuals and government-linked entities are generally prohibited from accessing paid or revenue-generating services offered by U.S.-based companies. While basic access to social media platforms remains permissible under exemptions for publicly available communication tools, subscription-based features fall into a more restrictive category.

Earlier in February 2026, investigative reports by the Tech Transparency Project and WIRED revealed that several Iranian officials had subscribed to X Premium services despite existing sanctions. The findings prompted questions about compliance and led to subsequent enforcement actions by the platform.

What’s Being Said

Iranian officials have criticised the badge removals, framing them as “selective censorship” and an attempt to suppress their messaging on global platforms. However, industry observers note that the action does not amount to content censorship, as the affected accounts remain fully operational.

Posts from Iranian officials continue to be visible, and the accounts retain the ability to engage with global audiences. Analysts argue that the removal of verification badges is a technical enforcement of payment-related policies rather than a restriction on speech.

X has not issued a detailed public statement on the latest removals but has previously indicated that its policies prohibit sanctioned users from accessing premium or monetisation features.

What’s Next

The development signals stricter enforcement of sanctions compliance by technology platforms operating under U.S. jurisdiction. It also raises broader questions about the intersection of global diplomacy, digital communication, and regulatory frameworks governing online services.

As geopolitical tensions between the United States and Iran remain elevated—particularly over nuclear policy and regional security—digital platforms are increasingly caught in the crossfire of compliance obligations and political narratives.

For now, Iranian government officials continue to maintain a presence on X, even as restrictions tighten around monetised features and platform privileges.

Trump pauses Strait of Hormuz shipping plan amid fragile U.S.–Iran truce

Dollar To Naira Exchange Rate Today, May 6th, 2026

By
Boluwatife Oshadiya
-
Dollar To Naira Exchange Rate

The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange,the official forex trading portal, showed that the naira closed at 1374 per $1 on Wednesday, May 6th, 2026. The naira traded as high as 1362 to the dollar at the investors and exporters (I&E) window on Tuesday. This is brought to you by Bizwatch Nigeria.

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

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

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1385 on Tuesday 5th May, 2026, according to sources at Bureau De Change (BDC).

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

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate₦1400
Buying Rate₦1385

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Highest Rate₦1370
Lowest Rate₦1362

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

Nigeria, U.S. Launch Defence Working Groups to Deepen Security Cooperation

Lagos lawyers demand urgent reforms to curb extrajudicial killings

By
Kehinde Victor
-

Key Points

  • Lagos-based lawyers are calling for immediate judicial intervention and institutional reforms to address a rise in unlawful killings by security operatives.
  • Legal experts described extrajudicial killings as a “national epidemic” driven by growing impunity and a lack of transparent investigations.
  • The 1999 Constitution and the Anti-Torture Act 2017 provide legal protections, but practitioners argue that enforcement remains significantly weak.
  • Proposed solutions include the mandatory use of body cameras for officers and stronger accountability measures within security agencies.
  • Advocates warned that the failure to prosecute offending officers undermines the constitutional right to life and encourages a cycle of violence.

Main Story

Prominent legal practitioners in Lagos have raised an alarm over the escalating cases of extrajudicial killings across Nigeria, describing the trend as a constitutional crisis.

Speaking to the News Agency of Nigeria, Kehinde Nubi, Principal Counsel at Kehinde Nubi and Associates, characterized these incidents as an epidemic where reported cases often amount to murder but rarely result in punishment.

The lawyers pointed to recent tragedies, such as the killing of Mene Ogidi, as evidence of deep institutional failures that require urgent systemic changes to restore public trust.

The legal community is urging the judiciary to take a firmer stand by ensuring that no security officer is shielded from prosecution. While frameworks like the Anti-Torture Act 2017 exist, experts like Alozie Nwoke noted that they remain underutilised due to poor investigations and a reluctance to hold personnel accountable.

Development practitioner Enitan Oluwa further stressed that when protection agencies turn against citizens, it threatens the very foundation of the constitution.

The consensus remains that without courageous judicial action and the deployment of monitoring technology like body cameras, the cycle of impunity will continue unchecked.

The Issues

  • Impunity thrives because violations are “rarely followed by transparent investigations or punishment”.
  • Institutional failures are evident when killings occur in public spaces like motor parks or “behind the scenes” in detention facilities.
  • Successful prosecution is frequently hindered by “poor investigations and weak evidence”.
  • There is a perceived “reluctance in some quarters to hold officers accountable” despite clear constitutional violations.

What’s Being Said

  • “Extrajudicial killing has become an epidemic in Nigeria. Many incidents reported over the years amount to nothing short of murder,”. — Kehinde Nubi
  • “When those meant to protect citizens turn against them, it becomes not just criminal, but constitutional,”. — Enitan Oluwa
  • “Justice delayed in these cases is not just justice denied, it encourages repetition,”. — Enitan Oluwa

What’s Next

  • The judiciary is being pressured to “act courageously” and deliver justice without the delays that encourage repetition.
  • There is a call for security agencies to adopt “body cameras” and “stronger accountability measures” for all personnel.
  • Families of victims are being encouraged to “pursue available legal remedies” to secure compensation and justice.
  • Legal advocates will continue to push for the full utilization of the “Anti-Torture Act 2017” in the prosecution of security operatives.

Bottom Line

Judicial Reform. Legal experts are demanding an end to systemic impunity by calling for technology-backed oversight and swift prosecution of security operatives involved in unlawful killings to uphold the constitutional right to life.

Nigeria, U.S. Launch Defence Working Groups to Deepen Security Cooperation

Nigeria, U.S. Launch Defence Working Groups to Deepen Security Cooperation

By
Boluwatife Oshadiya
-

Key points

• Nigeria and the United States inaugurate Defence Institutional Technical Working Groups (DITWGs) in Abuja
• Initiative anchored on 2026 Defence Cooperation Roadmap to tackle terrorism and regional instability
• Focus on institutional capacity, warfighting capability, and intelligence-driven operations


Main story

Nigeria and the United States have strengthened bilateral defence ties with the inauguration of Defence Institutional Technical Working Groups (DITWGs) in Abuja, marking a significant step under the 2026 Defence Cooperation Roadmap.

The initiative is designed to enhance joint strategic planning, improve institutional capacity, and reinforce efforts to combat terrorism and insecurity across Nigeria and the wider region.

Speaking at the inauguration, the head of the U.S. delegation, Cate Dave, said the working groups would support coordinated strategies aimed at denying terrorists safe havens while strengthening defence institutions.

He emphasised that robust institutional frameworks remain critical to sustaining effective counterterrorism operations and long-term security outcomes.

Leading the Nigerian delegation, Air Vice Marshal Francis Edosa, described the partnership as vital in addressing evolving security threats, particularly in a complex and rapidly changing operational environment.

Edosa noted that key priorities under the framework include enhancing the warfighting capabilities of the Armed Forces of Nigeria and improving operational responsiveness to restore lasting peace and stability.

