Portuguese attacking midfielder João Félix has reportedly sealed a two-year agreement to depart Chelsea Football Club and join forces with Cristiano Ronaldo at Saudi Pro League side Al-Nassr. As disclosed by renowned football journalist Fabrizio Romano, Félix has signed a deal that will run until June 2027, marking a new chapter in his career within the Middle East football scene. The former Atletico Madrid star spent the last season on loan at AC Milan, one of the top Serie A clubs, but has now opted for a fresh move away from Europe. The Portugal international is preparing to exit Chelsea’s West London squad this summer, having not been able to cement a consistent starting role since his arrival from La Liga. João Félix and Cristiano Ronaldo, both representing Portugal’s national team, are set to link up once again—this time at the Riyadh-based club Al-Nassr, where Ronaldo currently plays as the marquee striker. The 25-year-old initially joined Chelsea on a temporary basis from Atlético Madrid, hoping to revive his form and secure a permanent role, but has not lived up to expectations with the Blues. With this transfer, Félix will look to rediscover his top form alongside Ronaldo in Saudi Arabia, as the region continues to attract elite European talents.
Arsenal head coach Mikel Arteta has revealed the possibility that Viktor Gyokeres may take over as the club’s primary penalty taker, replacing Bukayo Saka, who has handled the role since Alexandre Lacazette departed. Saka has regularly stepped up for spot kicks, though at times, he has deferred to club captain Martin Odegaard. Both Saka and Odegaard have missed penalty attempts over the past few seasons, prompting discussions about a more reliable option. Gyokeres, who previously played for Sporting CP, demonstrated remarkable consistency by successfully converting all 19 of his penalties during the last campaign. Speaking after Arsenal’s 3-2 Premier League victory against Newcastle on Sunday, Arteta shared his thoughts: “I’m confident he’ll step up if given the chance. He’s been incredibly consistent and scored many goals,” Arteta remarked.“That said, we already have some excellent penalty takers in the team. They will decide amongst themselves. If not, I will step in at the right time.” This statement reflects Arteta’s flexible leadership approach and the strength of Arsenal’s attacking options heading into the upcoming season.
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Super Eagles captain, William Troost-Ekong, has disclosed a list of footballers he admires the most, highlighting their skills and influence on the pitch. In a recent conversation with ESPN, Troost-Ekong expressed great admiration for Arsenal’s defensive sensation William Saliba, Barcelona’s rising star Lamine Yamal, and Liverpool’s legendary captain Virgil van Dijk. According to him, these players possess rare talent and consistency that make watching them enjoyable and inspiring. “I love watching William Saliba. From my perspective, I really think he’s a really talented centre defender,” said Ekong. Troost-Ekong particularly praised Saliba’s solid defending, positioning, and football intelligence, calling him one of the best defenders in the game right now. He continued by naming Virgil van Dijk and Lamine Yamal as “very exciting players,” adding two more names to his favorites list — his Super Eagles teammates, Ademola Lookman and Victor Osimhen. “Virgil van Dijk and Lamine Yamal are very exciting. Ademola Lookman and lastly Victor Osimhen,” Troost-Ekong added. The former Watford and Udinese defender, who was crowned Player of the Tournament in the last Africa Cup of Nations (AFCON), reiterated his commitment to seeing the Super Eagles lift the title in the next edition of the continental tournament. As team captain, Ekong expressed his desire to emulate legendary Nigerian players like Austin Jay-Jay Okocha and John Mikel Obi, both of whom left a lasting legacy with the national team. Troost-Ekong’s revelation gives fans a glimpse into the mindset of one of Nigeria’s most consistent defenders and highlights the influence of global talents on his game.
