ADC says rising food inflation is worsening the pressure on Nigerian households.
Party says food inflation rose to 20.31 per cent year-on-year in July.
Opposition group proposes lower farm production costs, improved food distribution and a strategic national food reserve.
Main Story
The African Democratic Congress (ADC) has criticised the Federal Government’s handling of Nigeria’s food crisis, accusing the Bola Tinubu administration of failing to contain the rising cost of basic food items.
The party’s National Publicity Secretary, Bolaji Abdullahi, said the government was placing too much emphasis on the moderation of headline inflation while Nigerians continued to face higher food prices.
The ADC based its criticism on the latest inflation figures released by the National Bureau of Statistics (NBS), which showed food inflation rising from 17.52 per cent in June to 20.31 per cent in July on a year-on-year basis.
Food inflation also increased month-on-month, moving from 3.75 per cent in June to 5.56 per cent in July.
Abdullahi said the food figures offered a different picture of economic conditions from the one presented by the moderation in headline inflation.
The party argued that Nigerians were more directly affected by the cost of food and other essentials than by changes in the broader inflation rate.
It questioned the government’s claim of economic progress, asking why households were still struggling to afford basic food if the administration’s reforms were producing the expected results.
The ADC said its criticism was based on the gap between official economic indicators and the experience of households dealing with higher prices for staples.
The Issues
The opposition party identified food production and distribution as major areas requiring government intervention.
It said high input costs were making farming more expensive, pointing to fertiliser, seeds, machinery, diesel, transportation and access to finance as areas that needed attention.
The ADC also linked food prices to insecurity, saying farmers would struggle to increase production when they could not safely reach their farms, harvest their crops or move produce to markets.
According to the party, poor roads, transportation expenses, insecurity and multiple levies further increase the cost of getting food from producers to consumers.
The party proposed making food security a national security priority and developing an integrated system focused on increasing production and improving the distribution of major food staples.
It said an ADC administration would seek to reduce farmers’ production expenses while addressing the security challenges that prevent them from fully accessing their farms.
The party also proposed a national food reserve and strategic buffer system. Under the proposal, government would release essential food items when prices rise sharply and purchase produce from farmers when market prices fall significantly.
What’s Being Said
Abdullahi accused the Federal Government of celebrating headline inflation figures without adequately addressing the food-price pressures facing households.
The ADC said the government should focus on resolving the conditions driving food prices rather than explaining away the contradiction between improving headline indicators and rising food costs.
What’s Next
The ADC is calling for a broader government strategy covering food production, farm security, transportation, storage and market distribution.
The party said its proposed measures would form part of its approach to addressing food insecurity if it forms the government.
Bottom Line
The ADC says the rise in food inflation shows that Nigerians continue to face significant cost-of-living pressure despite the moderation in headline inflation. The opposition party is proposing interventions across the food supply chain, from farm production and security to transportation and strategic reserves.
FCCPC says preliminary findings indicate possible price manipulation in Nigeria’s cement market.
A three-month industry and cross-border investigation compared Nigeria with markets including Kenya, Tanzania, South Africa, Egypt, Morocco and Algeria.
Cement prices reportedly rose from N9,300–N9,700 per 50kg bag in January to N13,000–N15,000 in some areas by July 2026.
Nigeria has an estimated 60–65 million tonnes or more of installed annual cement capacity, against domestic consumption of about 25–30 million tonnes.
More than 90 per cent of installed production capacity is reportedly controlled by three major manufacturers.
Main Story
The Federal Competition and Consumer Protection Commission (FCCPC) has uncovered preliminary evidence suggesting possible manipulation of cement prices in Nigeria, raising fresh questions about competition and pricing practices in one of the country’s most important building-material markets.
The Commission disclosed the findings on Tuesday following a three-month investigation by its Anticompetitive Practices Department (ACP), launched in response to widespread complaints over the rising cost of cement.
The investigation examined Nigeria’s cement market alongside selected markets across Africa, including Kenya, Tanzania, South Africa, Egypt, Morocco and Algeria, with the Commission assessing factors such as limestone availability, population, production capacity, domestic consumption and retail prices.
The findings are significant because Nigeria possesses abundant limestone deposits and substantial domestic cement manufacturing capacity. Yet, despite what the FCCPC describes as significant excess installed capacity, the price of cement has continued to rise.
Cement prices jump despite surplus capacity
According to market intelligence reviewed by the Commission, a 50kg bag of cement that sold for between N9,300 and N9,700 in January 2026 had risen to between N10,500 and N13,000 by mid-year.
By July, prices of between N13,000 and N15,000 were being reported in some parts of the country.
The price increases have significant implications for Nigeria’s construction sector, where cement is a basic input for housing, roads, commercial buildings and other infrastructure projects.
The FCCPC’s concern is not simply that cement prices are high, but that the prices appear difficult to reconcile with the level of production capacity available in the country.
The Commission estimates Nigeria’s installed cement production capacity at more than 60–65 million metric tonnes per annum, while domestic consumption is estimated at only about 25–30 million tonnes.
In theory, such a gap between production capacity and domestic demand should create stronger competition among manufacturers and exert downward pressure on prices.
Instead, the opposite appears to have occurred.
What the Commission found
The FCCPC said its preliminary findings raise questions about whether market forces alone are responsible for the current pricing structure.
The investigation found that three major cement manufacturers account for more than 90 per cent of installed production capacity, according to publicly available estimates.
The high concentration of the market has therefore become a major area of interest for investigators as they examine whether dominant players are exercising market power in ways that may restrict competition.
The Commission, however, has not concluded that any company has committed an offence.
Rather, it said the preliminary findings provide sufficient grounds for the investigation to continue.
How Nigeria compares with other markets
The cross-border comparison offers another dimension to the investigation.
In Kenya, which has a population of about 58.6 million, domestic cement demand was approximately 9.3 million tonnes in 2025, while a 50kg bag reportedly sold for about $5.40, equivalent to approximately N7,344 based on the Commission’s conversion.
Kenya also has significant limestone deposits.
In Tanzania, with a population of about 66.3 million and domestic cement demand of approximately 9.3 million tonnes in 2025, a bag sold for about $4.80, or N6,528.
Togo presents a different comparison. A 50kg bag reportedly sells for about $6.75, or N9,180, despite the country not having significant limestone deposits.
The comparisons are being used by the FCCPC to test whether Nigeria’s prices are reasonably explained by its underlying production environment.
Manufacturers point to rising costs
Industry participants have provided several explanations for the increase in cement prices.
These include higher energy costs, the depreciation of the naira, increased costs of imported machinery and spare parts, transportation expenses and broader logistics costs.
The FCCPC said it is testing those explanations against verified information on actual production costs, pricing structures, output and market conditions.
This distinction is important.
Higher prices do not automatically constitute price manipulation. Cement manufacturers may legitimately increase prices when production, energy, financing, logistics or imported input costs rise.
The investigation therefore seeks to determine whether the increases are proportionate to legitimate costs or whether other market practices are contributing to the prices consumers are paying.
The big question: competition or market power?
At the heart of the investigation is whether Nigeria’s cement market is functioning competitively.
The Commission is examining several possibilities, including coordinated conduct among market participants, abuse of dominant market positions, deliberate restriction of domestic supply, anti-competitive distribution practices and other conduct prohibited under the Federal Competition and Consumer Protection Act (FCCPA).
The investigation could therefore have implications beyond the price of a bag of cement.
If the Commission ultimately establishes anti-competitive practices, the findings could trigger regulatory action against companies or practices found to have harmed consumers or restricted competition.
