₦airaland Forum

MTN, Airtel Generate N3.6 Trillion from Data as Nigeria’s Internet Usage Surges — The Business Bureau

The Business Bureau reports that MTN Nigeria and Airtel Nigeria generated over N3.6 trillion from data services in 2025, underscoring the structural shift in Nigeria’s telecom revenue model toward internet-driven earnings.

While data overtook voice as the primary revenue stream for operators several years ago, the pace of expansion in 2025 significantly outstripped voice growth, reflecting deeper digital penetration across households and businesses.

MTN Airtel Data Revenue Nigeria The Business Bureau Analysis

According to audited financial reports, MTN Nigeria generated N2.8 trillion from data in the year ended December 31, 2025 — a 74.5% increase compared to N1.6 trillion in 2024.

The company disclosed that data traffic surged by 34.0%, while average usage per subscriber climbed 20% to 13.1GB annually.

“The structural demand for data in Nigeria was demonstrated by the 34.0% increase in data traffic on our network,” MTN CEO Karl Toriola stated.

Similarly, Airtel Nigeria recorded N838.6 billion in data revenue for the nine months ended December 31, 2025 — representing 67.4% growth from N500.8 billion in the corresponding period of 2024.

Data usage per Airtel customer rose 26.2% to 10.7GB monthly, while smartphone penetration increased to 54.1%.

Combined, both operators generated approximately N3.64 trillion from data alone.

Nigeria Telecom Data Consumption 2025 Hits Record Levels

Industry data from the Nigerian Communications Commission (NCC) confirms that data consumption continued rising despite the 50% tariff adjustment approved in January 2025.

In May 2025, Nigerians consumed 1.04 million terabytes — the highest monthly record since the regulator began publishing detailed consumption statistics in 2023.

By December 2025, data usage had climbed further to 1.38 million terabytes, setting a new peak.

The increase indicates that demand elasticity remains strong, with consumers prioritising connectivity despite higher pricing.

What Is Driving the Surge?

Experts attribute the growth to Nigeria’s expanding digital economy.

Short-form video platforms, livestreaming, remote work tools, online gaming, and fintech applications are accelerating bandwidth consumption across income segments.

According to digital marketing analyst Idowu Ayodele, monetisation policies across major social media platforms are incentivising higher video uploads and content creation.

Telecom analyst Adewale Adeoye also noted that autoplay video applications significantly increase background data usage, especially among younger demographics.

Investment Pressure on Operators

For telecom operators, surging data demand requires aggressive capital expenditure.

MTN disclosed that it invested N1 trillion in network capacity expansion in 2025 — more than double its previous year’s capex.

Airtel Nigeria CEO Dinesh Balsingh confirmed accelerated fibre infrastructure deployment nationwide, targeting both urban hubs and underserved communities.

Industry analysts note that sustained network investment will determine competitive positioning in 2026 as data consumption continues to scale.

Regulatory Backdrop

On January 20, 2025, the NCC approved a 50% tariff adjustment covering voice, data, and SMS services.

The average cost of 1GB increased from N287.50 to N431.25, though advertised retail rates currently average around N587.50.

This marked the first major pricing review in over a decade, as operators cited inflationary pressures, forex volatility, and rising energy costs.

Bottom Line

The 2025 financial results confirm a structural digital transformation in Nigeria’s telecom sector.

As The Business Bureau analysis shows, data is no longer supplementary — it is the core engine of telecom profitability.

If current consumption trends persist, 2026 may see further revenue expansion — but only if infrastructure investments keep pace with demand.

Source: The Business Bureau

APC Congress: Kebbi Re-Elects Kana-Zuru as State Chairman

By Abdullahi Tukur, Birnin Kebbi

The Bureau News reports that the Kebbi State chapter of the All Progressives Congress (APC) has re-elected Alhaji Abubakar Kana-Zuru as the party’s State Chairman for a second term.

Kana-Zuru emerged unopposed during the APC State Congress held at the FIFA Stadium in Birnin Kebbi, the state capital.

Peaceful APC Congress in Kebbi

The congress, described by party leaders as one of the most peaceful and orderly in the state’s history, drew delegates from all 21 Local Government Areas of Kebbi State.

Other officials elected at the congress include Alhaji Ado Mudi Augie as Vice Chairman, Alhaji Saidu Muhammad Kimba as Secretary, Alhaji Sahabi Lolo as Assistant Secretary, and Alhaji Abubakar Bunza as Treasurer.

Also elected were Hajiya A’isha Gunabi as State Women Leader, Hajiya Jamila Baba as Assistant Women Leader, Alhaji Isah Assalafi as Public Relations Officer (PRO), and Alhaji Lukman Yauri as Assistant PRO, among others.

Leaders Hail Orderly Exercise

Speaking at the event, Alhaji Attahiru Maccido, Chairman of the Local Organising Committee (LOC) and Chief of Staff at the Government House, described the congress as unprecedented in the party’s history in Kebbi State, noting that it was largely conducted through consensus.

In his remarks, Governor Nasir Idris commended former governors of the state from 1999 to 2023 for fostering unity within the party and across Kebbi State, stating that his administration is building on that foundation to achieve greater progress.

Kana-Zuru Pledges Inclusive Leadership

In his acceptance speech, Kana-Zuru expressed gratitude to the governor and party stakeholders for the confidence reposed in him.

He assured members of his commitment to transparency, inclusiveness, and strengthening the party’s structure across the state.

The Bureau News will continue to monitor political developments across states under Nigeria News Today.

Source: The Bureau Newspaper

NNPCL Raises Petrol Price to N960 in Abuja Amid Global Oil Surge – Nigeria News Today

By Queen Madaki

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of Premium Motor Spirit (PMS) to N960 per litre at its retail outlets in Abuja, up from N875, according to checks monitored by The Business Bureau.

The price adjustment follows a sharp rise in global crude oil prices triggered by escalating geopolitical tensions in the Middle East, a development now dominating Nigeria News Today and global energy headlines.

Global Oil Shock Driving Domestic Fuel Increase

Brent crude futures climbed above $80 per barrel earlier this week and are currently trading around $84 per barrel. The surge was triggered by renewed hostilities involving the United States and Israel against Iranian targets, which have heightened fears of supply disruptions across global energy corridors.

Energy analysts say the risk premium attached to Middle East instability has significantly tightened global oil supply expectations, pushing international benchmarks higher and exerting pressure on domestic PMS pricing in Nigeria’s deregulated market.

Dangote Refinery Also Adjusts Ex-Depot Price

The development comes after Dangote Petroleum Refinery increased its gantry price by N100, raising the ex-depot rate to N874 per litre from N774.

The combined adjustments from NNPCL and Dangote Refinery suggest that retail fuel prices across Nigeria may experience further upward reviews if global crude volatility persists.

Economic Impact on Nigeria – The Business Bureau Analysis

According to energy market data reviewed by The Business Bureau Nigeria, the implications are mixed:

Higher oil revenue: Elevated crude prices may boost federal earnings and foreign exchange inflows.
Inflationary risks: Rising PMS prices could transmit into transportation, logistics, and food supply chains.
Reduced consumer purchasing power: Households and SMEs may face additional financial strain.

Industry observers warn that if Brent crude approaches $100 per barrel, domestic pump prices could climb further.

Petroleum Marketers Raise Concerns

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed concern over continued volatility in the international oil market.

PETROAN National President, Dr. Billy Gillis-Harry, stated that sustained geopolitical tensions could significantly disrupt global energy markets and inevitably translate into higher retail fuel prices nationwide.

Market Outlook

With no immediate diplomatic resolution in sight in the Middle East, fuel prices remain vulnerable to further adjustments. In January, NNPCL had raised Abuja pump prices to N839 per litre, underscoring the speed at which global energy shocks now affect domestic pricing.

For continued updates on fuel pricing, energy markets, and Breaking News Nigeria, follow The Business Bureau.

Source: The Business Bureau

Earthquake Today Iran: 4.3 Magnitude Tremor Hits Fars Province

By Queen Madaki

The Bureau News reports that a 4.3 magnitude earthquake struck southern Iran on Tuesday, March 3, 2026, according to the United States Geological Survey (USGS).

The tremor occurred near Khonj in Fars Province at a depth of 10 kilometres. It was recorded at 6:54 GMT (10:24 AM local time). The epicentre was located approximately 55 kilometres north-northwest of Gerash in a largely rural area.

Earthquake Today Iran: What Happened in Fars Province?

According to data from the USGS, the earthquake registered a moderate 4.3 magnitude. Local authorities have reported no casualties and no major structural damage at the time of filing this report.

Residents in parts of Fars Province and nearby areas felt light tremors. Emergency response agencies are continuing routine assessments.

Nuclear Test Speculation: Is There Any Link?

Following recent geopolitical tensions in the Middle East, online speculation emerged suggesting a possible connection between the earthquake and nuclear or military activity.

However, experts say there is no scientific evidence linking the tremor to a nuclear test.

Seismologists can clearly differentiate between natural tectonic earthquakes and explosion-induced seismic activity. Southern Iran lies within the Zagros fold-thrust belt — a tectonically active region where earthquakes are common due to natural plate movements.

Although satellite imagery reports recently highlighted activity near the Natanz Nuclear Facility, authorities have confirmed there is no official link between the 4.3 magnitude quake and any nuclear operations.

Why Earthquakes Are Common in Southern Iran

Iran sits along major fault lines caused by the collision between the Arabian and Eurasian tectonic plates. This makes the region particularly vulnerable to seismic events.

While a 4.3 magnitude earthquake is considered moderate and typically causes minimal damage, experts continue to monitor seismic activity across the region.

The Bureau News will continue to track developments as part of our commitment to delivering accurate Nigeria News Today and global updates.

Source: The Bureau Newspaper

Nigerian Government Issues Travel Advisory Over Iran–Gulf Tensions

The Federal Government has issued a travel advisory to Nigerians residing in the Islamic Republic of Iran and neighbouring Gulf countries following escalating military actions in the Middle East, The Bureau News reports under Nigeria News Today.

