Olayemi Cardoso, governor of the Central Bank of Nigeria
(CBN), says recent monetary and financial sector reforms have strengthened
Nigeria’s ability to withstand external shocks and restored investor
confidence.

In a statement on Wednesday, CBN said Cardoso spoke on
Tuesday at the Africa Capital Forum in London, held on the sidelines of Bola
Tinubu’s state visit to the United Kingdom.

The forum, themed “From Stabilisation to Capital
Mobilisation,” was jointly hosted by the CBN and the UK Foreign, Commonwealth
and Development Office (FCDO).

He said the apex bank has “created stronger capacity to
withstand shocks” through policy tightening and institutional reforms.

The CBN governor said the foreign exchange (FX) market now
operates with improved transparency and liquidity following recent reforms.

According to Cardoso, a new FX manual has removed several
capital control measures and simplified trade and investment processes.

Cardoso added that the bank has finalised a new payments
system vision aimed at strengthening Nigeria’s position in digital and
cross-border payments.

On the banking sector, the apex bank chief said more than 30
banks have met the new capital requirements, while verification is ongoing for
others.

“About 28 percent of investment in the recapitalisation came
from foreign sources,” he said.

Cardoso added that the development reflects renewed
confidence in Nigeria’s financial system.

The governor also noted that diaspora remittances have
increased, contributing to the diversification of the country’s foreign
exchange inflows.

He said inflation has moderated while exchange rate
stability has improved following recent policy measures.

“We will continue to maintain stability, not only on
inflation, but in the FX market, with more transparency and consistent
reporting,” he said.

The CBN governor added that the apex bank will remain
vigilant in managing inflation.

“Our focus going forward is to protect the hard-earned
stability we have accomplished so investors and stakeholders can plan with
confidence,” he said.

Cardoso also emphasised the need for coordination between
monetary and fiscal authorities to sustain economic growth.

He said the inclusion of fiscal authorities in the bank’s
board and monetary policy committee strengthens policy alignment.

The apex bank chief also said the CBN is working with
financial technology firms to address regulatory bottlenecks and support
innovation in digital finance.

He added that ongoing reforms have shifted Nigeria from a
phase of stabilisation to capital mobilisation, positioning the economy for
growth, driven by domestic investment and improved global confidence.

Also at the event, Muhammad Sani Abdullahi, CBN deputy
governor for economic policy, said the apex bank has achieved a significant
level of macroeconomic stability.

“We have seen stability. Net and gross reserves are high,
foreign reserves are over $50 billion, the foreign exchange market has
stabilised, and inflation is falling , but we are cautious,” Abdullahi said.

Philip Ikeazor, CBN deputy governor for financial system
stability, said the reforms are designed to endure beyond the current
administration.

“All the reforms that have been put in place cut across
stakeholders, ensuring that even at the end of this administration, people will
see the need not to reverse them,” Ikeazor said.

‘NIGERIA’S NEXT REFORMS SHOULD FOCUS ON TRANSLATING INTEREST
TO CAPITAL FLOWS’

Jonny Baxter, British deputy high commissioner to Nigeria,
said the next phase of reforms should focus on translating renewed investor
interest into tangible capital inflows.

“The next phase of the reforms should be converting renewed
investor interest into long-term sustainable investments,” Baxter said.

He added that the UK remains a key partner in Nigeria’s
banking and capital markets.

Odile Renaud-Basso, president of the European Bank for
Reconstruction and Development (EBRD), also highlighted Nigeria’s economic
potential.

“We see all the potential in the economic stabilisation in
Nigeria, the growth of the population, the appetite, the investment in new
technologies, and the ability of the people to embrace new technologies,” she
said.

On his part, Steve Gray, head of West and Central Africa at
UK Export Finance (UKEF), emphasised the role of transparency in sustaining
investor confidence.

“Confidence is built through full fiscal transparency. But
the reforms in Nigeria are providing transparency and building confidence,”
Gray said.

Melis Ekmen Tabojer, managing director for policy strategy
and delivery at the EBRD, said the reforms are already influencing investor
behaviour.

“The recent reforms that Nigeria has had have had a huge
impact in attracting investors and how policies are made,” she noted.

Speaking on behalf of the federal government, Sanyade Okoli,
special adviser to the president on finance and the economy, said Nigeria is
now focused on attracting long-term capital to drive growth.

“We need to work with partners who will bring the sticky,
equity capital,” she said, noting that the government alone cannot fund the
country’s growth ambitions.

