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NELFUND warns tertiary institutions against withholding students’ tuition refunds

By
Ibe Wada
-

Key points

  • The Nigerian Education Loan Fund (NELFUND) has warned tertiary institutions against withholding tuition refunds owed to students under the Federal Government’s student loan scheme.
  • The Fund said it is engaging affected institutions and relevant authorities to ensure compliance with refund obligations.
  • NELFUND also condemned arbitrary increases in tuition and other institutional charges linked to the student loan programme.
  • The agency said some institutions have failed to refund students who had already paid their tuition before NELFUND later settled the same fees on their behalf.
  • NELFUND reiterated that the student loan initiative is intended to expand access to higher education, not create additional financial burdens for beneficiaries.

Main Story

The Nigerian Education Loan Fund (NELFUND) has cautioned tertiary institutions across the country against withholding tuition refunds due to students who have benefited from the Federal Government’s student loan scheme.

The Fund said it has received reports that some higher institutions have delayed or refused to refund students who had paid their tuition fees before NELFUND subsequently disbursed the same payments directly to their institutions.

In a statement issued by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND described the practice as unacceptable and inconsistent with the objectives of the government’s education financing initiative.

According to the agency, it is already engaging the affected institutions and relevant authorities to ensure that eligible students receive the refunds due to them without unnecessary delays.

NELFUND also expressed concern over reports of arbitrary increases in tuition fees and other institutional charges, warning that such actions undermine the purpose of the student loan programme.

The Fund stressed that the student loan scheme was established to remove financial barriers preventing qualified Nigerians from accessing tertiary education and should not become an avenue for imposing additional financial obligations on students.

The student loan programme, introduced by the Federal Government, provides interest-free loans for tuition and upkeep to eligible students enrolled in public tertiary institutions.

Under the scheme, tuition fees are paid directly to approved institutions, while maintenance allowances are disbursed to eligible beneficiaries to support their living expenses throughout their academic programmes.

NELFUND reiterated its commitment to ensuring transparency, accountability and fairness in the implementation of the initiative, noting that institutions participating in the programme are expected to comply fully with established operational guidelines.

The Issues

The alleged withholding of tuition refunds raises concerns about compliance with the operational framework governing the Federal Government’s student loan scheme.

Failure by institutions to refund students after receiving tuition payments from NELFUND could result in beneficiaries paying twice for the same academic session, thereby defeating the programme’s objective of easing financial pressure on students and their families.

Similarly, arbitrary increases in tuition and institutional charges could reduce the effectiveness of the scheme and place additional financial strain on students despite government intervention.

Education stakeholders have consistently stressed the need for stronger oversight and greater accountability to ensure that the benefits of the student loan programme reach intended beneficiaries.

What’s Being Said

NELFUND stated:

“We frown on reports of tertiary institutions withholding tuition refunds due to students under the Federal Government’s student loan scheme.”

The Fund added that it is:

“Engaging the affected institutions and relevant authorities to ensure compliance.”

It further noted:

“The student loan scheme was designed to remove financial barriers to higher education and should not become an avenue for placing additional financial burdens on students.”

What’s Next

NELFUND is expected to continue discussions with affected tertiary institutions and regulatory authorities to ensure that outstanding tuition refunds are paid to eligible students.

The Fund may also strengthen monitoring mechanisms to improve compliance with the operational guidelines governing the student loan scheme and prevent future cases of delayed refunds or arbitrary fee increases.

Students affected by delayed refunds are expected to continue engaging their institutions while NELFUND works with relevant stakeholders to resolve outstanding issues.

Bottom Line

NELFUND’s warning underscores its commitment to protecting the integrity of the Federal Government’s student loan programme by ensuring that students receive all benefits due to them. As the scheme continues to expand nationwide, compliance by tertiary institutions will be critical to sustaining public confidence and achieving the programme’s goal of improving access to higher education.

The capital architect: Adesuwa Okunbo Rhodes and the investment case for Nigeria

The capital architect: Adesuwa Okunbo Rhodes and the investment case for Nigeria

By
Ibe Wada
-
Adesuwa Okunbo Rhodes

At a time when headlines about Nigeria are often dominated by inflation, currency volatility, rising debt, and investor caution, one woman is making a fundamentally different argument. While many global investors have reduced their exposure to Africa’s largest economy, Adesuwa Okunbo Rhodes has spent the past several years persuading institutions, family offices and development finance organisations to do precisely the opposite: invest more.

Her conviction is neither sentimental nor speculative. It is built on decades of financial experience, demographic data, and an understanding of markets that have been shaped in some of the world’s most demanding investment institutions. Through Aruwa Capital Management, the Lagos-based private equity firm she founded in 2019, Okunbo Rhodes now oversees approximately US$80 million in assets under management, deploying growth capital into small and medium-sized businesses across Nigeria and Ghana.

To many, US$80 million is simply a headline figure. It represents something far more significant. It reflects the confidence of institutional investors, including development finance institutions, global foundations, family offices and private investors—who have entrusted their capital to Aruwa Capital with the expectation that it will identify promising businesses, help them grow, and generate sustainable financial returns.

Unlike entrepreneurs who build companies from scratch or executives who run multinational corporations, Okunbo Rhodes operates in a less visible but enormously influential part of the economy. She is a private equity investor. Her business is not manufacturing products or selling services directly to consumers. Instead, her business is finding businesses capable of becoming tomorrow’s market leaders, investing in them at the right stage, helping them mature through strategic guidance and governance, and eventually delivering returns for the investors whose money she manages.

That distinction is important because the US$80 million she manages is not her personal fortune. It is capital entrusted to her firm by Limited Partners (LPs)institutional investors that rely on Aruwa Capital, acting as the General Partner (GP), to allocate their funds responsibly. Every investment undergoes months of rigorous due diligence before capital is deployed, and every portfolio company is actively supported long after the investment cheque has been written.

Yet understanding what Adesuwa Okunbo Rhodes part of does is only understanding why she matters.

Her larger significance lies in the investment thesis she has championed at a time when many remain sceptical of Nigeria’s prospects.

For decades, discussions about investing in Africa have frequently centred on risk. Political uncertainty, infrastructure deficits, exchange-rate volatility and governance concerns have often overshadowed conversations about opportunity. Okunbo Rhodes does not deny these realities. Rather, she argues that they have caused global capital markets to overlook one of the world’s most compelling long-term growth stories.

In interviews, conference appearances and investor forums, she has repeatedly advanced the same central proposition: Nigeria’s greatest competitive advantage is not oil, minerals or natural resources. It is people.

That argument rests on demographic evidence rather than optimism. According to United Nations population projections, Nigeria is expected to become the world’s third most populous country by 2050, behind only India and China. Africa as a whole is projected to account for roughly one-quarter of the global population by mid-century, while the continent’s working-age population is expected to exceed that of China and India combined within the coming decades.

These are not merely statistics for economists. For investors, they point to a profound structural shift.

A rapidly growing and increasingly urban population will require healthcare, housing, financial services, food, energy, logistics, education and consumer goods on a scale few regions have experienced. Every new household represents demand. Every young worker entering the labour force represents consumption, entrepreneurship and productivity. Every expanding city creates opportunities for businesses capable of meeting these needs efficiently.

It is this relationship between demographics and commercial opportunity that forms the intellectual foundation of Aruwa Capital.

Rather than attempting to predict the next technological disruption or short-term market movement, Okunbo Rhodes has chosen to invest in businesses positioned to benefit from trends that are already underway. Her focus is deliberately practical. Manufacturers of everyday consumer goods. Healthcare providers. Financial technology companies expanding financial inclusion. Renewable energy businesses serving communities with unreliable electricity. Agricultural enterprises improve food security. Industrial manufacturers reduce dependence on imports.

These sectors may lack the glamour associated with high-profile technology start-ups, but they address fundamental needs within economies that continue to expand despite persistent macroeconomic challenges.

Her investment philosophy also reflects another conviction that has shaped Aruwa Capital since its inception: markets often misprice opportunities because of bias.

Across Africa, women own or lead a substantial proportion of small and medium-sized enterprises. Yet they continue to receive only a fraction of available investment capital. Numerous studies have shown that female entrepreneurs secure disproportionately low levels of institutional funding despite demonstrating competitive commercial performance.

For Okunbo Rhodes, this is not simply a question of social equity. It is a market inefficiency.

If high-quality businesses are consistently overlooked because of structural biases, they become available at valuations below their intrinsic potential. Correcting that imbalance therefore becomes not only socially beneficial but economically rational. This philosophy underpins Aruwa Capital’s gender-lens investing strategy, which seeks businesses that either serve women, are founded or led by women, employ women meaningfully within their workforce, or demonstrate strong gender diversity across management teams.

Far from narrowing the firm’s investment universe, this approach has enabled it to identify businesses operating in underserved markets where competition for institutional capital remains limited.

The strategy has attracted backing from globally respected institutions, including Visa Foundation, Mastercard Foundation Africa Growth Fund, British International Investment, the Bank of Industry and other international investors. Their support reflects confidence not merely in Aruwa’s mission, but in its disciplined investment process and commercial approach.

The story of how Adesuwa Okunbo Rhodes reached this point, however, did not begin in a boardroom in Lagos or an investment committee meeting. It began with a young Nigerian girl whose early experiences would quietly prepare her for a career built on independence, resilience and calculated risk.

About Adesuwa Okunbo Rhodes

Born in Lagos, Nigeria, in 1990, Adesuwa Okunbo Rhodes was sent to a boarding school in England at just eleven years old. This early departure from home, combined with watching her father’s relentless work ethic, instilled in her a deep sense of independence, sacrifice, and focus. She later attended the University of Bristol to study Economics, where attending a women’s networking dinner sparked her interest in finance and permanently altered her career trajectory.

Okunbo Rhodes entered the professional financial world in 2008 as an intern at Lehman Brothers during its historic collapse. Undeterred by the crisis, she went on to join J.P. Morgan after graduation, where she worked on major Mergers & Acquisitions and Leveraged Finance teams, executing roughly $6 billion in global transactions. She then transitioned into Africa-focused private equity with TLG Capital, eventually co-founding Syntaxis Capital Africa in 2014, where she led over $200 million in transactions across Sub-Saharan Africa as Managing Partner.

