Former international Julius Aghahowa has backed the Super Eagles to beat the Amavubi of Rwanda.

The Super Eagles must secure maximum points against the East Africans to revive their 2026 World Cup hopes.

The three-time African champions are winless in Group C with three draws and one defeat.

Rwanda beat Nigeria 2-1 in a 2025 Africa Cup of Nations qualifier in Uyo last November.

Aghahowa is however confident the Super Eagles will triumph this time around.

“I am confident if they go in to the game with the right mentality, they will win in Rwanda,” the former Super Eagles striker was quoted by SCORENigeria.

“The boys are on top form, their talent is never in doubt, but they have to work on their mentality when they play for the country.

“Some of them see playing for the Super Eagles as a holiday, but if they gave 120% for Nigeria, we will get the result we need.”

[DailyPost]

Nigeria, alongside nine other African countries, accounts for 69 per cent of the continent’s total external debt stock, according to a new report by the African Export-Import Bank (Afreximbank).

The report, African Debt Outlook: A Ray of Optimism, highlights Nigeria’s significant debt burden, placing it among the top three most indebted countries, with 8 per cent of Africa’s total external debt.

It identifies South Africa as the largest debtor with 14 per cent of Africa’s external debt, followed by Egypt at 13 per cent.

Morocco and Mozambique each account for 6 per cent, while Angola holds 5 per cent. Kenya and Ghana have 4 per cent each, and Côte d’Ivoire and Senegal hold 3 per cent each.

The report attributes the high levels of debt to external borrowing driven by underdeveloped financial markets, volatility in foreign exchange earnings, and the need for infrastructure financing.

It read, “In the first half of 2024, ten African nations constituted 69 percent of the continent’s total external debt stock, up from 67 percent in 2023. The countries leading this metric are South Africa (14 percent), Egypt (13 percent), Nigeria (8 percent), Morocco (6 percent), Mozambique (6 percent), Angola (5 percent), Kenya (4 percent), Ghana (4 percent), Côte d’Ivoire (3 percent), and Senegal (3 percent).” 

Nigeria’s debt burden in context 

Nigeria’s share of Africa’s external debt highlights its reliance on international borrowing to finance budget deficits and critical infrastructure. The country has consistently accessed Eurobond markets, concessional loans from multilateral institutions, and other external financing options to bridge revenue gaps. Afreximbank estimates Africa’s total external debt stock at $1.16 trillion in 2023, with projections indicating an increase to $1.29 trillion by 2028.

Nigeria remains a key player in international capital markets, issuing a $2.2 billion Eurobond in December 2024 to manage debt obligations.

The report highlights the increasing role of private creditors in Africa’s debt structure as multilateral institutions like the World Bank and IMF scale back lending.

With private creditors offering higher-yield instruments, many African governments, including Nigeria, are turning to Eurobonds to finance fiscal shortfalls. While this approach provides immediate capital, it also carries risks, as commercial borrowing tends to come with higher interest rates and shorter maturities than concessional loans.

The report classifies Nigeria’s debt risk as “moderate” alongside South Africa and Morocco. However, it warns of rising external borrowing costs amid tighter global financial conditions. Africa’s average cost of borrowing surged to 8.2 per cent in 2024, significantly higher than the stable 5.4–6.3 per cent range observed between 2008 and 2019.

With interest payments accounting for an increasing share of government revenue, Nigeria faces additional fiscal pressures.

Afreximbank highlights that in 2024, the ratio of interest payments to government revenue in Africa peaked at 27.5 per cent, up from 6.8–19 per cent in previous years. This mounting debt service obligation continues to strain budgets and limit fiscal flexibility.

A changing debt landscape and optimistic projections 

Despite the rising debt burden, Afreximbank maintains an optimistic outlook, forecasting a gradual decline in Africa’s debt-to-GDP ratio from 69.9 per cent in 2024 to 61.7 per cent by 2028.

For Nigeria, improved fiscal management, economic diversification, and enhanced access to capital markets are expected to help stabilise its debt trajectory.

