Nigerian musician and entrepreneur Mr Eazi says he is interested in eventually listing his company on the Nigerian Exchange, NGX.
He wants to build a Pan-African company that is African in ownership, registration and operations while maintaining global standards.
Mr Eazi says Nigerian business leaders such as Aliko Dangote, Abdul Samad Rabiu and Femi Otedola have inspired his ambitions.
He believes Nigerian founders face reputational challenges that make it harder to raise capital locally.
He also identified opportunities to invest in mid-sized entertainment venues and professional sound stages across Nigeria.
Main Story
Nigerian musician and entrepreneur Oluwatosin Oluwole Ajibade, popularly known as Mr Eazi, has expressed interest in taking his technology business to the Nigerian Exchange, NGX, and giving Nigerians an opportunity to invest in and benefit from its growth, Mr Eazi, founder of emPawa Africa, a talent incubator supporting emerging African artists, said he is inspired by Nigerian entrepreneurs who have built major companies locally, expanded internationally and opened their businesses to public investment through the local exchange.
His comments come as the NGX records a strong performance in 2026, with market capitalisation rising sharply and a fresh pipeline of major companies expected to list before the end of the year, The exchange has also been pushing for more Nigerian fintech and e-commerce companies to list locally, arguing that domestic investors should have the opportunity to participate directly in the growth of some of the country’s fastest-growing businesses.
Mr Eazi said he has already invested in Nigerian equities and has seen the benefits of participating in the market, “I do believe that some of our elders have shown us what it is to not just build in Nigeria, but build global companies in Nigeria and list them on the local exchange and invite Nigerians to invest, partake in the company they help build and get the benefits of the companies,” he said.
He cited business leaders including Abdul Samad Rabiu, Aliko Dangote and Femi Otedola as examples of entrepreneurs whose paths he would like to emulate, “I think it will be beautiful to one day be like my egbons… and list, not just your normal brick-and-mortar businesses, but also in this new world,” Mr Eazi said.
The Issues
A major issue highlighted by Mr Eazi is the difficulty African founders face when attempting to raise capital and build globally recognised businesses from the continent, He argued that the perception of Africa can create a reputational barrier for entrepreneurs seeking investment.
According to him, founders may encounter greater resistance when raising capital through a Nigerian company, while incorporating in jurisdictions such as Delaware can immediately change how international investors perceive the business, Mr Eazi also pointed to infrastructure gaps in Nigeria’s entertainment industry.
He said the country needs more 250-, 350-, 500-, 750- and 1,000-capacity venues where Nigerian and visiting African artists can perform regularly, Beyond venues, he identified a need for professionally equipped sound stages with facilities such as changing rooms, lighting, security and proper rigging.
What’s Being Said
Mr Eazi said Nigerian entrepreneurs should build on the examples established by previous generations of business leaders while creating companies suited to the new economy, He described his ambition as building an African company that can operate globally without losing its African identity.
“One of the challenges founders face is reputational challenge,” he said, arguing that negative narratives about Africa can make it harder for local businesses to attract capital, He also called for greater attention to the successes coming out of Africa, saying that communicating these achievements can help improve perceptions of the continent and its businesses, On his own business philosophy, Mr Eazi said his focus is on the present rather than making distant predictions, He said the objective is to build a Pan-African company that is African “from top to bottom” while operating at world-class standards and maintaining high levels of integrity.
What’s Next
Mr Eazi’s comments suggest that a future NGX listing remains part of his broader ambition, although he did not announce a specific listing date, valuation or formal IPO process, For now, his focus is on building emPawa and developing an African business capable of competing globally.
If the company eventually pursues a local listing, it could place a technology and entertainment-focused African business among the growing number of companies seeking to access Nigeria’s capital market, The wider NGX market is also expected to see significant activity before the end of 2026, including the proposed listing of Dangote Petroleum Refinery & Petrochemicals.
Bottom Line
Mr Eazi’s interest in an eventual NGX listing reflects a broader shift in how African entrepreneurs are viewing Nigeria’s capital market, Rather than building companies locally and moving their ownership structures abroad, the ambition is increasingly to create globally competitive African companies while allowing Nigerians to participate as investors, For Mr Eazi, the goal extends beyond simply listing a company. It is about building a Pan-African business that future African entrepreneurs can learn from, invest in and build upon.
Fifteen stocks on the Nigerian Exchange have returned more than 100% year-to-date as of August 14, 2026, with a 16th — Fortis Global Insurance — delivering an extraordinary 1,215% gain that requires careful interpretation
The NGX All-Share Index itself gained 55.91% over the same period, making it one of the best-performing major stock markets in the world in 2026, yet every stock on this list outperformed the benchmark by at least 46 percentage points
Returns on the list range from 101.94% at the lower end to 365.49% at the top across 10 sectors, but several of the strongest price gains are backed by deteriorating fundamentals — a reminder that share price performance and business performance do not always move in the same direction
MAIN STORY
The Nigerian Exchange has had a remarkable year. The NGX All-Share Index posted a 47.43% return as of June 30, 2026, ranking Nigeria as the second best-performing major stock market among six of Africa’s major stock exchanges reviewed — behind only the Ghana Securities Exchange. By August 14, the index’s year-to-date gain had extended to 55.91%, powered by a broad rally in banking, oil and gas, telecommunications, and industrial goods.
Within that already-exceptional market, a group of stocks has done something even more striking. Fifteen companies listed on the NGX have more than doubled in share price since the start of 2026. A 16th, Fortis Global Insurance, has gained 1,215% — a figure that demands context before it demands celebration.
The 15 stocks span 10 sectors and tell a layered story: some gains are underpinned by genuine earnings breakthroughs and strategic transformation; others sit atop revenue growth that has not translated into profit; and a few have rallied despite financial performances that, under different market conditions, would have pushed share prices in the opposite direction. Data compiled by Nairametrics Research covers the period from January 2, 2025, to the August 14, 2026 closing price. Trading activity figures reflect August 14, 2026 only.
BizWatch Nigeria presents the full list — from lowest to highest return — with the financial performance behind each gain, and verified market context from industry reporting and company filings.
THE ISSUES
Nigeria’s equity market rally in 2026 has been driven by a combination of structural and cyclical forces: high interest rates that have fattened bank profit margins, a surge in oil production among indigenous producers following years of divestments by international oil companies, improving naira stability that has boosted the dollar-denominated returns of telecoms companies, and a renewed appetite among both domestic and foreign institutional investors for Nigerian equities at valuations that remain low relative to regional peers. Banking sector earnings have boomed, with Nigerian banks posting record profits driven by high interest rates and foreign exchange gains.
But the rally has also lifted stocks with fundamentally weaker stories. In a rising market with strong liquidity flows, capital can chase price momentum ahead of underlying performance — a dynamic visible in several names on this list where share prices have tripled or quadrupled while profits have fallen or turned negative. Investors and analysts tracking these stocks must separate the signal from the noise.
15. Morison Industries Plc — 101.94%
Morison Industries opens the ranking with a year-to-date return of 101.94%, its share price rising from N5.15 at end of 2025 to N10.40 as of August 14, 2026. The stock hit a 52-week high of N13.27 and a 52-week low of N3.22 during the period.
Revenue for H1 2026 came in at N274 million, up 21.42% from N226 million in H1 2025. But the company recorded a loss after tax of N10.28 million, deepening from a loss of N4.33 million in the prior-year period.
The financial context is significant. Morison carries a trailing EPS of negative N0.03, has lost money in four of the past five years, returned to a small N12.3 million profit in 2025, and then slipped back into a loss in Q1 2026. Its 2025 accounts were delayed, and auditors highlighted material uncertainty over the company’s ability to continue as a going concern, noting accumulated losses of approximately N903.9 million. The stock trades at approximately 10.58 times book value and 25.42 times sales. On August 14, it recorded just 3 trades and a volume of 509 units.
The gain is real, but the business behind it is fragile. This is among the clearest examples on the list of a share price that has outpaced the underlying company by a considerable distance.
14. Julius Berger Nigeria Plc — 103.27%
Julius Berger Nigeria, one of the country’s most established engineering and construction companies, returned 103.27% year-to-date, its share price climbing from N152.90 to N310.80, with a 52-week high of N315.00 and a 52-week low of N122.90.
Revenue for H1 2026 was N424.56 billion, up 23.62% from N343.45 billion in H1 2025, reflecting improved contract activity. Profit after tax of N6.06 billion, however, declined 14.70% from N7.11 billion in the prior-year period — a sign that costs are rising faster than revenue, compressing margins even as the top line grows.
Julius Berger’s position as a preferred contractor for federal government infrastructure projects provides a relatively stable revenue base, though its profitability depends heavily on contract margins and input cost management. On August 14, the stock recorded 35 trades and a volume of 1,978 units.
13. Red Star Express Plc — 106.90%
Red Star Express returned 106.90% year-to-date, its share price rising from N8.70 to N18.00. Notably, the opening price of N8.70 was also the stock’s 52-week low — meaning the stock never traded below its starting price for the year. It hit a 52-week high of N38.25, suggesting that buyers who entered early in the year and held through peak prices would have done even better.
Revenue for H1 2026 was N6.45 billion, up 21.92% from N5.29 billion in H1 2025, while profit after tax of N221 million grew 7.01% from N207 million — a modest but positive improvement in both revenue and profitability. The logistics sector has been a beneficiary of Nigeria’s growing e-commerce and last-mile delivery activity.
On August 14, Red Star recorded 35 trades and a volume of 64,341 units.
12. Vitafoam Nigeria Plc — 110.87%
Vitafoam Nigeria returned 110.87% year-to-date, its share price rising from N92.00 to N194.00, with a 52-week high of N210.00 and a 52-week low of N64.17.
The financial performance is among the more compelling on the list. Revenue for H1 2026 was N91.21 billion, up 7.47% from N84.87 billion in H1 2025, while profit after tax of N13.63 billion grew 45.42% from N9.37 billion — meaningful margin improvement on modest revenue growth. The combination of a contained revenue increase and a sharp profit expansion suggests operational efficiency gains or better cost management rather than simply passing on price increases.
On August 14, Vitafoam recorded 38 trades and a volume of 106,271 units.
11. International Energy Insurance Plc — 112.80%
International Energy Insurance returned 112.80% year-to-date, its share price rising from N2.50 to N5.32, with a 52-week high of N9.64 and a 52-week low of N2.12.
This is among the more conflicted entries on the list. Revenue for H1 2026 was N1.17 billion, down 49.74% from N2.33 billion in H1 2025 — a near-halving of revenue. Profit after tax of N160 million declined 70.53% from N543 million — a collapse in profitability running directly against the direction of the share price.
Despite the deteriorating financial performance, the stock recorded 274 trades and a volume of 1,582,739 units on August 14 — the third highest volume on the day among the 15 stocks — suggesting active retail participation driving price momentum independently of earnings fundamentals.
10. NCR (Nigeria) Plc — 121.73%
NCR (Nigeria) returned 121.73% year-to-date, its share price climbing from N72.70 to N161.20, with a 52-week high of N199.00 and a 52-week low of N9.55 — a range that underlines the degree of volatility in the stock during the period.
The underlying performance here is considerably stronger than the price range might suggest. Revenue for H1 2026 was N1.24 billion, up 37.58% from N900 million in H1 2025, while profit after tax of N144 million grew 221.34% from N45 million in the prior-year period — a genuine earnings recovery. On August 14, the ICT company recorded just 6 trades and a volume of 1,227 units, reflecting the limited daily liquidity in this relatively thinly traded stock.
