Echotitbits – Nigeria News

Category: News

  • Nigeria’s Power Infrastructure Suffers Second National Grid Failure Within Five Days

    Nigeria’s Power Infrastructure Suffers Second National Grid Failure Within Five Days

    According to reporting by Premium Times, the Nigerian electricity supply has once again been thrown into total disarray following the collapse of the national power grid on Tuesday. This latest incident marks the second time in less than a week that the country has experienced a nationwide blackout, severely impacting economic activities and residential comfort across various states. Distribution companies, including those in Abuja and Eko, confirmed the loss of power supply, stating that they were awaiting technical resolution from the Transmission Company of Nigeria (TCN).

    The recurring failure of the transmission system has sparked renewed concerns regarding the Federal Government’s ability to stabilize the energy sector. Analysts note that these frequent disturbances undermine industrial productivity and increase the cost of doing business as firms are forced to rely on expensive alternative energy sources. While the TCN typically attributes such collapses to technical “disturbances” or “system frequency fluctuations,” the lack of a permanent solution remains a point of contention for energy stakeholders.

    The Daily Trust also confirmed the development, noting that “Nigeria’s electricity grid yesterday recorded its third collapse in a month,” highlighting a rapid decline in grid stability since the start of the year. Similarly, ThisDay reported on the widespread darkness, quoting an industry source who stated, “The national grid collapsed on Tuesday afternoon, leaving power supply across most of the country at near-zero levels.”

    Echotitbits take: This frequent grid instability suggests deep-seated infrastructural decay that the 2026 budget allocations must address urgently. Watch for the Ministry of Power to provide a formal roadmap for grid decentralization, which experts argue is the only long-term solution to these recurring collapses.

    Source: The Guardian – https://guardian.ng/news/national-grid-bounces-back-after-crashing-to-39mw/ January 28, 2026

    Photo Credit: The Guardian

  • Nigerian Naira Gains Ground in Official Market as Reserves Hit $46 Billion

    Nigerian Naira Gains Ground in Official Market as Reserves Hit $46 Billion

    Reporting by Vanguard indicates that the Nigerian Naira has maintained a strong positive trajectory against the United States Dollar during the mid-week trading session. In the Nigerian Foreign Exchange Market (NFEM), the local currency strengthened significantly, settling at approximately 1,400.66 per dollar. This appreciation is being fueled by increased liquidity and a surge in the country’s external reserves, which have now surpassed the $46 billion mark, providing a substantial buffer for the Central Bank of Nigeria (CBN).

    The stability in the official window is starting to reflect in the parallel market, where panic buying has largely subsided. While the “black market” rate remains slightly higher, trading between 1,480 and 1,485, the narrowing gap between the two rates suggests that the CBN’s recent monetary policy adjustments are beginning to take hold. Financial experts predict that if the current liquidity levels are sustained, the Naira could settle into a predictable range of 1,400 to 1,500 for the remainder of the fiscal year.

    Market data from MarketForces Africa corroborated the gains, noting that the “Naira touched N1,400 per Dollar in the Nigerian currency market” following a series of aggressive interventions. The Nation also reported on the currency’s resilience, with a financial analyst quoted as saying, “The absence of speculative pressure is a clear signal that the market is beginning to trust the current FX management framework.”

    Echotitbits take: The growth in external reserves is a vital sign of economic recovery, likely driven by improved crude oil production and foreign portfolio inflows. Watch for whether this stability translates into a reduction in the prices of imported consumer goods over the next quarter.

    Source: BusinessDay – https://businessday.ng/business-economy/article/naira-gains-as-reserves-reach-eight-year-high-of-46bn/ January 28, 2026

    Photo Credit: BusinessDay

  • UK Court Hears Details of Former Petroleum Minister’s Alleged Lavish Lifestyle

    UK Court Hears Details of Former Petroleum Minister’s Alleged Lavish Lifestyle

    In an update published by Premium Times, prosecutors in a London court have detailed how Nigeria’s former Minister of Petroleum Resources, Diezani Alison-Madueke, allegedly funded a multimillion-pound luxury lifestyle through bribes from oil contractors. The court heard that the former minister spent over £2 million at the high-end Harrods department store, purchasing luxury accessories using payment cards belonging to businessmen seeking to secure lucrative government contracts.

