Author: CSNews

Nigeria’s Capital Market Wins Back Frontier Market Status After Three Year Exile

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The Federal Ministry of Finance has welcomed confirmation by global index provider FTSE Russell that Nigeria’s capital market will be reclassified from Unclassified to Frontier Market status, effective from the open of trading on Monday, September 21, 2026. The reclassification marks Nigeria’s return to the global Frontier Market universe nearly three years after its exclusion in September 2023, when persistent difficulties in capital repatriation and foreign exchange execution had made the market inaccessible to international investors. The Ministry said the decision follows sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, reflecting the cumulative impact of the Federal Government’s macroeconomic and structural reform programme, describing it as an important validation of Nigeria’s reform trajectory and a foundation for the next phase of capital market development. It commended the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System and other capital market stakeholders for their coordinated efforts spanning regulatory reform, market infrastructure modernisation and investor engagement. Looking ahead, government reaffirmed its commitment to deepening liquidity, broadening participation and strengthening investor protections, with the medium term goal of positioning Nigeria for progression to Emerging Market status. By Asiwaju Adekunle Saheed

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Cheaper Fuel, Cheaper Fares: Tinubu, Governors Strike Deal to Cut Transport Costs From October

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President Bola Ahmed Tinubu has announced that state governors have resolved, on their own initiative, to bring down the cost of transportation nationwide by leaning on the cost advantages of CNG and electric vehicles, with a target of lower transport fares taking effect from October 1, 2026. The President said the Federal Government has already converted over 120,000 vehicles nationwide through the Presidential CNG Initiative, with more than 100,000 additional conversion kits in the pipeline, while continuing to expand conversion centres and refuelling infrastructure across the country. Through the Midstream and Downstream Gas Infrastructure Fund, government is currently financing more than 100 gas projects nationwide, including 15 CNG mother stations and 86 daughter stations, with four projects already commissioned in Lagos, Abuja and Owerri in May, among them a 15 station refuelling network in Lagos and an Abuja facility able to serve 1,000 cars and tricycles and 50 trucks and buses daily. Tinubu said he has directed the rollout of another 500 CNG refuelling stations nationwide, in addition to 500 ordered earlier in the year, bringing the total programme to 1,000 stations across the country, noting that a vehicle running on CNG spends 60 to 80 per cent less on fuel than one running on petrol. The President said a joint Federal and State committee will begin implementing the fare reduction measures immediately, stressing that intra state transport is where Nigerians feel fuel costs most directly and where states hold the greatest leverage to pass on the savings. By Asiwaju Adekunle Saheed

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Nigeria, Germany Move to Update 16 Year Old Aviation Pact as Lufthansa Eyes Expansion

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Nigeria and Germany have agreed to review and ratify their existing Bilateral Air Services Agreement, first signed in 2010, following talks between officials and a Lufthansa Group delegation in Abuja focused on strengthening aviation ties between both countries. The delegation comprised Alexandra Dietzen-Zill, Senior Manager for Aeropolitical Relations and Traffic Rights at Lufthansa Group, and Walid Mahmud, Sales Executive at Lufthansa Technik Aero Alzey, with discussions centred on updating the agreement to reflect current realities in the Nigeria Germany aviation relationship. Both sides agreed the BASA is overdue for review and worked out modalities to begin the process immediately, alongside plans by the German aviation group to further expand its operations within Nigeria. The engagement adds to ongoing efforts by Nigerian authorities to modernise the country’s air services agreements with major international carriers and aviation partners. By Asiwaju Adekunle Saheed

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Tinubu Swears In Enitan as Nigeria’s New Chief Administrative Officer

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President Bola Ahmed Tinubu has sworn in Abel Olumuyiwa Enitan as the new Head of Civil Service of the Federation, succeeding Didi Esther Walson-Jack, who retired after attaining the mandatory retirement age of 60. The brief ceremony took place at the State House, Abuja, marking the official start of Enitan’s tenure as the country’s Chief Administrative Officer, following his nomination by President Tinubu as the most senior Permanent Secretary on August 19, 2026. Born on December 12, 1966, and an indigene of Osun State, Enitan holds a Bachelor’s degree in Banking and Finance from the University of Lagos and a Master’s in Public Policy Analysis from Nasarawa State University, Keffi. He joined the Federal Civil Service in 1998 as a Senior Operations Officer at the now defunct Family Economic Advancement Programme. He went on to serve at the Ministry of Niger Delta Affairs and later at the Office of the Vice President, rising from Chief Administrative Officer to Director between 2010 and 2018, before his appointment as Permanent Secretary in December 2018, with postings across the Federal Civil Service Commission and the Ministries of Environment, Police Affairs, Humanitarian Affairs and Poverty Reduction, and Education. President Tinubu congratulated the new Head of Service and urged him to uphold the highest standards of professionalism, integrity, accountability and efficiency across the Nigerian Civil Service, with former HoCSF Walson-Jack among the dignitaries in attendance. By Asiwaju Adekunle Saheed

