Nigerian equities market loses ₦107 billion as selloffs hit major stocks
Presco, UAC of Nigeria and LivingTrust Mortgage Bank lead decliners
NGX Group and Premier Paint post strong gains despite market weakness
Main Story
Nigeria’s stock market closed lower on Wednesday after heavy selloffs in several mid- and large-cap stocks erased ₦107 billion from investor wealth, extending the market’s recent bearish run.
Data from the Nigerian Exchange (NGX) showed total market capitalisation fell 0.09 percent to ₦125.75 trillion, down from ₦125.86 trillion recorded in the previous session.
The All-Share Index (ASI) also declined by 167.57 points to 195,898.54, reflecting broad selling pressure across multiple sectors including consumer goods, financial services, and industrial stocks.
Presco led the losers’ chart after its share price dropped 10 percent to ₦2,083.90, while UAC of Nigeria declined 9.97 percent to ₦104.25. Morison Industries lost 9.94 percent to close at ₦10.87, while LivingTrust Mortgage Bank fell 9.91 percent to ₦4.82.
SCOA Nigeria also joined the list of major decliners, sliding 9.86 percent to ₦25.15 per share.
Despite the overall negative market sentiment, some stocks posted strong gains. NGX Group led the gainers’ chart with a 10 percent increase to ₦186.45, while Premier Paint rose 9.92 percent to ₦19.40. Omatek Ventures gained 8.95 percent, closing at ₦2.80 per share.
Market trading activity also weakened during the session. Total volume traded declined 10.12 percent to 671.27 million shares, valued at ₦26.13 billion across 58,792 deals.
Wema Bank recorded the highest trading activity, with 106.36 million shares worth ₦2.75 billion, accounting for about 15.8 percent of total market volume.
What’s Being Said
“The current market movement reflects profit-taking activities by investors after the strong rally seen earlier this year,” said Ayodeji Ebo, Managing Director of Optimus by Afrinvest.
“Investors are also closely monitoring macroeconomic indicators such as inflation, interest rates, and currency stability, which continue to influence portfolio allocation decisions,” Ebo added.
What’s Next
Investors are watching corporate earnings releases and dividend announcements expected in the coming weeks
Analysts say the next Monetary Policy Committee meeting of the Central Bank of Nigeria could influence market direction
Fund managers are also monitoring foreign portfolio flows, which remain critical to sustaining market momentum
CBN sells $200 million in the FX market to boost liquidity and stabilise the naira
Intervention follows a $500 million sale last week amid rising offshore dollar demand
Naira strengthens to about ₦1,376 per dollar after three consecutive days of gain
Main Story
The Central Bank of Nigeria (CBN) has injected $200 million into the foreign exchange market to increase dollar liquidity and halt recent pressure on the naira, extending a series of interventions aimed at stabilising Nigeria’s volatile currency.
Market data shows the intervention followed two weeks of persistent depreciation, driven largely by increased demand for dollars from importers and firms making offshore payments. The apex bank had earlier sold $500 million last week, signalling a more aggressive strategy to keep the naira within the official trading band.
The latest move appears to be supporting the currency. Trading data from the official FX window shows the naira strengthened from an opening level of about ₦1,405 per dollar earlier in the week to roughly ₦1,376 at the close of trading, marking its third consecutive session of gains.
Analysts say the recent appreciation reflects a surge in FX liquidity from several sources, including CBN supply, foreign portfolio investors returning to local debt markets, and export proceeds from corporates.
Nigeria adopted a more market-reflective exchange-rate framework in 2023, but the central bank has continued to intervene periodically to smooth volatility and meet excess demand in the official market.
The Issues
The intervention highlights the fragile balance within Nigeria’s foreign exchange market, where structural dollar shortages continue to create periodic pressure on the naira.
Despite policy reforms aimed at unifying exchange rates and improving transparency, dollar demand from import-dependent sectors remains high, particularly for fuel, manufacturing inputs, and external debt obligations.
At the same time, foreign capital inflows — which could ease pressure — have remained sensitive to interest-rate differentials and investor confidence in macroeconomic reforms. The CBN has responded with a mix of FX interventions, tighter monetary policy, and efforts to attract foreign portfolio investment.
Economists note that while interventions can stabilise markets in the short term, sustained naira strength ultimately depends on stronger export earnings and consistent capital inflows.
What’s Being Said
“The central bank remains committed to ensuring orderly functioning of the foreign exchange market while supporting price stability,” said Olayemi Cardoso, Governor of the Central Bank of Nigeria, during a recent monetary policy briefing in Abuja.
Currency strategist Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company, said interventions can stabilise sentiment but cannot replace structural reforms.
“Liquidity injections help calm volatility, but long-term exchange-rate stability will depend on Nigeria’s ability to boost non-oil exports and attract sustained foreign investment,” Rewane said.
What’s Next
The next Monetary Policy Committee (MPC) meeting is expected to review currency stability and capital-flow trends.
Analysts will watch foreign portfolio inflows into Nigerian treasury instruments, which could improve FX liquidity.
Market participants are also monitoring oil revenue inflows, a key source of dollar supply for Nigeria’s reserves.
The Bottom Line: Nigeria’s central bank is signalling it will actively defend currency stability when liquidity pressures intensify, but repeated interventions underscore how dependent the naira remains on short-term FX supply rather than structural export growth.
CBN lowers the interest rate on 364-day Treasury bills to 16.72%
Investors submit ₦2.56 trillion in bids against ₦600 billion offered
Total allotment across tenors reaches ₦933.92 billion at the latest auction
Main Story
The Central Bank of Nigeria (CBN) has reduced the interest rate on its one-year Treasury bills, following overwhelming investor demand at the latest primary market auction.
Auction results show the 364-day Treasury bill was priced at 16.72%, slightly lower than the 16.73% yield recorded at the previous auction, as strong demand allowed the apex bank to borrow at a marginally cheaper rate.
Investors submitted ₦2.567 trillion in bids for the one-year instrument, far exceeding the ₦600 billion initially offered, reflecting sustained appetite for Nigerian government securities amid elevated interest rates.
Overall, the CBN offered ₦850 billion in Treasury bills across three tenors — 91 days, 182 days, and 364 days. Total investor subscriptions reached ₦2.78 trillion, while the central bank ultimately allotted ₦933.92 billion.
For the 91-day bills, the apex bank offered ₦100 billion but received ₦130.74 billion in bids, allotting the full amount at a 15.95% discount rate, unchanged from the previous auction.
Demand for the 182-day tenor was weaker. Investors submitted ₦82.34 billion against the ₦150 billion offered, prompting the CBN to allot ₦71.37 billion at 16.65%, also unchanged from the prior auction.
The strong response to longer-tenor securities suggests investors remain confident in Nigeria’s domestic debt market, particularly as monetary policy remains tight to combat inflation.
The Issues
The heavy demand for Treasury bills reflects Nigeria’s high-interest-rate environment, where fixed-income instruments currently offer some of the most attractive risk-adjusted returns in emerging markets.
