Author: Damilola

The Nigerian naira began the new month with slight movements against the US dollar, showing signs of stability across both official and parallel foreign exchange markets in early trading on Friday, May 1, 2026. At the NFEM, data from the FMDQ Securities Exchange indicated that the currency opened around N1,374.69 per dollar. This follows minor volatility recorded in the closing sessions of April, with the previous day’s rate settling close to the ₦1,375 level. Analysts say liquidity injections by the Central Bank of Nigeria continue to play a crucial role in keeping the naira within a stable range, even as…

A former People’s Democratic Party (PDP) governorship candidate, Abdul-Azeez Adediran, popularly known as Jandor, has stepped down from the 2027 Lagos State governorship contest under the All Progressives Congress (APC). Jandor announced his decision in a statement shared on his Facebook page on Thursday, just a day after purchasing the party’s expression of interest and nomination forms. He said his withdrawal followed the endorsement of Deputy Governor Obafemi Hamzat by key party figures, including President Bola Tinubu. “Following the endorsement of Dr Kadiri Hamzat by our Leader, the President of Nigeria, and Leaders of our party in Lagos, and in…

The United States Lawmakers , House Appropriations Committee has proposed new conditions for financial assistance to Nigeria, making part of the funding contingent on the country’s response to ongoing violence. The bill, which outlines US spending on national security, the State Department, and related programmes for the fiscal year ending September 30, 2027, includes provisions affecting aid to African countries, including Nigeria. Under the proposal, less than 15% of a $6.89 billion allocation would go toward national security investment programmes in Africa. It also earmarks $205 million for democracy initiatives and $5 billion for international humanitarian assistance, while $870 million…

The Supreme Court of Nigeria has nullified the national convention of the Peoples Democratic Party (PDP) held in Ibadan, Oyo State, on November 15 and 16, 2025. In a split ruling delivered on Thursday, three of the five-member panel dismissed the appeal brought by a faction of the party led by Tanimu Turaki, describing it as lacking merit. For more breaking news, visit nigeria news  Delivering the lead judgment, Justice Stephen Adah held that the appellants acted in defiance of a subsisting order of the Federal High Court, which had restrained them from going ahead with the convention. The court…

Global oil prices climbed sharply on Wednesday, with Brent crude briefly surging to $125.60 per barrel before easing to around $116.50 in early Thursday trading, according to data from Oilprice.com. The slight pullback represents a 1.47 per cent decline from its peak. The US benchmark, West Texas Intermediate, also recorded gains, trading at $106.72 per barrel, though it dipped marginally by 0.15 per cent in early sessions. The rally marks one of the most significant price increases since the onset of the Russia-Ukraine war, highlighting renewed volatility in global energy markets. Reports by the BBC indicate that the surge was…

The Nigerian naira maintained a steady performance against the US dollar in early trading on Thursday, April 30, 2026, across both official and parallel foreign exchange markets, signalling sustained stability amid cautious investor sentiment. At the official window, the Nigerian Foreign Exchange Market (NFEM), data from the FMDQ Securities Exchange showed the currency opened slightly stronger at ₦1,375.07 per dollar. The marginal appreciation reflects continued efforts by the Central Bank of Nigeria to stabilise the market through targeted interventions and improved liquidity management. Despite modest fluctuations, demand remains steady at the official market, particularly from corporate players seeking foreign exchange…

President Bola Tinubu has again removed a top official of a key oil and gas institution while the affected officer was out of the country on official duty, reinforcing a pattern that is drawing attention within policy and governance circles. In the latest development, the president sacked Saidu Mohammed as Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) while he was attending the Pipeline Technology Conference in Berlin. Earlier on Wednesday, the NMDPRA had announced via X that Mohammed was leading the agency’s delegation to the conference holding from April 27 to 30, 2026. However,…

The Inspector-General of Police, Tunji Disu, has approved the dismissal and prosecution of Assistant Superintendent of Police Nuhu Usman and other officers involved in the killing of a suspect in Effurun, Delta State. In a statement issued on Wednesday, Force Spokesperson, Anthony Placid, said the decision followed the findings of the Force Disciplinary Committee (FDC), which concluded that the officer acted in violation of established rules governing the use of firearms. According to the statement, the committee found that the officer “acted in gross violation of Force Order 237 and other extant regulations governing the use of firearms.” “Consequently, the…

The Federal High Court in Abuja has restrained MTN Nigeria and Airtel Networks Limited from suspending or limiting services provided to Nairtime Nigeria Limited, pending the resolution of a suit challenging regulatory actions affecting digital lending operations. The ruling, delivered on April 24, followed an ex parte application filed by Nairtime Holdings Limited and Nairtime Nigeria Limited, who alleged that the telecom operators were planning to disrupt their business activities. In the suit marked FHC/ABJ/CS/779/2026, the plaintiffs argued that the telcos intended to interfere with their access to critical platforms such as USSD channels, SMS, short codes, and billing systems,…

The Federal High Court in Abuja has restrained the Independent National Electoral Commission (INEC) from recognising or taking part in any congress organised by a disputed caretaker leadership of the African Democratic Congress (ADC). In a judgment delivered on Wednesday, Justice Joyce Abdulmalik also prohibited former Senate President David Mark and other key figures from interfering with the functions and tenure of duly elected state executives of the party. The ruling stems from a suit filed by Norman Obinna and six others on behalf of ADC state chairpersons and executive committees, who challenged the legality of actions taken by an…