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Engineering academy inducts Dangote as honorary fellow

DangoteAfrica’s foremost industrialist, Aliko Dangote, will on April 25, 2026, be inducted as an Honorary Fellow of the Nigerian Academy of Engineering, in recognition of his contributions to engineering-driven industrial development.

A statement from the NAE on Wednesday stated that the induction, scheduled as a high-profile event, is being organised by the President and Council of the academy, who described the honour as a celebration of Dangote’s impact on large-scale industrial and infrastructure projects in Nigeria and across Africa.

The Nigerian Academy of Engineering, established in 1997, is the apex professional body for engineering in the country and serves as a strategic think-tank on science, technology, and innovation.

Its membership comprises distinguished Nigerian and international experts drawn from diverse engineering disciplines and industry sectors.

The academy plays a critical advisory role to the Federal Government and private sector, providing policy guidance on engineering and technological matters aimed at driving national development and enhancing global competitiveness. It also offers a platform for professionals to pool expertise and develop solutions to complex national challenges.

Dangote, President of the Dangote Group, is widely recognised for championing projects that rely heavily on advanced engineering, including cement manufacturing plants and the development of one of Africa’s largest petroleum refineries.

His induction as an Honorary Fellow places him among a select group of eminent individuals acknowledged for their significant contributions to the advancement of engineering and technology, despite not being professional engineers.

admin by — April 23, 2026 in Business 0
NGX foreign inflows hit N288bn in March

NGX_Exchange_IdentityForeign portfolio participation on the Nigerian Exchange Limited recorded a significant recovery in March 2026, with total foreign transactions increasing by 107.74 per cent to reach N288.82bn.

According to the latest Domestic and Foreign Portfolio Investment report released by NGX Regulation Limited on Wednesday, total market transactions grew 13.10 per cent to N1.744tn in March, up from the N1.542tn recorded in February.

The latest report noted, “The significant jump in foreign inflows, which rose from N72.32bn in February to N181.77bn in March, suggests that international investors are increasingly finding value in Nigerian equities following recent market re-ratings and improved foreign exchange liquidity.”

Despite the surge in foreign activity, domestic investors continued to dominate the bourse, accounting for 83.44 per cent of total transactions. Total domestic value stood at N1.455tn for the month, with institutional investors outperforming retail participants by 26 per cent

Providing insight into the local market composition, the report added, “The domestic market remains the bedrock of our exchange. With institutional transactions rising to N914.23bn, it is clear that local pension funds and asset managers are maintaining a strong bullish stance on high-quality Nigerian equities, even as foreign interest returns.”

The surge in foreign inflows comes amid a period of aggressive fiscal and monetary reforms aimed at stabilising the naira and attracting foreign direct investment. Historically, foreign participation in the Nigerian capital market has been hampered by currency volatility and challenges in capital repatriation. However, the 107.74 per cent month-on-month increase indicates a potential shift in sentiment as investors respond to improved transparency in the Nigerian Autonomous Foreign Exchange Market.

Year-to-date figures show that total market transactions for the first quarter of 2026 have hit N4.148tn, representing a massive 85.87 per cent increase compared to the N2.232tn recorded during the same period in 2025. This growth reflects the broader market rally that has seen the NGX All-Share Index reach record highs over the last year.

Reflecting on the historical trend and market depth, the report added, “Over a 19-year period, domestic transactions have increased significantly by 160.83 per cent. While foreign participation has fluctuated, the long-term trajectory remains positive, reinforcing the Exchange’s position as a premier destination for both local and international capital.”

As the second quarter begins, market observers expect institutional investors to maintain their leading role, while foreign participation is projected to remain sensitive to macroeconomic indicators, particularly inflation data and subsequent Central Bank of Nigeria interest rate decisions.

admin by — April 23, 2026 in Business 0
FAAC shares N2.04tn March revenue amid stronger inflows

Federation Accounts Allocation Committee (FAAC)The Federation Account Allocation Committee shared a total of N2.04tn as revenue for March 2026, reflecting a N150bn increase from the N1.89tn distributed in February, amid stronger statutory inflows.

The disclosure was contained in a statement issued on Wednesday by the Office of the Accountant-General of the Federation and signed by its Director of Press and Public Relations, Bawa Mokwa.

According to the statement, “a total sum of N2.036tn, being March 2026 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils,” at the April 2026 FAAC meeting held in Abuja.

The N2.04tn distributable revenue comprised N1.32tn from statutory revenue, N515.39bn from Value Added Tax, and N200bn as augmentation

A breakdown showed that the Federal Government received N789.16bn, representing about 38.8 per cent of the total pool, while states got N657.60bn, about 32.3 per cent, and local government councils received N468.83bn, about 23.0 per cent. Oil-producing states received N120.76bn as derivation, accounting for roughly 5.9 per cent of the total.