Banking sector leaders, including chief executives of major
Nigerian lenders, also backed the reforms, saying they have improved confidence
and strengthened the capacity of banks to finance projects.

Aprokorepublic

The Nigeria Sovereign Investment Authority (NSIA) has signed
a memorandum of understanding (MoU) with Asset Green Limited to develop an
integrated dairy production platform in the West African nation.

Asset Green Ltd is a UK‑based private investment group,
focused on large‑scale, commercially viable agricultural and food‑processing
platforms across emerging markets via its agri-food investment platform Agrium
Capital Ltd.

The agreement was signed on Tuesday in London ahead of
President Bola Tinubu’s state visit to the United Kingdom (UK), according to a
statement on Wednesday from the British high commission in Nigeria.

The commission said the project would transform Nigeria’s
dairy sector and strengthen national food security.

The commission said the MoU provides a framework for
collaboration and project development, which will culminate in a formal
shareholders’ agreement.

The initiative is said to be ranked among Nigeria’s most
ambitious dairy investments, combining 20,000 hectares of climate-smart forage
production with a 10,000-milking cow operation.

The project is also expected to include a processing
facility to produce fresh milk, milk powder, butter, cream, and up to 15,000
metric tonnes of infant formula annually.

“Designed to reduce Nigeria’s reliance on imported milk
powder, the project will modernise agricultural practices, improve nutrition,
and integrate up to 10,000 rural households into the supply chain through
inclusive out‑grower schemes,” the statement
reads.

“Once operational, the platform is expected to generate over
US$620 million annually and create 2,500 direct and 5,000 indirect jobs
nationwide.”

Jonny Baxter, British deputy high commissioner to Nigeria,
said the partnership reflects enduring economic ties between Nigeria and the
UK.

Baxter noted that the UK supported the establishment of the
NSIA more than a decade ago by providing legal and financial expertise that
strengthened its governance.

“That early investment has paid dividends, helping build a
resilient institution capable of driving long-term development,” he said.

The envoy described the NSIA-Asset Green collaboration as a
“full-circle moment” in bilateral relations and a signal of shared commitment
to sustainable growth.

Also speaking on the deal, Aminu Umar-Sadiq, the managing
director and chief executive officer (CEO) of NSIA, said the project is a
transformative investment valued at nearly $500 million.

“By combining climate-smart farming, advanced processing and
inclusive out-grower participation, we are building a modern, competitive dairy
sector,” he said.

“This will reduce import dependence, create jobs and deliver
long-term value for Nigerians.”

Also commenting, Rod Bassett, director at Asset Green, said
the partnership would unlock Nigeria’s agricultural potential.

Bassett, who is also chief executive officer of Agrium
Capital Ltd., said the greenfield investment would develop infrastructure,
boost local production, and cut import dependence.

He added that the project would support environmental
sustainability while strengthening food sovereignty and nutritional resilience.

Aprokorepublic

A Nigerian woman from Ibadan, Oyo State, identified as
Ogundele Oluwakemi Victoria, is reportedly in critical condition in Iraq after
being trafficked under deceptive circumstances, with allegations of abuse,
starvation, and a suspected organ harvesting attempt.

The case was brought to light by Damilola Adekola of Hopes
Haven Foundation, who said Victoria’s condition has deteriorated significantly.

“She is currently in a critical state, with reports
indicating she may have lost her sanity,” Adekola said, citing claims of
prolonged abuse and neglect.

Victoria’s sister, Titilayo Victoria, said the family only
became aware of her travel plans shortly before she left Nigeria.

“Two days before she travelled, she called to inform me,”
she said. “The agent warned her not to tell anyone until everything was
completed.”

Despite attempts by family members to stop her, Victoria
reportedly went ahead with the trip after being told the process could not be
reversed.

After arriving in Iraq, she maintained limited contact with
her family, during which she allegedly complained of mistreatment and lack of
food.

“She told us they were maltreating her and starving her,”
her sister said.

A Nigerian acquaintance in Iraq, identified as Lady B,
described a troubling account of Victoria’s experience, including alleged
financial exploitation and threats from her employers.

“She said her agent kept demanding money even after she had
paid several months’ salary,” Lady B said.

She further alleged that Victoria narrowly escaped a
suspected organ harvesting attempt.

“She was taken to a hospital, and a nurse warned her to run
for her life because they wanted to harvest her kidney,” she claimed.

According to the account, Victoria later fled to a police
station but was returned to an agency, where she was allegedly resold to
another household.

At the second location, she was reportedly denied access to
her phone and threatened.

“One day, her employer warned she would be shot if seen
using a phone again. That was the last time we heard from her,” Lady B added.

