Super User
Tinubu overhauls NNPC Board, sacks Kyari, appoints new leadership
President Bola Tinubu has dissolved the board of the Nigerian National Petroleum Company (NNPC) Limited, removing Group CEO Mele Kyari and Chairman Pius Akinyelure alongside all other directors appointed in November 2023.
A new 11-member board was announced early Wednesday, with Bashir Bayo Ojulari taking over as Group CEO and Ahmadu Musa Kida as the new non-executive chairman. The changes, effective immediately, come as part of Tinubu’s push to “enhance efficiency, attract investment, and drive gas commercialisation”.
New Board Composition
The reshuffle introduces fresh faces, including:
- Adedapo Segun (Chief Financial Officer, retained from previous board)
- Bello Rabiu (North West),
- Yusuf Usman (North East),
- Babs Omotowa (North Central)
- Austin Avuru (South-South) -David Ige (South West)
-Henry Obih (South East)
- Mrs. Lydia Shehu Jafiya (Federal Ministry of Finance)
- Aminu Said Ahmed (Ministry of Petroleum Resources)
Immediate Mandate: Strategic Review & Value Maximisation
Invoking his powers under the Petroleum Industry Act (2021), Tinubu directed the new board to conduct an urgent review of NNPC’s assets and joint ventures to ensure optimal performance and profitability.
Presidential spokesman Bayo Onanuga, who announced the changes via X, stated that the overhaul aims to restore investor confidence, boost local content, and accelerate Nigeria’s energy transition."
Ponzi schemes: New law slams 10-year jail term, N40m fine - SEC
Nigeria’s Securities and Exchange Commission (SEC) has finally declared war on Ponzi schemes, with a new law empowering it to jail fraudsters for up to 10 years and slam them with a N40 million fine—a move that could have saved millions of Nigerians from infamous scams like MMM, MBA Forex, and Loom Money Nigeria if enacted earlier.
SEC Director-General Emomotimi Agama announced the crackdown during an interview on Arise TV, revealing that the newly signed Investment and Securities Act (ISA) 2025 now gives the Commission the legal teeth to pursue and punish Ponzi operators, something it previously struggled with.
"With the new law, they now face a 10-year jail term and beyond," Agama declared, adding that the N40 million penalty is just the starting point.
"We will ensure every illegal profit is disgorged—fraudsters will not only be jailed but also forced to return their victims' money."
A Lesson from Nigeria’s Ponzi Graveyard
The timing couldn’t be more critical. Nigeria has long been a hunting ground for Ponzi schemes, with infamous collapses like:
- MMM Nigeria (2016): The Russian-originated scam collapsed, wiping out billions from hopeful investors.
- Loom Money Nigeria (2017): A pyramid scheme that lured Nigerians with a "pay-to-join" model before crashing.
- MBA Forex (2020): Promised unrealistic forex returns before vanishing with depositors’ funds.
Many of these fraudsters operated with impunity, exploiting weak regulations and desperate investors. Now, the SEC says the new law will ensure that future Ponzi kingpins face harsh penalties and asset seizures.
Nigeria's net FX reserves increased to $23bn in 2024, highest in 3 years
The Central Bank of Nigeria (CBN) has reported that Nigeria's net foreign exchange reserves (NFER) reached $23.11 billion in 2024, marking the highest level in three years. This represents a substantial increase from $3.99 billion recorded at the end of 2023, $8.19 billion in 2022, and $14.59 billion in 2021.
Net foreign exchange reserves, which adjust gross reserves to account for near-term liabilities such as FX swaps and forward contracts, are considered a more accurate indicator of the country's ability to meet immediate external obligations.
Additionally, Nigeria's gross external reserves rose to $40.19 billion at the end of 2024, up from $33.22 billion at the end of 2023.
CBN Governor Olayemi Cardoso attributed this growth to deliberate policy choices aimed at stabilizing the economy. "This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability," Cardoso stated.
The CBN identified several key factors driving this improvement:
- Strategic reduction in short-term FX liabilities, particularly swaps and forward obligations
- Policy reforms that restored confidence in the FX market
- Increased foreign exchange inflows, especially from non-oil sources
While the bank noted that reserves have continued to strengthen in 2025, the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt.
Natasha outsmarts Kogi govt, Police; ‘drops’ from sky to jubilant crowds
In a spectacular display of defiance, Senator Natasha Akpoti-Uduaghan turned the Kogi State Government and the Nigerian Police into laughingstocks as she bypassed their roadblocks and curfews by dropping in—literally—via helicopter to a rapturous welcome from her supporters.