Favourable macroeconomic conditions, stable interest rates, and improving credit ratings are cited as factors that could ease debt concerns across Africa.

The report notes that countries such as Ethiopia, Sudan, and Zambia have benefited from debt restructuring under the G20 Common Framework and the Paris Club, a model Nigeria could explore if necessary.

Global monetary easing is another factor shaping the outlook for debt. The U.S. Federal Reserve and other major central banks have begun reducing interest rates, a move expected to lower borrowing costs for African economies, including Nigeria.

While Afreximbank presents an optimistic medium-term outlook, it also outlines risks that could undermine debt sustainability. Weak domestic revenue mobilisation remains a major challenge for Nigeria, given its dependence on oil revenues, which exposes the country to external shocks.

The country’s high fiscal deficits necessitate further borrowing, increasing exposure to global interest rate fluctuations. Currency depreciation remains another risk, as a weaker naira raises the cost of servicing external debt.

Afreximbank recommends that countries adopt stronger debt management strategies, including improving tax revenue collection, engaging with debt relief frameworks, and diversifying the economy by investing in manufacturing, agriculture, and renewable energy.

The report also calls for reforms in the global financial system to ensure fairer lending terms and better access to concessional financing for African economies.

[Nairametrics]

On 23 October 2024, Nigeria dropped criminal charges against Tigran Gambaryan, a Binance executive arrested in February 2024 and prosecuted, alongside his company, for money laundering, tax evasion and currency speculation.

In asking the judge, Emeka Nwite, to discontinue Mr Gambaryan’s trial that day, R.U. Adaba, a prosecutor from the Economic and Financial Crimes Commission (EFCC), hinted that the charges against the American were being withdrawn for “some critical international and diplomatic reasons”.

The lawyer did not provide details. However, she cited Mr Gambaryan’s worsening health in custody as the main reason for dropping the charges. On being freed from the Kuje Correctional Centre that same day, American officials in Nigeria immediately arranged an emergency flight, which hurriedly flew the Binance official to the US.

PREMIUM TIMES learnt that the 23 October court hearing leading to the Binance official’s freedom followed months of intense, behind-the-scenes diplomatic negotiations between Nigerian and US government officials. Some high-level and reliable sources confided in some of our reporters that in the weeks leading up to the hearing, some top American officials, including then-President Joe Biden, intensely campaigned for the release of Mr Gambaryan, engaging relevant Nigerian authorities through letters, frantic telephone calls, and a flurry of online meetings. A deal was then hammered out.

When we initially received that information, details were sketchy. Officials contacted on both sides insisted the talks and agreements reached were confidential. But following months of interviews with sources familiar with the matter and a review of documents, PREMIUM TIMES can now report with more clarity the back-channel diplomatic pressures that pushed Nigeria into suddenly freeing Mr Gambaryan, a highly-prized suspect whose bail application it fiercely opposed for months.

Mr Gambaryan, Binance Holdings Limited’s head of financial crime compliance, and Nadeem Anjarwalla, the crypto exchange platform’s Africa regional manager, were detained on 26 February 2024 for failing to cooperate with law enforcement agencies investigating how crypto exchange firms, including Binance, were sabotaging the Nigerian economy and causing the West African nation substantial financial loss.

Nigeria said Binance conducted $21.6 billion worth of transactions within its territory in 2023 alone. In a briefing document seen by this newspaper, it said that despite this, the company disregarded Nigerian law by failing to comply with a court order mandating it to release critical data to authorities. “By refusing to cooperate with Nigerian authorities, the platform has not only evaded its tax obligations but has also raised significant concerns about its potential in facilitating illicit financial activities,” the document said. “The implications of such activities directly threaten Nigeria’s financial integrity and national security.”

The Economic and Financial Crimes Commission (EFCC) and the Federal Inland Revenue Service (FIRS) then filed two separate cases against the executives and their company. Authorities described the action as crucial for local regulatory compliance and key to Nigeria’s broader efforts to combat financial crimes, safeguard its economic interests, and prevent the misuse of digital platforms for terrorism financing and money laundering.

