Nigerian Students Deliver Strong Medal Haul at 2026 Pan African Mathematics Olympiad

The depth of Nigeria's mathematical talent was on full display in Yamoussoukro, Côte d’Ivoire, where the country's secondary school team produced an impressive showing at the 2026 Pan African Mathematics Olympiad (PAMO) and the Pan African Mathematics Olympiad for Girls (PAMO-G), returning with five silver medals and two bronze medals.

The result adds another notable chapter to Nigeria's growing record in international academic competitions and reflects the steady emergence of a new generation of students capable of matching the continent's finest young mathematicians.

Details of the performance were released in Abuja by the Controller of Information and Public Relations at the National Mathematical Centre (NMC), Sheda, Onyekachi Njoku.

Among the medal-winning contingent, Aghaduno Chimfimnanya finished with two silver medals after reaching the podium in both the main Olympiad and the girls' classification. Oyerinde Damaris replicated the achievement, also collecting a silver medal in PAMO and another in PAMO-G. Lius Liu contributed an additional silver medal in the main competition, while Enwere Kingsley Ikenna secured a bronze medal in PAMO. Nigeria's second bronze came through the Pan African Mathematics Olympiad for Girls, a parallel ranking that evaluates female contestants using the same examination papers and marking criteria as the main contest.

The journey to the continental championship began long before the team arrived in Côte d’Ivoire. Njoku explained that every student earned a place in the national team through the Nigerian National Mathematical Sciences Olympiad, a competitive selection process organised by the National Mathematical Centre to identify the country's strongest young mathematics talents.

Organised each year by the African Mathematical Union (AMU) through its Commission on the Pan African Mathematics Olympiad (AMUPAMOC), the championship serves as Africa's foremost mathematics competition for secondary school students. Each participating nation fields six contestants, while the highest-scoring female competitor is recognised as the African Mathematics Queen.

Nigeria's delegation was led by the Acting Director and Chief Executive of the National Mathematical Centre, Prof. Benjamin Oyelami, who described the students' performance as a source of pride for the country.

He credited the Federal Government for providing the financial support that made the team's preparation and participation possible.

Oyelami said the National Mathematical Centre is intensifying efforts to strengthen mathematics education by improving teaching, expanding research and promoting more effective learning across the country's education system. He maintained that these reforms are designed to raise students' performance at every level and sustain Nigeria's competitiveness in major international mathematics contests.

He also expressed confidence that consistent government backing, combined with stronger preparation, would enable Nigerian students to secure even greater honours in future continental and global mathematics competitions.

Zenith Bank Retains Nigeria’s Banking Crown, Emerges Africa’s Best in Euromoney’s 2026 Rankings

Nigeria's banking industry has earned another major endorsement on the global stage, with Zenith Bank Plc securing two of the sector's most coveted honours at the Euromoney Awards for Excellence 2026. The bank was named Africa's Best Bank while also retaining the title of Nigeria's Best Bank for the second consecutive year, reinforcing the country's growing reputation for producing financial institutions that compete successfully at the highest international level.

The awards, presented in London, are among the banking industry's most respected benchmarks of excellence. Euromoney assesses financial institutions based on a broad range of performance indicators, including strategic execution, profitability, risk management, digital transformation and the impact they create for customers, shareholders and the wider economy.

Zenith Bank's latest triumph reflects a combination of strong financial fundamentals, sustained digital innovation, high-quality customer service and its continued contribution to economic development across Africa. The recognition further strengthens the bank's position as one of the continent's leading financial institutions.

Behind the international recognition is a year of remarkable financial performance. For the 2025 financial year, Zenith Bank reported gross earnings of ₦4.19 trillion and profit after tax of ₦1.04 trillion. The bank also improved the quality of its loan portfolio by reducing its non-performing loan ratio to 3.8 per cent, down from 4.7 per cent, demonstrating disciplined risk management alongside sustained growth.

Reacting to the achievement, the bank's Group Managing Director and Chief Executive Officer, Dr. Adaora Umeoji, described the awards as a reflection of the confidence customers and stakeholders continue to place in Zenith Bank. She said the recognition also speaks to the commitment, professionalism and dedication of the bank's workforce, whose efforts continue to drive the institution's pursuit of global standards.

According to Dr. Umeoji, the double recognition will further inspire the bank to expand financial inclusion, deliver superior value to customers and continue supporting businesses across Africa as it advances its vision of building a globally competitive African financial institution.

She also expressed appreciation to regulators in the countries where Zenith Bank operates for providing an enabling environment that supports the banking sector. In addition, she dedicated the awards to the bank's founder, Jim Ovia, acknowledging his vision and leadership in laying the enduring foundation of excellence that continues to define the institution.

The Euromoney honours add to an expanding list of global recognitions for Zenith Bank. Earlier, the institution was ranked Nigeria's number one bank by Tier-1 Capital for the 17th consecutive year in The Banker's 2026 Top 1000 World Banks ranking, further affirming its consistency, resilience and leadership within Nigeria's financial sector.

As Zenith Bank continues to earn international recognition, the achievement also reflects the strength and competitiveness of Nigeria's banking industry. The latest awards underscore the capacity of Nigerian financial institutions to meet global standards while supporting economic growth, expanding financial inclusion and strengthening Africa's position in the international banking landscape.

A New Chapter for Nigerian Culinary Talent Begins with Favour Bessan's Historic MasterChef Triumph

The inaugural season of MasterChef Nigeria has done more than introduce a globally celebrated cooking competition to the country. It has also created a landmark moment for Nigeria's culinary industry, establishing a national platform where technical excellence, creativity and storytelling through food take centre stage.

Among the contestants who embraced that challenge, 26-year-old Favour Bessan, popularly known as Favy, distinguished herself with consistent performances that combined innovation, composure and refined culinary skill. Week after week, she navigated increasingly demanding tasks, emerging as one of the competition's strongest contenders.

A turning point in her campaign came when she became the first contestant to win the MasterChef Nigeria Immunity Pin. Awarded to the winner of a high-pressure challenge, the pin protects its holder from future elimination, making it one of the competition's most valuable strategic advantages. The achievement not only secured her place in the competition at a crucial stage but also underlined her ability to excel when the stakes were highest, helping propel her to the semi-finals.

As the competition drew to a close, only Favy and fellow finalist Fads remained in contention for the inaugural title. Their final assignment required them to prepare a three-course menu that expressed their individual culinary identity, giving both contestants the opportunity to showcase their technique, creativity, presentation and storytelling.

Favy's menu earned the admiration of judges Chef Stone and Chef Eros, who commended her creativity, technical execution, presentation and the narrative behind her dishes. Her starter of smoked salmon served with potato mash and roasted bell pepper soup laid the foundation for a performance that ultimately set her apart.

When the final decision was announced, Favy was crowned the first-ever MasterChef Nigeria champion. Her victory earned her the coveted trophy and a grand prize worth ₦73 million, one of the largest prize packages ever awarded in a Nigerian reality television competition.

MasterChef Nigeria premiered earlier this year as the country's first adaptation of the internationally acclaimed cooking competition. With its successful debut, the franchise has opened a new chapter for competitive culinary arts in Nigeria, and Favour Bessan's name will forever be remembered as the first champion to lift the MasterChef Nigeria trophy.

Germany Plans Fresh Investments in Nigeria, Reaffirms Support for ECOWAS Security Efforts

Germany has announced plans to expand investment in Nigeria while reaffirming its support for the Economic Community of West African States (ECOWAS) in tackling terrorism and violent extremism across West Africa.

The commitment followed talks in Abuja on Wednesday between Nigeria's Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, and Germany's Foreign Minister, Johann Wadephul. The discussions centred on trade, investment, energy cooperation and regional security.

Wadephul, who was accompanied by senior government officials and business leaders, said the Nigeria-Germany Business Forum would continue to promote commercial ties and attract more German investment into Nigeria.

He noted that Nigeria remains Germany's largest bilateral trading partner in Europe, with trade between both countries growing by 10 per cent over the past year.

"As Nigeria's biggest European trading partner bilaterally, the volume of trade grew by 10 per cent last year," Wadephul said.

"With my visit, many more German investors will be investing in the country."

He also identified Nigeria's energy sector as an area of growing interest and said the Nigeria-Germany Bilateral Commission was performing optimally in advancing cooperation between both countries.

