Iran’s national football team was headed to Turkey on Monday to play a final friendly match and apply for visas to fly to the United States for the 2026 World Cup, Iranian media reported.

The team plan to participate in the tournament despite co-host Washington having launched a war against Iran with a massive wave of attacks alongside ally Israel on February 28.

The fighting has been on hold for weeks thanks to a ceasefire, but peace talks have failed to make a breakthrough and new drone attacks against Gulf countries at the weekend combined with threats from US President Donald Trump raising fears of a return to fighting.

The team “departed this morning for Antalya, Turkey to play its final friendly match before flying to the United States for the 2026 World Cup,” the Tasnim news agency reported.

It said the squad consisted of 22 domestic-based players alongside their coaching staff.

On Saturday, head coach Amir Ghalenoei said they would also be completing visa applications for the US while in Turkey.

– ‘Let ’em play’ –

Iran secured their spot at the World Cup in March 2025, but since then the United States has twice launched attacks on the country.

US officials have insisted that Iran is welcome at the tournament, while organiser FIFA has said it will go ahead as planned and rejected Iranian suggestions that their games be moved to co-hosts Mexico or Canada.

“I think let ’em play,” Trump said in late April.

US Secretary of State Marco Rubio said any problem would not be with Iranian players but “some of the other people (they) would want to bring with them”, suggesting they may have ties to the Revolutionary Guards, which Washington has branded a terrorist organisation.

Last month, officials from Iran’s football federation abandoned a trip to the FIFA congress in Canada, saying they had been “insulted” by Canadian immigration officers.

One of their delegation, Mehdi Taj, is a former member of the Revolutionary Guards, which Canada has also designated a terror group.

The Iranian football team hope to play two friendlies in Antalya.

They have already confirmed one match, against The Gambia, on May 29, said Sam Mehdizadeh, an Iranian-Canadian who heads a company that sets up friendlies for the team.

“No visas have been issued yet,” Taj, the head of Iran’s football federation, told Iranian media on Thursday.

On Saturday, FIFA secretary general Mattias Grafstrom held a meeting in Turkey with the federation, describing it as constructive, as did Taj.

When the squad reaches the United States, Iran will set up their base camp in Tucson, Arizona.

The team, who are in Group G, are due to kick off their campaign against New Zealand in Los Angeles on 15 June, before facing Belgium in the same city and then Egypt in Seattle.

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Iran’s top security body announced on Monday the formation of a new body to manage the Strait of Hormuz, which Tehran has effectively closed and wants to charge ships to traverse.

On its official X account, the Supreme National Security Council shared a post for the Persian Gulf Strait Authority (PGSA) saying it would provide “real‑time updates on the #Hormuz_Strait operations and latest developments.”

The account of the Revolutionary Guards navy shared the same post.

It was not immediately clear what the new body would do but earlier this month Iranian English-speaking broadcaster Press TV said it constituted a “system to exercise sovereignty over the Strait of Hormuz” and that ships passing through the strait were sent “regulations” from the email info@pgsa.ir.

Iran has largely blocked shipping through the vital strait since the outbreak of war with the United States and Israel on February 28. A fragile ceasefire has been in place since April 8.

Iran’s grip over the waterway has rattled global markets and given Tehran significant leverage, while the United States has imposed its own naval blockade on Iranian ports.

In peacetime, the route accounts for roughly a fifth of global oil and liquefied natural gas shipments, along with other key commodities including fertiliser.

Since the war began, Iran has repeatedly said that maritime traffic through the strait would “not return to its pre-war status” and last month it said it had received the first revenue from tolls on the waterway.

On Saturday, Ebrahim Azizi, head of the Iranian parliament’s national security commission, said Iran “has prepared a professional mechanism to manage traffic” through the strait, adding that it will be “unveiled soon”.

AFP

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By Omeiza Ajayi

Former spokesman of the All Progressives Congress, APC, Comrade Timi Frank, has cautioned against an alleged plot by some intelligence operatives to take former Kaduna State Governor, Nasir el-Rufai, into custody from the Federal High Court in Abuja on Monday.

Frank, in a statement issued in the early hours of Monday, said he received information from sources alleging that the operatives might attempt to arrest el-Rufai when he appears before Justice M.B. Idris of the Federal High Court.

“Pursuant to what appears to be a grand plan by the administration of President Bola Ahmed Tinubu to politically eliminate Mallam Nasir el-Rufai, I have been reliably informed that plans have allegedly been concluded … to forcefully take him into custody today from the Federal High Court, Abuja, where he is meant to appear,” Frank said.

He alleged that such a move would contradict existing court orders directing that el-Rufai remain in the custody of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) pending the determination of matters before the court, and that security operatives had met the previous night to finalise arrangements for the alleged plot.

Frank also expressed fears that should any attempt to silence el-Rufai fail, the fallback plan might be to keep the former governor in prolonged detention until after the 2027 elections.

Frank said it was unfortunate that the Kaduna State Governor, Uba Sani, once known as a civil rights activist, now appeared associated with actions many considered inconsistent with the rule of law.

The political activist, who serves as the United Liberation Movement for West Papua (ULMWP) Ambassador to East Africa and the Middle East, warned that any attempt to forcibly remove el-Rufai from court premises in defiance of subsisting court orders would amount to an assault on the rule of law, and called on civil society organisations, northern leaders, religious groups and the international community to closely monitor developments surrounding the case.

“This is the time for Nigerians, northern leaders, civil society groups, religious leaders, and all lovers of justice and democracy to rise in one voice against oppression and selective justice,” he said.

Frank invoked the famous warning by German pastor Martin Niemöller about the dangers of silence in the face of injustice, and questioned whether el-Rufai was being singled out among former governors currently facing scrutiny.