The advisory was contained in a statement signed by the spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa.

FG Closely Monitoring Middle East Escalation

According to the statement, the Nigerian Government is closely monitoring the evolving situation in the region, particularly in light of reported military operations undertaken by Israel and the United States against targets in Iran, as well as retaliatory actions by Iran on locations in some Gulf states.

Given the heightened tensions and the potential for further escalation, the Government urged Nigerians in the affected areas to exercise extreme caution and prioritise their personal safety.

Safety Measures for Nigerians Abroad

The Ministry advised citizens to avoid areas considered strategic, including military and government installations that may become flashpoints.

Nigerians were also encouraged to limit non-essential movement and travel within the affected countries until the security situation stabilises. The Government further urged citizens to steer clear of large gatherings and public demonstrations.

Additionally, Nigerians are advised to comply strictly with safety and security directives issued by local authorities, noting that cooperation with law enforcement agencies remains essential to ensuring personal safety.

Embassies on High Alert

The Nigerian Embassy in Tehran, along with missions in Qatar, Bahrain, Kuwait, the United Arab Emirates and Saudi Arabia, have been placed on high alert to provide consular assistance and maintain communication with Nigerian nationals.

The Ministry assured that it will continue to assess developments and provide updates as necessary, reiterating that the safety and well-being of Nigerians abroad remains a top priority of the Federal Government.

Call for De-escalation

The Nigerian Government also called on all parties involved in the conflict to de-escalate tensions and return to dialogue in the interest of global peace and stability.

The Bureau News will continue to provide verified updates as part of its international coverage under Nigeria News Today.

Source: The Bureau Newspaper

Nigeria Government Signs $1.3bn AFC Deal to Build Alumina Refinery, Boost Mining Sector – The Business Bureau

The Federal Government has signed a $1.3 billion investment partnership with the Africa Finance Corporation (AFC) to develop a major alumina refinery and two additional strategic mining projects aimed at accelerating Nigeria’s solid minerals sector expansion.

The agreement was disclosed in Abuja by the Minister of Solid Minerals Development, Dele Alake, through his Special Assistant on Media, Segun Tomori.

The deal represents one of the largest single investments in Nigeria’s mining industry in recent years and is expected to significantly boost the sector’s contribution to Gross Domestic Product (GDP).

Details of the $1.3bn Investment Partnership

Under the agreement, the Federal Government and AFC will jointly fund:

1. A 1 million-tonne-per-annum alumina refinery

2. A nationwide geoscience mapping programme

3. A special purpose investment vehicle to drive mineral exploration and production

The alumina refinery alone is projected to process one million tonnes of bauxite annually and operate for approximately 20 years at 95 percent utilisation capacity.

Total alumina output over its lifecycle is estimated at 19 million tonnes.

What the Minister Said

According to Alake, the partnership signals a new phase in Nigeria’s mining reforms and industrialisation strategy.

“The facility is designed for about 20 years at 95 per cent utilisation, with total alumina output projected at 19 million tonnes.”

“I have granted all necessary approvals to fast-track the AFC–SMDF investments and directed relevant agencies to ensure seamless processing of permits and regulatory clearances.”

The Minister noted that recent reforms have modernised regulations, strengthened transparency, and improved Nigeria’s mineral licensing framework to attract serious private capital.

Economic Impact and Projections

The alumina refinery project is valued at $1.3 billion and is expected to:

1. Contribute approximately $1.2 billion annually to Nigeria’s GDP

2. Generate over $25 billion in economic value over its lifecycle

3. Deliver about $8 billion in foreign exchange earnings

Feasibility studies conducted by AFC and the Solid Minerals Development Fund confirmed the project’s commercial viability and long-term competitiveness.

Strategic Diversification Drive

Nigeria has intensified efforts to diversify its economy away from crude oil by strengthening the solid minerals sector.

The Ministry of Solid Minerals Development is currently implementing a seven-point reform agenda aimed at improving geological data availability, enhancing transparency, and attracting large-scale investors.

Earlier this year, the Federal Government commenced operations at a high-purity gold refining plant in Lagos and announced progress on additional gold refineries across the country, alongside a $600 million lithium processing plant in Nasarawa State.

The new AFC partnership is expected to position Nigeria as a major industrial minerals processing hub in Africa.

For more business and investment updates, follow The Business Bureau.

Source: The Business Bureau

JAMB Dismisses UTME Fee Increase Reports, Releases 2026 Revenue Projection – Nigeria News Today

By Queen Madaki

Abuja, Nigeria – The Bureau News reports that the Joint Admissions and Matriculation Board (JAMB) has dismissed reports alleging an increase in registration fees for the 2026 Unified Tertiary Matriculation Examination (UTME).

In a statement issued by the Board’s Public Communication Advisor, Fabian Benjamin, JAMB described the claims as false, misleading, and entirely unfounded.

What JAMB Is Saying

According to JAMB, the approved registration fees remain unchanged as follows:

Direct Entry (DE): N5,700
UTME Only (without Mock): N7,200
UTME with Mock: N8,700

The Board provided a breakdown of the charges:

N3,500 – Application fee
N1,000 – Reading text
N700 – CBT centre registration service charge
N1,500 – CBT centre UTME service charge
N500 – Bank charges
N1,500 – CBT mock-UTME centre charge

The Bureau News confirms that JAMB stated the fees have remained unchanged since 2019.

Background on Fee Structure

The examination body recalled that in 2018, the Federal Executive Council (FEC) approved a reduction of the UTME application fee from N5,000 to N3,500, effective from the 2019 registration exercise.

JAMB urged candidates and parents to disregard unofficial publications and rely only on verified information released through its official platforms and public notices.

The Board further advised candidates who may have paid above the approved fees to report such centres with credible evidence, assuring that disciplinary action would be taken against any centre found culpable.

2026 Revenue Projection and Budget Profile

As part of broader education sector updates monitored by The Bureau News, JAMB disclosed that it has projected N23.8 billion in internally generated revenue for the 2026 fiscal year — representing a N4 billion increase from its 2025 target.

The projection was presented to the Senate Committee on Tertiary Institutions and TETFund at the National Assembly.

Out of its proposed N30.6 billion budget profile for 2026, the Board stated that N6 billion would be remitted to the Federation Account as operating surplus.

UTME Registration Update and Examination Schedule

JAMB revealed that as of February 17, 2026, more than 1.5 million candidates had registered for the 2026 UTME.

The examination is scheduled to be held nationwide from April 16 to April 25, 2026.

The Board also expanded its accredited Computer-Based Test (CBT) centres to 1,000 nationwide — up from fewer than 800 in 2025 — to improve accessibility and logistics.

Clarification on Undergraduate Eligibility

Addressing circulating claims, JAMB clarified that undergraduates are not barred from registering for the 2026 UTME. However, candidates are required to disclose any existing admission status, warning that failure to do so could result in forfeiture of both previous and new admission offers.

The Board stressed that there will be no extension of the registration deadline.

Additionally, JAMB announced the mandatory use of Microsoft Camera systems at accredited CBT centres to strengthen identity verification and curb impersonation.

This development forms part of broader Nigeria News Today coverage on education reforms and examination transparency efforts.

Source: The Bureau Newspaper

MTN Nigeria Posts N1.70 Trillion Pre-Tax Profit in 2025, Declares N20 Dividend

By Endurance Enemona Samuel

MTN Nigeria Communications Plc has released its audited financial results for the year ended December 31, 2025, reporting a major earnings rebound that underscores one of the strongest corporate recoveries in Nigeria News Today.

According to its filing on the Nigerian Exchange (NGX), the telecom operator posted a pre-tax profit of N1.70 trillion in 2025, reversing a pre-tax loss of N550.3 billion recorded in 2024.

The turnaround reflects improved foreign exchange conditions, strong service revenue growth, margin expansion, and operational efficiency gains.

Fourth Quarter Performance Strengthens Earnings Momentum

In the fourth quarter alone, pre-tax profit rose 248.8% year-on-year to N569.6 billion, compared to N163.3 billion in Q4 2024.

The company’s board proposed a final dividend of N15 per share, bringing total dividend for the 2025 financial year to N20 per share.

Dividends will be paid electronically to shareholders on the register as of April 8, 2026, subject to completed e-dividend mandates.

Full-Year Financial Highlights (FY 2025 vs FY 2024)

1. Total revenue: N5.20 trillion (+54.9% YoY)

2. Service revenue: N5.17 trillion (+55.1% YoY)

3. Profit after tax: N1.11 trillion (vs N400.4bn loss)

4. Earnings per share: N53.07 (vs -N19.05)

5. EBITDA: N2.74 trillion (+108.9%)

6. Mobile subscribers: 87.3 million (+7.9%)

7. Total assets: N5.40 trillion (+28.7%)

8. Shareholders’ funds: N548.7 billion (+219.8%)

Management Commentary

Chief Executive Officer Karl Toriola described 2025 as a significant turning point for the company.

He confirmed that retained earnings closed positive at N400.4 billion, compared to negative N607.5 billion in December 2024, while shareholders’ equity improved to N548.7 billion from negative N458.0 billion.

Management attributed the improvement to a more stable foreign exchange market, moderated inflation, and continued demand for data services.

The company maintained its medium-term service revenue growth guidance of at least the low 20% range and revised EBITDA margin guidance upward to the mid-to-high 50% range.

Data and Fintech Drive Revenue Growth

Service revenue rose 55.1% to N5.17 trillion, driven primarily by data and fintech expansion.

1. Data revenue increased 74.5% to N2.78 trillion.

2. Data traffic rose 34.0%.

3. Active data users grew 11.6% to 53.2 million.

4. Smartphone penetration reached 66.1%.

5. Voice revenue climbed 42.1% to N1.85 trillion.

6. Fintech revenue rose 79.7% to N191.3 billion.

Operating leverage strengthened significantly as cost of sales rose 30.3%, below revenue growth, while operating expenses increased 16.7%.

EBITDA surged 108.9% to N2.74 trillion.