Since 2024, the CBN has maintained tight monetary policy to curb inflation and stabilise the naira, pushing yields on government securities to multi-year highs.
For institutional investors such as pension funds, banks, and asset managers, Treasury bills remain one of the safest and most liquid investment options in the domestic market.
However, economists warn that sustained high borrowing through short-term securities could increase Nigeria’s domestic debt servicing burden, particularly if yields remain elevated for an extended period.
What’s Being Said
“Strong investor participation reflects growing confidence in Nigeria’s monetary policy framework and the attractiveness of our domestic fixed-income market,” the Central Bank of Nigeria said in the auction summary released after the sale.
Financial market analyst Ayodeji Ebo, Managing Director of Afrinvest Securities, said the oversubscription highlights a shift toward longer-term instruments.
“Investors are locking into the longer tenors because yields remain attractive relative to inflation expectations and currency risks,” Ebo said.
What’s Next
Investors will monitor secondary market Treasury bill yields for signs of further rate adjustments.
The next primary market auction is expected later in the month.
Attention will also focus on the CBN’s next MPC meeting, where interest-rate policy could influence future government borrowing costs.
The Bottom Line: The strong oversubscription suggests investor demand for Nigerian fixed-income assets remains robust, giving the government room to marginally lower borrowing costs even in a high-rate environment.
Global cryptocurrency market capitalisation rises to $2.4 trillion
Investor sentiment improves on expectations of clearer U.S. crypto regulation
Bitcoin maintains dominance at 58.7% of the total market
Main Story
The global cryptocurrency market capitalisation climbed to about $2.4 trillion over the past 24 hours, reflecting renewed investor optimism following signals of potential regulatory clarity from the United States.
Market data shows the sector expanded by 0.72% within a day, supported by improved sentiment among both institutional and retail investors.
The rally gained momentum after reports circulated on March 11 suggesting that U.S. policymakers may be preparing legislation aimed at clarifying digital-asset regulations, potentially reducing political and legal uncertainty surrounding the industry.
The development triggered a modest improvement in the Crypto Fear and Greed Index, which moved from 25 to 27, indicating a shift from extreme fear toward slightly more stable investor sentiment.
Bitcoin, the largest cryptocurrency by market value, continued to anchor the market with 58.72% dominance, signalling that capital remains concentrated in established digital assets despite growing interest in alternative sectors.
Meanwhile, niche segments of the market saw sharper gains. The Gaming Guild sector surged 13.11%, with PIXEL tokens rallying more than 61%, while projects focused on cross-chain transaction systems — known as “Intent” protocols — gained about 6.4%.
Technical analysts say the total market capitalisation is now approaching a critical resistance level.
What’s Being Said
“Regulatory clarity remains one of the biggest catalysts for institutional adoption in crypto markets,” said Anthony Pompliano, Founder of Professional Capital Management, during a recent digital-assets conference.
Blockchain researcher Nic Carter, Partner at Castle Island Ventures, noted that policy developments in Washington could influence global market sentiment.
“When the U.S. signals a clearer framework for crypto markets, it reduces uncertainty worldwide and tends to trigger fresh capital inflows,” Carter said.
What’s Next
Analysts are watching whether the market cap breaks above the $2.46 trillion resistance level, which would signal further bullish momentum.
The next key support level sits around $2.36 trillion, based on technical market indicators.
U.S. lawmakers are expected to debate digital-asset regulation in the coming weeks, a process investors believe could shape the industry’s next growth phase.
The Bottom Line: Investor confidence in digital assets is increasingly tied to regulatory clarity from major economies, meaning policy signals — particularly from the United States — may now move crypto markets almost as strongly as technological developments.
President Bola Tinubu nominates Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria
Nomination follows the redeployment of former deputy governor Bala Bello as Special Adviser on Political Economy
Yuguda previously served as Director-General of the Securities and Exchange Commission from 2020 to 202
Main Story
President Bola Ahmed Tinubu has nominated Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN), a move that now awaits confirmation by the Nigerian Senate.
The nomination, announced by the Presidency, is in line with Section 8(1) of the Central Bank of Nigeria Act, 2007, which empowers the President to appoint the apex bank’s deputy governors subject to legislative approval.
Yuguda’s appointment comes shortly after the redeployment of Bala Bello, the former CBN Deputy Governor, who was recently named Special Adviser to the President on Political Economy.
Before the nomination, Yuguda served as Director-General of the Securities and Exchange Commission (SEC) between 2020 and 2024, where he oversaw reforms in Nigeria’s capital market regulatory framework, including measures aimed at improving investor confidence and strengthening market transparency.
Yuguda is a long-time central banking professional with extensive experience in monetary policy, reserve management, and financial market regulation. He began his career at the Central Bank of Nigeria in 1984 as a Senior Supervisor in the Foreign Operations Department.
He later served in international finance, working as an economist in the Africa Department of the International Monetary Fund (IMF) from 1997 to 2001 before returning to the CBN. Yuguda retired from the apex bank in 2016 after six years as Director of the Reserve Management Department, where he supervised Nigeria’s foreign reserves portfolio.
Academically, Yuguda holds a Bachelor of Science degree in Accountancy from Ahmadu Bello University, Zaria, obtained in 1983, and a Master’s degree in Money, Banking and Finance from the University of Birmingham in the United Kingdom, completed in 1991.
He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a Chartered Financial Analyst (CFA) charterholder.
What’s Being Said
“The President expects the new nominee to bring renewed dedication, professionalism, and commitment to strengthening Nigeria’s economic stability and financial system,” the Presidency said in a statement announcing the nomination.
Financial analysts say Yuguda’s extensive background within both the CBN and capital markets regulation could provide continuity within Nigeria’s financial policy leadership at a time when the country is navigating inflation pressures and currency volatility.
“Having someone with deep central banking experience and international exposure could help reinforce institutional credibility within the financial system,” said Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise.
What’s Next
The Nigerian Senate is expected to review and vote on Yuguda’s nomination in the coming weeks in line with constitutional confirmation procedures.
If confirmed, Yuguda will join the current leadership team of the Central Bank of Nigeria responsible for monetary policy implementation and financial system supervision.
The appointment comes as the CBN continues policy efforts aimed at stabilising the naira and controlling inflation in Africa’s largest economy.
• Stakeholders call for deliberate policies and action to advance gender equity and women’s leadership
• Lagos State government highlights economic and political gaps limiting women’s participation
• Speakers stress that empowering women is essential for national development and societal progress
Main story
Stakeholders across government, business and civil society have called for stronger policies, deliberate action and sustained advocacy to advance women’s rights and economic empowerment in Nigeria.
The call was made during the 2026 International Women’s Day celebration organised by the NECA Network of Entrepreneurial Women, in partnership with Nigerian Employers’ Consultative Association and the International Chamber of Commerce Nigeria.
The event, themed “Give to Gain: Rights, Justice, Action for All Women and Girls,” brought together policymakers, business leaders, students and entrepreneurs to discuss strategies for promoting gender equity, expanding economic opportunities for women and strengthening inclusive leadership.
