Economy
Tinubu Raises NNPC Contract Approval Threshold to $10m
By Adedapo Adesanya
President Bola Tinubu has raised the contract approval threshold for the Nigerian National Petroleum Company (NNPC) Limited to a minimum of $10 million or its equivalent in Naira.
In an executive order issued in Abuja, the President also directed that the approval period for every of the contract stages should not exceed 15 days.
The order also directed that the duration for third-party contracts awarded under the production sharing contract (PSC) or Joint Operating Agreement (JOA) be increased to five years from three years, with the option of an additional two years renewal, thereafter.
President Tinubu lamented that a comparative analysis of global oil and gas sector operations showed that the contracting cycle within Nigeria’s petroleum sector exceeds global industry standards by four to six times and was adversely affecting the country’s ability to attract potential investors.
He added that the federal government was committed to improving the investment climate and positioning Nigeria as the preferred investment destination for the petroleum sector in Africa.
Mr Tinubu explained that the directives were aimed at shortening the procedure for getting approval for contracts, facilitating businesses, enhancing the ease of doing business and reforming the contracting process in the Nigerian petroleum industry.
He stated that the directives would simplify and compress the contracting cycle to a period of not more than six months, in alignment with global industry practice; and raise the contract approval thresholds to account for the rate of inflation among others.
“The Ministry of Finance Incorporated (MOFI) and the Ministry of Petroleum Incorporated (MOPI) shall ensure that this threshold will be reviewed and adjusted in line with the rate of consumer inflation as disclosed by the National Bureau of Statistics every year.
“NNPCL and Nigerian Upstream Investment Management Services Limited (NUIMS) shall, in collaboration with the Nigerian Content Development Monitoring Board (NCDMB) and industry stakeholders, simplify the contract approval process and adopt a single level of approval by NUIMS and NCDMB at each contract stage including prequalification, technical, commercial and final approval stages.
“The NNPCL and NUIMS shall ensure that all approvals or consents required to be given by it for contracts and procurement for each contract stage under the terms of PSCs or JOAs are issued within 15 days from the date of submission of application by the relevant party to the PSC or JOA.
“The NNPCL and NUIMS shall communicate its decision to the applicant within the time-frame stipulated under subparagraph (2) of this paragraph.
“Where the NNPCL and NUIMS fail to communicate its decision within the aforementioned timeline, the approval or consent shall be deemed granted,” he said according to the directive.
The president also directed the NCDMB to ensure it reviews any Nigerian Content Plan (NCP) submitted to it within the 10 days stipulated in the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, adding that where no response is communicated to the applying company, the NCP shall be deemed approved.
He also stated that any application for expatriate quota in the petroleum industry shall be directed by the NCDMB to the Ministry of Interior or any other relevant Ministry, Department or Agency (MDA) within 10 working days, provided all supporting documents are in place.
“Where any matter requires the approval, satisfaction or consent of the NCDMB and no timeline is provided under the NOGICD Act, the NCDMB shall communicate its decision on such matter within 15 days of receiving a request to that effect, failing which the NCDMB shall be deemed to have approved, satisfied or consented to such matter,” he added.
Showbiz
Davido’s World Cup 2026 Performance Reached 3.92 billion People Across 156 Countries
A newly released Media Intelligence Report by P+ Measurement Services reveals that Nigerian music icon Davido’s participation during the FIFA World Cup 2026 generated extraordinary levels of global media attention, audience engagement and positive sentiment, transforming a cultural performance into a worldwide conversation about unity, hope, justice and African influence.
The report analysed media coverage, public conversations and stakeholder engagement generated between June 10 and June 20, 2026, across print, online, broadcast and social media platforms worldwide. Beyond measuring visibility, the analysis examined the broader reputation implications of the campaign and its impact across traditional media ecosystems, digital communities and emerging AI-powered discovery environments.
According to the report, Davido generated approximately 1.48 million media mentions globally within the ten-day reporting period, reaching an estimated audience of 3.92 billion people and producing 6.78 billion impressions across media channels. Social conversations exceeded 432,700 discussions while total engagements surpassed 54.3 million interactions, highlighting one of the most impactful African entertainment-led communication moments recorded on the global stage in recent years.
The report found that public response to the performance was overwhelmingly favourable. Positive sentiment accounted for 89 per cent of all measured conversations, while neutral conversations represented only 2 per cent. Negative and strongly negative narratives combined accounted for less than 1 per cent of total discussions, indicating widespread approval not only of the performance itself but also of the underlying message embedded within the campaign.
At the centre of the conversation was Davido’s “Bring Them Home” message, which drew international attention to the plight of abducted schoolchildren and teachers from Oyo State. Rather than positioning the performance solely as entertainment, the campaign successfully integrated advocacy into one of the world’s largest cultural and sporting platforms.
