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Tinubu’s US Case: What the Presidency Says About the FBI and DEA Records Dispute

The Nigerian Presidency has clarified that the ongoing legal matter involving President Bola Tinubu in the United States is not a criminal trial. Instead, the case now centers on a narrower procedural question: whether the Federal Bureau of Investigation (FBI) and the Drug Enforcement Administration (DEA) were lawful in redacting portions of documents released to the public under the Freedom of Information Act (FOIA).

What the Case Is Really About

According to a statement from the Presidency, the dispute is no longer about the substance of any allegations against Tinubu. The focus has shifted to the transparency of the redaction process used by U.S. federal agencies. Under FOIA, agencies can withhold certain information to protect privacy, ongoing investigations, or national security, but the extent of those redactions can be challenged in court.

The Presidency’s explanation suggests that the court is now reviewing whether the FBI and DEA properly applied FOIA exemptions when they blacked out parts of the documents. This is a legal technicality, not a judgment on the president’s conduct.

Why This Matters to Nigerians

For many Nigerians, the case has been a source of political speculation and public interest, especially given Tinubu’s prominence as a national leader. The Presidency’s clarification aims to correct any impression that the president is facing criminal charges in a U.S. courtroom. Instead, the proceedings are administrative in nature, dealing with how government records are shared.

This distinction is important because it affects how the public perceives the integrity of the president and the stability of the administration. A criminal trial would carry far more serious implications than a dispute over document redactions.

Context and Legal Background

The Freedom of Information Act is a U.S. law that allows citizens and others to request access to federal agency records. However, agencies can redact information that falls under specific exemptions, such as personal privacy or law enforcement techniques. When a requester believes the redactions are too broad, they can sue the agency in federal court.

In this case, the documents in question were released to someone—likely a journalist or researcher—who then challenged the redactions. The court’s role is to determine whether the agencies’ decisions to withhold certain passages were justified under the law.

What Happens Next

The court will now examine the redactions and decide whether they comply with FOIA standards. If the court finds the redactions unlawful, it could order the FBI and DEA to release more information. If the redactions are upheld, the case will likely conclude without any further impact on Tinubu.

For now, the Presidency’s statement serves as an official attempt to manage public expectations and clarify the legal posture. The case remains a matter of U.S. administrative law, not a criminal proceeding against the Nigerian leader.

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Bolt reaffirms commitment to Nigeria as ride-hailing market shifts

Amid a changing competitive landscape in Nigeria’s ride-hailing sector, Bolt has publicly committed to maintaining its operations in the country. The company’s statement, shared with Nairametrics, underscores Nigeria’s strategic importance to its broader growth plans, even as rival Uber has exited the market and industry-wide challenges persist.

A market in transition

The departure of Uber from Nigeria marks a significant shift in the country’s mobility ecosystem. For years, the two platforms competed for market share in major cities, but operational hurdles—ranging from fuel price volatility to currency fluctuations and regulatory pressures—have tested the resilience of ride-hailing businesses. Bolt’s decision to stay signals a vote of confidence in the long-term potential of Nigeria’s urban transport demand.

What Bolt’s pledge means for riders and drivers

For riders, the assurance of continued service provides a degree of stability in a market where options are narrowing. For drivers, who often rely on platform income as a primary livelihood, Bolt’s commitment may ease concerns about sudden loss of earnings. The company has stated it remains focused on strengthening its operations, though specific measures or timelines were not detailed in the available announcement.

Industry challenges in focus

Nigeria’s ride-hailing industry has faced a confluence of pressures in recent years. Rising operational costs, infrastructure deficits, and shifting consumer spending power have all contributed to a difficult operating environment. The exit of a major player like Uber highlights the severity of these conditions, yet Bolt’s persistence suggests that viable pathways still exist for companies willing to adapt.

Looking ahead

Bolt’s continued presence does not guarantee immediate resolution of the sector’s deeper issues, but it does offer a measure of continuity. The company’s emphasis on Nigeria as a key market for growth implies a forward-looking strategy, even as the immediate landscape remains uncertain. Stakeholders will be watching closely to see how Bolt navigates the same challenges that prompted Uber’s departure.