But no sooner had Nigeria commenced the prosecution of the suspects than the US government began to pile pressure on Nigerian authorities to release Mr Gambaryan, described as a former agent with the American secret service. That pressure was initially spearheaded by the US Ambassador to Nigeria, Richard Mills Jr., who sent a note to the Nigerian Ministry of Foreign Affairs demanding expedited release of Mr Gambaryan from detention on humanitarian grounds.

The ambassador also repeatedly engaged the Office of the Nigerian National Security Adviser (NSA), officials at the Ministry of Finance and the presidency. “It didn’t matter to the ambassador that Gambaryan and his employers were being tried for several crimes, including tax evasion and money laundering,” an official familiar with the matter told PREMIUM TIMES. “They just wanted us to let him go just because he is an American citizen. They showed no regard for our country’s legal processes.”

With Nigeria standing its ground and insisting the Binance official must complete his trial, the US Embassy in Nigeria escalated the matter to Washington, DC. Several US officials then became involved.

At a meeting in the American capital in May 2024, the then US Secretary of State, Anthony Blinken, raised the matter with his Nigerian counterpart, Yusuf Tuggar. In late April, the Deputy Secretary of State Kurt Campell tabled the matter in a meeting with Nigeria’s National Security Adviser, Nuhu Ribadu.

Other US officials who reportedly engaged Mr Ribadu on Mr Gambaryan’s detention were his US counterpart, Jake Sullivan; Assistant Secretary of State for Africa, Molly Phee; and Director of the Federal Bureau of Investigation (FBI), Christopher Wray, who travelled to Nigeria 12-14 June 2024 to discuss the matter. Mr Wray also met Nigerian President Bola Tinubu during his visit but PREMIUM TIMES could not determine if he discussed the Binance official’s case with the President.

As officials in the executive arm of the US government badgered Nigeria to free Mr Gambaryan, so were the country’s lawmakers. On 4 June 2024, a group of US lawmakers wrote President Joe Biden, Mr Blinken, and Presidential Envoy for Hostage Affairs, Roger D. Carstens, asking them to work for Mr Gambaryan’s freedom. In the well-publicised letter, the members of Congress urged US authorities to treat Mr Gambaryan’s case as a hostage situation and bring him back home without delay.

Seven days later, on 21 June, two federal lawmakers, French Hill and Chrissy Houlahan, travelled to Nigeria to discuss with officials and visit Mr Gambaryan in detention. On 10 July, members of Congress Richard McCormick and French Hill tabled a resolution in plenary asking Nigeria to immediately release the Binance official and urging the American government “to utilise all resources available” to secure Mr Gambaryan’s release.

Still, Nigeria did not bulge. In communication with their American counterparts, Nigerian officials demanded respect for Nigeria as a sovereign country with its own laws. They also rejected the suggestion by US lawmakers and executive branch officials that Mr Gambaryan was being held or treated as a hostage. “He (Mr Gambaryan) and his company offered financial services without the necessary licences, conducted operations without the required permits, failed or refused to comply with the Money Laundering Act and provided speculative services without any proper authorisation,” an official wrote in one exchange seen by PREMIUM TIMES. “It is worthy of observation that Gambaryan is being legally held in the country, not as a hostage but for various crimes committed by him and his company.”

To underscore its seriousness to see Mr Gambaryan’s trial to a logical conclusion, Nigeria instructed its prosecutor to oppose the Binance official’s second bid for bail forcefully. The judge, Emeka Nwite of the Federal High Court in Abuja, had denied the American bail in May 2024, judging him as a flight risk. Mr Gambaryan’s challenge of that ruling was still pending at the Court of Appeal when he, on 11 October, tabled a fresh bail application. The prosecution opposed the application, and the court dismissed it because it constituted an abuse of court process.

