GBI&I Media News Blog

Nigeria’s business and finance landscape this week (August 3–7, 2026) was dominated by Otedola’s ₦18.1bn stake boost in First HoldCo, Nigeria’s admission into the World Energy Council, and strong capital market momentum pushing NGX past ₦158 trillion. The CBN survey also showed firms expect the naira to strengthen in the near term.  Weekly Business & Finance Highlights Otedola stake boost Billionaire investor Olufemi Otedola acquired ₦18.1bn worth of shares, raising his stake in First HoldCo Plc to 26.6%. This cements his influence in Nigeria’s financial services sector.  Read More: Full Story  Nigeria joins World Energy Council  President Tinubu hailed Nigeria’s admission as a milestone, strengthening the country’s energy reform credibility and leadership in Africa.  Read More: Full Story  Capital market agenda Tinubu and NGX executives advanced plans to leverage the capital market toward building a $1 trillion economy, highlighting reforms to attract ...

  INTERPOL warns AI now drives 55% of cybercrime in Africa, with Nigeria flagged for weak preparedness.   Artificial Intelligence (AI) has become a double‑edged sword in Africa. While governments and businesses explore AI for innovation, criminals are exploiting it to scale cyberattacks.  INTERPOL’s latest report reveals that AI now powers 55% of cybercrime across the continent, causing financial losses estimated at $484 million in 2025–2026.   It has been discovered that criminals use AI to automate phishing, generate deepfake identities, and bypass traditional security systems.   It has aided financial losses, estimated at $484m, with Nigeria, Kenya, and South Africa among the hardest hit.   Nigeria was singled out for lacking robust cyber defense frameworks, despite being Africa’s largest digital economy.   However, Banking, fintech, and government databases are the most vulnerable.   The introduction of AI innovat...

  Nigeria has announced a major policy shift: electricity subsidies will be phased out starting in 2027, but officials insist there will be no immediate tariff hikes.  The move is designed to clear legacy debts, stabilize the power sector, and attract new investment.    Nigeria has long relied on electricity subsidies to keep tariffs low, but this created massive fiscal liabilities.   Subsidy costs reached ₦3 trillion by early 2024, with debts to power generation companies (GenCos) estimated at ₦6.5 trillion.    The Federal Government says the current system is unsustainable and undermines investment in generation, transmission, and distribution.   The policy announcement by the Minister of Power Joseph Tegbe confirmed that subsidy removal will begin in 2027, implemented gradually rather than abruptly.    Tegbe emphasized that there are no immediate tariff hikes. Consumers will not face sudden increases.   The governm...

  Nigeria’s government says savings from the removal of fuel and foreign exchange subsidies are being used to service rising debt, pay salaries, implement the new ₦70,000 minimum wage, and expand student loan programmes but labour unions are demanding proof and accusing officials of being “economical with the truth .”   Nigeria's subsidies on petrol and foreign exchange previously consumed about 5% of Nigeria’s GDP.   However, the removal of these subsidies in 2023–2024 was part of President Bola Tinubu’s reform agenda, aimed at eliminating distortions and corruption.   While investors welcomed the move, ordinary Nigerians faced higher living costs, sparking questions about how the savings were being used.   These are the break down on how the savings are being spent - Debt servicing:     Interest rates rose from around 8% to as high as 24%, sharply increasing debt costs. Much of the savings are being directed to meet these obl...

 Good evening  Here’s Your World in 60 Seconds — a sharp global snapshot for today, Friday, July 31, 2026 🌍 Global Headlines - Nigeria electricity subsidy: FG confirms subsidies will be phased out from 2027 to ease fiscal strain.   - MTN Nigeria profits: Telecom giant reports ₦1.09 trillion profit before tax in H1 2026, a 75% surge.   - Naira exchange rate: Officially ₦1,379/$1; parallel market ₦1,409–₦1,420/$1, showing relative stability.   - Benue & Kaduna attacks: Armed violence claims lives in rural communities; security forces deployed.   - US visa suspension: Routine visa services halted at Abuja embassy and 24 other African missions starting August 1.   - South Africa tensions: Nigeria and South Africa move to ease strains after xenophobic violence.  

