The naira on Friday closed the week on a stronger note, appreciating against the U.S. dollar at the official market, trading at ₦1,386.55. Data published on the official website of the Central Bank of Nigeria (CBN) showed that the local currency gained ₦10.43, representing a 0.7 per cent appreciation compared with Thursday’s rate of ₦1,396.99 to the dollar. ALSO READ CBN, British international investment deepen talks on banking stability, long-term capital ALSO READ CBN grants temporary dispensation for Form M processing with NAFDAC licences The naira has remained relatively stable, buoyed by ongoing CBN reforms, and has recorded a week-long…
Author: Abdoulaye Kay
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, on Wednesday hosted a delegation from British International Investment (BII) as part of ongoing efforts to deepen financial sector reforms and attract long-term investment. A statement from the CBN said the delegation was led by BII Chair, Ms Diana Layfield, alongside the British High Commissioner to Nigeria, Mr Richard Montgomery. According to the statement, Cardoso reaffirmed the CBN’s commitment to macroeconomic stability, credible monetary policy, and a transparent, data-driven regulatory framework aimed at strengthening banking system resilience and improving financial intermediation. ALSO READ CBN grants temporary dispensation for…
The House of Representatives has summoned the Ministers of Finance, Agriculture and Food Security, as well as the Auditor-General of the Federation (OAGF), to account for funds released for agricultural interventions between 2015 and 2025. The summons was issued on Tuesday in Abuja by the House Ad-hoc Committee investigating agricultural subsidies, intervention funds, aids and grants during a public hearing. The committee resolved that the officials, or their designated representatives, must appear before it on February 3, warning that failure to honour the invitation would attract legislative sanctions in line with the powers of the National Assembly. In his ruling,…
British prosecutors on Tuesday accused former Nigerian Minister of Petroleum Resources, Diezani Alison-Madueke, of enjoying a “life of luxury” funded by bribes received while in office. Alison-Madueke, 65, appeared before Southwark Crown Court in London on the opening day of her trial, where she is facing multiple counts of bribery allegedly committed between 2011 and 2015, during the administration of former President Goodluck Jonathan. Prosecutors told the court that individuals and companies seeking lucrative oil and gas contracts with Nigeria’s state-owned oil firm provided Alison-Madueke with “significant financial or other advantages.” ALSO READ London court opens corruption trial of ex-Nigerian…
The Director-General of the National Institute for Pharmaceutical Research and Development (NIPRD), Dr Obi Adigwe, has said that Nigeria will host the 2026 SPARK Africa Translational Research Conference. This is made known in a statement issued by the Director of Information and Public Relations, Federal Ministry of Health and Social Welfare, Alaba Balogun, on Tuesday in Abuja. Adigwe said that the conference and boot camp would hold in Abuja from February 2 to 7. He said the programme would be organised in partnership with the Stanford University–based SPARK Global initiative. Adigwe added that hosting the programme would strengthen Nigeria’s capacity…
The National Grid on Tuesday recorded its second collapse in 2026, leaving the country without an electricity supply. As of the time of filing this report, available data showed zero megawatts of power supply to the 11 electricity distribution companies. The grid had recorded its first collapse of the year last Friday, barely weeks after a similar incident on December 29, 2025, which caused widespread power outages across the country. Grid collapses have been attributed to a combination of technical faults, inadequate maintenance of transmission lines and fluctuations in generation capacity. ALSO READ Nigerians plunged into darkness as national grid…
The Niger State Government has reached an agreement with the Islamic Development Bank (IsDB) for the implementation of the Niger Solar Electrification Project. The project, described as the first of its kind in Sub-Saharan Africa, will cover 200 hectares of land and cost about $163 million. It is expected to provide an alternative source of power to many communities across the state. Governor Mohammed Umar Bago, who received the IsDB Preparation Mission team for the project, code-named NGA1063, said the state had invested heavily in agriculture and that the solar electrification project would complement efforts in food production and industrialisation.…
President Bola Tinubu has arrived in Ankara, Türkiye, to begin a diplomatic mission that is aimed at strengthening bilateral relations between Nigeria and Türkiye. The President landed at the Ankara Esenboğa Airport at 9:05 p.m. local time on Monday and was received by a Turkish government delegation led by the Minister of National Education, Yusuf Tekin. Earlier, President Tinubu departed Abuja at about 2:05 p.m. from the Nnamdi Azikiwe International Airport. According to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the visit is intended to deepen cooperation in key sectors, including security, education, social…
Governor of Osun State, Ademola Adeleke, has demanded the immediate release of over ₦130 billion in statutory allocations, he said, that were withheld from the state’s local governments. He said the continued blockade is crippling grassroots governance and inflicting hardship on workers and residents. In a statewide broadcast on Monday on the illegal occupation of local government secretariats and the defence of democratic order, Adeleke said court-sacked All Progressives Congress (APC) chairmen and councillors had unlawfully occupied council offices across the state for nearly a year, despite judgments of the Federal High Court in Osogbo in November 2022 and affirmations…
The Armed Forces of Nigeria (AFN) has concluded investigations into 16 officers arrested over acts of indiscipline and breaches of service regulations, with several of them set to face court-martial for alleged involvement in a coup plot. The Director of Defence Information, Maj.-Gen. Samaila Uba disclosed this in a statement issued on Monday in Abuja. Uba recalled that the Defence Headquarters (DHQ) announced the arrest of the officers in October 2025, adding that investigations have now been completed in line with established military procedures and extant regulations. ALSO READ Alleged coup: Growing concerns over prolonged detention of military officers According…