Delivering the welcome address, the Chairman of International Chamber of Commerce Nigeria, Dr. Raymond Ihyembe, said women have made remarkable progress globally despite centuries of systemic exclusion from leadership and education.
He noted that historically, women were denied basic rights, including access to education and voting privileges in many countries.
He added that women have since proven their capacity across various sectors and continue to excel in leadership, education and professional fields.
Ihyembe also warned that Nigeria’s development challenges including corruption, insecurity and institutional weakness – require stronger participation of women in governance and nation-building.
In her keynote remarks, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, emphasised that achieving gender equality requires intentional policies that address structural inequalities affecting women.
She explained that equality alone is insufficient if women start from disadvantaged positions in society.
Ambrose-Medebem cited low political representation as a major challenge facing Nigerian women, noting that women occupy only a small percentage of legislative seats despite their significant population.
She also stressed that empowering women has economic benefits, noting that global productivity losses linked to gender inequality are estimated to cost trillions of dollars annually.
The commissioner further highlighted initiatives by the Lagos State government aimed at improving women’s economic inclusion, including access to finance for female entrepreneurs through targeted loan programmes.
Earlier in her address, the President of the NECA Network of Entrepreneurial Women, Adefunke Kuyoro, whose speech was delivered by Vice President Bolanle Edwards, said the organisation remains committed to removing barriers preventing women from starting and sustaining businesses.
According to her, women entrepreneurs still face challenges such as limited access to finance, policy constraints and social inequalities.
What’s being said
Dr. Raymond Ihyembe, Chairman, International Chamber of Commerce Nigeria:
“It’s not too long ago that women were not even allowed to vote. In the United Kingdom and the United States, they had to fight for that right. Even in some of the oldest universities such as Oxford, Cambridge and Glasgow, women were not admitted for many years.”
“Empowering women should not be seen as a token gesture. It is a right. Any nation that refuses to empower women and utilise their talents does a great disservice to itself.”
“Our nation needs women to help rescue it before we sink deeper into the challenges created by our actions and inactions.”
Mrs. Folashade Ambrose-Medebem, Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment:
“Gender equality is the destination, but gender equity is the vehicle that will take us there.”
“When women thrive, they reinvest up to 90 percent of their income into their families and communities.”
Mrs. Godfrey Ogbuechie, Group Executive Director, Rainoil Limited:
“All we need to do is to prove to ourselves and show that what a man can do, a woman can also do.”
“The effects on survivors are devastating. Many victims remain silent even when the perpetrators are people they know and trust.”
Ngozi Oyewole, President, NECA Network of Entrepreneurial Women (delivered by Vice President Bolanle Edwards):
“Empowering women economically is not only a social responsibility but an economic imperative. When women succeed in business, families prosper and communities grow stronger.”
What’s next
Participants at the event called for stronger collaboration between government institutions, private sector organisations and civil society groups to promote gender-responsive policies, expand mentorship opportunities and support women-led enterprises.
They also urged stakeholders to translate advocacy into concrete actions that would increase women’s representation in leadership, improve access to finance and ensure safer environments for women and girls.
The bottom line
Speakers at the forum agreed that meaningful national development cannot be achieved without deliberate investment in women’s empowerment, stressing that when women advance, societies and economies thrive.
RusselSmith, Nigeria’s leading provider of advanced manufacturing and asset integrity solutions, has confirmed discussions with the Ghana Maritime Authority (GMA) regarding the introduction of the company’s 3D manufacturing capabilities to Ghana’s maritime sector.
The growing regional interest in RusselSmith’s advanced manufacturing solutions underscores Nigeria’s emergence as a credible hub for industrial innovation on the African continent.
The potential partnership, facilitated by the Commonwealth Enterprise and Investment Council (CWEIC), validates RusselSmith’s strategic commitment to building advanced manufacturing infrastructure that serves not only Nigeria but the broader West African region. With over two decades of experience serving critical industries across the sub-region, the company has positioned itself at the forefront of a technological shift with far-reaching implications for industrial resilience and economic development.
During a courtesy visit to the Ghana Maritime Authority, Kayode Adeleke, Co-founder and CEO of RusselSmith, highlighted the stark reality that while the global 3D manufacturing market was valued at approximately $32 billion in 2024, Africa currently accounts for only about two per cent of that market. This industrial gap, Adeleke emphasised, represents both a challenge and an opportunity for the continent.
To bridge this divide, RusselSmith is preparing to commission the Omnifactory, Nigeria’s first multi-technology industrial 3D manufacturing facility, in Lagos, with plans to develop a flagship Mega Omnifactory facility in Nigeria later this year.
Together, these investments are designed to establish Nigeria as a continental anchor for advanced industrial solutions, enabling the local production of complex and critical components across multiple sectors, from maritime and defence to oil and gas, and reducing the cost and lead times associated with importing specialised parts.
Speaking on RusselSmith’s regional ambitions, Adeleke said, “What we are building in Nigeria is advanced manufacturing infrastructure and exportable expertise. The interest from Ghana and other countries in the region validates our approach. When African countries can access advanced manufacturing capabilities locally, we reduce dependence on international supply chains, create high-value jobs, and retain economic value within the continent.”
A practical demonstration of this capability is RusselSmith’s 3D manufacturing technology for vessels, which can produce boats of up to 12 metres in length through large-format additive manufacturing. These vessels offer a sustainable and faster alternative to traditionally constructed boats, which impose significant production timelines and high maintenance burdens on operators across West Africa.
Dr. Kamal-Deen Ali, Director-General of the Ghana Maritime Authority, has noted that RusselSmith’s proposal aligns with Ghana’s strategic goal of becoming a leading Blue Nation by prioritising maritime safety and environmental sustainability. The technology’s potential to modernise transport infrastructure while reducing pressure on forest resources presents a compelling case for regional cooperation.
RusselSmith’s capabilities extend across oil and gas, defence, aerospace, and maritime sectors, delivering integrated solutions in asset integrity management and advanced manufacturing. Its ISO-certified operations and partnerships with leading global technology providers reflect its commitment to world-class standards and continuous innovation.
As supply chain vulnerabilities continue to challenge industries across Africa, the ability to manufacture critical components locally represents a strategic advantage with national and regional implications. RusselSmith’s model of combining local expertise with advanced technology offers a practical pathway for building operational resilience while creating sustainable value across the continent.
The discussions between RusselSmith and the Ghana Maritime Authority are ongoing, and both parties look forward to advancing a partnership that could serve as a model for regional industrial cooperation.
Global investors often discuss Africa as a “future opportunity,” yet 2026 suggests the future has already begun. While traditional financial media focuses on established markets, traders across the continent are experimenting with automation, decentralized finance, and algorithmic execution, frequently analyzing profitable ai bots with reviews, pricing and strategies as part of a broader shift toward data-driven participation.
The surge is not speculative hype. It is structural evolution supported by technology and demographics, according to the well-known local blog https://westafricatradehub.com/.
Wall Street narratives tend to lag behind grassroots momentum. On the ground, liquidity is expanding across forex desks, equity exchanges, and cryptocurrency platforms. The scale may not yet rival New York or London, but the growth rate commands attention.
