Figures cited by Leadership Newspaper show a significant stabilization in Nigeria’s Foreign Exchange (FX) market, following a high-profile meeting between President Bola Tinubu and the Chairman of Heirs Holdings, Tony Elumelu. Elumelu informed reporters at the State House that the era of acute dollar scarcity is largely over, attributing the progress to recent central bank reforms and improved investor confidence.
During the briefing, Elumelu praised the government’s efforts in harmonizing the FX windows and ensuring a more transparent liquidity flow. He noted that the private sector is beginning to feel the positive impact of these fiscal policies, which has allowed for better planning and increased foreign direct investment into critical sectors like power and manufacturing.
Reports from The Nation and Vanguard corroborate Elumelu’s optimistic outlook. The Nation mentioned that “the Naira has maintained a steady range against the dollar for the third consecutive week,” and Vanguard quoted Elumelu saying: “The FX market is sorted; what we see now is the result of painstaking reforms that have finally gained traction.”
Echotitbits take: While the declaration of the “end” of dollar scarcity is bold, the stability Elumelu references is essential for business planning in 2026. However, the true test remains the sustained availability of FX for small and medium-sized enterprises (SMEs) who often lack the access of larger conglomerates.
Source: The Punch – https://punchng.com/elumelu-meets-tinubu-says-dollar-scarcity-over-fx-market-sorted/, February 14, 2026
Photo credit: The Punch
Category: News
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Tony Elumelu Meets President Tinubu, Declares End to Dollar Scarcity
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Federal Government Mourns Literary Icon and Former ASUU President Biodun Jeyifo
In an update published by The Punch on February 14, 2026, President Bola Tinubu has expressed profound grief over the passing of Professor Biodun Jeyifo, a renowned literary critic and former President of the Academic Staff Union of Universities (ASUU). Jeyifo, a scholar of international repute, was celebrated for his contributions to African literature and his unwavering activism for academic freedom and social justice.
The presidency described his death as a monumental loss to the global academic community and the Nigerian intelligentsia. Jeyifo was known for his critical work on the works of Wole Soyinka and Chinua Achebe, as well as his radical approach to political economy and cultural studies. Tributes have continued to pour in from university campuses across the nation, remembering him as a “scholar-activist” who never compromised his principles.
As reported by The Guardian and ThisDay, Jeyifo’s legacy remains a cornerstone of Nigerian intellectual history. The Guardian stated that “his death marks the end of an era for the radical left in Nigeria,” while ThisDay featured a quote from a colleague: “Professor Jeyifo was a titan of the mind whose pen was as sharp as his commitment to the masses.”
Echotitbits take: Jeyifo’s passing leaves a void in the Nigerian intellectual space. As ASUU continues to navigate complex negotiations with the government in 2026, his history of principled leadership will likely serve as a renewed source of inspiration for the current academic struggle.
Source: The Punch – https://punchng.com/tinubu-mourns-literary-giant-ex-asuu-leader-biodun-jeyifo/, February 14, 2026
Photo credit: Arise -
VP Shettima Leads Nigerian Delegation to 2026 African Union Summit in Ethiopia
Reporting by Channels TV indicates that Vice President Kashim Shettima has departed Abuja to represent President Bola Tinubu at the 2026 African Union (AU) Summit in Addis Ababa, Ethiopia. The summit, which officially opens this weekend, focuses on regional integration, security, and the implementation of the African Continental Free Trade Area (AfCFTA) amidst global economic shifts.
The Vice President is expected to participate in high-level discussions concerning the continent’s food security and the reform of the AU’s financial architecture. His agenda also includes bilateral meetings with other African leaders to strengthen Nigeria’s diplomatic ties and economic cooperation within the West African sub-region and the broader continent.
Further validation from Premium Times and Leadership Newspaper highlights the importance of this trip for Nigeria’s foreign policy. Premium Times reported that “Shettima’s visit is pivotal for Nigeria’s push for a permanent seat on the UN Security Council via AU consensus,” while Leadership quoted a presidency spokesperson saying, “The Vice President will push for collective African action against terrorism and unconstitutional changes of government.”
Echotitbits take: This summit is a critical litmus test for Nigeria’s leadership role in Africa. With the AfCFTA entering a more mature phase in 2026, Shettima’s ability to secure favorable trade terms and security commitments will be vital for Nigeria’s domestic economic stability and regional influence.
