The Government of Ghana has successfully settled a $700 million Eurobond obligation ahead of schedule. The payment, which included $525.2 million in principal and $174.8 million in interest, brings the total amount paid to Eurobond holders to $2.1 billion since January 2025. According to the Ministry of Finance, the settlement was managed without straining foreign exchange reserves and is intended to reduce the national debt burden while boosting investor confidence. This move is part of the country’s ongoing Eurobond Debt Exchange Programme, reflecting a commitment to disciplined fiscal management.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a new agreement to purchase petrol directly from the Dangote Refinery. IPMAN President Abubakar Maigandi Shettima stated this direct supply path could lead to pump prices dropping below N800 per liter.

The move comes amid pressure from the federal government and regulators, who have criticized the disconnect between falling global crude oil prices and the high costs still faced by Nigerian consumers. Government officials, including the Minister of Petroleum Resources, Heineken Lokpobiri, emphasized that as replacement costs for fuel decline, those savings must be passed on to the public to curb inflation and ensure fair market practices. IPMAN members, who operate over 70 percent of Nigeria’s retail stations, are expected to implement these price reductions gradually as they secure lower-cost supplies.

Zedvance Finance Limited has appointed Professor Pius ‘Deji Olanrewaju as the new Chairman of its Board of Directors, effective July 1, pending regulatory approval from the Central Bank of Nigeria. The company aims to leverage his extensive background in legal scholarship, banking, and governance to strengthen its strategic oversight and accelerate future growth. Professor Olanrewaju is a distinguished expert who recently served as President of the Chartered Institute of Bankers of Nigeria.

The UK-Nigeria Tech Hub, in partnership with The Nest Innovation Technology Park, has launched the Nigeria Innovation Cluster Exchange (NICE). This national initiative aims to unify Nigeria’s fragmented startup ecosystem by connecting entrepreneurship support organizations, research institutions, startups, and government agencies into a coordinated network. Funded by the UK government’s Digital Access Programme, the pilot program begins July 6, 2026, and seeks to address challenges like startup sustainability and limited cross-sector collaboration. The initiative will focus on mapping innovation clusters across Nigeria’s six geopolitical zones and facilitating knowledge exchange between Nigerian and UK innovation ecosystems.

Nigeria has joined the International Energy Agency (IEA) as an Association country, a move aimed at enhancing the nation’s energy planning and policy development. While this partnership does not grant voting rights or provide direct financial aid, it gives Africa’s largest oil producer access to the IEA’s technical expertise, market data, and international policy support. The collaboration is intended to bolster Nigeria’s ongoing reforms in electricity, natural gas, and renewable energy sectors, helping to address long-standing domestic supply challenges and improve investor confidence. Success will ultimately depend on how effectively Nigeria leverages these resources to drive structural improvements in its energy sector.

The Nigerian Federal Government has convened a meeting with the Dangote Refinery and key petroleum industry stakeholders to address the need for fairer, cost-reflective fuel pricing. Minister of State for Petroleum Resources, Heineken Lokpobiri, argued that current pump prices for Premium Motor Spirit (PMS) do not reflect the recent decline in global crude oil prices. The meeting aims to foster collaboration between regulators and marketers to reduce prices without dictating market terms, following warnings from the Federal Competition and Consumer Protection Commission (FCCPC) against excessive profiteering.

A new report by SBM Intelligence highlights that the rising threat of AI-driven misinformation ahead of Nigeria’s 2027 elections has created a significant market for cybersecurity and digital integrity firms. With over 66 percent of Nigerians concerned about AI-generated political content and social media serving as the primary news source, there is an urgent demand for local deepfake detection, multilingual verification tools, and election monitoring software. As major digital platforms currently lack adequate safeguards, the report identifies a critical opportunity for startups and technology providers to develop solutions specifically tailored to Nigeria’s linguistic and political landscape before the election cycle begins.

Ghana has paid off a $700 million Eurobond obligation ahead of schedule, marking a significant milestone in its ongoing economic recovery. The payment, consisting of $525.2 million in principal and $174.8 million in interest, brings the country’s total Eurobond payments since January 2025 to $2.1 billion. The Ministry of Finance stated that the settlement was managed through planned funding arrangements to protect foreign exchange reserves and demonstrate a continued commitment to macroeconomic stability and prudent debt management.

United Bank for Africa (UBA) Plc has announced that Group Chairman Tony O. Elumelu will retire from the Board of Directors on August 21, 2026. His departure follows the completion of the 12-year tenure limit for non-executive directors as mandated by Central Bank of Nigeria corporate governance guidelines.

During Elumelu’s tenure, which began in 2014, the bank experienced significant growth, with total assets expanding from N2.76 trillion to N33.13 trillion. Under his leadership, the bank expanded its presence to 20 African countries and now serves over 50 million customers.

The Board has appointed Emmanuel N. Nnorom, a current Non-Executive Director and chartered accountant with over four decades of experience, to succeed Elumelu as Group Chairman effective August 21, 2026.

Nigeria has introduced a new “Green Tax” as part of its 2026 Fiscal Policy Measures, aiming to reduce air pollution and move the nation toward its 2060 net-zero emissions target. Under this policy, imported vehicles with engines of 2,000cc or larger will face a surcharge of 2% to 4%. To balance the impact, the government has concurrently reduced standard import levies, cutting duties on new cars from 20% to 10% and used vehicles from 15% to 5%. Mass transit buses, electric vehicles, and locally manufactured cars are exempt from the surcharge. While the policy aims to encourage cleaner transportation, stakeholders like the Association of Nigerian Licensed Customs Agents have raised concerns regarding implementation, citing potential inflationary pressure and the lack of a transition period for vehicles already in transit. Experts caution that immediate price drops for consumers are unlikely due to existing inventory costs and other economic factors like exchange rates.

