News
NDIC jacks up deposit insurance cover from N500,000 to N5m
NDIC jacks up deposit insurance cover from N500,000 to N5m
The Nigeria Deposit Insurance Corporation (NDIC) has announced a significant increase in the maximum deposit insurance coverage levels for Deposit Money Banks (DMBs) and other financial institutions, effective immediately.
During a press conference in Abuja on Thursday, NDIC Managing Director Bello Hassan disclosed, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%. In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of the total value of deposits.”
READ ALSO:
- Hoodlums set Lagos market on fire during bloody clash
- Man shot dead during fuel queue in Lagos
- UniAbuja: ASUU declares indefinite strike over disagreement with varsity management
Hassan further explained, “The increase of the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide full coverage of 99.99% of the total number of depositors and would increase the value of deposits covered by deposit insurance to 43.10% of the total value deposits from the current cover of 40.60%.”
Additionally, Hassan noted, “The increase of the maximum deposit insurance coverage for subscribers of Mobile Money Operators from N500,000 to N5,000,000 per subscriber.”
NDIC jacks up deposit insurance cover from N500,000 to N5m
![]()
News
Xenophobic attacks: Senate threatens review of diplomatic relations with South Africa
Xenophobic attacks: Senate threatens review of diplomatic relations with South Africa
The Nigerian Senate has threatened to review the country’s diplomatic relations with South Africa over renewed xenophobic attacks targeting Nigerians, warning that Abuja may be forced to adopt tougher measures if the safety of its citizens is not guaranteed.
The upper legislative chamber also ordered a fresh investigation into the attacks and directed the Federal Government to seek firm assurances from the South African authorities on the protection of Nigerians living, working and doing business in the country.
The resolution followed a motion sponsored by Senator Asuquo Ekpeyong, who drew lawmakers’ attention to reports of a June 30, 2026 ultimatum allegedly issued to foreign nationals, including Nigerians, to leave parts of South Africa amid escalating anti-immigrant protests.
The Senate’s latest intervention comes amid renewed diplomatic tensions between Africa’s two largest economies following reports that two Nigerian citizens were recently killed during the latest wave of anti-migrant violence in South Africa. Nigeria’s Ministry of Foreign Affairs has strongly condemned the killings, warning that all diplomatic options remain on the table if attacks on Nigerians continue.
During the debate, senators unanimously condemned the recurring attacks, describing them as unacceptable, inhumane and inconsistent with the principles of African unity.
Calls for tougher diplomatic action
Leading the debate, Senator Salihu Mustapha (Kwara Central) urged the Federal Government to abandon what he described as a passive diplomatic approach and adopt stronger measures against Pretoria.
“We cannot continue to fold our arms while Nigerians are being killed and their businesses looted,” Mustapha said.
READ ALSO:
- NELFUND, EFCC intensify probe into 34 institutions over alleged unpaid student refunds
- Nobody needs NYSC reform – Reuben Abati
- Deregistration: Court adjourns hearing on ADC, four other political parties’ appeal
“This is the starting point for a very robust engagement. I suggest we sever all diplomatic relationships with South Africa.”
However, former Senate Leader, Senator Yahaya Abdullahi, urged caution, arguing that the attacks should not automatically be interpreted as official South African government policy.
According to him, the violence could be linked to internal political efforts aimed at destabilising the South African government and weakening the governing African National Congress (ANC).
Recalling Nigeria’s historic support for South Africa during the anti-apartheid struggle, Abdullahi maintained that the situation required careful diplomatic handling.
“This is a coordinated effort to destabilise the government of South Africa and to remove the ruling party, the ANC, from office,” he said.
“There is an attempt from the right wing of White South Africans and now coming up from the Black ones to delegitimise the government as quickly as possible. We should tread with great caution and carefully consider this conspiracy.”
The senator also lamented what he described as inadequate funding of Nigeria’s foreign missions, saying the country’s embassies and high commissions have become too weak to effectively protect Nigerians abroad.
Senate demands written guarantees
Following extensive deliberations, the Senate adopted several far-reaching resolutions aimed at protecting Nigerians residing in South Africa.
Lawmakers directed the Ministry of Foreign Affairs, the Nigerian High Commission in Pretoria, and other relevant agencies to obtain written guarantees from the South African government on the safety and security of Nigerians.
The Senate also insisted that all those responsible for attacks, killings, looting and destruction of property belonging to Nigerians must be arrested and prosecuted in accordance with South African law.
In addition, the lawmakers mandated the Ministry of Foreign Affairs, the Nigerians in Diaspora Commission (NiDCOM) and the Nigerian High Commission in Pretoria to compile a comprehensive register of Nigerians affected by the attacks.