Source: Channels TV – VP Shettima Leads Nigerian Delegation to 2026 African Union Summit in Ethiopia
, February 14, 2026
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Rivers Governor Siminalayi Fubara Credits Nyesom Wike for Political Rise Despite Rift
According to Vanguard reporting on February 14, 2026, Rivers State Governor Siminalayi Fubara has made a surprise public acknowledgment of his predecessor, Nyesom Wike, asserting that his emergence as governor would have been impossible without Wike’s mentorship. Speaking at a ceremony where he received the “New Telegraph Man of the Year Award,” Fubara dedicated the honor to the FCT Minister, describing him as the one who “discovered” him and provided the platform to achieve political prominence.
The governor’s remarks come at a time of high political tension in Rivers State, characterized by a long-standing standoff between his loyalists and those of the Minister. Fubara emphasized that regardless of current interpretations of their relationship, he remains grateful for the initial support that shaped his career. This gesture is being viewed by some as a potential olive branch, though the Governor also reaffirmed his commitment to the people of Rivers State.
Validating reports from The Punch and Daily Post confirm the Governor’s statement during the Friday evening event. The Punch noted that “the governor’s public appreciation was a shift from the recent hostile rhetoric,” while Daily Post quoted Fubara directly: “I do not care how you interpret it or misinterpret it… without him, I wouldn’t be standing here as governor.”
Echotitbits take: This development suggests a tactical pivot in the Rivers political crisis. While it may not signal a full reconciliation, Fubara’s acknowledgment of Wike’s role could be an attempt to lower the political temperature ahead of the 2027 cycle. Watch for whether this leads to a reduction in legislative and judicial skirmishes in the state.
Source: The Punch – https://punchng.com/rivers-crisis-fubara-remains-my-political-son-despite-rift-wike/, February 14, 2026
Photo credit: The Punch -
NAPTIP Rescues 23 Nigerians from Cybercrime Ring in Southeast Asia
According to Vanguard reporting on the latest human trafficking trends, the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has successfully repatriated 23 Nigerian youths who were trapped in a cyber-enabled criminal syndicate in Thailand. The victims were lured abroad with promises of high-paying jobs in the tech industry, only to be forced into conducting online fraud and cryptocurrency scams under duress.
The Director-General of NAPTIP, Binta Adamu Bello, revealed that the rescue was part of a coordinated international effort to dismantle “cyber-scam compounds” operating across Southeast Asia. These operations often involve confiscating the passports of young Nigerians and subjecting them to physical abuse if they fail to meet “scam targets.” The agency warned that traffickers are increasingly using social media to recruit tech-savvy youths for these illegal operations.
Upon their return to Nigeria, the 23 individuals are being provided with psychological support and rehabilitation services. NAPTIP has also initiated investigations into the local agents who facilitated their travel. The agency is urging parents to be wary of “unbelievable” job offers in countries like Thailand, Cambodia, and Myanmar, which have become hubs for these modern-day slave camps.
Validating this, Daily Post notes that “NAPTIP has identified a new trafficking route through North Africa to the East.” The Guardian also reported on the rescue, quoting a NAPTIP spokesperson who warned, “The digital age has made recruitment easier for traffickers, and we must increase our cyber-vigilance.”
Echotitbits take: This “cyber-trafficking” is a growing global menace. Nigeria’s youth, driven by economic hardship and high digital literacy, are prime targets. Beyond rescue missions, there is an urgent need for a massive public awareness campaign targeting the “Japa” syndrome that blinds many to the risks of undocumented travel.
Source: Vanguard – https://www.vanguardngr.com/2026/02/naptip-rescues-23-nigerians-trapped-in-southeast-asia-cybercrime-ring/, February 12, 2026
Photo credit: Vanguard
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Tension in Edo State as Gunmen Kidnap Police Officer and Four Others
According to Daily Post reporting from Benin City, a wave of panic has gripped Akoko-Edo Local Government Area following the brazen abduction of five individuals, including a Police Inspector. The victims were taken in separate incidents, with two individuals snatched from the Makeke Primary Health Centre. The Police Inspector, Segun Obanowa, was reportedly kidnapped from his residence alongside his daughter, while his wife was released to source a N100 million ransom.
The surge in kidnappings has turned the local government area into a high-risk zone, prompting traditional rulers and council authorities to impose a strict curfew from 9 p.m. to 6 a.m. Community leaders have expressed frustration over the deteriorating security situation, noting that abductions have become a “daily routine.” The Movement for the Advancement of Akoko Edo People has issued a statement calling for urgent state and federal intervention to secure the release of the victims.