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Manchester United head coach, Rúben Amorim, has highlighted a key concern regarding Bruno Fernandes’ on-field mentality, pointing out a recurring issue that affects his performance. According to Amorim, the Portuguese playmaker, despite his exceptional skillset, tends to become easily frustrated during matches, which often leads to a loss of focus. This behavioral trait, he noted, has occasionally disrupted his effectiveness on the pitch. A Season to Forget for Manchester United The 2024/2025 Premier League season will go down as one of the most underwhelming campaigns in recent Manchester United history. The Red Devils ended the season just above the relegation zone, finishing with only 42 points, derived from 11 victories, 9 draws, and 18 losses. Such a performance has left fans and analysts questioning the club’s direction and leadership. Hopes for redemption through European success also crumbled, as Manchester United’s journey in the UEFA Europa League ended in heartbreak. The club narrowly lost the final 0-1 to Tottenham Hotspur, missing out on UEFA Champions League qualification. Bruno Fernandes: Individual Brilliance, Collective Criticism While the club stumbled as a unit, Bruno Fernandes had a personally strong season, recording 19 goals and 19 assists in 57 appearances across all competitions. Statistically, this made him one of the team’s top contributors. However, the Portugal international was frequently criticized by fans and football pundits alike. Many believe that Fernandes’ tendency to shoulder all responsibilities often disrupted team flow. His habit of attempting to do everything on the field, although well-intentioned, raised questions about discipline and tactical adherence. Amorim Offers Constructive Criticism In a recent preseason friendly against West Ham, Fernandes netted both goals in Manchester United’s 2-1 win. After the match, Amorim shared his candid thoughts in an interview with MUTV, acknowledging the midfielder’s passion but also cautioning against certain habits. “Sometimes, the issue is that he becomes frustrated and loses focus on his specific role,” Amorim stated, according to a quote published by the Independent. “He tries so hard to assist his teammates that it ends up being counterproductive. Everyone must fulfill their role, and for Bruno, it often means waiting for the right moment rather than forcing situations,” he added. What’s Next for Bruno Fernandes and United? With the new season ahead, Amorim’s remarks serve as a clear signal that discipline, role clarity, and emotional composure will be central themes in reshaping the team’s mentality. For Fernandes, embracing these insights could be the key to elevating his influence even further—not just through statistics, but through leadership and cohesion.
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Newcastle United’s star striker, Alexander Isak, is reportedly on the verge of a surprising transfer to Liverpool Football Club following the finalized departure of Luis Diaz. As per renowned football journalist Fabrizio Romano, the Reds are ready to make a significant financial move to secure the Swedish forward, now that the transfer of Diaz to Bayern Munich is complete. The Colombian winger has reached a full agreement with the Bundesliga giants, officially ending his tenure at Anfield and preparing for a fresh start at the Allianz Arena. Meanwhile, Isak appears enthusiastic about the switch, as sources close to the player reveal that his sole desire is to join Liverpool, the current Premier League champions. Despite strong speculation surrounding a lucrative offer from Saudi Pro League side Al-Hilal, rumored to be worth an eye-watering £600,000 weekly wage, Isak has reportedly declined talks with any Middle Eastern club. The proposed deal was tax-free, making it one of the most attractive financial packages of the summer. At present, the next step lies with Newcastle United, who must decide whether to entertain Liverpool’s growing interest. The Merseyside club is believed to be preparing a record-breaking bid for the 25-year-old attacker, underscoring their intent to replace Diaz with a high-caliber forward. Should Newcastle approve negotiations, Isak’s move could become one of the headline deals of the summer transfer window, with implications for both domestic and European football.
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As the Championship’s 2025/26 campaign draws closer, Sheffield United are actively exploring opportunities to strengthen their squad before the season opener. Per a report by Alan Nixon, the Blades are targeting Everton’s Tim Iroegbunam for a potential loan deal. The 22-year-old midfielder, who previously played for Aston Villa, has yet to cement a place in Everton’s first team, but he remains a promising and sought-after talent. Sheffield United are reportedly engaged in discussions with Everton regarding a season-long loan deal, aiming to reinforce their midfield ranks following the exit of defensive midfielder Vinicius Souza. Manager Ruben Selles recently signaled interest in Braga’s Djibril Soumare, a number six midfielder, hinting at a potential addition in that position. However, the emergence of Iroegbunam in the transfer conversation suggests that negotiations for Soumare may have stalled or fallen through. Setback Looms as United Face Losing Prolific Winger Target The club is also said to be targeting Oliver Antman, a winger for Dutch side Go Ahead Eagles. Nixon reports that Sheffield United were leading the race to land the 23-year-old Finnish international, who delivered an exceptional campaign in the Eredivisie last season. Up until now, United had primarily pursued loan moves but have reportedly allocated funds to complete a permanent signing for Antman. Despite their efforts, the Blades are facing stiff competition from Rangers. As revealed by the Daily Record, Rangers are making significant progress and appear to be closing in on a deal. Missing out on Antman would be a major disappointment for Sheffield United, considering his production last season—seven goals and 17 assists across 39 appearances. His consistent attacking output would be a huge asset to any Championship side. Premier League Clubs Eyeing Sheffield United’s Star Goalkeeper SHEFFIELD, ENGLAND – NOVEMBER 29: Michael Cooper of Sheffield United is congratulated by teammates after stopping a penalty from Patrick Roberts of Sunderland during a Sky Bet Championship clash at Bramall Lane on November 29, 2024. (Photo by Alex Livesey/Getty Images) Michael Cooper, the Blades’ highly rated shot-stopper, is reportedly attracting attention from Premier League clubs. According to Nixon, West Ham United have added the 25-year-old to their shortlist of goalkeeper targets. Cooper impressed significantly during his debut season with Sheffield United. Although Everton showed interest previously, Cooper declined the opportunity, reportedly concerned about being a backup option at Goodison Park. Insiders claim Cooper is open to a move that guarantees regular first-team football—something West Ham may be able to offer, given questions surrounding their current goalkeeping options. Losing Cooper would be a major blow for United. With an estimated price tag of £15 million, finding a replacement of similar caliber at the Championship level would be both difficult and costly.