Throughout her rapid ascent in investment banking and private equity, Okunbo Rhodes was consistently one of the very few Black women in leadership rooms. Navigating environments that lacked diversity while maintaining a standard of professional excellence profoundly influenced her worldview. This distinct experience of success within structures not traditionally built for her ultimately became the driving force behind her future ventures.

Federal Government Launches Digital Education Data System July 1

Rising reserves yet to ease Nigerians’ hardship, experts say

By
Kehinde Victor
-
No Plan To Covert Forex In Dom Accounts, CBN Assures
No Plan To Covert Forex In Dom Accounts, CBN Assures

Key points

  • Nigeria’s foreign exchange reserves rose to $50.11 billion in June, their highest level since 2009.
  • The CBN says stronger reserves improve currency stability, investor confidence and provide nearly one year of import cover.
  • Economists argue that stronger reserves must translate into lower inflation, job creation and improved living standards.
  • Some Nigerians say rising reserves have had little impact on their daily struggle with the high cost of living.
  • Analysts say the long-term value of stronger reserves depends on how they support economic transformation.

Main story

Economic experts say Nigeria’s growing foreign exchange reserves could strengthen investor confidence and improve the country’s ability to withstand external economic shocks, but caution that the gains must translate into better living standards for ordinary Nigerians.

The comments follow recent data from the Central Bank of Nigeria (CBN), which showed that the country’s external reserves climbed to $50.11 billion in June, the highest level recorded since 2009.

The increase strengthens Nigeria’s external position, supports exchange rate stability and reflects improved foreign exchange inflows as the country continues implementing macroeconomic reforms.

CBN Governor, Yemi Cardoso, described the growth in reserves as an important safeguard against external shocks and evidence of improving investor confidence.

He attributed the increase to market-driven foreign exchange reforms, stronger diaspora remittances, improved crude oil production and rising non-oil exports.

According to Cardoso, the country’s gross reserves now provide nearly one year of import cover, significantly above the international benchmark of three months.

Despite the improvement, some stakeholders argue that the average Nigerian is more concerned about rising living costs than macroeconomic indicators.

Economist Bayo Dada said the true measure of economic performance lies in the quality of life experienced by citizens rather than headline statistics.

He said economic growth should be reflected in improved purchasing power, expanding businesses, job creation and better living conditions.

“No amount of statistical engineering can hide the reality Nigerians face every day. People do not live inside economic reports; they live in the real economy,” he said.

Policy analyst Sule Aliu said the value of stronger reserves ultimately depends on whether they support broader economic transformation.

According to him, Nigeria should focus on building a diversified and productive economy rather than simply accumulating foreign assets.

“The real challenge is not how much the country holds in reserve, but how effectively it uses that stability to improve the lives of its citizens,” he said.

Also speaking, civil servant Ibrahim Muhammed questioned the practical benefits of rising reserves for workers struggling with inflation and stagnant incomes.

He noted that many workers were still earning the N70,000 minimum wage while facing unpaid wage award arrears and rising living costs.

The issues

Foreign exchange reserves are an important measure of a country’s financial strength and its ability to defend its currency, meet external obligations and attract investment. However, economists note that stronger reserves alone do not guarantee improved living standards unless they are accompanied by lower inflation, higher productivity, increased investment and sustained job creation.

What’s being said

“The rise in foreign reserves is a critical buffer against external shocks and a key indicator of restored investor confidence.” — Yemi Cardoso

“The real challenge is not how much the country holds in reserve, but how effectively it uses that stability to improve the lives of its citizens.” — Sule Aliu

What’s next

Analysts will be watching whether stronger foreign reserves help stabilise the naira, moderate inflation and encourage greater investment. Attention will also focus on whether the improved macroeconomic position translates into tangible improvements in household incomes, employment and the cost of living.

Bottom line

Nigeria’s rising foreign exchange reserves strengthen the country’s economic resilience and boost investor confidence, but many experts say their true value will be measured by whether they lead to lower inflation, stronger growth and better living standards for ordinary Nigerians.

Federal Government Launches Digital Education Data System July 1

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 29, 2026

Key Points

  • Federal Ministry of Education will unveil the Digital National Education Management Information System on July 1
  • Platform will centralise education data to improve planning, budgeting and policymaking
  • Government says the system will provide public access to selected education statistics for the first time

Main Story

The Federal Ministry of Education will officially launch the Digital National Education Management Information System (DNEMIS) on July 1 as part of efforts to strengthen education planning, governance and service delivery through reliable, technology-driven data management.

Speaking during a press briefing in Abuja on Monday, Mr Adebayo Onigbanjo, National Project Coordinator of the Special Programmes Operations and Implementation Unit (SPOIU), said the initiative forms a major pillar of the Nigeria Education Sector Renewal Initiative (NESRI) being implemented under the leadership of Minister of Education, Dr Tunji Alausa.

According to Onigbanjo, the ministry developed the Nigeria Education Data Infrastructure (NEDI) to address years of fragmented education records, inconsistent reporting and limited access to timely information that have constrained policy implementation and accountability across the sector.

The new platform will provide government agencies with real-time information on schools, teachers, learners and education investments to support evidence-based planning, budgeting and monitoring.

“Data is no longer a back-office function. It is becoming the engine of education reform in Nigeria,” Onigbanjo said.

The ministry said DNEMIS will also digitise the Annual School Census process and, for the first time, make selected official education data publicly accessible through an interactive online portal for researchers, policymakers, journalists, development partners and members of the public.

The initiative aligns with the Federal Government’s broader digital transformation agenda and is expected to improve transparency while supporting efforts to tackle challenges such as out-of-school children, teacher shortages and resource allocation across Nigeria’s education sector.

What’s Being Said

Special Assistant to the Minister on Digital Communications and E-Learning, Ms Mojoyin Adebajo, described the platform as a major milestone in Nigeria’s digital education transformation.

“This represents an important step towards expanding access to information and encouraging broader participation in conversations that shape the future of education in Nigeria,” she said.

Meanwhile, UNICEF Education Specialist, Saka Ibraheem, said the long-term objective is to integrate all education management platforms into a unified national system capable of tracking learner enrolment and reducing school dropouts through unique digital identifiers.

What’s Next

  • DNEMIS will be officially launched on July 1.
  • The ministry plans to integrate teacher records, learner databases and other education management platforms into a single national system before next year.
  • Government agencies and education stakeholders are expected to begin using the platform for planning, budgeting and policy implementation after its rollout.

The Bottom Line: Reliable data has long been one of the weakest links in Nigeria’s education sector. If fully implemented, DNEMIS could provide policymakers with the information needed to improve planning, monitor learning outcomes and allocate education resources more efficiently across the country.

https://bizwatchnigeria.ng/category/bizwoman

CSO applauds SMEDAN’s transparency drive

By
Kehinde Victor
-

Key points

  • A civil society organisation has commended SMEDAN for improving transparency and accountability in its MSME support programmes.
  • The group says initiatives such as interest-free financing and business formalisation are boosting confidence among entrepreneurs.
  • It urged the agency to extend its interventions to rural communities where many small business owners remain underserved.
  • SMEDAN says it is engaging directly with entrepreneurs before designing intervention programmes.
  • The agency reaffirmed its commitment to accountability through collaboration with civil society and the media.

Main story

The Social Transparency and Youth Leadership Advancement Initiative (STYLAI), a civil society organisation, has commended the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) for improving transparency and accountability in the delivery of its programmes for micro, small and medium enterprises (MSMEs).

The Executive Director of STYLAI, Mr Jacob Okpanachi, gave the commendation during an interview on the sidelines of the 2026 World MSMEs Day celebration organised by SMEDAN in Abuja.

Okpanachi said STYLAI partnered with the agency to promote transparency and accountability in its engagement with entrepreneurs, adding that the organisation had observed significant improvements in SMEDAN’s processes.

“From what we have seen, the processes of engaging small business owners are becoming more transparent and accountable,” he said.

He cited initiatives such as interest-free business financing through organised groups and SMEDAN’s partnership with the Corporate Affairs Commission (CAC) to support business formalisation as positive developments.

According to him, the interventions would encourage more entrepreneurs to register their businesses and access government support.

However, Okpanachi urged the agency to expand its programmes beyond Abuja and state capitals to reach farmers and entrepreneurs in rural communities.

He noted that many rural business owners remained unaware of SMEDAN’s interventions because of limited access to information.

“I think there should be a better way to reach them because those in rural communities are more in number than those in the city centres,” he said.

Speaking at the event, SMEDAN Director-General Charles Odii reaffirmed the agency’s commitment to supporting MSMEs through skills development, business formalisation, shared production facilities and improved access to business support services.

Odii said the agency had adopted a consultative approach by engaging directly with traders and entrepreneurs before designing intervention programmes.

“It is not okay for us to sit in comfortable offices and make policies for market women and men without understanding their challenges,” he said.

He added that SMEDAN would continue working with the media and civil society organisations to strengthen accountability and ensure its interventions reached deserving entrepreneurs across the country.

Odii also declared open the World MSMEs Day exhibition, where beneficiaries showcased products developed through the agency’s training and empowerment programmes.

The issues

Despite government efforts to support MSMEs, many entrepreneurs, particularly in rural communities, still face limited awareness of available programmes and business support services. Expanding outreach and improving access to information remain critical to ensuring interventions reach more beneficiaries.

What’s being said

“From what we have seen, the processes of engaging small business owners are becoming more transparent and accountable.” — Jacob Okpanachi

“It is not okay for us to sit in comfortable offices and make policies for market women and men without understanding their challenges.” — Charles Odii

What’s next

SMEDAN says it will continue working with civil society organisations, the media and other stakeholders while expanding support programmes for MSMEs. Stakeholders will also be watching to see whether the agency broadens its outreach to underserved rural communities.

Bottom line

The endorsement from a civil society organisation highlights growing confidence in SMEDAN’s transparency efforts, but stakeholders say extending support to rural entrepreneurs will be key to making its interventions more inclusive.

