AGP Executive Report

EFCC Crackdown: Social media influencer Blessing CEO, also known as Okoro Blessing Nkiruka, was arraigned again over a fresh N13m fraud allegation, after earlier N69.1m charges, with a court remanding her pending trial. Telecom & Broadband: NCC says operators have deployed 5,000+ new network sites and extended fibre to 700+ locations, while fixed broadband subscriptions rise as fibre expansion becomes key to easing mobile congestion. FX Pressure: The naira is trading around N1,400/$ in the parallel market as official inflows improve but dollar access delays keep the gap wide. Power Sector Reality Check: A new report argues electricity tariff hikes won’t fix supply problems without tackling system inefficiency and governance failures. Security & Drugs: NDLEA says it dismantled drug syndicates that recruit women into illicit trade, while U.S. AFRICOM reports killing 200+ terrorists in joint operations in Nigeria’s northeast. Climate & Jobs: Nigeria targets planting 20 billion trees by 2030 to boost resilience and create green jobs. Agro-Industrial Push: AfDB commits $86m to Nigeria’s Special Agro-Industrial Processing Zones programme, with disbursement still low but expected to rise. Digital Assets Regulation: Senate advances a bill to regulate cryptocurrency/virtual assets to curb fraud and protect investors. Housing Finance: Shelter Afrique Development Bank unveils a new brand identity as it shifts into a stronger multilateral role for affordable housing across Africa.

Security & Health: Doctors Without Borders says cholera in Borno has killed 74 with 7,850 suspected cases, urging vaccination and water chlorination across affected LGAs. Energy & Cost of Living: Rising LPG prices are pushing Nigerians back to charcoal for cooking, deepening energy poverty and household spending pressure. Transport & Safety: The Warri–Itakpe train derailment in Delta killed four and injured 24, with 442 passengers onboard. Trade & Infrastructure: Borno traders urge PEBEC to rehabilitate dilapidated international routes linking Maiduguri to Niger, Cameroon and Chad to revive cross-border commerce. Finance & Markets: IMF projects Nigeria’s public external debt could rise to $72.6bn by 2027, warning election-year spending pressures may widen deficits. Banking & Business Support: DBN highlights its N1tn support for small businesses amid a persistent credit gap. Governance & Anti-graft: Tinubu reiterates “no hiding place” for corrupt officials as EFCC opens a zonal office in Ekiti. Agribusiness & Jobs: A Nigerian firm seals a $81.6bn coffee production deal with Liberia to expand plantations and create jobs. Insurance & Capital: AIICO shareholders approve 12 kobo dividends; Sovereign Trust completes its N1.5bn CBN statutory deposit. Policy & Regulation: Senate advances a bill to regulate cryptocurrency and virtual assets, aiming to curb fraud and protect investors.

IMF Review: The IMF says Nigeria’s reforms are boosting stability and investor confidence, but warns the gains are not yet reaching millions and could be hit by global shocks. Hardship Acknowledged: Tinubu’s government admits inflation and insecurity have battered Nigerians since 2023, even as it insists reforms are starting to show results. Security Pressure: A House of Reps panel summons the NSA, Defence and Finance ministers over rising kidnappings, while the Army chief says Nigeria can’t fight complex threats alone and urges stronger inter-agency cooperation. Xenophobia Fallout: Nigeria’s foreign affairs ministry rejects claims that attacked Nigerians in South Africa are illegal immigrants and says retaliatory diplomatic steps are being considered. Digital/Telecom Governance: NCC appoints Princess Oforitsenere Emiko as interim chair of the Digital Bridge Institute to reposition training for the digital economy. Markets & Trade: Nigeria posts a Q1 2026 trade surplus of N7.55tn as exports rise and imports fall; equities extend gains with NGX adding about N515bn. Energy/Business: Seplat names Effiong Okon as new CEO from Aug 1, 2026. Transport Tragedy: Death toll rises to five in the Warri–Itakpe train derailment as investigations continue. Politics & Debt: Peter Obi renews calls for accountability over Tinubu’s borrowing, alleging debt has climbed to about N200tn.

