Echotitbits – Nigeria News

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  • Wizkid and Seun Kuti Exchange Shots in Social Media Fan War

    Wizkid and Seun Kuti Exchange Shots in Social Media Fan War

    Afrobeats Global reports that Wizkid has responded publicly to the ongoing clash with Seun Kuti, escalating a fan-driven dispute that has simmered for weeks. Wizkid’s post drew a sharp contrast between Fela Kuti’s activism and what he framed as Seun’s focus on fighting fanbases online.

    The tension traces back to Seun’s criticism of comparing modern pop stars to Fela, arguing that awards and numbers are not the same as legacy. Wizkid’s engagement marks a departure from his usual quiet stance on industry drama and has quickly split social media into two camps.

    Seun Kuti’s prior comments (circulating from his social channels) have emphasized activist purity and historic context, while Wizkid’s “FC” fanbase has treated the back-and-forth as a direct attack on their identity.

    Echotitbits take: This isn’t just celebrity beef—it’s a fight over what “legend” means in Nigerian music. Seun represents purist activism; Wizkid represents modern global dominance. By targeting fans, Seun handed Wizkid an opening to frame him as out of touch. Expect this to run for weeks as fan armies keep the algorithm hot.
    Source: Facebook/Legit.ng – https://web.facebook.com/legitngdaily/posts/wizkid-has-added-a-new-twist-to-his-ongoing-feud-with-seun-kutihis-latest-post-q/1333581272145551/?_rdc=1&_rdr# 2026-01-20

    Photo Credit: Facebook/Legit.ng

  • Nigerian Government Unveils Sweeping Fiscal Reforms to Stimulate Small Businesses

    Nigerian Government Unveils Sweeping Fiscal Reforms to Stimulate Small Businesses

    The Federal Government has introduced a new package of tax incentives and fiscal waivers designed to ease the burden on Small and Medium Enterprises (SMEs), especially businesses with annual turnover below N50 million.

    The policy, approved at the Federal Executive Council meeting, includes a two-year tax holiday for tech startups and agribusinesses, along with simplified filing to curb multiple taxation and encourage informal businesses to adopt formal channels.

    Officials also disclosed a low-interest credit facility to be managed by the Bank of Industry, positioning the reforms as a jobs-and-production strategy for a manufacturing chain strained by high operating costs.

    Echotitbits take: These reforms are a direct response to rising inflation and the high cost of doing business. While the tax holiday is welcome, success will hinge on eliminating the ‘hidden taxes’ of weak infrastructure and logistics bottlenecks. Watch for implementation guidelines from FIRS in the coming weeks.
    Source: Kuda  – https://kuda.com/blog/nigeria-2026-tax-reform-what-it-means-for-your-money-and-business/ 2026-01-27

    Photo Credit: Kuda

  • Central Bank Tightens Capital Requirements for Nigerian Merchant Banks

    Central Bank Tightens Capital Requirements for Nigerian Merchant Banks

    The Central Bank of Nigeria (CBN) has issued a new circular raising the minimum capital base for merchant banks, a move aimed at strengthening resilience in a volatile global environment and ensuring specialized banks can back large-scale projects.

    Affected institutions have a 12-month window to meet the revised thresholds, with the CBN framing the directive as part of positioning Nigerian banks for cross-border competitiveness under the AfCFTA framework.

    Analysts expect the policy to trigger consolidation through mergers and acquisitions among smaller merchant banks, as the regulator insists the transition will be managed to avoid service disruptions.

    Echotitbits take: This looks like phase two of the recapitalization agenda that began in 2024. By forcing merchant banks to scale, the CBN is signaling it wants fewer but stronger institutions capable of financing industrial projects rather than just trading. Watch for fresh capital-raise announcements on the NGX.
    Source: The Punch – https://punchng.com/banks-strengthen-capital-base-as-cbn-tightens-controls-2/ 2026-01-27

    Photo Credit: The Punch

  • Nigerian Navy Heightens Maritime Surveillance to Combat Crude Oil Theft

    Nigerian Navy Heightens Maritime Surveillance to Combat Crude Oil Theft

    The Nigerian Navy has deployed high-speed interceptor boats and drone technology to the Niger Delta to intensify operations against illegal oil bunkering and pipeline vandalism that continue to drain foreign exchange earnings.