While stating his support for anti-corruption efforts, he insisted such efforts must be conducted within the bounds of fairness and due process, free from political persecution.

“If anything happens to el-Rufai, Governor Uba Sani and President Bola Ahmed Tinubu must be held responsible. The President, the security agencies, and the Kaduna State Government must remember that power is transient and nothing lasts forever,” he declared.

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Portuguese manager José Mourinho is set for a sensational return to Real Madrid, according to football transfer expert Fabrizio Romano.

Romano posted on X on Monday that all terms had been verbally agreed between Mourinho and the Spanish giants, with only the signing of official documents remaining before the deal is completed.

The report added that Mourinho is expected to sign an initial two-year contract and travel to Madrid after Real Madrid’s clash with Athletic Bilbao.

Mourinho previously managed Real Madrid between 2010 and 2013 during his first stint at the club. Under the Portuguese tactician, Los Blancos won the 2011-12 La Liga title with a record 100 points, as well as the 2010-11 Copa del Rey.

Nicknamed “The Special One”, Mourinho also guided the club to three consecutive UEFA Champions League semi-finals before leaving for a return to Chelsea in 2013.

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By Henry Umoru, ABUJA

The Nigeria Democratic Congress, NDC, has closed the sale of its expression of interest and nomination forms for the position of president.

The party has, however, extended the deadline for the collection of its Expression of Interest Forms for key elective offices ahead of the 2027 general election, giving aspirants an additional one week to complete the process.

In a statement in Abuja and signed by the party’s National Secretary, Ikenna Morgan Enekweizu, the NDC announced that the deadline, earlier fixed for 6:00 p.m. on Sunday, May 17, 2026, has now been shifted to 12:00 midnight on Sunday, May 24, 2026.

According to the statement, the extension affects aspirants seeking tickets for the State Houses of Assembly, House of Representatives, Senate, and governorship positions.

It, however, declared that the sale and collection of Expression of Interest Forms for the Office of the President has officially closed.

According to the timetable released by the party, screening of aspirants who have purchased and completed the forms will commence on Tuesday, May 19, and end on Tuesday, May 26, 2026.

The statement further stated that the collection and return of nomination forms for screened and cleared aspirants will begin May 20 and close May 26, 2026.

The statement warned that no further extension will be granted beyond the new deadline, urging all aspirants to strictly comply with the guidelines and timelines.

“All aspirants are expected to appear for screening and pre-qualification interviews at designated venues across the country with relevant documents.”

According to the National Secretary, the party has directed that all documents submitted to the Screening Committee must be in six copies each, stressing that the screening exercise would be guided by factors including the wishes of the electorate, local peculiarities, capacity and competence, as well as the character of aspirants.

It added that the screening committee is directed to take into consideration the party’s affirmative action policy for women, youths, and persons living with disabilities.

It further encouraged aspirants to embrace consensus-building, stressing that only aspirants cleared through the screening process would be eligible to purchase nomination forms.

The statement read, “The Nigeria Democratic Congress (NDC) hereby informs all aspirants and the general public that the deadline for the collection of Expression of Interest Forms for the State Houses of Assembly, House of Representatives, Senate, and Governorship positions, earlier scheduled to close at 6:00 p.m. on Sunday, 17th May, 2026, has been extended to 12:00 midnight on Sunday, 24th May, 2026.

“Screening of aspirants who have purchased and completed the Expression of Interest Forms will commence on Tuesday, 19th May, 2026, and will end at 6:00 p.m. on Tuesday, 26th May, 2026.

“The collection and return of nomination forms for all screened and cleared aspirants will commence on Wednesday, 20th May, 2026, and close on Tuesday, 26th May, 2026.

“All aspirants are required to ensure strict compliance with the deadline, as no extension will be granted beyond the closing date.

“However, the collection of Expression of Interest forms for the Office of the President is hereby closed.

All aspirants are expected to appear for screening and pre-qualification interviews at designated venues across the country, as earlier advertised, with the following documents: Educational certificates; birth certificate or declaration of age; Four (4) recent passport photographs; Copy of voter’s identification card; NDC membership card; Copy of his/her CV (Curriculum Vitae)

“All documents submitted to the Screening Committee must be in six (6) copies each.

Screening shall be based, among other criteria, on the wishes of the electorate, local peculiarities, capacity and competence of aspirants and character.

The Screening Committee is to take note of the party’s affirmative action policy for women, youths, and persons living with disabilities.

“Aspirants are also encouraged to pursue consensus-building, as only cleared aspirants will be eligible to purchasenomination forms..

All aspirants are advised to strictly comply with the guidelines and timelines.”

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Nigeria and the United States have carried out fresh strikes against Islamic State jihadists in northeast Nigeria, the US military said on Monday.

The strikes were conducted on Sunday, US Africa Command (Africom) said in a statement. “Intelligence confirmed the targets were ISIS militants. Complete assessments are ongoing. No US or Nigerian forces were harmed,” it said.

The new strikes came two days after the United States and Nigeria announced that a joint operation in the west African country killed Abu-Bilal al-Minuki, an IS leader described as the group’s second-in-command worldwide who has been under US sanctions since 2023.

Northern Nigeria has faced the double threat of attacks from jihadist groups allied to IS and from criminal gangs that stalk villages and carry out mass kidnappings.

The insecurity had drawn criticism from US President Donald Trump who said Nigeria’s Christians were being persecuted. The Nigerian government has rejected the claim, insisting that Christians and Muslims were equally the victims of the violence.

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….we cater for over 5 million patients in C’River, others from Cameroon, Equatorial Guinea

By Ike Uchechukwu, CALABAR

The Chief Medical Director(CMD) of the University of Calabar Teaching Hospital (UCTH), Prof. Ikpeme Ikpeme, has dismissed as false and misleading allegations of ethnic discrimination in the recruitment of house officers.

