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Tinubu
Business

Tinubu Orders Removal of Checkpoints to Boost ECOWAS Free Movement

by Folarin Kehinde
written by Folarin Kehinde

President Bola Tinubu has ordered the setting up of a Presidential Task Force to dismantle multiple checkpoints that are hindering free movement.

Ambassador Musa Nuhu, Permanent Representative of Nigeria to ECOWAS, disclosed this during a visit to the Nigeria/Benin Republic border in Seme on Wednesday.

“We are starting with the Seme-Badagry Corridor first. That committee has been set up under the authority of the Secretary to the Government of the Federation, and we will soon start working to address this issue.

“So, we have noted all the issues mentioned, and I assure you that the government of Nigeria will also address the other issues that are subsequently mentioned.”

There have been complaints of multiple checkpoints along the Badagry-Seme corridor, which are affecting the smooth movement of people and goods between Nigeria and the Benin Republic.

Ambassador Nuhu said, “This is the busiest border in West Africa, in terms of passage of goods, people and services. And if free movement is working in West Africa, it is in this border that we will be able to find out”.

Most motorists who spoke during the meeting complained about multiple checkpoints and extortion by security agencies along the corridor.

Responding, the President of ECOWAS Commission, Omar Alieu Touray, said that any payment made by motorists must be accompanied by receipts.

He lamented that the multiple checkpoints and extortion of community citizens across the member states was defeating the intention of ECOWAS to have a more integrated region.

“While you check passengers and road users, we should go beyond these charges of being asked to pay money without receipts. If there are any payments to be done, those payments should be officially receipted.

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Business

MTN Hit by Cyber Attack – Company Confirms Breach

by Folarin Kehinde
written by Folarin Kehinde

MTN Group has confirmed it was the target of a cybersecurity breach that resulted in unauthorised access to personal data belonging to some of its customers in select markets.

However, the telecommunications giant insisted that its core infrastructure, including its network, billing systems, and financial service platforms, remained secure and fully operational. The telecommunications company also confirmed that its Nigerian operations were not affected by the incident.

In a statement released on Thursday, the company emphasised that there was “no evidence of compromise to any of our critical infrastructure, core MTN platforms or services.”

An unidentified third party has claimed responsibility for accessing data from segments of MTN’s systems, but the Group stated that, “at this stage we do not have any information to suggest that customers’ accounts and wallets have been directly compromised.”

MTN said it promptly activated its internal cybersecurity response protocols upon detection of the incident. Law enforcement agencies, including the South African Police Service (SAPS) and the Directorate for Priority Crime Investigation (Hawks), have been notified and are currently investigating the matter.

The company also reported that it has begun the process of notifying affected customers, in compliance with local data protection and privacy regulations in the affected markets. Relevant country authorities have also been informed, and MTN said it was providing ongoing updates and full cooperation with regulatory bodies and investigators.

As part of its response, MTN urged customers to remain vigilant by observing best practices in digital security. These include keeping apps and devices up to date, using strong and unique passwords, enabling multifactor authentication where available, and being cautious of suspicious messages or requests for sensitive information.

“The privacy of information is our top priority, and MTN remains committed to safeguarding the integrity of our systems and the trust placed in us by our customers and stakeholders,” the company stated.

Investigations were ongoing as MTN works to contain the incident and reinforce its defenses against future threats.

Meanwhile, MTN Nigeria, the Group’s largest and most lucrative subsidiary, remains unaffected by the breach. A source at the MTN Nigeria office confirmed that the cybersecurity incident did not extend to its operations, and that all services and systems in the Nigerian market are fully secure and functional.

“MTN Nigeria is not affected by this recent development,” the source stated, offering reassurance to Nigerian subscribers and stakeholders.

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Business

Air Peace shuts flight operations nationwide

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s airline, Air Peace, has announced the immediate suspension of all its flight operations across Nigeria following an ongoing strike by the Nigerian Meteorological Agency, NiMet.

The airline disclosed this in a statement on Wednesday.

Air Peace said the decision was taken in the interest of passenger safety, as NiMet’s weather updates, particularly the Current Nowcast of Hazardous Weather, CNH, reports, are essential for safe flight landings during the rainy season.

The statement read, “We regret to inform you that due to the ongoing strike by the Nigerian Meteorological Agency (NiMet), Air Peace is suspending all flight operations nationwide with immediate effect.

“This decision is necessary because NiMet is the agency responsible for issuing CNH (Current Nowcast of Hazardous Weather) reports, which are critical for safe landings, especially during this season of heavy rainfall and thunderstorms. Without these reports from the control tower, flight safety cannot be guaranteed.

“As a safety-first airline, we have chosen to act responsibly by suspending operations until NiMet resumes full service.