The communiqué noted that “total gross revenue of N2.364tn was available in the month of March 2026,” from which N81.08bn was deducted as cost of collection, while N246.87bn was recorded as transfers, refunds, and savings.

The deductions and transfers together accounted for over 13 per cent of gross inflows, highlighting the scale of statutory obligations before distribution.

From the statutory revenue component of N1.32tn, the Federal Government received N632.26bn, states got N320.69bn, and local governments received N247.24bn, while N120.76bn was shared as derivation.

Similarly, from the N515.39bn VAT pool, the Federal Government received N51.54bn, states got N283.47bn, and local governments received N180.39bn, reinforcing the growing importance of consumption taxes in subnational revenues.

From the N200bn augmentation, the Federal Government received N105.36bn, states got N53.44bn, and local governments received N41.20bn, suggesting continued fiscal adjustments to stabilise monthly allocations.

On revenue performance, the communiqué stated that “gross statutory revenue of N1.699tn was received for the month of March 2026,” rising by N137.91bn from the N1.56tn recorded in February. This increase largely drove the higher FAAC distribution, offsetting weaker VAT inflows.

However, VAT collections showed marginal weakness. The statement noted that “gross revenue of N664.425bn was available from the Value Added Tax in March 2026,” lower than the N668.450bn recorded in February by N4.025bn.

The statement added that Companies Income Tax, Capital Gains Tax, Stamp Duties, and Excise Duty increased significantly, pointing to improved non-oil tax performance.

In contrast, Petroleum Profit Tax, Hydrocarbon Tax, oil and gas royalty, import duty, and CET declined considerably, reflecting ongoing volatility in oil receipts and trade-related revenues, while VAT decreased marginally.

admin by — April 23, 2026 in Business 0
Moniepoint commits to deepening financial inclusion

moniepointMoniepoint Microfinance Bank has reaffirmed its leadership in Nigeria’s agency banking space, positioning its service model as a catalyst for sector growth while committing to deepening value creation across the financial ecosystem.

Beyond service provision, the bank stated that it is cementing its identity as the technological backbone of the real economy, designed to address the specific complexities of the local commercial landscape.

Speaking on the bank’s evolving strategy, the Senior Vice President, Distribution Network Sales, Moniepoint MFB, Ezekiel Sanni, noted that agency banking must be anchored on consistent enterprise support, trust, and real economic value for agents and merchants.

He said, “Our goal is to transcend traditional transaction processing by becoming a fundamental partner in the daily growth of small businesses.

By providing the tools for inventory management and working capital alongside seamless payments, we are ensuring that financial inclusion leads to actual economic empowerment for the average Nigerian entrepreneur.”

Sanni further explained that the next phase of industry growth would be defined by the quality of service and depth of engagement rather than just reach.

“At Moniepoint MFB, we have built a model that prioritises not just access, but meaningful, routine local support for the merchants and communities we serve,” he said.

At the core of this approach is the deployment of dedicated field-based managers who provide hands-on support tailored to daily operations. Unlike conventional systems where engagement often ends after onboarding, the bank maintains continuous interaction with agents to resolve operational challenges and strengthen long-term partnerships.

By combining digital infrastructure with a physical presence, the bank has created a hybrid service model that enables faster issue resolution and mentorship in critical areas such as fraud detection and Anti-Money Laundering regulatory compliance.

“When you are close to the agent, you are in a position to go beyond providing a service to building capability,” Sanni added.

The bank’s performance metrics reinforce its position as a major merchant acquirer, reportedly powering eight out of every 10 in-person payments made across the country. The bank attributed this to reliability, fast transaction processing, and rapid settlement cycles.

The firm reiterated that agency banking remains critical infrastructure for economic participation, pledging to continue strengthening its indigenous engine to keep the real economy moving.

admin by — April 23, 2026 in Business 0
Tinubu’s Airline Relief Reveals a Deeper Economic Contradiction