Both countries reaffirmed their commitment to ensuring that the collaboration delivers measurable outcomes through accountability, sustained engagement, and practical implementation.

The Issues

Nigeria continues to face multifaceted security challenges, including insurgency, banditry, and transnational threats, which require coordinated international support, improved intelligence sharing, and strengthened defence institutions.

What’s being said

Officials from both countries underscored the importance of translating defence cooperation into actionable results, stressing that institutional strengthening is central to defeating terrorism and stabilising affected regions.

What’s next

The working groups are expected to drive implementation of the Defence Cooperation Roadmap through joint planning, capacity-building programmes, and continuous evaluation of progress across key security areas.

Bottom line

The inauguration of Nigeria-U.S. defence working groups signals a renewed push toward structured, results-driven military cooperation aimed at strengthening national and regional security.

Trump pauses Strait of Hormuz shipping plan amid fragile U.S.–Iran truce

Trump pauses Strait of Hormuz shipping plan amid fragile U.S.–Iran truce

By
Ibe Wada
-

Key points

  • Donald Trump pauses “Project Freedom” to allow room for a potential U.S.–Iran agreement
  • Strait of Hormuz remains under tension, with both military presence and shipping disruptions ongoing
  • Global energy markets remain exposed, with the strait accounting for about 20% of traded oil flows

Main story

U.S. President Donald Trump has announced a temporary pause in “Project Freedom,” a U.S.-led initiative designed to secure commercial shipping through the Strait of Hormuz, as Washington explores the possibility of reaching a formal agreement with Iran.

Trump disclosed that the pause would allow time to assess progress in ongoing diplomatic efforts, even as the U.S. naval blockade on vessels entering or leaving Iranian ports remains fully in force.

The decision follows weeks of heightened tensions between the United States, Israel, and Iran, which have disrupted maritime traffic along one of the world’s most critical energy corridors. Since the escalation began in late February, Tehran has effectively restricted shipping through threats and targeted attacks, while Washington responded with military measures to restore access.

According to the U.S. administration, “Project Freedom” was launched to facilitate the safe passage of stranded vessels through the strait. However, Iranian counteractions, including reported attacks on U.S. forces, complicated implementation.

Trump said the pause was influenced by diplomatic pressure from countries including Pakistan, recent military gains by U.S. forces, and signs of progress toward a broader agreement with Tehran.

The issues

1. Global Energy Security

The Strait of Hormuz is one of the most vital maritime routes globally, with roughly one-fifth of the world’s traded oil and liquefied natural gas passing through it. Any disruption has immediate implications for global energy prices and supply chains.

2. Unresolved U.S.–Iran Disputes

Negotiations remain stalled over key issues, including Iran’s nuclear programme and its demand for control over shipping in the strait, including proposed toll systems for passing vessels.

3. Fragile Ceasefire Dynamics

Although hostilities that began on February 28, 2026, have officially ceased following an April 7 ceasefire, tensions remain high, with intermittent threats and retaliatory actions raising the risk of renewed conflict.

What’s being said

Trump maintained that the pause is strategic, aimed at creating space for diplomacy without weakening U.S. military posture.

U.S. officials, including Secretary of State Marco Rubio, said earlier that the military phase of operations—codenamed “Epic Fury”—had achieved its objectives, shifting focus toward stabilisation efforts.

Iran, through Foreign Minister Abbas Araghchi, has warned against continued U.S. interference, insisting on greater control over maritime traffic in the region.

What’s next

Diplomatic negotiations between Washington and Tehran are expected to continue, with the pause in “Project Freedom” serving as a window for potential agreement.

Meanwhile, Iran is reportedly considering stricter controls over vessel movement in the strait, including a new approval system for transit—moves that could further complicate global shipping if implemented.

Bottom line

The temporary halt of the U.S. shipping initiative signals a shift from military enforcement to cautious diplomacy, but with unresolved tensions and competing strategic interests, the stability of the Strait of Hormuz—and by extension global energy markets—remains uncertain.

Tinubu courts global investors in Paris, targets $1tn economy by 2030

Tinubu courts global investors in Paris, targets $1tn economy by 2030

By
Ibe Wada
-

Key points

  • Bola Ahmed Tinubu engages global investors in Paris to boost capital inflows and investor confidence
  • Nigeria records 11.2% GDP growth in dollar terms in 2025, reinforcing $1tn economy target by 2030
  • Government pledges fiscal discipline, debt sustainability, and quarterly financial transparency

Main story

Nigeria has intensified its push for foreign investment as President Bola Ahmed Tinubu met with leading global investors in Paris, outlining reforms aimed at unlocking growth and positioning Africa’s largest economy on a $1 trillion trajectory by 2030.

At the high-level engagement, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed that Nigeria achieved 11.2 per cent GDP growth in dollar terms in 2025. He described the performance as a critical milestone underpinning the country’s medium-term economic ambitions.

Oyedele noted that the government’s immediate focus is to ensure reforms translate into measurable improvements in living standards, adding that authorities will begin publishing quarterly financial data to deepen transparency and investor trust.

Also speaking, the Director-General of the Debt Management Office, Patience Oniha, assured investors of prudent borrowing practices, emphasising a strategy anchored on sustainability and long-term fiscal stability.

The investor delegation comprised major global asset managers and financial institutions, including Citibank and Amundi, led by Valerie Baudson, alongside firms such as BlueCrest Capital Management, Ninety One, Kirkoswald Capital, Principal Finisterre, Prudential Global Investment Management, and Mesarete Capital.

President Tinubu outlined key pillars of his administration’s reform agenda, including the removal of economic distortions, macroeconomic stabilisation, and enhanced transparency in the oil and gas value chain. He also highlighted ongoing security reforms, including efforts to decentralise policing and disrupt terrorist financing networks.

The issues

Nigeria’s push for a $1 trillion economy comes against a backdrop of structural challenges, including exchange rate volatility, inflationary pressures, infrastructure deficits, and security concerns. Sustaining investor confidence will depend on policy consistency, effective implementation of reforms, and macroeconomic stability.

What’s being said

Government officials emphasised that fiscal discipline, transparency, and policy stability remain central to the reform agenda.

President Tinubu reiterated that sustained execution—not just policy design—would determine outcomes, stressing that reforms must deliver tangible benefits for citizens.

Investors at the meeting acknowledged progress in Nigeria’s reform programme, expressing cautious optimism about the country’s economic outlook.

What’s next

The government is expected to deepen engagement with international investors while rolling out additional reforms to stabilise key macroeconomic indicators. Planned quarterly financial disclosures and continued policy adjustments will be closely monitored by global markets.

Bottom line

Nigeria’s $1 trillion economy ambition hinges on sustained reform execution, investor confidence, and macroeconomic stability, with the Paris engagement signalling a renewed push to position the country as a competitive destination for global capital.