Africa’s population profile creates a unique trading dynamic. A young, digitally fluent generation is entering markets earlier than previous cohorts. They are comfortable with mobile apps, digital wallets, and cross-border platforms.
This demographic engine fuels consistent expansion rather than temporary spikes. Participation grows organically as financial tools become more accessible. Education spreads rapidly through online communities, and trading literacy improves year by year.
The compounding effect is powerful. Each wave of new entrants strengthens liquidity.
Currency markets in Africa have long been active due to exchange rate fluctuations and commodity linkages. What is changing in 2026 is the sophistication of participants.
Traders are evaluating macroeconomic releases, monitoring central bank communications, and adapting risk exposure accordingly. The conversation has shifted from short-term speculation to structured positioning.
Liquidity providers recognize this shift. Brokerage competition is increasing, and service quality is improving as firms compete for a growing client base.
Stock exchanges across the continent are modernizing operations. Digital onboarding simplifies access, and transparency improvements enhance investor confidence.
Interest is expanding beyond traditional sectors. Renewable energy, fintech, and infrastructure development are attracting attention from both domestic and foreign capital. Equity ownership is becoming part of broader financial planning rather than an isolated experiment.
This gradual repositioning rarely makes international headlines, yet it reinforces market stability.
Cryptocurrency adoption in Africa is evolving from necessity to strategy. While digital assets initially gained popularity as inflation hedges and remittance tools, they are now embedded within diversified portfolios.
Stablecoins support trade efficiency. Established tokens attract swing traders. Blockchain startups receive venture funding, signaling confidence in long-term innovation.
Regulatory frameworks remain uneven across jurisdictions, but dialogue between policymakers and industry participants is expanding. That engagement reduces uncertainty over time.
Behind the visible surge lies consistent improvement in financial infrastructure. Payment rails are becoming faster. Verification systems are more efficient. Broker compliance standards are tightening.
These upgrades are incremental but transformative. Trust increases when systems operate smoothly. Greater trust encourages broader capital allocation.
As connectivity improves, African traders interact with global markets in real time rather than through delayed channels.
Wall Street often frames Africa as a high-risk frontier. The reality in 2026 is more nuanced. Risk exists, but so does structured growth supported by digital access and demographic expansion.
The financial surge is not a sudden spike driven by speculation. It is the outcome of layered development across multiple sectors. Forex, equities, and crypto now coexist within a connected ecosystem shaped by technology.
Investors who rely solely on traditional narratives may underestimate the scale of transformation underway. Africa’s 2026 financial surge is unfolding steadily, and those paying close attention understand that momentum of this nature rarely reverses quickly.
KEY POINTS • Dr. Kennedy Mbekeani (AfDB) has urged African nations to move from “vision to velocity” by aligning policies and mobilizing private capital for the AfCFTA. • A major barrier to trade—high transaction costs—is being slashed by the Pan-African Payment and Settlement System (PAPSS), which reduces cross-border fees by 98%. • Africa’s infrastructure deficit remains a challenge, but the AfDB maintains that the necessary funds already exist within the continent’s own financial institutions. • PAPSS now enables instant payments across 20 countries in local currencies, eliminating the need for the US Dollar or Euro for intra-African trade.
MAIN STORY At the 2026 Africa Trade Conference in South Africa, top financial leaders declared that Africa’s path to prosperity lies in “telling its own story” and trusting its own systems.
Dr. Kennedy Mbekeani of the African Development Bank (AfDB) told attendees that the continent does not lack resources; rather, it lacks the coordination to channel existing capital into roads, energy, and water projects. He emphasized that the perception of risk in Africa is often exaggerated and that private investors are ready to build the continent’s infrastructure if governments provide clear, stable policies.
A practical breakthrough in this trade ecosystem is the rapid expansion of PAPSS. Mike Ogbalu, CEO of PAPSS, highlighted the irony that Africa has historically hosted some of the world’s most expensive payment corridors. Previously, sending money from Nigeria to Egypt often required converted currencies and multiple “middleman” banks in Europe or America.
Today, PAPSS allows a payment initiated in Naira to arrive as Egyptian Pounds in under 12 seconds, bypassing third-party currencies entirely. The impact on Small and Medium Enterprises (SMEs) is massive. With over 170 banks and fintechs now connected, an entrepreneur’s market has officially grown from their home country to a continental block of 1.4 billion people. By reducing transaction costs by nearly 98%, the system is removing one of the biggest “hidden taxes” on African trade, making local products more competitive against global imports.
WHAT’S BEING SAID • “The funds needed for Africa’s development already exist within the continent. What we need is stronger coordination and confidence,” said Dr. Kennedy Mbekeani, Director-General, AfDB. • Mike Ogbalu (PAPSS CEO) noted the efficiency of the new system: “A payment can originate in Nigeria in Naira and arrive in Egypt in Egyptian Pounds within seconds.” • Experts at the conference agreed that Public-Private Partnerships (PPPs) in energy and transport are the only way to bridge the infrastructure gap at “continental scale.”
WHAT’S NEXT • Continental Expansion: PAPSS aims to onboard the remaining African central banks by the end of 2026 to ensure 100% continental coverage. • Policy Harmonization: Governments are expected to fast-track the removal of “non-tariff barriers” like excessive border paperwork to match the speed of the new digital payment systems. • Infrastructure Tenders: New AfDB-backed transport and energy projects are expected to be announced, specifically designed for private sector participation under the “de-risking” framework.
BOTTOM LINE The Bottom Line is that Africa is finally building the “pipes” and “wires” needed for its $3 trillion market to function. Between the AfDB’s push for private investment and PAPSS making cross-border payments cheap and instant, the “dream” of the AfCFTA is rapidly becoming a daily reality for African businesses.
KEY POINTS • The Israeli Defense Forces (IDF) are shifting elite ground troops, specifically the Golani Brigade, from the Gaza Strip to the northern border with Lebanon. • The move follows a “situational assessment” by IDF Chief of Staff Eyal Zamir, aiming to reinforce the front against Hezbollah amid an intensifying regional conflict. • Since the latest phase of fighting began on March 2, Israeli strikes in Lebanon have killed at least 570 people, with over 750,000 displaced. • Despite the shift north, military operations continue in Gaza, where the total death toll since October 2023 has now surpassed 72,130.
MAIN STORY In a major strategic realignment, Israel announced on Wednesday that it is pulling veteran infantry units out of the Gaza Strip to bolster its northern front.
The Golani Brigade, which has spent months in high-intensity combat in the Palestinian enclave, is now operating under the Northern Command along the Lebanese frontier. This redeployment is seen as a preparation for a potential large-scale ground invasion aimed at creating a “buffer zone” and pushing Hezbollah forces away from the border.
The escalation in the north was triggered on March 2 when Hezbollah launched massive rocket barrages in retaliation for the assassination of the Iranian Supreme Leader. In response, Israel launched “Operation Forward Defense,” crossing the border on March 3 to establish positions inside Lebanese territory. The Lebanese Prime Minister’s office reports that the humanitarian toll has been devastating, with 570 killed and nearly a million people forced to flee their homes in the south and the southern suburbs of Beirut.