Motul, in collaboration with Winpart by CFAO and Energyswitch, has launched a new initiative to expand access to high-performance lubricants in Nigeria. The partnership has designated eight Energyswitch fuel stations in Ibadan, Oyo State, as official retail outlets for genuine Motul products. This move aims to improve product availability, ensure authenticity for motorists, and integrate automotive care with fuel services. Officials stated that this is the first phase of a broader plan to expand the model to other locations, addressing the need for reliable automotive maintenance solutions in the region.

The Central Bank of Nigeria has announced a major Treasury Bill issuance for July 2026, targeting 2 trillion Naira in new bills. With only 647.79 billion Naira in existing bills maturing during the month, the move will result in a net liquidity withdrawal of approximately 1.35 trillion Naira. This aggressive schedule marks the beginning of a third-quarter plan to issue 5.8 trillion Naira in gross debt, aimed at controlling inflation and managing the government’s fiscal obligations. While market participants expect a brief liquidity injection on July 22 when nearly 379 billion Naira matures without a scheduled auction, subsequent offerings are expected to reabsorb these funds, maintaining pressure on market liquidity.

Persistent heavy rainfall and dense cloud cover across Nigeria are forcing many homeowners and businesses to rely once again on petrol generators, despite recent investments in solar power. While solar adoption has surged as a solution to Nigeria’s unreliable national grid, current weather conditions have left many solar battery systems undercharged. The Nigerian Meteorological Agency has forecasted a longer-than-normal rainy season, complicating efforts for users who lack sufficient battery storage to bridge the gap during extended periods of low sunlight. Consequently, many are finding that the financial savings initially promised by solar energy are being eroded by the need to return to expensive fuel-powered backups.

The Federal Workers Forum (FWF) has formally demanded that the Nigerian government increase the national minimum wage to N300,000, citing the country’s rising cost of living as unsustainable. In addition to the wage hike, the group is calling for the immediate settlement of outstanding salary arrears, peculiar allowances, and unpaid wage awards. Beyond compensation, the FWF highlighted critical welfare issues, including allegations of extortion during promotion exams for paramilitary personnel and deplorable conditions within correctional facilities. They have urged the government to launch an independent investigation into these practices and implement reforms to address overcrowding and health risks in prisons.

Lagos State Governor Babajide Sanwo-Olu has announced a digital transformation initiative for cooperative societies, aimed at increasing financial access for Micro, Small, and Medium Enterprises (MSMEs). A central component of this effort is the Lagos State Access to Finance for SMEs through Cooperatives (LASMECO) scheme, a N10 billion fund established in partnership with the Bank of Industry and Sterling Bank.

The program allows eligible MSMEs to access loans of up to N10 million at a nine percent annual interest rate, requiring no conventional collateral. The state government has already released the first N5 billion tranche of funding. To ensure transparency and accountability, the government is utilizing an integrated digital platform for loan administration and monitoring. Additionally, the state is strengthening regulatory oversight to protect members’ investments and has launched the LASCOFED Online CoopRadio to enhance member education and engagement.

United Bank for Africa (UBA) has announced that Tony Elumelu will retire as Group Chairman on August 21, 2026, after 12 years of leadership. His successor is Emmanuel N. Nnorom, a seasoned executive with over 40 years of experience in banking, finance, and corporate leadership. Nnorom, a former UBA executive who previously served as CEO of Transcorp and President of Heirs Holdings, will assume the role pending regulatory approval. This leadership change aligns with Central Bank of Nigeria guidelines regarding corporate governance limits for non-executive directors.

The Nigerian Education Loan Fund (NELFUND) plans to transition from direct payments to tertiary institutions to a digital token-based system for tuition fees. According to Managing Director Akintunde Sawyerr, this upgrade is designed to increase transparency, give students more control over their payments, and eliminate issues with double payments. The move comes after the fund identified complications caused by the current disbursement model during its first year of operation. While students will gain the ability to trigger payments via tokens on their phones, the fund will maintain oversight to ensure the money is used exclusively for education and not diverted to other purposes.

Airtel Africa has reduced its diesel consumption by 9.1 million litres over the past financial year as part of a strategic shift toward sustainable operations. By converting 390 sites to national electricity grids across 14 countries, the company aims to improve operational efficiency and lower carbon emissions. Beyond its environmental initiatives, Airtel reported reaching over 183 million customers and expanding its financial inclusion efforts through Airtel Money, which now serves 54.1 million people. The company also reported significant social investments, including connecting over 3,000 schools to the internet and providing digital skills training to more than 30,000 youths.

The international news cycle remains dominated by key developments across Iran, Europe, and Africa. In Iran, the absence of Supreme Leader Mojtaba Khamenei from his father’s funeral has sparked intense speculation regarding his health and location. Simultaneously, Tehran has signaled plans to implement service fees for vessels in the Strait of Hormuz, while OPEC+ has increased oil output targets, citing a gradual recovery in shipping activity.

In international diplomacy, U.S. President Donald Trump has held talks with both Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, offering assistance in negotiating an end to the ongoing war. In the U.K., Reform Party leader Nigel Farage has been referred to the parliamentary standards watchdog over allegations of undeclared benefits.

In Africa, the Democratic Republic of Congo faces a dual crisis: a worsening Ebola outbreak, now exceeding 1,500 cases, has prompted the launch of new clinical drug trials, while at least 20 students have died following a boat capsize in Kasai Province. Additionally, Mali’s military reported repelling coordinated insurgent attacks across five towns, and Egypt expects to receive a 1.5 billion euro payment from the European Union within days as part of a wider economic support package.