General
Lagos, Dubai Top Fortune 500 Leading Regional Destinations
By Dipo Olowookere
Lagos has been named among the leading regional destinations on the Fortune 500 list. Other cities on the list include Dubai, Johannesburg, Casablanca, Nairobi and Cairo.
According to a new report released by Infomineo, a global business research company specialising in Africa and the Middle East, the two regions have become increasingly important for the majority of global Fortune 500 companies.
The report focuses on multinationals looking at entering, or already present, in the Middle East and Africa region.
Overall, there was a 17 percent increase in the number of Fortune 500 companies in MEA in 2016 compared to 2015, with Johannesburg being the leading destination for Africa.
The Infomineo analysis includes the regional footprint of multinationals in the MEA region, the most commonly chosen cities, and the factors which influence the selection of a region, country and city – each element revealing the dynamic growth patterns within the region and a clear trend of Fortune 500 companies establishing presence in MEA.
Infomineo has undertaken in-depth analysis and research on the MEA region, revealing the various factors inhibiting or inspiring Fortune 500 uptake.
The findings provide organisations with a thorough understanding of markets and factors which ensure a steady base of operations from which organisations can expand into the growing MEA market, and establish brand and identity within the growing middle classes.
In 2016, 196 Fortune 500 companies had established a dedicated regional headquarters in the MEA region.
In the Middle-East, Dubai is the most popular choice with 138 companies establishing a dedicated entity in the city.
There has also been a marked uptick in companies deciding to cover MEA from outside of the region – 38 companies up from 22 have established a regional headquarters in areas such as London, Brussels and Paris.
Egypt remains behind the leaders due to political instability, however, it has seen a 250 percent increase in Fortune 500 investment since 2015. Germany and France are leading in terms of coverage rate while China has the lowest presence in the region.
Industry type plays a pivotal role in the selection of city and country. Financial services are more likely to base MEA coverage from London, while technology companies are more inclined towards Casablanca or Lagos. The latter city is also the premier location for organisations looking to manage their operations across Western Africa with 12 Fortune 500 companies already established in the city. Automotive and Healthcare tend to have a presence in both Africa and the Middle East, while Technology is more inclined to having a presence from the outside.
Nairobi, in Kenya, is the leading destination for the FMCG companies and tends to be the top choice for organisations looking to service Eastern Africa. Dubai and Johannesburg are the most popular hubs overall, but both Casablanca and Nairobi are rapidly gaining traction and international awareness.
Casablanca has the highest growth rate overall, while Dubai has the highest count. The same can be said for London, which has tripled its number of regional HQs serving the region, acting as an MEA hub.
Given the geographical proximity and the talent pool present in the city, it could be that London is playing the role of a first step into the MEA region, especially for Japanese and North American companies.
There are numerous factors which impact on the organisation’s selection of a specific city. These include the local market potential, maturity of the industry, existing competitors, political stability and the quality of the employment market, among others.
Determining the attractiveness of a location along these clear lines assures the Fortune 500 companies of a stable and profitable investment and significantly mitigates risk.
The most attractive cities are Dubai, Johannesburg, Casablanca and Nairobi, and at the lower end of the spectrum, Cairo, Paris, Algiers and Cape Town.
General
ICPC Secures Court Order to Extend El-Rufai’s Detention
By Adedapo Adesanya
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured a court order to extend the detention of former Governor of Kaduna State, Mr Nasir El-Rufai.
This order gives the anti-graft agency ample time to finalise its investigation into allegations against the former governor, which has now deepened as a result of some new findings.
Subsequently, the new order, which was granted on Tuesday in the presence of Mr El-Rufai’s lawyer, will expire on Thursday, March 19.
However, Mr El-Rufai’s lawyer, whose application to quash the first remand order was declined by a Chief Magistrate Court in Bwari, has returned to the same court to nullify the latest order.
Justice Okechukwu John Akweke has fixed March 17 to decide whether or not he should set aside the latest detention order.