Local residents are currently living in fear, with many staying indoors even before the curfew begins. The Edo State Police Command has reportedly deployed a tactical team to the area to track the kidnappers into the surrounding forests. However, no arrests have been made as of Thursday morning, and the kidnappers have maintained communication with the families to demand hefty ransoms.
Further validation comes from Vanguard, which reported, “The Akoko-Edo axis has become a flashpoint for criminal elements fleeing operations in neighboring states.” Channels TV also provided coverage, featuring a local witness who stated, “We are helpless; even those meant to protect us are being taken away.”
Echotitbits take: The kidnapping of a police officer in his own home signals a dangerous level of audacity among criminal gangs in Edo State. The curfew might offer temporary relief, but without a coordinated “forest-clearing” operation, these gangs will continue to use the rugged terrain as a safe haven.
Source: Daily Post -https://dailypost.ng/2026/02/12/tension-in-edo-as-gunmen-kidnap-police-officer-four-others/, February 12, 2026
Photo credit: Daily Post
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Former Governor El-Rufai Set to Return to Nigeria and Face EFCC Inquiry
According to Premium Times reporting in an exclusive update, Nasir El-Rufai, the former Governor of Kaduna State, is expected to return to Nigeria within the next 48 hours. Contrary to ongoing rumors that he was in self-imposed exile, sources close to the former governor confirm that he has already notified the Economic and Financial Crimes Commission (EFCC) of his intention to appear at their office. He is scheduled to meet with investigators at 10 a.m. on Monday, February 16.
The return of the high-profile politician comes amid various investigations into his eight-year tenure as governor. El-Rufai, who has recently aligned himself with the opposition African Democratic Congress (ADC), has alleged that the current administration is using state institutions to exert political pressure on opposition figures. His voluntary return is seen by many as a move to clear his name and re-engage with the Nigerian political scene ahead of future electoral cycles.
Sources indicate that the EFCC inquiry will likely center on financial allocations and urban renewal projects undertaken during his administration. El-Rufai has maintained that his actions were always in the best interest of Kaduna State and has expressed readiness to defend his record. His homecoming is expected to be a major political event, potentially shifting the dynamics within the opposition bloc.
Validating this, The Nation reports that “security at the EFCC headquarters is being reviewed ahead of the high-profile visit.” Vanguard also confirmed the story, quoting an ADC chieftain who said, “The former governor is coming back to show that he has nothing to hide from the public.”
Echotitbits take: El-Rufai remains one of Nigeria’s most polarizing and influential political figures. His decision to face the EFCC directly, rather than fighting from abroad, suggests a calculated strategy to reclaim his political narrative. This could be the start of a long-drawn legal and political battle.
Source: Premium Times – https://www.premiumtimesng.com/news/top-news/856066-el-rufai-im-on-my-way-back-to-nigeria.html, February 12, 2026
Photo credit: Premium Times
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NSDC and NEXIM Partner to Secure $2 Billion Funding for Sugar Industry
In an update published by The Punch, the National Sugar Development Council (NSDC) and the Nigerian Export-Import Bank (NEXIM) have entered a strategic partnership to revolutionize Nigeria’s sugar sector. The agreement, finalized in Abuja, aims to secure long-term financing through an Engineering, Procurement, Construction, and Financing (EPCF) model. This framework is designed to support commercially viable sugar projects that can meet the domestic demand, currently valued at approximately $2 billion.
Under the new arrangement, the NSDC will focus on preparing investment-ready projects and assisting with equity raises. Meanwhile, NEXIM Bank will leverage its international network to attract funding from export credit agencies and development finance institutions. The partnership also includes safeguards such as risk insurance and guarantees to protect investors. This move is part of a broader government policy to reduce dependency on imported sugar and boost local production capacity.
Executive Secretary of the NSDC, Kamar Bakrin, highlighted that the continental sugar market in Africa is nearing $7 billion, presenting a massive export opportunity for Nigeria. He emphasized that the industry requires “sustained, large-scale financing” rather than short-term loans to achieve the goals of the Nigerian Sugar Master Plan. The collaboration is expected to create thousands of jobs and stimulate growth in the agricultural and manufacturing sectors.
Validating the report, ThisDay noted that “this partnership is a cornerstone of the FG’s industrialization drive,” while Daily Trust quoted a NEXIM official saying, “We are ready to provide the financial buffers needed to make Nigeria a sugar-exporting hub.”