Prof. Ikpeme, who spoke during a facility tour of the hospital by journalists weekend, insisted that the institution does not operate any policy targeting any ethnic group, particularly Igbos.

“It is not true that we rejected house officers because they were Igbo. It is not the policy of the hospital and it is not something we do,” he said.

The CMD expressed regret over the controversy, noting that the affected applicants never met with him before taking the matter to social media.

“They had no meeting with me. They probably only got to know me after they did what they did, and yet they wrote that I rejected them because they were Igbo,” he stated.

To buttress his point, Prof. Ikpeme highlighted recent gestures affirming the hospital’s inclusiveness.

He disclosed that a ward was recently named after an Igbo medical practitioner in recognition of his long service and contributions to the institution.

“You have just seen us name a ward after an Igbo man. I don’t think an Igbo-hating Chief Medical Director will name a ward after an Igbo man,” he added.

He further noted that the hospital’s current Head of Nursing Services is also of Igbo extraction, stressing that appointments and promotions are based strictly on due process and seniority.

Prof. Ikpeme who used the occasion to showcase ongoing transformation at UCTH said, currently, the hospital operates about 38 wards and clinics across its 62 clinical and non-clinical departments, with most facilities remodelled or renovated.

The CMD revealed that the hospital now performs advanced procedures such as hip and knee replacements, brain tumour surgeries, spinal surgeries, and minimally invasive keyhole surgeries.

“We do keyhole surgery. If your appendix is giving you a problem, we can take it out and the following day, we send you home because we’ve done minimal access surgery,” he explained.

He also disclosed that a new Department of Emergency Medicine is under construction to handle rising patient influx. The facility will feature trauma bays, intensive care units, and emergency theatres.

Prof. Ikpeme affirmed that UCTH serves patients not only from Cross River but also from neighbouring states and countries, including Cameroon and Equatorial Guinea adding that the facility which is an 850 bed capacity hospital caters for over five million patients.

On staff attitude and emergency care, he said management has introduced a reward and disciplinary system to enhance professionalism. He denied claims that emergency patients are turned back for lack of funds.

“For emergencies, we do not insist on payment before treatment,” he said.

The CMD commended President Bola Ahmed Tinubu’s administration and the Federal Ministry of Health for ongoing support, citing the installation of a 1.5 Tesla MRI machine and other infrastructure upgrades running into billions of naira.

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By Udeme Akpan

The Managing Director and Chief Executive Officer of Niger Delta Power Holding Company, Engr. Jennifer Adighije, has said the company is ready to supply an additional 1,500 megawatts (MW) of electricity to Lagos.

She disclosed this during a courtesy visit to the Managing Director and Chief Executive Officer of Lagos State Electricity Regulatory Commission, Mrs. Temitope George, in Lagos.

According to her, the company currently has about 2,000MW of stranded generation capacity.

She stated that Lagos currently receives about 1,000MW from the national grid despite having an estimated electricity demand of nearly 12,000MW, resulting in a significant supply shortfall.

The managing director said the company is prepared to help close part of the gap through increased generation capacity and strategic investments.

She said: “Our mandate is fundamentally to scale up power generation alongside the associated transmission and distribution networks.

“We are uniquely positioned in the power sector because our operations cut across the entire electricity value chain — from gas to generation, transmission and distribution.”

She noted that NDPHC owns some of the largest power generation assets in sub-Saharan Africa, with an installed generation capacity of about 4,000MW, adding that between 400MW and 500MW are currently dispatched daily due to operational constraints.

Adighije added that the recently published Lagos Electricity Market Report highlighted a substantial demand-supply imbalance in the state, which NDPHC is eager to help address through strategic collaboration with Lagos State Electricity Regulatory Commission.

She said: “This is the role we want to play. That is why we are engaging with LASERC to support the scaling and acceleration of distributed access to electricity in Lagos State.

“The Lagos electricity market is very lucrative and dynamic. This is a market where we are willing to make huge investments.

“In the past, our investments were largely intervention-based, but now we are looking at a market where there is a clear path to investment recovery.”

On her part, the Managing Director of Lagos State Electricity Regulatory Commission, Mrs. Temitope George, expressed the Lagos State Government’s commitment to improving electricity supply and expanding energy access across the state.

“We are excited to receive NDPHC, one of the largest power generation companies in Nigeria,” George said.

“The company has already made significant investments in Lagos, and we recognise that there are still infrastructure gaps that must be addressed.

“With the NDPHC Managing Director’s visit and the company’s willingness to partner with Lagos to provide power and invest in infrastructure, we are optimistic that residents will begin to experience improved and more reliable electricity supply in the near future.”

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President Donald Trump threatened “there won’t be anything left” of Iran if no peace deal is reached, as their truce came under further strain with drone attacks on US allies in the Gulf.

Washington, locked in a war with Iran since US and Israeli forces launched strikes in late February, has struggled to break an impasse in negotiations and end the conflict, which has shaken the Middle East and sent energy prices climbing.

“For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them,” Trump wrote on his Truth Social platform Sunday. “TIME IS OF THE ESSENCE!”

The two sides have been communicating via mediator Pakistan but have failed to reach a lasting agreement amid a shaky temporary truce, which was tested again on Sunday by fresh strikes on Gulf nations.

Saudi Arabia reported intercepting three drones entering the country from Iraqi airspace, while the United Arab Emirates said a drone sparked a fire at its Barakah Nuclear Power Plant, one of three UAVs that entered from the “western border direction”.

UAE presidential adviser Anwar Gargash appeared to refer to Iran and its regional proxy groups when he condemned the attack, which ignited a fire but caused no injuries or impact on radiation levels.