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Aliko Dangote, President of the Dangote Group, has appealed to President Bola Tinubu to apply the ‘Nigeria First’ initiative to the refined fuel sector, a suggestion that met immediate opposition from oil marketers and industry professionals on Sunday. While speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, Dangote argued for a complete ban on the importation of refined petroleum products—including petrol and diesel—claiming that the ongoing influx of imported fuels is sabotaging local refineries and discouraging investment in Nigeria’s oil refining capacity. The Nigeria First policy, implemented in May 2024, restricts all government bodies from importing services or products that are already produced domestically. The directive requires justification and approval from the Bureau of Public Procurement before any foreign procurement can be considered. Referencing this regulation, Dangote maintained that the same protection should extend to local oil refiners, including his $20 billion Dangote Refinery, to limit the inflow of cheaper, often inferior, imported fuels. He further accused fuel importers of flooding Nigeria with substandard, toxic petroleum products, many of which are outlawed in Europe, giving them an unethical advantage and compromising public safety and fuel quality. “To make matters worse,” Dangote remarked, “we are now facing an increased volume of cheap, often harmful petroleum products, many of which are blended to unsafe levels that wouldn’t pass approval in Europe or North America.” Dangote also revealed that some imported fuels—particularly from Russia—are sold at subsidized rates. This undercuts local prices and pressures domestic producers into unsustainable pricing. “With Russian fuel price caps in place, discounted products from or made with Russian crude are now being dumped in African markets, undermining our local refining operations that pay full price for crude oil. This has caused pricing instability across Africa,” he stated. He noted that Nigeria is now selling fuel at about 60 cents per litre, lower than even Saudi Arabia, despite producing and refining oil locally—an indication of the damage caused by rampant dumping. To protect local investments and refine the market structure, Dangote called on African governments to adopt protective economic measures like those used in Canada, the United States, and the European Union to prevent unfair foreign competition. He dismissed accusations that his suggestion was an attempt to monopolize the sector, pointing instead to a lack of domestic commitment by wealthy Nigerians who, according to him, invest abroad but criticize local investors. “Too many Nigerians with the financial means choose to sit on the sidelines and invest their wealth overseas, while we put everything on the line to build at home,” Dangote said. He also emphasized that his refinery has the capacity to meet Nigeria’s fuel demands. Backing this claim, he disclosed that Nigeria has already become a net exporter of refined petroleum products, having shipped out approximately 1.35 billion litres of petrol within a 50-day period. “Before coming up here, I checked with my team—we’ve exported around 1 million tonnes of Premium Motor Spirit (PMS) between June and July 2025, which is about 1.35 billion litres,” he stated. Oil Marketers Reject Dangote’s Proposal Despite Dangote’s assertions, key stakeholders in the downstream oil sector strongly opposed the proposed import ban. Speaking to The Punch on Sunday, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that independent marketers would reject any move to outlaw fuel importation. “We, the independent marketers, disagree with that idea. If the government enforces such a ban, it would stoke inflation and create a monopoly since only one refinery currently functions nationwide,” Ukadike warned. He added that Nigeria should maintain both importation and local production options to preserve market balance and consumer affordability. Ukadike also pushed back on Dangote’s argument that importation undermines local businesses. “It’s not true. Importation will enhance local capacity, not destroy it. It challenges refineries to improve. We don’t agree with Dangote’s position.” In the same vein, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), rejected the call for an import ban, warning against giving any single company a dominant hold over the oil sector. He acknowledged that while banning some foreign goods makes sense, fuel should not be part of that list, especially in a country that depends on diverse energy sources. “We operate a free market economy. No single company should monopolize an entire industry,” Gillis-Harry emphasized. He added: “Importation is not what’s harming the economy. In fact, it stabilizes petroleum supply chains. While products that we can produce locally—like garri, toothpicks, or cassava—should be banned, refined petroleum products should remain open to importation. It ensures supply diversity and energy security.”