Industry cooperation
The FCCPC said all major cement manufacturers cooperated with the investigation by making their records available except one.
The records are expected to provide investigators with information needed to determine how production costs translate into wholesale and retail prices.
Such information could help the Commission establish whether the price increases are driven primarily by higher costs or whether there are discrepancies between production economics and market pricing.
The Issues
The investigation comes at a time when high construction costs are already placing pressure on housing affordability and infrastructure development.
Cement is a major component of building costs, meaning sustained increases can feed directly into the cost of homes and other construction projects.
For contractors and developers, higher cement prices can increase project costs and delay construction. For households, particularly those building incrementally, price increases can make homeownership even more difficult.
The market concentration also presents a competition concern. Where a small number of companies control a very large share of production capacity, the FCCPC must determine whether competition remains sufficiently strong to protect consumers.
At the same time, the Commission must distinguish between legitimate price increases caused by higher production costs and unlawful anti-competitive behaviour.
What’s Being Said
The FCCPC’s preliminary position is that the evidence does not yet amount to a final finding of wrongdoing.
The Commission said the investigation must now determine:
“whether prevailing cement prices can be explained by legitimate costs and market conditions, or whether there is evidence of coordinated conduct, abuse of market power, restriction of domestic supply, anti-competitive distribution practices or other conduct contrary to the provisions of the FCCPA.”
The Commission said the weight of the preliminary findings provides sufficient grounds for the investigation to continue.
What’s Next
The FCCPC has now issued Notices of Commencement of Investigation and Summons to Produce to key players in the cement industry.
The next phase will involve deeper examination of company records, production costs, supply volumes, pricing structures, distribution arrangements and other relevant market information.
Investigators will also test claims relating to energy, logistics, exchange-rate movements and imported equipment costs against documentary evidence.
The Commission’s eventual findings could determine whether the current price levels are primarily a consequence of legitimate market conditions or whether regulatory intervention is required.
Bottom Line
The FCCPC’s investigation puts Nigeria’s cement industry under intense scrutiny at a time when a 50kg bag has climbed to as much as N15,000 in some markets, despite the country having installed production capacity significantly above estimated domestic consumption.
The central question is no longer simply why cement is expensive, but whether the price Nigerians are paying accurately reflects the cost of producing and distributing cement—or whether weaknesses in market competition are allowing prices to remain unnecessarily high.
As Nigerian consumers look for ways to get more value from everyday spending, Verve, Africa’s leading domestic payment card and token brand, has launched the 2026 edition of its National Consumer Promotion campaign, called the Verve Goodlife 7.0 Promo. This promo offers cardholders enhanced cashback, exclusive lifestyle rewards, and a chance to win a brand-new car.
Running from August through November 2026, the Promo reinforces Verve’s commitment to reward customer loyalty by turning everyday card usage into meaningful rewards and experiences. Cardholders can earn 15% cashback at participating locations, regardless of the day of the week. Each participant is eligible for one cashback per day, irrespective of the number of transactions made, while also standing a chance to win a host of exciting rewards.
This year’s campaign introduces an elevated rewards experience, combining practical savings with aspirational lifestyle benefits, with participating partners including Google Play, Chowdeck, Glovo, The Place, BuyPower, Quickteller, Medplus, etc. Throughout the promotion, qualifying participants stand a chance to win N1M school fees support, premium spa vouchers, weekend staycations, VerveLife VIP tickets, exclusive bespoke Verve-branded gifts, and an exciting grand prize: a brand-new car.
This is more than a promotional campaign; the Verve Goodlife 6.0 National Consumer Promotion reflects Verve’s philosophy that every transaction should deliver value beyond payment.
Speaking on the campaign, Cherry Eromosele, Executive Vice President, Group Marketing and Corporate Communications, Interswitch, said: “At Verve, we understand that today’s consumers expect more from every purchase they make. The Verve Goodlife 7.0 National Consumer Promotion is our way of rewarding the trust our cardholders place in us every day by transforming routine transactions into opportunities for instant savings, memorable experiences and life-changing rewards. From enhanced cashback to curated lifestyle experiences and the chance to win a brand-new car, we are creating meaningful moments that go beyond payments. This campaign reflects our commitment to continually delivering value while making everyday spending more rewarding for every Verve cardholder.”
The campaign is expected to excite and reward Verve card users while reinforcing its position as the preferred payment card for millions of Nigerians who value convenience, security, and rewarding payment experiences.
Consumers are encouraged to use their Verve cards for everyday purchases throughout the campaign period. Every eligible transaction does not only deliver exciting cashback but also increases their chances of winning high-value prizes.
For more information about the Verve Goodlife 7.0 National Consumer Promotion, visit Verve’s official page @ myverveworld.com/goodlife
FCCPC begins investigation after concerns over rising cement prices.
Cement prices reportedly climbed from about N9,300-N9,700 in January to as high as N15,000 in some areas by July.
Probe will assess pricing, production, supply and possible anti-competitive practices.
Main Story
The Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation into Nigeria’s cement market following concerns that competition-related practices may be contributing to high prices.
The commission announced the probe on Aug. 18 after its Anticompetitive Practices Department completed a three-month review prompted by complaints over the rising cost of cement.
The review included comparisons with cement markets in Kenya, Tanzania, South Africa, Egypt, Morocco and Algeria. The FCCPC examined factors such as production capacity, consumption, population and limestone availability.
The commission said the findings raised questions about the relationship between Nigeria’s significant limestone resources, its installed cement production capacity and the prices paid by consumers.
It said a 50kg bag of cement sold for about N9,300-N9,700 in January but had risen to between N10,500 and N13,000 by mid-2026. In some parts of the country, prices reportedly reached N13,000-N15,000 by July.
Nigeria has more than 60 million to 65 million metric tonnes of installed annual cement production capacity, according to the FCCPC, while domestic consumption is estimated at about 25 million to 30 million tonnes.
The commission noted that Nigeria also exports cement to neighbouring countries.
Investigators will examine whether energy expenses, naira depreciation, imported machinery and spare parts, transportation and other logistics costs adequately explain the price increases.
The inquiry will also consider whether companies may have engaged in coordinated pricing, restricted supply, abused market power or adopted distribution practices that undermine competition.
The FCCPC has served major industry participants with Notices of Commencement of Investigation and Summons to Produce. The companies are expected to provide information on pricing methods, production, capacity utilisation, exports and commercial relationships.
The Issues
Cement is a major input in housing, infrastructure and commercial construction, meaning sustained price increases can raise the overall cost of building and doing business.
The FCCPC is seeking to establish whether current prices are mainly the result of legitimate cost pressures or whether market practices are limiting competition and contributing to higher prices.
What’s Being Said
FCCPC Executive Vice Chairman and Chief Executive Officer, Mr Tunji Bello, said the investigation was aimed at establishing the facts surrounding the market rather than acting on assumptions.
He described cement as strategically important because its price affects housing, commercial property, public infrastructure and business costs.
Bello stressed that the investigation was not an attempt to impose prices or prevent cement producers from making legitimate returns.
He said competition law was intended to ensure that prices and other market outcomes reflected genuine competition and were not the result of unlawful conduct.
What’s Next
Cement companies affected by the investigation will submit records requested by the FCCPC as the commission examines pricing, production, supply and distribution practices.
The findings will determine whether any conduct breached Nigeria’s competition laws.
Bottom Line
The FCCPC has opened an investigation into Nigeria’s cement industry following concerns over sharp price increases. The probe is still ongoing, and the commission has yet to establish any wrongdoing by companies operating in the sector.
Market capitalisation fell by N550bn to N155.97tn.
The All-Share Index shed 843.42 points to close at 241,611.23.