“The terrorist targeting of the Barakah clean nuclear power plant, whether carried out by the principal perpetrator or through one of its agents, represents a dangerous escalation,” he wrote on X.

Iranian-backed armed groups equipped with drones are based in Iraq, while Tehran’s allies in Yemen — the Houthi rebels — also possess combat-grade UAVs.

Attacks on the Gulf states, which Tehran says it has targeted for harbouring US military and economic interests, have dramatically reduced since Washington and Tehran agreed to the temporary truce on April 8, but sporadic strikes have continued.

The war has also sparked a blockade of the critical Strait of Hormuz, through which around 20 percent of global oil exports pass in peacetime, with Iran refusing to let ships pass and the US blockading Iran’s ports to stifle its oil exports.

Iran’s proxy in Lebanon, the armed group Hezbollah, has also been launching attacks against Israel, drawing Lebanon into the war. Israel has responded with air strikes and a ground invasion of south Lebanon.

A ceasefire is in place between Israel and Lebanon, but the fighting with Hezbollah has not stopped.

Iran has demanded a lasting ceasefire in Lebanon before any broader peace agreement with Trump, who has been frustrated by Tehran’s refusal to accept a deal on his terms.

An Israeli military official said Sunday that Hezbollah had fired around 200 projectiles at Israel and its troops over the weekend.

Lebanon’s health ministry said new Israeli strikes on Sunday in the country’s south killed five people, including two children.

Israeli attacks since the start of the war have killed more than 2,900 people in Lebanon, including 400 since the truce began on April 17, according to Lebanese authorities.

– ‘No tangible concessions’ –

Iranian media said the United States had failed to make any concrete concessions in its latest response to Iran’s proposed agenda for negotiations.

The Fars news agency said Washington had presented a five-point list, which included a demand for Iran to keep only one nuclear site in operation and transfer its stockpile of highly enriched uranium to the US.

Washington has refused to release “even 25 percent” of Iranian assets frozen abroad or pay any reparations for damage inflicted during the war, according to Fars.

The Mehr news agency said “the United States, offering no tangible concessions, wants to obtain concessions that it failed to obtain during the war, which will lead to an impasse in the negotiations”.

Pakistani Interior Minister Mohsin Naqvi met Sunday in Tehran with Iran’s chief negotiator and speaker of parliament, Mohammad Bagher Ghalibaf.

In a social media post following the talks, Ghalibaf said the war had destabilized the entire Middle East.

“Some governments in the region believed that the presence of the United States would bring them security, but recent events showed that this presence is not only incapable of providing security, but also creates the grounds for insecurity,” he said.

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No fewer than 2,800 former textile workers and their family members have reportedly died while awaiting payment of N35 billion in unpaid gratuities and compensation owed by four collapsed textile companies in Kaduna State.

Read Also: FG rolls out free healthcare for pensioners earning below N70,000

The affected workers, under the aegis of the Coalition of Closed Unpaid Textile Workers of Nigeria, Kaduna State chapter, appealed to President Bola Tinubu, state governors and other well-meaning Nigerians to intervene in their prolonged struggle for payment of the outstanding entitlements.

In a statement by the coalition’s President/Chairman, Jeibe Wordam, and Secretary, Samuel Ibrahim, the former workers said they had suffered decades of hardship following the collapse of Kaduna Textiles Limited, Arewa Textiles Plc, Nortex and Fine Tex Limited.

According to the coalition, the companies shut down between 2002 and 2004 without paying workers their terminal benefits, leaving more than 9,000 employees jobless and financially stranded.

The workers disclosed that Kaduna Textiles Limited ceased operations in 2002, while Nortex and Fine Tex shut down in 2003. Arewa Textiles Plc, they added, closed in December 2004.

They lamented that despite years of appeals, protests and engagements with relevant authorities, the managements of the affected companies had failed to demonstrate genuine commitment toward settling the outstanding gratuities and compensation.

The coalition further decried the worsening living conditions of many former workers, noting that several had become impoverished and hopeless, while widows and children of deceased workers were facing severe hardship, including inability to afford healthcare and education.

According to the group, the rising cost of living has compounded their suffering, stressing that many of the affected workers, now above 60 years old, can no longer secure employment or establish small businesses due to lack of capital.

The former workers recalled that they had earlier petitioned the House of Representatives during the administration of former President Muhammadu Buhari and were invited to Abuja for a hearing before the tenure of the Ninth National Assembly ended without resolving the matter.

They appealed to President Tinubu, the leadership of the 10th National Assembly, the Nigeria Governors’ Forum, Northern Governors’ Forum, civil society organisations, traditional rulers and international sympathisers to assist in facilitating payment of the N35 billion they claimed is owed to them.

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By Victor Ahiuma-Young 

The National Pension Commission, PenCom, has inaugurated a free healthcare initiative for retirees under the Contributory Pension Scheme, CPS, targeting pensioners earning less than N70,000 monthly.

The programme, known as PenCare, is aimed at improving access to healthcare for low-income retirees and reducing the burden of medical expenses among elderly Nigerians.

In a statement, PenCom said the pilot phase of the initiative is open to retirees who are at least 60 years old and receive monthly pensions of not more than N70,000 from their Pension Fund Administrators, PFAs.

The Commission disclosed that registration for the scheme has commenced and that only 30,000 eligible pensioners would benefit in the first phase on a first-come, first-served basis.

According to PenCom, interested retirees can register by scanning the barcode published in national newspapers or by visiting the Commission’s official website as well as the websites of participating PFAs.

PenCom described PenCare as part of its Corporate Social Responsibility, CSR, efforts aimed at preserving the dignity, health and well-being of pensioners across the country.