As the ride-hailing industry evolves, the focus will likely shift to how platforms balance profitability with affordability, and how they address the structural barriers that have made Nigeria a tough market for global players. For now, Bolt’s public stance provides a clear signal: it intends to stay the course.

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Africa50 names Cheick-Oumar Sylla to lead infrastructure project development arm

Africa50, the pan-African infrastructure investment platform, has announced the appointment of Cheick-Oumar Sylla as Chief Executive Officer of its Project Development Fund. Sylla joins the organization from the International Finance Corporation (IFC), where he most recently served as a regional director.

The appointment signals a continued focus on accelerating the development of bankable infrastructure projects across the continent, a core mandate of the fund. Sylla brings extensive experience in emerging markets and a track record of working with both public and private stakeholders to advance investment opportunities.

Leadership transition at a critical time

The move comes as Africa faces a significant infrastructure financing gap, with governments and development partners increasingly looking to specialized vehicles like Africa50 to bridge the divide between project conception and financial close. The Project Development Fund, which Sylla will now lead, is designed to support early-stage project preparation and de-risking, a stage where many promising initiatives stall.

Sylla’s background at the IFC, a member of the World Bank Group, positions him well to navigate the complex landscape of multilateral development finance. His regional director role involved overseeing investment and advisory operations, giving him direct insight into the challenges and opportunities of infrastructure delivery in developing economies.

What this means for infrastructure development

Leadership changes at institutions like Africa50 are closely watched by investors, project sponsors, and governments alike. The appointment of a seasoned professional with deep IFC ties could signal a more aggressive push to originate and structure projects that are attractive to private capital.

For the Project Development Fund, the priority will likely be to build a robust pipeline of projects that can move from feasibility to implementation. This includes working with governments to improve regulatory frameworks, conducting thorough due diligence, and structuring deals that meet the risk-return expectations of co-investors.

Sylla’s appointment also underscores the growing importance of project development as a distinct discipline within infrastructure finance. Unlike pure equity or debt investors, project development funds take on the early-stage risk of preparing projects, often with a longer time horizon and a focus on developmental impact alongside financial returns.

Looking ahead

As Africa50 continues to expand its portfolio, the new CEO will be expected to leverage his network and expertise to forge partnerships with development finance institutions, commercial banks, and institutional investors. The success of the Project Development Fund will be measured not just by the number of projects it supports, but by the number that reach financial close and ultimately deliver tangible benefits to African communities.

With Sylla at the helm, the fund is well-positioned to play a pivotal role in transforming the continent’s infrastructure landscape, one project at a time.

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The untold story of Eko Atlantic’s financial blueprint, according to its architect

Long before the first skyscraper pierced the Lagos skyline, the financial architecture of the Eko Atlantic City project was already taking shape. Olawale Opayinka, the Founder and Managing Director of Makaya Consult FZE, has now pulled back the curtain on his early involvement, revealing that his work on the project’s financial model began as far back as 2011.

In a rare disclosure, Opayinka detailed how he was brought into the fold at that formative stage, tasked with developing the financial framework that would underpin one of Africa’s most ambitious urban development projects. The revelation offers a rare glimpse into the behind-the-scenes mechanics of a megaproject that has often been discussed in terms of its physical scale, but rarely in terms of its fiscal engineering.

A decade of groundwork

The timeline Opayinka presents is significant. By the time the project was visibly rising from the Atlantic Ocean, the financial model had already been in development for years. This suggests a deliberate, long-gestation approach to the project’s economics, rather than a reactive strategy developed as construction costs mounted.

His role, as he describes it, was not merely advisory but foundational. Being brought in at the 2011 stage implies that the core financial principles guiding the project were established before much of the physical land reclamation was widely visible to the public. This early start would have allowed for stress-testing and refinement of the model against various economic scenarios.

Why the financial model matters

For observers of large-scale real estate and infrastructure projects, the financial model is often the difference between a visionary plan and a completed reality. Eko Atlantic, built on land reclaimed from the sea, carries unique cost burdens that most urban developments do not face. The financial structure must account for the massive upfront capital expenditure of land reclamation, the ongoing costs of coastal defence, and the long-term revenue streams from commercial and residential leases.

