Cinema Revenue Hits N14.5 Billion as Lagos Solidifies Entertainment Dominance

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February 20, 2026

In an update published by The Guardian, Nigeria’s cinema industry has recorded a massive N14.52 billion in revenue, with Lagos State contributing the lion’s share of the earnings. The growth is attributed to a surge in high-quality indigenous productions and an increase in the number of modern multiplexes across major urban centers.

Industry analysts point out that despite the broader economic challenges, Nigerians’ appetite for cinema remains strong, particularly for Nollywood blockbusters that have begun to compete favorably with Hollywood imports. The report suggests that the “Creative Economy” is becoming a vital pillar for job creation among the youth in the Southwest region.

Daily Post supported the story, stating that “investment in the creative sector is paying off as Lagos becomes the hub of African cinema.”

Premium Times also reported on the industry’s success, quoting a cinema owner: “The N14.5 billion figure is just the beginning; as we expand into more states, the revenue potential is limitless.”

Vanguard noted, “Nollywood’s evolution into a high-revenue industry is a testament to the resilience of Nigerian creatives.”

Echotitbits take:

The entertainment sector is proving to be “recession-proof” in Nigeria. With Lagos leading the charge, there is a clear opportunity for other states to replicate this model by investing in creative hubs. Watch for more private equity firms entering the Nigerian film distribution space throughout 2026.

Source: The Guardian – https://guardian.ng/news/nigerias-cinema-records-n2-25bn-revenue-in-q1-2024/, February 20, 2026

Photo credit: The Guardian

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Wike Implements Movement Restrictions Ahead of FCT Council Elections

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Bob Echols’s

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February 20, 2026

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According to Channels TV, FCT Minister Nyesom Wike has declared Friday a work-free day and announced a total restriction of movement from 8 PM Friday to 6 PM Saturday. The measures are intended to ensure a peaceful and orderly conduct of the Federal Capital Territory (FCT) Area Council elections, which have seen a surge in political activity.

The Minister emphasized that the restrictions are necessary to prevent security breaches and allow the Independent National Electoral Commission (INEC) to deploy personnel and materials effectively. Seventeen political parties are contesting the polls, with several high-profile candidates making last-minute alliances, including some PDP chairmanship candidates stepping down for APC rivals.

The Nation validated the report, noting that “security personnel have been deployed to all entry points of the FCT to enforce the lockdown.”

Leadership reported on the political tension, quoting Minister Wike: “We will not tolerate any act of thuggery or electoral malpractice; the security of the capital is non-negotiable.”

Tribune added a quote from an INEC official: “Everything is in place for a credible exercise, provided the movement restrictions are strictly adhered to.”

Echotitbits take:

These elections are a significant litmus test for the popularity of the ruling APC and the fragmented opposition in the nation’s capital. The last-minute defections and endorsements suggest a high-stakes power play behind the scenes. Watch for the voter turnout numbers, as movement restrictions often have a dual effect of securing the polls but discouraging casual voters.

Source: Premium Times – https://www.premiumtimesng.com/news/top-news/858051-fct-elections-minister-declares-friday-work-free-orders-movement-restriction.html, February 20, 2026

Photo credit: Premium Times

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Naira Gap Narrows to Record Low as Currency Speculators Offload Dollars

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Bob Echols’s

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February 20, 2026

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Reporting by BusinessDay indicates that the exchange rate gap between the official and parallel markets has narrowed to a mere 0.29 percent. This significant convergence comes as speculators began offloading their dollar holdings in anticipation of increased foreign exchange liquidity from the government’s newly announced “Revenue Optimisation Platform.”

The narrowing gap is being hailed as a victory for the Central Bank of Nigeria’s (CBN) “B’Odogwu” automated FX system, which has reportedly improved transparency and reduced the influence of black-market operators. Market participants are now observing a “willing buyer, willing seller” environment that is closer to true market equilibrium than has been seen in years.

The Punch corroborated these findings, noting that “the Naira’s stability is frustrating currency hoarders who expected a devaluation.”

ThisDay also weighed in on the trend, quoting a Lagos-based forex trader: “The demand for dollars is cooling off because the official windows are now more accessible and predictable.”

Daily Post quoted a financial analyst who said, “This 0.29% gap is a milestone for the CBN’s efforts to unify the exchange rate and restore trust in the local currency.”

Echotitbits take:

A unified exchange rate is the “holy grail” of Nigerian monetary policy. If the CBN can maintain this narrow gap, it will likely trigger a surge in Foreign Direct Investment (FDI) as the risk of currency volatility diminishes. Watch the CBN’s next Monetary Policy Committee (MPC) meeting for signs of a rate cut if inflation continues to follow this downward trend.