The pension regulator noted that the initiative reflects its commitment to improving the welfare of retirees through enhanced healthcare access and financial security in retirement.

The Commission added that the programme would help address the growing healthcare challenges faced by pensioners, especially those with limited income, while reaffirming its resolve to prioritise the needs of retirees nationwide.

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By Emeka Anaeto, Business Editor

Nigeria’s financial institutions are fighting to meet the deadline of June 10, 2026 set by the Central Bank of Nigeria, CBN, for onboarding to a new cyber-security baseline.

But industry sources told Financial Vanguard that though most of the commercial banks are already on track to the deadline almost all operators below them are not ready yet and this situation exposes the entire system to the risk the new baseline was set to prevent.

Financial Vanguard learnt that only tier-1 banks and a few others are likely to meet the deadline, but smaller institutions are lagging due to non existence of Chief Information Security Officers, CISOs.

The new cyber-security standard was meant to check Anti-Money Laundering (AML), Combating Financial Terrorism (CFT) and Counter-Proliferation Financing (CPF) solutions.  

On 10 March 2026, the CBN issued Circular, BSD/DIR/PUB/LAB/019/002, directing a mandatory baseline standard for automated AML/CFT/CPF systems across all regulated financial institutions.

By the circular every regulated financial institution must submit an implementation roadmap to the CBN by June 10, 2026.

Speaking to Financial Vanguard on the situation, a subject matter expert in cybersecurity, Ms Seun Runsewe, said ”the circular covers 12 functional areas, and every one of them requires not just a system purchase but a ”governance architecture”.

Explaining further, she said ”realistically, most of the leading banks would meet the deadline because they have CISOs, internal teams, and vendors already lined up”.

However, she expressed concern that ”the categories of financial institutions below the banks including roughly 900 microfinance banks, more than 100 finance houses, and the primary mortgage banks, is where the majority of regulated institutions in this country actually sit”.

She added, ”most don’t have a CISO, let alone a functioning automated AML solution. Many are starting from near zero with the deadline already on top of them”.

On the consequences of this gap, Runsewe stated: ”It isn’t only their problem. These institutions sit on the same shared rails as everyone else – NIBSS, BVN, the agency banking networks. One under-instrumented microfinance bank is a door. That is how ecosystem-wide breaches actually unfold: through the smallest, weakest connected node. The big banks inherit whatever happens at the bottom”.

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The Securities and Exchange Commission (SEC) has warned Nigerians against investing in unregistered online investment schemes being aggressively promoted on social media platforms, cautioning that many of them exhibit characteristics of Ponzi schemes.

The warning was contained in a public notice dated May 8, 2026, and published on the Commission’s official communication channels.

According to the apex capital market regulator, several of the online platforms promising guaranteed or unrealistic returns are neither registered nor authorised to operate within Nigeria’s capital market.

The Commission said the schemes are being widely promoted on digital platforms, including WhatsApp, Instagram, Telegram, Facebook, TikTok and other social media channels.

“The attention of the Securities and Exchange Commission has been drawn to the increasing promotion of unregistered online investment schemes on social media applications and websites, including WhatsApp, Instagram, Telegram, Facebook, TikTok and other digital platforms,” the SEC stated.

It added that many of the schemes display features commonly associated with Ponzi or prohibited investment arrangements, while some operators also provide unauthorised investment services to unsuspecting members of the public.

The SEC warned that investors who patronise such platforms risk losing their funds to fraudulent operators, stressing that promises of unusually high or guaranteed returns should be treated as red flags.

The Commission urged Nigerians to avoid participating in unregistered online investment schemes and to refrain from relying on financial advice from unlicensed individuals or entities. According to the regulator, only operators registered with the SEC are legally permitted to provide investment and advisory services within Nigeria’s capital market.

The Commission further advised prospective investors to verify the registration status of any investment company, platform or promoter before committing funds.

“The investing public is advised to confirm the status of companies and entities offering investment opportunities through the Commission’s dedicated verification portal before transacting with them,” the SEC stated.

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The contribution of manufactured goods to Nigeria’s export basket has stagnated for four consecutive years despite a sharp rise in the country’s total export value, latest figures from the National Bureau of Statistics (NBS) have shown.

The NBS data indicated that though total export value rose by 9.93 per cent year-on-year (YoY) to N85.13 trillion in 2025, manufactured exports stood at N2.5 trillion, accounting for 2.94 per cent of the total exports, a decline from 2.96 percent recorded in the previous year, 2024.

In 2024, total exports surged by 115 per cent YoY to N77.44 trillion, while manufactured exports stood at N2.29 trillion, representing 2.96 per cent.

Similarly, in 2023, total exports stood at N35.96 trillion, while manufactured exports amounted to N778.44 billion, accounting for 2.16 per cent, while in 2022, Nigeria recorded total exports of N26.8 trillion, with manufactured exports at N781 billion or 2.91 per cent.

However, in 2021, manufactured exports accounted for a relatively higher share of 5.21 per cent, with total exports at N18.91 trillion while manufactured exports stood at N984.56 billion.

This shows that manufacturing contribution to total exports had recorded steady decline after its significant 5.21 percent recorded in 2021. The decline is coming at the backdrop of consistent rise in total export value over the period.

It also indicates a failure in the government’s value added export policies over the years.

Stakeholders in the sector observed that structural bottlenecks have continued to constrain the manufacturing sector’s ability to compete in the international market.

Manufacturers blame structural weaknesses

Manufacturers have attributed the development to a harsh operating environment that continues to erode competitiveness.

Key stakeholders in the nation’s manufacturing sector say the weak contribution of manufactured goods in the export basket is related to deep structural weaknesses in the economy.

They attributed the trend to Nigeria’s long-standing dependence on raw and minimally processed exports, noting that the country has yet to transition to value-added production.