While the focus shifts north, the situation in Gaza remains grim. Despite a “fragile ceasefire” announced in late 2025, health authorities report that 649 Palestinians have been killed by Israeli fire since October of last year.
Local hospitals continue to receive casualties daily, and officials warned today that thousands of victims remain buried under the rubble of destroyed neighborhoods that rescue teams still cannot reach due to ongoing skirmishes.
WHAT’S BEING SAID • “The military will not desist until the threat posed by Hezbollah is eliminated,” stated Eyal Zamir, Israeli Chief of Staff. • The Lebanese Government has issued a formal ban on Hezbollah’s military activities, though enforcement remains passive as the Lebanese Armed Forces avoid direct confrontation with the group. • Hezbollah officials responded on Monday, vowing to continue fighting “whatever the cost” until Israeli forces evacuate seized territories.
WHAT’S NEXT • Ground Expansion: With the Golani Brigade now in place, military analysts expect the IDF to push deeper toward the Litani River to enforce a demilitarized zone. • UN Intervention: The UN Security Council is scheduled to meet on March 17 to discuss the implementation of Resolution 1701 and the safety of peacekeepers who have already come under fire. • Gaza Status: The withdrawal of elite units may lead to a change in tactics in Gaza, shifting from large-scale maneuvers to targeted “mop-up” operations in remaining pockets of resistance.
BOTTOM LINE The Bottom Line is that Israel is preparing for a “two-front” reality where the north has become the primary theater of war. By moving its most battle-hardened troops from Gaza to Lebanon, the IDF is signaling that it intends to end the Hezbollah threat by force, even as the broader war with Iran continues to simmer across the region.
KEY POINTS • Iran’s military command has officially declared all oil cargo and vessels linked to the U.S., Israel, and their partners as “legitimate targets” in the Strait of Hormuz. • A military spokesman warned that Iran will not allow “even a litre of oil” to pass for the benefit of hostile nations. • Tehran has issued a stark warning to the West to expect oil prices to hit $200 per barrel if regional security is not restored. • The threat comes as the U.S. Navy reports destroying 16 Iranian mine-laying vessels in a preemptive strike near the chokepoint.
MAIN STORY The war between the United States, Israel, and Iran reached a critical flashpoint on Wednesday as Tehran’s unified military command, the Khatam-al Anbiya Central Headquarters, vowed to completely choke off global energy supplies passing through the Strait of Hormuz.
Describing the waterway as a “fire” ignited by the West, Iranian officials warned that they would target any ship or cargo intended for the U.S. or its allies.
The military spokesman directly challenged President Donald Trump’s efforts to keep energy costs stable, asserting that the “artificially low” prices would soon be a thing of the past. “Expect a price of $200 per barrel,” the spokesman said, linking the cost of energy directly to the “insecurity” he blamed on U.S. and Israeli military actions.
This rhetoric has sent shockwaves through global markets, with Brent crude briefly surging past $100 earlier this week before settling near $90 following news of a massive IEA reserve release.
On the ground and at sea, the situation is increasingly kinetic. The U.S. Pentagon confirmed that it destroyed 16 Iranian boats on Tuesday that were allegedly preparing to lay mines in the Strait.
Despite these preemptive strikes, maritime security agencies reported that three more commercial vessels were struck by “unknown projectiles” today, bringing the total number of ships hit since the start of the conflict to 14.
WHAT’S NEXT • IEA Action: Energy officials from 32 countries are meeting today to finalize the release of 182 million barrels from emergency reserves—the largest in history—to counter Tehran’s price threats. • Military Escalation: U.S. Defense Secretary Pete Hegseth indicated that today would see the “most intense” strikes on Iranian infrastructure to date, aiming to degrade Tehran’s remaining missile and naval capabilities. • Global Crunch: Analysts warn that if the Strait remains closed for more than 30 days, the $200 price target could become a reality as global inventories are exhausted.
BOTTOM LINE The Bottom Line is that Iran is using the world’s most important “oil tap” as a weapon of war. While the U.S. military is working to keep the Strait physically clear of mines, Tehran’s latest “legitimate target” declaration means that no commercial insurer or shipping line is likely to risk the transit, effectively keeping the tap closed and the global economy on edge.
KEY POINTS • The Nigerian Electricity Regulatory Commission (NERC) has issued a new order (NERC/2026/013) requiring all grid-connected private transmission substations to register. • Private owners must now obtain an Independent Electricity Transmission Network Operator (IETNO) permit to stay connected to the national grid. • The directive aims to fix frequent “transmission line trips” and improve the overall safety and reliability of Nigeria’s power supply. • Existing owners have 45 days to apply for their permits, while new operators must get one before they even plug in.
MAIN STORY Nigeria’s electricity regulator is tightening its grip on the national grid. In a new order effective March 9, 2026, NERC has mandated that all privately owned transmission substations—often used by major factories or “bulk consumers”—must be officially authorized.
This move comes after the Nigerian Independent System Operator (NISO) reported frequent technical glitches and line trips caused by unmonitored private equipment. Under the new rules, the days of operating a private substation “under the radar” are over.
NERC is introducing the IETNO permit to ensure that every piece of equipment connected to the grid meets national safety standards.
To make this work, NISO has been given just five days to hand over a full list of all existing private substation owners (PTSOs) to the regulator.
Once notified, these owners have a 45-day window to get their paperwork in order or face regulatory sanctions.
A major part of this cleanup involves new technology. NISO will deploy IoT-based metering systems at every interconnection point within the next 120 days.
This will give the government “real-time visibility” into how much power these private stations are pulling and whether they are causing stability issues.
Operators will also be required to submit monthly reports, with NISO carrying out regular physical inspections to make sure everyone is following the Grid Code.
WHAT’S BEING SAID • NERC stated the Order is meant to “strengthen oversight of privately owned substations” and improve “grid reliability, safety, and operational visibility.” • Officials from NISO noted that the move was triggered by “frequent transmission line trips” that have affected the stability of the entire national supply. • Industry experts believe the IoT-based metering is the most significant step, as it finally provides the regulator with “real-time data” to manage grid load.
WHAT’S NEXT • Direct Notifications: If you own a large-scale private substation, expect a formal notice from NISO before the end of this week. • Permit Rush: NERC is expected to open a dedicated portal to handle the surge of IETNO applications over the next month. • Tech Rollout: Engineering teams from NISO will begin surveying sites for the installation of the new IoT meters to meet the 120-day goal.
BOTTOM LINE The Bottom Line is that the government is tired of “mystery trips” on the national grid. By forcing private substation owners to get a permit and install smart meters, NERC is trying to ensure that big power users don’t accidentally knock out electricity for everyone else.