FX Gains Reverse Prior Year Losses

A major swing factor was foreign exchange performance. MTN Nigeria recorded a net FX gain of N90.3 billion, compared to a N925.4 billion FX loss in 2024.

The improvement followed settlement of outstanding letters of credit and reduced dollar exposure.

Capital expenditure excluding leases rose 126.2% to N1.00 trillion, reflecting heavy network investment.

Despite increased investment, free cash flow rose 215.5% to N1.2 trillion.

Balance Sheet and Market Reaction

The company’s balance sheet strengthened materially, with shareholders’ equity turning positive and retained earnings restored.

As of the latest close, MTN Nigeria’s share price stood at N760, making it the most capitalised company on the Nigerian Exchange with a market capitalisation of approximately N16 trillion.

The stock has gained 33% in February, lifting year-to-date returns to 49%, following a 155.5% rally in 2025.

This earnings report is published by The Business Bureau as part of Nigeria News Today corporate and capital markets coverage.

Source: The Business Bureau

Nigerian Crude Trades Above $70, Exceeds 2026 Budget Benchmark Amid Rising Geopolitical Tensions

By Queen Madaki

Nigerian crude oil is trading above $70 per barrel, exceeding the Federal Government’s 2026 budget benchmark of $64.85, as geopolitical tensions and global supply risks continue to support prices.

Latest market data shows Bonny Light trading at approximately $71 per barrel, slightly down from $72.3 recorded on Monday. Despite the marginal pullback, prices remain comfortably above Nigeria’s fiscal planning assumption, providing potential upside for revenue projections.

This development forms part of broader global energy movements closely monitored under Nigeria News Today and reflects a market balancing geopolitical risk premiums against medium-term supply growth expectations.

Geopolitical Risk Supports Oil Prices

Oil has emerged as one of the best-performing asset classes this year amid heightened geopolitical uncertainty.

US military activity around the Red Sea ahead of renewed US-Iran nuclear talks in Geneva has increased market sensitivity to potential supply disruptions. Iranian naval exercises in the Strait of Hormuz — a critical route that handles roughly 20 million barrels of oil daily — have further elevated risk premiums.

Any disruption in that corridor could significantly impact global crude flows, tightening supply in the short term.

Supply Outlook Signals Medium-Term Balance

While geopolitical tensions support near-term prices, medium-term supply projections suggest a more balanced market.

The US Energy Information Administration (EIA) forecasts that global oil inventories will increase by an average of 3.1 million barrels per day this year, as production growth is expected to outpace consumption.

If realised, this build-up in stockpiles could moderate prices later in the year, particularly if global demand softens amid renewed trade uncertainties.

Fresh concerns have emerged after the US administration signalled plans to introduce new national security tariffs, including a proposed 15% global tariff, raising fears of slower global growth and reduced energy demand.

Market participants are also awaiting the release of the American Petroleum Institute (API) weekly crude inventory data for short-term directional signals.

Nigeria’s Budget Outlook Strengthened

The Federal Government’s 2026 budget is based on a conservative crude price assumption of $64.85 per barrel and a production target of 1.84 million barrels per day.

With Nigerian crude trading above benchmark levels, fiscal buffers could improve if prices remain elevated.

Production in January 2025 stood at approximately 1.48 million barrels per day, slightly below Nigeria’s OPEC+ quota of 1.5 million barrels per day.

Structural Improvements in the Oil Sector

Nigeria’s oil outlook has shown signs of structural improvement in recent months.

1. Nigeria launched the Cawthorne crude grade (API 36.4°) in February 2026.

2. Earlier introductions of Utapate (2024) and Obodo (2025) have diversified export offerings.

3. The Dangote Refinery, with capacity exceeding 650,000 barrels per day, has significantly altered domestic refining dynamics.

During a recent site visit by NNPCL officials, the Dangote Refinery was reported to be operating at 661,000 barrels per day — above its designed capacity.

The refinery now supplies between 60 and 65 million litres of petrol daily to the domestic market and exports approximately 20 million litres of surplus product, reducing Nigeria’s historical dependence on imported refined fuel.

Security Gains and Investment Drive

Crude theft and pipeline vandalism had cost Nigeria billions in lost revenue in recent years. However, the 2025/2026 period recorded the first decline in reported losses in 16 years, supported by enhanced security task forces and community-based surveillance systems.

In January 2026, the Federal Government launched a licensing round covering 50 oil and gas blocks, targeting over $10 billion in new investment across undeveloped and intracontinental basins.

As oil prices remain above budget assumptions, Nigeria’s fiscal performance will depend on sustaining production growth while navigating global supply-demand uncertainties.

This energy market analysis is published by The Business Bureau as part of its ongoing Nigeria News Today coverage.

Source: The Business Bureau

Nigeria Extends Ban on Raw Shea Nut Exports for One Year to Boost Local Processing

By Enemona Samuel Endurance

President Bola Tinubu has approved a fresh one-year extension of the ban on the export of raw shea nuts, reinforcing the Federal Government’s push toward domestic value addition and industrial growth.

The renewed directive takes effect from February 26, 2026, to February 25, 2027, according to an official statement issued in Abuja by the President’s spokesman, Mr Bayo Onanuga.

The policy extension forms part of broader economic reforms tracked under Nigeria News Today and signals the administration’s strategy to reposition Nigeria’s shea industry for stronger export earnings through processed products rather than raw commodity shipments.

Industrial Policy Shift Toward Value Addition

The Presidency stated that the extension underscores the government’s determination to deepen local processing capacity and stimulate manufacturing-led growth.

“The decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda,” the statement said.

According to the Presidency, the export restriction is designed to:

1. Encourage domestic processing of shea nuts into higher-value products.

2. Create jobs across shea-producing communities.

3. Improve incomes along the agricultural value chain.

4. Enhance Nigeria’s non-oil export earnings.

The move aligns with the government’s broader strategy of transitioning Nigeria from raw commodity exports to value-added industrial exports.

Background to the Policy

In August 2025, President Tinubu initially approved a six-month temporary ban on raw shea nut exports to curb informal trade and protect investments made by local processors.

The initial directive generated mixed reactions within the non-oil export sector, with some exporters raising concerns about potential foreign exchange losses and supply chain disruptions.

Despite those concerns, the government maintained that domestic processing offers stronger long-term economic benefits compared to exporting unprocessed agricultural commodities.

Implementation Framework Tightened

To ensure effective implementation of the renewed ban, the President authorised the Federal Ministry of Industry, Trade and Investment to collaborate with the Presidential Food Security Coordination Unit in developing a unified national framework for the shea value chain.

Key measures announced include:

- Adoption of an export regulatory framework developed by the Nigerian Commodity Exchange.

- Immediate withdrawal of all existing waivers allowing direct export of raw shea nuts.

- Mandatory routing of surplus production through the approved exchange framework to ensure transparency and traceability.

- Facilitation of access to a dedicated NESS Support Window by the Federal Ministry of Finance.

The government also approved a Livelihood Finance Mechanism aimed at improving processing efficiency, production capacity, and international competitiveness within the shea industry.

Economic Implications

Shea nuts, harvested primarily across Nigeria’s savanna belt, are oil-rich agricultural commodities widely used in cosmetics, pharmaceuticals, confectionery, and edible oil production.

When processed into shea butter, the product commands significantly higher prices in international markets compared to raw nuts.

Industry analysts note that sustained enforcement of the export restriction could:

1. Strengthen Nigeria’s non-oil export base.

2. Stimulate rural industrialisation.

3. Increase employment within agro-processing clusters.

4. Improve long-term foreign exchange sustainability.

However, stakeholders remain divided, with exporters and processors holding contrasting views on the short-term impact of the policy.

This report is part of The Business Bureau’s ongoing coverage of Nigeria’s industrial and trade policy developments under Nigeria News Today.

Source: The Business Bureau

Naira Weakens to N1,359/$ After CBN Cuts Rate at 304th MPC Meeting

By Queen Madaki

The naira depreciated to N1,359/$ on Tuesday following the conclusion of the 304th Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN).

The currency closed weaker compared to N1,353.5/$ recorded on Monday, reflecting mild pressure in the official foreign exchange market after the policy announcement.

The movement comes as investors digest the implications of the apex bank’s latest monetary policy decision under the Nigeria News Today macroeconomic update tracked by The Business Bureau.

Market Reaction to 50 Basis Points Rate Cut

Foreign exchange market data showed a slight weakening of the naira after the MPC announced a 50 basis points reduction in the Monetary Policy Rate (MPR), signaling cautious sentiment despite improving macroeconomic indicators.

1. The naira closed at N1,359/$ on Tuesday, down from N1,353.5/$ on Monday.

2. The CBN reduced the MPR from 27% to 26.5%.

3. Headline inflation declined for the eleventh consecutive month to 15.1% in January 2026.

4. Other policy parameters were left unchanged.

The MPC retained the Cash Reserve Ratio at 45.0% for commercial banks and 16.0% for merchant banks, maintained the Liquidity Ratio at 30.0%, and kept the Standing Facilities Corridor at +50/-450 basis points around the MPR.

External Reserves Hit 13-Year High

At the meeting, CBN Governor Olayemi Cardoso disclosed that Nigeria’s gross external reserves rose to $50.45 billion as of February 16, 2026 — the highest level recorded in 13 years.

“Without market confidence, no matter what you do, you will significantly suboptimise,” Cardoso stated, emphasizing the role of investor confidence in sustaining foreign exchange stability.

The MPC highlighted what it described as a “remarkable performance of Nigeria’s external sector,” noting that stronger reserves have supported improved liquidity conditions in the official window.

Mixed Post-MPC Currency Performance

The naira’s reaction to the 304th MPC decision contrasts with movements recorded after previous meetings.

- After the 303rd MPC meeting, the naira appreciated to N1,441/$.

- Ahead of that November meeting, it strengthened to N1,452/$ from N1,458/$.

- Following the 302nd MPC meeting, the currency weakened to N1,493.2/$ from N1,491.49/$.

These varied outcomes suggest that foreign exchange movements are shaped not only by interest rate adjustments but also by broader liquidity dynamics, capital flows, and investor expectations.