READ ALSO:
- Auto Tariff Reforms Must Not Undermine Nigeria’s Manufacturing Drive, NAMA Warns
- Tragedy in Benue as Woman Allegedly Sets Boyfriend’s Two Daughters Ablaze Over Suspected Infidelity
-
Why Peter Obi cannot become Nigeria’s president in 2027 — Ali Modu Sheriff
The database is expected to include Nigerians who were killed, injured, displaced, unlawfully detained or whose businesses and properties were destroyed, with the aim of pursuing compensation and legal redress.
The demand for compensation comes despite the South African government’s recent rejection of calls to compensate Nigerians who abandoned their homes, businesses and properties while fleeing the violence.
South Africa’s Minister in the Presidency, Khumbudzo Ntshavheni, had argued that compensation could only apply to legally registered assets, insisting that structures in informal settlements do not qualify under the country’s property laws.
She also challenged the Nigerian government to cooperate in identifying criminal syndicates allegedly operated by some foreign nationals, including Nigerians, within South Africa.
Nigeria seeks continental response
Beyond bilateral engagement, the Senate urged the Federal Government to work with the African Union (AU) and other African countries to establish an early warning and accountability mechanism capable of preventing future xenophobic violence across the continent.
Lawmakers stressed that attacks on African migrants undermine regional integration, economic cooperation and the objectives of the African Continental Free Trade Area (AfCFTA).
The Senate further mandated its Committees on Foreign Affairs and Diaspora Affairs to review the implementation of its earlier resolution of May 5, 2026, on xenophobic attacks and examine existing bilateral agreements between Nigeria and South Africa.
Both committees were directed to submit their findings within two legislative weeks.
Tension briefly rose during the debate when Senator Abdul Ningi proposed that President Bola Tinubu should begin the process of severing diplomatic ties with South Africa should the attacks continue.
Similarly, Senator Adams Oshiomhole suggested that profits generated by South African-owned companies operating in Nigeria should be appropriated to compensate Nigerian victims of xenophobic violence.
Deputy President of the Senate Jibrin Barau, who presided over the session, urged restraint, insisting that the Senate should first await the outcome of the committees’ investigation before considering stronger diplomatic or economic sanctions.
The latest Senate action follows growing concern over anti-immigrant protests that have swept parts of South Africa in recent months. Although South African authorities insist many demonstrations have been peaceful, several incidents have turned violent, with foreign nationals reportedly attacked and foreign-owned businesses looted. South Africa has called on Nigeria to submit evidence through diplomatic channels while investigations continue into the reported death of one Nigerian during police interrogation.
Xenophobic attacks: Senate threatens review of diplomatic relations with South Africa
![]()
News
Tinubu orders probe of Google, Meta, X, AI platforms over alleged exploitation of Nigerian news content
Tinubu orders probe of Google, Meta, X, AI platforms over alleged exploitation of Nigerian news content
President Bola Tinubu has directed the Federal Competition and Consumer Protection Commission (FCCPC) to investigate Google, Meta, X (formerly Twitter) and several Generative Artificial Intelligence (AI) platforms over allegations of anti-competitive practices and the unlawful exploitation of content produced by Nigerian media organisations.
The directive followed a joint petition submitted to the Presidency by the Nigerian Press Organisation (NPO)—the umbrella body representing the Newspaper Proprietors’ Association of Nigeria (NPAN), the Nigeria Union of Journalists (NUJ), the Broadcasting Organisations of Nigeria (BON) and the Guild of Corporate Online Publishers (GOCOP).
The petition accuses major global technology companies and AI platforms of using news content created by Nigerian publishers without fair compensation, a practice media stakeholders say threatens the financial sustainability of journalism and undermines the country’s news ecosystem.
The directive was conveyed to the FCCPC through the Minister of Information and National Orientation, Mohammed Idris, signalling what could become one of Nigeria’s most significant regulatory actions involving global technology companies and artificial intelligence platforms.
In a statement issued on Monday, the Director of Corporate Affairs at the FCCPC, Ondaje Ijagwu, confirmed that the investigation would examine allegations against Meta, Alphabet, the parent company of Google, X, formerly known as Twitter, and selected Generative AI platforms operating within Nigeria.
According to the commission, the probe will focus on claims of anti-competitive conduct, unfair market practices, unlawful exploitation of news content and other activities that may violate Nigeria’s competition and consumer protection laws.
READ ALSO:
- Police Arraign Visa Agent Over Alleged N7.6 Million Fraud in Ibadan
- Dr. Dayo Mobereola at NIMASA: Over two years of Reform, Stability, and the Road Ahead
- Sokoto: 2023 PDP governorship candidate defects to APC
“Big technology companies have come under the radar of the Federal Competition and Consumer Protection Commission following allegations of anti-competitive practices, unlawful exploitation of news content, and other potentially unfair market conduct,” the commission stated.