INEC reopens final phase of voter registration ahead of 2027 elections

NGX Chairman urges youth to embrace entrepreneurship over migration

By
Kehinde Victor
-

Key Points

  • Dr. Umaru Kwairanga, Chairman of the Nigerian Exchange Group, encouraged Nigerian youth to prioritize entrepreneurship and wealth creation instead of migrating abroad.
  • The call was made during the 2026 Youth Week at the University of Abuja, themed “Youth Economic Intervention, Entrepreneurship and Wealth Creation in Nigeria: Japa Syndrome is Not the Solution”.
  • Kwairanga identified innovation and small-scale enterprises as the foundation of strong global economies like those in the United States, Germany, and China.
  • He noted that starting a business in Nigeria involves hurdles such as electricity deficits and access to finance, but these are surmountable through resilience.
  • Investment in the capital market was highlighted as a structured avenue for long-term wealth creation and prosperity.

Main Story

The Chairman of the Nigerian Exchange Group (NGX), Dr. Umaru Kwairanga, has cautioned Nigerian youth against the “japa” syndrome, arguing that seeking opportunities abroad is often a costly decision that may not yield expected results.

Speaking at the University of Abuja, Kwairanga emphasized that Nigeria’s demographic advantage can only be converted into economic power if youthful energy is directed toward productive capacity within the country.

He urged students to view themselves as active participants in the evolution of the Nigerian system rather than mere beneficiaries.

Kwairanga proposed entrepreneurship as the primary solution to the nation’s unemployment challenges. He advised young Nigerians to focus on developing innovative ideas that solve societal problems, citing the success of SME-driven economies in Japan and Germany as templates for growth.

To succeed, he recommended that aspiring entrepreneurs cultivate a disciplined savings culture and develop structured business plans to navigate local challenges like limited access to capital and power supply.

The Issues

  • Migration decisions are described as “often costly” and may fail to deliver the desired economic outcomes.
  • Entrepreneurs face significant local challenges, including “access to finance, electricity and trust issues”.
  • Ambitions are often derailed by “excessive social media use and fraudulent schemes”.
  • Nigeria’s youthful population is currently underutilized and must be converted into “productive capacity” to build a strong economy.

What’s Being Said

  • “Nigeria’s demographic advantage will only translate into economic strength if we are able to convert youthful energy into productive capacity.”
  • “The future we seek will not be imported. It will be built here, by you.”
  • “Japa Syndrome is Not the Solution.”
  • Success is achievable through “discipline, focus and resilience.”

What’s Next

  • An increased emphasis on instilling an “entrepreneurial mindset” in students “early in life”.Aspiring entrepreneurs will be encouraged to focus on “building businesses” to address societal gaps.
  • Continued promotion of “participation in the capital market” as a viable way to build personal wealth.
  • Targeted efforts to warn youth against “fraudulent schemes” that threaten entrepreneurial progress.

Bottom Line

Economic Empowerment. The NGX Chairman is advocating for a domestic entrepreneurial revolution, urging Nigerian youth to abandon migration plans in favor of building local businesses and investing in the capital market to secure the country’s future.

Customs intercepts N2.35bn cocaine, hands over seizures to NDLEA

INEC reopens final phase of voter registration ahead of 2027 elections

By
Ibe Wada
-

Key points

  • INEC to resume final phase of Continuous Voter Registration (CVR) from May 11 to July 10, 2026
  • Exercise targets new voters, PVC updates, and data corrections nationwide
  • Voter register to be displayed for public scrutiny from July 23 to July 29

Main story

The Independent National Electoral Commission (INEC) has announced the resumption of the third and final phase of the Continuous Voter Registration (CVR) exercise, scheduled to commence on May 11 and conclude on July 10, 2026.

The commission disclosed this in a statement issued by its Chairman, Information and Voter Education Committee, Mohammed Kudu Haruna, noting that the exercise had earlier been suspended on April 17 to allow for the clean-up of the voter register following claims and objections.

INEC said the final phase provides an opportunity for eligible Nigerians who have attained the age of 18, as well as those who missed earlier registration windows, to enrol in the electoral system.

The commission also advised already registered voters seeking to transfer their registration, replace lost or damaged Permanent Voter Cards (PVCs), or correct personal information to utilise its online portal or visit designated state and local government offices nationwide.

As part of the process, INEC disclosed that the updated voter register would be displayed for claims and objections between July 23 and July 29, in line with statutory provisions aimed at ensuring transparency and credibility.

The issues

Nigeria’s electoral process has historically faced challenges related to voter register integrity, including duplication, underage registration, and data inaccuracies. Ensuring a credible and up-to-date register remains critical to public trust and the legitimacy of elections.

What’s being said

INEC emphasised that the suspension of the previous phase was necessary to enhance the accuracy of the voter database, urging citizens to actively participate in the process.

The commission reiterated that the claims and objections window would enable Nigerians to scrutinise the register and contribute to improving its completeness and reliability.

What’s next

Following the conclusion of the CVR exercise, INEC will publish the updated voter register for verification before final certification ahead of upcoming electoral activities, including preparations for the 2027 general elections.

Bottom line

INEC’s resumption of voter registration marks a critical step in strengthening Nigeria’s electoral integrity, with citizen participation expected to play a decisive role in ensuring a credible and transparent voting process.

Customs intercepts N2.35bn cocaine, hands over seizures to NDLEA

Customs intercepts N2.35bn cocaine, hands over seizures to NDLEA

By
Ibe Wada
-

Key points

  • Nigeria Customs Service intercepts 6.35kg cocaine worth N2.35bn along Lagos-Abidjan corridor
  • Over N5.5bn contraband seized, including explosives and synthetic cannabis
  • Seized drugs and suspects handed over to National Drug Law Enforcement Agency

Main story

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone A, has intercepted 6.35 kilogrammes of cocaine valued at N2.35 billion along the Lagos-Abidjan corridor, in a major crackdown on transnational drug trafficking networks.

Comptroller Gambo Aliyu disclosed this during the handover of seized narcotics and other illicit items to the National Drug Law Enforcement Agency (NDLEA) in Lagos on Tuesday.

Aliyu said the seizure followed the interception of a Toyota Highlander conveying the drugs, leading to the arrest of a 71-year-old suspect. The operation formed part of intensified enforcement efforts targeting smuggling routes along the West African trade corridor.

Beyond the cocaine haul, the command recorded additional seizures valued at over N5.5 billion within eight weeks, including explosives, petrol, and large quantities of “Ghana Loud” — a synthetic cannabis variant.

The comptroller disclosed that a total of 473 smuggling attempts were foiled across Lagos, Ogun, Oyo and Ondo states, with multiple arrests made during coordinated operations.

He further revealed that four cylinders of mercury, each weighing 80kg and classified as hazardous under the Minamata Convention on Mercury, were intercepted and would be transferred to the National Environmental Standards and Regulations Enforcement Agency (NESREA) for further investigation.

