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World Entourage Magazine, No4, Suite 58 Jam Nab Plaza, Akintola Boulivard, Garki II, Abuja, Garki (2026)

04/09/2026

Naira Hits Strongest Level in Years as It Posts Record Appreciation Against the Dollar

The Nigerian naira has recorded one of its strongest performances against the US dollar in recent years, extending a sustained rally that has pushed the currency to multi-year highs and positioned it for its best annual gain since 2018.

In the official Nigerian Foreign Exchange Market (NFEM), the naira strengthened to around ₦1,315–₦1,326 per dollar in early September 2026 sessions, with mid-market rates hovering near ₦1,320–₦1,325. This marks a notable improvement from levels above ₦1,400 earlier in the year and represents the currency’s firmest position in about two years.

Analysts attribute the appreciation to improved foreign exchange liquidity driven by higher oil prices, record diaspora remittances, and ongoing reforms in the FX market. Nigeria’s external reserves have climbed to an 18-year high of approximately $53.99 billion, providing the Central Bank of Nigeria (CBN) with stronger buffers to support the local currency. Remittance inflows through formal channels reached a record $947 million in July alone, approaching the CBN’s $1 billion monthly target.

According to Bloomberg and local market reports, the naira has already gained about 8% against the dollar year-to-date. Projections from investment firms suggest it could strengthen further to around ₦1,290 by year-end, potentially delivering a full-year appreciation of nearly 12% — its strongest annual performance in at least eight years. Forecasts from firms including CardinalStone, Zedcrest Capital, Cordros Securities, and MDU Capital place the year-end range between ₦1,200 and ₦1,350.

Market participants note that the naira has largely shrugged off typical pre-election pressures, with strong dollar inflows helping to offset potential demand spikes. Parallel market rates have remained higher (around ₦1,400), widening the premium slightly, but overall market confidence has improved amid rising FX turnover in the official window.

The sustained strengthening is expected to ease import costs, support inflation moderation, and boost investor sentiment, though analysts caution that sustained reforms and continued inflows will be critical to locking in the gains through the remainder of 2026.

04/09/2026

Dangote Signals Refinery IPO Launch Imminent as Africa’s Largest Listing Nears

LAGOS — Aliko Dangote, Africa’s richest man and founder of the Dangote Group, has indicated that the long-awaited initial public offering (IPO) of Dangote Petroleum Refinery & Petrochemicals is set to open within days, positioning what is expected to become the continent’s largest-ever stock market listing.

The 650,000-barrel-per-day facility in the Lekki Free Trade Zone, which reached full nameplate capacity earlier this year, has already drawn intense investor interest. Company sources and regulatory filings point to a primary listing on the Nigerian Exchange (NGX), with a target raise of up to $5 billion at a valuation in the region of $40 billion. Proceeds are earmarked to fund further capacity expansion and strengthen the refinery’s balance sheet as it continues to reduce Nigeria’s dependence on imported fuels and position the country as a regional exporter of refined products.

The IPO follows a successful $2.5 billion private placement completed in July that was 3.7 times oversubscribed. That earlier round, which valued the business at approximately $40 billion, attracted strong participation from development finance institutions, sovereign-linked funds and institutional investors, including the Africa Finance Corporation.

Dangote has repeatedly described the public offering as a “people’s IPO,” designed to give ordinary Nigerians and African investors the chance to own a stake in one of the continent’s most significant industrial assets. CEO David Bird has emphasised a retail-focused structure, with no immediate plans for a foreign listing. Management has indicated that an overseas listing would only be considered after at least three years of proven operational and financial performance.

Nigeria’s Securities and Exchange Commission (SEC) received the formal IPO application in recent months. Regulatory approval and publication of the prospectus are the final steps before the subscription window opens. Market observers note that the timing coincides with improved sentiment around Nigerian equities following the country’s readmission to the FTSE Russell Frontier Market Index.

If successful, the listing is expected to significantly deepen the NGX, potentially accounting for a meaningful portion of the exchange’s market capitalisation and setting a new benchmark for large-scale industrial IPOs across Africa.

Investors are being urged to rely solely on official regulatory disclosures and authorised channels once the offer formally opens. Unofficial solicitations remain unauthorised.

30/08/2026

Petrol Prices Climb Nationwide as Dangote Refinery Hikes Gantry Rate

Petrol prices at filling stations across Nigeria have risen following a fresh increase in the gantry (ex-depot) price announced by Dangote Petroleum Refinery.