On regional security, Wadephul reaffirmed Germany's continued backing for ECOWAS as it confronts terrorism and violent extremism, particularly in the Sahel.

Recalling the long-standing relationship between both nations, he noted that Germany established its embassy in Lagos just three days after Nigeria gained independence in 1960 and expressed optimism about working with Odumegwu-Ojukwu to further strengthen bilateral ties.

Odumegwu-Ojukwu described Germany as one of Nigeria's most important strategic partners in Europe, saying cooperation has expanded beyond diplomacy to include trade and investment, development cooperation, renewable energy, education, vocational training, science and technology, migration, culture, peace and security.

She said Nigeria remains committed to deepening collaboration in renewable energy, digital innovation, artificial intelligence, critical minerals, manufacturing, agriculture, healthcare, infrastructure development and the green economy.

Describing the Nigeria-Germany Bi-national Commission as "the cornerstone of our bilateral engagement," the minister said its successful 2025 session reaffirmed both countries' commitment to expanding cooperation across key sectors.

She also commended Germany for its longstanding support for ECOWAS in promoting regional integration, democratic governance, peace-building, conflict prevention, humanitarian assistance and institutional capacity development.

According to the minister, evolving threats from terrorism, violent extremism, unconstitutional changes of government and transnational organised crime have made sustained international partnerships increasingly important.

She welcomed Germany's continued collaboration with ECOWAS and expressed Nigeria's desire for closer cooperation in advancing regional peace, security and economic resilience.

Odumegwu-Ojukwu also urged German businesses to take advantage of Nigeria's ongoing economic reforms by investing in renewable energy, manufacturing, critical minerals, transport infrastructure, agriculture, digital technology and industrial development.

She expressed confidence that the Abuja discussions would produce practical outcomes that would further strengthen relations between Nigeria and Germany while benefiting the citizens of both countries.

From Ebonyi to Britain: Salome Enoshi Uwah's Extraordinary Rise Earns National Recognition

Within a year of arriving in the United Kingdom, Salome Enoshi Uwah had built an academic profile that few postgraduate students achieve over an entire degree programme. Her story, which began with a fully funded scholarship from the Ebonyi State Government, has evolved into a remarkable account of academic excellence, innovation, leadership and service, one that has now earned national recognition.

That success reached another milestone when the Caribbean and African Health Network (CAHN) named her Black Student of the Year 2026 in London. The honour followed an exceptional academic year in which she graduated with Distinction from her Master's by Research in Artificial Intelligence at the University of Greater Manchester and received the institution's Vice Chancellor's Prize for Highest Academic Achievement, the university's highest honour for its top graduating student.

Her contributions extended far beyond the classroom as Uwah also supported teaching and innovation as a Research and Teaching Assistant at the Centre of Intelligence of Things while simultaneously leading the university's IEEE Student Branch and establishing the IEEE Women in Engineering Affinity Group as its Founding Chair.

She also played key roles in strengthening student life and academic support across the university. As International Student Community Chair, Student Success Coach and Class Representative, she worked closely with students from diverse backgrounds while representing their interests in various capacities. She further contributed to institutional development through the Staff Student Liaison Committee and the Student Engagement Panel, served as Vice President of Ebonyi State Scholars in Manchester, coordinated student welfare as TEDx Welfare and Operations Lead, and founded the Research Student Help Desk to assist postgraduate students embarking on research in Artificial Intelligence.

The initiative became an important support platform for emerging researchers, providing guidance in academic writing, research design and AI development. Through the programme, she mentored postgraduate students, helping many develop the confidence needed to navigate advanced study successfully.

Alongside these responsibilities, Uwah established an impressive academic record as she published 11 peer-reviewed papers indexed in IEEE Xplore, presented her work at several international conferences and won first place at the IEEE Women in Engineering International Leadership Summit Research Poster Competition in London, competing against researchers from different countries.

Her expertise also earned her a place on the international stage as she travelled to Geneva, Switzerland, as part of a team that delivered training on Artificial Intelligence and Automation at the World Trade Organization (WTO), contributing to discussions on how AI can shape the future of global institutions.

Her growing impact attracted further honours with her receiving the Associate Fellowship of Advance HE (AFHEA) for her contribution to teaching and learning and she was selected as an Aspen UK Rising Leaders Fellow. The University of Greater Manchester also presented her with both its Gold Award and Silver Award for leadership, employability and service, while recognising her twice on its Wall of Fame for making outstanding contributions to university life.

Impressive as those accomplishments are, they tell only part of the story. Behind the awards, international recognition and academic success lies a personal journey defined by courage, sacrifice and unwavering determination.

In 2025, Uwah left Nigeria to pursue her Master's by Research in Artificial Intelligence at the University of Greater Manchester after securing a fully funded overseas scholarship. She travelled to the United Kingdom alone, leaving behind her four-month-old daughter until she had settled into her new academic environment.

Behind every milestone was an extraordinary level of personal sacrifice. Alongside the demands of postgraduate study, she balanced campus responsibilities with mentoring, marriage and motherhood, demonstrating remarkable resilience throughout one of the most demanding periods of her life.

Reflecting on the experience, she said:

"Every award represents a sacrifice that no one saw. There were days I was a researcher, a student leader, a mentor, a wife and a mother all at once. My story is proof that challenges do not define our future. With faith, hard work and the support of those who believe in us, impossible dreams can become reality."

Uwah has since begun a PhD in Artificial Intelligence at Robert Gordon University in Scotland. Her doctoral work focuses on Psychointelligence, an emerging field exploring how Artificial Intelligence can better understand and support human behaviour, wellbeing and decision-making.

She also acknowledged the impact of the Ebonyi State Government's overseas scholarship programme, expressing gratitude to Governor Rt Hon Francis Ogbonna Nwifuru, the Ebonyi State Scholarship Board and the Government of Ebonyi State.

"I am deeply grateful for the opportunity they gave me. Their investment has changed my life, and I remain committed to using the knowledge, skills and global exposure I have gained to contribute to the development of Ebonyi State, Nigeria and the wider world."

Salome Enoshi Uwah's achievements demonstrate the transformative power of investing in education and creating opportunities for talented young Nigerians. From earning some of Britain's highest student honours to contributing to international conversations on Artificial Intelligence and advancing cutting-edge doctoral research, she has shown what is possible when determination meets opportunity. Her remarkable rise is not only a personal triumph but also another inspiring example of Nigerian excellence making a meaningful impact on the global stage.

Burna Boy Sets the Pace Again as Africa's Best-Selling Artiste

For years, Nigerian music has continued to transcend borders, transforming local sounds into a global cultural force and at the forefront of that movement stands Burna Boy, whose latest international recognition once again underscores the growing commercial strength of Nigeria's creative industry.

The Grammy Award-winning singer has reclaimed the position of Africa's best-selling artiste of all time after recording 14.46 million Equivalent Album Sales (EAS) worldwide, according to global music analytics platform Chartmasters.

The achievement marks another defining moment for the Port Harcourt-born musician, whose rise from a Nigerian star to an international entertainment powerhouse gathered global momentum following the success of his 2018 hit single, "Ye." Since then, Burna Boy has consistently expanded the reach of African music through chart-topping releases, sold-out concerts at major international venues and an ever-growing worldwide audience.

Among the projects that have cemented his global reputation are African Giant (2019) and Love, Damini (2022), both of which rank among the most-streamed African albums on Spotify. Combined with his remarkable touring success, these projects have helped establish him as one of Africa's most commercially successful music exports.

Unlike traditional album sales, Equivalent Album Sales (EAS) measures an artiste's commercial performance across multiple formats. The globally recognised industry metric combines album purchases, physical and digital single sales, and streaming activity into a single standardised figure, allowing achievements across platforms such as Spotify and Apple Music to be assessed on the same scale.

According to Chartmasters, Burna Boy's 14.46 million equivalent album units were accumulated through a combination of album sales, physical and digital single sales, as well as streaming equivalents, rather than traditional album purchases alone.

The latest Chartmasters ranking adds another significant international milestone to Burna Boy's career and further reinforces his commercial impact on the global music industry.

