Category: Business

U.S. Treasury Department lifts restrictions on Venezuela, grants license for Petróleos de Venezuela

NORTH AMERICA (NPA) — March 18, 2026 — The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Wednesday issued a license authorising American entities to engage in business transactions with Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PdVSA), and its subsidiaries.

The agency said the license will benefit both the United States and Venezuela, while supporting the global energy market by increasing available oil supply and encouraging new investment in Venezuela’s energy sector.

In a statement, the Treasury Department noted: “Today, the Treasury Department’s Office of Foreign Assets Control issued a license broadly authorising established U.S. entities to engage in many types of transactions with Venezuela’s state-owned oil company, Petróleos de Venezuela, S.A. (PdVSA), and its subsidiaries.”

“This license will benefit both the United States and Venezuela, while supporting the global energy market by increasing the supply of available oil. It will also help incentivise new investment in Venezuela’s energy sector.”

The U.S. Treasury Department had previously sanctioned Venezuela over human rights abuses, corruption, election fraud, and ties to drug trafficking and armed groups. Those measures, which began in 2014, expanded into broad economic restrictions on Venezuela’s oil and gold sectors.

The consequences were severe: Venezuela’s economy contracted sharply, foreign investment dried up, and access to international financial markets was restricted. While sanctions weakened the Maduro government’s ability to fund operations, they also worsened living conditions for ordinary citizens, contributing to shortages of food, medicine, and fuel, while pushing Caracas to deepen ties with Russia, China, and Iran.

March 18, 2026
NGX to close for Eid al-Fitr holidays

BUSINESS, NIGERIA (NPA) — March 18, 2026 — The Nigerian Exchange Group (NGX Group) has announced it will suspend trading activities on Thursday and Friday, following the Federal Government’s declaration of public holidays to mark Eid al-Fitr, the end of the holy month of Ramadan.

In a statement issued Wednesday, NGX confirmed: “To commemorate Eid al-Fitr, the federal government has declared Thursday, 19 March and Friday, 20 March 2026, as public holidays. In light of this development, all Exchange facilities nationwide will be closed on these days.”

The statement further added: “We will resume normal business on Monday, 23 March 2026.”

Eid al-Fitr, celebrated by Muslims worldwide, signifies the completion of Ramadan, a month of fasting, prayer, and reflection. The NGX emphasized that the closure is in line with national observance and urged stakeholders to plan accordingly.

This announcement aligns with the broader festive spirit across Nigeria, where millions of Muslim faithful are preparing for prayers, family gatherings, and acts of charity during the holiday.

March 18, 2026
DRC and Brazil in first-ever multisectoral talks to tackle domestic and international challenges

AFRICA (NPA) — March 18, 2026 — The Democratic Republic of Congo (DRC) and Brazil held their first-ever multisectoral consultations on Tuesday, March 17, in Brasília, marking a significant step toward strengthening ties between the East African nation and its South American counterpart.

The DRC delegation was led by Vice Minister of Foreign Affairs, H.E. Ms Noëlla Ayeganagato Nakwipone, who co-chaired the meeting alongside Ambassador Carlos Sergio Sobral Duarte, Brazil’s Secretary for Africa and the Middle East.

According to a statement from Kinshasa’s Ministry of Foreign Affairs, the consultations are expected to usher in a new phase of cooperation in agriculture, energy, mining, trade, and training. Discussions also touched on major multilateral issues such as climate change, global governance, and collaboration within ZOPACAS (Zone of Peace and Cooperation of the South Atlantic). Officials described the talks as a reflection of a strengthened dynamic aimed at building a strategic partnership between the two countries.

The meeting comes at a time when Congo is increasingly looking outward to address multidimensional challenges at home. Beyond economic development, the country continues to grapple with insecurity in the Kivu region, where M23 rebels backed by Rwanda have kept government forces under pressure. By deepening ties with Brazil, Congolese officials hope to diversify partnerships and bolster resilience against both domestic and international challenges.