The refinery raised its Premium Motor Spirit (PMS) gantry price from ₦1,200 to ₦1,265 per litre, effective Saturday, 29 August 2026. This marks the third upward adjustment in about eight days, taking the cumulative increase over the period to ₦100 per litre.

In a price change notice to customers, Dangote also increased the coastal delivery price from ₦1,582,380 to ₦1,669,545 per metric tonne. The company directed marketers to return existing Authorisation to Collect documents for repricing and said new volume contracts would be issued to resume loading under the revised rates.
Marketers have begun reflecting the higher depot cost at the pump. In Abuja, several stations adjusted prices upward over the weekend. Optima outlets raised their rate to ₦1,300 per litre, while NNPC Retail and AY Shafa moved to around ₦1,270. Similar adjustments were reported in other cities as independent marketers factored in transport, distribution and other downstream costs.

Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said operators had little choice but to review pump prices after the rapid successive hikes, noting that marketers could not continue selling below replacement cost.

The latest increase comes despite a recent decline in international crude oil prices. Industry observers say the adjustments form part of Dangote Refinery’s ongoing response to market conditions, replacement costs and competition with imported products.
Motorists and transport operators are already feeling the impact, with expectations that average retail prices could climb further depending on location and logistics costs. The development adds to pressure on household budgets and the cost of goods at a time when inflation remains elevated.

Dangote Refinery has not issued a detailed public explanation for the successive increases. Further updates from marketers and the refinery are expected in the coming days as the new rates fully filter through the downstream market.

30/08/2026

Nigerian Army Confirms Attempted Hack of Official X Account

The Nigerian Army has confirmed an attempted unauthorised access to its official X (formerly Twitter) account, describing the incident as a cybersecurity breach and urging the public to disregard any suspicious content from the handle.

According to a statement by Acting Director of Army Public Relations, Colonel Appolonia Anele, the breach was detected around 5pm on Saturday, 29 August 2026. The Army said it immediately activated technical and protective measures to secure the account, prevent further unauthorised access, and protect the integrity of information shared on the platform.
“The Nigerian Army assures members of the public, the media and other stakeholders that appropriate measures are underway to fully secure the affected account and restore exclusive administrative control,” the statement said.

The Army advised Nigerians and the media to exercise caution and ignore any suspicious, unauthorised, misleading or unverified posts from the compromised account, stressing that such content does not reflect its official position. It also directed the public to verify information through its other verified channels while efforts continue to resolve the incident.

Those alternative platforms include:
• Facebook: and
• Instagram: and
• X:
• YouTube: and

Some observers reported that the account began posting memecoin-related updates around the time of the breach. The Army has not publicly detailed the nature of any unauthorised posts or identified those responsible.

The incident comes roughly two weeks after a similar cybersecurity breach targeted the Defence Headquarters’ official X account (), which was later recovered. In both cases, military authorities treated the events as cybersecurity matters and warned the public against relying on potentially compromised content.

The Nigerian Army reiterated its commitment to information integrity, operational security and responsible communication, thanking the public for its vigilance and cooperation. Further updates are expected as the situation develops.

26/08/2026

Army Chief Commissions Critical Care Centre and Helipad in Kaduna to Boost Troop Medical Support

The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, on Tuesday commissioned the newly completed Waidi Shaibu Critical Care Centre and a modern helipad at the 44 Nigerian Army Reference Hospital (44 NARH) in Kaduna.

The facilities form part of broader efforts to strengthen combat medical support, improve troop welfare, and enhance operational readiness. Shaibu also commissioned newly completed officers’ accommodation at Ribadu Cantonment and a 30-patient transit accommodation facility at the hospital.
Speaking at the ceremony, the Army Chief described the Critical Care Centre and helipad as strategic interventions aimed at reducing casualty evacuation time, improving survival and recovery rates, and sustaining troop morale. He stressed that timely access to quality medical care remains essential to maintaining combat effectiveness.

“The strength of any fighting force is not measured by weapons alone, but also by the quality of care given to those who bear the burden of national security,” Shaibu said.

The Critical Care Centre, named after the COAS in recognition of his contributions to healthcare delivery and personnel welfare, is equipped to handle trauma, intensive care, and other complex medical cases. This capability is expected to reduce the need to refer critically injured or ill personnel to external facilities.