Power Sector: TCN has handed Mainstream Energy Solutions the Kainji Transmission Substation site to build two 330kV switchyard bays, targeting evacuation of an extra 220MW from new turbines. Energy & Fuel: Nigeria’s petrol imports jumped to the highest in four months in May, driven by maintenance at Dangote Refinery’s 700,000bpd unit, with Europe supplying most of the shortfall. Gas & Power Planning: Nigeria Gas & Power Infrastructure Map will be unveiled for the first time at NOG Energy Week to guide investment across pipelines, processing, LNG terminals and transmission. Macroeconomy & FX: Economists praised CBN’s external reserves rebound to $50.04bn, saying it boosts confidence even as insecurity and global shocks persist. Markets: NGX opened the week higher, adding about N515bn in market value as investors returned. Security & Social Impact: FG says it may consider retaliatory measures over xenophobic attacks on Nigerians in South Africa, while school kidnapping stories in Oyo State underline the expanding crisis. Human Capital: Government says 150,000 Nigerians are in TVET training to close skills gaps and improve employability. Regulation & Governance: NCC appoints an interim DBI board chair as it repositions the institute for Nigeria’s digital economy.

CBN FX Tightens Rules: The apex bank issued the 4th edition of its Foreign Exchange Manual, keeping PTA at $4,000 per quarter but requiring at least 75% via payment cards/digital channels and restricting access to eligible Nigerian citizens through authorised channels. Public Finance Controls: FG tightened imprest reimbursement, capping requests at twice per quarter and setting limits by rank (ministers N700,000; P.S./DG N500,000; directors N300,000; heads of formations N100,000). Digital Tax Push: Nigeria Revenue Service accredited Afri Invoice as an Access Point Provider ahead of the July deadline, after it also got Systems Integrator licence—aimed at boosting e-invoicing compliance. Capital Markets/Reserves: Economists praised CBN’s external reserves rebound to $50.04bn, while reports say Nigeria’s stock market shed trillions amid security worries. Airtime/Data Credit Reform: Payaza Africa secured multiple ‘A’ credit ratings, while coverage highlights ongoing pressure to curb concentrated dominance in Nigeria’s instant credit ecosystem. Security & Labour Pressure: Tinubu reiterated “no surrender” to terrorists; NLC/TUC warned of possible nationwide shutdown over insecurity. Business & Infrastructure: SONATRACH broke ground on Algeria’s segment of the Trans-Saharan Gas Pipeline to move Nigerian gas to Europe. Health & Food Safety: FG said Nigeria records nearly 50m foodborne illness cases yearly, with unsafe food driving major child health losses.

Security & Economy: Tinubu told Nigerians at Democracy Day that his administration won’t surrender to terrorists and bandits, promising to rout them and free captives, as fresh military operations in the north-east and Plateau reportedly rescued 360 abductees and foiled attacks. Capital Markets: NGX stocks slid again, with the market losing about ₦4.9tn in the first week of June as profit-taking hit blue chips; investors also reacted to Dangote refinery IPO expectations. Liquidity & Rates: CBN absorbed about ₦3.04tn via a single OMO auction, while FMDA projects June liquidity inflows of roughly ₦10.9tn, driven mainly by OMO maturities—though sterilisation may moderate impact. Banks & Credit: A policy group warned that about ₦91.1tn is sterilised at the CBN, starving the economy of credit, even as banks face rising bad loans after forbearance ended. Tax & Business Climate: CPPE urged the House to reject the Senate’s Sugar-Sweetened Beverage Tax Bill, warning it could become a tax on production and jobs; FRC said new tax reforms aim to boost revenue and transparency. Oil & Regulation: Supreme Court moves restored control of Nestoil and Neconde amid lender action against FBN Trustees; NUPRC and NNRA plan to cut overlapping oil-sector radiation rules. Trade & Telecom: Customs expanded global partnerships to boost trade and border management; FCCPC clarified its stance on airtime market regulation amid court-linked disputes. Environment & Social: World Environment Day coverage pushed tree-planting and climate education, while groups renewed calls to curb Niger Delta oil spills and gas flaring.