Aliyu noted that the unit had launched “Operation Hawk,” a targeted enforcement initiative that led to the seizure of 3,340 parcels of synthetic cannabis weighing 1,540kg.

He added that the unit also recovered N97.7 million in underpaid duties between February 3 and April 28, 2026, highlighting improved revenue enforcement alongside anti-smuggling operations.

According to him, the Customs Service is increasingly deploying advanced digital surveillance tools, including geospatial intelligence, satellite imagery, drones and predictive analytics, to monitor and disrupt smuggling networks.

The issues

Nigeria continues to face significant challenges related to drug trafficking, smuggling, and the influx of hazardous substances through its borders. The strategic Lagos-Abidjan corridor remains a major route for illicit trade, requiring enhanced surveillance and inter-agency collaboration.

The proliferation of synthetic drugs and environmental hazards such as mercury also raises public health and ecological concerns.

What’s being said

NDLEA Commander Ibrahim Kabiru commended Customs operatives for their professionalism and sustained collaboration in combating drug trafficking.

He confirmed the receipt of the seized cocaine, cannabis parcels and three suspects, noting that the operation sends a strong signal that Lagos and its environs will not serve as safe havens for illicit drug activities.

Customs authorities reiterated their commitment to dismantling smuggling networks and safeguarding the nation’s economy and public health.

What’s next

The NDLEA is expected to intensify investigations and prosecute suspects linked to the seizures, while Customs continues to expand intelligence-led operations across border corridors.

Further integration of technology-driven surveillance and inter-agency coordination is anticipated to strengthen enforcement outcomes.

Bottom line

The multi-billion-naira drug seizure underscores growing enforcement efficiency by Customs and its partners, but sustained vigilance and advanced intelligence systems remain critical to curbing illicit trade along Nigeria’s borders.

Obi, Kwankwaso defection triggers political realignment as lawmakers abandon ADC

Lagos State Government intensifies student safety and climate awareness

By
Kehinde Victor
-

Key Points

  • The Lagos State Government is conducting sensitization programs across public secondary schools focusing on climate change and road safety.
  • Senior Special Assistant Opeyemi Eniola confirmed that these initiatives are designed to equip teachers and students with practical knowledge for healthier communities.
  • The Ministry of Transportation is emphasizing responsible road usage, obedience to traffic signs, and the protection of road infrastructure.
  • Environmental experts highlighted that human activities like industrial production and deforestation are driving flooding and heatwaves in Lagos.
  • Education officials expect students to reinforce safety and sustainability messages during daily school assemblies.

Main Story

The Lagos State Government has reaffirmed its dedication to student wellbeing through a specialized sensitization program held in Alausa, Ikeja.

Senior Special Assistant to the Governor on Basic and Secondary Education, Opeyemi Eniola, stated that the initiative is part of a continuous effort to foster safer and more sustainable school environments.

By training both educators and learners, the government aims to ensure that practical safety knowledge is passed down through school districts and reinforced during morning assemblies.

During the event, the Ministry of Transportation addressed the critical issue of road safety, noting that the road belongs to motorists, pedestrians, and cyclists alike.

Officials expressed concern over the vandalism of road infrastructure, which compromises public safety, and announced that technology is being deployed to better protect all road users.

Simultaneously, environmental facilitators warned that climate change is already impacting daily life in Lagos through ecological imbalances and health risks, urging students to adopt wiser resource management today to protect future opportunities.

The Issues

  • Climate change is causing immediate problems such as extreme heatwaves and food shortages across communities.
  • The destruction of public road assets remains a major concern that affects the safety of the general public.
  • Human activities continue to place unsustainable pressure on the environment, worsening global climate challenges.
  • There is an urgent need to bridge the gap between government safety policies and the daily behavior of students and teachers.

What’s Being Said

  • “This will be a continuous programme,”. — Opeyemi Eniola
  • “We expect participants to return to their schools and reinforce today’s climate and road safety messages during assemblies,”. — Opeyemi Eniola
  • “The road belongs to every user, including motorists, pedestrians and cyclists. Everyone must obey traffic signs, use designated facilities properly and support government efforts towards safer roads,”. — Olasukanmi Ojowuro

What’s Next

  • Schools across Lagos will begin integrating road safety and climate messages into their daily assemblies.
  • The Ministry of Transportation will proceed with deploying new technology to monitor and protect road infrastructure.
  • Teachers are expected to act as long-term mentors for learners regarding climate-friendly and responsible behaviors.
  • The sensitization initiative will continue to rotate through various school districts to ensure total coverage.

Bottom Line

Lagos is integrating road safety and environmental sustainability into the secondary school curriculum to protect students from traffic accidents and the worsening effects of climate change.

Obi, Kwankwaso defection triggers political realignment as lawmakers abandon ADC

Obi, Kwankwaso defection triggers political realignment as lawmakers abandon ADC

By
Ibe Wada
-

Key points

  • Peter Obi and Rabiu Kwankwaso exit African Democratic Congress, sparking mass defections
  • 18 National Assembly members join National Democratic Congress within 48 hours
  • Opposition dynamics shift ahead of 2027 elections amid coalition talks

Main story

Nigeria’s opposition landscape is undergoing a significant shake-up following the defection of two prominent political figures, Peter Obi and Rabiu Kwankwaso, from the African Democratic Congress (ADC), a move that has triggered a wave of defections across the National Assembly.

Within 48 hours of their exit, no fewer than 17 members of the House of Representatives and one senator defected to the National Democratic Congress (NDC), consolidating the party’s growing influence ahead of the 2027 general elections.

The momentum had earlier been signalled by the defection of former Bayelsa State Governor, Seriake Dickson, from the Peoples Democratic Party (PDP) to the NDC, further strengthening the party’s legislative presence.

The latest defectors, drawn from states including Kano, Anambra, Lagos, Edo, Rivers and Kogi, cited unresolved internal crises within the ADC as the primary reason for their departure, pointing to instability from the ward to the national level.

The development comes amid ongoing efforts by opposition parties to form a united front against President Bola Tinubu in the 2027 elections, signalling a broader realignment of political forces.

The issues

The wave of defections underscores deep-rooted challenges within Nigeria’s opposition parties, including leadership disputes, internal fragmentation, and weak institutional structures.

Frequent party switching by politicians also highlights the absence of ideological consistency, raising concerns about political stability and voter confidence ahead of the next general elections.

What’s being said

Lawmakers who defected attributed their decision to persistent leadership crises and unresolved litigation within the ADC, describing the situation as untenable.

Senate President Godswill Akpabio openly criticised the ADC during plenary, declaring the party “dead” amid the growing exodus.

Meanwhile, ADC officials dismissed the defections, insisting the party’s strength lies in its core structures and values rather than individual political figures.

What’s next

The NDC is expected to continue attracting political heavyweights and lawmakers as opposition realignments intensify ahead of 2027.

