NEWS
Tinubu Directs Formation Of National Research Fund
President Bola Tinubu has announced the establishment of a National Research Fund aimed at becoming a cornerstone for development in Nigeria.
This disclosure was made by Prof. Ekanem Braide, President of the Nigerian Academy of Science, during President Tinubu’s grand patron investiture at the Presidential Villa in Abuja on Thursday.
In his address to Academy members, President Tinubu expressed unwavering commitment and full support for funding research and development, emphasizing that transformative efforts in these areas are crucial for a nation’s development.
The Nigerian Leader affirmed that his administration will provide direct support to research and development in Nigeria by implementing supportive government policies, programs, and initiatives within the ministries of science and technology.
He said “I believe without great research and development, no nation can develop to achieve a desire.”
“Paying attention to research ,science and development is a commitment that I will continue to support directly and through various government policies and programs, through our ministries of science and technology, health, education and related Ministries will be mobilized.
“And in the role of the National Academy of Science and funding for research, science and development, I am fully committed.” he added
President Tinubu further expressed appreciation for the Academy of Science’s gesture in appointing him as its grand patron. He conveyed his gratitude, stating, “I have a sense of gratitude, accepted your gesture of investiture as grand patron of science.”
Prof. Ekanem Braide, the President of the Nigerian Academy of Science, emphasized the necessity for robust collaboration between research centers, the government, industries, and the community to effectively tackle national challenges in Nigeria.
Prof. Braide highlighted the potential for effective research translation, ensuring the conversion of research findings from laboratories and workshops into informed policies and practices.
She commended President Tinubu’s administration for acknowledging the shift towards a knowledge-based economy in Nigeria.
Braide revealed ongoing collaboration with the Minister of Budget and Economic Planning to review documents facilitating swift interventions for national development.
NEWS
Kano Bans Mobile Movie Downloads, Distribution as Statewide Enforcement Begins
The Kano State Hisbah Board has announced a ban on the downloading and distribution of movies through mobile phones across the state, saying the move is aimed at protecting public morality and promoting Islamic values.
The directive, which applies to all 44 local government areas of Kano State, was announced on Thursday by the Deputy Commander General of the board, Dr. Mujahid Aminuddeen.
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According to Aminuddeen, the decision followed complaints that some operators involved in the business were distributing pornographic films and other video materials considered offensive to Islamic teachings and the cultural values of the state.
“The Hisbah board has banned downloading and distribution of movies through mobile phones across the 44 local government areas in the state,” he said.
The Deputy Commander General disclosed that Hisbah personnel have already been deployed across the state to ensure compliance with the directive through routine patrols and enforcement operations.
“The board has deployed its personnel to monitor compliance through routine patrols and enforcement operations across the state. Anyone found violating the directive will face legal action in accordance with the laws of Kano State,” Aminuddeen warned.
He urged those whose livelihoods are affected by the ban to seek alternative lawful means of earning a living, stressing that the measure is intended to protect young people from harmful content and preserve the state’s moral values.
Aminuddeen further linked the growing rate of moral decadence among youths to the increasing consumption of indecent films and videos, insisting that stronger measures were necessary to curb the trend.
The Kano State Hisbah Board, which enforces Sharia-related regulations in the state, has in recent years introduced several policies aimed at promoting Islamic values and restricting activities and content it considers contrary to the state’s religious and cultural norms.
NEWS
100,000 Nigerian Companies Face Deregistration as CAC Issues Final 90-Day Deadline
The Corporate Affairs Commission (CAC) has launched a fresh nationwide compliance exercise that could see 100,000 Nigerian companies removed from the country’s corporate register for failing to file annual returns and other mandatory statutory documents.
In a public notice issued on Wednesday, the commission announced that the exercise, tagged Batch 6, is being conducted in line with Section 692 (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
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According to the CAC, the names of all affected companies have been published on its official website, with the defaulting firms given a 90-day deadline to regularise their records or face deregistration.
