The Senate has reversed its recent amendment to the Standing Orders, a move that reopens the contest for key leadership positions in the 11th National Assembly and could pave the way for fresh contenders in the race for Senate President in 2027. The decision followed a motion moved by the Senate Leader, Opeyemi Bamidele, who explained that the amendments introduced two days earlier to Section 2(2) and Section 3(1) might, after further constitutional and legislative scrutiny, create constitutional inconsistencies and unintended tensions. With the reversal, all duly elected senators are now eligible to participate in the election of presiding officers…
Author: Abdoulaye Kay
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, on Wednesday hosted a delegation from Standard and Poor’s (S&P Global Ratings) as part of the agency’s periodic review of Nigeria’s sovereign credit ratings. The S&P Global team, led by its Global Head of Sovereign Ratings, Mr Roberto Sifon-Arevalo, held discussions with the CBN governor during a working visit to Nigeria, which forms part of a broader engagement with key government ministries, departments and agencies. During the meeting, Cardoso highlighted Nigeria’s improving macroeconomic fundamentals, resilience and the positive outcomes of ongoing economic reforms initiated by the current administration.…
The Economic and Financial Crimes Commission (EFCC) has arraigned former Chairman of the defunct Skye Bank Plc, Tunde Ayeni, over an alleged N15.6 billion fraud. The commission disclosed this in a statement posted on its X handle on Monday, noting that Ayeni was brought before Justice Jude Onwuzuruike of the Federal Capital Territory High Court, Apo, Abuja. According to the EFCC, Ayeni is facing a 17-count charge bordering on criminal breach of trust, misappropriation and conversion of investors’ funds amounting to N15,665,085,429, allegedly diverted during his tenure as chairman of the bank. Prosecution counsel, E.E. Iheanacho, told the court the…
The Naira has shown remarkable stability against the US dollar since late 2024. After extreme volatility with rates spiking above $1: N1,600 in early 2025, the official exchange rate has settled in the $1: N1,350–1,430 range by May 2026, with daily volatility dropping sharply from over 4% in 2024 to around 0.5%. This is one of the most significant positive macro developments in recent years. While improved FX liquidity and CBN reforms played a role, one project stands out as a major structural driver: the Dangote Petroleum Refinery. The 650,000 barrels per day refinery has fundamentally altered Nigeria’s foreign exchange demand profile.…
In a major overhaul of its internal rules, the Senate has amended its Standing Orders to restrict eligibility for the office of Senate President to returning members of the 10th National Assembly. The decision followed a marathon closed-door session on Tuesday, during which lawmakers adopted fresh criteria aimed at reinforcing parliamentary hierarchy, legislative experience and the tradition of ranking within the chamber. Under the revised rules, only senators who have served two terms will be eligible to contest for principal offices. The amendment also provides that at least one of the two terms must be the immediate term preceding the…
Remittances from the Nigerian National Petroleum Company Limited (NNPC) to the Federation Account rose sharply in March 2026, climbing 60 percent to N2.88 trillion from N1.80 trillion recorded in February. The spike follows the implementation of Executive Order No. 9 signed by Bola Tinubu in February, which bars NNPC from deducting 30 percent for the Frontier Exploration Fund and another 30 percent as management fees before remitting revenues. Policy shift drives higher inflows Under the new directive, all royalty, tax, and profit oil and gas revenues are to be remitted directly to the Federation Account before any cost deductions. The…
The naira appreciated to N1,367.5 per dollar on May 4, 2026, extending gains recorded in April and signaling a firmer start to the new month. Data from the Central Bank of Nigeria (CBN) showed the currency strengthened in the first trading session of May after closing April at N1,374/$—marking the first April gain for the naira since 2024. The uptick reflects improving stability in the foreign exchange market, despite persistent global currency pressures. Safe-haven demand continues to underpin the U.S. dollar amid ongoing geopolitical tensions. CBN figures indicate the naira traded within a relatively narrow band, suggesting reduced volatility and…
The World Health Organization (WHO) has confirmed two cases of hantavirus and identified five additional suspected infections among passengers aboard a cruise ship stranded off Cape Verde, with three deaths recorded. In a statement issued Tuesday, the UN health agency said it is tracing passengers who were on an April 25 flight between Saint Helena and Johannesburg, taken by one of the infected passengers who died the following day. “As of May 4, 2026, seven cases — including two laboratory-confirmed and five suspected — have been identified, comprising three deaths, one critically ill patient, and three individuals with mild symptoms,”…
Zenith Bank Plc has announced the retirement of its Founder and Group Chairman, Jim Ovia, following the expiration of his tenure in line with regulatory requirements. The bank disclosed this in a corporate notice issued in Lagos on May 5, 2026. Ovia completed the mandatory 12-year tenure permitted under corporate governance guidelines for financial holding companies, non-interest banks, and payment service banks in Nigeria. As the founder of Zenith Bank, he has been a central figure in its growth trajectory and was credited by the Board for providing strong leadership, strategic direction, and effective oversight throughout his time as chairman.…
A new analysis by the United Nations Development Programme (UNDP) has warned that increasing sovereign debt servicing is placing a disproportionate burden on women, putting an estimated 55 million jobs at risk and reducing women’s per capita income by 17 per cent. The findings, based on data from 85 developing countries, are contained in a report titled “Who Pays the Price? Gender Inequality and Sovereign Debt.” The report shows that women are more vulnerable to job losses, declining incomes, and rising unpaid care responsibilities, while men’s earnings remain largely stable—widening the gender income gap. According to the report, as governments…