“We understand this may cause inconvenience, and we sincerely apologise. Passengers will be contacted with updates and options for rescheduling.”

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IMF
Business

IMF Projects Nigeria’s Inflation to Rise to 37% in 2026

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

The International Monetary Fund (IMF) has forecast that Nigeria’s headline inflation will climb to 37.0 percent in 2026, highlighting persistent concerns over price stability in the country.

The projection was revealed in the IMF’s April 2025 World Economic Outlook (WEO), which outlines Nigeria’s macroeconomic outlook amid ongoing structural reforms and global economic uncertainties.

The Fund had earlier projected a temporary easing, with inflation expected to average 26.5 percent in 2025, down from 33.2 percent in 2024. However, the anticipated rebound in 2026 signals that underlying inflationary pressures remain unresolved.

The IMF warned that, despite short-term adjustments, sustained efforts will be required to address the structural factors driving inflation and to stabilise the country’s economy.

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Business

JUST IN: EFCC assures CBEX investors will get their money back but….

by Folarin Kehinde
written by Folarin Kehinde

The Economic and Financial Crimes Commission (EFCC) has assured individuals who invested in the CBEX digital trading platform that they would recover their funds.

The commission revealed that it had been monitoring the platform even before the recent wave of public complaints.

CBEX, which had promised investors a 100 percent return on investment, faced a crisis over the weekend as many users reported being unable to withdraw their funds, sparking outrage on social media.

On Monday, angry investors reportedly stormed and looted the office of Smart Treasure, an affiliate of CBEX, located in the Oke Ado area of Ibadan, Oyo State.

Speaking during Channels TV’s Morning Brief on Wednesday, EFCC spokesperson, Dele Oyewale, confirmed that the anti-graft agency had been fielding numerous calls from Nigerians seeking information and solutions regarding the CBEX platform.

Oyewale stressed that the EFCC had profiled the platform long before the recent outcry and had previously warned Nigerians about potential Ponzi schemes.

“We were not waiting for Nigerians to call us before we started our work, of course, we have been working,” he said.

“We were not beaten by what actually happened. Our dragnet is wide, our intelligence is very effective, and we were tracking that digital trading platform.”

He added, “We were tracking it, and we profiled several things concerning the platform. You will recall that March 11 this year, the executive chairman of the EFCC, Mr. Ola Olukoyede, had called to instruct us to alert Nigerians.”

Oyewale also recalled that the EFCC had earlier listed 58 suspected Ponzi scheme companies in March to caution the public.

“That shows that we are proactive and we have our hands on what is happening. So concerning this investigation, we were on it; it’s not that we didn’t know.

“We’ve been alerting Nigerians about ways and means of how to separate themselves from this kind of shenanigans.

“Before the calls came, we were working, while the calls are coming, we are working; And even after the calls, we are still working.”

He added that the commission would continue educating the public on how to identify fraudulent investment schemes.

“The essential thing is that, of course, we are going to recall some of the things that Nigerians should be looking out for, you know, concerning this kind of investment schemes and all of that.”

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Business

CBEX: Nigerians lose N1.3tn as digital trading platform crashes

by Folarin Kehinde
written by Folarin Kehinde

Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors’ accounts on Monday.

This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their investors’ wallets vanished.

The digital platform also locked its Telegram channels and postponed withdrawals while offering investors the option of $2,000 for $200 verification and $1,000 for $100 verification.

The development has sparked condemnations from Nigerians on X.

Explaining the CBEX crash, cryptocurrency expert and security analyst Taiwo Owolabi said the total volume of stolen investors’ funds so far in USDT is $847 million and likely to increase.

Owolabi questioned why Nigerians would invest their money in a digital platform that is unregistered by the SEC with the promise of a 100 percent return on investment.

“They designed the weak website to convince people in the future that it was a security breach that affected them. Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.

“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money,” Owolabi explained on an X space.

Similarly, Steve Fred, a user on X, wrote on Tuesday:

“Are we not just fantastically stupid in Nigeria?

“Nigerians are as gullible as their leaders. How many times will they be scammed before they have sense?

“How can a company like ‘CBEX’ just appear from thin air and promise you 100 percent ROI in 1 month, and you begin to invest?”

Another user, known on X as Oku, reacting to the CBEX crash, said:

“The smaller the profit, the more I TRUST YOU.

“You have no business doing a business that promises you 50 percent to 100 percent ROI.”

The development comes after the SEC recently warned Nigerians to stay clear of unregistered trading platforms.

The SEC particularly pointed out that, in accordance with the ISA 2025 recently signed by President Bola Tinubu, it is now an offense for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.

“By virtue of this act, it is an offense in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.

Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” it added.

