Nigerian defense-tech startup Terra Industries unveiled its latest autonomous defense systems including interceptor drones, mine-detection vehicles and battlefield intelligence software.
Wednesday, April 29, 2026
Nigeria’s military backs local defense technology startup
Nigerian defense-tech startup Terra Industries unveiled its latest autonomous defense systems including interceptor drones, mine-detection vehicles and battlefield intelligence software.
Nigeria's commercial capital Lagos bets on local power as grid falters
Lagos is betting that Nigeria's chronic electricity shortages can be addressed outside the national grid, scaling up state-backed power generation and distribution after securing 400 megawatts of new supply, the state's energy commissioner said.
Africa’s largest city is pressing ahead under reforms that allow sub-national governments to regulate power as Nigeria’s grid struggles. At least 22 other states are also setting up electricity markets to reduce reliance on the centralised system in Abuja, according to data from the power regulator.
"We are seeking to move beyond a single point of failure," Lagos Commissioner for Energy and Mineral Resources Biodun Ogunleye said at a conference organised by BusinessDay newspaper on Tuesday.
Nigeria's grid delivers about 3,000 MW on a good day, far short of estimated demand of more than 30,000 MW, according to government power plans, forcing businesses and households to rely on diesel generators.
Lagos activated its electricity regulatory regime in June 2025 and transferred oversight of intrastate electricity matters from the Nigerian Electricity Regulatory Commission (NERC) to the Lagos State Electricity Regulatory Commission. By the end of the year, it had assumed full regulatory control of its electricity market, becoming the first Nigerian state to do so, officials said.
In a circular last year, NERC said state regulators would oversee intrastate electricity matters, while it would retain responsibility for interstate electricity transactions, national grid operations and industry standards.
Lagos has signed power purchase agreements with Fenchurch Power, Mainland Power and Viathan Engineering Limited to supply up to 400 MW to public facilities over three years.
"These are not business-as-usual PPAs," Ogunleye said. "They represent a fundamental shift in how Lagos procures and pays for power."
Lagos has scrapped "take-or-pay" and "deemed energy" provisions, which required payments even when power was not delivered, and will instead pay only for metered electricity supplied, officials said.
Analysts said state-level power markets could improve reliability but would not remove constraints including gas supply, foreign exchange exposure, affordability, transmission bottlenecks and weak technical capacity.
"Capital is available, but revenue assurance is a problem," said Bola Adigun, a partner at Deloitte Nigeria.
By Isaac Anyaogu, Reuters
Africa’s largest city is pressing ahead under reforms that allow sub-national governments to regulate power as Nigeria’s grid struggles. At least 22 other states are also setting up electricity markets to reduce reliance on the centralised system in Abuja, according to data from the power regulator.
"We are seeking to move beyond a single point of failure," Lagos Commissioner for Energy and Mineral Resources Biodun Ogunleye said at a conference organised by BusinessDay newspaper on Tuesday.
Nigeria's grid delivers about 3,000 MW on a good day, far short of estimated demand of more than 30,000 MW, according to government power plans, forcing businesses and households to rely on diesel generators.
Lagos activated its electricity regulatory regime in June 2025 and transferred oversight of intrastate electricity matters from the Nigerian Electricity Regulatory Commission (NERC) to the Lagos State Electricity Regulatory Commission. By the end of the year, it had assumed full regulatory control of its electricity market, becoming the first Nigerian state to do so, officials said.
In a circular last year, NERC said state regulators would oversee intrastate electricity matters, while it would retain responsibility for interstate electricity transactions, national grid operations and industry standards.
Lagos has signed power purchase agreements with Fenchurch Power, Mainland Power and Viathan Engineering Limited to supply up to 400 MW to public facilities over three years.
"These are not business-as-usual PPAs," Ogunleye said. "They represent a fundamental shift in how Lagos procures and pays for power."
Lagos has scrapped "take-or-pay" and "deemed energy" provisions, which required payments even when power was not delivered, and will instead pay only for metered electricity supplied, officials said.
Analysts said state-level power markets could improve reliability but would not remove constraints including gas supply, foreign exchange exposure, affordability, transmission bottlenecks and weak technical capacity.
"Capital is available, but revenue assurance is a problem," said Bola Adigun, a partner at Deloitte Nigeria.
