Nile University of Nigeria has launched a new liaison office in Lagos for its Nile Business School (NBS), aiming to increase accessibility to its executive and professional education programs. Located in Nigeria’s commercial hub, the office is intended to bridge the gap between academic theory and practical application for entrepreneurs, executives, and organizations. The university plans to leverage advanced technologies, including virtual and augmented reality, to offer industry-specific simulations and experiential learning. The new office will host various courses, including executive leadership, strategy, and enterprise development, focusing on preparing leaders to address contemporary business challenges within the African context.

Zenith Bank served as the headline sponsor for the 6th Canada-Africa Business Conference in Lagos, an event aimed at bolstering trade and investment ties between the two regions. The conference hosted a delegation of 31 Canadian companies across sectors including technology, mining, and finance, positioning Nigeria as a strategic gateway for African market entry. Key speakers, including representatives from Zenith Bank, the Lagos State Government, and the Canadian High Commission, emphasized the potential for collaborative growth and the importance of shifting from potential to tangible prosperity through the African Continental Free Trade Area. The event focused on creating practical pathways for investment and long-term economic development.

The Lagos State Electricity Regulatory Commission (LASERC) has ruled that electricity providers are prohibited from collecting unpaid bills older than 12 months. This regulation, outlined in the Lagos State Retail Electricity Supply Code, aims to protect consumers from excessive back-billing. Exceptions are only permitted if companies can prove meter tampering, illegal consumption, or deliberate obstruction of meter readings.

Additionally, LASERC reiterated that Lagos operates under a no-subsidy policy, requiring consumers to pay the actual cost of power. The commission is also preparing to phase out the current electricity tariff band classification system to further restructure the state’s energy market.

The Nigerian naira strengthened to N1,383 per dollar in the official foreign exchange market on Thursday, marking a 0.43% gain from Wednesday’s closing rate of N1,389. This recovery was supported by increased liquidity in the interbank segment, which saw turnover rise to $195.37 million. The rebound occurred despite global strength in the U.S. dollar, which continues to benefit from resilient economic data. Meanwhile, Nigeria’s foreign reserves have reached their highest level since 2009, surpassing $51 billion.

The Nigerian Real Estate Investment Trust Fund (NREIT) recorded a strong start to 2026, with pre-tax profits jumping 333.6% to N3.19 billion for the first quarter. This growth was fueled by a 416.5% surge in revenue, which reached N4.45 billion. Despite the rise in earnings, the company’s operating expenses increased by 908.28% to N1.26 billion, impacting profit margins. NREIT announced a quarterly distribution of N1.92 per unit for Series 1-4 investors and N1.50 for Series 5, payable on June 29, 2026. While total net assets grew, the net asset value per unit saw a slight decline to N114.60 due to an increased number of units issued.

Starting July 1, Ghana will require large-scale mining companies to sell 30% of their gold production to the state-owned Gold Board, an increase from the previous 20% mandate. The initiative aims to strengthen the country’s foreign exchange reserves, stabilize the economy, and promote domestic gold refining. The government pays for this gold in Ghanaian cedis at a 0.55% discount to the Bank of Ghana’s reference price. This policy is part of a broader strategy to increase national gold holdings to 157 metric tonnes by 2028 and support the country’s goal of achieving London Bullion Market Association accreditation for local refineries. As Africa’s largest gold producer, Ghana relies on the precious metal for approximately 40% of its export earnings.

The Nigerian stock market has entered a period of correction, shedding over N11 trillion in market capitalization from its peak. This pullback follows a strong first half of the year, where the market gained over 50% year-to-date. The current decline is primarily driven by profit-taking, a transition to a T+1 settlement cycle, and reactions to new Central Bank of Nigeria (CBN) regulatory requirements for financial holding companies. Analysts note that major banks may need to raise over N370 billion in new capital to meet these updated standards. Despite the current volatility, experts view the situation as a necessary consolidation rather than a structural collapse, pointing to upcoming first-half earnings and potential FTSE Russell Frontier Market Index inclusion as catalysts for future stability.