Burna Boy's return to the summit is another testament to a career that continues to redefine the global possibilities for Nigerian music. His sustained commercial success reflects not only his individual artistry but also the increasing worldwide appetite for sounds emerging from Nigeria and by extension Africa.

Beyond celebrating one artiste, the latest ranking highlights the expanding influence of Nigeria's creative economy. As Nigerian musicians continue to dominate streaming platforms, headline iconic venues and shape international music trends, they continue to strengthen the country's reputation as one of the world's leading exporters of musical talent.

Investor Confidence Grows as 31 Companies Secure 37 Oil and Gas Blocks in Nigeria's 2025 Licensing Round

Nigeria's upstream petroleum industry has recorded another major development following the conclusion of the 2025 Licensing Round, with 31 companies emerging as successful bidders for 37 oil and gas blocks spread across producing and frontier basins.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which conducted the exercise at the Transcorp Event Center in Abuja on July 21, 2026, described the outcome as a reflection of sustained investor interest in the country's hydrocarbon potential. The licensing round drew participation from 143 companies, which collectively submitted 200 bids for 37 of the 50 oil and gas blocks offered.

The available acreage covered a wide geographical spread which included 16 blocks in the Niger Delta Onshore, 18 in the Niger Delta Shallow Water, one in the Niger Delta Deep Offshore, three in the Benin Basin Onshore, four in the Anambra Basin Onshore, four in the Chad Basin Onshore and four in the Benue Trough.

Although 13 of the 50 blocks did not receive bids, the commission noted that interest extended beyond Nigeria's traditional producing areas into frontier basins such as the Benue Trough, Chad Basin, Anambra Basin and Benin Basin. According to the NUPRC, this is the first time in the country's energy history that frontier basins have attracted this level of investor participation during a licensing round.

The successful bidders, listed alphabetically, are:

• Asharami — 2A41
• Attabanson Global Company Limited — 2A33 and PPL 901
• AYM Shafa — 2A57
• Blackrock Holdings Limited — 2A58
• Blueridge E&P — 2A54
• BVOF — 2A43
• CFP Pipeline and Flowlines — 2A30
• Clinton Oil Field — 2A48 and 2A62
• Concept-Reel Petroleum Services Limited — 2A47 and 2A55
• Dakoda & U Limited — PPL 308 and PPL 800
• Dutchford E&P Limited — 2A32
• Eyre Energy Limited — PPL 801
• Funtay Integrated Business Limited — 2A59
• Gupsco Energy Limited — 2A44 and 2A51
• Highban Resources Limited — PPL 700
• Italia — 2A53
• Lanaka Petroleum — PPL 903
• LexOil — 2A42
• Network E&P — 2A40
• Nikstallis — 2A61 and PPL 900
• Nuway Oaklane Limited — 2A49
• Pivot-GIS Limited — 2A39
• Ramec — 2A50
• Riparian Development and Production Limited — 2A60
• Rosem Energy Limited — 2A38
• Saratoga — 2A45
• Southborne Oil and Gas Limited — PPL 902
• SSonic Petroleum Limited — PPL 2A29
• Stardeep Petroleum — PPL 2010
• Up Energies Limited — 2A56
• Volante — 2A46

The commission explained that the announcement of successful bidders does not amount to a final allocation of the assets. Each company must fulfil all post-award obligations, including payment of the applicable signature bonus, before receiving a final award. The process also requires the approval of the Minister of Petroleum Resources in accordance with the Petroleum Industry Act (PIA) 2021.

NUPRC Chief Executive Officer Oritsemeyiwa Eyesan congratulated the successful companies and urged them to move swiftly in meeting these obligations. She warned that companies that fail to pay their signature bonuses and commence asset development risk losing the assets under the commission's "drill or drop" policy.

Eyesan had earlier stated that any successful bidder that does not satisfy the stipulated conditions within 90 days would forfeit the award.

She also acknowledged the support of the federal government in enabling the commission to deliver what it described as a seamless 2025 Licensing Round.

Beyond the successful bids, the exercise highlights Nigeria's continued efforts to attract investment into its upstream sector while expanding exploration beyond established producing regions. The strong response to opportunities in frontier basins points to growing confidence in the country's long-term energy prospects and reinforces Nigeria's position as one of Africa's leading destinations for petroleum investment.

Nigeria's Olabisi Joseph Shatters ISF Barrier, Becomes First Woman to Lead Africa

Leadership barriers continue to fall for Nigerians on the global stage, and this time the breakthrough has come through school sports.

In a landmark moment for both Nigeria and Africa, Olabisi Joseph, President of the Nigeria School Sport Federation (NSSF), has been elected Continental President for Africa of the International School Sport Federation (ISF), becoming the first African woman and the first woman in the history of the federation to occupy the continental leadership position.

The election was held during the 2026 ISF General Assembly in Belgrade, Serbia, where delegates from 82 countries assembled to deliberate on the future of school sports. A total of 79 votes were cast in the election that ushered Joseph into her new role.

While the result represents a personal milestone for the Nigerian sports administrator, it also signals the growing confidence in Nigeria's role in shaping the future of school sports across Africa. Her emergence further strengthens the country's standing in the development and administration of school sports on the continent.

Joseph's rise to continental leadership has been built over years of service and trailblazing accomplishments.

Before taking the helm of the NSSF, she served as Secretary of the federation, contributing to the growth of school sports administration in Nigeria. In 2019, she rewrote the federation's history books by becoming its first female president, emerging unopposed during the NSSF elective congress held at the Teslim Balogun Stadium in Surulere, Lagos. Her stewardship later earned renewed confidence from stakeholders, leading to her re-election for a second term at the 2024 NSSF Annual General Meeting in Abuja.

The Nigeria School Sport Federation has described her latest achievement as a proud moment for the country and the African school sports community.

In a statement signed by NSSF Secretary-General Ijeoma Olopade, the federation congratulated Joseph and reaffirmed its commitment to supporting her as she begins her continental assignment.

"On behalf of the NSSF executives, state coordinators, management, staff and the entire Nigerian student community, we celebrate this milestone and pledge our full support as she takes on this continental responsibility to advance school sports for African children," the statement read.

The federation added: "We congratulate her and wish her a successful and impactful tenure."

As she steps into her new continental role, Joseph carries not only the hopes of the Nigeria School Sport Federation but also the pride of a nation steadily strengthening its presence in global sports administration. Her historic election is a defining moment for African school sports and further reinforces Nigeria's growing reputation for producing visionary leaders capable of shaping the future of sport on the international stage.

First HoldCo Leads Historic Reshuffle as Nigeria's Banking Giants Add Nearly ₦700 Billion in Market Value

A fresh wave of investor confidence swept through Nigeria's banking sector on Monday, driving the combined market value of the country's listed banks to ₦25.85 trillion, up from ₦25.18 trillion recorded on July 17.

The latest trading session on the Nigerian Exchange (NGX) did more than lift valuations as it also reshaped the hierarchy among the country's largest lenders, with First HoldCo displacing Zenith Bank to become the most valuable banking institution listed on the exchange.

The rally further reinforced the dominance of Nigeria's biggest financial institutions as First HoldCo, Zenith Bank and Guaranty Trust Holding Company (GTCO) now account for 54.6 percent of the banking sector's total market capitalisation on the NGX.

The biggest story of the day belonged to First HoldCo. A strong 9.95 percent appreciation in its share price propelled the lender to the top of the market value rankings. Its shares climbed from ₦95.95 on July 17 to ₦105.50 at the close of trading on Monday, adding ₦9.55 per share. That performance increased the company's market capitalisation by ₦434.28 billion, lifting it from ₦4.36 trillion to ₦4.797 trillion.

Although Zenith Bank surrendered the number one position, it also enjoyed a positive trading session. Its share price rose by 2.36 percent, advancing from ₦114 to ₦116.70 per share. The gain translated into an additional ₦110.88 billion in market value, pushing its capitalisation from ₦4.68 trillion to ₦4.792 trillion, only narrowly behind First HoldCo.

GTCO maintained its place among the market leaders despite recording a slight decline. The lender's share price slipped from ₦129.20 on July 17 to ₦129 at the close of trading on July 20, resulting in a ₦7.31 billion reduction in market capitalisation from ₦4.72 trillion to ₦4.71 trillion.