Months later, Victoria was reportedly traced to an agency
office in Baghdad, where she was found in a severely weakened state.

“She was lying on the floor and could not speak. They said
she was not mentally stable,” Lady B said.

She was said to have remained there for weeks without proper
care until concerned Nigerians intervened to provide basic support.

Another Nigerian, identified as Mama Tee, confirmed efforts
to assist Victoria.

“I sent a nurse to assess her, and the report was that she
was not mentally okay,” she said, adding that the agency had threatened to
abandon her if no one took responsibility.

Victoria has since been moved from the facility and is
currently under the care of concerned persons, but remains in urgent need of
medical attention.

“She needs immediate help,” Mama Tee stressed.

Victoria’s agent, identified as Mr Kazeem, admitted
facilitating her travel but denied responsibility for her current situation.

“I handed her over to another agent. I don’t have access to
the office handling her case,” he said.

He added that efforts were being made to support her
treatment but offered no clear plan for her return to Nigeria.

“Let us keep praying for her. By God’s grace, she will
recover,” he said.

The National Agency for the Prohibition of Trafficking in
Persons (NAPTIP) has condemned the incident and pledged to intervene.

Spokesperson Vincent Adekoye said the victim may have
bypassed earlier interception efforts by the agency.

“We usually intercept such cases, but she may have evaded
our officers,” he said, adding that NAPTIP would take immediate steps to rescue
her and investigate those involved.

Victoria’s case points to ongoing concerns over human
trafficking involving Nigerian women to the Middle East, where many reportedly
face exploitation under abusive labour conditions.

Rights groups warn that without stronger enforcement and
public awareness, such cases may continue to rise, putting vulnerable
individuals at risk.

Aprokorepublic

The leadership of Ozoro community in Delta state has reacted
to allegations of r*pe and harassment of young women trailing its Alue-Do
festival.

On Thursday, outrage erupted on social media after multiple
videos circulated on X showing men tearing the clothes of young women during
the festival.

In one of the viral clips, men were seen groping the women
in a manner widely described as animalistic and despicable.

In the clip, a young woman could be seen crying and
clutching her torn clothing as some men violently harassed her.

The state government condemned the incidents, describing
them as “barbaric, heinous and unacceptable”.

The government said no individual or group should be allowed
to hide under the guise of a festival to perpetrate criminal acts.

As outrage grew, the state police arrested Omorede Sunday, a
community leader, and four other suspects over allegations of r*pe and assault.

‘IT’S A CULTURAL FESTIVAL’

But a statement on Friday co-signed by Berkley Asiafa,
president-general, and Obaro Egware, secretary-general, said the viral videos
portrayed the festival in a bad light.

“Ozoro Kingdom is made up of five traditional communities,
each with its distinct customs, traditions, and festivals,” the statement
reads.

“On the said date, Uruamudhu Community celebrated one of its
ancient festivals known as the Alue-Do Festival.”

The community leaders described Alue-Do as a “festival of
fertility, widely believed to be a cultural practice that brings blessings of
children to individuals or couples experiencing difficulty in childbirth”.

“As part of this long-standing tradition, certain symbolic
practices are observed, including the act of playfully dragging and pouring
sand on married individuals who are yet to have children, as a cultural
expression believed to invoke fertility,” the statement added.

The leaders, however, said “some youths misinterpreted and
misapplied the cultural practice in a negative and unacceptable manner, leading
to the harassment of some young women”.

‘NO R*PE RECORDED’

The community leaders noted that, contrary to widespread
reports, there was no r*pe at the festival, but two young women were harassed.

“We wish to clearly state that reports circulating on social
media alleging that r*pe and widespread atrocities occurred during the festival
are false and misleading,” the statement reads.

“No incidents of r*pe were recorded. The situation involved
the harassment of two young women by individuals who took advantage of the
occasion to act irresponsibly.”

The statement added that the community leadership contacted
security agencies, who brought the situation under control and have commenced
investigations.

“The leadership of Ozoro Kingdom strongly condemns any form
of harassment or misconduct. Such behaviour is not part of our culture and
traditions and will not be tolerated,” the statement reads.

“Appropriate steps are being taken to address the actions of
those involved and to ensure that future celebrations are conducted in a
peaceful, respectful and orderly manner.”

The community leaders urged the public to disregard false
reports and refrain from spreading misinformation that may tarnish the image of
its cultural heritage.

Aprokorepublic

Pastor Chris Oyakhilome, founder of Loveworld Incorporated,
popularly known as Christ Embassy, has declared that he and God are the only
truly wealthy individuals in the world.