AI portraits threaten Kaduna photo studios

CPPE warns against proposed textile import ban

By
Kehinde Victor
-

Key points

  • The Centre for the Promotion of Private Enterprise (CPPE) has cautioned against the Senate’s proposal to ban textile imports for five years.
  • CPPE says the move could disrupt key industries, threaten millions of jobs and fail to revive the local textile sector.
  • The organisation argues that Nigeria’s textile industry’s decline is driven by structural challenges rather than import competition.
  • It recommends improving local competitiveness through financing, infrastructure, technology and support for cotton production.
  • The Senate says the proposed ban is intended to protect domestic cotton farmers and textile manufacturers.

Main story

The Centre for the Promotion of Private Enterprise (CPPE) has warned that the Senate’s proposed five-year ban on textile imports could create significant economic disruptions without addressing the underlying problems facing Nigeria’s textile industry.

The Chief Executive Officer of CPPE, Dr Muda Yusuf, gave the warning in a statement issued in Lagos while reacting to the Senate’s resolution urging the Federal Government to prohibit textile fabric imports for an initial period of five years.

The proposed ban, sponsored by Sen. Sunday Katung, is intended to create a protected market for domestic cotton farmers and local textile mills to expand production.

However, Yusuf argued that while reviving Nigeria’s textile industry was a worthy objective, an outright import ban would likely create more economic challenges than benefits.

According to him, the sector’s decline has been driven primarily by structural issues, including high energy costs, poor infrastructure, expensive financing, obsolete technology, logistics bottlenecks, smuggling and policy inconsistency rather than import competition.

He warned that restricting textile imports would disrupt Nigeria’s fashion, garment, tailoring, furniture and interior design industries, all of which depend heavily on imported fabrics as production inputs.

Yusuf said Nigeria’s fashion, garment-making and tailoring industry, valued at about N10 trillion, supports an estimated 10 million livelihoods and generates substantial domestic value through design, tailoring, branding, embroidery, merchandising and retailing.

“Restricting textile imports would increase production costs, reduce consumer choice and threaten thousands of micro, small and medium enterprises engaged in fashion, tailoring and garment manufacturing,” he said.

He added that the furniture and interior design industry, valued at about N7 trillion, also relies on imported textile materials, warning that supply disruptions would weaken manufacturers’ competitiveness.

Yusuf noted that imported textile fabrics already attract combined Import Duty and Import Adjustment Tax of between 35 per cent and 45 per cent, yet the existing tariff protection has not restored the competitiveness of local textile producers.

“The core problem lies in production economics rather than import penetration. An import ban addresses the symptom while leaving the underlying causes unresolved,” he said.

He also argued that domestic textile manufacturers currently lack the capacity to meet the quantity, quality and variety of fabrics required by downstream industries.

Instead of imposing an import ban, Yusuf advocated a comprehensive value-chain strategy that includes reviving domestic cotton production through improved security, mechanisation, better seedlings and guaranteed off-take arrangements.

He also called for affordable long-term financing, access to modern production technology, reliable electricity, stronger border enforcement against smuggling and the establishment of a Textile Competitiveness Fund financed through textile-related import tax revenues.

In addition, he urged the government to prioritise locally produced textiles and garments for uniforms used by the military, paramilitary agencies, schools and other public institutions.

The issues

Nigeria’s textile industry has struggled for decades due to high production costs, weak infrastructure, smuggling and inconsistent policies. While import restrictions could provide temporary protection for local manufacturers, industry experts warn that without addressing structural constraints, such measures may increase costs for downstream industries, encourage smuggling and weaken sectors that employ millions of Nigerians.

What’s being said

“Restricting textile imports would increase production costs, reduce consumer choice and threaten thousands of micro, small and medium enterprises engaged in fashion, tailoring and garment manufacturing.” — Dr Muda Yusuf

“The core problem lies in production economics rather than import penetration. An import ban addresses the symptom while leaving the underlying causes unresolved.” — Dr Muda Yusuf

What’s next

The Federal Government will decide whether to act on the Senate’s recommendation. Meanwhile, industry stakeholders are expected to continue debating whether protecting local manufacturers through import restrictions or improving competitiveness through structural reforms offers a more sustainable path to reviving Nigeria’s textile industry.

Bottom line

CPPE says reviving Nigeria’s textile sector requires addressing structural weaknesses rather than imposing an import ban that could disrupt larger downstream industries and threaten millions of jobs.

AI powers smarter electricity generation, says NDPHC

Capital alone won’t transform insurers, expert warns

By
Kehinde Victor
-
Insurance

Key points

  • A financial expert says recapitalisation alone will not guarantee growth or profitability for insurance companies.
  • Insurers are advised to strengthen governance, risk management, innovation and operational efficiency alongside higher capital.
  • Recapitalised firms should invest in digital transformation, product innovation, distribution and claims management.
  • The expert says stronger capital will improve insurers’ capacity to underwrite large risks and reduce reliance on foreign reinsurers.
  • Nigeria’s insurance recapitalisation deadline is July 31.

Main story

A financial expert, Dr Benneth Eze, says Nigeria’s ongoing insurance recapitalisation exercise will only deliver lasting benefits if insurers complement stronger capital positions with sound corporate governance, innovation and efficient operations.

Eze, the Head of Research and Development at the Chartered Institute of Stockbrokers (CIS), said this in an interview while assessing the implications of the industry’s recapitalisation programme.

He described recapitalisation as an important step toward strengthening insurers’ financial positions but cautioned that larger capital bases alone would not automatically improve performance or profitability.

According to him, the long-term success of insurance companies will depend on how effectively they deploy fresh capital, strengthen governance structures, manage risks and embrace innovation.

“While recapitalisation strengthens balance sheets, capital alone does not guarantee superior performance,” Eze said.

He noted that insurers with strong corporate governance, skilled underwriting teams, disciplined investment processes and robust risk management frameworks would be better positioned to generate sustainable returns.

Eze advised recapitalised insurers to channel additional capital into product innovation, digital transformation, expanded distribution networks, improved claims management and customer acquisition.

He also recommended strengthening reinsurance arrangements, improving investment capabilities and pursuing strategic partnerships to enhance long-term competitiveness.

According to him, regulators and investors should monitor key performance indicators such as underwriting profitability, return on equity, claims ratios, expense ratios, solvency margins and investment performance to assess the success of the exercise.

Eze expressed optimism that recapitalisation would improve insurers’ ability to underwrite larger risks in sectors including energy, infrastructure, aviation and marine, while reducing dependence on foreign reinsurers.

However, he warned that inflation, exchange rate volatility, weak investment returns, rising claims costs, economic uncertainty and governance failures could still undermine industry performance after recapitalisation.

He urged insurance companies to adopt prudent asset-liability management, diversify investment portfolios, strengthen underwriting discipline and leverage technology to improve operational efficiency.

The recapitalisation deadline for insurance companies is July 31. Under the exercise, life insurers are required to increase minimum paid-up capital from N2 billion to N10 billion, non-life insurers from N3 billion to N15 billion, composite insurers from N5 billion to N25 billion, and reinsurers from N10 billion to N35 billion.

The issues

Nigeria’s insurance industry has long struggled with low penetration, limited underwriting capacity and weak public confidence. While recapitalisation is expected to strengthen the sector’s financial resilience, analysts say sustainable growth will depend on stronger governance, improved service delivery, digital innovation and prudent risk management rather than capital increases alone.

What’s being said

“While recapitalisation strengthens balance sheets, capital alone does not guarantee superior performance.” — Dr Benneth Eze

“Strategic partnerships, technology adoption and greater operational efficiency will enable insurers to convert increased capital into sustainable earnings and long-term shareholder value.” — Dr Benneth Eze

What’s next

With the July 31 recapitalisation deadline approaching, attention will shift to how insurers raise and deploy fresh capital. Regulators and investors are also expected to monitor whether stronger balance sheets translate into better underwriting performance, improved profitability and greater capacity to insure large-scale risks.

Bottom line

Recapitalisation may strengthen insurers financially, but sustained growth will ultimately depend on how effectively companies combine stronger capital with sound governance, innovation and operational discipline.

NELFUND Condemns Tertiary Institutions Over Tuition Refund Delays

NELFUND Condemns Tertiary Institutions Over Tuition Refund Delays

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 29, 2026

Key Points

  • NELFUND accuses some tertiary institutions of withholding tuition refunds due to students
  • The agency also raises concerns over alleged arbitrary increases in tuition fees and institutional charges
  • NELFUND says it is engaging affected institutions to protect students and preserve the integrity of the loan scheme

Main Story

The Nigerian Education Loan Fund (NELFUND) has criticised some tertiary institutions over alleged delays or outright refusal to refund students who paid their tuition fees before receiving education loan disbursements, warning that such practices undermine the objectives of the Federal Government’s student loan programme.

In a statement issued on Monday in Abuja, NELFUND’s Director of Strategic Communications, Mrs Oseyemi Oluwatuyi, said the agency had also received reports that some participating institutions were allegedly increasing tuition fees and other charges without justification after joining the scheme.

The student loan initiative, introduced under President Bola Tinubu’s administration following the enactment of the Student Loans (Access to Higher Education) Act, was created to remove financial barriers preventing qualified Nigerians from accessing tertiary education.

NELFUND said it has begun engaging the affected institutions and relevant regulatory authorities to ensure that students who paid tuition before the agency released funds receive prompt refunds where applicable.

“The student loan scheme was established to remove financial barriers to higher education, not to create additional burdens for students,” Oluwatuyi said.

The agency added that discussions with institutions are also aimed at ensuring tuition fees and other charges remain transparent, fair and consistent with the objectives of the government’s education financing programme.

The development comes as thousands of students across federal and state-owned tertiary institutions continue to benefit from the Federal Government’s interest-free education loan scheme, which has significantly expanded since nationwide applications commenced in 2024.

What’s Being Said

Oluwatuyi said NELFUND remains committed to safeguarding students’ interests and preserving public confidence in the programme.

“We are engaging the affected institutions and relevant authorities to ensure eligible students receive refunds of tuition fees already paid before loan disbursement while maintaining fairness and transparency in institutional charges,” she said.

Education stakeholders have consistently urged institutions participating in the scheme to comply fully with the operational guidelines to ensure students receive the intended financial relief without administrative bottlenecks.