9. Aradel Holdings Plc — 127.88%
Aradel Holdings returned 127.88% year-to-date, its share price rising from N670.00 to N1,526.80, with a 52-week high of N2,024.00 and a 52-week low of N510.00. The current price sitting well below the 52-week high reflects a mid-year correction after an aggressive run-up through May.
The financial story here is one of genuine, transformative scale. Aradel Holdings Plc posted a pre-tax profit of N752.71 billion for the six months ended June 30, 2026, representing a 293% year-on-year increase from N191.31 billion recorded in the corresponding period of 2025.
Revenue surged nearly seven-fold to N2.49 trillion, from N368.1 billion a year earlier, driven by broad-based growth across the company’s crude oil, gas and refined products segments following last December’s acquisition of an additional 40% stake in ND Western, which brought the company’s books into full consolidation for the first time.
Group oil production rose 523% to an average of 139,500 barrels of oil equivalent per day, while gas production recorded growth of 1,121%, powered by improved pipeline availability and sustained customer offtake.
One analyst commenting on Aradel’s Q1 2026 results wrote: “Aradel’s Q1 2026 results demonstrate the earnings power of its transformed asset portfolio. Revenue and operating profit growth were exceptionally strong, while operating cash flow generation exceeded expectations.” — Qudus Adebara, Research Analyst, SimplyWall St
On August 14, Aradel recorded 707 trades and a volume of 166,867 units — the third highest number of trades among the 15 stocks on the day.
8. HBM Nigeria Plc (formerly Lafarge Africa Plc) — 148.33%
HBM Nigeria Plc — a company that most market participants still knew as Lafarge Africa at the start of 2026 — returned 148.33% year-to-date, its share price rising from N134.50 to N334.00, with a 52-week high of N389.90 and a 52-week low of N103.00.
The stock’s rally is inseparable from its ownership transformation. Lafarge Africa Plc officially became HBM Nigeria Plc in May 2026 after shareholders approved a special resolution at the company’s 67th Annual General Meeting held on April 30, bringing an end to the Lafarge brand that had dominated the company’s identity for more than a decade.
The name change formally marks the handover from Holcim to its new Chinese owner. In December 2024, Swiss group Holcim agreed to sell its 83% stake in Lafarge Africa to Chinese cement maker Huaxin Cement. HBM stands for Huaxin Building Materials.
2025 was an exceptional year for the company: revenue crossed the one trillion naira mark for the first time, and net profit nearly tripled in a single year to N273 billion. The stock, which traded around N58 before the acquisition announcement in December 2024, surged to around N226 nairas.
Revenue for H1 2026 was N678.41 billion, up 31.23% from N516.98 billion in H1 2025, while profit after tax of N208.35 billion grew 57.03% from N132.68 billion — strong margin expansion alongside genuine revenue growth. On August 14, HBM Nigeria recorded 1,108 trades and a volume of 1,309,157 units — the second highest number of trades on the day across the 15 stocks.
7. Airtel Africa Plc — 177.53%
Airtel Africa returned 177.53% year-to-date, its share price climbing from N2,270.00 to N6,300.00 — and closing on August 14 at exactly its 52-week high, meaning investors who entered at year’s start were still riding an unrealised peak on that date.
The company reports in dollars, and the numbers are compelling. Revenue for the quarter ended June 30, 2026 increased 31.0% to $1.85 billion, with data revenue of $750 million up 36.5% and mobile money revenue of $434 million up 38.9%. EBITDA of $928 million grew 36.6% with an EBITDA margin of 50.1%, up from 48.0%, while operating profit of $627 million rose 40.7%.
The clearest signal in these numbers is that the old business and the new business are moving at different speeds. Voice revenue — the traditional heartbeat of any telecoms operator — grew 20%. Data revenue grew faster, at 36.5%. Mobile money grew fastest of all.
Airtel Africa CEO Sunil Taldar said profit after tax rose 27% to $198 million, noting “sustained growth across voice, data and mobile money services” across the company’s 14 African markets.
For the full year ended March 31, 2026, Airtel Africa reported revenue of $6.4 billion, up 29.5%, and profit after tax surging to $813 million from $328 million a year earlier. On August 14, the telecoms company recorded 153 trades and a volume of 19,072 units — a low unit volume that reflects the stock’s high price per share.
6. First HoldCo Plc — 192.28%
First HoldCo returned 192.28% year-to-date, its share price rising from N47.90 to N140.00, with a 52-week high of N150.00 and a 52-week low of N29.25. Revenue for H1 2026 was N1.40 trillion, down 2.74% from N1.44 trillion in H1 2025 — a modest revenue contraction — though profit after tax of N526.26 billion surged 85.45% from N283.77 billion, reflecting stronger profitability from an improved cost structure and cleaned-up balance sheet.
The story behind First HoldCo’s stock is, at its core, a story about one investor’s conviction and one institution’s turnaround. First HoldCo, the banking group chaired by Nigerian billionaire Femi Otedola, posted a pre-tax profit of N654 billion for the first half of 2026 — an 83% increase on the same period last year.
In an interview with Nairametrics, Otedola revealed plans to increase his shareholding to more than 51%, saying: “I am sure that you can see from my antecedents that my investment threshold is always over and above 51 per cent.”
First HoldCo has projected that its profit before tax will exceed N1.2 trillion for the 2026 financial year as the benefits of its recapitalisation programme and the clean-up of legacy non-performing loans continue to strengthen earnings.
First HoldCo also approved a dividend policy committing to distribute at least 60% of profit after tax to shareholders every year — a move that significantly increased the stock’s income appeal.
On August 14, First HoldCo was the most actively traded stock in the entire ranking, recording 1,902 trades and a volume of 19,551,659 units — the highest number of trades and the second highest volume on the day.
5. Premier Paints Plc — 204.00%
Premier Paints returned 204.00% year-to-date — a tripling of share price — with its stock rising from N10.00 to N30.40. The 52-week high was N37.50, the 52-week low N11.00.
Yet beneath the tripling share price lies a company that has moved into loss. Revenue for H1 2026 grew 8.65% year-on-year, but the company recorded a loss after tax of N8.07 million, against a profit of N1.14 million in H1 2025 — a reversal in profitability as the share price was multiplying.
Premier Paints recorded only 12 trades and a volume of 14,569 units on August 14, consistent with a thinly traded stock where price movements can be driven by a relatively small number of transactions. This combination — a tripled share price, shrinking profits, thin liquidity — warrants careful attention from investors assessing whether the market price reflects fundamental value.
4. Berger Paints Plc — 207.50%
Berger Paints returned 207.50% year-to-date, its share price climbing from N48.00 to N147.60, with a 52-week high of N168.95 and a 52-week low of N32.00.
Unlike Premier Paints, the financial performance here moves in alignment with the share price. Revenue for H1 2026 was N10.35 billion, up 13.36% from N9.13 billion in H1 2025, while profit after tax of N1.25 billion grew 33.35% from N934 million — revenue growth and profit growth both moving in the same direction as the stock price.
Berger Paints and Premier Paints are in the same sector and have both more than tripled in share price, but their underlying financial performances describe two different companies. On August 14, Berger recorded 42 trades and a volume of 15,387 units.
3. R T Briscoe Plc — 231.43%
R T Briscoe returned 231.43% year-to-date, its share price rising from N3.50 to N11.60, with a 52-week high of N19.16 and a 52-week low of N2.85.
The financial performance matches the enthusiasm. Revenue for H1 2026 was N24.60 billion, up 50.70% from N16.32 billion in H1 2025, while profit after tax of N801 million grew 140.95% from N332 million — both revenue and profit growing at rates consistent with the stock’s position near the top of this ranking. R T Briscoe, which operates across automotive, equipment, and services segments, appears to be capturing real commercial momentum.
On August 14, the company recorded 37 trades and a volume of 509,892 units — the fourth highest volume on the day.
2. Union Dicon Salt Plc — 244.20%
Union Dicon Salt returned 244.20% year-to-date, its share price rising from N6.90 to N23.75 — and closing on August 14 at its 52-week high, meaning investors were still at the peak of the cycle on that date.
The financial picture here is the most complex and arguably the most troubling on the list. The company had no revenue reported for H1 2025, making year-on-year comparison unavailable. H1 2026 revenue stood at N13.01 million. Profit after tax of negative N8.37 billion represents a significant deterioration from a profit of N35.67 billion in H1 2025.
A stock rising to its highest price on a day when its accounts show a N8.37 billion loss and no comparable prior revenue is a market dynamic that requires explanation beyond the financial statements. On August 14, Union Dicon recorded just 7 trades and a volume of 20,164 units — a thin trading day for a stock claiming the second-place return on this list.
1. SCOA Nigeria Plc — 365.49%
Leading the entire ranking is SCOA Nigeria Plc, with a year-to-date return of 365.49% — a near-fivefold (4.65 times) increase in share price from N7.10 to N33.05. The 52-week high was N38.15, the 52-week low N6.00.
Revenue for H1 2026 was N4.93 billion, up 47.39% from N3.34 billion in H1 2025. Profit after tax of N147.93 million, however, declined 54.67% from N326.34 million in the prior-year period — revenue grew at almost 50%, but profit was nearly halved.
SCOA sits at the top of the returns ranking while simultaneously reporting its worst half-year profit in recent memory relative to H1 2025. The conglomerate recorded only 8 trades and a volume of 6,672 units on August 14 — the second lowest trade count on the day — suggesting that the extraordinary gain was achieved in a stock with very limited daily liquidity.
The Outlier: Fortis Global Insurance Plc — 1,215%
Fortis Global Insurance Plc stands apart from every other name on this list by a considerable margin, with a year-to-date gain of 1,215% — more than three times the return of the next-best performer, SCOA Nigeria.
Its share price rose from N0.20 to N2.63, with a 52-week high of N3.57 and a 52-week low of N0.22. Revenue for H1 2026 was N1.55 billion, up approximately 1,600% from N91 million in H1 2025. Yet the company recorded a loss after tax of N3.17 billion, deepening from a loss of N1.11 billion in the prior-year period.
The 1,215% gain requires context before it can be meaningfully interpreted.
Fortis has a trailing EPS of negative N0.13 and recorded sustained losses from 2021 through Q1 2026. It returned to trading after a six-year suspension. It completed a four-for-one share consolidation, which mechanically increases the price per share by reducing the number of shares in issue — without increasing economic value. This means that a portion of the reported percentage gain is an accounting and structural artefact rather than a market-driven appreciation in the value of the business.
The company also carries a N5.74 billion obligation linked to an old bond that remains to be settled.
On August 14, Fortis recorded 122 trades and a volume of 874,083,112 units — accounting for 97.3% of the combined volume traded across all 16 stocks discussed in this analysis. Its low unit price makes it uniquely accessible to retail participation at scale, and those retail flows appear to have powered a significant portion of the share price movement.
Why Fortis matters: Fortis illustrates the most important distinction this entire analysis is designed to draw — the difference between a share price return and underlying business performance. A stock can record an extraordinary percentage gain from a very low base, following a consolidation, and after a return from suspension, without a corresponding improvement in profitability or intrinsic value. Its 1,215% gain is best interpreted as an exceptional market-price event, not as evidence that Fortis has fundamentally outperformed the other companies on this list.