Measured Shift Toward Easing

The latest rate cut marks a cautious pivot toward monetary easing after an extended tightening cycle aimed at stabilising inflation and the naira.

However, the retention of other key policy tools signals that the CBN remains vigilant about inflation risks and exchange rate stability.

Analysts note that sustained reserve growth, portfolio inflows, and improved oil receipts will remain critical in determining whether the naira stabilises in the coming weeks.

This report forms part of The Business Bureau’s ongoing financial market coverage under Nigeria News Today.

Source: The Business Bureau

Lawmakers Jittery as ICPC Tracks N16.3bn Constituency Projects in Kogi | The Bureau News

By Queen Madaki

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has commenced the tracking of 72 constituency projects valued at N16.3 billion across the three senatorial districts of Kogi State, a development now dominating conversations in Nigeria News Today.

ICPC Moves to Audit Kogi Projects

The Assistant Commissioner of ICPC, Wale David, disclosed this in Lokoja, stating that the exercise is designed to ensure projects were executed in line with due process and are delivering measurable value to residents.

According to him, the Commission will not only verify completion status but will also scrutinise abandoned projects and those allegedly executed below approved standards.

“Contractors responsible for substandard jobs will be compelled to return to site and rectify identified defects. Intervention programmes will also be assessed to verify beneficiaries and evaluate implementation quality,” he said.

N6.2bn Secretariat, N6.4bn Inland River Port Under Inspection

The monitoring exercise began in Lokoja with the inspection of the N6.2 billion Federal Secretariat Complex project and the N6.4 billion Inland River Port project.

ICPC officials confirmed that the tracking operation will extend to all 21 Local Government Areas of Kogi State as part of a comprehensive compliance review.

Accountability Drive Intensifies

The Commission stated that the initiative forms part of broader efforts to strengthen transparency and accountability in public procurement processes across Nigeria.

As reported by The Bureau News, the tracking exercise is expected to heighten scrutiny on contractors and political office holders linked to constituency projects, particularly where public funds are involved.

Analysts say such monitoring could reshape oversight mechanisms and reinforce anti-corruption enforcement frameworks within federal project implementation in Kogi State.

The development remains one of the key governance updates shaping Nigeria News Today, especially amid growing public demand for prudent management of public resources.

Source: The Bureau Newspaper

Kebbi Police Repel Lakurawa Attack at Maje Border | The Bureau News

By Abdullahi Tukur, Birnin Kebbi

The Kebbi State Police Command has confirmed that security operatives along the Maje border road successfully repelled an attack by armed bandits suspected to be members of the Lakurawa criminal network.

Security Operatives Foil Night Border Attack

In a statement issued by the Command’s Public Relations Officer, SP Bashir Usman, the attackers reportedly attempted to infiltrate the area at night by moving a herd of cattle to conceal their approach.

According to the statement, alert operatives of the Police Counter Terrorism Unit (CTU) swiftly engaged the assailants in a gun duel, forcing them to retreat.

“The attackers moved a herd of cattle at night, using it to conceal their approach. Our well-prepared CTU operatives engaged them and forced them to withdraw,” the statement read.

While some temporary security structures were damaged during the exchange, no lives were lost and no injuries were recorded.

Border Security Reinforced

The Command confirmed that security presence along the Maje border has since been reinforced, adding that the area remains calm and fully under control.

The Commissioner of Police, Kebbi State Command, CP Umar Mohammed Hadeija, psc, MNIM, urged residents—particularly herders and livestock owners—to avoid night movement of cattle in ways that could be exploited by criminal elements.

“Security agencies will take firm and lawful action against any unlawful activity or suspicious movement associated with night grazing,” the Commissioner warned.

The Bureau News: Call for Public Vigilance

The Command encouraged members of the public to remain vigilant and promptly report suspicious activities to the nearest police or security formation.

As reported by The Bureau News, authorities reiterated their commitment to protecting lives and property across Kebbi State, stressing that intelligence-driven operations will continue along border communities.

This development adds to ongoing security updates shaping Nigeria News Today, particularly in states facing cross-border criminal activities.

Source: The Bureau Newspaper

Kebbi NTA Rejects Allegations of Poor Staff Welfare | The Bureau News

By Aliyu Usman, Birnin Kebbi

The Kebbi State station of the Nigerian Television Authority (NTA) has dismissed as injurious and misleading claims alleging poor staff welfare at the station, a development drawing attention in Nigeria News Today.

Kebbi NTA Debunks Anonymous Welfare Claims

Reacting to the report, the General Manager of NTA Kebbi, Ali Garba, described the allegation as a fabrication intended to damage the reputation of the public broadcaster.

“The report claiming poor staff welfare is a pigment of imagination. NTA is known nationwide as a responsible, credible and leading public media organisation with hundreds of reporters across the country,” Garba stated.

He noted that the report attributed the claims to “anonymous staff,” insisting that all employees of NTA are duly documented and identifiable.

“We do not have anonymous staff. Anyone making such claims without identification is not our employee and cannot speak for NTA Kebbi,” he added.

Station Distances Itself from Report

Garba formally distanced the Kebbi station from the publication, stressing that it bears no relationship to the operations or welfare structure of the station.

According to him, despite operational challenges such as irregular power supply and reliance on generating sets, the station remains committed to maintaining staff welfare within available resources.

He further stated that the NTA headquarters remains up to date with welfare obligations to outstation staff across the country.

Call for Transparency

The General Manager challenged the individual or individuals behind the allegation to come forward and identify themselves, maintaining that constructive engagement should be transparent and verifiable.

As reported by The Bureau News, the management reiterated its commitment to professionalism, staff welfare, and the continued delivery of credible broadcasting services in Kebbi State.

Source: The Bureau Newspaper

Stephen0mozzy:
Well, when you're in Rome, you have to behave like the Romans.

You can't get the "benefits" of claiming a religion, and yet breaking its tenets.

What if they were sick and are not able to fast?

2027 Elections: How Data Analytics May Quietly Reshape Nigeria’s Business and Political Landscape

By Olusegun Oruame

Nigeria is inching toward 2027 with familiar political tension. But beneath the surface, a structural shift is unfolding — one that is less about rallies and rhetoric, and more about data, analytics, and behavioural modelling.

For the first time in Nigeria’s electoral history, voter engagement is increasingly being interpreted through datasets — demographic mapping, turnout behaviour, economic sentiment, and digital footprints. The implications extend beyond politics. They touch investor confidence, regulatory stability, and long-term economic planning.

This emerging shift is being closely tracked by policy analysts and institutional observers covered by The Bureau News as part of broader Nigeria News Today developments.

Why 2027 Represents a Structural Shift

Recent survey trends show high voter intent but deep economic anxiety. Inflation pressures, currency volatility, and employment uncertainty have altered voter psychology. This is no longer an election cycle driven purely by identity or legacy political alignments.

It is increasingly an election shaped by calculation — economic survival, policy performance, and institutional trust.

For businesses, this matters. Electoral volatility affects capital flows, exchange rate stability, regulatory continuity, and foreign investment decisions.

From Political Assumptions to Electoral Analytics

Historically, Nigerian elections leaned on broad assumptions:

1. Regional voting blocs behave uniformly.

2. Incumbency offers structural advantage.

3. Religious alignment outweighs economic performance.

The 2023 election disrupted these assumptions. Voting patterns in key commercial centres demonstrated that urban economic sentiment can override traditional loyalties.

Since then, political actors have reportedly intensified data-led engagement strategies — identifying non-voting blocs, analysing turnout inefficiencies, and modelling persuasion thresholds.

This approach mirrors global trends where electoral strategy increasingly resembles market segmentation analytics used in private-sector decision-making.

The Economic Impact of Data-Driven Campaigning

Data-centric elections introduce a new variable into Nigeria’s business climate: predictability.

When political actors rely on empirical voter intelligence rather than emotional mobilisation, policy messaging tends to align more closely with measurable economic concerns — inflation control, FX stability, energy costs, digital infrastructure, and SME financing.

Markets respond more favourably to predictable transitions than to abrupt populist swings.

Institutional observers note that Nigeria’s 2027 election cycle could influence:

- Foreign portfolio investment flows
- Monetary policy direction
- Digital infrastructure expansion
- Public-private technology partnerships

Non-Voters: The Largest Untapped Political Market

From a data analytics perspective, Nigeria’s most significant electoral bloc may be non-voters.

Millions of registered citizens abstain not due to apathy, but because of distrust or logistical barriers. Identifying and activating these segments represents the equivalent of opening a new market category.

For technology firms specialising in voter analytics, digital identity systems, and behavioural modelling, this creates opportunity.

Regional Modelling and Investment Signals

The North-Central region is emerging as one of the most analytically significant zones heading into 2027. Economically diverse and politically fluid, it represents a test case for precision targeting.

From a business standpoint, regions that demonstrate higher institutional engagement and stable turnout patterns often correlate with improved investor confidence and infrastructure allocation.

The 2027 Election as an Economic Indicator

While political outcomes remain uncertain, one trend is clear: elections are becoming increasingly digitised and analytics-driven.

Technology, demographic modelling, and economic data are converging in ways that could reshape governance outcomes.

For investors, corporate strategists, and institutional stakeholders, the key question is no longer simply who wins — but how predictably the system functions.

As Nigeria approaches 2027, the loudest campaign may not be the decisive one. The decisive campaign may be the most data-informed.

This analysis is published by The Bureau News as part of ongoing coverage of Nigeria News Today and the intersection of governance, data, and economic strategy.

Credit: Olusegun Oruame—a journalist and founder of IT Edge News Africa.

Source: The Bureau Newspaper

Nigeria News Today: FG to Subject MTN’s $6.2bn IHS Acquisition to Full Regulatory Review — The Business Bureau

The Federal Government has announced plans to subject the proposed $6.2 billion acquisition of IHS Holding Limited by MTN Group to a comprehensive regulatory review, citing the strategic importance of telecommunications infrastructure to Nigeria’s economy and national security.