What’s Next

  • NELFUND is expected to conclude engagements with affected tertiary institutions in the coming weeks.
  • Institutions found to be violating the operational framework may be required to process outstanding tuition refunds.
  • The agency is expected to continue monitoring participating schools as student loan disbursements expand nationwide.

The Bottom Line: The success of Nigeria’s student loan programme depends not only on timely funding but also on strict compliance by participating institutions. Any attempt to withhold refunds or inflate fees risks weakening public confidence in one of the Federal Government’s flagship education reforms.

Dangote cement open at 19% discount to 52-week high after weekly sell-off

AI powers smarter electricity generation, says NDPHC

By
Kehinde Victor
-
NDPHC

Key points

  • NDPHC says Artificial Intelligence and Machine Learning are improving operations across its power generation plants.
  • The company has deployed AI-powered predictive maintenance to detect equipment faults before failures occur.
  • The technology has reduced forced outages, lowered maintenance costs and improved plant efficiency.
  • NDPHC says AI can also improve demand forecasting, load balancing and electricity dispatch.
  • The company believes digital technologies will play a bigger role in addressing Nigeria’s power sector challenges.

Main story

The Niger Delta Power Holding Company (NDPHC) says Artificial Intelligence (AI) and Machine Learning (ML) are helping improve efficiency, reliability and performance across its power generation facilities as Nigeria’s electricity sector increasingly adopts digital technologies.

The Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, disclosed this in a statement issued in Lagos following her engagement with the Nigerian Economic Summit Group (NESG).

According to her, the company has moved from traditional preventive maintenance to AI-powered predictive maintenance, enabling engineers to detect equipment faults before they result in operational failures.

“We have moved beyond preventive maintenance to predictive maintenance,” Adighije said.

She explained that while preventive maintenance relies on fixed servicing schedules, predictive maintenance uses real-time data, machine learning and sensor-based monitoring to assess equipment conditions and anticipate faults.

Adighije said the technology had reduced forced outages and maintenance costs while improving the performance of gas-fired turbines and other critical power generation equipment.

She added that operators can now monitor turbine performance, fuel efficiency, vibration, temperature and component wear in real time through advanced digital systems.

According to her, the innovation has increased plant availability, improved electricity generation efficiency and strengthened the reliability of power supply.

The NDPHC boss said AI, automation and digital analytics would become increasingly important in addressing challenges across the electricity sector, including inadequate generation, transmission constraints, technical losses and grid instability.

She noted that smart technologies could improve demand forecasting, load balancing and electricity dispatch while enhancing efficiency throughout the electricity value chain.

Adighije reaffirmed that innovation remains central to NDPHC’s long-term strategy as the company seeks to deliver more efficient, reliable and sustainable electricity generation.

“With rising electricity demand and industrial growth, technology adoption is essential,” she said.

NDPHC, established under the National Integrated Power Projects (NIPP), is one of Nigeria’s largest power generation companies and also plays a major role in developing transmission and distribution infrastructure nationwide.

The issues

Nigeria’s electricity sector continues to grapple with inadequate generation capacity, transmission bottlenecks, grid instability and high maintenance costs. As power demand grows, utilities are increasingly turning to AI, automation and data analytics to improve operational efficiency, reduce equipment failures and deliver more reliable electricity supply.

What’s being said

“We have moved beyond preventive maintenance to predictive maintenance.” — Jennifer Adighije

“With rising electricity demand and industrial growth, technology adoption is essential.” — Jennifer Adighije

What’s next

NDPHC is expected to deepen the deployment of AI-powered systems across its operations as it pursues greater efficiency and reliability. Industry observers will also watch whether wider adoption of digital technologies by power operators translates into fewer outages and improved electricity supply nationwide.

Bottom line

NDPHC says AI is no longer a future technology for Nigeria’s power sector but a practical tool that is already improving plant performance, reducing costs and supporting more reliable electricity generation.

Stanbic IBTC expands Nigeria Business Summit with nationwide regional tour

AI portraits threaten Kaduna photo studios

By
Kehinde Victor
-

Key points

  • AI-powered image generation is reducing patronage for photographers and photo studios in Kaduna.
  • Studio operators say customers increasingly prefer cheaper and faster AI-generated portraits.
  • Some photographers report business has fallen by more than 50 per cent over the past year.
  • Demand for printed photographs has also declined as users keep AI-generated images on their phones.
  • Industry experts say photographers should integrate AI into their workflow rather than compete against it.

Main story

The growing popularity of Artificial Intelligence (AI)-powered image generation is reshaping Kaduna’s photography industry, with many studio operators reporting a sharp decline in patronage as customers increasingly opt for AI-generated portraits.

A survey across major business districts in Kaduna by the News Agency of Nigeria (NAN) found that many residents now prefer AI-generated images to traditional studio photography because they are cheaper, quicker to produce and offer a wider range of creative possibilities.

Several photographers told NAN that the shift has significantly reduced demand for passport photographs, birthday portraits, family pictures and social media photos.

Ibrahim Musa, who has operated a photography studio in Kaduna for more than 15 years, said his business had declined by more than half over the past year.

He attributed the drop to the growing use of AI applications that enable users to upload a selfie and receive professionally styled portraits within minutes without visiting a studio.

“Before now, weekends were always busy because of birthday shoots and social media pictures. Today, some weekends pass without a single customer,” he said.

Another studio operator, Esther Daniel, described AI as both an opportunity and a challenge for the industry.

She said many small studios lacked the financial capacity to acquire premium AI software and advanced digital tools needed to remain competitive.

According to her, customers increasingly compare studio charges with AI applications that generate portraits at a fraction of the cost.

Samuel Yusuf, who operates a photo editing and printing shop in Kaduna North, said the trend had also reduced demand for printed photographs, framed portraits and photo albums, as many customers now store their AI-generated images only on mobile devices.

Some residents defended their growing preference for AI-generated portraits.

University student Deborah James said AI applications allow users to create multiple professional-looking images in different outfits and locations without paying for studio sessions, makeup or expensive clothing.

Similarly, Chinedu Okafor said AI-generated headshots had become increasingly popular among job seekers and entrepreneurs because they were affordable and could be produced within minutes.

Despite the growing adoption of AI, some professional photographers believe the technology cannot completely replace traditional photography.

Wedding photographer Emmanuel Audu argued that while AI can produce visually appealing images, it cannot capture genuine emotions and real-life moments during weddings, graduations and family celebrations.

He urged photographers to embrace AI as a productivity tool for editing and customer management rather than viewing it solely as a competitor.

Industry analysts also believe the profession is evolving rather than disappearing, with photographers who successfully integrate AI into their services expected to remain competitive.

The issues

Artificial intelligence is disrupting creative industries worldwide by lowering production costs and expanding access to digital content creation. While consumers benefit from affordability and convenience, traditional photographers face declining patronage and growing pressure to adopt new technologies. The challenge for the industry will be balancing technological innovation with the unique value of capturing authentic, real-world experiences.

What’s being said

“Many young people simply upload a selfie to an AI application and receive professional-looking portraits within minutes without stepping into a studio.” — Ibrahim Musa

“Our income has reduced because customers now compare our prices with AI applications that charge only a fraction of what professional photography costs.” — Esther Daniel

“Artificial Intelligence cannot photograph a wedding ceremony, graduation or family celebration as it happens.” — Emmanuel Audu

What’s next

As AI image-generation tools become more accessible, photography businesses are expected to invest more in digital technologies and AI-assisted workflows. Industry observers say photographers who combine AI with traditional photography services are more likely to adapt successfully to changing consumer preferences.

Bottom line

AI is transforming the photography business in Kaduna, offering consumers cheaper and faster alternatives while forcing traditional studios to rethink their business models. For many photographers, adapting to the technology may prove more sustainable than resisting it.

Funding delays FG’s 10 million financial literacy programme

Funding delays FG’s 10 million financial literacy programme

By
Kehinde Victor
-

Key points

  • NICA says inadequate funding is delaying the Federal Government’s plan to train 10 million Nigerians in financial literacy and credit management.
  • The training curricula have been completed and are being harmonised by a technical working committee.
  • The programme targets women, youths, MSMEs, artisans and other groups across the country.
  • NICA is urging the CBN, banks, state governments and development partners to fund the initiative.
  • More than 1,000 Nigerians have already registered despite limited publicity.

Main story

The National Institute of Credit Administration (NICA) says inadequate funding is slowing the implementation of the Federal Government’s plan to provide free financial literacy and credit management training to 10 million Nigerians.

The Registrar and Chief Executive Officer of NICA, Prof. Chris Onalo, disclosed this in an interview in Lagos, saying funding remains the biggest obstacle to rolling out the nationwide programme.

The initiative, announced by the Federal Government in February, is being coordinated by the Office of the Vice President in partnership with six professional bodies, including NICA, the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Bankers of Nigeria (CIBN), the Chartered Institute of Stockbrokers (CIS), the Chartered Risk Management Institute (CRMI), and the Nigeria Institute of Innovation and Entrepreneurship (NIIE).

Onalo said participating organisations had already developed and submitted their training curricula, while a technical working committee was harmonising the content ahead of implementation.

He described the programme as a major national intervention aimed at improving financial inclusion, with women and young people identified as priority beneficiaries.

According to him, the professional bodies lack the financial resources to execute a project of such scale and have called on state governments, banks, multinational companies and development partners to support its implementation.

He explained that the programme would require facilitators to travel across the country, conduct physical and virtual training sessions, and deliver lessons in local languages where necessary.

Onalo also urged the Central Bank of Nigeria (CBN) to mobilise commercial banks to contribute financially, arguing that a financially literate and creditworthy population would strengthen Nigeria’s lending ecosystem.

He said NICA’s component of the programme would focus on promoting responsible borrowing, financial discipline and better management of personal and business finances.

According to him, creditworthiness extends beyond the availability of collateral and includes an individual’s financial behaviour, spending patterns and willingness to meet financial obligations.

Onalo disclosed that registration had already commenced through NICA’s online platform, with more than 1,000 Nigerians signing up within weeks despite minimal publicity.