The report suggests that this strategic combination of entertainment, social purpose and national storytelling significantly contributed to the scale and quality of media attention generated globally. In an era where audiences increasingly reward authenticity and meaningful narratives, the campaign demonstrated how celebrity influence can be leveraged to drive conversations that extend beyond music and popular culture.
One of the most significant findings of the report is the geographic diversity of the audience reached. While Nigeria remained a major contributor to conversations surrounding the performance, the United States emerged as the largest international market by reach, accounting for approximately 16 per cent of global visibility. Nigeria contributed 15 per cent, followed by the United Kingdom, Canada, Ghana, South Africa, France, Brazil, Germany and India.
The presence of conversations across 156 countries underscores the increasingly global nature of African cultural influence. It also reinforces the growing capacity of African creatives to shape narratives that resonate across continents and cultural boundaries.
For Nigeria, the findings provide further evidence that entertainment continues to function as one of the country’s most powerful soft power assets. While governments often invest heavily in national branding campaigns, the report indicates that cultural exports such as music, film and creative storytelling remain among the most effective vehicles for shaping international perception and projecting national influence.
The analysis further reveals that social media served as the primary engine of visibility throughout the reporting period. Social platforms generated approximately 1.32 million mentions, representing more than 89 per cent of total conversations recorded. X, formerly Twitter, accounted for the largest share of discussions, followed by Instagram, TikTok, Facebook and YouTube.
The dominance of social media highlights a broader shift in the communications landscape. Traditional media continues to play an important role in validating narratives and extending credibility, but public conversations increasingly originate and gain momentum through digital communities. For brands, institutions and public figures, this reinforces the importance of integrating earned media, influencer engagement and community-driven storytelling within communication strategies.
Online media also recorded significant performance, generating approximately 268,000 mentions and reaching an estimated audience of 1.65 billion people. Coverage was amplified by leading international and regional media organisations, including BBC News, CNN, Reuters, Al Jazeera, The Guardian and several influential African news platforms.
Broadcast media contributed an additional 11,500 mentions with a reach exceeding 452 million people, while print media generated more than 35,000 mentions and reached over 512 million audiences globally.
The report notes that the strength of this performance lies not merely in media volume but in media diversity. Visibility was achieved across multiple platforms, audience segments and geographic regions simultaneously, creating a highly resilient communication ecosystem capable of sustaining attention long after the initial event.
Analysis of audience demographics revealed particularly strong engagement among younger and economically active audiences. Individuals between the ages of 18 and 34 accounted for nearly 58 per cent of all measured social media engagement, reflecting the growing influence of youth-driven digital communities in shaping modern reputation outcomes.
From a communications and public relations perspective, the report identifies the campaign as a compelling case study in strategic narrative management. Traditionally, major sporting events have been viewed primarily as sponsorship and visibility opportunities. However, the Davido World Cup performance illustrates how organisations and personalities can use globally relevant moments to introduce social causes, build emotional connection and drive stakeholder engagement simultaneously.
For communications professionals, the findings reinforce the principle that visibility alone does not create influence. Influence emerges when visibility is supported by relevance, purpose and audience resonance. The campaign’s success demonstrates the effectiveness of aligning advocacy messages with cultural moments capable of generating significant public attention.
For the entertainment industry, the report highlights the increasing importance of purpose-driven storytelling. Audiences are becoming more responsive to artists and creators who leverage their platforms to address societal issues while maintaining authenticity. The performance illustrates how entertainment brands can generate both cultural impact and reputation value when social purpose is integrated into communication efforts.
For government institutions and policymakers, the findings offer important lessons regarding nation branding. The report suggests that Africa’s creative industries continue to represent one of the continent’s strongest tools for shaping international perception. As countries compete for tourism, investment and global relevance, cultural ambassadors such as musicians, filmmakers and creators are increasingly becoming key contributors to national reputation.
The report also presents significant implications for the public relations industry itself. As measurement frameworks evolve beyond traditional metrics such as impressions and advertising value equivalency, communications professionals are being challenged to evaluate influence through more sophisticated indicators, including sentiment quality, audience engagement, narrative ownership, stakeholder resonance and AI discoverability.
One of the report’s most forward-looking findings concerns performance within AI-powered information environments. An assessment of leading generative search and AI discovery platforms found exceptionally strong visibility for the campaign across ChatGPT, Perplexity AI, Claude AI and Microsoft Copilot.
Visibility scores ranged from 89 to 92 per cent across the evaluated platforms, indicating strong representation of campaign narratives within AI-generated responses and emerging search environments. Associated themes consistently included global impact, unity, humanitarian advocacy, African culture and Davido’s performance.