WHAT’S BEING SAID
“I am sure that you can see from my antecedents that my investment threshold is always over and above 51 per cent.” — Femi Otedola, Chairman, First HoldCo Plc, on his plans to build a majority stake in the banking group, in an exclusive interview with Nairametrics
“Aradel’s Q1 2026 results demonstrate the earnings power of its transformed asset portfolio. Revenue and operating profit growth were exceptionally strong, while operating cash flow generation exceeded expectations.” — Qudus Adebara, Research Analyst
“Profit after tax rose 27 percent to $198 million, reflecting sustained growth across voice, data and mobile money services.” — Sunil Taldar, Chief Executive Officer, Airtel Africa, on Q1 2026/27 results
“Nigerian banking stocks have historically traded below their intrinsic values due to macroeconomic uncertainty, exchange rate volatility and governance concerns rather than weak business fundamentals. First HoldCo’s ongoing turnaround is beginning to change that perception.” — Femi Otedola, Chairman, First HoldCo Plc
“This strategic name change is a pivotal step in our ongoing corporate rebranding exercise. It reflects our evolved business vision, long-term growth objectives, and our renewed commitment to delivering superior value to our stakeholders.” — Adewunmi Alode, Company Secretary and Legal Director, HBM Nigeria Plc (formerly Lafarge Africa Plc)
WHAT’S NEXT
First HoldCo has projected profit before tax exceeding N1.2 trillion for the full 2026 financial year, with Femi Otedola continuing to accumulate shares toward a target of more than 51% ownership. The next set of quarterly results will be closely watched to confirm whether the H1 profit trajectory holds through H2.
Aradel Holdings declared a final dividend of N23.00 per share for the 2025 financial year at its most recent AGM. Its H2 2026 performance will test whether the transformative production gains from its ND Western acquisition are sustainable without the one-off consolidation effects that powered H1’s numbers.
Airtel Africa is preparing a potential initial public offering of its mobile money subsidiary, Airtel Money, which could raise between $1.5 billion and $2 billion according to sources cited by Bloomberg — a development that could significantly affect the stock’s valuation and investor base.
HBM Nigeria (formerly Lafarge Africa) is entering H2 2026 as a Chinese-owned entity for the first time. Market analysts will watch whether Huaxin uses its controlling position to accelerate capital investment and technology transfers, and whether the new ownership structure affects the company’s competitive positioning against Dangote Cement and BUA Cement.
Sources: Nairametrics Research; NGX Group filings; Airtel Africa Plc quarterly and full-year reports; Aradel Holdings Plc H1 2026 unaudited financial statements; First HoldCo Plc H1 2026 results and Nairametrics interview with Femi Otedola; HBM Nigeria Plc (formerly Lafarge Africa Plc) financial statements and company filings; SimplyWall St analyst commentary; Billionaires Africa; BusinessDay; The Guardian; African Markets; TechMoonshot; Serrari Group; AllAfrica. All data current as of August 20, 2026.
Writers at the 6th Annual Maritime Writes Project Creative Writing Bootcamp were urged to promote Nigeria’s maritime sector
The bootcamp highlighted the growing participation of women in operational and technical roles at Lagos Port.
The 2026 programme, themed “Voyages Through Chokepoints: Power, Passage and Life at Sea,” brought together young writers, academics, maritime professionals and mentors.
Organisers want creative writing to increase public understanding of the maritime sector and Nigeria’s blue economy.
The Maritime Writes Project has produced three anthologies containing 17 stories from previous participants.
Alumni say the programme has encouraged participants to explore environmental conservation, community development.
MAIN STORY
Writers participating in the 6th Annual Maritime Writes Project Creative Writing Bootcamp have been urged to use storytelling to promote Nigeria’s maritime and port sector as an industry that embraces inclusion, The call was made by the Port Manager of the Lagos Ports Complex, Nigerian Ports Authority, Debo Lawal, who served as Special Guest of Honour at the opening of the 2026 bootcamp at Apapa Port, Lagos.
Lawal encouraged participants to use their writing to highlight the growing participation of women in traditionally male-dominated maritime roles, According to him, more than 10 women currently operate cranes at the Lagos port, while female tugboat pilots and other women occupy various operational and technical positions across the port.
He said the increasing presence of women in these roles demonstrates that the maritime industry provides opportunities for women and should be portrayed as an inclusive sector, The 2026 bootcamp, themed “Voyages Through Chokepoints: Power, Passage and Life at Sea,” brought together young writers, maritime stakeholders, academics and mentors.
Head of Faculty for the 2026 edition and Dean of the Faculty of Arts at Adeleke University, Prof. Adegbite Tobalase, urged participants to develop their individual voices while understanding the discipline required to produce original literary works, He described the programme as more than a writing course, saying it was designed to develop literary talent through maritime storytelling and strengthen Nigeria’s maritime consciousness.
THE ISSUES
Nigeria’s maritime sector plays a significant role in trade, transportation, employment and the wider blue economy, yet it remains relatively underrepresented in popular literature and mainstream storytelling, The organisers believe creative writing can help bridge this gap by bringing the experiences of maritime workers, coastal communities and other stakeholders to a wider audience.
Gender inclusion is another issue highlighted by the programme. The participation of women in technical and operational positions challenges the perception of maritime work as exclusively male-dominated, There is also an awareness gap among young Nigerians about the economic and environmental importance of the country’s oceans, waterways, ports and coastal communities, By exposing writers directly to maritime facilities and professionals, the programme aims to produce stories based on real experiences rather than stereotypes or limited perceptions of the industry.
WHAT’S BEING SAID
A Director at the International Ocean Institute-Nigeria Centre, Akanbi Williams, urged participants to “observe, listen, question, learn and write., He encouraged writers to look beyond ships, ports and waterways and focus on the people, communities and livelihoods connected to the maritime environment, Williams said storytelling could make maritime knowledge more accessible, particularly to young Nigerians, while increasing awareness of the blue economy.
Project Coordinator of the Maritime Writes Project, Ezinne Azunna, said the initiative was created to connect creative writing with maritime awareness, She explained that participants would interact with maritime professionals, facilities and communities to develop stories grounded in authentic experiences.
For former participant Uche Ohiaeri, the programme had a lasting impact on her interests. She said participating in the 2022 edition broadened her perspective from creative writing to environmental conservation and community development, Ohiaeri said the experience encouraged her to ask deeper questions about the ocean, the environment and communities connected to them. She subsequently became involved in conservation activities and later wrote her first book.
WHAT’S NEXT
The 2026 participants are expected to use their exposure to the maritime sector to develop original stories focused on shipping, ports, ocean life, coastal communities, environmental issues and the blue economy, The Maritime Writes Project is also expected to continue expanding its footprint beyond Lagos, Osun and Rivers states, where previous sessions have been held.
With African writers still significantly underrepresented in maritime fiction, the organisers are seeking to build a new generation of Nigerian storytellers capable of bringing maritime issues into mainstream literature, The project’s existing output includes three published anthologies featuring 17 stories written by previous participants.
BOTTOM LINE
The Maritime Writes Project is positioning storytelling as a tool for changing perceptions of Nigeria’s maritime sector and expanding public understanding of the blue economy, By encouraging writers to document the experiences of maritime workers, women in technical roles, coastal communities and environmental stakeholders, the initiative could help bring greater visibility to an industry that remains largely absent from Nigerian literary narratives.
Cross River Governor Bassey Otu has directed his aides to withdraw their complaint against businessman and social commentator Denis Odama.
Otu also ordered the state Attorney General and Commissioner for Justice to review the case and take steps to discontinue the prosecution.
Odama was arrested in Lagos on August 9 following a complaint over comments allegedly directed at the governor and was later transferred to Calabar.
The case had drawn criticism from rights activists and political figures, who called for Odama’s release.
Otu said his administration must remain open to constructive criticism and responsive to concerns raised by Cross River residents.
Main story
Cross River State Governor, Bassey Otu, has directed his aides who reported businessman and social commentator, Denis Odama, to the police to withdraw their complaint against him.
The governor also directed the state Attorney General and Commissioner for Justice to urgently review the case and, within the scope of his constitutional discretion, take steps to discontinue the prosecution.
The move is expected to pave the way for Odama’s release from the correctional centre and his reunion with his family.
Otu disclosed the decision in a statement posted on his verified Facebook page on Wednesday, saying he had been fully briefed on the matter involving Odama.
According to the governor, some of his aides had reported Odama over what he described as a “derogatory and insidious” statement against him.
Otu said the decision to intervene was informed by his responsibility as both a leader and a father, while stressing that his administration must remain receptive to constructive criticism.
The governor’s directive comes after Odama’s arrest in Lagos on August 9 and subsequent transfer to Calabar, where he was arraigned and remanded in custody.
A Chief Magistrates Court sitting in Calabar had earlier ordered that Odama be remanded for seven days and adjourned the matter until August 19 for a report.
The case had generated criticism from rights activists and political figures, with calls for the businessman’s release.
Odama, who has been critical of governance in Cross River, had spent about a week in detention following allegations that he made derogatory comments about the governor online.
The development also followed an earlier clarification by Cross River State Commissioner for Information, Ekpenyong Cobham, who said the case did not originate from Governor Otu or the state government.
Cobham said the petition was filed by the individuals involved in their personal capacities and maintained that the state government and the governor’s office should be distinguished from the process.
The issues
The case places questions of political criticism, individual complaints and the limits of executive involvement in criminal proceedings at the centre of the dispute.
Otu’s latest intervention changes the immediate direction of the matter by asking the aides who initiated the complaint to withdraw it and directing the Attorney General and Commissioner for Justice to review the prosecution.
However, because Odama had already been arraigned and remanded by a court, the legal process cannot simply be treated as though it never occurred. His potential release and the discontinuation of the case remain subject to the appropriate legal procedures.
The development also highlights the tension that can arise when public officials face criticism from citizens and political commentators, particularly where complaints over online statements result in police action and court proceedings.
What’s being said
“As a father and leader, I have directed the aides involved to withdraw their complaint against Mr. Odama”, Governor Bassey Otu stated.
He added:
“I have also directed the Honourable Attorney General and Commissioner for Justice of the State to urgently review the matter and, in the exercise of his constitutional discretion, take the necessary steps to discontinue the case, so that Mr. Odama may be released from the correctional centre without further delay and reunited with his family.”
“You voted me as your Governor to listen and to act on positive suggestions, advice, and constructive criticism, and I will continue not only to listen, but to act accordingly”, Otu stressed.
What’s next
The immediate focus will be on the legal steps required following the governor’s directive, including the review of the case by the Attorney General and Commissioner for Justice.
The outcome of that review will determine the next stage of the prosecution and whether the necessary legal steps are taken to discontinue the matter.
The governor’s intervention also places renewed attention on the handling of criticism of public officials and the distinction between personal complaints by individuals and actions undertaken by the state.
Bottom line
Governor Bassey Otu has moved to halt the case against Denis Odama after directing the aides who lodged the complaint to withdraw it and ordering the state’s chief legal authorities to review the prosecution.
The intervention could bring an end to Odama’s detention, while Otu’s comments signal an effort to draw a distinction between defending public office and responding to criticism as part of the responsibilities of government.
Apapa Area Command of the Nigeria Customs Service (NCS) generated a record N28.10bn in 24 hours on August 18, 2026.
The collection surpassed the command’s previous single-day record of N20.1bn, set in September 2025.
The new milestone comes weeks after Apapa Customs recorded a record N323bn monthly revenue collection in July 2026.
Customs attributed the performance to improved compliance, trade facilitation, intelligence-led interventions and digital processes.
The command says revenue collection must continue alongside efficient trade facilitation and stakeholder engagement.
Customs Area Controller Emmanuel Oshoba urged officers to view the record as a responsibility to improve performance.
MAIN STORY
The Nigeria Customs Service (NCS), Apapa Area Command, has recorded its highest-ever single-day revenue collection after generating N28.10bn within 24 hours on Tuesday, August 18, 2026, The milestone was announced by the command’s Public Relations Officer, Isah Sulaiman, Chief Superintendent of Customs, on Wednesday, The new record surpassed the command’s previous highest daily collection of N20.1bn, recorded in September 2025, shortly after the assumption of office of the current Customs Area Controller, Emmanuel Oshoba.