Nigeria’s headlines today reveal a nation at a crossroads: the Senate’s push for electoral reform signals a long‑awaited commitment to transparency, yet the naira’s fragile stability reminds us of the persistent structural weaknesses in the economy.  Globally, oil’s retreat below $92 offers temporary relief, but it underscores how dependent markets remain on geopolitical shocks.   Meanwhile, culture and sport provide a counterbalance. Afrobeats artists continue to redefine Africa’s global identity, and the Super Falcons’ victory reinforces Nigeria’s resilience on the world stage. At the community level,  First Option School’s recognition of academic excellence and Lagos’ new insurance scheme highlight the importance of grassroots progress in shaping national pride.   The editorial takeaway is clear: Nigeria’s strength lies not only in policy reforms or market interventions, but in the synergy between governance, culture, and community.  The...

Today’s breaking news in Nigeria (Thursday, July 23, 2026) is dominated by Donald Trump praising Tinubu’s anti‑terror leadership, Atiku clashing with APC over alleged ₦12.8 trillion hidden funds, and Rivers State Governor Fubara backing Wike’s Rainbow Coalition ahead of 2027.  Good morning. Politics/Security Breaking News Trump Praises Tinubu United States President Donald Trump has commended President Bola Tinubu for his decisive leadership in confronting terrorism and insecurity, particularly violence against Christian communities. Trump reaffirmed America’s commitment to supporting Nigeria’s anti‑terror campaign and strengthening bilateral security cooperation.      ➡️READ MORE : Tinubu anti‑terror war seen as proof of Nigeria’s growing global standing.  Atiku vs APC Over Hidden Funds Former Vice President Atiku Abubakar accused Tinubu’s government of concealing ₦12.8 trillion under the Service‑Wide Vote in the 2026 budget, calling it an assault on transparen...

Here’s today’s breaking news bulletin for Nigeria, Tuesday, July 21, 2026: ICPC grilled Femi Gbajabiamila over a controversial investment council scandal, Rabiu Kwankwaso revealed a signed one‑term deal with Peter Obi, and the Federal Government dismissed claims of ₦80 trillion borrowing.   Good afternoon  Politics & Governance Gbajabiamila grilled by ICPC President Tinubu’s Chief of Staff appeared before ICPC investigators over the disputed Presidential Foreign Investment Promotion Council (PFIPC). He answered questions before returning to duties.  ➡️READ MORE  Kwankwaso confirms Obi’s one‑term deal The NDC vice‑presidential candidate disclosed a signed agreement with Peter Obi to serve only one term if elected in 2027.  ➡️READ MORE  Tinubu makes fresh appointments Moshood Akinwande named President of the Surveyors Council of Nigeria, with inauguration set for today in Abuja.  ➡️READ MORE  Economy & Finance FG dismisses ₦80 trillion ...

  Here are today’s top breaking news headlines for Nigeria, Monday, July 20, 2026: Petrol prices have surged to ₦1,239 per litre in Lagos, Senegal’s Bassirou Faye has emerged as the new ECOWAS Chairman, and Spain has won the 2026 FIFA World Cup after defeating Argentina.   Good morning.  National Politics & Governance Tinubu Appoints Oyo Indigenes  President Bola Tinubu has approved the appointment of three Oyo State indigenes to the Surveyors Council of Nigeria. Inauguration is set for July 21 in Abuja.   ➡️ Read More Obanikoro Withdraws Ambition Former Minister Musiliu Obanikoro says he is no longer pursuing Lagos governorship, focusing instead on mentoring younger Nigerians.   ➡️ Read More  Economy & Business Petrol Price Surge Petrol now sells between ₦1,220–₦1,239 per litre in Lagos after Dangote refinery began selling refined products in dollars. This has sparked concerns over affordability and inflation. ➡️ Read More ...

Nigeria Faces a Weekend of Decisions and Momentum   Today’s bulletin opens with political accountability, economic investment gains, global solidarity, cultural milestones, and grassroots empowerment — setting the tone for a dynamic weekend.   Good morning . Here are today’s breaking stories shaping Nigeria and the world today.  🔶 Politics Tinubu Urges Patience Amid Economic Reforms   President Bola Tinubu reiterated his call for patience as reforms continue, warning that Nigeria’s youth could hold leaders accountable at the ballot box.   Read More    🟩 Economy Nigeria Secures $20 Billion in Investments   Government officials announced nearly $20 billion in foreign direct investment this year, citing transparency and accountability as key drivers.   Read More   ⚪ Global Ukraine Donates Grain to Nigeria   Despite ongoing conflict, Ukraine has shipped grain to Nigeria, drawing prai...