Category: Business

  • United States and Congo Announce $1.2 Billion Health Partnership

    United States and Congo Announce $1.2 Billion Health Partnership

    KINSHASA, CONGO (NPA) — The governments of the United States and the Democratic Republic of Congo have signed a new $1.2 billion agreement aimed at strengthening health systems and tackling major diseases.

    Under the partnership, Washington will provide up to $900 million over the next five years to support programs addressing HIV/AIDS, tuberculosis, malaria, maternal and child health, and other infectious diseases. Congo has pledged to increase its domestic health spending by $300 million during the same period.

    The deal is part of a broader U.S. initiative to establish bilateral health agreements across Africa. According to the State Department, 19 such partnerships have been signed to date. Officials say the new framework is designed to promote self-sufficiency and streamline funding, replacing older arrangements previously managed by the U.S. Agency for International Development.

    The announcement comes amid wider debate over U.S. global health policy. The Africa Centers for Disease Control and Prevention has raised concerns about provisions in some agreements that require countries to share sensitive pathogen data with Washington as a condition for funding. On Wednesday, negotiations with Zimbabwe collapsed after its government rejected such requirements.

    It remains unclear whether similar data-sharing clauses are included in the Congo agreement.

  • Tinubu Approves Immediate Reconstruction of Three Key Road Projects in Niger and Rivers States

    Tinubu Approves Immediate Reconstruction of Three Key Road Projects in Niger and Rivers States

    ABUJA, NIGERIA (NPA) — President Bola Ahmed Tinubu has approved the immediate commencement of reconstruction works on three federal roads in Niger State, located in Nigeria’s north-central region.

    The roads approved for reconstruction are the Mokwa–Bida Road (120 kilometres), the Mokwa–Makeri Road (63 kilometres), and the Bida–Labata Road (123.5 kilometres).

    According to a statement issued on February 26, 2026, by Francis Nwaze, Senior Special Assistant to the Honourable Minister of Works (Media), the projects cover a total of 306.5 kilometers and will be reconstructed using reinforced concrete pavement to guarantee durability and long-term value.

    President Tinubu also gave approval for the extension of the Bodo–Bonny Road to connect with the East–West Road. The project will be executed as a dual carriageway, constructed with concrete pavement, and equipped with solar-powered street lighting. Delivery will be through a competitive bidding process.

    The Honourable Minister of Works, Engr. David Umahi expressed gratitude to the president, noting that the projects will “significantly enhance connectivity, trade, and development.”

    Umahi, widely regarded as one of the most dynamic members of the federal executive council, has injected fresh energy into the Tinubu-led administration by delivering on critical road infrastructure nationwide. He called on Nigerians to “acknowledge and appreciate” the president’s sustained commitment to infrastructure development across the six geopolitical zones, particularly in delivering quality roads and bridges.

  • Crisis Response: EU-project Delivers New Veterinary Clinic to Katsina Government

    Crisis Response: EU-project Delivers New Veterinary Clinic to Katsina Government

    KATSINA, NIGERIA (Agency Report): Mercy Corps, a Non – Governmental Organisation, on Wednesday, handed over a newly constructed Veterinary Clinic and a rehabilitated structure in Danmusa Local Government Area (LGA), to the Katsina State Government.

    The project, which included a 20,000-litre capacity upgraded solar-powered borehole, was executed under the European Union-funded Conflict Prevention, Crisis Response and Resilience (CPCRR) project.

    The initiative is being implemented in collaboration with the International Organisation for Migration (IOM), and the Centre for Democracy and Development (CDD).

    Speaking during the event, the Commissioner for Livestock and Animal Husbandry in Kastina State, Prof Ahmed Bakori, commended Mercy Corps and its partners on such commitment to support  peace and development in the state.

    While praising the state government for restoring peace and stability, the said project would improve livestock services and the welfare of farmers who depend on animal health services for  livelihood.

    Bakori buttressed that improved security in the state had enabled development partners to implement meaningful interventions in communities affected earlier.