Speaking during a recent sermon, Oyakhilome challenged
conventional measures of wealth, dismissing financial metrics such as bank
balances as inadequate.

He described his wealth as existing in a spiritual realm,
saying it is “unending, boundless, incalculable, and exhaustless,” rooted in
the riches of Christ.

He further shared a comment from his daughter, who
reportedly said, “My daughter always says only God and Daddy are the two
richest people in the world.”

The pastor emphasized that his wealth is divine and eternal,
independent of material possessions or human economic systems.

“My kind of wealth cannot be measured by any Japanese
calculator,” Oyakhilome said, asserting that he could “never be broke.”

Oyakhilome’s insisted that true wealth transcends material
accumulation and exists in a spiritual dimension beyond human comprehension.

Aprokorepublic

A Federal High Court in Abuja has struck out the charges filed against former presidential candidate and human rights activist Omoyele Sowore by the former Inspector General of Police, Kayode Egbetokun.As reported by Tribune, Sowore had filed an application through his lawyer, Marshall Abubakar, requesting that the case be dismissed for lack of diligent prosecution. The court agreed, noting that the police had failed to actively pursue the matter.

During proceedings on Tuesday, the prosecution sought a short adjournment to allow the lead counsel to personally handle the case. The defence opposed the request, insisting that the charges be struck out due to inaction.

In his ruling, Justice Musa Liman observed that the police had not moved the prosecution forward since Sowore’s arraignment in January 2025.

He also pointed out that this delay violated Section 351 of the Administration of Criminal Justice Act (ACJA).

“The charge FHC/ABJ/CR/23/2025 is struck out and accordingly dismissed,” Justice Liman declared, formally ending the case against the activist.

The original charge, dated January 28, 2025, listed the former IGP as the complainant and Sowore as the sole defendant.

It alleged that Sowore, through his verified X handle account, published messages against the Inspector General of Police, referring to him as “illegal IGP Kayode Egbetokun,” and that these statements were false and intended to incite public disorder.

Some counts of the charge read:

“That you, Omoyele Sowore, on the 13th day of December 2024, within the jurisdiction of this Honourable Court, did intentionally and knowingly send messages through your verified X handle account, ‘Omoyele Sowore’, and caused a publication against the Inspector General of Police, where you called him ‘illegal IGP Kayode Egbetokun’. This statement, which you knew to be false, was intended to cause a breakdown of law and order. By causing this message to be sent, you committed an offence contrary to Section 24(1)(b) of the Cybercrime (Prohibition, Prevention, ETC) Act, 2015, as amended (2024), and punishable under Section 24(2)(c)(ii) of the same Act.”

“That you, Omoyele Sowore, intentionally and knowingly caused the transmission of messages through your verified X handle account, ‘Omoyele Sowore’, tagged the verified Nigeria Police Force X handle @policeNG, containing threats intended to incite Nigerians against the Nigeria Police Force and harm the property or reputation of the Inspector General of Police or the Nigeria Police Force. By so doing, you committed an offence punishable under Section 24(2)(c)(ii) of the Cybercrime (Prohibition, Prevention, ETC) Act, 2015, as amended (2024).”

“That you, Omoyele Sowore, on December 20, 2024, intentionally and knowingly sent messages through your verified X handle account, ‘Omoyele Sowore’, and caused a publication against the Inspector General of Police, stating: ‘The illegal IG of Nigeria Police Force, Kayode Egbetokun, will make the next #ENDSARS inevitable! He is working tirelessly towards it. Just a matter of time. #EgbetekunMustGo #Revolution.’ This statement, which you knew to be false, was intended to cause a breakdown of law and order. By causing this message to be sent, you committed an offence.”

All the charges were brought under the Cybercrime (Prohibition, Prevention, ETC) Act, 2015, as amended in 2024.

Aprokorepublic

Several African countries, including South Africa, have approached the Dangote Petroleum Refinery to secure fuel supplies following disruptions linked to the ongoing conflict involving Iran, Bloomberg reports on Friday.

Findings showed that the 650,000-barrels-per-day refinery owned by Nigerian billionaire Aliko Dangote has received multiple inquiries from governments seeking alternative fuel sources.

South Africa is reportedly seeking a 12-month supply contract, while countries such as Ghana and Kenya have also reached out to the refinery.

The development comes as the Middle East crisis continues to disrupt global fuel supply chains, raising concerns across several regions.