Opayinka’s disclosure suggests that the project’s backers were acutely aware of these challenges from the outset. By investing in a bespoke financial model early, they signalled an intention to build a sustainable economic base, not just a physical one. The model would have had to balance investor returns with the need to keep the city attractive to global businesses and residents.

Insights from the architect

While Opayinka did not disclose the specific figures or mechanisms within the model, his confirmation of the timeline provides a crucial data point for analysts. It indicates that the financial planning for Eko Atlantic was not an afterthought but a precursor to the physical development.

His position at Makaya Consult FZE places him as a key figure in the project’s financial history. The fact that he has chosen to speak publicly about this now offers a rare opportunity to understand the strategic thinking that preceded the construction cranes and the concrete.

What this means for the project’s future

The revelation adds a layer of context to the ongoing narrative of Eko Atlantic. As the city continues to attract investment and tenants, the durability of the financial model built in 2011 will be tested in real time. The early groundwork suggests a level of foresight that could prove critical as the project navigates the complexities of the global economy.

For those tracking the project, Opayinka’s statement is a reminder that the most visible symbols of progress—the towers and the boulevards—rest on a foundation of financial decisions made years in advance. The story of Eko Atlantic is not just one of engineering triumph, but also of financial architecture that was designed to withstand the pressures of time.

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Two Nigerians Extradited to US in Sextortion Case Linked to Teen Deaths

Nigeria’s Economic and Financial Crimes Commission (EFCC) has confirmed the extradition of two Nigerian nationals to the United States to face charges related to an alleged sextortion scheme. The case, which has drawn international attention, is tied to the reported deaths of two American teenagers.

The individuals, identified as Mudashiru Afeez Olawale and Adebola Festus Adekunle, were handed over to US authorities in a coordinated effort announced by the EFCC in a statement released on Friday. The move underscores a growing transatlantic push to address financially motivated sextortion, a crime that typically involves coercing victims into sending explicit images and then demanding money under threat of exposure.

What the Charges Allege

According to the EFCC’s statement, the extradition is linked to allegations of child exploitation and financially motivated sextortion. The commission did not release specific details about the alleged victims or the timeline of the crimes, but it did confirm that the case involves the reported deaths of two teenagers in the United States.

The suspects now face prosecution in the US legal system, where federal authorities have increasingly prioritized sextortion cases, particularly those targeting minors. The EFCC’s role in the process highlights the collaborative nature of the investigation, which spans two continents.

Why This Extradition Matters

This case serves as a stark reminder of the global reach of cyber-enabled crimes. Sextortion schemes are not confined by borders, and the perpetrators often operate from countries far removed from their victims. The extradition of Olawale and Adekunle signals a willingness by Nigerian authorities to cooperate with international partners in pursuing suspects who exploit vulnerable individuals online.

For families and law enforcement in the US, the case also underscores the severe emotional and psychological toll that sextortion can take on victims. The reported deaths of the two teenagers involved in this case illustrate the potentially tragic consequences of these crimes, which often target adolescents who may feel trapped or ashamed.

Context on Sextortion Cases

Financially motivated sextortion has become a growing concern for law enforcement agencies worldwide. In many cases, perpetrators pose as peers or romantic interests on social media platforms to gain the trust of young victims. Once they obtain compromising material, they escalate demands for money, often using threats of public exposure to maintain control.

While the EFCC’s statement did not provide further specifics on the methods used in this particular case, the pattern aligns with broader trends observed by cybercrime investigators. The involvement of the EFCC in facilitating the extradition suggests that Nigerian authorities are treating these cases with the seriousness they warrant, even when the alleged crimes occurred outside the country.

What Happens Next

With the suspects now in US custody, the case will proceed through the American judicial system. The EFCC’s statement did not outline a timeline for the trial or indicate whether additional arrests are expected. However, the successful extradition marks a significant step in the legal process and may serve as a deterrent to others engaged in similar schemes.

For observers, the case highlights the importance of international cooperation in combating cybercrime. As digital platforms continue to connect people across borders, the ability of law enforcement to act swiftly and collaboratively will remain a critical factor in protecting vulnerable populations, particularly minors, from exploitation.

