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FG Inventions Have Stabilised FX Market, Naira Says Expert

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Naira Abuse ‘Inflates Printing Cost’, CBN Warns Naira abuse ‘inflates printing cost’, CBN warns. The Central Bank of

FG Inventions Have Stabilised FX Market, Naira Says Expert

FG inventions have stabilised FX market, naira says Expert. Ayobami Oyalowo, the executive director of the Osun River Basin, has said that some interventions by the federal government have stabilised the foreign exchange market and the naira.

In a statement on Monday, he said rather than defending the naira as claimed by some Nigerians, the Central Bank of Nigeria took specific measures to support the naira, which were yielding the desired results.

Mr Oyalowo,  a banker, finance expert, and political and development economist said it was important to understand the difference between “defending” and “supporting” a currency.

He said defending a currency implied artificially pegging it to a specific value, regardless of market forces, which was the practice under the previous CBN leadership.

According to him, supporting a currency, on the other hand, as the current CBN leadership has done, involves taking steps to ensure a healthy and functional market.

He said this includes clearing backlogs of FX, increasing liquidity, and allowing the market to determine the exchange rate.
“The current CBN has allowed for ‘price discovery’, letting the market decide the true value of the naira,” he said

Mr Oyalowo said one of the measures taken by the government was to clear backlogs of FX, which had accumulated under the previous leadership of the CBN.

“This meant they had promised to provide dollars to businesses and individuals, collected the naira equivalent, but hadn’t delivered the actual dollars.

“The current CBN leadership cleared approximately 7 billion dollars of these outstanding commitments. This is a crucial step in restoring confidence in the market,” said the expert.

He said the CBN also injected around two billion dollars directly into the FX market by selling dollars to banks to meet the demand, improving liquidity and ensuring businesses and individuals could access the foreign currency they needed at official rates.

Mr Oyalowo, a former banker, said the country also borrowed four billion dollars through bond issuance and that this injection of foreign currency boosted the supply of dollars to the FX market.
By clearing the backlogs, Mr Oyalowo said the CBN had fulfilled its obligations, restoring trust and creating a more stable environment.

Naira

Naira

He said the direct intervention in the market has increased liquidity, making it easier for people to buy and sell foreign currency at official rates.

He said the CBN had sourced and deployed over eight billion dollars to stabilise the FX market by meeting existing obligations and increasing market liquidity.

Economy

Bonga South-West Aparo Project: NNPC, OML 118 Contractor Parties Execute PSC and DSA Addenda

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NNPC

Bonga South-West Aparo Project: NNPC, OML 118 Contractor Parties Execute PSC and DSA Addenda

The Nigerian National Petroleum Company Limited (NNPC Ltd), and the OML 118 Contractor Parties — Shell Nigeria Exploration and Production Company Limited (SNEPCo), Esso Exploration and Production Nigeria (Deepwater) Limited, and Nigerian Agip Exploration Limited (NAE) — today executed the Addendum to the OML 118 Production Sharing Contract (PSC) and the Addendum to the Dispute Settlement Agreement (DSA), marking a major milestone in the advancement of the deepwater Bonga Southwest/Aparo project (BWSAp) towards Final Investment Decision (FID).
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… Project to Attract $15-21bn Investment, to Become Nigeria’s Largest Deepwater Development.

The execution gives effect to the fiscal and commercial terms approved by the Federal Government to support the development of BSWAp and it reinforces Nigeria’s commitment to creating a competitive, stable and attractive environment for large-scale deepwater investment.

The milestone follows the approval by President Bola Ahmed Tinubu of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, an important component of the Federal Government’s ongoing reforms to enhance the competitiveness of Nigeria’s deepwater sector and unlock new investment. The BSWA PSC and DSA Addenda demonstrate the practical impact of these reforms in translating policy into investment and project development.

BSWAp is expected to be one of Nigeria’s largest deepwater developments, with the potential to attract US$15 billion to US$21 billion in investment over the life of the project and achieve peak production of about 175 kbopd of oil and 140 mmscfd of gas. The development is expected to contribute significantly to Nigeria’s economy through increased oil and gas production, government revenues, foreign exchange earnings, local content development, employment and expanded opportunities for Nigerian businesses.

Speaking on the milestone, the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, said: “The execution of the BSWAp PSC and DSA Addenda demonstrates the effectiveness of President Tinubu’s reforms in translating policy into investment. This is about unlocking a major deepwater project and demonstrating that Nigeria has a competitive fiscal framework and a clear pathway for sustainable investment in its energy sector. NNPC Ltd will continue to work closely with the Federal Government, our partners and other stakeholders to ensure that this project delivers maximum value for the Federation and the Nigerian people.”

The Contractor Parties also announced the successful completion of the project’s Pre-Front End Engineering Design (Pre-FEED) phase, marking an important milestone in maturing the technical and commercial scope of the development and positioning the project to progress into the Front End Engineering Design (FEED) phase, subject to applicable partner, assurance and governance requirements.