March 18, 2026
BOI and MTN launch ₦1 billion fund to empower women entrepreneurs

BUSINESS (NPA) — March 18, 2026 — Nigeria’s Bank of Industry (BOI) has joined forces with telecom giant MTN to unveil the BOI–MTN Foundation Y’ellopreneur 3.0 Matching Fund, a ₦1 billion initiative aimed at boosting women-led enterprises across the country.

In a statement released Wednesday, BOI emphasised that the programme is designed not only to provide affordable financing but also to deliver training and advisory support, enabling women entrepreneurs to scale their businesses sustainably. The collaboration underscores a growing recognition of women’s role in driving innovation, job creation, and economic growth in Nigeria.

The initiative comes on the heels of International Women’s Day celebrations, where global calls for greater investment in women’s participation in business and governance were amplified. By aligning with this momentum, BOI and MTN are positioning the Y’ellopreneur 3.0 Fund as a practical step toward closing gender gaps in access to capital and entrepreneurial opportunities.

Officials noted that beyond financial support, the programme will foster mentorship networks and capacity-building workshops, ensuring that beneficiaries gain the skills and resilience needed to thrive in competitive markets.

This latest partnership highlights BOI’s continued commitment to inclusive development and MTN’s dedication to corporate social responsibility, reinforcing the message that empowering women entrepreneurs is essential to Nigeria’s long-term economic transformation.

March 18, 2026
LAMATA begins compensation payments to landlords affected by Blue Line depot project

LAGOS, NIGERIA (NPA) — March 17, 2026 — The Lagos Metropolitan Area Transport Authority (LAMATA) has begun compensating landlords whose properties were removed for the Blue Line Depot Land project in the Iba axis.

In a statement Tuesday, LAMATA confirmed that duly enumerated landlords have received formal compensation disclosures, detailing approved sums and terms to ensure transparency and understanding between government and stakeholders.

The agency added that compensation cheques for tenants were also distributed at the Palace of the Oniba of Iba Kingdom, His Royal Majesty Oba (Dr.) Sulaimon Raji Adeshina (Asade I).

The exercise was coordinated by Dr Babatunde Osho of Global Impact Environmental Consulting, working with LAMATA officials, Mrs Ibironke Omorhirhi and Miss Oluwasemilore Aderele.

This initiative underscores LAMATA’s commitment to fair compensation and community engagement. As work advances on the Blue Line Rail project, slated for completion in early 2027, the Authority remains focused on ensuring an inclusive process for all affected parties.

March 17, 2026
NAFDAC warns of counterfeit cancer drug PHESGO 600mg in Nigeria
LAGOS, NIGERIA (NPA) — March 17, 2026 — The National Agency for Food and Drug Administration and Control (NAFDAC) has issued a public alert on confirmed counterfeit PHESGO 600mg with batch numbers B2346B16 and C3809C5.

In Public Alert No. 014/2026, the agency noted that Roche, the Marketing Authorisation Holder of the cancer drug, received complaints from Lagos University Teaching Hospital (LUTH-NSIA) of suspected counterfeit Phesgo® 600mg. Batch C3809C5 was found to contain approximately 20mL instead of the expected 10mL. Both products were brought in by patients for administration.

NAFDAC stated: “Only pictures of the complaint samples were sent to Roche. Although a complete investigation was not possible, the pictures were scrutinised and compared to genuine retained samples.”

The investigation revealed major discrepancies confirming falsification, including:
- Non-existent batch number in Roche’s database
- Incorrect text and variable data
- GTIN mismatch
- Missing tamper-evidence label
- Significant packaging differences
Batch B2346B16 has been reported in four confirmed counterfeit complaints across Turkey, Nigeria, and the Philippines, all featuring the same fake batch number and false information.