Investors exchanged 429.81m shares in 35,625 transactions.
Main Story
The Nigerian Exchange Limited (NGX) closed Tuesday’s session on a weaker footing, with declines in several major indices pulling the market deeper into negative territory.
The value of listed equities stood at N155.97tn at the close of trading, down from N156.52tn in the preceding session.
The market’s benchmark All-Share Index followed the same direction, settling at 241,611.23 after losing 843.42 points from Monday’s 242,454.65.
The downturn was reflected across most of the major sectoral indicators. The NGX Main-Board Index ended at 10,892.14 points, while the NGX 30 Index finished at 8,859.78.
Financial stocks also came under pressure, with the NGX Banking Index falling from 2,536.29 to 2,490.17 points. The NGX Premium Index similarly declined to 28,487.84 points.
The Consumer Goods and Oil/Gas indices closed at 4,049.97 and 5,201.49 points respectively, while the Growth Index settled at 27,136.42.
The insurance sector provided a slight counterpoint to the broader decline, with its index rising marginally to 1,112.50 points.
Despite the market-wide losses, trading remained active. A total of 35,625 deals were recorded, involving 429.81m shares across the different equity boards.
The Main Board accounted for most of the volume, with 346.82m shares changing hands through 20,316 transactions. The Premium Board followed with 66.90m shares traded in 13,013 deals.
Another 11.12m shares were exchanged on the Growth Board through 1,167 transactions. The Non-Interest Finance Board recorded 3.25m shares, while 1.72m shares were traded across the REITs and Closed-End Funds segment.
On the gainers’ side, Haldane McCall Plc recorded the strongest advance, climbing 9.97 per cent to N3.20. Veritas Kapital Assurance Plc rose 7.09 per cent to N1.36, while Tantalizers Plc added 5.26 per cent to close at N4.
RT Briscoe Plc gained 4.31 per cent to N10.90, Regency Assurance Plc increased by 3.66 per cent to N0.85 and Coronation Insurance Plc rose 2.27 per cent to N2.25. International Energy Insurance Plc, Cutix Plc and Lasaco Assurance Plc also recorded gains.
Red Star Express Plc suffered the biggest decline, falling 10 per cent to N16.20 per share. Trans-Nationwide Express Plc lost 9.94 per cent to N2.81, while Meyer Plc dropped 9.88 per cent to N15.05.
Chellarams Plc declined 9.77 per cent to N9.70, Fortis Global Insurance Plc fell 9.70 per cent to N2.14 and Ava Capital Plc dropped 9.49 per cent to N7.15.
The decline also extended to some major banking stocks. Fidelity Bank Plc fell 6.59 per cent to N20.55, while First Holdco Plc declined 5.71 per cent to N132.
Activity outside the equities market included 1,014 transactions in Exchange Traded Products, involving 411,551 units. Vetiva Consumer Goods ETF gained 3.09 per cent to N57.72, while Stanbic IBTC ETF 30 and SIAMPL Pension ETF each recorded a 10 per cent decline.
Trading in debt securities was relatively limited, with 7,504 units exchanged in four transactions. The activity included the 11.20 per cent FGN JUN 2027 Sukuk and the 15.75 per cent FGN OCT 2033 Sukuk.
The Issues
The session points to continued weakness in the equities market, with selling affecting several major sectors and pushing the benchmark index and market value lower. Financial stocks were among those under pressure, although the insurance index managed a modest gain.
What’s Being Said
The source provided does not include comments from investors, analysts or NGX officials explaining the factors behind Tuesday’s market decline.
What’s Next
The direction of the market in subsequent sessions will depend on investor sentiment and whether the selling pressure seen across major sectors continues.
Bottom Line
The NGX recorded another weak session on Tuesday, losing N550bn in market value as the All-Share Index dropped 843.42 points, despite continued trading activity across equities and other asset classes.
Naira strengthened by N6.21 against the dollar on Tuesday.
It traded at N1,343.32/$ at the official market.
The latest rate represents a 0.4 per cent gain from Monday’s N1,349.53/$.
Main Story
The naira extended its recent gains on Tuesday, appreciating to N1,343.32 against the US dollar at the official foreign exchange market.
Figures from the Central Bank of Nigeria showed that the currency gained N6.21 from the previous session’s rate of N1,349.53/$.
The latest movement translates to a 0.4 per cent improvement in the value of the naira compared with Monday’s closing rate.
The currency’s performance comes as the CBN continues efforts to improve the functioning of the foreign exchange market through measures targeting transparency and liquidity.
The apex bank has also been pursuing reforms aimed at strengthening confidence in the market and promoting greater exchange-rate stability.
The Issues
The naira’s latest appreciation reflects continued movement in the official foreign exchange market as the CBN implements measures aimed at improving liquidity, transparency and confidence.
What’s Being Said
The source provided does not contain a direct quotation from any official or stakeholder.
What’s Next
The naira’s performance will continue to be shaped by developments in the official foreign exchange market and the CBN’s ongoing efforts to improve market stability.
Bottom Line
The naira strengthened further on Tuesday, gaining N6.21 to close at N1,343.32/$ at the official market.
Nigeria’s foreign reserves exceed US$52.5 billion as of July 17, 2026
CBN says the reserves level marks a 17-year high amid stronger investor participation
Acting Director Hakama Sidi-Ali links recent economic gains to foreign exchange and monetary reforms
Main Story
Nigeria’s foreign exchange reserves rose above US$52.5 billion as of July 17, 2026, reaching a 17-year high as the naira strengthens and the gap between official and Bureau de Change rates narrows.
Hakama Sidi-Ali, Acting Director, Corporate Communications and Investor Relations Department, Central Bank of Nigeria, disclosed the reserve figure on Tuesday in Lafia, Nasarawa State, during a CBN fair focused on alternative payment channels and financial inclusion.
Sidi-Ali said the reserve position had been supported by sustained inflows and renewed investor confidence and participation across asset classes in Nigeria.
She also highlighted reforms under CBN Governor Olayemi Cardoso, including greater transparency in the foreign exchange market, banking-sector recapitalisation, the non-resident Bank Verification Number, the B-MATCH system for foreign exchange trading and the Nigeria Payments System Vision 2028.
According to Sidi-Ali, the CBN also introduced a 75% Cash Reserve Ratio on non-Treasury Single Account public-sector deposits as part of efforts to improve liquidity management and reduce inflationary risks.
She said National Bureau of Statistics data showed headline inflation falling from 15.91% in June to 15.43% in July 2026, while core and food inflation also eased.
What’s Being Said
“These efforts are already yielding positive results, evidenced by the moderate decline in inflation, ongoing growth in our foreign reserves, and the current stability in the foreign exchange market.” Hakama Sidi-Ali, Acting Director, Corporate Communications and Investor Relations Department, Central Bank of Nigeria, said.
Njideka Nwabukwu, Branch Controller, Central Bank of Nigeria, Lafia, said alternative payment channels had expanded financial inclusion through agent banking, Point-of-Sale networks, mobile money, QR payments, internet banking and instant payment platforms.
What’s Next
The CBN is expected to continue implementing monetary and foreign exchange reforms aimed at supporting stability
The apex bank will continue promoting alternative payment channels as part of its financial-inclusion strategy
The latest reserve and inflation data will remain key indicators for assessing the impact of ongoing monetary reforms
The Bottom Line:
The rise in foreign reserves, alongside a narrower exchange-rate gap and easing inflation, points to improved external liquidity and greater stability in Nigeria’s financial system. The durability of these gains will depend on whether the CBN can sustain reserve accumulation and preserve exchange-rate and price stability.