It added that the investigation followed President Tinubu’s directive after the Presidency received the petition from the Nigerian Press Organisation.
The FCCPC said Nigerian media organisations have expressed growing concern that some digital platforms have built highly profitable businesses by distributing, aggregating and monetising journalistic content without entering into meaningful commercial agreements with the publishers responsible for producing that content.
According to the commission, the investigation will also examine allegations that some Generative AI platforms have unlawfully extracted, scraped, ingested and commercially utilised copyrighted news articles, broadcast materials, photographs and other original journalistic works to train artificial intelligence models without the consent of publishers.
Another key issue before the commission is whether Nigerian publishers have been denied fair opportunities to negotiate licensing agreements and appropriate compensation for the commercial use of their intellectual property.
The Executive Vice Chairman and Chief Executive Officer of the FCCPC, Tunji Bello, assured all parties that the inquiry would be transparent, evidence-based and conducted in accordance with the law.
“We recognise the strategic importance of the media to Nigeria’s democracy and the equally significant role of technology in driving innovation and economic growth. Our responsibility is to objectively determine the facts and ensure that competition within the digital ecosystem remains fair, transparent, and consistent with Nigerian law,” Bello said.
He stressed that the investigation should not be interpreted as a finding of wrongdoing against any company.
According to him, every organisation involved will have the opportunity to present evidence before the commission reaches any conclusions.
“This inquiry is not directed at any entity by presumption of wrongdoing. Rather, it is an opportunity to carefully examine the facts, hear from all affected parties, and determine whether any conduct has resulted in anti-competitive outcomes or unfair business practices.”
The commission said the investigation will determine whether the practices complained of violate the Federal Competition and Consumer Protection Act, 2018, or any other applicable Nigerian law.
Among the issues under review are allegations of market dominance, anti-competitive behaviour and the commercial exploitation of copyrighted journalistic content without authorisation or compensation.
The investigation comes at a time when governments around the world are increasingly scrutinising the relationship between digital platforms and news publishers.
Countries including Australia, Canada, France and South Africa have introduced or strengthened regulatory measures requiring technology companies to negotiate compensation agreements with media organisations whose content drives user engagement on their platforms.
In South Africa, negotiations facilitated by the country’s Competition Commission resulted in Google agreeing to provide approximately R688 million (about $40 million) annually for between three and five years to support local news publishers.
Nigeria’s investigation is expected to examine whether similar concerns exist within the country’s digital media market and whether regulatory intervention is necessary to promote fair competition and protect the long-term sustainability of journalism.
The latest probe also follows the FCCPC‘s earlier enforcement action against Meta, which resulted in a $220 million administrative penalty over alleged violations of Nigeria’s competition and consumer protection laws, including issues relating to consumer rights and data privacy. The company has appealed the decision.
Industry observers believe the outcome of the investigation could reshape the relationship between global technology companies, artificial intelligence developers and Nigerian media organisations by establishing clearer rules on content licensing, digital competition and fair compensation for publishers.
If the allegations are substantiated, the findings could influence future regulation of digital platforms, AI-generated content and the broader digital economy, while reinforcing the protection of intellectual property rights within Nigeria’s media industry.
Tinubu orders probe of Google, Meta, X, AI platforms over alleged exploitation of Nigerian news content
![]()
News
Deregulation or Exploitation? FG Warns Fuel Marketers on Excessive Petrol Pricing
Deregulation or Exploitation? FG Warns Fuel Marketers on Excessive Petrol Pricing
The Federal Government has issued a stern warning to petroleum marketers against using old, expensive fuel inventory as a justification for maintaining high petrol prices, insisting that the sharp decline in global crude oil prices must be reflected at the pump for Nigerian consumers.
The directive came during a high-level stakeholders’ meeting convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja on Monday, bringing together major industry players including the Dangote Petroleum Refinery, regulatory agencies, and key associations such as PETROAN, IPMAN, MEMAN, DAPPMAN, and NARTO.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, expressed serious concern over the disconnect between falling international crude prices and domestic pump prices. He stated that while global crude fluctuated from about $61-$65 per barrel in January to over $118 in April** before falling back to around **$71, petrol prices have not adjusted downward at a similar pace. “Temporary gains realised from inventories acquired at higher prices should not become the basis for sustaining elevated pump prices after replacement costs have declined,” Lokpobiri declared. “As inventories are replenished at lower costs, the benefits of those lower costs should be transmitted to consumers in a timely and transparent manner”. The minister noted that although petrol prices have dropped from approximately ₦1,596 per litre in May to around ₦1,296 currently, the reduction remains disproportionate to the decline in global market conditions.