Political parties are likely to accelerate coalition negotiations, candidate selection strategies, and grassroots mobilisation in preparation for the elections.

At the same time, internal restructuring efforts within the ADC and PDP may determine their ability to remain competitive in the evolving political landscape.

Bottom line

The defection of Obi and Kwankwaso has triggered a major political realignment, reshaping opposition dynamics and setting the stage for a fiercely contested 2027 election cycle, where party cohesion and strategic alliances will be critical to electoral success.

Nigeria reaffirms commitment to regional security at Lake Chad defence Ministers’ meeting

UBA, MTN MoMo, and RedTech launch cardless payment solution

By
Kehinde Victor
-

Key Points

  • The United Bank for Africa (UBA), MTN Mobile Money (MoMo), and RedTech have introduced a cardless payment solution to enhance financial inclusion.
  • The system allows transactions to be conducted without physical debit cards or internet-enabled devices.
  • Users can access services such as withdrawals, transfers, and bill payments using basic mobile phones and Smart Payment System (SPS) terminals.
  • The initiative leverages a network of over 100,000 touchpoints across the country to reach underserved and unbanked populations.
  • The partnership aims to reduce the need for rural residents to travel long distances to physical bank branches.

Main Story

In a strategic move to bridge the gap in digital financial access, UBA, MTN MoMo, and the fintech firm RedTech have signed a Memorandum of Understanding to deploy an offline-capable payment system.

This collaboration targets the millions of Nigerians who lack smartphones or stable data connections, allowing them to utilize MoMo wallets at SPS-enabled terminals.

By integrating global fintech capabilities with extensive local ecosystems, the partners aim to simplify the payment experience across Africa and other emerging markets.

UBA and MTN MoMo highlighted that the solution is designed to operate beyond traditional banking channels, utilizing a massive agent network to reach remote communities.

The initiative is described as a historic convergence of telecommunications and banking infrastructure, ensuring that financial services are accessible regardless of a user’s location or device type.

This system effectively unlocks access to a broader range of financial services for those previously excluded from the digital economy.

The Issues

  • Large segments of the population remain “underserved and unbanked” due to a lack of digital infrastructure.
  • Residents in “rural areas” often face long-distance travel to access traditional bank branches.
  • Traditional digital banking often relies on “card or data service,” which many potential users do not possess.
  • Previous efforts to expand inclusion have sometimes struggled due to a lack of “historic convergence” between banks and telcos.

What’s Being Said

  • “This collaboration brings together global fintech capabilities and strong local ecosystems to expand access to financial services.” — Emmanuel Ojo, CEO of RedTech
  • “We are extending our ecosystem to ensure that anyone with a MoMo wallet can walk up to a terminal and carry out transactions seamlessly.” — Omolara Michael-Nwandu, Acting CEO of MTN MoMo
  • “This is about simplifying payments and making financial services accessible to everyone, regardless of location or device.” — Kayode Olubuyi, Group Head of Digital Marketing, UBA
  • The initiative is a “historic convergence” of key players working to transform payment experiences.

What’s Next

  • The partners will continue to leverage “agent networks” to deepen reach into remote communities.
  • Increased rollout of “SPS-enabled devices” across the 100,000 planned touchpoints.
  • Stakeholders will track how effectively the solution bridges the gap for the “unbanked populations”.
  • RedTech plans to use this model to “transform payment experiences across Africa” and other markets.

Bottom Line

UBA, MTN MoMo, and RedTech are bypassing the need for cards and internet data by using a 100,000-point terminal network to bring essential banking services to basic phone users in rural Nigeria.

NAFDAC unveils seven-year scorecard, strengthens continental drug regulation with AMA treaty

Nigeria reaffirms commitment to regional security at Lake Chad defence Ministers’ meeting

By
Ibe Wada
-

Key points

  • Defence Minister reiterates Nigeria’s commitment to joint security operations in Lake Chad Basin
  • Regional leaders review counter-terrorism efforts under MNJTF framework
  • Funding gaps and evolving threats dominate high-level security talks

Main story

Nigeria has reaffirmed its commitment to strengthening regional security cooperation as part of ongoing efforts to combat terrorism and stabilise the Lake Chad Basin.

Minister of Defence, Christopher Gwabin Musa, made this known during an official visit to N’Djamena, where he participated in a high-level meeting of Defence Ministers from Troop Contributing Countries (TCCs) of the Multinational Joint Task Force (MNJTF), operating under the Lake Chad Basin Commission (LCBC).

In a statement issued by the Ministry of Defence, Musa underscored the importance of sustained collaboration among member states to dismantle terrorist networks and address cross-border security threats.

He commended the government of Chad for hosting the meeting and acknowledged its leadership role in advancing regional peace initiatives within the MNJTF framework.

The meeting brought together defence ministers and senior security officials from Nigeria, Cameroon, Benin and Chad, alongside top military commanders and intelligence chiefs, to review ongoing operations and strengthen collective responses to insecurity.

The issues

The Lake Chad Basin continues to face persistent threats from terrorist groups, cross-border insurgency, and organised crime. Despite years of joint military operations, challenges such as inadequate funding, coordination gaps, and shifting tactics by insurgents have slowed progress in fully stabilising the region.

The complexity of the security landscape also underscores the need for sustained multinational cooperation and intelligence sharing.

What’s being said

Musa emphasised that collective security remains the most effective strategy for addressing regional threats, calling for deeper collaboration among member states.

Participants at the meeting reviewed operational reports from Chiefs of Defence Staff and intelligence agencies, highlighting both achievements and emerging risks within the MNJTF operations.

They also acknowledged the role of political leadership in supporting military efforts and sustaining regional stability.

What’s next

Member countries are expected to strengthen joint operations through improved intelligence sharing, coordinated troop deployment, and renewed commitment to funding the MNJTF.

Further high-level engagements and policy alignments are anticipated to address operational gaps and adapt to evolving security threats in the region.

Bottom line

Nigeria’s renewed commitment to regional security cooperation underscores the critical role of collective action in tackling terrorism in the Lake Chad Basin, but sustained funding, coordination, and political will remain essential to achieving lasting stability.

NAFDAC unveils seven-year scorecard, strengthens continental drug regulation with AMA treaty

NAFDAC unveils seven-year scorecard, strengthens continental drug regulation with AMA treaty

By
Ibe Wada
-
Director General, NAFDAC, Prof. Mojisola Christianah Adeyeye

Key points

  • NAFDAC highlights regulatory reforms and improved compliance over seven years
  • Nigeria signs treaty with African Medicines Agency to tackle fake drugs
  • DG urges public vigilance against unregistered medicines and open-market sales

Main story

The National Agency for Food and Drug Administration and Control (NAFDAC) has presented its seven-year performance scorecard, outlining significant reforms in food and drug regulation while announcing Nigeria’s formal alignment with the African Medicines Agency (AMA) to strengthen pharmaceutical oversight across Africa.