    The prosecution alleges that Alison-Madueke’s lifestyle in London was entirely facilitated by individuals who expected her to use her official influence to favor their business interests. These new details emerged during the trial where she faces multiple counts of bribery and conspiracy. The case highlights the extensive reach of corruption within Nigeria’s oil sector during the previous decade and the ongoing international efforts to recover diverted state funds.

    Reuters provided international coverage of the proceedings, noting that prosecutor Alexandra Healy told the jury the defendant “lived a lavish lifestyle in London at the expense of others.” The Guardian Nigeria also followed the story, quoting legal experts who observed that “this trial represents a landmark case in the cross-border prosecution of high-profile political figures for financial crimes.”

    Echotitbits take: This trial serves as a reminder of the scale of “oil-wealth” diversion that has historically crippled Nigeria’s development. The outcome could set a precedent for future asset recovery and the prosecution of other politically exposed persons (PEPs) currently residing abroad.

    Source: Premium Times – https://www.premiumtimesng.com/news/headlines/852579-how-diezani-alison-maduekes-lavish-uk-life-was-funded-by-nigerian-oil-contractors-prosecutor.html January 28, 2026

    Photo Credit: Premium Times

  • Presidency Clarifies President Tinubu’s Minor Stumble During State Visit to Turkey

    Presidency Clarifies President Tinubu’s Minor Stumble During State Visit to Turkey

    According to The Guardian, spokespersons for President Bola Tinubu have dismissed concerns regarding his health after the President experienced a brief loss of footing during a ceremonial welcome in Ankara, Turkey. The Presidency described the incident as a “minor and human occurrence” that had been misrepresented by political opponents for propaganda. They emphasized that the President is in good health and focused on the diplomatic objectives of his state visit.

    Denge Josef Onoh, a former spokesman for the President, stated that such incidents are common risks for world leaders operating under tight schedules and unfamiliar protocols. The Presidency’s official narrative is that the President simply stepped on a metal object on the floor, which caused a momentary stumble rather than a fall. Despite the explanation, the incident has sparked a debate on social media regarding the transparency of the administration concerning the President’s physical well-being.

    Daily Post reported on the mixed reactions, noting that activist Mahdi Shehu questioned the official account, stating, “This very unintelligent… simply admit he is tired.” Conversely, The Nation reported that “Turkish officials confirmed the event proceeded without further issue,” with President Erdogan continuing the bilateral talks as planned.

    Echotitbits take: While stumbles can happen to any leader, the sensitivity surrounding the President’s health makes every slip a viral event. Expect the administration to release more footage of the President engaging in vigorous activities during the remainder of the trip to counter the “frail” narrative.

    Source: Arise – https://www.arise.tv/presidency-tinubu-hale-hearty-after-minor-stumble-in-turkiye/  January 28, 2026

    Photo Credit: Arise

  • New Tax Law Offers 50 Exemptions and Reliefs for Low-Income Earners

    New Tax Law Offers 50 Exemptions and Reliefs for Low-Income Earners

    Figures cited by The Punch show that the newly implemented tax administration framework in Nigeria includes over 50 specific exemptions and reliefs aimed at easing the burden on small businesses and low-income earners. Effective from January 1, 2026, the law exempts individuals earning the national minimum wage or less from Personal Income Tax (PAYE). Additionally, small-scale businesses with an annual gross income below a certain threshold will see significant reductions in their tax liabilities.

    This legislative move is part of the government’s broader strategy to stimulate the domestic economy by increasing the disposable income of the average Nigerian. The tax reforms also provide for reduced rates for middle-income earners and introduce “gift exemptions” to promote social welfare. Government officials believe that by simplifying the tax code and offering these reliefs, they can improve tax compliance across the informal sector.

    Leadership Newspaper highlighted the impact on workers, quoting Taiwo Oyedele who stated that the “PAYE cut increases workers’ take-home pay in January,” providing much-needed relief amid inflation. Daily Post added that “the new tax regime is expected to foster a more business-friendly environment,” especially for the burgeoning tech and creative sectors in Nigeria.

