Author: Adejuyigbe Francis

Lagos State Governor, Babajide Sanwo-Olu, on Monday formally inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC), marking a major step in the state’s effort to establish an independent electricity regulatory framework and improve power supply for residents and businesses. The inauguration ceremony took place at Lagos House, the seat of government in the state capital, Ikeja, on March 9, 2026. Strengthening Lagos’ Electricity Governance Speaking at the event, Governor Sanwo-Olu said the formal inauguration of the board represents a crucial milestone in the implementation of the Lagos State Electricity Law 2024, which was signed in 2024 to…

The Central Bank of Nigeria (CBN), has floated ₦600 billion worth of Open Market Operation (OMO), bills as part of efforts to manage excess liquidity in the banking system, with ₦81 billion eventually allocated to investors following the auction. Liquidity Management Strategy The auction forms part of the CBN’s monetary policy strategy aimed at mopping up surplus liquidity in the financial system and stabilising money market conditions. OMO bills are short-term securities issued by the apex bank to control the volume of money circulating within the economy. According to market data, the financial system opened the week with strong liquidity…

In a bold move signaling Nigeria’s renewed commitment to space exploration, President Bola Ahmed Tinubu has directed the immediate release of funds for the maintenance of the nation’s space assets, emphasizing the strategic importance of space technology in national development. Historic First Meeting of the National Space Council The directive came during the first-ever meeting of the National Space Council, held on Tuesday at the Presidential Villa in Abuja. Represented by Vice President Kashim Shettima, President Tinubu reaffirmed his administration’s dedication to implementing Nigeria’s revised 25-year roadmap for space development. “I hereby approved that cost of the implementation of the…

The Nigerian downstream petroleum sector has witnessed another significant price adjustment following the decision of the Dangote Petroleum Refinery to increase the ex-depot price of Premium Motor Spirit (PMS)—commonly known as petrol—to ₦1,175 per litre, while Automotive Gas Oil (diesel), has risen to ₦1,620 per litre. This latest adjustment reflects ongoing volatility in global crude oil markets and growing pressure on domestic fuel pricing in Nigeria’s deregulated petroleum sector. The development is expected to have far-reaching implications for transportation, inflation, business operations, and household expenditures across the country. Overview of the Price Increase According to industry sources, the refinery communicated a…

On March 8, 2026, the Nigerian Economic Summit Group (NESG), issued a stark warning about Nigeria’s economic trajectory, highlighting what it described as a growing trend of deindustrialisation amid persistent weaknesses in the country’s manufacturing sector. The concerns were outlined in the group’s latest 2025 Q4 GDP Alert — a regular assessment of Nigeria’s economic performance and prospects. Manufacturing Sector: Weak, Narrow and Vulnerable Despite modest signs of recovery in the broader economy, the NESG flagging of the manufacturing performance paints a deeply concerning picture: The sector remains sluggish and overly concentrated in just a handful of subsectors, restricting both…

Tehran — March 8, 2026: Iran’s clerical leadership has named Mojtaba Khamenei, the son of the late Ali Khamenei, as the country’s new supreme leader, marking one of the most dramatic political transitions in the Islamic Republic since its founding in 1979. The decision was approved by the Assembly of Experts, the clerical council responsible for selecting Iran’s top authority. Mojtaba, 56, now holds ultimate power over Iran’s political system, armed forces, and nuclear program. Background: Death of the previous leader The leadership transition followed the death of Ali Khamenei during the early stages of a widening regional conflict involving…

Nigeria’s democracy has been jolted by a controversial change in the Electoral Act 2026: the removal of certificate forgery as a ground for filing election petitions. Section 138 of the Act now restricts challenges to elections to only two grounds—either that the election was invalid due to corrupt practices or non-compliance with the law, or that the winner was not duly elected by a majority of lawful votes. Acts that merely contradict INEC instructions, but do not violate the Act itself, also no longer qualify for contestation. Section 138(3) even imposes steep fines: at least ₦5 million on counsel and…

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reassured Nigerians and foreign investors that the economy is not in fiscal collapse, but rather undergoing a deliberate “correction” aimed at long-term sustainability. Speaking yesterday at a media briefing, Edun, emphasized that the current administration prioritises structural reforms, transparency, and fiscal discipline over short-term illusions of growth. The clarification came amid widespread public discourse about Nigeria’s debt, revenue performance, and capital project execution, following Edun’s recent appearances before the National Assembly. Understanding the Economic “Correction” According to the Minister, an economic correction is a period of realignment…

Midfielder, Jennifer Echegini, of the Nigeria women’s national football team, popularly known as the Super Falcons, has openly criticised the level of preparation and support the team receives ahead of major international tournaments. Her remarks have sparked widespread discussion among football fans, sports administrators, and stakeholders in Nigerian football. Echegini, who has quickly become one of the rising stars of Nigerian women’s football, expressed pride in representing her country but also highlighted structural challenges that affect the team’s ability to compete at the highest level. Pride in Representing Nigeria Despite the concerns she raised, Echegini emphasized the pride and emotional…

The Federal Government of Nigeria has officially announced the start of Batch B recruitment for the Youth Economic Intervention and De-Radicalisation Programme (YEIDEP). The initiative aims to empower millions of young Nigerians with financial support, entrepreneurship training, and business development opportunities. The programme is designed to tackle youth unemployment, poverty, and economic instability by helping young people start and grow sustainable businesses across the country. In this critique, you will learn everything you need to know about the YEIDEP Batch B recruitment, including eligibility, application process, benefits, and why the programme is important for Nigeria’s economic future. What is YEIDEP?…

Quest Merchant Bank has successfully met the ₦50 billion minimum capital requirement mandated by the Central Bank of Nigeria (CBN), marking a significant milestone in the ongoing recapitalisation of Nigeria’s banking sector. The achievement strengthens the bank’s financial capacity and positions it to play a more prominent role in financing strategic sectors of the Nigerian economy. The development comes amid a broader industry-wide recapitalisation programme introduced by the apex bank to enhance the resilience, stability, and lending capacity of financial institutions in Nigeria. Background: CBN’s Banking Recapitalisation Policy In 2024, the Central Bank of Nigeria unveiled new minimum capital requirements…

Nigeria has taken a significant step toward revitalising its oil and gas sector following the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245. Under the leadership of President Bola Ahmed Tinubu, the Federal Government reached a landmark settlement with the Italian energy giant Eni and Nigerian Agip Exploration Limited (NAEL), ending more than 15 years of legal and commercial uncertainty surrounding one of our nation’s most valuable offshore oil assets. The agreement is widely viewed as a strategic breakthrough that could unlock large-scale deepwater investment, restore investor confidence, and potentially increase Nigeria’s oil production by about 150,000…