Telecom Regulation Clash: FCCPC says it has suspended enforcement of its DEON digital/non-traditional lending rules after a Lagos court order in a case brought by WASPAN, with the matter set for July 20, while also denying media claims it helped shortlist fintechs for the Presidency. Data Billing Transparency: MTN Nigeria defends its data billing system and launches “Data on Trial,” arguing depletion complaints often stem from modern app usage and background data, and urging customers to review settings. Airtime Credit Fight: WASPAN urges FCCPC to respect court orders in an airtime dispute, warning against mischaracterising the litigation. Cost of Living Pressure: Cooking gas (LPG) prices jump to as high as N2,400/kg in some cities, pushing households back to charcoal and firewood. Energy & Aviation Relief: Dangote Refinery cuts Jet A1 aviation fuel by ₦100/litre (to ₦1,550 ex-depot), easing airline operating costs. MSME Financing Boost: Development Bank of Nigeria surpasses N1trn MSME lending and targets N1.3trn more capital in a new five-year plan. Marine Security Funding: Nigeria seeks EU’s €59m West Africa Sustainable Ocean Programme support to tackle illegal fishing in the Gulf of Guinea. Tax Debate: CPPE asks lawmakers to reject the Sugar-Sweetened Beverage Tax Bill, warning it will worsen cost pressures and threaten jobs across the food and beverage value chain. Capital Market/Investing: i-invest introduces asset-backed loans using investment portfolios as collateral via i-Monie Microfinance Bank. Business & Heritage: FCMB reaffirms Ojude Oba as a platform for cultural heritage and enterprise. Sports Talent Pipeline: Brighton completes the signing of Nigerian teen Zadok Yohanna from AIK Stockholm, with reports highlighting potential solidarity payments for his Kaduna academy. Governance Court Ruling: A Federal High Court in Lagos declares the National Assembly’s N110bn vehicle and allowance scheme unlawful for violating procurement and accountability rules.

Kidnapping Rescue: Nigeria Police rescued Mrs Olaide Busayo Adegoke John-Paul and her 12-year-old twin sons, Peter and Paul, in Ibadan after a gun duel that killed two suspected kidnappers and recovered firearms; the victims were abducted on June 3 while going to school. Insecurity & Children: Commentaries renewed calls for stronger protection of children as school abductions spread, with warnings against politicising tragedies and demands for a coordinated national security response. Security & Maritime: Defence Minister Christopher Musa reaffirmed commitment to maritime security and the blue economy, stressing tech-driven naval operations and stronger regional collaboration. Banking & Capital Markets: Supreme Court approval clears the Providus–Unity merger path, while NGX positions Dangote Refinery’s planned IPO as a pan-African investment opportunity. SME Finance: DBN says it has deployed over N1trn to more than one million MSMEs, supporting jobs through a network of participating financial institutions. Insurance Performance: Listed insurers saw revenue fall 9.9% to N228bn in Q1 2026 despite improved profitability. Health & Water: Police in Borno enforce sanitation amid a cholera outbreak with dozens dead and thousands infected; separate global reporting highlights unsafe drinking water risks across Africa. Trade & Tariffs: Nigeria faces possible new US forced-labour tariffs, with a proposed 12.5% duty on some exports under review. Business Diplomacy: Nigeria and the EU plan the 10th Nigeria–EU Business Forum in Lagos on June 25 to deepen trade and investment ties.

FX & Markets: The naira inched up at the official market to about ₦1,362/$ as FX turnover fell, while NGX investors gained ₦234bn on Friday but the week still ended bearish with the All-Share Index down 3.11% and market cap slipping to ₦155.59tn. CBN Crackdown: The CBN issued fresh penalties for forex documentation breaches, including a N100m fine for banks handling FX without proper paperwork, as it tightens reporting and sanctions. Competition in Telecom Lending: Tinubu ordered FCCPC to dismantle Optasia’s alleged 12-year monopoly in airtime credit and data advance lending, targeting up to ₦3tn annual revenue unlock. Digital Payments Push: Flutterwave added Tempo’s stablecoin settlement rail (USDC/USDT) to expand cross-border payments. Energy & Infrastructure: FG began a $100m mini-grid push in Kogi (20MW Egume) and Nigeria’s reserves reportedly topped $50bn for the first time in three months. Trade & Investment: Tanzania plans stronger business ties with Nigeria via FAB West Africa 2026 in Lagos; Lagos also pitches itself as Africa’s investment gateway at Invest Lagos 3.0. Security & Social Pressure: Doctors threaten industrial action over assaults on healthcare workers; police arrested an Abuja “one-chance” syndicate after an 18-month probe. Humanitarian: US approved $240m for CRS humanitarian aid including Nigeria.

Dangote Refinery & NGX: Dangote’s refinery hit 700,000 bpd in a performance test, reshaping Africa’s fuel trade flows and strengthening the case for a major NGX re-rating ahead of the proposed IPO. Capital Markets: Analysts project the Dangote IPO could lift NGX market capitalisation by 30–40%, though near-term sell-offs may follow. FX & Reserves: The naira weakened to about N1,362/$ at the official market as reserves rose to $50.04bn, keeping currency pressure in focus for businesses. Banking Consolidation: The Supreme Court cleared the Providus–Unity merger, ending legal uncertainty and setting up a stronger bank for lending and inclusion. Public Procurement: The Bureau of Public Procurement plans a Nigeria E-Market to connect buyers and sellers digitally, aiming to cut human interference and boost transparency. Security & Business Risk: SSDC’s 2026 outlook flags internal threats, cyber risks and election instability as key business challenges heading into 2027. Trade & Regulation: FG moves to deregulate the airtime credit market to end Optasia’s long dominance, targeting more competition and reduced capital flight. Energy & Transport: Road safety funding and decentralised policing are highlighted as urgent fixes to curb insecurity and crashes that disrupt economic activity. Food Security & Health: UNN/FAO-linked calls push modern agricultural extension systems, while FG launches a bird flu response programme to protect poultry-linked livelihoods.