The disclosure, now dominating Nigeria News Today, was contained in a press statement issued Tuesday by the Minister of Communications, Innovation and Digital Economy, Bosun Tijani.

The transaction, structured as an all-cash deal, would see MTN Group take full ownership of IHS and delist the tower company, converting it into a wholly owned subsidiary.

MTN already holds a significant minority stake in IHS, one of Africa’s largest independent tower operators with tens of thousands of sites across key markets, including Nigeria.

What the Minister Said

In the statement, Tijani confirmed that the government is closely monitoring developments around the acquisition.

“The Federal Ministry of Communications, Innovation & Digital Economy notes recent developments in the Nigerian telecommunications sector regarding the acquisition of IHS Towers by MTN Group,” the minister stated.

He noted that in the past two years, under the administration of President Bola Tinubu, reforms have been introduced to stabilise and reposition the telecoms sector as a critical pillar of Nigeria’s digital economy.

“Through policy clarity, regulatory support, and sustained engagement with industry stakeholders, government has prioritised long-term sustainability, investor confidence, and improved sector performance,” Tijani said.

Why the Deal Faces Heightened Scrutiny

The minister emphasised that the proposed acquisition would not be treated as a routine corporate transaction because of the sensitivity of telecom infrastructure assets.

“Given the strategic importance of telecommunications infrastructure to national security, economic growth, financial services, innovation, and social inclusion, the Ministry will undertake a thorough assessment in collaboration with relevant regulatory authorities to review its impact on the sector,” he stated.

Nigeria’s telecoms backbone supports banking systems, fintech platforms, e-commerce, public service delivery, and emerging digital technologies. Control of tower infrastructure therefore carries implications that extend far beyond commercial considerations.

Tijani acknowledged that the sector has recently shown signs of recovery, referencing improved financial performance among operators.

“Recent financial results announced by key operators indicate a return to improved profitability, increased investment in telecoms infrastructure and operational stability across the sector,” he said.

He stressed that the government’s objective is to ensure that any consolidation protects consumers while sustaining long-term industry health.

“Our objective is clear: to ensure that any market consolidation or structural changes protect consumers, safeguard investments, and preserve the long-term sustainability of the sector.”

Background to the $6.2bn Deal

MTN Group recently reached an agreement to acquire IHS Towers in an all-cash transaction valued at approximately $6.2 billion.

Under the merger terms, IHS shareholders would receive $8.50 per ordinary share in cash, representing a 36% premium to its 52-week volume-weighted average price and a 3% premium to its unaffected closing price of $8.23 on February 4, 2026.

As previously reported by The Business Bureau, the deal represents one of the largest telecom infrastructure consolidation moves in Africa and could reshape competitive dynamics in Nigeria’s digital economy.

Stay with The Business Bureau for continuing updates shaping Nigeria News Today.

Source: The Business Bureau

MTN Group to Acquire IHS Towers in $6.2 Billion Deal — The Business Bureau

By Enemona Samuel Endurance

MTN Group has reached an agreement to acquire IHS Towers in an all-cash transaction valuing the telecom infrastructure giant at an enterprise value of approximately $6.2 billion.

The landmark deal, now making headlines across Nigeria News Today, follows weeks of negotiations between the two companies and represents one of the largest infrastructure consolidation moves in Africa’s telecommunications sector.

Under the terms of the merger agreement, IHS shareholders will receive $8.50 per ordinary share in cash, representing a 36% premium to its 52-week volume-weighted average price and a 3% premium to its unaffected closing price of $8.23 on February 4, 2026.

What Executives Are Saying

Chairman and CEO of IHS Towers, Sam Darwish, described the agreement as a strategic milestone in the company’s 25-year history.

“Today’s announcement creates a compelling opportunity that provides certainty and immediate returns for our shareholders, enabling them to crystallize the significant value generated during our strategic review.

The proposed transaction deepens our long-standing partnership with MTN, combining Africa’s largest mobile network operator with one of its largest digital infrastructure platforms,” he said.

MTN Group President and CEO, Ralph Mupita, said the acquisition strengthens MTN’s long-term strategic positioning.

“This transaction gives us a unique opportunity to buy back our towers and strengthen our ability to be partners for progress to the nation-states in which we operate.

We commit to maintaining high governance standards across what will be the largest standalone and integrated tower company in Africa,” he stated.

Deal Structure and Shareholder Support

IHS Towers’ Board of Directors has unanimously approved the transaction and recommended it to shareholders.

MTN, which already holds roughly 24% of IHS on a fully diluted basis, has committed to vote its shares in favour of the deal. Long-term investor Wendel has also pledged support, bringing total committed backing to over 40% of shareholders.

The transaction provides shareholders with immediate cash consideration following a strategic review initiated amid macroeconomic volatility across reminder markets.

Backstory to the Acquisition

The agreement follows earlier reports that MTN Group was in talks to acquire the roughly 75% stake in IHS Holding Limited it did not already own.

In a prior cautionary notice to investors, MTN confirmed it was evaluating a potential buyout of minority shareholders of the New York Stock Exchange-listed IHS.

The company warned at the time that any concluded transaction could materially impact its share price and advised shareholders to exercise caution pending further announcements.

Funding and Completion Timeline

The deal is expected to close in 2026, subject to shareholder and regulatory approvals and other customary closing conditions.

Approximately $1.1 billion in cash from MTN

About $1.1 billion from IHS Towers’ balance sheet

Rollover of MTN’s existing 24% stake

Rollover of existing IHS debt

The company must maintain a minimum cash balance of $355 million at closing.

Completion is also partly dependent on IHS divesting its Latin American tower business and fibre operations, both announced in February 2026.

J.P. Morgan is serving as financial advisor to IHS Towers, while Latham & Watkins LLP and Walkers (Cayman) LLP are acting as legal counsel. On MTN’s side, BofA Securities and Citigroup Global Markets Limited are financial advisors, with Cravath, Swaine & Moore LLP providing legal advice.

What You Should Know

Founded in 2001 with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure.

Headquartered in London and listed on the NYSE following its 2021 IPO, IHS manages over 37,000 towers across seven African markets including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, as well as Brazil and Colombia in Latin America.

MTN remains IHS’s largest customer.

As covered by The Business Bureau, the acquisition signals further vertical integration in Africa’s telecoms ecosystem, positioning MTN to exert greater control over infrastructure costs, network expansion, and long-term digital strategy.

Stay with The Business Bureau for continued coverage of major corporate developments shaping Nigeria News Today.

Source: The Business Bureau

Nigeria Capital Importation Hits $16.7bn in 9 Months as Portfolio Flows Dominate – The Business Bureau

Latest data released by the National Bureau of Statistics (NBS) show Nigeria attracted a total capital importation of $11.1 billion in the second and third quarters of 2025.

Combined with the first quarter report, Nigeria recorded $16.7 billion in capital inflows within the first nine months of the year, making it one of the strongest performances in recent times and a major highlight in Nigeria News Today.

The second and third quarter reports had been delayed for nearly six months, raising concerns about transparency before their eventual release.

Foreign portfolio investment (FPI) accounted for over 97% of total capital raised during the period, a structure that raises important questions about sustainability and long-term economic impact.

Breakdown of Nigeria Capital Importation in 2025

Capital importation in 2025 remained elevated across all three quarters:

Q1 2025: $5.64 billion
Q2 2025: $5.12 billion
Q3 2025: $6.01 billion (up 17.5% quarter-on-quarter)

This brings total inflows for the first nine months of 2025 to $16.78 billion, already exceeding the $12.32 billion recorded for the whole of 2024.

Portfolio investment dominated the structure of inflows. In Q3 alone, portfolio flows reached $4.85 billion, accounting for more than 80% of total capital importation. Bond inflows strengthened significantly, while money market instruments remained elevated despite a slight moderation from Q2.

Foreign Direct Investment (FDI) showed gradual improvement — rising from $126 million in Q1 to $143 million in Q2 and $296 million in Q3 — but remained relatively small compared to portfolio flows.

Cumulatively, FDI for Q1–Q3 remained under $600 million, while portfolio inflows exceeded $14 billion.

Delayed Reports and Transparency Concerns

For nearly six months, the National Bureau of Statistics had published only Q1 2025 capital importation data, leaving Q2 and Q3 figures unpublished despite repeated references by senior government officials to strong inflows.

Officials had publicly cited figures of about $21 billion in capital importation for the first ten months of 2025, describing a significant rebound from 2023 and 2024 levels.

However, without quarterly breakdowns, investors lacked clarity on the composition and sustainability of the inflows.

The delay raised questions around data timing and transparency, issues that remain central to investor confidence in Nigeria’s macroeconomic framework.

Financial Services Sector Leads Inflows

Sectoral data show that 2025 capital inflows were heavily concentrated in financial services.

Banking alone attracted over $3.1 billion in each quarter, accounting for more than half of total inflows across Q1, Q2 and Q3.

The Financing sector followed, pulling in $2.10 billion in Q1, moderating to $873 million in Q2, before rebounding to $1.86 billion in Q3.

Together, Banking and Financing absorbed roughly 70–80% of total capital importation throughout the year.

Outside finance, inflows were more modest:

1. Manufacturing rose to $261 million in Q3

2. Telecommunications increased steadily to $209 million in Q3

3. Electrical sector recorded a spike of $456 million in Q2

4. Agriculture fluctuated between $24 million and $67 million

5. Oil & Gas attracted limited capital relative to its size

Technology, health, construction, and real estate sectors remained comparatively small recipients of foreign capital.

Sustainability Questions Remain

While capital importation has surged in recent quarters, the structure mirrors patterns seen in 2019, when high interest rates attracted strong foreign portfolio investments into fixed income and money market instruments.

That cycle, however, proved short-lived. Monetary easing and the onset of COVID-19 triggered capital exits and ultimately broke the long-defended ₦360/$1 exchange rate band.

The key lesson remains that yield-driven inflows can reverse quickly if policy direction shifts or global shocks intervene.

The Business Bureau will continue to monitor capital flow dynamics and their implications for foreign exchange stability, monetary policy, and broader economic expansion as part of its coverage of Nigeria News Today.