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Nigerian Stock Market Opens Week with Fifth Consecutive Session of Losses

Lagos, Nigeria — The Nigerian equities market continued its downward trend on Monday, August 17, 2026, marking the fifth consecutive trading session of losses. The sustained bearish sentiment has resulted in a cumulative decline of N106.24 billion in market capitalization, reflecting ongoing investor caution in the domestic bourse.

Market Performance at a Glance

The benchmark NGX All-Share Index (ASI) slipped by 0.07% during Monday’s trading, closing at 242,454.65 points. This represents a marginal but notable decline from the previous session’s closing figure of 242,619.20 points. While the percentage drop appears modest, the persistence of the downward movement across five straight sessions signals a broader trend that market participants are closely monitoring.

What Is Driving the Sustained Decline?

The consecutive losses suggest that selling pressure has not yet abated, even as the magnitude of daily declines remains relatively contained. Investors appear to be exercising caution, with the market unable to find a firm footing despite the relatively small daily percentage movements. The cumulative effect of these sessions has translated into a significant erosion of shareholder wealth, with the N106.24 billion loss underscoring the real financial impact of the ongoing bearish phase.

Context Within the Broader Market Cycle

For context, a five-session losing streak represents a meaningful period of sustained negative sentiment. While single-day declines are common in any equity market, the consistency of this downward pattern suggests that investors are responding to a combination of factors rather than a single isolated event. The modest daily declines, however, may also indicate that the market is not experiencing panic selling but rather a gradual, measured repositioning by investors.

What This Means for Investors

For retail and institutional investors alike, the current environment calls for careful portfolio assessment. The erosion of N106.24 billion in market value over the five sessions highlights how even small percentage declines can translate into substantial absolute losses when applied across the entire market capitalization. Investors may be weighing their options between holding positions in anticipation of a rebound or reducing exposure to limit further downside risk.

Looking Ahead

As the trading week progresses, market observers will be watching closely to see whether the bearish momentum continues or if the market begins to show signs of stabilization. The coming sessions will be critical in determining whether this represents a short-term correction or the beginning of a more prolonged downturn. Key indicators to watch include trading volumes, which were not detailed in the latest report, and any shifts in investor sentiment that might signal a reversal of the current trend.

The Nigerian equities market remains sensitive to both domestic economic conditions and global market dynamics, and participants will be looking for catalysts that could help reverse the current trajectory. For now, the fifth consecutive session of losses serves as a reminder of the inherent volatility in equity markets and the importance of maintaining a disciplined, long-term investment approach even during periods of sustained decline.

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Nigeria’s Sugar Sector Gets a $1 Billion Boost and a N10 Billion Fund to Cut Import Reliance

Nigeria is stepping up its push to become self-sufficient in sugar production, with the National Sugar Development Council (NSDC) now backing a $1 billion investment partnership and a N10 billion project acceleration fund. The twin initiatives are designed to expand domestic output and reduce the country’s heavy dependence on imported sugar, a long-standing vulnerability in its food and beverage supply chain.

According to a report from Nairametrics, the NSDC is intensifying its efforts under the country’s broader sugar master plan. The $1 billion pipeline represents a significant injection of capital aimed at scaling up local refining and cultivation capacity, while the N10 billion fund is intended to fast-track specific projects that can deliver quicker results. Together, they signal a more aggressive approach to closing the gap between what Nigeria produces and what it consumes.

Why Sugar Self-Sufficiency Matters

Sugar is a critical input for Nigeria’s food and beverage industry, which relies on consistent supply to keep factories running and prices stable. Import dependence exposes the country to global price swings, currency fluctuations, and supply chain disruptions. By boosting local production, the NSDC hopes to shield the economy from these external shocks and create jobs along the agricultural value chain—from cane farming to processing and distribution.

The new funding comes at a time when many African nations are re-evaluating their reliance on imported commodities, especially after recent global disruptions highlighted the fragility of long-distance supply chains. For Nigeria, the push is not just about economic stability but also about food security and industrial self-reliance.

What the Funding Will Do

The $1 billion investment partnership is expected to attract both domestic and international investors into the sugar sector, providing the capital needed for large-scale infrastructure, modern equipment, and improved farming techniques. The N10 billion acceleration fund, on the other hand, is designed to remove bottlenecks by financing projects that can move quickly from planning to implementation. This could include land development, irrigation systems, or the expansion of existing refineries.