Director-General of NAFDAC, Mojisola Adeyeye, disclosed this on Tuesday at an event themed “Safeguarding the Nation’s Health, Empowering Progress,” where she detailed the agency’s transformation efforts since assuming office in November 2017.

Adeyeye described the treaty with AMA as a major milestone in the fight against substandard and falsified medicines, noting that the collaboration would enhance regulatory harmonisation and strengthen cross-border control systems within the continent.

According to her, the partnership would enable African countries to leverage shared manufacturing capacity, improve access to quality medicines, and align with international regulatory standards.

She stressed that the agency’s reforms had begun to yield results, particularly in improving compliance among manufacturers, with high-risk operators transitioning towards lower-risk categories under stricter regulatory supervision.

The NAFDAC boss also issued a strong advisory to Nigerians to avoid purchasing medicines from unapproved vendors, urging the public to patronise registered pharmacies and demand receipts as part of efforts to curb the circulation of fake drugs.

The issues

Nigeria and other African countries continue to grapple with the proliferation of substandard and falsified medicines, weak regulatory enforcement in informal markets, and limited cross-border coordination. These challenges pose significant risks to public health and undermine trust in healthcare systems.

Additionally, fragmented regulatory frameworks across African countries have historically hindered effective pharmaceutical oversight and slowed progress toward achieving drug safety standards.

What’s being said

Adeyeye emphasised that public cooperation is critical to sustaining regulatory gains, warning that unregistered drug vendors remain a major channel for counterfeit medicines.

She noted that manufacturers are becoming more compliant due to increased monitoring and enforcement, while reiterating that reforms in the sector are gradual but impactful.

Director-General of AMA, Mimi Darko, described Nigeria’s participation as a strategic boost to the agency’s mandate, highlighting the country’s influence in strengthening continental health governance.

What’s next

NAFDAC is expected to deepen enforcement against illegal drug markets while expanding public awareness campaigns on safe medicine use. The AMA treaty will likely drive greater collaboration among African regulators, including joint inspections, harmonised standards, and shared pharmaceutical resources.

In the medium term, stakeholders anticipate improved access to quality medicines, increased local manufacturing partnerships, and stronger regulatory integration across Africa.

Bottom line

NAFDAC’s seven-year reform drive, combined with Nigeria’s entry into the African Medicines Agency framework, signals a strategic shift toward stronger drug regulation and continental cooperation—key steps in tackling counterfeit medicines and safeguarding public health.

AIICO Insurance reports 14% growth in gross written premium for Q1 2026

AIICO Insurance reports 14% growth in gross written premium for Q1 2026

By
Kehinde Victor
-

Key Points

  • AIICO Insurance Plc recorded a gross written premium of ₦62.58 billion for the period ending March 31, 2026, marking a 14% increase from ₦54.81 billion in 2025.
  • Insurance revenue grew by 12%, rising from ₦32.81 billion to ₦36.67 billion.
  • Net investment income before fair value changes saw a significant 46% jump to ₦18.81 billion.
  • Profit before tax increased by 13% to ₦5.85 billion, while total profit for the period rose 12% to ₦5.22 billion.
  • Total assets expanded by 12% to ₦652.77 billion as of March 31, 2026.

Main Story

AIICO Insurance Plc has demonstrated strong financial resilience in its unaudited results for the first quarter of 2026, released via the Nigerian Exchange Ltd.

The company’s gross written premium climbed to ₦62.58 billion, driven by a 12% rise in overall insurance revenue.

Despite a 24% surge in insurance service expenses, which reached ₦24.64 billion and slightly dampened the service results from issued contracts, the firm maintained a marginal growth in its total insurance service result.

The quarter was characterized by exceptional investment performance, with net fair value gains on financial assets reaching ₦9.77 billion—a sharp turnaround from the marginal loss recorded in the same period last year.

This investment strength bolstered the company’s bottom line, leading to an improved earnings per share of 14k. With total equity now standing at ₦104.27 billion, the insurer appears well-positioned to navigate the evolving fiscal landscape.

The Issues

  • Insurance service expenses climbed 24% to ₦24.64 billion, putting pressure on service margins.
  • The result from insurance contracts issued fell by 6% to ₦12.03 billion due to the increase in expenses.
  • While overall profit was strong, the insurance service result itself grew by only 3%.

What’s Next

  • The company will likely focus on managing its “insurance service expenses” to protect its margins from further declines in contract results.
  • Analysts will monitor whether the “strong investment performance” can be sustained throughout 2026 to offset operational costs.
  • Further growth in “total assets” is expected as the firm leverages its increased shareholders’ funds for market expansion.

Bottom Line

AIICO Insurance successfully leveraged a 46% increase in investment income and ₦9.77 billion in fair value gains to overcome rising service expenses and post a 12% increase in total profit for the first quarter of 2026.

NUPRC allocates 61.9 million barrels of crude to local refineries in Q1 2026

ECOWAS Parliament orders probe into terror attacks and xenophobia

By
Kehinde Victor
-

Key Points

  • The ECOWAS Parliament has launched an investigation into escalating terror attacks in West Africa and xenophobic violence in South Africa.
  • The Committee on Political Affairs is specifically tasked with investigating incidents in Mali and Burkina Faso, alongside attacks targeting ECOWAS citizens in South Africa.
  • Recent atrocities cited include the execution of 18 Ghanaian traders in Burkina Faso and an attack in Mali that killed the country’s Defence Minister.
  • Lawmakers highlighted the failure to uphold the 1979 Free Movement Protocol, noting that citizens continue to face harassment and safety risks at borders.
  • The Parliament intends to send formal communications to South Africa’s parliament and the African Commission on Human and Peoples’ Rights.

Main Story

During the First 2026 Ordinary Session in Abuja, the ECOWAS Parliament moved to address a dual crisis threatening the safety and economic livelihoods of regional citizens.

The decision followed an urgent motion by Ghanaian MP Alexander Afenyo-Markin, who emphasized that a regional community must be able to protect its citizens in transit.

The investigation will focus on the surge of militant activity in the Sahel and the recurring wave of xenophobic violence in South African cities like Cape Town and Pretoria.

Afenyo-Markin pointed to the February 14 massacre in northern Burkina Faso as a primary example of the worsening security situation, where militants executed 18 traders who were essential to the regional food supply chain.

Furthermore, the April 25 assassination of Mali’s Defence Minister has effectively paralyzed key trade routes, leading some foreign ministries to warn that they can no longer guarantee the safety of travelers.

The Parliament is now calling for immediate accountability from both regional security forces and the South African government to move beyond ceremonial condemnations toward actual prosecutions.

The Issues

  • Terrorist attacks are cutting off vital supply chains that feed regional markets.
  • Ceremonial remarks by leadership in South Africa are described as insufficient because they do not lead to the arrest of perpetrators.
  • There is a growing concern that the regional body is not meeting its promise to protect West African nationals in transit.
  • Despite regional commitments, citizens continue to experience daily contradictions to the promise of free movement.