The latest performance also comes barely weeks after Apapa Customs recorded an unprecedented N323bn in monthly revenue in July 2026, According to the command, the latest figures reflect the impact of ongoing reforms, stronger compliance by traders, improved trade facilitation, intelligence-driven interventions and greater efficiency from digital customs processes.
Oshoba said the significance of the record goes beyond the amount collected, noting that customs revenue contributes to government resources used to fund infrastructure, security, education, healthcare and other public services, He commended the Comptroller-General of Customs, Adewale Adeniyi, and the NCS management team for supporting modernisation, automation and reforms aimed at making customs operations more efficient, transparent and business-friendly, The Customs Area Controller also acknowledged compliant importers, exporters, licensed customs agents and other stakeholders, as well as Nigerians who provide actionable intelligence to the service.
THE ISSUES
The record collection highlights the importance of the Apapa port corridor to Nigeria’s revenue generation and international trade, Higher customs revenue provides additional resources for government at a time when public finances remain under pressure. However, the sustainability of such revenue growth will depend on maintaining compliance without creating additional bottlenecks for legitimate businesses.
There is also a need to balance revenue mobilisation with trade facilitation. Higher collections should not come at the expense of longer clearance times, excessive administrative procedures or uncertainty for importers and exporters, The command itself acknowledged this balance, with Oshoba directing officers to resolve legitimate disputes promptly and ensure that customs procedures do not unnecessarily hinder lawful businesses.
WHAT’S BEING SAID
Oshoba said the record should be viewed as a contribution to Nigeria’s broader economic development rather than simply a revenue achievement, He stressed that every compliant transaction contributes to national development and urged importers, exporters and other stakeholders to continue supporting legitimate trade.
The Customs Area Controller also warned officers against complacency, describing the record as a responsibility to achieve more, He maintained that revenue generation must go hand in hand with trade facilitation, professionalism, transparency and respect for stakeholders.
WHAT’S NEXT
The immediate challenge for Apapa Customs is to sustain the revenue momentum while improving the efficiency of cargo clearance and legitimate trade, The command is expected to continue using digital customs systems, intelligence-led interventions and compliance measures to strengthen revenue collection.
Oshoba has also directed personnel to improve the handling of legitimate disputes and ensure that lawful businesses are not unnecessarily delayed by customs procedures, Stakeholder cooperation will remain important, particularly from importers, exporters, customs agents and other participants in the port ecosystem.
BOTTOM LINE
Apapa Customs’ N28.10bn single-day collection represents a major revenue milestone for the command and reinforces its growing contribution to government finances, The bigger test, however, is whether the record can translate into sustained revenue growth without compromising trade facilitation. For businesses operating through Apapa, the effectiveness of the reforms will ultimately be measured not only by how much Customs collects, but also by how efficiently legitimate cargo moves through the port.
Brent crude rises 0.9% to $92.45 per barrel as supply concerns persist around the Strait of Hormuz
US Strategic Petroleum Reserve falls to 293.4 million barrels, its lowest level since 1982
Tensions between the US and Iran, alongside potential shipping disruptions, continue to support oil prices
Main Story
Crude oil prices rose on Thursday as uncertainty over the Strait of Hormuz and declining US emergency crude reserves heightened concerns about global supply. Brent crude futures for October delivery climbed 0.9% to $92.45 per barrel from $91.62, while US West Texas Intermediate (WTI) crude futures for September delivery gained 1% to $85.12 from $84.30.
Market concerns are centred on the security of oil shipments through the Strait of Hormuz, a major energy transit route, and the declining buffer in the US Strategic Petroleum Reserve (SPR).
The US Energy Information Administration (EIA) reported that SPR inventories fell by 5.3 million barrels to 293.4 million barrels, the lowest level since 1982. US Department of Energy data released earlier also placed reserves at 293.4 million barrels as of August 14, down from 298.7 million barrels a week earlier.
The lower reserve position has increased concerns about Washington’s ability to respond to a major supply disruption, particularly as tensions in the Middle East remain elevated.
US President Donald Trump said Wednesday that negotiations with Iran could resume “maybe at some point,” while maintaining that the US has “complete control” of the Strait of Hormuz. Iran has rejected that position.
Iranian Parliament Speaker Mohammad Bagher Qalibaf said the waterway would remain closed until conditions outlined in a memorandum of understanding are met, including the lifting of the blockade and oil sanctions.
Regional tensions also intensified after the United Arab Emirates denied reports that it was providing financial facilities to Iran. The UAE had earlier announced a suspension of trade, commercial exchanges and financial transactions with Iran amid the escalating tensions.
The Issues
The latest price increase highlights two supply vulnerabilities facing the global oil market. The first is the potential disruption of crude shipments through the Strait of Hormuz, where continued US-Iran tensions could affect energy flows and shipping activity.
The second is the reduced capacity of the US Strategic Petroleum Reserve to cushion the market against a major supply shock. With inventories at their lowest level since 1982, the size of the available emergency buffer has become a more significant market consideration.
Together, the geopolitical risk and lower US emergency reserves are providing upward pressure on crude prices even as the market assesses the possibility of further disruptions to global energy supply.
What’s Being Said
“Maybe at some point,” US President Donald Trump said when asked about the possibility of renewed negotiations with Iran.
The EIA reported that crude oil stocks in the US Strategic Petroleum Reserve had fallen by 5.3 million barrels to 293.4 million barrels, reinforcing concerns about the available emergency supply buffer.
“The claims are false and part of desperate media campaigns,” UAE presidential diplomatic adviser Anwar Gargash said in response to reports that Abu Dhabi was providing financial facilities to Iran.
What’s Next
Markets will continue to monitor developments between the US and Iran for indications of whether negotiations could resume
Traders will watch the Strait of Hormuz for any changes affecting oil shipments and maritime traffic
Further US inventory data will provide additional signals on the country’s emergency crude supply position
Bottom Line:
Oil prices are responding to a combination of geopolitical risk and a shrinking US emergency crude buffer. Continued uncertainty around the Strait of Hormuz means supply concerns are likely to remain an important driver of crude prices in the near term.
Hello, my fellow Landlord-Tenant Negotiators, Inspection-Fee Survivors, and Receipt Forensics. Welcome back to our weekly sanctuary! Today is Thursday, August 20, 2026. If you spent your week transferring ₦10,000 “form fees” to a guy named Agent Segun who showed up on a bicycle, or if you were told that a room’s rent is ₦300,000 but the “total package” is ₦900,000 because of an inherited chandelier, pull up an ergonomic plastic chair. You are in the safest room on the internet. Forget national macroeconomic figures, fuel math, or celebrity timeline noise; this week, we are diving deep into the ultimate, unhinged survival sport sweeping major Nigerian cities—The 2026 House-Hunting Reality Show.
A decade ago, renting an apartment in Lagos, Abuja, or Port Harcourt followed a straightforward formula: Rent + 10% Agency + 10% Legal = Total. In 2026, real estate agents have developed a whole new branch of mathematical science. They no longer sell you an apartment; they sell you a “Package.” You will see an online listing advertising a crisp 2-bedroom flat in Yaba or Surulere for a reasonable ₦1 million per year. You smile, call your bank, and think you’ve made it.
Then you message the agent on WhatsApp, and the receipt breakdown lands like a meteor: [Listing Price]: Rent = N1,000,000 / year [Agent’s Real Invoice]:
Rent: N1,000,000
Agency Fee (10%): N100,000
Legal/Agreement Fee (10%): N100,000
Caution/Damages Fee: N250, 000
Service Charge: #300,000
“Form & Inspection Fee”: N20, 000
“Former Tenant’s Chandelier Levy”: N100,000 TOTAL PACKAGE TO PAY NOW: N1,870,000!
The street commentary on this is pure gold. One tenant recently posted a viral listing where a mini-flat’s rent was ₦350,000, but the total package was ₦700,000! When questioned in the comment section about why the “extra packages” equaled the price of the actual house, the agent boldly replied: “Only serious prospects should DM! If you cannot afford the packaging, leave the package!”
It isn’t just the money that will test your mental bandwidth; it’s the physical tours.
Anyone house-hunting in late 2026 has experienced the Lagos Agent Architectural Redefinition. This is where an agent leads you down a dark alley, unlocks a door, and introduces you to a room where the kitchen sink is literally mounted inside the shower cubicle.
The viral stories circulating across TikTok and YouTube vlogs feature house-hunters opening wardrobe doors only to realize the wardrobe is the fire exit—or walking into a kitchen so narrow you have to back out like a reversing truck because you can’t turn around!
You haven’t truly experienced humility until a Lagos agent charges you ₦15,000 ‘inspection fee’ just to show you an unplastered room with a ceiling fan that spins counter-clockwise and a view of your neighbor’s generator exhaust pipe!
While tenants are crying on social media, the government announced a high-profile Lagos State Tenancy Bill aimed at capping estate agency commissions at 5% of annual rent and banning demands for more than one year’s rent in advance.
On paper, the news sounded like freedom for 20 million residents. But on the street, it created a classic comedic showdown. Because housing demand wildly outstrips supply, agents know that for every tenant arguing over illegal fees, five other desperate applicants are standing behind them on WhatsApp ready to pay the full “package” without asking questions.
House-Hunting Survival Protocols Verify Before Transferring: Never send “form fees” or commitment deposits to an unverified individual’s personal bank account on WhatsApp. Ensure the agent is registered with Lagos State Real Estate Regulatory Authority (LASRERA) or operating through an established real estate firm. Demand Itemized Receipts: If an agent quotes a “total package,” insist on an explicit written breakdown showing what goes to the landlord versus what goes to legal and caution fees. Inspect Drainage at Night or in Rain: Never sign a lease during dry weather without asking neighbors how the compound behaves when a heavy August downpour hits the street!
See you next Thursday—hopefully with smooth landlord chats, zero “chandelier fees,” and a real key in your hand!
Emzor Pharma Funding SPV Plc has raised N26.70bn through a five-year fixed-rate bond.
The Series 1 bond carries a 19 per cent interest rate and was listed on the FMDQ Exchange.
The issuance was completed under Emzor’s N40bn Bond Issuance Programme.
Funds will support working capital and the expansion of Emzor Pharmaceutical Industries Limited’s manufacturing operations.
A significant portion will finance the completion of Africa’s first full-scale antimalarial Active Pharmaceutical Ingredient (API) manufacturing plant.
The project is expected to reduce Nigeria’s dependence on imported pharmaceutical ingredients.
The bond was reportedly oversubscribed, signalling strong investor interest in Emzor’s expansion strategy.
MAIN STORY
Emzor Pharma Funding SPV Plc has raised N26.70bn through a five-year fixed-rate bond listed on the FMDQ Exchange, providing fresh capital to expand pharmaceutical manufacturing capacity and strengthen local drug production in Nigeria, The Series 1 bond carries a 19 per cent interest rate and was issued under Emzor’s N40bn Bond Issuance Programme. Its listing was approved by the Board Listings and Markets Committee of FMDQ Exchange.
The proceeds will be used to meet working capital requirements and finance the expansion of Emzor Pharmaceutical Industries Limited’s manufacturing operations, A significant portion of the financing will support the completion of Africa’s first full-scale antimalarial Active Pharmaceutical Ingredient (API) manufacturing plant.
APIs are the active components used in the production of medicines. Increasing domestic production of these ingredients could reduce Nigeria’s reliance on imports and strengthen the country’s pharmaceutical supply chain, Emzor Pharma Funding SPV Plc was established to raise capital for its sponsor, Emzor Pharmaceutical Industries Limited, a wholly indigenous Nigerian pharmaceutical manufacturer serving the domestic and regional markets.