Nigerian socialite Elena Jessica dies weeks after complications from a second Brazilian Butt Lift (BBL) surgery performed in Lagos
Family alleges negligence by Cynosure Aesthetic Plastic Surgery Hospital and calls for investigation into the clinic
Case sparks renewed debate about cosmetic surgery safety and regulation in Nigeria
Main Story
Social media is mourning the death of Nigerian socialite Elena Jessica, who reportedly passed away following complications from a second Brazilian Butt Lift (BBL) surgery. The procedure was performed at Cynosure Aesthetic Plastic Surgery Hospital in Lagos, according to her sister, Nelli.
In an emotional post on TikTok, Nelli accused the hospital of negligence, demanding transparency and accountability. “My sister went into Cynosure trusting them with her life. Today, she is gone, and instead of accountability, all we are seeing are statements trying to protect an image,” Nelli wrote. She criticized the hospital for disabling comments on public statements and called for a proper investigation.
Nelli emphasized that her sister’s story would not be buried. “Until the truth comes out, we will keep speaking. No amount of PR statements will silence the voices of people who lost someone they love,” she said.
The issues
According to a viral WhatsApp message from another family member, Jessica underwent liposuction and fat transfer to her hips, buttocks, and calves on 6 February. Within two days, she reportedly experienced severe pain, swelling, and redness. Medical tests revealed high white blood cell counts and low blood levels, requiring five pints of blood.
Despite antibiotics, her condition worsened. Doctors believed excessive fat injection had disrupted blood flow, leading to inflammation. On 13 February, she underwent decompressionsurgery to remove the fat and place drains, but her condition did not improve.
Jessica was scheduled to transfer to Lagos University Teaching Hospital (LUTH) on 19 February, but no ICU bed had been arranged. She spent five hours in an ambulance in severe pain. The accompanying nurse reportedly left her at Emel Hospital in Festac, where her family paid N1.5 million for one day in the ICU, but no plastic surgeon attended to her.
The family later moved her to another hospital on 20 February, where a surgeon was available. They were presented with a N6 million bill for one week in ICU and surgery to remove infected fat. At this point, Jessica had developed sepsis, a life-threatening blood infection, and required seven more pints of blood.
On 22 February, she underwent surgery to remove all infected fat. Despite these interventions, she remained in critical condition in the ICU, receiving daily wound care and treatment for sepsis.
Why it matters
Jessica’s death has sparked widespread outrage online, with many Nigerians questioning the safety of cosmetic surgery procedures. Experts have warned that Brazilian Butt Lifts carry significant risks, including fat embolism, sepsis, and tissue damage, especially if proper medical protocols and postoperative care are not followed.
Nelli and her family have called for an investigation, highlighting alleged negligence, lack of coordination, and poor patient monitoring at the facility. The case has also reignited discussions about the need for stricter regulation of private cosmetic surgery centers in Nigeria.
Lessons for Prospective Patients
Medical professionals advise anyone considering cosmetic procedures to:
Verify Surgeon Credentials – Ensure the surgeon is licensed and board-certified.
Understand Risks – Elective surgeries like BBL can have serious complications.
Check Hospital Facilities – Make sure ICU and emergency care are available.
Avoid Multiple Procedures at Once – Repeated surgeries increase risk.
Monitor After Surgery – Seek immediate help if severe pain, swelling, or redness occurs.
Bottom line
The death of Elena Jessica is a tragic reminder of the risks associated with cosmetic surgery, particularly high-risk procedures like BBL. Her family’s story highlights systemic gaps in patient care, accountability, and transparency in private clinics.
As Nigerians mourn, the case underscores the importance of strict safety standards, proper monitoring, and informed consent in the cosmetic surgery industry. Jessica’s story serves as both a warning and a call to action for safer medical practices, ensuring that no other family has to endure a similar tragedy.
An AI tool can improve breast cancer detection by about 10.4%, according to a new study.
The research was led by the University of Aberdeen in collaboration with NHS Grampian.
The study analyzed breast screening results from over 10,000 women.
The AI software, Mia AI breast screening tool, was developed by Kheiron Medical Technologies.
The tool helps doctors identify tiny or hard-to-spot abnormalities in mammogram scans.
AI assistance can reduce healthcare workers’ workload and speed up patient notifications.
A participant, Yvonne Cook, had a small Grade 2 tumor detected early by the AI system.
Early detection allowed faster treatment and less invasive medical procedures.
The findings of the study were published in the Nature Cancer journal.
Researchers say AI could play a major role in the future of cancer screening and healthcare.
Main story
A new study has revealed that artificial intelligence (AI) could significantly improve the early detection of breast cancer, increasing diagnosis rates by more than 10%.
The research, led by the University of Aberdeen, examined how an AI tool could assist healthcare professionals during routine breast screening. The project involved more than 10,000 women as part of a screening programme carried out by NHS Grampian.
The AI software, known as Mia, was developed by medical technology company Kheiron. It is designed to analyze mammogram scans and identify small or hard-to-spot abnormalities that may be missed by the human eye.Results from the study, published in the Nature Cancer journal, showed that the technology increases breast cancer detection rates by 10.4%. Researchers also found that the tool can reduce the workload of medical staff and speed up the process of notifying women about their results.
One of the participants, Yvonne Cook, a woman in her 60s from Aberdeen, credits the AI system with helping detect her cancer early. She had attended what she believed would be a routine mammogram in 2023 and agreed to take part in the optional AI-assisted screening.
later after the test, Yvonne received a letter asking her to return for additional imaging. Doctors later explained that the AI system had detected a tiny abnormality that was difficult for humans to notice.
Further examination confirmed a small Grade 2 tumour, which doctors said is too small to be spotted by the human eye during the initial screening.
What’s being said
“I just feel incredibly lucky,” Yvonne said. “If the AI hadn’t picked it up so early, it might not have been discovered until years later.”
Because the tumour was detected at an early stage, Yvonne was quickly placed on medication to stop its growth before undergoing surgery. Doctors say that without the AI detection, the cancer might have grown larger, potentially requiring more invasive surgery, chemotherapy, and a longer recovery period.
Experts say the findings highlight the powerful role AI could play in healthcare.
Professor Gerald Lip, clinical director for breast screening in north-east Scotland, described the results as highly significant.
Bottom line
Withhout AI, doctors might not have caught these cancers as early,” he explained. Researchers believe that integrating AI into medical screening programs could help doctors detect diseases earlier, improve treatment outcomes, and reduce pressure on healthcare systems.
As AI technology continues to advance, experts say tools like Mia could soon become a vital part of routine cancer screening worldwide, potentially saving thousands of lives through earlier diagnosis.
Following the death of Nigerian socialite Elena Jessica, who reportedly passed away from complications after a second Brazilian Butt Lift (BBL) surgery, a sibling Nelli and other family members have raised alarm over alleged cover up attempts by Cynosure Aesthetic Plastic Surgery Hospital in Lagos and are calling for a thorough investigation into the fatal incident.
In an emotional post on TikTok, Nelli accused the hospital of negligence, demanding transparency and accountability. “My sister went into Cynosure trusting them with her life. Today, she is gone, and instead of accountability, all we are seeing are statements trying to protect an image,” Nelli wrote. She criticized the hospital for disabling comments on public statements and called for a proper investigation.
