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Articles by Ken Ibenne
Fleetwood Town Dump Premier League Champions Arsenal Out of Carabao Cup
Fleetwood Town have stunned Premier League champions Arsenal with a penalty shootout victory to book their place in the Carabao Cup quarter finals. Arsenal were stunned early on when Aaron Loupalo Bi gave Fleetwood the lead in the 21st minute, putting the visitors in a precarious position in what will be an embarrassing exit for them against opposition 84 places below them in the English football pyramid.
Dangote Refinery IPO Attracts $1.6 Billion as Investors From 119 Countries Apply
The Dangote Petroleum Refinery IPO has attracted subscription of up to $1.5 billion and $1.6 billion from local and retail investors. International subscriptions have also been high, which may lead to oversubscription in the deal, according to Bloomberg, citing sources close to the deal. The News Chronicle reports that the offer, which closed on October 27 after a two week extension, involved 4.1 billion ordinary shares priced at N525 each, targeting approximately N2.15 trillion.
Naira Gains N8 Against Dollar in Biggest Daily Rise Since August
The Naira rose N8 against the dollar to close at N1357/$ on Tuesday, October 27, in the biggest single day rise since August at the Nigerian Foreign Exchange Market (NFEM). The currency regained lost ground after Monday’s close of N1365/$, reversing some of its recent losses after trading at N1,370/$ as shown by Central Bank of Nigeria (CBN) figures.
CBN Offers N800 Billion Treasury Bills as Banks’ Deposits Near N7 Trillion
The Central Bank of Nigeria (CBN) will on Wednesday, October 28, auction N800 billion in Nigerian Treasury Bill as banks’ deposits with the Standing Deposit Facility (SDF) rose to N6.98 trillion. The auction was carried out amid a flood of liquidity in the system, as the Financial Markets Dealers Association (FMDA) forecast N2.813 trillion coming into the system in the form of security maturities and interest.
Harry Kane Beats Lamine Yamal and Mbappe to Win 2026 Ballon d’Or
Bayern Munich striker Harry Kane has won the 2026 Ballon d’Or after a stellar season for club and country, finishing ahead of Barcelona prodigy Lamine Yamal and Real Madrid’s Kylian Mbappe. The News Chronicle Kane was named the world’s best footballer on Monday, winning the prize for the first time by an Englishman since Michael Owen in 2001. Mbappe was runner-up with Yamal taking third place.
Nigeria’s Portfolio Inflows Jump to $7.09 Billion as Direct Investment Remains Lower
Nigeria’s portfolio investment increased by 17.6 percent to $7.09 billion in the second quarter of 2026, up from $6.03 billion in the first quarter as foreign investors increased their exposure. The Central Bank of Nigeria (CBN) said in its second quarter economic report released on Monday, October 26 that it was due to increased inflows into long term general government debt securities.
FIFA, CAF Screen Candidates for NFF Normalisation Committee as Chris Green, Mustapha Emerge Front Runners
The FIFA, Confederation of African Football (CAF) and the National Sports Commission of Nigeria (NSC) have started vetting candidates to form a Normalisation Committee which will manage the Nigeria Football Federation (NFF) until new leadership elections are held. The News Chronicle reports that FIFA approved the committee following months of uncertainty over the leadership of Nigerian football. Its mandate will end once its assigned responsibilities are completed, but no later than May 31, 2027.
Tinubu Says Dangote Group Is Nigeria’s Second Largest Employer After Federal Government
President Bola Ahmed Tinubu has praised the Dangote Group for its investments in the nation’s industrial base. The President said the conglomerate is playing a vital role in boosting local production, creating jobs, reducing import dependency and building local value chains. The News Chronicle reports that the President made the remarks during a visit to the Dangote Group pavilion at the 32nd Nigeria Economic Summit in Abuja on Monday.
Nigeria’s Remittance Inflows Hit Record $1.57 Billion as June Receipts Surge
The amount of remittances sent into Nigeria by members of the Nigerian diaspora through International Money Transfer Operators in the second quarter of 2026 rose to $1.57billion after increased flows in dollars during May and June. The figure in Q2 was above the previous highest total of $1.47billion in Q3 of 2024, according to figures from the Central Bank of Nigeria (CBN).
Dangote IPO: Shareholders Urge Dangote to Give Teachers Free Shares
Minority shareholders have urged Aliko Dangote to extend his refinery share grant initiative to teachers, arguing that educators deserve recognition for their contribution to national development. The appeal was made by the Association for the Advancement of the Rights of Nigerian Shareholders (AARNS), which believes including teachers would strengthen the education focused initiative and reward those responsible for developing Nigeria’s future workforce.