He added that participants would be drawn from artisans, students, graduates, professionals, micro, small and medium enterprises (MSMEs), religious organisations, community associations and local government areas through a hybrid model combining online and physical training.

The issues

Financial literacy remains low in many parts of Nigeria, limiting access to formal credit and financial services. While the government’s proposed programme could improve financial inclusion and responsible borrowing, inadequate funding may delay its rollout and reduce its potential impact unless additional public and private sector support is secured.

What’s being said

“The programme is on a sound course. The curricula are ready, the professional bodies are prepared, but funding remains the major challenge.” — Prof. Chris Onalo

“The CBN should encourage or even mandate banks to support this initiative because it will strengthen the lending ecosystem and improve borrower behaviour.” — Prof. Chris Onalo

What’s next

The technical committee is expected to complete the harmonisation of the training curriculum, while the government and participating professional bodies seek funding from banks, state governments, development partners and other stakeholders before nationwide implementation begins.

Bottom line

The Federal Government’s plan to train 10 million Nigerians in financial literacy is progressing in terms of preparation, but its success will depend largely on securing the funding needed to deliver the programme across the country.

FMDQ FX market turnover climbs to $2.84B as trading activity surges 22%

Stanbic IBTC expands Nigeria Business Summit with nationwide regional tour

By
Partners Posts
-

Building on the success of the Lagos edition of the Nigeria Business Summit, Stanbic IBTC will host a nationwide regional tour to deepen its engagement with small and medium enterprises (SMEs) across key commercial cities in Nigeria.

The inaugural summit, held in Lagos, attracted nearly 2,000 physical attendees, delivering strong engagement and positive ratings among participants. The regional tour extends this momentum by taking the experience directly to business owners within their local markets.

The Nigeria Business Summit Regional Tour is designed to deliver targeted, on-ground engagement in major trading hubs, where SMEs can access tailored insights, advisory support, and networking opportunities.

The tour will take place in the following cities: Wednesday, 01 July 2026 in Onitsha, Wednesday, 08 July 2026 in Aba, Wednesday, 15 July 2026 in Ibadan and Wednesday, 05 August 2026 in Kano.

This phased rollout reflects Stanbic IBTC’s strategy to engage SMEs where they operate and trade, while addressing region-specific business challenges and opportunities

Each regional activation will deliver practical and actionable value for business owners through a structured programme. Sessions will include expert-led discussions on funding readiness, trade opportunities, and enterprise growth, alongside interactive masterclasses and panel conversations.

Participants will also benefit from enterprise clinics, where Stanbic IBTC relationship managers and specialists will provide one-on-one advisory on access to finance, digital banking solutions, and business expansion strategies.

The events will create opportunities for SMEs to showcase their products, expand their networks, and connect with potential partners and customers within their local markets.

Stanbic IBTC reaffirmed its commitment to supporting SMEs as key drivers of economic growth across Nigeria. The regional tour is positioned as a practical extension of the Bank’s SME value proposition, focused on delivering actionable support and sustained engagement.

By combining capability building, access to finance, and community interaction, the initiative aims to strengthen SMEs’ ability to scale sustainably and compete within both domestic and cross-border markets.

Stanbic IBTC invites business owners, entrepreneurs, and industry stakeholders across the selected cities to participate in the Nigeria Business Summit Regional Tour and take advantage of the opportunity to learn, connect, and grow their businesses.

The initiative reinforces Stanbic IBTC’s role as a trusted partner to Nigerian enterprises and its commitment to enabling sustainable economic growth across key sectors. Interested participants should register to attend by following this link.

Global stocks advance, oil edges higher as US and Iran agree to suspend attacks

Global stocks advance, oil edges higher as US and Iran agree to suspend attacks

By
Ibe Wada
-

Key points

  • Asian stock markets mostly closed higher after reports that the United States and Iran agreed to halt military attacks following renewed weekend hostilities.
  • Oil prices edged higher as investors monitored developments surrounding the Strait of Hormuz and upcoming US-Iran talks.
  • Investor sentiment remained fragile amid geopolitical uncertainty and mounting concerns over elevated valuations in artificial intelligence (AI)-related stocks.
  • South Korean technology stocks remained under pressure despite the government’s announcement of a massive investment programme for semiconductors and AI infrastructure.
  • Investors are awaiting key US labour market data that could influence the Federal Reserve’s next monetary policy decision.

Main Story

Global financial markets traded cautiously on Monday as most Asian equities posted gains and oil prices edged higher following reports that the United States and Iran had agreed to suspend military attacks after a fresh round of weekend hostilities threatened an already fragile ceasefire.

The reported breakthrough helped ease fears of a broader regional conflict that had unsettled investors in recent weeks and raised concerns over global energy supplies through the strategically important Strait of Hormuz.

Although market sentiment improved, investors remained cautious as negotiations between Washington and Tehran continue amid lingering geopolitical tensions.

According to US media reports citing senior American officials, both countries have agreed to halt further military action and are expected to continue negotiations during a new round of talks scheduled to take place in Qatar on Tuesday.

The latest development follows several days of escalating military exchanges.

The United States Central Command announced on Saturday that it had carried out strikes against 10 Iranian military targets in response to what it described as continued Iranian attacks on commercial shipping.

Iran subsequently launched retaliatory strikes targeting US military installations in Kuwait and Bahrain, prompting condemnation from both Gulf states.

The dispute has intensified concerns over navigation through the Strait of Hormuz, one of the world’s most critical energy shipping routes.

Iran has also expressed dissatisfaction with Oman’s proposal for an alternative shipping corridor along Omani territorial waters, insisting on maintaining control over its preferred navigation route through the strait.

According to US officials, both countries have agreed to temporarily de-escalate hostilities while technical discussions continue, allowing commercial vessels to move through the waterway without further disruption.

Iran’s Foreign Ministry also confirmed that officials had begun discussions with Oman regarding the management of maritime traffic through the strategic passage.

Oil prices, which had retreated to pre-conflict levels during the previous week, recorded modest gains as traders assessed the implications of the reported ceasefire and ongoing diplomatic engagements.

Across Asia, equity markets responded positively to the easing geopolitical tensions.

Major indices in Tokyo, Hong Kong, Shanghai, Sydney, Singapore, Wellington, Taipei, Manila and Bangkok all recorded gains, while markets in Mumbai and Jakarta closed lower.

Technology stocks, however, remained under pressure following heavy losses recorded last week.

South Korean semiconductor giants SK hynix and Samsung Electronics extended their recent declines before recovering part of their losses after the government unveiled an ambitious long-term investment programme aimed at strengthening the country’s semiconductor and artificial intelligence industries.

Under the initiative, South Korea plans to invest nearly $1.2 trillion over several years in semiconductor manufacturing facilities and AI data centres through a public-private partnership.

Government officials also announced that Samsung and SK hynix will jointly commit more than $500 billion to establish a new semiconductor fabrication hub in the country’s southwest region.

Despite the announcement, concerns persist over whether massive investments in artificial intelligence will generate sufficient financial returns to justify current market valuations.

The Bank for International Settlements (BIS), often referred to as the central bank for central banks, warned in its latest annual report that prolonged investment enthusiasm surrounding AI could eventually result in a significant market correction.

The institution cautioned that weaker-than-expected returns could trigger a prolonged decline in capital expenditure, tighten financial conditions and weigh on global economic growth.

Investors are now turning their attention to upcoming US employment data, which could provide fresh clues about the Federal Reserve’s interest rate outlook.

Recent stronger-than-expected economic data have reinforced expectations that the US central bank may maintain higher interest rates for longer as policymakers continue to monitor inflationary pressures linked to geopolitical developments.

The Issues

Financial markets continue to balance improving geopolitical developments against persistent macroeconomic risks.

While the temporary suspension of military action between the United States and Iran has eased immediate concerns over energy supply disruptions, uncertainty surrounding negotiations and the future of the Strait of Hormuz remains a significant risk for global markets.

At the same time, growing concerns over elevated valuations in AI-related technology stocks have prompted warnings from policymakers and international financial institutions about the possibility of a sharp market correction if investment returns fail to meet expectations.

The combination of geopolitical uncertainty, monetary policy risks and technology sector valuations continues to shape investor sentiment across global financial markets.

What’s Being Said

According to a US official:

“Technical talks are slated to continue. Both sides will stand down for now and vessels can move freely.”

The Bank for International Settlements warned in its annual report:

“Disappointment in returns could trigger a sudden pullback in financing and turn the capex boom into a protracted investment bust, with potential knock-on effects on financial conditions.”

The institution added:

“A major equity-market correction could have larger macroeconomic consequences today than in the past.”

IG market analyst Fabien Yip said:

“A repeat beat on Thursday could trigger a similar rotation; a miss, by contrast, may dampen hike expectations and lift rates-sensitive equities.”

What’s Next

Investors will closely monitor the scheduled US-Iran talks in Qatar for further signs of diplomatic progress and the potential restoration of stability around the Strait of Hormuz.

Market participants are also awaiting the release of key US labour market data, which could influence expectations for future Federal Reserve interest rate decisions and determine the near-term direction of global equity and bond markets.

Attention will also remain focused on developments within the technology sector as investors assess whether continued investment in artificial intelligence can justify elevated market valuations.

Bottom Line

Global markets began the week on a cautiously positive note after reports of a temporary halt in hostilities between the United States and Iran eased immediate concerns over energy supplies. However, geopolitical uncertainty, questions surrounding AI-driven market valuations and expectations for US monetary policy continue to pose significant risks for investors navigating an increasingly complex global economic environment.

FMDQ FX market turnover climbs to $2.84B as trading activity surges 22%

FMDQ FX market turnover climbs to $2.84B as trading activity surges 22%

By
Ibe Wada
-
Nigeria's FX Market

Key points

  • Total foreign exchange market turnover rose to $2.84 billion in the week ended June 26, 2026, representing a 22.06% week-on-week increase.
  • FX Spot transactions accounted for 97.74% of total turnover, reaching $2.77 billion.
  • FX Derivatives turnover jumped 77.20% to $64.04 million, driven entirely by FX Forwards.
  • Average daily market turnover increased to $567.09 million from $464.62 million in the previous week.
  • Exchange-Traded FX Futures recorded no transactions for another consecutive week.