Nelli emphasized that her sister’s story would not be buried. “Until the truth comes out, we will keep speaking. No amount of PR statements will silence the voices of people who lost someone they love,” she said.
Family member’s account
In a viral WhatsApp message from another family member, Jessica underwent liposuction and fat transfer to her hips, buttocks, and calves on 6 February. Within two days, she reportedly experienced severe pain, swelling, and redness. Medical tests revealed high white blood cell counts and low blood levels, requiring five pints of blood.
Despite antibiotics, her condition worsened. Doctors believed excessive fat injection had disrupted blood flow, leading to inflammation. On 13 February, she underwent decompression surgery to remove the fat and place drains, but her condition did not improve.
Jessica was scheduled for transfer to Lagos University Teaching Hospital (LUTH) on 19 February, but no ICU bed had been arranged. She spent five hours in an ambulance in severe pain. The accompanying nurse reportedly left her at Emel Hospital in Festac, where her family paid N1.5 million for one day in the ICU, but no plastic surgeon attended to her.
The family later moved her to another hospital on 20 February, where a surgeon was available. They were presented with a N6 million bill for one week in ICU and surgery to remove infected fat. At this point, Jessica had developed sepsis, a life-threatening blood infection, and required seven more pints of blood.
On 22 February, she underwent surgery to remove all infected fat. Despite these interventions, she remained in critical condition in the ICU, receiving daily wound care and treatment for sepsis.
Jessica’s death has sparked widespread outrage online, with many Nigerians questioning the safety of cosmetic surgery procedures. Experts have warned that Brazilian Butt Lifts carry significant risks, including fat embolism, sepsis, and tissue damage, especially if proper medical protocols and postoperative care are not followed.
Nelli and her family have called for an investigation, highlighting alleged negligence, lack of coordination, and poor patient monitoring at the facility. The case has also reignited discussions about the need for stricter regulation of private cosmetic surgery centres in Nigeria.
Precautions before surgery
Medical professionals advise anyone considering cosmetic procedures to:
• Verify Surgeon Credentials – Ensure the surgeon is licensed and board-certified.
• Understand Risks – Elective surgeries like BBL can have serious complications.
• Check Hospital Facilities – Make sure ICU and emergency care are available.
• Avoid Multiple Procedures at Once – Repeated surgeries increase risk.
• Monitor After Surgery – Seek immediate help if severe pain, swelling, or redness occurs.
Bottom line
The death of Elena Jessica is a tragic reminder of the risks associated with cosmetic surgery, particularly high-risk procedures like BBL. Her family’s story highlights systemic gaps in patient care, accountability, and transparency in private clinics.
As Nigerians mourn, the case underscores the importance of strict safety standards, proper monitoring, and informed consent in the cosmetic surgery industry. Jessica’s story serves as both a warning and a call to action for safer medical practices, ensuring that no other family has to endure a similar tragedy.
Nigeria officially signs agreement to host the fifth Intra-African Trade Fair (IATF) in Lagos from November 5–11, 2027.
IATF2027 aims to attract 100,000 visitors, 2,500 exhibitors, and participants from over 100 countries, with a target of $50bn in trade and investment deals.
The fair will feature trade exhibitions, AfCFTA-focused forums, Africa Creative Economy showcases, and platforms for youth, research, and regional governments.
MAIN STORY
The Federal Government has formally signed the hosting agreement for the fifth edition of the Intra-African Trade Fair (IATF2027), designating Lagos as the official host city for the continental trade and investment event. The agreement was executed in collaboration with the African Export-Import Bank (Afreximbank), the African Union Commission, and the African Continental Free Trade Area (AfCFTA) Secretariat.
The signing marks Nigeria’s takeover from Algeria, which hosted the fourth edition that recorded $49.94bn in trade and investment deals. Scheduled for November 5–11, 2027, IATF2027 seeks to surpass prior editions by targeting $50bn in deals, welcoming 100,000 visitors, 2,500 exhibitors, and participants from more than 100 countries.
The fair, themed “Global Africa Repositioned – From Market Access to Market,” will feature trade exhibitions, an AfCFTA-focused trade and investment forum, a Global Africa Day to strengthen ties with the diaspora, business-to-business and business-to-government platforms, the Creative Africa Nexus, the Africa Automotive Show, the AU Youth Start-up Pavilion, and the Africa Research and Innovation Hub.
THE ISSUES
Despite Africa’s growing economic potential, intra-African trade remains below its full capacity. IATF2027 seeks to address gaps in connectivity, trade integration, and value chain development, while promoting African industrialisation and global competitiveness. Hosting such an event also places pressure on Nigeria to ensure logistical preparedness, security, and effective coordination among stakeholders.
WHAT’S BEING SAID
Former President and IATF2027 Advisory Council Chair, Chief Olusegun Obasanjo, described the hosting agreement as a milestone for Nigeria and Africa, linking it to Lagos’ historic role in the Lagos Plan of Action for Africa’s industrialisation. Dr George Elombi, President of Afreximbank, commended Nigeria’s leadership in advancing intra-African trade, noting the fair as a platform to create jobs and strengthen value chains.
Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, emphasised that hosting the event offers a strategic opportunity to shape Africa’s trade integration under AfCFTA. AfCFTA Secretariat’s Cynthia E. Gnassingbé-Essonam highlighted that practical platforms like IATF are crucial to the success of continental trade. African Union Commissioner Francisca Belobe added that IATF2027 would reposition Africa in global trade while stimulating investment and industrialisation.
WHAT’S NEXT
Preparations for IATF2027 will focus on finalising logistics, mobilising exhibitors, engaging international and African stakeholders, and ensuring that Nigeria meets its hosting responsibilities. Collaborative efforts will also aim to align industries, policies, and talent to maximise the fair’s impact.
BOTTOM LINE
With its robust economy and strategic location, Nigeria’s hosting of IATF2027 is poised to strengthen intra-African trade, attract global investment, and advance Africa’s economic integration. The event represents a key step in building a unified continental marketplace and realising the ambitions of AfCFTA.
Dangote Refinery accounted for about 92% of Nigeria’s petrol supply in February
Federal Government has not issued any petrol import licences in 2026, according to regulators
Petrol pump prices remain above ₦1,200 per litre despite a ₦100 refinery price cut
Main Story
Nigeria’s petrol supply structure is undergoing a dramatic shift as the Dangote Petroleum Refinery now accounts for about 92 percent of the country’s daily fuel supply following a pause in petrol import licences by the Federal Government.
Data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows domestic refineries supplied about 36.5 million litres of Premium Motor Spirit (PMS) per day in February, compared with just three million litres imported daily.
The figures bring Nigeria’s total daily petrol supply to roughly 39.5 million litres for the month, marking one of the lowest levels of fuel importation in years as domestic refining capacity expands.
Industry sources confirmed that the NMDPRA has not issued any licences for petrol imports in 2026, reflecting growing confidence that local refining can meet national demand.
