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Category: Nigeria

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Nigeria Targeted a UK Mansion; Its Next Leader’s Son Now Owns It.

-May 2, 2023

A firm belonging to the son of Nigeria’s president-elect bought an $11 million London mansion that his predecessor’s government was seeking to confiscate as part of a probe into one of the biggest corruption scandals in the West African nation’s history, according to previously unreported UK company documents. There’s no suggestion that President-elect Bola Tinubu […]

President-Elect Tinubu Returns to Nigeria From Europe

-April 26, 2023

Nigerian President-elect Bola Tinubu returned to the West African country before his inauguration in May, after more than a month away in France.  The former governor of Lagos state landed in the capital, Abuja, on Tuesday, according to a statement by his spokesman, Tunde Rahman. Tinubu is scheduled to take over from his ruling party […]

Nigeria Changes How It Measures Unemployment After Two Years of No Data

-April 22, 2023

Nigeria is changing the way it measures unemployment and plans to begin issuing new quarterly data from May, after a two-year lull. Africa’s largest economy last released labor-force statistics for the last quarter of 2020, when it put the unemployment rate at 33.3%. Subsequent surveys have been “irregular due to technical challenges,” the statistics agency […]

Nigeria Urged to Give Up Fight With Eni and Shell Over Lucrative Oil Block.

-April 19, 2023

A senior Nigerian minister urged the country’s president to end a long-running dispute with Eni SpA and Shell Plc to allow the companies to finally develop a prized deepwater oil license. Investigations and lawsuits relating to the energy giants’ acquisition of the permit 12 years ago should be halted so Africa’s largest crude producer can “take advantage of the […]

Nigeria at Risk of Hitting Self-Imposed Debt Limit by Year-End.

-April 6, 2023

Nigeria is at risk of reaching its self-imposed debt limit of 40% of gross domestic product by year-end as it increases borrowings to plug a revenue shortfall. Total loans jumped 17% to 46 trillion naira ($99.7 billion) as of December, raising the country’s debt as a proportion of gross domestic product to 23% from 22.5% […]

Nigerian Bank to Sell Utility to Recoup $122 Million of Debt.

-April 6, 2023

United Bank for Africa Plc, a Nigerian lender backed by tycoon Tony Elumelu, plans to sell a delinquent electricity firm it took over two years ago to recover $122 million of debt.  In 2021, the lender foreclosed Abuja Electricity Distribution Co., which serves the country’s capital city and surrounding states, after it could not repay […]


-April 6, 2023

Nigeria’s Kaduna-to-Kano rail project, between two of the nation’s major cities, has found a new financier in China Development Bank after the previous Chinese lender withdrew its support in 2020. The West African country’s senate on Tuesday approved the $973 million loan, which comes with a 15-year term and a 2.7% interest rate.China’s Exim Bank […]

Nigerian Court Says Voter-Verification Devices Data Can Be Reset

-March 9, 2023

A Nigerian court ruled that electronic voter identification devices can be reconfigured ahead of an upcoming election of state governors and lawmakers, dismissing objections from opposition parties. The two runners-up in Feb. 25 presidential elections won by the ruling party’s Bola Tinubu are contesting the outcome and last week secured Court of Appeal orders granting […]

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