Emzor Chairman, Emeka Okoli, described the bond issuance as an important milestone in the company’s strategy to expand pharmaceutical manufacturing in Nigeria, He said the N26.70bn issuance was Emzor’s second domestic bond and that strong investor demand and the oversubscription of the offering demonstrated confidence in the company’s financial position and growth prospects.
Okoli added that completing the antimalarial API facility would represent a significant development for Nigeria’s pharmaceutical industry by increasing domestic manufacturing capacity and reducing dependence on imported pharmaceutical inputs.
THE ISSUES
Nigeria’s pharmaceutical industry remains exposed to external supply chains, particularly for APIs and other raw materials required to manufacture medicines, This dependence can expose local drug manufacturers to foreign exchange volatility, international supply disruptions and rising import costs. Expanding domestic API production could therefore provide greater control over a critical part of the pharmaceutical value chain.
The Emzor project also comes at a time when local manufacturing capacity is increasingly important to Nigeria’s health-security agenda, However, pharmaceutical manufacturing is capital-intensive and requires significant investment in technology, quality control, regulatory compliance, energy and specialised expertise. The long-term success of the facility will therefore depend not only on financing but also on operational efficiency and sustained demand for locally produced pharmaceutical inputs, The 19 per cent coupon also reflects the relatively high cost of raising long-term naira capital in Nigeria’s current interest-rate environment.
WHAT’S BEING SAID
Emzor management described the successful bond issuance and investor response as evidence of confidence in its expansion strategy, Emzor Chairman Emeka Okoli said completing the antimalarial API plant would strengthen local pharmaceutical manufacturing and reduce Nigeria’s dependence on imported ingredients.
Renaissance Capital Africa CEO Samuel Sule said the transaction would support the development of the API facility while contributing to national health security by increasing domestic capacity to produce critical pharmaceutical inputs, Meanwhile, FMDQ Group Chief Operating Officer Tumi Sekoni said the transaction demonstrated the ability of Nigeria’s debt capital market to connect indigenous businesses with long-term funding.
She argued that financing pharmaceutical manufacturing through the capital market could strengthen the healthcare value chain while contributing to the development of a deeper and more resilient financial market.
WHAT’S NEXT
The immediate priority for Emzor will be completing and operationalising the antimalarial API manufacturing facility, Once operational, the plant could increase Nigeria’s domestic capacity to produce pharmaceutical inputs and potentially reduce the industry’s exposure to imported APIs.
Emzor will also deploy part of the proceeds towards working capital and broader manufacturing expansion, which could increase its production capacity and support its domestic and regional market operations, For Nigeria’s capital market, the transaction could also encourage other indigenous companies in strategic sectors to explore bond financing as an alternative to conventional bank lending.
BOTTOM LINE
Emzor’s N26.70bn bond raise provides the company with long-term capital to expand pharmaceutical manufacturing and complete a major API production facility, The bigger significance extends beyond Emzor: increasing domestic API production could help Nigeria reduce import dependence, strengthen pharmaceutical supply security and deepen local participation in the healthcare value chain.
The key measure of success will be whether the new investment translates into commercially viable domestic production, lower exposure to imported pharmaceutical inputs and greater resilience in Nigeria’s medicine supply chain.
Federal Government urges builders to help tackle Nigeria’s housing shortage.
SGF warns that poor workmanship, substandard materials and unqualified practitioners contribute to building failures.
Stakeholders call for stronger enforcement of building standards, professional oversight and access to affordable housing finance.
Main Story
The Federal Government has urged Nigerian builders to play a greater role in reducing the country’s housing shortage by delivering homes that are affordable, safe and built to professional standards.
The Secretary to the Government of the Federation (SGF), Sen. George Akume, made the call in Abuja while chairing the 56th Annual Conference of the Nigerian Institute of Building (NIOB).
The conference, themed “Repositioning the Building Profession, Advocacy and Policy Influence in Housing Delivery for a Sustainable Built Environment,” examined challenges affecting housing delivery and the building profession.
Akume said housing should not be viewed simply as a physical structure, stressing that access to decent homes affects safety, dignity, family stability, quality of life and wealth creation.
He warned that poor workmanship, inferior materials, corruption and the use of unqualified personnel could undermine efforts to improve housing delivery.
According to him, weak adherence to construction specifications, inadequate quality checks, improper building methods, foundation defects and poor supervision are among factors that can lead to building failures.
The SGF advised certified builders not to allow their professional names or seals to be used on projects they have not properly supervised, saying such practices undermine professional integrity and put lives at risk.
He also called for greater public education on the consequences of poor construction, noting that building failures can result in substantial financial losses and deaths.
Akume identified the rising cost of construction as another major barrier to home ownership, saying many Nigerian families could no longer afford to build or purchase homes.
He disclosed that the Federal Government was supporting the production of building materials across the geopolitical zones as part of efforts to increase local supply and bring down construction costs.
The SGF urged builders to contribute their technical knowledge, research and professional networks to government housing initiatives from the design stage through implementation.
He also encouraged practitioners to establish partnerships and consortia, introduce verifiable quality-management systems, train and certify artisans and work with government and reputable private developers.
The Minister of Housing and Urban Development, Muttaqha Darma, represented by the Director of Public Buildings, Musa Abdullahi, identified building collapse as one of the sector’s persistent problems.
Darma said builders had an important role in enforcing construction standards through proper quality control, testing of materials and effective supervision of building sites.
He urged participants at the conference to develop practical proposals that could improve housing delivery and address recurring problems within the sector.
Sen. Aminu Tambuwal, Chairman of the Senate Committee on Housing, described the conference theme as relevant to Nigeria’s housing challenges, particularly the housing deficit, building safety and sustainable community development.
Represented by Sen. Ibrahim Mustapha, Tambuwal said sustainable housing would require effective legislation, sound policies, professional expertise, affordable financing and compliance with established building standards.
He said the National Assembly would support initiatives aimed at strengthening professional standards and enforcement, encouraging the use of local and climate-resilient materials, improving land administration and expanding access to housing finance.
The Issues
Nigeria’s housing challenge is not limited to the number of homes available. Construction costs, building safety, weak enforcement of standards and inadequate access to housing finance also affect the quality and affordability of homes delivered.
The conference therefore placed professional competence and stronger regulatory enforcement alongside affordability as important elements of sustainable housing delivery.
What’s Being Said
NIOB President Daniel Kolade said the institute was using advocacy and engagement with policymakers to strengthen the building profession, improve construction standards and increase public awareness of the need to employ qualified practitioners.
Kolade identified quackery as a major challenge and urged members of the public to engage properly qualified professionals for construction projects.
Dr Adesina Aladeloba, NIOB’s Third Vice President, called for stricter enforcement of the National Building Code.
Aladeloba, who is also Dean of the Faculty of Environmental Studies at Yaba College of Technology, said builders were responsible for turning architectural and engineering designs into completed structures.
What’s Next
The NIOB is expected to use recommendations from the conference to support advocacy and policy discussions on housing delivery, professional standards and construction safety.
Stronger enforcement of building regulations, greater professional involvement and increased use of local materials will remain important to efforts to improve housing delivery.
Bottom Line
The Federal Government wants builders to contribute more directly to solving Nigeria’s housing shortage while maintaining affordability, safety and professional standards, with stakeholders calling for stronger regulation, better financing and greater use of qualified practitioners.
Federal Government calls for urgent action against attacks targeting Africans in South Africa.
Nigeria says at least 90 Nigerians have been killed in Afrophobic violence since June 2022.
Government proposes stronger migration systems, early-warning mechanisms and people-to-people diplomacy.
Main Story
The Federal Government has called on South African authorities to take urgent steps to stop xenophobic and Afrophobic attacks targeting African nationals in the country.
The Minister of State for Foreign Affairs, Amb. Sola Enikanolaiye, made the call during a virtual roundtable on South Africa’s xenophobia, organised by the Nigerian Institute of International Affairs.
Enikanolaiye said Nigeria viewed the violence as a serious continental concern, particularly because many of those targeted were citizens of African countries that supported South Africa during its struggle against apartheid.
He said the nature of the attacks made Afrophobia a more appropriate description of the problem, given its focus on Africans from other countries living in South Africa.
The minister said Nigeria had directed the NIIA to conduct a detailed study of the country’s contribution to the anti-apartheid struggle, including its financial support, scholarships and other assistance provided to South African leaders and citizens.
He expressed concern over the loss of Nigerian lives, saying at least 90 Nigerians had been killed in Afrophobic violence since June 2022, with further attacks and displacement reported in 2026.
Enikanolaiye said the continued violence could damage South Africa’s international reputation, discourage investment and undermine efforts towards greater African integration.
He called for immigration enforcement to remain the responsibility of the state and urged South African authorities to strengthen migration systems in ways that are transparent and humane.
The minister also warned political leaders against rhetoric that portrays migrants as criminals or competitors for jobs, saying such narratives could contribute to an environment in which violence becomes more likely.
He called for public discussions about migration to be based on verified information rather than misinformation and social media rumours.
Nigeria also wants existing Nigeria-South Africa early-warning and rapid-response mechanisms to be fully activated so that tensions can be identified and addressed before they escalate.
Enikanolaiye further proposed greater involvement of businesses, universities, religious and traditional institutions, youth organisations, civil society groups and the media in rebuilding trust between citizens of both countries.
He said Nigeria and Ghana would raise the issue at the next session of the African Union Assembly of Heads of State and Government.
The Issues
The Federal Government is concerned that repeated attacks against African nationals in South Africa could deepen tensions between African countries and undermine efforts to promote continental integration.
Nigeria is also seeking a balance between addressing legitimate migration concerns and preventing hate-driven violence against foreign nationals.
What’s Being Said
Enikanolaiye said Nigeria wanted South Africa to strengthen its migration governance while ensuring that immigration laws were enforced by state authorities rather than through vigilantism.
He also stressed that Africans should be treated with equal dignity regardless of their country of origin.
What’s Next
Nigeria is expected to continue discussions with South Africa and other regional partners while raising the issue at the African Union.
The government also plans to work with South Africa, the AU, ECOWAS and other stakeholders on measures aimed at preventing further attacks and strengthening African integration.
Bottom Line
Nigeria is pressing South Africa to take concrete action against Afrophobic violence, strengthen migration governance and prevent rhetoric that fuels attacks on African nationals.
Nigerian filmmakers are calling for government support for the responsible adoption of artificial intelligence (AI) in Nollywood.
ASIRI ILU AWON OSU (Mystery of Osu Land), Parts 1 and 2, was produced using a hybrid model combining AI and human creativity.
The creators say about 80 per cent of the film’s visuals were AI-generated.
The more-than-three-hour Yoruba-language sci-fi film was developed between June and September 2025.
Guinness World Records declined the filmmakers’ application for a proposed AI-human filmmaking category.
The creators plan to pursue a global release, with the film expected to debut on major streaming platforms.
MAIN STORY
Nigerian filmmakers and stakeholders in the creative industry have called on the Federal Government to create an enabling environment for the adoption of emerging technologies in Nollywood following the completion of a Yoruba language feature film produced substantially with artificial intelligence.
ASIRI ILU AWON OSU (Mystery of Osu Land), Parts 1 and 2, is a sci-fi epic co-created by Mysterious Tech Studio and Yoruba Nollywood actress Tanwa Hameed, popularly known as Asake Omogbajumo, The project, completed in Ibadan, Oyo State, represents an ambitious experiment in combining artificial intelligence with conventional filmmaking and Yoruba storytelling.
The creators describe the production as the world’s first photorealistic and longest Yoruba feature film powered by AI. Running for more than three hours, the film was produced through a hybrid approach in which approximately 80 per cent of the visuals were generated using advanced AI tools, while human direction and live-action performances accounted for the remaining 20 per cent.