Exporters under the Manufacturers Association of Nigeria Export Promotion Group, MANEG, said the trend highlights deep-rooted challenges in Nigeria’s export ecosystem and underscores the urgent need for practical reforms.

Chairman of MANEG, Mrs Odiri Erewa-Meggison, said the country must move beyond policy formulation to effective implementation to unlock export opportunities.

According to her, Nigeria’s challenge is not access to markets but poor execution of trade strategies.

“Nigeria does not have a market access problem; we have an execution problem. African Continental Free Trade Area (AfCFTA) presents a $3.4 trillion opportunity across 1.3 billion people, but access without readiness delivers no value,” she stated.

Erewa-Meggison, who is also the Corporate and Regulatory Affairs Director at BAT Nigeria, noted that while AfCFTA offers vast opportunities for Nigerian businesses, the country remains largely unprepared to maximise the benefits.

She disclosed that over 70 per cent of Nigerian food exports are rejected in international markets, while about 30 per cent of manufactured exports fail due to poor packaging, labelling, traceability, and certification challenges.

According to her, the high rejection rate reflects weak quality assurance systems, poor logistics infrastructure and inadequate technical expertise across the export value chain.

She added that many manufacturers currently operate below capacity, not because of a lack of ambition, but due to inadequate access to technical support for export documentation, utilisation of AfCFTA tariff benefits and engagement with global buyers.

To address the challenges, Erewa-Meggison proposed reforms anchored on four critical pillars: improved quality standards, efficient logistics systems, access to export financing, and effective domestication of AfCFTA frameworks.

While acknowledging the role of government in creating an enabling environment, she urged manufacturers to take greater responsibility for export readiness by complying with international standards, forming strategic partnerships and leveraging available trade platforms.

According to her, promoting value-added manufacturing is a sustainable pathway to increasing Nigeria’s share of global trade and boosting foreign exchange earnings.

On his part, Director General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, reiterated that high energy costs, poor infrastructure, and policy inconsistencies have made it increasingly difficult for local producers to compete in international markets.

Ajayi-Kadir noted that many manufacturers are burdened by rising production costs, particularly from energy and logistics.

“You cannot compete globally when your cost of production is significantly higher than your competitors. That is the reality Nigerian manufacturers face daily,” he added.

It signals fundamental imbalance in export structure – CPPE  

Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, said the development underscores a fundamental imbalance in Nigeria’s export structure.

“What we are seeing is growth without industrial depth. Our export expansion is still commodity-driven, and until we scale up value addition, manufacturing will remain insignificant in export performance,” he said.

Quality, standardisation challenges compound problem

Meanwhile, industry operators also blame quality and standardisation challenges which they said have further compounded the problem.

According to them, a significant proportion of Nigerian exports are rejected in international markets due to poor packaging, labelling, and failure to meet required standards.

A senior official at the Nigerian Export Promotion Council (NEPC) who pleaded anonymity stressed that export readiness remains weak among local producers.

“Access to markets is not the issue; preparedness is. Many exporters are not meeting the technical requirements needed to succeed globally,” the official said.

Stakeholders also argue that Nigeria has not fully leveraged opportunities under the AfCFTA, which offers a vast regional market for manufactured goods.

Beyond market access, experts cite limited industrial capacity, weak financing structures, and inadequate integration into global value chains as key constraints holding back manufactured exports.

They, however, agree that reversing the trend will require deliberate policy action, including improved infrastructure, affordable energy, enhanced quality control systems, and targeted export incentives.

Until then, analysts warn, Nigeria’s export growth may continue to rise on paper, but without the industrial backbone needed for sustainable economic transformation.

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The Nigerian naira traded with slight fluctuations against the United States dollar across the official and parallel foreign exchange markets on Monday, May 18, 2026, as demand pressure for forex persisted.

Data from the Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate hovering around ₦1,371 per dollar, according to the latest figures published by the Central Bank of Nigeria and market trackers. The market recorded intraday movements between approximately ₦1,369 and ₦1,374 per dollar.

At the parallel market, also known as the black market, the dollar exchanged at around ₦1,395 buying rate and ₦1,405 selling rate in major trading hubs including Lagos and Abuja.

The gap between the official market and the parallel market remained relatively narrow compared to previous months, reflecting continued efforts by the Central Bank of Nigeria to improve liquidity and stabilise the foreign exchange market. Analysts said sustained interventions and improved dollar supply to authorised dealers have helped reduce volatility in recent weeks.

Recent trading sessions have also shown the naira maintaining relative stability within the ₦1,360 to ₦1,380 range at the official window, despite ongoing demand from importers, manufacturers, and individuals seeking foreign exchange for travel and business transactions.

Market watchers, however, noted that global oil price movements, foreign reserve levels, and investor confidence would continue to influence the direction of the naira in the coming days.

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By Udeme Akpan

President of the Dangote Group, Aliko Dangote, has reaffirmed his commitment to boosting food security across Africa through large-scale fertiliser investments, declaring that the continent has the capacity to feed itself and become a net exporter of agricultural products.

Dangote made this known while addressing journalists in Gode, in Ethiopia’s Somali region, during a high-profile visit hosted by Prime Minister Abiy Ahmed.

The Prime Minister personally received Dangote and accompanied him to inspect the site of the proposed fertiliser plant, where construction activities are already underway.

Speaking on the strategic importance of fertiliser in agricultural productivity, Dangote noted that Africa’s food insecurity challenges are largely due to limited access to key inputs.

“Africa holds immense agricultural potential, yet continues to grapple with food insecurity due to limited access to fertilizer. Through our investments, we are committed to reversing this trend by boosting productivity, empowering farmers, and advancing a sustainable path to food self-sufficiency.”