President Bola Tinubu’s decision to consider relief for domestic airlines over soaring Jet A1 fuel costs has exposed a deeper contradiction in Nigeria’s economic management. While the government is moving to cushion the impact of the crisis on airlines, millions of Nigerians who do not fly continue to bear the same fuel-driven hardship without meaningful relief. The trader moving goods by road, the farmer transporting produce to market, the worker struggling with daily fares, and the family battling food inflation are all victims of the same crisis. Their pain may be less visible than that of airline operators, but it is far more widespread and severe.
I say this with a real appreciation for aviation and what it means to national growth. Having helped float an airline before, and with more than 20 hours of flight time under my belt, I understand that this is not a business sustained by sentiment or goodwill alone. It is a difficult, capital-intensive sector where fuel costs, exchange rate pressures, regulatory burdens, and financing constraints can quickly push operators into distress. That is why I do not dismiss the urgency behind government intervention in the industry.
But that is also what makes this moment so troubling. Nigeria is an oil-producing country, yet its citizens are being asked to absorb relentless fuel-linked suffering in the name of reform and fiscal discipline. Subsidy removal has been defended as a hard but necessary economic choice, even as it continues to deepen hardship across the economy. When a policy inflicts mass pain on ordinary people but suddenly becomes flexible when a strategic or elite-facing sector comes under pressure, its logic begins to collapse under the weight of its own contradictions.
The truth is that this may be politically expedient, but it is not economically wise. A government cannot keep using public suffering as proof of seriousness while ignoring the corruption, inefficiency, and poor sequencing that have done far more damage than subsidy alone. It cannot continue making millions of Nigerians suffer merely to save face or preserve the appearance of ideological consistency. That is not reform in any meaningful sense, but a form of selective compassion that protects the visible while neglecting the vulnerable.
I support efforts to keep domestic airlines alive because aviation matters to commerce, connectivity, and national development. But real reform cannot be selective, and relief cannot remain the privilege of sectors that command access and attention. If airlines deserve emergency support because costs have become unbearable, then the same government must admit that life has become unbearable for millions of Nigerians who may never enter an airport, but who keep the economy running every day.
Abidemi Adebamiwa is a student pilot and Managing Editor of Newspot Nigeria.
admin by — April 23, 2026 in News 0
Kano Gov nominates Garo as deputy

Governor of Kano State, Abba Yusuf, has nominated and forwarded Murtala Garo to the State House of Assembly for screening and confirmation as the new deputy governor of the State.

This is contained in a statement by the Chief Press Secretary to the governor, Mustapha Muhammad, late Tuesday night.

According to the statement: “The nomination is in line with Section 191(3) of the 1999 Constitution (as amended), which empowers the Governor to nominate a Deputy Governor where a vacancy exists.”

DAILY POST reports that the position of the deputy governor became vacant after the resignation of Abdussalam Gwarzo on March 27, 2026.

“Following wide consultations with key stakeholders, the Governor has requested the Assembly to grant the necessary approval for Garo’s nomination,” the statement added.

admin by — April 22, 2026 in News 0
INEC endangering Nigeria’s democracy – NNPP raises alarm over court order disobedience

The New Nigerian Peoples Party (NNPP) has threatened to initiate contempt action against the Independent National Electoral Commission (INEC) if it fails to comply with court orders within the next seven days.

The party said it will pursue justice and equity to the Supreme Court of Nigeria.

A statement signed by its National Secretary, Mr. Ogini Olaposi, explained that INEC’s persistent disobedience to court orders will likely have a negative effect on the election timetable if parties decide to sue the commission.

Olaposi further explained that INEC risks adjustment of the 2027 general elections timetable if it fails to resolve issues around leadership of political parties in accordance with court judgments.

The statement lamented, “INEC’s disobedience to court orders is avoidable. It is disturbing that INEC—an institution led by a Professor of Law and a Senior Advocate of Nigeria—should refuse to obey court orders.”

The party’s National Secretary noted that the High Court of the Federal Capital Territory recently delivered a judgment compelling INEC, within 72 hours, to update its records, recognise the Dr. Agbo Major-led National Working Committee (NWC) of the NNPP, and file an affidavit of compliance.

He lamented that three weeks after, the commission has yet to comply, without any credible explanation, saying that what is evident is that time has been running against INEC from the day Honourable Justice Bello Kawu delivered the judgment and the commission was duly served by the court bailiff, and proof of service is properly entered in the court record.

“It, therefore, stands to reason that INEC must accord the NNPP adequate and equal time, like other political parties, to prepare for and participate in the 2027 elections,” the statement observed.

The party called on the attention of the federal government and other critical stakeholders to urgently call INEC to order, so as to prevent any further distortion of the 2027 election timetable.

The party specifically called on the Attorney-General, the Chief Justice of the Federation, and the President of the Nigerian Bar Association to investigate what is going on in INEC.

It noted that the judiciary and the courts must be seen to protect and guide their jurisdiction jealously, to preserve the integrity and authority of the courts, and to ensure that lawful orders are neither ignored nor undermined.

According to him, INEC’s present conduct may constitute a threat to democracy, saying the party is joining other well-meaning Nigerians in calling on the commission to retrace its steps.

He also called for a comprehensive overhaul of the commission, particularly its legal department, to restore credibility and safeguard the nation’s democracy.