While the NSDC has not disclosed specific project details, the dual approach suggests a strategy that combines long-term structural investment with short-term, high-impact interventions. This is a common pattern in industrial policy, where governments use a mix of large-scale partnerships and targeted funds to overcome market failures and attract private sector participation.

Challenges Ahead

Nigeria’s sugar self-sufficiency goals are not new, but past efforts have faced hurdles such as inadequate infrastructure, inconsistent policy implementation, and competition from cheaper imports. The success of this new push will depend on how effectively the funds are deployed and whether the private sector responds with matching investments. Transparency and accountability in the management of the N10 billion fund will also be critical to maintaining investor confidence.

Another key factor is the global sugar market. If international prices remain low, local producers may struggle to compete without protective tariffs or subsidies. The NSDC will need to balance the goal of self-sufficiency with the reality of market dynamics, ensuring that domestic production is not only increased but also sustainable in the long run.

Looking Forward

The announcement marks a renewed commitment to a goal that has been on Nigeria’s economic agenda for years. With the right execution, the $1 billion pipeline and the N10 billion fund could transform the sugar sector, reducing import bills and creating a more resilient agricultural economy. However, the path to self-sufficiency is rarely linear, and the coming months will reveal whether these financial tools translate into tangible progress on the ground.

For now, the NSDC’s intensified efforts signal that sugar remains a strategic priority for Nigeria, and the new funding provides a concrete mechanism to move from ambition to action.

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Nigerian Equities Market Rebounds as Insurance Stocks Drive N481 Billion Gain

Nigeria’s stock market staged a recovery on Tuesday, July 28, 2026, as investors recouped roughly N481.18 billion in value, driven largely by a surge in demand for insurance stocks and select blue-chip equities. The rebound reversed some of the previous session’s losses, with buying activity in the insurance sector and large-cap counters outweighing profit-taking that weighed on industrial and transportation shares.

Market Performance and Key Drivers

The day’s trading saw a notable shift in sentiment, with insurance stocks emerging as the primary catalyst for the market’s upward move. According to a report from Nairametrics, strong buying interest in these shares helped lift overall market capitalization, providing a much-needed boost after a period of mixed performance. The N481.18 billion gain reflects the aggregate increase in the value of listed equities, underscoring the impact of sector-specific demand on the broader index.

Insurance Sector Leads the Charge

Insurance companies, often considered defensive plays in volatile markets, attracted significant investor attention on Tuesday. The sector’s performance was a standout, as traders piled into these stocks amid a broader search for value. While the report did not specify individual insurers or their respective gains, the collective buying pressure was sufficient to offset declines in other parts of the market.

Profit-Taking in Industrial and Transport Stocks

Not all sectors participated in the rally. Industrial and transportation shares faced selling pressure as some investors opted to lock in profits from recent gains. This profit-taking activity tempered the overall advance but was not enough to derail the market’s positive close. The divergence between sectors highlights the selective nature of the current recovery, with capital rotating toward areas perceived as undervalued or resilient.

Broader Context and Investor Sentiment

The rebound comes amid ongoing uncertainty in the Nigerian economy, where factors such as currency volatility, inflation, and policy shifts continue to influence investor behavior. The strong showing by insurance stocks suggests that market participants are seeking refuge in sectors with stable cash flows and regulatory support. Large-cap counters, which typically include banking, consumer goods, and telecoms, also attracted buying interest, further underpinning the day’s gains.

The N481.18 billion recovery, while significant, does not fully erase recent losses, and the market remains sensitive to macroeconomic developments. Analysts will be watching to see whether the buying momentum can be sustained in the coming sessions, particularly if profit-taking re-emerges in other sectors.

What This Means for Investors

For retail and institutional investors alike, Tuesday’s performance underscores the importance of sector diversification. The insurance sector’s rally demonstrates how targeted demand can drive outsized returns even in a mixed market environment. However, the concurrent profit-taking in industrial and transport stocks serves as a reminder that volatility remains a feature of the current landscape.