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Business

NERC fines 8 DisCos over N628 million for overbilling customers

by Folarin Kehinde
written by Folarin Kehinde

THE Nigerian Electricity Regulatory Commission (NERC) said it has placed over N628 million fine on eight electricity distribution companies (DisCos) for failing to comply with monthly energy caps for unmetered customers between July and September 2024.

The apex regulator disclosed this in a statement on Thursday, April 10.

It said the affected DisCos include Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola and were required to issue credit adjustments to affected customers by May 15, 2025.

The NERC said it acted under section 34(1)(d) of the Electricity Act 2023 which underscores its unwavering commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry.

“The public may recall that in 2020, the Commission issued the Order on capping of Estimated Bills and subsequently issued monthly energy caps which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder. A review of Discos’ billing of unmetered customers for July-September 2024 revealed non-compliance with the monthly energy caps issued by the Commission.

“The non-compliant DisCos have been sanctioned to pay fines amounting to N628,031,583.94, which is equivalent to 5% of the naira value of the gross overbilling for the period under review. The Commission has also mandated the DisCos to issue commensurate credit adjustments to all customers affected by the overbilling by 15th May 2025 – the end of the April 2025 billing cycle,” NERC explained.

The ICIR reported in January this year that NERC revealed approximately 53.85 per cent of registered electricity customers across Nigeria remain unmetered.

It said 6,156,726, representing 46.15 per cent of 13,339,635 registered electricity customers, had been metered as of September 30, 2024, meaning that 7,182,909, representing 53.85 per cent, were unmetered electricity customers across the country.

In February 2024, The ICIR also reported that following the non-compliance of the 11 DisCos to cap estimated billing for unmetered customers in the country, NERC slammed N10.51 billion fines on them.

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Business

FG Signs $328M Agreement to boost Nigeria’s electricity supply

by Folarin Kehinde
written by Folarin Kehinde

The Federal Government of Nigeria (FGN) Power Company has announced the signing of a major Engineering, Procurement, Construction and Financing (EPC&F) contract with China Machinery Engineering Company (CMEC) group worth US$328,818,916.99 to boost power supply across Nigeria.

Minister of Power, Chief Adebayo Adelabu while speaking in Abuja on Wednesday at the signing ceremony stated that the project will ensure the rehabilitation and extensive construction of 330 kV and 132 kV transmission lines under Phase 1 of the Presidential Power Initiative (PPI) while preventing stranded capacity in the grid.

Adebayo explained that the project
with a load capacity of 7,140
megawatts will act as the arteries that carry the increased power generated through Nigeria’s midstream transmission projects directly to the homes, businesses, and industries adding that the project is deliberately designed to seamlessly complement the ongoing midstream transmission enhancements.

“By focusing on upgrading and expanding our transmission network, we are directly addressing a key bottleneck in the power sector value chain. This will translate to a significant improvement in electricity reliability and accessibility for millions of Nigerians fostering economic growth, creating jobs, and enhancing the quality of life for our citizens.”.

Meanwhile, Adelabu noted that the government is aware of the current power supply challenges but is working tirelessly to address them hence the contract signing but emphasized that Nigerians should join hands in protecting the nation’s critical assets while they continue working towards providing affordable and reliable power supply to Nigerians.

“This project, I also want to reiterate that it will involve a lot of installation of expensive wire lines, expensive substations that are seen as national, critical national assets, we urge Nigerians to join hands in protecting this because it’s going to be executed with taxpayers’ money. Even if it is through finance, the repayment of the financing will be from
taxpayers’ money.

“If we destroy our transmission or distribution assets, we are destroying our own personal assets. So this asset must be guarded and protected generously for us to have unaltered and undisturbed regular power supply to our people.”. he added.

Managing Director/Chief Executive Officer, FGN Power Company, Kenny Anuwe on his part stated that the signing signifies a critical and concrete step towards
addressing the power infrastructure challenges of Nigeria adding that the expansion and upgrade of Nigeria’s transmission infrastructure are crucial for effectively wielding the incremental power that is generated from the work that Siemens Energy does.

Anuwe noted that having recognized that a robust and reliable transmission network is the backbone of a stable power
sector, he stressed that the partnership with CMEC is a strategic move to strengthen that backbone and to
ensure that the investments being made in generation can translate into tangible benefits for the Nigerian populace.

“We are particularly delighted to partner with CMEC on this transformative project.
The global reputation for engineering excellence, project execution capabilities, and commitment to quality are well established both in Nigeria and elsewhere. We are confident that this expertise will be invaluable in delivering this crucial infrastructure efficiently at the highest standards.”.

“Today, we are forging a power alliance to meet Nigeria’s growing energy and infrastructure needs.This contract is not just a procedural step. It is a reaffirmation of our commitment to transparency, accountability, and delivering on the promises made to Nigerians. We are
determined to ensure that this project is executed diligently, efficiently, and with the utmostattention to quality and timelines.”. he added.