This development is particularly significant because reputation management is entering a new era where discoverability within AI systems increasingly influences public understanding. As users rely more on generative AI platforms to access information, organisations must ensure that their narratives are not only visible in traditional media but also accurately represented within AI-powered search and discovery ecosystems.
The report concludes that Davido’s World Cup 2026 performance represents far more than a successful entertainment event. It stands as a powerful example of how African talent can shape global conversations, amplify important social issues and create measurable influence across interconnected media environments.
More importantly, it demonstrates that purpose-driven storytelling, when combined with cultural relevance and strategic communications, can transform a single performance into a global reputation asset.
For PR practitioners, communication strategists, policymakers, marketers and brand leaders, the campaign offers valuable lessons on the future of influence. In a media environment increasingly driven by attention scarcity, algorithmic discovery and AI-generated information, success will belong to those who can create narratives that are not only seen but remembered, shared, trusted and discovered.
As Africa continues to strengthen its voice on the global stage, the findings reinforce a growing reality: the continent is no longer merely participating in global conversations. It is increasingly helping to shape them.
As part of its ongoing commitment to advancing evidence-based communications practice, P+ Measurement Services continues to make industry intelligence, measurement frameworks and media insights available to communications professionals, helping organisations move beyond assumptions and make informed decisions based on data, reputation intelligence and stakeholder understanding. With more than a decade at the forefront of media intelligence and communications measurement in Nigeria, the firm remains committed to strengthening the practice of public relations through research, accountability and meaningful evaluation.
Economy
Three Securities Drag NASD OTC Market Down by 1.01%
By Adedapo Adesanya
Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.01 per cent on Tuesday, June 23, dragging the market capitalisation down by N25.91 billion to N2.544 trillion from Monday’s N2.570 trillion. Also, the NASD Security Index (NSI) decreased by 43.17 points to 4,239.34 points from 4,282.51 points.
The triplet price losers were Central Securities Clearing System (CSCS) Plc, which gave up N4.82 to trade at N75.00 per unit versus Monday’s closing price of N79.82 per unit. NASD Plc depreciated by N3.70 to close at N33.30 per share compared with the preceding day’s N37.00 per share, and Nitrox Industrial Gases Plc marginally lost 1 Kobo to sell at N21.41 per unit, in contrast to the previous session’s N21.42 per unit.
Tuesday’s trading data showed that the volume of securities traded by investors retreated by 35.9 per cent to 211,671 units from 330,034 units, and the value of securities fell by 82.9 per cent to N5.6 million from N32.7 million, while the number of deals doubled to 38 deals from 19 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 68.1 million units transacted for N4.7 billion.
GNI Plc also closed the trading day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Economy
Naira Weakens to N1,370/$1 at Official FX Window
By Adedapo Adesanya
A 0.11 per cent or N1.53 loss was recorded by the Nigerian Naira against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, June 22, closing at N1,370.64/$1 compared with the previous day’s value of N1,369.11/$1.
However, the domestic currency appreciated against the Pound Sterling in the official FX window during the session by N4.69 to trade at N1,810.75/£1 versus the previous day’s N1,815.44/£1, and gained N5.37 on the Euro to sell at N1,561.02/€1 versus Monday’s exchange rate of N1,566.39/€1.
At the black market segment, the Naira traded flat against the Dollar yesterday at N1,395/$1, and at the GTBank forex desk, it also closed flat at N1,380/$1.
Daily FX update from the Central Bank of Nigeria (CBN) indicated that forex liquidity improved, but dollar volume was surpassed by strong dollar outflows on Tuesday.
Interbank FX turnover among financial institutions and market makers experienced a significant surge, reaching $125.314 million across 106 deals at the official window, 92 per cent higher than the $65.206 million the previous day, highlighting robust market activity and growing investor confidence.
Also, Nigeria’s foreign reserves continue to grow, reaching $51.142 billion, up from $51.060 billion reported the previous day, according to the CBN’s latest update.
In the cryptocurrency market, digital currencies fell amid heavy selling in technology stocks, which kept pressure on risk assets worldwide. Also, the gauge of the Dollar climbed to a seven-month high as investors moved toward safer assets.
Leading the losers was Cardano (ADA), as it slid 2.1 per cent to $0.1511. Dogecoin (DOGE) lost 1.3 per cent to quote at $0.0789, Ethereum (ETH) shrank 0.9 per cent to $1,673.38, Ripple (XRP) declined by 0.7 per cent to $1.10, TRON (TRX) also fell by 0.7 per cent to $0.3285, Solana (SOL) dipped by 0.3 per cent to $69.83, Bitcoin (BTC) went down by 0.2 per cent to $62,756.99, and Binance Coin (BNB) tumbled by 0.01 per cent to $579.20, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
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