Source: The Business Bureau

More pictures from the 61st Argungu Festival in Kebbi State.

61st Argungu Fishing Festival Begins with Archery, Camel Races, Wrestling and Polo Events

By Abdullahi Tukur, Birnin Kebbi | February 13, 2026

The Bureau News reports that the 61st edition of the Argungu International Fishing and Cultural Festival (AIFF) has commenced with a colourful display of traditional sporting events, drawing participants and spectators from within and outside Nigeria.

The globally recognised cultural festival opened at the historic Fishing Village in Argungu, featuring archery, catapulting, camel racing, donkey racing, local wrestling and polo competitions.

Cultural Display and Sporting Excellence

Governor of Kebbi State, Comrade Dr. Nasir Idris, expressed delight as he witnessed the vibrant cultural showcase and competitive events.

The Deputy Governor, Senator Umar Abubakar Tafida, also commended the impressive turnout and organisation of the festival.

Traditional rulers led by the Emir of Argungu, His Royal Highness Alhaji Ismail Muhammad Mera, attended the ceremony alongside other Emirs from across Nigeria and neighbouring Niger Republic, highlighting the festival’s growing international relevance.

The event attracted tourists, cultural enthusiasts, journalists, content creators and bloggers from local, national and international media, reinforcing the festival’s status as a major global cultural destination.

Thrilling Competitions and Awards

Competitions in archery, catapulting, donkey racing and camel racing were keenly contested, with participants demonstrating exceptional skill and endurance.

Winners across various categories received trophies, cash prizes and other consolation awards.

Speaking during the event, the Chairman of the Archery and Catapulting Sub-Committee and Speaker of the Kebbi State House of Assembly, Hon. Usman Abubakar Zuru, praised the State Government for its sustained support toward the success of the festival.

He described the Argungu International Fishing and Cultural Festival as a vital platform for preserving Kebbi State’s cultural heritage, strengthening unity and peaceful coexistence, and transmitting indigenous traditions to younger generations.

Investor Forum and Nationwide Activities

Preliminary activities for the 61st edition included an Investor Forum held in Birnin Kebbi, where the state’s economic potential and investment opportunities were showcased.

A Quiz and Debate competition also took place at the Presidential Banquet Hall as part of the festival lineup.

Additional events include local wrestling and polo competitions featuring participants from across Kebbi State, other parts of Nigeria and neighbouring countries.

In Abuja, over 30 vehicles participated in a colourful motor rally organised to herald the internationally celebrated festival.

The Argungu International Fishing and Cultural Festival remains one of Africa’s foremost cultural events, promoting heritage preservation, tourism development, unity and economic growth.

For more updates on Nigeria News Today and cultural events, follow The Bureau News.

Source: The Bureau Newspaper

Nigeria Oil Production Rises to 1.459m bpd in January 2026 – The Business Bureau

Nigeria’s crude oil production rose to 1.459 million barrels per day (bpd) in January 2026, reinforcing its position as Africa’s largest oil producer despite remaining below its Organisation of Petroleum Exporting Countries (OPEC) quota.

The figures were disclosed in OPEC’s latest Monthly Oil Market Report (MOMR) released on Wednesday, a key development in Nigeria News Today as investors track output levels and fiscal performance.

The latest data highlights modest month-on-month growth in output but underscores Nigeria’s continued struggle to meet its assigned production ceiling.

While the increase signals gradual recovery in output levels, structural and operational challenges continue to weigh on the oil sector.

Although Nigeria retained its top ranking on the continent, the country has now recorded six consecutive months of production below its OPEC quota.

OPEC Data Shows Modest Output Growth

Nigeria’s crude oil production rose from 1.422 million bpd in December 2025 to 1.459 million bpd in January 2026, reflecting a month-on-month increase of 37,000 bpd. The figures were sourced through direct communication between OPEC and Nigerian authorities.

However, Nigeria’s OPEC production quota remains 1.5 million bpd, leaving January output about 50,000 bpd below the assigned ceiling.

Secondary sources cited by OPEC placed Nigeria’s production slightly higher at 1.47 million bpd, illustrating the methodological differences commonly observed in OPEC reporting.

Libya ranked second in Africa with 1.37 million bpd during the same period.

Six Months Below OPEC Quota

Nigeria has struggled to consistently meet its OPEC production quota over the past year due to persistent security and infrastructure challenges.

Oil theft, pipeline vandalism, and years of underinvestment in upstream infrastructure have constrained production capacity across key oil-producing regions.

The country has now missed its 1.5 million bpd quota for six consecutive months, with the last time it met the target recorded in July 2025.

Operational disruptions and routine maintenance issues have also weighed on output performance.

Although output has shown gradual improvement in recent months, industry analysts maintain that structural reforms and enhanced security measures are critical to sustaining growth and closing the quota gap.

OPEC Output Trends and Market Strategy

Beyond Nigeria, OPEC reported that total crude oil production by Declaration of Cooperation (DoC) countries averaged 42.45 million bpd in January 2026, according to secondary sources.

This marked a month-on-month decline of 439,000 bpd compared to December levels, aligning with OPEC’s broader market stabilisation strategy.

The reduction reflects ongoing production management efforts by oil-producing nations aimed at balancing global supply amid fluctuating demand and macroeconomic uncertainties.

Why Oil Production Matters for Nigeria

Oil production remains central to Nigeria’s economic stability, as crude exports account for the bulk of foreign exchange earnings and a significant share of government revenue.

Improved output levels are expected to support fiscal performance, ease pressure on external reserves, and strengthen budget implementation.

The Federal Government adopted a 2.6 million bpd oil production benchmark for 2026 but plans to use a more conservative 1.8 million bpd for budgeting purposes.

The Business Bureau will continue to monitor oil production trends and their implications for fiscal policy and foreign exchange stability as part of its in-depth coverage of Nigeria News Today.

Source: The Business Bureau

The Bureau News reports that the Federal Government has intensified its partnership with Singapore to strengthen Nigeria’s Technical and Vocational Education and Training (TVET) system, with plans to introduce a two-year diploma in Artificial Intelligence (AI) applications across institutions nationwide.

The development was disclosed by the Minister of Education, Dr. Maruf Tunji Alausa, following a meeting in Abuja with Singapore’s High Commissioner to Nigeria, Mr. Lim Sim Seng.

Two-Year AI Diploma Programme Unveiled

According to the Minister, the collaboration will involve Singapore’s Institute of Technical Education Education Services (ITEES), which will support the development and implementation of the AI-focused diploma programme.

“We will collaborate on the development and implementation of a two-year technical diploma in AI applications across institutions in the country,” Dr. Alausa stated.

The proposed programme represents a significant shift toward embedding advanced digital skills within Nigeria’s technical education framework, expanding beyond traditional vocational trades.

Under the agreement, the Global Excellence Model for Skills Training will also be introduced, providing a structured framework to assess TVET institutions nationwide across seven dimensions of excellence.

Capacity Building and Institutional Reform

The partnership includes leadership development initiatives for 40 heads of technical institutions, alongside a Train-the-Trainer programme focused on assessment methodology and pedagogy.

Dr. Alausa explained that the collaboration will strengthen institutional governance and improve teaching quality, while introducing measurable performance standards for TVET centres across Nigeria.

The initiative builds on engagements held in Singapore in late 2025, where Nigerian education officials toured the Institute of Technical Education campuses and held discussions aimed at expanding cooperation with the National Board for Technical Education (NBTE).

Broader TVET Reforms in Nigeria

The Federal Government has undertaken sweeping reforms in the TVET sector, including restructuring curricula to focus 80 percent on practical skills and 20 percent on theory.

In 2025, the nationwide TVET programme recorded over 90,000 applications within its first week, while entrance examination participation reportedly increased by nearly 300 percent compared to the previous year.

Other reforms include stipends for technical college trainees, infrastructure upgrades, and the introduction of biometric attendance verification systems to enhance transparency and curb fraud.

Singapore is widely regarded as a global model for building a skills-driven economy through structured vocational pathways and strong industry linkages. The collaboration signals Nigeria’s intent to align its technical education system with global best practices.

For more updates on Nigeria News Today and education reforms, follow The Bureau News.

Source: The Bureau Newspaper

The Bureau News reports that the African Democratic Congress (ADC), Rivers State Chapter, has distanced itself from a press statement attributed to Mr. Igwe Sunday Ohahuru, who allegedly presented himself as the Chairman of the party in Ikwerre Local Government Area.

In an official statement signed by Chief Leader Sampson, State Chairman of the African Democratic Congress (ADC), Rivers State Chapter, the party described the claim as false and misleading.

ADC Clarifies Leadership in Ikwerre LGA

The statement said, “For the avoidance of doubt, Mr. Igwe Sunday Ohahuru is not a member of the African Democratic Congress and does not hold any office or authority to speak for or on behalf of the party at any level.”

The party alleged that the development forms part of what it described as attempts by political infiltrators to create confusion and destabilise the party’s structure in Ikwerre Local Government Area and Rivers State.

According to the ADC, the recognised Chairman of the party in Ikwerre LGA is Mr. Temple Chinedu Egwenike, whose leadership it said remains constitutionally backed and fully acknowledged by the party hierarchy.

Party Warns Against Judicial Misuse

The Rivers State Chapter further expressed concern over what it described as credible information suggesting plans to obtain questionable court orders to legitimise alleged irregular actions.

The party urged the judiciary to remain impartial and vigilant, stressing that it should not be used as an instrument for political destabilisation or partisan interference in party affairs.

ADC also called on security agencies, including the Department of State Services (DSS) and the Nigeria Police Force, to monitor the situation to prevent any breakdown of law and order.

While reaffirming its commitment to peaceful democratic engagement, the party encouraged members and supporters to remain law-abiding and actively participate in the ongoing Continuous Voter Registration exercise.

The statement emphasised that the ADC remains focused on strengthening its structures across all 23 Local Government Areas of Rivers State as it positions itself as a platform for progressive governance.