Masked Gang Raids Bruno Fernandes’ £4m Mansion During Man United’s Italy Trip
Manchester United captain Bruno Fernandes is said to have been victim of a burglary at his four million-pound mansion in Cheshire. The footballer was away with the team, playing in the Champions League against Como. The house in Nether Alderley was broken into by three masked burglars, who turned up at the villa at 8:30 pm on Wednesday, October 21. They stole several items, including designer jewellery.
Carrick Hits Back at Bruno Fernandes After Man United’s Humiliating Como Defeat
Manchester United boss Michael Carrick has come unstuck with his man Bruno Fernandes after the Red Devils were hammered 4 to 1 by Como in the Champions League on Wednesday. United were outplayed in Italy as they stretched a run of seven successive clean sheets in all competitions to five consecutive league defeats this season. Fernandes, who was substituted after 67 minutes, was critical of their tactics, saying that the decision not to press man to man left room for exploitation.
Cash Outside Banks Hits N4.92 Trillion as CBN Pursues Digital Payments
Cash outside Nigeria’s banking system grew by N48.7 billion to N4.92 trillion in September 2026 with the monthly increase continuing despite efforts by the Central Bank of Nigeria (CBN) to promote electronic transactions. The latest data from the CBN showed that cash outside banks grew from N4.87 trillion in August to a N4.92 trillion compared to N4.47 trillion recorded in September 2025 a year on year increase of about 10.3%.
World Bank Sets Reform Conditions for Nigeria’s $500 Million Loan Original
Nigeria needs to meet specific economic reforms and accountability conditions to get a $500 million loan from the World Bank under its Nigeria Actions for Investment and Jobs Acceleration program. The contract was signed on October 6, 2026, by Finance Minister Taiwo Oyedele. The facility is part of a $1.25 billion financing package approved by the lender in June.
Pedri Sends Ferran Torres Playful Warning Ahead of Barcelona’s PSG Clash
Barcelona midfielder Pedri has jokingly warned Ferran Torres not to score against Paris Saint Germain in a Champions League encounter. The Spanish international spoke out ahead of the meeting, discussing his close friendship with the winger who he often sees playing international football for Spain. The News Chronicle reports that Pedri wished his compatriot well for the rest of the season but added that he would prefer Torres to have a quiet night against his home city team.
Portugal Suspend Cristiano Ronaldo for 30 Days and Fine Him $285
Cristiano Ronaldo has reportedly been given a 30 day suspension and a fine of around $285 from Portuguese officials, the news came from A Bola, the country’s leading paper, which focuses on the all-time goalscorer for Portugal. It has come as a surprise to many due to his importance to the national team, as well as its timing ahead of the international break in November.
Ghana Targets 2030 Ban on Raw Mineral Exports to Boost Local Industry
Ghana is set to completely stop exporting unprocessed minerals by 2030 as president John Dramani Mahama seeks to boost domestic investment, industrial production and revenues from natural resources. The president-elect announced his plans on Monday, October 19, 2026, at the Mining in Motion Summit in Accra, explaining that mineral resources should serve to develop domestic industries, not be exported as primary products.
Nigeria’s Portfolio Investment Jumps 45% To $6.51 Billion In Q2 2026
Nigeria’s portfolio investment rose to $6.51 billion in the second quarter of 2026, representing a 45% increase from $4.49 billion recorded in the last quarter, according to the Central Bank of Nigeria (CBN). The latest figure therefore reflects a 26.5% increase over the $5.15 billion recorded in the second quarter of 2025. The News Chronicle reports that debt securities constitute the bulk of the quarterly increase, having risen to $4.97 billion from $4.28 billion in the previous quarter.
Nigeria’s Portfolio Investment Jumps 45% To $6.51 Billion In Q2 2026
Nigeria’s portfolio investment rose to $6.51 billion in the second quarter of 2026, representing a 45% increase from $4.49 billion recorded in the last quarter, according to the Central Bank of Nigeria (CBN). The latest figure therefore reflects a 26.5% increase over the $5.15 billion recorded in the second quarter of 2025. The News Chronicle reports that debt securities constitute the bulk of the quarterly increase, having risen to $4.97 billion from $4.28 billion in the previous quarter.