    Echotitbits take: This is a rare “pro-poor” fiscal policy that could actually move the needle on consumer spending. Watch for how the various state governments (who collect PAYE) react to the potential dip in their internally generated revenue (IGR).

    Source: The Punch – https://punchng.com/50-exemptions-and-reliefs-in-new-tax-administration-2/  January 28, 2026

    Photo Credit: Brickmans Law

  • Federal Government Pegs Nigeria’s Housing Deficit at 14.9 Million Units

    Federal Government Pegs Nigeria’s Housing Deficit at 14.9 Million Units

    Reporting by The Guardian indicates that the Federal Government has officially released updated data on the country’s housing crisis, placing the national deficit at 14.9 million units. This figure, released by the National Housing Data Technical Committee, aims to provide a credible baseline for future planning and investment in the real estate sector. The Minister of Housing and Urban Development, Architect Ahmed Dangiwa, noted that the lack of accurate data had previously hindered the government’s ability to tackle the shortage effectively.

    The report underscores the growing pressure on both the public and private sectors to deliver affordable housing, particularly in urban centers where migration remains high. Unlike previous years where the “17 million” figure was frequently cited without empirical evidence, this new data is expected to guide the allocation of resources under the National Housing Program.

    Vanguard corroborated the report, quoting the committee chairman, Dr. Taofeek Olatinwo, who said, “The country’s housing deficit stood at 14.925 million as of late 2025.” ThisDay also covered the launch, noting that “investors are now looking at the data to identify high-demand regions for affordable housing projects.”

    Echotitbits take: A lower-than-expected deficit figure might sound like good news, but 15 million is still a staggering number. The focus will now shift to whether the government can provide the necessary land titles and infrastructure to make private-sector participation viable.

    Source: The Guardian – https://guardian.ng/news/fg-puts-nigerias-housing-deficit-at-14-9-million/ January 28, 2026

    Photo Credit: The Guardian

  • Domestic Investors Drive N126 Billion Gain in Nigerian Stock Market

    Domestic Investors Drive N126 Billion Gain in Nigerian Stock Market

    In an update published by Daily Post, the Nigerian Exchange (NGX) continued its positive run on Tuesday as investors saw their wealth grow by N126 billion. The market capitalization rose to N106.088 trillion, driven by strong buying interest in medium and large-cap stocks. The All-Share Index (ASI) advanced by 0.12 percent, reflecting a sustained optimism among domestic institutional investors and retail traders alike.

    The rally was spearheaded by gains in the real estate and financial services sectors, with firms like Union Homes and Access Corporation recording significant trading volumes. Despite a slight decline in overall trading volume compared to previous sessions, the transaction value remained high, suggesting that high-value trades are dominating the market floor.

    Leadership noted that the market performance was “largely driven by renewed buying interest in the banking sector,” specifically naming GTCO and Access Bank as key drivers. The Nation further validated the trend, reporting that “the Nigerian stock market has remained resilient despite global economic shifts,” attributing the growth to local pension fund activity.

    Echotitbits take: The dominance of domestic investors is a double-edged sword; it provides stability against global shocks but may limit the market’s total growth potential. Watch for any moves by the NGX to attract more foreign portfolio investors later in the year.

    Source: The Nation – https://thenationonlineng.net/stock-markets-capitalisation-rises-to-n127tr/ January 28, 2026

    Photo Credit: The Nation

  • Security: Notorious Bandit Leader Executed by Rival Group in Katsina

    Security: Notorious Bandit Leader Executed by Rival Group in Katsina

    Reporting by Daily Post indicates a significant shift in the power dynamics of banditry in Northwest Nigeria following the execution of Abdu Lankai, a prominent armed group leader. Lankai, who was known for enforcing a local “peace arrangement” in the Jibia area of Katsina State, was reportedly captured and killed by a rival faction linked to the notorious Bello Turji. The incident occurred during what was supposed to be a reconciliation meeting between the two groups.

    The death of Lankai has raised immediate fears of a collapse in the fragile calm that had existed in some parts of Katsina. Security experts warn that his execution could trigger a wave of retaliatory attacks between rival gangs, potentially caught in the crossfire of which are innocent civilians. The Nigerian security forces have been placed on high alert in the region to prevent any escalation of violence.