Phesgo 600mg, used to treat breast cancer, works by killing cancer cells and preventing further growth. Genuine Phesgo 600mg/600mg is manufactured by F. Hoffman La Roche Limited, Wurmisweg, CH-4303, Kaiseraugst, Switzerland.
March 17, 2026
NGX ASI hits historic 201,000 mark, investors gain N1.97trn

LAGOS, NIGERIA (Agency Report) —March 17, 2026 — The Nigerian stock market recorded a major milestone on Monday as the NGX All-Share Index crossed the 201,000-point mark for the first time.

The benchmark index rose by 1.55 per cent to close at 201,474.89 points, up from 198,407.30 points recorded in the previous trading session.

Similarly, the market capitalisation rose to N129.329 trillion, from N127.360 trillion previously, representing a gain of about N1.97 trillion for investors.

This was driven by strong investor demand and widespread gains across key sectors.

With the rally, the market’s month-to-date (MTD) return climbed to 4.48 per cent, while the year-to-date (YTD) return advanced to 29.47 per cent, reflecting sustained bullish momentum in the equities market.

Market sentiment remained positive, with 38 stocks closing higher compared to 30 decliners, indicating broad-based buying interest across the market.

BUA Cement led the gainers’ chart by 10 per cent, ending the session at N297, Premier Paints trailed by 9.79 per cent, settling at N21.30 while John Holt gained by 9.52 per cent, closing at N10.35 per share.

Guinea Insurance increased by 9.38 per cent, finishing at N1.40 and Fortis Global Insurance added by 9.32 per cent, closing at N1.29 per share.

On the flip side, VFD Group led the losers’ chart by 10 per cent, finishing at N11.25.

Royal Exchange followed by 9.63 per cent, settling at N1.69 and Omatek Ventures dropped by 9.62 per cent, ending the session at N2.35 per share.

Sovereign Trust Insurance fell by nine per cent, closing at N1.92 while Regency Alliance shed by 8.94 per cent, settling at N1.12 per share.

Trading activity remained robust, with total deals rising to 72,735 while investors exchanged 948.2 million shares valued at N49.17 billion.

Financial services stocks dominated transactions by volume, reflecting heightened investor interest in the sector.

Sovereign Trust Insurance recorded the highest volume with 72.56 million traded shares, accounting for 7.65 per cent of the volume traded for the day.

Zenith Bank recorded the highest value with N5.96 billion, accounting for 12.11 per cent of the day’s total value.

Reacting, Mr Temi Popoola, Group Chief Executive Officer of Nigerian Exchange Group, described the milestone as a sign of growing confidence in Nigeria’s capital market.

“Nigeria’s ongoing reforms are strengthening domestic capital formation, and the market is responding positively.

“Increased participation by local investors, improving corporate fundamentals, and continued market modernisation are reinforcing the role of the capital market as a catalyst for long-term wealth creation and sustainable economic growth.”

Also, Mr Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Ltd., attributed the milestone to sustained demand and active participation across the market.

“Crossing the 200,000-point mark reflects strong investor engagement and consistent demand across key sectors.

“At the Nigerian Exchange Ltd., we remain focused on deepening market liquidity, enhancing trading infrastructure, and ensuring efficient price discovery to support a resilient and transparent marketplace.”

The latest milestone highlights the sustained momentum in Nigeria’s equities market, which continues to attract growing interest from both domestic and institutional investors. (NAN).

March 17, 2026
Global Money Week 2026: CBN sounds alarm, advises Nigerians on ways to protect their money

ABUJA, NIGERIA — (NPA) March 17, 2026 — The Central Bank of Nigeria (CBN) has issued a stern warning to the banking public to safeguard their money by protecting sensitive banking information, as part of activities marking Global Money Week 2026.

The campaign, themed “Smart Money Talks” and running from 16–22 March, seeks to empower children and young people worldwide with financial literacy skills to make informed money decisions.