In Africa, the impact is expected to be more pronounced in eastern and southern regions, where about 75 per cent of refined fuel imports come from the Middle East, according to energy consultancy CITAC.

Bloomberg reports that South Africa, in a statement on Wednesday, said it was engaging stakeholders to secure crude oil and refined products from diverse sources as part of efforts to manage potential supply risks.

The government in the statement said it “is actively coordinating with industry stakeholders to secure both crude oil and refined petroleum products from a diversified range of sources.

“A comprehensive plan is in place to manage potential supply risks.”

President of the Dangote Group, Aliko Dangote, in an interview with Economist said availability, rather than pricing, had become the key concern in the current situation.

“I think the situation will continue for a while,” he said.

Despite the concerns, South African authorities said the country has sufficient fuel for the coming weeks, while Kenya also indicated there was no immediate threat of shortages.

Despite the concerns, South African authorities said the country has sufficient fuel for the coming weeks, while Kenya also indicated there was no immediate threat of shortages.

Industry data also show that Africa’s dependence on fuel imports has increased due to declining refining capacity in several countries, heightening vulnerability to external shocks.

The Dangote refinery is expected to play a key role in easing supply pressures, although about 75 per cent of its output is reserved for domestic use, with the remainder available for export.

Aprokorepublic

Oyo State Governor, Seyi Makinde, has called for stronger national cohesion, emphasising that unity across religious and cultural divides remained vital to Nigeria’s stability, as he credited the sustained peace in Oyo State to the collective prayers of its people.

Delivering his Eid-el-Fitr message on Friday to the Muslim Ummah through his deputy, Adebayo Lawal at the Agodi Eid praying ground in Ibadan, the Governor underscored the broader national importance of shared faith, tolerance and communal harmony.

He stated: “Your prayers have not only uplifted our spirits but have also served as a strong foundation for the peace and stability we continue to experience in Oyo State.”

Leading the delegation by the deputy governor, Makinde stressed that the relative peace enjoyed in Oyo should serve as a model for the wider Nigerian federation, urging citizens across the country to embrace unity beyond ethnic and religious lines.

He maintained that sustainable development can only thrive in an atmosphere of peace, mutual respect and collective commitment to the common good.

The prayer session was led by the Chief Imam of Ibadanland, Sheikh Abubakar Agbotomokekere, who guided worshippers through the solemn rites signalling the conclusion of the holy month.

Shortly after the prayers, the delegation proceeded to the Governor’s private residence in Ikolaba, Ibadan, where they paid homage and offered further prayers for the state and its leadership.

They were received by the Governor’s wife, Tamunomini Makinde, who represented him. Reinforcing the Governor’s position, she highlighted the importance of unity across faiths, describing it as a critical driver of peace and development.

She said: “The prayers of Muslims, Christians, and traditional worshippers alike have been instrumental in fostering harmony, growth, and sustained development in our dear state.”

She also conveyed the Governor’s continued resolve to safeguard the prevailing peace, adding: “We remain committed to preserving this peace, and we seek divine guidance as we navigate the responsibilities of leadership in the coming political dispensation.”

In his remarks, Deputy Governor Bayo Lawal commended the administration’s achievements, aligning them with the Governor’s vision of a peaceful and progressive society.

He remarked: “We give thanks to Almighty Allah for the peace, stability, and unity that define Oyo State today. Over the past year, we have witnessed tangible progress across multiple sectors.”

Aprokorepublic

The Governor of Anambra State, Chukwuma Soludo, has directed
all political appointees to hand over their duties with immediate effect.

The directive was conveyed in an official circular issued on
March 18, 2026, by the Office of the Secretary to the State Government (SSG),
instructing affected appointees to transfer responsibilities to Permanent
Secretaries or, in their absence, the most senior civil servant in their
respective Ministries, Departments, and Agencies (MDAs).

According to the memo, the handover is to be completed on or
before the close of work on the same day, pending the constitution of a new
cabinet.

“I am directed to inform all political appointees to hand
over to the Permanent Secretaries or the most senior civil servant in the
various MDAs on or before the close of work today… until a new cabinet is
constituted,” the statement read.

The government further directed that all first-term cabinet
members are to meet with the governor on Monday, March 23, 2026, at 10:00 a.m.
at the ANSEC Chambers.

The circular was signed by the Permanent Secretary, Office
of the Secretary to the State Government, Dr. Nwabufor Nwankwo.

The development signals the formal dissolution of the
existing cabinet and marks the beginning of a fresh administrative cycle under
Governor Soludo, as he prepares to reconstitute his executive team for the new
term.

Aprokorepublic