Bank Lending To Nigerian Manufacturers Drops 26.8% To N5.19 Trillion
Credit advanced by Nigerian banks to manufacturers decreased by 26.8% year on year to N5.19 trillion in June 2026, indicating a continuing fall in outstanding lending to the sector. The data from the Central Bank of Nigeria’s Q2 2026 statistical bulletin showed that manufacturing credit dropped from N7.09 trillion in June 2025, to N5.19 trillion a year later.
CAF Sends 15 Man Inspection Team To Nigeria Ahead Of 2026 Awards
The Confederation of African Football (CAF) has sent a 15 man inspection team to Nigeria for a final evaluation of facilities in preparation for the 2026 CAF Awards and its 48th Ordinary General Assembly. The delegation, headed by CAF Head of Safety and Security Dr. Christian Emeruwa, is expected tour the sites and other facilities in Lagos and Abuja to ascertain that the events hosted meet the required standard.
Nigeria’s FX Demand Hits 15 Year High As Financial Services Gulp $9.64 Billion
Nigeria’s foreign exchange utilisation grew to $18.34 billion in the second quarter of 2026, the highest since the fourth quarter of 2011, as demand for financial services outpaced spending on merchandise imports. The figure represents a gain of 12.84% over $16.25 billion in the first quarter and a 52.42% rise from $12.03 billion which was recorded in the same period of 2025, the Financial Markets Dealers Association (FMDA) said.
Nigeria’s FX Demand Hits 15 Year High As Financial Services Gulp $9.64 Billion
Nigeria’s foreign exchange utilisation grew to $18.34 billion in the second quarter of 2026, the highest since the fourth quarter of 2011, as demand for financial services outpaced spending on merchandise imports. The figure represents a gain of 12.84% over $16.25 billion in the first quarter and a 52.42% rise from $12.03 billion which was recorded in the same period of 2025, the Financial Markets Dealers Association (FMDA) said.
Tony Elumelu Backs $15 Billion West African Infrastructure Investment Plan
Nigerian billionaire Tony Elumelu is backing a proposed $15 billion investment pipeline in West Africa to fund infrastructure development projects in the regions of energy, agriculture, industrialization, and technology. Chairman of Heirs Holdings and West Africa Integration and Investment Summit co-chair Tony Elumelu announced the investment plan ahead of the event’s meeting in Sierra Leone in November.
UEFA Figures Question Infantino’s Leadership After FIFA Council Apology
European football authorities are pressing FIFA president Gianni Infantino after he apologized to the FIFA council for the proposal to sell on a portion of the organization’s commercial rights to a private company. The plan for the creation of FIFA Forward Enterprise (FFE) was quietly pulled back after just days, but uncertainty remains about the details of the deal.
Universal Music Group Reshuffles Leadership as $270 Million Savings Drive Continues
Universal Music Group (UMG) has launched another round of leadership changes across its United States and European operations as the music giant pursues a $270 million annual cost reduction target. The restructuring, reported by Music Business Worldwide on October 14, 2026, forms part of a programme introduced in February 2024 and scheduled to run through 2027.
CBN Plans N450 Billion Treasury Bills Sale as Liquidity Tightens
The Central Bank of Nigeria (CBN) has issued N450 billion Nigerian Treasury Bills (NTBs) at the latest primary market auction. The full allotment is expected to mop up N369.16 billion liquidity from the financial system. The auction, on behalf of the Debt Management Office (DMO), shows the Federal Government’s continued reliance on short term domestic borrowing to finance its deficits.
FIFA Considers $25 Million Funding Package for Each Member Country
FIFA is considering a major increase in financial support for national football associations, with a proposed plan that could see each of its 211 member countries receive $25 million between 2027 and 2030. The proposal would raise funding per association from the previously planned $10 million. Each of the six continental confederations could also receive $99 million during the four year period, according to a report by The Athletic published through Anadolu Agency.
Financial Services Push Nigeria’s FX Demand to 15 Year High
Nigeria’s foreign exchange utilisation hit $18.34 billion in the second quarter of 2026, its highest quarterly value in almost 15 years, largely driven by surging demand for financial services. Financial services registered $9.64 billion or 52.58%, according to the Financial Markets Dealers Association (FMDA) Q2 2026 FX Market Update based on Central Bank of Nigeria (CBN) data.
Financial Services Push Nigeria’s FX Demand to 15 Year High
Nigeria’s foreign exchange utilisation hit $18.34 billion in the second quarter of 2026, its highest quarterly value in almost 15 years, largely driven by surging demand for financial services. Financial services registered $9.64 billion or 52.58%, according to the Financial Markets Dealers Association (FMDA) Q2 2026 FX Market Update based on Central Bank of Nigeria (CBN) data.