Beyond the three market leaders, trading activity produced varying fortunes across the sector. United Bank for Africa (UBA) emerged as one of the strongest performers during the session. The bank's share price climbed from ₦45.50 to ₦48.40, representing a 6.37 percent increase. The rally added ₦128.16 billion to its market value, raising its capitalisation from ₦2.01 trillion to ₦2.13 trillion and securing fifth position among Nigeria's listed banks.

Stanbic IBTC Holdings retained fourth place with a market capitalisation of ₦2.65 trillion after its shares closed unchanged at ₦166.90. Ecobank Transnational Incorporated (ETI) also recorded a flat trading session, maintaining a market value of ₦1.55 trillion as its share price remained at ₦85.70, placing it sixth.

One of the notable changes in the rankings occurred just below the top six. Access Holdings climbed from eighth to seventh position after its market capitalisation increased by ₦27.18 billion, rising from ₦1.35 trillion to ₦1.38 trillion. The improvement followed a modest increase in its share price from ₦25 to ₦25.50.

The movement came at the expense of Fidelity Bank, which slipped to eighth place. Its market capitalisation declined by ₦3.15 billion, falling from ₦1.38 trillion to ₦1.37 trillion after its share price eased slightly from ₦21.85 to ₦21.80.

Wema Bank continued its steady upward momentum, strengthening its standing as the ninth most valuable bank on the NGX as its market value increased from ₦1.22 trillion to ₦1.23 trillion after its share price gained ₦0.45, or 1.47 percent, to close at ₦30.90, up from ₦30.45.

FCMB Group also delivered a strong performance. Its market capitalisation climbed by ₦65.95 billion from ₦712.30 billion to ₦778.26 billion as its share price advanced from ₦10.80 to ₦11.80.

Sterling Financial Holdings Company rounded out the list of the 11 listed banks. The company ended Monday's trading with a market capitalisation of ₦530.73 billion, up from ₦527.43 billion on July 17. The increase of ₦3.29 billion followed a 0.62 percent rise in its share price from ₦8.00 to ₦8.05.

The latest NGX figures illustrate the resilience of Nigeria's banking sector and the continued appetite of investors for banking stocks. While First HoldCo's rise to the top marks the most significant shift in the latest rankings, the bigger picture is one of sustained growth across the industry, with several lenders recording sizeable gains in market value as competition among Nigeria's banking giants continues to intensify.

Nigeria’s Oil Licensing Round Enters Crucial Stage as 143 Firms Compete for 50 Blocks

Nigeria's drive to attract fresh investment into its upstream petroleum industry is reaching a decisive stage as 143 companies prepare to compete for 50 oil and gas blocks under the 2025 Licensing Round.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will host the invitation-only Commercial Bid Conference on Tuesday, July 21, 2026, at the Conference Centre of the Transcorp Hilton Hotel in Abuja. The event brings together companies that successfully advanced through the commission's prequalification process.

The licensing round is expected to support the government's efforts to increase crude oil and natural gas production, attract new upstream investment, strengthen energy security, boost government revenue and provide feedstock for Nigeria's expanding domestic refining industry.

Investor interest has remained strong throughout the process. Of the 286 companies that applied for prequalification, 196 advanced to the technical and commercial bidding stage. From that group, 143 companies submitted a total of 200 bids for the 50 available blocks, indicating that several firms are bidding for multiple assets.

The blocks are spread across both established and frontier basins. They include 16 in the Niger Delta Onshore, 18 in the Niger Delta Shallow Water, one in the Niger Delta Deep Offshore, three in the Benin Basin Onshore, four in the Anambra Basin Onshore, four in the Chad Basin Onshore and four in the Benue Trough.

According to NUPRC's Head of Media and Corporate Communications, Eniola Akinkuotu, all qualified companies have been formally invited to attend the commercial bid conference.

Winning bids will be determined through a weighted technical and commercial evaluation based on signature bonus commitments, work programme commitments and performance security commitments.

The licensing exercise began on November 11, 2025, following the announcement of the 2025 Licensing Round under the Petroleum Industry Act, 2021. The bid portal opened on December 1, 2025, while a pre-bid conference was held on January 14, 2026, at Eko Hotels and Suites in Lagos to guide prospective bidders through the process.

Applications closed on February 27, 2026, and the prequalification exercise was completed on March 16, 2026, paving the way for the commercial bidding stage.

The exercise comes as Nigeria continues reforms aimed at creating a more predictable investment environment after years of challenges, including regulatory uncertainty, insecurity, ageing infrastructure, project delays and high operating costs in the upstream sector.

As the commercial bid conference begins, the outcome will be closely watched as another step toward unlocking new exploration opportunities, increasing production and creating greater economic value from Nigeria's petroleum resources.

Nigeria-Morocco Gas Pipeline Moves Closer to Reality as ECOWAS Strengthens Support for $25 Billion Energy Corridor

For more than a decade, the Nigeria-Morocco Gas Pipeline has stood as one of Africa's boldest infrastructure ambitions, a project envisioned not only to transport natural gas across borders but also to deepen regional cooperation, expand industrial capacity and strengthen energy security across West Africa. That vision has now gained fresh drive following a landmark decision by the Economic Community of West African States (ECOWAS).

Member states of the regional bloc have signed an intergovernmental agreement backing the estimated $25 billion pipeline, bringing participating countries another step closer to turning one of Africa's largest cross-border energy projects into reality.

The agreement was signed on Sunday in Freetown, Sierra Leone. The development was confirmed in a joint statement issued by the Nigerian National Petroleum Company (NNPC) Limited and Morocco's National Office of Hydrocarbons and Mines (ONHYM).

Designed to connect Nigeria's abundant natural gas reserves with markets across West Africa, Morocco and Europe, the pipeline will stretch approximately 6,900 kilometres along a combination of offshore and onshore routes. Once operational, it is expected to transport up to 30 billion cubic metres (bcm) of natural gas annually through 13 West African countries before reaching Morocco. Of that volume, 15 bcm each year will be supplied to Morocco and European markets through the existing gas pipeline connecting Morocco to Spain.

The project, first agreed upon about a decade ago by the King of Morocco and the Nigerian President, is expected to play a strategic role in improving access to cleaner energy while supporting electricity generation, industrial development and mining activities across participating countries. It is also seen as a major contributor to regional energy integration and long-term energy security.

Years of technical preparation have already been completed. According to ONHYM and NNPC, both the feasibility study and the Front-End Engineering Design (FEED) phases have been successfully concluded, clearing important technical hurdles ahead of construction.

Attention is now shifting to the next diplomatic milestone as the joint statement disclosed that Morocco and Mauritania are expected to sign a separate agreement in the presence of Nigeria's President, a move that will further advance implementation of the transcontinental pipeline.

The latest breakthrough builds on several years of regional collaboration. In June 2022, the Federal Executive Council approved NNPC to execute a Memorandum of Understanding (MoU) with ECOWAS to facilitate construction of the pipeline from Nigeria through West Africa to Morocco and onward to Europe. The momentum continued in December 2022 when NNPC signed additional MoUs with five African countries to strengthen cooperation on the project.

Further confidence in the initiative came in March 2024, when the then Group Chief Executive Officer of NNPC, Mele Kyari, announced that the Final Investment Decision (FID) was expected before the end of 2024.

While the scale of the project has inevitably presented challenges including financing requirements, extensive cross-border coordination and the complexity of constructing one of the world's longest offshore gas pipelines, work has continued to progress.

Earlier in 2026, reports indicated that Nigeria and Morocco were preparing to conclude the intergovernmental agreement, a development widely regarded as essential for unlocking the construction phase. With ECOWAS member states now formally endorsing the agreement, the project has crossed another major milestone.

ONHYM believes the pipeline will serve as a catalyst for economic integration across West Africa by expanding access to natural gas, accelerating industrialisation, improving electricity generation and reinforcing regional energy security.

As governments continue to advance the remaining agreements and financing arrangements, the Nigeria-Morocco Gas Pipeline is steadily moving from long-term vision to implementation. Beyond its engineering scale, the project represents a strategic investment in regional connectivity, positioning Nigeria at the centre of an energy corridor expected to drive economic growth, strengthen cooperation among African nations and enhance the continent's role in global energy markets.