    The Punch confirmed the killing, quoting a local source who stated, “The execution of Lankai marks a dangerous turning point in the internal wars between these groups.” Vanguard also reported the development, noting that “security agencies are monitoring the situation to ensure that the peace deal in Jibia does not completely disintegrate.”

    Echotitbits take: While the death of any bandit leader might seem like progress, “internal cleansing” often leads to more radicalized and violent leadership taking over. The military should capitalize on this internal rift to launch a decisive offensive while the groups are disorganized.

    Source: Zagazola – https://zagazola.org/index.php/breaking-news/rival-bandit-leaders-clash-as-key-peace-enforcer-is-killed-in-jibia-axis-katsina January 28, 2026

    Photo Credit: Zagazola

  • Nigeria and Türkiye Target $5 Billion Trade Volume Amid New Bilateral Deals

    Nigeria and Türkiye Target $5 Billion Trade Volume Amid New Bilateral Deals

    According to Leadership, President Bola Tinubu and his Turkish counterpart, Recep Tayyip Erdoğan, have set an ambitious target to increase the bilateral trade volume between Nigeria and Türkiye to $5 billion. During a high-level state visit to Ankara, the two leaders oversaw the signing of several Memoranda of Understanding (MoUs) spanning defense, energy, and agricultural sectors. President Erdoğan praised Nigeria as a strategic partner in Africa and expressed a commitment to fostering “shared prosperity.”

    President Tinubu emphasized that Nigeria is open for business and highlighted the importance of Turkish collaboration in tackling regional security challenges and promoting economic stability. The agreements are expected to open new doors for Nigerian exporters and provide Türkiye with greater access to West African markets. This diplomatic push is seen as part of Nigeria’s “Renewed Hope” agenda to diversify its economic partnerships beyond traditional Western allies.

    The Nation provided further details on the defense pacts, reporting that “the deals include technology transfer for the production of unmanned aerial vehicles (UAVs).” Channels TV also covered the event, with an analyst stating, “This partnership could be a game-changer for Nigeria’s defense manufacturing capabilities.”

    Echotitbits take: Türkiye has become a major player in defense tech, and Nigeria’s interest in their drones is no secret. If these MoUs lead to local manufacturing, it could significantly boost Nigeria’s internal security and industrial base simultaneously.

    Source: Legit.ng – https://www.legit.ng/nigeria/1694476-nigeria-turkiye-set-5bn-trade-target-sign-9-agreements-security-education/ January 28, 2026

    Photo Credit: Legit.ng

  • Supreme Court Bench Nears Full Strength as Tinubu Nominates Justice Oyewole

    Supreme Court Bench Nears Full Strength as Tinubu Nominates Justice Oyewole

    In an update published by Premium Times, President Bola Tinubu has formally requested the Senate to confirm the appointment of Justice Olubunmi Oyewole as a Justice of the Supreme Court of Nigeria. The nomination follows a recommendation by the National Judicial Council (NJC) and is intended to fill the vacancy left by the retirement of the former Chief Justice, Olukayode Ariwoola. Justice Oyewole, who currently serves in the Court of Appeal, is widely regarded for his judicial experience and previous high-profile rulings.

    If confirmed, the appointment will bring the Supreme Court bench closer to its full constitutional complement of 21 justices. This move is seen as a critical step in reducing the massive backlog of cases that has plagued the apex court for years. The Senate President, Godswill Akpabio, has referred the nomination to the Committee on Judiciary, Human Rights, and Legal Matters for immediate screening.

    ThisDay reported on the constitutional significance of the move, noting that “the appointment restores the South-west geo-political zone’s representation on the bench.” Daily Post also highlighted the NJC’s role, quoting a judicial officer who said, “This nomination is a boost for the efficiency of the highest court in the land.”

    Echotitbits take: Filling the Supreme Court bench is a technical necessity that has been delayed for too long. A full complement of justices is essential for the timely delivery of justice, especially as the country approaches the next political cycle.

    Source: BusinessDay – https://businessday.ng/news/article/tinubu-seeks-senate-confirmation-of-oyewole-as-justice-of-supreme-court/ January 28, 2026

    Photo Credit: BusinessDay