He added that the Group’s ambition, though bold, is achievable with sustained investment in fertiliser production and agricultural infrastructure.

“Africa has the capacity to feed itself and even export to the rest of the world. Our fertiliser investments across the continent are designed to unlock that potential and secure a prosperous future for our people,” Dangote stated.

Dangote also announced a significant increase in the Group’s investment in Ethiopia, rising from $2.5 billion to over $4 billion.

The expanded scope includes critical infrastructure such as a 110-kilometre pipeline, a 120MW power plant, a polypropylene packaging facility, and a two-million-tonne NPK blending plant, among other new components.

He described Ethiopia as a key strategic destination for Dangote Group’s long-term investments.

“In total, our declared and signed investments in Ethiopia now exceed $4 billion. This makes Ethiopia the second-largest recipient of our investments in Africa, accounting for nearly nine per cent of our continental outlay between now and 2030,” he said.

Dangote further commended Prime Minister Abiy Ahmed’s leadership and vision for economic transformation.

“The Prime Minister is driving development beyond expectations, but such progress requires strong private sector collaboration. We are proud to partner with Ethiopia to help build one of Africa’s most dynamic economies in the coming decade,” he added.

Prime Minister Abiy Ahmed, in his remarks, described Dangote as a trusted partner and commended the pace of work on the fertiliser project, which he said aligns with Ethiopia’s broader development priorities.

He emphasised that the project would significantly boost domestic fertiliser production, reduce dependence on imports, and provide critical support to millions of Ethiopian farmers.

According to the Prime Minister, the fertiliser plant will also create extensive employment opportunities, strengthen the industrial value chain, and reinforce Ethiopia’s position as an emerging agro-industrial hub in Africa.

“This type of large-scale investment demonstrates the power of strong collaboration between government and the private sector,” he said. “Expanding such partnerships will accelerate economic growth, attract further investment, and improve the livelihoods of our people.”

The Dangote fertiliser initiative is widely seen as a transformative step toward reshaping Africa’s agricultural landscape, with the potential to enhance productivity, reduce import dependence, and drive inclusive economic growth across the continent.

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By Peter Egwuatu

The Nigerian stock market extended its bullish run last week, as investors reaped N3.34 trillion gain, with sustained buying interest in banking, consumer goods and selected industrial stocks, which outweighed pockets of profit-taking witnessed across some other sectors of the market. 

The positive close on the Nigerian Exchange, NGX, further reinforced investor confidence in the market as institutional and retail investors continued to reposition portfolios in anticipation of stronger corporate earnings and dividend expectations for the second half of the year.

Market sentiment remained broadly optimistic throughout the trading session Week-on-Week, WoW, supported by renewed accumulation in highly capitalised and fundamentally sound stocks  particularly within the banking sector where investors maintained aggressive positioning. 

Analysis of trading WoW shows that market capitalisation, which represents the total value of stocks listed on the Exchange, surged to N160.443 trillion last week from N157.094 trillion the previous week.

In the same vein, another stock market indicator, NGX All Share Index, ASI advanced by 2.3% W/W to 250,330.92 points from 244,775.83 points.

This brings the Month-to-Date, MtD and Year-to-Date, YtD returns to 3.3% and 60.9%, respectively. 

Market activity improved as total volume and value traded increased by 18.4% WoW and 24.3% WoW, respectively. On sectors, the Industrial Goods Index surged by 4.7%,  Banking  Index 2.8%,  Insurance Index  2.7%  and Consumer Goods Index  1.6%, while the Oil & Gas Index declined by -1.2%.

Commenting on market outlook, analysts at Cordros Asset stated: “Next week, we expect trading activity to be relatively volatile, with intermittent buying interest likely to be offset by profit taking activities. Investors will also closely monitor the outcome of the Monetary Policy Committee, MPC, meeting scheduled for May 20th, where we expect the Committee to maintain the MPR at current levels.”

In their own comments on market performance and outlook, InvestData Consulting Limited, stated : ” The sustained bullish sentiment in the domestic market also mirrored improving investor appetite for risk assets amid ongoing macroeconomic adjustments and expectations that reforms introduced by policymakers could gradually begin to yield positive results for corporate earnings and economic stability.

“Going into subsequent sessions, the market is expected to maintain its positive bias, supported by sustained liquidity inflow, earnings expectations and improving investor appetite for equities relative to fixed-income instruments. However, the possibility of intermittent profit-taking cannot be ruled out as some highly capitalised stocks continue to trade within overbought territory after the recent extended rally.”

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By Kingsley Omonobi, Henry Umoru & Adeola Badru

IBADAN— THE Inspector-General of Police, IGP Olatunji Disu, over the weekend, paid a visit to Oyo State following the tragic terrorist attack and abduction incident that occurred in Oriire Local Government Area of the state on May 15, 2026.

The IGP expressed deep concern over the incident and extended heartfelt condolences to the families of those who lost their lives during the attack.

He condemned the attack as cruel and unacceptable, reiterating that no effort would be spared in restoring normalcy to the affected communities.

During the visit, the IGP met with the Commissioner of Police, Oyo State Command, CP Abimbola Olugbenga, alongside other security stakeholders, where he received operational briefings on ongoing rescue efforts and security deployments across the affected communities.

He, however, assured residents, parents, and guardians that the Nigeria Police Force, in collaboration with other security agencies, has intensified coordinated search-and-rescue operations, intelligence gathering, and tactical deployments aimed at securing the safe return of all abducted victims and bringing the perpetrators to justice.

He said: “The Nigeria Police Force remains fully committed to the protection of schools, communities, and all citizens across the country.”

Forests, neighbouring communities being combed— Amotekun

Meanwhile, security agencies said efforts were ongoing to rescue the victims and track down the perpetrators.

