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This was contained its Consumer Price Index (CPI) Report April 2026.

According to NBS report Consumer costs continued to increase across key sectors of the economy, even though the pace of monthly price growth slowed and remained lower than levels recorded in the same period last year.

The NBS noted that the year-on-year movement reflects ongoing pressure from elevated food costs, higher energy expenses, and continued disruptions in supply chains.

It noted that on a month-on-month basis, the Headline inflation rate in April 2026 was 2.13%, which was 2.05% lower than the rate recorded in March 2026 (4.18%).

“This means that in April 2026, the rate of increase in the average price level was lower than the rate of increase in the average price level in March 2026.”

Urban inflation was recorded at 15.40 percent, while rural inflation stood higher at 16.36 percent, with food prices rising by 16.06 percent year-on-year, though lower than 24.68 percent in April 2025 due to changes in the cost of major staples.

Core inflation, which excludes volatile food items and energy costs, stood at 15.86 percent in April 2026, significantly lower than 26.05 percent recorded in the corresponding period of the previous year.

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According to an official release by Force spokesperson Anthony Okon Placid, the action is part of a wider internal cleanup aimed at identifying and eliminating corrupt elements within the organisation.

The statement indicated that the officers were implicated in coordinated offences including collusion, violent robbery, unlawful detention of citizens, bribery, and misuse of authority across Rivers State and neighbouring locations.

The Force described the conduct as a severe violation of professional ethics and a breach of the standards expected of personnel in the Nigeria Police Force.

Investigations reportedly revealed the existence of an organised group of serving officers operating from Zone 16 Headquarters in Yenagoa.

These officers were accused of carrying out illegal patrols in Port Harcourt, during which victims were allegedly stopped, detained, and stripped of funds through forced access to their financial and digital accounts.

Authorities also disclosed that three additional suspects linked to the operations are still evading arrest.

Items recovered during the probe include three Toyota Sienna vehicles and ₦7,338,800 traced to proceeds of the alleged activities.

In a related case, another group of personnel previously attached to the Rivers State Command’s operational unit were found guilty of coordinated abuses involving detention for ransom, financial coercion, and theft under the guise of official duties.

The dismissed officers are expected to face prosecution, while the Police Force encouraged citizens to continue reporting misconduct, corruption, and rights violations through established complaint channels for swift action.

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The Nigerian Communications Commission (NCC) reported that Mobile Network Operators spent over N2.13 trillion in capital investment in 2025 alone on network development and upgrades, while Tower Companies also committed an additional N373.8 billion to strengthen infrastructure across the country.

According to the Commission, these investments are intended to improve service quality, expand network capacity, reduce congestion, and support the country’s rapidly growing digital economy.

In a statement by Nnenna Ukoha, Head of Public Affairs, the NCC noted that complaints from users about dropped calls, slow internet, unstable data connections, and frequent service interruptions remain widespread, prompting stronger regulation and increased industry spending.

The regulator stated that the investments enabled the rollout and upgrade of over 2,800 telecom sites nationwide, helping to bridge coverage gaps in both urban areas and underserved communities.

The ongoing infrastructure expansion includes deployment of additional 4G and 5G layers, extension of fibre backhaul networks, construction of new sites in high-demand locations, and modernization of outdated equipment.

The NCC added that this expansion drive will continue into 2026, with operators targeting more than 12,000 site upgrades and new deployments within the year.

So far, nearly 3,000 of the planned sites have been completed, alongside over 730 new 5G sites rolled out across 27 states in 2026.

The Commission attributed the rapid rollout to rising data consumption, increased digital adoption, and growing dependence on broadband for business, education, entertainment, and financial transactions.

To further enhance performance, the NCC said it has facilitated better allocation and optimization of unused radio spectrum among the three major Mobile Network Operators to improve efficiency and service delivery.

Early indicators from Quality of Service and Quality of Experience assessments show gradual improvements in network performance, including higher capacity, wider coverage, and faster average internet speeds in several regions.

The Commission revealed that national median download speeds rose from 16.5Mbps in January 2024 to 20Mbps currently, while 4G penetration increased from 45 percent to 54 percent over the same period. Power availability at telecom sites also improved from 99.3 percent to 99.7 percent.