In a flyer released Tuesday, the apex bank reminded Nigerians that PINs, passwords, and banking details must never be shared with anyone — not even with someone claiming to be from their bank. The advisory urged: “Stay alert. Stay safe. Protect Your Money, Secure Your Future! Your password is your first line of defence across all transaction channels. Make it strong. Change it regularly. Stay protected!”

The warning comes against the backdrop of staggering fraud losses in Nigeria’s banking industry. In Q1 2025 alone, banks lost ₦3.3 billion to fraudulent activities — a 603% surge compared to ₦468 million in Q1 2024. A total of 12,347 fraud cases were reported between January and March 2025, with computer/web platforms (7,361 cases), mobile transactions (2,875 cases), and POS terminals (1,559 cases) being the most exploited channels.

The CBN’s message is clear and timely, as fraudsters grow bolder, Nigerians must grow smarter with their money.

March 17, 2026
Shock at Akure Airport: FAAN, military forces nab four suspected bandits

AKURE, NIGERIA — (NPA) March 16, 2026 — In a dramatic security operation, the Federal Airports Authority of Nigeria (FAAN) has confirmed the arrest of four suspected bandits at Akure Airport in Ondo State. According to Henry Agbebire, Director of Public Affairs and Consumer Protection at FAAN, the suspects were apprehended after a distress alert reported suspicious individuals lurking behind the airport perimeter near the Eleyewo Community.

The swift arrest was made possible through a joint operation involving FAAN’s Aviation Security (AVSEC), the Nigerian Air Force (NAF), the Nigerian Army, the Nigeria Police Force (NPF), and local security outfits, including Amotekun and community vigilantes. The suspects have since been handed over to the Nigeria Police Force Area Command for interrogation.

FAAN commended the seamless collaboration among security agencies and emphasised that the incident underscores the urgent need to strengthen airport perimeter protection nationwide.

A statement from FAAN, on Monday, highlighted ongoing efforts: “The Federal Government, through the Ministry of Aviation and Aerospace Development, with the support of President Bola Ahmed Tinubu, GCFR, has accelerated the provision of modern perimeter fencing and enhanced security infrastructure at airports across the country.”

FAAN clarified that work has already begun in phases to fortify airports against unlawful access and potential threats, and reassured travellers and host communities of its unwavering commitment to safety and security across all airport facilities.

March 16, 2026
DRC, Angola, and South Africa seal tripartite cooperation pact in Pretoria

PRETORIA, SOUTH AFRICA (NPA) — March 14, 2026 — The Democratic Republic of the Congo, the Republic of Angola, and the Republic of South Africa today signed a Tripartite Mechanism for Dialogue and Cooperation in Pretoria.

The Memorandum of Understanding (MoU) follows extensive consultations and technical work by experts from the three nations. It is designed to strengthen strategic coordination and deepen cooperation across key areas, including political and diplomatic relations, security, trade and investment promotion, and sustainable economic development for the benefit of their populations.

According to the Congolese Ministry of Foreign Affairs, the agreement was signed by H.E. Ms. Noëlla Ayeganagato Nakwipone, Vice-Minister of Foreign Affairs of the Democratic Republic of the Congo, alongside Ronald O. Lamola, Minister of International Relations and Cooperation of South Africa, and Ambassador Téte António, Minister of External Relations of Angola. The signing ceremony took place at South Africa’s Department of International Relations and Cooperation (DIRCO) headquarters.

This MoU marks the culmination of a sustained process of dialogue and technical collaboration among the three countries, aimed at reinforcing their collective strategic alignment.

For the DRC, the agreement carries particular significance as the country continues to confront the M23 rebel group. The insurgency, rooted in political grievances, ethnic tensions, and competition over resource-rich territories in North and South Kivu, has resurged since 2022. Its revival has been fueled by alleged external support, disputes over the reintegration of former fighters, and fierce competition for lucrative gold and coltan mines.

March 14, 2026