Echotitbits take: If successful, this could be a game-changer for Nigeria’s balance of trade. The sugar industry has long been under-capitalized despite the existence of a Master Plan. The focus on the EPCF model suggests a more structured approach to infrastructure development in the sector.
Source: The Cable – https://www.thecable.ng/sugar-council-nexim-partner-on-long-term-financing-to-curb-import-dependence/, February 12, 2026
Photo credit: The Cable
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US Proposes New Sanctions Bill Over Religious Freedom Concerns in Nigeria
Reporting by Daily Post indicates that a new legislative move in Washington, titled the “Nigeria Religious Freedom and Accountability Act of 2026,” is causing ripples in Nigeria’s diplomatic circles. The bill, introduced by US lawmakers, seeks to impose targeted sanctions on Nigerian officials and entities allegedly involved in religious freedom violations. International relations experts suggest this move reflects a “conditional and pragmatic” shift in US-Nigeria relations, moving toward closer scrutiny of domestic human rights records.
The proposed legislation mirrors past US strategies of using targeted pressure to influence the behavior of political elites without resorting to broad economic embargoes. While the bill has reignited debates over foreign overreach, some analysts believe it is a signal of concern over ongoing communal violence and the perceived persecution of religious groups in certain regions. The bill specifically focuses on accountability for historical and recent incidents of sectarian conflict.
In response, political figures in Nigeria have cautioned against simplifying the country’s complex security challenges. Critics of the bill argue that rather than threats of sanctions, the United States should provide more advanced technology and intelligence support to help the Nigerian government combat insurgency. There are fears that such legislation could unintentionally deepen internal divisions within Nigeria’s diverse social fabric.
This development was also covered by Premium Times, which noted, “The bill has triggered a defensive stance from the Nigerian government, which maintains its commitment to secularism.” Channels TV further corroborated the story, quoting a diplomat who warned, “This act could strain the military cooperation between both nations if not handled with high-level diplomacy.”
Echotitbits take: This is a classic “stick and carrot” approach from Washington. While it puts the Nigerian government on the defensive, it also serves as a tool for local activists to demand better protection of civil liberties. Watch for how the Nigerian Ministry of Foreign Affairs formalizes its protest against the bill.
Source: Daily Post – https://dailypost.ng/2026/02/12/new-us-sanctions-bill-on-nigeria-will-trigger-closer-scrutiny-periodic-tension-dauda/, February 12, 2026
Photo credit: Daily Post
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Naira Hits Two-Year High as CBN Resumes Dollar Sales to BDC Operators
Figures cited by Vanguard show that the Nigerian Naira has reached its strongest position against the US Dollar in over two years, trading near the 1,351 mark in the official market on Thursday. This significant appreciation is largely attributed to the Central Bank of Nigeria’s (CBN) recent policy shift, which reopened the “dollar tap” for licensed Bureau De Change (BDC) operators. By allowing BDCs to purchase up to $150,000 weekly, the apex bank has effectively saturated the retail segment with much-needed liquidity.
The ripple effect of this intervention has been felt across major commercial hubs like Lagos and Abuja, where the parallel market rate has stabilized between 1,430 and 1,440. Market analysts suggest that the direct involvement of BDCs in the official window has curbed the speculative demand that previously drove the “black market” to record lows. The increased transparency in price discovery is now allowing for more predictable business transactions for small-scale importers and travelers.
Despite the positive momentum, a spread of approximately 90 Naira still exists between the official Nigerian Foreign Exchange Market (NFEM) and the street rate. However, the CBN’s strategy of consistent weekly auctions appears to be working to narrow this gap. Financial experts are optimistic that if this supply remains steady, the Naira could sustain its gains throughout the first quarter of 2026.
In support of these findings, The Nation observed that “the influx of forex has calmed the nerves of manufacturers who were previously struggling to source dollars.” Furthermore, BusinessDay confirmed the trend, quoting a currency dealer who said, “The frantic demand we saw in December has evaporated because people can now get FX through official channels.”
Echotitbits take: The CBN’s return to BDC interventions is a pragmatic move to control the retail forex market. While the appreciation is a win for importers, the sustainability of this trend depends on Nigeria’s oil production levels and foreign reserve health. Keep an eye on the next MPC meeting for hints on interest rate adjustments to complement this FX stability.
Source: Daily Post – https://dailypost.ng/2026/02/11/naira-continues-to-appreciate-against-us-dollar-as-cbn-directs-fx-sales-to-bdcs/, February 12, 2026
Photo credit: Daily Post