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Edo Turns 35: Youth Group Salutes Heritage, Demands Bigger Stake for Young People

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Benin City — The Youth Structure for Asiwaju, a recognised APC support group known as Asiwaju Boys and Girls, has congratulated the government and people of Edo State on its 35th anniversary, celebrating the state’s heritage and resilience while pressing for greater investment in young people. The goodwill message was delivered by High Chief Godfrey Omoarebu Ogbeide, Secretariat Director of YS4A, on behalf of Dr Michael Nwoko, Convener and National Coordinator of YS4A and Zonal Coordinator for Contact and Mobilisation, South South, Cityboy Movement, alongside the group’s leadership and membership. YS4A felicitated with Governor Monday Okpebholo, the Oba of Benin, His Royal Majesty Oba Ewuare II, traditional institutions and the people of Edo State, with Ogbeide describing Edo at 35 as an occasion to celebrate the state’s achievements while renewing commitment to education, youth empowerment and economic opportunity. He said the state’s youth remain the bridge between its heritage and its future, and must be given room to participate, contribute and prosper. Ogbeide commended Dr Nwoko’s leadership in advancing YS4A’s grassroots mobilisation efforts across Nigeria, including his role with the Cityboy Movement in building, consolidating and validating grassroots structures ahead of the 2027 general elections, work he tied to the group’s declared support for President Bola Ahmed Tinubu and other APC candidates across the South South. YS4A urged stakeholders to work together toward an inclusive, peaceful and prosperous Edo State where young people can meaningfully shape its future, closing with a message of unity for the state’s anniversary. By Asiwaju Adekunle Saheed

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Beyond Crude and Rice: Shettima Pushes Nigeria Thailand Ties Into Strategic Territory

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Nigeria and Thailand have committed to deepen relations across technology, agriculture, commerce and renewable energy, with Vice President Kashim Shettima pressing for a review of the bilateral partnership at a strategic level, moving beyond decades of trade limited largely to crude oil and rice. The commitment emerged from a meeting between Shettima and a Thai delegation led by Deputy Prime Minister and Foreign Affairs Minister Sihasak Phuangketkeow at the Presidential Villa, Abuja, where Nigeria pushed to leverage Thailand’s strength in deploying intermediate technology for agriculture and related sectors. Speaking on behalf of President Bola Ahmed Tinubu, Shettima said Nigeria’s large market, young workforce and abundant natural resources present enormous opportunities for partnership and investment in agriculture, ICT, renewable energy and solid minerals, urging Thailand to continue doing business with Nigeria given its strategic position on the continent. Phuangketkeow, on his first trip to Africa, praised Nigeria’s ongoing transformation under the Tin ubu administration, describing the country as a strategic partner and a strong voice in the Global South. He unveiled Thailand’s proposed Thailand Africa Initiative, aimed at strengthening people to people ties and economic cooperation, with agriculture, universal health coverage and tourism among its key focus areas. The Deputy Prime Minister described Nigeria as an important gateway for deepening Thailand’s ties with West Africa, framing the bilateral relationship as central to the broader continental strategy. The meeting also drew Permanent Secretary in the Ministry of Foreign Affairs, Ambassador Dunoma Umar Ahmed, and Thailand’s Ambassador to Nigeria, Thirapath Mongkolnavin, alongside senior officials from both countries’ foreign ministries. By Asiwaju Adekunle Saheed

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FAAN Ends Bolt Standoff, Apologises to Stranded Airport Passengers