Nigeria Strengthens Electricity Access with $75 Million Battery Rental Investment

For millions of Nigerians, reliable electricity is more than a convenience, it is the foundation for thriving businesses, better healthcare, improved education and stronger local economies. As efforts to bridge the country's power gap continue, investment is increasingly flowing into practical renewable energy solutions that can serve communities beyond the national grid.

The latest example is a $75 million battery rental programme that will expand access to affordable electricity across Nigeria over the next several years.

The investment follows an agreement between the Rural Electrification Agency (REA) and Africa-focused battery rental company MOPO, which is backed by Octopus Energy Group Ltd. Under the arrangement, MOPO will expand its battery rental operations across Nigeria by 2030. According to a company statement, implementation will begin with a pilot programme later in 2026 before extending nationwide over the following five years.

Unlike conventional off-grid systems that often require households to purchase expensive solar home systems or depend on mini-grids, MOPO's approach allows customers to rent rechargeable batteries for the hours they need them. By removing the need for significant upfront investment, the model offers households and small businesses another option for accessing dependable electricity.

Explaining the concept, MOPO Chief Operating Officer Luke Burras said the company was addressing challenges that have limited the reach of existing off-grid solutions.

"We solve a lot of the problems that mini-grids and solar home systems struggle with," Burras said.

"We rent batteries to customers for hours. We're not asking them to buy an asset in the case of solar home systems, and we're not asking investors to place a huge bet on their future usage as with mini-grids."

MOPO said the collaboration with the Rural Electrification Agency supports broader efforts to expand reliable, affordable and clean electricity across Nigeria and the African continent.

The agreement also reflects the federal government's continued emphasis on off-grid electrification through the Rural Electrification Agency.

Earlier in 2026, the agency announced plans to invest ₦100 billion in hybrid mini-grids for government institutions within and outside Abuja. The allocation forms part of the National Public Sector Solarisation Programme, which is included in the REA's ₦170 billion budget proposal for 2026.

The agency also expanded regional cooperation in February 2026 by signing a Memorandum of Understanding with the Economic Community of West African States (ECOWAS). The agreement will deploy solar power systems to 15 public institutions across Nigeria under the Regional Off-Grid Electricity Access Project (ROGEAP), a World Bank-supported initiative aimed at expanding off-grid electricity access across West Africa and the Sahel.

As part of the programme, ECOWAS will provide a $700,000 grant to install solar photovoltaic systems in selected rural health centres and schools across the Federal Capital Territory, Niger State and Nasarawa State.

These projects are part of a wider effort to make electricity more accessible through renewable and off-grid technologies. While Nigeria continues to invest in expanding energy access, the need remains significant. According to the World Bank and the African Development Bank, nearly 560 million people across sub-Saharan Africa still lack access to electricity, a reality that continues to affect education, healthcare delivery, productivity and economic development.

Each new investment broadens the range of energy solutions available to Nigerians. As public institutions, development partners and private investors continue to support innovative approaches, battery rental is emerging as another practical option for extending reliable electricity to more homes, businesses and communities across the country.

Nigeria's Omoniyi Ibietan Earns Fresh APRA Mandate

Nigeria has further strengthened its standing in Africa's strategic communication community with the re-election of Dr. Omoniyi P. Ibietan as Secretary General of the African Public Relations Association (APRA), a renewed vote of confidence in one of the country's most accomplished communication professionals.

The election took place at the APRA General Assembly in Swakopmund, Namibia, where Mr. Arik Karani of Kenya emerged as President while Professor Michele Mekeme of Cameroon was elected Vice President.

Ibietan brings decades of experience to the continental role. As Head of Media Relations at the Nigerian Communications Commission (NCC), he leads key aspects of the Commission's corporate communication strategy. His career has spanned journalism, public service, academia and communication management, including service as Special Media Adviser to the Federal Minister of Information and Communication, where he helped drive the adoption of new media in government communication. A Fellow of both the Nigerian Institute of Public Relations (NIPR) and APRA, he holds a doctorate in Communication from North-West University, South Africa, and is the author of Social Media, Social Demography, and Voting Behaviour in Nigeria, published in 2023.

Congratulating him on his re-election, Minister of Information and National Orientation Mohammed Idris described the outcome as a fitting recognition of Ibietan's professionalism, dedication and enduring contributions to the growth of public relations across Africa.

The Minister said the renewed mandate reflects the confidence of communication professionals across the continent in Ibietan's leadership and expressed optimism that he would continue to strengthen collaboration within the profession while advancing Africa's digital transformation agenda.

He also praised APRA for its steadfast commitment to ethical communication and professional excellence, expressing confidence that Nigeria's hosting of the 37th APRA Annual Conference and the World Public Relations Forum in Abuja later this year will further consolidate the country's position as a leading voice in strategic communication on the continent.

Nigeria Strikes Gold on World Spelling Stage in Shanghai

Nigeria has opened its account at the Spelling Bee World Cup in spectacular fashion, winning the Middle School Group Category at the 2026 competition in Shanghai, China, during the country's first appearance at the global event.

The place in Shanghai was earned through strong performances at the African Spelling Bee Championship and the Nigeria Spelling Bee, where the country's representatives secured qualification for the World Cup.

Representing Nigeria were Chinedu Okediachi of Madonna International Schools, Asaba; Maryam Yusuf of Ar-Raheem International College, Ilorin; Oluwadamilola Adeolu of St. Lawrence Metropolitan College, Ado-Ekiti; and Abdurrahman Yusuf, also of Ar-Raheem International College, Ilorin.

Ar-Raheem International College separately celebrated the success of its students, confirming that Abdurrahman Yusuf and Maryam Yusuf both won medals at the 2026 Spelling Bee World Cup Final in Shanghai.

The team's performances in China were built on an impressive showing at the African Spelling Bee Championship in Harare, Zimbabwe. There, Abdurrahman Yusuf finished third, Nigeria placed second overall, while Oluwadamilola Adeolu emerged the 2026 African Spelling Bee Junior Champion after defeating contestants from more than 30 African countries.

Before the competition, Adeolu said she was honoured to represent Nigeria as part of the Nigerian and African Spelling Bee delegation. She said she looked forward to meeting outstanding young spellers from across the world, broadening her vocabulary, strengthening her confidence and returning home with the World Cup trophy.

In the build-up to the tournament, held from July 10 to July 20, the Nigeria Spelling Bee described the team's qualification as the product of consistent hard work, tracing its progress from the national championship to the continental competition before reaching the World Cup. The organisers also noted that the students would compete on behalf of both Nigeria and the African continent against some of the world's finest young spellers.

The gold medal victory capped a memorable debut for Nigeria at the Spelling Bee World Cup and added another international academic honour to the country's expanding list of achievements by young Nigerians.

US Congress Honours Nigerian Business Leader Atta Onoja for Expanding Africa-Caribbean Trade

Nigerian business executive Onoja Atta Onoja has received a congressional proclamation from the United States Congress in recognition of his contributions to strengthening trade, investment and private-sector cooperation between Africa, the Caribbean and the United States.

The honour was presented by Hakeem Jeffries, a leader in the US Congress, during the Guyana Independence Celebration Committee of New York's commemoration of Guyana's 60th Independence Anniversary. The event brought together diplomats, business leaders, policymakers and members of the African and Caribbean diaspora committed to expanding economic collaboration across the regions.

The proclamation recognised Onoja's more than two decades of leadership in the shipping, distribution, marketing and energy sectors, as well as his contributions to international business development, service on corporate boards and efforts to deepen commercial engagement between emerging economies and the United States.

As President of the African Caribbean Chamber of Trade, Commerce and Industry (ACCTCI), Onoja has championed trade, investment and institutional partnerships connecting Africa, the Caribbean and North America, creating stronger pathways for businesses to collaborate across borders.

Speaking after receiving the honour, Onoja said the recognition reinforced the need to build practical partnerships that deliver shared economic growth.

"This recognition reinforces the importance of creating practical opportunities for businesses to trade, invest and innovate together," he said.

"Our shared history must now evolve into shared economic prosperity."

The recognition comes as Nigeria seeks to maximise opportunities under the African Continental Free Trade Area (AfCFTA) while expanding commercial relationships with emerging global markets.

Industry stakeholders say the congressional proclamation reflects the growing international standing of Nigerian business leaders who are advancing global commerce through institution-building, strategic partnerships and economic diplomacy. It also reinforces Nigeria's expanding role in shaping cross-border trade and investment across Africa and beyond.