Stock market in Nigeria surges as industrial stocks power a strong rally
Nigeria’s equities market extended its strong run on Tuesday, with a sharp rise in industrial and energy stocks lifting the benchmark index to new highs and reinforcing one of the world’s best-performing market trends this year.
The NGX All-Share Index climbed 2.24% to close at 228,602.00 points, gaining 4,999.71 points in a single session. The move pushes the market’s return to 46.9% so far in 2026, underlining sustained investor appetite despite macroeconomic uncertainties.
Trading activity was robust. A total of 907.9 million shares worth N68.2 billion were exchanged in 72,697 deals.
Compared with the previous session, volume rose 34% and turnover jumped 55%, even as the number of deals declined by 12%, suggesting larger ticket trades dominated the session.
Market capitalisation stood at about N147.3 trillion, equivalent to roughly $107 billion.
Gains were broadly distributed, with 39 stocks gaining and 39 declining, showing a balanced but active market.
Industrial names led the rally. Lafarge Africa posted the maximum daily gain of 10% to close at N324.50, alongside Industrial & Medical Gases and FTN Cocoa Processors, which also rose by the daily limit. Austin Laz & Company followed closely with a 9.71% increase.
The strong performance in industrial counters helped push the NGX Industrial Index up 4.86% on the day and nearly 80% year-to-date, highlighting renewed investor interest in infrastructure-linked and manufacturing plays.
The NGX All-Share Index climbed 2.24% to close at 228,602.00 points, gaining 4,999.71 points in a single session. The move pushes the market’s return to 46.9% so far in 2026, underlining sustained investor appetite despite macroeconomic uncertainties.
Trading activity was robust. A total of 907.9 million shares worth N68.2 billion were exchanged in 72,697 deals.
Compared with the previous session, volume rose 34% and turnover jumped 55%, even as the number of deals declined by 12%, suggesting larger ticket trades dominated the session.
Market capitalisation stood at about N147.3 trillion, equivalent to roughly $107 billion.
Gains were broadly distributed, with 39 stocks gaining and 39 declining, showing a balanced but active market.
Industrial names led the rally. Lafarge Africa posted the maximum daily gain of 10% to close at N324.50, alongside Industrial & Medical Gases and FTN Cocoa Processors, which also rose by the daily limit. Austin Laz & Company followed closely with a 9.71% increase.
The strong performance in industrial counters helped push the NGX Industrial Index up 4.86% on the day and nearly 80% year-to-date, highlighting renewed investor interest in infrastructure-linked and manufacturing plays.
Banking stocks weigh on losers’ chart
On the downside, banking and mid-tier names faced selling pressure. United Bank for Africa declined 10% to N44.55, while Trans-Nationwide Express, Jaiz Bank and Berger Paints also recorded steep losses.
Despite the declines, banking stocks still dominated trading volumes, reflecting continued liquidity and investor positioning in the sector.
Access Holdings led activity with 220 million shares traded, followed by Fidelity Bank, Wema Bank and Linkage Assurance.
Sector performance remained strong across the board. The NGX Oil & Gas Index rose 4.66%, taking its year-to-date return above 100%, while the Consumer Goods and Main Board indices also posted solid gains.
The NGX Top 30 and Premium indices, which track large-cap stocks, continued to trend higher, reinforcing the role of heavyweight companies in driving the rally.
Nigeria’s stock market has attracted increased attention in 2026 as investors seek protection against inflation and currency volatility, while also rotating into equities with strong earnings outlooks.
Reforms in the foreign exchange market and improving corporate profitability have also helped restore confidence, drawing both local institutional funds and foreign portfolio investors back into equities.
With returns nearing 50% this year, the Nigerian market is emerging as one of the standout performers globally, though analysts warn that volatility could increase as valuations rise and profit-taking sets in.
On the downside, banking and mid-tier names faced selling pressure. United Bank for Africa declined 10% to N44.55, while Trans-Nationwide Express, Jaiz Bank and Berger Paints also recorded steep losses.
Despite the declines, banking stocks still dominated trading volumes, reflecting continued liquidity and investor positioning in the sector.
Access Holdings led activity with 220 million shares traded, followed by Fidelity Bank, Wema Bank and Linkage Assurance.