Lokpobiri emphasized that while Nigeria operates a fully deregulated downstream sector, this does not grant marketers a license for exploitation. He cited the Petroleum Industry Act (PIA) as empowering the regulator to prevent market distortion and “unnecessary profiteering”. “We have never faulted anybody as far as price was concerned because we are operating a fully deregulated economy. But deregulation doesn’t mean excessive profiteering,” the minister stressed. “There is no justification why the price will not reflect the current situation”. The government expressed preference for dialogue over enforcement, seeking to build consensus with industry operators on a framework for reducing prices in line with prevailing market realities rather than imposing regulatory measures.
READ ALSO:
- UEFA condemns FIFA’s Balogun suspension reversal
- AGF contradicts Presidency, says PFIPC has no operational CBN account
- 15 killed, 17 injured in fatal Kwara trailer crash as FRSC blames driver fatigue
The minister warned that sustaining artificially high fuel prices could worsen inflationary pressures and undermine recent economic progress. Energy costs affect virtually every sector of the economy—transportation, food production, and manufacturing—directly impacting the cost of living. While Nigeria has made significant progress in moderating inflation from 34% in 2024 to 15.9%, Lokpobiri cautioned that unjustified high energy costs risk reversing these gains and slowing the recovery that Nigerians are beginning to experience. Nigeria’s petrol supply structure has shifted dramatically, with domestic refineries now supplying 87.6% of total consumption. In May 2026, total PMS supply averaged 47.4 million litres daily, with domestic refineries contributing 41.5 million litres, while imports accounted for 12.4%. Despite this, some marketers continue to import fuel, and supply chain costs, exchange rates, and logistics remain key price determinants.
NMDPRA Chief Executive Rabiu Umar confirmed that the meeting was convened at the minister’s directive to address public concerns over pricing. He noted that similar collaboration in the gas sector had already led to a reduction in LPG prices, expressing hope that the same approach would yield results in the petrol market. Umar acknowledged that despite positive signals from falling global crude prices, “the domestic retail market has not yet adjusted harmoniously to these downward shifts”. He emphasized that deregulation is designed to promote efficiency and competition, not market distortion or unfair consumer pricing. The regulator called for a transparent ecosystem where “the benefits of market improvements are passed down to the Nigerian consumer in a timely and fair manner”.
However, petroleum marketers have pushed back against allegations of profiteering, revealing that many operators are actually incurring significant financial losses. The Independent Petroleum Marketers Association of Nigeria (IPMAN) explained that recent price cuts by the Dangote Refinery have left many marketers stuck with expensive inventory purchased at higher rates. “We bought petrol at a particular rate a few days ago; on our way to our filling stations, there was a reduction. We have been struggling with the price. We have been struggling against financial losses,” said IPMAN’s National Publicity Secretary, Chinedu Ukadike. Marketers warned that any attempt to enforce price controls could trigger a nationwide shutdown of filling stations. They argue that the solution lies in increasing competition through functional refineries and boosting importation, not government price fixing. “The primary cause of this is that there is no competition. If there should be competition, the refineries will be working. That is where the minister should put his energy,” Ukadike stated.
The Dangote Refinery has already taken steps to reduce prices, slashing its gantry price by N75 per litre to N1,175 on June 16, and further reducing to N1,125 on June 25, following the de-escalation of Middle East tensions and falling crude prices. The refinery has now become one of the cheapest fuel sources in the country. Following these reductions, some filling stations in Abuja have begun adjusting pump prices, now selling between N1,205 and N1,240 per litre.
The minister directed the NMDPRA to strengthen market monitoring and enforce pricing transparency across the supply chain. He also reiterated the call for full operationalisation of the National Strategic Stock to enhance energy security, minimize supply disruptions, and help stabilize future fuel prices. As the closed-door meeting concluded, participants were expected to agree on concrete measures to ensure petrol prices align with market fundamentals while maintaining a sustainable business environment for operators.
Deregulation or Exploitation? FG Warns Fuel Marketers on Excessive Petrol Pricing
![]()
-
metro1 day agoFalana Slams Police Over Arrest of Alleged PFIPC Boss’ Father, Calls Action Illegal
-
Business2 days agoNNPCL cuts petrol price as Dangote Refinery competition intensifies
-
International2 days agoUS to closely monitor Nigeria’s 2027 elections, tie future support to religious freedom
-
metro24 hours agoICYMI: How to Apply for 2026 FRSC Recruitment Successfully
-
Opinion1 day agoCan a School Founded by a Public University Truly Be Called Private?
-
Business12 hours agoDangote, marketers slash petrol depot prices amid FG pressure
-
metro1 day agoUpdated: 15 killed, 17 injured in fatal Kwara trailer crash, FRSC blames driver fatigue
-
metro23 hours agoRussian airstrike kills Nigerian medical student days before graduation in Ukraine