Source: BusinessDay – https://businessday.ng/pro/article/naira-reaches-two-year-high-of-n1347-78-as-gap-narrows-further/, February 20, 2026

Photo credit: BusinessDay

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Edo State Faces Fiscal Scrutiny Over N14.15 Billion Extra-Budgetary Spending

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Bob Echols’s

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February 20, 2026

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In an update published by Premium Times, a special investigative report has uncovered N14.15 billion in extra-budgetary spending by the Edo State government under Governor Monday Okpebholo. The report raises critical questions regarding fiscal discipline and the adherence to public procurement laws within the state.

The investigation suggests that the funds were utilized across various unapproved projects, bypassng the necessary legislative oversight from the Edo State House of Assembly. This development has sparked a heated debate among civil society organizations and opposition parties, who are demanding a full audit of the state’s finances to ensure transparency.

This story was further substantiated by Daily Post, which reported that “transparency advocates are calling for an immediate probe into the Governor’s spending habits.”

Vanguard also covered the unfolding scandal, quoting a member of the Edo State House of Assembly who stated, “We cannot allow the state’s resources to be spent like a private pocket without the consent of the people’s representatives.”

Leadership added a quote from a local NGO: “Edo’s fiscal health is at risk if extra-budgetary spending becomes the norm rather than the exception.”

Echotitbits take:

This is a major test for Governor Okpebholo’s young administration. While the spending might have been intended for urgent infrastructure, the lack of transparency could hurt the state’s credit rating and relationship with federal fiscal bodies. Watch for a potential summons from the state legislature or a formal response from the Governor’s office.

Source: Premium Times – https://www.premiumtimesng.com/regional/south-south-regional/858139-ex-presidential-aide-arrested-over-alleged-certificate-forgery.html, February 20, 2026

Photo credit: Premium Times

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Equities Market Skyrockets as Investors Gain N1.7 Trillion in Single Session

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Bob Echols’s

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February 20, 2026

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Figures cited by Premium Times show that the Nigerian Exchange (NGX) experienced a massive bullish run on Friday, with the market capitalization increasing by N1.7 trillion. The 1.38% surge in the All-Share Index reflects a renewed investor confidence following the government’s announcement of a transition toward a $1 trillion GDP target by 2036.

The rally was largely driven by heavy interest in the banking and industrial sectors, as institutional investors repositioned their portfolios.

Market analysts suggest that the clarity provided by the recently signed 2026 Electoral Act and the commencement of new federal tax laws have reduced political risk perceptions, encouraging both local and foreign participation.

Validating this market movement, The Guardian reported that blue-chip stocks led the gainers’ chart, noting, “The bulls have firmly taken control of the trading floor as macroeconomic pressures begin to ease.”

Additionally, Channels TV provided live data analysis of the surge, quoting a market analyst who said, “This N1.7 trillion gain is a clear signal that the market is pricing in the long-term benefits of the current fiscal reforms.”

Echotitbits take:

This surge is a classic “relief rally.” Investors are cheering the shift from painful stabilization measures to growth-oriented policies. However, the sustainability of this run will depend on whether the corporate earnings for Q1 2026 can justify these higher valuations. Watch for the performance of MTNN and Tier-1 banks in the next week.

Source: Premium Times – https://www.premiumtimesng.com/business/business-news/858122-nigerian-equities-market-extends-gains-by-1-38-investors-gain-n1-7trn.html, February 20, 2026

Photo credit: Premium Times

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Senate Moves to Slash N58.4 Trillion Proposed 2026 Budget Over Revenue Doubts

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Bob Echols’s

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February 20, 2026

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According to reporting by BusinessDay, the Nigerian Senate has initiated a review to significantly reduce the proposed N58.472 trillion 2026 national budget. Lawmakers expressed deep concerns that the revenue projections underpinning the fiscal plan are “unrealistic,” given the current economic climate and fluctuations in the global oil market.

The upper legislative chamber noted that while the executive branch remains optimistic about funding the record-breaking expenditure, the reality of Nigeria’s debt-to-revenue ratio suggests a need for caution. The budget, which was intended to transition the economy from stabilization to expansion, may now see heavy cuts in non-essential capital projects to avoid a widening fiscal deficit.

This development has been mirrored in reports from The Nation, which noted that the Senate Committee on Appropriation is seeking a “more pragmatic” approach to the 2026 fiscal year.

The Punch further validated the story, quoting Senator Solomon Adeola, who remarked, “We must ensure that we do not pass a budget that relies on paper money while our actual receipts tell a different story.”