    He said, “Recently, Gov. Dikko Radda was in South Africa to explore strategies for boosting livestock production and strengthening the livestock value chain in line with the government’s economic development agenda.”

    In his remarks, Mercy Corps Senior Programme Manager, Mr Philip Ikita, expressed satisfaction with the timely and successful implementation of the project in Danmusa.

    He stated that although Mercy Corps began its operations in the state in 2023, security challenges had initially prevented the organisation from accessing some areas, including Danmusa.

    Ikita said that the project would improve access to essential services, strengthen livelihoods, and contribute to sustaining peace in the community.

    “The project involves the upgrade of a veterinary clinic from a two-room structure into a fully functional six-office facility, embarked on to strengthen livestock healthcare services in the area.

    “The programme builds on the success of the Conflict Mitigation and Community Reconciliation (CMCR) project and seeks to promote long-term peace and stability in Northwest Nigeria.

    “It works across 48 communities in Zamfara and Katsina States, addressing the root causes of conflict, enhancing community resilience, and strengthening socio-economic recovery,” he said.

    Also, the District Head of Danmusa, Ahmadu Abubakar, expressed appreciation to Mercy Corps and its partners for the intervention, describing the projects as timely and beneficial.

    Earlier, the Chairman of Danmusa LGA, Ibrahim Na-Mama, represented by his Deputy, Musa Muhammad, expressed appreciation for the projects, assuring that the council would support efforts to safeguard them. (NAN).

  • Ex-NNPC General Manager Sentenced in U.S. Over $2.1 Million Bribery Scheme

    Ex-NNPC General Manager Sentenced in U.S. Over $2.1 Million Bribery Scheme

    LOS ANGELES, U.S. (NPA): A U.S. District Court has sentenced Paulinus Iheanacho Okoronkwo, a 58-year-old Nigerian-American and former General Manager of the Upstream Division of the Nigerian National Petroleum Corporation (NNPC), to 87 months in prison for accepting $2.1 million in bribes from Addax Petroleum, a Switzerland-based subsidiary of Sinopec, China’s state-owned oil and gas conglomerate.

    According to a court statement by the U.S. Attorney’s Office, Central District of California, on Monday, 23 February 2026, obtained by Newpost Africa, Okoronkwo was convicted of corruption, money laundering, and tax fraud. He was also ordered to pay $923,824 in restitution to the Internal Revenue Service (IRS) and to forfeit $1,039,997, representing the net proceeds from the sale of a home purchased with illicit funds.

    Court documents revealed that in 2015, Okoronkwo facilitated Addax Petroleum’s oil drilling rights in Nigeria in exchange for bribes. He concealed the payments by channeling them through his law firm’s trust account (IOLTA), falsely declaring them as legal fees. He also misled auditors, dismissed executives who questioned the transactions, and used the funds for personal expenses, including the purchase of a car and a home.

    In November 2017, Okoronkwo used part of the illicit proceeds to make down payments on a house in Valencia, California. His misconduct came under investigation by the Federal Bureau of Investigation (FBI) and IRS Criminal Investigation, with support from the Justice Department’s Office of International Affairs.

    In January 2026, the State Bar of California suspended Okoronkwo’s law license, following the corruption probe that ultimately led to his prosecution and conviction.

  • Uzodimma Applauds Quality of Reconstruction on Orlu–Mgbe–Akokwa–Uga Federal Road

    Uzodimma Applauds Quality of Reconstruction on Orlu–Mgbe–Akokwa–Uga Federal Road

    IMO STATE, NIGERIA (NPA): Governor Hope Uzodimma of Imo State has commended the extensive construction and reconstruction works currently underway on the Orlu–Mgbe–Akokwa–Uga Road. Although classified as a federal road, the project is being undertaken by the Uzodimma-led administration.

    For years, the corridor was cut off from much of Imo State due to severe ecological challenges that disrupted livelihoods, restricted movement, and slowed economic growth in the region.

    In a statement on Tuesday, Uzodimma explained that the 22-kilometre highway connects Orlu to Akokwa, linking several communities and extending toward the Anambra State border, thereby reinforcing regional trade and mobility. He emphasized the durability of the asphalt, the reinforced bridge pillars, and the deliberate effort to address the Umuchima erosion site as evidence of the administration’s commitment to long-term solutions.