The commission stated, “This is to notify the General Public and Esteemed Customers that the Corporate Affairs Commission has commenced another round of striking off names of companies from the Register pursuant to the provisions of Section 692 (3) and (4) of the Companies and Allied Matters Act, 2020.”
It urged the affected companies to immediately file all outstanding annual returns, including Persons with Significant Control (PSC)/Beneficial Ownership information, within the stipulated period.
“The affected companies are hereby advised to take steps to file all outstanding Annual Returns (and by extension Persons with Significant Control/Beneficial Ownership information) and regularize their records within ninety (90) days of this notice,” the commission said.
The CAC also directed companies that comply with the directive to submit proof of compliance via its designated email address.
“Evidence of compliance should be sent to the designated [email protected],” the notice added.
The commission warned that companies that fail to act before the expiration of the 90-day window would be removed from the register without any additional notice.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the Register without further notice,” the CAC warned.
Reaffirming its commitment to improving corporate compliance and service delivery, the commission said, “The Commission remains committed to providing prompt and efficient services to the satisfaction of our valued customers.”
The latest exercise is part of the CAC’s ongoing efforts to maintain an accurate and up-to-date register of active companies while ensuring compliance with Nigeria’s corporate regulations.
NEWS
OPEC Sees Borrowing Dragging Down Nigeria’s Higher Oil Output
Nigeria’s economic growth is at the risk of headwinds from elevated borrowing costs and persistently high inflation despite stronger oil production, improved macroeconomic stability and ongoing economic reforms.
The Organisation of the Petroleum Exporting Countries (OPEC) expressed the view in its July Monthly Oil Market Report.
According to the OPEC Nigeria’s near-term economic outlook remained positive, supported by improved macroeconomic stability, steady oil production, recovering private-sector activity and continued reform momentum.
According to the report, the country’s economy expanded 3.9 percent year-on-year in the first quarter of 2026, only slightly below the 4.0 percent growth recorded in the fourth quarter of 2025, indicating that growth remained close to recent highs.
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The oil cartel, however, warned that rising inflation, high borrowing costs and the need to maintain exchange-rate stability remained significant risks to the country’s economic outlook.
The OPEC stated, “Overall, Nigeria’s near-term outlook remains positive, supported by oil production, reform progress, infrastructure investment and stronger business activity, but high inflation, elevated borrowing costs and the need to preserve exchange-rate stability remain important challenges”.
The report noted that the non-oil sector continued to drive economic expansion, with agriculture, manufacturing, construction, trade, finance and insurance providing the main support for growth.
“The non-oil economy continues to provide the main support, with activity driven by agriculture, manufacturing, construction, trade, and finance and insurance, while higher oil output has improved fiscal revenues, foreign-exchange inflows and external buffers. Survey indicators also point to continued near-term momentum,” the organisation noted, adding that increased oil production had strengthened government revenues, foreign exchange inflows and external reserves.
The OPEC also cited business survey data showing sustained private-sector expansion, noting that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index eased marginally to 53.4 in June from 54.1 in May but remained above the 50-point threshold that signals expansion.
According to the report, the improvement was driven by higher output, stronger new orders and resilient customer demand, although manufacturing activity softened slightly during the period.
The organisation also said increased domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to enhance energy availability and reduce import-related pressures on the economy.
It stated, “At the same time, manufacturing activity was slightly softer. Higher domestic refining capacity, including improved fuel supply from the Dangote Refinery, should continue to support energy availability and reduce some import-related pressures.”
On inflation, the OPEC noted that consumer prices continued to rise, with the inflation rate increasing to 15.9 percent year-on-year in May from 15.7 percent in April, as food prices continued to erode household purchasing power.
It said the inflationary trend meant monetary policy was likely to remain cautious despite improved exchange-rate stability and stronger oil-related inflows.
“Inflation rose further to 15.9 percent y-o-y in May, up from 15.7 percent, y-o-y in April, with food prices still putting pressure on household purchasing power. This means that monetary policy is likely to remain cautious, despite improved exchange-rate stability and stronger oil-related inflows,” the report noted.