Repatriation & Xenophobia: Nigeria says it will repatriate over 1,000 nationals from South Africa as anti-immigrant violence flares, with screening for a voluntary scheme already started and waivers secured to avoid detention. Energy & Power: TCN warns of daily power outages in Delta State from June 4 to June 16 (10am–5pm) for transmission maintenance. FX Policy: CBN sets new travel cash rules, allowing up to $50,000 out with proof for amounts above $50,000, while tightening reporting for larger sums. Digital Identity: Nigeria’s NIN enrollment tops 130 million, with a World Bank-backed push to reach 180 million by end-2026. Capital Markets: SEC DG Emomotimi Agama says fintech apps are driving capital market growth as younger investors increasingly trade via mobile platforms. Petroleum & Gas: Algeria, Nigeria and Niger restart work to complete the Trans-Saharan Gas Pipeline, targeting 20–30 bcm annually. Manufacturing Standards: Nigeria pushes quality and export-led production as 220 products from 131 companies win African Quality Mark certification. Transport Costs: Okada fares rise to N1,035.69 in April 2026, up 3.12% month-on-month, adding pressure to urban budgets. Security & Governance: Police investigate alleged interference in NSCDC Mining Marshals operations after a petition, while debates over insecurity and governance continue to dominate public discourse.

Cybersecurity Coordination: Nigeria is pushing a proposed National Cybersecurity Council to improve coordination and cyber resilience as DDoS attacks disrupt digital infrastructure. Diplomacy & Trade: Nigeria seeks deeper Korea-Africa partnership in green energy, health security and peacebuilding, while the U.S. highlights expanded counterterrorism cooperation with Nigeria. Capital Markets: Foreign capital inflows jumped 83.8% to $10.37bn in Q1 2026, but NGX investors still lost about N5.15tn in the first four June trading days amid profit-taking. FX & Reserves: The naira slightly weakened to about N1,358.75/$ at the official market, even as external reserves rose to around $49.96bn. Power & Infrastructure: TCN confirmed sabotage and vandalization of six Apir–Lafia 330kV towers, while Akwa Ibom inaugurated its electricity regulator board to overhaul power supply within 18 months. Aviation Finance Stress: Aviation agencies face cash crunch risk over federal revenue deductions, with stakeholders warning of possible insolvency. Agribusiness Jobs: Youth in Agribusiness Land Trust Fund targets 500,000 young entrepreneurs, and BATN Foundation granted N25.5m to 17 agripreneurs. Business Environment: NESG says corporate confidence improved in May, with manufacturing, services and trade showing fragile expansion. Security & Courts: Police secured permanent forfeiture of assets worth over N2bn in fraud cases, and Nigeria’s courts handed death sentences over the 2022 church attack.

Digital Skills Push: NCDMB has opened applications for its CRYP Programme, training eligible 300/400-level science, engineering and tech students in digital research, innovation and mentorship, with monthly stipends. Security & Governance: FG reacted to a Police–NSCDC Mining Marshals feud after a marshal’s death, with the Solid Minerals Minister warning against sabotage and misinformation. Exchange Rate Politics: Accord Party’s Gbenga Olawepo-Hashim promised a 2027 naira target of N500–N525/$ at an Abuja rally, blaming Tinubu’s administration for worsening hardship. State Police Debate: Rights groups urged transparency and constitutional safeguards as discussions on state police continue. Power Relief for Band A: NERC approved compensation rebates for Band A electricity customers over grid generation shortfalls, with clear steps to claim. Oil & Gas Investment: Tinubu approved preparations for Nigeria’s 2026 upstream licensing round for Q3 2026, targeting fresh investor participation. Capital Markets: NBS lauded NUPRC for transparent oil and gas data, supporting better national statistics and GDP tracking. Energy Transition: FG/NEMSA launched guidelines for interconnecting solar mini-grids to distribution networks, aiming to expand access. Court & Banking: A Lagos court ordered Access Bank to pay ₦16m damages for unlawfully restricting accounts tied to crypto-related claims. SME Financing: DBN disbursed over ₦1trn to MSMEs and unveiled a 5-year growth plan.