The Commandant of the Oyo State Security Network Agency, Amotekun Corps, Col. Olayanju Olayinka (retd), disclosed that operatives had launched coordinated search operations in forests and neighbouring communities.

He said local hunters, vigilantes and other security agencies had joined the rescue mission.

“Our personnel are already combing the forests and suspected hideouts. We are working with all relevant stakeholders to ensure the safe rescue of the victims,” he said.

Also, the Police Public Relations Officer in the state, DSP Olayinka Ayanlade, said the command had intensified efforts to apprehend those responsible for the attack.

He noted that tactical and intelligence teams had been deployed to the affected communities immediately after the incident.

Ayanlade said the Commissioner of Police had ordered an extensive manhunt for the perpetrators, assuring residents that every available resource was being deployed towards rescuing the abducted pupils.

Ayanlade said: “The police command has mobilised all necessary resources to rescue the abducted pupils and arrest the criminals behind the incident.”

On his part, the Commissioner for Information and Orientation in Oyo State, Prince Dotun Oyelade, said the government was collaborating with security agencies to secure the release of the abducted children.

Oyelade said: “The state government is deeply concerned about the incident, and every possible step is being taken to ensure the children are rescued safely.”

Senate vows to fast track state Police

Meanwhile, the Senate has condemned the abduction of 87 students and teachers in Borno and Oyo states within 24 hours.

The Leader of the Senate, Senator Opeyemi Bamidele, in a statement by his Directorate of Media and Public Affairs, called for concerted and strategic measures to make schools safe nationwide and tame the rising number of out-of-school children crisis.

He said the incessant abduction of students and teachers “is a tragic national concern that negates our national development indices. We cannot and must not allow it to continue. At the National Assembly, we will rise against this trend and put an end to it through the instrumentality of legislation.”

“As soon as the National Assembly resumes plenaries on June 2, we will perfect all outstanding legislative initiatives that have been introduced to decisively address security challenges in the federation”, he added.

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By Elizabeth Adegbesan

Before, in most cities  around the country, there were usually heavy, humid air around the areas with smells of rice, fried plantains and rich aromatic tomato stew.

But Economy&Lifestyle discovered lately, a sharp, sour undertone cuts through the air. At  popular roadside canteens,  large aluminum pots bubble violently over an open gas flame. 

Food vendors stir the deep-red mixture with a long wooden paddle. 

To the untrained eye, it is Nigeria’s famous jollof or white rice sauce. 

But hidden beneath the counter are plastic crates filled with leaking, bruised, and mold-covered tomatoes.

In local Nigerian markets, these damaged fruits are called Esa, Baza, or “rejects.” 

Until recently, they were discarded as waste or sold for pennies to the poorest households. 

Today, they have become a hot commodity. 

“If I buy the fresh ones, I will have to sell a plate of rice for N3,000 just to break even.

“Who will pay that? My customers are students and bus drivers. 

“So, we buy the damaged ones, cut out the worst parts, boil them down with plenty of pepper and tin paste to hide the taste, and pray for customers patronage.

“Tomato is now very expensive and I keep wondering why something grown in our country gets this expensive all year round,” Mrs. Sherifat Omo, a food vendor said.

A severe economic crisis, fueled by currency devaluation and the removal of fuel subsidies, has pushed food inflation upward.

 A standard wooden basket of fresh, firm tomatoes that once sold for N35,000 now commands over N160,000. 

For small-scale food vendors who feed millions of working-class Nigerians daily, buying wholesome ingredients means financial ruin.

Economy&Lifestyle discovered that to survive, food vendors are making a dangerous compromise. 

At tomato markets, the sorting sections have become frantic battlegrounds. 

Every morning, restaurant owners and street food sellers crowd around traders to bid on crates of squashed, fermenting tomatoes. 

These rejects cost less than one-fifth of the price of fresh produce. Vendors take them home, slice off the visibly fuzzy mold, and boil the rest down into a thick paste. 

To mask the sour, fermented smell, they load the pots with heavy amounts of ginger, garlic, locust beans, and cheap artificial seasonings.

A viral video circulating social media platforms recently showed two women bringing rotten tomatoes filled with maggots to a market to blend.

These women were perceived to be food vendors.

Public health experts are sounding the alarm over this growing trend. 

Mr. Matthew Adedeji, a laboratory technician said: “Wholesome-looking parts of a rotten tomato can still contain dangerous microscopic toxins. “Rotten tomatoes are breeding grounds for Aspergillus molds, which produce deadly aflatoxins. 

“These chemical compounds are heat-resistant; they do not die when boiled, fried, or baked. Regular consumption of foods contaminated with aflatoxins causes severe food poisoning, chronic kidney damage, and liver cancer. 

“In such situation, Nigeria is facing a ticking healthcare time bomb when street food becomes increasingly toxic.”

Yet, on the ground, economic survival overrides long-term health warnings. 

Customers who work manual jobs or earn minimum wage cannot afford to pay high prices for lunch. 

If a vendor uses fresh ingredients, a plate of food would cost more than an average laborer earns in a day. 

Vendors feel they are trapped in a corner by a harsh economy, forced to choose between the immediate death of their business or the slow poisoning of their customers.

Mrs. Ruth Daudu, a food vendor said: “My sister, it is not that we are wicked or that we want people to fall sick. 

“It is this country that is turning honest people into monsters just to survive. 

“If I buy fresh tomatoes today, a single plate of food will cost N4,500. Who will buy it from me in this neighborhood? Nobody. “The customers will walk away, my children will starve, and the landlord will throw me out.

“I have no choice but to buy the Esa tomatoes, wash them thoroughly with salt, and use heavy spices to cover the bad taste. 

“We are all just trying not to die of hunger.”

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