Sector performance remained strong across the board. The NGX Oil & Gas Index rose 4.66%, taking its year-to-date return above 100%, while the Consumer Goods and Main Board indices also posted solid gains.
The NGX Top 30 and Premium indices, which track large-cap stocks, continued to trend higher, reinforcing the role of heavyweight companies in driving the rally.
Nigeria’s stock market has attracted increased attention in 2026 as investors seek protection against inflation and currency volatility, while also rotating into equities with strong earnings outlooks.
Reforms in the foreign exchange market and improving corporate profitability have also helped restore confidence, drawing both local institutional funds and foreign portfolio investors back into equities.
With returns nearing 50% this year, the Nigerian market is emerging as one of the standout performers globally, though analysts warn that volatility could increase as valuations rise and profit-taking sets in.
By Ayodeji Adegboyega, Business Insider Africa
Kenya's leader backtracks after comments mocking Nigerians' English
His clarification came at a mining conference in the Kenyan capital, Nairobi, attended by Nigeria's Minerals Minister Henry Dele Alake, who told the gathering: "President Ruto, the people of Nigeria have mandated me to inform and assure you that Nigerians speak good English."
To much laughter, Ruto took to the stage to explain his comments to Kenyans living in Italy last week were intended to be private and had been "taken out of context".
"The fact is that I was talking about how we in Africa speak very good English, all of us," he said.
"In fact, in some countries like Nigeria, if you do not speak excellent English like the one we speak in Kenya, you may need a translator to understand the excellent English of Nigeria. So that was the comparison. But somebody misrepresented the facts."
President Ruto reminded the audience at the mining development conference that Nigerians were his in-laws - one of his daughters, June, is married to a Nigerian.
"I want to send my regards to my brothers and sisters in Nigeria… my in-laws."
He told Alake to pass on his greetings his Nigerian counterpart Bola Tinubu: "Tell President Tinubu that I said, 'Hi'. And tell him I said that in good English… so that there will be no consequences."
Following an explanation about how he felt he had been mispresented, the president ended by saying: "It is as well that we can have this conversation - my in-laws I hope there will be no consequences for whatever was done," he said.
The good-natured banter was in sharp contrast to barrage of criticism President Ruto has faced online.
Last week, he had boasted about how Kenya's education system was producing some of the best human capital in the world, with strong English proficiency.
"We speak some of the best English in the world, that is true. If you listen to a Nigerian speaking, you don't know what they are saying. You need a translator even when they are speaking English."
The condemnation that followed was widespread - fuelling an online cyber rivalry between the two nations.
Kenya and Nigeria are both former British colonies and share English as an official language but have distinct spoken varieties with different phonetic structures.
These differences reflect the influence of indigenous languages - Nigeria has more than 500 languages which shape its cadence and intonation, while Kenya's Bantu, Nilotic and Cushitic mix give rise to its own accents.
Suspected members of Nigeria-linked Black Axe crime gang arrested in Switzerland
Suspected members of the Nigerian-linked Black Axe crime gang have been arrested in Switzerland accused of involvement in romance scams and cyberfraud, Europol said on Tuesday.
Black Axe grew out of a student fraternity in the late 1970s called the Neo Black Movement of Africa, and it has since evolved into a structured, violent criminal organisation often dealing in financial cybercrime.
"The suspects are accused of numerous crimes. This includes romance scams and other cyberfraud offences causing millions of Swiss francs in damages, as well as money laundering," said Europol, which is headquartered in The Hague, in a statement.
The pan-European police body said 10 people - most of whom are of Nigerian origin - had been arrested in the operation that also involved German police.
The Swiss operation against the Black Axe crime gang follows a similar operation carried out by Spanish police in January, while global police body Interpol had also targeted it in 2023.
Black Axe grew out of a student fraternity in the late 1970s called the Neo Black Movement of Africa, and it has since evolved into a structured, violent criminal organisation often dealing in financial cybercrime.
"The suspects are accused of numerous crimes. This includes romance scams and other cyberfraud offences causing millions of Swiss francs in damages, as well as money laundering," said Europol, which is headquartered in The Hague, in a statement.
The pan-European police body said 10 people - most of whom are of Nigerian origin - had been arrested in the operation that also involved German police.
The Swiss operation against the Black Axe crime gang follows a similar operation carried out by Spanish police in January, while global police body Interpol had also targeted it in 2023.
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