Neimeth International Pharmaceuticals Plc shareholders have unanimously approved an additional N30 billion capital raise, bringing the company’s total authorized fundraising mandate to N50 billion. This decision, made at the company’s 67th Annual General Meeting, aims to support aggressive expansion, including the development of a new manufacturing plant and potential product diversification. The board is authorized to utilize various financial instruments—including public offerings, rights issues, and bonds—to raise these funds. Additionally, the company reported a return to profitability for the 2025 financial year, with a pre-tax profit of N1.34 billion, marking a significant turnaround from the previous year’s loss. Shareholders also ratified new leadership appointments and re-elected board members.

Shareholders of Jaiz Bank Plc have approved a plan to raise up to N150 billion in new capital to bolster the bank’s growth strategy and strengthen its capital base. The approval was granted during the bank’s 14th Annual General Meeting held virtually on June 24, 2026.

The bank is authorized to raise funds through various instruments, including ordinary shares, preference shares, Sukuk, and other financing structures in both local and international markets. The Board of Directors has been granted the authority to determine the timing, pricing, and structure of the fundraising, subject to regulatory approvals. To facilitate this, shareholders have also agreed to waive pre-emptive rights for specific tranches of the capital raise, allowing for greater flexibility in attracting strategic investors.

This move follows a period of strong financial performance, with the bank reporting a pre-tax profit of N8.08 billion for the first quarter of 2026, a 14.8% increase from the previous year. As of March 2026, the bank’s total assets stand at N1.3 trillion.

The Government of Ireland has launched the 2026 Ireland Fellows Programme, offering fully funded one-year Master’s scholarships to early and mid-career professionals from Nigeria and Ghana. Applications will be accepted from June 29 to July 26, 2026.

To be eligible, candidates must be residents of Nigeria or Ghana, hold at least a Second-Class Lower bachelor’s degree, and possess a minimum of three years of relevant work experience. The scholarship covers tuition, visa and flight costs, health insurance, and living expenses.

For Nigerian applicants, the scholarship is specific to the Roger Casement Fellowship in Human Rights, covering law and governance. Ghanaian applicants may apply for a broader range of disciplines, including agriculture, engineering, and health. The initiative is part of Ireland’s ongoing effort to foster global professional development and strengthen international ties.

Lagos State emergency responders have concluded search and rescue operations at the site of a two-storey building collapse in Alakija, Satellite Town. The operation resulted in 27 rescues and the recovery of nine bodies, including a two-year-old child. The incident occurred on Old Ojo Road, with rescue efforts spanning from Thursday morning until early Friday. Rescued individuals received immediate medical attention before being transported to local hospitals. Lagos State Governor Babajide Sanwo-Olu has ordered an integrity assessment of surrounding structures, and authorities are urging residents to report distressed buildings to prevent further tragedies.

Zedvance Finance Limited has appointed three new members to its Board of Directors to enhance corporate governance and drive sustainable growth. The new appointees are Olaide Olusoji-Oke as an Independent Non-Executive Director, Joseph Adegunwa as a Non-Executive Director, and Adegoke Orimolade as an Executive Director, the latter pending regulatory approval from the Central Bank of Nigeria. These appointments bring extensive expertise in finance, strategy, and business development to the firm as it continues to expand its retail and business financing services.

The U.S. government has requested that OpenAI restrict access to its upcoming GPT-5.6 model to a select group of approved partners, citing concerns over the AI’s advanced capabilities. OpenAI has agreed to this temporary arrangement, with CEO Sam Altman indicating that access will be managed on a case-by-case basis.

This move follows recent federal actions, including an export control order that forced Anthropic to pull its Mythos and Fable models from public use. Industry experts note that these interventions highlight a lack of a clear, consistent regulatory framework for frontier AI. While President Trump recently signed an executive order for voluntary pre-release reviews, the mechanisms for implementation remain undefined, creating an environment that critics describe as ad hoc and opaque. OpenAI has stated it is working with the government to develop a more sustainable, long-term approach for future releases.

In the first quarter of 2026, Nigeria’s total Federation Account Allocation Committee (FAAC) disbursements to states reached approximately N2.49 trillion, up from N1.98 trillion in the same period of 2025. While fiscal dominance remains concentrated, the top 10 beneficiary states saw their share of total allocations dip to 40.1%, down from 42.5% the previous year.