Main Story

Trading activity in Nigeria’s foreign exchange market strengthened significantly during the week ended June 26, 2026, with total turnover rising to $2.84 billion as participants increased activity across both the spot and derivatives segments.

The latest weekly Foreign Exchange Market Turnover Report released by FMDQ Exchange showed that total market turnover increased by $512.37 million, or 22.06%, from $2.32 billion recorded in the previous week ended June 19, 2026.

The increase reflects improved liquidity and stronger participation by authorised dealers and their customers amid sustained activity in Nigeria’s foreign exchange market.

Average daily turnover also improved during the review period, rising to $567.09 million from $464.62 million recorded a week earlier.

The FX Spot market remained the primary driver of trading activity, accounting for nearly all transactions executed during the week.

According to the report, FX Spot turnover increased to $2.77 billion, representing 97.74% of total market turnover, compared with $2.29 billion recorded in the preceding week.

The segment recorded a week-on-week increase of $484.47 million, equivalent to a 21.18% growth, while average daily spot market turnover climbed to $554.28 million from $457.39 million.

Activity also strengthened in the FX Derivatives market, where total turnover rose sharply to $64.04 million from $36.14 million recorded the previous week.

The derivatives segment accounted for 2.26% of total market turnover during the review period, up from 1.56% in the preceding week.

Overall, FX Derivatives turnover increased by 77.20%, representing an additional $27.90 million in traded value.

Within the derivatives market, FX Forwards remained the only actively traded instrument.

Turnover in FX Forwards rose to $64.04 million from $36.14 million in the previous week, while average daily turnover increased to $12.81 million from $7.23 million.

Meanwhile, Exchange-Traded FX Futures recorded no transactions during the review week, extending a run of inactivity in that segment.

The latest figures build on the momentum recorded in the previous reporting week, when total FX market turnover increased by 7.70% to $2.323 billion from $2.157 billion recorded during the week ended June 11, 2026.

The Issues

The latest market data highlights the continued dominance of spot transactions within Nigeria’s foreign exchange market, suggesting that participants remain focused on immediate access to foreign currency rather than longer-term hedging instruments.

Although derivatives trading recorded strong percentage growth, the segment remains relatively small compared with the spot market, indicating that hedging instruments are yet to gain widespread adoption.

The continued absence of activity in Exchange-Traded FX Futures also reflects limited participation in that market segment despite ongoing efforts to deepen Nigeria’s foreign exchange market.

Market analysts believe improving liquidity conditions and continued policy reforms will be crucial to expanding derivatives usage and strengthening overall market depth.

What’s Being Said

According to the latest FMDQ Exchange Weekly FX Market Turnover Report:

“FX Spot transactions rose to $2.77 billion, representing 97.74% of total turnover during the review period.”

The report also noted that:

“FX Derivatives transactions climbed to $64.04 million, with FX Forwards remaining the only actively traded derivatives instrument.”

FMDQ’s data further showed that Exchange-Traded FX Futures recorded zero turnover for another consecutive week.

What’s Next

Market participants will continue to monitor liquidity conditions and foreign exchange supply dynamics as trading resumes in the new week.

Analysts expect the spot market to remain the dominant source of trading activity in the near term, while gradual improvements in market confidence and exchange rate stability could encourage greater use of derivatives for currency risk management.

Attention will also remain on policy measures by monetary authorities aimed at deepening Nigeria’s foreign exchange market and improving access to hedging instruments.

Bottom Line

Nigeria’s foreign exchange market recorded another week of stronger trading activity, with turnover climbing above $2.8 billion on the back of robust spot market transactions and a sharp increase in FX Forwards trading. While liquidity conditions continue to improve, the market remains overwhelmingly dependent on spot transactions, highlighting the need for broader adoption of derivatives as risk management tools.

Dangote cement opens at 19% discount to 52-week high after weekly sell-off

Teyana Taylor, Clipse dominate 2026 BET Awards as Kendrick Lamar, Cardi B shine

By
Boluwatife Oshadiya
-

By Boluwatife Oshadiya | June 29, 2026

Key Points

  • Teyana Taylor and hip-hop duo Clipse emerged as the biggest winners at the 2026 BET Awards with three awards each
  • Kendrick Lamar, Kehlani and Cardi B were among the night’s top winners, while Michael B. Jordan and Sinners dominated the film categories
  • The ceremony also honoured music legends Lauryn Hill and Sylvia Rhone for their lifetime contributions to entertainment

Main Story

American singer, actress and creative director Teyana Taylor and hip-hop duo Clipse emerged as the biggest winners at the 2026 BET Awards, taking home three awards each during the ceremony held at the Peacock Theater in Los Angeles on Sunday.

Hosted by comedian Druski, the annual awards celebrated outstanding achievements across music, film, television and sports, with some of the industry’s biggest stars receiving honours for their performances over the past year.

Taylor continued one of the strongest years of her career after winning Best Actress, Video Director of the Year, and the newly introduced Fashion Vanguard Award. She was also recognised with the prestigious Icon of the Year honour, cementing her influence across music, film and fashion.

Clipse also enjoyed a dominant night, winning Album of the Year for Let God Sort Em Out, Best Group, and Best Collaboration for Chains & Whips, their collaboration with Kendrick Lamar.

Kendrick Lamar added another milestone to his decorated career after winning Best Male Hip Hop Artist for a record-extending ninth time. He also shared the Best Collaboration award with Clipse, reinforcing his position as one of the most successful artists in BET Awards history.

Kehlani claimed two major honours, winning Best Female R&B/Pop Artist—ending SZA’s three-year reign—and Video of the Year for her hit single Folded.

Cardi B returned to the winners’ circle after receiving the Best Female Hip Hop Artist award, marking her third career victory in the category and her first since consecutive wins in 2018 and 2019.

British singer Olivia Dean continued her breakthrough year by winning Best New Artist, adding the BET honour to her earlier Grammy success and becoming only the fifth artist to claim both awards.

R&B singer Leon Thomas secured his first Best Male R&B/Pop Artist award, beating previous winners including Chris Brown, Usher and Bruno Mars.

In the film categories, Ryan Coogler’s blockbuster Sinners won Best Movie, while Michael B. Jordan received Best Actor for his leading performance, earning his fourth BET acting award.

The ceremony also celebrated industry icons. Music legend Ms. Lauryn Hill received the inaugural Living Legend Icon Award, while veteran music executive Sylvia Rhone was honoured with the Ultimate Icon Award for her decades-long contribution to the music business.

One of the evening’s youngest winners, 16-year-old entertainment journalist Jazlyn Guerra, popularly known as Jazzy’s World TV, won the YoungStars Award in recognition of her celebrity interviews and growing influence in entertainment journalism.

The 2026 edition also highlighted basketball stars A’ja Wilson and Jalen Brunson, who were named Sportswoman and Sportsman of the Year, respectively.

Full List of Major Winners

Music

  • Album of the Year – Let God Sort Em Out — Clipse
  • Best Female R&B/Pop Artist – Kehlani
  • Best Male R&B/Pop Artist – Leon Thomas
  • Best Female Hip Hop Artist – Cardi B
  • Best Male Hip Hop Artist – Kendrick Lamar
  • Best Group – Clipse
  • Best Collaboration – Chains & Whips — Clipse featuring Kendrick Lamar
  • Best New Artist – Olivia Dean
  • Dr. Bobby Jones Best Gospel/Inspirational Award – Headphones — Lecrae, Killer Mike & T.I.
  • BET Her Award – girl, get up. — Doechii featuring SZA
  • Viewers’ Choice Award – Burning Blue — Mariah the Scientist
  • Video of the Year – Folded — Kehlani
  • Video Director of the Year – Teyana Taylor

Film and Television

  • Best Movie – Sinners
  • Best Actress – Teyana Taylor
  • Best Actor – Michael B. Jordan
  • YoungStars Award – Jazzy’s World TV

General Awards

  • Fashion Vanguard Award – Teyana Taylor
  • The Pulse Award – Druski

Sports

  • Sportswoman of the Year – A’ja Wilson
  • Sportsman of the Year – Jalen Brunson

What’s Being Said

“Tonight belongs to the culture. Every artist recognised here has helped shape music, entertainment and storytelling over the past year,” BET said during the awards presentation celebrating the winners.

Entertainment analysts said the results reflected the continued dominance of established stars such as Kendrick Lamar and Cardi B, while also recognising emerging talents including Olivia Dean, Leon Thomas and Jazlyn Guerra, signalling a new generation of performers and creators gaining mainstream recognition.

What’s Next

  • Winning artists are expected to see increased global streaming numbers and commercial demand following their BET Awards victories.
  • Several winners, including Kendrick Lamar, Clipse and Kehlani, are expected to continue international tours and promotional campaigns throughout 2026.
  • The success of films such as Sinners is likely to strengthen momentum heading into the upcoming awards season, including Emmy and Academy Awards consideration.

Bottom Line

The Bottom Line: The 2026 BET Awards reflected a balance between honouring established superstars and introducing a new generation of artists shaping the future of Black entertainment. Teyana Taylor’s multi-category triumph, Clipse’s comeback success and Kendrick Lamar’s continued dominance underscore how artistic versatility and cultural influence continue to define excellence across music and film.

Nollywood is Nigeria’s strongest soft power, envoy says

Kogi NUJ seeks insurance cover for journalists

By
Kehinde Victor
-
NUJ Condemns Attacks On Journalists, Calls For Compensation

Key points

  • The Kogi State Council of the Nigeria Union of Journalists (NUJ) has urged the state government to establish a comprehensive insurance scheme for practising journalists.
  • The appeal followed a road accident involving members of the Correspondents’ Chapel on Obajana Road.
  • The union says journalists face significant occupational hazards and deserve adequate welfare and protection.
  • It also called for stricter enforcement of traffic regulations against reckless truck drivers operating on the Obajana Road.
  • The council reaffirmed its commitment to ethical and professional journalism despite the risks associated with the profession.

Main story

The Kogi State Council of the Nigeria Union of Journalists (NUJ) has called on the state government to introduce a comprehensive insurance scheme for practising journalists, citing the hazardous nature of the profession.