What’s Being Said

  • “A regional community that cannot protect its own citizens in transit has not yet earned its name.” — Alexander Afenyo-Markin
  • “Words delivered from a ceremonial platform do not arrest a single perpetrator.” — Alexander Afenyo-Markin
  • The traders killed were “the quiet engines of the regional supply chain that feeds our markets.” — Alexander Afenyo-Markin
  • The safety of citizens “must never be a matter open to devastation.” — Alexander Afenyo-Markin

What’s Next

  • The Committee on Political Affairs will begin its formal probe into recent terror and xenophobic incidents.
  • Formal notices will be dispatched to the South African parliament and the African Commission on Human and Peoples’ Rights.
  • ECOWAS will push the South African government for transparent investigations and prosecutions of those involved in lynchings and looting.
  • Lawmakers are expected to revisit the implementation of the Free Movement Protocol to address border harassment.

Bottom Line

The ECOWAS Parliament is demanding a shift from rhetoric to action, launching a multi-national investigation to protect the lives and trade routes of West African citizens currently under threat from Sahelian terrorists and South African xenophobia.

Nigerian Navy and U.S. delegation reinforce Gulf of Guinea security ties

Nigerian Navy and U.S. delegation reinforce Gulf of Guinea security ties

By
Kehinde Victor
-

Key Points

  • The Nigerian Navy and a U.S. Congressional Delegation (CODEL) have strengthened their partnership to enhance maritime security in the Gulf of Guinea.
  • The Regional Maritime Awareness Capability (RMAC) was identified as a critical tool for real-time monitoring and coordinated responses to maritime threats.
  • RMAC’s effectiveness contributed to Nigeria’s 2022 removal from the International Maritime Bureau (IMB) piracy list.
  • The U.S. delegation reaffirmed its commitment to continued cooperation, focusing on capacity building and intelligence sharing.
  • Discussions centered on combating sea robbery, crude oil theft, and other illegal maritime activities.

Main Story

In a high-level meeting at the Western Naval Command Headquarters in Lagos, the Nigerian Navy and a U.S. Congressional Delegation have committed to deepening their maritime security collaboration.

Led by Adam Barker, the delegation met with Rear Adm. Abubakar Mustapha to discuss strategies for safeguarding the Gulf of Guinea.

Mustapha emphasized that international partnerships are vital for addressing evolving threats and providing the technical support necessary for regional stability.

A central focus of the engagement was the Regional Maritime Awareness Capability (RMAC), which allows for the real-time monitoring of Nigerian waters.

The system has been instrumental in the suppression of piracy, leading to a significant drop in illegal maritime activities and a improved global standing for Nigeria’s maritime domain.

The delegation received a comprehensive briefing at the RMAC complex, where U.S. officials commended the Navy’s proactive efforts in securing vital trade routes.

The Issues

  • The Navy continues to battle “sea robbery, crude oil theft” and various unauthorized maritime actions.
  • Maritime security challenges are constantly shifting, requiring “sustained collaboration” to address.
  • Systems like the RMAC require ongoing “technical support” and investment to remain effective.
  • Maintaining Nigeria’s status off the “IMB piracy list” depends on consistent enforcement and security results.

What’s Being Said

  • The RMAC is a “critical tool for real-time monitoring, information sharing and coordinated responses.” — Rear Adm. Abubakar Mustapha
  • Partnerships with the U.S. provide “opportunities for capacity building, technical support and intelligence sharing.” — Rear Adm. Abubakar Mustapha
  • “The engagement provided an opportunity to deepen collaboration and address emerging threats.” — Adam Barker
  • The U.S. remains committed to “continued cooperation” with the Nigerian Navy’s proactive efforts.

What’s Next

  • The Nigerian Navy will likely seek further “technical support” to upgrade and maintain the RMAC system.
  • Joint “intelligence sharing” efforts between Nigeria and the U.S. are expected to intensify in the Gulf of Guinea.
  • Future operations will focus on ensuring Nigeria remains off the “International Maritime Bureau piracy list” through active suppression.
  • Continued “capacity building” programs are anticipated to train personnel on advanced maritime monitoring technologies.

Bottom Line

Nigeria and the United States are scaling up their joint efforts to secure the Gulf of Guinea, utilizing advanced monitoring systems like the RMAC to maintain the suppression of piracy and protect regional trade.

NERC releases February 2026 commercial performance report for DisCos

NUPRC allocates 61.9 million barrels of crude to local refineries in Q1 2026

By
Kehinde Victor
-

Key Points

  • The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) allocated 61.9 million barrels of crude to domestic refineries in the first quarter of 2026.
  • Producers offered 68.7 million barrels during the same period, exceeding the mandatory allocation requirements.
  • Actual deliveries to local refineries reached 28.5 million barrels, resulting in a supply conversion rate of 36 to 46 percent.
  • Shortfalls between offered volumes and actual supplies are primarily attributed to pricing gaps under the “willing buyer, willing seller” framework.
  • The Commission is refining its Domestic Crude Supply Obligation (DCSO) methodology to enhance transparency and ensure local supply commitments are met.

Main Story

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has released new statistics regarding the Domestic Crude Supply Obligation (DCSO) for the first quarter of 2026.

Under the provisions of the Petroleum Industry Act (PIA 2021), the Commission allocated 61.9 million barrels to domestic refineries to bolster national energy sufficiency. While producers demonstrated a high level of cooperation by offering 68.7 million barrels—exceeding the allocated amount—actual supply remained significantly lower at 28.5 million barrels.

This discrepancy highlights ongoing challenges in the domestic market, specifically regarding a supply conversion rate that fluctuated between 36 and 46 percent.

The NUPRC noted that while producers often met or exceeded offer targets, the final deliveries were frequently stalled by pricing disagreements between producers and refiners.

Moving forward, the Commission remains committed to leveraging the PIA 2021 framework to sustain production gains and improve the efficiency of local crude distribution.

The Issues

  • The primary reason for the shortfall between volumes offered and actual deliveries is the pricing disagreement between producers and domestic refiners.
  • Transactions operate on a “willing buyer, willing seller” basis, which allows market forces to dictate whether an offer leads to a final sale.
  • The low conversion rate (36-46%) suggests that nearly half of the crude offered to local refineries is not being successfully transacted.
  • In February, producers missed the mandated allocation target by 700,000 barrels.

What’s Being Said

  • Producers “exceeded expectations” in January by offering 11.9 percent more than the mandated volume.
  • There was a “modest improvement in deliveries” in March, rising to 10.1 million barrels from previous monthly lows.
  • The NUPRC “reaffirms its commitment to achieving the government’s objective of energy sufficiency” through the PIA framework.
  • The Commission aims to “continuously refining the DCSO methodology to enhance transparency” and efficiency.