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…Disputes Intensify on Tariff Subsidy and Regulation Autonomy The recent shift by several Nigerian state governments to assert authority over electricity market regulation in line with the amended Electricity Act 2024 has escalated tensions across the nation’s power industry, Business Hallmark has learned. The Enugu State Electricity Regulatory Commission (EERC), along with other state-based regulatory bodies, has begun setting independent electricity tariffs within their territories. This move has ignited fierce resistance from stakeholders in the power sector who are unhappy with the abrupt departure from the existing national pricing order. State regulators insist they are legally empowered by the new Electricity Act to manage electricity supply, pricing, and distribution locally. However, operators, supported by the Nigerian Electricity Regulatory Commission (NERC), argue that these state-level actions overstep their bounds and contradict national policies. Industry experts warn that unless this dispute is swiftly resolved, it could derail federal efforts to reform Nigeria’s long-struggling electricity sector. Electricity Act 2024: Empowering States or Worsening Chaos? President Bola Ahmed Tinubu, in February 2024, signed into law the Electricity Act (Amendment) Bill 2024, which fundamentally restructured the Nigerian power system by granting states the authority to manage electricity generation, transmission, and distribution within their boundaries. Following its passage through the House of Representatives in July 2023 and the Senate in November 2023, the law came into force in mid-2024, allowing NERC to license state commissions. As of now, states like Enugu, Ondo, Ekiti, Imo, Oyo, Edo, Kogi, Lagos, Ogun, Niger, and Plateau have successfully secured regulatory rights to oversee electricity affairs within their borders, while others are still in the process of meeting NERC’s conditions. Enugu Sets a Precedent with New Electricity Tariff Emboldened by its regulatory mandate, Enugu State on July 19, 2025, through its Electricity Regulatory Commission, issued a new pricing order to MainPower Electricity Distribution Limited—successor to the former Enugu Electricity Distribution Company (EEDC). Tariff Order No. EERC/2025/003 mandates MainPower to reduce the electricity tariff for Band A consumers from N209 per kilowatt-hour (kWh) to N160/kWh, effective from August 1. The EERC defended its action, citing compliance with the Enugu State Electricity Law of 2023, which grants it the power to oversee energy distribution and pricing in the state. Subsidies and the New Tariff Model According to EERC Chairman Engr. Chijioke Okonkwo, the revised tariffs reflect the federal government’s ongoing electricity generation subsidies. He explained that the commission, using the 2024 Tariff Methodology Regulations and a tailored Distribution Tariff Model, derived an average cost of N94/kWh. This lower rate was possible due to an N45 federal subsidy out of an actual production cost of N112 for Enugu State. He noted, “We calculated a cost-reflective tariff based on the assumption that the federal government will continue subsidizing power generation.” FOCPEN Throws Its Support Behind EERC The move by Enugu State has drawn backing from other states. The Forum of Commissioners of Power and Energy in Nigeria (FOCPEN) expressed solidarity with EERC’s decision. FOCPEN leaders, Prince Eka Williams of Cross River and Omale Omale of Benue, stated that Enugu’s move aligns fully with the 1999 Constitution, the Electricity Act 2023, and relevant state laws. They emphasized that state regulators have the legal backing to determine fair electricity tariffs that balance consumer protection with investor interests. They also clarified that the tariff review process was rigorous, involving a detailed assessment of MainPower’s capital and operational expenditures as well as their regulatory asset base and customer classifications. Anticipation Among Consumers Spurs Confusion Across Nigeria, consumers are reacting to the anticipated drop in electricity prices. Many with prepaid meters are limiting their purchases, hoping to benefit from lower tariffs in August, while those on estimated billing are refusing to settle their current bills. One such consumer, Rafiu Adepoju, a cobbler in Agege, Lagos, shared, “I only bought N5,000 electricity this week. I heard the price is going down soon.” Despite being reminded that the new tariffs apply solely to Enugu, Rafiu insisted that Ikeja Electric would follow suit based on a yet-unconfirmed memo from the Lagos State Electricity Regulatory Commission (LERC). Business Hallmark investigations revealed that these claims were not substantiated. National Electricity Stakeholders Push Back Major operators and regulators have rejected the idea of each state setting its own pricing, warning that it could severely destabilize the electricity market. The Association of Nigerian Electricity Distributors (ANED) said that Enugu’s independent action has led to increased pressure on other distribution companies to cut their prices as well. ANED’s CEO, Sunday Oduntan, explained that many customers across Nigeria are threatening to stop paying bills, expecting similar tariff reductions. Oduntan criticized the EERC for issuing the order without consulting with NERC or the wider industry. He warned that such disjointed policies could reduce payment remittances to the national grid and affect power generation companies (GenCos) and other stakeholders. Power Generators Reject EERC Tariff Model Echoing ANED’s stance, the Association of Power