The project was developed over three months between June and September 2025 and tells a science-fiction story centred on society, power and humanity, while drawing extensively from Yoruba culture and the broader African cultural experience, The filmmakers said the production demonstrated how AI could help reduce some of the financial and logistical barriers associated with filmmaking, particularly for independent filmmakers operating without large production budgets, sophisticated equipment and extensive crews.
They are now urging the Federal Government and relevant stakeholders to support innovation, improve digital infrastructure and establish policies that will allow filmmakers to explore AI responsibly, The creators stressed that AI was not intended to replace actors, directors or other creative professionals. Instead, they said the technology should serve as an additional tool that complements human creativity and expands the possibilities available to filmmakers.
THE ISSUES
The growing use of AI in filmmaking presents both opportunities and challenges for Nigeria’s creative industry, For independent filmmakers, AI could lower production costs, reduce dependence on expensive equipment and enable small teams to create visual effects and cinematic environments that would traditionally require large crews and significant financial resources.
However, the technology also raises questions around intellectual property, consent, copyright, performers’ rights, employment and the ethical use of AI-generated content, For Nollywood, the challenge will be finding a balance between technological innovation and protecting the human creative workforce that has built the industry, There is also a broader infrastructure challenge. Access to reliable electricity, high-speed internet, computing resources and specialised AI skills will determine how widely the technology can be adopted by Nigerian filmmakers.
WHAT’S BEING SAID
The filmmakers argue that AI should be viewed as a tool for expanding creative possibilities rather than replacing human talent, They said the project demonstrates that Nigerian filmmakers can combine emerging technology with indigenous storytelling without losing cultural identity, The creators are also calling for government policies that encourage experimentation while establishing appropriate safeguards around the responsible use of AI.
On the Guinness World Records application, the filmmakers said the rejection was administrative rather than a rejection of the film itself. The organisation declined the application on January 27, 2026, after a three-month review because the proposed category for the longest cinematic film co-created by AI and a human director had not been formally established, “The title rejection does not change reality. The film exists. It was completed. And it was done first,” the filmmakers said in a joint statement.
WHAT’S NEXT
Mysterious Tech Studio plans to proceed with the global release of ASIRI ILU AWON OSU, targeting members of the public, film critics, researchers and technology innovators, The film is expected to debut on major streaming platforms, potentially giving the project an opportunity to reach audiences beyond Nigeria and showcase the use of AI in African storytelling.
Beyond the film itself, attention is likely to shift towards how regulators, filmmakers and other creative-industry stakeholders respond to the growing role of AI in Nigeria’s entertainment sector, The development could also intensify discussions around AI regulation, copyright protection, digital infrastructure and skills development within Nollywood.
BOTTOM LINE
AI is beginning to move from an experimental technology to a potential production tool within Nigeria’s film industry. ASIRI ILU AWON OSU demonstrates how AI-generated visuals can be combined with human direction, performance and indigenous storytelling to produce ambitious projects at potentially lower costs, For Nigeria to fully benefit from the technology, however, filmmakers argue that government support, infrastructure, skills development and clear rules for responsible AI adoption will be essential.
Naira weakens to N1,350.4134 per dollar as demand for international payments outpaces available FX liquidity
Interbank FX turnover rises to $370.98 million while the number of deals falls to 100
The currency also loses 1.09% against the pound and 1.16% against the euro at the official market
Main Story
The naira weakened against the U.S. dollar, euro, pound sterling and Japanese yen as demand for foreign exchange outpaced available liquidity in Nigeria’s official market.
The naira closed at N1,350.4134 per dollar on Wednesday, compared with N1,343.3202 on the previous trading day, according to a Central Bank of Nigeria (CBN) daily foreign exchange update.
Broadstreet FX analysts said transactions were executed between N1,348 and N1,353 as market participants anticipated that the CBN could moderate the currency’s recent appreciation.
Interbank FX turnover increased to $370.98 million from $364.71 million previously, representing an increase of about 2%, according to CBN data. However, the number of interbank transactions fell to 100 from 108, suggesting fewer individual deals despite the higher value of transactions.
The naira also weakened against major currencies at the official market. AIICO Capital Limited reported declines of 1.09% against the British pound and 1.16% against the euro, while both currency pairs remained broadly unchanged in the parallel market.
The naira traded at N1,573.7290 per euro, N1,839.1280 per pound sterling and N8.5190 per Japanese yen, according to the CBN data supplied in the report.
The Issues
The latest movement reflects the continuing balance between foreign-exchange demand and available market liquidity. The CBN has also intervened in the market during 2026 by purchasing dollars at the official window after the naira’s rapid appreciation, according to the supplied report.
Persistent dollar demand and any renewed divergence between official and parallel-market rates remain key risks to further naira appreciation.
What’s Being Said
Broadstreet FX analysts said the market was trading within a relatively narrow range of N1,348–N1,353 per dollar, while AIICO Capital expects the naira to remain broadly stable in the near term as FX liquidity improves.
Editorial note: The supplied material contains no direct quotations. Verified direct quotes from Broadstreet FX, AIICO Capital or the CBN should be inserted before publication to satisfy the Daily News Brief quotation requirement.
What’s Next
The market will monitor whether improved FX liquidity can absorb persistent dollar demand
Investors will watch CBN activity, FX inflows and reserve accumulation for signals on the naira’s near-term direction
The gap between official and parallel-market exchange rates will remain a key indicator of underlying currency pressure
Bottom Line:
The naira’s latest decline appears more consistent with renewed demand pressure than a broad reversal in the currency’s recent stability. Sustained improvement will depend on whether FX inflows can continue to match demand without widening the gap between official and parallel-market rates.
Bitcoin rises 8.14% to $69,821 as regulatory and liquidity developments lift risk appetite
The U.S. Securities and Exchange Commission proposes a comprehensive crypto rulebook while Treasury bond buybacks rise to $4 billion
Bitcoin short liquidations exceed $1.1 billion as exchange-traded fund inflows reach $486.8 million over two days
Main Story
Bitcoin climbed 8.14% to $69,821 as proposed U.S. cryptocurrency rules and increased Treasury bond buybacks strengthened investor risk appetite and triggered a broad digital-asset rally.
The U.S. Securities and Exchange Commission proposed a comprehensive cryptocurrency rulebook aimed at simplifying crypto fundraising, while the U.S. Treasury announced plans to double long-term bond buybacks to $4 billion, according to the supplied market report.
The two policy developments improved expectations for regulatory clarity and financial-market liquidity, supporting fresh institutional demand for Bitcoin and other risk assets. The Treasury move was also interpreted in the report as an indirect form of yield-curve support because it could improve liquidity in scarce assets.
The rally accelerated as the rise in Bitcoin triggered more than $1.1 billion in short-position liquidations over 24 hours. Bitcoin also broke above a multi-month consolidation range, while its 14-day Relative Strength Index reached 89.54, indicating an extremely overbought market.
Exchange-traded fund inflows remain a key test for whether the rally can extend. The report said Bitcoin ETFs attracted $486.8 million over two days, providing an additional source of demand.
Technically, $68,000 has emerged as an important support level. A sustained hold above that level could open a path towards $71,400–$71,500, while a break below could expose Bitcoin to a retest of $66,364, identified as the 100-day exponential moving average.
The Issues
The rally combines three forces: regulatory clarity, improved liquidity and aggressive short covering. While these factors can accelerate price gains, the elevated RSI indicates that Bitcoin has moved into technically stretched territory.
The sustainability of the move will therefore depend less on the initial policy announcement and more on whether institutional inflows continue after the short squeeze fades.
What’s Being Said
The supplied market report attributes the move primarily to improved regulatory visibility, stronger liquidity conditions and institutional risk appetite. It also identifies the continued ETF inflows as the most important test of whether the rally can extend.
Editorial note: No direct quotation was supplied in the source material. A verified quote from the SEC, Treasury, an institutional investor or an independent market analyst should be added before publication.
What’s Next
Investors will monitor Bitcoin’s ability to hold the $68,000 support level after the initial surge
ETF flows will remain a key indicator of whether institutional demand is sustaining the rally
The release of the July Federal Open Market Committee minutes on August 20 will be watched for hawkish signals that could pressure risk assets
Bottom Line:
Bitcoin’s rally has stronger fundamental support than a conventional technical breakout because regulatory progress and liquidity conditions are reinforcing investor demand. However, the extreme RSI reading means the market remains vulnerable to a short-term correction if ETF inflows weaken or U.S. monetary signals turn hawkish.
More than $1.4 billion in crypto short positions were liquidated during the market surge
Main Story
Ethereum rallied sharply on Wednesday as the US Treasury’s decision to expand long-term bond buybacks pushed Treasury yields lower and triggered a broader improvement in risk appetite across cryptocurrency markets.
Ether climbed above the $2,000 level during the session and moved towards $2,100, while Bitcoin rose above $69,000 before easing from its session high, according to market data reported by MarketWatch.
The crypto rally followed the US Treasury’s announcement that it would at least double the maximum size of liquidity-support buybacks for 10- to 30-year Treasury securities from $2 billion to at least $4 billion per operation. The expanded programme begins September 9 and runs through November 4, 2026.
The announcement drove long-term Treasury yields lower, improving the relative appeal of risk assets such as cryptocurrencies. The 30-year Treasury yield fell sharply after the announcement after earlier reaching its highest level since 2007.
The move also caught heavily positioned crypto traders off guard. About $1.44 billion in short positions were liquidated across the crypto market as rising prices forced bearish leveraged positions to close, adding buying pressure to the rally.
Ethereum’s move therefore appears to have been driven primarily by a broader macro shift rather than an Ethereum-specific policy announcement. The rapid liquidation of short positions amplified the initial price response.
What’s Being Said
MarketWatch reported that Ethereum’s move above $2,000 marked its return to a key psychological level, while the wider cryptocurrency market benefited from the decline in bond yields and the resulting shift in investor sentiment.
The broader liquidation data also points to leverage as an important driver of the rally, with short sellers accounting for the overwhelming majority of the $1.44 billion in forced closures reported during the move.
What’s Next
Ethereum will need to hold above $2,000 to demonstrate that Wednesday’s breakout can develop into sustained upward momentum
Markets will watch the Treasury’s expanded buyback programme when operations begin on September 9
Crypto traders will continue to monitor leverage and liquidation levels as the market adjusts to the sharp move
The Bottom Line:
Ethereum’s rally reflects how quickly a change in global liquidity expectations can transmit into cryptocurrency markets. The Treasury announcement provided the macro catalyst, while heavy bearish positioning amplified the move through forced buying.
US Treasury raises the maximum size of long-term bond buybacks from $2 billion to at least $4 billion per operation
New purchases will target 10- to 30-year Treasury securities from September 9 through November 4, 2026
The announcement pushed the 30-year Treasury yield sharply lower after it had reached its highest level since 2007
Main Story
The US Treasury will at least double the size of its long-term bond buyback operations to $4 billion per transaction from September 9, seeking to improve liquidity as Treasury yields remain elevated.
The increase covers the 10-year to 20-year and 20-year to 30-year sectors and will remain in effect through November 4, the end of the current refunding quarter. Treasury said it will provide further guidance on buyback sizes at the next quarterly refunding.
The decision follows a sharp rise in long-term borrowing costs. The 30-year Treasury yield had climbed to about 5.34%, its highest level since 2007, before falling to around 5.18% after the announcement. The 10-year yield also declined following the Treasury’s intervention.
Treasury said the larger operations are intended to provide additional liquidity support in longer-dated nominal securities, where it has continued to receive strong demand from market participants.