    “The goal of my administration is not merely to reconstruct a road but to build resilient infrastructure that secures mobility, strengthens commerce, and guarantees long-term economic stability,” Uzodimma said, describing this as the “language” of his government.

    Uzodimma first became governor on January 15, 2020, after the Supreme Court declared him winner of the 2019 governorship election, replacing Emeka Ihedioha. He was re-elected on November 11, 2023, and his victory was upheld by the Supreme Court on August 23, 2024.

  • MPC Adopts Balanced Policy Mix to Encourage Investment and Consumption

    MPC Adopts Balanced Policy Mix to Encourage Investment and Consumption

    ABUJA, NIGERIA (NPA): The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, at its 304th meeting in Abuja, has voted to reduce the Monetary Policy Rate (MPR) by 50 basis points from 27% to 26.5%. The Standing Facilities Corridor was retained at +50 / -450 basis points around the MPR, while the Cash Reserve Ratio (CRR) was maintained at 45% for commercial banks, 16% for merchant banks, and 75% on non-TSA (public sector funds belonging to ministries, departments, agencies, parastatals, or state-owned entities kept in commercial banks).

    The reduction in the MPR signals a cautious easing of monetary policy, aimed at slightly lowering borrowing costs to stimulate investment and consumption. The move reflects confidence in Nigeria’s disinflationary trend, with headline inflation falling to 15.1% in February 2026, marking the 11th consecutive month of decline.

    By retaining the Standing Facilities Corridor, the CBN ensures tight liquidity control. Banks depositing excess funds with the apex bank will earn significantly less, discouraging idle balances and encouraging lending to the real economy.

    Overall, the MPC’s decision represents a balanced policy mix—easing interest rates modestly while keeping liquidity tight to avoid reigniting inflationary pressures.

    Nigeria’s economy is gradually recovering from foreign exchange challenges that previously triggered inflationary spikes, eroded livelihoods, and unsettled investors. With the naira now trading in a narrow band between ₦1,344 and ₦1,350 per dollar, the currency shows relative stability compared to recent months.

    The MPC decision is expected to lower interest rate by 0.5%, making loans a bit more affordable, encouraging spending and investment, but the modest cut shows the CBN is still wary of inflation risks.

  • Trump Threatens Higher Tariffs After Supreme Court Ruling

    Trump Threatens Higher Tariffs After Supreme Court Ruling

    LAGOS, NIGERIA (NPA): U.S. President Donald Trump has warned that countries seeking to exploit the recent Supreme Court ruling against his tariff program could face even higher duties. His comments follow the Court’s February 20, 2026 decision, which struck down his sweeping tariff regime in a 6–3 ruling, declaring that existing law did not authorize the president to impose tariffs of unlimited scope, duration, or amount.

    In posts on his Truth Social account, Trump said: “Any country that wants to play games with the ridiculous Supreme Court decision, especially those that have ripped off the U.S.A. for years, will be met with a much higher tariff, and worse, than that which they just recently agreed to. Buyer beware!” He added that he does not need congressional approval for tariffs, insisting authority had already been granted “in many forms, a long time ago.”

    The Supreme Court’s ruling dealt a major blow to Trump’s economic agenda, which relied heavily on tariffs to reshape trade relations and protect U.S. industries. The decision is expected to have significant implications for businesses and consumers. Justices Clarence Thomas, Samuel Alito, and Brett Kavanaugh dissented, arguing in favor of broader presidential authority. The outcome underscores limits on executive power in trade policy and represents a rare judicial rebuke of Trump’s approach.

  • Anambra Shuts Nnewi Auto Spare Parts Market Over Sit-at-Home Compliance

    Anambra Shuts Nnewi Auto Spare Parts Market Over Sit-at-Home Compliance

    NNEWI, NIGERIA (NPA): The Anambra State Government has temporarily closed the popular Nnewi Auto Spare Parts Market (Nkwo Nnewi) following continued observance of the Monday sit-at-home order in the state. The directive, issued by Governor Chukwuma Soludo through his Special Adviser on Trade and Markets, Chief Evarist Uba, will take effect at midnight on Monday, February 23, 2026.