For more updates on Nigeria News Today and political developments across the country, stay with The Bureau News.

Source: The Bureau Newspaper

Naira Strengthens Below N1,350/$ for First Time Since May 2024 – The Business Bureau

The naira strengthened to N1,349.5 per US dollar on Tuesday, marking the first time it has traded below the N1,350/$ threshold since May 29, 2024.

Data from the official foreign exchange market shows the local currency appreciated from N1,354.9 per dollar recorded on Monday.

The latest gain is one of the major highlights in Nigeria News Today, reflecting sustained momentum in the official window amid rising external reserves and expectations ahead of the Central Bank of Nigeria’s upcoming Monetary Policy Committee (MPC) meeting.

In contrast, the parallel market rate remained weaker, underscoring mild but persistent pressure in the unofficial segment of the forex market.

The development signals ongoing efforts by monetary authorities to stabilise the naira and narrow the gap between official and street exchange rates.

Official Market Data Shows Stronger Naira

The naira closed at N1,349.5 per dollar in the official market on Tuesday, strengthening from N1,354.9 per dollar the previous day.

This represents the first time the currency has traded below the N1,350 mark since May 29, 2024, when it was quoted at N1,329.65 per dollar.

Meanwhile, the parallel market rate stood at N1,443.68 per dollar on Tuesday, slightly weaker than N1,443.40 per dollar recorded on Monday.

The improving reserve position and sustained gains in the official window point to stronger foreign exchange liquidity conditions.

Analysts Cite Improved Liquidity, Stronger Inflows

Market analysts attribute the recent appreciation to stronger foreign exchange inflows and improved investor confidence.

Dr. Joseph Mbada, an Abuja-based economist, noted that improved liquidity in the official foreign exchange market has played a key role.

“The strengthening of the naira below N1,350 per dollar indicates that supply conditions in the official window have improved significantly. This is largely a function of better inflows and tighter monetary conditions, which have helped moderate speculative demand,” he said.

Increased liquidity in the official window has helped ease volatility and support price stability.

Higher oil export earnings have boosted external reserves, while remittance inflows and portfolio investments have contributed to improved dollar supply.

The narrowing gap between official and parallel market rates also signals improved market alignment compared to previous months.

Stronger reserves provide the Central Bank of Nigeria with additional buffers to manage volatility and defend the currency when necessary.

Attention Turns to Upcoming MPC Meeting

The recent exchange rate movement comes ahead of the Central Bank of Nigeria’s 304th Monetary Policy Committee meeting scheduled for February 23–24, 2026.

Policymakers are expected to review inflation trends, liquidity conditions, and developments in the foreign exchange market.

At its November 2025 meeting, the MPC retained the Monetary Policy Rate (MPR) at 27 percent.

In September 2025, the committee reduced the rate by 50 basis points from 27.5 percent to 27 percent.

The current policy stance reflects a tight monetary approach aimed at curbing inflation and stabilising the naira.

The Business Bureau will continue to monitor currency movements and policy decisions as part of its coverage of financial markets in Nigeria News Today.

Source: The Business Bureau

Kogi State Government Warns Churches Over Night Services Amid Security Threat

By Enemona Samuel Endurance | February 11, 2026

The Bureau News reports that the Kogi State Government has issued a stern warning to churches across the state over continued violations of the security protocol banning late religious activities, citing credible intelligence of planned attacks by bandits.

In a statement released on Tuesday, the State Commissioner for Information and Communications, Kingsley Femi Fanwo, disclosed that intelligence reports revealed a plot by criminal elements to attack a church in Ijumu Local Government Area.

Kogi State News: Intelligence Reveals Planned Attack

According to Fanwo, intercepted conversations among the suspected bandits indicated that the targeted church had continued to operate late into the night, making it vulnerable.

The criminals were reportedly heard boasting that they would make “a lot of money” through ransom by kidnapping worshippers during a service.

The Commissioner stated that coordinated security measures have been activated to avert the attack, but stressed that the development reinforces the need for strict compliance with the state’s preventive security directives.

“We have observed with deep concern that despite clear security advisories, some churches still operate late into the night. This is unacceptable in the face of prevailing security challenges,” Fanwo said.

Churches Ordered to Close by 4pm

Fanwo reiterated that no church is permitted to operate beyond 4:00pm. He added that churches located in isolated or bushy areas must immediately seek safer alternatives in the interest of worshippers.

He warned that any church found violating the directive would face sanctions, noting that such actions expose members to grave danger.

“This decision is not targeted at faith or worship. It is a safety-first approach designed to protect lives. Any church that deliberately disregards this protocol constitutes a security risk to its members,” he added.

The Commissioner further directed security operatives to prevent pastors from conducting night services, emphasizing that the government’s priority is crime prevention rather than post-incident response.

“Our intention is to prevent crime, not to begin running helter-skelter to secure the release of kidnapped victims,” he stated.

The Kogi State Government dismissed insinuations that the directive reflects weakness, insisting that it remains aggressive in confronting criminal elements across the state.

The Bureau News gathered that the administration has called on religious leaders to cooperate fully with security agencies to sustain peace and safeguard lives.

Army Troops Overrun Terrorist Enclave in Kogi

In a related development, troops of the Nigerian Army’s 12 Brigade overran a notorious terrorist enclave linked to suspected kingpins Kachalla Ibrahim and Shu’aibu.

The operation, led by Brigadier General Kasim Umar Sidi, resulted in the recovery of over 2,000 rounds of 7.62 x 54mm ammunition and a box of high-velocity grenades.

After securing the enclave, troops destroyed and set the camp ablaze to prevent its reuse as a staging ground for further attacks.

Kogi State Security Adviser, Jerry Omodara, commended the military’s intervention, describing it as timely and decisive.

Fanwo confirmed that clearance operations are ongoing, adding that Governor Ahmed Usman Ododo remains committed to ending criminality through both aggressive security action and preventive measures.

For continuing updates on Nigeria News Today and developments across Kogi State, stay with The Bureau News.

Source: The Bureau Newspaper

CBN Approves $150,000 Weekly FX Access for BDCs to Stabilise Market – The Business Bureau

The Central Bank of Nigeria (CBN) has approved the participation of licensed Bureau De Change (BDC) operators in the Nigerian Foreign Exchange Market (NFEM), allowing each operator to purchase up to $150,000 weekly.

The approval, which is already making headlines in Nigeria News Today, was conveyed in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The decision comes amid a widening gap between official and parallel market exchange rates, which recently crossed ₦90 for the first time in three years.

What the CBN Circular Says

According to the apex bank, the policy is aimed at improving liquidity in the retail segment of the foreign exchange market and meeting the legitimate needs of end users.

Under the new directive, all duly licensed BDCs are permitted to source foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing market rate.

The circular stated:

“To ensure the availability of adequate foreign exchange liquidity in the retail segment of the foreign exchange market to meet the legitimate needs of end users, this is to inform market participants that all BDCs that are duly licensed by the CBN are allowed to access foreign exchange from the NFEM through any Authorised Dealer of their choice, at the prevailing exchange rate.”

However, access is subject to strict compliance requirements. Authorised dealer banks must conduct full Know Your Customer (KYC) and due diligence checks in line with existing regulatory standards and internal risk frameworks.

Only after completing these checks can foreign exchange be sold to BDCs, and strictly within the weekly cap of $150,000 per operator.

CBN Tightens Reporting and Settlement Rules

Alongside expanded access, the CBN introduced stricter reporting and settlement guidelines aimed at curbing speculation and hoarding.

All licensed BDCs are required to submit electronic returns to the CBN accurately and within stipulated timelines. The apex bank also warned that operators must not retain unutilised foreign exchange positions.

Any unused funds purchased from the market must be resold within 24 hours.

“Any unutilised balances are expected to be sold back to the market within 24 hours. BDCs are not permitted to keep funds purchased from NFEM in their positions,” the circular added.

The CBN further mandated that all foreign exchange transactions by BDCs must be routed through settlement accounts held with licensed financial institutions. Third-party transactions are prohibited, while cash settlements are capped at 25 percent of each transaction value.

The apex bank clarified that existing BDC guidelines remain in force, signalling a policy approach that combines broader market participation with tighter oversight.

Background: BDC Operators’ Struggles

The latest move follows concerns raised in October 2025 that many licensed BDC operators were on the brink of shutting down due to prolonged suspension of dollar allocations from the CBN.

Operators had complained of declining revenues, difficulty meeting overhead costs, staff salaries, licensing requirements, and compliance expenses.

The retail forex sub-sector also faced uncertainty amid ongoing recapitalisation requirements and regulatory reforms.

With this new policy direction, stakeholders will be watching closely to see whether increased liquidity and stricter controls can help stabilise Nigeria’s foreign exchange market.

The Business Bureau will continue to monitor developments as part of its coverage of financial markets and macroeconomic policy in Nigeria News Today.

Source: The Business Bureau

Outrage in Kebbi as Customs Officers Allegedly Kill Car Dealer

Tension gripped Birnin Kebbi, the Kebbi State capital, following the alleged killing of a car dealer by operatives of the Federal Operations Unit (FOU), Zone B Kaduna, of the Nigeria Customs Service.

The deceased, identified as Tukur Alhaji Salihu, 45, was reportedly shot three times while inside a vehicle between 11:00 a.m. and 12:00 noon on February 7, 2026, along the Nagari College–Illela-Yari axis in Birnin Kebbi township.

Eyewitness accounts indicate that Salihu was rushed to a hospital after the shooting but later died around midnight. He was subsequently buried in his hometown of Argungu. He is survived by two wives, seven children, and elderly parents.

AMDON Condemns Killing

The Association of Motor Dealers of Nigeria (AMDON), Kebbi State chapter, expressed shock and outrage over the incident.

Speaking to journalists, the association’s Secretary, Shehu Yusuf Bunza, described the shooting as a disturbing development and a reflection of growing concerns about alleged extra-judicial actions.

“The incident, which occurred in broad daylight, is a stark reminder of the growing concerns over extra-judicial killings and human rights abuses in our state and country,” Bunza said.