The appeal followed a road accident involving members of the Correspondents’ Chapel on the Obajana Road while they were returning from an official assignment on Saturday.

In a statement jointly signed by the council’s Chairman, Ademu Haruna, and Secretary, Dr Atuluku Samuel, the union described insurance coverage as an essential welfare measure for journalists who routinely face occupational risks in the course of their duties.

The council noted that journalists, as members of the Fourth Estate, play a critical role in promoting democracy, accountability and national development, and therefore deserve adequate protection through a structured insurance policy.

According to the union, introducing such a scheme would boost the morale, commitment, courage and professionalism of media practitioners in carrying out their constitutional responsibilities.

The council said no investment was too great when it came to protecting media professionals who often work under hazardous conditions to keep the public informed, adding that the initiative would also strengthen the cordial relationship between the government and the media.

The NUJ thanked God that members of the Correspondents’ Chapel involved in the accident survived and prayed against a recurrence.

It also urged relevant authorities to intensify efforts to address the activities of heavy-duty truck drivers operating along the Obajana Road, expressing concern over what it described as reckless driving that continues to endanger other road users.

The council called for stricter enforcement of traffic regulations and appropriate sanctions against offending drivers to reduce avoidable accidents, loss of lives and destruction of property.

It also wished journalists injured in the accident a speedy recovery and reaffirmed its commitment to responsible, ethical and professional journalism despite the risks associated with the profession.

The issues

Journalists frequently face occupational hazards, including road accidents, insecurity and other field-related risks, yet many lack comprehensive insurance or welfare protection. Media organisations and unions have consistently advocated stronger safety measures and improved welfare for practitioners.

The union also highlighted concerns over road safety on the Obajana Road, where reckless driving by heavy-duty truck operators has been linked to several accidents.

What’s being said

“It has become imperative to appeal to the Kogi Government to give serious consideration to insurance cover for practising journalists.” — Kogi State NUJ

“No investment is too much when it comes to safeguarding the lives of media professionals who work tirelessly, often under hazardous conditions, to keep society informed.” — Kogi State NUJ

“Strict enforcement of traffic regulations and appropriate sanctions against offenders will go a long way in reducing these incidents.” — Kogi State NUJ

What’s next

The Kogi NUJ hopes the state government will consider establishing an insurance scheme for practising journalists, while relevant authorities are expected to strengthen traffic enforcement along the Obajana Road to improve road safety.

Bottom line

The Kogi NUJ says protecting journalists through insurance and improving road safety are essential steps toward safeguarding media professionals and enabling them to perform their public service role effectively.

Silence fuels smuggling, maritime expert tells journalists

Nollywood is Nigeria’s strongest soft power, envoy says

By
Kehinde Victor
-
Nollywood

Key points

  • Nigeria’s Consul-General in New York, Abubakar Jidda, says Nollywood is one of the country’s strongest economic and diplomatic assets.
  • He says the Federal Government is strengthening the creative industry through improved regulation and intellectual property reforms.
  • The remarks were made at the North American screening of Kalakiri in New York.
  • Producers say the film employed more than 500 people and will be submitted to international film festivals.
  • Discussions are underway to secure global streaming distribution, including on Netflix.

Main story

Nigeria’s Consul-General in New York, Amb. Abubakar Jidda, has described Nollywood as one of the country’s most powerful economic and diplomatic assets, saying the film industry continues to project Nigeria’s image far beyond its traditional oil and gas sector.

Jidda made the remarks during the North American special screening of Kalakiri, a socio-political drama hosted at St. John’s University in New York.

He said Nollywood has become a major platform for showcasing Nigeria’s creativity, innovation and entrepreneurial spirit to global audiences while strengthening the country’s international reputation.

According to the envoy, the Federal Government is implementing measures to strengthen the creative industry through improved regulation and frameworks that will enable creators to leverage their intellectual property for financing.

He described the creative sector as a key driver of youth empowerment, employment generation and economic diversification.

Jidda also noted that Nigerian music, fashion, culture and films have evolved into globally recognised symbols of the country’s soft power, citing the recent performances by Nigerian artistes at the FIFA Club World Cup as evidence of Nigeria’s growing cultural influence.

He encouraged Nigerians in the Diaspora to invest in the country’s creative economy, describing the sector as an underexplored opportunity with enormous economic potential.

Speaking on the film, Jidda said Kalakiri captures Nigeria’s transition from military rule to constitutional democracy while preserving important aspects of the country’s democratic history.

The film is adapted from Prisoner of the Kalakiri, a stage play written by Nigerian playwright Prof. Chudi Uwazurike.

Director Chika Onu said the production explores themes of democracy, justice, political repression, freedom and national rebirth.

Executive Producer Obi Emekekwue said the production generated employment for more than 500 people, including over 100 actors, writers, technicians, artisans and other crew members.

He explained that the producers deliberately released the film around June 12 to coincide with Nigeria’s Democracy Day celebrations and selected North America for the special screening because of its large Nigerian and African diaspora population.

Emekekwue added that Kalakiri would be submitted to major international film festivals while discussions were ongoing to secure distribution through major streaming platforms, including Netflix.

The event attracted diplomats, academics, students, members of the Nigerian and African diaspora, and movie enthusiasts.

The issues

Nigeria’s creative industry has become one of the country’s fastest-growing non-oil sectors, but stakeholders say stronger intellectual property protection, improved financing and wider international distribution remain critical to unlocking its full economic potential.

Industry players also believe Nollywood can create more jobs, attract investment and strengthen Nigeria’s global influence through cultural diplomacy.

What’s being said

“Nollywood gives Nigeria wider global visibility and demonstrates that Nigerians are industrious, innovative and exceptionally talented.” — Abubakar Jidd

“The creative industry is one of Nigeria’s greatest vehicles for youth empowerment, employment generation and economic diversification.” — Abubakar Jidda

“We engaged over 100 actors and hundreds of production personnel, demonstrating Nollywood’s enormous capacity for job creation.” — Obi Emekekwue

What’s next

Kalakiri is expected to make the international film festival circuit while producers pursue global streaming distribution to expand its international audience and further showcase Nigerian storytelling.

Bottom line

The Federal Government and industry stakeholders see Nollywood as more than an entertainment industry, positioning it as a strategic tool for economic diversification, job creation and strengthening Nigeria’s global cultural influence.

NDLEA intercepts 558,900 tramadol pills, arrests transnational drug traffickers in Lagos

Dangote cement open at 19% discount to 52-week high after weekly sell-off

By
Boluwatife Oshadiya
-

Key points

  • Dangote Cement’s share price declined 10% during the previous trading week, closing at ₦963 from ₦1,070.
  • The stock will begin the new trading week at a 19% discount to its 52-week high on the Nigerian Exchange (NGX).
  • The company’s market capitalisation fell to ₦16.249 trillion following investor sell-offs.
  • Despite the price correction, Dangote Cement posted a 20.4% year-on-year revenue growth to ₦1.2 trillion in the first quarter of 2026.
  • Analysts at CSL Stockbrokers maintain a positive long-term outlook, forecasting stronger earnings and raising the stock’s target price to ₦1,359.79 per share.

Main Story

Dangote Cement Plc will commence trading on the Nigerian Exchange (NGX) this week at a 19% discount to its 52-week high after investors reduced their holdings in the company’s shares during the previous trading sessions.

The cement manufacturer’s stock price declined by 10% over the course of last week, falling from an opening price of ₦1,070 to close at ₦963 per share as selling pressure weighed on investor sentiment.

The decline mirrored the broader performance of the Nigerian equity market, where investors erased more than ₦2.4 trillion from total market capitalisation amid widespread profit-taking across several sectors.

With 16.873 billion outstanding shares, Dangote Cement’s market value dropped by approximately 10% to close the week at ₦16.249 trillion, making it one of the notable contributors to the market’s overall decline.

The latest pullback comes despite the company’s strong financial performance in the first quarter of 2026.

Dangote Cement reported revenue of ₦1.2 trillion during the period, representing a 20.4% year-on-year increase driven largely by improved pricing, higher sales volumes and sustained demand within the Nigerian market.

Market analysts believe the company’s earnings momentum remains intact, supported by infrastructure development projects, resilient construction activities and continued expansion in the real estate sector.

CSL Stockbrokers projects that these favourable market conditions will support revenue growth of 24.3% year-on-year to approximately ₦5.4 trillion for the 2026 financial year.

The investment firm also expects the cement producer to benefit from improved operating efficiency through continued investments in compressed natural gas (CNG) logistics and alternative fuel systems, initiatives aimed at reducing production and transportation costs.

In addition, analysts noted that a more stable foreign exchange environment and lower exposure to currency volatility are expected to reduce finance costs and strengthen profitability.

Based on its revised outlook, CSL Stockbrokers forecasts Profit Before Tax (PBT) to increase by 60% year-on-year to ₦2.4 trillion in the 2026 financial year, compared with ₦1.5 trillion recorded in 2025.

Reflecting the improved earnings expectations, the firm raised its target price for Dangote Cement shares to ₦1,359.79 from its previous estimate of ₦827.47 per share.

The revised valuation follows the company’s stronger financial performance and positive medium-term earnings outlook despite the recent correction in its market price.

The Issues

The decline in Dangote Cement’s share price illustrates the impact of broader market-wide profit-taking, even on fundamentally strong companies with solid earnings prospects.

While investor sentiment weakened in the short term, analysts believe the company’s underlying fundamentals remain resilient, supported by robust domestic demand, operational efficiency improvements and lower financing risks.

Market participants will continue to monitor overall equity market conditions, infrastructure spending, construction activity and macroeconomic stability, which are expected to influence the company’s future performance.

What’s Being Said

CSL Stockbrokers stated:

“We expect sustained demand from ongoing infrastructure development and real estate activities to continue supporting topline growth.”

The investment firm added:

“These initiatives are expected to enhance operational efficiency and lower production and distribution costs. Furthermore, reduced foreign exchange exposure and a more stable exchange rate environment should help moderate finance costs.”

On expectations of earnings, the analysts said:

“As a result, we forecast Profit Before Tax (PBT) to increase by 60.0% year-on-year to ₦2.4 trillion in FY 2026, compared with ₦1.5 trillion in FY 2025.”