CBN Leadership Shake-up: The Central Bank of Nigeria redeployed four deputy governors effective June 1, moving Dr. Muhammad Abdullahi to Corporate Services, Philip Ikeazor to Economic Policy, Emem Usoro to Operations, and Lamido Yuguda to Financial System Stability—an internal reordering aimed at better coordination. Anti-Fraud Crackdown: EFCC arraigned Abu-Haneefa Oil & Gas MD Musa Abubakar, the firm and others before a Federal High Court in Abuja over alleged N691.7m fraud, conspiracy, corruption and money laundering. Power & Renewables Policy: NERC began Net Billing Regulations 2026 implementation, allowing eligible solar users to generate power and sell surplus to distribution companies, turning customers into “prosumers.” Trade & Finance Boost: IFC and Standard Chartered launched a $300m risk-sharing facility to expand supply chain finance across eight African countries including Nigeria, targeting $1.9bn in trade transactions. Market Watch: Nigeria’s equities extended sell-offs, with reports of major NGX losses and investors staying cautious as trading resumes. SME Support: FCMB says SMEs need more than loans—especially infrastructure, skills and digital transformation. Business Growth & Retail: Konga announced its mid-year shopping festival with deep discounts and expanded same-day delivery (KongaNow). Telecom Security Concern: Operators warn that vandalism and fibre cuts threaten service quality and network expansion.

CBN FX liberalisation: The apex bank has relaxed rules on domiciliary accounts, giving Nigerians “unrestricted access” to personal foreign-currency balances under its Foreign Exchange Manual 2026, while tightening documentation for exporters to improve FX liquidity and transparency. Tax pressure: Nigeria missed its Q1 2026 tax target by about $1.6bn as collections fell to N7.44tn versus N9.68tn projected, with weaker Companies Income Tax and lower petroleum royalties driving the shortfall. Fuel pricing reality check: Dangote Refinery cut ex-depot petrol by N25 (to N1,250/litre) and diesel to N1,700/litre, but most filling stations kept pump prices unchanged, offering little relief to motorists. Private sector momentum: Stanbic IBTC PMI showed Nigeria’s private sector growth hit a nine-month high in May, rising to 54.1 on stronger new orders and output despite cost pressures. Energy investment: Spiro raised $215m to expand EV battery-swapping across seven African markets, targeting more stations and new countries. Court and security: A Nigerian court sentenced four men to death by hanging over the 2022 Owo church attack, acquitting one; meanwhile, police released three NSCDC mining marshals detained over a colleague’s death after ministerial and presidential pressure. Banking expansion: CBN approved Abbey Mortgage Bank’s transition into a full commercial bank, widening retail, SME and digital services. Global trade shock: The US proposed additional tariffs on imports from countries including Bangladesh over forced-labour concerns, escalating trade tensions.

Housing Finance Push: Tinubu praises MOFI’s MREIF for delivering N128bn affordable mortgages to 1,859 families across 25 states, with up to 20-year tenors, fixed 9.75% interest and 10% minimum equity, unlocking N221bn property value. Banking Health Check: CBN says Nigeria’s bad loans rose to 8.03% in January as pandemic relief ended and reclassified troubled loans surfaced, while the regulator keeps tightening discipline. Monetary Liquidity Watch: CBN faces a June liquidity inflow of about N10.9tn, largely from maturing OMO bills, raising the stakes for sterilisation to avoid renewed inflation and FX pressure. Payments Drive: CBN Governor Cardoso unveils Payments System Vision 2028, arguing efficient payments can lift millions out of poverty and push digital inclusion to 95% by 2028. Innovation & IP: WIPO opens its first Sub-Saharan Africa office in Abuja, aiming to boost Nigeria’s innovation and intellectual property commercialization. Clean Mobility Investment: Spiro secures $215m to expand electric mobility infrastructure, including battery-swapping, across seven African markets. Security & Compliance: NSCDC Akwa Ibom arrests 39 suspects over alleged illegal militia-style training without proper licensing. Migration Returns: IOM evacuates 182 Nigerians from Libya, including two unaccompanied children, under EU-funded assisted voluntary return. Capital Markets: DMO opens June 2026 FGN Savings Bond at up to 14.777% for 3 years (and 13.777% for 2 years), running June 1–5.