Olaposi added that the conduct of the commission at the moment seemed to be against the spirit and letter of the Renewed Hope Agenda of Mr. President.

admin by — April 22, 2026 in News 0
Nigeria’s power minister, Adelabu finally announces plan to resign

Nigeria’s Minister of Power, Adebayo Adelabu, has finally announced plans to drop his resignation from President Bola Ahmed Tinubu’s cabinet.

His spokesperson, Bolaji Tunji, disclosed this in a statement on Wednesday morning.

He said his resignation is for him to explore his gubernatorial aspiration in Oyo State ahead of the 2027 election.

DAILY POST reports that the minister presided over Nigeria’s failed power sector despite the electricity tariff hike in April 2024.

Recall that in the last months, Nigerians experienced an inadequate electricity supply, which Adelabu acknowledged at different fora without offering actionable solutions.

“In view of this development, Chief Adebayo Adelabu is expected to resign his position as minister of power in the coming days,” he said.

Meanwhile, checks by DAILY POST showed that the minister promised 6000 megawatts of electricity by the end of last year, but the country battled with between 2500 megawatts and 3500MW for a population of over 250 million persons.

admin by — April 22, 2026 in News 0
Dangiwa sends message to Tinubu, FEC members after exit as Housing Minister

The outgoing Minister of Housing and Urban Development, Ahmed Dangiwa, has expressed appreciation to President Bola Ahmed Tinubu for the opportunity to serve in the Federal Executive Council, FEC, and contribute to the implementation of the Renewed Hope Agenda.

Dangiwa made the remarks in response to the recent cabinet reshuffle that led to his exit from office alongside the Minister of Finance, Wale Edun. The development was confirmed on Tuesday.

In a statement issued by his Special Assistant on Media and Strategy, Mark Chieshe, the former minister described his tenure as both an honour and a responsibility in national service.

He said he was privileged to have been entrusted with the leadership of reforms in Nigeria’s housing and urban development sector, noting that the experience was deeply fulfilling.

Dangiwa also extended gratitude to members of the FEC, his colleagues in government, heads of housing agencies, development partners, and ministry staff for their cooperation and support throughout his stay in office.

“I wish to sincerely thank Mr President for the confidence he reposed in me to serve as Honourable Minister of Housing and Urban Development. It has been a rare privilege to contribute to the advancement of policies and programmes aimed at expanding access to affordable housing for Nigerians,” he said.

He noted that under President Tinubu’s leadership, the ministry recorded notable progress in repositioning the housing sector as a key contributor to economic growth, job creation, and social inclusion.

While acknowledging the directive to complete handover procedures in line with the presidential decision, Dangiwa assured that the transition process would be smooth and well-coordinated.

He reaffirmed his continued support for the objectives of the Renewed Hope Agenda and expressed confidence in the capacity of the incoming leadership to build on existing progress and further accelerate delivery in the sector.

The former minister highlighted key achievements during his tenure, including the rollout of the Renewed Hope Housing Programme, strengthened public-private partnerships in housing delivery, and reforms in land administration and housing finance.

“I am grateful to my colleagues in the Federal Executive Council, stakeholders across the housing value chain, and the dedicated staff members of the Ministry and its agencies for their commitment and hard work. Together, we laid strong foundations for a more structured and sustainable housing delivery system in Nigeria,” he added.

He further pledged continued dedication to national development and support for initiatives aimed at advancing housing, infrastructure, and economic growth in the country.

admin by — April 22, 2026 in News 0
EFCC raises alarm over impersonators, fake sting operations in Nigerian cities

The Economic and Financial Crimes Commission, EFCC, has raised the alarm over what it described as fake sting operations being carried out by impersonators across major cities in Nigeria.

The commission raised the alarm in a statement issued on Tuesday by its Head, Media & Publicity, Dele Oyewale.

The statement revealed that several ingenious but fraudulent means are being employed by those described as “dark characters” to besmirch the reputation of the EFCC.

Buttressing the claim, the commission said there is a gang of fraudsters now operating around popular Eateries or fun spots in major cities across the country.

“Their modus operandi is laying ambush for innocent youths coming out of the Eateries and harassing them on unfounded suspicions of being internet fraudsters and dispossessing them of their valuables.

“These characters usually portray the identities of authentic EFCC officers by dressing in fake uniforms and moving their victims to locations bearing fictitious resemblance to an EFCC office.

“There is also a gang of itinerant criminals harassing innocent motorists on the identities of their number plates. These ones wield dangerous weapons to compel their victims to offer them money on trumped-up accusations.

“There is yet another tribe of online impersonators and fraudulent content creators dramatizing fake sting operations of the EFCC with evidence of broken doors, windows and forced entrance into their premises.

“Such uncharacteristic portrayals of the EFCC could deceive unsuspecting members of the public into holding the Commission and its officers culpable of contrived actions of impersonators”, the statement added.

admin by — April 22, 2026 in News 0