The judge said Mr Gambaryan’s request could not be granted while still challenging the earlier bail ruling at the Court of Appeal. Justice Nwite also added that the American failed to convince the court that the Nigerian Correctional Service did not have adequate facilities for his healthcare. The court then adjourned the matter till 18 October, 22 November and 25 November for the continuation of the trial.

That was not the outcome America expected from that 11 October hearing, which signalled Nigeria’s determination to enforce its laws rather than buckle under pressure. What happened in court that day showed Nigeria meant business. America then decided to put its foot forward and negotiate in a more conciliatory manner. The second part of this report will cover what happened next and how both countries struck the deal that culminated in the dropping of charges against the Binance official.

[Premium Times]

The Lagos State Government has yielded to pressure from Petroleum tankers under the aegis of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), Independent Petroleum Marketers Association of Nigeria (IPMAN) and truckers under the Nigerian Association of Road Transport Owners (NARTO) by suspending the commencement of Electronic-Call-Up system at the Lekki-Epe axis of the state. 

In a statement on Tuesday by the Lagos State Ministry of Transportation, the State government said it is suspending the E-Call-Up to allow NUPENG, IPMAN and NARTO to have further engagement with their members. 

According to the statement, “Rising from the meeting which was held at the Conference Room of the Ministry of Transportation,  Lagos State, the Ministry yielded to the request of the Union leaders, ( NUPENG, IPMAN, NARTO and PTD) to suspend enforcement of the e-call-up system to allow them further engagement with their members. 

“The union leaders promised to ensure parking compliance by their members while the engagement meetings are on-going, whilst the Ministry will enforce the E-Call-Up in the event of violation of the promise 

“All parties agreed with the importance of the e-call up system as the best solution for managing trucks movement along Lekki-Epe highway.

“The Meeting was attended by the Commissioner for Transportation,  Mr. Oluwaseun Osiyemi, the Permanent Secretary, Mr. Olawale Musa and Leaders of the NUPENG,  IPMAN, NARTO, and Petroleum Tanker Drivers (PTD), a branch of NUPENG.”

[Nigerian Tribune]

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that petrol prices in Nigeria will continue to decline until June 2025, citing market competition and production efficiencies as key factors.

Speaking on Channels Television’s ‘Business Morning’ on Tuesday, March 4, 2025, monitored by our correspondent, Rewane explained that the recent fuel price reductions by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery signalled a downward trend that will persist in the coming months.

According to him, “So, generally, between now and June, we will see prices begin to decline. But after June, as things stabilize, depending on what happens in the global oil and currency market, we might begin to see some stabilization.”

He emphasised that the ongoing price competition between NNPCL and Dangote Refinery would primarily benefit consumers. “In a price war, nobody wins; the consumers win in the short run, and then eventually, the market goes back to where it should be. But, at the end of the day, between now and June, the price leadership will be firmly established,” he said. He further noted that Dangote Refinery’s ability to reduce prices is largely due to improved production cost efficiency.

Dangote Refinery recently announced a reduction in its petrol pump price, with MRS Holdings stations selling at ₦860 per liter in Lagos, ₦870 per liter in the South-West, ₦880 per liter in the North, and ₦890 per liter in the South-South and South-East. Similarly, AP (Ardova Petroleum) and Heyden stations adjusted their prices to ₦865 per liter in Lagos, ₦875 per liter in the South-West, ₦885 per liter in the North, and ₦895 per liter in the South-South and South-East.

Following this development, NNPCL also lowered its pump price to ₦860 per liter across its stations in Lagos. However, the corporation has yet to make an official announcement regarding the price change.

With the continued adjustments, all eyes remained on the market as analysts anticipate whether prices will stabilise after June, as projected by Rewane.

[Leadership]

Governor Seyi Makinde of Oyo state says he will disclose his preferred successor in January 2026.

Makinde, who was re-elected in 2023, is ineligible for another term.

Speaking on Monday in Ibadan, the Oyo state capital, during the 11th Omituntun Ramadan lecture, Makinde expressed gratitude to Muslim leaders for their support.