Despite these gains, the NCC acknowledged that many areas still experience poor call quality, slow connectivity, network congestion, and unstable services.

It emphasized that while investments are increasing, operators must ensure that these upgrades translate into visible improvements for consumers.

To strengthen compliance, the regulator has intensified monitoring of operators under the revised Quality of Service Regulations 2024, with enforcement actions beginning in November 2025 after an initial transition period.

The NCC also highlighted ongoing challenges such as fibre cuts, vandalism, theft of equipment, power disruptions, and restricted access during maintenance, noting that over 27,000 avoidable fibre cuts were recorded in 2025 alone.

It concluded that although the telecom sector is seeing significant investment growth, operators must deliver measurable improvements in service quality as regulatory oversight continues to tighten.

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She was arraigned before Justice D. I. Dipeolu on a two-count charge bordering on obtaining money under false pretence and conversion of funds.

During proceedings, defence counsel, P. I. Nwafor, informed the court that part of the disputed funds had been returned to the complainant.

He told the court that N24 million had already been refunded and requested an adjournment to allow parties conclude negotiations over the outstanding balance, noting that efforts were ongoing toward possible settlement.

However, the prosecution counsel, S. I. Suleiman, opposed the request, stating that the Federal Government remained the nominal complainant and that the matter before the court was arraignment.

He urged the court to proceed with the defendant’s plea.

In his ruling, Justice D. I. Dipeolu held that discussions between parties could continue even while proceedings were ongoing, but maintained that the defendant must take her plea.

According to the charge sheet, the defendant was alleged to have received N36 million from one Mrs. Ifeyinwa Nonye Okoye between July 14 and 17, 2024, for the lease of a property in Lekki, Lagos, an arrangement prosecutors claimed was false.

She was also accused of unlawfully converting the said sum to personal use.

The offences are said to contravene provisions of the Advance Fee Fraud and Other Related Offences Act as well as the Criminal Code Act.

The defendant pleaded not guilty to all charges when they were read in court.

Following her plea, the prosecution requested a trial date and asked that she be remanded in a correctional facility pending trial.

Her counsel, however, urged the court to allow her remain in EFCC custody while bail arrangements were being concluded, noting that the charge had only been served a day earlier.

Justice Dipeolu ordered that the defendant be remanded in EFCC custody and adjourned the matter till June 5, 2026, for commencement of trial.

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The judgment was delivered by Justice S. M. Mayana of the Federal Capital Territory High Court 46, Apo, following prosecution by the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) under the Violence Against Persons (Prohibition) Act.

The court ordered that both men serve life terms without the option of a fine after finding them guilty of multiple counts of sexual offences involving a child.

The court imposed the maximum sentence after evidence showed sustained abuse of the victim, who was six years old at the time the offences began.

Investigations revealed that the abuse took place within a residential estate in Abuja, where one of the convicts was employed as a security guard. The case later involved additional accomplices, with threats reportedly used to silence the child.

According to NAPTIP, the abuse came to light years later after the child’s behaviour raised concern among family members.

She eventually disclosed her experience during a visit to a religious centre, after which her parents reported the matter to relevant child protection organisations. The case was subsequently escalated to NAPTIP, leading to arrests and prosecution.

During trial proceedings, the prosecution presented multiple witnesses, including family members, along with medical and documentary evidence.

The court admitted several exhibits, including a medical report confirming physical findings consistent with abuse. The defendants, however, pleaded not guilty throughout the trial.

The Director General of NAPTIP, National Agency for the Prohibition of Trafficking in Persons, praised the court ruling, describing it as a strong deterrent against child exploitation and abuse.

She said the judgment reflects improved enforcement of the Violence Against Persons (Prohibition) law and reaffirmed the agency’s commitment to protecting vulnerable persons.

She also urged employers and households to conduct proper background checks on domestic staff and service providers to prevent similar incidents.

The victim’s family expressed appreciation to the prosecuting authorities and the court for ensuring justice in the case.

Following the ruling, the convicts were transferred to a correctional facility to begin serving their life sentences.

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At the official presentation, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, announced that the updated guide will become operational on June 1, 2026, and will be issued at no cost to licensed dealers to ensure smooth adherence and effective rollout.