A significant shift in Nigeria’s fiscal landscape is the growing reliance on Value Added Tax (VAT) over traditional oil-based statutory allocations. During the quarter, states received over N1.28 trillion from VAT, significantly outpacing the N811.97 billion distributed through statutory allocations.

Lagos retained its position as the top recipient, receiving N200.21 billion, driven largely by its robust VAT intake. Other top recipients included Delta, Rivers, Bayelsa, and Akwa Ibom. While 34 of the 36 states saw year-on-year increases in allocations, Rivers and Ekiti recorded declines, with Ekiti’s total impacted significantly by statutory reconciliation deductions. The data highlights a broader national transition where consumer spending and commercial activity are becoming central drivers of state revenue.

Nigeria’s startup ecosystem saw a significant surge in May 2026, securing approximately $58.5 million in funding. Fintech, logistics, and agritech firms led the activity, with five major companies—LemFi, BFREE, MAX, Sycamore, and Tomato Jos—accounting for $57 million of the total.

The largest raise came from fintech startup LemFi, which secured $32 million in a Series B extension. Other notable rounds included BFREE ($10 million), logistics firm MAX ($8 million), Sycamore ($5 million), and Tomato Jos ($2 million). Smaller ventures, including CashAfrica, Andela, and Pullus Africa, also secured $500,000 each. These investments underscore the continued investor confidence in Nigeria’s digital economy, supporting founders focused on financial inclusion, infrastructure, and agricultural productivity.

A Federal High Court in Lokoja has nullified the registration of the Nigeria Democratic Congress (NDC), the party linked to presidential candidate Peter Obi. Justice Isah Dashen vacated a previous court order that had compelled the Independent National Electoral Commission (INEC) to register the party. The ruling followed a challenge by the Peace Movement Party, which claims ownership of the logo used by the NDC. As a result, all previous registration actions by INEC must be reversed pending a fresh hearing. Meanwhile, Peter Obi has publicly criticized the Senate’s recent move to establish state police, warning that the administration could exploit the new security architecture to influence the 2027 general election. Obi is calling for the policy’s implementation to be delayed until after the polls to ensure democratic integrity.

The Nigerian government has secured $1.5 billion, the first tranche of a $5 billion derivatives financing deal with First Abu Dhabi Bank. Executed through a Total Return Swap, the transaction uses naira-denominated securities as collateral to help bridge the country’s budget deficit and refinance expensive existing debt. While the government views this as a competitive alternative to traditional Eurobonds, international institutions, including the IMF and credit rating agencies like Moody’s and Fitch, have raised concerns. Critics warn that the complex structure could pressure exchange rates, limit monetary policy flexibility, and introduce credit risks not typically associated with standard commercial borrowing.

First City Monument Bank (FCMB) is positioning itself as a key driver of Nigeria’s agricultural sector by moving away from traditional, high-risk lending in favor of a comprehensive “ecosystem” financing model. Instead of targeting individual farmers—who often lack traditional collateral—FCMB provides support to the entire agricultural value chain, including input suppliers, processors, and exporters.

According to Kudzai Gumunyu, the bank’s Divisional Head of Agribusiness and Non-Oil Exports, this strategy enables the bank to manage risks more effectively. By grouping farmers under aggregators who provide technical support and guaranteed markets, FCMB has helped boost crop yields significantly above the national average. The bank’s agricultural lending exposure, currently at over 13%, stands well above the banking industry average of 4%.

FCMB further supports the sector through digital inclusion tools, such as USSD banking for rural areas, and specialized credit programs for women and youth. By fostering growth in both food production and non-oil exports, the bank aims to help Nigeria diversify its economy and strengthen national food security.

Nigerian mobile users are reporting that their data bundles are depleting significantly faster than in the past, despite no changes in their usage habits. The Nigerian Communications Commission (NCC) has acknowledged a surge in consumer complaints, attributing the phenomenon to technical factors such as automatic app updates, high-definition background syncing, and the prevalence of data-intensive content on modern 4G and 5G networks. While subscribers suspect telecom operators of reducing data value, the NCC encourages users to manage consumption by disabling background data and automatic updates. Meanwhile, the Federal Competition and Consumer Protection Commission (FCCPC) is considering an audit of telecom operators to investigate these billing concerns.