Nigeria Unveils $350,000 Accelerator to Help Homegrown Tech Startups Scale

Every successful technology company begins with an idea, but only a handful make the leap from promising innovation to sustainable business. For many Nigerian founders, the biggest hurdle is securing the capital, guidance and investor access needed to move beyond the early stages.

To address that challenge, the Federal Government has opened applications for the iDICE Startup Bridge Growth Lab, a 12-week accelerator under the Investment in Digital and Creative Enterprises (iDICE) Programme, implemented by the Bank of Industry (BoI).

The initiative will select 12 promising Nigerian technology startups, with participants drawn from each of the country's six geopolitical zones, ensuring opportunities are spread across the federation.

Successful startups will receive a $100,000 cash investment, or its naira equivalent, in exchange for 7.5 per cent equity, subject to the programme's terms and conditions. Those that meet specified performance milestones may also qualify for follow-on funding of up to $250,000, bringing the total potential investment to $350,000.

The Growth Lab is the next stage of the iDICE Startup Bridge founder development pathway. It builds on the earlier Founders Lab, which helps entrepreneurs validate and refine business ideas. This phase is designed for startups that have already developed a Minimum Viable Product (MVP) and are preparing to strengthen their operations and attract external investment.

National Coordinator of iDICE Startup Bridge, Ife Adebayo, said selected founders will benefit from structured business support, investment-readiness preparation, access to industry experts, strategic business networks and market expansion opportunities alongside the available funding.

The programme is open to technology-enabled startups that have operated for no more than 12 months, provided their founders reside in any of Nigeria's six geopolitical zones. Applicants must have moved beyond the MVP stage and demonstrate market validation through users, customers, pilot projects, partnerships, waitlists or other evidence of demand. They must also commit to participating fully in the hybrid programme.

The accelerator combines virtual learning with two weeks of physical engagements in Lagos, where participants will work with mentors and industry specialists to refine their business strategies.

Applications opened on July 15, 2026, and will close on August 19, 2026. Interested founders can apply through www.idicestartupbridge.ng.

The organisers also encouraged female technology professionals to apply, noting that successful participants will be chosen through a transparent, merit-based evaluation process.

The programme reflects a continued effort to expand opportunities for innovative Nigerian entrepreneurs by connecting promising startups with the expertise, networks and investment required to build stronger businesses and compete on larger stages.

Oyinkansola Badejo-Okusanya Makes History as Nigerian Bar Association Elects Second Female President

Senior Advocate of Nigeria (SAN), Mrs. Oyinkansola Badejo-Okusanya, has been elected the 33rd President of the Nigerian Bar Association (NBA), becoming only the second woman to lead the country's foremost association of legal practitioners.

Her emergence followed the conclusion of the NBA's 2026 national officers' election, which experienced delays after technical challenges and a cyberattack disrupted the voting process. The results were announced on Sunday at the NBA National Secretariat in Abuja by the Chairman of the Electoral Committee of the Nigerian Bar Association (ECNBA), Aham Ejelam, SAN.

According to the ECNBA, 26,106 votes were recorded in the election. Badejo-Okusanya secured 12,317 votes, representing 47.18 per cent of the total votes cast, defeating Lateef Akangbe, SAN, who polled 7,934 votes, representing 30.39 per cent. The third presidential candidate, Olumuyiwa Akinboro, SAN, received 5,855 votes, accounting for 22.43 per cent.

The election also produced a new national leadership as Oghenero Okoro emerged as First Vice-President with 11,024 votes, Afam Okeke was elected General Secretary with 8,478 votes, Aghogho Gladys won the office of Assistant General Secretary with 14,312 votes, while Chinelo Audrey Ofoegbunam secured the position of Welfare Secretary after polling 14,911 votes.

Badejo-Okusanya will serve a two-year tenure from 2026 to 2028, becoming the first woman to head the association in more than three decades after Priscilla Kuye, who served as the NBA's first female president between 1991 and 1992.

Although the president-elect was absent during the declaration of the results, Aminu Gadanya, SAN, a member of her campaign team, explained that a flight delay prevented her attendance. He added that she intends to extend a "handshake of friendship" to all contestants as part of efforts to strengthen unity within the association.

Her election crowns a legal career shaped by courtroom advocacy, public service, institutional reform and commercial dispute resolution, an experience that has placed her among the respected figures in Nigeria's legal community.

Long before her emergence as NBA president, Badejo-Okusanya had built a reputation in commercial litigation and alternative dispute resolution. She is currently a Partner at Africa Law Practice (ALP), where she co-heads the firm's Litigation and Dispute Resolution Practice, representing private individuals, corporations and government institutions in complex commercial disputes before trial and appellate courts across Nigeria. Her practice also spans domestic and international commercial arbitration, while she has successfully mediated numerous disputes as an advocate of alternative dispute resolution.

Her understanding of Nigeria's justice system was equally shaped by years in public service. Between 2007 and 2011, she served as Senior Aide on Justice Sector Reform in the Lagos State Attorney-General's Office, contributing to justice sector reforms, public-sector policy, arbitration legislation, public-private partnerships, as well as product liability and consumer protection initiatives. She later served as General Counsel to the Governor of Lagos State from 2011 to 2015, providing legal guidance on key government matters.

Those responsibilities were built on an earlier foundation at Olaniwun Ajayi LP, where she developed her advocacy skills at one of Nigeria's leading commercial law firms before moving into other leadership roles within the profession.

Away from legal practice, Badejo-Okusanya has contributed to the growth of arbitration and dispute resolution in Nigeria through several strategic assignments. She served on the Executive Committee of the Chartered Institute of Arbitrators (Nigeria Branch), was a member of the Reform of the Arbitration and Conciliation Act Committee, participated in the Nigeria Economic Summit Group's National Assembly Business Environment Roundtable (NASSBER) Arbitration and Dispute Resolution Working Group, and has served on the Board of the Lagos Court of Arbitration since 2015.

Her professional standing extends beyond Nigeria as she is an Accredited CEDR Mediator, a Fellow of the Chartered Institute of Arbitrators (CIArb), and a member of the International Council for Commercial Arbitration (ICCA), Arbitral Women, the Commonwealth Lawyers Association, the Nigerian Bar Association and the International Bar Association.

Her areas of professional interest include intellectual property, media and entertainment law, regulatory compliance and public sector policy, disciplines that complement a career defined by legal practice, institutional development and justice sector reform as she begins her tenure as the 33rd President of the Nigerian Bar Association.

Tems Sets Historic Record as First African Female Artist with RIAA Diamond-Certified Single

Grammy Award-winning Nigerian singer Temilade Openiyi, popularly known as Tems, has become the first African female artist to earn a Diamond-certified single from the Recording Industry Association of America (RIAA).

She reached the milestone through "Wait For U," her collaboration with American rapper Future and Canadian rapper Drake. The song surpassed 10 million certified units in the United States, qualifying it for Diamond certification.

Music analytics platform Chart Data reported that the record has gone even further, accumulating more than 11 million certified units in the U.S. and earning an 11-times Platinum certification from the RIAA.

The achievement makes Tems one of only two African artists to receive an RIAA Diamond-certified single. Nigerian superstar Wizkid was the first to reach the milestone through his collaboration with Drake on "One Dance."

Since breaking onto the international scene, Tems has established herself as one of Nigeria's most successful music exports. She has won multiple Grammy Awards, received nominations for several major international honours, and collaborated with some of the biggest names in the global music industry.

Fans and music enthusiasts have widely celebrated the achievement, describing it as another significant milestone for Nigerian music. The recognition also reflects the continued international growth of Afrobeats and the increasing global reach of Nigerian artists.

Nigeria Unveils Unified Framework for Virtual Assets

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, introducing a unified framework to strengthen the regulation of cryptocurrencies, stablecoins, tokenised assets, blockchain-based financial products and other virtual assets in Nigeria.

The Executive Order comes as the country's digital asset industry continues to grow, increasing the need for closer coordination among regulators. Instead of creating a new regulator, the framework aligns the activities of existing agencies to improve oversight, close regulatory gaps and provide greater clarity for businesses and investors.