Dangote Petroleum Refinery completes a US$600 million funded private placement
Pan-African Refinery Investment SPV commits a further US$400 million to support the planned IPO
Marob Strategies and Lilium Capital are targeting sovereign wealth funds, governments and institutional investors across Global Africa
Main Story
The Dangote Petroleum Refinery & Petrochemicals has secured a US$1 billion underwriting programme ahead of its planned Initial Public Offering, strengthening the capital markets backing for the proposed listing.
The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, consists of a completed and funded US$600 million private placement and a further US$400 million underwriting commitment for the planned IPO.
The US$600 million private placement was underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group. The advisers said Marob Strategies and Lilium Capital are now coordinating distribution of the underwriting participation across Global Africa.
The distribution effort is targeting sovereign wealth funds, governments, institutional investors and other eligible investors, with the advisers reporting strong interest in the transaction.
The programme is also intended to support broader African capital-market participation in a strategic industrial asset while facilitating greater movement of capital across the continent.
Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, described the transaction as an important milestone for the refinery and African capital markets.
“This is an important milestone for DPRP and for African capital markets,” Aliko Dangote, President and Chief Executive Officer, Dangote Industries Limited, said.
What’s Being Said
“The successful completion of the private placement, together with the US$400 million underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role.” Aliko Dangote, President and Chief Executive Officer, Dangote Industries Limited, said.
“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent.” Professor Benedict Okey Oramah, Chairman, Marob Strategies, said.
What’s Next
Marob Strategies and Lilium Capital will continue distributing the underwriting participation across Global Africa
The advisers will engage sovereign wealth funds, governments, institutional investors and other eligible investors ahead of the planned IPO
The US$400 million underwriting commitment will remain part of the capital-markets support for the proposed listing
The Bottom Line:
The US$1 billion programme gives the planned Dangote Refinery IPO a significant institutional capital-market foundation while broadening the potential investor base beyond Nigeria. Its wider significance will depend on how successfully the underwriting programme translates into diversified African ownership and participation in the eventual listing.
The Federal Government says it aims to generate and wheel 6,000MW of electricity before December 2026.
Current generation is around 5,000MW, while the Transmission Company of Nigeria has about 8,500MW of wheeling capacity.
The government plans to commission 20 transmission projects before the end of the year.
Two new 100MVA, 132/33kV transformers have been commissioned at the Ijora Transmission Substation in Lagos.
The Ijora upgrade raises installed transformation capacity from 90MVA to 230MVA.
Government says the priority is not simply generation but reliable delivery of electricity to consumers.
Main Story
The Federal Government has set an ambitious target of generating and wheeling 6,000 megawatts of electricity before December, as it intensifies efforts to strengthen Nigeria’s power infrastructure, The Minister of Power, Joseph Tegbe, announced the target in Lagos while commissioning two new 100MVA, 132/33kV transformers at the Ijora Transmission Substation.
Nigeria currently generates around 5,000MW, despite the Transmission Company of Nigeria having approximately 8,500MW of wheeling capacity.
The gap highlights one of the central problems in Nigeria’s electricity sector: increasing generation alone does not guarantee that consumers will receive more power if transmission and distribution infrastructure cannot accommodate it.
Tegbe said the government plans to commission 20 transmission projects before the end of 2026, with the broader objective of creating a power system capable of reliably delivering electricity to consumers, The Ijora project is part of that strategy.
The substation previously operated with three 30MVA transformers, giving it a combined installed capacity of 90MVA. Two of those transformers have now been replaced with 100MVA units, taking total installed capacity to 230MVA, According to the minister, the intervention provides approximately 125MW of additional bulk transmission capacity.
The Issues
The government’s target requires generation to rise from roughly 5,000MW to at least 6,000MW while ensuring that the transmission system can safely wheel the additional electricity, That means improvements are required across the entire electricity value chain, not just at generating plants.
Nigeria has frequently faced situations where available generation could not be fully evacuated because of transmission limitations, Tegbe acknowledged that transmission infrastructure had previously been one of the major constraints in the power sector, saying the government was now addressing those structural weaknesses.
The Ijora project is particularly significant because it serves a major economic corridor covering industries, ports, commercial centres and residential communities.
The upgraded substation is expected to improve supply to areas including Ijora, Costain, Oyigbo, Customs and Ajegunle, as well as businesses and consumers within the Eko Disco franchise area.
The government is effectively trying to shift the focus from simply asking, “How much power can Nigeria generate?” to “How much power can Nigeria reliably deliver, That distinction is critical because additional generation has limited economic value if the grid cannot transmit and distribute it to consumers.
What’s Being Said
Power Minister Joseph Tegbe: The government’s objective is not merely to increase megawatts but to build a system capable of delivering electricity reliably, at the required quality and cost.
TCN Managing Director Sule Abdulaziz: The Ijora upgrade was designed with Lagos’s growing demand in mind. Instead of replacing the old 30MVA transformers with conventional 60MVA units, TCN opted for two 100MVA transformers.
TCN: Transmission capacity must remain ahead of the generation curve. The agency says it will continue investing in substations, transformers, transmission lines and modern grid technologies.
Federal Government: The transmission programme is being positioned as part of the broader economic transformation agenda, including President Bola Tinubu’s ambition of turning Nigeria into a $1tn economy.
What’s Next
The immediate test will be whether the government can translate the infrastructure investments into a sustained increase in electricity delivered to consumers.
Key developments to watch include,
Progress towards the 6,000MW generation and wheeling target.
Commissioning of the remaining 20 planned transmission projects.
Improvements in grid reliability and response times to faults.
Additional investments in substations and transmission lines.
Whether higher transmission capacity is matched by adequate generation.
Whether distribution companies can deliver the additional power effectively to homes and businesses.
The Ijora project also demonstrates the government’s intention to build transmission capacity in anticipation of future electricity demand rather than waiting for the network to become overloaded.
Bottom Line
The 6,000MW target is less about a single megawatt figure and more about whether Nigeria can finally close the gap between power generated and power reliably delivered,, The commissioning of the Ijora transformers is a concrete step: installed capacity at the substation has more than doubled from 90MVA to 230MVA.
But the bigger challenge remains the entire power chain. Nigeria will need more generation, stronger transmission and more reliable distribution simultaneously to turn additional capacity into meaningful improvements for households, industries and businesses.
If the government can achieve the 6,000MW target while maintaining grid stability and completing the planned transmission projects, it would represent a significant step forward. The real measure of success, however, will be whether consumers actually experience more reliable electricity, not simply higher figures on the generation and transmission side.
Femi Otedola’s related company, Calvados Global Services Limited, bought 147.74 million First holdco shares at N140 each, worth about N20.68 billion.
His aggregate holding has risen to approximately 12.24 billion shares, or 27.5% of First holdco.
Otedola would need roughly 10.43 billion additional shares to reach a 51% majority stake, based on 44.45 billion shares outstanding.
At N140 per share, reaching 51% would theoretically require another N1.46 trillion, assuming the share price and share count remain unchanged.
First HoldCo has surged about 192% in 2026, making Otedola’s stake worth roughly N1.7 trillion at N140.
His repeated purchases have intensified speculation that the chairman could eventually seek majority control.
Main Story
Femi Otedola is steadily increasing his ownership of First HoldCo Plc, with his latest acquisition taking his aggregate stake to approximately 27.5%.
Calvados Global Services Limited, a company related to Otedola, acquired 147,737,699 First HoldCo shares at N140 per share on August 14. The transaction, valued at approximately N20.68 billion, was disclosed to the Nigerian Exchange on August 17.