The helipad, initiated under the leadership of the Chief of Defence Staff, General Olufemi Oluyede, during his tenure as COAS, will enable rapid air evacuation of wounded soldiers from operational theatres to definitive care at the hospital. Shaibu commended Oluyede for his foresight, noting that the facility would significantly shorten evacuation times and enhance chances of survival.

He directed medical and aviation units to maintain round-the-clock readiness and proper upkeep of the helipad. The other projects commissioned were largely welfare-focused, particularly accommodation designed to improve living conditions for personnel and their families.

The commissioning reaffirms the Nigerian Army’s commitment to prioritising the health and welfare of its troops as a core element of operational effectiveness.

25/08/2026

ACC Onoja Vows Intensified Crackdown on Illegal Mining After CG’s Meritorious Award

The Commander of the Mining Marshals of the Nigeria Security and Civil Defence Corps (NSCDC), Assistant Commandant of Corps (ACC) Attah John Onoja, has pledged to intensify the fight against illegal miners, mineral thieves and other criminal elements across the country.

Onoja made the commitment while receiving a Meritorious Award from the Commandant General of the NSCDC, Professor Ahmed Abubakar Audi.

The recognition highlighted his leadership in the ongoing campaign to protect Nigeria’s solid mineral resources and restore order to the mining sector. In his response, Onoja described the honour as both a privilege and a call to greater service, reaffirming the Mining Marshals’ resolve to disrupt illegal operations, seize equipment used in unlawful activities, and ensure that those involved face the full weight of the law.

He dedicated the award to the Commandant General, crediting Professor Audi’s visionary leadership and institutional support for the successes recorded by the unit. Onoja also acknowledged the courage and professionalism of officers and men of the Mining Marshals who continue to operate in challenging environments to safeguard the nation’s mineral wealth.
The commander stressed the need for sustained collaboration with relevant stakeholders, intelligence-led operations and strict enforcement of mining laws. He noted that illegal mining not only deprives the country of vital revenue but also fuels environmental degradation and related criminal activities.

Onoja assured that the Mining Marshals remain committed to promoting lawful mining practices and ensuring the solid minerals sector contributes meaningfully to national development under the guidance of the Corps leadership.

24/08/2026

Nigerian Army Deploys Troops for Rescue Mission After Terrorist Raid on Villagers in Niger State

The Nigerian Army has launched a rescue operation for residents abducted by terrorists in the Dekara District of Borgu Local Government Area, Niger State.

According to an operational report obtained by the News Agency of Nigeria (NAN) on Sunday, troops were deployed to the area following the attack on Friday, in which several residents were seized and some were killed.
Dekara lies along the Nigeria-Benin Republic border on the fringes of the Kainji Lake National Park. The terrain is difficult to access and has reportedly served as a mobility corridor for terrorists operating from the park forest.

Military authorities had earlier ordered the deployment of troops to Dekara to establish a blocking position ahead of a planned clearance operation inside the park. Fresh troops from another sector were also being prepared to deny the terrorists freedom of movement in the forest.

However, while the soldiers were still en route on Friday, the terrorists struck the village, abducting several people and killing others. Troops arrived later the same day, took up positions, and subsequently repelled a follow-up attack by the militants. No casualties were recorded among the soldiers. One AK-47 r***e and other items were recovered from the attackers.

The Army said it has yet to determine the exact number of people abducted or killed, as some residents fled across the border into Benin Republic before troops arrived. Efforts are underway to locate the missing persons and establish the full scale of the attack.
Military authorities assured that further updates on the ongoing rescue operation would be provided as developments unfold.

24/08/2026

Oil prices drop more than $1 a barrel as markets await U.S. sanctions announcement on Iran

Oil prices slipped more than $1 a barrel on Monday as traders booked profits ahead of an expected U.S. announcement of additional sanctions on Iran that could further disrupt Middle East energy supplies.
Brent crude futures fell about $1.23, or 1.3%, to around $93.16 a barrel, while U.S. West Texas Intermediate crude declined roughly $1.36, or 1.6%, to about $85.70. Both benchmarks had posted second consecutive weekly gains of more than 5% last week after U.S.-Iran peace talks stalled, prolonging restrictions on shipments through the Strait of Hormuz, a chokepoint that normally carries about a fifth of the world’s oil supply.

U.S. Treasury Secretary Scott Bessent is scheduled to hold a press conference at 2 p.m. EDT (1800 GMT) to detail what he has described as “the toughest sanctions in history” on Iran.

