Nigeria

The Nigerian National Petroleum Company (NNPC) Limited has reversed its earlier decision to raise the pump price of petrol, announcing a price reduction just 48 hours after the initial hike. The move comes amid widespread public criticism and concerns over the impact of rising fuel costs on the economy and daily living expenses. The company has not yet provided detailed reasons for the sudden adjustment.

The National Insurance Commission (NAICOM) has expressed optimism that the recently enacted insurance law will significantly enhance the sector’s contribution to Nigeria’s Gross Domestic Product (GDP). According to the Commission, the new legislation introduces key reforms aimed at strengthening regulation, promoting investor confidence, and expanding insurance penetration across the country.

Dr. Doyin Abiola, veteran journalist, former Managing Director of Concord Newspapers, and wife of the late Chief MKO Abiola, has passed away at the age of 82. A trailblazer in Nigerian media, she was widely respected for her contributions to journalism and her role in advancing press freedom and women's leadership in the industry.

Omoyele Sowore, activist and former presidential candidate, has criticized the idea of a rotational presidency in Nigeria, arguing that the country’s focus should be on electing capable and visionary leaders, regardless of their region or ethnicity. He maintained that true progress would only come through merit-based leadership, not power-sharing arrangements based on geography.

The United States government has named the first two African countries to be subjected to its controversial $15,000 visa bond policy. The measure, aimed at curbing visa overstays, requires applicants from the listed countries to pay a refundable bond before being granted short-term visas. The policy has sparked diplomatic and public debate over its fairness and potential impact on travel and bilateral relations.

In the lead-up to the Anambra State governorship election, a regulatory agency has reaffirmed its stance on the N50 million campaign permit fee for political parties and candidates. The move has stirred reactions across the political landscape, with some stakeholders questioning the legality and fairness of the charge.

The Federal Government has filed an appeal against the recent court judgment acquitting a former Executive Secretary of the National Health Insurance Scheme (NHIS) in a $2.1 million money laundering case. The ex-NHIS chief had been facing charges related to financial misconduct, but was discharged and acquitted by the trial court. In response, the government is seeking to overturn the ruling and pursue further legal action through the appellate court.

The First Lady of Nigeria has donated ₦1 billion to assist victims affected by natural disasters and banditry in Niger State. The donation aims to provide relief and support to displaced families and communities struggling with the aftermath of violence and environmental crises.

The Federal Capital Territory Administration (FCTA) has ordered the immediate closure of illegal mining sites and unauthorized Internally Displaced Persons (IDP) camps across Abuja. The move, announced by the Senior Special Assistant on Security to the FCT Minister, Ambassador Mannir Yakubu, aims to curb rising insecurity and environmental degradation linked to unregulated mining and unlawful settlements. The FCTA also warned that further enforcement actions will follow, targeting individuals and groups violating land use regulations in the territory.

The Nigerian Exchange (NGX) saw robust trading activity last week with investors transacting 1.03 billion shares valued at ₦22.9 billion across 20,016 deals. According to data from the NGX, the financial services sector led the volume chart, accounting for 55.71% of total shares traded. The market performance reflects sustained investor interest amid ongoing economic and corporate developments.