Central to the new framework is the establishment of the Virtual Asset Council, chaired by the Central Bank of Nigeria (CBN). The Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) will serve as vice-chairpersons, while the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA) will also be represented. The council will coordinate policy, strengthen collaboration among agencies and work with the Attorney General of the Federation to develop a harmonised legal framework for the sector.

A Virtual Asset Office, domiciled at the CBN, will serve as the council's operational arm and will coordinate information sharing, regulatory applications and reporting through a shared supervisory technology platform to improve efficiency across participating institutions.

The Presidency stressed that the Executive Order does not create a new regulator or alter the statutory powers of existing agencies. Digital assets classified as securities will remain under the SEC, while payment, settlement, custody and other non-security virtual asset services will continue to be supervised by the CBN.

The framework also introduces a CBN regulatory sandbox, allowing eligible firms to test virtual asset products, blockchain solutions and related services under regulatory supervision before they enter the wider market. The initiative will enable regulators to assess the impact of emerging technologies on financial stability, consumer protection, market integrity, financial inclusion, monetary policy and government revenue.

To strengthen compliance, the Nigeria Revenue Service will issue a tax policy clarifying how existing tax laws apply to virtual asset businesses and transactions. The Federal Government also revealed that it is finalising a comprehensive Virtual Assets White Paper to outline Nigeria's long-term policy direction for the industry.

According to the Presidency, the coordinated framework is designed to tackle regulatory weaknesses that have exposed the country to financial fraud, money laundering, terrorism financing, cybercrime, data privacy risks and revenue losses, while creating a safer environment for legitimate operators.

The Executive Order builds on recent efforts by the SEC to strengthen oversight of the digital asset market, including the admission of seven additional companies into its Accelerated Regulatory Incubation Programme earlier this month.

By bringing key institutions under a single coordinating framework, the government aims to support innovation, enhance investor confidence, strengthen consumer protection and position Nigeria as a leading hub for responsible digital asset development in Africa.

Ajayi Beats World Champion Again in London

Nigeria's rise in global sprinting moved to a new level on Saturday as Kayinsola Ajayi defeated reigning 100-metre world champion Oblique Seville to win the men's 100m at the London Diamond League.

The victory further cements the 21-year-old's status among the world's elite sprinters and strengthens Nigeria's hopes of returning to the podium in the men's sprint events at the 2026 Commonwealth Games. Nigeria did not win an individual medal in the discipline at the 2022 Commonwealth Games in Birmingham, but Ajayi's recent performances have changed expectations.

Ajayi stopped the clock at 9.84 seconds, equalling the Nigerian national record for the third time in two months. The triumph also marked his second consecutive Diamond League 100m title and his second victory over Seville in as many weeks.

The race was fiercely contested through the opening 50 metres, with Ajayi and the Jamaican locked together before the Nigerian unleashed a powerful finish to pull clear in the closing metres and seal another memorable victory.

Seville finished second in 9.87 seconds, while Great Britain's Romell Glave claimed third with a personal-best 9.97 seconds. Cameroon's Emmanuel Eseme also ran 9.97 seconds but narrowly missed the podium in fourth place.

The strength of the field underscored the significance of Ajayi's performance. South Africa's Gift Leotlela and American Jordan Anthony both dipped below the 10-second mark, finishing fifth and sixth respectively in 9.99 seconds. Great Britain's Zharnel Hughes placed seventh in 10.02 seconds, followed by Jeremiah Azu in eighth with 10.07 seconds.

Ajayi's outstanding season began before the Diamond League. He is the National Collegiate Athletic Association (NCAA) champion in both the men's 60m indoor and 100m outdoor events.

His wind-assisted 9.72-second run to claim the NCAA outdoor title placed him joint sixth alongside Jamaican legend Asafa Powell on the all-conditions list of the world's fastest 100m sprinters. Only Usain Bolt, Tyson Gay, Yohan Blake, Obadele Thompson and Andre De Grasse have recorded faster times.

With another Diamond League victory, another win over the reigning world champion and a national record-equalling performance, Ajayi continues to showcase Nigeria's growing strength in world athletics as anticipation builds for the 2026 Commonwealth Games.

Standard Chartered Nigeria's Lagos Headquarters Earns IFC EDGE Green Building Certification

Standard Chartered Bank Nigeria Limited has secured the International Finance Corporation's (IFC) EDGE (Excellence in Design for Greater Efficiencies) Green Building Certification for its Lagos Head Office, marking another milestone in Nigeria's growing adoption of globally recognised green building standards.

The certification follows a comprehensive assessment of the building's design, construction and operational performance, including independent third-party audits. The EDGE programme recognises buildings that achieve measurable improvements in energy, water and material efficiency.

The bank's Lagos headquarters recorded 20.85 percent energy savings, 23.53 percent water savings and a 99 percent reduction in embodied carbon in construction materials. These results were achieved through features such as roof insulation, high-performance glazing, efficient cooling systems and water-efficient fixtures.

Chief Executive Officer of Standard Chartered Bank Nigeria Limited, Deji Adelagun, said the recognition reflects the bank's commitment to integrating responsible business practices into its operations while creating long-term value. He noted that the institution applies the same standards internally that it encourages among its clients and communities, adding that the Lagos Head Office demonstrates how environmental responsibility and operational resilience can go hand in hand.

For the International Finance Corporation, the achievement illustrates the wider opportunities within Nigeria's commercial property sector.

Dahlia Khalifa, IFC Regional Director for Central Africa and Nigeria, said Standard Chartered has shown that organisations can begin by applying high environmental standards within their own facilities. She added that, as part of the World Bank Group, IFC considers resource-efficient buildings essential to supporting lower-carbon and more resilient economic growth. According to her, Nigeria's commercial sector is well positioned to accelerate the adoption of green buildings, and she expressed hope that the bank's achievement would encourage other institutions to pursue EDGE certification.

Celestine Aruoture, Head of Commercial Real Estate and Services at Standard Chartered Bank Nigeria Limited, said improvements in energy, water and material efficiency have reduced the building's environmental footprint while creating a more resilient workplace for employees and clients.

Dr MKO Balogun, EDGE Expert and Group Chief Executive Officer of GPFI Holdings Ltd, described the project as another step toward expanding the adoption of EDGE-certified buildings across Africa. He said the successful outcome demonstrated the importance of collaboration between committed building owners and experienced commercial real estate teams. He added that GPFI Holdings would continue supporting building owners and occupiers in maintaining and improving green building performance.

The achievement highlights how resource-efficient commercial buildings can lower operating costs while contributing to lower-carbon growth across Nigeria's built environment.

Standard Chartered is a leading international banking group operating in 54 of the world's most dynamic markets. The group is listed on the London Stock Exchange and the Hong Kong Stock Exchange and says its purpose is to drive commerce and prosperity through its unique diversity.

Dangote Refinery Raises $2.5 Billion Ahead of Planned IPO

 

Nigeria's Dangote Petroleum Refinery has secured $2.5 billion through a private placement, reinforcing investor confidence as it prepares for a planned initial public offering (IPO) later this year.

The fundraising was confirmed by the refinery's Group Executive Director, Devakumar Edwin, and will support expansion plans, including increased refining capacity, a stronger presence in Nigeria's domestic fuel market, and growth in export operations.

The successful raise underscores strong market interest in what is widely regarded as the world's largest single-train refinery, located on the outskirts of Lagos. Although the participating investors could not be independently identified due to limited disclose, demand for the offer was significant. Subscriptions reportedly exceeded $2 billion, with a minimum investment of one million shares valued at $350,000. Additional subscriptions were available in blocks of 500,000 shares, while all shares carry a 365-day lock-up period, according to people familiar with the transaction.

The private placement follows a June fundraising exercise that valued Dangote Petroleum Refinery at $39.1 billion, during which the company offered 3 billion ordinary shares at $0.35 per share.

The refinery's planned IPO remains one of Africa's most closely watched capital market transactions. Earlier reports indicated that Aliko Dangote was considering listing about 10% of Dangote Petroleum Refinery and Petrochemicals FZE on multiple African stock exchanges to fund the next phase of expansion across his industrial businesses.

In June, the Securities and Exchange Commission (SEC) halted promotions linked to an unauthorised public offering, clarifying that the company had neither filed for nor received approval to launch an IPO. The regulator also directed capital market operators to remove promotional materials, stop accepting subscriptions or expressions of interest, and refund any funds already collected from prospective investors.