Following a competitive selection process, a bidder has been identified as the preferred Floating Production Storage and Offloading (FPSO) contractor for the BSWA project, subject to completion of applicable partner, regulatory, assurance and governance processes. The selection provides a basis for progressing the FPSO concept into FEED and for undertaking the further engineering and commercial work required to mature the project towards FID. Any eventual award of the FPSO Engineering, Procurement, Construction and Installation (EPCI) contract remains subject to the completion of all applicable approvals and requirements.

Once operational, BSWAp is expected to become one of Nigeria’s most significant new deepwater production hubs, contributing materially to national oil production and supporting the country’s ambition to sustainably grow oil and gas output over the coming years.

The project is expected to deliver substantial benefits to Nigeria through billions of dollars of investment, increased participation by Nigerian contractors and suppliers, and significant direct and indirect employment opportunities across engineering, fabrication, offshore construction, logistics and operations.

BSWAp is also expected to strengthen Nigerian content through increased contracting opportunities for indigenous companies, enhance local fabrication, marine and engineering capabilities, facilitate technology transfer and skills development, and create lasting value across the wider Nigerian economy.

NNPC

NNPC

The milestone reflects the strong collaboration among NNPC Ltd, the Federal Government, relevant regulatory agencies and the OML 118 Contractor Parties , and reinforces Nigeria’s position as a competitive destination for deepwater investment.

NNPC Ltd reaffirmed its commitment to working with all stakeholders to advance the BSWA project safely, competitively and responsibly, while maximising value for Nigeria and the Nigerian people.

Andy Odeh
Chief Corporate Communications Officer
NNPC Limited
24th August 2026
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Umahi, Sanwo-Olu, Abiodun, Others Grace Shekina and Shope’s Wedding in Lagos

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Sanwo-Olu

Umahi, Sanwo-Olu, Abiodun, Others Grace Shekina and Shope’s Wedding in Lagos

It was a celebration of love, family, friendship and distinguished personalities in Lagos on Saturday, August 22, 2026, as Shekina Chidinma Umahi and Shope Alexandra Ayinde were joined in holy matrimony at the Redeemed Christian Church of God (RCCG) Powerlink Chapel, Lekki Phase 1, Lagos.
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Shekina, a niece of the Honourable Minister of Works, Senator Engr. David Umahi, CON, is the daughter of Maj. Gen. (Rtd.) Pastor Obi Abel Umahi, DSc, OFR, while Shope is the son of Commodore NN (Rtd.) Deacon Adebayo Abidemi Ayinde.

The wedding brought together governors, senior government officials, lawmakers, business leaders, traditional rulers, captains of industry, family members and friends from across the country to celebrate the young couple.

The Honourable Minister of Works, who also serves as the Deputy Director-General of Infrastructure, Mobilization and Sensitization of the 2027 APC Presidential Campaign Council, Senator Engr. David Umahi, CON, was present at the ceremony to celebrate with his niece and the families of the newlyweds and was joined by the Governor of Lagos State, His Excellency Babajide Sanwo-Olu; Governor of Ogun State, His Excellency Dapo Abiodun, CON; and Governor of Abia State, His Excellency Dr. Alex Otti, who chaired the occasion.

In his opening remarks as Chairman of the occasion, Governor Alex Otti described marriage as a lifelong commitment and urged the newlyweds to embrace patience, understanding and tolerance as they begin their journey together.

With humour, the Abia State Governor stressed the permanence of marriage, telling the couple that they should approach their union with a strong commitment to making it work.

“I want to tell you in advance that I won’t be present and as such, I declare that this marriage is indissoluble,” he said.

In separate remarks, the parents of the bride and groom expressed gratitude and joy at witnessing the marriage of their children.

They praised Shekina and Shope for distinguishing themselves through their formative years and into adulthood, describing them as outstanding young people who had continued to make their families proud.

They prayed for God’s guidance, peace, happiness and prosperity in their marriage and wished them a fulfilling life together.

The Umahi family also formally welcomed the couple with the presentation of family gifts.

On behalf of the Umahi family, the Chairman of the Uburu Traditional Rulers Council, HRH Eze Laz Umahi, PhD, presented the gifts to the newlyweds.

The ceremony attracted a gathering of political leaders, statesmen and captains of industry.

Other governors present at the event included the Governor of Ebonyi State, Rt. Hon. Francis Nwifuru, represented by his deputy, Her Excellency Patricia Obila; Governor of Enugu State, His Excellency Peter Mbah, represented by his deputy, Barr. Ifeanyi Ossai; Governor of Kogi State, His Excellency Usman Ododo, represented by his deputy, Comrade Joel Oyibo; Governor of Edo State, Senator Monday Okpebholo, represented by the Commissioner for Public Safety and Security, Rt. Hon. Festus Ebea; and Governor of Anambra State, His Excellency Chukwuma Soludo, represented by the Commissioner for Information, Dr. Law Mefor.