Generation Companies (APGC), led by Joy Ogaji, denounced the tariff cut, stating that it’s based on flawed financial projections. Ogaji cautioned that if states continue to follow EERC’s lead, it could threaten national energy sustainability. She questioned whether Enugu expects the federal government to continue subsidizing its electricity or if it plans to independently manage accumulated sector debts and liabilities. NERC Warns States to Respect Wholesale Cost Realities NERC has issued a strong warning, stressing that states do not have the legal mandate to regulate power stations operating under federal licenses or interfere with national grid dynamics. The commission insisted that any deviation from wholesale pricing structures must be matched with adequate subsidies from the state to avoid destabilizing the electricity market. NERC cited Order No. EERC/2025/003 and criticized the reduction of Band A customer tariffs to N160.4/kWh, highlighting a risky assumption that N66.85/kWh of the cost will be subsidized. Citing Section 34(1) of the Electricity Act, NERC reminded stakeholders of their statutory obligation to promote a stable and viable electricity market, urging sub-national regulators not to make unilateral decisions that jeopardize market stability. Energy Experts Call for
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Vice President Kashim Shettima has departed from Abuja on Sunday, en route to Addis Ababa, Ethiopia, to officially represent Nigeria at the second edition of the United Nations Food Systems Summit (UNFSS). The summit is scheduled to hold from July 27 to 29, and is expected to convene world leaders to evaluate ongoing progress since the maiden event held in 2021. This high-level global summit will serve as a platform for countries to intensify efforts and coordinate initiatives aimed at building resilient, inclusive, and sustainable food systems that benefit all nations. Leaders will focus on accelerating reforms and sharing strategic models for food security in alignment with global sustainability goals. A statement issued on Sunday by Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), confirmed Vice President Shettima’s participation. According to the statement, he is set to feature in multiple strategic events, most notably a dialogue session centered on transforming the global coffee value chain. Additionally, Shettima will attend ministerial-level roundtable discussions that will address critical themes such as: Beyond formal sessions, the summit will also include side events such as field excursions, networking engagements, and interactive knowledge-sharing forums, designed to promote collaboration among stakeholders. Nkwocha emphasized that Nigeria’s goals for attending the summit are three-pronged: The United Nations is organizing the event in collaboration with the governments of Ethiopia and Italy, alongside a coalition of development partners under the Sustainable Development Goals (SDGs) framework. Vice President Shettima is expected to return to Nigeria upon conclusion of his official engagements in Addis Ababa.
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In a renewed effort to address rising security concerns, the Bauchi State Government has revealed plans to construct a state-of-the-art Divisional Police Station in Duguri, the hometown of Governor Bala Mohammed. This initiative is aimed at strengthening the overall internal security framework within the state. The announcement was made over the weekend during a groundbreaking ceremony for the new police facility in Duguri. Speaking on behalf of the governor at the event, Deputy Governor Mohammed Auwal Jatau emphasized the critical importance of security collaboration between the government and law enforcement agencies. Alongside the new development in Duguri, the government also disclosed plans to carry out extensive renovations at the Futuk Divisional Police Headquarters, while simultaneously upgrading the operational base in Mansur. These improvements are part of a broader mission to enhance the reach and responsiveness of the Nigeria Police Force (NPF) across the state. Deputy Governor Jatau reiterated that partnerships with security agencies, particularly the Police, are essential in driving sustainable progress and safeguarding the lives and properties of citizens. He extended gratitude to the Bauchi State Police Command, led by Commissioner Aliyu Sani-Omolori, for its unwavering commitment and invaluable contributions to public safety. Governor Bala Mohammed, through his deputy, reaffirmed the state government’s dedication to bolstering law enforcement by investing in modern security infrastructure and operational tools. He noted that these efforts reflect a deliberate strategic move by the Bauchi administration to ensure that police personnel are fully prepared to meet evolving security threats across various communities. Speaking at the event, Police Commissioner Aliyu Sani-Omolori lauded Governor Bala Mohammed for his continued support of the Nigeria Police. He described the Duguri project and accompanying renovations as significant milestones in boosting the Police Force’s operational efficiency. The commissioner stressed that the modern facility will enhance the Police’s capacity to react swiftly to incidents, ensure officer safety, and ultimately increase public confidence in the Force. According to Sani-Omolori, such infrastructural upgrades are critical in equipping officers with the necessary tools to effectively perform their constitutional duty of protecting lives and property, especially amid the increasing security challenges facing Nigeria today.