“This increase in buyback operation sizes reflects Treasury’s desire to provide greater liquidity support in longer-dated nominal sectors where there is consistent strong sponsorship from market participants,” the US Treasury Department said.
The move forms part of the Treasury’s existing buyback programme, which was introduced as a liquidity-support mechanism for the government bond market. The latest expansion specifically targets maturities where recent yield increases have generated greater pressure on borrowing costs.
What’s Being Said
The US Treasury has framed the larger operations primarily as a liquidity measure rather than a change to its broader debt-issuance strategy.
Analysts cited by Reuters said the move could provide short-term relief to the long-end of the Treasury market, although the $4 billion operations remain small relative to the overall size of the US government bond market.
What’s Next
The expanded $4 billion-or-more operations begin September 9, 2026
The programme will run through November 4, 2026, when Treasury is scheduled to conduct its next quarterly refunding
Treasury is expected to provide additional information on future buyback sizes as the programme develops
The Bottom Line:
The Treasury’s decision signals a stronger willingness to support liquidity in the long-dated bond market as elevated yields increase borrowing costs. While the larger buybacks may ease market pressure in the near term, they do not by themselves resolve the broader fiscal and debt pressures driving long-term yields higher.
If you have an insurance policy with Universal Insurance Plc, the cancellation of the company’s licence raises a much more immediate question than what it means for Nigeria’s insurance industry: What happens to your policy and any claim you have already made?
The National Insurance Commission (NAICOM) cancelled Universal Insurance’s certificate of registration on August 14 after the insurer failed to meet the minimum capital requirement for its licence category under the Nigerian Insurance Industry Reform Act 2025.
NAICOM has appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver/provisional liquidator to take charge of the company’s affairs.
That does not mean policyholders should assume that every existing policy has suddenly become worthless. But it does mean that Universal can no longer operate as it did before the cancellation, and policyholders now have to deal with a regulatory and liquidation process.
Here is what the cancellation means for people who have policies, pending claims or money tied up with Universal Insurance.
Has my Universal Insurance policy been cancelled?
Not necessarily.
NAICOM’s cancellation of Universal Insurance’s certificate means the insurer can no longer continue ordinary insurance business as a licensed operator. Under the NIIRA 2025, when an insurer’s licence is cancelled, it must immediately stop accepting new business. NAICOM may also act as receiver or appoint another person to act on its behalf.
The law, however, does not say that every existing policy simply disappears the moment a licence is cancelled.
That distinction matters.
If your policy was already in force when NAICOM cancelled Universal’s registration, you should not assume either that you are fully covered or that you have automatically lost your rights. The status of the particular policy, including its remaining period and obligations, needs to be established through the receiver/provisional liquidator and the applicable terms of the policy.
In practical terms, policyholders should not simply continue dealing with former Universal management or assume that the old arrangements for renewals, claims or payments remain unchanged.
Can I still renew my Universal Insurance policy?
The safe answer is no, not as ordinary new business with Universal while its licence remains cancelled.
The NIIRA 2025 expressly provides that once an insurer’s licence is cancelled, the insurer shall immediately discontinue accepting new business.
That is important for anyone whose Universal policy is approaching its expiry date.
Do not hand over a renewal premium to someone simply because you previously dealt with the person or because they claim to still represent Universal. The cancellation has changed who has authority over the company’s affairs.
If you need continuous insurance cover, speak to the receiver or NAICOM about the status of your existing policy and make arrangements for replacement cover with a currently licensed insurer where necessary.
What happens if Universal Insurance already owes me a claim?
This is where the situation becomes more complicated.
A licence cancellation does not erase an insurer’s outstanding obligations to policyholders. Under the NIIRA 2025, a receiver or provisional liquidator appointed after the cancellation is responsible for taking charge of the insurer’s assets, gathering assets due to the company and administering them for the benefit of policyholders, clients and creditors.
The law also gives policyholders priority in the order for settling debts of a failed insurer being wound up, after liquidation fees and expenses and before secured creditors, other creditors, staff, shareholders and directors.
But there is an important distinction between having a complaint or reported loss and having an admitted claim.
The Nigerian Insurance Industry Reform Act created the Insurance Policyholders Protection Fund (IPPF) to help resolve insurer distress and insolvency and, specifically, to facilitate payment of claims that have been admitted by or allowed against an insurer but remain unpaid because of insolvency or cancellation of its licence.
So, if Universal owes you money on a claim that has already been admitted, there is now a statutory protection mechanism relevant to that situation.
That does not mean every claim will automatically be paid immediately or in full.
Claims still have to be established and processed according to the applicable rules. The receiver will have to determine the company’s obligations, realise available assets and administer the process, while the IPPF provides an additional mechanism for qualifying admitted claims affected by the insurer’s failure.
What if I reported a claim but Universal had not approved it?
This is different from an admitted claim.
If you reported an accident, fire, theft or another insured event but Universal had not yet accepted the claim before its licence was cancelled, you should preserve every document connected with the claim.
That includes your policy document, premium receipts, claim form, correspondence with Universal, photographs, police reports where applicable, estimates, invoices and any other evidence relating to the loss.
The reason is simple: the receiver needs to be able to establish what Universal owed and whether the claim falls within the policy.
The existence of the IPPF should not be interpreted as a guarantee that every reported claim will automatically qualify. The Act specifically refers to claims admitted by or allowed against an insurer that remain unpaid because of insolvency or licence cancellation.
What happens to premiums I have already paid?
Paying your premium before the licence cancellation does not mean the money simply disappears.
But it also does not mean every policyholder is automatically entitled to an immediate refund of the entire premium.
The treatment of premiums will depend on the circumstances of the policy, including whether the cover had already begun, how much of the policy period remained and what obligations arose under the contract.
This is one area where policyholders should seek clarification from the receiver rather than rely on assumptions or social media claims.
If you paid for a policy recently, keep proof of payment and your policy schedule. If you paid through an agent or broker, retain those records as well.
Who is now in charge of Universal Insurance?
NAICOM has appointed Ogbonna Chukwumerije of Pinheiro LP as receiver/provisional liquidator.
The appointment is significant because the receiver is now responsible for overseeing the company’s affairs and protecting its assets during the process.
The receiver has also informed policyholders, creditors, debtors, banks and other stakeholders that he has assumed the role. He directed parties holding Universal’s money, assets, records, policies or claims to cooperate with the process and provide information when required.
This means policyholders should be particularly careful about anyone who continues to solicit payments or issue instructions in Universal’s name without demonstrating that they have authority under the new arrangement.
What happens to Universal Insurance’s assets?
The assets are important because they form part of the pool from which the company’s obligations can be addressed.
The NIIRA 2025 empowers a receiver or provisional liquidator appointed after licence cancellation to take charge of the insurer’s assets and collect assets owed to it. The receiver may also take control of the company’s management and accounts as provided under the law.
The objective is not simply to close the company and walk away from its obligations. The process is intended to preserve and realise value for those to whom the insurer owes money.
The law places policyholders high in the statutory order of priority when a failed insurer is being wound up.
What should Universal policyholders do now?
The most important thing is do not ignore the cancellation and do not assume that your policy or claim will be handled exactly as before.
If you have an active policy, find out its current status.
If you have a pending claim, make sure the claim and all supporting documents are properly recorded with the receiver.
If Universal owes you money, preserve evidence of the debt.
And if your policy is approaching renewal, do not simply pay another premium to an individual or account because that is how you previously renewed your policy.
Policyholders should deal with NAICOM and the duly appointed receiver on matters concerning Universal’s affairs.
Does Universal’s ₦7.12 billion capital raise change anything?
Universal Insurance had been pursuing a capital injection shortly before NAICOM cancelled its registration.
On August 14, the company disclosed a binding investment agreement under which FPNG Co-Nvest Limited would invest about ₦7.128 billion through a private placement, potentially giving FPNG a 50.1 per cent stake in Universal. The proposed transaction was intended to help the insurer meet the recapitalisation requirement, but the company said it still required engagement with NAICOM and other regulators.
That is important context, but the existence of the proposed investment did not prevent NAICOM from cancelling the registration.
For policyholders, the practical point is that a proposed capital injection should not be treated as though it had already restored Universal’s licence. As of the cancellation, the regulatory action remains the operative position.
Is there now protection for policyholders if an insurer fails?
Yes. This is one of the significant changes introduced by the NIIRA 2025.
The law established the Insurance Policyholders Protection Fund, which is intended to address distress and insolvency among licensed insurers and reinsurers and facilitate payment of admitted claims that remain unpaid because of insolvency or licence cancellation.
NAICOM subsequently issued guidelines for the fund in April 2026. The framework requires insurers and reinsurers to contribute to the fund and establishes how it is to be managed and deployed.
This means Universal’s policyholders are entering a different regulatory environment from one in which there was no dedicated statutory mechanism for dealing with admitted claims following an insurer’s collapse.
But the fund should not be confused with an automatic, unlimited insurance payout. The protection framework operates according to the Act and NAICOM’s guidelines, and claims must meet the relevant requirements.
The bottom line
If you have a Universal Insurance policy, do not assume that NAICOM’s cancellation means your policy or claim has automatically vanished. But do not assume that everything continues as normal either.
Universal can no longer accept new business following the licence cancellation. Its affairs are now under the control of the receiver/provisional liquidator, who is responsible for managing the company’s assets and obligations.
For policyholders with outstanding claims, the most important distinction is whether the claim has been admitted. The NIIRA 2025 provides for an Insurance Policyholders Protection Fund that can be used to address admitted claims left unpaid because of an insurer’s insolvency or licence cancellation.
For now, policyholders should preserve their policy and payment documents, properly document any outstanding claims and deal with the duly appointed receiver or NAICOM rather than relying on former company representatives.
The cancellation is therefore not the end of the story for Universal’s policyholders. It is the beginning of a regulatory process in which the central questions are now how the company’s assets will be managed, how claims will be verified and admitted, and how qualifying policyholders will ultimately be paid.
Nigeria’s end user foreign exchange demand fell 35.23% to $3.42bn in April 2026 from the previous month.
The naira’s monthly average exchange rate strengthened 1.38% to N1,361.22/$.
FX turnover declined 26.97% to $442.54m, reflecting weaker activity in the official market.
Net FX inflows rose sharply to $5.85bn, from $4.16bn in March, as outflows fell more significantly than inflows.
External reserves remained broadly stable at $48.32bn, providing about 10 months of import cover.
MAIN STORY
Demand for foreign exchange by end-users in Nigeria fell by 35.23 per cent to $3.42bn in April 2026, easing pressure on the dollar market and supporting modest gains in the naira, Data from the Central Bank of Nigeria (CBN) showed that foreign exchange utilisation across economic sectors declined during the month, while the naira strengthened at the official market.
The monthly average exchange rate improved by 1.38 per cent to N1,361.22 per dollar in April from N1,379.98 in March. At the end of April, the naira closed at N1,374.94/$ at the Nigerian Foreign Exchange Market, compared with N1,386.72/$ at the end of March, The decline in FX demand was reflected across both visible and invisible imports. Visible imports accounted for 41.92 per cent of total FX utilisation, while invisible imports accounted for the remaining 58.08 per cent.
Industrial activities were the largest users of FX among visible imports, accounting for 37.44 per cent of total utilisation. Manufactured products followed with 21.85 per cent, oil imports with 20.11 per cent and food products with 14.47 per cent, Transport-related imports accounted for 3.54 per cent, while minerals and agriculture represented 1.47 per cent and 1.12 per cent respectively.
Within invisible imports, financial services dominated, accounting for 91.51 per cent of total utilisation. Business services represented 4.37 per cent, transport services 2.58 per cent and communication services 0.84 per cent, The decline in demand was accompanied by weaker activity in the official FX market, with average turnover falling 26.97 per cent to $442.54m in April from $605.93m in March.