He also made a lighthearted remark directed at socialite Abbas Oloko, asking him not to remove his billboard at Isale Alfa, as the image of his chosen successor would be displayed there in January 2026.

He asked Muslim faithful to use the Ramadan season to reflect on the need for peaceful coexistence in society irrespective of religious leanings.

The governor said: “I’m not yet a lame duck. Please leave my billboard at Isale Alfa.

“In January 2026, we know that political activities will start. I will tell you the picture of the person that will be installed there.”

Makinde had also previously stated that he will have a say in his successor.

While receiving a report on public service reforms in October 2024, he declared that he would influence the choice of the next governor, particularly within the Peoples Democratic Party (PDP).

He said: “So those people that are campaigning to be the next governor still have to wait because I still have till May 29, 2027. And I’ll also have a say in who is going to become the next governor.

“I may not have my way, it’s Oyo State people that will decide, but I’ll have a say, especially those in PDP will have me to contend with because I’m still the one controlling the structure.”

The United States should work with China in the same direction to resolve trade disputes through equal-footed consultation, a Chinese spokesperson advised on Tuesday, stressing that pressure or threat will not work.

Lou Qinjian, the spokesperson for the third session of the 14th National People’s Congress, China’s national legislature, made the remarks at a news conference.

Commenting on the US decision to impose an additional 10-per cent tariff on goods imported from China, Lou said the US unilateral tariff move violated the World Trade Organisation rules.

He said the move also disrupted the security and stability of global industrial and supply chains.

“China stands ready to work with the US to address each other’s concerns through dialogue and consultation on the basis of mutual respect, equality, reciprocity and mutual benefit.

“It will never accept any act of pressuring or threatening. We will firmly defend our national sovereignty, security and development interests,” he said.

Lou further stated that China is hoping that the US can return to the path of resolving problems through dialogue and consultation.

[DailyPost]

Movie star Bukky Wright has opened up about the difficulties actresses encounter in their relationships, particularly with Nigerian men. 

In an interview with Ebuka Obi-Uchendu on Channels TV, Wright revealed that many actresses struggle to find suitable partners due to the nature of their profession.

She explained that some men who pursue actresses often have ulterior motives, such as seeking fame or clout, rather than genuine love. 

She further noted that when the “right” men do come along, they often lack the emotional maturity to handle a relationship with a strong, independent woman.

According to Wright, Nigerian men are generally unprepared to embrace the independence and self-sufficiency of a self-made woman.

She said: “To be very honest, it affects homes, it affects your marriage but at the same time do you get the right men to come to you? Most of the time it’s a no, because the men who feel they’re right for you, I had someone ask, where do I start from, I’ll be like seriously? Start from wherever, start from the beginning, you’re a man, and I’m a woman. But unfortunately, you get to find out that the men that have the guts to talk to you as an actress are probably, I don’t want to say, clout chasers.

“But you won’t blame the women in the Industry because these are the men that come up to them, and for somebody that has that kind of intention, what do you expect out of that marriage? And at times when the right men come, a lot of them don’t have what it takes to be with a self-made woman or a popular actress, sometimes they get jealous on what they’re not supposed to get jealous on forgetting that you met this woman doing this job, you saw her on the screen as an actress, you saw her as a self-made woman before you approached her, so what is it you’re jealous of, is it the fame or what?

“Because I’ve seen a lot of things, I’m going to say this has happened to me, I’ll just say that Nigerian men are not ready for a self-made woman. I’m sorry if this comes as an insult, but are you ready for a self-made woman? Are you ready for an independent woman? because if you want an independent woman or if you want a strong woman, trust me there are some things that you can’t get”.

She concluded that men who desire a submissive partner should consider seeking someone who is not ambitious or driven, as a strong-willed woman will inevitably rebel against attempts to suppress her aspirations.

“But if you want a woman that will always succumb to you, I’ll say go to your village, and get somebody that is not aspiring to be anything in life because if a woman is aspiring to be something and you marry her, and you’re now trying to pull her down, she’ll rebel”, she added.

[TheNation]