NAFDAC Seizes Counterfeit Alcoholic Drinks Worth Over N2bn In Lagos
The National Agency for Food and Drug Administration and Control (NAFDAC) has recovered fake liquor worth over N2 billion during a raid in Lagos International Trade Fair Complex. The agency said the operation was in response to credible intelligence indicating the existence of illegitimate activities in the market, including the production of unsafe drinks.
Dangote Refinery Posts $4.73bn Profit As Revenue Jumps 144% In Nine Months
Dangote Petroleum Refinery and Petrochemicals recorded a net profit of $4.73 billion in the nine months ended September 2026, reversing a $117.2 million loss reported in the same period last year. Unaudited financial results released in Lagos showed that revenue surged 144% to $22.5 billion from $9.2 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $5.5 billion from $627.6 million.
NFF Rules Out Immediate Super Eagles Move To Lagos Despite Guinea Bissau Defeat
The Nigeria Football Federation (NFF) has denied reports that the Super Eagles would be moved from Uyo to Lagos for their upcoming 2027 Africa Cup of Nations qualifiers against Tanzania. The Super Eagles have been disappointing since their shocking 3 nil defeat to Guinea Bissau, so they need to start winning soon. An unnamed NFF official said Uyo still remains their preferred venue because shifting them to another stadium just before a competitive match would disrupt their preparations.
Lisandro Martinez Blasts Man Utd Chiefs, Demands Better Recruitment After Atletico Defeat
Manchester United defender Lisandro Martinez expressed his concern towards the hierarchy over the club’s transfer strategy as the Red Devils have lost 2-nil to Atletico Madrid in Champions League. The Argentine defender has questioned the decisions of his club’s executives in relation to their recruitment strategy in the past transfers windows, stating that it is not right for the squad’s competitive nature to face Europe’s elite.
Nigeria’s Foreign Reserves Hit $58.81bn, Highest Level Since 2008
Nigeria’s foreign exchange reserves have grown to a record high of $58.81 billion, as of October 12, marking the highest level in nearly 18 years. According to the CBN, the country’s reserves increased to $58.81 billion as of October 12, up from $55.08 billion on October 9 to $58.81 billion on the previous Tuesday. This means that the country’s reserves have grown by $3.73 billion within the first four days of the week.
Chelle Frustrated As NFF Delays Signing New $75,000 Monthly Deal
Super Eagles head coach Eric Chelle is reportedly frustrated over delays in formalising his new contract, despite reaching an agreement with Nigeria’s football authorities on a $75,000 monthly salary. The proposed deal, agreed during a meeting involving the Nigeria Football Federation (NFF) and the National Sports Commission (NSC), includes an additional responsibility of guiding Nigeria’s U23 team to qualify for the Los Angeles 2028 Olympic Games.
UNDP Warns As Nigeria Loses Ground In Poverty Fight, 1.2 Billion People Affected Globally
The United Nations Development Program has expressed concerns over the prevalence of global poverty as 1.2 billion people are living in multidimensional deprivation, with Nigeria being among the countries that have recorded a rise in poverty levels in the 2020s.
Naira Weakens To N1,332.99/$ As FX Turnover Swings, Reserves Hit $55.07bn
The naira weakened slightly to N1,332.99 per dollar on Monday October 12 as the foreign exchange turnover in the country fluctuated in different trading sessions and Nigeria’s external reserves grew. According to the CBN data, the naira dropped by 50 kobo to N1,332.99 per dollar against N1,332.49 recorded on October 9. The currency has been fluctuating between N1,330 and N1,334 per dollar in the first week of October.
Naira Weakens To N1,332.99/$ As FX Turnover Swings, Reserves Hit $55.07bn
The naira weakened slightly to N1,332.99 per dollar on Monday October 12 as the foreign exchange turnover in the country fluctuated in different trading sessions and Nigeria’s external reserves grew. According to the CBN data, the naira dropped by 50 kobo to N1,332.99 per dollar against N1,332.49 recorded on October 9. The currency has been fluctuating between N1,330 and N1,334 per dollar in the first week of October.
IMF Raises Nigeria’s Growth Forecast To 4.2%, Calls For Relief For Suffering Citizens
The International Monetary Fund (IMF) has upgraded Nigeria’s 2026 economic growth forecast to 4.2% on Tuesday while calling on the Federal Government to provide temporary relief to millions of Nigerians affected by the rising cost of food and energy. The new forecast is higher than the 4.1 percent projected for this year, while the 2027 figure remained unchanged at 4.3 percent.