Despite desperate attempts to stop her homecoming rally—including a "security" ban on gatherings, a sudden Okehi LGA curfew, and police warnings—Natasha simply took to the skies, leaving the flustered state authorities scrambling. As government officials presumably stood guard at empty checkpoints, she descended in a white helicopter, sending her ecstatic constituents into a frenzy.
"Nobody and nothing can stop me from coming home. I’m an Ebira person; this is my land," she declared in Ebira, mocking the failed blockade. "I’m the daughter of the late Jimoh Abdul Akpoti. I know my roots; I’m not a bastard, and I’m not afraid of anybody."
The state government, led by Governor Usman Ododo and his predecessor Yahaya Bello, had thrown everything at stopping her—public rally bans, phantom "security concerns," even a shameless police advisory urging her to cancel her Sallah celebration.
But Natasha, ever the strategist, reframed the event as a simple festive gathering, leaving the government looking both tyrannical and incompetent.
"Yesterday, we heard rallies were banned, roads would be blocked, convoys stopped," she taunted. "But this isn’t politics—it’s Sallah! Since when did celebrating with my people become a crime?"
Her triumphant return comes amid a broader political witch hunt, including a dubious six-month Senate suspension (orchestrated by Senate President Godswill Akpabio, whom she has accused of sexual harassment) and a manufactured "recall" effort.
Yet, as the state’s heavy-handed tactics backfired spectacularly, one thing became clear: Natasha doesn’t just play the game—she rewrites the rules.
While Kogi’s rulers and the Police fumed on the ground, Natasha soared above them—both literally and politically!
Here’s the latest as Israel-Hamas war enters Day 544
Israel says plenty of food in Gaza, UN says that's ridiculous
The United Nations on Tuesday dismissed as "ridiculous" an assertion by Israel that there was enough food in the Gaza Strip to last for a long period of time, despite the closure of all 25 bakeries in the enclave supported by the World Food Programme.
No aid has been delivered to the Palestinian enclave since March 2. Israeli Prime Minister Benjamin Netanyahu's office has said it would not allow the entry of all goods and supplies into Gaza until Hamas releases all remaining hostages.
Then later in March Israel resumed its bombardment of Gaza after a two-month truce and sent troops back into the enclave.
COGAT, the Israeli military agency that coordinates aid deliveries, said on Tuesday that during the truce some 25,200 trucks entered Gaza, carrying almost 450,000 tons of aid.
"That's nearly a third of the total trucks that entered Gaza during the entire war, in just over a month," COGAT said in a post on X. "There is enough food for a long period of time, if Hamas lets the civilians have it."
When asked about the statement, U.N. spokesperson Stephane Dujarric told reporters: "As far as the UN is concerned, that's ridiculous ... we are at the tail end of our supplies."
"You know, WFP doesn't close its bakeries for fun. If there's no flour, if there's no cooking gas, the bakeries cannot open," Dujarric added.
AID DIVERTED?
Before the two month ceasefire, global food security experts warned in November that there was a "strong likelihood that famine is imminentin areas" of northern Gaza.
Throughout the war, the U.N. has described its humanitarian operation in Gaza as opportunistic - facing problems with Israel's military operation, access restrictions by Israel into and throughout Gaza and looting by armed gangs.
"The UN aid was less than 30% of the total amount of aid that entered. Meaning, when the UN say they have 2 weeks worth of aid left in Gaza, there are plenty of other aid organizations and other actors with food aid," COGAT said.
COGAT said it continues to monitor and assess the humanitarian situation in Gaza in coordination with the international community. It also said much of the aid delivered to Gaza during the ceasefire had been diverted.
"The U.N. has kept a chain of custody and a very good chain of custody on all the aid it's delivered," Dujarric said.
Hamas said Gaza has reached a "famine phase," describing it as "one of the worst humanitarian crisis in modern history." It said it held Israel full responsibility for the "catastrophic human consequences increasing by the hour."
The war in Gaza was triggered on Oct. 7, 2023, when Hamas killed 1,200 people in southern Israel, and took some 250 hostages, according to Israeli tallies. Since then, more than 50,000 Palestinians have been killed, according to Palestinian health authorities.
Reuters
What to know after Day 1133 of Russia-Ukraine war
WESTERN PERSPECTIVE
Russia says it cannot accept U.S. proposals on Ukraine 'in current form'
Russia cannot accept U.S. proposals to end the war in Ukraine in their current form because they do not address problems Moscow regards as having caused the conflict, a senior Russian diplomat said, suggesting U.S.-Russia talks on the subject had stalled.
