Yemisi Izuora The Securities and Exchange Commission (SEC) has confirmed that the adoption of the T+1 settlement cycle in Nigeria’s capital market is going on smoothly, describing it as a development that has enhanced competitiveness and provided relief to market participants. The Director-General of the SEC, Dr. Emomotimi Agama, stated this in an interview with journalists in Abuja at the weekend. Agama, who was represented by the Director, Registration, Exchanges and Market Infrastructure, Mrs. Hafsat Rufai, said both local and international investors had expressed satisfaction with the new settlement cycle. She said: “Feedback from them has been excellent. They…
Author: Orientalnews Staff
Yemisi Izuora The Central Bank of Nigeria (CBN) is hopeful of achieving the US$1 billion monthly target set by its Governor, Olayemi Cardoso. The achievement appears likely in the horizon as Nigeria recorded US$947 million in remittance inflows through International Money Transfer Operators (IMTOs) in July 2026, the highest monthly inflow ever recorded through formal channels. The IMTO inflows reached US$3.8 billion in the first seven months of 2026 50.2 per cent higher than the same period in 2025, pointing to a significant strengthening in flows through formal channels. The increase follows a series of reforms by the CBN aimed…
Yemisi Izuora Nigeria’s foremost economist and public affairs analyst, Dr. Muda Yusuf has called for concerted measures to attract massive investment in Nigeria’s downstream energy sector and in particular the petroleum refining industry. Yusuf, who is also the Chief Executive Officer (CEO), of the Centre for the Promotion of Private Enterprise [CPPE], said Nigeria’s petrol import policy despite huge gains from domestic refining investment is weakening the national economy. In a recent brief, he said, “Every avoidable litre imported creates demand for foreign exchange for product cost, freight, insurance and associated charges. Domestic refining retains a larger share of…
Uche Cecil Izuora The Centre for the Promotion of Private Enterprise [CPPE], has raised some fundamental issues about continuous indiscriminate importation of petroleum products to Nigeria saying the policy is killing domestic industries. In a policy brief titled, “Rising Petroleum-product Imports and the future of domestic refining’ the Chief Executive Officer, of the Center Dr. Muda Yusuf, explained that Petroleum-product imports should function as a transparent supply gap instrument not as a parallel market that displaces adequate domestic production. Yusuf, is of the understanding that whereas local refiners can supply products of acceptable quality, quantity and competitive market price,…
Yemisi Izuora The Dangote Petroleum Refinery and Petrochemicals may restrict sales of Premium Motor Spirit (PMS) to major marketers that continue to import petrol into Nigeria, amid concerns over product quality, market transparency and the integrity of products supplied under the Dangote brand. The proposed measure, which could take effect as early as this week, subject to further consultations and any last-minute intervention, reflects growing concerns over the continued entry of imported PMS into a market where substantial domestic refining capacity is now available. Sources familiar with the refinery’s position said the immediate concern relates to the fact that…
Uche Cecil Izuora Global oil demand has been projected to expand by 2.4 million barrels a day (mb/d) in 2027, a fresh report by International Energy Agency (IEA) shows. However, global oil demand is forecast to decline by 1.6 mb/d in 2026, 510 kb/d more than its estimate in last month’s Report, as the ongoing closure of the Strait of Hormuz and elevated fuel prices continue to weigh on oil consumption. The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market – including…
Joyce Onwuka The 2026 Akwaaba Travel Trade Expo is set to provide a major platform for The Gambia to showcase its tourism potential, strengthen business relationships and deepen its footprint in Nigeria and the wider African travel market. The Gambia Tourism Board (GTBoard) will participate in the 2026 edition of the Akwaaba Travel Market, scheduled for September 13–15, 2026, in Lagos, bringing together key players from across Africa’s tourism, travel and aviation industries. As part of its participation, Team Gambia will host a Destination Gambia Promotional Cocktail Reception on September 12, ahead of the main expo. The event will bring together travel…
Tunde Bakare The National Youth Service Corps (NYSC) has reaffirmed its commitment to strengthening its collaboration with the Joint Admissions and Matriculation Board (JAMB) in the interest of the public. The NYSC Director General, Brigadier General Olakunle Nafiu, stated this when he received the JAMB Registrar/Chief Executive Officer, Professor Segun Aina in his office in Abuja. General Nafiu congratulated Professor Aina on his appointment, noting that his experience as a former Corps Member who served with JAMB, coupled with his wealth of professional experience, would contribute significantly to his success in the new assignment. He described JAMB as a…
Joseph Bakare The Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) on Wednesday, August 26, 2026, facilitated the extradition of Mudashiru Afeez Olawale and Adebola Festus Adekunle to the United States of America, U.S., to face prosecution for allegedly sexually extorting two teenage boys in the U.S., resulting in their deaths. Olawale and Adekunle had been identified in separate investigations by the Federal Bureau of Investigation, FBI, in sextortion schemes targeting male minors, particularly those between the ages of 13 and 17, leading to the deaths of two minors. The schemes involved…
Uche Cecil Izuora The Nigeria Customs Service, Kebbi Area Command, has hosted a delegation from the Nigerien Customs (Douanes du Niger) at the Command Headquarters to deliberate on emerging issues affecting trade along the Kamba–Tungan Gyado border corridor, with a view to facilitating legitimate trade, generating revenue and bringing relief to communities on both sides of the border. The engagement was attended by the Customs Area Controller (CAC), Kebbi Area Command, Comptroller Mahmoud Matawalle Ibrahim; Comptroller, Douanes du Dosso, Niger Republic Abdoulaye Vincent; Chairman, Dendi Ganda, Sarkin Shikon Kamba Mamuda Zarumai; Secretary-General, SNAT Gaya, Abubakar Inusa; and other stakeholders.…