He added that the association views the act as an unwarranted use of force that has created fear and panic among its members and the wider Kebbi community.

“We are particularly disturbed that the perpetrators appeared to have acted with impunity, disregarding the sanctity of human life,” he stated.

Calls for Investigation

AMDON has called on the Nigeria Police Force and other relevant security agencies to launch a thorough investigation into the incident and ensure that those responsible are brought to justice.

The association also urged the Kebbi State Government to protect the rights of the deceased’s family and provide appropriate support and compensation.

In addition, AMDON appealed to the Nigeria Customs Service to investigate the conduct of its officers and take necessary disciplinary measures if culpability is established.

The group further called on the National Human Rights Commission, the Nigerian Bar Association, and other civil society organisations to take up the matter to ensure accountability.

Awaiting Official Response

As of the time of filing this report by The Bureau News, there was no official statement from the Nigeria Customs Service regarding the allegations.

The incident has sparked widespread reactions in Kebbi and is rapidly becoming one of the major talking points in Nigeria News Today, as residents demand transparency and justice.

Source: The Bureau Newspaper

By Enemona Samuel Endurance

Transcorp Power Plc (NGX: TRANSPOWER) has announced strong audited financial results for the year ended December 31, 2025, with revenue rising 30 percent year-on-year to ₦398.27 billion from ₦305.94 billion in FY 2024.

The power generation company, a subsidiary of Transnational Corporation Plc (Transcorp Group), also recorded a 14 percent increase in gross profit to ₦162.44 billion, up from ₦142.21 billion in the previous year.

Profit after tax grew 14 percent to ₦91.42 billion, compared to ₦80.01 billion in 2024, while earnings per share climbed to ₦12.19 from ₦10.67.

Stronger Balance Sheet and Reduced Borrowings

Transcorp Power strengthened its financial position during the year by reducing total borrowings from ₦37.7 billion to ₦30.7 billion, reflecting disciplined financial management and improved leverage metrics.

Total assets increased by 42 percent to ₦563.48 billion, while total equity rose 44 percent to ₦183.40 billion, underscoring sustained balance sheet expansion.

Operational Improvements Drive Growth

The company attributed its performance to enhanced generation capacity and improved operational efficiency. The return of GT20 added 100 megawatts (MW) to the national grid from January 3, 2025, boosting output.

Average available capacity increased significantly from 417MW to 550MW during the year, despite persistent grid and transmission constraints.

Board Proposes Increased Dividend

Based on the strong results, the Board of Directors proposed a full-year dividend of ₦5.50 per share for 2025. This comprises an interim dividend of ₦1.50 paid on August 18, 2025, and a final dividend of ₦4.00.

The proposed dividend represents a 10 percent increase compared to the previous year.

Chairman of the Board, Emmanuel Nnorom, stated:

“We remain dedicated to improving lives and transforming Africa, ensuring operational excellence and making strategic investments that deliver sustainable, long-term value to our shareholders, while also powering Nigeria’s socioeconomic development.”

“The confidence in our financial position allows us to propose a full year dividend of ₦5.50k per share for 2025 comprising an interim dividend of ₦1.50k paid on August 18, 2025, and a final of ₦4.00k, representing a 10 per cent increase from the previous year dividend.”

Managing Director/Chief Executive Officer, Peter Ikenga, added:

“Our FY 2025 results reflect our steadfast commitment to operational excellence, sustainable growth, strategic market expansion and enhanced generation capacity, which continue to fuel significant revenue growth, enabling us to consistently generate power to the national grid. During the year, we increased our average available capacity from 417MW to 550MW and improved average generation output despite grid and transmission line-related issues.”

“Notwithstanding the network transmission line issues, our FY 2025 performance remained strong and reflects our steadfast commitment to operational excellence and sustainable growth. Our confidence in the future trajectory of Transcorp Power Plc to deliver exceptional value to our shareholders remains unwavering. We will continue to work with relevant stakeholders, particularly Transmission Company of Nigeria, to strengthen the transmission lines and improve evacuation from our plant in 2026 and beyond.”

Transcorp Power Plc stated that it remains focused on supporting Nigeria’s energy transition, improving grid reliability, and delivering long-term shareholder value.

About Transcorp Power Plc

Transcorp Power Plc is one of Nigeria’s principal electricity generation companies and a key subsidiary of Transnational Corporation Plc (Transcorp Group), a diversified listed conglomerate with investments in power, hospitality, and energy.

The Business Bureau will continue to track developments in Nigeria’s power sector under its ongoing Nigeria News Today coverage.

Source: The Business Bureau

By Queen Madaki

Nigeria’s Treasury Bills (NTB) market recorded a sharp surge in investor demand at its latest primary market auction, with total subscriptions reaching N4.59 trillion, nearly three times the N1.15 trillion offered by the Debt Management Office (DMO).

The auction, conducted on Wednesday, February 4, 2026, reflects sustained appetite for government securities, particularly longer-dated instruments, amid strong liquidity conditions in the financial system.

Despite the significant inflows, the DMO exercised restraint by allotting N952.60 billion across the three tenors — 91-day, 182-day, and 364-day bills.

Strong Demand for 364-Day Bills

Investor demand was heavily concentrated on the 364-day Treasury bill, which attracted subscriptions of N4.40 trillion against an offer of N800 billion. The DMO allotted N808.78 billion, leveraging the strong demand to reduce borrowing costs.

364-day Treasury Bill
Offer: N800.0 billion
Subscription: N4.40 trillion
Allotment: N808.78 billion
Stop rate: 16.99% (down 137 basis points from January’s 18.36%)

The sharp decline in the one-year stop rate highlights the DMO’s pricing power and reflects growing investor confidence in longer-term government securities.

Mixed Performance for Shorter Tenors

182-day Treasury Bill
Offer: N200.0 billion
Subscription: N123.41 billion
Allotment: N80.61 billion
Stop rate: 16.65% (unchanged)
91-day Treasury Bill
Offer: N150.0 billion
Subscription: N66.05 billion
Allotment: N63.21 billion
Stop rate: 15.84% (unchanged)

Unlike the one-year bill, the 91-day and 182-day tenors recorded weaker demand relative to their offers. Stop rates on both maturities remained unchanged from the January 2026 auction.

What This Means for Investors

The nearly 299% oversubscription underscores persistent liquidity chasing risk-free assets, as investors continue to favor Treasury Bills over equities and other riskier instruments.

The DMO’s decision to under-allot relative to total subscriptions while reducing the one-year yield signals increasing market depth and confidence in Nigeria’s sovereign instruments.

The drop in the 364-day stop rate from 18.36% in January to 16.99% in February represents a shift toward a more issuer-friendly environment, potentially easing the government’s short-term borrowing costs.

Analysts suggest that continued demand for longer-dated NTBs may reflect expectations of moderating rates in the near term, prompting investors to lock in relatively attractive yields while available.

The Business Bureau will continue to monitor developments in the fixed income market as part of broader coverage under Nigeria News Today.

Source: The Business Bureau

Arkmanbuddy:
This is where the antitrust laws should be evoked to stop monopoly in the telecoms industry. Do we even have that?

Imagine MTN controlling the biggest shared communication masts company! This gives it an edge over other telcos in Nigeria and makes them dependent on MTN.

It shouldn't be allowed, or better still, strictly regulated.

The truth is, not many people are interested in the business, simply because some power play happened.

They hid the information about IHS willing to sell its shares from the public. Don't forget that some big Nigerians own shares in MTN.

I see your point, but having MTN own a major mast company isn’t automatically bad.

It can actually improve efficiency, expand coverage faster, and reduce costs if managed well. The key is proper regulation to ensure fair access for all telcos, rather than banning ownership outright.

The searchlight is now on NCC to ensure that there's no ripping of Nigerians and abuse of privilege.

By Enemona Samuel Endurance

MTN Group, Africa’s largest mobile network operator, is in advanced discussions to acquire the approximately 75% stake in IHS Holding Limited that it does not already own. The potential deal would give the South African telecom giant full control of one of the world’s largest independent tower companies.

The announcement comes as MTN confirmed in a cautionary notice to investors on Thursday that it is evaluating a potential transaction to buy out minority shareholders of the New York Stock Exchange-listed IHS, following recent market speculation.

MTN’s Position

MTN said any potential offer would be “at a level near to the last trading price” of IHS shares on the NYSE as of February 4, 2025. The company stressed that no binding agreement has been reached and there is no certainty that discussions will result in a transaction.

MTN cautioned shareholders that if a deal is concluded, it could have a material impact on its share price, urging investors to exercise caution when trading its stock until further announcements are made.

Strategic Implications

MTN already owns a significant minority stake in IHS and maintains a deep operational relationship with the tower company across several African markets. Over the past decade, MTN has sold thousands of passive network sites to IHS through sale-and-leaseback arrangements, including a major South Africa deal in 2022 involving over 5,700 towers. These deals enabled MTN to unlock capital while retaining long-term access under master lease agreements.

A full acquisition would mark a strategic shift for MTN, reversing years of infrastructure outsourcing by bringing tower assets back under its direct control. Previous concerns around corporate governance at IHS provide context to MTN’s cautious tone in the latest announcement.

The group noted that if talks do not materialize into a deal, it will continue exploring other avenues to unlock value from its investment in IHS, consistent with its disciplined capital allocation strategy.

About IHS Holding Limited

Founded in 2001 by Sam Darwish with an initial focus on Nigeria, IHS Towers has grown into one of the world’s largest independent owners and operators of shared telecommunications infrastructure. Headquartered in London and listed on the NYSE after its 2021 IPO, IHS manages more than 37,000 towers across seven African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, as well as Latin American markets like Brazil and Colombia. MTN remains its largest customer.

The potential buyout reflects changing dynamics in Africa’s telecom infrastructure sector, as mobile operators evaluate the benefits of owning versus leasing critical network assets amid rising data demand and tighter economic conditions.

The Business Bureau will continue to monitor developments and provide updates on the MTN-IHS negotiations under Nigeria News Today.

Source: The Business Bureau