What’s Next

  • The NUPRC will continue to “refine the DCSO methodology” to address the transparency and efficiency of crude distribution.
  • Stakeholders will monitor whether “pricing gaps” can be bridged to improve the supply conversion rate in the second quarter.
  • Efforts to “sustain recent gains in crude oil production” will remain a priority for the Commission.
  • Domestic refineries are expected to continue engaging with producers to secure the “committed” supplies mandated under the PIA.

Bottom Line

While the NUPRC successfully allocated over 60 million barrels to domestic refineries in Q1 2026, pricing disputes under the “willing buyer, willing seller” model meant that less than half of that volume was actually delivered.

UK-Nigeria partnership to modernise Lagos ports draws commendation

UK-Nigeria partnership to modernise Lagos ports draws commendation

By
Kehinde Victor
-

Key Points

  • The President of the Nigeria Association of Master Mariners has praised the Federal Government’s partnership with the United Kingdom for the rehabilitation of Apapa and Tin-Can Island ports.
  • A £746 million export finance agreement was signed in March between Nigeria and the UK to support the redevelopment project.
  • Rehabilitation works are scheduled to begin before the end of the second quarter of 2026, with a 48-month completion timeline.
  • British Steel has secured a £70 million contract to provide 120,000 tonnes of steel for the infrastructure upgrades.
  • The project will be executed in phases to ensure that port operations and cargo handling remain uninterrupted during construction.

Main Story

A major infrastructure partnership between Nigeria and the United Kingdom is set to modernise the Apapa and Tin-Can Island ports in Lagos, a move that maritime experts say reflects growing international investor confidence.

The initiative aims to transform these facilities into “smart ports” by integrating modern technology to improve vessel turnaround times and attract major global shipping lines.

Capt. Tajudeen Alao, President of the Nigeria Association of Master Mariners, noted that these capital-intensive upgrades are essential for Nigeria to remain competitive in the global economy and the West African sub-region.

The rehabilitation is funded through a £746 million export finance deal, with UK Export Finance guaranteeing the loans.

To maintain trade flow, the Nigerian Ports Authority (NPA) has designed a phased execution strategy, ensuring that sections of the ports remain operational while others undergo reconstruction.

While the project is viewed as a bold step toward sustaining revenue generation, stakeholders have been urged to maintain policy continuity to avoid delays potentially caused by upcoming political activities.

The Issues

  • Potential “political activities in the coming months” could threaten the established project timelines
  • Older facilities currently hinder the ability to receive “larger, modern vessels” effectively.
  • The project requires massive funding, making the “confidence of foreign investors” a critical dependency.
  • Current port delays must be addressed to make Nigerian ports “more attractive to major shipping lines”.

What’s Being Said

  • “Having foreign investors come into this sector shows the confidence they have in return on their investment.” — Capt. Tajudeen Alao
  • “With modernisation, port efficiency will increase. Ship turnaround time will improve… boosting trade.” — Capt. Tajudeen Alao
  • “If Nigeria is to lead in maritime trade, it is critical that our ports are modernised.” — Ikechukwu Onyemekara, NPA
  • “The phased approach would allow continuous cargo handling, as sections under reconstruction would be completed before work begins on others.” — Ikechukwu Onyemekara

What’s Next

  • Expected commencement of rehabilitation works at both Apapa and Tin-Can Island ports.
  • The projected duration for the full completion of the port redevelopment.
  • The commencement of the “70 million pound contract” for British Steel to supply necessary materials.
  • Continuous assessment by the NPA to ensure “uninterrupted port operations” during construction phases.

Bottom Line

Port Modernisation. Backed by a £746 million UK finance deal, Nigeria is launching a four-year phased rehabilitation of its primary Lagos ports to improve efficiency and secure its position as a West African maritime leader.

NERC releases February 2026 commercial performance report for DisCos

NERC releases February 2026 commercial performance report for DisCos

By
Kehinde Victor
-

Key Points

  • The Nigerian Electricity Regulatory Commission (NERC) has released the February 2026 Commercial Performance Factsheet for Distribution Companies (DisCos).
  • Billing efficiency for the month reached 87.44%, with the total value of energy billed amounting to ₦242.29bn.
  • DisCos recorded a collection efficiency of 81.17%, gathering ₦196.68bn in total revenue for February.
  • New ATC&C loss targets for 2026 have been approved at an average of 16.64% to account for infrastructure investments made in 2025.
  • The average revenue recovery efficiency across all electricity distribution companies stood at 80.67%.

Main Story

The Nigerian Electricity Regulatory Commission (NERC) has published its February 2026 factsheet, detailing the financial and operational health of the nation’s power distribution sector.

The report indicates a total energy billing of ₦242.29bn, maintaining a billing efficiency of 87.44%. Revenue collection remained a critical focus, with ₦196.68bn recovered from consumers during the month, reflecting a 4.84 percentage point improvement compared to the previous month.

A significant development in the report is the adjustment of Aggregate Technical, Commercial and Collection (ATC&C) loss targets.

The Commission has approved a reduced average target of 16.64% for 2026, a move intended to reflect the increased efficiency expected following various DisCo investments throughout 2025.

Additionally, the average actual collection per kilowatt-hour (kWh) across the network was recorded at ₦100.27, against an allowed average tariff of ₦124.30.

Performance Metrics

  • Total Energy Received: ₦277.09bn worth of energy was received by DisCos in February.
  • Billing Efficiency: Improved by 7.72 percentage points from the previous month to reach 87.44%.
  • Collection Efficiency: Total billings of ₦242.29bn resulted in ₦196.68bn collected, an 81.17% efficiency rate.
  • Revenue Recovery: The overall recovery efficiency across the sector was 80.67%, an 11.51 percentage point increase from January 2026.

DisCo Performance Highlights

  • Top Billing Efficiency: Kano DisCo led the group with 99.04% billing efficiency, followed by Eko DisCo at 97.20%.
  • Highest Collection Efficiency: Eko DisCo recorded the highest collection efficiency at 94.12%.
  • Revenue Recovery Leaders: Eko DisCo (100.67%) and Abuja DisCo (95.13%) were the only companies to exceed a 90% recovery rate.
  • Struggling Units: Kaduna DisCo recorded the lowest collection efficiency (49.27%) and revenue recovery efficiency (41.20%).

The Issues

  • There remains a ₦34.8bn gap between energy received (₦277.09bn) and energy billed (₦242.29bn).
  • DisCos failed to collect ₦45.61bn of the total ₦242.29bn billed to customers in February.
  • While the allowed average tariff is ₦124.30/kWh, the actual average collection was only ₦100.27/kWh.
  • Performance varies drastically by region, with some DisCos showing recovery rates below 50% while others exceed 100%.

Bottom Line

Power Performance. NERC’s February 2026 data shows a strengthening in revenue recovery and billing efficiency across the board, though significant losses still exist between energy reception and final payment collection.

UN agencies warn of systemic risks from digital infrastructure failure
1...585960...3,208Page 59 of 3,208

Recent Posts