Africa’s foremost industrialist, Aliko Dangote, has again made a strong case for infrastructure development, job creation, and deeper private sector investment as the backbone of Africa’s economic progress. Speaking during high-level engagements on the sidelines of the IMF and World Bank Spring Meetings in Washington, D.C., the President and CEO of the Dangote Group said Africa’s growth will depend largely on how well it invests in critical systems that support industry and productivity. Dangote, who addressed participants at the World Bank’s Water Forward event, stressed that infrastructure—especially sustainable water systems—must be prioritised if the continent is to achieve inclusive growth…
Author: Abdoulaye Kay
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has dismissed as false a viral video alleging a ₦50 billion bribery scandal, describing the content as fabricated and warning of impending legal action against those responsible. In a statement issued in Abuja, the commission said the video, widely circulated on social media, had no connection to its operations or any ongoing investigation. It emphasised that the claims presented in the footage were entirely fictitious and intended to mislead the public. ICPC spokesperson Demola Bakare explained that elements of the video, including images and referenced identities, were manipulated, with some…
Fresh geopolitical tensions between the United States and Iran have coincided with a modest strengthening of the Naira, which is showing signs of consolidation against the US dollar after its recent bullish run. The Nigerian currency appreciated slightly at the official market, gaining about 0.3 per cent to settle around N1,348/$, after touching an intraday low of N1,346.6/$. This follows a peak of N1,389/$ earlier in the month, suggesting the currency pair is now stabilising, albeit with a continued appreciation bias. Since the beginning of 2026, the Naira has recorded significant gains, strengthening from about N1,440/$. Analysts attribute this recovery…
The Joint Admissions and Matriculation Board (JAMB) has released the first batch of results for candidates who sat for the 2026 Unified Tertiary Matriculation Examination (UTME), announcing that 632,788 candidates who participated on the first day of the exercise can now access their scores. The disclosure was made in a statement issued on Friday by the Board’s spokesperson, Fabian Benjamin, who noted that the released results cover candidates who wrote the examination on Thursday, April 16, 2026. According to JAMB, candidates can check their results by sending “UTMERESULT” via SMS to 55019 or 66019 using the same phone number used…
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has underscored the critical importance of strengthening institutional and human capacity across Africa to drive sustainable economic growth and resilience. Cardoso made this known while addressing delegates at the Leadership Dialogue on Capacity Development in Africa, held on the sidelines of the 2026 Spring Meetings of the International Monetary Fund and the World Bank Group in Washington, D.C., on April 15, 2026. The high-level dialogue brought together policymakers, central bankers, and development experts to examine how African countries can build stronger institutions, enhance policy effectiveness, and improve governance frameworks amid…
The Central Bank of Nigeria (CBN) has absorbed a total of N4.48 trillion from the banking system within two sessions over six days, intensifying its liquidity tightening stance through aggressive Open Market Operations (OMO). Financial system data from April 8 to April 15, 2026, show that the apex bank stepped up efforts to sterilise excess liquidity, with major interventions recorded on April 9 and April 14. As a result, banks’ opening balances dropped sharply to N99.05 billion on April 15, down from N135.76 billion the previous day, reversing earlier gains recorded during the period. Despite the tightening, significant funds remained…
Shareholders of Dangote Sugar Refinery Plc have approved a N500 billion Rights Issue to strengthen the company’s financial position, expand its capital base, and accelerate key strategic initiatives. The shareholders noted that the Rights Issue would support the company’s ambitious backward integration projects aimed at boosting local production. Approval was granted at the company’s 20th Annual General Meeting (AGM) held on Wednesday in Lagos, where shareholders also commended Dangote Sugar’s performance over the past year and expressed confidence in its growth trajectory. Chairman of the company, Arnold Ekpe, told shareholders that despite a challenging economic environment, the company recorded significant…
The Nigerian naira strengthened to N1,348/$ at the official foreign exchange market on Tuesday, supported by a broader weakness in the US dollar, which has fallen to a six-week low. Data from the Central Bank of Nigeria (CBN) showed the local currency improved from N1,358/$ recorded on Monday, extending gains from last week’s close of N1,355.25/$. The appreciation reflects improving investor sentiment in global markets. The dollar index slipped to 98.109, hovering near its weakest level in over six weeks, as easing geopolitical tensions boosted appetite for riskier assets and currencies, including emerging market units like the naira. ALSO READ…
The Central Bank of Nigeria (CBN) is proposing a major shift in how lending disputes are resolved, with plans to require creditors and borrowers to first submit to a mediation panel before approaching the courts. This follows a circular issued by the apex bank on Tuesday, inviting stakeholders to review and comment on draft guidelines for a Mediation and Dispute Resolution Panel under the Secured Transactions in Movable Assets framework. The circular was signed by P. I. Oluikpe, Acting Director of the Development Finance Advisory Department. Under the proposal, the panel would serve as the primary platform for resolving disputes…
Energy experts have criticised recent recommendations by the World Bank urging Nigeria to deepen fuel importation and fully liberalise its downstream petroleum sector, warning that such advice is ill-timed, economically regressive, and potentially in conflict with the Petroleum Industry Act (PIA). An energy economist and professor, Ken Ife, faulted the position during a televised interview on Nigeria’s economic outlook. He noted that while parts of the World Bank’s latest Nigeria Development Update were analytically sound, its recommendations on fuel importation undermine Nigeria’s strategic push for energy independence and local value addition. “You cannot come to a country that is struggling,…