Nigeria’s financial markets began 2026 under intense strain as the Central Bank of Nigeria (CBN) withdrew more than ₦15 trillion from the banking system in January, reinforcing its tight monetary stance amid stubborn inflation and persistent foreign exchange pressures. Data from the CBN and insights from market operators show that the aggressive liquidity mop-up signals the apex bank’s determination to prioritise macroeconomic stability over near-term liquidity relief, keeping borrowing costs elevated and investor sentiment cautious. Although headline system liquidity improved slightly from December levels, analysts say the marginal recovery masked the scale of cash sterilisation carried out during the…
Author: Elvis Eromosele
Disney’s incoming chief executive, Josh D’Amaro, is set to receive a compensation package worth about $38 million as he prepares to take over from longtime CEO Bob Iger next month. D’Amaro, who currently heads Disney’s theme parks and experiences division, will earn a base salary of $2.5 million annually, according to filings with the U.S. Securities and Exchange Commission. He will also receive a one-time bonus of $9.75 million when he formally assumes the role. In addition, D’Amaro will be awarded $26.2 million in long-term stock incentives each year, along with an annual performance bonus of up to 250% of…
The Federal Government plans to end its sole responsibility for electricity subsidies beginning with the 2026 budget, as President Bola Ahmed Tinubu has directed that the cost of power subsidies be shared across federal, state and local governments. Under the new approach, any tier of government that chooses to reduce electricity tariffs for its residents must clearly identify how the subsidy will be funded, ensuring transparency and accountability. The directive was disclosed on Monday in Abuja by Tanimu Yakubu, Director-General of the Budget Office of the Federation, during a training programme for government officials. Yakubu said the move is…
Nigeria’s Federal High Court in Abuja has affirmed the validity and enforceability of a ₦52 billion arbitral award, plus accrued interest, in favour of Chams Consortium Limited against the National Identity Management Commission (NIMC) over a long-running dispute tied to Nigeria’s national identity card programme. The judgment, delivered on December 11, 2025, arose from a disagreement over a 2007 concession agreement for the production and management of Nigeria’s national identity cards. In its ruling, the court held that the arbitral tribunal was properly constituted, had jurisdiction, and that its decision was valid and enforceable under Nigerian law. Chams Holding…
The Lagos State House of Assembly has ordered an immediate halt to demolition activities in the Makoko community, directing all relevant ministries and agencies to suspend the exercise pending further engagement with residents. The directive followed a meeting between lawmakers and affected residents of Makoko and Oworonshoki, convened to address concerns arising from the recent demolition exercise. The meeting was led by the Majority Leader of the House, Noheem Adams, who also chairs the House Committee on Makoko Demolition. Adams instructed all ministries and agencies involved to stop all demolition activities in Makoko, Oko-Afon and Shogunro communities. He assured…
Despite sitting on some of the world’s largest oil and gas reserves, Nigeria and many African countries still spend more than $120 billion annually importing refined petroleum products and hydrocarbon-related services, Heineken Lokpobiri, Nigeria’s Minister of Petroleum Resources (Oil), has said. Lokpobiri disclosed this on Tuesday in Abuja at the Nigerian International Energy Summit (NIES), describing the massive import bill as not only a financial drain but a missed opportunity for economic transformation. According to him, Africa’s continued dependence on fuel imports reflects a failure to retain value within the continent through local refining, infrastructure development, and industrial participation.…
There are voices that entertain, and then there are voices that disciple. Ron Kenoly belonged firmly to the latter. For many of us who found our feet as young believers in the 80s and 90s, Ron Kenoly was not just a gospel artist; he was the soundtrack of our early walk with God. His songs were the background music of long prayer meetings, early morning fellowships, youth services, and those moments when faith was still raw, earnest, and deeply sincere. When we sang “Majesty, worship His Majesty,” we weren’t performing a song; we were learning reverence. When “Righteousness, peace and…
…Appoints new Non-Executive Director Cadbury Nigeria Plc has announced a profit before tax (PBT) of N17.27billion for the full year 2025, following the Company’s Board of Directors’ approval of its unaudited financial statements. This represents a 161 per cent increase in profit over the loss of N28.33billion that the Company recorded for the same period in 2024. The Company’s gross profit rose by 101 per cent from N18.23billion to N36.60billion in the period under review, while it reported a profit of N12.09billion for the year ended 31 December 2025, reversing a loss of N22.22billion that it had reported for the…
The Joint Admissions and Matriculation Board (JAMB) has reminded prospective candidates that registration for the 2026 Unified Tertiary Matriculation Examination (UTME) will close before the end of February, urging applicants to complete all required processes on time to avoid last-minute challenges. According to the examination body, several critical milestones have been scheduled for February 2026 and candidates are advised to take note of them. The deadline for selecting the optional mock examination is February 16, 2026, after which no changes will be allowed. The sale of JAMB e-PINs, which are required to commence registration, will end on February 26, 2026.…
Starbucks is betting on artificial intelligence and automation to help reverse years of sluggish sales and restore customer traffic across its US stores. At some drive-through locations, customers are now greeted by AI-powered systems that take orders, while inside stores, baristas use virtual assistants to recall recipes, manage schedules, and speed up service. In the back of the shop, automated scanning tools are handling inventory counts, reducing stock shortages that have frustrated customers. The technology push is part of hundreds of millions of dollars in investments by the 55-year-old coffee chain as it seeks to win back customers after…