The comments by Deputy Foreign Minister Sergei Ryabkov suggest Moscow and Washington have so far been unable to bridge differences which President Vladimir Putin raised more than two weeks ago when he said U.S. proposals needed reworking.
They come as U.S. President Donald Trump appears to be growing increasingly impatient with what he has suggested might be foot-dragging over a wider deal by Moscow.
Trump in recent days has said he is "pissed off" with Putin and has spoken of imposing sanctions on countries that buy Russian oil if he feels Moscow is blocking a deal.
Ryabkov, a specialist in U.S.-Russia relations, said Moscow was not yet able to move forward with a deal however.
"We take the models and solutions proposed by the Americans very seriously, but we can't accept it all in its current form," Ryabkov was quoted by state media as telling the Russian magazine "International Affairs" in an interview released on Tuesday.
"As far as we can see, there is no place in them today for our main demand, namely to solve the problems related to the root causes of this conflict. It is completely absent, and that must be overcome."
Putin has said he wants Ukraine to drop its ambitions to join NATO, Russia to control the entirety of four Ukrainian regions it has claimed as its own, and the size of the Ukrainian army to be limited. Kyiv says those demands are tantamount to demanding its capitulation.
'VERY COMPLEX'
Asked about Trump's latest remarks about wanting Putin to do a deal on Ukraine, Kremlin spokesman Dmitry Peskov told reporters earlier on Tuesday that Moscow was "continuing our contacts with the American side".
"The subject is very complex. The substance that we are discussing, related to the Ukrainian settlement, is very complex. This requires a lot of extra effort."
Russia also said on Tuesday it was fully complying with a U.S.-brokered moratorium on attacking Ukraine's energy facilities.
Russian Foreign Minister Sergei Lavrov told state TV that Defence Minister Andrei Belousov had briefed Putin on alleged Ukrainian violations during a meeting of Russia's Security Council on Tuesday. Russia passed a list of the violations to U.S. National Security Adviser Mike Waltz and Secretary of State Marco Rubio, Lavrov said.
Before the weekend, Trump had taken a more conciliatory stance towards Russia that has unnerved the United States' European allies as he tries to broker an end to the conflict in Ukraine, now in its fourth year.
But in recent days, and amid lobbying by Europeans such as Finland's president urging him to hold Russia to account, he has adopted a tougher tone.
RUSSIAN PERSPECTIVE
‘Progress’ emerging in US talks – Lavrov
Moscow and Washington are making progress in removing obstacles in diplomatic relations and plan to meet for the next round of talks, Russian Foreign Minister Sergey Lavrov said on Tuesday.
Speaking to journalists, Lavrov noted that both presidents had approved the continuation of negotiations.
“There was a meeting in Istanbul, and a second round is being prepared,” Lavrov said, noting that the sides are “in contact by phone and video conference.”
Lavrov said he did not want to make predictions, but cited “some progress and a willingness on the part of our American partners to lift these completely unacceptable obstacles to the normal work of diplomats in both capitals.”
Russia and the US have imposed various restrictions on each other in recent years, including limiting the number of diplomatic personnel, constraining banking access, and seizing diplomatic properties.
A major flashpoint came in late 2016, when the administration of then-President Barack Obama restricted Russian diplomats’ access to residences in New York and Maryland and later seized additional Russian properties.
Relations deteriorated further under former President Joe Biden, with heightened tensions over the escalation of the Ukraine conflict in 2022, prompting further diplomatic and economic restrictions. These included the suspension of flights and closure of US airspace to Russian carriers in coordination with Washington’s Western allies.
Lavrov insisted that Moscow was not the one that initiated such measures, saying Russia responded “according to the principle of reciprocity, which no one has abolished” in diplomacy.
US President Donald Trump has moved away from many Biden-era policies, calling for a swift resolution to the Ukraine conflict and a reset in bilateral ties.
The two countries have held several rounds of high-level talks since Trump took office in January. A meeting in Riyadh on February 18 focused on restoring embassy operations and easing restrictions. The follow-up round in Istanbul on February 27, addressed diplomatic funding and Russia’s proposal to reinstate direct flights between the two countries.
Last week, expert delegations from both sides met again in Saudi Arabia, where, after 12 hours of negotiations, they agreed to revive the Black Sea Grain Initiative. Following the talks, Trump signaled Washington could consider lifting certain sanctions to advance the deal, which is seen as a step toward resolving the Ukraine conflict.