Among the captains of industry, statesmen and
other distinguished personalities at the occasion were Mr. Tony Elumelu, Chairman of Heirs Holdings; Dr. Adebowale Adedokun, Director-General/Chief Executive Officer of the Bureau of Public Procurement; Admiral Alison Madueke, GCON, former Chief of Naval Staff; Mr. Oliver Alawuba, Group Managing Director of UBA, represented by Chidi Okpara; Prof. Patrick Utomi; Mr. Adebiyi Olalekan, Managing Director/Chief Executive Officer of Lorelei Construction Limited; Engr. Solomon Dacree; Ifeanyi Chukwuma Odii, Chairman of Orient Global Limited; Chief Ifeanyi Clement Okorie, Chairman of Rock Results Group; and Barr. Chioma Nweze, Senior Special Assistant to the President on Community Engagement (South East), among others.

The Ministry of Works was also represented at the ceremony, with the Minister of State for Works, Rt. Hon. Bello Goronyo; Senator Allwell Onyesoh, Chairman of the Senate Committee on Works; Hon. Akin Alabi, Chairman of the House Committee on Works; and Engr. Musa Saidu, Director of Highways, Bridges and Designs, among others, joining in the celebration.

Sanwo-Olu

Umahi, Sanwo-Olu

Other members of the Umahi family at the ceremony included HRH Eze Laz Umahi, PhD, Chairman of the Uburu Traditional Rulers Council; Barr. Roy Umahi, SAN, FCArb, of Roy and Associates; and Chief Austine Umahi (Anyanwu Igbo), Chairman of the Amino Kano University Board.

The wedding provided a memorable gathering of the two families, their friends and well-wishers, with guests celebrating the union and offering prayers and goodwill for a happy, peaceful and enduring marriage.

Francis Nwaze, FIPMD
Senior Special Assistant to the Honourable Minister of Works (Media)
Sunday 23, 2026
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Umahi Emerges Deputy Director-General for Infrastructure, Mobilisation and Sensitisation

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Umahi Emerges Deputy Director-General for Infrastructure, Mobilisation and Sensitisation

President Bola Ahmed Tinubu, GCFR, has approved the constitution of the 2027 All Progressives Congress (APC) Presidential Campaign Council, bringing together prominent political leaders, experienced strategists and grassroots mobilisers to coordinate the campaigns ahead of the 2027 General Elections.
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Among the key appointments is that of the Honourable Minister of Works, Senator Engr. David Umahi, CON, FNSE, FNATE, who emerges as the Deputy Director-General, Infrastructure, Mobilisation and Sensitisation of the 2027 APC Presidential Campaign Council.

The appointment places Senator Engineer Umahi at the heart of the campaign’s strategic machinery, particularly in the critical areas of infrastructure advocacy, political mobilisation and nationwide sensitisation.

As Deputy Director-General responsible for Infrastructure, Mobilisation and Sensitisation, he is expected to bring his wealth of experience as a former Deputy Governor, Governor, and Senator, and a serving Minister of the Federal Republic, and seasoned political leader to bear in taking the achievements and infrastructure developmental strides of the Renewed Hope Administration to Nigerians across the country.

Sen. Engr. Umahi’s remarkable record in infrastructure development, his extensive political experience and network, and his grassroots engagement are expected to strengthen the campaign’s capacity to communicate the Renewed Hope Administration’s achievements and mobilise support across the length and breadth of the Federation.

The Council will be led by Senator Abdulaziz Yari, former Governor of Zamfara State and a serving Senator representing Zamfara West Senatorial District, who has been appointed as the Director-General of the 2027 APC Presidential Campaign Council.

The Council also comprises other distinguished political leaders, former Governors, serving Senators, Ministers, party leaders and experienced grassroots mobilisers, reflecting the President’s commitment to assembling a broad-based and formidable campaign team with the experience, national reach and political capacity required for the task ahead.

The appointment underscores the importance attached to political mobilisation, grassroots sensitisation, infrastructure advocacy and national coordination as the APC prepares to take the message and achievements of the Renewed Hope Administration to every part of the country.

With Senator Yari providing overall leadership as the Director-General and Senator Engr. Umahi, serving as the Deputy Director-General for Infrastructure, Mobilisation and Sensitisation, the Council is well positioned to drive an effective national campaign and strengthen engagement with Nigerians.

There's No Bias Against North In Federal Projects Says Umahi

Umahi

The appointment of Senator Umahi to this strategic position is in recognition of his outstanding leadership qualities, vast political experience, and proven capacity in infrastructure development and national mobilisation.

Mohammed A. Ahmed,
Director, Information and Public Relations.
22 August, 2026.

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