What’s Next

Investors will closely monitor Dangote Cement’s trading performance in the coming weeks to determine whether the recent decline represents a temporary market correction or signals prolonged selling pressure.

Attention will also focus on the company’s subsequent quarterly earnings, execution of cost-saving initiatives, infrastructure demand across Nigeria and broader macroeconomic conditions, all of which are expected to influence future share price performance.

Bottom Line

Although Dangote Cement’s shares ended the week nearly one-fifth below their 52-week high following a wave of market-wide selling, analysts remain optimistic about the company’s long-term prospects. Strong revenue growth, improving operating efficiency and favourable earnings forecasts continue to support a positive investment outlook despite the recent share price correction.

Silence fuels smuggling, maritime expert tells journalists

NDLEA intercepts 558,900 tramadol pills, arrests transnational drug traffickers in Lagos

By
Boluwatife Oshadiya
-

Key points

  • NDLEA intercepted 558,900 pills of Tramadol 250mg concealed inside a specially modified truck entering Nigeria from Togo through the Benin Republic.
  • Three suspected traffickers, including two Beninese nationals and one Nigerian, were arrested at Mile 2 Bridge in Lagos.
  • Operatives also seized 118kg of skunk, 209.5kg of Scottish Loud cannabis, and another 28.8kg of skunk during separate operations across Lagos.
  • The agency said the operations were intelligence-driven and form part of its ongoing campaign against transnational drug trafficking.
  • NDLEA continued its nationwide War Against Drug Abuse (WADA) sensitisation campaign in schools and communities across several states.

Main Story

The National Drug Law Enforcement Agency (NDLEA) has intercepted 558,900 pills of Tramadol 250mg and arrested three suspected members of a transnational drug trafficking syndicate in Lagos, as authorities intensify efforts to curb the influx of illicit narcotics into Nigeria.

The seizure followed an intelligence-led operation targeting a truck transporting illegal pharmaceutical opioids from Togo through the Benin Republic into Nigeria.

According to a statement issued on Sunday by the agency’s Director of Media and Advocacy, Femi Babafemi, the illicit consignment was concealed inside a specially fabricated compartment built into the truck to evade security checks.

NDLEA operatives intercepted the vehicle at Mile 2 Bridge in Lagos on June 21, leading to the arrest of three suspects—two citizens of the Benin Republic and one Nigerian.

The agency said a comprehensive search of the vehicle resulted in the recovery of 558,900 pills of Tramadol 250mg, one of the most frequently trafficked prescription opioids abused across West Africa.

The latest interception underscores NDLEA’s sustained crackdown on cross-border drug trafficking networks that continue to exploit Nigeria as both a transit corridor and destination market for illicit narcotics.

In another intelligence-led operation, NDLEA officers arrested two additional suspects along the Lagos-Ibadan Expressway on June 26 while transporting 118 kilograms of skunk concealed among legitimate commercial goods.

The truck had departed from the Ebute Ero area of Lagos Island and was heading to Onitsha, Anambra State, before operatives intercepted it.

The agency also recorded another significant seizure after operatives attached to its Special Operations Unit arrested a 57-year-old suspect at a motor park in Iddo, Lagos, on June 27.

According to NDLEA, the suspect was found with 209.5 kilograms of Scottish Loud, a highly potent strain of cannabis allegedly destined for Enugu State before the shipment was intercepted.

On the same day, operatives raided a residence located at 15 Olumokun Street, Amukoko, Lagos, where two women were arrested after officers recovered 28.8 kilograms of skunk.

Investigations revealed that the property was allegedly being used as a storage and distribution centre for illicit drugs, with one of the suspects coordinating supplies to customers through an accomplice.

Beyond enforcement activities, NDLEA said it sustained its nationwide War Against Drug Abuse (WADA) advocacy programme through sensitisation campaigns in schools, religious centres, workplaces and communities.

Within the past week, anti-drug awareness lectures were organised for students and staff at Government Girls Science Secondary School, Damaturu; Adesalu Primary School, Ibeju-Lekki; Government Girls Secondary School, Badawa in Kano State; School of Science and Islamic Studies, Ankpa in Kogi State; and Community Secondary School, Ezimo in Enugu State, among other institutions.

Separately, the NDLEA’s Murtala Muhammed International Airport Strategic Command disclosed that it had seized 9,058.543 kilograms of illicit drugs and arrested 260 suspects since the beginning of 2025.

The disclosure was made during the command’s commemoration of the International Day Against Drug Abuse and Illicit Trafficking, themed “World Drug Problem: Persisting Issues, New Challenges, Innovative Responses.”

The Issues

The latest seizures highlight the continued challenge posed by transnational drug trafficking networks operating across West African borders despite intensified law enforcement efforts.

Authorities remain concerned over the growing circulation of high-dose Tramadol and potent cannabis strains, which contribute to rising cases of drug abuse, organised crime and public health risks across Nigeria.

The use of sophisticated concealment methods, including fabricated compartments in commercial vehicles, also demonstrates the evolving tactics employed by trafficking syndicates, requiring sustained intelligence gathering and regional cooperation among security agencies.

What’s Being Said

According to NDLEA spokesperson Femi Babafemi:

“A thorough search of the truck led to the recovery of 558,900 pills of Tramadol 250mg concealed in a fabricated compartment of the vehicle.”

He added:

“Two suspects were also arrested along Lagos-Ibadan Expressway while transporting 118kg of skunk among other legitimate goods in a truck heading from Ebute Ero, Lagos Island, to Onitsha.”

The agency further stated that investigations into the Amukoko operation showed the residence was allegedly being used as a storage facility before illegal drugs were distributed to customers through an accomplice.

What’s Next

NDLEA is expected to continue investigations into the arrested suspects to identify other members of the trafficking syndicates and dismantle their supply networks.

The agency is also likely to strengthen intelligence-sharing with neighbouring countries and sustain nationwide enforcement operations alongside its War Against Drug Abuse campaign aimed at reducing drug demand through public education and community engagement.

Bottom Line

The interception of more than half a million Tramadol pills, alongside multiple cannabis seizures across Lagos, reflects NDLEA’s intensified campaign against organised drug trafficking. While enforcement actions continue to disrupt illegal supply chains, authorities say sustained regional cooperation, intelligence-driven operations and public awareness remain essential to reducing the flow and abuse of illicit drugs in Nigeria.

Silence fuels smuggling, maritime expert tells journalists

Silence fuels smuggling, maritime expert tells journalists

By
Ibe Wada
-

Key points

  • Maritime expert Eugene Nweke says silence is the biggest weapon used by smugglers to sustain illegal operations.
  • He urges journalists to move beyond official events and investigate smuggling networks, illicit trade and corruption.
  • Nweke warns that smuggling fuels insecurity, destroys local industries and exposes Nigerians to counterfeit products.
  • He calls on the media to embrace AI, data journalism and cargo tracking technologies to combat organised crime.
  • The appeal was made at the 2026 Annual General Meeting and Lecture of the Congress of Nigerian Maritime Media Practitioners (CONMMEP) in Lagos.

Main story

A maritime researcher and freight forwarding expert, Eugene Nweke, has urged journalists to play a more active role in combating smuggling, warning that silence remains the greatest weapon used by criminal networks.

Speaking at the 2026 Annual General Meeting and Lecture of the Congress of Nigerian Maritime Media Practitioners (CONMMEP) in Lagos, Nweke said smuggling thrives when citizens, institutions and the media fail to expose suspicious activities before they escalate into national security threats.

He illustrated his point with the story of a retired Customs officer who described silence—not speedboats, forged documents or sophisticated concealment methods—as the most powerful tool available to smugglers.

According to Nweke, every successful smuggling operation begins as an information failure before becoming a security failure.

He said the consequences of illicit trade extend beyond revenue losses, noting that counterfeit medicines, illegal firearms, substandard products and smuggled goods continue to endanger lives, weaken local industries and fuel violent crimes across the country.

Nweke challenged maritime journalists to shift from routine coverage of official activities to investigative reporting that uncovers the financiers, collaborators and networks behind organised smuggling.

He urged the media to scrutinise maritime spending, investigate controversial port charges and expose criminal syndicates rather than focusing solely on seizures announced by enforcement agencies.

The maritime expert also advocated sustained public awareness campaigns to educate Nigerians on the dangers of smuggling, warning that ignorance often makes vulnerable communities susceptible to recruitment by criminal organisations.

He further encouraged journalists to embrace emerging technologies such as artificial intelligence, satellite intelligence, cargo tracking systems and data journalism to keep pace with increasingly sophisticated smuggling networks.

Nweke warned that the approach of another election season could increase attempts to smuggle arms, illicit drugs and illegal financial flows into the country, urging the media to remain objective and prioritise national security.

Earlier, the President of CONMMEP, Udo Onyeka, said the association’s annual meeting provided an opportunity to reflect on its achievements since its establishment in 2021 while reaffirming its commitment to professionalism and responsible journalism.

He described the conference theme, Maritime Security, Trade Facilitation and the Media, as timely, noting that the media’s watchdog role remains critical to protecting Nigeria’s maritime economy.

The issues

Smuggling continues to undermine Nigeria’s economy by reducing government revenue, threatening local industries and worsening insecurity through the illegal movement of arms, counterfeit goods and prohibited products.

Experts argue that stronger investigative journalism, public awareness and better use of technology are essential to exposing criminal networks and strengthening national security.

What’s being said

“The greatest weapon of a smuggler is silence.” — Eugene Nweke

“Every successful smuggling operation is first an information failure before it becomes a security failure.” — Eugene Nweke

“The battle against smuggling cannot be won by Customs alone… The media has a responsibility to shape public perception, promote accountability and strengthen national security.” — Eugene Nweke

What’s next

Stakeholders are expected to intensify collaboration between the media, security agencies and maritime operators to strengthen intelligence sharing, improve public awareness and expose organised smuggling networks before they inflict greater economic and security damage.

Bottom line

Nweke says breaking the culture of silence through investigative journalism and public accountability could become one of Nigeria’s strongest weapons against smuggling, helping to protect lives, safeguard businesses and strengthen national security.

Customs intensifies Green Tax Campaign ahead of July rollout
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