Reuters/RT
Single cigarette takes 20 minutes off life expectancy, study finds
Smokers are being urged to kick the habit for 2025 after a fresh assessment of the harms of cigarettes found they shorten life expectancy even more than doctors thought.
Researchers at University College London found that on average a single cigarette takes about 20 minutes off a person’s life, meaning that a typical pack of 20 cigarettes can shorten a person’s life by nearly seven hours.
According to the analysis, if a smoker on 10 cigarettes a day quits on 1 January, they could prevent the loss of a full day of life by 8 January. They could boost their life expectancy by a week if they quit until 5 February and a whole month if they stop until 5 August. By the end of the year, they could have avoided losing 50 days of life, the assessment found.
“People generally know that smoking is harmful but tend to underestimate just how much,” said Dr Sarah Jackson, a principal research fellow at UCL’s alcohol and tobacco research group. “On average, smokers who don’t quit lose around a decade of life. That’s 10 years of precious time, life moments, and milestones with loved ones.”
Smoking is one of the world’s leading preventable causes of disease and death, killing up to two-thirds of long-term users. It causes about 80,000 deaths a year in the UK and a quarter of all cancer deaths in England.
The study, commissioned by the Department of Health, draws on the latest data from the British Doctors Study, which began in 1951 as one of the world’s first large studies into the effects of smoking, and the Million Women Study, which has tracked women’s health since 1996.
While an earlier assessment in the BMJ in 2000 found that on average a single cigarette reduced life expectancy by about 11 minutes, the latest analysis published in the Journal of Addictionnearly doubles the figure to 20 minutes – 17 minutes for men and 22 minutes for women.
“Some people might think they don’t mind missing out on a few years of life, given that old age is often marked by chronic illness or disability. But smoking doesn’t cut short the unhealthy period at the end of life,” Jackson told the Guardian. “It primarily eats into the relatively healthy years in midlife, bringing forward the onset of ill-health. This means a 60-year-old smoker will typically have the health profile of a 70-year-old non-smoker.”
Although some smokers live long lives, others develop smoking-related diseases and even die from them in their 40s. The variation is driven by differences in smoking habits such as the type of cigarette used, the number of puffs taken and how deeply smokers inhale. People also differ in how susceptible they are to the toxic substances in cigarette smoke.
The authors stress that smokers must quit completely to get the full benefits to health and life expectancy. Previous work has shown there is no safe level of smoking: the risk of heart disease and stroke is only about 50% lower for people who smoke one cigarette a day compared with those who smoke 20 a day. “Stopping smoking at every age is beneficial, but the sooner smokers get off this escalator of death the longer and healthier they can expect their lives to be,” they write.
The Department of Health said smokers could find advice, support and resources on the NHS Quit Smoking app and the online Personal Quit Plan, which tailors its advice to individual’s preferences.
Prof Sanjay Agrawal, a special adviser on tobacco at the Royal College of Physicians, said: “Every cigarette smoked costs precious minutes of life, and the cumulative impact is devastating, not only for individuals but also for our healthcare system and economy. This research is a powerful reminder of the urgent need to address cigarette smoking as the leading preventable cause of death and disease in the UK.”
The Guardian, UK
Nigerians borrowed N470bn in personal loans within 3 months amid soaring living costs
The Central Bank of Nigeria (CBN) has reported that Nigerians took out a staggering N470 billion in personal loans from banks in just three months (October–December 2024), underscoring the deepening financial strain on households due to skyrocketing inflation and stagnant wages.
According to the CBN’s Fourth Quarter 2024 Economic Report, total consumer credit surged by 11.06% to N4.72 trillion, with personal loans alone jumping by 21.27% to N3.82 trillion — making up 80.98% of all consumer credit.
Meanwhile, retail loans (typically used for business or property) dropped sharply by 18.18% to N900 billion, signaling that Nigerians are borrowing more for survival rather than investment.
Analysis: A Desperate Response to Tinubu’s Harsh Economic Policies
This surge in personal borrowing reflects the devastating impact of President Bola Tinubu’s economic policies, which have plunged millions into financial distress. Key factors driving this trend include:
1. Fuel Subsidy Removal & Hyper-Inflation – Since Tinubu scrapped petrol subsidies in May 2023, transport and food costs have spiraled, with inflation hitting 33.2% in March 2024. Many Nigerians now rely on loans to afford basic necessities.