The purchase follows a series of sizeable acquisitions by Otedola and related investment vehicles in recent months.
His holding has risen from approximately 9.28 billion shares at the end of June to about 12.24 billion shares, representing a substantial increase in a relatively short period.
The accumulation has taken place alongside a dramatic rise in First HoldCo’s share price. The stock began 2026 at around N47.90 and reached N140 by August 17, representing an increase of approximately 192% year-to-date.
At N140, Otedola’s 12.24 billion shares have a market value approaching N1.7 trillion.
The scale and frequency of the purchases have consequently transformed what could have been viewed as ordinary insider investment into one of the Nigerian equities market’s most significant ownership stories of 2026.
The Issues
The biggest question is whether the current 27.5% holding represents the destination or simply another stage in a broader accumulation strategy.
Otedola has previously expressed a preference for majority ownership of companies in which he wants to implement significant reforms. If that principle is applied to First HoldCo, a 51% stake would require approximately 22.67 billion shares. That leaves him needing about 10.43 billion additional shares. At the current N140 price, those shares would theoretically cost approximately N1.46 trillion.
At roughly 44.45 billion shares outstanding, every 1% of First HoldCo represents approximately 445 million shares. At N140 per share, that 1% is worth roughly N62 billion. Moving from 27.5% to 33%, therefore, would require approximately another 2.45 billion shares, worth about N343 billion at the current price. These figures are mechanical calculations rather than predictions of future purchases.
The accumulation is happening while First HoldCo is experiencing a major market re-rating. The company moved from around N47.90 at the beginning of the year to N140 by August 17. The company has also reported an improvement in profitability, moving from a loss after tax of approximately N45.24 million in Q1 2025 to a profit after tax of about N1.23 billion in Q1 2026. First HoldCo has also adopted a dividend policy targeting distribution of at least 60% of annual profit after tax.
Otedola’s purchases can reasonably be interpreted as a strong expression of confidence in First HoldCo. However, large insider purchases do not guarantee future share-price gains. The stock’s enormous appreciation means additional acquisitions are becoming increasingly expensive, while market liquidity, regulatory requirements and the willingness of other shareholders to sell could influence any future accumulation.
What’s Being Said
Otedola’s buying activity, The repeated acquisitions indicate that the chairman remains highly bullish on First HoldCo and is willing to commit substantial capital to increase his exposure.
The market, First HoldCo’s share-price performance suggests investors are also assigning a much higher valuation to the company, supported by improving earnings and the broader strength of Nigerian banking stocks.
Control speculation, At 27.5%, Otedola is already First HoldCo’s dominant disclosed individual shareholder. A move toward 33%, 50% or 51% would have increasingly significant implications for governance and control.
Minority shareholders, A majority stake would not eliminate minority shareholder rights, but it would substantially change the balance of control within the company.
What’s Next
The immediate issue for investors is whether Otedola’s accumulation continues, The next important ownership milestones would be 30%, 33%, 50% and ultimately 51%.
However, reaching those levels would require progressively larger financial commitments. At N140, moving from 27.5% to 51% would require roughly N1.46 trillion in additional purchases based on the stated share count.
The actual cost could be significantly different if the share price rises, if the number of outstanding shares changes, or if market conditions affect the price at which shares can be acquired, Investors will therefore be watching future regulatory disclosures for evidence of further purchases by Otedola or related entities.
They will also be watching First HoldCo’s earnings, dividend capacity and overall valuation to determine whether the company’s operational performance can justify its sharply higher market value.
Bottom Line
Femi Otedola’s latest N20.68 billion purchase is more significant as part of a pattern than as a standalone transaction, His holding has climbed to approximately 27.5%, while First HoldCo’s share price has surged roughly 192% this year.
That creates a powerful ownership narrative: Otedola is increasing his economic exposure at the same time the market is substantially revaluing the company.
Whether he ultimately seeks majority control remains unconfirmed. But if his previously stated preference for ownership above 51% is applied to First HoldCo, 27.5% may represent a significant milestone rather than the end of the journey.
Apple is expected to unveil the iPhone 18 Pro models in September 2026.
Reports suggest both Pro versions could receive larger batteries and the A20 Pro chip.
A variable-aperture 48MP main camera could offer greater control over light and depth of field.
Other reported changes include a C2 modem and a smaller Dynamic Island.
Main Story
Apple’s next Pro iPhone models are expected to arrive with several hardware changes, including larger batteries, a new processor and an upgraded main camera system.
The iPhone 18 Pro and iPhone 18 Pro Max are expected to be introduced during Apple’s September 2026 launch event, although the company has yet to confirm the devices or their specifications.
Reports also suggest Apple could adopt a different release schedule for the iPhone 18 range, with the standard models and other lower-priced versions potentially arriving in spring 2027.
Battery capacity is among the expected changes. Regulatory filings cited by MacRumors reportedly indicate that the US version of the iPhone 18 Pro could have a 4,288mAh battery, compared with 4,252mAh on the iPhone 17 Pro.
The Pro Max could see a more noticeable increase, with its reported capacity rising to 5,567mAh from 5,088mAh.
The new devices are also expected to be powered by Apple’s A20 Pro chip. Reports indicate that the processor could be manufactured using TSMC’s first-generation 2nm technology, potentially improving both performance and energy efficiency.
Apple has not yet confirmed the processor’s specifications.
Camera technology is another area where the Pro models could receive a major upgrade.
The 48-megapixel Fusion main camera is reportedly set to feature a variable-aperture lens, replacing the fixed aperture used on current Pro iPhones.
Such a system would allow the camera to regulate how much light reaches the sensor. It could also provide users with greater control over exposure and depth of field in photographs.
The phones are additionally expected to use Apple’s C2 modem as the company continues developing its own cellular technology.
Reports have linked the modem to expanded satellite connectivity, although details remain unconfirmed.
Another possible design change involves the Dynamic Island.
The Pro models are reportedly being developed with a smaller Dynamic Island, potentially made possible by placing some Face ID components beneath the display.
The Issues
Apple has not confirmed the specifications, pricing or launch details of the iPhone 18 Pro models. Most of the reported features are based on regulatory filings and industry reports.
What’s Being Said
“Apple has not confirmed the devices or their specifications.” – NDTV Profit.
What’s Next
Apple is expected to disclose the final specifications, prices and availability of the iPhone 18 Pro and iPhone 18 Pro Max when the devices are officially unveiled.
Bottom Line
The reported iPhone 18 Pro upgrades point to larger batteries, a new A20 Pro processor, a variable-aperture main camera and changes to connectivity and display design, but Apple’s final specifications remain unconfirmed.
Schools and education stakeholders are questioning the accuracy of some 2026 WASSCE results.
Some administrators report unusually low grades among students who performed strongly in UTME and previous examinations
Concerns have also been raised about CBT technical glitches, serialisation and result processing.
A legal group has demanded that WAEC preserve electronic examination records and allow an independent audit.
WAEC has defended the results, saying they went through established marking, moderation and quality-assurance procedures.
No independent evidence has yet established that the 2026 results were wrongly graded.
Main Story
The West African Examinations Council is facing growing scrutiny over the integrity of its newly released 2026 West African Senior School Certificate Examination results for school candidates, The controversy centres on allegations by school administrators and education advocates that some high-performing students received unexpectedly low grades, particularly in core subjects such as Mathematics and English Language.
Sam Abdulazeez, Director of Impact House Model Schools in Mowe, Ogun State, said his school’s WASSCE performance had declined significantly despite maintaining its teaching staff, improving facilities and intensifying examination preparation.