Responding, Vice-President, CMEC, Li Xiaoyu expressed optimism about the contract and the timely execution of the project for the benefits of Nigerians.

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Business

Fidelity Bank Distributes Food Packs to FCT Communities

by Folarin Kehinde
written by Folarin Kehinde

As part of its Corporate Social Responsibility (CSR) initiatives, leading financial institution, Fidelity Bank Plc, recently donated food packs to Federal Capital Territory (FCT) Abuja residents.

Themed, the Fidelity Food Bank initiative, the outreach saw the bank’s officials distribute the food items to seven communities in the Mabushi district of the FCT.

Speaking at the distribution event, the Executive Director, North, Fidelity Bank Plc, Mr. Sufiyanu Garba, emphasized the bank’s commitment to community development and its alignment with Sustainable Development Goal 2, which seeks to eradicate hunger.

“This initiative stems from our deep-seated responsibility to support underserved communities and contribute to the fight against hunger in Nigeria,” said Mr. Garba. “At Fidelity Bank, we firmly believe that by addressing the root causes of poverty and hunger, we can make a meaningful impact on the lives of those in need. While we may not be able to solve all societal challenges, our contributions are making a difference, as evidenced by the positive feedback we continue to receive.”

He further reiterated the bank’s commitment to empowering communities, stating, “We recognize the importance of fostering growth and prosperity within the communities where we operate. By investing in their well-being, we contribute to the creation of a more sustainable and equitable society.”

The Fidelity Food Bank is one of the key pillars of the bank’s CSR strategy, focusing on health and social welfare. As a nationwide project, the initiative seeks to provide food relief to underserved communities across Nigeria, with a particular focus on supporting women and children.

Expressing appreciation for the initiative, the District Head of Mabushi Community, Mr. Hassan Danagna, commended Fidelity Bank for its generosity and its impact on the community.

“Fidelity Bank’s support to our community is unprecedented, and we are deeply grateful for this initiative, which provides relief to vulnerable households and less privileged families,” said Mr. Danagna. “Given the current economic challenges, this support is timely, particularly as we approach the holy month of Ramadan.”

One of the beneficiaries, Mr. Mukhtar Mohamed, also expressed his gratitude to the bank, acknowledging the significant impact of food distribution.

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

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Business

Crude Oil Price Crash May Push Petrol Below N400/Litre – Refiners

by Folarin Kehinde
written by Folarin Kehinde

Crude Oil Refinery Owners Association of Nigeria has said that the price of Premium Motor Spirit (petrol) can drop below N400 per litre with the current crash in crude oil prices.

CORAN argued that there is no reason petrol should not be sold at NN350 per litre if crude prices eventually fall to $50 per barrel.

However, CORAN said petrol prices will continue to rise despite the crash in crude prices and the reduction in its landing cost.

CORAN feared that unless the Federal Government continues the naira-for-crude deal, the price of petrol will be on the rise even if the price of crude oil falls to $50 per barrel.

The PUNCH reports that oil prices plunged last week to $65 per barrel as the United States import tariffs and an unexpected OPEC+ supply hike erased $10 per barrel from global benchmarks.

The price had appreciated earlier when US President Donald Trump imposed tariffs on any country that buys crude from Venezuela.

However, oil prices turned the corner as of Friday, with Brent falling to $65, the first time since 2021.

According to oilprice.com, the combined effect of Trump’s import tariffs, OPEC+’s inopportune decision to speed up the unwinding of production cuts, and China’s retaliatory actions wiped off $10 per barrel from global oil prices, “with ICE Brent falling below $65 per barrel for the first time since August 2021.”

The US West Texas Intermediate crude futures lost $4.96, or 7.4 per cent to end at $61.99.

China’s retaliatory tariffs on US goods were said to have escalated a trade war that has led investors to price in a higher probability of recession.

China, the world’s top oil importer, announced it will impose additional tariffs of 34 per cent on all US goods from April 10.

According to Reuters, nations around the world have readied retaliation after Trump raised tariffs to their highest in more than a century.

Aside from the tariffs, another factor that further pressured oil prices was the Organisation of the Petroleum Exporting Countries and Allies’ decision to advance plans for output increases.

The group now aims to return 411,000 barrels per day to the market in May, up from the previously planned 135,000 bpd.

In a bulletin released by the Major Energies Marketers Association of Nigeria, it was disclosed that the landing cost of petrol has dropped from N885 the week before to N865 as of Saturday.

However, despite the landing cost reduction, the ex-depot price of petrol rose from N860 to N900 per litre in Lagos, signalling the failure of the Nigerian market to react positively to the market forces.

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