2. Naira Devaluation and Shrinking Purchasing Power – The freefall of the naira (now N1,550/$ on the parallel market) has made imports unbearably expensive, forcing families to borrow just to keep up with prices.
3. Collapse of Small Businesses – The decline in retail loans suggests that even entrepreneurs are struggling to access credit, as banks deem them too risky in this volatile economy.
A Growing Debt Trap?
While the CBN frames this as "increased access to credit," the reality is that Nigerians are borrowing to survive, not to thrive. With lending rates up to 40% in some cases, many risk falling into long-term debt cycles, especially as repayment becomes harder amid job losses and inflation.
Conclusion: A Symptom of a Failing System
The N470 billion loan spike is not a sign of financial empowerment but a red flag for Nigeria’s worsening cost-of-living crisis.
The borrowing frenzy is less about economic growth and more about desperation — a clear indictment of policies that prioritize market reforms over citizen welfare.
Kogi bans rallies, ‘long convoys’ 24 hours to Natasha’s homecoming
The Kogi government has placed a ban on rallies and public gatherings in the state over “credible security reports”.
In a statement on Monday, Kingsley Fanwo, commissioner for information, said the move is to prevent any form of security breach that might destabilise the state.
The development comes amid the homecoming ceremony of Natasha Akpoti-Uduaghan, Kogi central senator, scheduled for Tuesday.
Fanwo said Kogi has witnessed a peaceful sallah celebration, but some security threats are threatening the peace of the state
He added that the intelligence reports indicate that some persons are planning to “stage some violent rallies in the guise of political and religious agitations” in Kogi central.
The commissioner noted that the state government has directed that any individual entering Kogi with a convoy of security personnel must “obtain prior clearance from state commands of the deploying services”.
“In Kogi Central, intelligence at our disposal points to the fact that some elements are planning to stage some violent rallies in the guise of political and religious agitations,” the statement reads.
“This is to create a platform for wanton destruction and breakdown of law and order. These flashes of disturbances are raising tension in the state and threatening to breach public peace and security.
“In view of this, and effective immediately, the Kogi State Government has placed a total ban on all forms of rallies or public gatherings that have the potential to disrupt public peace.
“This decision has been necessitated by intelligence reports indicating that certain individuals are plotting to infiltrate the state under the guise of organizing rallies, using fake security personnel to foment trouble and compromise the security of law-abiding citizens of our dear state.
“While the government recognizes the constitutional rights of citizens to gather and express themselves, security considerations must take precedence in the interest of public safety.
“As such, no individual, group, or organization is permitted to hold any form of rally within the state until further notice.”
Recently, Akpoti-Uduaghan has been making the headlines following her six-month suspension from the senate and the sexual harassment allegations she levelled against Godswill Akpabio, senate president.
On March 26, the Independent National Electoral Commission (INEC) notified the Kogi senator of the petition by constituents seeking her recall from the national assembly.
Some members of her constituents had submitted the recall petition to the INEC after reportedly collecting signatures of 250,000 voters from 488,000 registered voters in Kogi central.
The Cable
Mali, Niger, and Burkina Faso impose import levy on ECOWAS countries
Mali, Niger, and Burkina Faso have introduced a 0.5% import duty on goods from Economic Community of West African States (ECOWAS) member nations, further straining relations between the three junta-led nations and the regional bloc they exited earlier this year.
The three countries, now part of the Alliance of Sahel States (AES), initially formed a security pact in 2023 but have since expanded their cooperation into economic and military affairs. In a joint statement last week, the AES announced that the levy, which took effect on Friday, is intended to generate revenue for the alliance’s activities. The tax applies to all imports from ECOWAS nations, except for humanitarian aid.
This move effectively disrupts the free trade system that once connected West African economies under ECOWAS and marks a further shift away from regional integration. Economists warn of potential consequences, including higher consumer prices, supply chain disruptions, and increased economic instability in the region.
Mali, Burkina Faso, and Niger, among the world’s poorest countries, have been grappling with a decade-long Islamist insurgency linked to al-Qaeda and Islamic State, which has killed thousands and displaced millions. The juntas in these nations accused ECOWAS of failing to provide adequate security assistance and have sought to strengthen their own economic and military alliances instead.
ECOWAS, which had imposed political and financial sanctions to push the juntas toward a return to constitutional rule, has kept diplomatic channels open despite announcing their permanent expulsion from the bloc earlier this year. The regional body has signaled that discussions will continue until July in an effort to prevent further division in West Africa.