He cited Mathematics as a particular concern. In 2024, all 45 candidates presented by the school reportedly obtained A1 in Mathematics. In 2026, however, only about three or four of the school’s 69 candidates obtained A1.
Abdulazeez also pointed to the school’s UTME performance, saying more than 30 of its 69 candidates scored above 300 in JAMB, while none scored below 200.
He questioned why students who performed strongly in a computer-based examination such as UTME could experience such a significant decline in their WASSCE results.
Other school administrators have made similar complaints, including claims that some students with strong academic records received D7, E8 and F9 grades in core subjects.
The Issues
Schools have alleged that technical problems occurred during WAEC’s transition to computer-based examinations. Abdulazeez claimed that a WAEC mock examination at his school experienced difficulties connecting to the council’s server, If substantiated, such incidents would raise questions about whether candidates’ responses were properly captured and processed.
Stakeholders have also questioned the use of different versions of examination papers, The argument is that candidates answering different versions of a paper must be properly standardised to ensure that differences in difficulty do not unfairly influence grades.
The Initiative for School Excellence and Education Foundation has asked WAEC to disclose raw-score distributions and the thresholds used to determine grades such as A1, B2, B3 and C4, This information could help independent experts determine whether the grading outcomes were statistically unusual.
There are also allegations of discrepancies between results initially displayed and subsequent results. These claims require documentary evidence and clarification from WAEC.
Questions have been raised about whether candidates who took examinations under different conditions including CBT and paper-based examinations were appropriately standardised as one population.
What’s Being Said
Schools: Administrators say some results do not appear consistent with their students’ previous academic performance and UTME scores. They are calling for an independent review.
Education advocates: Stakeholders such as Fola Adekeye say examination bodies must ensure that their processes can withstand public scrutiny and should proactively investigate credible complaints.
Legal campaigners: The Initiative for School Excellence and Education Foundation, through its solicitors, has demanded preservation of electronic records and an independent technical audit of the 2026 CBT system.
WAEC: The council has defended the integrity of the results, saying the examinations followed established procedures and that candidates’ scripts underwent multiple levels of marking, moderation and auditing.
WAEC has also urged candidates, parents and schools to avoid relying on unverified claims circulating on social media and to contact the council through its official channels when they have concerns.
What’s Next
The immediate question is whether the allegations will result in a transparent and independently verifiable investigation, The legal group has given WAEC 14 days to respond to its demands, including preservation of electronic records and establishment of procedures through which affected candidates can inspect their examination records.
If WAEC does not engage with the demands, the organisation has threatened legal action seeking disclosure and verification of relevant examination records, Affected candidates and schools may also continue approaching WAEC to request reviews of disputed results.
For the controversy to be conclusively resolved, stakeholders would need access subject to appropriate privacy safeguards to relevant technical logs, response records, marking and moderation documentation, and information about the standardisation process.
Bottom Line
The 2026 WASSCE controversy is currently a dispute over the credibility of the results, not proof that WAEC’s grading system failed, The reported discrepancies are serious enough to justify scrutiny, particularly where schools can provide documented evidence of technical problems or unusually inconsistent results. But strong UTME performance alone does not prove that a WASSCE grade is incorrect.
MultiChoice Nigeria says its pricing, content and distribution decisions remain locally driven.
CEO Kemi Omotosho says the company continues to operate with a focus on Nigerian consumers and partners.
She says CANAL+ ownership gives the business access to international expertise and technology.
Omotosho says MultiChoice Nigeria will continue investing in local content, infrastructure and talent.
Main Story
MultiChoice Nigeria says its integration into CANAL+ has not changed the company’s local control over key business decisions.
The Chief Executive Officer of MultiChoice Nigeria, Kemi Omotosho, said the Nigerian business continues to determine its pricing, content strategy, channel packaging and distribution based on local market conditions.
She said the company became part of CANAL+, a France-based global media and entertainment group with operations in 70 countries, in September 2025.
Omotosho said the Nigerian operation remained focused on its customers, employees, business partners and the country’s creative industry despite its membership of the international group.
She explained that decisions concerning products such as DStv and GOtv were handled by a Nigerian executive team with knowledge of the country’s economic environment, consumer behaviour and market conditions.
According to her, the company’s global ownership had sometimes created the impression that major operational decisions were being taken outside Nigeria.
Omotosho, however, said MultiChoice Nigeria’s local leadership remained responsible for responding to the realities of the Nigerian market.
She said the relationship with CANAL+ would allow the Nigerian business to draw on technology, ideas and experience from other markets while adapting them to local conditions.
She also noted that successful innovations developed in Nigeria could potentially be shared with other markets within the wider group.
Omotosho said the combination of CANAL+’s international resources and MultiChoice Nigeria’s understanding of the local market would strengthen the company’s ability to deal with economic pressures.
She added that the company would continue investing in Nigerian content, infrastructure and the development of local talent.
The Issues
The clarification comes amid possible misconceptions about how MultiChoice Nigeria’s integration into CANAL+ affects its local operations and decision-making.
What’s Being Said
“The principle is quite simple: we think globally, but we act locally.” – Kemi Omotosho, Chief Executive Officer, MultiChoice Nigeria.
What’s Next
MultiChoice Nigeria plans to leverage CANAL+’s international expertise and technology while continuing to tailor its products and operations to Nigerian market conditions.
Bottom Line
MultiChoice Nigeria says its integration into CANAL+ provides access to global resources without removing local control over the decisions affecting its Nigerian customers and business.
China is expanding interest in the Northern Sea Route linking Asia and Europe through the Arctic.
The route could shorten shipping times compared with the Suez Canal corridor.
Geopolitical disruptions have increased interest in alternative maritime routes.
Ice conditions, infrastructure gaps, environmental risks and Russia’s role could limit wider use.
Main Story
China’s growing use of the Northern Sea Route could provide an alternative to established maritime corridors connecting Asia and Europe, although the Arctic route still faces major operational and environmental challenges, Al Jazeera reports.
According to the report, China is increasing its interest in the Northern Sea Route, which runs along Russia’s Arctic coastline and provides a shorter potential connection between Chinese and European markets.
Al Jazeera reports that recent disruptions affecting shipping routes around the Middle East have renewed attention on alternative corridors that could reduce exposure to geopolitical risks along established trade routes.
The report says the Northern Sea Route forms part of China’s wider interest in the Arctic under its Polar Silk Road strategy.
According to Al Jazeera, the attraction goes beyond the possibility of shorter sailing distances. The route could provide Chinese exporters with another option for reaching Europe when conventional maritime corridors become disrupted or more expensive.
Al Jazeera says journeys between China and Europe through the Arctic can be considerably shorter than voyages through the Suez Canal, potentially making the route attractive for time-sensitive commercial shipping.
However, the report notes that the shorter distance does not necessarily make the Arctic corridor commercially superior.
Ice and weather conditions can complicate navigation, while the route lacks the extensive infrastructure and maritime services available along more established international shipping corridors.
Al Jazeera also highlights Russia’s role in the development of the route, noting that much of the Northern Sea Route runs along Russia’s Arctic coastline.
The report places China’s interest in the corridor within the broader economic relationship between Beijing and Moscow. Greater use of the route could support Russia’s Arctic development while giving China another avenue for transporting goods to European markets.
According to the report, changes in Arctic sea-ice conditions have also contributed to growing interest in the route by making some sections increasingly accessible for navigation.
At the same time, Al Jazeera raises environmental concerns over greater commercial activity in the Arctic, an ecologically sensitive region where accidents or pollution could have serious consequences.
The report says the route also faces logistical challenges, including the need for specialised vessels and support services and the unpredictability of Arctic conditions.