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The current Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has publicly confirmed that the Commission is actively investigating 18 sitting governors across various states of Nigeria for financial-related misconduct. However, he emphasized a significant legal limitation: while investigations are ongoing, no legal prosecution can take place until the respective governors vacate their offices. Olukoyede stated, “We don’t wait until governors finish their term before commencing investigations. As of now, we are conducting thorough probes on 18 sitting governors. Once their immunity expires, we will move forward accordingly.” This was disclosed during a recent public engagement program, seemingly serving both as a notice and deterrent. Although the EFCC is empowered to investigate and prevent financial crimes, critics argue that merely investigating without immediate accountability is ineffective. This is often compared to locking the stable after the horse has already escaped. The inability to prosecute while a governor remains in power complicates anti-corruption efforts, especially when dealing with Politically Exposed Persons (PEPs). For this reason, there are growing calls for a constitutional review of the immunity clause shielding public officials. Back in 2007, during the tenure of the EFCC’s pioneering chairman, Mallam Nuhu Ribadu, similar revelations were made. He had completed probes into several governors and awaited the end of their tenures to commence prosecution. Sadly, nearly two decades later, a majority of those cases have yet to reach any conclusive judgments. Ribadu’s reports included allegations such as money laundering, manipulation of local government allocations, and inflation of contract values. In some cases, the wives of governors were allegedly involved in laundering illicit funds. For example, a governor from the South-East region reportedly used family members—his wife, daughter, mother, and brother—to misappropriate N35 billion, which was allegedly used to establish a private airline, a pharmaceutical company, and a media house. In another shocking case, a different governor, along with four aides, was arraigned on a 16-count charge of misappropriating N60.85 billion in public funds. Some governors worked hand-in-hand with local government officials to siphon off state funds. In oil-rich South-South states, EFCC reports indicate that 13% derivation funds meant for development were funneled into foreign accounts. From the North-West, another governor allegedly diverted a N1 billion loan intended for developmental projects. The EFCC’s journey has been described as a “mirage”—the more you examine, the less tangible the results become. Public confidence in the agency has waned over time, with many Nigerians disillusioned by drawn-out court cases, ambiguous plea bargains, and inconclusive investigations. A few notable convictions stand out: Joshua Dariye and Jolly Nyame were sentenced but later received presidential pardons from Muhammadu Buhari. Former Delta State governor, James Ibori, was jailed in the UK for corruption, while Diepreye Alamieyeseigha, former governor of Bayelsa State, was also convicted. Alamieyeseigha was found with $1.5 million hidden in his London apartment and $2.7 million in a foreign bank account. These few high-profile convictions were mostly achieved with international cooperation. Following the exit of President Olusegun Obasanjo, whose administration took an aggressive stance on anti-corruption, many pending corruption cases lost momentum. Ribadu, once the poster face of the EFCC, also fled the country under political pressure. Obasanjo had shown firm political will. In 1999, after his electoral victory, Dr. Peter Eigen of Transparency International described Obasanjo as “a principled anti-corruption crusader” and called on the international community to support Nigeria’s reforms. Obasanjo had previously lamented that young Nigerians now idolized corrupt leaders, warning that unchecked corruption could destroy the nation’s future. Obasanjo’s policies led to the formation of the EFCC, with Ribadu playing a crucial role. Despite holding the relatively junior rank of Assistant Commissioner of Police, Ribadu managed to prosecute high-profile figures like former Inspector-General of Police, Tafa Balogun, who was convicted for mishandling N5.7 billion. Ribadu famously claimed that he feared no man, only God. Between 2007 and 2015, the anti-corruption campaign lost vigor. Under Umaru Musa Yar’Adua, governance was hampered by health issues, while Goodluck Jonathan’s administration displayed little resolve to combat corruption. Funds designated for military operations in the North-East were reportedly diverted for political campaigns. Deziani Alison-Madueke, the former Minister of Petroleum, allegedly enjoyed unchecked access to public resources during this period. Jonathan’s lax anti-corruption posture gave opposition parties material to campaign with. The prevailing rhetoric was, “If Nigeria doesn’t kill corruption, corruption will kill Nigeria.” Despite actions against figures like National Security Adviser Sambo Dasuki, the Buhari administration’s anti-corruption efforts became selective. Several politicians evaded EFCC investigations by switching allegiance from the PDP to Buhari’s APC. Those who supported APC campaigns enjoyed political cover. This pattern persisted throughout Buhari’s presidency. Notably, APC’s former National Chairman, Adams Oshiomhole, once infamously declared that defectors would have their “sins forgiven”—a statement he later attempted to deny, despite widespread public