He explained that the revised framework is consistent with global standards and demonstrates the apex bank’s drive to upgrade Nigeria’s currency exchange operations for improved clarity, uniformity, and operational efficiency.

Cardoso stated: “The introduction of the 4th Edition of the CBN Foreign Exchange Manual reflects our shared determination to strengthen Nigeria’s economic foundations, deepen openness, and restore confidence in the foreign exchange system.”

He further noted that the refreshed guide is designed to support a more structured, rules-based, and efficient FX environment that promotes predictability and better market functioning.

The CBN governor called on stakeholders across both the public and private sectors to show discipline, cooperation, and professionalism in ensuring the successful adoption of the new framework.

He reaffirmed that the Central Bank will continue to provide direction, support, and clarification as the country transitions into a more structured phase of foreign exchange administration.

According to him, “Robust oversight systems anchored on consistency, fairness, and accountability are essential to sustaining trust and stability in the foreign exchange market.”

Market participants have commended the apex bank for its broad consultation process and detailed technical review involving financial institutions, corporate operators, and other stakeholders, which informed the development of the revised manual.

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The development was contained in a statement signed by the Command’s Public Relations Officer, Chief Superintendent of Customs (CSC) Tahir Balarabe, and issued to newsmen on Tuesday, 12 May 2026, in Kano.

According to CSC Balarabe, the suspects, both male and female passengers, arrived in Kano from Dubai on Friday, 8 May 2026, aboard Ethiopian Airlines.

“Both travellers initially declared 130,000 dollars and 180,000 dollars respectively. However, further non-intrusive baggage profiling raised suspicion, prompting officers to subject their luggage to secondary examination,” he stated.

The additional search, according to him, uncovered another 151,600 dollars concealed and undeclared, bringing the total intercepted sum to 461,600 US dollars.

Speaking during the formal handover of the suspects and exhibits, the Acting Customs Area Controller of the Command, Deputy Comptroller Usman Adamu, said the interception reflects the Service’s growing vigilance against illicit financial flows through Nigeria’s borders.

DC Adamu said the suspects violated relevant provisions of the Nigeria Customs Service Act, 2023, stressing that the law places clear obligations on travellers to make honest currency declarations.

“The suspects contravened Section 55(f) of the Nigeria Customs Service Act, 2023. In line with Section 4(f) of the same Act, we are formally handing over the suspects, the intercepted currencies, and all relevant travel documents to the Economic and Financial Crimes Commission for further investigation,” DC Adamu said.

He commended the leadership of the Economic and Financial Crimes Commission for sustained operational cooperation, and he also appreciated the Comptroller-General of Customs, Adewale Adeniyi, for strengthening officers through continuous training and intelligence-driven enforcement.

Receiving the suspects and exhibits on behalf of the Commission, the Acting Zonal Director of the EFCC in Kano, Friday Ebelo, praised the professionalism displayed by Customs officers during the operation.

Ebelo said the non-declaration or false declaration of currencies above the statutory threshold remains a serious financial crime under Nigerian law.

“Any traveller carrying funds above 10,000 dollars is expected by law to declare it. Anything short of that raises serious concerns about money laundering. I want to assure you that this case will be pursued to its logical conclusion,” Ebelo said.

The suspects, the intercepted currencies and other relevant documents were formally handed over to the EFCC on Monday, 11 May 2026, at the Command Headquarters in Bompai, Kano.

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The policy, unveiled at the Africa CEO Forum in Kigali, forms part of a mutual travel agreement between Nigeria and Rwanda, under which both countries now enjoy simplified entry privileges for short stays.

In a press release issued on Friday, the Nigeria Immigration Service (NIS) confirmed that all operational procedures had been concluded to ensure full and immediate rollout at the nation’s air, land, and sea entry points.

Under the new framework, Rwandan passport holders may enter Nigeria without obtaining a visa in advance for a period not exceeding 30 days, provided the visit is for legitimate purposes such as tourism, commercial activities, or official assignments. Visitors who intend to remain longer are required to secure the relevant entry permit through Nigerian diplomatic missions or the electronic visa system.

The Service directed all border control units, airports, and seaports to commence strict application of the presidential instruction without delay.

According to the NIS, the initiative reflects strengthening diplomatic relations between both countries and supports wider African objectives aimed at promoting easier cross-border movement, boosting tourism flows, and expanding economic partnerships across the continent.