Premium Times also reported on the tension, citing a legislative source who stated, “The era of bloated projections without corresponding revenue streams must end if we are to achieve true fiscal discipline.”

Echotitbits take:

This legislative pushback highlights a growing rift between the executive’s ambitious growth agenda and the legislature’s fiscal conservatism. If the budget is significantly slashed, we may see a slowdown in infrastructure projects, but it could conversely help stabilize the Naira by reducing the need for deficit-funded borrowing. Watch for the executive’s revised revenue-generating strategies in the coming weeks.

Source: BusinessDay – https://businessday.ng/news/article/senate-considers-trimming-n58-472tn-2026-budget-proposal-over-unrealistic-revenue-projections/, February 20, 2026

Photo credit: BusinessDay

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Don Jazzy and Funke Akindele Lead 80s Fashion Revival at Movie Premiere

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Bob Echols’s

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February 20, 2026

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According to TheCable Lifestyle, the Nigerian entertainment elite turned back the clock for the premiere of the film “Love and New Notes.” The event saw Mavin Records boss Don Jazzy and Nollywood icon Funke Akindele leading a parade of stars in extravagant 1980s-inspired outfits.

The premiere, held in Lagos, became a viral fashion moment on TikTok as celebrities interpreted the “Retro-Chic” dress code with bold shoulder pads, neon colors, and high-top fades. Don Jazzy’s ensemble, a structured vintage blazer paired with “old-school” accessories, was a highlight of the night.

Funke Akindele, often called the “Queen of the Box Office,” stunned in a vibrant, architectural piece that blended 80s aesthetics with modern Nigerian tailoring. The event served as a showcase for the booming Nigerian creative economy, which is increasingly attracting global investment from firms like Universal Music Group and Sony.

The movie itself, a romantic drama, is expected to break domestic records, but it was the red carpet that stole the show. Fashion influencers have already begun dissecting the looks, with many predicting an “80s revival” in Nigerian street style for the rest of 2026.

* Businessday NG reported: “Designers across the globe are reinterpreting cultural garments… blending heritage with contemporary tailoring.”

* LinkNearBiz confirmed: “Mai Atafo and Lisa Folawiyo continue to lead the conversation… in high-profile red carpet events.”

Echotitbits take:

Lagos premieres are now more about “The Look” than “The Movie.” This 80s-themed event proves that Nollywood stars are successfully positioning themselves as global fashion icons. When Don Jazzy—a music mogul—participates so fully in a film premiere, it shows the deep integration of Nigeria’s music and movie industries. This “crossover appeal” is exactly why international investors are pouring millions into Mavin and other Nigerian hubs. The 80s trend will likely flood TikTok next week, with Gen Z creators recreating these retro looks using local fabrics like Adire.

Source: TheCable Lifestyle — https://lifestyle.thecable.ng/photos-don-jazzy-funke-akindele-lead-celebs-in-80s-fashion-at-love-and-new-notes-premiere/February 19, 2026

Photo Credit: TheCable Lifestyle

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Fabrizio Romano Provides Crucial Update on Bukayo Saka’s Future

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Bob Echols’s

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February 20, 2026

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A report by FootballTransfers featuring insights from Fabrizio Romano has sent Arsenal fans into a frenzy regarding the future of star winger Bukayo Saka. The “transfer guru” confirmed that while several European giants are circling the England international, a new massive contract extension is the current priority at the Emirates.

Romano revealed that the 24-year-old is seen as the “face of the project” for the Gunners. Despite rumors linking him with a move to Real Madrid or Manchester City in the 2026 summer window, the player’s camp is reportedly in advanced talks to make him one of the highest-paid players in Premier League history.

The update comes as Arsenal continues to battle for the top spot in the league. Saka’s influence on the pitch has been undeniable this season, with his goal contributions reaching career-high levels. The “Saka Deal” is now considered a “here we go” waiting game for the London club.

While nothing is signed yet, the sentiment in the Arsenal camp is one of extreme confidence. Romano’s report also touched on other major moves, including Jurgen Klopp’s potential return to management and Marcus Rashford’s situation at Manchester United.

* The Scout’s FPL radar noted: “Virgil van Dijk (Liverpool) sets Premier League goal record,” while emphasizing Saka’s continued dominance as a top-tier asset.

* TNT Sports on X shared: “Crystal Palace are heavy favorites… but all eyes are on the big transfer moves,” referencing Romano’s Saka update.

Echotitbits take:

Bukayo Saka is more than just a player for Arsenal; he is their cultural anchor. In a 2026 market where transfer fees are reaching astronomical levels, securing Saka is a statement of intent that Arsenal is a “destination club,” not a “stepping stone.” If the deal goes through as Romano predicts, it will likely set a new wage ceiling in the Premier League. For Saka, staying at Arsenal cements his legacy as a one-club legend in the making. Watch for an official announcement before the March international break to kill off the Real Madrid rumors.