    The Chief of Naval Staff said the new assets will provide real-time surveillance for remote creeks and offshore assets, cutting response time and tightening control of maritime corridors.

    The Navy also announced a collaboration framework with private security firms and local communities to improve intelligence and disrupt the logistics chains that support illegal refining.

    Echotitbits take: Crude oil theft remains one of Nigeria’s biggest revenue leakages. Drone-led surveillance can change the game, but the real test is whether enforcement reaches the high-level ‘godfathers’ behind the theft—not only the foot soldiers in the creeks.
    Source: The Punch – https://punchng.com/navy-backs-fgs-2-5mbpd-oil-projection-by-2027/ 2026-01-27

    Photo Credit: The Punch

  • Diaspora Remittances Hit Record High as Nigeria Simplifies FX Inflows

    Diaspora Remittances Hit Record High as Nigeria Simplifies FX Inflows

    Diaspora remittances into Nigeria reportedly hit a record monthly high in January 2026, driven by FX market reforms that narrowed the gap between official and parallel market rates and encouraged formal channels.

    The CBN’s incentive approach and the licensing of new International Money Transfer Operators (IMTOs) have helped reduce transfer costs, with analysts describing remittances as a key pillar for reserves stability.

    Policy discussions are also shifting toward remittance-backed bonds that would allow diaspora funds to support infrastructure projects, converting consumption inflows into long-term development capital.

    Echotitbits take: For years, billions bypassed the official system. Better FX transparency is restoring diaspora confidence in formal channels. The next step—Diaspora Bonds—could help close Nigeria’s infrastructure funding gap, but only if managed transparently and credibly.
    Source: This Day – https://www.thisdaylive.com/2026/01/17/how-cbn-reforms-are-boosting-nigerias-fx-inflows-balance-of-payments/ 2026-01-27

    Photo Credit: This Day

  • Nigeria and Türkiye Finalize Defense Agreement for Local Drone Manufacturing

    Nigeria and Türkiye Finalize Defense Agreement for Local Drone Manufacturing

    Nigeria and Türkiye have finalized a defense pact centered on establishing a drone manufacturing plant in Nigeria, as bilateral talks between Presidents Bola Tinubu and Recep Tayyip Erdoğan produced a technology-focused agreement.

    The deal includes a technology transfer clause and training for Nigerian engineers in Ankara, positioning Nigeria to move from being a buyer of defense hardware to a regional producer of unmanned aerial vehicles (UAVs).

    Officials say the manufacturing hub could create thousands of skilled jobs while enhancing internal security capacity through local maintenance, assembly, and eventual production.

    Echotitbits take: This is a major takeaway from Tinubu’s Türkiye engagement. Moving from buying drones to manufacturing locally can cut long-run security costs and may position Nigeria as a drone exporter to other African markets—if the tech transfer is real and sustained.
    Source: The Nation – https://thenationonlineng.net/nigeria-turkey-deepen-defence-ties-as-dicon-d7g-unlocks-advanced-military-manufacturing/ 2026-01-27

    Photo Credit: The Nation

  • Power Sector Crisis Deepens as National Grid Records First Collapse of 2026

    Power Sector Crisis Deepens as National Grid Records First Collapse of 2026

    Nigeria’s national electricity grid reportedly suffered a total system collapse on Tuesday, January 27, plunging large parts of the country into darkness as engineers worked on staged restoration.

    The Transmission Company of Nigeria (TCN) attributed the failure to a sudden drop in system frequency after a gas supply disruption at a major thermal station, reigniting debate over the fragility of national infrastructure.