    Uba announced that the market will remain closed for one week, reopening on March 2, 2026, unless traders comply with the state government’s order to resume business every Monday. He warned that further closures could follow if compliance remains low. The government emphasized that the measure is aimed at ending the disruption caused by the sit-at-home protests linked to the detention of Indigenous People of Biafra (IPOB) leader, Nnamdi Kanu. Traders and customers were advised to avoid the market during the closure to prevent clashes with law enforcement.

    For years, residents of southeastern Nigeria observed the weekly sit-at-home, which paralyzed economic activity across states including Anambra, Enugu, Ebonyi, and Imo. Although IPOB announced the cancellation of the order in February 2026, compliance has been uneven, with many communities still hesitant to return to normal routines. Authorities say the closure of Nnewi’s major market is part of efforts to restore confidence, enforce government directives, and revive commercial activity in the region.

  • BREAKING NEWS: Enugu State Sets ₦150m Mandatory Advertising Permit for 2026, 2027 Elections

    BREAKING NEWS: Enugu State Sets ₦150m Mandatory Advertising Permit for 2026, 2027 Elections

    ENUGU, NIGERIA (NPA): The Enugu State Structures for Signage and Advertisement Agency (ENSSAA) has announced that political parties and candidates contesting the 2026 and 2027 elections must pay a mandatory advertising permit fee of ₦150 million.

    The policy, unveiled on Monday by ENSSAA General Manager Francis Aninwike, forms part of the agency’s Outdoor Promotion and Visual Campaign Guidelines for the 2026 and 2027 General Elections. He explained that the measure is designed to regulate campaign advertising across the state’s 17 local government areas, ensuring orderliness, environmental aesthetics, and compliance with statutory regulations.

    The permit covers campaign activities including rallies, banners, branded vehicles, T-shirts, caps, handbills, buntings, and street promotions. Aninwike warned that no party or candidate may deploy outdoor campaign materials without first obtaining the permit, stressing that violators risk removal of materials and possible legal sanctions.

    He further noted that only practitioners licensed by the Advertising Regulatory Council of Nigeria (ARCON) are authorized to erect and manage billboards or campaign structures in the state. “No individual, political party, or support group is permitted to erect billboards or advertisement structures without going through licensed ARCON practitioners as permitted by ENSSAA,” he said.

    Addressing concerns of selective enforcement, Aninwike insisted the guidelines would apply uniformly to all parties and candidates, including incumbents. He added that Governor Peter Mbah has consistently adhered to advertising regulations in his campaigns and official promotions. The ENSSAA chief concluded by wishing political parties success in their preparations and reaffirmed the agency’s commitment to maintaining professionalism and order in outdoor advertising across Enugu State.

  • Court Convicts Firm for Illegal Bureau de Change Operations in Lagos

    Court Convicts Firm for Illegal Bureau de Change Operations in Lagos

    LAGOS, NIGERIA (NPA): A Federal High Court in Ikoyi, Lagos, on Friday, February 20, 2026, convicted AP Mcnisi Initiatives Limited for operating a Bureau de Change (BDC) business without authorization from the Central Bank of Nigeria (CBN). The company was fined ₦500,000, with the court ordering that its assets of equivalent value be forfeited to the federal government if the fine is not paid.

    The conviction followed a one-count charge filed by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, alleging illegal foreign exchange transactions. Prosecutors told the court that the firm received ₦10 million for conversion into U.S. dollars but failed to deliver the agreed sum. Investigations revealed the company lacked a valid CBN licence to operate as a BDC.

    Adekunle Fadibe Mcnisi, identified as the company’s principal, admitted the firm had no regulatory approval. The defendant later refunded the complainant, but Justice Dipeolu ruled that the offence contravened Section 11(1)(a) of the National Economic Intelligence Committee Establishment Act, imposing the fine as penalty.