The development marks a significant shift from Nigeria’s historic reliance on imported fuel. For decades, the country remained one of the world’s largest petrol importers due to limited domestic refining capacity.
However, the ramp-up of operations at the 650,000-barrel-per-day Dangote refinery — the largest single-train refinery in the world — is gradually reducing that dependence.
Despite the increase in local supply, petrol prices at retail outlets have remained elevated. Filling stations across Lagos, Ogun, and Abuja continued to sell petrol between ₦1,200 and ₦1,330 per litre even after the refinery reduced its gantry price by ₦100 to ₦1,075 per litre.
The refinery said the price cut reflected falling global crude oil prices, which had recently retreated after surging earlier in the week due to escalating Middle East tensions.
What’s Being Said
“It’s correct that we’ve not issued import licences this year. Local production has met national requirements, so there is no need for importation,” a senior official at the NMDPRA said.
“Dangote is gradually enjoying a monopoly in the downstream sector, and that is not healthy for any market,” an oil industry operator said, warning that competition could decline if imports remain halted.
“The price of fuel will normalise once global crude prices stabilise after the Middle East conflict,” said Chinedu Ukadike, spokesman for the Independent Petroleum Marketers Association of Nigeria (IPMAN).
What’s Next
Regulators are expected to monitor domestic fuel supply closely to ensure stable distribution across Nigeria.
Oil marketers may push for the reopening of import licences if domestic supply fails to meet demand.
Global oil price volatility linked to Middle East tensions could continue influencing local petrol prices in the coming weeks.\
Iranian drones struck near Dubai International Airport, injuring four people as Gulf states intercepted multiple aerial attacks
Commercial ships were hit near the Strait of Hormuz, disrupting maritime traffic in a route carrying roughly one-fifth of global oil supply
Escalating conflict between Iran and US-aligned forces is intensifying risks to global energy markets
Main Story
Iran widened its military campaign across the Gulf on Wednesday as drones fell near Dubai International Airport and commercial vessels were struck near the Strait of Hormuz, raising fresh concerns about global energy security and shipping routes.
Authorities in the United Arab Emirates confirmed that debris from intercepted drones landed close to Dubai’s main airport, injuring four people. The incident occurred amid a wave of Iranian missile and drone strikes targeting infrastructure across Gulf states in retaliation for ongoing US-Israeli military operations against Tehran.
Regional maritime authorities also reported attacks on commercial shipping lanes. The United Kingdom Maritime Trade Operations (UKMTO) said a container ship and a bulk carrier were struck by projectiles off the UAE coast — one near Dubai and another near Ras Al Khaimah. A third vessel was reportedly hit in the Strait of Hormuz off Oman, sparking a fire that was later extinguished.
The Strait of Hormuz remains one of the world’s most strategically sensitive maritime chokepoints. Nearly 20 percent of global oil and liquefied natural gas shipments pass through the narrow waterway connecting the Persian Gulf to international markets.
The latest incidents come as the Middle East conflict enters its second week, with Iran targeting regional energy infrastructure and shipping routes in an attempt to pressure global markets. Energy analysts say the disruption has already triggered volatility in crude oil prices and shipping insurance premiums.
Recent military developments have further intensified the crisis. The United States has reportedly destroyed Iranian naval vessels suspected of laying mines in the Strait of Hormuz, part of a broader effort to keep the shipping corridor open.
Saudi Arabia also said it intercepted multiple ballistic missiles and drones targeting the Shaybah oil field and the Prince Sultan Air Base in its eastern region, underscoring the widening regional security risks.
Meanwhile, major energy installations in the Gulf have come under repeated attack in recent days, including Saudi Arabia’s Ras Tanura refinery and the UAE’s Ruwais complex — two of the region’s largest refining facilities.
What’s Being Said
“Iran has launched dozens of missiles and drones targeting key sites in the region, but the majority have been successfully intercepted,” the UAE Ministry of Defence said in a statement.
“The Strait of Hormuz is a vital artery for global energy markets, and any disruption poses serious risks to supply stability,” the International Energy Agency said during an emergency meeting of G7 energy ministers in Paris.
“Markets are extremely sensitive to developments in Hormuz. Even temporary disruption could send oil prices sharply higher,” said Helima Croft, global head of commodity strategy at RBC Capital Markets.
What’s Next
Gulf states are expected to increase air-defence deployments around major energy infrastructure and airports in the coming days.
The International Energy Agency is considering the release of emergency oil reserves if supply disruptions escalate.
Global shipping companies are reviewing insurance coverage and rerouting strategies as tensions in the Strait of Hormuz intensify.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the naira closed at 1381 per $1 on Wednesday, March 11th, 2026. The naira traded as high as 1415 to the dollar at the investors and exporters (I&E) window on Tuesday. This is brought to you by Bizwatch Nigeria.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1420 and buy at ₦1400 on Tuesday 10th March, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
₦1420
Buying Rate
₦1400
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1415
Lowest Rate
₦1381
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
NOA engages community leaders and health officials in Jigawa to prevent illegal sale of Ready-to-Use Therapeutic Food (RUTF).
UNICEF and Jigawa Primary Healthcare Development Agency collaborate to ensure RUTF reaches severely malnourished children.
Poverty identified as a key driver of RUTF diversion; adults warned against consuming the therapeutic food.
MAIN STORY
The National Orientation Agency (NOA) has called on stakeholders in Jigawa State to strengthen efforts in curbing the illegal diversion and sale of Ready-to-Use Therapeutic Food (RUTF), a critical intervention for children suffering from severe acute malnutrition.
Speaking in Dutse, the State Director of NOA, Mr Ahmad Tijjani, stressed the urgency of ensuring that RUTF reaches the children who need it most. “This forum is conducted in collaboration with UNICEF and the Jigawa Primary Healthcare Development Agency. Our goal is to increase vigilance and guarantee that RUTF is not sold in local markets for profit,” he said.
Mr Tijjani highlighted that each malnourished child requires a carton of RUTF to survive, noting that the diversion of even one carton could result in the loss of a young life.
THE ISSUES
A rapid survey conducted in Kano, Katsina, and Jigawa under the UNICEF Kano Field Office revealed that poverty is a major factor driving some parents to sell RUTF meant for their children. The diversion of this life-saving food undermines national efforts to combat child malnutrition and poses serious health risks for vulnerable children.
WHAT’S BEING SAID
Deputy State Health Educator, Mr Nura Ado, cautioned adults against consuming RUTF, warning that it could lead to obesity and associated conditions such as high blood pressure. Community leaders and health officials at the engagement pledged to raise awareness and monitor the distribution of RUTF more closely.
WHAT’S NEXT
NOA and its partners plan to intensify community sensitisation campaigns, monitor distribution channels, and strengthen local reporting mechanisms to prevent further diversion of RUTF.
BOTTOM LINE
Ensuring that RUTF reaches severely malnourished children is vital to saving lives in Jigawa. Collaborative efforts between government agencies, international partners, and local stakeholders remain critical to tackling both malnutrition and the socio-economic challenges driving the misuse of therapeutic food.