He said, “Upon hearing and listening to the prosecuting counsel, Dr Osuobeni Ekoi Akponimisingha Esq., praying this Honourable court for the following orders:
“An order of this Honourable Court issuing a remand warrant against the Respondent (NASIR AHMAD EL-RUFAI) in favour of the Applicant, i.e. Independent Corrupt Practices and other Related Offences Commission (ICPC), to detain the Respondent (NASIR AHMAD EL-RUFAI) in its custody for another fourteen (14) days pending conclusion of investigation activities on allegations of Money Laundering/abuse of office.
“And for such other or further order(s) as this Honourable court may deem fit to make in the circumstances. It is hereby ordered that: Application granted as prayed.
“That the Applicant, i.e. the Independent Corrupt Practices and other Related Offences Commission ICPC is hereby ordered to re-detain the Respondent (NASIR AHMAD EL-RUFAI) for an additional 14 days to enable the commission to conclude investigation activities.
“That the return date shall be the 19th day of March 2026, for the report of compliance.”
The scrutiny of Mr El-Rufai by the ICPC follows the report of the Kaduna State House of Assembly’s ad hoc committee constituted in 2024 to investigate finances, loans and contracts awarded between 2015 and 2023 under his eight-year administration of the state.
General
Nigeria Begins Evacuation of Willing Nigerians from Iran
By Adedapo Adesanya
The federal government has begun evacuating willing Nigerians in Iran, escorting them across the Armenian border to ensure their safety amid escalating tensions in the Middle East.
The evacuation follows the growing crisis that began on February 28 after coordinated military strikes on Iran by the United States and Israel.
The attacks triggered retaliatory missile and drone strikes across parts of the region, raising fears of a wider conflict.
The chief executive of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, disclosed this in a post on her X handle on Tuesday.
She said officials of the Nigerian Embassy in Tehran are coordinating the evacuation of Nigerians who wish to leave the country and are facilitating their safe passage into Armenia.
Mrs Dabiri-Erewa also reassured that no Nigerian in Iran has so far been affected by the ongoing tensions, noting that embassy officials remain stationed at the border to receive and assist evacuees.
Her post read, “Willing Nigerians [are] being escorted across the Armenian border by officials of the Nigerian embassy in Iran for safe passage. No Nigerian in Iran has been affected by the war as officials remain at the border to receive all who want to leave.”
The development comes as tensions in parts of the Middle East continue to raise concerns over the safety of foreign nationals residing in affected areas.
For repatriation flights, the NiDCOM chair said the airspace is currently unsafe but assured Nigerians in the Middle East that the Federal Government team is on standby to evacuate them.
“And as for repatriation flights, the skies are currently unsafe to fly. Luckily, a flight came in from the UAE to Lagos two days ago, just before another strike and the closure of the airspace.
“Once the airspace opens, the multi-agency FG team on crisis and evacuation is on standby. Our prayers are with you and all our people in affected countries,” she said.
General
Grid-Connected Private Transmission Substations Must Register—NERC
By Modupe Gbadeyanka
All private transmission connected to the national grid must register and get authorisation to operate, the Nigerian Electricity Regulatory Commission (NERC) has declared.
In a statement, the electricity regulatory body in Nigeria directed owners of private transmission substations used by bulk electricity consumers to obtain an Independent Electricity Transmission Network Operator (IETNO) Permit before operating or connecting to the grid.
It was disclosed that this latest development, which became effective March 9, 2026, is to strengthen oversight of privately owned substations connected to Nigeria’s national grid.
NERC further said the directive was introduced to improve grid reliability, safety, and operational visibility following frequent transmission line trips reported by the Nigerian Independent System Operator (NISO).
Under the order, NISO must submit to NERC a comprehensive list of all existing Private Transmission Substation Owners (PTSOs) and notify them of the provisions of the order within five days.
Existing PTSOs must apply to NERC for an IETNO permit within 45 days, while new PTSOs must obtain the permit before connecting to the grid, as non-compliance attracts regulatory sanctions.
NISO will deploy IoT-based metering systems at substation interconnection points within 120 days.
Further, operators must submit monthly operational reports, while NISO will conduct inspections to ensure compliance.
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