Source: FootballTransfers — https://www.footballtransfers.com/en/transfer-news/uk-premier-league/2026/02/fabrizio-romano-transfer-news-man-utd-free-agent-truth-klopps-future-saka-deal February 19, 2026

Photo Credit: FootballTransfers

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Cardi B and Stefon Diggs Split Months After Welcoming Baby

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Bob Echols’s

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February 20, 2026

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In a post shared by Leadership Nigeria, US rap icon Cardi B has reportedly ended her relationship with NFL star Stefon Diggs. The news comes just months after the couple welcomed their first child together, a development that had previously surprised fans of both the music and sports worlds.

The split was reportedly triggered by the “Little Miss Drama” tour schedules and the pressures of balancing two high-profile careers with a newborn. Cardi B, who is known for her transparency with her “Bardi Gang” fanbase, hinted at the breakup during a recent Los Angeles show where she brought out Tyla as a surprise guest.

Stefon Diggs, a prominent figure in the NFL, has remained relatively quiet on the matter, though sources close to the athlete suggest the “long-distance” nature of their relationship during the football season played a significant role. The couple had been one of the most talked-about cross-industry pairings of 2025.

Fans are currently scouring Cardi’s social media for “sub-tweets” and clues, while the rapper has stayed focused on her tour. This breakup marks another high-profile chapter in Cardi’s public romantic history, which has always been a staple of tabloid news.

* Naija News reported: “Cardi B announces breakup from boyfriend Diggs after welcoming their first child.”

* BellaNaija confirmed the performance details: “Cardi B surprises fans by bringing out Grammy-Winner Tyla during ‘Little Miss Drama’ tour in LA,” amid split rumors.

Echotitbits take:

The “Cardi-Diggs” era was short but intense. This split feels like a classic case of “lifestyle clash”—the grueling NFL season versus a global rap tour. Cardi B has a history of wearing her heart on her sleeve (and her lyrics), so expect a “breakup anthem” to drop before the year ends. From a branding perspective, Cardi often thrives in her “independent woman” phases, so this might actually accelerate her album rollout. Diggs will likely face a barrage of “Cardi” chants from opposing fans next season.

Source: Leadership Nigeria — https://leadership.ng/cardi-b-splits-from-stefon-diggs-months-after-welcoming-baby/ February 19, 2026

Image Credit: Daily Post

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Kevin Durant Addresses “Burner Account” Drama During All-Star Week

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Bob Echols’s

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February 20, 2026

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According to BET, NBA superstar Kevin Durant is once again at the center of social media controversy following his reactions to fan criticism during the All-Star Weekend. The Houston Rockets forward allegedly engaged in a series of “clapbacks” via X (formerly Twitter) using accounts that fans suspect are his infamous “burners.”

The latest friction began when fans criticized the NBA’s redesign of various player award trophies. Durant, never one to shy away from digital confrontation, defended the league’s aesthetic choices in a manner that many deemed overly aggressive for a high-profile athlete. When questioned about the authenticity of the accounts defending him, Durant gave a “non-denial,” fueling the fire.

On the court, Durant remains a force, averaging over 25 points per game for the Rockets. However, his off-court digital persona continues to be a major talking point in NBA culture. Many analysts argue that his willingness to engage directly with fans is what makes him a unique figure in modern sports.

The “burner” narrative has followed Durant for years, and this latest installment suggests he has no intention of changing his ways. Whether he is actually behind the accounts or simply enjoys the speculation, the drama has overshadowed much of the post-All-Star sports talk.

* Times of India noted: “Kevin Durant… putting up more than 25 points-per-game… seems social media controversy just won’t leave him alone.”

* National Today highlighted Durant’s influence in their sports wrap: “Durant’s latest imbroglio started when he took to his verified X account to clap back at fans.”

Echotitbits take:

Kevin Durant is the ultimate “player-fan.” While most superstars hire PR teams to sanitize their image, KD insists on being a “real person” online, even if it means engaging in petty arguments. This “non-denial” about burners is a calculated piece of brand-building; he knows it keeps him in the headlines even when he’s not playing. For the NBA, it’s a double-edged sword: it drives engagement, but it also blurs the line between professional athlete and internet troll. Expect him to “retire” an account only for a new one to surface by the playoffs.

Source: StatesMan — https://www.statesman.com/sports/nba/article/kevin-durant-burner-account-x-twitter-response-21362343.phpFebruary 19, 2026

Photo Credit: StatesMan

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