Nigeria’s Foreign Reserves Rise To $55.07 Billion After $115 Million Gain
Nigeria’s external reserves rose to $55.07 billion as of October 8, 2026, gaining about $ 115 million USD within six days as it continues to build its foreign exchange buffers. According to the data made available by the Central Bank of Nigeria (CBN), on October 5, the reserves stood at $54.95 billion on October 2 to $54.98 billion before rising to $55.05 billion on October 7 and $55.07 billion on the following day.
States, FCT Collect N2.64 Trillion In PAYE Taxes As Revenue Rises 40%
Nigeria’s 36 states and the Federal Capital Territory (FCT) collected N2.64 trillion in Pay As You Earn (PAYE) taxes in 2025, representing a 40.4% increase from N1.88 trillion recorded in 2024. Data from the National Bureau of Statistics (NBS) showed that PAYE accounted for 69.5% of the N3.79 trillion in total tax revenue generated by states and the FCT during the year.
Dangote IPO could spark new wave of NGX listings – NGX CEO
The Dangote Petroleum Refinery IPO will give rise to a frenzy of more significant companies looking to list their shares at the Nigerian Exchange, according to Temi Popoola, Group Managing Director and CEO of NGX Group. The NGX Group’s MD emphasized that the IPO is a demonstration that Nigeria’s capital market can provide a much-needed link between big companies with substantial domestic capital and increase the number of investors’ ownership.
India Probes Soybean Cargoes Linked To Nigeria, Threatens 45% Tariff
India has opened an inquiry into a spike in soybean shipments declared as being from Niger, suspecting some cargoes might have, in fact, originated in Nigeria. Indian customs officials are asking importers to demonstrate that the shipments qualify for duty free treatment for least developed countries such as Niger. If the shipments are proven to have been improperly declared, importers could be charged a 45% tariff.
Arteta Enters New Arsenal Era As Fresh Contract Raises Trophy Challenge
Mikel Arteta has entered a new phase at Arsenal after signing his future with the club, and the Spaniard is now facing the biggest challenge of his project as a manager: to turn the sustained progress into a trophy-laden era. Arteta has turned a struggling side into Premier League champions and one of the leading clubs in Europe, but his new contract brings higher expectations as he tries to consolidate his work.
Naira Ranks Among Africa’s Strongest Currencies Despite Q2 Pressure
The naira was among Africa’s most resilient currencies in the second quarter of 2026 recording a maximum depreciation of 2.6 percent despite widespread pressure on African exchange rates the World Bank said. The lender in its October 2026 Africa Economic Update said most of the 22 currencies it watched outside the CFA franc zone were under pressure from higher energy prices geopolitical tensions capital outflows and stronger demand for the US dollar.
Naira Ranks Among Africa’s Strongest Currencies Despite Q2 Pressure
The naira was among Africa’s most resilient currencies in the second quarter of 2026 recording a maximum depreciation of 2.6 percent despite widespread pressure on African exchange rates the World Bank said. The lender in its October 2026 Africa Economic Update said most of the 22 currencies it watched outside the CFA franc zone were under pressure from higher energy prices geopolitical tensions capital outflows and stronger demand for the US dollar.
FIFA Files Raise Fresh Questions Over DR Congo’s World Cup Playoff Win
Freshly revealed FIFA documents have raised new questions over DR Congo’s eligibility during the 2026 World Cup African playoff, with reports indicating that goalkeeper Lionel Mpasi’s international switch had not been fully completed when he represented the country against Nigeria.
Kenya Clears Path For Investors To Join Dangote Refinery IPO
Kenya has approved a Global Depositary Receipt structure that will enable eligible Kenyan investors to participate in the ongoing Dangote Petroleum Refinery and Petrochemicals IPO in Nigeria. The approval was granted by Kenya’s Capital Markets Authority after a Short Form Prospectus was submitted by Renaissance Capital Kenya Limited for the proposed GDR arrangement.
Ronaldo Breaks Silence On Jorge Jesus Row, Says Coach ‘Broke His Word’
Cristiano Ronaldo has opened up on the reasons for his dramatic rift with Portugal coach Jorge Jesus, saying he had considered quitting the international scene after the 2026 World Cup before the Portuguese Football Federation convinced him to continue. In a long interview, Ronaldo said he had written a goodbye speech to the Portuguese people before the federation’s president asked him to change his mind.
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