memory. Senate President Godswill Akpabio is a prominent example. Before joining APC, he was investigated by the EFCC for allegedly embezzling N108.1 billion while serving as Akwa Ibom governor. Later, as Niger Delta Affairs Minister, allegations of over N86 billion in contract fraud surfaced during his oversight of the NDDC. A National Assembly inquiry into N40 billion worth of questionable expenses followed. When invited by the EFCC in 2023, Akpabio claimed to be too ill to attend—diagnosed with pneumonia and cardiac arrhythmia. That was the end of the matter. Given this backdrop, one can sympathize with the current EFCC leadership. While the intention to investigate 18 sitting governors appears noble, past experiences offer little hope for meaningful outcomes. The issue is not necessarily EFCC’s commitment but the broader political environment, which often undermines justice. The case of Yahaya Bello, former Kogi governor, further illustrates the challenges. Rather than face corruption charges, he evaded law enforcement for months, eventually reappearing under convenient conditions. Authorities took no visible punitive action. Among the 18 current governors under EFCC probe, those outside the ruling APC may interpret the situation as an invitation to switch parties. PDP governors with 2027 ambitions are watching carefully. Only those who govern transparently and avoid corrupt practices
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CBN Governor, Olayemi Cardoso Following prolonged restrictions due to forex scarcity and volatile exchange policies, Nigerian banks have finally reinstated international transactions on naira-denominated debit cards — a major stride in financial accessibility that reflects growing confidence in Nigeria’s economic revival. This development marks one of the most evident outcomes of sweeping reforms introduced by the Central Bank of Nigeria (CBN) under the leadership of Governor Olayemi Cardoso. Leading commercial banks such as United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), FirstBank, and Wema Bank have now reactivated international card usage, reflecting improved dollar liquidity and a more predictable foreign exchange market. Beyond banking, this signals a significant shift toward restoring economic stability, correcting years of policy inconsistency, dual-rate exchange systems, and dollar scarcity in the official market space. For Nigerian users—students, remote workers, digital entrepreneurs, global shoppers, and SMEs—this move provides long-awaited relief. How It All Froze: The Backstory In 2020, amidst plummeting forex inflows, Nigerian banks imposed tough limitations on naira cards for cross-border spending. This was largely a response to a dramatic dip in foreign exchange reserves, worsened by the global pandemic, declining crude oil earnings, and a turbulent FX management approach. With insufficient forex to meet growing demands, most banks either suspended international card usage entirely or introduced extremely low limits—some as low as $20 or $100 per month. Those needing to access global platforms like Amazon, Spotify, Zoom, Netflix, or learning portals such as Udemy were left to rely on domiciliary accounts or the unstable black market, often at predatory rates. The hardship impacted everyone from tech workers and freelancers to SMEs and students overseas. Without a stable alternative, many turned to dollar agents or offshore relatives to complete simple transactions. The Turning Point: Cardoso’s Intervention The landscape began to shift when President Bola Ahmed Tinubu appointed Olayemi Cardoso as CBN Governor in 2023. Cardoso wasted no time addressing Nigeria’s FX distortions. He moved swiftly to collapse the multiple exchange rates into a unified structure, implemented the willing-buyer/willing-seller model, and cleared over $7 billion in outstanding FX commitments. These bold actions sent strong credibility signals to local and international investors alike, emphasizing transparency and monetary discipline. CBN also enhanced Nigeria’s foreign exchange inflow potential by expanding International Money Transfer Operator (IMTO) networks, liberalizing capital importation rules, and enabling greater access to naira liquidity for remittance services. The result? Nigeria’s net FX reserves surged from just $3.99 billion at the close of 2023 to $23.11 billion by mid-2025. Gross external reserves followed suit, rising from $33.22 billion to $40.19 billion. Banks Bring Naira Cards Back Online As the FX market grew more stable, Nigerian banks began announcing the reactivation of international usage on naira debit cards in May and June 2025. UBA informed its customers that all its Premium Naira Cards — including Gold, Platinum, and World types — were now globally enabled. Customers can now use their cards for online purchases, ATM withdrawals, and in-store payments across the world. Wema Bank joined the bandwagon, proudly declaring: “Your Wema Naira Mastercard just went global! Now you can pay in USD on all your favorite platforms — Netflix, Amazon, eBay, YouTube, Spotify.” FirstBank restored a monthly international limit of $500, while GTBank approved up to $1,000 in international spending per quarter, and capped ATM cash withdrawals at $500. These decisions stem from enhanced confidence in the FX market and suggest a renewed ability to settle dollar obligations through the official window. Consumer Relief: Tech, SMEs, and Freelancers Win The restored international functionality of naira cards is a game changer for digital consumers, freelancers, and global-facing small businesses. Younger Nigerians, professionals, and digital creators can