Ahead of the expected listing, the National Pension Commission (PenCom) granted Pension Fund Administrators (PFAs) a special regulatory waiver to invest pension assets in the refinery's IPO once regulatory approval is obtained. 

Beyond the IPO, Dangote Petroleum Refinery is expanding its refining and petrochemicals operations while advancing plans to replicate the refinery model in Kenya, supporting broader industrial growth across Africa.

The successful $2.5 billion capital raise further strengthens the refinery's expansion plans and highlights growing investor confidence in one of Nigeria's most transformative industrial projects.

Nigeria Seal 2026 African Volleyball Nations Cup Qualification

 

Nigeria's resurgence in African volleyball scaled new heights on Friday as the men's national team secured qualification for the 2026 African Volleyball Nations Cup with another commanding performance at the Zone 3 qualifiers in Abidjan, Côte d'Ivoire.

The qualification means Nigeria will compete at the continental championship scheduled for September 7 to 21 in Kinshasa, Democratic Republic of Congo, after producing an unbeaten run through the qualifying tournament.

The decisive moment came against Benin Republic in a contest that demanded resilience. Nigeria found themselves behind after Benin edged the opening set 25-21 in a fiercely contested encounter that featured controversial officiating. Instead of allowing the setback to derail their campaign, the Nigerian side responded with composure and determination.

They levelled the match by taking the second set 25-21 before raising the intensity in the closing stages. Nigeria dominated the third set 25-15 and wrapped up the fourth 25-20, completing a 3-1 comeback victory. The result not only confirmed Nigeria's qualification but also inflicted Benin Republic's first defeat of the tournament.

The victory capped an impressive qualifying campaign for Nigeria, who had earlier defeated Niger Republic 3-1, Ivory Coast 3-0 and Togo 3-1 to establish themselves as one of the strongest teams in the competition.

For the Nigeria Volleyball Federation, the achievement underscores the steady growth of volleyball in Nigeria.

Federation President Musa Nimrod described the qualification as another encouraging milestone, pointing out that Nigeria's men will compete in Congo while the women's national team has also secured qualification for a similar continental competition in Kenya.

"We are delighted with the steady growth of volleyball in Nigeria. Our recent qualification for the competition in Congo and the qualification of our women's team for Kenya are clear signs that the sport is moving in the right direction," Nimrod said.

Beyond the senior teams, the federation is already looking ahead. According to Nimrod, preparations have commenced for Nigeria's Under-19 Boys National Team ahead of its upcoming competition in Egypt.

"As we continue our journey, preparations are underway for our U-19 Boys National Team ahead of their upcoming competition in Egypt. We ask for your prayers and support as we work to overcome a few remaining challenges. We are confident everything will fall into place," he said.

Nimrod also acknowledged the contribution of the media to the sport's growing visibility, thanking journalists for their continued commitment to covering volleyball and helping project the federation's activities positively.

Although qualification has already been secured, Nigeria's campaign in Abidjan is not yet over. The team will conclude its Zone 3 qualifiers with a final fixture against Burkina Faso on Saturday, aiming to preserve its unbeaten record before shifting attention to the African Volleyball Nations Cup in Kinshasa.

CBN Launches Digital FX Tracker, Introduces New Rules for BDC Forex Purchases

The Central Bank of Nigeria (CBN) has introduced a new digital framework for Bureau De Change (BDC) operators purchasing foreign exchange from authorised dealer banks, marking another step in the modernisation of Nigeria's foreign exchange market.

The framework, which takes immediate effect, establishes stricter compliance requirements and a central electronic platform aimed at improving transparency, efficiency, liquidity and orderly participation in the retail segment of the Nigerian Foreign Exchange Market (NFEM).

Contained in a July 15 circular signed by Aderinola Shonekan, Director of the Trade and Exchange Department, the guidelines implement the CBN's February 10, 2026 directive that restored licensed BDCs' access to the official FX market through authorised dealer banks.

At the core of the reforms is the FX BDC Purchase Tracker (FXBT), a centralised portal through which all eligible BDCs must submit purchase requests electronically to any authorised dealer bank of their choice. The CBN prohibited banks from imposing exclusivity arrangements, referral fees or any condition that limits a BDC's choice of banking partner.

Only BDCs with valid and subsisting CBN licences are eligible to participate. Operators under regulatory sanctions, with suspended licences or restricted operations remain ineligible until those sanctions are lifted.

Before processing any transaction, authorised dealer banks must complete Know Your Customer (KYC) and Customer Due Diligence (CDD) checks, obtaining each BDC's licence certificate, Tax Identification Number (TIN), Corporate Affairs Commission (CAC) incorporation documents, beneficial ownership information and the contact details of principal officers. Banks must also conduct enhanced due diligence for higher-risk operators and update KYC records annually or whenever ownership or management changes materially.

The CBN said no foreign exchange should be disbursed to any BDC that fails to meet these requirements.

Banks are required to acknowledge purchase requests within two business hours. Approved applications will be confirmed through the FXBT portal, while rejected requests must clearly state the reason, including incomplete KYC documentation, exhaustion of the weekly purchase limit, unresolved compliance issues or internal risk concerns.

The regulator retained the weekly purchase cap of $150,000 per BDC across all authorised dealer banks and prohibited third-party transactions. All FX purchased under the framework must be credited only to the BDC's registered settlement account with a licensed financial institution.

The guidelines also require any unused FX purchased through the NFEM to be sold back into the market within 24 hours after the utilisation period expires. Failure to comply could result in forfeiture of the funds, suspension of access to the NFEM and other regulatory sanctions. BDCs must also disclose any unused balances from the previous week when submitting new purchase requests, with banks factoring those balances into weekly purchase limits.

Licensed operators are expected to continue filing electronic returns covering weekly FX purchases, sales to end users, settlement methods and unutilised balances.

The CBN warned that breaches of the guidelines or its February 10, 2026 circular will attract sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Foreign Exchange Act. Penalties include monetary fines, suspension of access to the NFEM, withdrawal of BDC licences, revocation of authorised dealer status for banks that facilitate violations and referral to law enforcement agencies where criminal conduct is suspected.

The apex bank said its Trade and Exchange Department will monitor compliance through on-site and off-site examinations, which may be conducted without prior notice. Existing banking relationships may continue, but all transactions must comply with the new operational framework.

Abia Targets Renewable Energy Growth with Proposed $145 Million Solar Manufacturing Facility

A proposed $145 million solar manufacturing facility is set to strengthen Abia State's position in Nigeria's expanding renewable energy industry, with expectations that the investment will stimulate industrial production, create employment opportunities, and enhance local manufacturing capacity.

The planned factory, to be located at Umuelele in Isiala Ngwa South Local Government Area, will be developed by MD Nwakanma Nigeria Limited in partnership with Chinese technical experts. The facility is expected to manufacture solar panels and other renewable energy components for the growing clean energy market.

Beyond increasing domestic solar equipment production, the project is expected to generate skilled and unskilled jobs, support youth training programmes, and contribute generally to the economic development within the state.

Providing an update on the initiative, the company's representatives disclosed that preparations have reached an advanced stage, with the first tranche of project financing scheduled for release in September 2026. Members of the Chinese technical team have also visited the proposed site as part of ongoing assessments ahead of construction.

The company explained that the project will be delivered through a Public-Private Partnership arrangement involving the Abia State Government. According to its leadership, the factory is expected to become an important driver of renewable energy manufacturing while helping to build local technical expertise in the clean energy sector.

During a meeting with the investors in Umuahia, Governor Alex Otti reaffirmed his administration's commitment to attracting productive investments by maintaining a business-friendly environment. He noted that the state had already facilitated access to the land required for the project and pledged continued support to ensure its successful implementation.

The governor said the importance of the investment extends beyond its monetary value, noting that the project has the potential to expand industrial activity, create sustainable jobs, boost economic output, and improve living standards across the state. He added that his administration remains committed to supporting investors whose projects align with Abia's long-term economic development objectives.

If completed as planned, the solar manufacturing plant is expected to become a major addition to Nigeria's renewable energy manufacturing industry while reinforcing Abia State's drive to expand its industrial base and promote sustainable economic growth.