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The Federal Airports Authority of Nigeria has resolved its operational dispute with ride hailing service Bolt, clearing the company to resume operations immediately at FAAN managed airports following weeks of disruption for travellers. In a statement dated August 27, 2026, FAAN said the standoff stemmed from nearly a decade of efforts to address challenges around commercial and e hailing vehicles at airports, including passenger solicitation, unregulated pickups and accountability concerns, which led to the introduction of the Airport Car Hire Rank Management System, a queue management tool the Authority insists was never designed to compete with Uber, Bolt or any other mobility platform. The Authority clarified that fares highlighted in recent public discussions were not new rates imposed by FAAN or ACHRAMS, but existing airport taxi fares that the system simply made more visible, a transparency measure that inadvertently drew unfavourable comparison with the lower fares passengers had grown used to on e hailing platforms. FAAN acknowledged the significant impact the temporary interruption had on passengers and issued a direct apology for the difficulties caused, while stressing that its actions were driven by regulatory, safety and security considerations rather than economic interest. Director of Public Affairs and Consumer Protection, Henry Agbebire, said the resolution proves that airport security and integrity can be protected while preserving the convenience e hailing services offer passengers, adding that FAAN remains engaged with other e hailing operators and expects outstanding discussions to conclude soon. The Authority reaffirmed that passengers remain free to choose whichever authorised transportation option best suits their needs, with FAAN’s responsibility limited to ensuring that whichever service they choose operates within a safe, secure and accountable airport environment. By Asiwaju Adekunle Saheed

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Tinubu Orders Coordinated Rescue Operation After Niger State Mass Abduction

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President Bola Ahmed Tinubu has directed the Armed Forces, the Nigeria Police Force, the Department of State Services and all relevant security and intelligence agencies to launch an immediate coordinated rescue operation for victims of a recent mass abduction in Niger State. In a statement issued on August 25, 2026, the President said he was outraged by the abduction and killing of innocent citizens by criminal elements in the state, describing those behind the attack as enemies of peace and enemies of humanity who will not go unpunished. Tinubu extended condolences to the families of those killed in the assault, praying for eternal rest for the deceased and fortitude for their loved ones, and assured the people of Niger State that the entire nation shares in their anguish and will not rest until the abducted are brought home safely. The President said he has directed Service Chiefs to provide him with regular briefings on the progress of the rescue operation until every victim is accounted for, vowing that terror will not cow Nigeria and that government will defend its people and protect their communities. He affirmed that the Federal Government stands firmly with the Niger State Government and will provide all necessary support toward recovery, relief and reinforced security in the affected areas. By Asiwaju Adekunle Saheed

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CDS to Veterans: Your Sacrifice Still Shapes Our Priorities

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Chief of Defence Staff General Olufemi Oluyede has reaffirmed the Defence Headquarters’ commitment to the welfare, dignity and continued relevance of Nigeria’s military veterans, speaking when the National President of the Retired Army, Navy and Air Force Officers Association, Major General Hussaini Abayomi Salihu, paid a courtesy visit to him in Abuja. Salihu said the delegation’s visit was meant to familiarise the association’s new executives with the CDS and strengthen engagement with Defence Headquarters, commending Oluyede for his sustained outreach to veterans across all six geopolitical zones and thanking President Bola Ahmed Tinubu for recent salary improvements benefiting both serving and retired personnel. Among the association’s requests was the creation of a comprehensive database of its members, which Salihu said would help connect qualified retired officers with companies and organisations seeking their expertise. Oluyede thanked the veterans for their service and sacrifice, assuring them the ongoing salary review is comprehensive and that adjustments to serving personnel’s pay carry consequential benefits for veterans’ pensions under existing policy. He highlighted an ongoing collaboration with the Bank of Industry to give serving and retired personnel access to low interest business loans, describing it as part of broader efforts to promote economic empowerment and self-reliance among the veteran community. By Asiwaju Adekunle Saheed

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Solar Panels Without Maintenance Plans: FG Launches RAMCO to Save Stranded Campus Power Projects

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The Federal Government has launched the Renewable Asset Management Company through the Rural Electrification Agency to take over maintenance of solar hybrid power installations at universities and teaching hospitals nationwide. The installations, delivered under the Energizing Education Programme, were meant to provide 24/7 electricity to selected institutions, but only three of seven solar hybrid systems from the programme’s first phase remain functional due to a lack of maintenance, even as subsequent phases have continued rolling out under the current administration. REA Managing Director Abba Aliyu raised the maintenance gap directly with the Ministry of Finance, asking who would be responsible for servicing the assets once installed, prompting the establishment of RAMCO as the custodian tasked with managing EEP installations and teaching hospital power systems going forward. Officials said the government has already spent significant funds, including borrowed capital, to install the solar hybrid systems, and that RAMCO’s mandate will include creating jobs for qualified technicians to handle battery replacement and routine maintenance across affected campuses. The move follows site visits to several university projects where equipment sat without upkeep, exposing students, lecturers and medical staff to the risk of losing power access the programme was designed to guarantee. By Asiwaju Adekunle Saheed

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