Investors should monitor trading volumes and sector rotation patterns for clues about the market’s near-term direction. The ability of insurance and large-cap stocks to maintain their upward trajectory will be key to sustaining the recovery.

Looking Ahead

As the trading week progresses, market participants will be assessing whether the factors that drove Tuesday’s rebound—namely, insurance stock demand and large-cap buying—can persist. External triggers, such as changes in monetary policy or oil prices, could also influence sentiment. For now, the N481.18 billion gain provides a positive data point, but the broader trend remains contingent on a confluence of domestic and global factors.

Source: Nairametrics

Nigeria’s Window into Global AI Governance: What the Open Weights Letter Means for Local Tech

A recent open letter titled “Open Weights and American AI Leadership,” signed by major technology firms including Microsoft, Meta, NVIDIA, IBM, Dell Technologies, Hugging Face, Palantir, Mozilla, Perplexity, and Y Combinator, has drawn global attention. While much of the commentary frames it as a domestic American policy move, the implications extend far beyond the United States. For Nigeria, the letter signals a potential shift in how emerging economies can participate in the artificial intelligence ecosystem.

What the Open Letter Actually Says

The signatories—dozens of leading technology companies—are advocating for a policy environment that supports open-weight AI models. Open-weight models allow developers to access and modify the underlying parameters of a pre-trained AI system, rather than being limited to a closed, proprietary interface. The letter argues that maintaining American leadership in AI requires embracing openness, not restricting it.

This position is significant because it directly challenges a growing regulatory push in some Western nations to limit the distribution of powerful AI models over safety concerns. By rallying behind open weights, these companies are making a strategic bet that innovation and economic growth depend on broad access to foundational AI technology.

Why Nigeria Should Pay Attention

For a country like Nigeria, where the tech sector is rapidly expanding but often dependent on foreign platforms, the open-weights debate is not an abstract policy discussion. It is a practical question of whether local startups, researchers, and developers will have the freedom to build on top of world-class AI models without needing permission from a handful of Silicon Valley gatekeepers.

If open-weight models remain widely available, Nigerian engineers can fine-tune them for local languages, agricultural conditions, healthcare diagnostics, and financial inclusion products. If the pendulum swings toward closed, proprietary systems, those same innovators may find themselves locked out of the most advanced tools, forced to pay licensing fees or accept usage restrictions that limit their ability to serve local markets.

The Broader Context of AI Governance

The open letter arrives at a moment when governments around the world are wrestling with how to regulate AI. The European Union has passed its AI Act, which imposes different rules based on risk levels. The United States is still debating federal legislation, while countries like China have taken a more centralized approach. In this fragmented landscape, the stance of major American tech companies carries weight—not because they speak for all of industry, but because their collective voice shapes the narrative that policymakers hear.

Nigeria, which has yet to pass comprehensive AI legislation, has an opportunity to observe these global debates and craft a regulatory framework that balances innovation with responsible use. The open-weights letter suggests that some of the most influential players in AI believe openness is compatible with safety and competitiveness. That is a data point worth considering as Nigerian policymakers draft their own rules.

What This Means for Local Developers and Startups

For the Nigerian developer community, the immediate takeaway is that the battle over open weights is not yet decided. The letter represents a lobbying effort, not a settled policy. But it does indicate that major companies are willing to invest political capital in keeping AI models accessible. That creates a window of opportunity for Nigerian tech hubs to build capacity now, while the door is still open.

Startups working on AI-powered solutions for agriculture, education, or logistics can benefit from the current availability of open-weight models to prototype and scale their products. If the regulatory environment later shifts toward closure, those who have already built on open platforms may have a competitive advantage—or at least a head start in adapting.

Looking Ahead

The open letter is a reminder that AI policy is not made in a vacuum. Decisions taken in Washington, Brussels, or Beijing will ripple into Lagos, Nairobi, and Accra. Nigeria’s tech ecosystem has grown rapidly in part because it has been able to leverage global tools and platforms. Preserving that access will require active engagement with the international policy conversation, not passive observation.

Whether the open-weights approach ultimately prevails or gives way to tighter controls, the debate itself is a signal that the rules of the AI economy are still being written. For Nigeria, the question is not just which side wins, but whether the country will have a seat at the table when the final terms are set.

Source: Nairametrics