Southern Nigeria Briefing: Economy, Governance and Security Updates
Economic measures led the news as the Central Bank of Nigeria upgraded OPay, Moniepoint, PalmPay and seven other fintechs to national licences, a move expected to widen formal financial services across major southern hubs. The federal government’s inaugural N501 billion power sector bond recorded 100% subscription, signaling strong investor appetite for planned grid and generation upgrades. Nigeria and Türkiye also announced nine cooperation agreements aimed at lifting bilateral trade toward $5 billion.
In Lagos, residents and activists staged fresh protests over ongoing demolitions in several communities, highlighting persistent tensions around urban renewal and property rights in the state. In the South East, Anambra expanded the abolition of Monday sit-at-home to 12 additional markets, intensifying efforts to restore full commercial activity. In the South South, the Rivers State Government addressed claims circulating about the status of the president’s portrait at Government House.
Nationally, a court ordered the forfeiture of a Bombardier jet valued at about N1.04 billion to the federal government over unpaid customs duties. Security concerns persisted as gunmen killed three police officers and injured two in an ambush. Separately, the first batch of 300 refugees returned to Borno from Cameroon, marking a new phase in cross-border repatriation efforts.
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