Al Jazeera therefore presents the Northern Sea Route as a potential additional trade corridor rather than an immediate replacement for the Suez Canal or other established routes.
The Issues
According to Al Jazeera, the Northern Sea Route could help China diversify its trade routes and reduce exposure to geopolitical disruptions, but difficult Arctic conditions, infrastructure limitations and environmental risks could restrict its commercial expansion.
What’s Being Said
“China’s growing use of a new Arctic shipping route to Europe could provide an alternative to traditional maritime corridors.” – Al Jazeera.
What’s Next
Al Jazeera’s analysis suggests that China’s use of the Northern Sea Route could expand as Beijing seeks more options for transporting goods between Asia and Europe, although the route will have to overcome significant logistical and environmental challenges.
Bottom Line
Al Jazeera reports that the Northern Sea Route could become a strategically useful alternative for China, particularly during disruptions to established maritime corridors, but it is not yet positioned to replace the major routes through which global trade currently moves.
Residents in Volgograd and Perm have been fined after raising concerns about gasoline shortages.
A Volgograd resident was penalised for joining a video appeal over fuel access.
An activist in Perm was fined after seeking approval for a rally on the shortages.
Fuel restrictions have returned in several Russian regions amid supply disruptions.
Main Story
Russian authorities have fined residents who sought to publicly draw attention to gasoline shortages, as fuel supply problems continue to affect parts of the country.
In Volgograd, the Central District Court fined resident Tatiana Smetanko 10,000 rubles on Aug. 13 for participating in what authorities classified as an unauthorised public gathering.
The case followed an incident on July 16, when Smetanko and four other residents gathered near a petrol station on Rokossovsky Street to record a video appeal to Investigative Committee Chairman Alexander Bastrykin.
The group was subsequently detained.
One of the participants told local media that they were protesting what they considered unequal access to gasoline. The participant alleged that local administration workers could obtain fuel through special cards while ordinary residents were sometimes unable to buy gasoline.
Police reportedly considered the recording of the appeal to be an unauthorised public event.
A separate case was recorded in Perm, where activist Lev Samolovskikh was fined 10,000 rubles after applying to local authorities for permission to organise a rally concerning fuel shortages.
The penalties come as gasoline supply problems persist across several Russian regions.
Authorities had eased some restrictions towards the end of July, but renewed disruptions at oil refineries have led to fresh controls on fuel sales.
At least six regions introduced or strengthened restrictions between Aug. 10 and Aug. 15, including limits on the quantity of gasoline motorists can purchase and restrictions on filling portable containers.
Some areas have also introduced odd-even systems under which access to fuel is determined by vehicle registration numbers.
The Issues
The fines have raised concerns over how Russian authorities are handling public complaints about fuel shortages, while restrictions on gasoline sales continue in affected regions.
What’s Being Said
“Local administration employees were able to fill their tanks using fuel cards, while ordinary residents were often refused fuel.” – An unnamed participant in the Volgograd gathering, as reported by local media.
What’s Next
Fuel restrictions are expected to remain a key issue in affected Russian regions as authorities respond to continuing disruptions in domestic fuel supplies.
Bottom Line
Residents facing gasoline shortages are being penalised for attempts to publicly protest or draw attention to the problem, even as authorities continue imposing measures to control fuel sales.
FUEP holds workshop to improve staff awareness of pensions and retirement planning.
University management says retirement preparedness can contribute to a motivated workforce.
Staff are advised to keep accurate pension records and understand the pension process.
The university assures employees that their pension remittances are being properly handled.
Main Story
The Federal University of Education Pankshin (FUEP) has urged its employees to take retirement planning seriously as part of efforts to secure their financial future.
The university made the call on Monday at a one-day sensitisation workshop organised to improve staff understanding of pension matters and retirement preparedness.
Vice-Chancellor, Prof. Noel Wannang, represented by the Deputy Vice-Chancellor, Administration, Prof. Judith Dawulung, said proper preparation for retirement could also improve workers’ morale and productivity.
He said the institution would continue to support programmes focused on staff welfare, financial literacy and long-term financial security.
Senior Deputy Registrar, Pension, Mrs Chidubem Onyejeme, encouraged employees to regard pension planning as a continuous responsibility rather than something to consider only when retirement approaches.
She said staff needed to understand how the pension system worked and ensure that their records remained accurate to avoid difficulties in accessing their entitlements.
The university’s Bursar, Alhaji Amale Bello, also provided an update on pension remittances and assured staff that their funds were secure.
Registrar, Mr Longtong Yadok, commended the university management, pension unit and resource persons for organising the programme.
He said the workshop was timely because it would help employees make better preparations for life after active service.
The Issues
The workshop focused on improving pension awareness among university employees and encouraging them to take practical steps towards financial preparedness before retirement.
What’s Being Said
“Retirement readiness often contributed to a more motivated and productive workforce.” – Prof. Noel Wannang, Vice-Chancellor, FUEP.
What’s Next
FUEP is expected to continue programmes aimed at improving staff welfare, pension awareness and financial literacy.
Bottom Line
The university says early pension planning, accurate records and better understanding of retirement processes are essential to helping staff achieve greater financial security after leaving active service.
HIG says it settled N19.4 billion in claims during the year.
Group premium income almost doubled to N115 billion.
Heirs Life recorded higher earnings, while Heirs General faced a profit decline.
Foreign exchange pressures affected the group’s overall bottom line.
Main Story
Heirs Insurance Group (HIG) says it significantly expanded its business in 2025, with claims payments and premium income recording substantial increases during the year.
The group disclosed this in its audited results for the financial year ended Dec. 31, 2025.
According to the results, HIG paid N19.4 billion to policyholders during the year, compared with N10.4 billion in 2024. The company said most claims were processed quickly, with about 70 per cent settled within a day.
The group’s Gross Written Premium (GWP) also rose sharply, reaching N115 billion from N61 billion in the preceding year.
Insurance revenue followed the same upward trend, increasing from N29.43 billion to N53.4 billion, while the value of the group’s assets grew to N169.7 billion.
However, the stronger business volumes did not translate into higher group-wide profit. HIG’s Profit Before Tax stood at N9.53 billion, down from N11.2 billion in 2024.
The group linked the decline mainly to economic pressures, particularly movements in the foreign exchange market.
At subsidiary level, Heirs Life Assurance emerged as a major contributor to the group’s growth. Its GWP reached N88.59 billion, twice the N44.22 billion recorded in 2024.
The subsidiary also increased its insurance revenue to N27.2 billion and Profit Before Tax to N7.6 billion.
Investment income rose considerably during the year, while claims paid by Heirs Life increased to N14.4 billion.
Heirs General Insurance recorded growth in premium income and insurance revenue but experienced a significant reduction in profit.
Its GWP rose to N26.6 billion from N16.9 billion, while insurance revenue reached N23.9 billion. Profit Before Tax, however, dropped to N1.07 billion from N4.9 billion.
Heirs Insurance Brokers recorded more moderate growth, with revenue reaching N2.34 billion and Profit Before Tax rising to N1.35 billion.
The group said PwC audited the financial results, which were approved by NAICOM.
HIG also highlighted international recognition received by its subsidiaries, with Heirs Life and Heirs General appearing on the Financial Times’ 2026 ranking of Africa’s fastest-growing companies.
The Issues
HIG’s results show a widening insurance business and substantially higher claims payments, but rising operating pressures and currency volatility continued to weigh on profitability.
What’s Being Said
“Do not treat recapitalisation as the destination; treat it as the beginning of the next phase of the industry.” – Benneth Eze, Head of Research and Development, Chartered Institute of Stockbrokers.