It also reiterated its commitment to ensuring secure, well-regulated, and compliant migration practices in line with global standards and the administration’s Renewed Hope policy direction.

The public has been encouraged to seek verified information or support through official NIS communication channels, including its accredited social media handles and dedicated helplines.

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BY NKECHI NAECHE-ESEZOBOR—The Federal Government has inaugurated the Insurance Policyholders’ Protection Fund (IPPF) Committee as part of efforts to strengthen consumer protection, boost confidence in the insurance industry, and enhance financial system stability under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Speaking at the inauguration ceremony, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the establishment of the committee as a major milestone in the implementation of NIIRA 2025 and a critical step toward building a more resilient insurance sector.

From left: Mr. Babatunde Fajemirokun (Member, IPPF Committee), Mr. Ekerete Ola Gam-Ikon (Dep. Commissioner for Insurance, Finance & Acct.), Mrs. Oluwatoyin Medinah Bello (Dep. Director Inspectorate, NAICOM), Mr. Raymond Omachi (Perm Secretary, FMF rep. the Hon. Minister of Finance and Coordinating Minister of the Economy), Mr. Oye Hassan Odukale (Chairman IPPF Committee), Mr. Olusegun Ayo Omosehin (CFI), Mrs. Yetunde Ilori (Member, IPPF Committee), Okiemute Sagua (representative of Meristem Wealth Management Ltd, Fund Managers) and Dr. Usman Jankara (Member, IPPF Committee).

The Honourable Minister, represented by the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, said the insurance industry remains critical to risk management, financial protection, capital mobilisation, and sustainable economic growth.

He noted that the Federal Government, under President Bola Ahmed Tinubu, is committed to strengthening the insurance sector through reforms aimed at improving transparency, accountability, innovation, and investor confidence.

Oyedele said the newly enacted NIIRA 2025 introduces a modern risk-based regulatory framework aligned with global best practices and tailored to Nigeria’s evolving insurance market.

He explained that the legislation strengthens regulatory oversight, enhances policyholder protection, promotes market discipline, and creates a more investor-friendly environment for both local and foreign investors.

The minister stated that policyholder protection remains central to the reforms, stressing that public confidence is essential for the growth and sustainability of the insurance industry.

According to him, the IPPF will serve as a financial safety net for policyholders in cases of insurer distress or insolvency, while also helping to mitigate systemic risks and improve trust in the insurance ecosystem.

“The establishment of the IPPF Committee demonstrates our resolve to safeguard the interests of policyholders and ensure that, in the unlikely event of insurer distress or failure, policyholders are protected and their claims obligations are met in a timely and orderly manner,” he said.

He charged members of the committee to ensure that the fund is sustainably financed, transparently managed, and fully compliant with the provisions of NIIRA 2025.

Oyedele also reaffirmed the Federal Government’s commitment to collaborating with the National Insurance Commission (NAICOM) and other stakeholders to deepen insurance penetration, promote innovation, and strengthen the sector’s contribution to economic development.

In his opening remarks, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Ayo Omosehin, said the inauguration marks a significant step toward deepening consumer protection and strengthening confidence in Nigeria’s insurance market.

He said the establishment of the IPPF Committee pursuant to Section 212 of NIIRA 2025 moves the industry “from policy intent to institutional protection.”

Omosehin explained that the fund would be used to address distress and insolvency among licensed insurers and reinsurers or cases involving cancellation of operating licences.

According to him, the IPPF is designed to protect policyholders and beneficiaries, ensure timely collection of contributions to the fund, establish sound management and investment practices, and promote transparency and accountability in its administration.

“The IPPF is a statutory safety net for policyholders when an insurer becomes insolvent or is unable to meet its obligations,” he said.

He added that the credibility of the fund would depend on disciplined governance, fairness, transparency, and operational efficiency.

Omosehin assured that NAICOM would provide the necessary regulatory oversight and technical support to ensure the committee succeeds in delivering effective protection for policyholders.

He urged members of the committee to approach their responsibilities with professionalism, integrity, and a strong commitment to protecting Nigerian insurance consumers.

According to him, successful implementation of the IPPF would strengthen trust in the insurance market, support financial inclusion, and contribute to broader economic stability.

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