now make payments without relying on costly black-market rates or third-party intermediaries. Temitope Adedayo, a Lagos-based digital entrepreneur, shared: “My design firm relies on tools like Canva Pro, Adobe Cloud, and domain hosting. For years, I had to ask relatives abroad to help pay. Now I use my GTB naira card directly—it’s a huge relief.” SMEs importing components, arranging travel bookings, or managing logistics also benefit from the resumed ease of global payments. A Stronger FX Market: The Driving Force According to research by Financial Derivatives Company Limited, Nigeria’s forex inflows in May 2025 stood at $5.96 billion — a 62% monthly surge. They attribute this growth to more flexible FX policies and rising oil earnings. CBN has adopted tighter monetary strategies, curbing speculative demand and eliminating incentives for currency arbitrage. Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co, noted: “Reduced arbitrage and improved rate alignment are why banks are comfortable restoring card functionality. The market is clearly recovering.” CBN’s Steadfast Reform Path Governor Cardoso remains committed to the ongoing transformation of Nigeria’s monetary environment. He emphasized that improved FX reserves, the reactivation of card usage, and greater access for businesses reflect strategic policy reforms. The CBN plans to further enhance transparency by launching an electronic forex matching system that supports price discovery and market accountability. Other policies will center on prudent reserve management, market-led exchange rates, and investor-friendly reforms. Remaining Challenges Despite progress, experts urge caution. Nigeria must safeguard against complacency and ensure that reform momentum continues. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, warned that poor policy coordination or macroeconomic shocks could undo gains. He advocated for stronger non-oil forex revenue, improved tax structures, and responsible public spending. Looking Forward: Financial Stability and Access The CBN plans to broaden financial inclusion, ease digital payments, and fully liberalize FX accessibility for all segments of society. Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), praised the reforms and urged better coordination across government agencies. He also called for leveraging diaspora remittances — estimated at $23 billion annually — by offering innovative, secure, and cost-effective remittance solutions. A New Era of Financial Normalcy Reopening naira debit cards for global use is more than a regulatory shift — it is a bold indicator of Nigeria’s evolving economic maturity. “For
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In a bold move to strengthen Nigeria’s natural gas distribution infrastructure, the NNPC Gas Marketing Limited (NGML) has announced a new joint venture agreement with Zuid Energies Limited. This strategic collaboration focuses on constructing a 6 million standard cubic feet per day Compressed Natural Gas (CNG) plant alongside a 40 MMSCFD (Million Standard Cubic Feet per Day) Liquefied Natural Gas (LNG) plant in Ajaokuta, Kogi State. This major announcement was made public in a statement released on Friday by the Nigerian National Petroleum Company Limited (NNPCL). The initiative is part of a wider vision to extend gas marketing and improve access to energy solutions across the country. Strategic Collaboration Unveiled at Industry Event The formal signing of the partnership agreement took place during the Mobility-CNG Stakeholders Workshop held in Abuja. The event, themed “Deepening Industry Alignment for a Sustainable Mobility-CNG Sub-Sector,” brought together top regulators, industry stakeholders, and gas ecosystem players. NNPCL emphasized that this partnership reflects NGML’s ongoing strategy to work with private sector players, particularly in providing innovative Virtual Pipeline Solutions. These solutions aim to improve gas supply to off-grid communities and regions with insufficient energy access. Broader Energy Investment in Kogi State This recent development aligns with earlier reports highlighting NNPCL’s commitment to expanding its energy footprint in Kogi State. LMSINT MEDIA previously reported on January 31, 2025, that NNPCL launched the construction of five mini-LNG plants in Ajaokuta, with a total daily capacity of 97 million standard cubic feet. According to the national oil giant, these LNG projects are being developed in partnership with various private firms to enhance domestic gas utilization, particularly for household cooking, power generation, and automotive mobility. Details of the LNG Project Line-up As outlined in an earlier statement by Olufemi Soneye, the former Chief Corporate Communications Officer of NNPCL, the following five LNG projects are currently under construction: Soneye described this initiative as a “groundbreaking collaboration” that reflects the government’s commitment to energy self-reliance, boosting off-grid industrial operations, and reducing carbon emissions through clean fuel alternatives. Harnessing Kogi’s Natural Gas Potential These ongoing developments will tap into the abundant natural gas reserves in Kogi State, especially via the Ajaokuta-Obajana pipeline, to strengthen the national supply of LNG and CNG. These resources are expected to fuel power stations, cooking gas outlets, and vehicles, thereby expanding Nigeria’s energy access and reducing dependency on imported fuels. Additionally, this initiative supports the Federal Government’s 10-for-10 Campaign, which aims to transition 10,000 commercial vehicles to CNG fuel within 10 weeks, promoting cleaner transportation alternatives.