Despite lower demand and turnover, Nigeria’s net foreign exchange position improved during the month, largely because the decline in FX outflows was substantially greater than the decline in inflows, Net FX inflows increased to $5.85bn in April from $4.16bn in March. Aggregate FX inflows, however, fell to $8.71bn from $9.70bn, while total outflows dropped sharply to $2.86bn from $5.54bn.
The banking system recorded a net outflow of $180m, significantly lower than the $1.66bn recorded in March. Autonomous sources, meanwhile, generated a net inflow of $6.02bn, The CBN also reported that Nigeria’s external reserves remained broadly stable at $48.32bn at the end of April, compared with $48.35bn in March, At that level, the reserves provided approximately 10 months of import cover, well above the international benchmark of three months.
THE ISSUES
The April data point to a reduction in immediate pressure on Nigeria’s foreign exchange market, The sharp fall in end-user demand means fewer dollars were required to meet import and service-related obligations during the month. At the same time, the steep reduction in FX outflows improved the country’s net foreign exchange position despite lower aggregate inflows.
However, weaker FX utilisation and turnover can also indicate softer economic activity or reduced demand for imported goods and services. This makes the composition of the decline important, particularly for businesses dependent on imported raw materials, machinery and finished products, The stability of external reserves also remains critical. While the $48.32bn reserve position provides a substantial buffer, sustained currency stability will depend on the durability of FX inflows, market liquidity and the CBN’s ability to maintain confidence in the official market.
WHAT’S BEING SAID
The April figures suggest that pressure on the naira eased during the month as demand for foreign exchange declined and net FX inflows improved, The stronger net position was not driven by a surge in total inflows. Instead, it was largely the result of a much sharper reduction in outflows, which fell from $5.54bn in March to $2.86bn in April, The combination of lower dollar demand, reduced outflows and relatively stable reserves provided a more supportive environment for the naira in April.
WHAT’S NEXT
Market attention will now shift to whether the improvement in Nigeria’s FX position can be sustained in subsequent months, A continued moderation in FX demand, stronger autonomous inflows and disciplined outflows could provide further support for the naira and reduce volatility in the official market.
However, renewed demand from importers, higher external obligations or a deterioration in FX inflows could quickly reverse some of the gains, The direction of external reserves, FX turnover and the naira’s official-market performance will therefore remain key indicators of the strength of the improvement.
BOTTOM LINE
Nigeria entered April with significantly lower pressure on its foreign exchange market. End-user FX demand fell by more than a third, outflows nearly halved, net FX inflows strengthened and the naira gained modestly against the dollar, The figures suggest an improving FX balance, but the key test is whether the trend represents a sustained structural improvement or simply a temporary reduction in demand and outflows.
NAICOM revoked Universal Insurance Plc’s registration after the insurer failed to meet the required minimum capital for its licence category.
The commission appointed Ogbonna Chukwumerije as receiver/provisional liquidator to manage the insurer’s affairs.
The cancellation came as Universal was pursuing a proposed N7.12bn investment to strengthen its capital position.
Main Story
The National Insurance Commission (NAICOM) has withdrawn the operating licence of Universal Insurance Plc after the company failed to meet the minimum capital requirement applicable to its licence category.
The commission said the cancellation took effect on Aug. 14, following a notice issued to the company’s board on Aug. 13.
NAICOM said the action was taken under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which provides the regulatory framework governing the insurance industry.
Following the cancellation, the commission appointed Ogbonna Chukwumerije, a partner at Pinheiro LP, as receiver and provisional liquidator for Universal Insurance.
Chukwumerije subsequently notified the insurer’s policyholders, creditors, debtors, banks and other stakeholders that he had assumed responsibility for the company.
He said his role would include managing the insurer’s affairs and taking measures to safeguard its assets during the process.
The receiver also directed banks and other financial institutions to recognise only instructions issued or authorised by him in transactions involving Universal Insurance.
He further called on individuals and organisations holding the company’s funds, assets, records, policies or claims to cooperate with the receivership process and provide information when requested.
‘Capital raise did not prevent cancellation’
The regulatory action came shortly after Universal Insurance disclosed plans to raise fresh capital through a proposed private placement.
In a filing with the Nigerian Exchange Limited on Aug. 14, the insurer announced a proposed N7.12bn investment from FPNG Co-Nvest Limited.
The transaction was expected to make FPNG the company’s majority shareholder, with a 50.1 per cent stake.
Universal had said the proposed investment would lift its capital above NAICOM’s required threshold and improve its financial position.
The company also disclosed that its board and shareholders had approved the transaction, while discussions with NAICOM and other regulators were ongoing.
The insurer said the proposed capital injection was intended to strengthen its solvency and enable it to satisfy the regulator’s recapitalisation requirement.
However, the proposed transaction did not prevent NAICOM from cancelling the company’s registration, with the revocation taking effect on Aug. 14.
The Issues
The cancellation highlights the regulatory pressure on insurers to meet minimum capital requirements under Nigeria’s updated insurance framework.
For Universal Insurance, the development also raises questions about the status of its proposed capital injection and whether the transaction can proceed or have any bearing on the regulatory action already taken.
The appointment of a receiver and provisional liquidator means the company’s assets, records, policies and financial affairs will now be handled under the regulatory process.
What’s Being Said
NAICOM said Universal Insurance had failed to satisfy the minimum capital requirement for its licence category, leading to the cancellation of its registration.
Chukwumerije said he had assumed responsibility for the insurer’s affairs and called on stakeholders dealing with the company to cooperate with the receivership process.
Universal had previously maintained that its proposed N7.12bn investment would take its capital above the regulatory threshold, while noting that the transaction remained subject to engagement with NAICOM and other regulators.
What’s Next
The receiver and provisional liquidator will oversee Universal Insurance’s affairs and take steps relating to the company’s assets and obligations.
Stakeholders with interests in the insurer are expected to deal with the receiver in matters covered by the receivership process.
The status and implications of Universal’s proposed capital injection will also remain relevant as the regulatory process unfolds.
Bottom Line
NAICOM has cancelled Universal Insurance Plc’s registration over its failure to meet the required minimum capital, despite the insurer’s ongoing effort to secure a N7.12bn investment aimed at strengthening its capital position.
NEMA Taks Responders, Emergency Workers, Staff Members to be Alert Due to Increase of Coronavirus
Key points
NEMA Director-General Zubaida Umar has urged Nigerians to embrace unity, kindness and collective action.
She made the call to mark the 2026 World Humanitarian Day themed “Act for Humanity.”
Umar commended first responders, volunteers and citizens who assist in emergencies and crises.
She urged Nigerians to support disaster prevention, safety awareness and recovery efforts within their communities.
NEMA reaffirmed its commitment to preparedness and rapid response to protect lives and livelihoods.
Main Story
The Director-General of the National Emergency Management Agency, Zubaida Umar, has urged Nigerians to embrace unity and collective action in responding to emergencies and supporting vulnerable communities.
Umar made the call in a statement on Wednesday to commemorate the 2026 World Humanitarian Day, themed “Act for Humanity.” She commended Nigerian humanitarian workers, first responders, volunteers and ordinary citizens for their efforts and sacrifices in providing relief during crises.
The NEMA director-general urged citizens to demonstrate kindness and vigilance in their daily activities, saying collective action would strengthen community mechanisms for preventing and responding to disasters.
The Issues
The commemoration highlights the need for stronger community participation in disaster preparedness and humanitarian response, particularly in supporting people affected by emergencies. NEMA also emphasised the importance of proactive measures to protect vulnerable communities and reduce the impact of disasters.
What’s Being Said
Umar called on Nigerians to “check on a neighbour, share safety information, and support recovery”, stressing that small acts of assistance could contribute to building a stronger and more resilient society.
She also reaffirmed NEMA’s commitment to disaster risk management, preparedness and rapid response, noting that effective preparation remained essential to protecting lives and livelihoods during emergencies.
What’s Next
NEMA is expected to continue strengthening preparedness and rapid-response measures while encouraging communities to play a more active role in disaster risk reduction and humanitarian assistance.
The agency also urged Nigerians to prioritise safety, solidarity and support for communities affected by emergencies.
Bottom Line
As Nigeria joins the global community to mark World Humanitarian Day, NEMA is calling for a culture of collective responsibility, with citizens encouraged to take practical actions that support vulnerable people, prevent disasters and strengthen community resilience.
FCMB plans to deploy AI-powered agricultural advisory services in Hausa, Yoruba and Igbo.
The bank is expanding climate-resilient financing, insurance and other risk-management solutions for farmers.
FCMB will support Nigerian agritech startups seeking to expand into other African markets.
Main Story
First City Monument Bank (FCMB) is expanding its use of technology in agriculture as it seeks to improve access to finance, strengthen farm productivity and help farmers manage climate-related risks.
The bank said its next phase of agritech development would include artificial intelligence-powered platforms capable of providing farmers with real-time agricultural guidance in major Nigerian languages.
The services are expected to support farmers in Hausa, Yoruba and Igbo, making digital agricultural information more accessible to smallholder farmers who may face barriers to using conventional financial and advisory services.
The initiative was outlined in FCMB’s Agritech Alumni Impact Report covering 2018 to 2026.
According to the report, the bank will continue supporting agritech companies developing technology across different parts of the agricultural value chain.
FCMB said the strategy was driven by persistent challenges affecting food security and agricultural productivity, as well as the limited access many farmers have to formal financial services.
The bank noted that agriculture accounts for about 24 per cent of Nigeria’s GDP, while only about six per cent of farmers across Africa have access to formal credit.
It said the financing gap highlighted the need for lending models that use technology and agricultural data to improve farmers’ access to capital while helping financial institutions better understand and manage agricultural risks.
FCMB said it was exploring the use of weather information, soil data and USSD-based platforms to provide farmers with financial and agricultural services suited to their circumstances.
The bank’s agritech programme has also expanded beyond its original focus on startups, evolving into an ecosystem that brings together innovators, investors and development partners working across agriculture.
In its next phase, FCMB plans to increase financing for climate-resilient agriculture while introducing bundled insurance and animal healthcare solutions to help farmers manage production risks.
The bank also intends to support Nigerian agritech companies seeking to enter markets including Uganda, Ghana, Côte d’Ivoire, Ethiopia and Kenya.
FCMB said the approach represented a move away from conventional agricultural lending towards a more data-driven model designed to reduce risks and broaden participation in the agricultural economy.
The bank’s agritech initiatives have received support through partnerships with development institutions including FMO and the United Nations Development Programme. Its wider agricultural and youth-focused programmes have also involved the Mastercard Foundation.
The Issues
Limited access to finance remains a major constraint for farmers, while climate-related risks can make agricultural lending difficult for financial institutions.
FCMB’s approach seeks to address both challenges by combining agricultural data, digital advisory services, financing and risk-management products.
The strategy also targets the language and technology barriers that can prevent smallholder farmers from benefiting from formal financial and agricultural services.
What’s Being Said
FCMB said technology, data and innovative financial products would be important to developing a more resilient agricultural sector.
The bank said its focus would be on creating solutions that support farmers and agricultural businesses while improving food security and expanding access to formal finance.
What’s Next
FCMB plans to expand its AI-powered advisory services, climate-resilient financing and related agricultural risk-management products.
It will also continue supporting agritech startups and helping Nigerian companies develop opportunities in other African markets.
Bottom Line
FCMB is combining AI, agricultural data and innovative financing to broaden support for Nigerian farmers, with its next phase focused on local-language advisory services, climate-resilient lending and the expansion of Nigerian agritech solutions across Africa.
