Nigeria’s electricity sector reforms will struggle to succeed without clearer regulations and stronger alignment between federal and state authorities, according to a new report by PricewaterhouseCoopers. In its report titled “Priority actions for the successful evolution of Nigeria’s multi-tier electricity market,” PwC warned that regulatory uncertainty and overlapping mandates could undermine the country’s transition to a decentralised power system. The firm noted that as states take on greater control over intra-state electricity markets, conflicts with federal institutions are inevitable unless clearly defined rules are established. “Where transition arrangements are unclear or inconsistent, uncertainty rises for utilities, investors and consumers,” the…
Author: Elvis Eromosele
Africa’s richest man, Aliko Dangote, has urged Nigerians to prioritise local investment as a pathway to attracting foreign capital. Speaking at a public lecture at Federal University of Technology Owerri, themed “Enterprise, Leadership and Service to Humanity,” Dangote said foreign investors are more likely to commit funds when they see strong domestic confidence. “Foreign investment follows local confidence. It does not lead it,” he said. During the event, Dangote pledged to build a N550 million student hostel for the university and donated N25 million to students through the Student Union Government. Dangote emphasised that sustainable economic development must be driven…
Nigeria’s military expenditure surged by 55 per cent to $2.1 billion in 2025, driven by escalating insecurity across the country, according to a new report by the Stockholm International Peace Research Institute. The increase, from about $1.35 billion in 2024, places Nigeria among the fastest-growing military spenders globally and the second-largest in sub-Saharan Africa, behind South Africa. The report links the sharp rise to intensifying security challenges, including insurgency in the North-East, banditry in the North-West, and ongoing communal and separatist tensions. Nigeria’s spending played a major role in pushing total military expenditure in sub-Saharan Africa to $23.3 billion in…
The Nigerian Exchange Limited (NGX) has imposed N562.6 million in penalties on 32 listed companies for failing to meet financial reporting deadlines in the 2024/2025 financial year. Details from the latest X-Compliance Report released by NGX Regulation Limited show that the sanctions stem from delays in filing both audited (AFS) and unaudited financial statements (UFS), including repeat and multi-year breaches. Audited filings accounted for the larger share of sanctions at N371.8 million, while unaudited quarterly filings contributed N190.7 million, highlighting persistent compliance gaps across the market. Insurance firms emerged as the biggest defaulters, with Mutual Benefits Assurance Plc, Universal Insurance…
Lagos State Governor Babajide Sanwo-Olu has endorsed his deputy, Obafemi Hamzat, as his preferred successor for the 2027 governorship election. The endorsement followed a closed-door meeting at Lagos House, Marina, where Hamzat formally declared his intention to run before members of the State Executive Council and key party leaders. Speaking after the meeting, Sanwo-Olu said the decision reflected a broad consensus among stakeholders, describing his deputy as capable and prepared to lead the state. “He has worked with me with integrity, loyalty and commitment, and I am honoured by his decision to step forward,” the governor said. The meeting was…
Nigeria’s data regulator has confirmed that the $32.8 million penalty imposed on Meta Platforms Inc. was not scrapped but reduced under a negotiated settlement that swaps part of the fine for compliance commitments and public awareness campaigns. The Nigeria Data Protection Commission (NDPC) said the agreement followed reports claiming the fine had been quietly waived. Instead, the commission noted that Meta made an undisclosed payment, while the balance was converted into measures aimed at strengthening data protection practices. The case stems from a 17-month investigation launched in February 2025, during which the NDPC accused Meta of mishandling the personal data…
Something big is going on right now within the entertainment space that only those deeply involved in the sector are privy to. There is palpable excitement amongst not just veteran musicians but also contemporary artists. As you read this, preparations are in top gear for the opening and launch of Heritage Event Hall. In this exquisitely designed concert/event hall, musicians of diverse genres of music can gather to entertain their fans and express their artistic prowess. A place where people can walk in after a hard day’s work and listen to beautiful live music, from top artists, that will soothe…
A jury trial that could reshape the future of OpenAI and the wider AI industry begins Monday, as Elon Musk’s lawsuit against OpenAI and its leadership heads to court. At the centre of the dispute are OpenAI CEO Sam Altman and other executives, whom Musk accuses of abandoning the company’s original nonprofit mission in favour of profit-driven motives. The case is expected to feature testimony from some of the biggest names in tech and could influence OpenAI’s planned IPO and its competitive standing in the fast-moving AI race. Musk, who co-founded OpenAI in 2015 and later left the company after…
Kenya’s Sabastian Sawe has made marathon history after winning the London Marathon in a remarkable time of 1:59:30, becoming the first athlete to complete a sub-two-hour marathon in a competitive race. Sawe’s performance also sets a new world record, beating the previous mark of 2:00:35 set by the late Kelvin Kiptum at the Chicago Marathon. The sub-two-hour barrier has long been considered one of athletics’ most difficult milestones, often compared to the four-minute mile in track history. While Eliud Kipchoge previously ran under two hours in 2019, that achievement came in a controlled exhibition event and was not officially recognised as a record.…
The new Michael Jackson musical biopic Michael has stormed the global box office, setting a new record for the biggest opening weekend ever for a biopic. Starring Jaafar Jackson, the late pop icon’s nephew, in the title role, the film has grossed an estimated $217 million (£160 million) worldwide since its release on Wednesday. The performance surpasses previous record holders including Bohemian Rhapsody and even outpaces 2024’s Oppenheimer in opening-weekend biopic earnings. Industry executives have described the debut as exceptionally strong across diverse audience groups, signaling broad international appeal. However, audience and critic reactions have sharply diverged. While viewers have given the film overwhelmingly positive ratings,…