What’s Next
HIG said it would continue investing in innovation and financial inclusion, including Prince AI, its WhatsApp-based insurance chatbot that allows customers to access insurance services in 11 local and international languages.
Bottom Line
HIG’s 2025 results point to significant growth in its insurance operations and claims settlement, although foreign exchange pressures weighed on overall profitability.
BudgIT says its fiscal transparency initiatives have reached more than 22 million citizens.
The organisation has tracked 19,644 projects worth N8.5 trillion across 7,589 communities.
It says more than 11,800 monitored projects worth N3.5 trillion have been completed.
BudgIT says its civic technology tools have improved access to public finance information.
Main Story
BudgIT Foundation says its work on public finance and citizen participation has reached more than 22 million people as the organisation marks 15 years of operation.
The civic-tech organisation disclosed this on Monday in Abuja at a press briefing held to commemorate its anniversary.
Country Director, Vahyala Kwaga, said BudgIT had expanded from its Nigerian roots into a pan-African organisation with activities in Ghana, Sierra Leone, Liberia and Senegal, alongside its office in Washington, D.C.
He said the organisation’s approach had centred on turning complicated government financial information into material that ordinary citizens could understand and use.
Kwaga said BudgIT’s digital platforms, including Tracka and GovSpend, had enabled citizens and the media to follow public spending, government projects and budget information.
He said the organisation had also used its State of States Fiscal Report and fiscal transparency league table to push state governments towards greater disclosure of their finances.
According to him, BudgIT’s community monitoring programme has followed 19,644 projects with a combined value of N8.5 trillion across 7,589 communities.
He said the monitoring effort had recorded the completion of more than 11,800 projects valued at N3.5 trillion, covering areas such as healthcare, education and infrastructure.
Kwaga added that the organisation had held thousands of town hall meetings as part of efforts to get citizens directly involved in governance.
He said BudgIT had also supported media and civil society organisations with training in areas including data analysis, governance and policy engagement.
The organisation’s work, he added, had increasingly taken an international dimension, including initiatives focused on tracking COVID-19 resources and examining health-sector accountability in African countries.
The Issues
BudgIT said limited access to clear information on public finances can weaken citizens’ ability to monitor government spending and demand accountability.
What’s Being Said
“The completed projects have benefited more than 11.5 million Nigerians across different communities.” – Vahyala Kwaga, Country Director, BudgIT Foundation.
What’s Next
BudgIT’s 15th anniversary activities will include community engagements, reflections and public conversations throughout September, culminating in the anniversary celebration on Sept. 13.
Bottom Line
BudgIT says its expansion of civic technology, project monitoring and public finance initiatives is aimed at giving more citizens the information and tools needed to participate in governance and demand accountability.
FGN/IFAD calls for a regulatory framework to sustain VCDP-supported infrastructure.
Local councils are urged to formalise facility management committees through bye-laws.
Anambra plans to release its agricultural strategy after consultations with stakeholders.
Stakeholders call for stronger ownership and accountability for project sustainability.
Main Story
The Federal Government and the International Fund for Agricultural Development (FGN/IFAD) have urged the Anambra Government to establish a regulatory framework for projects under the Value Chain Development Programme (VCDP).
The National Programme Coordinator of FGN/IFAD VCDP, Dr Fatima Aliyu, made the call on Monday at a policy dialogue on institutionalising Operations and Maintenance (O&M) frameworks for market infrastructure in Awka.
Represented by the programme’s Knowledge Management and Communications Adviser, Vera Onyeaka-Onyilo, Aliyu said a formal framework was necessary to protect VCDP-supported investments and ensure their continued use.
She also urged local government councils to adopt the recommendations through appropriate bye-laws within their jurisdictions.
The programme identified budgetary provision, preventive maintenance, training for operations and maintenance teams, public-private funding and community-based early warning systems as measures needed to keep the infrastructure functional.
Aliyu also called on local government chairmen to support the establishment of Facility Management Committees and protect market infrastructure from encroachment and neglect.
The Anambra Commissioner for Agriculture, Dr Ben Odoemena, commended the programme’s interventions, describing them as an avenue for expanding agribusiness opportunities.
Odoemena said the state’s Agricultural Strategy Plan would be released within weeks following consultations with relevant stakeholders.
He said the strategy would support Anambra’s push towards agro-industrialisation, with emphasis on food security, availability, affordability and access to nutritious food.
The state programme coordinator of FGN/IFAD VCDP, Dr Deborah Onyefulu, said the dialogue was intended to strengthen ownership, accountability and institutional commitment to maintaining programme-supported investments.
She urged stakeholders to move beyond discussions towards concrete action and long-term ownership of the projects.
The Issues
FGN/IFAD said the absence of formal maintenance structures could undermine the sustainability of market infrastructure and other investments supported through the VCDP.
What’s Being Said
“I implore local government chairmen who are our link to grassroots to support in the passage of Council bye-laws that formalize Facility Management Committees.” – Fatima Aliyu, National Programme Coordinator, FGN/IFAD VCDP.
What’s Next
Local government councils are expected to work towards establishing appropriate bye-laws and management structures, while Anambra plans to unveil its Agricultural Strategy Plan after completing stakeholder consultations.
Bottom Line
FGN/IFAD wants Anambra and local councils to move from implementing VCDP projects to creating systems that will keep the infrastructure functional and productive over the long term.
NSE Ibadan Branch urges engineers to support national security and critical infrastructure protection.
The branch says young engineers must develop skills in emerging technologies.
It will promote stronger links between engineering education and industry.
The 2026 Engineering Week will feature technical, professional and leadership activities.
Main Story
The Nigerian Society of Engineers (NSE), Ibadan Branch, has urged engineers to develop innovative solutions that can strengthen national security, protect critical infrastructure and support sustainable development.
The branch made the call on Monday in Ibadan while unveiling activities for its 2026 Engineering Week.
The event, themed “Engineering Innovation for National Security, Critical Infrastructure Protection and Sustainable Development in Nigeria”, is designed to address some of the country’s developmental and security challenges.
The branch chairman, Ayokunnu Ojedele, said engineers had an important role to play in protecting national assets and improving living conditions through practical solutions.
He said the branch was also placing greater emphasis on developing young engineers to prepare them for changing technological and industry requirements.
Ojedele said the Young Engineers Programme would focus on innovation, leadership and sustainable development, with attention to areas including artificial intelligence, Industry 4.0, smart infrastructure and renewable energy.
He said the programme would also help expose young engineers to practical industry applications by strengthening collaboration between academic institutions and businesses.
The chairman encouraged young professionals to pursue continuous learning, mentorship, networking and entrepreneurship rather than limiting their ambitions to finding employment.
He said the country needed engineers capable of developing solutions to its economic, infrastructure and security challenges.
The Issues
The NSE said Nigeria’s development challenges require engineers to adapt to emerging technologies while strengthening their capacity to address national security, infrastructure and sustainability concerns.
What’s Being Said
“We cannot afford to remain spectators at this stage of rapid technological transformation. Our young engineers must be innovators, problem-solvers, entrepreneurs, ethical professionals and responsible leaders.” – Ayokunnu Ojedele, Chairman, NSE Ibadan Branch.
What’s Next
The Engineering Week will feature a symposium and exhibition, technical visits to major road projects, the branch’s AGM and election, induction of new members, a dinner and awards night. The programme will also include discussions on AI, digital transformation, engineering leadership and the academia-industry gap.
Bottom Line
NSE Ibadan is positioning its Engineering Week as a platform to strengthen professional capacity, particularly among young engineers, while encouraging the profession to contribute more directly to Nigeria’s security, infrastructure and sustainable development.