President Donald Trump has also threatened measures against countries that continue trading with Tehran. Bessent has framed the effort as an “economic D-Day,” calling it the greatest financial offensive ever marshaled against an adversary and comparing the approach to past pressure campaigns against Cuba and Venezuela.
Iran has rejected the planned measures. President Masoud Pezeshkian called for a diplomatic solution, while other officials described the threatened sanctions as ineffective “economic terrorism” and vowed a strong response. One senior Iranian figure warned that if the economic pressure continues, “not a single drop of oil will be exported” from the Persian Gulf.

The six-month-old conflict has already sharply reduced oil flows from the region. Analysts noted that while immediate supply impacts from new sanctions may be limited—Iranian exports are already constrained by a U.S. naval blockade—any further escalation or retaliation could renew upward pressure on prices. Markets remain focused on whether the measures will succeed in isolating Iran economically or prolong disruptions through the critical waterway.

20/08/2026

Army Relocates Tactical Headquarters to Mangu, Launches Operation Hard Nut After Deadly Attack

The Nigerian Army has moved its tactical headquarters to Mangu Local Government Area of Plateau State and launched a new security operation codenamed Operation Hard Nut, following a deadly attack that left about 25 people dead in the Bi Mper (also reported as Binper or Bimper) community.

Major General Maxwell Dangana, General Officer Commanding (GOC) 3 Division and Commander of Operation Enduring Peace, announced the relocation on Wednesday while addressing troops at the Mangu Local Government Council headquarters. He said he would base himself in the area for two weeks to provide direct, on-the-spot supervision of operations and assess the security situation in real time.

The move comes in response to the early-morning assault on Tuesday, 18 August 2026, in which gunmen attacked residents in their homes. General Dangana stated that the operation aims to flush out terrorists and other criminal elements responsible for repeated attacks in Mangu and surrounding communities, restore peace, and rebuild residents’ confidence.
He disclosed that the Chief of Army Staff has approved the deployment of additional troops, equipment, and operational resources to support the mission. Addressing the soldiers, he emphasised that they now have the necessary manpower and logistics to confront threats effectively and instructed them to respond decisively to any armed aggression.

“My tactical headquarters is here. I’m going to be here to have a close view of what is happening and be able to have an on-the-spot assessment, and anyone that comes to disturb the peace here will be removed,” he said.

In a related development, the Plateau State Police Command confirmed the arrest of a suspect believed to be the mastermind of the Bi Mper attack. Police said investigations are ongoing to track down other perpetrators.

The relocation of the tactical headquarters from Jos is intended to improve response times, strengthen coordination, and ensure sustained military presence in the affected communities as Operation Hard Nut gets underway.

19/08/2026

Seven killed in Kenya safari helicopter crash, including five Americans and Ecuador’s intelligence chief

Breaking News: A tourist helicopter crashed in a remote area of northern Kenya on Wednesday, killing all seven people on board, including five Americans and Ecuador’s intelligence chief, authorities said.

The Eurocopter EC130 B4 went down at approximately 9:13 a.m. local time near Mount Ololokwe in Samburu County while flying from the Loisaba Conservancy toward the Ewaso Nyiro area. The Kenya Civil Aviation Authority confirmed the aircraft was carrying six passengers and one pilot on a scenic flight.
Among the dead was Michele Sensi-Contugi, director general of Ecuador’s National Intelligence Center (also referred to as the Center for Strategic Intelligence), and his wife, Stephany Hollihan Vasconez, a dual U.S.-Ecuadorian citizen. Ecuador’s presidential office and transport minister confirmed their deaths and expressed condolences, noting the couple leaves behind two children. Sensi-Contugi, a businessman and close associate of President Daniel Noboa, had been appointed to the intelligence role in 2024.

The U.S. State Department confirmed that five American citizens died in the crash. One of those identified was José Alberto Suárez, president and general manager of several Telemundo stations in Florida. Telemundo and NBCUniversal executives issued statements mourning his loss. Other American victims included individuals reported in local coverage as Miami-based professionals, though full official identification of all passengers remained incomplete in initial reports.

The aircraft, registration 5Y-GYM and operated by Lady Lori Helicopters, was carrying guests of the luxury safari company &Beyond. Rescue teams from the Kenya Red Cross and other agencies faced difficult terrain and reported fire at the crash site; drones were used for assessment. An investigation into the cause of the accident is underway.

Kenyan police and aviation officials confirmed there were no survivors. The U.S. Embassy in Kenya said it was providing consular assistance and coordinating with local authorities.

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