    Manufacturing groups say frequent collapses are driving up production costs as factories rely on diesel generation, while consumers complain about weak communication from distribution companies during outages.

    Echotitbits take: Despite huge investment claims, the grid remains Nigeria’s Achilles’ heel. The durable fix is decentralization: states should accelerate independent power markets enabled by the 2023 Electricity Act, rather than waiting on a single national spine.
    Source: The Guardian – https://guardian.ng/news/national-grid-suffers-first-collapse-of-2026-generation-falls-to-zero/ 2026-01-27

    Photo Credit: The Guardian

  • Global Tech Giants Face Fresh Scrutiny Over Nigerian Data Privacy Compliance

    Global Tech Giants Face Fresh Scrutiny Over Nigerian Data Privacy Compliance

    The Nigeria Data Protection Commission (NDPC) has opened an investigation into three major international social media platforms over alleged breaches of the Nigeria Data Protection Act.

    Regulators warned that non-compliant firms could face fines of up to 2% of annual global turnover, signaling a tougher posture on digital-economy governance and user-data transparency.

    The NDPC says the inquiry will run for 30 days and requires the affected platforms to submit data audit reports, while industry stakeholders argue the move could push stronger local compliance investments.

    Echotitbits take: Nigeria is asserting digital sovereignty in a GDPR-like direction. That can protect users, but regulators must avoid creating an unpredictably hostile environment that discourages investment. Enforcement should be firm, transparent, and rules-based.
    Source: Independent – https://independent.ng/fg-institutes-investigations-into-meta-dhl-opay-for-alleged-data-breaches/ 2026-01-27

    Photo Credit: Independent

  • Nollywood Legend Genevieve Nnaji Returns to Director’s Chair for New Global Project

    Nollywood Legend Genevieve Nnaji Returns to Director’s Chair for New Global Project

    Genevieve Nnaji has reportedly commenced production on a new feature film, marking a return to directing after a lengthy hiatus, with the project described as a co-production involving a major European studio.

    The film, said to be shot across Nigeria and the UK, is described as a psychological thriller exploring identity and diaspora themes, with a cast expected to blend established Nollywood stars and rising UK talent.

    Industry chatter suggests the project is already being positioned for international festival consideration and a high-impact global premiere later in the year.

    Echotitbits take: Genevieve remains one of Nollywood’s strongest ‘international’ brands. Her return isn’t just another release—it’s a cultural event. If the film’s positioning holds, expect aggressive bidding from major streamers for exclusive rights.
    Source: Premium Times – https://www.premiumtimesng.com/entertainment/nollywood/616364-genevieve-nnaji-makes-come-back-after-five-year-hiatus.html?tztc=1 2026-01-27

    Photo Credit: Premium Times

  • Nigeria Secures $500 Million World Bank Credit for Rural Water Access

    Nigeria Secures $500 Million World Bank Credit for Rural Water Access

    The World Bank has approved a $500 million credit facility for Nigeria to expand rural water supply and sanitation under the SURWASH program, aimed at reducing waterborne diseases in underserved communities.

    The initiative will reportedly fund solar-powered boreholes and rehabilitation of water treatment plants across 12 pilot states, alongside hygiene education to reduce open defecation.

    Experts say improved access to clean water can lower child mortality and increase school attendance, while Nigeria is expected to provide counterpart funding to improve sustainability.

    Echotitbits take: Solar-powered boreholes make sense given Nigeria’s power constraints. The recurring weak link is maintenance: too many projects fail months after commissioning because there’s no accountable O&M structure. Sustainability planning should be non-negotiable.
    Source: NairaMetrics – https://nairametrics.com/2024/07/29/nigeria-engages-world-bank-for-500-million-loan-to-boost-dam-safety-water-resource-management/ 2026-01-27

    Photo Credit: NairaMetrics